Randleman, NC – The city of Randleman is confronting significant financial challenges, including concerns with its 401(k) program, as it works to resolve deficiencies within its finance department. City Manager Hack Wrappers has emphasized transparency while outlining the city’s plans to address these issues and strengthen its financial operations.
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Financial Issues and Recent Developments
City officials explained that Randleman is addressing a range of financial concerns impacting city operations. A major issue is the absence of a finance director following the resignation of Elizabeth Serest in July 2025. City Manager Wrappers confirmed that the resignation was a mutual decision, and the city reached a separation agreement worth $59,183.96, which included five months’ salary, benefits, and accrued vacation.
Another pressing challenge is the delay in presenting the 2024 audited financial statement. Nearly 11 months past the October 2024 deadline, the North Carolina State Treasurer’s Office has indicated that the Local Government Commission will decide whether to take action against the city for the delay.
Efforts to Improve Financial Operations
The city is actively taking steps to improve financial performance. This includes adopting new finance and budget policies, creating an Assistant Finance Director position, and recruiting a new Finance Director. Randleman is also working to complete the 2024 fiscal year audit and plans to begin the 2025 audit as soon as possible.
To assist with these efforts, the city has engaged GWI Tax and Accounting, CPA, and is cooperating with external auditors Bernard Robinson & Company. These efforts aim to improve accountability, restore public trust, and strengthen the city’s overall financial health.
Concerns About the 401(k) Program
City officials have reported deficiencies in the city’s 401(k) program, particularly regarding employer contributions for employees. While corrective measures are underway, the process is not yet complete. Some city employees have voiced concerns that these issues could impact their retirement savings.
The city is working to determine the scope and timeline of the shortcomings and is conducting a full evaluation of the program. Officials hope to finalize this process in the coming months and implement any necessary changes to ensure the program’s integrity.
What Happens Next
Randleman continues working with contracted financial services and will soon have a new finance director in place. The city remains focused on addressing financial issues, ensuring transparency, and restoring public confidence. At this time, the North Carolina State Auditor’s Office has not confirmed whether it is investigating the city’s financial situation.
Residents and city employees are closely monitoring developments as Randleman works toward financial stability.
Conclusion
Randleman’s ongoing financial challenges highlight the importance of transparency, effective leadership, and strong financial oversight. The city’s proactive steps, including improving the finance department and addressing 401(k) concerns, aim to safeguard the future of Randleman’s operations and its employees’ financial wellbeing.