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Staff outlines Financial Excellence Award criteria, targets FY26 eligibility
Summary
Staff described a new Financial Excellence Award from the Tennessee Comptroller requiring a clean audit, smart budgeting practices, adopted policies and meeting fiscal benchmarks; the city plans to add benchmarks to dashboards and target the award for FY26 after securing the budget certificate.
Finance staff briefed the committee on the Tennessee Comptroller's new Financial Excellence Award and the steps the city plans to take to qualify.
Miss Holden said the award assesses four areas: "earning a clean audit," following "smart budgeting practices," adopting "sound financial policies," and meeting "key fiscal benchmarks." She told the committee the city is eligible to apply for the award for FY26 but not FY25 because one of the requirements is possession of the budget certificate the city earned for the later year.
Holden said she will add the Comptroller's fiscal benchmarks to the city's financial dashboard for monthly monitoring and that the board will need to pass a resolution expressing intent to apply. She also noted that the award requires no audit findings and other documentation the city would need to maintain.
The presentation was framed as a planning item; staff said the goal is to institutionalize dashboard monitoring so the city can pursue the award without last-minute work.
