Notes to SEFA
Title: Note 4 - Revolving Loan Funds
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards with the exception of Assistance Listing Number 21.019, which follows criteria determined by the Department of Treasury for allowability of costs. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10 percent de minimis indirect cost rate allowed under Uniform
Guidance.
The Safe Drinking Water State Revolving Fund are revolving loan funds. Federally funded new loan proceeds provided under this program are included as expenditures on the Schedule of Expenditures of Federal Awards in the year incurred; however, there were no expenditures during the current year. The City had the following loan balance outstanding at June 30, 2023: See the Notes to the SEFA for chart/table