Title: Note 1 - Basis of Presentation
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the City 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 Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents only a portion of the operations of the City, it is not intended to and does not present the financial position, changes in net assets, and cash flows of the City. Expenditures reported on the Schedule are reported on the accrual basis of accounting. The City did not provide any federal awards to sub-recipients during the year.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de Minimis Indirect Cost Rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the City 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 Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents only a portion of the operations of the City, it is not intended to and does not present the financial position, changes in net assets, and cash flows of the City. Expenditures reported on the Schedule are reported on the accrual basis of accounting. The City did not provide any federal awards to sub-recipients during the year.
Title: Note 2 - Non-Cash Federal Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the City 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 Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents only a portion of the operations of the City, it is not intended to and does not present the financial position, changes in net assets, and cash flows of the City. Expenditures reported on the Schedule are reported on the accrual basis of accounting. The City did not provide any federal awards to sub-recipients during the year.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de Minimis Indirect Cost Rate.
No non-cash federal assistance was received during the year ended June 30, 2024.
Title: Note 3 - Loans and Loan Guarantees
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the City 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 Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents only a portion of the operations of the City, it is not intended to and does not present the financial position, changes in net assets, and cash flows of the City. Expenditures reported on the Schedule are reported on the accrual basis of accounting. The City did not provide any federal awards to sub-recipients during the year.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de Minimis Indirect Cost Rate.
The federal loan program listed subsequently is administered by the City, and balances and transactions relating to this program is included as expenditures in the Schedule of Expenditures of Federal Awards. The following table shows the balance of loans outstanding as of June 30, 2024. See the Notes to the SEFA for chart/table
Title: Note 4 - Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the City 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 Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents only a portion of the operations of the City, it is not intended to and does not present the financial position, changes in net assets, and cash flows of the City. Expenditures reported on the Schedule are reported on the accrual basis of accounting. The City did not provide any federal awards to sub-recipients during the year.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de Minimis Indirect Cost Rate.
The City provided no federal awards presented above to subrecipients during the year.
Title: Note 5 - Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of the City 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 Uniform Guidance, Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents only a portion of the operations of the City, it is not intended to and does not present the financial position, changes in net assets, and cash flows of the City. Expenditures reported on the Schedule are reported on the accrual basis of accounting. The City did not provide any federal awards to sub-recipients during the year.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de Minimis Indirect Cost Rate.
The City has elected not to use the 10% de Minimis Indirect Cost Rate.