Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the City under programs of the federal government for the year ended December 31, 2025. The information in this 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, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
Expenditures reported on the Schedule are reported on the (modified accrual basis) OR (modified cash basis) basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Municipality has/has not (choose as applicable) elected to use the de minimis indirect cost rate as allowed under the Uniform Guidance. For grant awards issued prior to October 1, 2024 the de minimis indirect cost rate is 10% and for those grant awards issued after October 1, 2024 the de minimis indirect cost rate is 15%.