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Executive Summary
The City of Bayonne's Report of Audit for the years ended December 31, 2024 and 2023, provides a regulatory basis financial overview. The audit assesses the financial position of various city funds including the Current Fund, Trust Funds, General Capital Fund, and Parking Utility Fund. It evaluates regulatory compliance and internal controls over financial reporting. The report includes the auditor's opinions, financial statements, and supplementary information, along with findings and recommendations for improvements in financial processes and compliance.
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--- Document: Report of Audit Document ---
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CITY OF BAYONNE
NEW JERSEY
REPORT OF AUDIT
FOR THE YEARS ENDED
DECEMBER 31, 2024 AND 2023
CITY OF BAYONNE
REPORT OF AUDIT
TABLE OF CONTENTS
DECEMBER 31, 2024
Independent Auditor's Report ……………………………………………………………………
1
Financial Statements - Regulatory Basis
Current Fund (with Federal and State Grants Fund)
Comparative Balance Sheet ……………………………………...................................................
4
A
Comparative Statement of Operations and Changes in Fund Balance …......................................
6
A-1
Statement of Revenuess …………………………….....................................................................
8
A-2
Analysis of Budgeted Revenues ……………………………………………............................
11
A-2a
Analysis of Non-Budget Revenues …………………………………………...........................
12
A-2b
Statement of Appropriations ……………………………………..................................................
13
A-3
Trust Funds
Comparative Balance Sheet …………………………….........................................………..........
17
B
General Capital Fund
Comparative Balance Sheet …………………..........………………….......…..............................
19
C
Comparative Statement of Changes in Fund Balance ……………………………………………
20
C-1
Parking Utility Fund
Comparative Balance Sheet …………………….........................................………………..........
21
D
Operating Fund - Comparative Statement of Operations and Changes in Fund Balance ………… 22
D-1
Operating Fund - Statement of Revenues ….............................………………….........................
23
D-2
Operating Fund - Statement of Appropriations …...................……………...................................
24
D-3
Capital Fund - Comparative Statement of Changes in Fund Balance …............................……… 25
D-4
General Fixed Assets
Comparative Statement of General Fixed Assets ………………...................................................
26
E
Notes to Financial Statements:
Note 1. Summary of Significant Accounting Policies …...............................................................
27
Note 2. Cash, Cash Equivalents and Investments …......................................................................
33
Note 3. Property Taxes …...............................................................................................................
35
Note 4. Municpal Debt …...............................................................................................................
36
Note 5. Fund Balances Appropriated ….........................................................................................
49
Note 6. Retirement Systems and Deferred Compensation ….........................................................
49
Note 7. Post-Employment Benefits …............................................................................................
59
Note 8. Compensated Absences ….................................................................................................
62
Note 9. Risk Managemnet …..........................................................................................................
63
Note 10. State Aid Receivable - Qualified Bonds …......................................................................
63
Note 11. Clearing ACcount …........................................................................................................
64
Note 12. Fixed Assets ….................................................................................................................
64
Note 13. Deferred Charges to be Raised in Succeeding Budgets …..............................................
65
Note 14. Interund Transactions …..................................................................................................
65
Note 15. Related Party Transactions …..........................................................................................
66
Note 16. Revenue Accounts Receivable …....................................................................................
67
Note 17. Economic Dependency …................................................................................................
67
Note 18. Lease Commitments ….....................................................................................................
68
Note 19. Tax Abatements …...........................................................................................................
70
Note 20. Contingent Liabilities …..................................................................................................
71
Note 21. Subsequent Events ….......................................................................................................
74
F I N A N C I A L S E C T I O N
PAGE
EXHIBIT
TABLE
SCHEDULE
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Index - 1
CITY OF BAYONNE
REPORT OF AUDIT
TABLE OF CONTENTS
DECEMBER 31, 2024
Roster of Officials …………………………………………………………………………………
75
Statistical Tables
Five-Year History of Governmental Expenditures ………………………………………………
76
1
Five-Year History of Governmental Realized Revenues ………………………………………… 77
2
Comparative Schedule of Operations and Changes in Fund Balance - Current Fund …..............
78
3
Five-Year History of Tax Rate and Apportionment of Tax Rate …………………......................
79
4
Five-Year History of Delinquent Taxes and Tax Title Liens ……………………........................
79
5
Five-Year History of Tax Levies and Collections ……………………….................................…
80
6
Five-Year History of Property Acquired by Tax Title Lien Liquidation ………………………… 80
7
Five-Year History of Percentage of
Net Assessed Value to Estimated Full Cash Valuation ………………………………………
81
8
Five-Year History of Ratio of Annual Bonded Debt Service
to Operating Expenditures and Revenues ………………….....................................................
82
9
Computation of Legal Debt Margin and Overlapping Debt ……………………………………… 83
10
Five-Year History of Ratio of Bonded and
Bondable Debt to Equalized Value and Debt Per Capita ……………………………………… 84
11
Fund Financial Schedules - Regulatory Basis
Current Fund - Schedule of:
Cash and Cash Equivalents …........................................................................................................
85
A-4
Change Fund ………………………………….......................…………………………………… 86
A-5
Petty Cash ………………………………………………………………………………………… 86
A-6
Taxes Receivable and Analysis of Property Tax Levy …………………………………………… 87
A-7
Tax Title Liens Receivable ………………………………………………………………………
88
A-8
Property Acquired for Taxes at Assessed Valuation ……………………………………………
88
A-9
Intergovernmental Receiables - State Aid - Prepaid Debt Service ………………………………
89
A-10
Revenue Accounts Receivable …………………………………………………………………… 90
A-11
Other Receivables ………………………………….........................................…………………… 92
A-12
Deferred Charges ……………………………………………………………………..................
93
A-13
Interfunds ……..........................…………......................................................................................
94
A-14
Appropriation Reserves ………………………..............…………………………………………
95
A-15
Reserve for Encumbrances ………………………………………………………………………
98
A-16
Contracts Payable ………………….....................………………………………………………… 98
A-17
Due from (to) State of New Jersey for
Senior Citizens and Veterans Deductions ……………………………………………………
99
A-18
Prepaid Taxes …………...................………………………………………………………………100
A-19
Tax Overpayments …………………………………........................................……………………100
A-20
Reserve for Municpal Relief Fund ………….............…………………………………………… 101
A-21
Prepaid Tax Sale Cost ………………………..............………………………………………….
101
A-22
Due to Bulk Levy Purchaser ……………...............……………………………………………… 101
A-22a
County PILOT Fees Payable ……………...............……………………………………………… 102
A-23
Local District School Taxes Payable …………………………………………….........................
102
A-24
County Taxes Payable ………………………………………………………...............................
103
A-25
Special Improvement District Taxes Payable …………………………………………………… 103
A-26
Reserve for Library Expenditures ………………....................................................……………… 104
A-27
Reserve for Urban Enterprize Zone Funds ……………………...................................……………105
A-28
Reserve for Other ……...............................................................................................................…
106
A-29
Special Emergency Notes Payable ……………………...............................................…………… 107
A-30
Federal and State Grant Fund - Schedule of:
Federal and State Grants Receivable ………………....................................................…………… 108
A-31
Reserve for Federal and State Grants - Appropriated …………………………………………… 111
A-32
Reserve for Federal and State Grants - Unappropriated ………………………………………… 115
A-33
Interfunds …………………....................………………………………………...……………… 116
A-34
PAGE
EXHIBIT
TABLE
SCHEDULE
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S U P P L E M E N T A R Y I N F O R M A T I O N
FUND FINANCIAL SCHEDULES
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S T A T I S T I C A L S E C T I O N (U N A U D I T E D)
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Index - 2
CITY OF BAYONNE
REPORT OF AUDIT
TABLE OF CONTENTS
DECEMBER 31, 2024
Trust Funds:
Schedule of Cash and Cash Equivalents …………...................…………………………………
117
B-1
Animal Control Trust Fund - Schedule of:
Due to State of New Jersey - Dog License Fees………………………………………………
119
B-2
Reserve for Animal Control Expenditures …………………………………………………… 119
B-3
Interfunds ……........................................................…………………………………………… 120
B-4
Reserve for Feral Cat Donation ….............................................................................................
120
B-5
Encumbrances …........................................................................................................................
121
B-6
Insurance Trust Fund - Schedule of:
Reserve for Insurance Expenditures ………………………………………………………….
122
B-7
Interfunds …….......................………………....................................………………………… 123
B-8
Tax Lien Redemption Trust Fund - Schedule of:
Reserve for Tax Lien Redemption ….........................................................................................
124
B-9
Interfunds …...............................................................................................................................
124
B-10
Housing and Urban Development Grant Fund - Schedule of:
Grants Receivable …………………............................………………………………….........
125
B-11
Reserve for Interest on Federal Drawdowns …………………............................………………125
B-12
Encumbrances ……............................................……………………………………………… 126
B-13
Interfunds …….......................…………………….......................................…………………
126
B-14
Reserve for Grant Expenditures …………………………………………………….........…… 127
B-15
Other Trust Fund - Schedule of:
Urban Enterrpise Zone Grants Receivable …............................................................................
128
B-16
Interfunds ………………………..................................………………………………............
129
B-17
Maintenance and Cash Performance Bond Deposits ………………………............................
130
B-18
Urban Enterprise Zone Expenditures ………………………..................................…………… 130
B-19
Reserve for State Library Aid ………………………..................................…………………… 131
B-20
Encumbrances ………………………..................................……………………………….....
131
B-21
Due to State of New Jersey ……................................................................................................
132
B-22
Reserves and Special Deposits …............................................................................................... 133
B-23
Redevelopment Escrow Trust Fund - Schedule of:
Encumbrances …........................................................................................................................
134
B-24
Reserve for Redevelopment Escrow …......................................................................................
134
B-25
Interfunds ……………….................…………………………………….................................
135
B-26
Payroll Clearing Fund - Schedule of:
Reserve for Payroll Deductions ……............…………………………………………………
136
B-27
Interfunds ……............…………………………………………………..................................
137
B-28
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(continued)
S U P P L E M E N T A R Y I N F O R M A T I O N
FUND FINANCIAL SCHEDULES
PAGE
EXHIBIT
TABLE
SCHEDULE
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Index - 3
CITY OF BAYONNE
REPORT OF AUDIT
TABLE OF CONTENTS
DECEMBER 31, 2024
General Capital Fund - Schedule of:
Cash - Treasurer ………………......……………………………………..................…………....
138
C-2
Analysis of Cash and Investments ………………...............................………………………… 139
C-3
Analysis of Cash and Cash Equivalents Ending Balance …………………….........................
140
C-3a
Deferred Charges to Future Taxation - Funded ………………..........…………………………… 141
C-4
Deferred Charges to Future Taxation - Unfunded ………………………………………………
142
C-5
Analysis of Ending Balance …………………………………………………………………… 143
C-5a
Grants Receivable - Without Reserves ………………………………..........................................
144
C-6
Grants Receivable - Fully Reserved ………………………………............................................... 145
C-6a
Developers Contribution Fund Receivable ………………….................................……………… 146
C-7
New Jersey Infrastructure Bank Loans Receivable ……………………………………………… 146
C-8
Interfunds ………………………………............................................……………...........………
147
C-9
Improvement Authorizations ………………………………............................................………… 148
C-10
General Serial Bonds Payable ………………………............................................……………… 150
C-11
Capital Appreciation Bonds Payable …..........................................................................................
156
C-12
School Serial Bonds Payable …………………………………………………………….............
157
C-13
Green Trust Loans Payable …………….................…......………………………………………
159
C-14
New Jersey Infrastructure Bank Loans Payable ………………............................................……
160
C-15
Leases Payable - Credit Union ….................................................................................................... 162
C-16
Assignment Agreement Payable ….................................................................................................
163
C-17
General Bond Anticipation Notes Payable ………………..............................................………… 164
C-18
Contracts Payable …........................................................................................................................ 165
C-19
Reserve for Capital Improvements ….............................................................................................
166
C-20
Reserve for Debt Service ………….............................................………………………………… 167
C-21
Capital Improvement Fund ……………………………………………………………………… 168
C-22
Reserve for Preliminary Expenses ………………..............................…………………………… 168
C-23
Reserve for Grants Receivable ………………............................………………………………… 169
C-24
Bonds and Notes Authorized but not Issued ……………………………......................………… 170
C-25
Parking Utility Operating and Capital Funds:
Schedule of Cash and Cash Equivalents …....................................................................................
171
D-5
Analysis of Parking Utility Capital Cash and Cash Equivalents …...............................................
172
D-6
Parking Utility Operating Fund - Schedule of:
Accounts Payable …...................................................................................................................
173
D-7
Interfunds …...............................................................................................................................
174
D-8
Appropriaton Reserves …….......................................................................................................
175
D-9
Reserve for Encumbrances …....................................................................................................
176
D-10
Reserve for Debt Service ….......................................................................................................
176
D-11
Accrued Interest ….....................................................................................................................
177
D-12
Parking Utility Capital Fund - Schedule of:
Improvement Authorizations ….................................................................................................. 178
D-13
Fixed Capital …..........................................................................................................................
179
D-14
Fixed Capital Authorized and Uncompleted ….........................................................................
179
D-15
Interfunds …...............................................................................................................................
180
D-16
Parking Revenue Serial Bonds Payable ….................................................................................
181
D-17
Defered Reserve for Amortization ….........................................................................................
182
D-18
Reserve for Amortization ….......................................................................................................
182
D-19
Reserve for Encumbrances …....................................................................................................
