Title: Basis of Presentation
Accounting Policies: Basis of Presentation. The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City of Joliet, Illinois (City) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the City's financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City of Joliet, Illinois (City) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the City’s financial statements.
Title: Federal Insurance and Loans
Accounting Policies: Basis of Presentation. The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City of Joliet, Illinois (City) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the City's financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City did not have any federal insurance in effect during the year.
Loans Payable - Illinois EPA
The City had nineteen loans payable to the Illinois Environmental Protection Agency (IEPA) from the City’s Water and Sewer Fund as of December 31, 2022.
The loans were made from the IEPA Revolving Fund which has been funded with both federal and state of Illinois monies. Loan drawdowns in 2022 totaled $10,870,731 of which $3,068,109 was federally funded; the remainder was state of Illinois funded.
Title: De Minimis Cost Rate
Accounting Policies: Basis of Presentation. The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City of Joliet, Illinois (City) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the City's financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City did not elect to use the 10% de minimis cost rate as covered in Uniform Guidance § 200.414 Indirect Facilities and Administration Costs.
Title: Property
Accounting Policies: Basis of Presentation. The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City of Joliet, Illinois (City) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the City's financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City will receive and has received property in the form of road/bridge construction projects through the resources provided by the U.S. Department of Transportation. There were three construction projects as listed in the schedule of expenditures of federal awards under CFDA number 20.205, for which the City has recorded federal expenditures related to engineering costs for the construction performed by the state of Illinois with the use of federal funding. The City is the beneficiary of the construction projects upon completion.