Bill > HB1422

This bill requires that the chief financial officer (CFO) for certain large state government units, specifically those receiving at least $2 billion annually in state and federal funding and employing a CFO, must meet specific qualifications. These qualifications include being a certified public accountant with at least five years of fiscal management experience and two years in a high-level management role, or holding a master's degree in a related field with three years of fiscal management experience and two years in a high-level management role, or having at least ten years of fiscal management experience with five years in a high-level management role. The CFO will also be responsible for providing financial information to the Office of the Comptroller for the annual comprehensive financial report and attesting to its accuracy, including specific details about federal funding receivables. Additionally, if a unit with a procurement contract containing liquidated damages provisions decides not to pursue those damages for a breach, the CFO must provide documentation and obtain approval from the Board of Public Works. The bill also allows the Secretary to grant exemptions to the state pay plan to aid in recruiting and retaining qualified CFOs.

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https://mgaleg.maryland.gov/mgawebsite/Legislation/Details/HB1422?ys=2026RS