Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1. BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of theMunicipality under programs of the federal government for the year ended June 30, 2022. The informationin this schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ fromthe amounts presented in, or used in the preparation of, the basic financial statements. Because theschedule presents only a selected portion of the operations of the Municipality, it is not intended to anddoes not present the financial position and changes in net assets of the Municipality.The Assistance Listing Number (ALN), formerly known as the Catalog of Federal Domestic Assistance(CFDA) Number, is a five-digit number assigned in the awarding document for all federal assistanceaward mechanisms, including federal grants and cooperative agreements. Assistance listings are detailedpublic descriptions of federal programs that provide grants, loans, scholarships, insurance, and othertypes of assistance awards. The Sam.gov assistance listing is the publicly available online databaseshowing all available Federally-funded programs.State or local government redistributions of federal awards to the Municipality, known as passthroughawards, should be treated by the Municipality as though they were received directly from the federalgovernment. The Uniform Guidance requires the schedule to include the name of the passthrough entityand the identifying number assigned by the pass-through entity for the federal awards received as a subrecipient. Numbers identified as N/A are not applicable and numbers identified as N/AV are not available.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the modified accrual basis of accounting.Expenditures are recognized when the related liability is incurred, following the cost principles contained inthe Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement. Expenditures for the following programs are recognized based on other uniquerequirements:? Section 8 Housing Choice Voucher Program (HCV). Expenditures are reported on a statutorybasis as required by the U.S. Department of Housing and Urban Development. Such expendituresshould equal the net Annual Contribution Contract (ACC) subsidy for the PHAs fiscal period.? Public assistance grants (FEMA). Expenditures are recognized in the period when: (1) FEMA hasapproved the PW, and (2) eligible expenditures are incurred.? Loans or loans guarantee programs. Expenditures equal the value of new loans made or receivedduring the audit period plus the beginning of the audit period balance of outstanding loans fromprevious years for which the federal government imposes continuing compliance requirements. Forloans with no imposed continuing compliance requirements, expenditures are recognized when therelated costs financed with loan proceeds are incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY DEVELOPMENT BLOCK GRANTS_SECTION 108 LOAN GUARANTEES (14.248) - Balances outstanding at the end of the audit period were 1828000.
Title: RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: 1. BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of theMunicipality under programs of the federal government for the year ended June 30, 2022. The informationin this schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ fromthe amounts presented in, or used in the preparation of, the basic financial statements. Because theschedule presents only a selected portion of the operations of the Municipality, it is not intended to anddoes not present the financial position and changes in net assets of the Municipality.The Assistance Listing Number (ALN), formerly known as the Catalog of Federal Domestic Assistance(CFDA) Number, is a five-digit number assigned in the awarding document for all federal assistanceaward mechanisms, including federal grants and cooperative agreements. Assistance listings are detailedpublic descriptions of federal programs that provide grants, loans, scholarships, insurance, and othertypes of assistance awards. The Sam.gov assistance listing is the publicly available online databaseshowing all available Federally-funded programs.State or local government redistributions of federal awards to the Municipality, known as passthroughawards, should be treated by the Municipality as though they were received directly from the federalgovernment. The Uniform Guidance requires the schedule to include the name of the passthrough entityand the identifying number assigned by the pass-through entity for the federal awards received as a subrecipient. Numbers identified as N/A are not applicable and numbers identified as N/AV are not available.