(Raleigh, N.C.) – State Treasurer Dale R. Folwell, CPA, today invited all members of the Council of State (COS) to join him at the Department of State Treasurer (DST) to participate in the regularly scheduled COS meeting. Attendees will be socially distancing and adhering to all federal Centers for Disease Control and Prevention and state Department of Health and Human Services guidelines. Last week, Treasurer Folwell requested that Gov. Roy Cooper hold the July 7 COS meeting at its regular location in the Dobbs building. The request was denied.
“I felt strongly that we all need to get together and have an open and transparent discussion of the issues facing our state,” said Treasurer Folwell. “I, like other Council of State members, am receiving inquiries from citizens across the state about the purpose and the process by which these important economic decisions are being made. I’m honored to be on the Council of State with so many talented people. The public is demanding a forum to discuss the economic impact that COVID-19 has had on our areas of responsibility and what we’re going to do to flatten the economic curve.”
Treasurer Folwell noted that the consequences of the economic shutdown could be devastating for cities and counties in the state especially in the rural areas. Tax revenues for localities are estimated to suffer a 20% to 25% decline.
“When people are immobile, they can’t move and therefore can’t consume,” added Treasurer Folwell. “This lack of consumption will mean cities and counties across the state are going to see a negative, multi-year impact on their revenue.”
Additionally, Treasurer Folwell will discuss the impact Executive Order 142 has had on citizen-owned utilities across the state. On June 15, Elizabeth City requested a waiver of the order from Attorney General Josh Stein. After not hearing from the Attorney General’s Office, Elizabeth City said it would ignore the order and begin collecting utility payments. The AG’s Office subsequently granted the waiver.
Treasurer Folwell has asked (here and here) that the Governor’s Office grant waivers from Executive Order 142 for Elizabeth City and all citizen-owned utilities. If these utilities become insolvent, they are subject to “takeover” by the Local Government Commission (LGC). The impact of Executive Order 142 is on the July 7 COS agenda.
“I’m appreciative of those Council of State members who are joining us tomorrow,” said Treasurer Folwell. “All members are welcome, and I look forward to an open discussion of the issues. The meeting should not be adjourned until all Council of State questions and concerns on behalf of North Carolinians are addressed.”
The COS comprises North Carolina's executive branch of government. Under the North Carolina Constitution, it is composed of 10 statewide elected officers: the governor, lieutenant governor, attorney general, state auditor, commissioners of agriculture, insurance and labor, secretary of state, superintendent of public instruction and treasurer.
The LGC supports the State of North Carolina and over 1,300 units of local government through the sale and delivery of all state and local debt, monitoring of debt repayment, counseling and assisting local governments issuing debt, and monitoring and analyzing the fiscal health and accounting practices of all local governments.