Not later than the February 1 preceding a fiscal year for which the District government is in a control period, the Mayor shall submit to the Authority and the Council a financial plan and budget for the fiscal year which meets the requirements of § 47-392.01 . Upon receipt of the financial plan and budget for a fiscal year from the Mayor under subsection (a) of this section, the Authority shall promptly review the financial plan and budget. In conducting the review, the Authority may request any additional information it considers necessary and appropriate to carry out its duties under this part. If the Authority determines that the financial plan and budget for the fiscal year submitted by the Mayor under subsection (a) of this section meets the requirements applicable under § 47-392.01 : The Authority shall approve the financial plan and budget and shall provide the Mayor, the Council, the President, and Congress with a notice certifying its approval; and The Mayor shall promptly submit the financial plan and budget to the Council pursuant to § 1-204.42 . If the Authority has not provided the Mayor, the Council, and Congress with a notice certifying approval under subparagraph (A)(i) of this paragraph or a statement of disapproval under subsection (d)(1) of this section upon the expiration of the 30-day period which begins on the date the Authority receives the financial plan and budget from the Mayor under subsection (a) of this section, the Authority shall be deemed to have approved the financial plan and budget and to have provided the Mayor, the Council, the President, and Congress with the notice certifying approval described in subparagraph (A)(i) of this paragraph. If sub-subparagraph (i) of this subparagraph applies with respect to a financial plan and budget, the Authority shall provide the Mayor, the Council, the President and Congress with an explanation for its failure to provide the notice certifying approval or the statement of disapproval during the 30-day period described in sub-subparagraph (i) of this subparagraph. Notwithstanding the first sentence of § 1-204.46 , not later than 30 days after receiving the financial plan and budget for the fiscal year from the Mayor under paragraph (1)(A)(ii) of this subsection, the Council shall by Act adopt a financial plan and budget for the fiscal year which shall serve as the adoption of the budgets of the District government for the fiscal year under such section, and shall submit such financial plan and budget to the Mayor and the Authority. Upon receipt of the financial plan and budget for a fiscal year from the Council under paragraph (2) of this subsection (taking into account any items or provisions disapproved by the Mayor or disapproved by the Mayor and reenacted by the Council under § 1-204.04(f) ), the Authority shall promptly review the financial plan and budget. In conducting the review, the Authority may request any additional information it considers necessary and appropriate to carry out its duties under this part. If the Authority determines that the financial plan and budget for the fiscal year submitted by the Council under paragraph (2) of this subsection meets the requirements applicable under § 47-392.01 : The Authority shall approve the financial plan and budget and shall provide the Mayor, the Council, the President, and Congress with a notice certifying its approval; and The Council shall promptly submit the financial plan and budget to the Mayor for transmission to the President and Congress under § 1-204.46 . If the Authority determines that the financial plan and budget for the fiscal year submitted by the Council under paragraph (2) of this subsection does not meet the requirements applicable under § 47-392.01 , the Authority shall disapprove the financial plan and budget, and shall provide the Mayor, the Council, the President, and Congress with a statement containing: The reasons for such disapproval; The amount of any shortfall in the budget or financial plan; and Any recommendations for revisions to the budget the Authority considers appropriate to ensure that the budget is consistent with the financial plan and budget. If the Authority has not provided the Mayor, the Council, the President, and Congress with a notice certifying approval under subparagraph (A)(i) of this paragraph or a statement of disapproval under subparagraph (B) of this paragraph upon the expiration of the 15-day period which begins on the date the Authority receives the financial plan and budget from the Council under paragraph (2) of this subsection, the Authority shall be deemed to have approved the financial plan and budget and to have provided the Mayor, the Council, the President, and Congress with the notice certifying approval described in subparagraph (A)(i) of this paragraph. If sub-subparagraph (i) of this subparagraph applies with respect to a financial plan and budget, the Authority shall provide the Mayor, the Council, the President and Congress with an explanation for its failure to provide the notice certifying approval or the statement of disapproval during the 15-day period described in sub-subparagraph (i) of this subparagraph. Not later than 15 days after receiving the statement from the Authority under paragraph (4)(B) of this subsection, the Council shall promptly by Act adopt a revised financial plan and budget for the fiscal year which addresses the reasons for the Authority’s disapproval cited in the statement, and shall submit such