Tennessee Recognized for Excellence in Financial Reporting

NASHVILLE, Tenn. – The state of Tennessee’s annual financial report is recognized by the organization that sets standards of state accounting and financial reporting. The Government Finance Officers Association (GFOA) awarded the state its “Certificate of Achievement for Excellence in Financial Reporting” for the state’s annual financial report for the fiscal year that ended June 30, 2017. The Division of Accounts in the Department of Finance & Administration received the recognition for the state’s Comprehensive Annual Financial Report (CAFR).

“Financial disclosure allows Tennessee citizens access to useful information about state spending and the state’s financial position,” Chief of Accounts Mike Corricelli said. “The division of accounts team is meticulous in preparing a detailed, transparent and comprehensive financial report, and recognition from the group that sets accounting standards is significant.”

According to the GFOA, the CAFR for fiscal 2017 meets high standards and demonstrates a constructive “spirit of full disclosure” in communicating the state’s financial information. The CAFR is prepared by F&A as a part of its responsibility to maintain a system of general accounts reflecting all the financial transactions of state government (TCA 4-3-1007).

CAFR reports dating back to 1997 are available electronically on the state’s website at https://www.tn.gov/finance/fa/fa-accounting-financial/fa-accfin-cafr.html

The division of Accounts processes and records all accounting entries in the state's centralized accounting system; prepares and distributes the state payroll; provides cash management advisory services; establishes of state accounting policy and prepares the state's Comprehensive Annual Financial Report.

The GFOA (www.gfoa.org) is a nonprofit professional association serving approximately 17,500 government finance professionals with offices in Chicago, IL and Washington, DC.