Audit 49135

Accounting Policies: SIGNIFICANT ACCOUNTING POLICIESBasis of PresentationThe accompanying schedule includes the federal grant activity of the City for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Federal Financial Assistance Pursuant to the Single Audit Act of 1984; the Single Audit Act Amendments of 2015, and the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, endowments, or direct appropriations. Federal financial assistance does not include direct federal cash assistance to individuals.Assistance Listing Number (ALN) The Uniform Guidance requires the Schedule to show the total expenditures for each of the City's federal financial assistance programs by its ALN. The Schedule is a government-wide summary of individual federal programs. Each grant included in the Schedule is assigned a five-digit program identification number, which identifies the federal agency and its specific program.Type A and Type B Programs The Single Audit Act of 1984 (as subsequently amended) and the Uniform Guidance establish the levels to be used in defining Type A and Type B federal programs. Type A programs for the City are those programs that exceeded $1,564,850 in the federal awards expended for the fiscal year ended June 30, 2022. All other programs are classified as Type B by the City.Reporting Entity and Basis of AccountingThe Citys reporting entity is fully described in Note 1 of its basic financial statements. Federal financial assistance programs included in the Schedule are reported in the City's basic financial statements as intergovernmental revenue in the general and other governmental funds. Such expenditures are recognized following the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.