financial plan and budget to the Mayor and the Authority. If, after reviewing the revised financial plan and budget for a fiscal year submitted by the Council under subparagraph (A) of this paragraph in accordance with the procedures described in this subsection, the Authority determines that the revised financial plan and budget meets the requirements applicable under § 47-392.01 : The Authority shall approve the financial plan and budget and shall provide the Mayor, the Council, the President, and Congress with a notice certifying its approval; and The Council shall promptly submit the financial plan and budget to the Mayor for transmission to the President and Congress under § 1-204.46 . If, after reviewing the revised financial plan and budget for a fiscal year submitted by the Council under subparagraph (A) of this paragraph in accordance with the procedures described in this subsection, the Authority determines that the revised financial plan and budget does not meet the applicable requirements under § 47-392.01 , the Authority shall: Disapprove the financial plan and budget; Provide the Mayor, the Council, the President, and Congress with a statement containing the reasons for such disapproval and describing the amount of any shortfall in the financial plan and budget; and Approve and recommend a financial plan and budget for the District government which meets the applicable requirements under § 47-392.01 , and submit such financial plan and budget to the Mayor, the Council, the President, and Congress. The Council shall promptly submit the revised financial plan and budget disapproved by the Authority under this subparagraph to the Mayor for transmission to the President and Congress under § 1-204.46 . If the Authority has not provided the Mayor, the Council, the President, and Congress with a notice certifying approval under subparagraph (B)(i) of this paragraph or a statement of disapproval under subparagraph (C) of this paragraph upon the expiration of the 15-day period which begins on the date the Authority receives the revised financial plan and budget submitted by the Council under subparagraph (A) of this paragraph, the Authority shall be deemed to have approved the revised financial plan and budget and to have provided the Mayor, the Council, the President, and Congress with the notice certifying approval described in subparagraph (B)(i) of this paragraph. If sub-subparagraph (i) of this subparagraph applies with respect to a financial plan and budget, the Authority shall provide the Mayor, the Council, the President and Congress with an explanation for its failure to provide the notice certifying approval or the statement of disapproval during the 15-day period described in sub-subparagraph (i) of this subparagraph. Notwithstanding any other provision of this section, not later than the June 15 preceding each fiscal year which is a control year, the Authority shall: Provide Congress with a notice certifying its approval of the Council’s initial financial plan and budget for the fiscal year under paragraph (4)(A) of this subsection; Provide Congress with a notice certifying its approval of the Council’s revised financial plan and budget for the fiscal year under paragraph (5)(B) of this subsection; or Submit to Congress an approved and recommended financial plan and budget of the Authority for the District government for the fiscal year under paragraph (5)(C) of this subsection. If the Authority determines that the financial plan and budget for the fiscal year submitted by the Mayor under subsection (a) of this section does not meet the requirements applicable under § 47-392.01 , the Authority shall disapprove the financial plan and budget, and shall provide the Mayor and the Council with a statement containing: The reasons for such disapproval; The amount of any shortfall in the financial plan and budget; and Any recommendations for revisions to the financial plan and budget the Authority considers appropriate to ensure that the financial plan and budget meets the requirements applicable under § 47-392.01 . Not later than 15 days after receiving the statement from the Authority under paragraph (1) of this subsection, the Mayor shall promptly submit to the Authority and the Council a revised financial plan and budget for the fiscal year which addresses the reasons for the Authority’s disapproval cited in the statement. If the Authority determines that the revised financial plan and budget for the fiscal year submitted by the Mayor under subparagraph (A) of this paragraph meets the requirements applicable under § 47-392.01 : The Authority shall approve the financial plan and budget and shall provide the Mayor, the Council, the President, and Congress with a notice certifying its approval; and The Mayor shall promptly submit the financial plan and budget to the Council pursuant to § 1-204.42 . If the Authority determines that the revised financial plan and budget for the fiscal year submitted by the Mayor under subparagraph (A) of this paragraph does not meet the requirements applicable under § 47-392.01 , the Authority shall: Disapprove the financial plan and budget; Shall provide the Mayor, the Council, the President, and Congress with a statement containing the reasons for such disapproval; and Recommend a financial plan and budget for the District government which meets the requirements applicable under § 47-392.01 and submit such financial plan and budget to the Mayor and the Council. The Mayor shall