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Current through October 23, 2012
(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 § 1- 204.50a(a).
(5) A contingency reserve management policy in accordance with section § 1- 204.50a(b).
(6) A policy for determining real property tax exemptions for the District of Columbia.
(c) Annual Review. -- The comprehensive financial management 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 § 47-393(4)) 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) of this subsection, 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 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) of this subsection, the Council shall immediately submit the policy to the Authority for a review of not to exceed 30 days.
(4) Congress. -- Following review of the financial management policy by the Authority under paragraph (3) of this subsection, the Authority shall submit the policy to 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 for review, and the policy shall take effect 30 days after the date the policy is submitted under this paragraph.
(Dec. 24, 1973, 87 Stat. 803, Pub. L. 93-198; title IV, §450B as added Nov. 22, 2000, 114 Stat. 2440, Pub. L. 106-552, § 154(a).)
HISTORICAL AND STATUTORY NOTES
Prior Codifications
1981 Ed., § 47-130.2.
Emergency Act Amendments
For temporary (90 day) approval of financial management policy, see § 2 of FY 2001 Comprehensive Financial Management Policy Approval Emergency Act of 2002 (D.C. Act 14-342, April 26, 2002, 49 DCR 4293).
For temporary (90 day) amendment of section, see § 1802 of Fiscal Year 2003 Budget Support Emergency Act of 2002 (D.C. Act 14-453, July 23, 2002, 49 DCR 8026).
Miscellaneous Notes
Section 154 (c) of Public Law 106-522 provides: "This section and the amendments made by this section shall take effect on October 1, 2000."
Section 1802 of D.C. Law 14-190 provides: "Pursuant to section 450B of the District of Columbia Home Rule Act, approved November 22, 2000 (114 Stat. 2475; D.C. Official Code § 1-204.50b), the Council hereby approves the FY 2002 Comprehensive Financial Management Policy approved by the Mayor and transmitted to the Council on March 18, 2002."
Short title of title XVIII of Law 14-190: Section 1801 of D.C. Law 14-190 provided that title XVIII of the act may be cited as the FY 2002 Comprehensive Financial Management Policy Approval Act of 2002.
