Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: This schedule of expenditures of federal awards and state financial assistance summarizes the expenditures of the City under programs of the federal and state governments for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the City, it isnot intended to and does not present the financial position, change in net position, or cash flows of the City. Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limitedas to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
At June 30, 2022, there was a Department of Housing and Urban Development Home Investment Partnership Grant Note outstanding (CFDA #14.239). In a prior fiscal year, the funds, in the amount of $403,973, were passed to a sub-recipient. The grant note is forgivable, provided the Town continues to meet the terms of the grant. The remaining balance of the grant note is due in June 2032. CAPITALIZATION GRANTS FOR CLEAN WATER STATE REVOLVING FUNDS (66.458) SRF 2020-438-01 - Balances outstanding at the end of the audit period were $10,788,288. CAPITALIZATION GRANTS FOR DRINKING WATER STATE REVOLVING FUNDS (66.468)DG9 2021-231 - Balances outstanding at the end of the audit period were $1,447,760. CAPITALIZATION GRANTS FOR CLEAN DRINKING STATE REVOLVING FUNDS (66.468) - Balances outstanding at the end of the audit period were DWA 14-154 $66,699, CGO 2010-258 $190,224. CAPITALIZATION GRANTS FOR CLEAN WATER STATE REVOLVING FUNDS (66.458) - Balances outstanding at the end of the audit period were CWA 14-343 $167,308, CGA 2009-234 $1,779,292, CG7 2019-423 $2,541,954, SRF 2020-438 $17,547,558.