We worked together to create over ten budgets for the City of Covington. This process is never an easy one, because it is hard to estimate the income and outgo in a $122 million budget, with its many variables. However, during the 10 years that John served the City of Covington, we came within 2 percent of estimating income versus expenditures, and we also ended each year with a small surplus.
John, together with Gary Curtis, city of Covington cable TV director, compiled very valuable financial information when the sale of Covington Cable was being considered. They gave Roger Tingler, Covington cable committee chairman, and the entire city council the facts that helped us make the decision to sell in a timely manner. Shortly after we sold Covington Cable for $27 million, cable TV stocks nationwide fell an average of 66 percent. If the sale of Covington Cable had been delayed only a few months, we could have lost much of its value for the City of Covington. Instead, we received an excellent price for our system.
The city of Dunwoody has announced that John has been hired as finance director for their city. Dunwoody is gaining a very honest, capable and dedicated finance director.
Best wishes to John and his wife Diane as John assumes his new job, and much appreciation from all the citizens of Covington for a job well done.