183
D-20
General Fixed Assets Schedule of:
Changes in General Fixed Assets by Class ……………………………………………………… 184
E-1
Investment in General Fixed Assets …………………………………………………..…………
184
E-2
Bayonne Public Library - Schedule of:
Aggregation of Library Funds on Reserve ….................................................................................
185
F
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EXHIBIT
TABLE
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S U P P L E M E N T A R Y I N F O R M A T I O N
FUND FINANCIAL SCHEDULES
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Index - 4
CITY OF BAYONNE
REPORT OF AUDIT
TABLE OF CONTENTS
DECEMBER 31, 2024
Government Auditing Standards Reporting
Independent Auditor's Report on Internal Control
Over Financial Reporting and on Compliance and
Other Matters Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards …………..................................
186
Uniform Guidance and NJ OMB 15-08 Reporting
Independent Auditor's Report on Compliance
For Each Major Federal and State Program and
On Internal Control Over Compliance Required by
The Uniform Guidance and New Jersey OMB Circular 15-08 ………………………………
188
Schedule of Expenditures of Federal Awards …………………………………………………… 191
1
Schedule of Expenditures of State Financial Assistance ………………………………………… 194
2
Notes to Schedules of Expenditures of Federal Awards
and State Financial Assistance ………………………………………............................…......
196
Schedule of Findings and Questioned Costs:
Section 1 - Summary of Auditors' Results ……………..................……………….................… 198
Section 2 - Summary of Financial Statement Findings …………….........................................
200
Section 3 - Schedule of Federal Awards and -
State Financial Assistance - Findings and Questioned Costs ……………………………… 201
Summary Schedule of Prior Year Audit Findings and
Questioned Costs as Prepared by Management ……………………...........………………
202
Letter of Comments and Recommendations as Required by NJ DLGS
General Comments ……………….......................……………………..................................…… 203
Comments and Recommendations …………………...............................………………………… 206
S U P P L E M E N T A R Y I N F O R M A T I O N
OTHER REPORTING
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Index - 5
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CITY OF BAYONNE
REPORT OF AUDIT
FINANCIAL SECTION
DONOHUE GIRONDA DORIA TOMKINS LLC
1 Harmon Meadow Blvd, 3002
Secaucus, NJ 07094
―
191 Central Ave, 2nd Fl
Newark, NJ 07103
―
310 Broadway
Bayonne, NJ 07002
CERTIFIED PUBLIC ACCOUNTANTS AND
REGISTERED MUNICIPAL ACCOUNTANTS
www.dgdcpas.com | 201-275-0823
INDEPENDENT AUDITOR’S REPORT
The Honorable Mayor and
Members of the City Council
Bayonne, New Jersey
Report on the Financial Statements
Opinions
We have audited the accompanying financial statements – regulatory basis of the City of Bayonne, New Jersey (the “City”),
which comprise the comparative balance sheets – regulatory basis, of each Fund and the comparative statement of General
Fixed Assets – regulatory basis, as of December 31, 2024 and 2023, and the related comparative statements of operations and
changes in fund balance – regulatory basis, statement of revenues – regulatory basis and statement of appropriations –
regulatory basis, of the Current Fund and Parking Utility Operating Fund, and the related statement of changes in fund balance
– regulatory basis, of the General Capital Fund and Parking Utility Capital Fund, for the years then ended, and the related notes
to the financial statements.
Unmodified Opinion on Regulatory Basis Accounting
In our opinion, the financial statements referred to in the first paragraph present fairly, in all material respects, the comparative
financial position – regulatory basis, of each Fund and General Fixed Assets of the City as of December 31, 2024 and 2023,
the respective operations and changes in fund balance – regulatory basis, revenues – regulatory basis and appropriations –
regulatory basis of the Current Fund and Parking Utility Operating Fund, the changes in fund balance – regulatory basis, of the
General Capital Fund and Parking Utility Capital Fund, for the years then ended in accordance with the financial reporting
provisions of the Division of Local Government Services, Department of Community Affairs, State of New Jersey (the
“Division”) as described in Note 1.
Adverse Opinion on U.S. Generally Accepted Accounting Principles
In our opinion, because of the significance of the matter discussed in the “Basis for Adverse Opinion on U.S. Generally
Accepted Accounting Principles” section of our report, the financial statements referred to in the first paragraph do not present
fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of
the City as of December 31, 2024 and 2023, or the changes in its financial position for the years then ended.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America, the audit
requirements prescribed by the Division and the standards applicable to the financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States. Our responsibilities under those standards are further
described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to
be independent of the City, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements
relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
1
Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles
As described in Note 1, the financial statements are prepared by the City on the basis of the financial reporting provisions of
the Division, which is a basis of accounting other than accounting principles generally accepted in the United States of America,
to comply with the requirements of the Division. The effects on the financial statements of the variances between the regulatory
basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although
not reasonably determinable, are presumed to be material and pervasive.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with the
financial reporting provisions of the Division. Management is also responsible for the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is
a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance
with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is
a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user
based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
City’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Required Supplementary Information
Management has omitted the management discussion and analysis that accounting principles generally accepted in the United
States of America require to be presented to supplement the basic financial statements. Such missing information, although not
a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an
essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or
historical context, but is not required by the financial reporting provisions of the Division. Our opinion on the basic financial
statements is not affected by the missing information.
2
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s
financial statements. The information identified in the table of contents as Fund Financial Schedules is presented for purposes
of additional analysis as required by the Division. The Schedule of Expenditures of Federal Awards and the Schedule of
Expenditures of State Financial Assistance are presented for purposes of additional analysis as required, respectively, by the
Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards and N.J. Office of Management and Budget Circular 15-08, Single Audit Policy for
Recipients of Federal Grants, State Grants and State Aid. Such information is the responsibility of management and was
derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements.
The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain
additional procedures, including comparing and reconciling such information directly to the underlying accounting and other
records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional
procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the Fund
Financial Schedules, Schedule of Expenditures of Federal Awards, and Schedule of Expenditures of State Financial Assistance
are fairly stated in all material respects in relation to the financial statements taken as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information comprises the
statistical section but does not include the basic financial statements and our auditor’s report thereon. Our opinions on the basic
financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider
whether a material inconsistency exists between the other information and the basic financial statements, or the other
information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected
material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated October 13, 2025, on our
consideration of the City’s internal control over financial reporting and our tests of its compliance with certain provisions of
laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our
testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion
on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and
compliance.
DONOHUE, GIRONDA, DORIA & TOMKINS, LLC
Certified Public Accountants
MARK W. BEDNARZ
RMA No. 547
Bayonne, New Jersey
October 13, 2025
3
Exhibit A
Sheet 1 of 2
CITY OF BAYONNE
CURRENT FUND
AS OF DECEMBER 31, 2024 AND 2023
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
2024
2023
Ref.
Assets
Current Fund:
Cash and Cash Equivalents
A-4
27,058,568
$
43,058,521
$
Change Funds
A-5
1,050
1,050
Petty Cash
A-6
-
4,242
Subtotal
27,059,618
43,063,813
Intergovernmental Receivable:
Due from State: Sr. Citizens and Veterans Deductions
A-18
-
1,000
State Aid - Prepaid Debt Service
A-10
1,182,992
1,132,845
1,182,992
1,133,845
Receivables and Other Assets with Full Reserves:
Delinquent Property Taxes
A-7
500,009
573,202
Tax Title Liens
A-8
730,533
701,044
Property Acquired for Taxes at Assessed Valuation
A-9
18,416,900
18,416,900
Other Receivables
A-12
1,943
-
Revenue Accounts Receivable
A-11
219,284
200,317
Prepaid School Tax
A-24
1,437,219
-
Interfunds Receivable
Due from Federal and State Grants Fund
A-14
8,976,423
7,518,685
Due from General Capital Fund
A-14
545,095
-
Due from Redevelopment Escrow Trust Fund
A-14
35,280
-
Due from Animal Control Fund
A-14
-
9,386
Total Receivables with Full Reserve
30,862,686
27,419,534
Deferred Charges:
Revaluation
-
148,000
Contractual Severance Liabilities
4,000,000
-
Total Deferred Charges
A-13
4,000,000
148,000
Total Current Fund Assets
63,105,296
71,765,192
Federal and State Grant Fund:
Cash and Cash Equivalents
A-4
2,726,986
1,679,532
Federal and State Grants Receivable
A-31
24,106,662
26,679,350
Total Federal and State Grant Fund Assets
26,833,648
28,358,882
Total Assets
89,938,944
$
100,124,074
$
See Accompanying Notes to Financial Statements
4
Exhibit A
Sheet 2 of 2
CITY OF BAYONNE
CURRENT FUND
AS OF DECEMBER 31, 2024 AND 2023
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
2024
2023
Ref.
Liabilities, Reserves and Fund Balance
Current Fund:
Appropriation Reserves
A-3; A-15
2,729,324
$
4,126,866
$
Reserve for Encumbrances
A-16
2,816,214
3,178,193
Contracts Payable
A-17
440,573
2,191,089
Special Emergency Notes Payable
A-30
4,000,000
148,000
Intergovernmental Payable:
Due to State: Sr. Citizens and Veterans Deductions
A-18
1,125
-
Interfunds Payable
Due to General Capital Fund
A-14
-
361,795
Due to Other Trust Fund
A-14
1,231
19,963
Due from Payroll Clearing Fund
A-14
635
-
Prepaid Tax Cost Sale
A-22
25,793
5,793
Due to Bulk Levy Purchaser
A-22a
-
391,526
Tax Overpayments
A-20
4,172,660
4,586,827
Prepaid Taxes
A-19
877,545
1,194,802
Due County for Added and Omitted Taxes
A-25
51,993
33,098
Special Improvement District Taxes Payable
A-26
1,809,982
1,537,214
PILOT Fees Payable
A-23
975,090
2,293,880
Reserve for Other
A-29
18,012
61,935
Reserve for Library Expenditures
A-27
1,753,390
2,542,388
Reserve for Urban Enterprise Funds
A-28
1,803,253
1,763,874
Reserve for Municipal Relief Funds
A-21
-
920,998
21,476,820
25,358,241
Reserve for Receivables
contra
30,862,686
27,419,534
Fund Balance
A-1
10,765,790
18,987,417
Total Current Fund Liabilities, Reserves and Fund Balance
63,105,296
71,765,192
Federal and State Grant Fund:
Interfunds Payable:
Due to Current Fund
A-34
8,976,423
7,518,685
Due to Trust Fund
A-34
335,528
-
Encumbrances Payable
A-32
1,249,310
2,038,870
Reserve for Federal and State Grants:
Appropriated
A-32
14,865,492
17,092,393
Unappropriated
A-33
1,406,895
1,708,934
Total Federal and State Grant Fund Liabilities and Reserves
26,833,648
28,358,882
Total Liabilities, Reserves and Fund Balance
89,938,944
$
100,124,074
$
See Accompanying Notes to Financial Statements
5
Exhibit A-1
Sheet 1 of 2
CITY OF BAYONNE
CURRENT FUND
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
COMPARATIVE STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE - REGULATORY BASIS
2024
2023
Ref.
Revenue and Other Income Realized:
Fund Balance Utilized
A-2a
14,750,000
$
11,000,000
$
Miscellaneous Revenue Anticipated
A-2a
49,642,956
54,255,734
Receipts from Delinquent Taxes
A-2a
495,323
242,525
Receipts from Current Taxes
A-2a
211,941,752
204,777,922
Non-Budget Revenues
A-2b
693,665
1,192,975
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
A-15
3,262,240
3,564,934
Prior Year Interfunds Returned
A-14
7,528,071
2,600,346
Cancelled Trust / Grant Reserves
A-14
11,130
303
Statutory Excess in Animal Control Fund
-
9,386
Cancelled Contracts Payable
A-17
1,784,092
-
Cancelled Current Fund Reserves
A-29
16,268
-
Tax Overpayments Cancelled
A-20
2,519
-
290,128,016
277,644,125
Expenditures
Budgetary and Emergency Appropriations:
Appropriations within "CAPS"
Operations: Salaries and Wages
70,340,024
63,928,640
Operations: Other Expenses
41,616,575
37,373,150
Statutory Expenditures
20,779,780
18,034,889
Appropriations Excluded from "CAPS"
Operations: Salaries and Wages
440,425
566,421
Operations: Other Expenses
7,263,405
15,793,247
Capital Improvements
550,000
400,000
Municipal Debt Service
18,100,151
13,547,982
Deferred Charges
148,000
150,000
Type 1 School District Debt
5,331,950
8,330,057
A-3
164,570,310
158,124,386
Local District School Tax
A-24
74,764,141
73,298,177
County Tax
A-25
36,861,168
33,175,586
Due County for Added and Omitted Tax
A-25
51,993
33,098
Special Improvement District Tax
A-26
272,768
276,132
Interfunds Advanced Originating in Current Year
A-14
9,556,798
7,528,071
Fund Unidentified Trust Credits
A-14
730
12,030
Adjustment to Beginning Escrow
-
9,736
Reserve Prepaid School Tax
A-24
1,437,219
-
Refund of Prior Year Revenue
A-4
77,231
76,797
Expend Petty Cash Usage of Current and Prior Years
A-6
5,342
-
Reserve Overpayments Receivable
A-12
1,943
-
Appeals on County Board and State Tax Court
-
1,049,880
Return of FEMA Funds
-
41,401
287,599,643
273,625,294
See Accompanying Notes to Financial Statements
6
Exhibit A-1
Sheet 2 of 2
CITY OF BAYONNE
CURRENT FUND
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
COMPARATIVE STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE - REGULATORY BASIS
2024
2023
Ref.
