The Fiscal Year 2026 Budget Submission Requirements Emergency Declaration Resolution of 2025 was introduced to address the urgent need to amend the existing budget submission timeline due to the Mayor's failure to transmit the Fiscal Year 2026 budget by the previously established deadline of April 2, 2025. The resolution highlights significant challenges, including a slowdown in revenue growth and a $1 billion cut in Fiscal Year 2025 spending due to congressional actions, which necessitate a revised budget timeline. The proposed new date for budget transmission is May 15, 2025, allowing for better clarity on the Mayor's supplemental budget and the Office of the Chief Financial Officer's revenue estimates.

The Council recognizes the emergency nature of these circumstances, which require immediate action to ensure that both the Council and the public have a clear schedule for completing the Fiscal Year 2025 and Fiscal Year 2026 budgets. By adopting this resolution after a single reading, the Council aims to facilitate the timely setting of committee meetings, markups, and the adoption process for the Fiscal Year 2026 budget. The resolution takes effect immediately upon passage.