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County of Hawai‘i, State of Hawai‘i <br />NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARD <br />Fiscal Year Ended June 30, 2015 <br />NOTE A - BASIS OF PRESENTATION <br /> The accompanying schedule of expenditures of federal awards includes the federal grant <br />activities of the County and its discretely presented component unit, the Department of <br />Water Supply (DWS) and is presented on the cash basis of accounting. The information in <br />this schedule is presented in accordance with the requirements of OMB Circular A-133, <br />Audits of States, Local Governments, and Non-Profit Organizations. Therefore, some <br />amounts presented in this schedule may differ from amounts presented in, or used in the <br />preparation of, the basic financial statements. <br />NOTE B - OUTSTANDING LOAN BALANCES <br /> The State Revolving Fund Loans are for the construction of necessary water treatment works <br />and for wastewater reclamation projects, as well as solid waste projects. <br />County - As of June 30, 2015, the outstanding principal amounted to $21,552,213 that bears <br />interest at 0.50 percent. The loans require semi-annual principal and interest payments and <br />loan fees through fiscal year 2033. The County has 8 projects funded with these loans. <br />DWS - As of June 30, 2015, the outstanding principal amounted to $12,591,409 that bears <br />interest up to 1.37 percent. The loans require semi-annual principal and interest payments and <br />loan fees through fiscal year 2033. The DWS has 12 projects funded with these loans. <br />24 <br /> <br />