Notes to SEFA
Title: Note 2
Accounting Policies: The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. The Governmental Fund types are accounted for using a current financial resources measurement focus in modified accrual basis of accounting. The Proprietary Fund types are accounting for using full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not claim indirect cost in fiscal year 2023.
For all Federal programs, the City uses special revenue funds to account for resources restricted
or committed to specific purposes by a grantor. Federal and state financial assistance generally is accounted for in a Grants Fund.
Title: Note 4
Accounting Policies: The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. The Governmental Fund types are accounted for using a current financial resources measurement focus in modified accrual basis of accounting. The Proprietary Fund types are accounting for using full accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The City did not claim indirect cost in fiscal year 2023.
Federal grant funds are considered to be earned to the extent of expenditures made under the provisions of the grant, and, accordingly, when such funds are received, they are recorded as deferred revenues until earned.