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Retired CPA warns Louisburg faces funding limits as council approves short‑term accounting help
Summary
A retired CPA told the council the town is on the state Local Government Commission watch list because of delinquent audits and a vacant CFO post; council approved hiring outside accounting help and directed steps to address audit backlogs and financial reporting.
A retired certified public accountant told the Louisburg Town Council that the town’s failure to complete two delinquent financial statements has placed Louisburg on the Local Government Commission’s watch list and reduces its ability to compete for grants.
"You don't have a financial officer that can keep up with the current financial matters," Felix Allen said in public comment, urging the council to hire an interim chief financial officer and a primary contact for the auditor so past audits can be completed. Allen said the town paid more than $120,000 for the 2023 audit and that timely, professional accounting could reduce future audit bills.
Resident Ray Staff later pressed staff for a status update on audits, noting the budget included $75,000 for the audit while actual costs exceeded $160,000. "A brief on the financial status of the community would be wonderful sometime in the future," Staff said, asking also about upgrades to financial management software and resumption of monthly financial reports.
In closed session the council approved a short‑term contract with accountant Beverly Stroud to assist immediate bookkeeping and prepare the town for audits. Town Administrator Manley said staff would brief council and provide more complete financial reports and possible paths for hiring or contracting an interim CFO.
The council did not set an immediate date for hiring a permanent finance director but unanimously approved the outside engagement and directed staff to prioritize audit completion and clearer monthly reporting.
Next steps: Staff will work with the contracted accounting firm to update council on audit status, projected costs and options for interim finance leadership; the town will also continue communication with the Local Government Commission as needed.
