Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of City of Cordova under programs of the federal government for the year ended December 31, 2024. The information in the 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 for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of City of Cordova, it is not intended to and does not present the financial position, changes in net position or cash flows of City of Cordova.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
The City has elected to not use the 15-percent de minimus indirect cost rate allowed under the Uniform Guidance.
The Drinking Water Revolving Loan is a program that is funded through a mix of federal and state funding. The $4,081,500 (maximum) loan was offered with a subsidized portion not to exceed $1,967,375. The subsidy will be reported on the state schedule or federal schedule, as applicable, when the cash is received. The City is unable to determine the funding split until the drawdowns are processed by the State.