The Town is required to maintain the accounting system in accordance with generally accepted accounting principles (GAAP). The town also follows the standards of the Government Accounting Standards Board (GASB) principles.  In addition, the town complies with the rules and regulations of the North Carolina Local Government Commission (LGC).

The Town's Monthly Financial Reports are included in the Agenda Packet for each month's regular Town Council meeting. You can view previous and upcoming Town Council meetings, with links to the Agenda Packet, on the Meeting Agendas, Minutes, & Video page at OakIslandNC.gov/MEETINGS.

The Town has an annual audit of accounts which is conducted and presented by an independent auditing firm certified by the LGC.  Upon completion, the audit is presented and accepted by the Town Council in a regularly scheduled meeting.

The Town is required to budget and spend money in accordance with the Local Government Budget and Fiscal Control Act (LGBFCA). Revenues and expenditures for the provision of general services are authorized in the annual budget ordinance. Revenues and expenditures for capital projects or the projects financed with grant proceeds are authorized in the annual budget ordinance. 

The LGBFCA defines the annual budget as “a proposed plan for raising and spending money for specified programs, functions, activities, or objectives during a fiscal year. Town Council review the budget and enact it into law by adopting the annual budget ordinance. The fiscal year of operation is July 1 through June 30.

CLICK HERE to visit the Budget Information page

The Town adopts a Fee Schedule each year during the budget process. The Fee Schedule is the official listing of the costs charged for various services provided by the Town. The Schedule is updated annually, and provides a detailed breakdown of fees by department or service provided.

The Town of Oak Island is committed to providing residents with efficient, convenient service, by providing online payment options for taxes and utility bills. Payment and billing history information can be found on the Online Payment page at OakIslandNC.gov/PAYMENT or by clicking the link below:

CLICK HERE to Make Online Payments