Title: Note 1 - Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City under programs of the federal government for the year ended December 31, 2024. The City’s reporting entity is defined in Note 1 to the City’s financial statements. The information reported in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). 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 or changes in net position of the City.
De Minimis Rate Used: N
Rate Explanation: Cost Reimbursement
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City under programs of the federal government for the year ended December 31, 2024. The City’s reporting entity is defined in Note 1 to the City’s financial statements. The information reported in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). 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 or changes in net position of the City.
Title: 2. Summary Of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City under programs of the federal government for the year ended December 31, 2024. The City’s reporting entity is defined in Note 1 to the City’s financial statements. The information reported in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). 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 or changes in net position of the City.
De Minimis Rate Used: N
Rate Explanation: Cost Reimbursement
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting which is described in Note 1 to the City’s financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: 3. Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City under programs of the federal government for the year ended December 31, 2024. The City’s reporting entity is defined in Note 1 to the City’s financial statements. The information reported in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). 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 or changes in net position of the City.
De Minimis Rate Used: N
Rate Explanation: Cost Reimbursement
The City has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: 4. Insurance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City under programs of the federal government for the year ended December 31, 2024. The City’s reporting entity is defined in Note 1 to the City’s financial statements. The information reported in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). 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 or changes in net position of the City.
De Minimis Rate Used: N
Rate Explanation: Cost Reimbursement
The City did not have any federal insurance in effect during the year ended December 31, 2024
Title: 5. Loans And Loan Guarantees
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City under programs of the federal government for the year ended December 31, 2024. The City’s reporting entity is defined in Note 1 to the City’s financial statements. The information reported in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). 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 or changes in net position of the City.
De Minimis Rate Used: N
Rate Explanation: Cost Reimbursement
The City did not have any loans or loan guarantees outstanding as of December 31, 2024.
Title: 6. Nonmonetary Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City under programs of the federal government for the year ended December 31, 2024. The City’s reporting entity is defined in Note 1 to the City’s financial statements. The information reported in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). 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 or changes in net position of the City.
De Minimis Rate Used: N
Rate Explanation: Cost Reimbursement
The City did not have any nonmonetary assistance during the year ended December 31, 2024.
Title: 7. Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City under programs of the federal government for the year ended December 31, 2024. The City’s reporting entity is defined in Note 1 to the City’s financial statements. The information reported in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). 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 or changes in net position of the City.
De Minimis Rate Used: N
Rate Explanation: Cost Reimbursement
The City did not provide federal awards to any subrecipients during the year ended December 31, 2024.
Title: 8. Donated Personal Protective Equipment (Unaudited)
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City under programs of the federal government for the year ended December 31, 2024. The City’s reporting entity is defined in Note 1 to the City’s financial statements. The information reported in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administration Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). 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 or changes in net position of the City.
De Minimis Rate Used: N
Rate Explanation: Cost Reimbursement
The City did not receive donations of personal protective equipment during the year ended December 31, 2024.