Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis ofaccounting. Under the modified accrual basis of accounting, expenditures are recognized when the related liability isincurred.In instances where the grant agreement requires the City to match grant awards with City funds, such matchingfunds are excluded from the accompanying schedule of expenditures of federal awards. Grant programs that did nothave 2022 transactions have not been presented herein. The majority of these programs have completed theirprogram activities but may not have been formally closed out. Grant revenues and expenditures incurred prior to2022 under these grants remain subject to audit by either the grantor agency or its representatives within thelimitations of the Uniform Guidance.Federal grant programs that are administered through State agencies (pass-through awards) have been included inthe accompanying schedule of expenditures of federal awards. These programs are operated according to federalregulations promulgated by the originating federal agency providing the funding
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
CAPITALIZATION GRANTS FOR CLEAN WATER STATE REVOLVING FUNDS (66.458) - Balances outstanding at the end of the audit period were 5751817.
Title: Loan Balance Outstanding
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the modified accrual basis ofaccounting. Under the modified accrual basis of accounting, expenditures are recognized when the related liability isincurred.In instances where the grant agreement requires the City to match grant awards with City funds, such matchingfunds are excluded from the accompanying schedule of expenditures of federal awards. Grant programs that did nothave 2022 transactions have not been presented herein. The majority of these programs have completed theirprogram activities but may not have been formally closed out. Grant revenues and expenditures incurred prior to2022 under these grants remain subject to audit by either the grantor agency or its representatives within thelimitations of the Uniform Guidance.Federal grant programs that are administered through State agencies (pass-through awards) have been included inthe accompanying schedule of expenditures of federal awards. These programs are operated according to federalregulations promulgated by the originating federal agency providing the funding
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Citys Capitalization Grant for Clean Water State Revolving Fund Loan has the following outstanding loanbalance. The draws made during the year are included in the schedule of expenditures of federal awards. Thebalance of the loan outstanding at June 30, 2022 is:CW 2019-001 $5,751,817