SPRING LAKE, N.C. (WNCN) — Finances for the Cumberland County town of Spring Lake are now in the hands of the state.
The town was warned two months ago by the State’s Local Government Commission to get its fiscal affairs in order or risk take over after the commission closed Spring Lake town hall and began examining the town’s records.
Tuesday the commission voted unanimously to take over the town’s finances because it feared Spring Lake would default on debt service payments of nearly $250,000 next month.
The state is impounding the town’s books and records as it takes over the day-to-day financial operations for Spring Lake.
North Carolina Auditor Beth Wood’s office is also investigating the town’s finances.