Impending Changes to Bonding Requirements for Finance Officers: Prepare Now for January 1, 2023, and Beyond

About
As the largest
university-based local
government training,
advisory, and research
organization in the United
States, the School of
Government serves more
than 12,000 public officials
each year.
Browse by Role
The School provides
content and resources for a
wide array of local
government and judicial
officials in North Carolina.
Select your role to explore
all related content.
Local and State Government
Courts and Judicial Administration
Browse by Topic
The School provides content
and resources on a wide array
of topics in local government
and judicial administration in
North Carolina.
Select a topic to explore all
related content.
Local and State Government
Courts and Judicial Administration
Courses
The School of Government
offers up to 200 courses,
workshops, webinars, and
professional conferences
each year.
All Courses
Publications
The School of Government
publishes essential books,
manuals, reports, articles,
bulletins, and other print and
online content related to state
and local government.
All Publications
Browse
Blogs
Faculty write for a number
of School of Government
blogs providing timely
updates on emerging issues.
Resources
The School of Government
offers information and
services related to a wide
range of topics relevant to
government and judicial
officials—in-person and on a
variety of platforms.
- Blog Posts
- Centers and Services
- Frequently Asked Questions
- Knapp Library
- Legal Summaries
- Listservs
- Microsites
- Tools and Apps
Master of Public
Administration Program
The UNC MPA program prepares public service leaders. The program is offered in two formats: on-campus and online.
For more information, visit mpa.unc.edu
Giving
The School of Government depends on private and public support for fulfilling its mission. Your gift will make a lasting impact on the quality of government and civic participation in North Carolina.
Knapp Library
The Joseph Palmer Knapp Library houses a large collection of material on state and local government, public administration, and management to support the School's instructional and research programs and the educational mission of the Master of Public Administration program. Reference and research services are available to all residents of North Carolina, and additional assistance is available to state and local government personnel, both elected and appointed.
- Covid-19 Response

Since 2005, the Local Government Budget and Fiscal Control Act (LGBFCA) has required finance officers for units of local government and public authorities in North Carolina to provide to their respective entities a “faithful performance bond with sufficient sureties in an amount . . . not less than fifty thousand dollars.” Due to the General Assembly’s recent enactment of S.L. 2022-53, that minimum coverage amount will change on January 1, 2023, for units with “annually budgeted funds” in excess of $500,000.

This bulletin explains bonding requirements for finance officers of units of local government and public authorities subject to the LGBFCA and explains how these entities and their finance officers should prepare for the implementation of Section 9.(a) of S.L. 2022-53 on January 1, 2023.

Download (pdf, 2.72 MB)

Local Finance Bulletin #62

Impending Changes to Bonding Requirements for Finance Officers: Prepare Now for January 1, 2023, and Beyond

Faculty Coordinators