Senate Bill 109 amends Tennessee Code Annotated, specifically Section 6-56-406(d), to allow municipalities to contract with certified public accountants to fulfill the role of certified municipal finance officers (CMFOs). The new provision stipulates that the contracted CMFO must dedicate a minimum of sixteen hours per month to financial oversight for the municipality. However, municipalities can seek written approval from the comptroller of the treasury to allow the contracted CMFO to work fewer than sixteen hours, with such approvals being valid for one year.

This bill emphasizes the importance of financial oversight in municipalities while providing flexibility in how that oversight is managed. The requirement for annual renewal of the approval from the comptroller ensures ongoing accountability and oversight of the contracted CMFOs. The act is set to take effect immediately upon becoming law, highlighting its urgency in addressing municipal financial management needs.

Statutes affected:
Introduced: 6-56-406(d), 6-56-406