Title: Sub-recipients
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance presents the activity of all federal and state grant activity of the City of Largo, Florida (the "City"). Federal and state financial assistance received directly from federal and state agencies, and fedeeranl financial assistance passed through other government agencies are included on the schedules. The information in this schedule is present in accordance with the requirements of the Uniform Guidance and Chapter 10.550, Rules of the Auditor General. the accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance is presented using the modified accrual or accrual basis of accounting, which is described in Note 1 to the City's basic financial statements. The City has elected to not use the 10% de Mimimis Indirect Cost Rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures and state financial assitance presented in the schedule, the City of Largo, Florida provided federal and state awards to sub-recipient as follows:
Title: Relationship to Basic Financial Statements
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance presents the activity of all federal and state grant activity of the City of Largo, Florida (the "City"). Federal and state financial assistance received directly from federal and state agencies, and fedeeranl financial assistance passed through other government agencies are included on the schedules. The information in this schedule is present in accordance with the requirements of the Uniform Guidance and Chapter 10.550, Rules of the Auditor General. the accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance is presented using the modified accrual or accrual basis of accounting, which is described in Note 1 to the City's basic financial statements. The City has elected to not use the 10% de Mimimis Indirect Cost Rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal and state financial assistance revenue is included in the City's basic financial statements as follows:
Title: Loans Outstanding
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance presents the activity of all federal and state grant activity of the City of Largo, Florida (the "City"). Federal and state financial assistance received directly from federal and state agencies, and fedeeranl financial assistance passed through other government agencies are included on the schedules. The information in this schedule is present in accordance with the requirements of the Uniform Guidance and Chapter 10.550, Rules of the Auditor General. the accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance is presented using the modified accrual or accrual basis of accounting, which is described in Note 1 to the City's basic financial statements. The City has elected to not use the 10% de Mimimis Indirect Cost Rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
the City had the following loan balances including loan service fees outstanding at September 30, 2023. The current year additions related to the loans are included in the Schedule of Federal Awards and State Financial Assistance.
Title: Noncash Assistance
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance presents the activity of all federal and state grant activity of the City of Largo, Florida (the "City"). Federal and state financial assistance received directly from federal and state agencies, and fedeeranl financial assistance passed through other government agencies are included on the schedules. The information in this schedule is present in accordance with the requirements of the Uniform Guidance and Chapter 10.550, Rules of the Auditor General. the accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance is presented using the modified accrual or accrual basis of accounting, which is described in Note 1 to the City's basic financial statements. The City has elected to not use the 10% de Mimimis Indirect Cost Rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City received $0 in noncash assistance during the year ended September 30, 2023.
Title: SRF Loan
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance presents the activity of all federal and state grant activity of the City of Largo, Florida (the "City"). Federal and state financial assistance received directly from federal and state agencies, and fedeeranl financial assistance passed through other government agencies are included on the schedules. The information in this schedule is present in accordance with the requirements of the Uniform Guidance and Chapter 10.550, Rules of the Auditor General. the accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance is presented using the modified accrual or accrual basis of accounting, which is described in Note 1 to the City's basic financial statements. The City has elected to not use the 10% de Mimimis Indirect Cost Rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City began contruction upgrades to Biological Treatment Facilities in September 2018. A contract with the State of Florida was finalized and executed in December 2019 for this project providing funding under CFDA 66.458 with a retroactive effective date of August 2018. In January 2023 the City recieved Amendment 4 to the loan revising the total allowed funding amount of up to $57,441,261. Expenditures incurred after the effective date were eligible or reimbursement. As of September 30, 2023, an additional $3,694,354 is reported as spent or incurred on the project for a total of $57,441,261. The amount reported as expended on the Schedule of Expenditures of Federal Awards and State Financial Assistance for FY 2023 for ALN 66.458 includes $3,532,754 in FY2022 expenditures not yet submitted for loan draw downs as of the prior year end as the final loan Amendment was not in place at that time.
Title: American Rescue Plan Act Funding
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance presents the activity of all federal and state grant activity of the City of Largo, Florida (the "City"). Federal and state financial assistance received directly from federal and state agencies, and fedeeranl financial assistance passed through other government agencies are included on the schedules. The information in this schedule is present in accordance with the requirements of the Uniform Guidance and Chapter 10.550, Rules of the Auditor General. the accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance is presented using the modified accrual or accrual basis of accounting, which is described in Note 1 to the City's basic financial statements. The City has elected to not use the 10% de Mimimis Indirect Cost Rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City entered into a funding agreement with the U.S Department of the Treasury to receive federal assistance from Coronavirus State and Local Fiscal Recovery Funds. Eligible items for use of the grant funds include replacing lost public sector revenue, response to far-reaching public health and negative economic impacts of the pandemic, provided premium pay for essential workers and investment in water, sewer, and broadband infrastructure. The City recieved a total amount of $12,960,041 in recovery funds. The period of availability for the funds began on March 3, 2021 and goes through December 31, 2024.