Tennessee’s Annual Financial Report Complete

The state of Tennessee has completed its annual financial report for fiscal year 2017-18. The Comprehensive Annual Financial Report (CAFR) is the state’s primary means of reporting its financial activities. It is prepared by the Department of Finance and Administration’s Division of Accounts, and has been nationally recognized for excellence in financial reporting.

“Tennessee is committed to maintaining the highest standard of accountability in financial reporting,” Commissioner Larry Martin said. “Our annual financial report provides a clear picture of state government as a single comprehensive reporting entity, and its preparation requires the collective efforts of literally hundreds of financial personnel throughout state government.”

The state’s 2017 CAFR received the Government Finance Officers Certificate of Achievement for Excellence in Financial Reporting for the 38th year, which is the most any state has been awarded. Only one other state 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:

• The introductory section provides background and context that readers need to benefit fully from the information contained in the financial section.
• The financial section includes the auditor’s report, management’s discussion and analysis, audited government-wide and fund financial statements and related notes thereto, required supplementary information and the underlying combining and individual fund financial statements and supporting schedules.
• The statistical section contains selected unaudited financial, economic and demographic data on a multi-year basis that is useful in evaluating the economic condition of the government.

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.