State receives national budget finance awards
Posted: Wednesday, December 7, 2011 7:02 pm
Nashville – Tennessee has once again received budget and financial reporting awards from a national government finance organization.
The state was recognized for both its annual budget document and the financial report that closes each fiscal year. Both are produced in the Department of Finance and Administration, which manages the state’s budget and also is responsible for accounting practices in all state agencies.
“The department has developed finely tuned processes for presenting a budget recommendation and for the report on the other end of the spectrum, when the accounts are balanced and the year is closed,” F&A Commissioner Mark Emkes said.
“These are both very complex functions in state government, and we’re fortunate to have truly top-notch people leading our efforts.”
The Government Finance Officers Association (www.gfoa.org) awarded the state its “Distinguished Budget Presentation Award,” for budgets including fiscal year 2010.
In order to receive the award, Tennessee had to satisfy nationally recognized guidelines that assess the budget as a policy document, a financial plan, an operations guide and a communications tool.
The state’s budget document outlines not only proposed expenditures, but details state revenue sources, state building and maintenance expenses, and even the budget process.
The GFOA also awarded the state its “Certificate of Achievement for Excellence in Financial Reporting” for the state’s annual financial report for fiscal year 2010.
The state was awarded for organizing its financial report efficiently using generally accepted principles and standards, and providing a wide variety of information useful in evaluating its financial condition. The report provides detailed financial statements, including revenues, expenditures, cash flow, assets, state indebtedness and more.
The awards mark the 19th time the state has received the award for the state’s budget and the 31st time the state has received the award for its annual financial report.