WASHINGTON — The District of Columbia’s $11.3 billion fiscal 2013 budget proposal is balanced and its plans to issue nearly $900 million of bonds will not exceed its mandatory 12% debt cap, according to chief financial officer Natwar Gandhi.

In a letter sent Friday to Mayor Vincent Gray, Gandhi laid out an analysis of Gray’s budget, which proposes $5.85 billion in spending. That would surpass the district’s fiscal 2012 local spending by $236.6 million. The gross operating budget also would go up, rising 3.7% over the fiscal 2012 level of $10.88 billion.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.