Title: NOTE 3 - LOAN RECEIVABLE OUTSTANDING
Accounting Policies: NOTE 1 - GENERAL The accompanying Schedule of Expenditures of Federal
Awards, presents the activity of all federal award activity of the City of
Monroe (the City) under programs of the federal government for the year
ended April 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 the City, it is not intended to and does not present the
financial position, changes in net position or cash flows of the City.
NOTE 2 - BASIS OF ACCOUNTING The accompanying Schedule of
Expenditures of Federal Awards is presented using the modified accrual
basis of accounting for governmental funds and accrual basis for
proprietary funds, which is described in Note 1 to the City's primary
government financial statements. Such expenditures are recognized
following the cost principles contained in the Uniform Guidance, where in
certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
NOTE 3 - LOANS RECEIVABLE OUTSTANDING The City has loans receivable outstanding under· Assistance Listing #14.218 CDBG Entitlement Grants of $47,579 and under Assistance Listing #14.239 Home Investment Partnership Grants of $91,614 at April 30, 2024.
Title: NOTE 4 - RELATIONSHIP OF THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO THE PRIMARY GOVERNMENT FINANCIAL STATEMENTS
Accounting Policies: NOTE 1 - GENERAL The accompanying Schedule of Expenditures of Federal
Awards, presents the activity of all federal award activity of the City of
Monroe (the City) under programs of the federal government for the year
ended April 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 the City, it is not intended to and does not present the
financial position, changes in net position or cash flows of the City.
NOTE 2 - BASIS OF ACCOUNTING The accompanying Schedule of
Expenditures of Federal Awards is presented using the modified accrual
basis of accounting for governmental funds and accrual basis for
proprietary funds, which is described in Note 1 to the City's primary
government financial statements. Such expenditures are recognized
following the cost principles contained in the Uniform Guidance, where in
certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
NOTE 4 - RELATIONSHIP OF THE SCHEDULE OF EXPENDITURES OF
FEDERAL AWARDS TO THE PRIMARY GOVERNMENT FINANCIAL
STATEMENTS The following reconciliation is provided to help the
reader of the City's financial statements and supplementary
information relate such information to the Schedule of
Expenditures of Federal Awards for the year ended April 30,
2024:
Governmental Funds:
Major funds:
General Fund $574,681
Capital Infrastructure 2,762,127
Nonmajor special revenue funds:
Community Development Block Grant 672,480
Emergency Shelter 104,340
CDBG Home 505,994
Justice Assistance Grant 205,966
Intergovernmental Donations 43,079
Administrative Economic Development 41,700
Lead Hazard Control Grant 107,302
Nonmajor capital project funds:
Capital Equipment Purchases 966,281
Kansas Lane Extension 13,758,124
American Rescue Plan Act 10,565,597
Proprietary Funds:
Major funds:
Monroe Regional Airport 1,201,017
Nonmajor Enterprise Funds:
Monroe Transit System 1,065,729
Total 32,574,417