Title: GENERAL
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the same basis of accounting, which is described in Note I to the City’s financial statements for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10 percent (10%) de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of the federal awards of the City of Shreveport, Louisiana (the City). The City’s reporting entity is defined in Note I to the City’s financial statements for the year ended December 31, 2023. All federal awards received from federal agencies are included on the Schedule.
Title: PROGRAM COSTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the same basis of accounting, which is described in Note I to the City’s financial statements for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10 percent (10%) de minimis indirect cost rate.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the City’s portion, exceed what is presented. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: MATCHING REQUIREMENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the same basis of accounting, which is described in Note I to the City’s financial statements for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10 percent (10%) de minimis indirect cost rate.
Certain Federal programs require the City to contribute non-Federal funds (matching funds) to support the Federally-funded programs. The City has met its matching requirements. The Schedule does not include the expenditure of non-Federal matching funds.
Title: LOANS AND LOAN GUARANTEES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the same basis of accounting, which is described in Note I to the City’s financial statements for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10 percent (10%) de minimis indirect cost rate.
The Office of Community Planning and Development has issued a compliance supplement regarding the programs for the Community Development Block Grant (ALN 14.218). For subrecipients of these loans in years after the subrecipient has expended loan proceeds and completed construction, and the subrecipient’s only ongoing financial activity of the program is the payment of principal and interest on outstanding balances, the prior loan balances at the subrecipient level are not considered to have continuing compliance requirements. The City had loans outstanding for Community Development Block Grant (ALN 14.218) at the beginning of the year ended December 31, 2023 of $142,000 and as of the year-ended December 31, 2023 had $-0- loan or loan guarantees outstanding.
The City’s Water and Sewer department was the subrecipient of the State’s Capitalization Grants for Clean Water State Revolving Funds (ALN 66.458) in prior years. The City has an outstanding balance for the State’s Capitalization Grants for Clean Water State Revolving Funds (ALN 66.458) Program of $12,839,696 as of December 31, 2023.
Title: SUBSEQUENT EVENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the same basis of accounting, which is described in Note I to the City’s financial statements for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10 percent (10%) de minimis indirect cost rate.
The City is required to evaluate events or transactions that may occur after the Schedule of Expenditures of Federal Awards’ date for potential recognition or disclosure in the notes to the Schedule of Expenditures of Federal Awards. The City performed such an evaluation through September 11, 2024, the date which the schedule of expenditures of federal awards was available to be issued, and noted no events or transactions that occurred after the Schedule of Expenditures of Federal Awards’ date requiring recognition or disclosure.
Title: NONCASH AWARDS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the same basis of accounting, which is described in Note I to the City’s financial statements for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10 percent (10%) de minimis indirect cost rate.
No noncash awards were received for the year ended December 31, 2023.
Title: PROGRAM INCOME
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the same basis of accounting, which is described in Note I to the City’s financial statements for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10 percent (10%) de minimis indirect cost rate.
Expenditures reported include income received by the grantee, directly generated by grant-supported activity and includes the following programs:
Home Investment Partnerships Program, ALN 14.239, $41,023
Title: Program Subtotal
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the same basis of accounting, which is described in Note I to the City’s financial statements for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10 percent (10%) de minimis indirect cost rate.
The total expenditures under ALN 16.738 are $105,973.
Title: Relationship to the Financial Statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the same basis of accounting, which is described in Note I to the City’s financial statements for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10 percent (10%) de minimis indirect cost rate.
A reconciliation is needed 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 December 31, 2023. Included in the HOME Investment Partnership Program is $1,000,000 originally incurred in calendar year 2022, but met the requirements for disbursement in 2023.