Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures in the Schedules are reported on the accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the City’s 2024 financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) for the City is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
The Schedule includes all federal awards of the City. Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
Title: OVERSIGHT AGENCIES
Accounting Policies: Expenditures in the Schedules are reported on the accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the City’s 2024 financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis cost rate.
The federal oversight agency for the City is the U.S. Department of Agriculture.