Constitutional Officers Tout Tennessee Financial Success
This week, State Treasurer David Lillard and Comptroller of the Treasury Justin P. Wilson discussed the positive financial position of Tennessee state government.
Both Constitutional Officers credit the financial success the state has experienced over the last two years to conservative fiscal policies implemented by Governor Bill Haslam and the Tennessee General Assembly.
Despite a poor economy nationwide, both Lillard and Wilson believe Tennessee is on a clear path towards economic recovery, especially when compared to other states across the country.
“There have been numerous media reports over the last few years about serious financial problems experienced by governments elsewhere in our country and around the world. Tennessee stands in sharp contrast to those governments. Here, despite a fragile economy, our state government is managing its expenses and meeting its obligations quite well,” stated Comptroller Justin P. Wilson.
Indeed, despite the failure of some states to adequately manage their expenditures in a fiscally responsible way, Tennessee leads the nation in several key economic areas, including being named by Barron’s Magazine as the 3rd best-managed state in the country.
“Tennessee is in good financial shape – and that isn’t just our assessment of our own situation. The bond rating agencies and other organizations that monitor government finances have given Tennessee strong marks for its financial practices. Tennessee’s ability to control spending, manage debt, and adequately forecast revenues have all contributed to the state’s strong financial condition,” Treasurer Lillard continued.
Going forward, Lillard and Wilson agreed, Tennessee must continue its focus on providing essential services while still leaving room to cut unneeded expenses and keep debt costs low.
“I have confidence that Governor Haslam and the members of the Tennessee General Assembly will take the appropriate steps over the coming weeks and months to keep Tennessee moving on the trajectory of long-term financial success,” Wilson concluded.
