The amounts shown as current year expenditures represent only the federal award portion of the program costs. Entire program costs, including the city’s portion, are more than shown. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The City received $2,000,000 in Community Project Funding Grant funding from the U.S. Department of Housing and Urban Development (HUD). The agreement allows for the reimbursement of eligible expenses incurred on or after the date of the enactment of the Consolidated Appropriations Act, 2022, which was signed into law March 15, 2022. Of the $1,988,473 expenditure reported on the SEFA, $8,427 were incurred in 2022, $400,488 were incurred in 2023, and $1,579,557 were incurred in 2024.
The City received $12,500,000 of CFI grant funding from the Federal Highway Administration which includes a period of performance from September 28, 2022, through September 30, 2025. Of the $12,500,000 expenditure reported on the SEFA, $224,622 were incurred in 2022, $6,288,673 were incurred in 2023, and $5,986,705 were incurred in 2024.
The amount reported on the 2024 SEFA for ALN 14.218 includes $1,390 of expenditures from 2023 that were not previously reported.
The amount reported on the 2024 SEFA for ALN 14.218 includes $4,551 of expenditures from 2023 that were not previously reported.
The amount reported on the 2024 SEFA for ALN 14.218 includes $55,337 of expenditures from 2019 that were not previously reported.
As of December 31st, 2024, the City of Mount Vernon has an outstanding balance of $23,000,000 under the U.S. Department of Transportation's Transportation Infrasructure Finance and Innovation Act (TIFIA) Loan Program (ALN 20.223). During the 2024 fiscal year, the City expended $26,825,549 in TIFIA loan proceeds. The remaining $3,825,549 was spent during 2024 and the loan proceeds were received after year-end.