Notes to SEFA
Title: RECONCILIATION OF REVENUE REPORTED IN THE FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of City of Harrison under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) 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 City of Harrison, it is not intended to and does not present the financial position or changes in net position of City of Harrison.
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts (if any) shown on the Schedule represent adjustments or credit made in the normal course of business to amounts reported as expenditures. The City of Harrison has elected not to use the 10 percent de minimus indirect cost rate to recover costs as allowed under the Uniform Guidance. The City of Harrison does not have any subrecipients.
De Minimis Rate Used: N
Rate Explanation: The City of Harrison has elected not to use the 10 percent de minimus indirect cost rate to recover costs as allowed under the Uniform Guidance.
Total federal expenditures per Schedule of Expenditures of Federal Awards $ 5,570,923
Less: Outstanding loan balances as of January 1, 2023 4,193,000
Revenues per financial statements - federal sources $ 1,377,923
Title: FEDERAL PROGRAM LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of City of Harrison under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) 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 City of Harrison, it is not intended to and does not present the financial position or changes in net position of City of Harrison.
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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts (if any) shown on the Schedule represent adjustments or credit made in the normal course of business to amounts reported as expenditures. The City of Harrison has elected not to use the 10 percent de minimus indirect cost rate to recover costs as allowed under the Uniform Guidance. The City of Harrison does not have any subrecipients.
De Minimis Rate Used: N
Rate Explanation: The City of Harrison has elected not to use the 10 percent de minimus indirect cost rate to recover costs as allowed under the Uniform Guidance.
The City had outstanding federal loan balances as of December 31, 2023, as follows:
Balance as of December 31, 2023
Water System Junior Lien Revenue Bond, Series 2022 $ 1,205,000
Building Authority Bonds, series 2016 2,332,000
2018 Pumper tanker Truck 260,000
2022 Tanker Truck 264,000
$ 4,061,000