The Bottom Line - Winter 2018 - 6

CFO'S JOURNAL cont.
* Oversee the operations of the DC
Lottery
* Oversee staff responsible for budget,
accounting and payroll functions in
all agencies, including independent
agencies
These duties designated by Congress
are intended to provide fiscal oversight
to prevent the District from ever returning to bankruptcy. Although the Control
Board ceased its activities on September
30, 2001, the law provides for the re-initiation of the Control Board if certain circumstances occur that relate to signs of financial distress.
Why We Exist Today?
The major responsibility of the OCFO is to
ensure that the circumstances that led to
the bankruptcy do not reoccur. That said,
the OCFO is not simply focused on avoiding bankruptcy. Our focus is to maintain
and enhance the current financial condition of the District. A financially strong
and healthy local government is critical
to a financially healthy city where essential services are provided, infrastructure is funded, and taxes are maintained
at reasonable levels. The recovery of the
District's finances has led to the strong
economy that we all enjoy today.
The history of the District clearly illustrates why the OCFO's responsibilities and
the jobs that we all do are so important.
We are charged to be independent, fair,
and apolitical. The OCFO was designed
THE BOTTOM LINE

to focus solely on the long-term financial health of the District. Financial oversight requires attention to detail, constant
review of budgets and expenditures, and
monitoring of revenues. Invoices must be
checked to make sure they are proper and
that funds are available, accounting entries
must be accurate, internal controls monitored and adhered to, and financial reports
timely and accurate. We are charged to
fully and fairly assess property taxes, collect sales and income taxes, and manage
the lottery. All revenue collection must be
done with a focus on serving those who
live work and do business in the District.
Every day we make decisions and take
actions to meet these responsibilities. We
should all consider it an honor to serve the
many roles required in the complex financial entity that is the District of Columbia.
We can never compromise the financial
integrity of the District. Every single person
in the OCFO is important to the financial
viability of the District and the people rely
on us to do our job well and with integrity.
In short, the OCFO's reason to exist is "To
ensure that the District of Columbia, the
capital city of the United States, remains
financially strong and sustainable to the
benefit of all who live, work, visit, and do
business here." We are privileged with a
unique history, responsibilities, and independence that allow us to play a critical
role in our nation's capital. Be proud of
what you do and know that it is essential
to the District's success.

Table of Contents for the Digital Edition of The Bottom Line - Winter 2018