Notes to SEFA
Title: Loans Outstanding
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance summarizes the expenditures of the City of Oak Ridge under programs of the federal and state governments for the year ended June 30, 2023. The schedule is presented using the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not require the use of a cost rate.
At June 30, 2023, federal awards expended for loan programs were outstanding of $16,638,062 on loans obtained through the Clean Water State Revolving Fund. Principal payments during the current fiscal year were $1,082,232.
Title: Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance summarizes the expenditures of the City of Oak Ridge under programs of the federal and state governments for the year ended June 30, 2023. The schedule is presented using the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not require the use of a cost rate.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance summarizes the expenditures of the City of Oak Ridge under programs of the federal and state governments for the year ended June 30, 2023. The schedule is presented using the modified accrual basis of accounting. The City did not elect to use the 10% de Minimis indirect cost. The schedule excludes the Oak Ridge City Schools federal and state grant activity which is presented in a separate report.