Notes to SEFA
The accompanying schedule of expenditures of federal awards presents all expenditures related to Assistance Listing 11.307 Economic Adjustment Assistance Program (the Economic Development Administration Revolving Loan Fund Program) and the federal award activity of the City of Burlington, Vermont Electric Department (the Department) under programs of the federal government during the year ended June 30, 2025. The schedule of expenditures of federal awards is presented on an accrual basis and in accordance with the provisions 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 presents only a selected portion of the operations of the Department, it is not intended to and does not present the financial position, changes in net position or cash flows of the Department.
The Department is an enterprise fund of the City of Burlington, Vermont (the City). The City has overall financial accountability for the Department, its Council appoints the Commissioners of the Department who oversee its operations, and the City collateralizes the Department’s general obligation debt. The Department is also subject as to rates, accounting, and other matters, to the regulatory authority of the State of Vermont Public Utility Commission (PUC) and the Federal Energy Regulatory Commission (FERC).
The Department administers the Economic Development Administration Revolving Loan Fund Program through grants received under the Economic Adjustment Assistance Program. The amount on the SEFA of $762,232 as of June 30, 2025, is equal to the RLF balance of $59,018 as of June 30, 2024, plus the cash and investment balance of $703,214 as of June 30, 2025. The outstanding balance for loans distributed under the revolving loan program as of June 30, 2025 is $46,072 as reflected below: See the Notes to the SEFA for chart/table
The Department has elected to use the 10% de minimis indirect cost rate as permitted by 2 CFR 200.414(f). This rate is applied to Modified Total Direct Costs (MTDC) for Grid Infrastructure Deployment and Resilience (ALN 81.254) and was not applied to other federal awards. The entity did not have a negotiated indirect cost rate during the fiscal year.