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.

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Statements of Debt Service Obligations

As required by G.S. 159-35, the Local Government Commission staff has emailed statements of debt service obligations to local governments. Finance Officers should have received an annual e-mail with a link to the LGC129 Report – Annual Bond and Note Principal and Interest Requirements.

Updates to UNC SOG Blog Post "Highlights of the U.S. Department of Labor's FFCRA Regulations"

From Diane Juffras at UNC's School of Government: 

I recently published a new blog post on our Coates’ Canons blog: Furloughing Employees During the COVID-19 Crisis. You can find it here.

FEMA Public Assistance Program Available for COVID-19 Emergency Expenses

All North Carolina local governments and certain nonprofits are eligible to apply to the FEMA Public Assistance Program for FEMA reimbursement to assist with emergency expenses related to responding to COVID-19. The NC Division of Emergency Management and the UNC School of Government have partnered to produce an on-demand applicant briefing webinar that gives instructions on how to register for

Revised Yellow Book Standards – Are You Ready?

GAO logoAs you are likely aware, the GAO 2018 Revision of the Government Auditing Standards – also known as the Yellow Book – are in effect for the fiscal year ended June 30, 2020. We are not anticipating any delay in this standard as it is already in effec

County Medicaid Hold Harmless Payments Impacted by COVID-19

Although the impact of the COVID-19 pandemic on North Carolina counties is not yet known, we can be sure that there will be one. We can also be sure that the pandemic downturn will negatively impact sales tax revenues for both the final quarter of FY 2020 and part or all of FY 2021.

Upcoming Debt Payments - Cash Flow Concerns

Public utility systems have undoubtedly taken a hit from the COVID-19 pandemic, be it from businesses reducing hours or shutting down, or from the temporary ban on enforcing collections or both. In addition, some units may be dealing with a reduced workforce to manage their systems. All of these challenges may be a cause for concern with your May (SRF) and June (USDA) debt payments that are due

Should You Consider Adopting an Interim Budget for a portion of the 2020-2021 Fiscal Year?

Image of person using a calculator with charts spread out over deskWe have received many questions recently about interim budgets, and for good reason.

Zoom Call for Local Government Utilities About Executive Order No. 124

When:   Thursday, April 2, 1:00 - 2:30pm
Cost:      Free

Are Local Governments Required to Suspend Water Disconnections?

The guidance that was provided in this post is no longer accurate due to Governor Roy Cooper’s Executive Order No. 124 issued on March 31, 2020 and has been removed.

GASB to Consider Delaying the Implementation of Statements 84 and 87

In a press release dated March 26, 2020, the GASB announced it is considering postponement of implementation of all standards and implementation guides with effective dates that begin on or after reporting periods ended June 30, 2018, and beyond.

ZOOM Call for Local Government Finance Officers About COVID-19 Response

If you were unable to call in to the ZOOM call held on Wednesday, March 25, the UNC School of Government is sponsoring a repeat of the call on Friday, March 27, at 1:00 p.m. 

ZOOM Calls for Local Governments

The UNC School of Government is sponsoring two free ZOOM calls this week for local governments about water/wastewater utilities operations and information for local government finance professionals during COVID-19.

New Website Security Procedure for Annual Financial Information Report Submission

The US Census website has deployed a new security procedure on the login page that counties and municipalities use to submit their Annual Financial Information Report.