Senate Bill 109 amends Tennessee Code Annotated, specifically Section 6-56-406(d), regarding the role of contracted certified municipal finance officers (CMFOs). The bill allows municipalities to contract with certified public accountants to fulfill the duties of a CMFO, stipulating that these contracted officers 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 their contracted CMFOs to work fewer than sixteen hours, with such approvals being valid for one year and requiring annual renewal.

This legislation aims to provide municipalities with greater flexibility in managing their financial oversight responsibilities while ensuring that there is a minimum level of engagement from contracted CMFOs. The requirement for annual approval from the comptroller ensures oversight and accountability in the contracting process. The act is set to take effect immediately upon becoming law, emphasizing its importance for public welfare.

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