City of Goldsboro Removed from LGC Unit Assistance List

The City of Goldsboro has been removed from the Local Government Commission’s Unit Assistance List following a review of the audited financial statements for the 2024 fiscal year.

“This moment marks a significant milestone in restoring the financial health and accountability of the City,” Finance Director Catherine Gwynn said. “Through years of diligent work, we re-established sound financial records, strengthened internal controls, and built a team committed to excellence in public finance. I’m proud of the progress we’ve made and thankful for the support of City leadership and Council in investing in the resources we needed to succeed.”

The Local Government Commission (LGC) created the Unit Assistance List (UAL) to keep track of local governments and certain public authorities that, due to their financial status or related factors, require additional guidance and support from LGC staff. Currently, units are placed on the UAL based on Financial Performance Indicators in three core areas: general fund, water and sewer funds, and internal controls.

Goldsboro’s removal from the UAL is the latest development in a trend of improvement regarding the City’s financial standing. In March, Moody’s Ratings reinstated the City of Goldsboro’s Aa2 credit rating. This high-quality rating demonstrates very low credit risk and underlines the City’s renewed financial strength. Moody’s temporarily removed Goldsboro’s credit rating in August 2020 due to delays in audits; however, the City is now fully up to date on its financial reporting. The City has retained an AA rating with Standard and Poor’s since 2018.

“We’ve got the Moody’s rating back, we are no longer on the state’s Unit Assistance List, and we are now being regarded as a well-managed organization by our peers,” City Manager Matt Livingston said. “This has taken several years and a tremendous amount of teamwork to get us where we are today. I really can’t say enough about the positive impact this will have for the City and for us as an organization.”

“This decision by the Local Government Commission is yet another strong indicator that the City is running well, and in good hands,” said Mayor Charles Gaylor. “Decisions that have been made consistently over the last few years, focusing on strong fiscal foundations, accurate and on-time reporting, and a focus on financial best practices, have us back where we need to be as a city. Being removed from the Unit Assistance List indicates that the Local Government Commission sees no reason to continue monitoring our work and enables us to pursue other financial tools to help improve the lives of our citizens.”