Notes to SEFA
The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedule) includes federal and state loan and grant award activity of the City under programs of the federal and state governments for the year ended June 30, 2025. The information in this 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 of Jefferson City, Tennessee.
(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (2) The City has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
At June 30, 2025, there was an outstanding balance of $2,643,775 on a loan through the USDA – Rural Utilities Service. The loan was 100% federally funded. There were no loan advances during the fiscal year ended June 30, 2025. Payments totaling $119,904 were made during the year ended June 30, 2025; of that amount, $62,713 was a reduction in principal and $57,191 represented interest. At June 30, 2025, there was an outstanding balance of $4,129,780 on a loan through the USDA – Rural Utilities Service. The loan was 100% federally funded. There were no loan advances during the fiscal year ended June 30, 2025. Payments totaling $145,788 were made during the year ended June 30, 2025; of that amount, $88,344 was a reduction in principal and $57,444 represented interest.