A bill to enhance the flexibility of contractual authority of the Temporary Commission on Financial Oversight of the District of Columbia.

Authorizes the Temporary Commission on Financial Oversight of the District of Columbia to enter into contracts with the Government of the District of Columbia with respect to financial planning services and auditing services. Removes the requirement that contracts negotiated for such purposes be fixed price contracts.

Entitles the Commission to inspect the facilities and audit the books and records of any contractor (or subcontractor) performing a contract (or subcontract) under this Act, including the District of Columbia Government. Requires each such contract to entitle the Comptroller General of the United States, until three years after final payment to examine any pertinent books, papers, or records of the contractor or subcontractors relating to performance of the contract.

Postpones commencement of required annual fiscal year audits of the District of Columbia Government from fiscal year 1979 to fiscal year 1983. Extends the authorization for discretionary balance sheet audits of such government up through fiscal year 1982.