Notes to SEFA
Title: Department of Treasury - Coronavirus State and Local Fiscal Recovery Funds
Accounting Policies: Expenditures reported on the accompanying Schedule of Expenditures of Federal Awards are presented using the modified accrual basis of accounting, which is described in Note 1 to the Citys financial statements. Such expenditures are recognized following the principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement. The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the City of Marksville, Louisiana (City) under programs of the federal government for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, (UniformGuidance). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, or changes in net assets of the City.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
For the year ended June 30, 2022, a total of $988,744 in grant funding was received from the Department of Treasury Coronavirus State and Local Fiscal Recovery Fund. Of the total funding received, $940,152 was expended and is reported on the current year SEFA. The balance of these grant funds, $48,592, was recorded as unearned revenue at year end and will be recognized as income, as well as reported as expenditures on the SEFA, in a future period.