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r - . ,.. .;-.- .,4t'- s'.V' :'-- :4 <br /> , . 053 <br /> • <br /> WA'kV Peparinterif of Plate ti <br /> r <br /> iTh <br /> ~y <br /> �rnr+r <br /> \.--°14A1-11-AN s, dares State and Local Government Finance Division JOHN o FOUS1' <br /> - . Trr...tmert and the Loci! Gov�eennlent Commission <br /> cri�Y va2wau� w <br /> July 25, 1980 <br /> 1 <br /> . i <br /> • <br /> MEMORANDUM <br /> • <br /> TO: <br /> All using Authorities and their independent auditor . -. . .PROM: John l7. Foust 9. 7i. i .. <br /> SUBJECT: Local Government Budget and Fiscal Control Act <br /> .. . <br /> i <br /> =====— = ====—= .^-= =====-====p=============:^a=^======. == <br /> The office of the North Carolina Attorney General has recently deter- <br /> mined that a housing authority is subject to the provisions of Chapter 159 of the <br /> General Statutes Local Government Budget and Fiscal Control Act, as a public <br /> authority. Thisii.s based upon the court cases entitled Wells versus Housing <br /> Authority 213 N. 1C . 744: and Cox versus )i.nston 217 N. C. 394. ' <br /> G.S. 119.34 requires that all public authorities have their books <br /> �"' audited after the close of each fiscal year. Therefore, each housing authority <br /> should contract with their independent auditor for an annual financial audit. <br /> We realize, of course, the financial implications of this requirement and also <br /> the need for adv nced planning in budgeting the anticipated cost. As a conse- <br /> quence, we will require annual audits beginning with the fiscal year 1980 or <br /> 1981..__Alepending u on the end of the two-year audit cycle now followed. The audit <br /> contract and invoice for the audit fee shall be submitted for the Secretaryos— <br /> approval and a copy of the audit report filed with this office. <br /> Enclosed are the LGC-203 forms fot- the semiannual report of cash <br /> • <br /> balances as required by G.S. 159-33. Please fill out and return by August l5, <br /> if you have not a ready done so. <br /> Instructions should be read and followed carefully. Please include <br /> a phone numbef where you can be reached. <br /> If assi Lance is needed in completing this report or if you have any <br /> questions concerning the annual audit, please phone or write the. Fiscal Manage- <br /> ment Section (919) 733-3064. Thank you for your cooperation. <br />