Notes to SEFA
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the City under programs of the federal government for the fiscal 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 assets, or cash flows of the City.
Non-monetary assistance is reported in the schedule at the fair market value of commodities received and used. The balance amounts represent inventory on hand. Non-monetary assistance is reported in the schedule at the estimated fair market value of property received and used.
American Rescue Plan Act funds in the amount of $13,415,440 were received during previous fiscal years. The City began to expend these funds during fiscal year 2023 and the remaining funds not yet expended, $2,806,080, are reported as deferred revenue in the General Fund financial statements.
The total loan balance at June 30, 2025 was $11,552,475. There were no new loan draws during fiscal year 2025.