Last year, the Chief Financial Officer issued the first comprehensive report on where the city spends its economic development dollars—-ranging from tax incentives to revenue bonds to outright grants and contracts. For fiscal year 2010, Ward 6 was the winner by several miles, landing $128.5 million out of the $326 million total.
This year, the haul was a little more evenly distributed, with Wards 2 and 6 taking about $43 million each (taking out debt service on the Convention Center and Nationals Ballpark, which most people wouldn’t think of as current spending).
Ward 3, notably, got nothing. That’s a little misleading, though, because it doesn’t take into account all capital spending—-construction of schools, parks, recreation centers, and libraries don’t count as “economic development,” and Ward 3 got plenty of those.
The total pot this year was smaller, at $278 million in expenditures, bonds, and foregone tax revenue to last year’s $327 million. But a lot more has been teed up for the out years: $1.034 billion to the $804 million in last year’s pipeline. Under that scenario, Ward 1 comes out about even with Ward 2, at $403 million and $404 million respectively on account of a projects taking advantage of D.C.’s revenue bond program (as well as the $42 million tax break for a hotel in Adams Morgan).
In honor of tax day’s rapid approach, read through a list of everyone who got your money here.