Tennessee Completes Annual Financial Report
NASHVILLE, Tenn. – The state of Tennessee has completed its annual financial report for fiscal year 2015-16. The Department of Finance and Administration’s Division of Accounts prepares the Comprehensive Annual Financial Report (CAFR), which is the state’s primary means of reporting its financial activities, and has been nationally recognized for excellent financial reporting.
“Tennessee annually provides a thorough and detailed report on the state finances, fulfilling our duty to be publicly accountable and transparent.” Commissioner Larry Martin said. “The CAFR is a summary of the results of approximately 100 million financial transactions processed in a given year, and serves as an example of state leadership’s continuing commitment to maintaining the highest standards of accountability in financial reporting.
“The state’s 2015 CAFR received the Government Finance Officers Certificate of Achievement for Excellence in Financial Reporting for the 36th year, which is the most any state has been awarded. Only one other state, Maryland, has accomplished this achievement. The award is the highest form of recognition in governmental accounting and financial reporting, and represents a significant accomplishment.”
The CAFR consists of three major sections:
- Introductory Section, which includes information about state government, an overview of the state economy and the major initiatives of the executive branch.
- Financial Section, including reports on state funds, capital asset and debt administration and a discussion of items that could be significant in the immediate future, financial statements and supplementary information.
- Statistical section, detailing financial trends, revenue and debt capacity and operating information.
Auditors from the Comptroller of the Treasury examined the financial statements and issued an unmodified opinion on the state’s basic financial statements. The independent auditor’s report is located at the front of the report.
CAFR reports dating back to 1997 are available electronically on the state’s website at http://www.tn.gov/finance/act/cafr.shtml.