Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal award activity of the City of Cortez under programs of the federal government for the year ended December 31, 2025. 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). Because the schedule presents only a selected portion of the operations of the City of Cortez, it is not intended to and does not present the financial position, changes in net position or cash flows of the City of Cortez. The reporting entity for the City of Cortez is based upon criteria established by the Governmental Accounting Standards Board. The City of Cortez is the primary government according to GASB criteria.