NASHVILLE—Greg Gonzales, the Commissioner of the Tennessee Department of Financial Institutions, has announced the updated maximum effective formula rate of interest for the state. As of December 23, 2024, the rate is set at 11.65 percent per annum. This figure is derived from a ceiling of 4 percent above the weekly average prime loan rate, which currently stands at 7.65 percent, as published by the Federal Reserve.
Commissioner Gonzales stated that this rate will remain effective until the Federal Reserve Bank announces a change in the average prime loan rate. This procedure is in compliance with Chapter 464 of the Public Acts of 1983, which mandates the weekly announcement of the formula rate of interest by the commissioner of Financial Institutions.
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For further information, you may contact Alica Owen, the Public Information Officer at the Tennessee Department of Financial Institutions, at (615) 289-4738.
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Tennessee Publishes 2024 Financial Report
The Tennessee Department of Finance and Administration’s Division of Accounts has released the Annual Comprehensive Financial Report (ACFR) for the fiscal year ending June 30, 2024, following governmental accounting standards. The report, which includes financial statements for 65 funds and various disclosures, has been reviewed by the State Audit Division, which issued a clean opinion. Tennessee’s ACFR received the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting for the 44th time in 2023. Previous reports since 1997 are available online at the Tennessee Department of Finance.