Title: Note 3: Federal Loans
Accounting Policies: Note 1 - Basis of Accounting: This schedule is prepared on the same basis of accounting as the City's financial statements. The City uses the modified accrual basis of accounting for all governmental funds. The accrual basis of accounting is used for all proprietary, non-expendable trust and pension trust funds.
De Minimis Rate Used: N
Rate Explanation: Note 2 - Federal Indirect Cost Rate: The City has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The amount expended includes amounts claimed as an indirect cost recovery using an indirect cost rate of up to 103.2%, depending on the allowable maximum amount per the grant and the department charging the grant.
The City was approved by the EPA to receive loans totaling $3,030,000.00 to improve its drinking water system. The amount listed for this loan includes proceeds received during the year. The balance owing at the end of the period is $2,750,870.01. Both the current and prior year loans are also reported on the City's Schedule of Liabilities.
Title: Note 4: Revolving Loan - Program Income
Accounting Policies: Note 1 - Basis of Accounting: This schedule is prepared on the same basis of accounting as the City's financial statements. The City uses the modified accrual basis of accounting for all governmental funds. The accrual basis of accounting is used for all proprietary, non-expendable trust and pension trust funds.
De Minimis Rate Used: N
Rate Explanation: Note 2 - Federal Indirect Cost Rate: The City has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The amount expended includes amounts claimed as an indirect cost recovery using an indirect cost rate of up to 103.2%, depending on the allowable maximum amount per the grant and the department charging the grant.
The City has a revolving loan program for low income housing renovation. Under this federal program, repayments to the City are considered program revenues (income) and loans of such funds to eligible recipients are considered expenditures. The amount of loan funds disbursed to program participants for the year was $1,736,400.24 and is presented in this schedule. The amount of principal received in loan repayments for the year was $1,748,949.60. See Notes to the SEFA for chart/table.
Title: Note 5: Noncash Awards - Travel
Accounting Policies: Note 1 - Basis of Accounting: This schedule is prepared on the same basis of accounting as the City's financial statements. The City uses the modified accrual basis of accounting for all governmental funds. The accrual basis of accounting is used for all proprietary, non-expendable trust and pension trust funds.
De Minimis Rate Used: N
Rate Explanation: Note 2 - Federal Indirect Cost Rate: The City has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The amount expended includes amounts claimed as an indirect cost recovery using an indirect cost rate of up to 103.2%, depending on the allowable maximum amount per the grant and the department charging the grant.
(a)The City received airfare costs to attend "National Fire Academy in Emmitsburg, MD" from FEMA. The amount reported on the SEFA is the value of the federally paid portion of the travel costs.
Title: Note 6: Noncash Awards - Equipment
Accounting Policies: Note 1 - Basis of Accounting: This schedule is prepared on the same basis of accounting as the City's financial statements. The City uses the modified accrual basis of accounting for all governmental funds. The accrual basis of accounting is used for all proprietary, non-expendable trust and pension trust funds.
De Minimis Rate Used: N
Rate Explanation: Note 2 - Federal Indirect Cost Rate: The City has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The amount expended includes amounts claimed as an indirect cost recovery using an indirect cost rate of up to 103.2%, depending on the allowable maximum amount per the grant and the department charging the grant.
The City did not receive any equipment or supplies that were purchased with federal funding.
Title: Note 7: Program Costs
Accounting Policies: Note 1 - Basis of Accounting: This schedule is prepared on the same basis of accounting as the City's financial statements. The City uses the modified accrual basis of accounting for all governmental funds. The accrual basis of accounting is used for all proprietary, non-expendable trust and pension trust funds.
De Minimis Rate Used: N
Rate Explanation: Note 2 - Federal Indirect Cost Rate: The City has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The amount expended includes amounts claimed as an indirect cost recovery using an indirect cost rate of up to 103.2%, depending on the allowable maximum amount per the grant and the department charging the grant.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the City's portion, are more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.