City Agrees To Fiscal Accountability Agreement With LGC

City Agrees To Fiscal Accountability Agreement With LGC

(GDN) — The state is getting involved in Goldsboro’s finances. 

Monday evening, the Goldsboro City Council members were asked to put their signatures on a Fiscal Accountability Agreement presented by Local Government Commission. 

This followed delays in the city’s financial audit reporting over the past several fiscal years. 

All of the council members in attendance Monday evening signed the Fiscal Accountability Agreement, and the two absent council members are expected to add their signatures by the end of Tuesday.

The FAA is intended to put a structured monitoring process in place between the City of Goldsboro and the LGC staff. 

The LGC’s letter to the city states “the move is not intended to be punitive but should assist the unit in restoring its fiscal health.” 

However, should the city fail to comply with the agreement, the LGC may assume control of the financial affairs of Goldsboro.

The Fiscal Accountability Agreement approved by the Goldsboro City Council on Monday.