(a) If it becomes necessary for a municipality to hire an individual in a position in which the CMFO designation is required by § 6-56-402, then the individual hired shall either be exempt as provided in § 6-56-405 or become certified within two (2) years of the hiring date.
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Terms Used In Tennessee Code 6-56-406

  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Month: means a calendar month. See Tennessee Code 1-3-105
  • 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) If the CMFO or exempt municipal finance officer leaves employment with the municipality, then the municipality has two (2) years from the date of the departing municipal finance officer’s last day of employment to comply with § 6-56-402.
(c) For municipalities that have been subject to § 6-56-402(b), and circumstances change that would make them subject to § 6-56-402(a), the municipality is required to comply with § 6-56-402(a) within two (2) years from the earlier of:

(1) The submission date of the financial report used to determine that the municipality is subject to § 6-56-402(a); or
(2) Six (6) months following the fiscal year end of the financial report used to make the determination.
(d) Notwithstanding this section, a municipality may contract with a certified public accountant to perform the duties of a CMFO. The contracted CMFO shall devote a minimum of sixteen (16) hours per month to financial oversight on behalf of the municipality.
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