Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis and modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City under programs of the federal government for the year ended September 30, 2023. 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 net assets, or cash flows of the City.
Title: Loans
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis and modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Assistance listing number 10.760 has loan balances of $1,731,282 for the Sewage Disposal System Revenue Bond Series 2022A and $0 for the Sewage Disposal System Revenue Bond Series 2022B at September 30, 2023.
Title: Reconciliation to the Financial Statements
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis and modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The following table describes the reconciliation of the federal revenue per the financial statements to the expenditures reported in the Schedule:
Federal revenue per the financial statements Governmental funds: $354,411, Proprietary funds: $328,298, Sewage Disposal System Revenue Bonds: $1,298,649, Revenue not received within 60 days: $92,750, and Total expenditures of federal awards per the Schedule: $2,074,108.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis and modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
No amounts were provided to subrecipients.