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.
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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Updated Accounting and Reporting Guidance for CARES Funding
LGC staff are receiving many questions about the CARES fund accounting and reporting and want to provide updates on a few topics.
Special Revenue Fund vs. General Fund Accounting for CARES Funds:
*UPDATED* SERCAP Water and Sewer Financial Management Workshops
The Southeast Rural Community Assistance Project (SERCAP) is offering two regional workshops about water and sewer finance in July. These are the same workshops we first told you about a few weeks ago, but they’re now being held virtually.
Community Colleges Offering ACC 3240 NC Local Government Finance this Fall
*8/14/2020: Updates to courses offerings have been made since the time of this blog post. Please visit the Training Opportunities section of the Information for Finance Officers web page.
Preparing for the Expiration of EO 142
Executive Order 142 (EO 142), which extended Executive Order 124 (EO 124), expires on July 29, 2020.
Disclosure Information Associated with COVID-19
LGC staff has recently issued disclosure guidance for local governments that are issuers of municipal debt. Please visit our Continuing Disclosure webpage for details.
Proposed Changes to Administrative Code
The Local Government Commission has proposed changes to North Carolina Administrative Code related to the annual audit, and audit contracts and invoices.
LGC-203 Report Due July 25
The LGC-203 Cash and Investments report for the June 30, 2020 reporting period is due on or before July 25, 2020. You may initiate and submit your LGC-203 report for the June 30 reporting date beginning July 1, 2020.
Audit Guidance for CARES Act Funding
Local governments in North Carolina are currently receiving and expending funds from the Coronavirus Aid Relief, and Economic Security Act (CARES). CARES Act federal funding is from the US Department of State Treasury (Treasury).
Accounting and Reporting Guidance for CARES Funding and the COVID-19 Pandemic
Accounting and Reporting for CARES Act Funding:
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
The 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.
Your New Favorite GASB Statement
The GASB recently released Statement 95 Postponement of the Effective Dates of Certain Authoritative Guidance, to be effe
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.