The Municipal Finance Oversight Board (MFOB) considers applications from municipal governments to use the Commonwealth's bond rating to borrow money to fund capital improvement projects, land acquisition, and emergency repairs. By using the state's bond rating, municipal governments can secure lower interest rates, saving taxpayer money.
The Municipal Finance Oversight Board meets on the second Wednesday of each month, provided a request to appear from a government unit has been sent to the MFOB by three weeks before that date. If no requests to appear are received by that time, the meeting will be cancelled.
State Auditor Suzanne Bump serves as the chairman of the MFOB. The State Treasurer (or their designee), Attorney General (or their designee), and the Director of Accounts for the State Department of Revenue also serve as board members.