§ 47-387.01. Certification by the CFO of minimum 5% accumulated general fund balance.

Current through October 23, 2012

The Chief Financial Officer ("CFO") shall, within 30 days of receipt of the Comprehensive Annual Financial Report, certify the District's accumulated general fund balance for the immediately preceding fiscal year and both the estimated nominal gross domestic product growth rate ("nominal GDP growth") and estimated real gross domestic product growth rate ("real GDP growth") indicated in the annual Congressional Budget Office ("CBO") economic and budget outlook report mandated by the Congressional Budget Act of 1974 published each January, commonly known as the winter report. The CFO shall submit the certification to the Council and the Mayor. The Certification shall have the following effects:

(1) If the certification demonstrates that the accumulated general fund balance is less than 5% of the general fund operating budget for the current fiscal year, the certification shall be published in the D.C. Register along with a notice that any provisions of this title affected by the certification shall be inapplicable.

(2) If the certification demonstrates that the nominal GDP growth reflected in the CBO winter report published in January of that fiscal year is less than or equal to 3.5% or that the real GDP growth reflected in the same report is less than or equal to 1.7% then the certification shall be published in the D.C. Register along with a notice that any provisions of this title affected by the certification shall be inapplicable.

(3) The notice published in the D.C. Register shall specify the particular provisions of this subchapter that shall be inapplicable.

                
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(Oct. 20, 1999, D.C. Law 13-38, § 2702(a)(2), 46 DCR 6373; Oct. 1, 2002, D.C. Law 14-190, § 802(a), 49 DCR 6968.)

HISTORICAL AND STATUTORY NOTES

Effect of Amendments

D.C. Law 14-190, in the introductory paragraph, deleted "for fiscal years 1999, 2000, 2001, and 2002" from the first sentence.

Emergency Act Amendments

For temporary (90-day) addition of section, see § 2702(a)(2) of the Service Improvement and Fiscal Year 2000 Budget Support Emergency Act of 1999 (D.C. Act 13-110, July 28, 1999, 46 DCR 6320).

For temporary (90 day) amendment of section, see § 802(a) of Fiscal Year 2003 Budget Support Emergency Act of 2002 (D.C. Act 14-453, July 23, 2002, 49 DCR 8026).

Legislative History of Laws

Law 13-38, the "Service Improvement and Fiscal Year 2000 Budget Support Act of 1999," was introduced in Council and assigned Bill No. 13-161, which was referred to the Committee of the Whole. The Bill was adopted on first and second readings on May 11, 1999, and June 22, 1999, respectively. Signed by the Mayor on July 8, 1999, it was assigned Act No. 13-111 and transmitted to both Houses of Congress for its review. D.C. Law 13-38 became effective on October 20, 1999.

For Law 190, see notes following § 47-308.01.

Miscellaneous Notes

Short title of subtitle A of title VIII of Law 14-190: Section 801 of D.C. Law 14-190 provided that subtitle A of title VIII of the act may be cited as the Tax Rate Revision Amendment Act of 2002.