The Office of the Chief Financial Officer (OCFO)

What The Office of the Chief Financial Officer (OCFO) does

The Office of the Chief Financial Officer (OCFO) is an independent agency of the District of Columbia government, established by federal legislation in 1995 and structurally insulated from the Office of the Mayor. It serves as the centralized financial management authority for the District, managing an operating budget of approximately $21.2 billion and a capital budget of roughly $3 billion, for combined budgetary authority exceeding $24 billion. The agency is led by the District's CFO (currently Glen Lee, appointed June 2022) and is supported by a staff of more than 1,700 personnel organized across eight constituent offices.

OCFO's functional portfolio spans tax administration (income, real property, business, and unclaimed property), the District's lottery and gaming operations, debt collection, revenue and expenditure forecasting, financial reporting, accounting, budgeting, and fiscal policy analysis. It administers the DC Retirement Plans and the DC College Savings 529 Plan, holds custodial authority over District assets, and operates proprietary platforms including the Comprehensive Annual Reporting and Support System (CARSS) and the new DIFS financial system deployed in October 2022. A dedicated Continuous Controls Unit, established in 2012, provides ongoing audit, risk, and internal control oversight.

OCFO's funding model is non-commercial: it derives authority from federal and District statute and is financed through appropriated public funds rather than market-priced products or services. Its revenue mechanics rest on tax collection (administered but not retained for its own operations) and the management of an investment portfolio whose 10-year pooled gross returns reached 9.6% as of September 30, 2025. The agency has delivered 29 consecutive clean (unqualified) audit opinions and holds bond ratings of Aa1 (Moody's), AA+ (S&P), and AA+ (Fitch), with Moody's revising the outlook to stable in 2026. Customers in the conventional sense are the District's residents, businesses, and government agencies; the agency operates as a statutory monopoly within its jurisdictional mandate.

Name

The Office of the Chief Financial Officer (OCFO)

Legal name

Office of the Chief Financial Officer (OCFO), Government of the District of Columbia

Website

https://cfo.dc.gov

Company type

Public

Founded year

1995

Operating status

Operating

Short description

The Office of the Chief Financial Officer (OCFO) is an independent District of Columbia agency managing over $24 billion in operating and capital budgets, administering tax collection, lottery, retirement and 529 plans, debt, and financial reporting for the District government and its residents.

Ownership category

akta.pro rank

Product category

Government Financial Administration

NAICS

Public Finance Activities (921130), Executive, Legislative, and Other General Government Support (921)

SIC

Finance Services (6199), Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

Central Government Policy, Strategy & Performance (incl. OMB-style functions) (BPAIAAAB)

Keywords

• Government financial administration
• Municipal tax collection
• Public retirement plans
• Debt collection services
• State lottery operations

Headquarters

HQ city

Washington

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Others

Revenue model

1. Tax Collection and Administration: OCFO administers and enforces District tax laws, collecting revenue for the city including individual income taxes, business taxes, and property-related taxes. The Office of Tax and Revenue handles taxpayer services and compliance.
2. DC Lottery Revenue: DC Lottery is a revenue-generating agency that transfers millions of dollars to the General Fund annually through sale of lottery products and sports wagering.
3. Debt Collection: Central Collection Unit collects non-tax debt more than 90 days delinquent on behalf of the District and its affiliated agencies, excluding child support and DC Water.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels7 records

Core offering

The OCFO provides comprehensive financial management, oversight, and operational services for the Government of the District of Columbia. Its core offerings include tax administration and revenue collection, annual budget development and execution, financial transaction recording, debt management and treasury investment, retirement plan administration, lottery and gaming operations, vendor payment processing, unclaimed property recovery, and capital asset planning. The agency manages more than $24 billion in annual operating and capital funds across multiple divisions including the Office of Tax and Revenue, Office of Budget and Planning, Office of Finance and Treasury, and Central Collection Unit.

Product overview

The Office of the Chief Financial Officer (OCFO) is a government agency providing a portfolio of interconnected financial services for the District of Columbia. Rather than a unified software product, it offers a suite of services including retirement plan administration (401(a) and 457 Deferred Compensation Plans managed by Voya Financial), the DC College Savings Plan 529 program (administered by Ascensus), DC Lottery and gaming operations, debt collection through the Central Collection Unit (using Harris & Harris), payment and cashiering services, budget and financial reporting (Annual Comprehensive Financial Reports, Financial Status Reports, Quarterly Revenue Estimates), tax administration (DC Tax Facts), fiscal impact analysis for legislation, unclaimed property recovery, FOIA request processing, and multi-year capital planning (Long-Range Capital Financial Plan using CARSS asset management). These services collectively support the District's approximately $21.2 billion operating budget and $3 billion capital budget.

