Notes to SEFA
This schedule of expenditures of federal awards and state financial assistance summarizes the expenditures of the City under programs of the federal and state governments for the year ended June 30, 2025. The information in this schedule is presented in accordance with the requirements of Title 2 US 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, change in net position, or cash flows of the City. Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
At June 30, 2025, there was a Department of Housing and Urban Development Home Investment Partnership grant note (Assistance Listing No. 14.239). In a prior fiscal year, the funds, in the amount of $364,968, were passed through to a subrecipient. The grant note is forgivable, provided the CIty continues to meet the terms of the grant. The remaining balance of the grant is due 2025.