Notes to SEFA
Title: Loan Proceeds
Accounting Policies: The accompanying schedule of expenditures of federal awards presents the federal financial assistance programs of the City of Bloomfield, New Mexico, and is presented on the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimis indirect cost rate.
During fiscal year 2022, the City expended $6,313,216 under the Clean Water State Revolving Funds program (Assistance Listing Number 66.458). The City was approved for a total loan under this program of $9,112,143, of which $2,130,508 was drawn down during fiscal year 2022. The loan proceeds were recorded as a portion of long-term debt in the joint utility fund at June 30, 2022. The total outstanding loan under this program is $6,562,653 at June 30, 2022.