§ 6-56-401. Short Title
This part shall be known and may be cited as the “Municipal Finance Officer Certification and Education Act of 2007.”
§ 6-56-402. Employment of Person With Oversight Responsibilities Regarding Financial Operations — Exceptions
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 […]
§ 6-56-403. Development of Curriculum for Certified Municipal Finance Officer — Candidates for Course — Demonstrated Proficiencies — Training and Testing Administration
The municipal technical advisory service (MTAS) of the University of Tennessee’s institute for public service, with the approval of the state comptroller’s office, shall develop a curriculum, including testing, leading to the designation certified municipal finance officer (CMFO). The program shall include at least eighty (80) combined hours of course and lab work, including the […]
§ 6-56-404. Continuing Education to Maintain Certification — Revocation
To maintain certification, a certified municipal finance officer (CMFO) shall earn at least twenty-four (24) hours of continuing professional education (CPE) of financial education each calendar year after receiving the designation. A CMFO wishing to maintain certification who earns more than the minimum CPE hours during any calendar year may carry over to the next […]
§ 6-56-405. Exemptions From Education Requirements
The following individuals with financial oversight responsibility employed as a finance officer by a municipality and who would otherwise be required to have the certified municipal finance officer (CMFO) designation are exempt from the educational requirements leading to the CMFO designation, but shall comply with the continuing educational requirements of § 6-56-404: An individual designated […]
§ 6-56-406. Compliance
Municipalities shall comply with the requirement that they have a certified municipal finance officer (CMFO) in their employ based on the following schedule determined by the gross revenues the municipality derived from all funds, including utilities, during the July 1, 2006, to June 30, 2007, fiscal year: Gross revenues Compliance date $10 million or more […]
§ 6-56-407. Violations
Any municipality determined by the comptroller of the treasury to be in violation of the requirements of § 6-56-402 is subject to the following penalty: Sales tax revenue collected and distributed by the state to the municipality shall be reduced by an amount mutually agreed upon by the comptroller of the treasury and the commissioner […]
§ 6-56-408. Rules
The comptroller of the treasury may issue any rules necessary to implement this part.