Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Town of Mount Jackson, Virginia under programs of the federal government 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 Town of Mount Jackson, Virginia, it is not intended to and does not present the financial position, change in net position, or cash flows of the Town of Mount Jackson, Virginia.
No awards were passed through to subrecipients.
The Town was approved by the USDA Rural Utilities Service to receive a loan totaling $4,733,000 to install an equalization tank at the wastewater treatment plant. Interim loan financing was received through First Bank for the construction period. The loan is funded through the USDA's Water and Waste Disposal Systems for Rural Communities program (Assistance Listing 10.760). Loan draws during the year did not equal federal expenditures reported on the SEFA due to timing differences between receipt of loan proceeds and the incurrence of allowable program costs. The following reconciles loan activity to federal expenditures for the year ended June 30, 2025: Outstanding loan balance - beginning of year $ 1,098,575 Current year expenditures of federal awards under Assistance Listing 10.760 $ 831,845 less current year expenditures funded with loan proceeds not yet received (205,006) Loan proceeds received in current year for current year expenditures 626,839 Loan proceeds received in current year for prior year expenditures 1,463,428 Principal repayment in current year (981,470) Outstanding loan balance - end of year $ 2,207,372
Federal expenditures, revenues, and debt issuances are reported in the Town's basic financial statements as follows: Intergovernmental federal revenues per the basic financial statements: Governmental funds: General fund $ 78,888 Total primary government intergovernmental federal revenues $ 78,888 Water and waste disposal systems for rural communities current year debt issuance reported as long-term debt in the Water and Sewer fund 831,845 Total primary government 910,733