Effect of finding of non-compliance with financial plan and budget.

Not later than 30 days after the expiration of each quarter of each fiscal year (beginning with Fiscal Year 1996), the Mayor shall submit reports to the Authority describing the actual revenues obtained and expenditures made by the District government during the quarter with its cash flows during the quarter, and comparing such actual revenues, expenditures, and cash flows with the most recent projections for these items. If the Authority determines, based on reports submitted by the Mayor under subsection (a) of this section, independent audits, or such other information as the Authority may obtain, that the revenues or expenditures of the District government during a control year are not consistent with the financial plan and budget for the year, the Authority shall require the Mayor to provide such additional information as the Authority determines to be necessary to explain the inconsistency. After requiring the Mayor to provide additional information under subsection (b) of this section, the Authority shall certify to the Council, the President, the Secretary of the Treasury, and Congress that the District government is at variance with the financial plan and budget unless: The additional information provides an explanation for the inconsistency which the Authority finds reasonable and appropriate; or The District government adopts or implements remedial action (including revising the financial plan and budget pursuant to § 47-392.02(e)) to correct the inconsistency which the Authority finds reasonable and appropriate, taking into account the terms of the financial plan and budget; and The Mayor agrees to submit the reports described in subsection (a) of this section on a monthly basis for such period as the Authority may require. If the Authority determines that the revenues or expenditures of the District government during a control year are not consistent with the financial plan and budget for the year as approved by the Authority under § 47-392.02 as a result of the terms and conditions of the budget of the District government for the year as enacted by Congress or as a result of any other law enacted by Congress which affects the District of Columbia, the Authority shall so notify the Mayor. In the case of an inconsistency described in subparagraph (A) of this paragraph, the Authority shall certify to the Council, the President, the Secretary of the Treasury, and Congress that the District government is at variance with the financial plan and budget unless the District government adopts or implements remedial action (including revising the financial plan and budget pursuant to § 47-392.02(e)) to correct the inconsistency which the Authority finds reasonable and appropriate, taking into account the terms of the financial plan and budget. If the Authority certifies to the Secretary of the Treasury that a variance exists: The Authority may withhold any funds deposited with the Authority under § 47-392.04(b), § 47-392.04(d) or § 47-392.05(a) which would otherwise be expended on behalf of the District government; and The Secretary shall withhold funds otherwise payable to the District of Columbia under such federal programs as the Authority may specify (other than funds dedicated to making entitlement or benefit payments to individuals), in such amounts and under such other conditions as the Authority may specify.