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State accountants tell finance committee Tennessee’s 2024 ACFR shows positive net position but smaller gain than prior year
Summary
Comptroller staff presented the 2024 Annual Comprehensive Financial Report to the Senate Finance Ways and Means Committee, saying Tennessee ended FY24 with a positive net position but a smaller year‑over‑year increase than FY23, and noting much of the prior year’s larger increase reflected one‑time federal receipts that have now diminished.
State financial officers briefed the Senate Finance, Ways and Means Committee on Feb. 18 about Tennessee’s 2024 Annual Comprehensive Financial Report (ACFR), saying the state ended fiscal 2024 with a positive net position but with a smaller increase than the prior year, in part because large one‑time federal inflows during the pandemic period have largely run off.
“Last year’s net position increased by approximately $6 billion. This year’s increase was only about $2 billion,” Michelle Hernandez, deputy chief of accounts, told the committee, explaining the change in the context of federal dollars that boosted prior years’ totals.
The ACFR, prepared by the Division of Accounts, covers government‑wide statements and fund financial statements across 65…
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