Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the City of Bristol, Tennessee (the “City”) under programs of the federal government for the fiscal 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 represents only a selected portion of the operations of the City, is it not intended to and does not present the financial position, changes in net assets, or cash flows of the City.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the costs principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The City has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Non-monetary assistance is reported in the Schedule at the fair market value of the commodities received and used.
At June 30, 2025, the City had no outstanding loan balances requiring continuing disclosure.
The SEFA includes $18,857 of expenditures from a prior period because reimbursement was approved by TDOT for those expenditures in fiscal year 2025.