Notes to SEFA
Accounting Policies: Expenditures are recorded on the modified accrual basis of accounting, which records expenses when the goods or services are received, plus accounts payable. Expenditures for these programs may differ from the City's regulatory basis financial statement inasmuch as the City records expenditures when an encumbrance or contract is signed in accordance with the regulatory basis of accounting, whereas expenditures on the financial reports are recorded when the goods or services are received.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate.