Each year, all cities and towns must file their Local Government Finance Report with the Revenue and Fiscal Affairs Office (formerly the Budget and Control Board). The financial report details the city's sources of revenue, expenditures by category, indebtedness and other information required by the RFA.
The information is used to prepare fiscal impact statements on proposed legislation and to analyze financial trends on the state and local levels. The LGF Report is not intended to be a summary or replacement for actual audit reports, also required by state law.
Because the report is the only primary source in South Carolina for local government financial information, it is important cities report the information accurately and consistently each year.
"Local officials should compare prior year's data with the current year to ensure they are categorizing the revenue and expenditures consistently from year to year." explained Melissa Carter, the Association's research and legislative liaison. "RFA staff is willing to make changes to prior years' information, if the city discovers any inaccuracies."
Cities that do not submit their FY 2014 Report by January 15 will have 10 percent of their current year's distributions from the State Treasurer's Office withheld until the report is completed. This includes revenue due to the city from the Local Government Fund, the state accommodations tax and the Local Option Sales Tax.
City officials can submit their information online. The RFA also accepts the Local Government Finance Report Input Form by mail, email or fax.
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