The Local Government Commission voted at its meeting on Tuesday to accept the Town of Speed’s plan to dispose of its assets after the town dissolves its charter, which is expected to take place on June 30.
The town has a population of 63 people and about 34 households, and its largest population was in 1960, with about 142 people. The town has no commercial properties.
Speed has seen its share of significant financial challenges. It has five outstanding audits, and, according to an investigative report by the State Auditor’s office, a total of $3,507.15 in unauthorized charges was withdrawn from the town’s accounts. Taxpayer funds were expended on unauthorized charges, including the purchase of gift cards, groceries, and electronics. In addition, the town failed to maintain full and accurate minutes of its official business and meetings as required by law.
The town adopted a resolution of intent to dissolve in October.
They have about $42,000 in real property assets, of which the town plans to give a property adjacent to the volunteer fire department to the department and the town hall, which will be used for training and other activities. The remaining five properties will be given to Edgecombe County.
The Edgecombe County Board of Commissioners met Monday night and unanimously approved a resolution to accept the assets from the town. The county said it will use funds from any sale of the properties to support the town’s activities.
The town has no liabilities, no outstanding debt, no contractual obligations, and does not provide any water, sewer, or enterprise funds.
Once the town dissolves after June 30, it will no longer have land development regulations, and the county will assume zoning and building inspections. Street maintenance will be taken care of by the North Carolina Department of Transportation. Streetlights will be paid for by the individual property owners, but the proceeds from the cash assets will pay for some of that for a while, and household garbage collection will be taken care of by the individual property owners as well.
Officials said the people of Speed still have concerns about what the future holds, but they realize it is the best thing for the town moving forward.
Edgecombe County is said to be very receptive and willing to work together and help out the municipality.
The town, which was established in 1901, has never recovered from Hurricane Floyd in 1999, according to state officials.