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Troy, other towns, must hire CFOs

Troy, other towns, must hire CFOs

By: Donna Ryder Messenger Associate Editor

By DONNA RYDER
Messenger Associate Editor
All municipalities with budgets of more than $300,000 are now required to have chief financial officers.
Troy Mayor Jimmie Hart informed the board of aldermen Monday night that the Tennessee Municipal League sent a letter to the town stating that it is now state law for municipalities to have CFOs. Cities are required to appoint someone and send that person to training sessions. Each of the 10 sessions will be eight hours long and will cost $50 per session, therefore costing each city $500, plus traveling expenses.
CFOs must be appointed now and must have received their training by 2012 for those municipalities with budgets less than $5 million and by 2010 for those with larger budgets.
“It may be necessary in some towns, but most small towns are doing well on their own,” said Hart, adding, “We don’t have any choice.”
The board agreed to appoint city recorder Cheryl Cranford to the position.
Hart said TML is unsure when the classes will be held because officials there are still trying to find someone to teach them.
Cities which don’t comply by the deadlines will be fined $50 per day.
In other business, the board:
• Agreed to renew CDs, adding the interest.
• Heard there will be a Federal Emergency Management Agency meeting on Wednesday to discuss flood insurance and flood ordinances. Hart said he will attend but invited the aldermen to come along. He said there are a couple of flood areas in the town, including along Davidson and Troy creeks.
• Learned the mayor has received one bid for installing new street signs with new posts and hardware. He will get another bid before the board makes a decision about replacing the street signs. Faded streets signs was an issue brought forth by the town’s insurance company.
• Made a change in the beverage ordinance.
• Learned the installation of a sprinkler system at the fire department is in the design stage.
Associate Editor Donna Ryder can be contacted by e-mail at dryder@ucmessenger.com.
Published in The Messenger 10.16.07

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