GOLDSBORO, N.C. — The City of Goldsboro has been officially removed from the North Carolina Local Government Commission’s Unit Assistance List, marking a significant turnaround in the municipality’s financial standing following years of dedicated recovery efforts.
The removal, announced after a comprehensive review of the city’s audited financial statements for fiscal year 2024, represents the culmination of extensive work to restore financial accountability and operational excellence.
Years of Dedicated Financial Reform
“This moment marks a significant milestone in restoring the financial health and accountability of the City,” said Finance Director Catherine Gwynn. “Through years of diligent work, we re-established sound financial records, strengthened internal controls, and built a team committed to excellence in public finance.”
Gwynn credited the support of city leadership and council members for investing in the necessary resources to achieve this success.
The Local Government Commission established the Unit Assistance List to monitor local governments and public authorities that require additional oversight due to financial concerns. Placement on the list is determined by performance indicators across three critical areas: general fund management, water and sewer fund operations, and internal control systems.
Credit Rating Restoration Signals Financial Strength
Goldsboro’s removal from state oversight follows other positive financial developments. In March, Moody’s Ratings reinstated the city’s Aa2 credit rating, a high-quality designation that indicates very low credit risk and demonstrates renewed financial strength.
The credit rating had been temporarily withdrawn in August 2020 due to audit delays, but the city has since brought all financial reporting current. Goldsboro has maintained an AA rating with Standard and Poor’s since 2018.
Leadership Celebrates Organizational Transformation
City Manager Matt Livingston emphasized the comprehensive nature of the financial recovery. “We’ve got the Moody’s rating back, we are no longer on the state’s Unit Assistance List, and we are now being regarded as a well-managed organization by our peers,” he said.
“This has taken several years and a tremendous amount of teamwork to get us where we are today. I really can’t say enough about the positive impact this will have for the City and for us as an organization.”
Mayor Charles Gaylor highlighted the strategic approach that led to this achievement. “Decisions that have been made consistently over the last few years, focusing on strong fiscal foundations, accurate and on-time reporting, and a focus on financial best practices, have us back where we need to be as a city.”
Looking Forward with Enhanced Financial Tools
The mayor noted that removal from the Unit Assistance List provides new opportunities for the city. “Being removed from the Unit Assistance List indicates that the Local Government Commission sees no reason to continue monitoring our work and enables us to pursue other financial tools to help improve the lives of our citizens.”
This development positions Goldsboro to access additional financial instruments and opportunities that may have been restricted during the oversight period, potentially expanding the city’s capacity to serve its residents and pursue development initiatives.
