Notes to SEFA
Title: NOTE 3 - PROGRAM COSTS
Accounting Policies: This Schedule is prepared on the same basis of accounting as the City's financial statements. The City uses a modified accrual basis of accounting in all of the related Governmental funds and full accrual in the Proprietary funds.
De Minimis Rate Used: N
Rate Explanation: The amount expended includes $32,160 claimed as indirect cost recovery based on the City's cost allocation plan. The indirect portion of the overall composite rate is 22.26%. The City has not elected to use the 10-percent deminimis indirect cost rate allowed under the Uniform Guidance.
The amounts shown as current expenditures represent only the portion of expenses paid for with Federal grants. Actual program costs, including the City's portion, may be more than reported.
Title: NOTE 4 - PROGRAM INCOME
Accounting Policies: This Schedule is prepared on the same basis of accounting as the City's financial statements. The City uses a modified accrual basis of accounting in all of the related Governmental funds and full accrual in the Proprietary funds.
De Minimis Rate Used: N
Rate Explanation: The amount expended includes $32,160 claimed as indirect cost recovery based on the City's cost allocation plan. The indirect portion of the overall composite rate is 22.26%. The City has not elected to use the 10-percent deminimis indirect cost rate allowed under the Uniform Guidance.
The City is a member of the regional HOME Consortium which offers a down payment assistance program. Under this federal program, repayments to the City are considered program revenues and loans of such funds to eligible recipients are considered expenditures. There were no loan funds disbursed to program participants for the year. The amount of loan repayments received for the year was $155,500. Repayments are used to finance new loans through the program. The City administers a CDBG program which offered several different loan programs in the past. Repayments from these defunct loan programs are considered program income and are used to fund eligible grant expenses during the course of the year. The amount of loan repayments received for the year was $8,573 and these funds were used to pay other eligible program expenses included in this Schedule.
Title: NOTE 5 - PRIOR YEAR EXPENDITURES
Accounting Policies: This Schedule is prepared on the same basis of accounting as the City's financial statements. The City uses a modified accrual basis of accounting in all of the related Governmental funds and full accrual in the Proprietary funds.
De Minimis Rate Used: N
Rate Explanation: The amount expended includes $32,160 claimed as indirect cost recovery based on the City's cost allocation plan. The indirect portion of the overall composite rate is 22.26%. The City has not elected to use the 10-percent deminimis indirect cost rate allowed under the Uniform Guidance.
The $2,017 of expenditures reported for the WA Festivals and Events Association were expended in a prior period. The grant award was approved in 2022 so the expenses are recognized as Federal expenditures on this schedule. The total expenditures reported for grant award HSIP-000S(589) include $1,652 of expenditures which were expended in a prior period. WA State Department of Transportation increased the final grant payment to cover these costs during the grant closure process.