Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal award activity of the City of Las Vegas, Nevada (the City) under programs of the federal government for the year ended June 30, 2025. 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 (the Uniform Guidance). Because the SEFA presents only a selected portion of the operations of the City, it is not intended to, and does not, present the financial position, changes in net positions, or cash flows of the City.
Expenditures reported on the SEFA are reported on the modified 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. Negative amounts shown on the SEFA (if any) 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.
Expenditures of federal awards are reported in the City's basic financial statements as follows Capital Project Funds $ 47,182,310 General Fund 16,474,032 Special Revenue Funds 18,459,656 $ 82,115,998
The Department of Housing and Urban Development awards the City HOME Investment Partnerships Program funds. The City uses the funds to issue loans to program participants, which under specified terms, will be forgiven over time. Current year loan drawdowns are reported on the SEFA; there are no contingencies noted. At June 30, 2025 the City had the following loan activities: Outstanding Loan from Program Program Title ALN Number Participants HOME Investment Partnerships Program 14.239 $ 43,807,291