4-3-305 - Division of local finance.
4-3-305. Division of local finance.
(a) The comptroller of the treasury is authorized, in the comptroller's discretion, to create a division of local finance, and to appoint a director thereof, to administer all or any part of the powers and duties prescribed in subsection (b).
(b) The division shall, when a general act for county budgeting, or a county fiscal control act, is enacted, have authority to:
(1) Prescribe forms and procedures for the preparation of annual budgets in the several counties and in the other local governments;
(2) Require from the proper local authority a copy of the annual budget as adopted by the governing body of each county or other local government;
(3) Prepare a flexible system of uniform accounts for the various counties and for the other local governments, and assist the local authorities in its installation;
(4) Require annually from each county and other local government a financial report, showing in itemized form all expenditures for current operation and maintenance, for capital outlays, for debt retirement and interest charges and for any other expenses, and also setting forth in detail all revenues and other sources of income;
(5) Audit the accounts of all county and other local governments, such audit to be made either by the auditors of the division or by private accountants approved by the director;
(6) Promulgate regulations with respect to the issuance of county and municipal bonds, the refunding and retirement of county and municipal debts and the handling of county or municipal defaults; and
(7) Study the state subsidies and turn-backs to county and other local governments for highway, welfare, educational and other purposes, and make recommendations to the governor on the fiscal aspects of such subsidies and turn-backs.
(c) The comptroller of the treasury may, in the comptroller's discretion, appoint an assistant director. The comptroller of the treasury may, in the comptroller's discretion, authorize the assistant director to execute any approval that may be required of the director under title 9, chapter 11. The comptroller of the treasury may, in the comptroller's discretion, also authorize the assistant director to perform, in the absence of the director, any other duties required by law of the director.
(d) (1) Notwithstanding the provisions of this section or any other provision of law to the contrary, upon the approval of the state director of local finance, a municipality or county is authorized to prepare and adopt a biennial budget for such departments as authorized by the state director of local finance. The budgets shall be prepared in accordance with rules and regulations promulgated by the state director of local finance and approved by the comptroller of the treasury, and after all necessary changes have been made to the local government's charter, private acts, resolutions, or ordinances, as appropriate.
(2) In preparing such budgets, careful consideration shall be given to ensure there is no impairment to an existing contract, bond obligation, or anticipation note of the governmental entity.
[Acts 1937, ch. 33, § 43; 1939, ch. 11, §§ 10, 24, 25; C. Supp. 1950, § 255.43 (Williams, § 255.44); impl. am. Acts 1959, ch. 9, § 8; T.C.A., § 4-332; T.C.A. (orig. ed.), § 4-333; Acts 1982, ch. 574, § 1; 2004, ch. 436, § 1.]