Audit 24389

Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of theCity of Olive Branch, Mississippi under programs of the federal government 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 RegulationsRegulations 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 is not intendedto and does not present the financial position, changes 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 recognizedfollowing the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowableor are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credit made inthe normal course of business to amounts reported as expenditures in prior years. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.