Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: The accounting policies and presentation of the Single Audit Report of the City of Port St Lucie, Florida have been designed to conform to generally accepted accounting principles as applicable to governmental untits.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to utilize the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance was prepared to summarize the activity of all federal and state awards of the City of Port St. Lucie, Florida for the year ended September 30, 2023. For purposes of this schedule, federal programs and state financial assistance included all grants entered into directly between the City and agencies and departments of the federal or state government with expenditures during the fiscal year. Federal programs and state financial assistance passed through from other government agencies are also included in the schedule. The schedule also includes reimbursements in the current year if qualifying expenditures were incurred by the City in prior years' but were determined to be qualifying for reimbursement and received in the current year. Additionally, the City did not receive any noncash assistance, federal loans, or federally funded insurance during the year ended September 30, 2023.
Title: NOTE B - PROGRAM INCOME
Accounting Policies: The accounting policies and presentation of the Single Audit Report of the City of Port St Lucie, Florida have been designed to conform to generally accepted accounting principles as applicable to governmental untits.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to utilize the 10% de minimis indirect cost rate.
The federal expenditures presented in the Schedule of Expenditures of Federal Awards and State Financial Assistance for the City of Port St. Lucie, Florida include expenditures funded by program income. The following schedule shows total grant-related expenditures and their funding source for HUD grants, as these are the only grants with program income. See the Notes to the SEFA for chart/table.
Title: NOTE C - CONTINGENCY
Accounting Policies: The accounting policies and presentation of the Single Audit Report of the City of Port St Lucie, Florida have been designed to conform to generally accepted accounting principles as applicable to governmental untits.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to utilize the 10% de minimis indirect cost rate.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures are disallowed by a grantor agency as a result of such audit, any claim for reimbusement to the grantor agencies would become a liability of the City. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal and state laws and regulations.
Title: NOTE D - INDIRECT COST RATE
Accounting Policies: The accounting policies and presentation of the Single Audit Report of the City of Port St Lucie, Florida have been designed to conform to generally accepted accounting principles as applicable to governmental untits.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to utilize the 10% de minimis indirect cost rate.
The City did not elect to utilize the 10% de minimis indirect cost rate.
Title: NOTE E - SEFA PRIOR YEAR EXPENDITURES
Accounting Policies: The accounting policies and presentation of the Single Audit Report of the City of Port St Lucie, Florida have been designed to conform to generally accepted accounting principles as applicable to governmental untits.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to utilize the 10% de minimis indirect cost rate.
During the current fiscal year, it was determined that the following grant expenditures should have been reported in the prior year SEFA. The expenditures related to the prior fiscal year are ALN 97.039 $345,089; ALN 66.460 $592,790 and CSFA 37.039 $841,379.