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DC CFO highlights clean audit, DIFS stabilization and major fiscal outputs in FY24 oversight hearing
Summary
Chief Financial Officer Lehi Lee told the Council’s Committee on Business and Economic Development that OCFO closed fiscal 2024 with a clean audit, has stabilized its new enterprise financial system (DIFS) in year two, and reported a list of operational metrics including tax returns processed, bond issuances and trust balances.
Lehi Lee, the District of Columbia’s Chief Financial Officer, told the Council’s Committee on Business and Economic Development on Feb. 19 that the Office of the Chief Financial Officer completed the fiscal year 2024 annual comprehensive financial report (ACFR) with “an unmodified or clean audit opinion and no yellow book findings.”
The clean audit came as OCFO continued second-year operations of the District’s enterprise financial system (DIFS), which the CFO described as the principal platform for most accounting and reporting; Lee said stabilizing the system was central to completing the audit on time.
Why it matters: The ACFR and audit opinion are foundational to the city’s fiscal transparency and its ability to borrow and manage capital. Lee emphasized that a stable core financial system and timely, auditable financial statements underpin credit ratings, capital planning and everyday agency operations.
OCFO metrics and accomplishments: Lee and his leadership team described a long list of fiscal-year outputs and system upgrades: - Tax…
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