Notes to SEFA
Title: Reconciliation of SEFA to financial statement revenues
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared in accordance with the modified accrual basis of accounting with the exception of the Community Facilities Bonds which are required to e reported as expenditures until the bonds are repaid.
De Minimis Rate Used: N
Rate Explanation: n/a
Federal revenue reported in governmental funds $139,021; balance of loans expended in prior years and payable at year end $1,250,000; totals $1,389,021. Expenditures reported on the SEFA total $1,254,398; difference of $134,623 is due to a Michigan Department of Transportation (MDOT) project reported in the funds. MDOT acts as the agent of the Federal Highway Administration in the administration of these funds and thus they are not included on the City's SEFA.