The Division of Accounts within the Tennessee Department of Finance and Administration has published the Annual Comprehensive Financial Report (ACFR) for the fiscal year ending June 30, 2024. This report is crafted following the Generally Accepted Accounting Principles for governments, as outlined by the Governmental Accounting Standards Board.
The ACFR encompasses financial statements for 65 distinct funds and provides detailed disclosures on various financial topics, including capital assets, liabilities, and reserves. It also includes schedules that demonstrate legal compliance and statistical tables.
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The State of Tennessee Comptroller of the Treasury, Department of Audit, Division of State Audit, considered independent by both federal and state governments, has reviewed the financial statements and issued an unmodified or “clean” opinion. Their report is prominently featured at the beginning of the financial section.
In 2023, Tennessee’s ACFR was awarded the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting, marking the 44th time the state has received this honor. This certificate is the highest form of recognition in governmental accounting and financial reporting, signifying a notable accomplishment by both the government and its management.
For those interested, ACFR reports dating back to 1997 are accessible electronically on the state’s website at Tennessee Department of Finance.
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Tennessee Sets Maximum Interest Rate at 11.75%
The Tennessee Department of Financial Institutions announced that the state’s maximum effective formula rate of interest is set at 11.75% per annum. This rate is based on a ceiling of 4% above the latest average prime loan rate of 7.75% as recorded by the Federal Reserve. The rate will remain unchanged until the Federal Reserve updates the average prime loan rate. This announcement fulfills the requirements of Chapter 464, Public Acts of 1983, for weekly updates on Tennessee’s formula interest rate. For more information, contact Alica Owen at the Tennessee Department of Financial Institutions.