Notes to SEFA
Title: Access Program
Accounting Policies: All expenditures included in the schedule of expenditures of federal awards are presented on the basis that expenditures are reported to the respective federal grantor agencies. Accordingly, certain expenditures are recorded when paid, and certain other expenditures are recorded when the federal obligation is determined.
De Minimis Rate Used: N
Rate Explanation: The de minimis cost rate was not used
The Medical Assistance Program is a medical assistance program that reimburses municipalities for emergency service transporter services. Reimbursements are federal source revenues but are reimbursed after a yearly audit of the services; therefore, the expenditures are for the previous fiscal year. The amount of Medical Assistance funding recognized for the year ended June 30, 2023 was $917,196.
Title: Loan Balances Involving Federal Funds
Accounting Policies: All expenditures included in the schedule of expenditures of federal awards are presented on the basis that expenditures are reported to the respective federal grantor agencies. Accordingly, certain expenditures are recorded when paid, and certain other expenditures are recorded when the federal obligation is determined.
De Minimis Rate Used: N
Rate Explanation: The de minimis cost rate was not used
In the year ended June 30, 2018, the City obligated itself to pay the Maryland Water Quality Administration the amount of $36,045,000 for wastewater treatment plant upgrades and expansion. Principal is payable annually beginning February 1, 2018 continuing through February 1, 2037 and bears no interest. This obligation is accounted for in the water and sewer fund. As of June 30, 2023, the principal amount outstanding totaled $34,959,303.