Title: Note 3: LOAN/LOAN GUARANTEE OUTSTANDING BALANCES
Accounting Policies: Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The accompanying schedule of federal awards (schedule) is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance and the State of Florida Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the City, it is not intended to and does not represent a complete presentation of the federal awards and state project activities of the City for the year ended September 30, 2023.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2023, the City did not elect to use this rate.
The City of Springfield was awarded a loan of $10,712,849 in August 2022, through the State of Florida Department of Environmental Protection. This award is identified under ALN No. 66.458, capitalization grants for state revolving funds loan agreement WW030532. As of September 30, 2023, the City had accrued related expenses of $63,026 on the project. In accordance with the loan agreement, the City is obligated to repay $2,142,570 of the balance, after loan forgiveness of $8,570,279 is applied, beginning in September 2025.
The City of Springfield was awarded a loan of $7,529,254 in August 2022, through the State of Florida Department of Environmental Protection. This award is identified under ALN No. 66.468 capitalization grants for drinking water state revolving fund loan agreement DW030513. As of September 30, 2023, the City had accrued related expenses of $71,776 on the project. In accordance with the loan agreement, the City is obligated to repay $2,574,252 of the balance, after loan forgiveness of $4,955,002 is applied, beginning in September 2025.
Title: Note 4: PRIOR YEAR EXPENDITURES INCLUDED IN THE SEFA
Accounting Policies: Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The accompanying schedule of federal awards (schedule) is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance and the State of Florida Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the City, it is not intended to and does not represent a complete presentation of the federal awards and state project activities of the City for the year ended September 30, 2023.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2023, the City did not elect to use this rate.
Expenditures reported under ALN No. 97.036 include costs of $370,724 reported on the financial statements in a prior period.
Title: Note 5: OTHER TYPES OF FINANCIAL ASSISTANCE
Accounting Policies: Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation
The accompanying schedule of federal awards (schedule) is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance and the State of Florida Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the City, it is not intended to and does not represent a complete presentation of the federal awards and state project activities of the City for the year ended September 30, 2023.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2023, the City did not elect to use this rate.
There were no other types of federal or state financial assistance to be reported that includes endowments, insurance in effect, noncash assistance, donated property or free rent.