Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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 shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The City has not adopted the 10% de minimums indirect cost rate allowed under Uniform Guidance.
Powell Bill expenditures above represent eligible expenditures reported to the North Carolina Department of Transportation (NCDOT) for the fiscal year ended June 30, 2024. The City is required to report annually to the NCDOT on the accumulated unexpended Powell Bill funds. Unexpended Powell Bill funds are accounted for and maintained within various City Funds. The total unexpended balance on-hand at June 30, 2024 is $5,130,912.
De Minimis Rate Used: N
Rate Explanation: The City has not adopted the 10% de minimus indirect cost rate allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal and State awards (the “Schedule”) includes the federal and
State award activity of City of Jacksonville, North Carolina, primary government, under programs of the federal
and State government for the year ended June 30, 2024. The information in this Schedule is presented in
accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the
Schedule presents only a selected portion of the operations of City of Jacksonville, it is not intended to and does
not present the financial position, changes in net position, or cash flows of City of Jacksonville. Therefore, some
amounts presented in the schedule may differ from the amount presented in or used in the preparation of the basic
financial statements.
Title: Opioid Settlement Funds
Accounting Policies: Expenditures reported on the Schedule are reported on the modified 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 shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The City has not adopted the 10% de minimums indirect cost rate allowed under Uniform Guidance.
Powell Bill expenditures above represent eligible expenditures reported to the North Carolina Department of Transportation (NCDOT) for the fiscal year ended June 30, 2024. The City is required to report annually to the NCDOT on the accumulated unexpended Powell Bill funds. Unexpended Powell Bill funds are accounted for and maintained within various City Funds. The total unexpended balance on-hand at June 30, 2024 is $5,130,912.
De Minimis Rate Used: N
Rate Explanation: The City has not adopted the 10% de minimus indirect cost rate allowed under Uniform Guidance.
The Opioid Settlement Funds are not considered State Financial Assistance but are to be included under State
Expenditures only for reporting and audit purposes.