Update to Debt Application Deadlines
As units begin thinking about issuing debt, the first question they should address is, “Has the audit been submitted to the LGC?” In an effort to keep debt applications on schedule, the deadline for both the audit report and any Financial Performance Indicator of Concern (FPIC) response letter has been changed to two months prior to the date of the meeting. This change begins with the April LGC agenda.
Please note that the due date for audit submission remains October 31 for all units with June 30 fiscal year end, and FPIC response letters remain due within 60 days of the presentation of the FPICs; the due dates referenced above are related to debt applications and are necessary to ensure LGC staff has the information and time needed to review the application, audit, and any FPIC response. Any delay in submitting an annual audit and/or FPIC response may result in a delay in the review of the debt application. By submitting the audit timely, and addressing any question or FPIC, the debt application process can remain on schedule.