5523876 Resolution 21-104, Fiscal Year 2015 Second Revised Budget Request Adjustment Emergency Declaration Resolution of 2015

A RESOLUTION

21-104 

IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

May 27, 2015

 

To declare the existence of an emergency with respect to the need to increase certain appropriations in the Fiscal Year 2015 Budget Request Act pursuant to the District of Columbia Appropriations Act, 2015.

 

RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as the “Fiscal Year 2015 Second Revised Budget Request Adjustment Emergency Declaration Resolution of 2015".

 

Sec. 2.  (a) On December 30, 2014, the Office of the Chief Financial Officer (OCFO) released a quarterly revised revenue estimate that showed an $83.4 million decrease in certified revenues.  This estimate was revised by the OCFO on February 27, 2015 to include the certified revenue increase of $36.5 million. This leaves a budget gap of approximately $46.9 million. 

(b) This gap is partially offset by an existing operating margin of $5.2 million and additional TIF revenue savings of $2.3 million.  This leaves an overall budget gap of $39.4 million that needs to be resolved for the budget to remain in balance for Fiscal Year 2015.

(c) In order to resolve this gap and address structural budget issues in Fiscal Year 2016 and beyond, the Mayor identified savings of $87.8 million and the Council identified additional savings of $20.5 million in Fiscal Year 2015.  $39.4 million of this savings amount will be used to solve the gap with another $68 million being carried over into Fiscal Year 2016.  These actions will leave an operating margin of $0.5 million.

 

Sec. 3.  The Council of the District of Columbia determines that the circumstances enumerated in section 2 constitute emergency circumstances making it necessary that the Fiscal Year 2015 Second Revised Budget Request Emergency Adjustment Act of 2015 be adopted after a single reading.

 

Sec. 4.  This resolution shall take effect immediately.