Notes to SEFA
The expenditures of the Town are presented on the accrual basis of accounting, in accordance with the accounting principles generally accepted in the United States of America. The 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. According to Uniform Guidance (2 CFR §200.502(a)), loans are generally considered expended and should be reported on the SEFA when the proceeds are used for their designated purpose under the loan or loan guarantee program.
The Town obtained a $4,000,000 bond anticipation note (BAN) on July 15, 2025 as interim financing to fund project expenditures under the program.