Notes to SEFA
Title: Reporting Entity
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal program activity of the Acton Municipal Utility District and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Acton Municipal Utility District was created by order of the Texas Water Commission on July 21, 1982, under the terms and provisions of Section 59 of Article XVI of the Texas Constitution for the purpose of having and exercising functions, powers, authority, rights, and duties provided in Chapter 54, as amended, of the Texas Water Code. The Board of Directors held its first meeting on July 27, 1982. The voters of the District confirmed the organization of Acton Municipal Utility District on August 14, 1982. The District is governed by a five-member board that is elected to four year terms.
Title: Texas Water Development Board Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal program activity of the Acton Municipal Utility District and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District issued bonds that were purchased by the Texas Water Development Board with Clean Water State Revolving Funds. The amounts of federal awards reported in the Schedule of Expenditures of Federal Awards are the amount of bond funds spent during the period.