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Posted on: January 5, 2022

North Wilkesboro Adopts Comprehensive Financial Policy

January 5, 2022

FOR IMMEDIATE RELEASE

NORTH WILKESBORO BOARD OF COMMISSIONERS ADOPTS

COMPREHENSIVE FINANCIAL POLICY

 

[NORTH WILKESBORO, NC, January 5, 2022] – At their last meeting, the North Wilkesboro Board of Commissioners approved a new Comprehensive Financial Policy governing matters related to the town’s finances. The policy codifies previously unwritten practices, and updates others to bring the town’s financial governance up to date with economic conditions.

“Most of the policy was put together by the previous Board of Commissioners,” said Mayor Marc Hauser. “But I observed their deliberations and agree with the provisions in the policy. Approving this policy was the right thing to do.”

“Having a written, board-approved financial policy is of foundational importance to a local government unit,” said Town Manager Wilson Hooper. “It provides clear direction to the staff who manage the town’s budget and finances, it promotes transparency, and it ensures that sound financial practices will remain in place no matter who the mayor, commissioners, town manager, or finance director are.”

The policy establishes guidelines for operational budgeting, capital budgeting, borrowing/debt, fund balance, and investments. It was considered by the Board of Commissioners section-by-section at monthly meetings dating back to August. The Board considered model ordinances from other North Carolina municipalities, and received advice from staff members of the North Carolina Local Government Commission and the North Carolina Capital Management Trust.  

The policy will take effect immediately and will be put to use immediately as the town begins creation of the FY22-23 budget.

A summary containing the highlights of the policy can be read here. The full policy can be read here.

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