Tennessee state budget (2010-2011)

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Note: This article was last updated in 2011. Click here for more recent information on state budgets and finances.

Tennessee lawmakers approved the state's FY2011 $30 billion budget and Gov. Phil Bredesen signed it into law on June 25, 2010.[1].

Tennessee had a total state debt of $5,879,108,014 when calculated by adding the total of outstanding debt, pension and OPEB UAAL’s, unemployment trust funds and the 2010 budget gap as of July 2010.[2] $5,879,108,014

2011 State spending & deficit in billions[3]
Total spending Education Health & human services Protection Resources Transport Departments
$26.7 $9.0 $12.1 $1.4 $.86 $2.2 $.96
2011 Local spending & deficit in billions[4]
Total spending Pension Healthcare Education Welfare Protection Transport Deficit
$35.4 $0.4 $4 $8.5 $1.0 $3.5 $1.6 $45.3

Fiscal Year 2011 State Budget

See also: Archived Tennessee state budgets

Find the state’s FY2011 Comprehensive Annual Financial Report (CAFR) compiled by the state government online.[5]

In FY2011, the state collected $10.5 billion in taxes. It ended the fiscal year with a $269.4 million surplus.[6] The financial commissioner recommended that the state hold a $28 million general fund surplus in reserve in case state tax collections dropped.[7]

Tennessee's Gov. Phil Bredesen signed the state's $30 billion budget for Fiscal Year 2011 into law on June 25, 2010.[1][8] The Senate passed the budget bill 30-3 and then the house approved the measure 94-0.[9]

Budget background

See also: Tennessee state budget and finances

Sales tax makes up 58% of Tennessee's state revenues; a far second source of state income was franchise and excise taxes at 12%. Education consumes 46% of the state budget with Health and Human Services taking 25%.

Tennessee Total State Budget Comparison[10]

FY 2008 FY 2009 Gov. Rec. FY 2010
$26.780 billion $29.774 billion $29.336 billion


Budget figures

The following table provides a history of Tennessee's expenditures and gross domestic product (GDP).

Fiscal Year Expenditures (billions) GDP (billions)
2000 $32.0[11] $174.9[11]
2001 $34.3[11] $180.6[11]
2002 $36.6[11] $191.5[11]
2003 $39.2[11] $200.3[11]
2004 $41.8[11] $214.8[11]
2005 $42.7[11] $224.2[11]
2006 $44.3[11] $235.8[11]
2007 $46.2[11] $243.9[11]
2008 $48.3[11] $252.3[11]
2009 $50.5*[11] $260.9*[11]


Accounting principles

Tennessee's Comptroller of the Treasury Audit Division was responsible for state and local audits and divided into the following divisions:[12]

  • County Audit - The division was responsible for annual audits of all 95 counties in the state. The division establishes standards for county audits conducted by public accounting firms. The division assists local governments with financial administration questions.
  • Municipal Audit - This division ensures that municipalities, designated school system funds, utility districts and government-funded, nonprofit agencies were audited as required by state statute. The division investigates and issues reports on allegations of misconduct, fraud or waste in local government, often referring findings to other agencies for appropriate action.
  • State Audit - The Division of State Audit conducts financial and compliance and performance audits, conducts investigations, and performs special studies to provide the General Assembly, the Governor, and the citizens of Tennessee with objective information about the state's financial condition and the performance of the state's many agencies and programs.

Tennessee's audit reports were posted online. The Comptroller of the Treasury was a constitutional officer elected by a joint vote of both Houses of the General Assembly for a two-year term. Justin P. Wilson the current Comptroller.[13][14]

Tennessee's CAFRs were annual publications of the Tennessee Department of Finance and Administration. Dave Goetz was Commissioner of the Department of Finance and Administration, the governor's chief financial officer for Tennessee state government.[15]

Credit Rating Fitch Moody's S&P
Tennessee[16] AA+ Aa1 AA+

See also

Tennessee state budget and finances

Footnotes

  1. ↑ 1.0 1.1 Nashville Business Journal "Bredesen signs state budget" June 25, 2010
  2. ↑ State Budget Solutions “States Hide Trillions in Debt” July 22, 2010
  3. ↑ Department of Finance and Administration, The Budget, FY2010-2011
  4. ↑ USA Spending, State Guesstimated* Government Spending
  5. ↑ FY2011 CAFR
  6. ↑ The Tennessean "Tennessee finishes year with tax surplus" Aug. 10, 2011
  7. ↑ Businessweek "TN finance chief: Keep $28M surplus as reserve" Aug., 2011
  8. ↑ Tennessean.com "Politics snarl battle over TN budget" April 25, 2010
  9. ↑ Knoxville News "State budget ready to go" June 5, 2010
  10. ↑ Tennessee Department of Finance and Administration, "The Budget Fiscal Year 2009-2010," March 23, 2009
  11. ↑ 11.00 11.01 11.02 11.03 11.04 11.05 11.06 11.07 11.08 11.09 11.10 11.11 11.12 11.13 11.14 11.15 11.16 11.17 11.18 11.19 U.S. Government Spending, "Tennessee state and local spending," accessed March 13,2009
  12. ↑ Tennessee Comptroller of the Treasury Web site, accessed November 12, 2009
  13. ↑ Tennessee Comptroller of the Treasury Web site, accessed November 12, 2009
  14. ↑ audit reports
  15. ↑ Tennessee Department of Finance and Administration Web site, accessed November 12, 2009
  16. ↑ State of Indiana, “State Credit Ratings-as of June 24, 2009"
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