Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Summary of Significant Accounting Policies - Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The City has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Schedule of Receipts and Expenditures of Federal Awards (the "Schedule") includes the federal award activity of the City under programs of the federal government for the fiscal year ended June 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). 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 financial position, or cash flows of the City.
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Summary of Significant Accounting Policies - Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. The City has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Total Department of Community and Economic Development (DCED) loans outstanding at June 30, 2022 totaled: COMMUNITY DEVELOPMENT BLOCK GRANTS/ENTITLEMENT GRANTS (14.218) - Balances outstanding at the end of the audit period were $12,363,071. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were $54,346,747. COMMUNITY DEVELOPMENT BLOCK GRANTS_SECTION 108 LOAN GUARANTEES (14.248) - Balances outstanding at the end of the audit period were $78,225. NEIGHBORHOOD STABILIZATION PROGRAM (RECOVERY ACT FUNDED) (14.256) - Balances outstanding at the end of the audit period were $6,547,483.