This is an informative article from The Tennessean.
by Joel Ebert, The Tennessean - ...... "The comptroller of the treasury or the comptroller's designee shall have the power and authority to direct the governing body of the local government to adjust its estimates or to make additional tax levies sufficient to comply with this chapter."
While
the provision in state law gives the comptroller broad authority to
take over a municipality's finances, it can largely occur if a
municipality fails to pass a budget on time, approves an unbalanced
budget or if the local government were to default on its debt.
.......
The decision on whether to take over a city's finances comes down to one person — the comptroller.
......
Wilson said he thinks Mayor John Cooper, Metro Finance
Director Kevin Crumbo and At-large council member Bob Mendes, Metro's
budget chair, understand the issue. But Wilson said he was not sure how
the council would react to his assessment.
"After (Wednesday), my perception is they understand that this needs to be done," he said.
Overall, Wilson said he is hopeful Nashville can address the financial issues before a takeover becomes necessary.
"We
recognize that a good, healthy Nashville financially is really
important for the health of Tennessee, and we want to do all we can to
be sure that that happens," he said.
In terms of
timing, the comptroller said he would like to see city officials shore
up their finances no later than the early months of 2020.
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