Tennessee Recognized for Excellence in Financial Reporting

Friday, July 26, 2019 | 12:15pm
2019 CAFR Cover

NASHVILLE, Tenn. – The state of Tennessee’s annual financial report once again is being recognized by the organization that sets standards for state accounting and financial reporting. 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, 2018. The Division of Accounts in the Department of Finance & Administration received the recognition for the state’s Comprehensive Annual Financial Report (CAFR).

“Government financial reporting plays a major role in fulfilling our commitment to being accountable to taxpayers,” Commissioner Stuart McWhorter said. “Reliable, useful and timely financial information is crucial for making sound decisions. The division of accounts team is truly superior and laudably dedicated to preparing detailed, transparent and comprehensive financial reports.”

According to the GFOA, the CAFR for fiscal 2018 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 https://www.tn.gov/finance/fa/fa-accounting-financial/fa-accfin-cafr.html

The division of Accounts maintains a statewide structure and related policies and procedures to allow all branches of government to meet their reporting needs and assists all state agencies in the operations of the state accounting system.

The GFOA (www.gfoa.org) is a nonprofit professional association serving approximately 17,500 government finance professionals with offices in Chicago, IL and Washington, DC.