Notes to SEFA
The Village used the modified accrual basis of accounting for each federal program, consistent with the fund basis financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable program and periods. The amounts reported in these financial reports are prepared from records maintained for each program, which are periodically reconciled with the Village’s financial reporting system.
The Village is the recipient of a Hazard Mitigation grant administered through the Federal Emergency Management Authority (“FEMA”). This grant is a cost-sharing grant, with the federal government financing 75% of the cost of the project and New York State financing the remaining 25%. The Village expended $2,426,088 of federal reimbursable costs during the current year and $734,836 of federal reimbursable costs during years prior to the current year.