Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the County of Smyth, Virginia 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 County of Smyth, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of the County of Smyth, Virginia.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed.
The County did not have any loans or loan guarantees which are subject to reporting requirements for the current year.
The County did not have any subrecipients for the year ended June 30, 2025.
The County did not receive any donated items during the year.
Federal expenditures, revenues and capital contributions are reported in the County's basic financial statements as follows: Intergovernmental federal revenues per the basic financial statements: Primary government: General Fund - Intergovernmental $ 21,762,726 Less: Revenue from the Commonwealth (17,182,611) Less: Payment in Lieu of Taxes (262,291) Less: QSCB interest subsidy (459,347) Component Unit School Board: School Operating Fund - Intergovernmental 73,118,940 Less: Revenue from local governments (12,828,419) Less: Revenue from the Commonwealth (50,950,028) Total federal expenditures per the Schedule of Expenditures of Federal Awards $ 13,198,970