Notes to SEFA
Title: OVERSIGHT AGENCY
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts on the schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The U.S. Department of Agriculture is the current year’s oversight agency for the single audit as determined by the agency providing the largest share of the City’s federal financial assistance.
Title: SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS RECONCILIATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts on the schedule, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
A reconciliation of expenditures on the Schedule of Expenditures of Federal Awards to federal revenue is as follows:
Total Federal Revenue Sources Reported in the Financial Statements:
Grant Revenue – Federal $285,987
USDA Water Supply Revenue Bond 3,295,590
Component Unit – Downtown Development Authority 75,000
Reconciling Items:
Rounding -
TOTAL FEDERAL AWARDS EXPENDITURES REPORTED IN THE
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
$3,656,577