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 the Municipalityunder programs of the federal government for the year ended June 30, 2022. The information in this schedule ispresented in accordance with the requirements Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Therefore, some amounts presented in this schedule may differ from the amounts presented in, or used in thepreparation of, the basic financial statements. Because the schedule presents only a selected portion of theoperations of the Municipality, it is not intended to and does not present the financial position and changes in netassets of the Municipality.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the modified-accrual basis of accounting, except for Section8 Housing Choice Voucher Program (HCV). Expenditures are recognized when the related liability is incurredfollowing the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowableor are limited as to reimbursement. Expenditures for HCV Program are reported on a statutory basis as required bythe U.S. Department of Housing and Urban Development. Such expenditures should equal the net ACC subsidy forthe PHAs fiscal period.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 assistance award mechanisms,including federal grants and cooperative agreements. Assistance listings are detailed public descriptions of federalprograms that provide grants, loans, scholarships, insurance, and other types of assistance awards. The Sam.govassistance listing is the publicly available online database showing all available Federally-funded programs.State or local government redistributions of federal awards to the Municipality, known as pass-through awards,should be treated by the Municipality as though they were received directly from the federal government. The UniformGuidance requires the schedule to include the name of the passthrough entity and the identifying number assignedby the pass-through entity for the federal awards received as a subrecipient. Numbers identified as N/A are notapplicable and numbers identified as N/AV are not available.
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 5117000.
Title: RECONCILIATION OF EXPENDITURES PRESENTED IN THE SCHEDULE OF EXPENDITURES OF
Accounting Policies: 1. BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Municipalityunder programs of the federal government for the year ended June 30, 2022. The information in this schedule ispresented in accordance with the requirements Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Therefore, some amounts presented in this schedule may differ from the amounts presented in, or used in thepreparation of, the basic financial statements. Because the schedule presents only a selected portion of theoperations of the Municipality, it is not intended to and does not present the financial position and changes in netassets of the Municipality.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the modified-accrual basis of accounting, except for Section8 Housing Choice Voucher Program (HCV). Expenditures are recognized when the related liability is incurredfollowing the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowableor are limited as to reimbursement. Expenditures for HCV Program are reported on a statutory basis as required bythe U.S. Department of Housing and Urban Development. Such expenditures should equal the net ACC subsidy forthe PHAs fiscal period.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 assistance award mechanisms,including federal grants and cooperative agreements. Assistance listings are detailed public descriptions of federalprograms that provide grants, loans, scholarships, insurance, and other types of assistance awards. The Sam.govassistance listing is the publicly available online database showing all available Federally-funded programs.State or local government redistributions of federal awards to the Municipality, known as pass-through awards,should be treated by the Municipality as though they were received directly from the federal government. The UniformGuidance requires the schedule to include the name of the passthrough entity and the identifying number assignedby the pass-through entity for the federal awards received as a subrecipient. Numbers identified as N/A are notapplicable and numbers identified as N/AV are not available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Urban GovernmentalDescription General Development ARPA Funds TotalTotal expenditures as perfund financial statements $ 39,827,790 $ 2,796,524 $ 1,371,541 $ 4,287,643 $ 48,283,498Less non-federal expenses 39,127,790 - - 260,369 39,388,159Total federal expenditures as perSchedule of Expenditures ofFederal Award $ 700,000 $ 2,796,524 $ 1,371,541 $ 4,027,274 $ 8,895,339
Title: AMERICAN RESCUE PLAN ACT (ARPA)-ASSISTANCE LISTING 21.027 CORONAVIRUS STATE
Accounting Policies: 1. BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Municipalityunder programs of the federal government for the year ended June 30, 2022. The information in this schedule ispresented in accordance with the requirements Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Therefore, some amounts presented in this schedule may differ from the amounts presented in, or used in thepreparation of, the basic financial statements. Because the schedule presents only a selected portion of theoperations of the Municipality, it is not intended to and does not present the financial position and changes in netassets of the Municipality.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the modified-accrual basis of accounting, except for Section8 Housing Choice Voucher Program (HCV). Expenditures are recognized when the related liability is incurredfollowing the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowableor are limited as to reimbursement. Expenditures for HCV Program are reported on a statutory basis as required bythe U.S. Department of Housing and Urban Development. Such expenditures should equal the net ACC subsidy forthe PHAs fiscal period.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 assistance award mechanisms,including federal grants and cooperative agreements. Assistance listings are detailed public descriptions of federalprograms that provide grants, loans, scholarships, insurance, and other types of assistance awards. The Sam.govassistance listing is the publicly available online database showing all available Federally-funded programs.State or local government redistributions of federal awards to the Municipality, known as pass-through awards,should be treated by the Municipality as though they were received directly from the federal government. The UniformGuidance requires the schedule to include the name of the passthrough entity and the identifying number assignedby the pass-through entity for the federal awards received as a subrecipient. Numbers identified as N/A are notapplicable and numbers identified as N/AV are not available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
On March 11, 2022, was signed into law the American Rescue Plan Act (ARPA) of 2021, the latest COVID-19 stimuluspackage. Within ARPA, the Coronavirus State and Local Fiscal Recovery Fund provides $350 billion for states,municipalities, counties, tribes, and territories, including $130.2 billion for local governments split evenly betweenmunicipalities and counties. Accordingly, the Municipality received a grant under Counties and Non-Entitlementscategories $20,141,517 to respond to the COVID-19 public health emergency and its economic impacts. TheMunicipality will incur ARPA grant expenditures in the following fiscal years.