Title: 1-BASIS OF PRESENTATION
Accounting Policies: MODIFIED ACCRUAL BASIS
De Minimis Rate Used: N
Rate Explanation: no rate was used
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Municipality under programs of the federal government for the year ended June 30, 2023. 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). Therefore, some amounts presented in this Schedule may differ from the amounts presented in or used in the preparation of the basic financial statements. Because the Schedule presents only a selected portion of the operations of the Municipality, it is not intended to and does not present the financial position and changes in net assets of the Municipality.
Title: 2-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: MODIFIED ACCRUAL BASIS
De Minimis Rate Used: N
Rate Explanation: no rate was used
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, except for Section 8 Housing Choice Voucher Program (HCV). Expenditures are recognized when the related liability is incurred following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures for HCV Program are reported on a statutory basis as required by the U.S. Department of Housing and Urban Development. Such expenditures should equal the net ACC subsidy for the PHA’s fiscal period. The Municipality elected not to use the 10% of minimis indirect cost rate as allowed under the Uniform Guidance.
Title: 3-ASSISTANCE LISTING NUMBER
Accounting Policies: MODIFIED ACCRUAL BASIS
De Minimis Rate Used: N
Rate Explanation: no rate was used
The Assistance Listing Number, formerly known as the Catalog of Federal Domestic Assistance (CFDA) Number, is a five-digit number assigned in the awarding document for all Federal assistance award mechanisms, including Federal grants and cooperative agreements.
Title: 4-PASS-THROUGH ENTITY IDENTIFYING NUMBER
Accounting Policies: MODIFIED ACCRUAL BASIS
De Minimis Rate Used: N
Rate Explanation: no rate was used
State or local government redistributions of federal awards to the Municipality, known as “pass-through awards”, should be treated by the Municipality as though they were received directly from the federal government. The Uniform Guidance requires the Schedule to include the name of the pass-through entity and the identifying number assigned by the pass-through entity for the federal awards received as a sub recipient. Numbers identified as N/A are not applicable and numbers identified as N/AV are not available.
Title: 5-PASSED THROUGH TO SUBRECIPIENTS
Accounting Policies: MODIFIED ACCRUAL BASIS
De Minimis Rate Used: N
Rate Explanation: no rate was used
The Uniform Guidance requires the Schedule to presented; the total amounts passed through to sub-recipients from each federal program but the municipality does not have subrecipient.
Title: 6-RECONCILING OF EXPENDITURES PRESENTED IN THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO THE EXPENDITURES PRESENTED IN THE FUNDS STATEMENT
Accounting Policies: MODIFIED ACCRUAL BASIS
De Minimis Rate Used: N
Rate Explanation: no rate was used
Amounts included in the accompanying Schedule agree with the amounts included in the Basic Financial Statements as follows:
Title: 6 A-RECONCILING OF EXPENDITURES PRESENTED IN THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO THE EXPENDITURES PRESENTED IN THE FUNDS STATEMENT
Accounting Policies: MODIFIED ACCRUAL BASIS
De Minimis Rate Used: N
Rate Explanation: no rate was used
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Title: 7-LOANS OF FEDERAL FUNDS
Accounting Policies: MODIFIED ACCRUAL BASIS
De Minimis Rate Used: N
Rate Explanation: no rate was used
Federal funded loans provided under these programs are included as expenditure on the schedule of expenditure of Federal Awards. Per Uniform Guidance, loans proceed that were received and expended in current year and are considered federal awards expended (and thus shown on the schedule of expenditures of federal awards) as those loans do not include continuing compliance requirements other than repayment of the loans. The Municipality is required to identify in the notes to the schedule of expenditures awards the balances outstanding at the end of the period.
Title: 8-LATENESS OF SINGLE AUDIT REPORTING PACKAGE
Accounting Policies: MODIFIED ACCRUAL BASIS
De Minimis Rate Used: N
Rate Explanation: no rate was used
The Single Audit reporting package, as defined and required in 2 CFR 200 for fiscal year ended June 30, 2023, could not be submitted in a timely manner because of the effects of the Novel Coronavirus COVID-19.