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Tennessee Recognized for Excellence in Financial Reporting

Friday, July 16, 2021 | 11:45am
2020 Annual Financial Report

NASHVILLE – Tennessee’s continued commitment to accurate, comprehensive and transparent financial reporting has once again earned the state national recognition. It’s the 41st year the state has received the Government Finance Officers Association (GFOA) “Certificate of Achievement for Excellence in Financial Reporting.” The certificate is awarded for the state’s fiscal year 2020 Comprehensive Annual Financial Report, produced by the Division of Accounts in the Department of Finance and Administration.

“Producing this annual report is a year-long process requiring detailed work from literally hundreds of the state’s financial personnel,” Finance and Administration Commissioner Butch Eley said. “There is no more complete view of the state’s stewardship of public money and other assets, and the report helps state leaders make better decisions while holding the state accountable.

"The receipt of this award is a credit to each person in the division of accounts and their colleagues and counterparts who contribute to our success.”

According to the GFOA, the annual report received this year’s award for meeting the organization’s high standards, including a demonstration of constructive "spirit of full disclosure" to clearly communicate the state’s financial story.

The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.

Annual financial reports dating back to 1997 are available electronically on the state’s website.

The state’s Accounts division 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 Government Finance Officers Association (GFOA) advances excellence in government finance by providing best practices, professional development, resources, and practical research for more than 21,000 members and the communities they serve.