Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Norton, Virginia under programs of the federal government for the year ended June 30, 2025. The information in the 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 Norton, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City of Norton, Virginia.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed.
The City did not have any subrecipients for the year ended June 30, 2025.
The City has received federal funding through loans. At June 30, 2025, the outstanding balances of these loans were: $758,119
Federal expenditures, revenues and capital contributions are reported in the City's basic financial statements as follows: See chart in notes to SEFA