Title: NOTE 1 - GENERAL
Accounting Policies: NOTE 2 - BASIS OF ACCOUNTINGThe Citys Schedule is presented using the modified accrual basis of accounting,which is described in Note 1 to the Citys financial statements for the year ended June30, 2022. Such expenditures are recognized following the cost principles containedin the Uniform Guidance and OMB Circular A-87, Cost Principles for State, Local,and Indian Tribal Governments), wherein certain types of expenditures are notallowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule)includes the federal award activity for the City under programs of the federalgovernment for the year ended June 30, 2022. The information in this Schedule ispresented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedulepresents only a selected portion of the operations of the City, it is not intended to anddoes not present the financial position, changes in net position, or cash flows of theCity. All federal financial assistance received directly from federal agencies isincluded on the schedule, as well as federal financial assistance passed through otheragencies.
Title: NOTE 4 - RELATIONSHIP TO THE FEDERAL REPORTS
Accounting Policies: NOTE 2 - BASIS OF ACCOUNTINGThe Citys Schedule is presented using the modified accrual basis of accounting,which is described in Note 1 to the Citys financial statements for the year ended June30, 2022. Such expenditures are recognized following the cost principles containedin the Uniform Guidance and OMB Circular A-87, Cost Principles for State, Local,and Indian Tribal Governments), wherein certain types of expenditures are notallowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the Schedule agree with the amounts reported in the relatedfederal financial reports except for changes made to reflect amounts in accordancewith accounting principles generally accepted in the United States of America
Title: NOTE 5 - RELATIONSHIP TO THE FINANCIAL STATEMENTS
Accounting Policies: NOTE 2 - BASIS OF ACCOUNTINGThe Citys Schedule is presented using the modified accrual basis of accounting,which is described in Note 1 to the Citys financial statements for the year ended June30, 2022. Such expenditures are recognized following the cost principles containedin the Uniform Guidance and OMB Circular A-87, Cost Principles for State, Local,and Indian Tribal Governments), wherein certain types of expenditures are notallowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported on the Schedule were prepared from the same accounting recordsas were used to prepare the financial statements. Differences between amountsreported on the Schedule and the financial statements may exist due to recognitionrequirements as established by program regulations.In the current fiscal year, the City recognized in its financial statements $472,025 infederal revenues related to Hurricane Delta and Hurricane Ida expenditures paidduring the fiscal year. However, with respect to the Federal Emergency ManagementAgency (FEMA) assistance a non-Federal entity must record expenditures on theSchedule when: (1) FEMA has approved the non-Federal entitys project worksheet(PW), and (2) the non-Federal entity has incurred the eligible expenditures. Theproject worksheet was approved and therefore these expenditures are recorded in theSchedule.
Title: NOTE 6 - NONCASH ASSISTANCE
Accounting Policies: NOTE 2 - BASIS OF ACCOUNTINGThe Citys Schedule is presented using the modified accrual basis of accounting,which is described in Note 1 to the Citys financial statements for the year ended June30, 2022. Such expenditures are recognized following the cost principles containedin the Uniform Guidance and OMB Circular A-87, Cost Principles for State, Local,and Indian Tribal Governments), wherein certain types of expenditures are notallowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City did not receive any federal noncash assistance for the fiscal year ended June30, 2022.