Notes to SEFA
The accompanying Schedule of Expenditures of Federal and State Awards (SEFSA) includes the federal and State grant activity of Morehead City under the programs of the federal government and the State of North Carolina for the year ended June 30, 2025. The information in this SEFSA is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the State Single Audit Implementation Act. Because the SEFSA presents only a select portion of the operations of Morehead City, it is not intended to and does not present the financial position, changes in net position or cash flows of Morehead City. There were no federal or State awards passed through to subrecipients for the year ended June 30, 2025.
Morehead City has outstanding loan balances from federal and State funding sources that are not required to be presented within the SEFSA because there are no continuing requirements beyond the repayment of the loan balances in accordance with loan agreement provisions. Loans outstanding at June 30, 2025 consist of: USDA Water Treatment Improvement Bond $4,177,000, Clean Water State Revolving Loan Fund $3,000,000, Drinking Water State Revolving Loan Fund $161,250, Water Treatment Facilities $450,000, Clean Water State Revolving Loan Fund $1,787,500