Notes to SEFA
Title: NOTE 1 - GENERAL
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is presented using the modified accrual basis of accounting, which is described in Note 1 to the City's basic financial statement for the year ended September 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The City elected not to use the 10% de minimis cost rate for indirect costs.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance presents the activity of all federal awards and state financial assistance of the City of St. Petersburg, Florida (the "City"). The reporting entity is defined in Note 1 to the City's basic financial statements for the year ended September 30, 2022.
Title: NOTE 3 - PROGRAM INCOME
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is presented using the modified accrual basis of accounting, which is described in Note 1 to the City's basic financial statement for the year ended September 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The City elected not to use the 10% de minimis cost rate for indirect costs.
Program income from the Community Development Block, HOME Investment in Affordable Housing, Neighborhood Stabilization and State Housing Initiatives Partnership grants is generated from multiple grant years, including previously closed grant years. The City has elected to show program income expenditures separately from the individual grant year expenditures listed on the Schedule of Expenditures of Federal Awards and State Financial Assistance.
Title: NOTE 4 - LOANS OUTSTANDING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is presented using the modified accrual basis of accounting, which is described in Note 1 to the City's basic financial statement for the year ended September 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The City elected not to use the 10% de minimis cost rate for indirect costs.
The City of St. Petersburg, Florida had the following loan receivables balances outstanding at September 30, 2022. See the Notes to the SEFSA for chart / table.
Title: NOTE 5 - NEIGHBORHOOD STABILIZATION PROGRAM (NSP) CLOSEOUT
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is presented using the modified accrual basis of accounting, which is described in Note 1 to the City's basic financial statement for the year ended September 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The City elected not to use the 10% de minimis cost rate for indirect costs.
The City received $9,498,962 in Neighborhood Stabilization Program 1 (NSP-1) funding in March 2009 and in April 2011 the City received an additional $3,709,133 in Neighborhood Stabilization Program 3 ("NSP-3") program funding from HUD.