Notes to SEFA
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of City of Slidell, Louisiana (the City) under programs of the federal government for the year ended June 30, 2025. 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 the City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
Basis of Presentation The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis of accounting. Grant revenues are recorded for financial reporting purposes when the City has met the qualifications for the respective grants. Accrued and Deferred Reimbursement Various reimbursement procedures are used for federal awards received by the City. Consequently, timing differences between expenditures and program reimbursements can exist at the beginning and end of the year. Accrued balances at year end represent an excess of reimbursable expenditures over cash reimbursements and expenditures will be reversed in the remaining grant period. Pass-Through Entity Information Pass-through entity identifying numbers are presented where available. Payments to Subrecipients There were no payments to subrecipients for the fiscal year ended June 30, 2025.
The City has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
As further described in Note 7 to the financial statements, the City has an outstanding Series 2021 general obligation refunding bond with the State of Louisiana, Department of Environmental Quality (AL No. 66.458) (Loan No. 18-03-3213), originating in December 2021 with a 1.22% interest rate and a principal balance of $12,465,843 at June 30, 2025. As further described in Note 7 to the financial statements, the City has an outstanding Series 2022 utility revenue bond with the State of Louisiana, Department of Health and Hospitals (AL No. 66.458) (Loan No. 1103041-01), originating in January 2022 with a 2.00% interest rate and a principal balance of $2,393,000 at June 30, 2025.