Notes to SEFA
The accompanying Schedule of Expenditures of Federal and State Awards (the Schedule) presents the activity of all federal and state financial award programs of Cary, North Carolina. All federal and state financial awards received directly from federal and state agencies as well as federal financial awards passed through other government agencies are included on the schedule. The information 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 and the State Single Audit Implementation Act. The Schedule presents only a selected portion of the operations of Cary, it is not intended to and does not present the financial position, changes in net position, or cash flows of Cary.
a) State award revenues for Powell Bill of $5.7 million are reported in Cary's basic financial statements in the Capital Project Funds. At June 30, 2025, $6.6 million of unexpended Powell Bill Funds is included in the Capital Project Fund’s fund balance as Restricted for Street Projects. The activity in this account for the year ended June 30, 2025 is as follows: See notes to SEFSA for the chart/table.
Where allowed by grant agreement, prior year expenditures that have not been previously tested may be included in the Schedule of Awards at June 30, 2025. Generally, this occurs when grants are awarded after the related project or program has started incurring expenses and retroactive reimbursement is allowed per the funding agreement or when corrections are made due to previous year(s) omissions.