Title: Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The information in this schedule is presented in accordance with the requirements of the Uniform Guidance and the State of Florida Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the City, it is not intended to and does not represent a complete presentation of the federal awards and state project activities of the City for the year ended September 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2022, the City did not elect to use this rate.
Basis of presentation
The information in this schedule is presented in accordance with the requirements of the Uniform Guidance and the State of Florida Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the City, it is not intended to and does not represent a complete presentation of the federal awards and state project activities of the City for the year ended September 30, 2022.
Title: Note 2: INDIRECT COST RATE
Accounting Policies: The information in this schedule is presented in accordance with the requirements of the Uniform Guidance and the State of Florida Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the City, it is not intended to and does not represent a complete presentation of the federal awards and state project activities of the City for the year ended September 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2022, the City did not elect to use this rate.
The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2022, the City did not elect to use this rate.
Title: Note 3: LOAN/LOAN GUARANTEE OUTSTANDING BALANCES
Accounting Policies: The information in this schedule is presented in accordance with the requirements of the Uniform Guidance and the State of Florida Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the City, it is not intended to and does not represent a complete presentation of the federal awards and state project activities of the City for the year ended September 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2022, the City did not elect to use this rate.
The City of Springfield was awarded a loan of $6,404,835 in March 2019, from the State of Florida Department of Environmental Protection. This award is identified under CSFA number 37.077, wastewater treatment facility construction. As of September 30, 2022, the City has accrued related expenses of $6,404,835 on the project. In accordance with loan agreements, the City is obligated to repay $2,341,410 of the balance after loan forgiveness of $4,063,425 is applied. The City has repaid $113,371 of the loan balance as of September 30, 2022 and is obligated to repay the remaining balance of $2,228,039 in the future.
In August 2020, the City of Springfield was awarded $2,902,896 loan from the Federal Emergency Management Agency under the Community Disaster Loan program, which was expended during 2021. This award is identified under ALN number 97.030, Community Disaster Loans. The principal and interest less any amounts that may be cancelled by the government pursuant to Section 417 of the Stafford Disaster Relief and Emergency Assistance Act, Public Law 93-288, are due in September 2025.
Title: Note 4: OTHER TYPES OF FINANCIAL ASSISTANCE
Accounting Policies: The information in this schedule is presented in accordance with the requirements of the Uniform Guidance and the State of Florida Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the City, it is not intended to and does not represent a complete presentation of the federal awards and state project activities of the City for the year ended September 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance allows an organization to elect a 10% de minimis indirect cost rate. For the year ended September 30, 2022, the City did not elect to use this rate.
There were no other types of federal or state financial assistance to be reported that includes endowments, insurance in effect, noncash assistance, donated property or free rent