Blog Entry List
With the inflow and subsequent spending of ARPA funds, more local governments than ever before will be subject to Government Auditing Standards, aka Yellow Book standards beginning in fiscal year 2022 and beyond. What exactly does that mean and why should you be thinking about this now? Read our memo to find out – Memorandum 2019-07 2018 Revision – Government Auditing Standards (GAGAS) AKA “The Yellow Book.”
“Local Government Finance in North Carolina - A Practical Approach,” will be offered online by Central Piedmont Community College starting September 13 and running through December 13. The cost is $125 and registration is available by calling Customer Service at 704-330-4223 or visiting www.cpcc.edu.
Under Section 5 of North Carolina Session Law 2021-58 (House Bill 163), charter school audit reports, audit contracts, and audit invoices are no longer required to be submitted to the Local Government Commission (LGC) for review and approval. The LGC no longer has authority or oversight responsibilities regarding these charter school documents and reports.
Beginning Monday, August 23, 2021, submissions of audit reports, audit contracts, and audit invoices should be uploaded through our new file portal.Upload your documents through the LGC File Portal at https://lgcportal.nctreasurer.com.
The data input workbooks that must be completed and submitted with 2021 annual audit reports have been revised and were re-published to the “Submitting Your Audit” webpage at 11:00 a.m. today. We ask that you re-download the data input workbooks to avoid any issues in the previous versions that were posted to the website.
UPDATED 8/19/21
Several units have or are planning to initiate programs offering cash bonuses or other incentives to employees to encourage vaccination against the COVID-19 virus. Questions have arisen about these plans as follows:
The first reporting deadline (to the UST) for ARPA funds is August 31 and it's coming up fast! We have two new resources available for those of you that are required to report.
Reporting is required by the following groups at the local level:
All counties
Metropolitan Cities
GFOA will host a free webinar on August 12, 2021, from 1:00 pm-2:15 pm: "Introduction to the American Rescue Plan Act Funds for Water Bill Assistance and Infrastructure Projects." The webinar will feature experts from GFOA and the Environmental Finance Center Network, and will provide an introduction to the American Rescue Plan Act (ARPA), the Low-Income Housing Water Assistance Program (LIHWAP), and Emergency Rental Assistance Program (ERAP).
Upcoming training opportunities for local governments that provide water and/or sewer services:
Host: Rural Community Assistance Partnership (RCAP)
Topic: Webinar on Managing Water Loss: The Benefits to Small Communities
Date and Time: July 20, 2021; 2pm-3pm
Location: Virtual
Registration: HERE
Reminder: the LGC-203 Cash and Investments report for the June 30, 2021, reporting period is due on or before July 25, 2021. This reporting requirement applies to all local governments and public authorities under G.S. 159-33 and G.S. 115C-446 but does not apply to charter schools.
LGC staff have received a number of questions from non-entitlement units (NEUs) on ARPA funding such as when funds will be distributed and for what purposes they can be used. NCPRO has put together an excellent set of videos to answer these questions and more. In addition, Kara Millonzi from the SOG has posted a detailed blog that walks you through the steps of determining a unit's lost revenue that qualifies for replacement with ARPA funds, and some other strategies on maximizing flexibility with ARPA spending. The links for both of these resources can
An informational session about the American Rescue Plan will be held featuring remarks from Governor Roy Cooper, followed by presentations and Q&A from state agencies and organizations supporting local governments.
This webinar will be offered on two dates, but the information presented will be the same for each session, so please choose the session that works best for your schedule.
June 30 at 6:30pm
OR
July 1 at 1:00pm
Sessions will be 1.5 hours.
LGC staff reviewed the proposed guidance contained in the Compensated Absences Exposure Draft published by the GASB Board in February 2021 and provided the comments below to the Board and to the Technical Director. We urge NC local governments to pay attention to the GASB project schedules and provide comments as requested by the Board whenever time and resources permit.
LGC Staff Response to GASB - Compensated Absences
Join the North Carolina League of Municipalities and the NC Association of County Commissioners for a Q&A session with the N.C. State Treasurer's office staff about the ARP funding for local governments. The webinar will discuss the specifics of accounting for American Rescue Plan funds for local governments.
The webinar is free, but registration is required. We encourage any local government staff, especially finance staff, and/or elected officials who will be involved with ARP funding processes to attend.
NEW RESOURCE FROM GFOA ON ESTIMATING LOST REVENUE
For those of you that are members of GFOA, they have a new revenue replacement calculator to assist you in calculating the amount of lost revenue you can replace with ARPA funds. It is behind their paywall so available only to members. Log in at GFOA.org to check it out.
NEWS REGARDING COBRA PREMIUMS FOR LOCAL GOVERNMENT EMPLOYERS THAT PROVIDE HEALTHCARE BENEFITS