The Balance Sheet

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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Posting Audits to the FAC

If your unit of government had a single audit performed under the federal requirements found in the Uniform Guidance §200.501 for fiscal year ending June 30, 2023, this is to remind you that your unit’s audit report is required to be submitted to the federal government via the Federal Audit Clearinghouse (FAC) by March 31, 2024, if you have not already done so.

Updated Rules Related to LGC Certified Mutual Funds

Rules related to the certification of mutual funds for investment by local governments were updated effective October 1, 2023. Please see this webpage for a summary of these updates.

Register Now! Local Government Finance Class Starts Soon

The "Local Government Finance in North Carolina – A Practical Approach" course is a great opportunity to learn about the basics of local government finance and the requirements of the Local Government Budget and Fiscal Control Act.

LGC-203 Report Due January 25

Reminder: the LGC-203 Cash and Investments report for the December 31, 2023, reporting period is due on or before January 25, 2024. You were able to initiate and submit your LGC-203 report for the December 31 reporting date via the LOGOS system beginning on January 1, 2024.

Compliance Update: Restrictions on Contracts – With Iran and With Companies Boycotting Israel

This blog post is a public service announcement to assist state agencies and political subdivisions of the State of North Carolina in understanding their obligations under the Iran Divestment Act and, in particular, the

FY2024 Audit Contract Forms and Instructions Now Available

Audit contract forms have been updated and are now available on the “Submitting Your Audit” webpage. 

Updated 2023 DIWs

LGC staff have identified and corrected issues with Data Input Workbooks (DIWs) as described below.

PLEASE USE THE REVISED DIWs DATED AS NOTED BELOW.

The Myth of December 1

The Myth of December 1

Audit Resources Coming Soon

LGC staff is preparing a number of resources that will be posted to our website soon.

Illustrative Financial Statements

Updated 2023 DIWs

LGC staff have identified and corrected issues with Data Input Workbooks (DIWs) as described below. Note that all DIWs now have a version date of 10-13-2023 except for mental health and health district units, which have a revision date of 10-18-2023.

PLEASE USE THE DIWs DATED 10-13-2023 OR 10-18-2023 FOR ANY FY2023 AUDITS NOT YET SUBMITTED.

Accounting For Opioid Settlement Funds – An Update

All 100 North Carolina counties and 17 municipalities received opioid settlement funds as a result of the legal settlement with several corporate parties.  There are likely more settlements to come as well as the possibility of some corporate parties declaring bankruptcy, which may affect the amount of total settlement payments. 
 

Updates to City of Dogwood Notes to the Financial Statements

The target allocation and best estimates of arithmetic real rates of return on page 30 of the City of Dogwood Notes in the Word document here have been updated with the table below:

Updated DIWs for Some Unit Types

The following issues with Data Input Workbooks (DIWs) have been identified and corrected.

FY2023 Audit Report Resources Now Available

Resources and instructions for submission of FY2023 audit reports are now available on our Submitting Your Audit webpage, including

Updated DIWs for Some Municipalities

The following FY2023 Data Input Workbooks (DIWs) have been updated to correct an error in formatting of the fund balance available graph – the graph was displaying the value as a decimal and has been corrected to display the value as a percentage. All other DIWs are unaffected by this error.

    Municipality Mi-P
    Municipality R-Sp