Notes to SEFA
This Schedule is prepared on the same basis of accounting as the City’s financial statements. The City uses the cash basis of accounting.
The City has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The City was approved by the USDA Rural Utilities Service to receive a loan totaling $3,039,000 to drill two new water wells. Interim loan financing was received for the construction period in 2021-2024. The amount listed for this loan includes the beginning of the period loan balance plus proceeds used during the year. The balance owing at the end of the period is $1,365,568.32 . The City was approved by the USDA Rural Development to receive a loan totaling $4,100,000 to purchase the Pacific Professional building at 801 N Montesano for the City Hall. The amount owing at the end of the period is $4,100,000 .