The District's chief financial officer said Friday he will not change the city's revenue estimates because of the looming fiscal cliff.

"Unfortunately, the current negotiations around the federal budget and the possibility of a 'fiscal cliff' at the start of the year pose a significant rise to both the national and local economies," Natwar Gandhi wrote in a letter to Mayor Vincent Gray.

Gandhi warned, though, that even if President Obama and congressional leaders reach an accord, the District's economy could be at risk.

"Even with a budget deal, the District's economy and finances face significant risks," Gandhi said. "Both sides in the current budget negotiations agree that sharp reductions in discretionary federal spending are necessary over the next decade or so... If federal cutbacks fall disproportionately on federal spending in the District and the spending cuts are made immediately, a budget deal could still harm District finances."

Despite that dire warning, Gandhi noted an agreement could lead to the revenue forecast improving "substantially."

In his September estimate, Gandhi upgraded the District's projected revenues by nearly $140 million, citing "stronger than expected revenue collections."