Amends TCA Title 6, Chapter 56, Part 4 and Title 9, Chapter 4, Part 2.

This bill creates the "certified municipal finance officer endowment fund," which will consist of appropriations by the general assembly, grants, and federal funds permitted by federal law and regulation, and contributions or grants from local governments and agencies. This bill requires the state funding board to adopt an investment policy and a fund allocation policy designed to provide substantially consistent levels of disbursements from the fund over 20 fiscal years and eliminate the entire fund balance by July 1, 2043, at which time the fund will cease to exist.<br /> <br /> Subject to the availability of funds in the certified municipal finance officer endowment fund, this bill creates a program to provide a one-time stipend and reimburse expenses and continuing education costs incurred by a municipality for the successful completion of a certification program by municipal finance officer candidates. Upon a candidate's successful completion of the certified municipal finance officer program, this bill requires the comptroller of the treasury to provide the following amounts to the municipality for which the successful candidate will serve as CMFO:<br /> <br /> (1) $1,000 as a one-time stipend; and<br /> <br /> (2) An amount not to exceed $1,300 for reimbursement of qualifying training and travel expenses incurred by the candidate while obtaining certification as a municipal finance officer.<br /> <br /> In addition, this bill authorizes the comptroller to:<br /> <br /> (1) Reimburse a municipality up to $400 per year for each certified municipal finance officer whose continuing professional education is paid for by a municipality; and<br /> <br /> (2) Provide a municipality with a nonrecurring stipend in the amount of $1,000 for each employee who obtains certification as a municipal finance officer, fulfills the yearly continuing professional education requirements, and remains a full-time employee of the municipality for not less than 60 consecutive months after successful completion of the certified municipal finance officer program.<br />