Randleman, NC — Randleman is grappling with financial difficulties, including problems related to its 401(k) program, as the city works to address deficiencies within its finance department. City Manager Hank Raper has committed to transparency as the city strives to resolve these issues.
What Happened
In a statement, Raper explained that Randleman is addressing the financial issues that have been affecting the city’s operations, focusing on improving financial performance for the benefit of residents. One of the significant challenges includes the absence of a finance director, as the most recent director, Elizabeth Sechriest, resigned in July 2025. According to Raper, the resignation was a mutual separation, and the city entered into a separation agreement with Sechriest for $59,183.96, which included five months’ salary, benefits, and accrued leave.
The city has also been unable to submit its fiscal year 2024 audited financial statements nearly 11 months after the deadline, which was October 2024. The North Carolina State Treasurer’s office has indicated that the Local Government Commission will determine whether any action should be taken against the city for the late submission.
Efforts to Improve Financial Operations
Raper emphasized the ongoing efforts to enhance financial operations, including adopting new policies for finance and budgetary operations, as well as the creation of a new assistant finance director position. Randleman is also working to recruit a new finance director to help address the financial challenges and improve performance.
In addition to the audit delays, the city is working to complete the 2024 Fiscal Year Financial Audit and will begin working on the 2025 Fiscal Year Financial Audit as soon as possible. Randleman is receiving assistance from GWI Tax and Accounting, CPA, and cooperating with its outside audit firm, Bernard Robinson and Company.
Concerns About the 401(k) Program
Randleman also reported deficiencies in its 401(k) program, specifically related to employer contributions to the city’s servicer, Empower. The city has taken corrective action, but the work is not yet complete. Some employees have expressed concerns that these deficiencies could be impacting their retirement savings.
The city is currently working to determine the extent and duration of the deficiencies and is conducting a full assessment of the 401(k) program. Officials hope to complete this assessment in the coming months to determine any further necessary actions.
What Happens Next
The city of Randleman is working to resolve its financial issues, with the assistance of contracted financial services and a soon-to-be-hired finance director. As the city continues to address these challenges, the North Carolina State Auditor’s Office has not confirmed whether they are investigating the financial situation in Randleman.
Residents and employees are waiting to see how these efforts unfold, as the city works to regain financial stability and restore confidence in its operations.
This story may be updated with more information as it becomes available.
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