Tennessee Code 9-21-404 – Requirement of budget approval – Waiver
Terms Used In Tennessee Code 9-21-404
- 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.
- Obligations: means bonds, notes and any other evidence of indebtedness lawfully issued or assumed by a local government. See Tennessee Code 9-21-105
If a budget is either not approved by the comptroller of the treasury or the comptroller’s designee or not submitted to the comptroller of the treasury or the comptroller’s designee when required under this part within two (2) months of the beginning of the fiscal year, then debt or financing obligations shall not be issued by the public entity until the comptroller of the treasury or the comptroller’s designee has approved the budget, or as otherwise provided for in a manner approved by the comptroller of the treasury or the comptroller’s designee. In the case of an emergency, the comptroller of the treasury or the comptroller’s designee, may waive the requirement of budget approval in order to allow the public entity to enter into emergency financial transactions.