HOPEWELL – A veteran accountant and local government finance official has been named as the city’s new finance director and given the task of getting Hopewell current on its required financial reports.
Interim City Manager Charles Dane announced late Monday afternoon that Michael Terry has been appointed as Director of Finance. According to a press release, Terry actually started in the job on Friday, Dec. 1.
According to the release, Terry “will oversee financial operations including investment management, budgeting, accounting, financial reporting, grant monitoring, payroll auditing, accounts payable and purchasing. He will also oversee the development of the annual budget, Comprehensive Annual Financial Report (CAFR), and all other financial reporting.”
The city’s main financial report, the CAFR, has been significantly late for the past couple of years. Due Nov. 30 each year, the 2015 CAFR was only filed in September of this year, while the 2016 and 2017 reports are still pending. Dane has said he hopes to get those reports filed in coming months and to have the city back on schedule to file its 2018 report on time in November 2018.
Terry previously was director of budget and finance for Isle of Wight County for five years, deputy director of finance for Richmond for three years and a management consultant with KPMG Consulting-Public Accounting for thirteen years.
He also recently served as senior accounting consultant for VML/VaCo Finance as project leader for the preparation, completion and submission of the CAFR for Petersburg for its 2016 and 2017 fiscal years. In that capacity, he presented a report on the 2017 CAFR to Petersburg City Council just last week.
Terry holds a bachelor’s degree from Virginia Union University and an accounting certification from Virginia Commonwealth University.
“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,” 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.”