The city’s audit for the past fiscal year — which ended June 30 — came out clean and unqualified, meaning the city’s books were in compliance with grant agreements, contracts and state and federal laws.

James Seckman, certified public accountant with Seckman and Thomas, presented the audit to the city council in October. He complimented the quality of the city’s financial records and the cooperation of Powell Finance Director Kaela Nelson.

“Our financial statements, as of June 30, are phenomenal. Our reserves are healthy. Our rates are adequate,” Seckman said.

During the year, the city’s total expenses were $18,204,000, with total revenues of $17,868,000, which includes revenues from the utility services the city provides. The report explained that expenses exceeded revenues largely due to the completion of the Absaroka Street project, depreciation expenses, and changes in pension liabilities.

The city’s business-type activities, which includes the fiber network, water, sewer, solid waste and electric services, also did well for the year. Revenues were $10.6 million over expenses of just less than $9 million.

The city acquired no new debt and decreased its total debt by 9%, or $104,000.

Last month, City Administrator Zack Thorington presented Powell’s expenditures and revenues for the first quarter of the fiscal year. Expenditures were generally where they were expected to be at this point, and the state’s sales tax distribution was 7% over projections.

Compared to the average for the previous three fiscal years for the same month, Powell’s state sales tax distribution was 13% lower in August and 9% lower in September. It was 8% higher in October.

While the city’s finances looked solid, Seckman warned that the State of Wyoming’s financial position is much more precarious. With an expected decline in state support to local communities, Powell’s governmental revenues would likewise drop.

He said in its budgeting process, the council had done well to budget for these drops, which will help it going into this fiscal year.

“I think the city of Powell is prepared,” Seckman said.