Sun Nov 16 06:40:00 UTC 2025: Okay, here’s a summary of the text and a rewritten version as a news article:
Summary:
The Town of Speed, North Carolina, a small, aging community, is on the brink of dissolving its charter after years of struggling to meet state financial reporting requirements. The Local Government Commission (LGC) has pressured Speed to dissolve voluntarily, citing persistent failures to submit audits, financial reports, and balanced budgets. The town’s aging leadership, limited resources, and the lingering effects of Hurricane Floyd have contributed to its difficulties. Dissolution poses challenges for the town’s residents, particularly regarding services like trash collection. While some residents express sadness at the prospect of Speed ceasing to exist as an incorporated town, the LGC has made it clear that action needs to be taken.
News Article:
Speed, NC, Faces End of an Era: Town on the Verge of Dissolution After Financial Struggles
SPEED, NC – After years of financial mismanagement and mounting pressure from the state’s Local Government Commission (LGC), the Town of Speed, North Carolina, is likely headed towards dissolution. The tiny Edgecombe County town, home to approximately 60 residents, has been struggling to meet mandatory financial reporting requirements, leaving the LGC with little choice but to push for its disincorporation.
Founded in 1901 as a railroad stop, Speed once boasted a population more than twice its current size, complete with a bank and its own school. But Hurricane Floyd in 1999 dealt a devastating blow, and the town has been in decline ever since. The town is surrounded by cotton fields, and life in Speed is often described as slow-paced, but now the town is in a race to disincorporate.
Under state law, Speed is required to produce yearly financial audits, semiannual cash and investment reports and a balanced budget by July 1 of each year. However, Speed hasn’t submitted a financial audit in three years, nor has it kept up with the other requirements. In 2024, Speed approved its budget more than three months late, and in doing so violated state statute by continuing to use town funds without a budget.
“These steps aren’t taken lightly,” the state treasurer has said.
The LGC, responsible for overseeing the finances of over 1,000 local governments in North Carolina, has repeatedly cited Speed’s failure to submit audits and financial reports. At a meeting in December, the Commission voted 4-2 to require the town to contract with an outside financial officer or else face a dissolution process initiated by the LGC.
Mayor Wilbert Harrison, 74, who has served since 1996 and operates primarily from his home due to health issues, expressed sadness at the prospect.
“It’s kind of heartwrenching,” Harrison told Carolina Public Press.
Commissioner Kenneth Randolph acknowledged the challenges but expressed a personal desire to keep the town alive. However, the LGC presented the board with a harsh reality: even if Speed caught up on its paperwork, its revenue base is too small to sustain a balanced budget.
On October 14, the Town Board passed a resolution of intent to dissolve its charter, a move that gives the town some control over the process. The town now has until June 30, 2026, to develop a plan to distribute its assets and liabilities.
The dissolution raises logistical concerns, particularly regarding essential services like trash collection, as Edgecombe County does not provide this service. Residents may have to form a homeowners association or other entity to fund those services.
Despite the impending changes, some things will remain. Randolph insists that his favorite aspects of his town – the name and the quiet – will remain. Harrison’s neighbors will continue as a “community of togetherness,” proof that, as many have said, not much changes in Speed.
This article first appeared on Carolina Public Press and is republished here under a Creative Commons Attribution-NoDerivatives 4.0 International License.
First Piper 