District of Columbia Budget Efficiency Act of 1995

District of Columbia Budget Efficiency Act of 1995 - Amends the District of Columbia Self-Government and Governmental Reorganization Act to require the annual budget submitted by the Mayor of the District of Columbia to the District Council to include recommended expenditures at a reasonable level for the forthcoming fiscal year for the District courts and the Board of Education.

Removes provisions that prohibit the Mayor and the District Council from making revisions to the annual estimates, prepared by the District's courts for submission in the annual budget, of the expenditures and appropriations necessary for the maintenance and operation of its court system. Allows the Mayor to reduce amounts appropriated or otherwise made available to the District courts for a fiscal year if the Mayor determines that it is necessary to balance the District's budget. Requires the Mayor to notify the courts of any proposed reductions that are part of the Mayor's submission to the District Council.

Revises the limitations of the District Council to allow it to enact legislation to establish the rates of compensation for judges in the District courts.

Authorizes the District to enter into multiyear contracts to obtain goods and services for which funds are appropriated on an annual fiscal year basis and available for obligation only within such fiscal year.

Provides that for any fiscal year that the funds are not made available for the continuation of such contract, it shall be canceled or terminated and any cost of cancellation or termination may be paid from: (1) appropriations available for the performance of such contract or for procurement of the type of acquisition covered by the contract and not otherwise obligated; or (2) funds appropriated for the payment of such costs. Prohibits such contract entered into from being valid unless the Council, by a two-thirds vote, authorizes it by resolution. Requires the contract to be made pursuant to criteria established by act of the Council.