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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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

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.