Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal awards activity of Town of Kenneth City (City) under programs of the federal government for the year ended September 30, 2025. The information in this Schedule is presented in accordance with the requirements of 2 CFR 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.
The City received noncash federal assistance during the fiscal year ended September 30, 2025. Noncash assistance is reported in the accompanying Schedule of Expenditures of Federal Awards at the fair value (or federally determined value) of the assistance received and expended during the year. Noncash federal assistance consisted of $6,288 of funds received under 97.036 Disaster Grants - Public Assistance (Presidentially Declared Disasters).
After a presidentially declared disaster, FEMA provides Disaster Grants — Public Assistance (Presidentially Declared Disasters) (Assistance Listing 97.036) to reimburse eligible costs associated with debris removal, emergency protective measures and the repair, restoration, reconstruction or replacement of public facilities or infrastructure damaged or destroyed. Reimbursements are provided in the form of cost-shared grants. Hurricane Milton made landfall in Kenneth City on October 9, 2024. The City reported $318,422 on the Schedule for grant Z4852 which was incurred throughout fiscal year 2025.