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District of Columbia Code Division VI. Education, Libraries, and Cultural Institutions. § 38-2972.01. Funding the fiscal effect of subchapter I of this chapter.

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) The revenue to offset reductions to the General Fund of District of Columbia resulting from the deposit of revenue into the Fund shall be funded from the following sources, in the following order of priority, and shall not be allocated for any other uses or purposes until subchapter I of this chapter is fully funded:

(1) The unallocated local revenues, from existing revenue sources, in the revised quarterly revenue estimates of the Chief Financial Officer, beginning September 2005, through May 2006, which are estimated by the Chief Financial Officer to be collected in fiscal years 2007, 2008, and 2009; provided, that such allocation shall be subject to the funding the fiscal effect of the following acts:

(A) The New Columbia Community Land Trust 22nd and Channing Streets, N.E. Tax Exemption Emergency Act of 2005, effective December 22, 2005 (D.C. Act 16-243; 53 DCR 266);

(B) The Self-Assessing Taxpayer Fairness in Notice Emergency Act of 2005, effective December 22, 2005 (D.C. Act 16-241; 53 DCR 262);

(C) The Parkside Terrace Economic Development Act of 2006 (§ 47-4607);

(D) The National Community Reinvestment Coalition Real Property Tax Exemption Act of 2005 (§ 47-1071);

(E) The February Revised Revenue Allocation Emergency Act of 2006, effective February 27, 2006 (D.C. Act 16-297; 53 DCR 1875);

(F) The Triangle Community Garden Equitable Real Property Tax Exemption and Relief Emergency Act of 2006, effective March 23, 2006 (D.C. Act 16-330; 53 DCR 2589); and

(G) The Far Southeast Community Organization Tax Exemption and Forgiveness for Accrued Taxes Emergency Act of 2006, effective May 19, 2006 (D.C. Act 16-372; 53 DCR 4384).

(2) In fiscal year 2007, the unrestricted balance of the General Fund of the District of Columbia, subject to any funds required pursuant to § 42-2802(c)(16), as certified pursuant to the annual audit, as of the end of fiscal year 2007.

(3) Repealed.

(b) The Mayor shall submit an annual budget which incorporates the allocations of revenues as provided in subsection (a) of this section. The Mayor shall incorporate such allocations in any supplemental budget submission.

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Cite this article: FindLaw.com - District of Columbia Code Division VI. Education, Libraries, and Cultural Institutions. § 38-2972.01. Funding the fiscal effect of subchapter I of this chapter. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-vi-education-libraries-and-cultural-institutions/dc-code-sect-38-2972-01/

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