Notes to SEFA
Title: SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Revenues and expenditures in the schedule are presented in accordance with the modified accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the City’s 2024 fund financial statements. Such expenditures are recognized following the cost principals contained in Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement. Federal Assistance Listing Number 21.027 follows criteria determined by the Department of Treasury for allowability of costs. Accrued revenue at year-end consists of federal program expenditures scheduled for reimbursement to the City in the succeeding year while unearned revenue represents advances for federal programs that exceed recorded City expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to charge a de minimis rate of 10% of modified total costs.
The accompanying schedule of expenditures of federal 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 of expenditures of federal awards 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: Revenues and expenditures in the schedule are presented in accordance with the modified accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the City’s 2024 fund financial statements. Such expenditures are recognized following the cost principals contained in Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement. Federal Assistance Listing Number 21.027 follows criteria determined by the Department of Treasury for allowability of costs. Accrued revenue at year-end consists of federal program expenditures scheduled for reimbursement to the City in the succeeding year while unearned revenue represents advances for federal programs that exceed recorded City expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to charge a de minimis rate of 10% of modified total costs.
The federal and state oversight agencies for the City are as follows:
Federal - U.S. Department of Treasury
Title: PASS THROUGH ENTITIES
Accounting Policies: Revenues and expenditures in the schedule are presented in accordance with the modified accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the City’s 2024 fund financial statements. Such expenditures are recognized following the cost principals contained in Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement. Federal Assistance Listing Number 21.027 follows criteria determined by the Department of Treasury for allowability of costs. Accrued revenue at year-end consists of federal program expenditures scheduled for reimbursement to the City in the succeeding year while unearned revenue represents advances for federal programs that exceed recorded City expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to charge a de minimis rate of 10% of modified total costs.
Federal awards have been passed through the following entities:
WI DOA - Wisconsin Department of Administration