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Covington reports strong fourth-quarter revenues, $42.6M cash and $2.1M interest income for 2024
Summary
Finance director presented the city's fourth-quarter financial report showing near-complete property-tax collections, strong REET receipts, higher-than-budgeted sales and utility taxes in some categories, and $42.6 million in cash and investments at year-end.
Casey, the city finance director, presented Covington's fourth-quarter financial report on May 13, reporting robust revenue collections, elevated interest income and healthy cash balances for the fiscal year.
Casey said the city received a little over $3.2 million in property-tax revenues through the fourth quarter; the levy for the year was $3,245,000. Real-estate-excise taxes (REET) came in far above budget: the city budgeted $600,000 but received nearly $1,400,000 (Casey described the REET result as 228.9% of budget). She said the city recorded 51 new home sales, 238…
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