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Board reports deficit and testifies before legislature; staff proposes FY26 budget with projected shortfall
Summary
The board reported it attended a self-sufficiency hearing with the Joint Government Operations Committee after two consecutive deficit years, and staff presented a proposed FY2026 budget forecasting a $187,485 shortfall absent changes in revenues or cost allocation.
Chairman Gilbert told committee members the Tennessee State Board of Accountancy and Department of Commerce and Insurance staff attended a statutorily required self-sufficiency hearing before the Joint Government Operations Committee on Jan. 27 after the board reported two consecutive years of small deficits. No legislative action followed the hearing, but the committee's questions highlighted reserve levels and possible options the board may consider.
Reid Witcher, assistant commissioner for the Division of Regulatory Boards (Department of Commerce and Insurance), and other department representatives appeared with the board. Staff reported the board's reserve…
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