Bill > SB0109

This bill modifies Tennessee's existing law regarding Certified Municipal Finance Officers (CMFOs) by allowing municipalities to contract with a certified public accountant to serve as a CMFO and potentially reduce their monthly financial oversight hours from 16 to less than 16, but only after receiving explicit written approval from the state comptroller. The approval is valid for one year, and municipalities must request a new approval annually. The key change provides more flexibility for smaller municipalities that may not require a full 16 hours of financial oversight each month, while maintaining oversight through the comptroller's approval process. The bill amends a specific section of Tennessee Code Annotated (Section 6-56-406(d)) to enable this change, and it will take effect immediately upon becoming law.