Title: Sub-recipients
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance presents the activity of all federal financial and state grant activity of the City of Largo, Florida (the “City”). Federal and state financial assistance received directly from federal and state agencies, and federal financial assistance passed through other government agencies are included on the schedules. The information in this schedule is present in accordance with the requirements of the Uniform Guidance and Chapter 10.550, Rules of the Auditor General.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is presented using the modified accrual or accrual basis of accounting, which is described in Note 1 to the City's basic financial statements. The City has elected to not use the 10% de Minimis Indirect Cost Rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures and state financial assistance presented in the schedule, the City of Largo, Florida provided federal and state awards to sub-recipients as follows: (please refer to the audit report pdf page 232 for the chart)
Title: Relationship to Basic Financial Statements
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance presents the activity of all federal financial and state grant activity of the City of Largo, Florida (the “City”). Federal and state financial assistance received directly from federal and state agencies, and federal financial assistance passed through other government agencies are included on the schedules. The information in this schedule is present in accordance with the requirements of the Uniform Guidance and Chapter 10.550, Rules of the Auditor General.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is presented using the modified accrual or accrual basis of accounting, which is described in Note 1 to the City's basic financial statements. The City has elected to not use the 10% de Minimis Indirect Cost Rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal and state financial assistance revenue is included in the City's basic financial statements as follows: (please refer to the audit report pdf page 232 for the chart)
Title: Loans Outstanding
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance presents the activity of all federal financial and state grant activity of the City of Largo, Florida (the “City”). Federal and state financial assistance received directly from federal and state agencies, and federal financial assistance passed through other government agencies are included on the schedules. The information in this schedule is present in accordance with the requirements of the Uniform Guidance and Chapter 10.550, Rules of the Auditor General.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is presented using the modified accrual or accrual basis of accounting, which is described in Note 1 to the City's basic financial statements. The City has elected to not use the 10% de Minimis Indirect Cost Rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City had the following loan balances including loan service fees outstanding at September 30, 2024. The current year additions related to the loans are included in the Schedule of Federal Awards and State Financial Assistance. (please refer to the audit report pdf page 233 for the chart)
Title: Noncash Assistance
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance presents the activity of all federal financial and state grant activity of the City of Largo, Florida (the “City”). Federal and state financial assistance received directly from federal and state agencies, and federal financial assistance passed through other government agencies are included on the schedules. The information in this schedule is present in accordance with the requirements of the Uniform Guidance and Chapter 10.550, Rules of the Auditor General.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is presented using the modified accrual or accrual basis of accounting, which is described in Note 1 to the City's basic financial statements. The City has elected to not use the 10% de Minimis Indirect Cost Rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City received $0 in noncash assistance during the year ended September 30, 2024
Title: American Rescue Plan Act Funding
Accounting Policies: The accompanying schedules of expenditures of federal awards and state financial assistance presents the activity of all federal financial and state grant activity of the City of Largo, Florida (the “City”). Federal and state financial assistance received directly from federal and state agencies, and federal financial assistance passed through other government agencies are included on the schedules. The information in this schedule is present in accordance with the requirements of the Uniform Guidance and Chapter 10.550, Rules of the Auditor General.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is presented using the modified accrual or accrual basis of accounting, which is described in Note 1 to the City's basic financial statements. The City has elected to not use the 10% de Minimis Indirect Cost Rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City entered into a funding agreement with the U.S. Department of the Treasury to receive federal assistance
from Coronavirus State and Local Fiscal Recovery Funds. Eligible items for use of the grant funds include
replacing lost public sector revenue, response to far-reaching public health and negative economic impacts of the pandemic, provide premium pay for essential workers and investment in water, sewer and broadband infrastructure. The City received a total amount of $12,960,041 in recovery funds. Funds must be obligated by December 31, 2024 and liquidated by December 31, 2026.