The City of Powell is proud of its strong financial operations and fiscal responsibility. Our Finance Department has been the repeat recipient of awards that recognize our commitment to quality budget documents, best practices on budgeting, and accurate financial reporting. The awards include:
-Standard & Poor’s ‘AAA’ with a stable outlook bond rating (since 2013)
-The Distinguished Budget Presentation Award by the Government Finance Officers Association of the United States and Canada (since 2008).
-The Certificate of Excellence in Financial Reporting by the Government Finance Officers Association of the United States and Canada (since 2006).
-The Ohio Auditor of State’s “Making Your Tax Dollars Count” Award (for multiple years).
-Participates in Ohio Checkbook
The Finance Department supports its residents and area businesses by collecting, depositing and investing all city funds.
It is also responsible for the following:
-accounting and finance reporting of all city operations
-human resources, risk management and safety duties
-levying property and income tax within its boundaries
Information about Powell’s real estate valuation, tax rates and special assessments can be found on the Delaware County Auditor’s website.
The Delaware County Auditor collects property taxes and other real estate data for all government entities in our county, and distributes them on a semi-annual basis.
The City of Powell does not require a special business registration, but the State of Ohio does require a Vendor’s License and Business Registration in order to conduct sales.
Please refer to The Ohio Department of Taxation for more information.
The City of Powell has a three-quarter percent (.75%) municipal income tax for anyone who earns income in the City of Powell, and for Powell residents who earn income outside of the city.
Residents who earn income elsewhere and have been taxed locally by another city can receive a credit of one-quarter percent (.25%), with a net tax of one-half percent (.50%) due to Powell.
During the 2021 Primary Election in May, Powell voters approved implementation of a new income tax restructuring, which goes into effect on January 1, 2022.The new tax restructuring raises the credit for taxes paid to another municipality from those that live in Powell but work in another city to 100 percent. The restructuring will additionally increase the effective income tax rate for individuals working in Powell from the current rate of 0.75 percent to a more competitive rate of 2 percent.
Other important information about Municipal Income Tax:
The City of Powell’s annual budget serves as the foundation for the City’s financial planning and control.
A city ordinance allows the City Council to determine the appropriations, or amounts of money, allocated to each city department.
The City Council may pass supplemental appropriations at any time by ordinance.
For a list of frequently asked questions and answers about City finances and taxes, visit here.
This report provides transparency of where City revenues come from and where those dollars are going for residents that may not have finance or accounting backgrounds. Additionally, we have highlighted some of the economic development activity and capital improvements that we saw during the last year and what to look forward to this year.
The City of Powell prepares a Comprehensive Annual Financial Report (CAFR) that is audited each year.
The CAFR details important financial information such as:
-Financial statements for the city
-Financial note disclosures
A Community Development Charge is a charge that covers fees associated with the development, acquisition, construction, operation and maintenance of a certain development.
There are two developments in Powell that pay a Community Development Charge: Murphy Park and Golf Village.
The Delaware County Commissioners, at the request of Triangle Properties, the developer, authorized the establishment of two financing authorities, one for Murphy Park and one for Golf Village. The financing authorities are a separate taxing district for the purpose of financing improvements within a specific area.
Here is a breakdown of improvements for each financing authority:
The Liberty Community Infrastructure Financing Authority – The Authority For Golf Village
Primary improvements financed:
The Powell Community Infrastructure Financing Authority – The Authority for Murphy Park
Primary improvements financed:
Financing Authority Board
Both financing authorities have a seven-member board. The residents of the subdivision elect board representatives.
The financing authority boards are responsible for:
Other important information about the Community Development Charges:
Visit here for a list of tax forms from the Regional Income Tax Agency.