Financial Outlook

The City of Rocky Mount acknowledges its placement on the Local Government Commission’s (LGC) Unit Assistance List (UAL), based on the financial condition reflected in the City’s Fiscal Year 2025 audited financial statements. The City takes this designation seriously and recognizes the financial challenges identified in the audit. Over the past year, City Council and staff have taken significant and sometimes difficult steps to strengthen financial controls, improve oversight, manage expenditures, and improve the City’s overall financial position. 

Director of Finance Cheryl Spivey, CPA, said, “We recognize the seriousness of the City’s financial challenges, but we have also seen meaningful progress over the past year. The changes we have implemented have strengthened our financial management practices, improved accountability, and positioned the City for greater long-term financial stability.”  

While the Fiscal Year 2025 results reflect a challenging period, the City’s financial position has improved considerably during Fiscal Year 2026 based on the City’s current financial reporting. The City expects its Fiscal Year 2026 audited financial statements to reflect the impact of corrective actions and stronger financial management practices implemented over the past year.  

As State Treasurer Brad Briner noted, “Rocky Mount is a good example of how larger units can benefit from the additional monitoring, oversight and support that the LGC Staff provide to units on the UAL.”  

City Manager Elton Daniels stated, “The City welcomes the opportunity to work closely with the LGC staff as we continue strengthening our financial position. Over the past several months, we met regularly with the LGC staff in Raleigh to report on the City’s financial condition and progress. At each meeting, we demonstrated steady and measurable improvement. 

“The City continues to submit monthly financial reports to the LGC and will continue working closely with LGC staff. This ongoing transparency reflects our commitment to accountability and responsible financial management. There is still work ahead, but the City is moving in the right direction. We remain focused on rebuilding our financial position, maintaining transparency with our residents, and ensuring that the progress made during Fiscal Year 2026 continues into Fiscal Year 2027 and beyond. The challenges are real, but so is the progress, and I am confident in the financial future of the City.”