Municipal Finance Advisory Commission (MFAC)
The Municipal Finance Advisory Commission (MFAC) was established under Connecticut General Statute (CGS) Section 7-394b. The MFAC consists of eight members appointed by the Governor as follows: (1) four members who are fiscal or executive officers of municipalities, (2) three members who are not officers of municipalities, but whose experience and knowledge, at the discretion of the governor, would be valuable for the purposes of the Commission, and (3) a representative from the Office of Policy and Management (OPM).
The Commission is responsible for (1) reviewing and submitting any recommendations as may be deemed appropriate with respect to any regulations concerning the provisions governing the principles and standards for municipal audit reports as defined by CGS Section 7-394a and (2) working with any municipality referred to it by the Secretary of OPM to improve the fiscal condition of such municipality. Upon receipt of the Secretary’s referral, the Commission, in determining the level of financial distress of a municipality, reviews audits, budgets, accounting and fiscal management practices and any other information relevant to the municipality’s fiscal condition. The Commission may require the chief executive officer of the municipality to (A) provide information and appear before the Commission to discuss the financial condition of the municipality and the implementation of remedial measures to improve its financial condition and (B) submit a written report to the Commission on implementation of the recommendations of the Commission and other remedial measures.
The Commission has several regular meetings scheduled for each calendar year at the Office of Policy and Management. All meetings are open to the public. More information on the MFAC including a list of members, meeting dates, and minutes from prior Commission meeting is available.
For Further Information, Please Contact:
Julian Freund at (860) 418-6327 or Julian.Freund@ct.gov