Tennessee Code Title 9. Public Finances § 9-21-403

(b) After receiving the annual budget estimate, the governing body shall prepare an appropriation resolution or budget ordinance, consistent with its form of government, using the budget estimate as a basis, but appropriating such sums as the governing body may deem proper for current operating expenses, whether greater or less than the budget estimate set forth. However, an appropriation recommended by the budget estimate for interest on the indebtedness of the local government, for sinking funds, and for principal of debt maturing during the fiscal year shall not be reduced below scheduled requirements by the governing body. The taxes levied for such appropriation may be over and above all other taxes authorized or limited by law. Immediately after the passage of the appropriation resolution or budget ordinance, the governing body shall pass a resolution or ordinance levying upon all property subject to taxation, a tax rate sufficient to produce the sum necessary to balance the budget.

(c) The comptroller of the treasury or the comptroller's designee shall require any periodic information from a local government that has issued debt under this chapter or under prior authorizing statutes or is subject to the budget requirements of § 4-3-305 and make such audits as the comptroller of the treasury or the comptroller's designee may deem necessary, to the end that it may be ascertained that the budget is kept balanced during the life of the debt. The annual budget of each local government must be submitted to the comptroller of the treasury or the comptroller's designee immediately upon its adoption. The comptroller of the treasury or the comptroller's designee shall thereupon determine whether or not the budget will be in balance in accordance with this chapter. If the budget does not comply with this chapter, then the comptroller of the treasury or the comptroller's designee shall have the power and the authority to direct the governing body of the local government to adjust its estimates, to reduce expenditures, or to make additional tax levies sufficient to comply with this chapter. Any budget adopted by the governing body of a local government must be submitted for approval by the comptroller of the treasury or the comptroller's designee. The comptroller of the treasury or the comptroller's designee shall approve the budget only when the comptroller of the treasury or the comptroller's designee is satisfied that it complies with this chapter.