Notes to SEFA
This schedule is prepared on the same basis of accounting as the City's financial statements. The City uses the full accrual basis of accounting to account for its grants. Under the full accrual basis, revenues are recognized when earned, if measureable, and expenses are recognized when incurred, if measurable.
The City has elected to use the de minimis indirect cost rate (up to 15 percent) allowed under the Uniform Guidance for its federal grants.
The City has a revolving loan program for low-income housing. Under this federal program, repayments to the City are considered program revenues (income) and loans of such funds to eligible recipients are considered expenditures. The amount of loan funds disbursed to program particiipants for the year was $392,534.33 and is presented in this schedule. The amount of principal and interest received in loan repayments for the year was $406,973.77
Prior year expenditures not included in prior years’ SEFA include $496,488 for the Department of Transportation – Highway Planning and Construction grants, $38,265 for the Department of Transportation –Safe Streets and Roads for All grant, $12,560 for the Community Development Block Grant, and $249,759 for the US Department of Homeland Security (FEMA) – Hazard Mitigation grant.
The City awarded $345,203 from the Community Development Block Grant program to non-profit agencies in 2025.
The amounts shown as current year expenditures represent only the federal portion of the program costs. Actual program costs, including the City's share, may be more than shown. Such expenditures are recognized following the cost principles contained in Title 2 US 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.