Amends TCA Title 6, Chapter 56, Part 4.
Present law generally requires municipalities to employ a certified municipal finance officer (CMFO) or an exempt individual to a position with oversight responsibilities regarding the municipality's financial operations. A municipality with $500,000 or less in gross revenues for all funds, including utilities, and with debt totaling $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, employ an individual who has met the continuing education requirements maintenance of CMFO certification.<br /> <br /> Present law requires that a person complete 24 hours of continuing education annually in order to maintain CMFO certification. Present law allows a person to carry forward up to 24 hours of unused CMFO continuing education credits into the next year. This bill reduces from 24 to 16 the annual credit hours required for CMFO certification and removes the carry-forward allowance so that no hours may be carried forward from year to year.<br /> <br /> Subject to available funding, this bill makes candidates for CMFO certification eligible to receive:<br /> <br /> (1) A $1,000 stipend upon successful completion of all required CMFO examinations; and<br /> <br /> (2) Reimbursement for travel and meal expenses while taking courses required by the CMFO curriculum.<br /> <br /> This bill deletes some outdated provisions of the Municipal Finance Officer Certification and Education Act of 2007 that pertained to the period within which municipalities were required to come into compliance with the Act.<br /> <br /> ON MAY 4, 2021, THE HOUSE ADOPTED AMENDMENT #1 AND PASSED HOUSE BILL 656, AS AMENDED.<br /> <br /> AMENDMENT #1 deletes the provisions of this bill that would, subject to available funding, make candidates for CMFO certification eligible to receive:<br /> <br /> (1) A $1,000 stipend upon successful completion of all required CMFO examinations; and<br /> <br /> (2) Reimbursement for travel and meal expenses while taking courses required by the CMFO curriculum.<br />
Present law generally requires municipalities to employ a certified municipal finance officer (CMFO) or an exempt individual to a position with oversight responsibilities regarding the municipality's financial operations. A municipality with $500,000 or less in gross revenues for all funds, including utilities, and with debt totaling $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, employ an individual who has met the continuing education requirements maintenance of CMFO certification.<br /> <br /> Present law requires that a person complete 24 hours of continuing education annually in order to maintain CMFO certification. Present law allows a person to carry forward up to 24 hours of unused CMFO continuing education credits into the next year. This bill reduces from 24 to 16 the annual credit hours required for CMFO certification and removes the carry-forward allowance so that no hours may be carried forward from year to year.<br /> <br /> Subject to available funding, this bill makes candidates for CMFO certification eligible to receive:<br /> <br /> (1) A $1,000 stipend upon successful completion of all required CMFO examinations; and<br /> <br /> (2) Reimbursement for travel and meal expenses while taking courses required by the CMFO curriculum.<br /> <br /> This bill deletes some outdated provisions of the Municipal Finance Officer Certification and Education Act of 2007 that pertained to the period within which municipalities were required to come into compliance with the Act.<br /> <br /> ON MAY 4, 2021, THE HOUSE ADOPTED AMENDMENT #1 AND PASSED HOUSE BILL 656, AS AMENDED.<br /> <br /> AMENDMENT #1 deletes the provisions of this bill that would, subject to available funding, make candidates for CMFO certification eligible to receive:<br /> <br /> (1) A $1,000 stipend upon successful completion of all required CMFO examinations; and<br /> <br /> (2) Reimbursement for travel and meal expenses while taking courses required by the CMFO curriculum.<br />
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