State Commission could take over Spring Lake's finances

Michael Lozano Image
Monday, July 26, 2021
State Commission could take over Spring Lake's finances
The Town of Spring Lake's Board of Aldermen is holding a meeting Wednesday to discuss the town budget and presumably the ongoing investigation into "financial irregularities" in the town.

SPRING LAKE, N.C. (WTVD) -- As Spring Lake leaders look to stabilize the town's budget, the Local Government Commission prepares to take control of their finances if leaders don't follow parameters set in place.

The LGC, a group that advises and assists municipalities dealing with financial strife, passed the resolution on Monday morning in what State Treasurer Dale Folwell said is a "preemptive measure".

"Our only responsibility is to figure out what's right, get it right, keep it right on behalf of the citizens," Folwell said.

The decision comes as the town continues to be investigated by the N.C. Auditor's Office on missing money and budget deficits.

The LGC has been collaborating with the Aldermen, providing strong suggestions and recommendations to assist the town's financial crisis.

Folwell said Sharon Edmundson, the Secretary of N.C. Local Government Commission, will enact the resolution if the Aldermen don't follow the guidelines put in place.

"Exercise of loyalty and duty of care. And, uh, sometimes that's not always easy, but it's pretty simple and what we're trying to do, in this particular case in Spring Lake, is exercise loyalty and duty of care to the taxpayer of that community," Folwell.

The Town of Spring Lake is holding a special meeting at 6 p.m. on Monday to discuss the proposed budget for the Fiscal Year of 2021-22.