The Southeast Rural Community Assistance Project (SERCAP) is offering two regional workshops addressing water and wastewater utility finance.
Blog Entry List
LGC staff are developing responses to the GASB Board related to the four GASB financial reporting model project documents located at https://gasb.org/exposuredocuments. If you are a NC local government or a firm that audits NC local governments and are submitting comments to GASB on these reporting model documents, please share your comments to GASB with our staff. Our staff will do the same. Mutual understanding of our concerns may help us all develop improved responses so that the guidance works better for North Carolina.
UNC School of Government’s Environmental Finance Center is hosting its annual "Water and Wastewater Finance Strategies Workshop" on Feb. 24 – 26, 2021. The virtual workshop will cover a variety of important topics including Viable Utility Reserve legislation, COVID-related funding and issues, DWI and USDA funding programs, planning, utility financial management, and more.
Reminder - The extended due date for local government audit reports with a June 30, 2020 fiscal year end is January 31, 2021 at 11:59 pm. Note that although the 31st falls on a Sunday, the due date remains the 31st at 11:59 pm.
We are unable to extend the deadline beyond the January 31 date. Any reports filed in our portal after 11:59 pm on January 31, 2021, will be considered late and will need an amended contract.
Interested in learning more about the pre-audit function? The budget development process? The role of the finance officer and governing board in the annual audit?
Beginning this month, local government finance employees have many options to learn more about these topics – and many more – through the “Local Government Finance in North Carolina – A Practical Approach,” course.
The federal government has issued the 2020 Compliance Supplement Addendum that many auditors have been waiting for to finish up compliance audits. Please see the addendum here.
Local governments need to be aware that there is a new 1099 form for 2020 filing – the 1099 NEC. NEC stands for non-employee compensation and this new form must be used in lieu of a 1099 MISC for reporting payments to individuals other than employees. The $600 reporting minimum still applies, as does the "no minimum" requirement for attorneys and health care providers. The penalties for not using the correct form are high, and the IRS will not "count" a 1099 MISC that was filed in error but on time as a timely filing.
Several campuses are offering the NC Local Government Finance community college course this spring. This course is a basic overview of local government finance in North Carolina and includes topics such as local government finance and accounting, the role of finance officer, the pre-audit and budget processes, and the fiscal management requirements for local governments found in North Carolina General Statutes, primarily the Local Government Budget and Fiscal Control Act (NCGS 159 Article 3).
Reminder: the LGC-203 Cash and Investments report for the December 30, 2020 reporting period is due on or before January 25, 2021. You may initiate and submit your LGC-203 report for the December 30 reporting date via the LOGOS system beginning January 1, 2021. This reporting requirement applies to all local governments and public authorities under G.S. 159-33 and G.S.
The General Assembly, via Session Law 2020-3, modified NCGS 159-33.1 and implemented a one-time reporting requirement regarding the financial impact of COVID-19. The finance officer of each county, municipality, water district or authority, sewer district or authority, sanitary district, and metropolitan sewage district must report financial data no later than February 15, 2021.
The State and Local Government Finance Division of the Department of State Treasurer is pleased to announce that Susan McCullen has been named Director of the division's Fiscal Management Section. Susan steps into the role previously held by Sharon Edmundson, who now serves as Director of the State and Local Government Finance Division and as Secretary of the Local Government Commission. With both local government service and time with the division, Susan brings many years of experience to the position.
An important new memo from LGC staff has been issued related to GASB Statement 87, (Leases). Please see Memo 2021-05 on our Memos webpage.
The National GFOA has introduced its first publication of the new Elected Official’s Guide Series to assist local elected leaders in making effective policy. The first book is Understanding the Fiscal Health of your Community. To help introduce the series, and this first book in particular, GFOA is offering a free webinar on December 1, 2020, from 1:00-2:15 PM (EST).
North Carolina Session Law 2020-3, Section 4.29.(a) modified NCGS 159-33.1 and implemented a new reporting requirement regarding t