The Balance Sheet
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.
For announcements and resources related to ARPA funds and the impacts of COVID-19, visit our Local Government ARPA Resources page.
Click in the search box below to access blog archives or find blogs related to a particular subject matter.
2021 Audit Contract Forms and Administrative Code Changes
Audit Contract Forms and Instructions
Audit contract forms for FY2021 audits are now available.
New Process for Audit Report and Data Resubmissions
Beginning with the 2020 audit season, a Resubmission Form (replaces the “Audit Report Reissued Form”) must be submitted for all changes to an audit report, including audits resubmitted due to required corrections listed in the Audit Report Communication (replaces the “White Letter”) OR to the Data Input Workbook submitted with an audit report. This is a major change from the
GASB 84 Implementation
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.
Debt Application and Audit Deadlines for LGC Meetings November 2020 – February 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
2020 Annual Financial Information Report (AFIR) Now Available
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.
2020 Financial Reporting Checklists for both North Carolina counties and municipalities now available on our Collateralization of Public Deposits and Pooling Bank List as of June 30, 2020
Memorandum #2021-03: Collateralization of Public Deposits and Pooling Bank List as of June 30, 2020, is now available on our Memos webpage.
2020 Audit Reports: Resources and Important Announcements
Resources and instructions for submission of 2020 audit reports are now available on our Submitting Your Audit webpage.
2020 Year End Coronavirus Relief Fund (CRF) Reporting
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.
FY2020 Financial Statement Resources Now Available
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.
LOGOTIN Project
The Local Government Commission staff is excited to announce its partnership in the Local Government Technology Initiative (LOGOTIN) project.
Updated Accounting and Reporting Guidance for CARES Funding
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:
Executive Orders 124/142 Webinar: July 28, 2020
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.