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 meet debt service obligations on short-term borrowing facilities, which have been affected by rising short-term interest rates. 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 specifies the reallocation of local funds budget authority from Debt Service Obligations (DS0) to the Commercial Paper Program (ZC0) to address the increased costs associated with short-term borrowing. The OCFO has indicated that this reprogramming will not adversely affect the overall financial plan of the District and is crucial for preventing a potential deficit. Importantly, this reprogramming will not delay any existing programs or services, nor will it restore previous budget cuts or create new programs that the Council has denied.