The Bottom Line - Fall 2020 - 4

The OCFO's Role in
Managing Through
the COVID-19
Pandemic

O
CHIEF FINANCIAL OFFICER

Jeffrey S. DeWitt

n February 28, 2020, the OCFO released a new revenue forecast increasing the previous estimate due
to a very hot District economy. The letter warned of a new
coronavirus affecting China that might impact Chinese
tourism in the District and could be an issue if it became
more global. On March 11, 2020, Mayor Bowser declared a
public health emergency through April 24, 2020 related to
this new virus.
Like many of you, I unplugged my laptop on March 11,
put it in my briefcase, and went home thinking I would be
back in the office by the middle of April. Angell Jacobs
and I had many discussions of how to keep all of the
critical areas functioning with nearly everyone working
remotely. We were at the peak of the budget and tax seasons, and we had concerns about our liquidity or cash with
rapidly dropping revenues. By April 24, we had revised the
revenue estimate, lowering expected revenues by nearly
$1.5 billion over the next 17 months. That meant that
the budget had to be reduced by that amount through
September 30, 2021 and every bit of budget work completely redone. We were now living in a different reality.
We were fortunate that the Office of the Chief
Information Office (OCIO) had just four months earlier,
completed a large computer refresh to get laptops to

4 | THE BOTTOM LINE



The Bottom Line - Fall 2020

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