Notes to SEFA
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the City of Soap Lake’s portion, are more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or 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 of Soap Lake was approved by the USDA Rural Utilities Service to receive a loan totaling $3,848,106 for Sewer System Improvements and $2,385,000 for Water System Improvements. The amount listed for this loan includes the beginning of the period loan balance plus proceeds used during the year. The balance owing at the end of the period is $6,191,472 in two loans USDA 14 $3,848,106 and USDA 12 $2,343,366. The current and prior year loan balances are reported on the City’s Schedule of Liabilities.