Mayor Muriel Bowser has requested the reprogramming of $7,000,000 from the Repayments of Loans and Interest to the Commercial Paper Program for Fiscal Year 2025. This action is necessary to address the increased short-term interest rates that have affected the ability to meet debt service obligations on short-term borrowing facilities. The request complies with the D.C. Official Code and includes a justification for the need for these funds. The Office of the Chief Financial Officer (OCFO) has reviewed the request and confirmed that the reprogramming will not negatively impact the budgets of either program, as the funds are available due to lower-than-expected long-term borrowing for capital improvements.

The resolution specifically outlines the need to transfer budget authority from the Debt Service Obligations (DSO) to the Commercial Paper Program (ZC0) to prevent a projected shortfall in the ZC0 budget. The OCFO and the Office of Budget and Planning have both verified that this reprogramming will not disrupt the District's overall financial plan or repayment of loans and interest. By reallocating these funds, the District aims to ensure timely payments and avoid potential defaults, while also confirming that this action will not affect existing programs, services, or purchases, nor will it restore any previously denied budget cuts or establish new programs.