The Shadow
At a called meeting of the Covington City Council on Thurs., Dec. 22, Gordon B. Jones, CPA representing RFC CPAs/Consultants in Blacksburg, presented “City of Covington, Virginia Annual Financial Report” that ended June 30, 2022.
After noting that the City of Covington has cash on hand, Gordon remarked, “Cash is your most important asset.”
He noted that a single audit is required by federal guidelines for any program the city operates that spends $750,000 or more.
Gordon remarked that a landfill project and a bridge project in 2018, were responsible in part for the depletion of the funds available temporarily but that the City of Covington has bounced back financially, holding capital assets up about $6 million from 2018.
Gordon concluded, “Your financial status has improved over the past four years.”
Capital assets were just over $4 million in 2018, according to Jones’ report.
He represents Robinson, Farmer & Cox Associates in Blacksburg, and at the conclusion of his report, he provided the members of the Covington City Council with his e-mail and telephone number.
After providing the information, he extended an invitation to the city officials to contact him if any members of Council or if City Manager Allen Dressler have questions about the 159-page report that Gordon provided members of the Council at the beginning of the meeting.
Mayor Tom Sibold who gaveled the meeting to order gaveled the end to the meeting following Gordon’s extensive report.
