Notes to SEFA
During the year ended September 30, 2025, the Authority performed a review of grant activity related to federal awards and State of Florida financial assistance. As a result, certain fiscal year 2024 expenditures were determined to be ineligible, improperly classified, or attributable to other funding sources. These items are reflected in the 2025 Schedule of Expenditures of Federal Awards and State Financial Assistance (SEFA) as prior year adjustments (FY2024), presented as separate line items within the applicable programs, and are summarized as follows: • WG097 (CSFA No. 37.039): $45,550 of fiscal year 2024 expenditures were determined to be ineligible and are presented as a reduction of expenditures. Fiscal year 2025 expenditures totaled $20,813. • LPA0520 (CSFA No. 37.039): $315,591 of fiscal year 2024 expenditures were determined to be ineligible and are presented as a reduction of expenditures. Fiscal year 2025 expenditures totaled $1,093,685. • LPA0137 (CSFA No. 37.039): $397,862 of fiscal year 2024 expenditures were determined to be improperly reported and are presented as a reduction of expenditures. Of this amount, $285,107 has been reclassified and reported under Assistance Listing No. 21.027 (Coronavirus State and Local Fiscal Recovery Funds) as a prior year adjustment, and $112,755 was determined to be ineligible and funded with utility operating revenues and is not included in the SEFA. These adjustments are presented separately from current year expenditures to provide transparency and to maintain consistency with Uniform Guidance and Florida Single Audit Act reporting requirements. The Authority recorded corresponding prior period adjustments to correct previously overstated grant revenue and related receivables in the 2025 financial statements (see Note (10) to the financial statements). Management has implemented enhanced procedures and internal controls over grant accounting and SEFA preparation to ensure expenditures are properly classified and compliant with applicable grant requirements.