Notes to SEFA
The accompanying schedule of expenditures of federal awards and state financial assistance includes the federal and state grant activity of the City of Live Oak, Florida. Expenditures are recognized on the modified accrual basis for governmental funds and the full accrual basis of accounting for proprietary funds. Expenditures generally are recorded when a liability is incurred, as under accrual accounting.
Grant expenditures are subject to audit and adjustment. If any expenditure were to be disallowed by the grantor agency as the result of such an audit, any claim or reimbursement to the grantor agency would become a liability of the City. In the opinion of management, all project expenditures included on the accompanying schedule are in compliance with the terms of the project agreements and applicable.
The City of Live Oak, Florida had the following loan balance outstanding at September 30, 2025. There were no loan expenditures incurred during the year ended September 30, 2025. All FDEP Program Title Expenditures Loan Amounts Assistance U.S. Department of Environmental Protection Listing # Outstanding All FDEP Program Title Expenditures Loan Amounts Assistance Outstanding U.S. Department of Environmental Protection Listing # Balance State Revolving Fund Loan No. WW66206P 66.458 $ 135,501 State Revolving Fund Loan No. WW662080 66.458 475,518 State Revolving Fund Loan No. WW662111 66.458 5,646,604 State Revolving Fund Loan No. WW662110 66.458 72,744 State Revolving Fund Loan No. WW610201 66.458 44,478 State Revolving Fund Loan No. WW610220 66.458 746,210 State Revolving Fund Loan No. WW610200 66.458 408,669 State Revolving Fund Loan No. WW66207P 66.458 35,503 State Revolving Fund Loan No. WW662070 66.458 161,619 State Revolving Fund Loan No. DW610211 66.458 136,073 State Revolving Fund Loan No. DW610210 66.458 150,966 Total $ 8,013,885
The City of Live Oak, Florida did not elect to use the 15% de minimis indirect cost rate as covered in §200.414, Indirect (F&A) costs, of the Uniform Guidance.