Notes to SEFA
This schedule is prepared on the same basis of accounting as the Public Utility District No. 1 of Thurston County’s financial statements and in accordance with the requirements contained in Uniform Guidance. The accounting records of the District are maintained in accordance with methods prescribed by the Washington State Auditor under the authority of Chapter 43.09 RCW. The full accrual basis of accounting is used, where revenues are recognized when earned and expenses are recognized when incurred. Capital asset purchases are capitalized and long-term liabilities are accounted for in the appropriate funds.
The district has elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance.
The District was approved by the EPA and the WA Department of Health to receive the following loan to improve its drinking water system: EPA (WA Department of Health) $1,669,239 The amount listed for the loan includes the 2025 expenditures of the District in construction of the improvements for the covered water systems. Both the current and prior year loans are also reported on the District’s Schedule of Long-Term Debt.