AN ACT TO PROVIDE ADDITIONAL TOOLS FOR THE LOCAL GOVERNMENT COMMISSION TO ASSIST LOCAL GOVERNMENT UNITS AVOID AND CORRECT FISCAL DISTRESS THAT REQUIRES THAT THE IMPACT OF CHANGES TO SALES TAX DISTRIBUTION FORMULAS BE DELAYED UNTIL THE FISCAL YEAR FOLLOWING THE INITIAL DECISION; TO MANDATE THAT A STATEMENT FROM THE LOCAL GOVERNMENT COMMISSION BE INCLUDED IN THE PETITION TO THE GENERAL ASSEMBLY WHEN A NEW MUNICIPALITY IS PROPOSED; TO ADD OPTIONAL SOURCES FOR TRAINING FOR FINANCE OFFICERS; TO ALLOW THE LOCAL GOVERNMENT COMMISSION TO MANDATE SPECIALIZED TRAINING FOR CITY AND COUNTY MANAGERS WHEN A UNIT IS EXHIBITING FISCAL DISTRESS; TO ESTABLISH A PROCESS FOR A MUNICIPALITY TO INITIATE A TRANSITION TO RECOVER FROM FINANCIAL DISTRESS; AND TO ESTABLISH A PROCESS FOR THE LOCAL GOVERNMENT COMMISSION TO TRANSFER THE ASSETS, LIABILITIES, AND OTHER OBLIGATIONS AND DISSOLVE MUNICIPALITIES DETERMINED TO BE IN FINANCIAL DISTRESS.
House committee substitute to the 3rd edition makes the following changes.
Makes clarifying changes to proposed GS 160A-807, regarding the procedure for the rehabilitation of a city's financial affairs initiated by the Local Government Commission. Explicitly requires the city to provide information to the Commission to assess the city's financial affairs upon the Commission initiating the rehabilitation process described in proposed GS 160A-805. Makes further clarifying changes to proposed GS 160A-814, regarding the Commission's authorities when the Commission finds that the city's financial affairs are not sufficiently stable to continue operations.