comprehensive annual financial report - City of St. Petersburg

CITY OF ST. PETERSBURG, FLORIDA
NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND
STATE FINANCIAL ASSISTANCE
FISCAL YEAR ENDED SEPTEMBER 30, 2010
NOTE 1 - GENERAL
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance presents
the activity of all federal awards and state financial assistance of the City of St. Petersburg, Florida (the
“City”). The reporting entity is defined in Note 1 to the City’s basic financial statements for the year
ended September 30, 2010.
NOTE 2 – BASIS OF ACCOUNTING
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance is
presented using the modified accrual basis of accounting, which is described in Note 1 to the City’s basic
financial statement for the year ended September 30, 2010.
NOTE 3 – PROGRAM INCOME
Program income from the Community Development Block, HOME Investment in Affordable Housing
and State Housing Initiatives Partnership grants is generated from multiple grant years, including
previously closed grant years. The City has elected to show program income expenditures separately
from the individual grant year expenditures listed on the Schedule of Expenditures of Federal Awards and
State Financial Assistance.
NOTE 4 - LOANS OUTSTANDING
The City of St. Petersburg, Florida had the following loan receivable balances outstanding at September
30, 2010.
PROGRAM TITLE CFDA/CFSA TOTALS
US HUD Community Development Block Grant 14.218 $ 484,587
US HUD HOME Investment in Affordable Housing 14.239 5,527,318
State Housing Initiative Partnership 52.901 3,428,977
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