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 the impacts of COVID-19, visit our Local Government COVID-19 Resources page.

COVID-19 Resources

Free HR Training Available from SERCAP

Monday, April 12, 2021

This course is currently full. Please see this blog post for details on a second section being offered on June 2.

SERCAP is offering a virtual HR training course for local government leaders and staff on April 20 from 8 AM to 1 PM.  For more information please see the agenda and registration form.

Free HR Training Available from SERCAP - June 2, 2021

Monday, April 12, 2021

SERCAP is offering a virtual HR training course for local government leaders and staff on June 2 from 8 AM to 1 PM.  For more information please see the agenda and registration form.


GASB 87 (Leases) Course

Tuesday, April 6, 2021

The UNC School of Government and LGC staff are pleased to offer a virtual course:  Leases – Implementation of GASB Statement 87. The two-day course will be held from 10am-12pm on Tuesday May 18 and Thursday May 20.

Please click here for more information and to register for the course. 

Free Training on Tax Treatment of Fringe Benefits

Thursday, March 18, 2021

The Tax Exempt and Government Entities Division of the IRS is offering a free webinar on Taxable Fringe Benefits. Please see the announcement below from the FSLG Newsletter:

The Tax Exempt and Government Entities Division would like to invite you to register to watch the free Taxable Fringe Benefit Essentials for Employers Webinar on April 14, 2021 at 1:00 p.m. (ET).

This webinar is designed to explain what a fringe benefit is and how to value a fringe benefit. It will cover the most common fringe benefits and explain if those fringe benefits are taxable.

For more information, see...

SERCAP Water and Wastewater Financial Management Workshops

Friday, February 26, 2021

Southeast Rural Community Assistance Project logoThe Southeast Rural Community Assistance Project (SERCAP) is offering two regional workshops addressing water and wastewater utility finance. See the agenda and registration information for details, but be sure to register soon – workshops are scheduled for March 4 and April 6, 2021. Please note these are FREE workshops and both will be virtual, one-day events. Speakers include representatives from RCAP, USDA, DEQ, and the LGC.

If you have questions, please contact SERCAP at the numbers noted on the registration form, or contact us at

GASB Financial Reporting Model Project Documents

Friday, February 19, 2021

LGC staff are developing responses to the GASB Board related to the four GASB financial reporting model project documents located at If you are a NC local government or a firm that audits NC local governments and are submitting comments to GASB on these reporting model documents, please share your comments to GASB with our staff. Our staff will do the same. Mutual understanding of our concerns may help us all develop improved responses so that the guidance works better for North Carolina.

These documents represent pervasive guidance that will impact you and your governing boards significantly. The LGC staff urges you to spend some time with the exposure drafts and preliminary views document and add your voice to the conversation by providing your comments to GASB. If you wish to share the comments you submit to GASB with LGC staff, please forward them to Thank you in advance for your efforts and your input.  

Water and Wastewater Finance Strategies Workshop

Tuesday, February 9, 2021

UNC School of Government’s Environmental Finance Center is hosting its annual "Water and Wastewater Finance Strategies Workshop" on Feb. 24 – 26, 2021. The virtual workshop will cover a variety of important topics including Viable Utility Reserve legislation, COVID-related funding and issues, DWI and USDA funding programs, planning, utility financial management, and more. See the full agenda for details and register at the UNC School of Government website.

Upcoming Audit Report Deadline

Monday, January 25, 2021

Reminder - The extended due date for local government audit reports with a June 30, 2020 fiscal year end is January 31, 2021 at 11:59 pm. Note that although the 31st falls on a Sunday, the due date remains the 31st at 11:59 pm.

We are unable to extend the deadline beyond the January 31 date. Any reports filed in our portal after 11:59 pm on January 31, 2021, will be considered late and will need an amended contract. 

For information on submitting an amended contract, please see the Submitting Audit Contracts section of our website, or call 919-814-4299.

Important: The January 31 deadline applies to the submission of audit reports to the Secretary of the Local Government Commission as required under North Carolina General Statute 159-34(a). Other entities may have filing deadlines or requirements different than those we set, and the changes described here apply only to the submission of the report to the LGC.

Two Important Upcoming Deadlines

Thursday, January 14, 2021

A reminder that two important deadlines are coming soon:

January 25 - LGC-203 reports (semi-annual reports of cash and investments) are due for the December 31, 2020 reporting period. These reports are required to be filed by all local governments and public authorities other than charter schools. For more information, please see the LGC-203 webpage or contact

February 15 - COVID Impact Reports (a new, one-time report required under Session Law 2020-3). The finance officer of each county, municipality, water district or authority, sewer district or authority, sanitary district, and metropolitan sewage district must submit this report. For information and a complete list of units subject to this reporting requirement, please see our COVID Impact Report webpage or contact CIR@nctreasurer....

Local Government Finance Course – Openings and Overview

Friday, January 8, 2021

Interested in learning more about the pre-audit function? The budget development process? The role of the finance officer and governing board in the annual audit?

Beginning this month, local government finance employees have many options to learn more about these topics – and many more – through the “Local Government Finance in North Carolina – A Practical Approach,” course.

James Sprunt Community College, Blue Ridge Community College, Wilson Community College, and Central Piedmont Community College all will be offering the course. See the Training Opportunities section of our website for course availability.

The website also includes an overview of course’s 13 modules which cover a variety of topics of interest to finance officers, finance staff, governing bodies, and others interested in the basics of local government finance in North Carolina.