Hope Mills board adopts fund-balance policy tied to state audit recommendations

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.