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
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