Excess in Revenue
2,528,373
$
4,018,831
$
Adjustments to Income before Fund Balance:
Expenditures Included Above Which are by Statute
Deferred Charges to Budget of Succeeding Year
Special Emergency Appropriations (40A:4-48)
Contractual Severance Liabilities
4,000,000
-
Statutory Excess to Fund Balance
6,528,373
4,018,831
Fund Balance, January 1
A
18,987,417
25,968,586
25,515,790
29,987,417
Decreased by:
Utilized as Anticipated Revenue
A-2a
14,750,000
11,000,000
Fund Balance, December 31
A
10,765,790
$
18,987,417
$
See Accompanying Notes to Financial Statements
7
Exhibit A-2
Sheet 1 of 3
CITY OF BAYONNE
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
STATEMENT OF REVENUES - REGULATORY BASIS
Adopted
N.J.S.A.
Excess or
Budget
40A:4-87
Realized
(Deficit)
SURPLUS:
Surplus Anticipated
14,750,000
$
-
$
14,750,000
$
-
$
MISCELLANEOUS REVENUES:
LOCAL REVENUES
Licenses:
Alcoholic Beverage
74,150
-
74,034
(116)
Other
170,156
-
169,648
(508)
Fees and Permits
2,050,000
-
2,996,372
946,372
Fines and Costs:
Municipal Court
1,493,438
-
1,834,885
341,447
Other
30,000
-
220,429
190,429
Interest and Costs on Taxes
266,092
-
290,813
24,721
Interest on Investments and Deposits
234,627
-
457,428
222,801
Rents - City Owned Property
272,510
-
318,028
45,518
Payments in Lieu of Taxes:
Bayonne Housing Authority
322,601
-
322,601
-
Senior Horizons of Bayonne
99,573
-
116,199
16,626
Southshore Village/Post Road Gardens
303,721
-
303,721
-
Costco/Bayonne Redev. UR Block 700 LLC
142,500
-
142,500
-
Barnabas Bayonne
285,000
-
285,000
-
Alexan City View
1,242,230
-
1,242,230
-
Platty Kill Manor
240,000
-
240,000
-
Bayonne CommunityAction
12,311
-
9,233
(3,078)
Bayonne Energey Cener Urban Renewal I
1,382,537
-
1,382,537
-
Bayonne Energey Cener Urban Renewal II
488,941
-
488,942
1
Prince Holdings
396,625
-
396,625
-
195 East 22nd Street Urban Renewal
83,679
-
42,593
(41,086)
Silklofts
220,638
-
220,638
-
Tagliarini Building
27,290
-
26,692
(598)
Port Authority
98,578
-
98,578
-
Port Authority/Workbench
382,128
-
382,128
-
Port Authority/Global Auto Marine Terminal
1,051,145
-
1,051,145
-
Port Authority of New York & New Jersey
350,220
-
350,220
-
Bayonne Bay Developer Urban Renewal
1,874,329
-
1,505,517
(368,812)
PSIP II
159,657
-
146,465
(13,192)
North Street Properties
165,112
-
167,324
2,212
230-250 Avenue E
219,842
-
219,842
-
Bayonne 19th Street Urban Renewal
309,173
-
309,173
-
662 Avenue C
66,009
-
69,484
3,475
160 East 22nd Street
108,947
-
108,947
-
Citgen Realty Urban Rewal, LLC
564,905
-
552,291
(12,614)
Hobart Housing
9,881
-
9,881
-
MHP 22 Avenue E
239,429
-
164,698
(74,731)
PSIP Avenue A
172,933
-
180,814
7,881
Bayonne Equities
181,456
-
156,930
(24,526)
957-965 Broadway
280,695
-
260,435
(20,260)
KRE Fleet Urban Renewal
468,575
-
1,094,536
625,961
Parkview Realty Urban Renewal LLC
497,500
-
497,500
-
Bayonne Redevelopers Block 720
162,412
-
162,412
-
160 East 22nd Street 2-01 Realty LLC
43,646
-
37,666
(5,980)
Mahalaxmi Flagship UR
119,826
-
119,826
-
252-268 Avenue E UR
457,999
-
256,429
(201,570)
See Accompanying Notes to Financial Statements
8
Exhibit A-2
Sheet 2 of 3
CITY OF BAYONNE
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
STATEMENT OF REVENUES - REGULATORY BASIS
Adopted
N.J.S.A.
Excess or
Budget
40A:4-87
Realized
(Deficit)
Payments in Lieu of Taxes:
Lofts on Avenue E, LLC
76,509
$
-
$
107,502
$
30,993
$
Lofts on Avenue E, LLC 2
68,203
-
183,327
115,124
Pier View Lofts Urban Renewal LLC
241,570
-
280,046
38,476
23rd Street Urban Renewal JOF AAI 3, LLC
13,863
-
15,319
1,456
South Cove Development IV UR, LLC
101,250
-
109,012
7,762
SWL UR, LLC
718,750
-
523,793
(194,957)
425-429 Avenue C Bayonne UR, LLC
45,337
-
-
(45,337)
175 West 7th Development UR, LLC
25,904
-
26,443
539
Five Year PILOTS
152,861
-
176,438
23,577
PILOT Administrative Fee
266,092
-
252,819
(13,273)
19,533,355
-
21,158,088
1,624,733
STATE AID WITHOUT OFFSETTING APPROPRIATIONS
Consolidated Municipal Property Tax Relief Act
8,935,091
-
8,935,091
-
Municipal Relief Fund Aid
920,998
-
920,998
-
9,856,089
-
9,856,089
-
SHARED SERVICE AGREEMENTS
Garbage Removal Contract - Bayonne BOE
339,660
-
392,001
52,341
Bayonne Housing Authority - Garbage/Dumpster
60,000
-
54,200
(5,800)
Bayonne Housing Authority - Police Services
200,000
-
200,000
-
599,660
-
646,201
46,541
PUBLIC AND PRIVATE REVENUES
American Rescue Plan Firefighter Grant
-
74,000
74,000
-
Body Armour Replacement Fund
12,914
-
12,914
-
Bulletproof Vest Grant
-
43,230
43,230
-
Clean Communities Grant
-
142,566
142,566
-
Click it or Ticket
8,750
-
8,750
-
Click it or Ticket (2023)
8,750
-
8,750
-
Congregate Meals Program
385,960
196,007
581,967
-
Distracted Driving Grant
10,500
-
10,500
-
Emergency Management Grant EMAA
10,000
-
10,000
-
National Opiods Setttlement Funds
-
748,519
748,519
-
Municipal Alliance Grant
47,064
-
47,064
-
Older American Act of 1965 Title III
73,984
68,756
142,740
-
Recycling Tonnage Grant
99,192
-
99,192
-
ROID Grant
20,000
-
20,000
-
UEZ Assistance Fund
1,717,917
-
1,717,917
-
2,395,031
1,273,078
3,668,109
-
See Accompanying Notes to Financial Statements
9
Exhibit A-2
Sheet 3 of 3
CITY OF BAYONNE
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
STATEMENT OF REVENUES - REGULATORY BASIS
Adopted
N.J.S.A.
Excess or
Budget
40A:4-87
Realized
(Deficit)
OTHER SPECIAL ITEMS
Uniform Fire Safety Act
109,073
$
-
$
139,095
$
30,022
$
PVSC Municipal Rebate Incentive Program
25,582
-
25,582
-
Debt Service Reimbursement - Bayonne BOE
221,693
-
221,693
-
Royal Caribbean Cruise Port
1,500,000
-
2,616,573
1,116,573
Debt Service Reimbursement - Empire Golf
400,000
-
400,000
-
Indirect Cost Reimbursement - UCC
397,503
-
397,503
-
Uniform Fire Code Inspection Fees
174,687
-
277,326
102,639
Parking Tax
1,714,425
-
1,227,931
(486,494)
Spectra Energy
1,706,796
-
1,700,017
(6,779)
Port Authority Land Payment
5,000,000
-
5,000,000
-
Reimb. City Wide Communication System - BOE
30,282
-
30,282
-
BMUA Expense Reimbursement
657,308
-
679,342
22,034
Cable TV Franchise Fee
574,824
-
574,825
1
Local Fiscal Recovery Funds Revenue Loss
1,024,299
-
1,024,300
1
13,536,472
-
14,314,469
777,997
Total Miscellaneous Revenues
45,920,607
1,273,078
49,642,956
2,449,271
RECEIPTS FROM DELINQUENT TAXES:
245,000
-
495,323
250,323
Subtotal - General Revenues
60,915,607
1,273,078
64,888,279
2,699,594
AMOUNT TO BE RAISED BY TAXES FOR SUPPORT OF MUNICIPAL BUDGET:
Local Tax Incl. Reserve for Uncollected Taxes
91,353,838
-
92,940,724
1,586,886
Addition to Local District School Tax
5,331,950
-
5,331,950
-
Minimum Library Tax
3,306,137
-
3,306,137
-
Total Amount to be Raised by Taxes
99,991,925
-
101,578,811
1,586,886
Total Budget Revenues
160,907,532
1,273,078
166,467,090
4,286,480
Non-Budget Revenues
-
-
693,665
693,665
Total General Revenues
160,907,532
$
1,273,078
$
167,160,755
$
4,980,145
$
A-3
A-3
A-2a
166,467,090
$
A-2b
693,665
167,160,755
$
See Accompanying Notes to Financial Statements
10
CITY OF BAYONNE
Exhibit A-2a
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
STATEMENT OF REVENUES - REGULATORY BASIS - ANALYSIS OF BUDGETED REVENUES
Ref.
Allocation of Current Tax Collections:
Collected in Current Year
A-4
209,650,963
$
Overpayments Applied As Revenue
A-20
943,197
Collected in Current Year
A-7
210,594,160
Collected in Prior Year
A-7, A-19
1,194,802
State Share of Sr. Citizens' & Veterans' Deductions
A-7, A-18
152,790
Current Taxes Realized in Cash
A-1
211,941,752
$
Add: Appropriation for "Reserve for Uncollected Taxes"
A-3
1,587,129
213,528,881
Allocated to:
School Taxes
A-24
74,764,141
County Taxes
A-25
36,913,161
Special Improvement District Taxes
A-26
272,768
Total Allocated to School, County and Special District Taxes
111,950,070
Amount for Support of Municipal Budget Appropriations
A-2
101,578,811
$
Receipts from Delinquent Taxes:
Delinquent Taxes Collected
A-4
384,366
$
Overpayments Applied As Revenue
A-20
110,957
Total Receipts from Delinquent Taxes
A-1, A-7
495,323
$
Miscellaneous Revenues Anticipated:
Cash Receipts
A-11
35,038,074
$
Revenues from Other Funds, Reserves and Deposits
A-11
1,080,684
State Aid Allocation Realized
A-10
8,935,091
Reserve for Municipal Relief Fund
A-21
920,998
State and Federal Grants
A-14
3,668,109
Total Miscellaneous Revenues Anticipated
A-1, A-2
49,642,956
$
FUND BALANCE
A-1, A-2
14,750,000
$
Total Realized Budget Revenues
A-2
166,467,090
$
See Accompanying Notes to Financial Statements
11
CITY OF BAYONNE
Exhibit A-2b
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2021
STATEMENT OF REVENUES - REGULATORY BASIS - ANALYSIS OF NON-BUDGET REVENUES
Ref.
