Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal grant activity of City of Peoria, Illinois (the City) and is presented on the modified accrual basis (full accrual basis in the proprietary fund) of accounting. All federal financial assistance received directly from federal agencies, as well as federal financial assistance passed through other governmental agencies expanded during the year, is included in the schedule. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
The City had no noncash assistance in the current year. The City had $957,941 of loan balances outstanding as of December 31, 2025, related to the EDA Revolving Loan Fund (Assistance Listing Number 11.307). The current year $927,665 EDA Revolving Loan Fund expenditures, included in the schedule of expenditures of federal awards, represent the 65% federal portion of the outstanding loan balances plus related cash and investment balances. The City also had loan balances outstanding of $429,009 related to the CARES Act Revolving Loan Fund (Assistance Listing Number 11.307).
Federal expenditures for each of the City’s revolving loan funds are calculated as follows (see single audit notes)