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TENNESSEE STATUTES AND CODES
6-56-402 - Employment of person with oversight responsibilities regarding financial operations Exceptions.
6-56-402. Employment of person with oversight responsibilities regarding financial operations Exceptions.
(a) To ensure competence in the handling of municipal funds and the protection of public moneys, each municipality shall have in its employ, except as provided in this section, at least one (1) certified municipal finance officer (CMFO) or an exempt individual as recorder, city clerk, director of finance, or other official or employee who has oversight responsibilities regarding the municipality's financial operations, in accordance with the schedule established in this part.
(b) Any municipality with three hundred thousand dollars ($300,000) or less in gross revenues for all funds, including utilities, and with debt totaling three hundred thousand dollars ($300,000) or less in the immediately preceding fiscal year may, instead of employing a CMFO, contract with a CMFO or a qualified individual who is exempt from CMFO certification for financial oversight.
(c) Any municipality with one hundred thousand dollars ($100,000) or less in gross revenues for all funds, including utilities, but excluding one-time non-recurring grants, and with debt totaling one hundred thousand dollars ($100,000) or less in the immediately preceding fiscal year may, instead of employing a CMFO, or contracting with a CMFO or a qualified individual who is exempt from CMFO certification for financial oversight, shall be required to have in their employment an individual who has met the CEU requirements of § 6-56-404. Any municipality that has a deficit total net assets or a negative change in net assets for a period of three (3) consecutive years, or is in default on any indebtedness, shall be deemed financially distressed and shall be required to employ a CMFO or contract with a CMFO or a qualified individual who is exempt from CMFO certification for financial oversight.
[Acts 2007, ch. 576, § 1; 2008, ch. 929, § 2.]