TENNESSEE RECOGNIZED FOR EXCELLENCE IN FINANCIAL REPORTING

NASHVILLE, Tenn. – The State of Tennessee has been recognized by the national Government Finance Officers Association (GFOA) for its fiscal year 2003 financial reporting. It’s the 25th consecutive year Tennessee has received the Certificate of Achievement for Excellence in Financial Reporting from the association.

“The state’s accounting division goes relatively unnoticed to the general public, but likely carries one of the heavier responsibilities of state government,” said Finance and Administration (F&A) Commissioner Dave Goetz. “That is, responsibility for the accuracy, completeness and fairness in reporting the financial position and results of operations of the various funds of the state in a way that enables us to gain an understanding of the state’s financial activities.”

F&A’s Division of Accounts prepares the state’s Comprehensive Annual Financial Report after the closing of the fiscal year. In order to be awarded a Certificate of Achievement, a government must publish an easily readable and efficiently organized comprehensive annual financial report that satisfies both generally accepted accounting principles and applicable legal requirements.

“While the annual report is made possible by the entire staff of the Division of Accounts, the report could not have been prepared without the cooperation of all state agencies and branches,” Goetz said.

Among other duties, the Division of Accounts follows the trail of state expenditures that comprise the state’s total budget – which was $20.2 billion (state and federal dollars) in FY 2003.

In addition to being recognized each year for the past 25 years from GFOA for financial reporting, the Division of Accounts was selected from over 100 national entries to receive the 2003 World Class Solution Awards from DM Review magazine, the premier publication for business intelligence, analytics, integration and data warehousing.

GFOA is the professional association of state/provincial and local finance officers in the United States and Canada, and has served the public finance profession since 1906. The GFOA’s Certificate Program, established in 1945, is designed to recognize and encourage excellence in financial reporting by state and local governments. Over 68 percent of all cities and 46 percent of all counties with populations in excess of 50,000 participate in the program, as well as 42 state governments.