State Receives Certificate for Financial Reporting
NASHVILLE, Tenn. – Tennessee’s annual financial report has once again received recognition from a national government financial organization. The Government Finance Officers Association (GFOA) awarded the state its “Certificate of Achievement for Excellence in Financial Reporting” for the state’s annual financial report for the fiscal year that ended June 30, 2016. The Division of Accounts in the Department of Finance & Administration received the recognition for the state’s Comprehensive Annual Financial Report (CAFR).
“This award is the highest form of recognition in government accounting, and reflects our high level of detail and perfection in accounting for the state’s financial position,” F&A Commissioner Larry Martin said. “The division of accounts is a dedicated accounting team that takes pride in preparing a transparent and comprehensive financial report, and this is a significant accomplishment we are proud to achieve.”
According to the GFOA, the CAFR for fiscal 2016 meets high standards and demonstrates a constructive “spirit of full disclosure” in communicating the state’s financial information. The CAFR is prepared by F&A as a part of its responsibility to maintain a system of general accounts reflecting all the financial transactions of state government (TCA 4-3-1007).
CAFR reports dating back to 1997 are available electronically on the state’s website at http://www.tn.gov/finance/act/cafr.shtml.
The division of accounts processes and records all accounting entries in the state's centralized accounting system; prepares and distributes the state payroll; provides cash management advisory services; establishes of state accounting policy and prepares the state's CAFR.
The GFOA is a nonprofit professional association serving approximately 17,500 government finance professionals with offices in Chicago, IL and Washington, DC.