Miscellaneous Revenue not Anticipated:
Miscellaneous Revenues Not Anticipated
128,187
$
Vendor refunds
18,579
Cashier Unallocated
26
FEMA Reimbursement - Hurricane Ida
49,278
State PWUSAR Deploy IDA
28,248
Prison Forfeiture Cash
1,370
Prior Years Reimbursements
25,079
PMA Liability Reimbursements
94,592
HCIA Hospital Escrow Fund
100,768
Cyber Security Classes Rebate
500
Tax Levy Premium
182,183
Bail Writeoff
1,810
Court General Writeoffs
123
2% Administrative Payment
3,098
Payments in Lieu of Taxes
CEI-HB UR, LLC Pilot
50,221
Cash Received for Non-Budget Revenue
A-4
684,062
Other Trust Fund Adjustments
A-14
9,603
A-1, A-2
693,665
$
See Accompanying Notes to Financial Statements
12
Exhibit A-3
Sheet 1 of 4
CITY OF BAYONNE
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
STATEMENT OF APPROPRIATIONS - REGULATORY BASIS
Appropriations
Adopted
Budget After
Paid or
Budget
Modification
Charged
Encumbered
Reserved
Cancelled
(A) Operations - within "CAPS"
Office of the Mayor
Salaries and Wages
415,000
$
415,000
$
414,272
$
-
$
728
$
-
$
Other Expenses
10,000
10,000
3,214
440
6,346
-
Planning Board
Other Expenses
39,350
39,350
22,748
16,000
602
-
Board of Adjustment
Other Expenses
30,000
30,000
24,461
5,469
70
-
Alcohol Beverage Control
Other Expenses
1,000
1,000
-
-
1,000
-
Environmental Commission
Other Expenses (N.J.S.A. 40:56A-1)
1,000
1,000
-
-
1,000
-
Rent Control Office
Salaries and Wages
15,000
15,000
15,000
-
-
-
Other Expenses
60,000
60,000
10,738
29,378
19,884
-
Planning and Zoning
Salaries and Wages
650,000
675,000
667,200
-
7,800
-
Other Expenses
300,000
300,000
107,080
192,581
339
-
City Clerk & Municipal Council
Municipal Council
Salaries and Wages
182,400
182,400
177,003
-
5,397
-
Other Expenses
4,000
4,000
985
-
3,015
-
City Clerk's Office
Salaries and Wages
370,000
370,000
368,995
-
1,005
-
Other Expenses
45,000
45,000
42,035
879
2,086
-
Primary, General & Municipal Elections
Salaries and Wages
25,000
40,000
36,350
-
3,650
-
Other Expenses
55,000
40,000
30,514
-
9,486
-
Audit Services
107,500
107,500
107,000
500
-
-
Department of Administration
Business Administrator's Office
Salaries and Wages
660,000
508,000
494,267
-
13,733
-
Other Expenses
350,000
350,000
304,446
28,173
17,381
-
(A) Operations - within "CAPS"
Finance Office
Salaries and Wages
1,330,000
1,260,000
1,253,590
-
6,410
-
Other Expenses
112,000
112,000
87,041
7,940
17,019
-
Tax Assessor
Salaries and Wages
360,000
410,000
403,613
-
6,387
-
Tax Collection
Salaries and Wages
360,000
340,000
335,434
-
4,566
-
Postage
135,000
135,000
133,587
-
1,413
-
Personnel Department
Salaries and Wages
130,750
160,750
156,773
-
3,977
-
Bayonne Historical Commission
Other Expenses
6,000
6,000
42
-
5,958
-
Law Department
Salaries and Wages
604,875
484,875
473,771
-
11,104
-
Other Expenses
45,000
45,000
36,331
1,045
7,624
-
Contracts
350,000
344,650
167,645
118,755
58,250
-
Board of Health
Salaries and Wages
335,000
350,000
342,996
-
7,004
-
Other Expenses
295,000
295,000
235,254
55,804
3,942
-
Municipal Services
Salaries and Wages
615,000
621,000
615,895
-
5,105
-
Other Expenses
160,000
160,000
74,415
75,923
9,662
-
Office on Aging
Salaries and Wages
217,000
187,000
180,057
-
6,943
-
Other Expenses
5,000
5,000
-
-
5,000
-
Department of Public Safety
Police - Uniform Personnel
Salaries and Wages
24,175,700
24,750,700
24,652,945
-
97,755
-
Other Expenses
995,000
995,000
877,796
54,509
62,695
-
LFRF ARPA Health Salaries & Wages
824,299
824,299
824,299
-
-
-
Police - Non-Uniform Personnel
Salaries and Wages
4,125,000
3,925,000
3,906,286
-
18,714
-
Other Expenses
2,500
2,500
2,436
-
64
-
Expended
See Accompanying Notes to Financial Statements
13
Exhibit A-3
Sheet 2 of 4
CITY OF BAYONNE
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
STATEMENT OF APPROPRIATIONS - REGULATORY BASIS
Appropriations
Adopted
Budget After
Paid or
Budget
Modification
Charged
Encumbered
Reserved
Cancelled
Expended
(A) Operations - within "CAPS"
Fire - Non-Uniform Personnel
Salaries and Wages
410,000
$
375,000
$
363,349
$
-
$
11,651
$
-
$
Fire - Uniform Personnel
Salaries and Wages
20,700,000
21,275,000
21,253,158
-
21,842
-
Other Expenses
455,000
460,350
386,525
60,010
13,815
-
Prosecutor's Office
Other Expenses
150,000
150,000
106,616
42,768
616
-
Department of Public Works
Streets and Road Maintenance
Salaries and Wages
2,585,000
2,405,000
2,381,110
-
23,890
-
Other Expenses
115,000
115,000
81,862
14,285
18,853
-
Snow Removal
Salaries and Wages
150,000
150,000
150,000
-
-
-
Other Expenses
100,000
100,000
17,490
82,510
-
-
Other Public Works
Salaries and Wages
505,000
505,000
494,344
-
10,656
-
Other Expenses
10,000
10,000
2,402
-
7,598
-
Solid Waste Collection
2,967,225
2,872,225
2,620,870
250,163
1,192
-
Buildings and Grounds
Salaries and Wages
1,030,000
955,000
946,471
-
8,529
-
Other Expenses
425,000
465,000
289,653
135,000
40,347
-
Vehicle Maintenance
Salaries and Wages
895,000
840,000
831,639
-
8,361
-
Other Expenses
600,000
600,000
450,769
115,136
34,095
-
Swimming Pool
Salaries and Wages
270,000
246,000
245,432
-
568
-
Other Expenses
56,000
26,000
21,697
915
3,388
-
Parks & Playgrounds - Recreation
Salaries and Wages
1,040,000
950,000
941,729
-
8,271
-
Other Expenses
135,000
135,000
103,801
10,542
20,657
-
Maintenance of Parks
Salaries and Wages
2,135,000
2,075,000
2,053,661
-
21,339
-
Other Expenses
125,000
125,000
64,717
119
60,164
-
Engineering Services
725,000
725,000
339,202
212,412
173,386
-
Municipal Court
Salaries and Wages
1,135,000
1,045,000
1,031,536
-
13,464
-
Other Expenses
100,000
100,000
63,110
4,297
32,593
-
Public Defender
Other Expenses
85,000
85,000
48,645
35,400
955
-
Insurance:
General Liability / Workers Compensation
4,036,500
3,736,500
3,417,375
-
319,125
-
Employee Group Health
21,495,000
22,105,000
21,300,023
438,747
366,230
-
Group Insurance Waiver Costs
135,000
135,000
130,966
-
4,034
-
Unclassified:
Utilities
1,500,000
1,500,000
1,247,803
227,530
24,667
-
Telecommunications
250,000
250,000
198,300
8,016
43,684
-
Gasoline
700,000
700,000
413,105
139,330
147,565
-
Solid Waste Disposal (Tipping Fees)
3,900,000
3,600,000
3,176,520
331,980
91,500
-
Celebration of Public Holidays
55,000
55,000
54,714
-
286
-
Bayonne Econ. Opportunity Foundation
22,500
22,500
22,500
-
-
-
Bulk Levy Sale Expenses
15,000
15,000
6,260
8,740
-
-
Office Services
440,000
440,000
424,145
15,242
613
-
Reserve for Accumulated Absences
-
4,000,000
4,000,000
-
-
-
(B) Contingent
1,000
1,000
-
-
1,000
-
107,956,599
111,956,599
107,268,013
2,720,538
1,968,048
-
Detail:
Salaries and Wages
66,250,024
70,340,024
70,011,175
-
328,849
-
Other Expenses
41,706,575
41,616,575
37,256,838
2,720,538
1,639,199
-
See Accompanying Notes to Financial Statements
14
Exhibit A-3
Sheet 3 of 4
CITY OF BAYONNE
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
STATEMENT OF APPROPRIATIONS - REGULATORY BASIS
Appropriations
Adopted
Budget After
Paid or
Budget
Modification
Charged
Encumbered
Reserved
Cancelled
Expended
(E) Deferred Charges & Statutory Expenditures within "CAPS"
(2) STATUTORY EXPENDITURES
Contribution to:
Public Employees Retirement System
2,840,941
$
2,840,941
$
2,813,559
$
-
$
27,382
$
-
$
Social Security System (O.A.S.I.)
2,275,000
2,275,000
2,275,000
-
-
-
Police & Fire Retirement System of NJ
15,551,839
15,551,839
15,551,839
-
-
-
Unemployment Insurance
24,000
24,000
24,000
-
-
-
Pensioners & Widow(er)s
28,000
28,000
21,246
-
6,754
-
Defined Contribution Retirement Program
60,000
60,000
55,777
-
4,223
-
20,779,780
20,779,780
20,741,421
-
38,359
-
(H-1)TOTAL GENERAL APPROPRIATIONS
FOR MUNICIPAL PURPOSES WITHIN "CAPS"
128,736,379
132,736,379
128,009,434
2,720,538
2,006,407
-
(A) Operations - Excluded From "CAPS"
GENERAL GOVERNMENT
Free Public Library
3,306,137
3,306,137
2,525,520
86,509
694,108
-
Cap Exclusions:
Worker's Compensation
163,500
163,500
163,500
-
-
-
Solid Waste/Recycling Collection
42,098
42,098
42,098
-
-
-
3,511,735
3,511,735
2,731,118
86,509
694,108
-
SHARED SERVICE AGREEMENTS
Bayonne BOE Garbage Removal Contract
50,000
50,000
45,833
4,167
-
-
Bayonne Housing Authority - Garbage/Dumpster
60,000
60,000
55,000
5,000
-
-
Bayonne Housing Authority - Police Services
200,000
200,000
200,000
-
-
-
310,000
310,000
300,833
9,167
-
-
PUBLIC AND PRIVATE APPROPRIATIONS
OFFSET BY REVENUES
Matching Funds for Grants
95,000
28,809
-
-
28,809
-
American Rescue Plan Firefighter Grant
Grant Funds
-
74,000
74,000
-
-
-
Body Armour Replacement Fund
12,914
12,914
12,914
-
-
-
Bulletproof Vest Grant
-
43,230
43,230
-
-
-
Clean Communities Grant
-
142,566
142,566
-
-
-
Click it or Ticket
8,750
8,750
8,750
-
-
-
Click it or Ticket (2023)
8,750
8,750
8,750
-
-
-
Congregate Meals Program (Senior Nutrition)
Grant Funds
385,960
581,967
581,967
-
-
-
Match
96,490
145,492
145,492
-
-
-
Distracted Driving Grant
10,500
10,500
10,500
-
-
-
Emergency Management Grant EMAA
Grant Funds
10,000
10,000
10,000
-
-
-
Municipal Alliance Grant
47,064
47,064
47,064
-
-
-
National Opiods Setttlement Funds
-
748,519
748,519
-
-
-
Older American Act of 1965 Title III
Grant Funds
73,984
142,740
142,740
-
-
-
Match
18,496
35,685
35,685
-
-
-
Recycling Tonnage Grant
99,192
99,192
99,192
-
-
-
ROID Grant
Grant Funds
20,000
20,000
20,000
-
-
-
Match
4,000
4,000
4,000
-
-
-
Urban Area Security Initiative
UEZ Assistance Fund
1,717,917
1,717,917
1,717,917
-
-
-
2,609,017
3,882,095
3,853,286
-
28,809
-
Total Operations - Excluded from "CAPS"
6,430,752
7,703,830
6,885,237
95,676
722,917
-
Detail:
Salaries and Wages
354,480
440,425
440,425
-
-
-
Other Expenses
6,076,272
7,263,405
6,444,812
95,676
722,917
-
See Accompanying Notes to Financial Statements
15
Exhibit A-3
Sheet 4 of 4
CITY OF BAYONNE
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
STATEMENT OF APPROPRIATIONS - REGULATORY BASIS
Appropriations
Adopted
Budget After
Paid or
Budget
Modification
Charged
Encumbered
Reserved
Cancelled
Expended
(C) Capital Improvements- Excluded From "CAPS"
Capital Improvement Fund
350,000
$
350,000
$
350,000
$
-
$
-
$
-
$
Police Shooting Range - LFRF ARPA
200,000
200,000
200,000
-
-
-
550,000
550,000
550,000
-
-
-
(D) Municipal Debt Service
Bond Principal
5,650,000
5,650,000
5,650,000
-
-
-
Bond Anticipation and Capital Notes
360,000
360,000
360,000
-
-
-
Interest on Bonds
4,789,785
4,789,785
4,789,785
-
-
-
Interest on Notes
1,271,496
1,271,496
1,271,496
-
-
-
Green Trust Loan Program
Loan Repayments for Principal and Interest
16,852
16,852
16,852
-
-
-
Capital Lease Obligations
HCIA Lease Payment (Central Garage)
703,266
703,266
703,266
-
-
-
Police Vehicle Leases
52,344
52,344
52,344
-
-
-
Fire Truck Leases
100,879
100,879
100,879
-
-
-
New Jersey Infrastructure Bank (I-Bank)
178,700
178,700
155,529
-
-
23,171
Escrow/Service Agreement
5,000,000
5,000,000
5,000,000
-
-
-
18,123,322
18,123,322
18,100,151
-
-
23,171
(E) Deferred Charges
Special Emergency Authorizations - 5 Years
148,000
148,000
148,000
-
-
-
148,000
148,000
148,000
-
-
-
(H-2) TOTAL GENERAL APPROPRIATIONS FOR
MUNICIPAL PURPOSES-EXCL. FROM "CAPS"
25,252,074
26,525,152
25,683,388
95,676
722,917
23,171
(I) Local District School Purposes - Excluded from "CAPS"
TYPE 1 DISTRICT SCHOOL DEBT
Payment of Bond Principal
4,690,000
4,690,000
4,690,000
-
-
-
Interest on Bonds
641,950
641,950
641,950
-
-
-
5,331,950
5,331,950
5,331,950
-
-
-
(O) TOTAL GENERAL APPROPRIATIONS -
EXCLUDED FROM "CAPS"
30,584,024
31,857,102
31,015,338
95,676
722,917
23,171
(L) Subtotal General Appropriations
159,320,403
164,593,481
159,024,772
2,816,214
2,729,324
23,171
(M) Reserve for Uncollected Taxes
1,587,129
1,587,129
1,587,129
-
-
-
TOTAL GENERAL APPROPRIATIONS
160,907,532
$
166,180,610
$
160,611,901
$
2,816,214
$
2,729,324
$
23,171
$
A-16
A
Budget As Adopted
A-2
160,907,532
$
1,587,129
$
A-2a
Reserve for Uncollected Taxes
Added by N.J.S.A. 40A:4-87
A-2
1,273,078
3,123,650
A-10
Qualified Bonds Paid by State
Special Emergency Appropriation
A-13
4,000,000
185,177
A-14
State and Federal Grants - Match
166,180,610
3,668,109
A-14
State and Federal Grants - Awards
Less: Appropriations Cancelled
23,171
96,863
A-14
Storm Recovery Reserve
Less: Reserve for Uncollected Taxes
1,587,129
24,000
A-14
Insurance Trust Fund
A-1
164,570,310
$
1,235,420
A-14
Other Trust
91,193,021
A-14
Payroll Agency
350,000
A-14
Capital Improvement Fund
(864,386)
A-14
Reimbursed from Other Funds
60,012,918
A-4
Cash Disbursements
160,611,901
$
See Accompanying Notes to Financial Statements
16
Exhibit B
Sheet 1 of 2
CITY OF BAYONNE
TRUST FUNDS
AS OF DECEMBER 31, 2024 AND 2023
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
2024
2023
Ref.
