The Balance Sheet

Several campuses are offering the NC Local Government Finance community college course this spring.

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.

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 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.

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.

North Carolina

Audit Contract Forms and Instructions

Audit contract forms for FY2021 audits are now available.

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

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.

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

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

Memorandum #2021-03: Collateralization of Public Deposits and Pooling Bank List as of June 30, 2020, is now available on our Memos webpage.

Resources and instructions for submission of 2020 audit reports are now available on our Submitting Your Audit webpage.