Title: Subrecipients
Accounting Policies: Basis of Accounting
The accompanying schedule of expenditures of federal awards (the schedule) presents the activity of all federal financial assistance programs of the City of Oakdale, Louisiana (the City). The City’s reporting entity is defined in Note 1 to the financial statements for the year ended June 30, 2023. 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 equirements, 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.
Summary of Significant Accounting Policies
Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City of Oakdale, Louisiana has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The City provided no federal awards to subrecipients.
Title: Loan Balances
Accounting Policies: Basis of Accounting
The accompanying schedule of expenditures of federal awards (the schedule) presents the activity of all federal financial assistance programs of the City of Oakdale, Louisiana (the City). The City’s reporting entity is defined in Note 1 to the financial statements for the year ended June 30, 2023. 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 equirements, 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.
Summary of Significant Accounting Policies
Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City of Oakdale, Louisiana has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Loan balance outstanding at June 30, 2023 under the Capitalization Grants for Drinking Water State Revolving Funds (66.468) was $3,712,000.
Loan balance outstanding at June 30, 2023 under the Capitalization Grants for Clean Water State Revolving Funds (66.458) was $2,701,982.
Title: Relationship to the Financial Statements
Accounting Policies: Basis of Accounting
The accompanying schedule of expenditures of federal awards (the schedule) presents the activity of all federal financial assistance programs of the City of Oakdale, Louisiana (the City). The City’s reporting entity is defined in Note 1 to the financial statements for the year ended June 30, 2023. 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 equirements, 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.
Summary of Significant Accounting Policies
Expenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The City of Oakdale, Louisiana has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
Relationship to the Financial Statements
The Schedule of Expenditures of Federal Awards (SEFA) was prepared from the same accounting records as were used to prepare the financial statements. Differences between amounts reported in the SEFA and the financial statement may exist due to different accounting bases used for financial reporting. A reconciliation of the federal expenditures to the federal revenues presented in the financial statements is outlined below:
Federal expenditures per the Schedule of Federal Awards $ 3,414,278
Expenditures of loan proceeds - Assistance Listing Number 66.458 (54,383)
Principal forgiveness - Assistance Listing Number 66.458 15,319
Expenditures of loan proceeds - Assistance Listing Number 66.468 (1,719,537)
Federal revenue per financial statements $ 1,655,677
Revenue from federal sources:
General Fund $ 1,516,016
Enterprise Fund 139,661
Federal revenue per financial statements $ 1,655,677