Assets
Animal Control Fund:
Cash and Cash Equivalents
B-1
9,408
$
33,454
$
Interfunds Receivable:
Due from Other Trust Fund
B-5
1,661
-
11,069
33,454
Insurance Fund:
Cash and Cash Equivalents
B-1
649,670
571,898
Interfunds Receivable:
Due from Parking Utility Operating
B-8
5,000
-
654,670
571,898
Tax Lien Redemption Fund:
Cash and Cash Equivalents
B-1
781,578
559,262
Housing and Urban Development Fund:
Cash and Cash Equivalents
B-1
1,907
52,549
Grants Receivable
B-11
2,261,260
2,467,760
2,263,167
2,520,309
Payroll Clearing Fund
Cash and Cash Equivalents
B-1
1,085,231
1,106,233
Interfunds Receivable:
Due from Current Fund
B-28
635
-
Due from Other Trust Fund
B-28
2,628
-
1,088,494
1,106,233
Redevelopment Escrow Trust Fund:
Cash and Cash Equivalents
B-1
1,327,538
-
Other Trust Fund:
Cash and Cash Equivalents
B-1
31,970,289
27,366,066
UEZ Grants Receivable
B-16
2,592,235
-
Interfunds Receivable:
Due from Current Fund
B-17
1,231
19,963
Due from State and Federal Grant Fund
B-17
335,528
-
34,899,283
27,386,029
Total Assets
39,698,261
$
32,177,185
$
See Accompanying Notes to Financial Statements
17
Exhibit B
Sheet 2 of 2
CITY OF BAYONNE
TRUST FUNDS
AS OF DECEMBER 31, 2024 AND 2023
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
2024
2023
Ref.
Liabilities, Reserves and Fund Balance
Animal Control Fund:
Interfunds Payable: Due to Current Fund
B-4
-
$
9,386
$
Reserve for Feral Cat Donations
B-5
2,689
2,689
Due to State of New Jersey
B-2
217
1,960
Reserve for Encumbrances
B-6
1,566
-
Reserve for Dog Fund Expenditures
B-3
6,597
19,419
11,069
33,454
Insurance Fund:
Reserve for Insurance Fund Expenditures
B-7
654,670
571,898
Tax Lien Redemption Fund:
Reserve for Tax Lien Redemption Fund Expenditures
B-9
781,578
559,262
Housing and Urban Development Fund:
Reserve for Interest on Federal Drawdowns
B-12
4,075
-
Reserve for Encumbrances
B-13
802,915
1,085,291
Reserve for Grant Expenditures
B-15
1,456,177
1,435,018
2,263,167
2,520,309
Payroll Clearing Fund
Reserve for Payroll Deductions
B-27
1,088,494
1,105,361
Reserve for Encumbrances
B-27
-
872
1,088,494
1,106,233
Redevelopment Escrow Trust Fund:
Interfunds Payable: Due to Current Fund
B-26
35,280
-
Reserve for Encumbrances
B-24
16,740
-
Reserve for Developers Escrow
B-25
1,275,518
-
1,327,538
-
Other Trust Fund:
Interfunds Payable:
Due to Animal Control Fund
B-17
1,661
-
Payroll Deduction Trust Fund
B-17
2,628
-
Due to State of New Jersey
B-22
309,698
330,641
Reserves and Special Deposits
B-23
26,118,674
26,077,078
Maintenance and Performance Cash Bonds Deposits
B-18
5,070,358
-
Reserve for Urban Enterprise Zone Expenditures
B-19
2,862,403
-
Reserve for Library
B-20
224,769
-
Reserve for Encumbrances
B-21
309,092
394,778
Reserve for Developers Escrow
*
-
583,532
34,899,283
27,386,029
Total Liabilities and Reserves
39,698,261
$
32,177,185
$
See Accompanying Notes to Financial Statements
18
CITY OF BAYONNE
Exhibit C
GENERAL CAPITAL FUND
AS OF DECEMBER 31, 2024 AND 2023
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
2024
2023
Ref.
Assets
Cash and Cash Equivalents
11,869,298
$
12,926,342
$
Restricted Cash
208,558
208,558
Total Cash and Cash Equivalents
C-2; C-3
12,077,856
13,134,900
Grants Receivable - without Reserves
C-6
6,186,133
6,436,133
Grants Receivable - Fully Reserved
C-6a
12,137,601
55,096
Developer's Contribution Receivable
C-7
333,000
333,000
Interfunds Receivable: Due from Current Fund
C-9
-
361,795
New Jersey Infrastructure Bank Loans Receivable
C-8
941,777
70,081
Deferred Charges to Future Taxation:
Funded
C-4
166,357,007
177,240,941
Unfunded
C-5
116,273,708
94,304,406
Total Assets
314,307,082
$
291,936,352
$
Liabilities, Reserves and Fund Balance
Interfunds Payable: Due to Current Fund
C-9
545,095
$
-
$
Bond Anticipation Notes Payable
C-18
26,564,000
26,924,000
General Serial Bonds Payable
C-11
134,841,000
140,491,000
School Serial Bonds Payable
C-13
19,941,000
24,631,000
Capital Appreciation Bonds Payable
C-12
1,000,000
1,000,000
Green Trust Loan Payable
C-14
24,780
40,894
Lease Payable
C-16
6,049,958
6,608,359
New Jersey Infrastructure Bank Loans Payable
C-15
5,442,046
4,539,769
Assignment Agreement Payable
C-17
40,000,000
45,000,000
Improvement Authorizations:
Funded
C-10
1,578,123
3,247,700
Unfunded
C-10
50,771,260
25,874,345
Contracts Payable
C-19
8,216,387
8,822,632
Capital Improvement Fund
C-22
286,853
270,353
Reserve for Capital Improvements
C-20
3,632,280
1,275,000
Reserve for Debt Service
C-21
2,319,146
2,319,146
Reserve for Preliminary Expenses
C-23
3,167
3,167
Reserve for Grant Receivable
C-24
12,137,601
55,096
313,352,696
291,102,461
Fund Balance
C-1
954,386
833,891
Total Liabilities, Reserves and Fund Balance
314,307,082
$
291,936,352
$
Bonds and Noted Authorized But Not Used
C-24
$ 49,709,708
$ 22,380,406
See Accompanying Notes to Financial Statements
19
CITY OF BAYONNE
Exhibit C-1
GENERAL CAPITAL FUND
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
COMPARATIVE STATEMENT OF CHANGES IN FUND BALANCE - REGULATORY BASIS
2024
2023
Ref.
Increased by:
Premium on Note Sale - Series 2023A
-
$
64,098
$
Premium on Note Sale - Series 2023B-1
-
175,795
Canceled Ordinances
-
220,873
Premium on Note Sale - Series 2024A
C-9
38,696
-
Premium on Note Sale - Series 2024B-1
C-9
81,799
-
120,495
460,766
Decreased by:
Financing of Improvement Authorizations:
O-23-18: Cottage Street Flood Mitigation
-
138,500
O-23-43: Various Technology Improvements
-
215,000
-
353,500
Net Change
120,495
107,266
Balance: December 31, 2023
C
833,891
726,625
Balance: December 31, 2024
C
954,386
$
833,891
$
See Accompanying Notes to Financial Statements
20
Exhibit D
CITY OF BAYONNE
PARKING UTILITY FUND
AS OF DECEMBER 31, 2024 AND 2023
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
2024
2023
Ref.
Assets
Operating Fund:
Cash and Cash Equivalents
D-5
1,514,135
$
1,200,642
$
Interfunds Receivable:
Due from Parking Utility Capital
D-8
18
-
Total Utility Operating Fund Assets
1,514,153
1,200,642
Capital Fund:
Cash and Cash Equivalents
D-5
140,058
166,351
Fixed Capital
D-14
5,354,861
5,354,861
Fixed Capital Authorized and Uncompleted
D-15
1,874,965
1,624,965
Total Utility Capital Fund Assets
7,369,884
7,146,177
Total Utility Fund Assets
8,884,037
$
8,346,819
$
Liabilities, Reserves and Fund Balance
Operating Fund:
Appropriation Reserves
D-3, D-9
167,089
$
81,741
$
Interfunds Payable:
Due to Unemployment Trust Fund
D-8
5,000
-
Accounts Payable
D-7
-
3,978
Reserve for Encumbrances
D-10
23,871
80,694
Reserve for Debt Service
D-11
9,624
9,624
Accrued Interest on Bonds
D-12
16,479
21,896
222,063
197,933
Fund Balance
D-1
1,292,090
1,002,709
Total Utility Operating Fund Liabilities, Reserves and Fund Balance
1,514,153
1,200,642
Capital Fund:
Interfunds Payable:
Due to Parking Utility Operating
D-16
18
-
Improvement Authorizations
Funded
D-13
686
2,054
Unfunded
D-13
250,000
-
Reserve for Encumbrances
D-20
39,347
64,290
Reserve for Amortization
D-19
4,504,861
4,244,861
Reserve for Deferred Amortization
D-18
1,624,965
1,624,965
Parking Revenue Serial Bonds Payable
D-17
850,000
1,110,000
7,269,877
7,046,170
Fund Balance
D-4
100,007
100,007
Total Utility Capital Fund Liabilities, Reserves and Fund Balance
7,369,884
7,146,177
Total Utility Fund Liabilities, Reserves and Fund Balance
8,884,037
$
8,346,819
$
See Accompanying Notes to Financial Statements
21
CITY OF BAYONNE
Exhibit D-1
PARKING UTILITY OPERATING FUND
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
COMPARATIVE STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE - REGULATORY BASIS
2024
2023
Ref.
Revenue and Other Income Realized
Miscellaneous Revenue Anticipated
D-2
2,347,093
$
2,313,869
$
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
D-9
89,056
152,992
Accounts Payable Cancelled
D-7
3,978
-
2,440,127
2,466,861
Expenditures
Budget Appropriations:
Operating
Salaries and Wages
1,001,170
907,000
Other Expenses
620,000
494,000
Debt Service
307,133
304,696
Statutory Expenditures
222,438
198,025
D-3
2,150,741
1,903,721
Bank Charges
D-5
5
20
2,150,746
1,903,741
Statutory Excess to Fund Balance
289,381
563,120
Fund Balance, January 1
D
1,002,709
439,589
Fund Balance, December 31
D
1,292,090
$
1,002,709
$
See Accompanying Notes to Financial Statements
22
CITY OF BAYONNE
Exhibit D-2
PARKING UTILITY OPERATING FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
STATEMENT OF REVENUES - REGULATORY BASIS
Adopted
N.J.S.A.
Excess or
Budget
40A:4-87
Realized
(Deficit)
Parking Fees
1,250,000
$
-
$
1,261,340
$
11,340
$
Ticket Revenues
900,000
-
1,077,254
177,254
Interest on Investments and Deposits
6,158
-
8,499
2,341
2,156,158
-
2,347,093
190,935
Total Budget Revenues
2,156,158
-
2,347,093
190,935
Total Parking Utility Revenues
2,156,158
$
-
$
2,347,093
$
190,935
$
D-3
Cash Receipts
D-5
2,346,965
$
Interfund: Utility Capital Interest
D-8
128
D-1
2,347,093
$
See Accompanying Notes to Financial Statements
23
CITY OF BAYONNE
Exhibit D-3
PARKING UTILITY OPERATING FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
STATEMENT OF APPROPRIATIONS - REGULATORY BASIS
Adopted
Budget After
Paid or
Budget
Modification
Charged
Encumbered
Reserved
Cancelled
Operating:
Salaries and Wages
1,001,170
$
1,001,170
$
948,939
$
-
$
52,231
$
-
$
Other Expenses
300,000
300,000
195,774
23,871
80,355
-
Group Insurance
275,000
275,000
275,000
-
-
-
Other Insurance
45,000
45,000
11,696
-
33,304
-
1,621,170
1,621,170
1,431,409
23,871
165,890
-
Debt Service:
Bond Principal
260,000
260,000
260,000
-
-
-
Interest on Bonds
52,550
52,550
47,133
-
-
5,417
312,550
312,550
307,133
-
-
5,417
Statutory Expenditures:
Public Employees Retirement System
147,438
147,438
147,438
-
-
-
Social Security (O.A.S.I.)
70,000
70,000
68,801
-
1,199
-
Unemployment Insurance
5,000
5,000
5,000
-
-
-
222,438
222,438
221,239
-
1,199
-
Total Parking Utility Appropriations
2,156,158
$
2,156,158
$
1,959,781
$
23,871
$
167,089
$
5,417
$
D-10
D
Budget As Adopted
D-2
2,156,158
$
1,960,198
$
D-8
Disbursed by Current Fund
Less: Appropriations Canceled
5,417
5,000
D-8
Due to Unemployment Trust Fund
D-1
2,150,741
$
16,479
D-12
Add: Current Year Interest Accrual
1,981,677
21,896
D-12
Less: Prior Year Interest Accrual
1,959,781
$
Appropriations
Expended
See Accompanying Notes to Financial Statements
24
CITY OF BAYONNE
Exhibit D-4
PARKING UTILITY CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
COMPARATIVE STATEMENT OF CHANGES IN FUND BALANCE - REGULATORY BASIS
2024
2023
Ref.
