WASHINGTON — The District of Columbia’s self-described “supreme bean counter,” credited with helping to bring the city back from the brink of financial chaos in the late 1990s, will stay at his post in the district government under an agreement hashed out yesterday with Mayor Adrian M. Fenty and District Council officials.
Natwar M. Gandhi, the city’s chief financial officer, will decline a job offer from Amtrak in exchange for a salary boost, according to Councilman Jack Evans, who said the agreement was made at a meeting yesterday morning between him, council chairman Vincent Gray and Fenty. Amtrak had offered Gandhi $350,000 to take control of its finances.
Under the agreement with district officials, Gandhi’s salary will jump to $279,000 from $186,000, making him one of the most well-paid district officials, just below district schools Superintendent Clifford B. Janey, who earned about $299,000 last year. Fenty earns $200,000.
Yesterday was a holiday for district workers, and the deal could not be confirmed by Gandhi or his staff by press time.
But Evans, who said Gandhi accepted the deal, said it was worth keeping him to demonstrate stability during a period of change: Fenty took office just three months ago, as did Gray, the new council chairman. There are also three new members of the 13-member District Council, with two vacancies.
“Dr. Gandhi is a very critical component in our government here,” Evans said. “Practically speaking, we’re on a positive outlook for upgrades at two of the credit rating agencies, and I suspect that if he were to leave that would get put off for a while.”
The two positive outlooks are held by Moody’s Investors Service and Fitch Ratings, which rate the city A2 and A, respectively. Standard & Poor’s rates it A-plus, with a stable outlook. Upgrades from the two agencies, which city officials have said they expect after passing their 11th consecutive balanced budget later this spring, would reduce the city’s borrowing expenses by about $10 million.
District officials said the city’s Home Rule Charter sets Gandhi’s salary. To change it, the District Council must pass a “sense of the council” resolution supporting the raise, and Congress must subsequently alter the charter. Action by the council could come as early as Thursday.
Congressional support for the measure should be easy because Gandhi is considered the darling of federal lawmakers and is also well liked on Wall Street.
Gandhi became CFO in June 2000 and was reappointed to his first five-year term in 2002 at the conclusion of a federally appointed financial control board. He had recently signed on to a second five-year term beginning in June, but had looked for job offers outside the city in case the District Council declined to renew his term, multiple district sources said recently.
Though Gandhi is well liked in business circles, some District Council members — namely David Catania and Marion Barry — have repeatedly criticized him, claiming among other things, that he is too conservative with city revenue forecasts.
Still, Evans predicted that the council would easily approve the salary boost, stressing that it was a coup for the city, because were Gandhi to leave, he could take several high-level, hard-to-replace members of his staff with him.
