Senate Bill 2331 amends Tennessee Code Annotated to revise the fiscal review process for certain contracts and contract amendments. Specifically, it deletes subdivision (a)(2)(B) from Section 3-2-107 and replaces Section 4-56-107 with new provisions that outline which contracts are subject to review by the fiscal review committee. The bill establishes that noncompetitive contracts with a maximum liability of at least $250,000, as well as any amendments to such contracts, must be reviewed. It also clarifies the definition of a "noncompetitive contract" and specifies the types of contracts that are exempt from review, including those awarded to public institutions of higher education for research or services that benefit the public.

Additionally, the bill mandates that procuring agencies submit requests for review to the fiscal review committee at least 60 days prior to the proposed effective date of a contract or amendment. The fiscal review committee is given a 60-day period to comment on these contracts, with provisions for waiving or extending this review period under certain circumstances. Furthermore, the chief procurement officer is required to report monthly on all contracts awarded, including those exempt from review, ensuring transparency in the procurement process. The act takes effect upon becoming law.

Statutes affected:
Introduced: 3-2-107, 4-56-107