Fiscal Responsibility

Friends and neighbors in Mount Gilead,

Let's address the pressing topic of fiscal responsibility. Over the past few years, our town's general fund has dwindled, plummeting from over a robust $1.6 million to just slightly over a third of that amount. Or to put it another way, our reserve-to-spending ratio went from 150% in reserve to 55%. While 150% might be too much to sit on, 55% is dangerously low. Though it didn't happen overnight, this decline occurred within a shockingly short span of just a few years.

Adding to our fiscal concerns, due to recurring clerical errors and tax-related challenges, the Local Government Commission (LGC) paid us an unexpected visit last Friday. The result? We are likely to soon be on the "Unit Assistance List." This status puts us under the LGC's close watch, as they undertake enhanced fiscal monitoring of Mount Gilead. It also means our officials will need extra training.

Think of it as the "State's Naughty List." We share this fiscal "naughty list" with most of Montgomery County and over 150 other municipalities in North Carolina. That's too many. While we aren't alone, we still need a plan to exit this list.

The bottom line is, if we don't change our direction, we risk losing financial control of the town. Although it's unlikely, unless we make a major misstep, it's a possibility we can't ignore. Towns like Kingstown, Cliffside, Robersonville, Eureka, and Spring Lake are all under the fiscal control of the Local Government Commission, according to North Carolina General Statute 159-181(c).

As elected officials, our primary obligation is to steward Mount Gilead's budget and resources. But what does "stewardship" mean?

"Stewardship" signifies the careful and responsible management of assets and responsibilities entrusted to one's care. It's not just a concept; it's a fundamental duty. For governing officials, this means managing public funds diligently. Ensuring effective internal controls is not optional; it's our core responsibility.

If elected, I will work closely with Town Hall to advocate for financial oversight in our projects and to bolster the General Fund. I'll push for financial officers to attend our town hall meetings and will explore ways to generate more revenue for our town.

We can't spend more than we earn. We must collaborate to ensure Mount Gilead's financial stability. This might involve tightening our belts, especially since being on the Unit Assistance List could limit our ability to receive the very grants we rely on to complete public projects.

I support our elected officials who are taking steps to correct our course. I also support our town manager and town hall staff. The intention here isn't to point fingers. We didn't arrive here because of one individual or a single decision. Indeed, our frequent changes in town management have contributed to the situation.

Casting blame is not productive. Instead, we must accept responsibility and focus on moving forward with a clear plan and a commitment to fiscal responsibility. And I'm pleased to report that Town Hall is already making corrections.

Mount Gilead deserves better. Together, let's prioritize fiscal transparency, rectify our financial approach, and rebuild our town's fiscal stability.

#MountGileadMatters #FiscalResponsibility #OurTownOurFuture