Notes to SEFA
The accompanying schedule of expenditures of federal awards and state financial assistane summarized the expenditures of the Town of Lexington, TN, under the programs of the federal and state governments for the year ended June 30, 2025. The schedule is presented under the modified accrual basis of accounting.
Single Audit reports required by OMB Uniform Guidance have been filed as part of the individual audit reports of Lexington City Schools. The awards that Lexington City Schools received have not been included in the above schedule.
The awards that Lexington Electric System received have not been included in the above schedule.
The City of Lexington has elected to use the 10 percent de minimus indirect cost rate allowed under the Uniform Guidance.