(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.
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Terms Used In Tennessee Code 6-56-402

  • City: means any city or territory to be incorporated that may adopt chapters 30-36 of this title. See Tennessee Code 6-30-102
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Officer: means the mayor, aldermen, city attorney and city judge. See Tennessee Code 6-1-101
  • Oversight: Committee review of the activities of a Federal agency or program.
(b) Any municipality with five hundred thousand dollars ($500,000) or less in gross revenues for all funds, including utilities, but excluding one-time non-recurring grants, and with debt totaling five hundred thousand dollars ($500,000) or less in the immediately preceding fiscal year may, instead of employing 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 continuing education requirements of § 6-56-404.
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