Senate Bill 2973, known as the "Carroll County Financial Management System of 2024" (CCFMS), aims to modernize financial management in Carroll County by establishing a dedicated Finance Department. This department will oversee all county finances, excluding those managed by the local education agency, and will be responsible for functions such as accounting, budgeting, debt management, and payroll. The Finance Director, appointed by the County Mayor with the approval of the County Legislative Body, will lead the department and ensure compliance with governmental accounting principles. Additionally, the bill creates the Carroll County Finance, Ways, and Means Committee (CCFWMC) to serve as the county's Budget Committee, overseeing financial policies and procedures, and ensuring that the annual budget aligns with state requirements.

The bill also outlines procedures for managing local revenues for school funds, appropriations, and budget amendments, with the CCFWMC setting local revenues for school funds accepted by the County Board of Education. It establishes guidelines for purchasing policies, competitive bidding processes, and emergency purchases, while emphasizing transparency and compliance with state laws. The Finance Director is tasked with overseeing fund disbursement and maintaining transaction records. The act will take effect upon a two-thirds vote of the legislative body and will be implemented within two years of adoption, including a severability clause to ensure the enforceability of remaining provisions if any part is deemed invalid.