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

 

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FY2022 Audit Report Resources Now Available

Resources and instructions for submission of 2022 audit reports are now available on our Submitting Your Audit webpage, including

Local Government Federal Credit Union Scholarships Available for UNC SOG Courses!

The deadline for LGFCU members to apply for scholarships for SOG courses being taught between October 1 and December 31, is September 1.  Don’t miss this opportunity to get financial assistance for tuition for SOG training.

Opioid Settlement Funds: Auditing and Compliance Reporting

Counties and certain municipalities are now receiving allocations of the “National Opioid Settlement Agreement,” whose funds are to be used specifically for expenditures related to opioid remediation activities.

Wilson CC Offering Local Government Finance This Fall

Wilson Community College will be offering “Local Government Finance” this fall, from August 22 through October 21. The course is being offered online for $125 plus a $5 technology fee. To register, please call 252-246-1287 by August 19.

Register for Free Virtual Course on Using ARPA Funds for Capital Projects

The UNC School of Government is hosting a free, live course on August 10, 2022, via zoom from 8:00am-5:00pm. The course, entitled “From A to Z: Using American Rescue Plan Act Recovery Funds to Directly Fund a Capital Project” will focus on the process and requirements for expending American Rescue Plan Act local fiscal recovery funds for a capital project.

DEQ Funding Application Training in August

The Division of Water Infrastructure in the N.C. Department of Environmental Quality announces training on completing applications for water/wastewater/stormwater funding for the Fall 2022 funding round.

Training will be offered from August 2 to August 10 at six sites statewide: Asheville, Valdese, Kernersville, Pembroke, Williamston, and Raleigh.

Fall 2022 Offering of Local Government Finance Class

Central Piedmont Community College will be offering “Local Government Finance” this fall semester.

The course is online, $125, and will be held from September 12 through December 12, 2022. To register and pay for the class, please call 704-330-4223.

Department of Revenue Asking for Information for Tax Distributions

The State’s accounting system (NCAS) is being replaced with the North Carolina Financial System (NCFS). Payments of tax distributions are currently processed by the Department of Revenue using NCAS, but will be processed via the new system once it goes live. The NCFS requires specific information needed to allow payments to be processed that is not currently in the NCAS.

The Myth of 8% (LGC Staff Guidance on Fund Balance Available)

LGC staff often receives questions regarding the amount of fund balance available that LGC staff recommends local governments to maintain. Through the years, different misunderstandings have arisen, including that there is an 8% requirement for fund balance available.

June 30, 2022 LGC-203 Report Due July 25

Reminder: the LGC-203 Cash and Investments report for the June 30, 2022, reporting period is due on or before July 25, 2022. This reporting requirement applies to all local governments and public authorities under G.S.

Cash Management Class Offered in July

Registration is now open for the UNC School of Government course on Local Government Cash Management and Investment of Public Funds, taking place on July 12, 14, 26 & 28 from 9:00am – 12:30pm via Zoom.  This is a great course for new finance officers and finance office staff that want to learn more about the cash and investment rules and best practices for NC local governments and publ

JE Templates for 2022 Financial Statements

Journal Entry Templates for the 2022 financial statements are now posted on our website for your use. You can find the entries that you need on our Financial Statement Resources webpage for your specific unit type.

Supplanting Salaries and Benefits with ARP/CSLFRF

The UNC School of Government has a new blog post explaining the potential advantages of expending your ARP/CSLFRF funds to pay for local government salaries and benefits and detailing the specific process and compliance requirements.

Changes to Local Government Commission Meeting Schedule

Changes have been made to the Local Government Commission’s meeting schedule and location for September and November 2022.

Local Government Auditors and Finance Officials/Staff – Training Opportunity with the NCACPA

The North Carolina Association of CPAs' annual Local Government Conference is being held both virtually and in-person (New Bern) on Wednesday, June 8.