Notes to SEFA
The Authority received financial assistance under several grants and contracts requiring local match/participation in the form of cash. A maximum match/participation amount is established at the time the financial assistance is awarded. However, revenue is earned on the reimbursement basis and can only be recognized to the extent of applicable, eligible, and allowable disbursement. The match/participation requirement is therefore based on a contracted portion of allowable disbursements.
The Authority had a state infrastructure bank loan in the amount of $1,000,000 outstanding at September 30, 2025 under the Highway Planning and Construction (State Infrastructure Bank Loan Agreement) 20.205. This loan balance outstanding is included in the federal expenditures presented in the schedule.