Public Funds and Financing - As enacted, requires that the annual budget of a local government be on the same basis of accounting as required by generally accepted accounting principles; requires the comptroller of the treasury provide guidance to the form of that budget, including supplemental schedules, as necessary, to demonstrate the local government has adequate cash to meet its current obligations, including principal and interest, as applicable; makes other revisions to provisions governing budgeting by local governments. - Amends TCA Section 4-3-305; Title 7; Title 9 and Title 68.