Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Town of Exmore, Virginia under programs of the federal government for the year ended June 30, 2024. The information in this Schedule 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 of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Town of Exmore, Virginia, it is not intended to be and does not present the financial position, changes in net position, or cash flows of Town of Exmore, Virginia.
Federal expenditures, revenues and capital contributions are reported in the Town's basic financial statements as follows: Intergovernmental federal revenues per the basic financial statements: Primary government: General Fund $ 312,443 Proprietary Funds: Enterprise Fund 8 ,724,621 Total primary government $ 9 ,037,064 DEQ Loan Proceeds $ 1 ,615,745 USDA Loan Proceeds $ 3 ,119,884 Total federal expenditures per the Schedule of Expenditures of Federal Awards $ 13,772,693
No awards were passed through to subrecipients.
The Town has loan balances from DEQ of $3,168,304 and USDA loan balances of $1,615,745 with loans that were being drawn down during the year ended June 30, 2024.