Monday, August 30, 2021

Statement from State Treasurer Dale R. Folwell, CPA on Governor Cooper’s Signing of SB 314 – The Local Government Commission ‘Tool Kit’

Aug 30, 2021

I’d like to thank Gov. Roy Cooper for signing SB 314 - the Local Government Commission “Tool Kit” into law. This important legislation will give the LGC more means to help local government units exhibiting fiscal distress. Much appreciation goes to Sen. Paul Newton who led a stakeholder working group including the North Carolina League of Municipalities and North Carolina Association of County Commissioners. This legislation adds a new set of tools and a process for voluntary and involuntary surrender of municipal charters allowing the LGC to ensure that services and responsibilities are transitioned in an orderly and thorough fashion.

Integral to the successful development and passage of SB 314 was State Auditor Beth Wood as well as Sen. Don Davis, Sen. Tom McInnis, Rep. Tim Moffitt, Rep. Allen McNeill, Rep. Carson Smith Rep. Billy Richardson and Sen. Todd Johnson. These new tools will give more resources to the LGC to continue their work in protecting the fiscal integrity and bond ratings of the state and its cities and counties. Every penny saved by lower financing rates can be used for education, public safety, roads and the other core functions of government.

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