Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards and Schedule of Expenditures of State Awards presents the activity of all federal and state award programs of City of South Padre Island, Texas, for the year ended September 30, 2025. The reporting entity consists of the primary government, organizations for which the primary government is financially accountable, and other organizations for which the primary government is not accountable, but for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity’s financial statements to be misleading or incomplete. Financial accountability exists if a primary government appoints a voting majority of an organization’s governing Board and is either able to impose its will on that organization or there is a potential for the organization to provide specific financial benefits to, or impose specific financial burdens on, the primary government. A primary government may also be financially accountable for governmental organizations with a separately elected governing Board, a governing Board appointed by another government, or a jointly appointed Board that is fiscally dependent on the primary government. In accordance with Governmental Accounting Standards Board requirements, the City has reviewed other entities and activities for possible inclusion in the reporting entity and determined that there are none; however, federal or state financial assistance passed through other governmental agencies is included on the schedule.
During the year ended September 30, 2025, the City had no sub-recipients for either Federal or State grants.
During the year ended September 30, 2025, the City had no outstanding federal loans payable or loan guarantees.
During the year ended September 30, 2025, the City had no federally funded insurance.
During the year ended September 30, 2025, the City did not receive any non-cash federal awards.