Tennessee Financial Report Shows $4.8B Increased Financial Position

Image Credit: tn.gov

The Center Square [By Jon Styf] –

Tennessee’s financial position improved again over the past year, as the state’s combined ending fund balance was $23.9 billion, up $4.8 billion from the year before in the recently released Annual Comprehensive Financial Report.

That’s after the state’s balances increased by $5.4 billion in the year that ended June 30, 2022.

Tennessee entered the 2023-24 financial year with a $20.5 billion spendable unrestricted fund balance available for spending at the government’s discretion or upon legislative approval. Of that, $1.8 billion was set aside for a rainy-day fund.

“The majority of this increase is derived from increases in cash and capital assets of $6.4 billion which is partially offset by a $1.7 billion increase in liabilities and a $1.6 billion decrease in deferred inflows of resources,” the report says.

Overall, Tennessee’s general obligation bonds and commercial paper debt went down $194.6 million during the financial year and now totals $1.6 billion.