Tennessee Completes Annual Financial Report

Friday, December 13, 2013

The State of Tennessee has completed its annual financial report for fiscal year 2012-13. The Department of Finance and Administration’s Division of Accounts produces the Comprehensive Annual Financial Report, and has received national recognition for the report.  

“Closing the state’s financial year requires detailed analysis and disclosure in order to meet national standards,” F&A Commissioner Larry Martin said. “We strive for excellence in maintaining a system of general accounts embracing all the financial transactions of state government and providing a complete and responsible report on state finances.”

The report includes audited government-wide and fund financial statements and related notes, required supplementary information, and the underlying combining and individual fund financial statements and supporting schedules. It also features selected unaudited financial, economic and demographic data on a multi-year basis that is useful in evaluating the economic condition of the government. 

State statutes require an annual audit of all financial statements of the state. As part of the meeting of this requirement, auditors from the Comptroller of the Treasury examined the financial statements, and issued an unqualified opinion on the state’s basic financial statements. The independent auditor’s report is located at the front of the report.

Tennessee has been recognized by Government Finance Officers Association for excellence in financial reporting for a total of 33 years of financial reporting. The award is the highest form of recognition in governmental accounting and financial reporting, and represents a significant accomplishment by the state.  F&A will again seek the certification award from GFOA for the fiscal year 2012-13 report.

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

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