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the modified accrual basis of accounting.Expenditures are recognized when the related liability is incurred, following the cost principles contained inthe Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement. Expenditures for the following programs are recognized based on other uniquerequirements:? Section 8 Housing Choice Voucher Program (HCV). Expenditures are reported on a statutorybasis as required by the U.S. Department of Housing and Urban Development. Such expendituresshould equal the net Annual Contribution Contract (ACC) subsidy for the PHAs fiscal period.? Public assistance grants (FEMA). Expenditures are recognized in the period when: (1) FEMA hasapproved the PW, and (2) eligible expenditures are incurred.? Loans or loans guarantee programs. Expenditures equal the value of new loans made or receivedduring the audit period plus the beginning of the audit period balance of outstanding loans fromprevious years for which the federal government imposes continuing compliance requirements. Forloans with no imposed continuing compliance requirements, expenditures are recognized when therelated costs financed with loan proceeds are incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying Schedule are included in the Head Start Fund, American RescuePlan Act Fund, Disaster Grant Fund and in the Other Governmental Funds in the Municipalitys fundfinancial statements. The reconciliation between the expenditures in the funds financial statements andexpenditures in the Schedule of Expenditures of Federal Awards is as follows:Special Revenue American Disaster OtherHead Start Rescue Plan Act Grants GovernmentalDescription Fund Fund Fund Funds TotalTotal federal expenditures perSchedule of Expenditures of Federal Awards $ 7,630,173 $ 625,425 $ 1,951,223 $ 5,022,938 $ 15,229,759Additional amount recorded as expendituresunder modified accrual basis for Section 8HCV Program - - - 11,146 11,146Non-federal awards expenditures - - - 1,914,709 1,914,709Total expenditures per fund statements $ 7,630,173 $ 625,425 $ 1,951,223 $ 6,948,793 $ 17,155,614
Title: CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS (ALN 21.027)
Accounting Policies: 1. BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of theMunicipality under programs of the federal government for the year ended June 30, 2022. The informationin this schedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ fromthe amounts presented in, or used in the preparation of, the basic financial statements. Because theschedule presents only a selected portion of the operations of the Municipality, it is not intended to anddoes not present the financial position and changes in net assets of the Municipality.The Assistance Listing Number (ALN), formerly known as the Catalog of Federal Domestic Assistance(CFDA) Number, is a five-digit number assigned in the awarding document for all federal assistanceaward mechanisms, including federal grants and cooperative agreements. Assistance listings are detailedpublic descriptions of federal programs that provide grants, loans, scholarships, insurance, and othertypes of assistance awards. The Sam.gov assistance listing is the publicly available online databaseshowing all available Federally-funded programs.State or local government redistributions of federal awards to the Municipality, known as passthroughawards, should be treated by the Municipality as though they were received directly from the federalgovernment. The Uniform Guidance requires the schedule to include the name of the passthrough entityand the identifying number assigned by the pass-through entity for the federal awards received as a subrecipient. Numbers identified as N/A are not applicable and numbers identified as N/AV are not available.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the modified accrual basis of accounting.Expenditures are recognized when the related liability is incurred, following the cost principles contained inthe Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement. Expenditures for the following programs are recognized based on other uniquerequirements:? Section 8 Housing Choice Voucher Program (HCV). Expenditures are reported on a statutorybasis as required by the U.S. Department of Housing and Urban Development. Such expendituresshould equal the net Annual Contribution Contract (ACC) subsidy for the PHAs fiscal period.? Public assistance grants (FEMA). Expenditures are recognized in the period when: (1) FEMA hasapproved the PW, and (2) eligible expenditures are incurred.? Loans or loans guarantee programs. Expenditures equal the value of new loans made or receivedduring the audit period plus the beginning of the audit period balance of outstanding loans fromprevious years for which the federal government imposes continuing compliance requirements. Forloans with no imposed continuing compliance requirements, expenditures are recognized when therelated costs financed with loan proceeds are incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
On March 11, 2021, was signed into law the American Rescue Plan Act (ARPA) of 2021, the latestCOVID-19 stimulus package. Within ARPA, the Coronavirus State and Local Fiscal Recovery Fundprovides $350 billion for states, municipalities, counties, tribes, and territories, including $130.2 billion forlocal governments split evenly between municipalities and counties. Accordingly, the Municipality receiveda grant under Counties and Non-Entitlements categories $5.4 million to respond to the COVID-19 publichealth emergency and its economic impacts. Also, the Municipality received $50,335 through theMunicipal Strength Fund. The Municipality will incur ARPA grant expenditures in the following fiscal years.