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Events DC tells council it will seek legislative updates after auditor flags excess-cash discrepancy
Summary
Events DC told the oversight committee it disagrees with part of the DC Auditor's excess-cash calculation and plans an omnibus legislative package to update the authority's enabling law to reflect its expanded portfolio and funds.
During the hearing Events DC addressed a recent DC Auditor review that identified potential excess cash available to the District. Gates told the committee there was a difference of opinion over the auditor's figures: "The auditor indicated that there was an excess cash amount that was due to the district, roughly about... $85,000,000 or so. We were in agreement of the $17,000,000 but it was a disconnect on about 68,000,000," she said. Events DC stated it follows bond indentures in its calculations, maintains third-party validation and believes its statutory framework needs updating to reflect a merged convention and sports authority and an expanded 11-venue portfolio.
Council members pressed the agency on whether the disagreement affects planned capital investments, including the $180 million parking contribution and the RFK demolition budget. Events DC said it would come to the Council with an omnibus legislative packet to clarify authority and accounting rules and explained that updating the enabling language would help reconcile calculation methods across funds. The committee asked for the proposed legislative language and supporting calculations before any omnibus packet is filed.
