Washington, D.C. CFO cuts revenue forecast for fiscal 2015

WASHINGTON (Reuters) - The chief financial officer of Washington, D.C. cut his projections for the district's revenue this fiscal year by $83.4 million, in a report released on Tuesday. The projected total revenue of $6.58 billion would still be 4.3 percent more than that collected in fiscal 2014, according to the independent CFO, Jeffrey Dewitt. Fiscal 2015 started on Oct. 1 in Washington. In fiscal 2014, income tax revenue dropped for the district and many places across the country, in reaction to the federal tax changes. The capital city was also hit by a pull-back in federal spending and congressional budget fights. According to the CFO, that shortfall will "ripple through" this fiscal year and subsequent ones until fiscal 2018. Dewitt also cut estimates for fiscal 2016 revenue by $39.5 million and for fiscal 2017 by $43.7 million. The bounce in fiscal 2018 will come from both economic and revenue growth, according to the estimates, which assume population increases will continue at a slower pace than in recent years while personal income and employment will expand. The district could see revenue grow 3.8 percent in fiscal 2016, 3.2 percent in fiscal 2017 and 4.1 percent in fiscal 2018, according to Dewitt's office. (Reporting By Lisa Lambert; Editing by David Gregorio)