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6.A. - Page 14 of 52 <br />CITY OF REDWOOD CITY <br />NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS <br />For The Fiscal Year Ended June 30, 2019 <br />NOTE 1 -REPORTING ENTITY <br />The Schedule of Expenditure of Federal Awards (the Schedule) includes expenditures of federal awards for <br />the City of Redwood City, California (City) and its component units as disclosed in the notes to the Basic <br />Financial Statements. <br />NOTE 2 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES <br />Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts <br />and reported in the financial statements, regardless of the measurement focus applied. All governmental <br />funds and agency funds are accounted for using the modified accrual basis of accounting. All proprietary <br />funds are accounted for using the accrual basis of accounting. Expenditures of Federal Awards reported on <br />the Schedule are recognized when incurred. <br />NOTE 3 — INDIRECT COST ELECTION <br />The City has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance. <br />NOTE 4 — LOAN AND/OR LOAN GUARANTEE PROGRAM <br />The following loan programs balances and transactions relating to these programs are included in City's <br />basic financial statements. The balance of loans outstanding at June 30, 2019 consists of the following: <br />7 20 <br />Outstanding <br />CFDA <br />Balance <br />Number <br />Program Name <br />at June 30, 2019 <br />14.218 <br />Community Development Block Grants/ Entitlement Grants <br />$600,000 <br />7 20 <br />