Submission of the Financial Plan. At least one hundred (100) days before the first day of each fiscal year of the City (or on or before such other date as the Authority may approve at the request of the City) so long as the Authority's existence has not been terminated, the Mayor shall submit to the Authority a Financial Plan prepared in accordance with the requirements of this Article IV and the Act. Each such Financial Plan shall include projected revenues and expenditures of the Covered Funds for five (5) fiscal years of the City consisting of the fiscal year of the City beginning on the July 1 next following the date such Financial Plan is required to be submitted to the Authority pursuant to the immediately preceding sentence and the next four (4) fiscal years thereafter.
Submission of the Financial Plan. (a) The City shall, as soon as practicable, submit to the Authority an initial Financial Plan prepared in accordance with the requirements of this Article IV and the Act. The initial Financial Plan shall include projected revenues and expenditures of the Covered Funds for five (5) fiscal years of the City consisting of the then-current fiscal year of the City and the next four (4) fiscal years thereafter.
(b) In addition, at least one hundred (100) Days (or on or before such other date as the Authority may approve at the request of the City) prior to the beginning of each fiscal year of the City so long as any bonds of the Authority are Outstanding, the Mayor shall submit to the Authority a revised Financial Plan prepared in accordance with the requirements of this Article IV and the Act. Each such revised Financial Plan shall include projected revenues and expenditures of the Covered Funds for five (5) fiscal years of the City consisting of the fiscal year of the City beginning on the July 1 next following the date such Financial Plan is required to be submitted to the Authority pursuant to the immediately preceding sentence and the next four (4) fiscal years thereafter.
(c) Each Financial Plan shall include, without limitation, components that will:
(i) eliminate any Deficit for the current fiscal year and for subsequent fiscal years;
(ii) restore to Special Fund accounts money from those accounts used for purposes other than those specifically authorized;
(iii) balance the current fiscal year budget and subsequent budgets in the Financial Plan through sound budgetary practices, including, but not limited to, reductions in expenditures, improvements in productivity, increases in revenues, or a combination of these steps;
(iv) provide procedures to avoid a fiscal emergency condition in the future; and
(v) enhance the ability of the City to regain access to the short-term and long-term credit markets.
(d) Each Financial Plan shall demonstrate the City's responsibility to exercise efficient and accountable fiscal practices, such as, but without limitation:
(i) increased managerial accountability;
(ii) consolidation or elimination of inefficient City programs;
(iii) recertification of tax-exempt properties;
(iv) increased collection of existing tax revenues;
(v) privatization of appropriate City services;
(vi) sale of City assets as appropriate;
(vii) improvement of procurement practices, including competitive bidding procedures;
(viii) review of compensatio...