Balance: December 31, 2024 and 2023
D
100,007
$
100,007
$
See Accompanying Notes to Financial Statements
25
CITY OF BAYONNE
Exhibit E
GENERAL FIXED ASSETS
AS OF DECEMBER 31, 2024 AND 2023
COMPARATIVE STATEMENT OF GENERAL FIXED ASSETS
2024
2023
Assets
Ref.
Land
32,233,607
$
32,233,607
$
Buildings and Improvements
E-1
107,292,926
107,292,926
Vehicles and Equipment
E-1
22,007,853
21,751,052
161,534,386
$
161,277,585
$
Investment in Fixed Assets
Investment in General Fixed Assets
E-2
161,534,386
$
161,277,585
$
See Accompanying Notes to Financial Statements
26
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
REPORTING ENTITY
The City of Bayonne (the “City”) is a general-purpose government that is governed by a separately elected governing body. It
is legally separate and fiscally independent of other state and local governments. The City is organized as a Mayor – Council
municipality under the provisions of N.J.S.A. 40:69A. The City is governed by an elected Mayor and Council, and by such
other officers and employees as may be duly appointed. The Council consists of five members, two of which are elected at-
large by voters of the City and serve a term of four years beginning on the first day of July next following their election. The
Mayor is also elected directly by the voters of the City and also serves a term of four years beginning the first day of July
following the election.
The financial statements of the City include every board, body, officer or commission supported and maintained wholly or in
part by funds appropriated by the City, as required by N.J.S.A. 40A:5-5. The Governmental Accounting Standards Board
(herein referred to as “GASB”) establishes criteria to be used to determine which component units should be included in the
financial statements of the primary government (the City). The State of New Jersey, Department of Community Affairs,
Division of Local Government Services (the “Division”) requires the financial statements of the City to be reported separately
from its component units. However, the expenditures and revenues of the Bayonne Public Library are accounted for in the
books and records of the City, therefore, the Library is blended with the financial statements of the City. If the provisions of
GASB had been complied with, the financial statements of the following component units would have been discretely presented
with the financial statements of the City:
Bayonne Housing Authority
Special Improvement District
Audit reports of the component units are available at the offices of each of the respective component units.
BASIS OF PRESENTATION
The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental
accounting and financial reporting principles. GASB codification establishes three fund categories to be used by general
purpose governmental units when reporting financial position and results of operations in accordance with accounting
principles generally accepted in the United States of America (GAAP).
The financial statements of the City have been prepared in conformity with accounting principles and practices prescribed by
the Division, which differ from GAAP. The principles and practices prescribed by the Division are designed primarily for
determining compliance with legal provisions and budgetary restrictions and as a means of reporting on the stewardship of
public officials with respect to public funds. Under this method of accounting, the City accounts for its financial transactions
through the following separate funds and account group, which differ from the fund structure required by GAAP.
DESCRIPTION OF FUNDS
Current Fund – is used to account for all resources and expenditures for governmental operations of a general nature. The
Federal and State Grant Fund is presented with the Current Fund.
Trust Fund – are used to account for receipts, custodianship and disbursement of dedicated revenues in accordance with the
purpose for which each reserve was created, subject to available cash in each individual trust fund reserve established pursuant
to state statutes or as an agent for individuals and other governmental agencies.
27
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
General Capital Fund – is used to account for the receipt and disbursement of funds for the acquisition of general capital
facilities, other than those acquired in the Current Fund or other funds. Also included in this fund are bonds and notes payable
offset by deferred charges to future taxation.
Parking Utility Fund – is used to account for operations and acquisition of capital facilities of the City owned Parking Utility.
The Utility Operating Fund records revenues and expenditures applicable to the general operation of the program to provide
parking management services in the City. The Utility Capital Fund is used to account for capital acquisitions and improvements
used to support the City’s parking management functions, and the related debt issued to finance such acquisitions and
improvements.
General Fixed Assets – is used to account for all fixed assets of the City but is not a separate fund type.
The accounts of the City are maintained in accordance with the Division’s principles of fund accounting to ensure observance
of limitations and restrictions on the resources available. The Division’s principles of fund accounting require that resources
be classified for accounting and reporting purposes into funds in accordance with activities or objectives specified for the
resources. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets,
liabilities, fund equity, revenues and expenditures. Resources are allocated to and accounted for in individual funds based upon
the purposes for which they are to be spent and the means by which spending activities are controlled. The General Fixed
Assets account group, on the other hand, is a financial reporting device designed to provide accountability for certain fixed
assets and the investment in those fixed assets that are not recorded in the funds because they do not directly affect net
expendable available financial resources.
BASIS OF ACCOUNTING
The City prepares its financial statements on a basis of accounting prescribed by the Division that demonstrates compliance
with a modified accrual basis and the budget laws of the State of New Jersey, which is a comprehensive basis of accounting
other than accounting principles generally accepted in the United States of America. The current financial resource focus and
modified accrual basis of accounting is generally followed with significant exceptions which are explained as follows:
Revenues – Revenues are realized when received in cash except for certain amounts which are due from other governmental
units. Receipts from Federal revenue sharing funds and other Federal and State grants are realized as revenue when anticipated
in the budget. Receivables for property taxes and other amounts that are due to the City are recorded with offsetting reserves
on the balance sheet of the Current Fund. Such amounts are not recorded as revenue until collected. Accordingly, no provision
has been made to estimate that portion of receivables that are uncollectible. Taxes and payments in lieu of taxes collected in
advance are recorded as cash liabilities in the financial statements. GAAP requires revenues to be recognized in the accounting
period when they become measurable and available and in certain instances reduced by an allowance for doubtful accounts.
Expenditures – Expenditures are recorded on the “budgetary” basis of accounting. Generally, expenditures are recorded when
an amount is encumbered for goods or services through the issuance of a purchase order in conjunction with the encumbrance
accounting system. Appropriation reserves covering unexpended appropriation balances are automatically created at the end
of each year and recorded as liabilities, except for amounts which may be canceled by the governing body. Appropriations for
principal and interest payments on general capital indebtedness are provided on the cash basis. GAAP requires expenditures in
the current (or general) fund, to be recognized in the accounting period in which the fund liability is incurred, if measurable,
except for un-matured interest on general long-term debt, which should be recognized when due.
28
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Encumbrances – Encumbrances are contractual orders outstanding at year end reported as expenditures through the
establishment of an encumbrance payable. Outstanding encumbrances at year end are reported as a cash liability in the financial
statements. Encumbrances do not constitute expenditures under GAAP.
Appropriation Reserves – Appropriations are available until lapsed at the close of the succeeding year to meet specific claims,
commitments or contracts incurred during the preceding fiscal year. Transfers are allowed between certain line items during
the first three months of the fiscal year. Lapsed appropriation reserves are recorded as other credits to income. Appropriation
Reserves do not exist under GAAP
Reserve for Uncollected Taxes – Reserve for Uncollected Taxes is the minimum amount of which is determined on the
percentage of collections experienced in the immediate preceding year. It is required to provide assurance that cash collected
for taxes in the current year will provide sufficient cash flow to meet expected obligations. A Reserve for Uncollected Taxes
is not established under GAAP.
Interfunds – Advances from the current fund are reported as interfunds receivable with offsetting reserves which are created
by charges to operations. Income is recognized in the year the receivables are liquidated. Interfunds receivable in the other
funds are not offset by reserves. GAAP does not require the establishment of an offsetting reserve.
Inventories of Supplies – The costs of inventories of supplies for all funds are recorded as expenditures at the time the
individual items are purchased. The costs of inventories are not included on the various balance sheets. GAAP requires the
cost of inventories to be reported as a current asset and equally offset by a fund balance reserve.
Property Acquired for Taxes – Property Acquired for Taxes is recorded in the current fund at the assessed valuation when
such property was acquired and is subsequently updated for revaluations. The values of the properties are fully reserved. GAAP
requires such property to be recorded as a fixed asset at market value on the date of acquisition.
Leases - Under GASB Statement No. 87, lease commitments, including those with bargain purchase options, are required to
be recorded as lease liabilities at the present value of future lease payments, offset with a tangible asset or right-of-use asset as
applicable. Commitments for the purchase and ownership of capital assets are recorded as financed purchases reflected in the
amount of the liability and corresponding asset. In accordance with accounting practices prescribed by the Division, leases for
operating expenditures are not shown as liabilities and accordingly no corresponding asset is recorded. Leases for non-operating
expenditures for the acquisition of assets with useful lives exceeding five years may be recorded at historical cost as capital
leases or installment purchase agreements payable with offsetting deferred charges if there is either a transfer of ownership of
property or an option for ownership. The City does not have material leases on its books as of December 31, 2024.
Deferred Charges to Future Taxation – Funded and Unfunded – Upon the authorization of general capital projects, the
City establishes deferred charges for the costs of the capital projects to be raised by future taxation. Funded deferred charges
relate to permanent debt issued, whereas unfunded deferred charges relate to temporary or non-funding of the authorized costs
of capital projects. The City may levy taxes on all taxable property within the City to repay the debt. Annually, the City raises
the debt requirements for that particular year in the current budget. As the funds are raised by taxation, the deferred charges
are reduced. GAAP does not require the establishment of deferred charges to future taxation.
Fixed Capital and Fixed Capital Authorized and Uncompleted – The full amount of an authorized Utility Capital project
or acquisition is recorded as Fixed Capital Authorized and Uncompleted, until that time when the authorized funds are used to
purchase the acquisition or the capital project is completed, when it then is reclassified as Fixed Capital.
29
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Reserve for Amortization and Deferred Amortization – The funded amount of authorized Utility Capital authorizations are
recorded upon ordinance adoption as a Reserve for Deferred Amortization. Principal payments on bonds or pay-downs on
notes issued to finance these authorizations are amortized to the reserve for amortization if the project is completed or the
deferred amortization if the project is not completed. Upon the completion of capital projects or acquisition of capital assets
authorized, the reserve for deferred amortization is reclassified as reserve for amortization.
Compensated Absences and Post-Employment Benefits – Compensated absences for vacation, sick leave and other
compensated absences are recorded and provided for in the annual budget in the year in which they are paid, on a pay-as-you-
go basis. Likewise, no accrual is made for post-employment benefits, if any, which are also funded on a pay-as-you-go basis.
GAAP requires that the amount that would normally be liquidated with expendable financial resources to be recorded as an
expenditure in the operating funds and the remaining obligations be recorded as long-term obligations.
Improvement Authorizations – Improvement Authorizations in the general capital fund represent the unexpended balance of
an ordinance appropriation and is similar to the unexpended portion of the budget in the current fund. GAAP does not recognize
these amounts as liabilities.
Use of Estimates – The preparation of financial statements requires management to make estimates and assumptions that
affect: the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from
these estimates.
General Fixed Assets – Accounting for Governmental Fixed Assets as promulgated by the Division differs in certain respects
from GAAP, and requires the inclusion of a statement of general fixed assets as part of the City’s basic financial statements.
Fixed assets used in governmental operations (general fixed assets) are accounted for in an account group identified as “General
Fixed Assets” and are not included within the records of any fund types. Purchases from these funds for fixed assets are
recorded as expenditures within the fund. Public domain (infrastructure) general fixed assets consisting of certain
improvements, other than improvements to buildings, such as improvements to roads, bridges, curbs and gutters, streets and
sidewalks and drainage systems, are not capitalized. GAAP requires the recording of infrastructure assets and requires capital
assets be depreciated over their estimated useful life unless they are either inexhaustible or are infrastructure assets reported
using the modified approach.
All fixed assets, except land, are valued at historical cost or estimated historical cost if actual historical cost is not available.
Expenditures for construction in progress are recorded in the Capital Fund against authorizations under which the project was
approved until such time as the construction is completed and put into operation. The City is required to maintain a subsidiary
ledger of detailed records of fixed assets and to provide property management standards to control fixed assets. General fixed
assets are defined as non-expendable personal property having a physical existence, a useful life of more than five years and
an acquisition cost of $5,000 or more per unit. Fixed assets acquired through grants in aid or contributed capital have not been
accounted for separately. No depreciation has been provided in the financial statements, which is consistent with the accounting
principles and practices of the Division.
30
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Cash and Investments – New Jersey governmental units are required to deposit public funds in a public depository. Public
depositories are defined by statutes as any State or federally chartered bank, savings bank or an association located in New
Jersey or a state or federally chartered bank, savings bank or an association located in another state with a branch office in this
State, the deposits of which are insured by the Federal Deposit Insurance Corporation (“FDIC”) and which receives or holds
public funds on deposit, but does not include deposits held by the State of New Jersey Cash Management Fund. N.J.S.A.
40A:5-15.1 provides a list of securities which may be purchased by New Jersey municipal units. Cash Equivalents include
certificate of deposits with a maturity date of less than three (3) months.
The City is also required to annually adopt a cash management plan and to deposit or invest its funds pursuant to the cash
management plan. The cash management plan adopted by the City requires it to deposit funds as permitted in N.J.S.A 40:5-
15.1, so long as the funds are deposited in public depositories protected from loss under the provisions of the Governmental
Unit Deposit Protection Act (GUDPA). GUDPA was enacted in 1970 to protect governmental units from a loss of funds on
deposit with a failed banking institution in New Jersey and requires all public depositories pledge collateral, having a market
value of five percent of the average daily balance of collected public funds, to secure the deposits of governmental units. If a
public depository fails, the collateral it has pledged, plus the collateral of all other public depositories in the collateral pool, is
available to pay the full amount of their deposits to the governmental units.
