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Audit finds Powell in compliance and with healthy fund reserves
Summary
An independent auditor told the Powell City Council the fiscal-year audit found the city’s financial statements in compliance with U.S. GAAP, no material weaknesses in internal controls, federal awards of $1,169,000 and generally healthy reserve levels across funds.
An independent auditor told the Powell City Council the city’s financial statements were presented in accordance with generally accepted accounting principles and that auditors found no significant deficiencies or material weaknesses in internal controls.
"We found the city to be in compliance with all of those requirements," the auditor said while presenting the fiscal-year audit for the year ending June 30, 2025. He said the city expended $1,169,000 in federal awards last year — largely ARPA and state and local government funds — and that the city will likely have a single audit for one more year while those federal funds are expended.
The auditor reviewed the city’s reserves across enterprise funds and the general fund: the general fund’s cash position equated to about 6.8 months of operating expenses (about 8.6 months after removing capital projects), the water fund was roughly at the 36‑month guidance, wastewater reserves were reported at 63 months, sanitation at about seven months and the electric fund at about 12 months. The auditor said those reserve levels indicate the city is in a strong position to pay for upcoming capital projects.
A council member moved to accept the audit report for fiscal years 2024 and 2025; the motion was seconded and approved by voice vote.
