The Daily Southerner, Tarboro, NC

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July 9, 2012

LGC could take drastic action against Princeville

Staff Writer Calvin Adkins

TARBORO — PRINCEVILLE — A high ranking official from the N.C. Department of Sate Treasure office will recommend Tuesday that the Local Government Commission take actions that could result in control of the financial affairs for the Town of Princeville being taken away from the town's board of commissioners.

In a seven-page letter dated July 5 and addressed to the members of the LGC and copied to the town's board of commissioners, the interim manager and town attorney Chuck Watts, Deputy Treasurer Vance Holloman wrote, "The Local Government Commission ("Commission") staff recommends that the Commission issue notice and warning to the Town of Princeville ("Town" or "Princeville") that may result in the Commission impounding the books and records of the Town and assuming full control of the all of the Town's financial affairs pursuant to section 159-181(c) of the North Carolina General Statues ("N.C.G.S."). According to N.C.G.S. 159-181(c), the Commission has authority to carry out such action."

The letter reads that LGC has been in communication with the town frequently over the past two years and offered assistance. Those offers were not accepted until recently, when the town failed to pass its 2012-2013 budget due on June 30.

Holloman will request the commission to issue a written warning to Princeville stating that 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 can improve the financial condition and financial operation of the water and sewer fund, and address non-compliances with the budget.

The commission also suggests the town must open its accounting records to the LGC staff for 14 days.

If the above is not satisfactory to the LGC after the probationary period, the state could take over the town's finance indefinitely.  

Princeville's financial woes began several months ago. However, during the early stages of the battle, Mayor Priscilla Everette-Oates reported continuously that the town was operating in the "black."

Commissioners Ann Howell and Gwen Knight argued that point, saying it was not, but said they could not prove their claims because they were not privy to all the financial documents.

One of the most pressing concerns LGC noted addressed the management of the water and sewer fund.

According to the letter, as of April 30, the water and sewer fund showed a negative cash balance of more than $298,000. Because of the lack of funds in that account, the town could default on a N.C. Department of Environment and Natural Resources loan that was taken out in 2009 to replace water meters.

Other concerns listed by LGC included:

• General fund had only a $1,000 cash balance

• Several reports including the 2011-2012 budget were submitted late to LGC. The town's June 30, 2011, and the Dec. 31, 2011 semiannual report on deposits and investments yet to be submitted despite five written requests.

If the state were to take over Princeville's finances, it would be the second time for LGC to control the town books. In 1997, LGC took over the town finances after serious bookkeeping problems and financial issues left the town struggling.

LGC is responsible, through the work of the State and Local Government Finance Division, to monitor the financial condition and compliance with North Carolina General Statutes, internal controls and proper accounting procedures of all units of local government in the State.  

 

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