Funding board deems governor—s economic report forecasts "not unreasonable"

The Tennessee State Funding Board on April 10, 2025 accepted staff—s analysis that characterized the University of Tennessee Center for Business and Economic Research—s economic report to the governor as producing forecasts that "are not unreasonable." William Wood of the Comptroller of the Treasury—s Division of Finance presented the staff review.

Wood told the board the report projects nominal personal income growth of 5.3% in fiscal year 2025, 4.59% in calendar year 2025, and 4.9% in calendar year 2026 and that comparisons with forecasts from other governmental and nongovernmental organizations led staff to conclude the figures "are not unreasonable." He presented the analysis under the statutory requirement that the funding board staff comment on the reasonableness of the governor—s economic report.

Under Tennessee Code Annotated § 9-4-5202, the funding board staff must comment on the reasonableness of the forecast contained in the economic report. The board chair noted that the statutory presentation requires no formal vote; after discussion concluded, the chair said the board would "deem [the] report accepted." That acceptance was recorded without a roll-call vote.

A commissioner commented that personal income growth appeared strong and contrasted that with the board—s earlier projection of 2% overall growth in state revenues for the same year, saying the figures showed the state was "looking good." The transcript records the commissioner—s remark in conversational terms; no formal action followed from the comment.

There were no requests for public comment. The board approved routine business by voice: it approved the minutes of the Feb. 13 meeting and later voted to adjourn. The meeting lasted only a few minutes and included the presentation, the statutory acknowledgement of the report, and the routine approvals.

Votes at a glance - Approval of minutes from Feb. 13, 2025: motion made and seconded; voice vote, outcome recorded as approved. (Mover not specified; chair seconded.) - Adjournment: motion properly seconded; voice vote, outcome recorded as approved. (Mover and seconder not specified.)

The meeting record shows no further agenda items or follow-up directions relating to the economic forecast.