Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The audit was performed pursuant to the Single Audit Act of 1996 and the UniformGuidance. The Schedule of Expenditures of Federal Awards has been prepared onthe modified accrual basis of accounting used by the City in preparation of thegovernment wide financial statements that report these awards. The accountingpolicies of the City conform to accounting principles generally accepted in theUnited States of America as applicable to governmental units. The preparation ofthe Schedule of Expenditures of Federal Awards in conformity with accountingprinciples generally accepted in the United States of America requiresmanagement to make certain assumptions that affect the reported amounts ofexpenditures during the reporting period. Actual results could differ from thoseestimates.The City has prepared this Schedule of Expenditures of Federal Awards to complywith the provisions of the Uniform Guidance, Audits of States, Local Governmentsand Non-Profit Organizations. The Uniform Guidance stipulates that a Schedule ofExpenditures of Federal Awards be prepared showing total expenditures of eachfederal award program as identified in the Catalog of Federal Domestic Assistance(CFDA) and for other federal financial awards that have not been assigned acatalog number.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
CAPITALIZATION GRANTS FOR CLEAN WATER STATE REVOLVING FUNDS (66.458) - Balances outstanding at the end of the audit period were 5031683.