In a decisive move aimed at addressing financial disarray, the Local Government Commission (LGC) has given the nod for a third-party audit of Winston-Salem/Forsyth County Schools' finances. The unanimous resolution, passed in their September meeting, comes on the heels of revelations about $46 million deficit and the troubling dismissal of 350 positions. According to the N.C. Department of State Treasurer's announcement, the state's Department of Public Instruction will coordinate with the LGC to pinpoint audit firms capable of conducting the much-needed fiscal inspection.
State Treasurer Brad Briner, who also holds a seat on the State Board of Education (SBOE), did not mince words regarding his frustrations, "reading this makes me so angry for the people in Forsyth County who elected a school board who obviously wasn’t paying attention," Briner expressed his discontent, his position as a father to school-age children adding a personal touch to his professional ire. The scope of the oversight extends back to 2017, suggesting deep-rooted financial issues. State Auditor Dave Boliek echoed this concern, painting a picture of a school system on the edge of financial calamity, largely attributed to "severely mismanaged" funds and lackluster accounting methods, as per the N.C. Department of State Treasurer.
While the school district's woes tugged at the spotlight, the LGC's September session also turned its gaze towards numerous local government units statewide. Eleven entities faced the denial of appeals, which now sees their sales tax revenue partially clipped—all because of dallying behind the Oct. 31, 2024, deadline for FY 2024 audit report submissions. Nevertheless, the commission showed leniency to others: 15 municipalities saw their appeals greenlighted, skirting a similar fate. A decision for Speed, in Edgecombe County, hangs in the balance until November, with the potential disintegration of its town charter looming in October, while Taylortown of Moore County cited "confidential legal issues" as it dodged an immediate ruling, as stated by the N.C. Department of State Treasurer.
Amidst calls for financial accountability, the commission didn't overlook its commitment to housing. The N.C. Housing Finance Agency (NCHFA) is set to issue a jaw-dropping $1.25 billion in revenue bonds extending through 2027, as it aims to bolster accessible home ownership for those on modest incomes. According to the N.C. Department of State Treasurer's announcement, a blend of new loans and repurposed funds from previous bonds will underpin this ambitious initiative.
