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Hope Mills board adopts fund-balance policy tied to state audit recommendations
Summary
On April 30 the Town of Hope Mills Board adopted a fund-balance policy based on the Local Government Commission model as part of a series of policy adoptions responding to Office of the State Auditor recommendations; board approved the policy by voice vote.
The Town of Hope Mills Board of Commissioners unanimously approved a fund-balance policy at its April 30 special meeting, responding to recommendations in a recent state audit.
Staff told the board the policy follows a model from the Local Government Commission and that the town has renamed the document to reflect the Town of Hope Mills. A board member noted this was the fourth policy adopted since the last meeting that is directly tied to recommendations from the Office of the State Auditor (OSA).
A committee member moved to approve the fund-balance policy; the motion was seconded and carried by voice vote. The board recessed to address other agenda items, noting the town has adopted multiple OSA-related policies within the 90-day response window communicated to the auditor.
Next steps: the adopted policy will be incorporated into the town’s financial policy set and referenced in the town’s response to the state audit.