In 2009, legislation revised GUDPA to provide higher levels of security and oversight appropriate to contemporary banking
conditions. Among the increased protections and oversight, the revised GUDPA ensures a common level of deposit risk by
each bank choosing to accept local government deposits, requires banks to fully collateralize deposits over $200 million,
implements enforcement protocol which allows the Department of Banking and Insurance to institute risk-based collateral
requirements promptly when a bank shows signs of stress, provides enhanced oversight by the Department of banking and
insurance and permits GUDPA certificates to be provided through an online system.
Budgets and Budgetary Accounting - An annual budget is required to be adopted and integrated into the accounting system
to provide budgetary control over revenues and expenditures. Budget amounts presented in the accompanying financial
statements represent amounts adopted by the City and approved by the Division in accordance with the Local Budget Law.
Budgets are adopted on the same basis of accounting utilized for the preparation of the City’s financial statements. The
budgetary requirements herein outlined are applicable to only the Current Fund, and not the Trust Fund, General Capital Fund
or the General Fixed Assets account group. However, statutes require the City to adopt annually a six-year capital plan. This
plan allows the governing body to expend or incur obligations for capital purposes only. Such projects under the plan must be
adopted through capital ordinance.
The City must adhere to procedures for adoption of its annual budget as established by the Division, including statutory
deadlines of: February 20 for introduction and approval and March 20 for adoption. These dates are subject to extension by
the Division by approval of the Local Finance Board. Appropriations within the adopted budget cannot be modified until the
final two months of the year at which time transfers between certain line items are allowed. Under certain circumstances
emergency authorizations and insertions of items of revenue and appropriation are allowed by authorization of the governing
body, subject to approval of the Division. The City must prepare its budgets in compliance with applicable laws capping the
amounts by which both the budgeted appropriations and tax levy can be increased. A description of both “CAPS” follows:
2010 Levy "CAP": The 2010 Levy Cap is calculated using the formulas and provisions of N.J.S.A 40A:4-45.44 through 45.47.
It establishes limits on the increase in the total City amount to be raised by taxation (tax levy). The core of the levy cap formula
is a 2% increase to the previous year’s amount to be raised by taxation, net of any applicable cap base adjustments and
emergency or special emergency appropriations.
31
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
1977 Appropriation "CAP": The 1977 Appropriation Cap is calculated using the formulas and provisions of N.J.S.A. 40A:4-
45.1 through 4-45.43a. The law was originally adopted in 1976 and was most recently amended in 2003. Under this law, the
City is permitted to increase its overall appropriations (with certain exceptions) by 2.5% or the “cost of living adjustment”
(COLA), whichever is less. The COLA is calculated based on the traditional federal government inflation calculation. The
City can, when the COLA is less than or equal to 2.5%, increase its allowable inside-the-cap spending to 3.5%, upon passage
of a COLA Rate Ordinance.
Net Pension and Net OPEB Liabilities - Had generally accepted accounting principles been followed, the City’s share of its
actuarially determined net pension liabilities for the Public Employees Retirement System (“PERS”), Police and Fire
Retirement System (“PFRS”) and other post-employment benefit plans would be required to be accrued on the City’s balance
sheet. Accounting practices prescribed by the Division of Local Government Services only require note disclosure of these
liabilities and related actuarial information. The City appropriates annually the amounts required to be paid in any fiscal year
in that year’s budget its share of PERS and PFRS obligations.
Long-Term Obligations – General long-term debt is recognized as a liability of the General Capital Fund for the full amount.
Reserves (Other than Reserve for Receivables) – Reserves, other than reserves for receivables, are considered liabilities, and
not as a reservation of fund balance.
Reserves for Receivables – Receivables of the City, with the exception of certain intergovernmental receivables, are offset on
the balance sheet with a credit that is created to preserve the revenue recognition basis required by the Division’s accounting
policies. The reserve delays the recognition of these revenues until they are received in cash.
Advertising Costs – Advertising costs are charged against the appropriate budget line as they occur. The City does not engage
in direct-response advertising.
Sale of Municipal Assets – The proceeds of the sale of municipal assets can be held until made available through a future
budget appropriation. GAAP requires such proceeds to be recorded as revenue in the year of sale.
Fund Balance – Fund equity represented on the financial statements consists solely of Fund Balance, which is not further
categorized with respect to reservations (portions of fund equity not available for appropriation for expenditure or legally
segregated for a specific future use) or designations (plans for future use of financial resources).
BASIC FINANCIAL STATEMENTS
The GASB Codification also requires the financial statements of a governmental unit to be presented in the general purpose
financial statements to be in accordance with GAAP. The City presents the financial statements listed in the table of contents
which are required by the Division and which differ from the financial statements required by GAAP.
Total Columns on Combined Statements – Total columns are captioned “memorandum only” to indicate that they are
presented only to facilitate financial analysis. Data in these columns do not present financial position, results of operations, or
changes in financial position in conformity with accounting principles generally accepted in the United States of America.
Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data.
32
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Comparative Data – Comparative data for the prior year has been presented in the accompanying financial statements in order
to provide an understanding of changes in the City’s financial position and operations. Comparative data is not presented in
all statements because their inclusion would make certain statements unduly complex and difficult to understand.
Reclassifications – Certain reclassifications have been made to the prior year financial statement presentation to correspond
to the current year’s format. These reclassifications had no effect on fund balance or changes in fund balance.
Reconciliation of Accounting Basis – As described throughout Note A, substantial differences exist between GAAP and the
budgetary basis prescribed by the Division. Reconciliation between the two would not be meaningful or informative and
therefore is not provided herein.
NOTE 2. CASH, CASH EQUIVALENTS AND INVESTMENTS
DEPOSITS
The City’s cash and cash equivalents on deposit are partially insured by the FDIC up to $250,000 for each depository. Deposits
in excess of FDIC limits, as noted below, are insured or collateralized by a collateral pool maintained by public depositories as
required by GUDPA (see Note 1 - Cash and Investments) or are on deposit with the New Jersey Cash Management Fund or
Municipal Investors Service Corporation.
Custodial Credit Risk - Custodial credit risk is the risk that, in the event of a bank failure, the City will not be able to recover
deposits or collateral securities that are in the possession of an outside party. The City does not have a deposit policy for
custodial credit risk. Deposits are exposed to custodial credit risk if they are not covered by depository insurance and the
deposits are:
a. Uncollateralized.
b. Collateralized with securities held by the pledging financial institution.
c. Collateralized with securities held by the pledging financial institution’s trust department or agent but not in the City’s
name.
As of December 31, 2024, 60% of the City’s deposits were with one financial institution and 33% with another, for a total of
93% of the City’s deposits with two financial institutions. As of December 31, 2023, 62% of the City’s deposits were with one
financial institution and 20% with another, for a total of 82% of the City’s deposits with two financial institutions.
Foreign Currency Risk - Foreign currency risk is the risk that changes in exchange rates will adversely affect deposits. None
of the City’s deposits as of December 31, 2024 and 2023 are known to be held in foreign currency.
2024
2023
Insured - FDIC
750,930
$
1,000,000
$
Insured - GUDPA
58,729,192
87,570,433
59,480,122
$
88,570,433
$
At December 31,
33
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 2. CASH, CASH EQUIVALENTS AND INVESTMENTS (continued)
INVESTMENTS
Foreign Currency Risk – Investments are also exposed to the same foreign currency risk as deposits. It is the risk that changes
in exchange rates will adversely affect investments. The City does not have any investments known to be denominated in
foreign currency as of December 31, 2024 and 2023.
Interest Rate Risk – Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an
investment. The City does not have a formal investment policy that limits investment maturities as a means of managing its
exposure to fair value losses arising from increasing interest rates.
Credit Risk – Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. The
City does not have an investment policy regarding the management of credit risk.
Concentration of Credit Risk – The City places no formal limit on the amount it may invest in any one issuer. New Jersey
Statutes limit municipal investments to those specified, and as summarily identified in the first paragraph of the “Investments”
section of this Note.
Custodial Credit Risk - In the case of investments, custodial credit risk is the risk that, in the event of failure of the
counterparty, the City will not be able to recover the value of its investments or collateral securities in the possession of an
outside party. Investments are exposed to custodial credit risk if they are uninsured, are not registered in the City’s name and
are held by either the counterparty or its trust department or agent, but not in the City’s name.
New Jersey statutes permit the City to purchase the following types of securities when authorized by the cash management plan
(described in Note 1):
Bonds or other obligations of the United States of America or obligations guaranteed by the United States of America.
Government money market mutual funds.
Any obligation that a federal agency or a federal instrumentality has issued in accordance with an act of Congress,
which security has a maturity date not greater than 397 days from the date of purchase, provided that such obligation
bears a fixed rate of interest not dependent on any index or other external factor.
Bonds or other obligations of the local unit or bonds or other obligations of school districts of which the local unit is
a part or within which the school district is located.
Bonds or other obligations having a maturity date not more than 397 days from the date of purchase, approved by the
Division of Investment of the Department of the Treasury for investment by local units.
Local government investment pools.
Deposits with the State of New Jersey Cash Management Fund.
Agreements for the repurchase of fully collateralized securities if (a) the underlying securities are permitted
investments pursuant to the first and third bullets of this section, (b) the custody of collateral is transferred to a third
party, (c) the maturity of the agreement is not more than 30 days, (d) the underlying securities are purchased through
a public depository and (e) a master repurchase agreement providing for the custody and security of collateral is
executed.
Government Investment Pools consist of investments in the New Jersey Cash Management Fund, MBIA Municipal Investors
Service Corporation and NJ Asset Rebate and Management Program (NJARM). Because of their liquidity, these investments
are classified as cash and cash equivalents on the financial statements of the City. For the year ending December 31, 2024 and
2023, the City did not have any investments that are classified as Government Investment Pools.
34
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 3. PROPERTY TAXES
PROPERTY TAX CALENDAR
Property tax revenues are collected in quarterly installments due February 1, May 1, August 1 and November 1. Property taxes
unpaid on April 1 of the year following their final due date are subject to tax sale in accordance with State statutes. The amount
of tax levied includes not only the amount required in support of the City’s annual budget, but also the amounts required in
support of the budget of the entities that follow:
School Taxes – The City is responsible for levying, collecting and remitting school taxes for the local school district. Monies
are forwarded to the school district monthly. Operations is charged for the full amount due to operate the local school district
and is based upon the annual County certification of apportionment of levies. As of December 31, 2024 and 2023, the City
had no school taxes payable. The school tax levy during the year ended December 31, 2024 and 2023, amounted to $74,764,141
and $73,298,177, respectively.
County Taxes – The City is responsible for levying, collecting and remitting county taxes for the County of Hudson.
Operations is charged for the amount due the County for the year, based upon the ratables required to be certified to the County
Board of Taxation by January 10 of the current year. Monies are forwarded to the County on a quarterly basis. In addition,
operations is charged for the County share of Added and Omitted Taxes certified to the County Board of Taxation by October
10 of the current year, and due to be paid to the County by February 15 of the following year. As of December 31, 2024 and
2023, the City had County taxes payable of $51,993 and $33,098, respectively. The total County tax levied to City taxpayers
during the year ended December 31, 2024 and 2023 amounted to $36,913,161 and $33,208,684, respectively.
Special Improvement District – The City is responsible for levying, collecting and remitting Special Improvement District
(SID) taxes. The SID taxes are derived from assessments made upon the members within the SID and billed through the
quarterly property tax bills as noted above. Monies are forwarded to the SID on a quarterly basis. As of December 31, 2024
and 2023, the City had Special Improvement District taxes payable of $1,809,982 and $1,537,214, respectively. The total
Special Improvement District tax levied and collected by the City during the year ended December 31, 2024 and 2023 amounted
to $272,768 and $276,132, respectively.
PROPERTY TAXES RECEIVABLE
Reserve for Uncollected Taxes – Reserve for Uncollected Taxes is a non-spending item of appropriation required by statute
to be included in the City’s annual budget. This appropriation protects the City from taxes not paid currently by providing
assurance that cash collected in the current year will provide sufficient cash flow to meet obligations as they become due. The
minimum amount required to be appropriated in the budget is determined by the percentage of collections experienced in the
immediate preceding year, unless the three-year average option is chosen. The budgeted reserve amount for uncollected taxes
during the year ended December 31, 2024 and 2023, amounted to $1,587,129 and $1,433,501, respectively.
Delinquent Taxes and Tax Title Liens – As described in Note 1, taxes receivable and tax title liens are realized as revenue
when collected. Uncollected receivables are fully reserved, so no provision is made for the uncollectible portions of these
taxes. As of December 31, 2024 and 2023, property taxes receivable were $500,009 and $573,202, respectively and tax title
liens receivable were $730,533 and $701,044, respectively.
Tax Overpayments – Overpaid taxes collected during the year and due to taxpayers either as a refund or tax credit are recorded
as cash liabilities in the financial statements. Tax overpayments as of December 31, 2024 and 2023 were $4,172,660 and
$4,586,827, respectively.
35
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 3. PROPERTY TAXES (continued)
Prepaid Taxes – Taxes collected in advance are recorded as cash liabilities in the financial statements. Prepaid taxes as of
December 31, 2024 and 2023 were $877,545 and $1,194,802, respectively
Property Acquired by Tax Title Lien Liquidation – In lieu of a traditional tax sale, the City once again conducted a bulk
levy sale and sold the balance due of its tax levy for the fiscal years ended December 31, 2024 and 2023 to a third party
purchaser. The sale included all properties except those which were in bankruptcy or subject to an existing municipal lien.
