Title: FDOT INDEBTEDNESS
Accounting Policies: The Schedule of Expenditures of Federal Awards and State Financial Assistance has been prepared using the accrual basis of accounting. The accrual basis of accounting recognizes revenues when they are earned and expenditures when they are incurred. There were no subrecipients for the fiscal year ended September 30, 2023. A reconciliation of the amounts included in the Schedule of Expenditures of Federal Awards and State Financial Assistance to the amounts included in the Statements of Revenues, Expenses and Changes in Net Position for the fiscal year ended September 30, 2023, is as follows:
Schedule of Expenditures of Federal Awards and State Financial Assistance:
Federal Award Expenditures $ 91,466,124
State Financial Assistance 2,927,325
Federal Awards and State Financial Assistance $ 94,393,449
Statements of Revenues, Expenses and Changes in Net Position:
Federal and State Grants – Nonoperating Revenues $ 46,142,069
Capital Contributions 55,888,365
Contributions from Other Miscellaneous Sources (484,742)
TSA not included on SEFA 70T04018T9CAP1154 (Elec Baggage Screening) (1,791,283)
State of Florida - Aid to Others (Object Code 740100) (5,360,960)
Federal Awards and State Financial Assistance $ 94,393,449
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to charge the de minimis rate of 10% for determining indirect cost amounts, as permitted in Section 200.414 of the Uniform Guidance.
The FDOT Indebtedness is described in a Joint Participation Agreement (JPA), as amended between the Authority and the
Florida Department of Transportation (FDOT) for the Transportation Regional Incentive Program (TRIP), under which the FDOT, combined with other FDOT grants will provide total funding of approximately $211.0 million to fund the Intermodal Terminal Facility (ITF). The Authority is required to reimburse FDOT $52.7 million of the funds under the JPA, and the balance was a grant. The proceeds of the Loan were used to pay for portions of the ITF that are related to the construction of the passenger rail terminal being developed as part of the ITF adjacent to the Automated People Mover system. Under the JPA the Authority is obligated to repay the FDOT Loan over a period of 18 years with no interest due commencing January 30, 2020 through 2039. As of September 30, 2023 and 2022, respectively, the Authority had an outstanding balance of $0 and $50.2 million. The FDOT indetedness was paid in full on May 12, 2023.
Title: CONTINGENCY
Accounting Policies: The Schedule of Expenditures of Federal Awards and State Financial Assistance has been prepared using the accrual basis of accounting. The accrual basis of accounting recognizes revenues when they are earned and expenditures when they are incurred. There were no subrecipients for the fiscal year ended September 30, 2023. A reconciliation of the amounts included in the Schedule of Expenditures of Federal Awards and State Financial Assistance to the amounts included in the Statements of Revenues, Expenses and Changes in Net Position for the fiscal year ended September 30, 2023, is as follows:
Schedule of Expenditures of Federal Awards and State Financial Assistance:
Federal Award Expenditures $ 91,466,124
State Financial Assistance 2,927,325
Federal Awards and State Financial Assistance $ 94,393,449
Statements of Revenues, Expenses and Changes in Net Position:
Federal and State Grants – Nonoperating Revenues $ 46,142,069
Capital Contributions 55,888,365
Contributions from Other Miscellaneous Sources (484,742)
TSA not included on SEFA 70T04018T9CAP1154 (Elec Baggage Screening) (1,791,283)
State of Florida - Aid to Others (Object Code 740100) (5,360,960)
Federal Awards and State Financial Assistance $ 94,393,449
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to charge the de minimis rate of 10% for determining indirect cost amounts, as permitted in Section 200.414 of the Uniform Guidance.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures are disallowed by the grantor
agency as a result of such an audit, any claim for reimbursement to the grantor agencies would become a liability of the Authority. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations.