Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards and schedule of state financial assistance are reported on the modified accrual basis of accounting. Certain amounts shown on the schedule of expenditures of federal awards and schedule of state financial assistance represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The City has elected not to use the 10-percent de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards and schedule of state financial assistance include the award activity of the City under programs of the federal and state governments, respectively, for the year ended June 30, 2023. Because the schedule of expenditures of federal awards and schedule of state financial assistance present only a selected portion of the operations of the City, they are not intended to and do not present the statement of net position, statement of activities, or cash flows of the City