After just under two years, the Town of Pikeville regained control of its finances from the state.
Mayor Garrett Johnston said the initial takeover concerned many people.
He explained that, “The residents were really upset about them coming in. It was this idea of fear and panic that we were going to lose our town charter.”
The financial takeover came because Pikeville had only 4.8% of unrestricted available funds to meet its $765,000 budget and was in jeopardy of missing five payments totaling $158,000 of debt.
For Pikeville, the LGC has been an asset in recuperating the town’s pocketbook. Johnston says reforms to Pikeville’s structure and bookkeeping practices have strengthened town government.
“It puts us in a good financially responsible place to make sure the town is being well run and everything is being properly funded,” Johnston said.
The LGC in only one instance has recommended the dissolution of a town charter. That was the case for East Laurinburg this June.
