HB 375 - SB 988
FISCAL NOTE
Fiscal Review Committee
Tennessee General Assembly
February 20, 2025
Fiscal Analyst: Justin Billingsley | Email: justin.billingsley@capitol.tn.gov | Phone: 615-741-2564
HB 375 - SB 988
SUMMARY OF BILL: Requires any local government entity that assesses and collects a fee
in excess of $500 to maintain documentation describing the justification and cost basis for such fee.
Specifies that such documentation is a public record and subject to annual audit by the Comptroller
of the Treasury (COT), which may incorporate such audit into any other financial audit of the
respective governmental entity.
FISCAL IMPACT:
NOT SIGNIFICANT
Assumptions:
• The proposed legislation requires local government entities maintain documentation with
regards to any transaction involving a fee it imposes and collects in excess of $500.
• It is assumed that local government entities rarely impose fees that are in excess of $500.
• Local government entities and officials can absorb these new requirements utilizing existing
staff and resources, without a significant increase in local expenditures.
• The proposed legislation will not significantly impact audit duties of the COT or of certified
public accountant firms that perform audits for local governments.
• Any fiscal impact to state or local government is not significant.
CERTIFICATION:
The information contained herein is true and correct to the best of my knowledge.
Bojan Savic, Executive Director