Notes to SEFA
Title: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: BASIS OF PRESENTATION: The accompanying schedule of expenditures of federal awards for the City is presented in accordance with the requirements of 2 CFR Part 200 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The schedule of expenditures of federal awards includes all federal awards of the City. 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, changes in net position, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Revenues and expenditures in the schedule are presented in accordance with the modified accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the Citys 2022 fund financial statements. Such expenditures are recognized following the cost principals contained in Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal expenditures scheduled for reimbursement to the city in the succeeding year while unearned revenue represents advances for federal programs that exceed recorded Citys expenditures. Because of subsequent program adjustments, these amounts may differ from the prior years ending balances.
Title: OVERSIGHT AGENCIES
Accounting Policies: BASIS OF PRESENTATION: The accompanying schedule of expenditures of federal awards for the City is presented in accordance with the requirements of 2 CFR Part 200 Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The schedule of expenditures of federal awards includes all federal awards of the City. 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, changes in net position, or cash flows of the City.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal oversight agencies for the City are as follows: Federal - U.S. Department of Housing and Urban Development