Notes to SEFA
Title: Loan/Loan Guarantee outstanding balances
Accounting Policies: The information in the 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. Governmental fund expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Proprietary fund expenses reported on the Schedule are reported on the accrual basis of accounting. The City's summary of significant accounting policies is presented in Note (1) to the City's basic financial statements for the year ended September 30, 2022. Such expenditures are recognized following the cost principles contained in the uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Capitalization Grants for Drinking Water State Revolving Funds (66.468) - Balances outstanding at the end of the audit period were $4,374,000