Fiscal Year 2024-2025 Financial Report due to State of North Carolina
December 31 @ 11:30 pm
North Carolina towns must submit annual audited financial statements and an Annual Financial Information Report (AFIR) to the NC Treasurer’s Local Government Commission (LGC), These reports, including cash/investment data and budget info, are crucial for state compliance and transparency, with the LGC providing tools and guidance to help towns meet these mandates.
Key Reports & Deadlines:
- Annual Audit: Required by G.S. 159-34, due six months after the fiscal year ends (e.g., December 31 for June 30 FYE).
- Annual Financial Information Report (AFIR): A self-reported financial snapshot, with deadlines often aligning with audit submissions (e.g., by December 31 for FY2025).
- Budget: Must be approved by July 1 each year to avoid violations.