D.C. Mayor Vincent Gray said Monday that the District boosted its savings account past the $1 billion mark for the first time in years after it ended the last fiscal year with a $240 million surplus, prompting calls from the D.C. Council chairman to consider a repeal of past tax increases.

“One of my top priorities in office has been to stabilize and rebuild the District’s financial health after years of spending down our crucial savings account,” Gray said as he released D.C’s annual audit. “I’m proud that, despite a very challenging economic climate and difficult budgetary choices we were forced to make, the District government saved well, spent wisely and put ourselves in excellent shape for the future.”