HOPEWELL, Va. (WRIC) — The City of Hopewell announced the appointment of a new director of finance Monday afternoon.
Interim City Manager, Charles Dane, who took over after City Manager Mark Haley retired back in August announced that Michael Terry would be taking over as the new finance director.
This comes just a couple of months after Vice Mayor Jasmine Gore said she has serious concerns over the city’s finances. At the time, Gore said the city was unable to borrow money and was spending money it doesn’t have.
Meanwhile, the interim city manager said at the time that the city’s finances are strong and that he doesn’t believe there is any reason to panic.
Terry will be responsible for overseeing the development of the annual budget, the annual financial report and all other financial reporting. Terry officially began work on Dec. 1.
Terry has spent the last 20 years in governmental, professional services and public accounting.
He’s worked previously for the County of Isle of Wight, the City of Richmond, and for KPMG Consulting-Public Accounting. He received a Bachelor of Science from Virginia Union and a Post-Baccalaureate Certificate in Accounting from VCU.
“With his years of Governmental experience in the operation of local government financial systems and his extensive knowledge and experience in completing annual audits for governmental agencies, he brings the exact skill set to the city when we need it most,” Interim City Manager Dane said. “I look forward to Mr. Terry and his Finance Department team improving our processes and getting us caught up on our audit reporting requirements.”
Gore said in a previous report that Hopewell is one of two cities in the state that, as of October, hadn’t handed in a financial report for this year. Such a report is necessary for localities to be able to request loans.