A rotating assembly for a gas turbine engine has a balancing ring mounted to a first rotating component having a rotating unbalance about an axis of rotation. The ring is clocked at a circumferential position about the axis to counteract the rotating unbalance. A spacer is axially abutted against the first rotating component to set an axial position of the first rotating component relative to a second rotating component. The balancing ring is locked against rotation relative to the first rotating component in its circumferential position by the dual use spacer.