The Spring Lake Board of Aldermen met Tuesday evening, Feb. 28, to discuss the town's finances.
Susan McCullen, director of the Fiscal Management Section of the Local Government Commission, gave an update and answered some of the Aldermen's questions on the town's financial plan.
Last year, the Local Government Commission took control of the town's finances after investigations were launched involving missing money and concerns about budget deficits. As a result, Spring Lake has a fiscal accountability agreement with the Local Government Commission, an enhanced monitoring strategy they use to monitor the town's finances.
According to McCullen, Spring Lake still has a fiscal accountability agreement and has not established an exit strategy. An exit strategy would include a plan for the board, the manager and the finance staff to regain control of finances.
"We need to just spend a little bit more time with it," said McCullen. "There is still some work that has to be done."
According to McCullen, she foresees the town entering its exit strategy plan sometime in the summer.
The Board of Aldermen also heard from Devin Newton from Cumberland County Community Development, who spoke about several entitlement grants and programs from Housing and Urban Development. Some of the programs are for housing rehabs, rental rehabs, first-time homebuyers and affordable housing development.
Interim Town Manager Samantha Wullenwaber discussed the fiscal budget for 2022 – 2023 and the monthly financial report.
"We're right on where we should be which is great," she said. "The town hasn't operated in the plus in a long time and it's good to see."