Notes to SEFA
Title: CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. The cash basis recognizes revenue when received, and expenditures are recognized when the obligation is paid. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The City received $1,012,812 in Federal grant funding for reimbursement of allowable expenditures paid in the prior year and during the current year ended June 30, 2024. The reported expenditures in the Schedule of Expenditures of Federal Awards for the year ended June 30, 2024 is comprised of the following expenditures as paid by the City, by fiscal year:
Allowable Expenditures Incurred During:
Year Ended June 30, 2023 $ 184,912
Year Ended June 30, 2024 827,900
Reported Expenditures Reimbursed $ 1,012,812