Notes to SEFA
Title: Subrecipient Awards
Accounting Policies: The schedule is prepared on the modified accrual basis of accounting. Grant revenues are recorded when the City has met the qualifications for the respective grants. Expenditures are recorded when the liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The City provided subrecipient awards through the Community Development Block Grants/Entitlement Grants, Federal Assistance Listing Number (ALN) 14.218 in the amount of $884,484.
Title: WIFIA Program
Accounting Policies: The schedule is prepared on the modified accrual basis of accounting. Grant revenues are recorded when the City has met the qualifications for the respective grants. Expenditures are recorded when the liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Reflects the WIFIA Loan Program, Federal ALN 66.958, Beginning Balance as of July 1, 2022, as $45,000,000, draws received during the year of $110,000,000, Repayments made during the year as $0 and balance as of June 30, 2023 as $155,000,000.