Notes to SEFA
Title: Loan/Loan Guarantee Outstanding Balances
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared on the modified accrual basis ofaccounting used by the City in preparation of the government wide financial statements that reportthese awards. The accounting policies of the City conform to accounting principles generally acceptedin the United States of America as applicable to governmental units. The preparation of the Scheduleof Expenditures of Federal Awards in conformity with accounting principles generally accepted in theUnited States of America requires management to make certain assumptions that affect the reportedamounts of expenditures during the reporting period. Actual results could differ from those estimates.The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Codeof Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only aselected portion of the operations of the City, it is not intended to and does not present the financialposition, changes in net position, or cash flows of the City. Disbursement reported in the Schedule of Expenditures of Federal Awards cannot be traced, in everycase, directly to the disbursements reported in the Citys Annual Comprehensive Financial Report.However, the detailed information regarding the disbursements reflected in both issued reports canbe traced to the Citys detailed general ledger with adjustments for any yearend financial statementaccruals and reversals. The City has prepared this Schedule of Expenditures of Federal Awards to comply with the provisionsof the Uniform Guidance. The Uniform Guidance stipulates that a Schedule of Expenditures of FederalAwards be prepared showing total expenditures of each federal award program as identified in theCatalog of Federal Domestic Assistance (CFDA) and other federal financial awards that have not beenassigned a catalog number.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City had outstanding loans with the Louisiana Department of Environmental Quality and Louisiana Department of Health at December 31, 2022. Loans made with federal funds during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at December 31, 2022 consist of the following.Agency Loan NumberOutstandingBalanceLouisiana Department of Environmental Quality 22110203 $ 11,992,747Louisiana Department of Environmental Quality 22110301 6,928,000Louisiana Department of Environmental Quality 22110302 7,811,734Louisiana Department of Environmental Quality 22110303 10,739,000Louisiana Department of Health 101500401 7,337,318$ 44,808,799