Mayor Muriel Bowser has submitted a request to the Council of the District of Columbia to reprogram $7,000,000 from the Repayment of Loans and Interest to the Commercial Paper Program for Fiscal Year 2026. This reprogramming is necessary due to increased usage of short-term borrowing to fund capital expenditures and rising short-term interest rates, which have led to higher-than-expected debt service costs. The funds will ensure that the District can meet its debt service obligations for the remainder of the fiscal year without causing a deficit.

The Office of the Chief Financial Officer (OCFO) has reviewed the Mayor's request and supports the reprogramming, indicating that it will not adversely impact the budgets of either the Repayment of Loans and Interest or the Commercial Paper Program. The reprogramming will occur between two internal budget categories and is made possible by excess funds in the long-term borrowing budget, which have not been utilized as anticipated. The OCFO emphasizes the importance of timely debt service payments to avoid default, which could trigger financial control measures.