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The city of Powell’s finances have received a clean bill of health for the previous fiscal year.
At an Oct. 17 council meeting, certified public accountant Stephen Thomas announced the …
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The city of Powell’s finances have received a clean bill of health for the previous fiscal year.
At an Oct. 17 council meeting, certified public accountant Stephen Thomas announced the results of the company’s yearly audit.
The conclusions found were that the city’s financial statements are in good order, there are no significant deficiencies or material weaknesses in internal control and there were no instances of noncompliance regarding grants or loans.
Additionally, all of the city funds show an operating profit after depreciation, including the general fund, which ended the previous fiscal year with $4,850,846 in cash, enough to fund eight months of government operations.
“Your books and records are very good,” he said. “ (Finance Director) Kaela (Nelson) is doing an excellent job as usual.”
Council member Zane Logan said the process to give an overview of the books, which took less than 10 minutes, was only so smooth because of the work of the finance department over the year.
