State starts countdown on possible Princeville takeover

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July 11, 2012

State starts countdown on possible Princeville takeover

Staff Writer Calvin Adkins The Daily Southerner Wed Jul 11, 2012, 02:36 PM EDT

TARBORO — Because of a number of financial problems and a failure to respond in a timely manner, the Local Government Commission of the State of North Carolina on Tuesday issued a warning and gave Princeville 14 calendar days to come into compliance with its edict.

The action took place during a special called meeting Tuesday in Raleigh, which was attended by mayor Priscilla Everette-Oates, museum curator Daisy Staton and town attorney Chuck Watts.

The warning was issued on the recommendation of T. Vance Holloman, deputy treasurer of the North Carolina Department of State Treasurer.

If the town does not meet the deadline, the warning states, "... The Commission will impound the books and records of the Town and assume the role of the Town council in all financial matters unless the Town does each of the following in the 14-calendar days immediately after the date of the warning."

The probationary period began Tuesday and will end on Tuesday, July 24.

To avoid the takeover, Princeville must:

1. Take immediate actions, not simply develop a plan of action, to improve the financial condition and financial operations of the water and sewer fund.

2. Take immediate actions, not simply develop a plan of action, to address noncompliance and comply with the provision of N.C.G.S. Chapter 150 cited in the letter.

3. Open its offices and accounting records to the Commission's staff and cooperate with staff as they work to verify that actions required by points 1 and 2 have, in fact, been taken.

If the town does not meet LGC requirements, the state governing board will take over the town's finances indefinitely.

Princeville was cited for inadequate bookkeeping practices, failure to submit required documents to LGC in a timely manner and mismanagement of the water and sewer funds, along with several other infractions.

LGC member Viola Harris, who is also an Edgecombe county commissioner, explained that the state government staff would immediately begin working with the town over its finances. Harris, who voted in favor of LGC's warning, said Everette-Oates pleaded for LGC to withhold the warning.

"LGC has been working with the town since 2010 concerning its water and sewer fund and it has gotten worse," Harris said. "If they continue the way they are going, LGC was afraid they may default on one of their loans and that is one of the reasons why we issued the warning. It was the right thing to do."

LGC's warning has placed additional pressure on the town staff, currently working to develop a 2012-1013 budget that was due July 1.

The town is currently operating on an interim budget for July. Everette-Oates said the 2012-2013 budget would be completed by July 31. With the demands of LGC's warning, preparing the budget and responding within 14 days may be difficult.

"I don't see how they can do all of that within 14 days," said commissioner Ann Howell. "I'm also under the impression that they (LGC) are not satisfied with the audit. So, that's more work. I'm disappointed that LGC didn't just come down and take the books today. I know that they have to go through a process, but this has taken too long. This is a very critical time for Princeville."

The recommendation came two pieces of correspondence to Hollman from LGC staff.

In one, LGC listed several occasions where its staff offered to assist the town and the offers were ignored.

The second document included an analysis of the town’s corrective action plan response to the 2011-2012 audit that was prepared by Watts. It included the fact the town’s bank account had not been reconciled since last August.

Other issues included the fact the town's budget is not balanced, the water and sewer fund is $298,000 in the red and balance sheet accounts are not accurate.

"It's good that LGC has finally stepped in because it is a complete mess at town hall," said commissioner Gwen Knight. "But they needed to have come earlier."

Neither Watts nor Everette-Oates responded to questions submitted to them in writing via email.

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