New Memos Available:
Memo #2017-07: Auditors Responsibilities and the Role of the SLGFD Staff
Memo #2017-08: Local Entities Responsibilities for the Financial Reports and Records
There are two new memorandums available on our website, issued together to bring clarity to the responsibilities of both the auditors and local governments for the audited financial reports that are issued each year. In addition, the first memo seeks to clarify the role of the SLGFD staff with regards to the guidance we provide.
Blog Entry List
We periodically get asked about how a local government can "prove" it is tax-exempt, usually in conjunction with a grant application. This video from the IRS will explain that and more, including why you don't need an IRS determination letter to be tax-exempt.
Watch the video to learn:
how you can prove your “tax-exempt" status as a government entity
The Federal, State and Local Governments division of the IRS has released guidance on payroll reporting and withholding for election workers. This guidance may be accessed here:
https://www.irs.gov/government-entities/federal-state-local-governments/election-workers-reporting-and-withholding
With the implementation of Governmental Accounting Standards Board (GASB) Statement 68, Accounting and Financial Reporting for Pensions – an amendment of GASB Statement No.
In its 2015 session the General Assembly adopted language in the budget bill that concerns transparency with regards to local government finance. The legislation directs the State CIO to coordinate with counties, cities and local education agencies (school boards) to facilitate implementation of the requirements of the adopted legislation. It further directs these same entities to work with the State Controller and the Office of State Budget and Management (OSBM) to ensure that timely information is provided as directed by the State CIO. Finally, the LGC staff is to work