Differentiator

Problem solved

Functional benefit

Products and services

• DC Government Retirement Plans Employee retirement benefit programs for District government employees including 401(a) Defined Contribution Pension Plan (5% District contribution after one year of service) and 457 Deferred Compensation Plan (auto-enrolled at 5% salary). Administered by Voya Financial. Also includes Other Post-Employment Benefits (OPEB) for health and life insurance continuation.
• DC College Savings Plan Tax-advantaged 529 college savings investment plan administered by Ascensus College Savings. Available to District residents and non-residents nationwide, with preferred pricing for District residents. Provides Federal and District tax benefits and three investment options for account contributions.
• DC Lottery Revenue-generating lottery and sports wagering agency for the District of Columbia. Maximizes revenue for the General Fund through innovative gaming products while providing regulatory oversight. Includes traditional lottery games, sports wagering, and charitable games programs.
• Central Collection Unit Government debt collection service for non-tax debts more than 90 days delinquent. Established under the Delinquent Debt Recovery Act of 2012. Uses collections vendor Harris & Harris. Handles installment payment plans and settlements for District agencies and residents.
• Payments and Cashiering Payment Operations Center providing cashiering services, cigarette tax stamp issuance, check verification, dishonored check payment methods, and fraud affidavit processing. Services available at multiple locations including Union Square Building and John Wilson Building.
• EBT Card and Food Stamp Programs Electronic Benefits Transfer card administration for SNAP (food stamps) and TANF assistance programs. Includes problem resolution services for EBT card issues and benefits inquiries for DC residents.
• Tobacco Directory Directory of certified tobacco product manufacturers and brand families compliant with DC Official Code and Tobacco Product Manufacturer Reserve Fund Act. Only listed cigarettes and roll-your-own tobacco may be sold in the District.
• DC Unclaimed Property Unclaimed property reunification service for DC residents. Recovers and returns abandoned assets including bank accounts, safe deposit box contents, wages, insurance benefits, and funds from eBay auctions held for three or more years.
• Vendor Services Vendor registration and management services including 1099 Miscellaneous Processing, W-9 form submission, and supplier portal access via District Integrated Financial System (DIFS). New vendors must register before receiving payments from DC government.
• FOIA Request Services

Quantifiable outcome

• 29 consecutive clean audit opinions - District has strong financial position
• +3 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature2 records

Partnerships

Four partnerships are on record, tiered core.

• Voya FinancialcoreTechnology or Integration · 1 January 2026Voya Financial serves as the new administrator of the District's 401(a) Defined Contribution Plan and 457(b) Deferred Compensation Plan accounts. They manage retirement plan contributions, withdrawals, and banking information for District government employees. Website available at dcretire.voya.com. Contact: 833-427-1802.
• Harris & Harris (Collection Vendor)coreTechnology or IntegrationHarris & Harris is the District's contracted collection company to collect non-tax debt more than 90 days delinquent on behalf of the District and its affiliated agencies, excluding child support and DC Water. Collection activities include text messages, telephone calls, and written correspondence. Website: DC.PayHarris.com, Phone: 833-480-8894, option 3.
• Ascensus College SavingscoreTechnology or IntegrationAscensus College Savings serves as the program manager for the DC College Savings Plan (529 plan). They attend community events throughout the District to explain the plan and its benefits. Contact: David Rydzeski at 571-565-5869 or www.dccollegesavings.com.
• CliftonLarsonAllen LLPcoreOthersIndependent certified public accounting firm that audited the FY 2025 Annual Comprehensive Financial Report, with assistance from F.S. Taylor & Associates, PC.

Scale indicators9 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• NYC Office of Management and Budget: New York City's central budget and financial planning office, with comparable functions in budget development, revenue forecasting, and capital planning for a large municipal government — the closest analog to OCFO among U.S. city fiscal agencies.
• Chicago Office of Budget and Management: Chicago's central budget and management office performing similar municipal functions: budget execution, financial oversight, revenue forecasting, and capital planning for a major U.S. city government.
• State of California Department of Finance: California's central fiscal agency responsible for budget preparation, revenue estimation, economic forecasting, and capital planning — OCFO CFO Glen Lee previously worked at California's Legislative Analyst's Office, providing a direct lineage of comparability.
• New York State Division of the Budget: New York State's central budget office responsible for fiscal planning, revenue forecasting, and capital planning — performs the same OMB/CFO-style functions at the state-government level for one of the largest U.S. state budgets.
• San Francisco Office of the Controller: San Francisco's independent municipal financial oversight office handling accounting, audits, payroll, and financial reporting for the City & County of San Francisco — comparable to OCFO's audit, oversight, and financial reporting functions.
• City of Seattle Department of Finance and Administrative Services: Seattle's central financial operations office covering budgeting, accounting, treasury, and revenue forecasting — relevant given CFO Glen Lee's 12-year prior tenure as Seattle's Finance Director, providing direct lineage and comparable scope.

Broad incumbents

• U.S. Office of Management and Budget: Federal-level central fiscal authority responsible for budget preparation, revenue estimation, and oversight of agency financial operations — the model on which DC's OCFO structure is based and a direct functional comparator.

Regional players

• Maryland Comptroller: Maryland's independently elected state tax administrator and chief fiscal officer, handling revenue collection, tax compliance, and financial reporting for the State of Maryland — a regional peer with similar tax administration scope.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xdc.gov/twitter
• Facebookdc.gov/page/facebook

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Subsidiaries14 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Office of the Chief Financial Officer (OCFO)