Tennessee Annual Financial Report Complete

Friday, December 22, 2023 | 10:17am
Tennessee financial report

NASHVILLE, Tenn. – Find out how Tennessee’s balance sheet fared in the latest fiscal year in the most detailed report available on the issue: the state’s Annual Comprehensive Financial Report (ACFR). Prepared by the Division of Accounts in the Department of Finance and Administration, the report for the year ending June 30, 2023 is complete and fully reviewed by auditors.

“In the most basic terms, the Annual Comprehensive Financial Report is designed to provide taxpayers, legislators, municipal bond analysts, and others with a clear picture of our government as a single comprehensive reporting entity,” F&A Commissioner Jim Bryson said. “The preparation of the report requires the collective efforts of literally hundreds of financial personnel throughout state government, including the Division of Accounts, department controllers, fiscal officers and staff at each state agency and component unit. The report serves as a source of information for anyone having an interest in the financial operations of the state.”

The state’s government-wide assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $60 billion as of June 30, 2023. This represents an increase of $6.6 billion when compared to the prior year. In addition, the state’s total general obligation bonds and commercial paper debt decreased by $194.6 million during the fiscal year.

The report is prepared in accordance with Generally Accepted Accounting Principles (GAAP) applicable to governments as prescribed by the Governmental Accounting Standards Board (GASB).

The state’s 2022 ACFR received the Government Finance Officers Certificate of Achievement for Excellence in Financial Reporting. This was the 43rd time that the state has received this prestigious award (the most  any state has received this honor). 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.

Auditors from the Comptroller of the Treasury examined the basic financial statements included in the ACFR and have issued an unmodified (or “clean”) opinion thereon. Their report is located at the front of the financial section of the report.

ACFR reports dating back to 1997 are available electronically on the state’s website at https://www.tn.gov/finance/rd-doa/fa-accfin-ar.html.