By submitted material | on December 29, 2021
NASHVILLE, tenn. – The state of Tennessee has completed its annual financial report for fiscal year 2020-21. The Annual Comprehensive Financial Report (ACFR) is prepared by the Department of Finance and Administration Division of Accounts in accordance with generally accepted accounting principles (GAAP) applicable to governments as prescribed by the Governmental Accounting Standards Board (GASB). The report is a thorough and detailed presentation of the state’s financial condition and provides financial transparency and accountability.
“Reliable, useful and timely financial and performance information provides tax transparency and a basis for future decisions about the direction of government policies and programs,” said Mike Corricelli, director of the Accounts Division. “Important information on revenues, costs, assets and liabilities from current and recent fiscal years helps citizens understand current tax policies and the sustainability of programs and initiatives as we plan for the future of the state.”
The state’s ACFR 2020 received the Government Finance Officers Certificate of Achievement for Excellence in Financial Reporting for the 41st year, the highest a state has been awarded. The award is the highest form of recognition in government accounting and financial reporting, and its achievement is a significant achievement by a government and its management.
The report consists of three parts:
The Introductory section orients and guides the reader through the report. The financial section presents the entity’s basic financial statements, as well as the notes to the statements and the independent auditor’s report. The Statistical section provides additional financial and statistical information, including data on financial trends that may help inform the reader about government activities.
Accountants from the Comptroller of the Treasury examined the financial statements and issued an unmodified opinion on the state’s fundamental financial statements. The independent auditor’s report is at the front of the report.
ACFR reports dating back to 1997 are available electronically on the state’s website at www.tn.gov/finance/rd-doa/fa-accfin-ar.html.