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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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.

2020 Audit Reports: Resources and Important Announcements

Resources and instructions for submission of 2020 audit reports are now available on our Submitting Your Audit webpage.

2020 Year End Coronavirus Relief Fund (CRF) Reporting

In June 2020, GASB issued Technical Bulletin No. 2020-1 (TB 2020-1). TB 2020-1 addressed six frequently asked questions that GASB staff were seeing around the CARES Act and the CRF funds included with the Act.

FY2020 Financial Statement Resources Now Available

Illustrative statements, pension and OPEB templates, and conversion worksheets for the fiscal year ended June 30, 2020 are now available on our Financial Statement Resources webpage.


The Local Government Commission staff is excited to announce its partnership in the Local Government Technology Initiative (LOGOTIN) project.

COVID-19: GAGAS Audit Alert

Government Accountability Office logo

Executive Orders 124/142 Webinar: July 28, 2020


August 7, 2020 Update - See the UNC SOG Coates’ Canons blog post on this topic:  Now What? Utility Billing and Collections Post Executive Orders 124/142.

Updated Accounting and Reporting Guidance for CARES Funding

LGC staff are receiving many questions about the CARES fund accounting and reporting and want to provide updates on a few topics.

Special Revenue Fund vs. General Fund Accounting for CARES Funds:

*UPDATED* SERCAP Water and Sewer Financial Management Workshops

SERCAP logoThe Southeast Rural Community Assistance Project (SERCAP) is offering two regional workshops about water and sewer finance in July. These are the same workshops we first told you about a few weeks ago, but they’re now being held virtually.

Community Colleges Offering ACC 3240 NC Local Government Finance this Fall

*8/14/2020: Updates to courses offerings have been made since the time of this blog post. Please visit the Training Opportunities section of the Information for Finance Officers web page.

Preparing for the Expiration of EO 142

Executive Order 142 (EO 142), which extended Executive Order 124 (EO 124), expires on July 29, 2020.