To repeal the authority of the Mayor of the District of Columbia to requisition unlimited funds from the Treasury of the United States to meet the general expenses of the District of Columbia, and for other purposes.

Repeals provisions of the District of Columbia Revenue Act of 1939 directing the Secretary of the Treasury to advance, on the requisition of the Mayor of the District of Columbia, funds out of the Treasury from time to time to meet the general expenses of the District.

Amends the District of Columbia Self-Government and Governmental Reorganization Act to reduce the amount authorized to be appropriated as the annual Federal payment to the District for a fiscal year by the amount of any funds advanced to the District by the Secretary on or after May 26, 1994, that have not been reimbursed by the District to the Treasury as of the last day of the previous fiscal year.