The Fiscal Management staff is working diligently to complete the updated Illustrative Financial Statements for fiscal year ended June 30, 2019. We anticipate that the implementation of GASB 88, “Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements", is the only significant change we will be making. This change only impacts the note disclosures.
We have implemented the GASB 88 changes in the debt notes for both the City of Dogwood and Carolina County Illustrative Statements. To help you get started updating your notes to your financial statements, we are providing the Carolina County and City of Dogwood debt note revisions with this communication. To determine how to modify your own government's notes, you will need to refer to the debt documents associated with each outstanding debt issue. If you have questions, we refer you to our Memorandum 2019-08 that is located on our website at https://www.nctreasurer.com/state-and-local-government-finance-division/local-government-commission/memo-document or the GASB website at https://www.gasb.org/home.