Currently, the Home Rule Act requires affirmative Congressional action with respect to the entire District budget (both federal and local funds).
This Charter Amendment, if ratified, enacted, and upheld, would permit the Council to adopt the annual local budget for the District of Columbia government; would permit the District to spend local funds in accordance with each Council approved budget act; and would permit the Council to establish the District's fiscal year. (Source: DC Board of Elections. Memorandum Opinion and Order , 1/9/13)
Read the DC Board of Elections 5 page opinion on the "Local Budget Autonomy Emergency Amendment Act of 2012"
The League recommends that you read this very succinct and worthwhile presentation