The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Buena Vista, 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 City of Buena Vista, Virginia, it is not intended to and does not present the financial position, change in net position, or cash flows of the City of Buena Vista, Virginia.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed. At June 30, 2025, the City had $19,786 of food commodities in inventory. The value of food commodities expended during the year ended June 30, 2025 amounted to $64,223.
No awards were passed through to subrecipients.
The City issued a revenue bond totaling $5,424,000, approved by the USDA Rural Utilities Service, to refinance previously issued bonds. The outstanding loan balance at the end of the period is $5,340,764.
Federal expenditures, revenues, and capital contributions are reported in the City's basic financial statements as follows: Intergovernmental federal revenues per the basic financial statements: Primary government: Governmental funds $ 4,108,147 Total primary government $ 4,108,147 Discretely presented component unit - School Board: School operating fund $ 1,450,938 School nutrition fund 738,294 Total discretely presented component unit - School Board $ 2,189,232 Total federal expenditures per the Schedule of Expenditures of Federal awards $ 6,297,379