Page:United States Statutes at Large Volume 114 Part 4.djvu/413

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PUBLIC LAW 106-522—NOV. 22, 2000 114 STAT. 2475 purpose of the cooperative agreement or grant is to provide comparable benefits for Federal and non-Federal properties in the District of Columbia. (b) Subsection (a) shall apply with respect to fiscal year 2001 Applicability. and each succeeding fiscal year. SEC. 154. (a) IN GENERAL. — The District of Columbia Home Rule Act, as amended by section 159(a) of this Act, is further amended by inserting after section 450A the following new section: "C OMPREHENSIVE FINANCIAL MANAGEMENT POLICY "SEC. 45OB. (a) COMPREHENSIVE FINANCIAL MANAGEMENT POLICY. — The District of Columbia shall conduct its financial management in accordance with a comprehensive financial management policy. "(b) CONTENTS OF POLICY. —The comprehensive financial management policy shall include, but not be limited to, the following: "(1) A cash management policy. "(2) A debt management policy. "(3) A financial asset management policy. "(4) An emergency reserve management policy in accordance with section 450A(a). "(5) A contingency reserve management policy in accordance with section 450A(b). "(6) A policy for determining real property tax exemptions for the District of Columbia. "(c) ANNUAL REVIEW.— The comprehensive financial manage- Deadlines. ment policy shall be reviewed at the end of each fiscal year by the Chief Financial Officer who shall— "(1) not later than July 1 of each year, submit any proposed changes in the policy to the Mayor and (in the case of a fiscal year which is a control year, as defined in section 305(4) of the District of Columbia Financial Responsibility and Management Assistance Act of 1995) the District of Columbia Financial Responsibility and Management Assistance Authority (Authority) for review; "(2) not later than August 1 of each year, after consideration of any comments received under paragraph (1), submit the changes to the Council of the District of Columbia (Council) for approval; and "(3) not later than September 1 of each year, notify the Committees on Appropriations of the Senate and House of Representatives, the Committee on Government Reform of the House of Representatives, and the Committee on Governmental Affairs of the Senate of any changes enacted by the Council. "(d) PROCEDURE FOR DEVELOPMENT OF FIRST COMPREHENSIVE Deadlines. FINANCIAL MANAGEMENT POLICY.— "(1) CHIEF FINANCIAL OFFICER. —Not later than April 1, 2001, the Chief Financial Officer shall submit to the Mayor an initial proposed comprehensive financial management policy for the District of Columbia pursuant to this section. "(2) COUNCIL. — Following review and comment by the Mayor, not later than May 1, 2001, the Chief Financial Officer shall submit the proposed financial management policy to the Council for its prompt review and adoption. "(3) AUTHORITY.—Upon adoption of the financial management policy under paragraph (2), the Council shall immediately