Tennessee Annual Financial Report Complete

Thursday, December 19, 2019 | 11:51am

NASHVILLE, Tenn. – The state of Tennessee has completed its annual financial report for fiscal year 2018-19. The Comprehensive Annual Financial Report (CAFR) is prepared by the Department of Finance and Administration, Division of Accounts, in accordance with Generally Accepted Accounting Principles (GAAP) applicable to governments as prescribed by the Governmental Accounting Standards Board (GASB). The objective of the report is to present a clear picture of Tennessee state government as a single comprehensive reporting entity.

“Tennessee’s annual financial report provides detailed analysis of the state’s financial transactions, and reflects the state’s commitment to accountability and transparency,” Commissioner Stuart McWhorter said. “The purpose of a CAFR is to be transparent about the use of taxpayers' money and to give the public a detailed accounting of all expenditures. Tennessee’s CAFR accomplishes this by including dozens of basic and more intricate financial reports along with notes, narratives and supporting data.”

The state’s 2018 CAFR received the Government Finance Officers Certificate of Achievement for Excellence in Financial Reporting for the 39th year, which is the most any state, has been awarded. The award is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.

The CAFR consists of three sections: Introductory, Financial and Statistical. The Introductory section orients and guides the reader through the report. The Financial section presents the entity’s basic financial statements as well as notes to the statements and the independent auditors’ report. The Statistical section provides additional financial and statistical data, including data about financial trends that may better inform the reader about the government’s activities.

Auditors from the Comptroller of the Treasury examined the financial statements and issued an unmodified opinion on the state’s basic financial statements. The independent auditor’s report is located at the front of the report.

CAFR reports dating back to 1997 are available electronically on the state’s website at http://www.tn.gov/finance/act/cafr.shtml.