MINUTES CALLED MEETING December 20, 2024 Council for the City of Covington. held a called meeting on Friday, December 20, 2024 at 11:00 a.m. in the Council Vice Mayor David S. Crosier called the meeting to order with the following members present: Mayor Thomas H. Sibold, Jr.; Vice Mayor David S. Crosier; Councilman William (Lance) Carson, Jr.; Councilman Fred F. Forbes; Councilman Raymond C. Hunter. Also present were City Manager Allen Dressler and City Attorney Mark Popovich. Chambers ofCity Hall located at 333 W. Locust Street, Covington, Virginia. Purpose of Meeting To discuss the City'sannual financial report for fiscal year July 2023-June 2024. Presentation of City's Annual Financial Report Gordon Stone with Robinson, Farmer, Cox Associates gave aj presentation ofthe City's annual financial report for fiscal There was discussion that not every street in the City qualifies for state funding. Mr. Dressler mentioned that the Cityi is Mr. Stone stated that any federal funds have to be spent by certain dates. His firm also reviews the City's fund balance David Bryant, Director of Finance, stated that the City is fortunate to receive have Machinery & Tools taxes and the EQ Basin $8M project at the WWTP-Wastewater Treatment Plant payment is coming up. Mr. Dressler stated that the small rate increase this year isi not taking care of the payments. Mr. Stone stated that if the revenues would be taken away for Machinery & Tools that it would: need to be figured out. Mr. Dressler asked if the City would need to borrow money, Mr. Sibold stated that he believes there should be an increase for City Council, there has only been one in twelve years and that he had wanted to ask for 20% increase in the past. Mr. Stone mentioned that the pay is not acceptable due to it not just being meetings but also communicating with citizens. Mr. Crosier mentioned that in 2012 there was talk about reverting to a Town and that the City had no layoffs, did not cut services and turned finances around quickly. Mr. Carson year July 2023-June 2024. Mr. Stone noted that the City's does a good job, there are no violations. responsible for all bridges in the City. and general fund summary. would that be feasible and Mr. Stone stated yes. stated that the EQI Basin had to be completed to avoid large fines from DEQ. Mr. Dressler thanked thel Finance Department/Central Accounting and Auditors for all their work. Mr. Crosier asked Council for ai motion to accept the audit as presented, motion made by Mr. Carson, seconded by Mr. Hunter with roll call votes as follows: Mr. Carson, for; Mr. Forbes, for; Vice Mayor Crosier, for; Mayor Sibold, for. Mr. Hunter, for. Mr. Bryant stated that a necessary signed document will be sent to the. Auditor ofPublic. Accounts that this audit was presented to Council, With no further business to come before Council, the meeting was adjourned by consensus. ARFL WILLIAM LANCDCAESONJIRMAYOR ATTEST: 7A7A5 RESPECTFULLY SUBMITTED: BY REBECCA BRATTONNUCKOLS, ACTING CITY CLERK Page 10 of1