Notes to SEFA
Title: Reconciliation of SEFA to financial statement revenues
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared in accordance with the modified accrual basis of accounting for governmental funds and accrual basis for proprietary funds with the exception of the Community Facilities bonds which are required to be reported as expenditures until the bonds are repaid.
De Minimis Rate Used: N
Rate Explanation: n/a
Federal revenue reported in governmental funds $1,021,380; governmental funds grant revenue from prior years expenditures ($4,500), proprietary funds operating grant $110,162, capital grant $167,899; Community Facilities bonds outstanding $985,000 totals $2,279,941 difference of $382,867 is due to a Michigan Department of Transportation (MDOT) project reported in the funds. MDOT acts as the agent of the Federal Highway Administration in the administration of these funds and thus they are not included on the City's SEFA.