Provides that a governing body of a city can appropriate funds for a public campaign financing program for city office in that city's jurisdiction, if the city has held at least one public hearing on the program before adopting it, as well as having received approval by the State Board of Elections (SBE). Directs the SBE to develop guidelines as specified, laying out the basic components needed in such a program. 

Directs the governing bodies of a city appropriating funds for such a program to prepare a report and submit it to the SBE no later than six months after the second election in which it appropriates funds. The report must include an analysis of the implementation of the public campaign financing program up to that date, as specified. 

Sets out provisions defining and describing what comprises a public campaign financing program, providing that it is a uniform program of a governmental entity that offers support for the campaigns of candidates for elective office within the jurisdiction of that governmental entity under five specified conditions including, that the candidates participating in the program must demonstrate public support and voluntarily accept strict fundraising and spending limits in accordance with government-established requirements and that any public funds provided to candidates are restricted to use for campaign purposes in accordance with SBE guidelines. Exempts the funds provided by a city from being subject to the various contribution limitations found in GS 163-278.13, 163-278.15, and 163-278.19.

Provides that this act applies to the Town of Chapel Hill, the City of Asheville, and any municipality with a total population of 50,000 or more that is selected by the State Board of Elections for participation in this pilot program. Includes provisions for determining the population of a city for eligibility in the pilot program. Provides guidelines and limitations for the SBE in regards to it determining which and how many municipalities are selected for the pilot program. Directs the SBE to closely monitor the pilot program and report its findings and recommendations by June 30, 2020, to the Joint Legislative Commission on Governmental Operations, the Fiscal Research Division, the Joint Legislative Elections Oversight Committee, and the committees in the House of Representatives and Senate to which election-related bills are primarily referred. Requires interim reports to be submitted to those same entities by June 30, 2016, and June 30, 2018. 

Effective when the act becomes law and expires July 1, 2021.