House Bill 2985, known as the "Carroll County Financial Management System of 2024" (CCFMS), aims to modernize the financial management framework for 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 and approved by the County Legislative Body, will report directly to the Mayor and manage the department's operations. The bill also creates the Carroll County Finance, Ways, and Means Committee (CCFWMC) to oversee financial policies, ensure compliance with generally accepted governmental accounting principles, and develop the county's annual budget.

The legislation further details the management of local revenues for school funds, appropriations, and budget amendments, with the CCFWMC setting local revenue levels and the County Board of Education accepting them. It establishes procedures for competitive bidding in procurement, allowing the CCFWMC to create purchasing policies and guidelines. The Finance Director is empowered to oversee fund disbursement and emergency purchases, while the bill mandates transparency and compliance with state laws in all financial activities. Additionally, it includes provisions for managing funds, modifying deadlines in response to legal changes, and a severability clause to ensure the act's enforceability even if parts are invalidated. The act will take effect upon a two-thirds vote of the legislative body and will be implemented within two years of adoption.