The Balance Sheet

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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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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

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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

GASB 84 Implementation

GASB logoThe implementation of GASB 84 and the related changes in GASB 97 will require numerous changes in the fiduciary reporting for North Carolina local governments.

Debt Application and Audit Deadlines for LGC Meetings November 2020 – February 2021

Any unit of government with a June 30 fiscal year end that is seeking debt approval in November or a later month will need to have its 2020 audited financial statements submitted to the LGC staff before the application can go forward.  Below are the deadlines through February 2021.  Deadlines for the remainder of the 2021 calendar year will be posted on our

2020 Annual Financial Information Report (AFIR) Now Available

The 2020 Annual Financial Information Report (AFIR) template is now available on our AFIR website along with instructions and other resources for completing and submitting the report.

2020 Financial Reporting Checklists for North Carolina Counties and Municipalities

Box with checkmark2020 Financial Reporting Checklists for both North Carolina counties and municipalities now available on our

Collateralization of Public Deposits and Pooling Bank List as of June 30, 2020

Memorandum #2021-03: Collateralization of Public Deposits and Pooling Bank List as of June 30, 2020, is now available on our Memos webpage.