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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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.

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: