A unit of government with a June 30 fiscal year end that is seeking debt approval in November or a later month will need to have the fiscal year 2021 audited financial statements and other documents submitted to the LGC staff before the application can proceed. Below are the deadlines for calendar year 2022.
LGC Meeting Date | Application Due Date | Audit Due Date | Response Letter Due Date (if applicable)* |
---|---|---|---|
November 2, 2021 |
October 5, 2021 |
October 15, 2021 (June 30, 2021 audit) |
|
December 7, 2021 | November 9, 2021 | November 19, 2021 (June 30, 2021 audit) |
|
January 11, 2022 | December 7, 2021 | December 10, 2021 | December 10, 2021 |
February 1, 2022 | January 4, 2022 | January 14, 2022 | January 14, 2022 |
March 1, 2022 | February 1, 2022 | February 11, 2022 | February 11, 2022 |
April 5, 2022 | March 8, 2022 | March 18, 2022 | March 18, 2022 |
May 3, 2022 | April 5, 2022 | April 14, 2022 | April 14, 2022 |
June 7, 2022 | May 3, 2022 | May 13, 2022 | May 13, 2022 |
July 12, 2022 | June 7, 2022 | June 17, 2022 | June 17, 2022 |
August 2, 2022 | July 5, 2022 | July 15, 2022 | July 15, 2022 |
September 13, 2022 | August 9, 2022 | August 19, 2022 | August 19, 2022 |
October 4, 2022 |
September 6, 2022 |
September 16, 2022 | September 16, 2022 |
November 1, 2022 | October 4, 2022 | October 14, 2022 (June 30, 2022 Audit) |
October 14, 2022 |
December 6, 2022 | November 1, 2022 | November 18, 2022 (June 30, 2022 Audit) |
November 18, 2022 |
*Response Letter in accordance with 20 NCAC 03.0508, as applicable. Please see the 2021 Audit Process webpage for information on developing and submitting FPIC Response Letters.
If the unit’s audit identifies any Financial Performance Indicators of Concern, the response letter related to those concerns will need to be submitted earlier than the 60-day time frame outlined in the administrative code. The unit’s audit response letter will be due to LGC staff the same day the audit report is due. A unit’s response to financial performance indicators of concern is included as information in the LGC’s agenda packet and the compressed time is required for units that choose to be on the agenda.
For example, assume a municipality submitted their 2021 audit to the LGC on November 1, 2021, and a debt application for the January 2022 agenda on December 1, 2021. Typically, the auditor would have 45 calendar days from November 1 to present the audit to the board and the unit would then have 60 days from the presentation date to send their response. In this scenario, the response letter would be due February 15, 2022, at the latest. Because the unit is seeking debt approval on the January agenda, the unit’s response letter must be received by December 10, 2021, the due date for audits on the January agenda. It is important for units that plan to be on the LGC agenda are aware of this deadline.
A webpage dedicated to assist units of government in preparing their response letters can be found at NC Treasurer: 2021 Audit Process.
Please send any questions or requests to SLGFD@nctreasurer.com.