Title: NOTE 1. BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards. Under these principles, certain types of expenditures are not allowed or are limited as to reimbursement. The City has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the Schedule) is a supplementary schedule to the City’s basic financial statements and is presented for purposes of additional analysis. The Schedule is required by Title 2 of the U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), and Section 215.97, Florida Statutes. The Schedule includes all federal financial assistance programs and state projects administered by the City of Cape Coral and included in the City’s Annual Comprehensive Financial Report. It specifically excludes federal financial assistance programs and state projects received by the discretely presented component unit, the Cape Coral Charter School Authority.
Title: NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards. Under these principles, certain types of expenditures are not allowed or are limited as to reimbursement. The City has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. The City has not elected to use the 10-percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE 3. SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards. Under these principles, certain types of expenditures are not allowed or are limited as to reimbursement. The City has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures presented in the Schedule, the City of Cape Coral provided federal financial assistance to subrecipients as follows: Community Development Block Grants / Entitlement Grants 14.218 $1,071,887 Of the state expenditures presented in the Schedule, the City of Cape Coral provided state financial assistance to subrecipients as follows: State Housing Initiatives Partnership Program 40.901 $1,324,271
Title: NOTE 4. RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards. Under these principles, certain types of expenditures are not allowed or are limited as to reimbursement. The City has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal financial assistance expenditures are included in the City's basic financial statements as follows: General Fund $45,682,088, Special Revenue Funds: Community Development Block Grant (CDBG) 1,139,113, Assistance to Firefighters Grant 149,253, Police - Forensic Improvement & Safety Programs 490,086, Department of Justice Equitable Sharing Program 347,146, Development Services - Watershed Studies & Protection 316,132, Capital Improvement Funds: Transportation - Sidewalk Construction 513,788, Water and Sewer - Utility Expansion Projects 8,588,296, State financial assistance expenditures are included in the City's basic financial statements as follows: General Fund$2,250,641 Special Revenue Funds: Local Housing Assistance Fund - State Housing Initiatives Partnership Program 3,125,246, Police - Safety Programs 160,906, Development Services - Flood Vulnerability Study 4,826, Capital Improvement Funds: Transportation - Sidewalk Construction 58,064, North 1 Utilities Extension Project 12,500,000, Water and Sewer - Resiliency Projects 2,483,229