PILOT MOUNTAIN, N.C. (WGHP) -- Just over a month after Pilot Mountain’s finance officer and town manager were placed on leave, the town’s board of commissioners decided to terminate Michael Boaz effective immediately. This came after former State Auditor Beth Wood presented her findings to commissioners on Monday night.   “The bottom line is the town doesn’t have the cash,” Wood said. Wood took a closer look at the finances of Pilot Mountain from 2024. She said she found some red flags. Wood said budget amendments were made in the town's computer system that the board of commissioners did not approve and increases in the budget to cover the expenditures, which were also not approved by commissioners. She found a total of $508,000 of those increases were not approved by the board. “So now you've got monies being spent because there were no additional revenues coming in the door for that 2024,” Wood said. Wood said it remains unclear if anything criminal was going on. Some of the money was spent on town business. The town overspent, and the commissioners didn't approve the overspending. That's impacting entities like Pilot Mountain Rescue, EMS and the Pilot Mountain Tourism Development Authority. “That money has been spent by the town operational expenditures ... The EMS has bills for their renovations that they need to pay, and the cash is just not there,” Wood said. “The Tourism Development Authority ... That number in the letter is about $50,000. I'm hearing that it's more than that.” Wood only looked into the finances from 2024, and she believes there aren’t signs of embezzlement. She said a deeper dive into the town’s finances is needed to completely rule it out. “The obvious indications ... did not show any embezzlement .... Again, this year could just be the consequences of money missing in prior year, and now they can't pay their bills,” Wood said. The Pilot Mountain Board of Commissioners voted to formally request an investigation by the State Bureau of Investigation. The town expects to hear something soon from the SBI regarding an investigation into this. The town will have to rely on insurance money to help deal with the financial situation and is also selling some of its bigger assets to help generate cash.