The Balance Sheet

Person holding mobile phone with the word "Blog" on it and some other text. Laptop open in the background.

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.

Sign Up

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

ARPA Resources

View Embed
Displaying 76 - 90 of 183

Water and Wastewater Finance Strategies Workshop

UNC School of Government’s Environmental Finance Center is hosting its annual "Water and Wastewater Finance Strategies Workshop" on Feb. 24 – 26, 2021. The virtual workshop will cover a variety of important topics including Viable Utility Reserve legislation, COVID-related funding and issues, DWI and USDA funding programs, planning, utility financial management, and more.

Upcoming Audit Report Deadline

Reminder - The extended due date for local government audit reports with a June 30, 2020 fiscal year end is January 31, 2021 at 11:59 pm. Note that although the 31st falls on a Sunday, the due date remains the 31st at 11:59 pm.

Two Important Upcoming Deadlines

A reminder that two important deadlines are coming soon:

Local Government Finance Course – Openings and Overview

Interested in learning more about the pre-audit function? The budget development process? The role of the finance officer and governing board in the annual audit?

Beginning this month, local government finance employees have many options to learn more about these topics – and many more – through the “Local Government Finance in North Carolina – A Practical Approach,” course.

Compliance Supplement Addendum

The federal government has issued the 2020 Compliance Supplement Addendum that many auditors have been waiting for to finish up compliance audits.  Please see the addendum here.

New 1099 Form for 2020

Local governments need to be aware that there is a new 1099 form for 2020 filing – the 1099 NEC. NEC stands for non-employee compensation and this new form must be used in lieu of a 1099 MISC for reporting payments to individuals other than employees. The $600 reporting minimum still applies, as does the "no minimum" requirement for attorneys and health care providers.

NC Local Government Finance Community College Course Being Offered this Spring

Several campuses are offering the NC Local Government Finance community college course this spring.

LGC-203 Report Due January 25

Reminder: the LGC-203 Cash and Investments report for the December 30, 2020 reporting period is due on or before January 25, 2021. You may initiate and submit your LGC-203 report for the December 30 reporting date via the LOGOS system beginning January 1, 2021.

COVID Impact Report Form Now Available

The General Assembly, via Session Law 2020-3, modified NCGS 159-33.1 and implemented a one-time reporting requirement regarding the financial impact of COVID-19.

New Director of Fiscal Management Section

The State and Local Government Finance Division of the Department of State Treasurer is pleased to announce that Susan McCullen has been named Director of the division's Fiscal Management Section. Susan steps into the role previously held by Sharon Edmundson, who now serves as Director of the State and Local Government Finance Division and as Secretary of the Local Government Commission.

Memo Regarding GASB Statement 87

An important new memo from LGC staff has been issued related to GASB Statement 87, (Leases). Please see Memo 2021-05 on our Memos webpage.

GFOA Webinar for Elected Officials – December 1

The National GFOA has introduced its first publication of the new Elected Official’s Guide Series to assist local elected leaders in making effective policy. The first book is Understanding the Fiscal Health of your Community.

COVID-19 Impact Report

Screenshot of the COVID-19 Financial Impact Report tile on the SLG websiteNorth Carolina

2021 Audit Contract Forms and Administrative Code Changes

Audit Contract Forms and InstructionsHands of two people sitting in front of computers looking at a sheet with charts and graphs on a clipboard

New Process for Audit Report and Data Resubmissions

Beginning with the 2020 audit season, a Resubmission Form (replaces the “Audit Report Reissued Form”) must be submitted for all changes to an audit report, including audits resubmitted due to required corrections listed in the Audit Report Communication (replaces the “White Letter”) OR to the Data Input Workbook submitted with an audit report.  This is a major change from the prev