Notes to SEFA
Title: Note
Accounting Policies: The schedule of expenditures of federal awards, passenger facility charge, and state financial assistance is presented on the accrual basis of accounting in accordance with generally accepted accounting
principles. Such expenditures are recognized following the cost principles contained in 2 CFR 200 Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The City has elected to use the 10-percent de minimis indirect cost rate as covered in 2 CFR 200.414 of the Uniform Guidance for Federal Awards.
The City has a loan program for low income housing renovations funded through the Community Development Block Grants and a loan program for home reconstruction funded through the HOME Investment Partnerships Program Grants. Under these programs, repayments to the City are considered program revenues (income) and loans of such funds to eligible recipients are considered expenditures. There were no new loans disbursed in the fiscal year 2024. The amount of principal and interest received in loan repayments for the year was $55,262.01 and $95,986.41 respectively. The balance of the loans outstanding as of fiscal year end consist of: Community Development Block Grants Assistance Listing number 14.218 $822,668.61
HOME Investment Partnerships Program Grants Assistance Listing number 14.239 $564,131.78 1 Includes debt service of $1,698,306 2 Includes interest earnings of $872,089