The District has a whopping $240 million surplus — an amount that prompted some council members to ask whether Mayor Vincent C. Gray and the D.C. Council overshot when they instituted emergency furloughs and increased income taxes last year.
Gray (D) and Chief Financial Officer Natwar M. Gandhi announced the surplus Monday and attributed the windfall to underspending, particularly on tuition to private schools for special-education students.
“The obvious question is, ‘How did we not anticipate this?’ ” Gandhi said at a news conference.
The answer is that the city did, Gandhi said. But officials were conservative with their projections. In an interview, Gandhi said he revised his budget estimate in June to show a $107 million surplus. In September, he said the District netted an additional $89 million surplus.
“I told them this money is available, but we have to be very cautious because the economy is still very uncertain,” he said he told the Gray administration.