promptly submit the revised financial plan and budget disapproved by the Authority under this subparagraph to the Council pursuant to § 1-204.42 . If the Authority has not provided the Mayor, the Council, the President, and Congress with a notice certifying approval under subparagraph (B)(i) of this paragraph or a statement of disapproval under subparagraph (C) of this paragraph upon the expiration of the 15-day period which begins on the date the Authority receives the revised financial plan and budget submitted by the Mayor under subparagraph (A) of this paragraph, the Authority shall be deemed to have approved the revised financial plan and budget and to have provided the Mayor, the Council, the President, and Congress with the notice certifying approval described in subparagraph (B)(i) of this paragraph. If sub-subparagraph (i) of this subparagraph applies with respect to a financial plan and budget, the Authority shall provide the Mayor, the Council, the President and Congress with an explanation for its failure to provide the notice certifying approval or the statement of disapproval during the 15-day period described in sub-subparagraph (i) of this subparagraph. Notwithstanding the first sentence of § 1-204.46 , not later than 30 days after receiving the Mayor’s approved revised financial plan and budget for the fiscal year under paragraph (2)(B) of this subsection or (in the case of a financial plan and budget disapproved by the Authority) the financial plan and budget recommended by the Authority under paragraph (2)(C)(i)(III) of this subsection, the Council shall by Act adopt a financial plan and budget for the fiscal year which shall serve as the adoption of the budgets of the District government for the fiscal year under such section, and shall submit the financial plan and budget to the Mayor and the Authority. The financial plan and budget submitted by the Council under subparagraph (A) of this paragraph shall be subject to review by the Authority and revision by the Council in the same manner as the financial plan and budget submitted by the Council after an approved preliminary financial plan and budget of the Mayor under paragraphs (3), (4), (5), and (6) of subsection (c) of this section. The Mayor may submit proposed revisions to the financial plan and budget for a control year to the Authority at any time during the year. Except as provided in paragraph (3) of this subsection, the procedures described in subsections (b), (c), and (d) of this section shall apply with respect to a proposed revision to a financial plan and budget in the same manner as such procedures apply with respect to the original financial plan and budget, except that subparagraph (B) of subsection (c)(1) (relating to deemed approval by the Authority of a preliminary financial plan and budget of the Mayor) shall be applied as if the reference to the term “30-day period” were a reference to “20-day period”. To the extent that a proposed revision to a financial plan and budget adopted by the Council pursuant to this subsection does not increase the amount of spending with respect to any account of the District government, the revision shall become effective upon the Authority’s approval of such revision (subject to review by Congress under § 1-206.02(c) ). There is established a segregated, nonlapsing account within the Capital Fund to be designated as the Pay-as-you-go Capital Account. Beginning with the Fiscal Year 2019 budget, and for each subsequent year, the annual proposed budget and financial plan submitted to the Council and the approved budget and financial plan submitted to the Congress of the United States shall include a Pay-as-you-go Capital Account. The annual amount of local funds deposited in the Pay-as-you-go Capital Account shall be equal to the projected local funds revenue of each year, minus the local funds revenue in the budget and financial plan approved in May of the previous year, multiplied by 25%. Funding under this subsection shall not be required if the debt service expenditures on all General Fund of the District of Columbia tax-supported debt equals or is less than 5% of General Fund of the District of Columbia expenditures. Beginning in Fiscal Year 2045, all funds in the Pay-as-you-go Capital Account shall be used for the purpose of reducing future District borrowing for capital purposes by using the funds in the Pay-as-you-go Capital Account in lieu of proposed borrowing. Any use of these funds must be accompanied by the certification of the Chief Financial Officer that the funds are available in the Pay-as-you-go Capital Account and will be used to replace proposed District Bonds (as defined in § 47-443(2)(C) ) that otherwise would have been issued for those purposes and that the District will not otherwise borrow such amounts for other purposes. Use of funds in the Pay-as-you-go Capital Account will reduce an identical amount in the existing Capital Improvements Program. For purposes of certification, including certification pursuant to the subchapter II of Chapter 3 of Title 47 , the Chief Financial Officer shall certify that all expenditures from the Pay-as-you-go Capital Account, if treated as if they were expenditures from District Bond proceeds, assuming repayment at a level debt service with interest at the applicable rate obtained by the District in its most recent general obligation or income tax secured revenue bond offering, would not have caused the District to exceed the borrowing limitations