§ 50–921.89. Revised revenue allocation for bus service.

(a)(1) The fiscal impact of the general sales tax dedication to the Fare-Free Bus Service Fund, established pursuant to § 50-921.87, and the general sales tax dedication to the Bus Service Enhancement Fund, established pursuant to § 50-921.88, shall be offset, in that order, by local fiscal year recurring revenues included in the Chief Financial Officer's December 2022 revenue estimate and, if necessary, the February 2023 revenue estimate, that exceed the local fund revenue incorporated in the Fiscal Year 2023 approved budget and financial plan.

(2) If the excess revenue included in the December 2022 revenue estimate is not sufficient to fully offset the dedication to the Fare-Free Bus Service Enhancement Fund and the Bus Service Enhancement Fund, the excess revenue shall be set aside first to the Fare-First Bus Service Enhancement Fund until that is fully funded.

(b) In the December 2022 revenue estimate, the Chief Financial Officer shall certify:

(1) Whether and by what amount local fiscal year revenues included in the revenue estimate exceed the annual revenue estimate for Fiscal Year 2023 through Fiscal Year 2026, as incorporated in the approved budget and financial plan for Fiscal Year 2023;

(2) Whether such excess revenues are in an amount sufficient to offset the general sales tax dedication identified in subsection (a) of this section; and if not, what amount has been set aside;

(3) That all such excess revenues have been set aside to ensure the general sales tax dedication identified in subsection (a) of this section is fully offset.

(c) In the February 2023 revenue estimate, the Chief Financial Officer shall certify:

(1) Whether and by what amount local fiscal year revenues included in the revenue estimate exceed the annual revenue estimate for Fiscal Year 2023 through Fiscal Year 2026, as incorporated in the approved budget and financial plan for Fiscal Year 2023;

(2) Whether such excess revenues, together with the excess revenues identified pursuant to this subsection in the December 2022 revenue estimate, are in an amount sufficient to offset the general sales tax dedication identified in subsection (a) of this section; and

(3) That all such excess revenues, together with the excess revenues identified pursuant to this subsection in the December 2022 revenue estimate, have been set aside to ensure the general sales tax dedication identified in subsection (a) of this section is fully offset.