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City of Covington
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Municipality & ACFR Details
Type
Municipality-General Purpose Government
State
Georgia
County
Newton County
FY Period
FY 2024
MuniScore
Score not available
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Log inFinancial Summary
In FY2024, City of Covington maintained a positive net position of $22.9M, demonstrating financial stability. Total assets of $26.3M compared to liabilities of $1.5M indicate robust financial health, yielding a coverage ratio of 17.45. The government recorded an operating deficit of $11.4M, as spending of $33.8M outpaced revenues of $22.4M. At -50.9%, the operating margin requires corrective fiscal action. All metrics are calculated using General Fund data.