Notes to SEFA
Title: NOTE B
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the City's federal award programs presented on the modified accrual basis of accounting in accordance with accounting principles
generally accepted in the United States of America. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the fund liability has been incurred.
De Minimis Rate Used: Y
Rate Explanation: The City did elect to use the federal 10% de minimus indirect cost rate for the year ended December 31, 2024.
The City did not receive any federal insurance or non-cash assistance. The City also did not have any federal loans or loan guarantees.