WASHINGTON -- The District of Columbia had so little cash last month that it had to rely on debt service funds to stay afloat, Moody's Investors Service said Friday.

In a credit report that highlighted the district's weakening cash position and fiscal 1994 operating deficit, the rating agency said the district's depleted cash position forced it to defer a scheduled transfer to an escrow account of $63 million of tax revenue collected to pay debt service on general obligation bonds.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

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