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.

Tennessee Supreme Court Clarifies Standard Of Appellate Review

The Tennessee Supreme Court, in a unanimous opinion, clarified the standard of appellate review for a trial court’s decision regarding judicial diversion. When a case is appealed, the court must determine what standard of review applies. In this case, the defendant argued that the Court of Criminal Appeals used the wrong standard when reviewing the trial court’s decision ... (click for more)

Special Supreme Court Denies Hooker's Petition To Rehear

The Tennessee Special Supreme Court has issued an order denying John Jay Hooker’s Petition to Rehear the case in which he challenged the constitutionality of the state’s judicial selection process. Mr. Hooker filed the petition with the Court March 27, seeking a rehearing on the issue of the constitutionality of the Judicial Nominating Commission (JNC) under the Tennessee ... (click for more)

Catoosa Man Convicted Of Sexual Abuse Of 5 Young Girls Gets Life Plus 250 Years

A Catoosa County man convicted of the sexual abuse of five young girls and possession of child pornography has been sentenced to life plus 250 years. James Martin Ferris, 34, was found guilty after a recent trial. The day after his conviction, Judge Ralph Van Pelt set the sentence. Ferris on June 5, 2013, was indicted by the Catoosa County Grand Jury on 46 counts.   ... (click for more)

Rev. Jesse Jackson To Be Guest Speaker At City-Wide Peace And Love Rally On Friday

Rev. Jesse Jackson will be the speaker at the City Wide Peace and Love Rally at Olivet Baptist Church, 740 East ML King Blvd.,  on Friday, from 5:15-7 p.m. Rev. Jackson is the founder and president of Rainbow PUSH Coalition. Cedric Pendleton, actor and humanitarian with Have and Have Nots/House of Payne/Fantasia Story, will be the special guest. (click for more)

Use The Current Rail System Already In Place - And Response

Why spend $20 million or more on an unproven system to run from the Southside of Chattanooga when we already have the beginnings of a system?  The question apparently has surfaced of why the Choo Choo City doesn't have a rail line. We do have a rail line with the Tennessee Valley RR Museum and their hardware. And they already make runs from the Southside to close to Enterprise ... (click for more)

Roy Exum: Clemson Prayer And Much More

Clemson’s football program, which has won 11 games in each of the past two years and was ranked 8 th in the nation after whipping Ohio State in this year’s Orange Bowl, has just been “blind-sided.” The Freedom from Religion Foundation claims Coach Dabo Sweeney and his staff are doing far too much “to promote Christianity to their student athletes.” Clemson promptly roared back ... (click for more)