Establishes the Temporary Commission on Financial Oversight of the District of Columbia, which is empowered to select persons, after consultation with the Comptroller General and District officials, for the development and implementation of specified plans for improving the financial planning, reporting, and control of the District government.
Sets forth requirements relating to contracts for the development and implementation of a system improvements plan.
Empowers the Comptroller General to approve, disapprove, or modify any such plan. Requires the District government to implement such plans as are approved.
Authorizes the Commission to undertake, by a certified public accountant, a balance sheet audit of the financial position of the District government; and requires the District government to audit its financial operations annually.
Authorizes appropriations of up to $16,000,000 to carry out the contracting requirements of this Act.
Provides for the termination of the commission.