Notes to SEFA
The accompany schedule of Expenditures of Federal Awards and State Financial Assistance summarizes the expenditures of the Town under programs of the federal and state governments for the year ended June 30, 2025. The schedule is presented using the modified accrual basis of accounting.
The Town elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
At June 30, 2025, there were two outstanding balances of $472,240 and $776,252 on state revolving fund loans DG5 16-179 and SRF 16-369, respectively. Payments during the current year were $36,312 and $45,720, respectively.