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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Disclosure Information Associated with COVID-19

LGC staff has recently issued disclosure  guidance for local governments that are issuers of municipal debt. Please visit our Continuing Disclosure webpage for details.

Proposed Changes to Administrative Code

The Local Government Commission has proposed changes to North Carolina Administrative Code related to the annual audit, and audit contracts and invoices.

LGC-203 Report Due July 25

The LGC-203 Cash and Investments report for the June 30, 2020 reporting period is due on or before July 25, 2020. You may initiate and submit your LGC-203 report for the June 30 reporting date beginning July 1, 2020.

Audit Guidance for CARES Act Funding

Local governments in North Carolina are currently receiving and expending funds from the Coronavirus Aid Relief, and Economic Security Act (CARES). CARES Act federal funding is from the US Department of State Treasury (Treasury).

Accounting and Reporting Guidance for CARES Funding and the COVID-19 Pandemic

Accounting and Reporting for CARES Act Funding:

NC Local Government and Public Authority Investment Challenges

Recently, more than one NC local government finance officer has been presented with an annuity investment as an allowable investment option.

Governor Cooper Extends Executive Order 124

Executive Order 142 was issued by Governor Cooper on May 30, 2020, and extends for another 60 days the requirements of Executive Order 124 (EO 124) concerning utilities operated by local governments and public authorities. What does this mean to you as providers of these services?

COVID-19: GAGAS CPE Alert

Government Accountability Office logoThe auditing community has expressed concern about its ability to complete CPE requirements due to the COVID-19 pandemic. The U.S.

Updated Guidance on the Daily Deposit Requirement

Units should continue to comply with the daily deposit requirements of GS.

Audit Deadline for June 30, 2020 Financial Statements

COVID-19 has impacted local governments in many ways, not the least of which is interfering with the timeline for completing a June 30, 2020 audit. After giving careful consideration to the limitations on local governments’ staff time and the availability of audit staff, we are extending the deadline for June 30, 2020 audits, both financial and compliance, to January 31, 2021.

Registration Now Open – 19th Annual State Treasurer’s Conference

As with most events recently, our annual State Treasurer’s Conference will be offered in a different format this year. Beginning on Tuesday, June 16, we will be offering four virtual sessions of two hours each on topics of interest to both local government finance officials and staff as well as local government auditors. We will not be holding a separate class for auditors this year. 

Budgeting in Uncertain Times

Image of someone using a calculator with charts spread out on deskShort of having a crystal ball, finance and budget officers don’t have a lot to go on to determine the financial impact of COVID-19 on North Carolina local governments.

NC General Assembly Extends Due Dates for Motor Vehicle Taxes

Senate Bill 704 (S.L 2020-3), signed into law on May 4, 2020 by Governor Cooper, extends the due date of any credentials, permits, and registrations issued by DMV, and waives any penalties or fees for not complying with the original due dates of such items.

NC General Assembly Passes COVID-19 Relief Bill that Includes Help for Local Governments

Photo of NC legislative buildingOne of the General Assembly’s first two coronavirus pandemic response bills, SB 704 in Section 2.3, establishes the “Local Government Coronavirus Relief Reserve” (Local Reserve). The new law then transfers the sum of $300 million derived