NOTE: Review the Audit Deadlines for Units Seeking LGC Approval of Debt (read more).

 Application and Audit Deadlines for Units Seeking LGC Approval of Debt

Applications:

Debt applications are required approximately one month before the date of the LGC meeting at which the unit wishes to appear on the agenda; see specific deadlines below. The application submitted by the due date should be substantially complete in all required documentation.

 

Audit Reports:

The deadline for the submission of audit reports falls several weeks before the date of the LGC meeting at which the unit wishes to appear on the agenda to ensure that LGC staff has adequate time to review the audit report and communicate issues to the unit, and that the unit has adequate time to respond to LGC staff's concerns.  Specifically, when a unit seeking debt submits an audit report:

 

LGC staff reviews the report, communicates with the auditor and unit on any necessary changes to the audit (particularly those that could influence our analysis of the unit's fiscal health), and drafts a unit letter if necessary. 

 

If a unit letter is issued, it is reviewed and shared with the unit, and the unit must provide LGC staff with a sufficient written response to the unit letter. 

 

Finally, LGC staff makes a determination if a unit visit is necessary; if so, that visit must be conducted and the results summarized in writing prior to the LGC meeting. 

 

Also note that the LGC meeting agenda and supporting documentation are shared with LGC members and the general public approximately a week ahead of the meeting date, so all documentation must be in final form at that time. 

 

Deadlines:

​November 5, 2019 LGC meeting: ​Audit due by October 18 ​Application due by October 8
​December 3, 2019 LGC meeting: ​Audit due by November 15 ​Application due by November 5
​January 7, 2020* LGC meeting:  ​Audit due by December 13 ​Application due by December 3

*Tentative date

 

Note:

The guidelines and deadlines presented above ensure timely completion of the steps necessary prior to a unit being considered for inclusion on an LGC meeting agenda. Other factors related to the application and financial health of a unit are also considered, and timely completion of the above steps does not guarantee that a unit will be included on a specific LGC agenda.