Notes to SEFA
Title: NOTE 1 - REPORTING ENTITY
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Did not use - not needed
For reporting entity purposes, the Schedule of Expenditures of Federal Awards includes only the actovotoes of the primary government.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Did not use - not needed
The Schedule of Expenditures of Federal Awards is prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the Inited States of America as applicable to governmental organizations.
Title: NOTE 3 - INDIRECT COST RATE
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Did not use - not needed
The City has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 4 - DISASTER GRANTS - PUBLIC ASSISTANCE
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Did not use - not needed
Expenditures for Hurricane Ian were incurred during fiscal year 2023 for certain projects. Emergency Assistance projects were approved and obligated by Florida Public Assistance in fiscal year 2023. Projects not obligated by Florida Public Assistance are not considered as expenses towards a Disaster Grant. For full disclosure of federal funds received, expenses incurred and covered by "Disaster Grants - Public Assistance - (Presidentially Declared Disasters)" obligated and/or reimbursed in FY2023 have been included in the FY 2023 SEFA.
Title: NOTE 5 - FEMA / HAZARD MITIGATION FRANT PROGRAM (HMGP)
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: Did not use - not needed
Lift Station #1 had expenditures of $34,550.95 incurred in prior year; however additional funds were obligated in FY23; therefore, those funds are shown in the FY23 SEFA schedule.