After years of imprudent financial practices, the towns of Spring Lake and Scotland Neck passed responsible budgets this week, prompting State Treasurer Dale R. Folwell, CPA, to praise their action and to applaud the Local Government Commission’s (LGC) financial accountability agreement system that played a role in the turnaround.
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After raising deep concerns over potential budget deficits, longstanding fiscal disarray and an investigation into missing money, members of the Local Government Commission (LGC) voted to warn Spring Lake that it faces potential state takeover of its financial affairs.The LGC, chaired by State Treasurer Dale R. Folwell, CPA, and staffed by members of the Department of State Treasurer’s State and Local Government Finance Division, voted unanimously in an emergency meeting Tuesday, June 22, to send a notice of warning to the town of 12,000 residents.
Forsyth, Moore and Hoke counties have received approval from the Local Government Commission (LGC) to obtain a combined $281 million in financing to build government buildings, and to erect and upgrade other facilities.The action was part of more than $1 billion in financing approved June 1 by the LGC, chaired by State Treasurer Dale R. Folwell, CPA, and staffed by Department of State Treasurer personnel.
State Treasurer Dale R. Folwell, CPA, announced today that the state’s Highway Trust Fund (HTF) had reached $646.8 million in April 2021. The HTF was created by the North Carolina General Assembly (NCGA) in 1989 to provide revenue sources for specific highway projects.
North Carolina’s Local Government Commission (LGC) has approved a survival plan for the struggling Randolph Hospital that includes a potential $12 million loan for a startup company to buy the Asheboro-based health system.The 145-bed community hospital, which has more than tripled in size since it was created in 1928, entered Chapter 11 bankruptcy. Randolph County Commissioners Chairman Darrell Frye told the LGC on Tuesday, May 4, that community health care is in crisis mode.
The Local Government Commission (LGC) unanimously approved a resolution recommending that the General Assembly repeal the town charter of East Laurinburg. The action was taken after town officials failed to file state-required financial audit reports the past four years and failed repeatedly to comply with other requirements of the Local Government Budget and Fiscal Control Act.
The Local Government Commission (LGC) has approved a request by rapidly-growing Union County to borrow up to $331 million in bonds to build new water and sewer system infrastructure and upgrade existing facilities.The LGC, chaired by State Treasurer Dale R. Folwell, CPA, and staffed by Department of State Treasurer personnel, convened remotely at 2:30 p.m. Tuesday, March 2, to consider numerous requests from local government units across the state to borrow money or refinance existing debt at lower interest rates.
State Treasurer Dale R. Folwell, CPA, announced today the results of the 2021 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.
The first round of study grants approved under a new program could lead to solutions for utility infrastructure woes threatening the financial stability of three distressed local governments.
(Raleigh, N.C.) – CaroMont Health Inc. received an important approval this week to move forward with its plan to build and equip a four-story patient hospital care tower in Gastonia.The action was one of 13 items approved by the Local Government Commission (LGC) totaling more than $300 million worth of school, park, municipal building and infrastructure projects spanning 11 counties across the state. Click here for the full agenda.