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 adjustment is essential 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 specifically seeks to transfer $7,000,000 in local funds from the Debt Service Obligations (DS0) to the Commercial Paper Program (ZC0) to address the increased costs associated with short-term borrowing. The Office of Budget and Planning has verified that this reprogramming will not adversely affect the overall financial plan of the District or delay any services or programs. The Chief Financial Officer has raised no objections, and the reallocation will ensure timely payments, preventing potential default events without restoring previous budget cuts or initiating new programs.