Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the City of Mascotte (the City) under programs of the federal government for the year ended September 30, 2025. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 City, it is not intended to and does not present the financial position, changes in net position or cash flows of the City.
In 2023, the City executed State Revolving Fund Loan agreement DW351211 for the City’s Drinking Water Design and improvement projects. Loan balance as of September 30, 2025 is $811,886. Loan expenditures reported in the current year Schedule are $26,900. In 2024, the City executed State Revolving Fund Loan agreement LS351230 for the City’s Drinking Water Planning, Design and Construction projects. Loan balances as of September 30, 2025 is $85,017. Loan expenditures reported in the current year Schedule are $16,317.
Grant expenditure amounts are subject to audit and adjustment. If any expenditures are disallowed by a Grantor agency as a result of such an audit, any claim for reimbursement to the Grantor agency would become a liability of the City. In the opinion of the City’s management, all grant expenditures included on the Schedule complied with the terms of the grant agreements and applicable federal laws and regulations.