Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: Note 1. Basis of Presentation - The accompanying schedule of expenditures of federal and state awards (the "Schedule") includes the federal and state award activity of the City of Corpus Christi, Texas (the City) under programs of the federal government and State of Texas for the year ended September 30, 2022. 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) and the Texas Grant Management Standards (TxGMS). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Note 2. Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following, as applicable, the cost principles contained in the Uniform Guidance, or TxGMS, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Note 3. Relationship to Federal and State Financial Reports
Accounting Policies: Note 1. Basis of Presentation - The accompanying schedule of expenditures of federal and state awards (the "Schedule") includes the federal and state award activity of the City of Corpus Christi, Texas (the City) under programs of the federal government and State of Texas for the year ended September 30, 2022. 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) and the Texas Grant Management Standards (TxGMS). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the Schedule may not agree with the amounts reported in the related Federal/State financial reports filed with grantor agencies because of accruals which would be included in the next report filed with the agencies.
Title: Note 5. Expenditures Incurred in a Prior Year
Accounting Policies: Note 1. Basis of Presentation - The accompanying schedule of expenditures of federal and state awards (the "Schedule") includes the federal and state award activity of the City of Corpus Christi, Texas (the City) under programs of the federal government and State of Texas for the year ended September 30, 2022. 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) and the Texas Grant Management Standards (TxGMS). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City disclosed amounts in the Schedule for expenditures incurred in a prior year as follows: Description Amount Federal Program CFDA Number 97.036 - Texas Department of Emergency Management, Public Assistance Grant Packery Channel Restoration $295,444 Winter Weather Event 2021 236,718 State Program - Office of the Governor Defense Economic Adjustment Assistance Grant (DEAAG) 83,038 Total $615,200.
Title: Note 6. Loans Outstanding
Accounting Policies: Note 1. Basis of Presentation - The accompanying schedule of expenditures of federal and state awards (the "Schedule") includes the federal and state award activity of the City of Corpus Christi, Texas (the City) under programs of the federal government and State of Texas for the year ended September 30, 2022. 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) and the Texas Grant Management Standards (TxGMS). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City had the following loan balance outstanding as of September 30, 2022 under the United States Environmental Protection Agency Capitalization Grants for Drinking Water State Revolving Funds program (passed through the Texas Water Development Board).Program Title - Capitalization Grants for Clean Water State Revolving Funds Assistance Listing - 66.48, Loan Balance September 30, 2021 - 0.00 Repayments - 0.00, Loan Balance September 30, 2022 - $3,561,000. Loans received under this program do not have continuing compliance requirements. There was $108,605 in Bond Issuance costs during Fiscal Year 2022. This grant also includes forgivable principal in the amount of $1,190,000.