Title: Loan/loan guarantee outstanding balances
Accounting Policies: (1) Basis of AccountingThe accompanying schedule of expenditures of federal awards (the schedule) presents the activity of all federal financial assistance programs of the City of Oakdale, Louisiana (the City). The Citys reporting entity is defined in Note 1 to the financial statements for the year ended June 30,2022. The information in this schedule is presented in accordance with the requirements of Title 2U.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 position, or cash flows of the City.(2) Summary of Significant Accounting PoliciesExpenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.The City of Oakdale, Louisiana has not elected to use the 10 percent de minimus indirect costrate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
CAPITALIZATION GRANTS FOR DRINKING WATER STATE REVOLVING FUNDS (66.468) - Balances outstanding at the end of the audit period were 3788000. CAPITALIZATION GRANTS FOR CLEAN WATER STATE REVOLVING FUNDS (66.458) - Balances outstanding at the end of the audit period were 2845300.
Title: Subrecipients
Accounting Policies: (1) Basis of AccountingThe accompanying schedule of expenditures of federal awards (the schedule) presents the activity of all federal financial assistance programs of the City of Oakdale, Louisiana (the City). The Citys reporting entity is defined in Note 1 to the financial statements for the year ended June 30,2022. The information in this schedule is presented in accordance with the requirements of Title 2U.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 position, or cash flows of the City.(2) Summary of Significant Accounting PoliciesExpenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.The City of Oakdale, Louisiana has not elected to use the 10 percent de minimus indirect costrate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City provided no federal awards to subrecipients.
Title: Relationship to the Financial Statements
Accounting Policies: (1) Basis of AccountingThe accompanying schedule of expenditures of federal awards (the schedule) presents the activity of all federal financial assistance programs of the City of Oakdale, Louisiana (the City). The Citys reporting entity is defined in Note 1 to the financial statements for the year ended June 30,2022. The information in this schedule is presented in accordance with the requirements of Title 2U.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 position, or cash flows of the City.(2) Summary of Significant Accounting PoliciesExpenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.The City of Oakdale, Louisiana has not elected to use the 10 percent de minimus indirect costrate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Schedule of Expenditures of Federal Awards (SEFA) was prepared from the same accounting records as were used to prepare the financial statements. Differences between amounts reported in the SEFA and the financial statement may exist due to different accounting bases used for financial reporting. A reconciliation of the federal expenditures to the federal revenues presented in the financial statements is outlined below:Federal expenditures per the Schedule of Federal Awards $ 6,887,008Expenditures reflected in prior year - FEMA (1,811,588) Expenditures of loan proceeds - Assistance Listing Number 66.458 (2,086,375) Principal forgiveness - Assistance Listing Number 66.458 226,658Expenditures of loan proceeds - Assistance Listing Number 66.468 (1,588,540)Federal revenue per financial statements $ 1,627,163Revenue from federal sources: General Fund $ 1,400,505Enterprise Fund 226,658Federal revenue per financial statements $ 1,627,163