The District’s projected budget gap for fiscal 2012 now stands at $322 million, thanks to higher-than-projected revenues.
Chief Financial Officer Natwar Gandhi says the “lion’s share” of the $105.4 million increase in projected revenues over the September 2010 projection is thanks to the District’s robust commercial real estate market. Real property taxes are projected to grow 16 percent in fiscal 2012. Gandhi reminded folks at a press briefing today that the reason why the downtown real estate is so desirable is because everyone wants to be near Uncle Sam.
Gandhi did note that he’s a little concerned that revenues associated with parking fines aren’t as high as they should be. Interestingly enough, around the same time Gandhi was saying that TBD reported that Ward 8 Councilmember Marion Barry‘s Jaguar was booted this morning because the councilmember owes $705 worth of unpaid parking tickets.