Natwar M. Gandhi has decided to stay on as D.C. Chief Financial Officer (CFO), turning his back on a lucrative job offer from Amtrak last month..

            The Washington Post reported Gandhi, 66, said he has “never done more important job in my life,” and made his decision after city leaders agreed to support raising his salary to $279,000. Currently, his annual salary is $186,600.

Gandhi’s pay raise would make him the city's second-highest paid employee, next to D.C. School Superintendent Clifford B. Janey, who received $274,000 plus a $25,000 bonus this year, the Post added.

The report noted Amtrak offered Gandhi $250,000, plus a $100,000 signing bonus. Amtrak has been looking for a replacement for Finance Chief David Smith, who left in December.

Gandhi is popularly known as the city’s “savior” who rescued the District government from bankcruptcy, after former Mayor Anthony A. Williams appointed him CFO on June 7, 2000. Gandhi is also known as the guy who has been actively engaged in the financial options for a baseball stadium for the Washington Nationals.

Gandhi’s reappointment was among the first acts by Mayor Adrian M. Fenty.  The Post reported Fenty was pleased to hear Gandhi’s decision, and quoted the statement released by the mayor: “(Gandhi) has been instrumental in bringing the District of Columbia from the brink of bankruptcy to fiscal solvency, and I look forward to working together to strengthen our economic standing even more in the future.”

            Gandhi is responsible for the city’s finances, including about $7 billion in annual operating and capital funds. As the independent CFO, Gandhi manages the District’s financial operations. These include over 1,000 staff members in tax and revenue administration; the treasury, comptroller and budget offices; economic/fiscal analysis and revenue estimation functions; agency financial operations; and the DC Lottery.

Gandhi works closely with congressional committees and the US Office of Management and Budget staff that oversee District affairs. He also regularly interacts with the Wall Street financial community, including rating agencies, on the District’s financial matters.