Notes to SEFA
Title: LOANS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grantactivity of the City under programs of the federal government for the year ended June 30, 2022.The information in this Schedule is presented in accordance with the requirements of UniformGuidance, Audits of States, Local Governments, and NonProfit Organizations. Because the Schedulepresents only a portion of the operations of the City, it is not intended to and does not present thefinancial position, changes in net assets, and cash flows of the City. Expenditures reported on theSchedule are reported on the accrual basis of accounting. The City did not provide any federal awards to sub-recipients during the year.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City expended federal awards in the form of loans in the Safe Drinking Water State Revolving Fund program totaling $-0- during the year ended June 30, 2022.