What are the primary financial responsibilities of a CMFO?

The primary financial responsibilities of a Certified Municipal Finance Officer (CMFO) encompass a range of critical tasks that ensure the financial health and accountability of a municipality. Budget preparation, which involves creating a comprehensive financial plan for the municipality's operations and capital projects, is a fundamental duty. This process requires careful analysis of revenue sources, expenditure estimates, and long-term financial goals.

Financial reporting is also a core responsibility, as the CMFO must ensure accurate and timely reporting of the municipality's financial status to various stakeholders, including government entities and the public. This reporting provides insights into fiscal performance, compliance with laws, and informs decision-making processes.

Moreover, managing municipal funds requires the CMFO to oversee the investment and usage of these funds strategically. This includes cash management and ensuring that resources are allocated efficiently to meet the municipality’s needs.

While the other responsibilities outlined in the other choices—such as tax collection, auditing, and payroll management—are important functions, they do not encompass the full scope of the CMFO's primary responsibilities. The CMFO's focus on budget preparation, financial reporting, and managing municipal funds distinctly highlights the essential aspects of their role in maintaining fiscal integrity and effective financial stewardship within local government.