contained in Subchapter II of Chapter 3 of Title 47 . All funds in the Pay-as-you-go Capital Account shall be budgeted for the Integrated Premium Transit System until Fiscal Year 2045. [Omitted] [Omitted] Notwithstanding any other provision of this section, if the Mayor, the Council, and the Authority jointly develop a financial plan and budget for the fiscal year which meets the requirements applicable under § 47-392.01 and which the Mayor, Council, and Authority certify reflects a consensus among them: Such financial plan and budget shall serve as the budget of the District government for the fiscal year adopted by the Council under § 1-204.46 ; and The Mayor shall transmit the financial plan and budget to the President and Congress under such section. For each of the fiscal years 2002 and 2003, the budget of the District government for the fiscal year shall contain a budget reserve in the following amounts: $120,000,000, in the case of fiscal year 2002. $70,000,000, in the case of fiscal year 2003. Any amount made available from the budget reserve described in subparagraph (A) shall remain available until expended. For fiscal year 2001, any amount in the budget reserve shall remain available until expended. In addition to any other cash reserves required under [ § 1-204.50a ], for each of the fiscal years 2004 and 2005, the budget of the District government for the fiscal year shall contain a cumulative cash reserve of $50,000,000. The District of Columbia may obligate or expend amounts in the budget reserve under paragraph (1) or the cumulative cash reserve under paragraph (2) only in accordance with the following conditions: The Chief Financial Officer of the District of Columbia shall certify that the amounts are available. The amounts shall be obligated or expended in accordance with laws enacted by the Council in support of each such obligation or expenditure. The amounts may not be used to fund the agencies of the District of Columbia government under court ordered receivership. The amounts may be obligated or expended only if the Mayor notifies the Committees on Appropriations of the House of Representatives and Senate in writing 30 days in advance of any obligation or expenditure. Any amount of the budget reserve under paragraph (1) or the cumulative cash reserve under paragraph (2) which is expended in 1 fiscal year shall be replenished in the following fiscal year appropriations to maintain the required balance. The Chief Financial Officer shall create a segregated nonlapsing account within the cumulative General Fund of the District of Columbia (“General Fund”) balance to be designated the Fiscal Stabilization Reserve Account. The Fiscal Stabilization Reserve Account may be used by the Mayor for the following purposes: Those purposes permitted for use of the Contingency Reserve Fund, specified in § 1-204.50a(b)(4) , as certified by the Chief Financial Officer, with approval of the Council by act; and Funding for locally approved expenditures during a lapse in regular appropriations; provided, that any amounts used must be replenished immediately at the conclusion of the lapse. At full funding, the Fiscal Stabilization Reserve Account shall be equal to 2.34% of the District’s General Fund operating expenditures for each fiscal year. The Chief Financial Officer shall create a segregated nonlapsing account within the cumulative General Fund balance to be designated the Cash Flow Reserve Account. The Cash Flow Reserve Account may be used by the Chief Financial Officer to cover the following: Cash-flow needs; provided, that any amounts used must be replenished to the Cash Flow Reserve Account in the same fiscal year; and Funding for locally approved expenditures during a lapse in regular appropriations; provided, that any amounts used must be replenished immediately at the conclusion of the lapse. At full funding, the Cash Flow Reserve Account shall be equal to 8.33% of the General Fund operating budget for each fiscal year. If at the close of a fiscal year, the District has fully funded the Emergency, Contingency, Fiscal Stabilization, and Cash Flow Reserves, all additional uncommitted amounts in the unrestricted fund balance of the General Fund of the District of Columbia as certified by the Comprehensive Annual Financial Report shall be used for the following purposes: 50% shall be deposited in the Housing Production Trust Fund; and 50% shall be reserved for Pay-as-you-go capital projects. If either of the Fiscal Stabilization Reserve Account or the Cash Flow Reserve Account are below full funding, as specified in, respectively, subsections (j-1) and (j-2) of this section, immediately upon issue of the Comprehensive Annual Financial Report, the Chief Financial Officer shall deposit 50% of the undesignated end-of-year fund balance into each account, or 100% of the end-of-year fund balance into the remaining account that has not reached capacity, to fully fund these accounts to the extent that the undesignated end-of-year fund balance allows. If amounts required for the Emergency Cash Reserve Fund or the Contingency Reserve Fund pursuant to § 1-204.50a are reduced, the amount required to be deposited in Fiscal Stabilization Reserve Account shall be increased by a like amount. [Repealed]. “DC Streetcar” shall have the same meaning as provided in § 50-921.04(b)(1) . “Integrated Premium Transit System” shall have the same meaning as provided in § 50-921.04(b)(2) .
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