Title: NOTE 1 - BASIS OF ACCOUNTING
Accounting Policies: This schedule is prepared on the same basis of accounting as the City of Bellevue’s financial statements. The City of Bellevue uses the modified accrual method for governmental funds, and the full accrual for internal service and enterprise funds.
De Minimis Rate Used: N
Rate Explanation: The City of Bellevue has elected to use the 10-percent de minimus indirect costs rate allowed under the Uniform Guidance.
This schedule is prepared on the same basis of accounting as the City of Bellevue’s financial statements. The City of Bellevue uses the modified accrual method for governmental funds, and the full accrual for internal service and enterprise funds.
Title: NOTE 2 – FEDERAL INDIRECT COST RATE
Accounting Policies: This schedule is prepared on the same basis of accounting as the City of Bellevue’s financial statements. The City of Bellevue uses the modified accrual method for governmental funds, and the full accrual for internal service and enterprise funds.
De Minimis Rate Used: N
Rate Explanation: The City of Bellevue has elected to use the 10-percent de minimus indirect costs rate allowed under the Uniform Guidance.
The City of Bellevue has elected to use the 10-percent de minimus indirect costs rate allowed under the Uniform Guidance.
Title: NOTE 3 – FEDERAL LOANS
Accounting Policies: This schedule is prepared on the same basis of accounting as the City of Bellevue’s financial statements. The City of Bellevue uses the modified accrual method for governmental funds, and the full accrual for internal service and enterprise funds.
De Minimis Rate Used: N
Rate Explanation: The City of Bellevue has elected to use the 10-percent de minimus indirect costs rate allowed under the Uniform Guidance.
On June 9,2017, the City of Bellevue, Washington entered into a Transportation Infrastructure Finance and Innovation Act (TIFIA) loan agreement under the ALN 20.223 with the United States Department of Transportation. The TIFIA loan is for the aggregate principal amount of up to $99.6 million. This loan is to fund the City's obligated project costs for construction of Bellevue BelRed Street Network Project (TIFIA-2017-1010A).
The beginning balance of the loan on January 1, 2022 was $33,513,855. The City's Fiscal Year 2023 expenditures of $24,185,206 for the TIFIA program are reported on the accompanying schedule. The outstanding principal balance of the TIFIA loan was $57,699,061 on December 31, 2023.
Both the current and prior year loans are reported on the city’s Schedule of Changes in Long-Term Liabilities.
Title: NOTE 4 - PROGRAM INCOME
Accounting Policies: This schedule is prepared on the same basis of accounting as the City of Bellevue’s financial statements. The City of Bellevue uses the modified accrual method for governmental funds, and the full accrual for internal service and enterprise funds.
De Minimis Rate Used: N
Rate Explanation: The City of Bellevue has elected to use the 10-percent de minimus indirect costs rate allowed under the Uniform Guidance.
The City of Bellevue has program income for low-income home repair loans. Under this federal program, repayments to the City are considered program revenues (income) and loans of such funds to eligible recipients are considered expenditures. The amount of principal and interest received in loan repayments for the year was $152,739.
Title: NOTE 5 - PROGRAM COSTS
Accounting Policies: This schedule is prepared on the same basis of accounting as the City of Bellevue’s financial statements. The City of Bellevue uses the modified accrual method for governmental funds, and the full accrual for internal service and enterprise funds.
De Minimis Rate Used: N
Rate Explanation: The City of Bellevue has elected to use the 10-percent de minimus indirect costs rate allowed under the Uniform Guidance.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the city’s portion, are more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.