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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Displaying 226 - 240 of 247

My audit is late - what happens now?

One of the most frequent questions we get this time of year is “my audit wasn't submitted by October 31st?  What happens now?"
 

2019 Redesigned Audit Contract Templates Now Available

Audit contract forms have been updated for the 2019 fiscal year and are available at https://www.nctreasurer.com/state-and-local-government-finance-division/local-government-commission/submitting-your-audit
 

FEMA and Emergency Management Resources

Pension and Other Post Employment Benefits Liabilities - To Value or Not to Value?

To value or not to value?  That is the question.

NC Emergency Management - Mutual Aid Agreement

​Would your local government like to help a unit that has suffered the effects of Hurricane Florence?  The NC Emergency Management Mutual Aid Agreement can help you make sure you help others in the most efficient and effective ways possible.  This agreement was created after Hurricane Floyd through a joint effort of the NCLM and the NCACC.  It is administered by the NC Emergenc

Sign Up for IRS Alerts on Federal, State and Local Government

​The IRS offers a free "alert" service for items of interest to Federal, State, and local governments.

Uniform Guidance Procurement Requirements Certain Dollar Thresholds Increased

Earlier this year we released Memorandum 2018-06 (and an addendum) that discussed at length the Uniform Guidance Procurement Standard that became effective for most units at July 1, 2018.&n

New Accounting Requirement for Building Inspection Fee Revenue and Expenditures of That Revenue ***Revised July 5, 2018***

​The message below was sent out on July 2nd and has generated a number of questions from recipients.  We believe this revised message will help answer those questions. 
 

New Accounting Requirement for Building Inspection Fee Revenue and Expenditures of That Revenue

​An item in the 2018 budget bill (S.L.

System Development Fees and Capital Reserve Funds

​We have been getting a lot of questions recently about system development fees (SDFs) (formerly knowns as impact fees) and the need to account for them in capital reserve funds as of July 1, 2018.

Kara Millonzi at the SOG has some excellent blog posts on SDFs.  We highly recommend you review them thoroughly if your unit charges SDFs.

Divestment from Companies Boycotting Israel

​Along with eliminating the certification requirement associated with the Iran Divestment Act, S.L.2017-193 also imposes a new divestment requirement on State and local governments. 
 

GASB 73 and GASB 75

Units Offering OPEB that are Subject to GASB Statement 75 Reporting Requirements

Please note that this discussion does not apply to any GASB Statement 74 reporting (units that are holding assets to meet OPEB obligations) or timeline you have established with your actuaries. 

​New Deadlines for Filing W-2s and Certain 1099-Misc

The PATH Act, which went into effect in December, 2015, has brought some changes to the filing deadlines for W-2s, W-3s, and certain 1099-Misc forms for the 2015 tax year.
 

Hard Copies of Audits to DEQ and DOT Not Necessary

We have been asked by the NC Department of Environmental Quality (DEQ) and the NC Department of Transportation (DOT) to notify local governments and public authorities and their auditors that it is not necessary to send hard copies of audit reports directly to them.  They prefer to obtain the electronic copies of the repor

Fraud Alert!

​SLGFD staff has just learned of a fraud scheme that may involve governments across the country.  We know of at least one government here in NC that was contacted but fortunately experienced no loss.   
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Contact Us

How can we help? Contact SLGFD staff: (919) 814-4300 or SLGFD@nctreasurer.com.