Notes to SEFA
The accompanying schedule of expenditures of federal awards (“the Schedule”) includes the federal award activity of the City under programs of the federal government for the year ended June 30, 2025. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulation Part 200, Uniform Administrative Requirements, Costs 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 assets, or cash flows of the City.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in the prior years. The City has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
At June 30, 2025, the City had $4,133,090 outstanding in loan guarantee programs relating to Capitalization Grants for Drinking Water State Revolving Funds through the United States Environmental Protection Agency passed through the Georgia Environmental Finance Authority. These funds are payable to the Georgia Environmental Finance Authority. Expenditures of federal awards for revolving loan funds are calculated as follows: Notes receivable balance at June 30, 2025 $ 1,078,277 Loans written off during the year - Cash and investment balance at June 30, 2024 674,270 Current year expenditures (cash basis) - Subtotal 1,752,547 At applicable rate ** 31.55% *Expenditures of federal awards $ 5 52,929