Title: Loans Outstanding
Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedule) includes federal and state loan and grant award activity of the City under programs of the federal and state governments for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative require3ments, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City of Jefferson City, Tennessee. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
At June 30, 2022, there was an outstanding balance of $0 on a loan through the USDA - Rural Utilities Service. The loan was 100% federally funded. There were no loan advances during the fiscal year ended June 30, 2022. Payments totaling $32,280 were made during the year ended June 30, 2022; of that amount, $17,923 was a reduction in principal and $14,357 represented in interest. This loan was refunded in the amount of $1,317,868; of that amount, $1,313,774 was a reduction in principal and $4,094 represented interest. At June 30, 2022, there was an outstanding balance of $2,827,969 on a loan through the USDA - Rural Utilities Service. The loan was 100% federally funded. There were no loan advances during the fiscal year ended June 30, 2022. Payments totaling $119,904 were made during the year ended June 30, 2022; of that amount, $58,824 was a reduction in principal and $61,080 represented interest. At June 30, 2022, there was an outstanding balance of $4,391,212 on a loan through the USDA - Rural Utilities Service. The loan was 100% federally funded. There were no loan advances during the fiscal year ended June 30, 2022. Payments totaling $145,788 were made during the year ended June 30, 2022; of that amount, $84,776 was a reduction in principal and $61,012 represented interest.