Audit 345517

Title: Basis of Presentation Accounting Policies: The Schedule of Expenditures of Federal Awards is a summary of the cash activity of the City's federal awards and does not present transactions that would be included in financial statements of the City presented on the accrual basis of accounting, as contemplated by accounting principles generally accepted in the United States of America. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The City of West Branch did not elect to use a flat de minimus rate of 10% of modified total direct costs for their indirect cost rate. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of West Branch under programs of the federal government for the year ended June 30, 2024. 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). Because the Schedule presents only a selected portion of the operations of the City of West Branch, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the City of West Branch.

Title: Reconciliation to Financial Statements Accounting Policies: The Schedule of Expenditures of Federal Awards is a summary of the cash activity of the City's federal awards and does not present transactions that would be included in financial statements of the City presented on the accrual basis of accounting, as contemplated by accounting principles generally accepted in the United States of America. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The City of West Branch did not elect to use a flat de minimus rate of 10% of modified total direct costs for their indirect cost rate. Federal revenue presented in the financial statements: Governmental Funds $264,381 Internal Service Fund 43,400 Proprietary Funds 1,640,563 1,948,344 Additions to Federal Loans for capital projects presented in the financial statements as bonds payable, but are Federal Expenditures of the City of West Branch 12,098 Federal revenue on the Schedule of Expenditures of Federal Awards $1,960,442