Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City of Lago Vista, Texas (the City), and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance.
Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
The City has not elected to use the 15% de minimis indirect cost rate.