Title: 1. Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal and state grant activity of the City of Live Oak, Florida. Expenditures are recognized on the modified accrual basis for governmental funds and the full accrual
basis of accounting for proprietary funds. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal and state grant activity of the City of Live Oak, Florida. Expenditures are recognized on the modified accrual basis for governmental funds and the full accrual basis of accounting for proprietary funds. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
Title: 2. Contingency
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal and state grant activity of the City of Live Oak, Florida. Expenditures are recognized on the modified accrual basis for governmental funds and the full accrual
basis of accounting for proprietary funds. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
Grant expenditures are subject to audit and adjustment. If any expenditure were to be disallowed by the grantor agency as the result of such an audit, any claim or reimbursement to the grantor agency would become a liability of the City. In the opinion of management, all project expenditures included on the accompanying schedule are in compliance with the terms of the project agreements and applicable.
Title: 3. Loans Outstanding
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal and state grant activity of the City of Live Oak, Florida. Expenditures are recognized on the modified accrual basis for governmental funds and the full accrual
basis of accounting for proprietary funds. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The City of Live Oak, Florida had the following loan balance outstanding at September 30, 2024. There were no loan expenditures incurred during the year ended September 30, 2024. All FDEP Program Title Expenditures Loan Amounts Assistance
U.S. Department of Environmental Protection Listing # Outstanding
State Revolving Fund Loan No. WW66206P 66.458 188,059
State Revolving Fund Loan No. WW662080 66.458 659,520
State Revolving Fund Loan No. WW662111 66.458 5,968,567
State Revolving Fund Loan No. WW662110 66.458 86,498
State Revolving Fund Loan No. WW610201 66.458 52,859
State Revolving Fund Loan No. WW610220 66.458 853,276
State Revolving Fund Loan No. WW610200 66.458 485,696
State Revolving Fund Loan No. WW66207P 66.458 42,227
State Revolving Fund Loan No. WW662070 66.458 191,966
State Revolving Fund Loan No. DW610211 66.458 158,795
State Revolving Fund Loan No. DW610210 66.458 176,092
Total 8,863,555
Title: 4. De Minimis Indirect Cost Rate Election
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal and state grant activity of the City of Live Oak, Florida. Expenditures are recognized on the modified accrual basis for governmental funds and the full accrual
basis of accounting for proprietary funds. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The City of Live Oak, Florida did not elect to use the 10% de minimis indirect cost rate as covered in §200.414, Indirect (F&A) costs, of the Uniform Guidance.