Notes to SEFA
This schedule is prepared on the same basis of accounting as the City’s financial statements. The City uses the modified accrual basis of accounting for governmental funds and full accrual basis for proprietary funds.
The City of Olympia has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the City’s portion, are more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
In September 2021, the City reverted to using program income to fund new loans. As such, reported expenditures include the expenditures of program income. In 2025, the City expended $27,510 in program income, and $365,916 in CDBG Entitlement Grants. The City is on the additive method of reporting with HUD therefore the program income is reported as additions to the authorized grant amounts. During 2025, the City expended a total of CDBG Entitlement Funds in the amount of $393,426 which is reported on this schedule.