Tiny North Carolina Town Faces Imminent Dissolution Crisis
The tiny town of Speed, located in eastern Edgecombe County, North Carolina, is facing an imminent dissolution crisis. The Local Government Commission (LGC) has urged Speed to consider voluntary dissolution due to its failure to meet financial obligations. It is a small area, covering just 0.3 square miles, and is home to around 60 residents.
The History of Speed
Founded in 1901 as a railroad stop, Speed once boasted a population exceeding 140. At its peak, it had essential services like a bank, a school, and a law enforcement program, all of which have since disappeared. The town has an older demographic, with a median resident age of 67.
Impact of Hurricane Floyd
In 1999, Hurricane Floyd devastated the town, leading to significant population decline and leaving vacant buildings as a stark reminder of the tragedy. Recovery has been slow, contributing to the financial issues Speed now faces.
Governance and Current Challenges
Speed’s local government is under pressure. The town lacks full-time staff and has no official website. Despite having a phone number and an email address, reaching town officials is challenging. Mayor Wilbert Harrison, who has served since 1996, ran unopposed in what may be Speed’s last mayoral election, receiving just 12 votes.
Municipal Financial Difficulties
The town has struggled with financial reporting for years. It has not submitted required audits for three consecutive years. In 2024, Speed approved its budget over three months late, violating state law by using funds without an approved budget. These issues prompted the LGC to suggest dissolution.
Future of Speed
The LGC has emphasized that Speed must either contract an external financial officer or face dissolution proceedings. Under current conditions, the town does not generate enough revenue to maintain a balanced budget. This situation has created an urgent need for a resolution.
Resolution to Dissolve
In October 2024, Speed’s Town Board passed a resolution indicating its intent to dissolve the town’s charter. The board has until June 30, 2026, to plan the distribution of assets and liabilities.
Community Sentiments
A sense of community persists among the residents. Commissioner Kenneth Randolph expressed a desire to preserve Speed, even if only for a few more years, emphasizing the town’s quietness and close-knit atmosphere. Despite impending changes, the essence of Speed may endure.
- Town Name: Speed
- Location: Edgecombe County, North Carolina
- Population: Approximately 60 residents
- Median Age: 67 years
- Year Founded: 1901
- Hurricane Impact: Flooded in 1999, leading to population decline
As Speed navigates this critical juncture, its future remains uncertain. The residents hold onto hope for a sustainable resolution amid the looming possibility of dissolution.
