The Finance Department is responsible for budgeting, accounting, purchasing, payroll, risk management, accounts payable, investments, fixed assets and financial compliance for the City of Tullahoma, Tullahoma Airport, Tullahoma Industrial Development Board and Tullahoma Area Economic Development Corporation. Additionally, we issue and administer debt service for both the City of Tullahoma and the Tullahoma City Schools. The department also manages two revolving loan programs that provide commercial loans for new business start-ups and expansion of current Tullahoma businesses.
The City Finance Department has received both the Distinguished Budget Presentation Award and the Certificate of Achievement for Excellence in Financial Reporting for its comprehensive annual financial report from the Government Finance Officers Association of the United States and Canada (GFOA). The City has received these awards for 16 and 20 years, respectively, and is one of only fifteen municipalities in the State of Tennessee to receive both awards. The awards reflect the commitment of the City’s governing board and staff to meet the highest principles of governmental budgeting, accounting and financial reporting. Additionally, the City of Tullahoma has earned a bond rating of Aa2 from Moody’s Investors Service. Aa2 bonds are considered to be high quality investments and are given to issuers who demonstrate the strongest creditworthiness relative to other U.S. municipal or tax-exempt issuers. The Moody’s report cited the city’s stable financial position, prudent fiscal management and satisfactory reserve levels as contributing rating factors.