From the Chattanoogan: The state’s total general obligation bonds and commercial paper debt decreased by $194.1 million during the fiscal year to a to
From the Chattanoogan: The state’s total general obligation bonds and commercial paper debt decreased by $194.1 million during the fiscal year to a total of $1.8 billion, Tennessee finance officials said.
That is according to the state’s newly-published Annual Comprehensive Financial Report (ACFR), prepared by the Division of Accounts in the Department of Finance and Administration.
The report, for the year ending June 30, 2022, is “a thorough and detailed presentation of the state’s financial condition, providing financial transparency and accountability,” it was stated.
“With the state’s total debt decreasing, our savings increasing and ending the year with a balanced budget, Tennessee is clearly in a more positive financial position compared to the year before,” Finance Commissioner Jim Bryson said. “The annual report and its detailed financial reports reflect the comprehensive framework of internal control established by the state – and meticulously reviewed by division professionals – assuring accuracy of the data and completeness and fairness of the report.”
The report’s statements of both net position and activities include all assets, liabilities and deferred outflows/inflows, considering all the year’s revenues and expenses. At the close of fiscal year ’22, the state reported positive balances in all three categories of net position:
· Net investment capital assets – land, infrastructure, structures and improvements, machinery and equipment, construction in progress, right to use leases and software in development
· Restricted – resources subject to either external restrictions or legislative restrictions on how they may be used
· Unrestricted – used to meet the state’s ongoing obligations to citizens (education, transportation, job creation, social services, etc.) and creditors
