MD SB859

Applies to Executive Branch units receiving at least $2 billion annually in state and federal funding that employ a chief financial officer

Authorizes the Secretary of Budget and Management to grant exemptions to the State pay plan to help recruit and retain CFOs at qualifying agencies

Requires CFOs to meet specific qualifications: either a CPA with 5 years fiscal management experience (2 years in high-level management), a master's degree in business/finance with 3 years fiscal experience (2 years high-level), or 10 years fiscal management experience (5 years high-level)

Mandates CFOs provide year-end financial information to the Comptroller for the Annual Comprehensive Financial Report, with certification that federal fund receivables are properly supported and funds can be expected within 60 days

Takes effect July 1, 2026