Title: Note 1 - Basis of Presentation
Accounting Policies: This schedule of expenditures of federal awards and state financial assistance summarizes the expenditures of the City under programs for the year ended June 30, 2023. 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 s not 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
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
This schedule of expenditures of federal awards and state financial assistance summarizes the expenditures of the City under programs for the year ended June 30, 2023. 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 s not 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
limited as to reimbursement.
Title: Note 2 - Loans Outstanding
Accounting Policies: This schedule of expenditures of federal awards and state financial assistance summarizes the expenditures of the City under programs for the year ended June 30, 2023. 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 s not 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
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
At June 30, 2023, there was an outstanding balance of $4,206,047 on various loans obtained through the State of Tennessee Revolving Loan Fund. Principal payments and loan
forgiveness during the year totaled $277,063.
Title: Note 3 - Indirect Cost Rate
Accounting Policies: This schedule of expenditures of federal awards and state financial assistance summarizes the expenditures of the City under programs for the year ended June 30, 2023. 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 s not 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
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.