Sec. 450B. comprehensive financial management policy

467 words·~2 min read·/statute-compilations/comps-709/sec-450b

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## Sec. 450B comprehensive financial management policy ###

(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 section 450A(a). ####

(5)A contingency reserve management policy in accordance with section 450A(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 section 305(4) of the District of Columbia Financial Responsibility and Management Assistance Act of 1995) 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), 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), 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), 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.