The Balance Sheet

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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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Reminder: Certification of Automated Systems for Preaudits

North Carolina local governments and public authorities using automated systems for preaudits are reminded that these systems must be certified annually to ensure that they meet certain technical requirements.

Improved Process to Help Local Governments Implemented by Local Government Commission

At its July 1 meeting, the Local Government Commission (LGC) passed three resolutions that will allow local governments to more quickly refinance existing debt, a process known as “refunding.” The resolutions apply to the following debt types:

LGC-203/COLL-91 Report Due July 25

Reminder: The LGC-203/COLL-91 Cash and Investments report for the June 30, 2025, reporting period is due on or before July 25, 2025.

Now Available: 2025 Pension Journal Entry Templates

Pension Journal Entry templates for the 2025 financial statements are now posted on our website for your use.

Management of Cash and Taxes and Fund Balance Available FY2024 Reports Now Available

The Management of Cash and Taxes and Fund Balance Available reports for counties and municipalities for fiscal year 2024 are now available through our online report server. This online interface provides access to reports for audit years 2021 and later, as available.

Statistical Information on Electric System Operations FY2024 Report Now Available

The Statistical Information on Electric System Operations report for fiscal year 2024 is now available through our online report server. This online interface provides access to reports for fiscal years 2022 and later.

Changes to Late Audit and FPIC Response Submission Deadlines for Debt Applications

Units of local government planning to submit debt applications to the Local Government Commission (LGC) should be aware of revised submission deadlines for FY2024 late audits and responses to Financial Performance Indicators of Concern (FPICs).

New Memo Provides Important Guidance for Banks Providing Financing for Capital Assets to North Carolina Local Governments

A new memo published by the staff of the Local Government Commission (LGC) provides important reminders and guidance for banks regarding the financing of capital assets for North Carolina local governments.
 

2025 Treasurer’s Conference

The 2025 Treasurer’s Conference, hosted by the UNC School of Government and the Department of State Treasurer, will be held virtually from 9 a.m. to 1 p.m. on Tuesday, June 10, and 9 a.m. to 12:30 p.m. on Wednesday, June 11.

LGC Staff Publishes Memo Discussing GASB Statement on Compensated Absences

The staff of the Local Government Commission (LGC) has released a new memorandum discussing key aspects of Statement No. 101 of the Governmental Accounting Standards Board (GASB).

Late Audits as of April 1

An important note for counties and municipalities regarding audits that were not submitted to the LGC on or before March 31:

LGC Staff Publishes Memo on Changes to State Single Audit Requirements

The staff of the Local Government Commission has released a memorandum outlining upcoming changes to State Single Audit requirements stemming from changes to federal single audit requirements issued in April 2024 by the U.S. Office of Management and Budget.

Upcoming Changes to State Single Audit Requirements

In response to changes issued by the U.S. Office of Management and Budget (OMB) to federal single audit requirements in April 2024, the staff of the Local Government Commission (LGC) has made adjustments to the State Single Audit Implementation Act, effective for fiscal years ending on or after June 30, 2026

Elected Officials Course April 2

The UNC School of Government is offering a “Fiduciary Responsibilities of Local Elected Officials” course on April 2. The course will be held via Zoom from 1:00-4:00 p.m.

Process for Receiving Cashflow Loans

A new memo has been posted to the Department of State Treasurer website that explains the process required for local governments to receive cashflow loans.