Notes to SEFA
Title: CLEAN WATER STATE REVOLVING LOAN FUND- DEP
Accounting Policies: The information presented in the Schedule of Expenditures of Federal Awards is presented on a basisconsistent with the Towns general-purpose financial statements. The grants included are all accountedfor on a modified accrual basis of accounting which is described in the notes to the general-purposefinancial statements.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Town had $469,519 outstanding on a $1,119,519 bond payable which is funded by federal awards at June 30, 2022. Of this total, $978,613 is bond proceeds held by the Maine Municipal Bond Bank to be drawn down as the funds are expended.