A city or town risks losing 10 percent of its Local Government Fund money if it misses a key reporting deadline. To be in compliance, complete the annual Local Government Finance Report and file the report with the Revenue and Fiscal Affairs Office by January 15, 2017.
The revenue and expense data that cities and towns provide is used by the Revenue and Fiscal Affairs Office to estimate the fiscal impact of legislative bills. Legislators need accurate data to make sound decisions on bills that affect cities and towns.
The data used for a city's audit, which is due to the state Treasurer's Office the thirteenth month after the end of the city's fiscal year, is the same data that can be used to fill out the Local Government Finance Report. To make filing the report an easier task, municipalities may wish to include completing the report in the scope of services of its annual audit.
Cities and towns stand to benefit from accurately reporting all revenues and expenses, because without it, bills that become law may have unexpected effects on cities.
Local officials can complete the form online.