The Balance Sheet

The staff of the Local Government Commission (LGC) has released a new memorandum discussing key aspects of Statement No. 101 of the Governmental Accounting Standards Board (GASB).

An important note for counties and municipalities regarding audits that were not submitted to the LGC on or before March 31:

The staff of the Local Government Commission has released a memorandum outlining upcoming changes to State Single Audit requirements stemming from changes to federal single audit requirements issued in April 2024 by the U.S. Office of Management and Budget.

In response to changes issued by the U.S. Office of Management and Budget (OMB) to federal single audit requirements in April 2024, the staff of the Local Government Commission (LGC) has made adjustments to the State Single Audit Implementation Act, effective for fiscal years ending on or after June 30, 2026. 

The UNC School of Government is offering a “Fiduciary Responsibilities of Local Elected Officials” course on April 2. The course will be held via Zoom from 1:00-4:00 p.m.

A new memo has been posted to the Department of State Treasurer website that explains the process required for local governments to receive cashflow loans.

An update has been made to the submission dates associated with the cashflow loan program administered by the Department of State Treasurer for local governments in the area affected by Hurricane Helene.

Please see the Department of State Treasurer website for information regarding the cashflow loan program administered by the Department of State Treasurer for local governments in the area affected by Hurricane Helene.

Registration is now open for Central Piedmont Community College’s online offering of "Local Government Finance in North Carolina – A Practical Approach". This course is a great opportunity to learn about the basics of local government finance and the requirements of the Local Government Budget and Fiscal Control Act.

Reminder: the LGC-203 / COLL-91 Cash and Investments report for the December 31, 2024, reporting period is due on or before January 25, 2025. You will be able to initiate and submit your units LGC-203 / COLL-91 report with information as of December 31, 2024, via the LOGOS system beginning on January 1, 2025.

LGC staff is aware of the many challenges facing local governments in fulfilling their obligation under the Local Government Budget and Fiscal Control Act to submit an annual independent audit timely.

Carolina County and the City of Dogwood Illustrative Statements and Financial Statement Resources which includes the Conversion Workbook, Conversion Workbook for OPEB Trust – Blank, and Conversion Workbook for no OPEB Trust -Blank for the fiscal year ended June 30, 2024 are now available on our 

We have been informed that DHHS discovered a data issue with the DAAS Audit Confirmation information due to the consolidation of NCAS and NCFS data for FY24. These reports have now been updated.

LGC staff have identified and corrected issues with Data Input Workbooks (DIWs) for:

• Municipalities
• Boards of Education K-Z
   

Action Required
If you are a unit in one of these categories and:

Reminder for all counties and municipalities: The fiscal year 2024 Annual Financial Information Report (AFIR) template is now available. The AFIR must be submitted by all counties and municipalities; other unit types are not required to submit this report.