The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Galax, 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 City of Galax, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City of Galax, Virginia.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed.
The City has received federal funding through loans. At June 30, 2025, the outstanding balances of these loans were: $16,345,098
The City did not have any subrecipients for the year ended June 30, 2025.
Federal expenditures, revenues and capital contributions are reported in the City's basic financial statements as follows:Primary government: General Fund-Intergovernmental $ 9,349,048 Less: Revenue from the Commonwealth (5,448,704) Water and Sewer Fund-Capital Contributions 402,907 Less: Non-federal capital contributions (9,096) Water and Sewer Fund federal loan proceeds 8,648 Stormwater Fund-Capital Contributions 612,982 Less: Non-federal capital contributions (612,982) Rex Theatre Fund-Intergovernmental 88,000 Less: Revenue from the Commonwealth (44,000) Rex Theatre Fund-Capital Contributions 218,817 Less: Non-federal capital contributions (218,817) Component Unit School Board: School Operating Fund-Intergovernmental 23,230,089 Less: Revenue from Local Governments (4,100,291) Less: Revenue from the Commonwealth (15,789,365) Total federal expenditures per the Schedule of Expenditures of Federal Awards $ 7,687,236