114 STAT. 2480 PUBLIC LAW 106-522—NOV. 22, 2000 Deadline. Financial Responsibility and Management Assistance Authority shall notify the Committees on Appropriations of the Senate and House of Representatives in writing not more than 30 days after the expenditure of funds from the emergency reserve fund. " (7) REPLENISHMENT. —The District of Columbia shall appropriate sufficient funds each fiscal year in the budget process to replenish any amounts allocated from the emergency reserve fund during the preceding fiscal year by the following fiscal year. Once the emergency reserve equals 4 percent of total budget appropriated from local funds for operating expenditures for the fiscal year, the District of Columbia shall appropriate sufficient funds each fiscal year in the budget process to replenish any amounts allocated from the emergency reserve fund during the preceding year to maintain a balance of at least 4 percent of total funds appropriated from local funds for operating expenditures by the following fiscal year. " (b) CONTINGENCY RESERVE FUND.— "(1) IN GENERAL.— There is established a contingency cash reserve fund (in this subsection referred to as the 'contingency reserve fund') as an interest-bearing account (separate from other accounts in the General Fund) into which the Mayor shall deposit in cash not later than October 1 of each fiscal year (beginning with fiscal year 2005) such amount as may be required to maintain a balance in the fund of at least 3 percent of the total budget appropriated for operating expenditures for such fiscal year which is derived from local funds (or, in the case of fiscal years prior to fiscal year 2007, such amount as may be required to maintain a balance in the fund of at least the minimum contingency reserve balance for such fiscal year, as determined under paragraph (2)). "(2) DETERMINATION OF MINIMUM CONTINGENCY RESERVE BALANCE. — "(A) IN GENERAL.— The 'minimum contingency reserve balance' with respect to a fiscal year is the amount equal to the applicable percentage of the total budget appropriated from local funds for operating expenditures for such fiscal year which is derived from local funds. " (B) APPLICABLE PERCENTAGE DEFINED.— In subparagraph (A), the 'applicable percentage' with respect to a fiscal year means the following: "(i) For fiscal year 2005, 1 percent, "(ii) For fiscal year 2006, 2 percent. "(3) INTEREST. —Interest earned on the contingency reserve fund shall remain in the account and may only be withdrawn in accordance with paragraph (4). " (4) CRITERIA FOR USE OF AMOUNTS IN CONTINGENCY RESERVE FUND. —The Chief Financial Officer, in consultation with the Mayor, shall develop a policy governing the use of the contingency reserve fund which shall include (but which may not be limited to) the following requirements: "(A) The contingency reserve fund may only be used to provide for nonrecurring or unforeseen needs that arise during the fiscal year, including expenses associated with unforeseen weather or other natural disasters, unexpected obligations created by Federal law or new public safety or health needs or requirements that have been identified
�
