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2001 spending leaves $77.6 million surplus

(Published February 11, 2002)

Independent auditors issued an unqualified opinion — otherwise known as a "clean" opinion — that the city’s fiscal 2001 financial statements are in substantial compliance with generally accepted accounting principles, Chief Financial Officer Natwar M. Gandhi announced Jan. 28.

The District ended the fiscal year last Sept. 30 with a general fund operating surplus of $77.6 million, according to the financial statements.

"This re-asserts the fact that the city’s elected leaders are responsibly taking care of the District and its finances without the need of a control board to oversee our financial operations," Gandhi said.

KPMG Peat Marwick LLP conducted the independent audit with Inspector General Charles Maddox providing oversight.

Copyright 2002, The Common Denominator