Blog Entry List
The implementation of GASB 84 and the related changes in GASB 97 will require numerous changes in the fiduciary reporting for North Carolina local governments. With the COVID-19 pandemic, the implementation of GASB Statement 84 was delayed, but NC local governments with June 30 year ends will need to implement the guidance during the fiscal year ending June 30, 2021.
Any unit of government with a June 30 fiscal year end that is seeking debt approval in November or a later month will need to have its 2020 audited financial statements submitted to the LGC staff before the application can go forward. Below are the deadlines through February 2021. Deadlines for the remainder of the 2021 calendar year will be posted on our website in the coming days.
The 2020 Annual Financial Information Report (AFIR) template is now available on our AFIR website along with instructions and other resources for completing and submitting the report. The completed report must be submitted through the U.S. Census State Data Collections website. All North Carolina counties and municipalities are required to complete the AFIR by October 31 of each year.
2020 Financial Reporting Checklists for both North Carolina counties and municipalities now available on our Financial Statement Resources web pages:
Memorandum #2021-03: Collateralization of Public Deposits and Pooling Bank List as of June 30, 2020, is now available on our Memos webpage. Please note that this will be the last publication in memo form of the pooling bank list and the collateralization requirements for local governments.
Resources and instructions for submission of 2020 audit reports are now available on our Submitting Your Audit webpage.
Important - There are several significant and important changes this year to the Data Input Workbooks and the Transmittal Document (TD). Local governments and their auditors will need to understand these changes because they will be impacted by them.
Data Input Workbook
In June 2020, GASB issued Technical Bulletin No. 2020-1 (TB 2020-1). TB 2020-1 addressed six frequently asked questions that GASB staff were seeing around the CARES Act and the CRF funds included with the Act. This blog is intended to make North Carolina local governments aware of TB 2020-1 and the related implications for year-end reporting.
Illustrative statements, pension and OPEB templates, and conversion worksheets for the fiscal year ended June 30, 2020 are now available on our Financial Statement Resources webpage. Resources are available for counties, municipalities, boards of education, charter schools, and other unit types.
The Local Government Commission staff is excited to announce its partnership in the Local Government Technology Initiative (LOGOTIN) project. The project is being led by a steering committee comprising representatives from the NC Government Finance Officers Association, the North Carolina League of Municipalities, the North Carolina Association of County Commissioners, the City of High Point, and LGC staff.
The GAO has issued an alert that “highlights audit considerations and reminders given the circumstances related to the pandemic, including those for audits of new government programs arising from the pandemic response as well as ongoing audits.”
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:
August 7, 2020 Update - See the UNC SOG Coates’ Canons blog post on this topic: Now What? Utility Billing and Collections Post Executive Orders 124/142.
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. The workshops are FREE and will be held on Thursday, July 23, and Thursday, July 30.
*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.
Executive Order 142 (EO 142), which extended Executive Order 124 (EO 124), expires on July 29, 2020. Both orders prohibit local governments and public authorities from terminating for non-payment many of the utility services they provide to residential customers. What happens, then, on July 30?