Financial Information

Financial information for the Town is available electronically. It is important for the public to understand the public's finances as they relate to Town Government and how revenues and expenditures come together to form a budget. The Town of Carolina Shores operates on a fiscal year, as does every local government in North Carolina, that runs from July 1 to June 30. Each fiscal year requires a new budget that is adopted prior to the start of the fiscal year.

Highlighted, are some important terms related to local government budgets.

Local Government Fiscal Control Act

This North Carolina General Statute prescribes the manner by which the finances of the government unit must be structured, includes provisions on budgets, amending budgets, audits, and various other financial regulations. The State entity responsible for oversight of government unit finances is the Local Government Commission. The Commission is staffed by personnel from the North Carolina State Treasurer's Office

Annual Budget

The Local Government Fiscal Control Act requires that all government units have a balanced budget and that each year, prior to July 1, a budget be adopted.

Audit

The Local Government Fiscal Control Act requires that all government units have an annual audit and that the annual audit be submitted to the Local Government Commission for approval.