Notes to SEFA
The Board of Public Works of the City of Lewes, Delaware (the "Board") as the reporting entity for financial reporting purposes is defined in Note 1 to the Board's financial statements. For purposes of preparing the schedule of expenditures of federal awards, the Board's reporting entity is the same that was used for financial reporting.
The 2025 threshold for determining Type A and Type B Programs is $750,000. The following Type A program was audited as major: Capitalization Grants for Drinking Water State Revolving Fund. The amount expended under programs audited as major federal programs for the year ended March 31, 2025 totaled $4,470,828 or 97.1% of total federal awards.
Amortization of the loan starts when the full principal of the loan is drawn. The total drawdown on the loan and the loan balance outstanding by the Board as of March 31,2025, is $3,845,836 and 8,335,152 respectively.