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Finance Functions

One of the primary responsibilities of the Comptroller's Office is its participation in the financial functions of Tennessee's state and local government entities.

The Comptroller's Office's provides critical financial support and oversight through two divisions:

The Division of State Government Finance (SGF) serves as staff to, and performs certain duties and functions for, the State Funding Board, the Tennessee State School Bond Authority, and the Tennessee Local Development Authority. SGF is responsible for managing the debt of the state and its issuing authorities, including the issuance of all bonds and notes and the repayment of such debt. These responsibilities include, but are not limited to:

  • Accessing the capital markets efficiently and timely to provide the most cost-efficient funding for capital projects authorized by the General Assembly;
  • Payment of debt service (principal and interest) on bonds outstanding;
  • Accounting for all debt issued and loans made through preparation of annual financial statements of each debt/loan program;
  • Monitoring and ensuring compliance with all federal laws, regulations, and ruling bodies regarding debt issued in the capital markets;
  • Providing investors and the capital markets community with Investor Updates as a part of the division’s continuing disclosure responsibilities;
  • Serving as staff to the Bond Finance Committee of the Tennessee Development Housing Agency to support and assist in the issuance of debt to finance its affordable, single-family home mortgage program; and
  • Administering the loan programs and performing accounting, financial reporting, and management for the:
    • Clean Water and Safe Drinking Water State Revolving Fund loan programs;
    • Energy Efficient Schools Initiative (EESI) loan program; and
    • State Infrastructure Program.

The Division of State Government Finance also serves as staff to the following boards:

State Government Finance Leadership

Sandi Thompson (Bio) Director Sandi.Thompson@cot.tn.gov 615.747.5380
Sharon Schmucker Manager Sharon.Schmucker@cot.tn.gov 615.747.5374

The Division of Local Government Finance implements laws relating to the financial operation of local units of government and other governmental entities.

Division responsibilities include:

  • Approving the budgets and debt obligations of local governments;
  • Approving investments submitted by cities, counties, and utility districts;
  • Reporting on plans by municipal electric systems to provide video, cable, and Internet services;
  • Assisting local governments in areas of municipal finance; and
  • Providing research and support to the Tennessee General Assembly. 

The Division of Local Government Finance also serves as staff to the Water & Wastewater Financing Board and the Utility Management Review Board. You can learn more about the boards by visiting this page.

Local Government Finance Leadership

Betsy Knotts (Bio) Director Betsy.Knotts@cot.tn.gov 615.401.7954
Sheila Reed (Bio) Assistant Director Sheila.Reed@cot.tn.gov 615.401.7906