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Financial Oversight Duties of a Certified Municipal Finance Officer (CMFO)

Reference Number: MTAS-3005
Reviewed Date: 11/01/2018

No definition is given for the terms ‘oversight responsibilities’ or ‘financial oversight’ in the law. This narrative is to assist cities in determining and defining what is needed and expected from a CMFO employed either full-time or part-time. If a CMFO works for more than one city they must be bonded by EACH city. It is important to note the governing body has the responsibility to set exactly what they will require from the CMFO, and this narrative is intended to note minimum financial procedures that should be implemented by any city and overseen by the CMFO. The individual taking responsibility for financial oversight must be comfortable they are performing enough work to take responsibility for the city’s financial condition and activities.