NC’s local government funding committee also had questions about the new valuation prior to the independent review, including questions from the original valuation that were not addressed in the second and unsatisfactory explanations for the accounting assumptions made.
The agency has since responded to these questions, Rabon said, but the LGC has not said a word on whether the agency’s request is moving forward or whether they were dissatisfied.
“We gave the LGC everything they asked for at the time, so we’re waiting for them,” Rabon said. “I just don’t know why we haven’t heard from you, but if you need more information we are more than willing to give it to you.”
When the LGC requested a second evaluation in May, state auditor Beth Wood said she would not support the agency’s funding if similar questions remained unanswered.
“If the second review comes back with the same issues, I’ll do my best to stop this from happening,” said Wood.
The saga began in 2017 when NC Legislature formed the Bald Head Island Transportation Authority to acquire the privately held assets of the ferry system from Bald Head Island Limited LLC after the longtime owner passed away.
After years of negotiation, the agency and Limited agreed in December to sell the ferry company for $ 48 million, pending the agency’s ability to obtain funding approval from LGC.