PUBLIC LAW 106-522—NOV. 22, 2000
114 STAT. 2481
after the budget process has occurred, or opportunities
to achieve cost savings.
"(B) The contingency reserve fund may be used, if
needed, to cover revenue shortfalls experienced by the District government for 3 consecutive months (based on a
2 month rolling average) that are 5 percent or more below
the budget forecast.
"(C) The contingency reserve fund may not be used
to fund any shortfalls in any projected reductions which
are included in the budget proposed by the District of
Columbia for the fiscal year.
" (5) ALLOCATION OF CONTINGENCY CASH RESERVE.— Funds
may be allocated from the contingency reserve fund only after
an analysis has been prepared by the Chief Financial Officer
of the availability of other sources of funding to carry out
the purposes of the allocation and the impact of such allocation
on the balance and integrity of the contingency reserve fund.
"(6) REPLENISHMENT. — The District of Columbia shall
appropriate sufficient funds each fiscal year in the budget
process to replenish any amounts allocated from the contingency reserve fund during the preceding fiscal year by the
following fiscal year. Once the contingency reserve equals 3
percent of total funds appropriated from local funds for operating expenditures, the District of Columbia shall appropriate
sufficient funds each fiscal year in the budget process to
replenish any amounts allocated from the contingency reserve
fund during the preceding year to maintain a balance of at
least 3 percent of total funds appropriated from local funds
for operating expenditures by the following fiscal year.
"(c) QUARTERLY REPORTS. — The Chief Financial Officer shall
submit a quarterly report to the Mayor, the Council, the District
of Columbia Financial Responsibility and Management Assistance
Authority (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), and the
Committees on Appropriations of the Senate and House of Representatives that includes a monthly statement on the balance
and activities of the contingency and emergency reserve funds.".
(2) CLERICAL AMENDMENT.— -The table of contents for the
District of Columbia Home Rule Act is amended by inserting
after the item relating to section 450 the following new item:
"Sec. 450A. Reserve funds.".
(h) CONFORMING AMENDMENTS.—
(1) CURRENT RESERVE FUND. —Section 202(j) of the District
of Columbia Financial Responsibility and Management Assistance Act of 1995 (sec. 47-392.2(j), D.C. Code) is amended—
(A) in paragraph (1), by striking "Beginning with fiscal
year 2000, the plan or budget submitted pursuant to this
Act" and inserting "For each of the fiscal years 2000
through 2004, the budget of the District government for
the fiscal year"; and
(B) by adding at the end the following new paragraph:
"(4) REPLENISHMENT. —Any amount of the reserve funds
which is expended in one fiscal year shall be replenished in
the reserve funds from the following fiscal year appropriations
to maintain the $150,000,000 balance.".
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