Certification by the CFO of minimum 5% accumulated general fund balance.

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.