The Balance Sheet

The Balance Sheet

The Balance Sheet is the blog of the Local Government Commission staff. Click below to sign up to receive email alerts when new blog posts are released.

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For announcements and resources related to ARPA funds and the impacts of COVID-19, visit our Local Government ARPA Resources page.

ARPA Resources

 

Click in the search box below to access blog archives or find blogs related to a particular subject matter.

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Fraud Alert!

​SLGFD staff has just learned of a fraud scheme that may involve governments across the country.  We know of at least one government here in NC that was contacted but fortunately experienced no loss.   

Take Two - Accounting for Effects of Recent Court Ruling on Impact Fees

​I have heard from quite a few of you about my message yesterday regarding the accounting treatment of refunds resulting from the recent court ruling on impact fees!  
 

Accounting for Effects of Recent Court Ruling on Impact Fees

​Many of you have heard by now of the recent court ruling regarding certain impact fees charged by various local governments.

New Memos on Roles of Auditors and Local Governments

​New Memos Available:

Memo #2017-07:  Auditors Responsibilities and the Role of the SLGFD Staff
Memo #2017-08:  Local Entities Responsibilities for the Financial Reports and Records

IRS Video on How to Prove Tax Exempt Status for Local

We periodically get asked about how a local government can "prove" it is tax-exempt, usually in conjunction with a grant application.  This video from the IRS will explain that and more, including why you don't need an IRS determination letter to be tax-exempt. 

Election Workers - Wage Reporting and Withholding

​The Federal, State and Local Governments division of the IRS has released guidance on payroll reporting and withholding for election workers.  This guidance may be accessed here:

Pension Information for Public Housing Authorities that Participate in LGERS

With the implementation of Governmental Accounting Standards Board (GASB) Statement 68, Accounting and Financial Reporting for Pensions – an amendment of GASB Statement No.

Transparency Legislation

​In its 2015 session the General Assembly adopted language in the budget bill that concerns transparency with regards to local government finance.  The legislation directs the State CIO to coordinate with counties, cities and local education agencies (school boards) to facilitate implementation of the requirements of the adopted legislation.  It further directs these same entities to

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Contact Us

How can we help? Contact SLGFD staff: (919) 814-4300 or SLGFD@nctreasurer.com.