Topics Related to SLGFD News Release
State Treasurer Dale R. Folwell, CPA, announced today the results of the 2022 Debt Affordability Study, advising the Governor and General Assembly on the estimated debt capacity of the General and Transportation Funds for the upcoming 10 fiscal years.
Atrium Health $165 Million Bond Refinancing Also Receives Favorable Commission Vote
City Officials Have Not Filed Required Audits for Past Two Years, Raising Serious Concerns
The town of East Laurinburg will cease to exist as an incorporated municipality after June 30, 2022. The Local Government Commission (LGC) voted unanimously Tuesday, Dec. 7, to dissolve the beleaguered Scotland County town, exercising for the first time new statutory power to revoke charters of local governments that are in fiscal distress and unable to sustain operations.
In a letter a few weeks ago, State Auditor Beth Wood insisted that applications to purchase the Bald Head Island ferry (System) by the Village of Bald Head Island (Village) and the Bald Head Island Transportation Authority (Authority) not be included in the December Local Government Commission (LGC) agenda.
Stymied after multiple attempts to gain cooperation from the struggling town of East Laurinburg to correct major bookkeeping, banking and auditing deficiencies, the Local Government Commission (LGC) has voted to impound the town’s books and assume full control of its finances.
State Treasurer Dale R. Folwell, CPA, called on State Auditor Beth Wood to investigate the financial statements of Rural Hall. The Forsyth County town of 3,351 residents has recently experienced turmoil with the resignations of three of the four members of the Town Council as well as the town’s manager.
I would like to thank State Auditor Beth Wood and her staff for their hard work in today’s audit that found misappropriations of funds in East Laurinburg. In addition, I am asking the North Carolina General Assembly to immediately decharter East Laurinburg.
The Local Government Commission has voted to take over the finances of Spring Lake, citing concerns the town might be in danger of default on November debt service payments totaling $221,385 without corrective measures. The rare action comes two months after a powerful warning to town officials they needed to get their budget and fiscal control practices in order.
The Local Government Commission (LGC) has approved a request by the town of Clayton to seek an $80 million revolving loan provided by the state of North Carolina for a sewage treatment facility to accommodate rapid residential growth and industrial demands. But first the town and two major industrial users must reach agreement on protecting ratepayers should the industries’ usage demand — and payments — significantly decline from projections.