The City received the full value of the balance due plus a premium of $182,183 and $206,002, respectively, in 2024 and 2023.
The City continues to collect the taxes and any interest due and forwards those amounts weekly to the purchaser. There were
no additional properties acquired by tax title lien liquidation during the year ended December 31, 2023 and 2022. The value
of properties acquired by tax title lien liquidation as of December 31, 2024 and 2023 were $18,416,900 and $18,416,900,
respectively.
NOTE 4. MUNICIPAL DEBT
SUMMARY OF MUNICIPAL DEBT
The Local Bond Law governs the issuance of bonds to finance general municipal and utility capital expenditures. Most bonds
are retired in serial installments within the statutory period of usefulness. Other bonds may be term bonds with sinking fund
requirements. Bonds issued by the City are general obligation bonds, backed by the full faith and credit of the City. Bond
Anticipation Notes, which are issued to temporarily finance capital projects, must be paid off within ten years or retired by the
issuance of bonds. At December 31, 2024 and 2023, the City’s statutory debt is summarized as follows:
In addition to the general capital debt shown in the preceding schedule, the City had additional debt which, in accordance with
statutes, is not included as part of the City’s statutory debt position. All such debt is recorded in the Current Fund and is as
follows:
Dec. 31, 2023
Issued and
Authorized
Statutory Debt Pursuant to Local Bond Law:
Outstanding
but not Issued
Total
Total
General:
General Serial Bonds
134,841,000
$
49,709,708
$
184,550,708
$
162,871,406
$
Green Acres Trust Loan
24,780
-
24,780
40,894
Capital Appreciation Bonds
1,000,000
-
1,000,000
1,000,000
Bond Anticipation Notes
26,564,000
-
26,564,000
26,924,000
Parking Revenue Bonds
850,000
-
850,000
1,110,000
School: School Serial Bonds
19,941,000
-
19,941,000
24,631,000
Gross Statutory Debt Issued
183,220,780
49,709,708
232,930,488
216,577,300
Less Statutory Deductions to Debt Limit:
Bonds and Notes for School Purposes
19,941,000
-
19,941,000
24,631,000
NJSA 40:2-52 Refunding Bonds - Pension Refunding
11,790,000
-
11,790,000
12,390,000
Self-Liquidating Purposes
850,000
-
850,000
1,110,000
Total Statutory Deductions
32,581,000
-
32,581,000
38,131,000
Statutory Net Debt
150,639,780
$
49,709,708
$
200,349,488
$
178,446,300
$
Dec. 31, 2024
Balance
Balance
Dec. 31, 2024
Dec. 31, 2023
Current Fund - Special Emergency Notes
4,000,000
$
148,000
$
36
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 4. MUNICIPAL DEBT (continued)
SUMMARY OF STATUTORY DEBT CONDITION – ANNUAL DEBT STATEMENT
The summarized statement of debt condition which follows is prepared in accordance with the required method of setting up
the Annual Debt Statement. At December 31, 2024: Net debt of $200,349,488 divided by the equalized valuation basis per
N.J.S.A. 40A:2-2 as amended, $10,025,627,064 equals 1.998%.
At December 31, 2023: Net debt of $178,446,300 divided by the equalized valuation basis per N.J.S.A. 40A:2-2 as amended,
$9,166,399,234 equals 1.947%.
Equalized valuation basis is the average of the equalized valuations of real estate, including improvements, and the assessed
valuation of class II Railroad Property of the County for the last 3 preceding years.
School Debt (Included as Obligations of the City) – In the general election of November, 2014, the Bayonne Board of
Education was voted to become a Type II School District. As such, statutes require bonds and notes issued and authorized by
the Board of Education to be included in the City’s statutory gross debt, but are not obligations of the City. Only the amount
of school district debt exceeding the school district’s debt limit, if any, is included in the net debt of the City. Prior to this, the
Bayonne Board of Education operated as a Type I school district. Accordingly, bonds and notes issued and authorized by the
Board of Education prior to 2015, and still outstanding as of December 31, 2024 and 2023 in the amounts of $19,941,000 and
$24,631,000, respectively, remain general obligations of the City.
Gross Debt
Deductions
Net Debt
School Purposes
19,941,000
$
19,941,000
$
-
$
Self-Liquidating Purposes
850,000
850,000
-
General Bonds and Notes
212,139,488
11,790,000
200,349,488
232,930,488
$
32,581,000
$
200,349,488
$
3 Year Equalized Valuation
10,025,627,064
Net Debt expressed as a percentage of such equalized valuation basis is:
1.998%
BORROWING POWER UNDER N.J.S.A. 40A:2-6 AS AMENDED
3 1/2% of Equalized Valuation Basis
350,896,947
$
Less: Net Debt
200,349,488
Excess Borrowing Power
150,547,459
$
Gross Debt
Deductions
Net Debt
School Purposes
24,631,000
$
24,631,000
$
-
$
Self-Liquidating Purposes
1,110,000
1,110,000
-
General Bonds and Notes
190,836,300
12,390,000
178,446,300
216,577,300
$
38,131,000
$
178,446,300
$
3 Year Equalized Valuation
9,166,399,234
Net Debt expressed as a percentage of such equalized valuation basis is:
1.947%
BORROWING POWER UNDER N.J.S.A. 40A:2-6 AS AMENDED
3 1/2% of Equalized Valuation Basis
320,823,973
$
Less: Net Debt
178,446,300
Excess Borrowing Power
142,377,673
$
37
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 4. MUNICIPAL DEBT (continued)
The City’s long-term debt for each of the years ended December 31, 2024 and 2023 is as follows:
Debt Refunding - During the years ended December 31, 2024 and 2023, the City refunded or renewed Bond Anticipation
Notes totaling $26,597,261 and $16,535,000, respectively. Proceeds of the renewed or refunded notes were used to pay the
principal of the maturing notes less statutory minimum payments appropriated through the Current Fund budget. These bonds
and notes are detailed further herein.
Qualified Bonds - Certain bonds of the City are issued pursuant to the Municipal Qualified Bond Act. Under this act, portions
of State Aid revenues are withheld by the State of New Jersey and forwarded directly to paying agents for principal and interest
payments of such bonds. The City is responsible to certify maturity schedules of the qualified bonds to the State. During the
year ended December 31, 2024 and 2023, the State of New Jersey paid $3,123,650 and $4,550,662, respectively, of qualified
bond interest and principal maturities directly to paying agents on behalf of the City in lieu of State Aid.
BONDS PAYABLE
General Serial Bonds Payable - The City has outstanding at December 31, 2024 and 2023 various general serial bonds.
Included in these bonds are Federally Taxable Pension Refunding Bonds, issued in 2003 in the amount of $15,795,000, the
proceeds of which were used to pay the pension liabilities issued in 2003 arising from the City’s election to participate in the
Early Retirement Incentive (ERI) Program for employees covered by PERS, PFRS and TPAF. The following tables are
summaries of the activity for such debt during the years ended December 31, 2024 and 2023, and the short term liability for
each bond outstanding at year end:
Balance
Balance
Due by
Dec. 31, 2023
Increase
Retirements
Dec. 31, 2024
Dec. 31, 2025
General Capital Fund:
General Serial Bonds
140,491,000
$
-
$
5,650,000
$
134,841,000
$
8,205,000
$
School Serial Bonds
24,631,000
-
4,690,000
19,941,000
4,870,000
Capital Appreciation Bonds
1,000,000
-
-
1,000,000
-
Green Acres Trust Loan
40,894
-
16,114
24,780
16,438
Assignment Agreement Payable
45,000,000
-
5,000,000
40,000,000
5,000,000
Capital Leases Payable (Note 18)
6,608,359
-
558,401
6,049,958
520,825
Parking Utility Capital Fund:
Parking Revenue Bonds
1,110,000
-
260,000
850,000
275,000
218,881,253
$
-
$
16,174,515
$
202,706,738
$
18,887,263
$
Balance
Balance
Due by
Dec. 31, 2022
Increase
Retirements
Dec. 31, 2023
Dec. 31, 2024
General Capital Fund:
General Serial Bonds
146,753,955
$
-
$
6,262,955
$
140,491,000
$
5,650,000
$
School Serial Bonds
30,567,427
-
5,936,427
24,631,000
4,690,000
Capital Appreciation Bonds
1,000,000
-
-
1,000,000
-
Green Acres Trust Loan
56,691
-
15,797
40,894
16,114
Assignment Agreement Payable
-
45,000,000
-
45,000,000
5,000,000
Capital Leases Payable (Note 18)
17,108
7,085,499
494,248
6,608,359
563,963
Parking Utility Capital Fund:
Parking Revenue Bonds
1,355,000
-
245,000
1,110,000
260,000
179,750,181
$
52,085,499
$
12,954,427
$
218,881,253
$
16,180,077
$
38
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 4. MUNICIPAL DEBT (continued)
Balance
Balance
Due by
Description
Dec. 31, 2023
Increase
Decrease
Dec. 31, 2024
Dec. 31, 2025
Employee Retirement Incentive Refunding Bonds
Issued 1/15/2003 for $15,795,000
Maturing annually from 2011 to 2033
Bearing variable interest rates ranging
from 5.05% to 5.68%
12,390,000
$
-
$
600,000
$
11,790,000
$
700,000
$
Hudson County Improvement Authority
Issued 10/24/2008 for $10,000,000
Maturing annually from 2011 to 2025
Bearing an interest rates of 7.5%
2,145,000
-
650,000
1,495,000
1,495,000
Special Assessment Bonds
Issued 11/19/2014 for $6,322,000
Maturing annually from 2015 to 2034
Bearing variable interest rates ranging
from 2.25% to 5.00%
3,465,000
-
315,000
3,150,000
315,000
General Obligation Refunding Bonds
Issued 6/10/2015 for $3,020,000 plus refunding
of Redevelopment Agency Revenue Bonds
in amount of $11,755,000
Maturing annually from 2015 to 2038
Bearing variable interest rates ranging
from 2.0% to 4.125%
11,680,000
-
580,000
11,100,000
610,000
General Improvement Infrastructure Bond
Issued 3/22/2016 for $66,000,000
Maturing annually from 2017 to 2026
Bearing variable interest rates ranging
from 3.0% to 5.0%
5,630,000
-
825,000
4,805,000
2,380,000
General Improvement Infrastructure Bond
Issued 4/17/2018 for $7,208,000
Maturing annually from 2019 to 2029
Bearing variable interest rates ranging
from 2.0% to 5.0%
4,308,000
-
665,000
3,643,000
685,000
General Improvement Infrastructure Bond
Issued 4/17/2018 for $13,447,000
Maturing annually from 2019 to 2048
Bearing variable interest rates ranging
from 4.25% to 5.00%
11,672,000
-
355,000
11,317,000
355,000
General Improvement Infrastructure Bond
Issued 5/11/2020 for $27,026,000
Maturing annually from 2021 to 2050
Bearing variable interest rates ranging
from 3.00% to 5.00%
24,776,000
-
750,000
24,026,000
750,000
General Improvement Refundings Bond
Issued 8/5/2021 for $66,375,000
Maturing annually from 2022 to 2039
Bearing variable interest rates ranging
from .392% to 2.814%
64,425,000
-
910,000
63,515,000
915,000
140,491,000
$
-
$
5,650,000
$
134,841,000
$
8,205,000
$
2024 Summary of General Serial Bonds Activity
39
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 4. MUNICIPAL DEBT (continued)
Balance
Balance
Due by
Description
Dec. 31, 2022
Increase
Decrease
Dec. 31, 2023
Dec. 31, 2024
Employee Retirement Incentive Refunding Bonds
Issued 1/15/2003 for $15,795,000
Maturing annually from 2011 to 2033
Bearing variable interest rates ranging
from 5.05% to 5.68%
12,860,000
$
-
$
470,000
$
12,390,000
$
600,000
$
Capital Appreciation Bonds
Issued 7/3/2003 for $6,123,000
Maturing annually from 2011 to 2023
Bearing variable interest rates ranging
from 3.55% to 5.17%
367,955
-
367,955
-
-
Hudson County Improvement Authority
Issued 10/24/2008 for $10,000,000
Maturing annually from 2011 to 2025
Bearing an interest rates of 7.5%
2,795,000
-
650,000
2,145,000
650,000
Special Assessment Bonds
Issued 11/19/2014 for $6,322,000
Maturing annually from 2015 to 2034
Bearing variable interest rates ranging
from 2.25% to 5.00%
3,780,000
-
315,000
3,465,000
315,000
General Obligation Refunding Bonds
Issued 6/10/2015 for $3,020,000 plus refunding
of Redevelopment Agency Revenue Bonds
in amount of $11,755,000
Maturing annually from 2015 to 2038
Bearing variable interest rates ranging
from 2.0% to 4.125%
12,235,000
-
555,000
11,680,000
580,000
General Improvement Infrastructure Bond
Issued 3/22/2016 for $66,000,000
Maturing annually from 2017 to 2026
Bearing variable interest rates ranging
from 3.0% to 5.0%
6,875,000
-
1,245,000
5,630,000
825,000
General Improvement Infrastructure Bond
Issued 4/17/2018 for $7,208,000
Maturing annually from 2019 to 2029
Bearing variable interest rates ranging
from 2.0% to 5.0%
4,958,000
-
650,000
4,308,000
665,000
General Improvement Infrastructure Bond
Issued 4/17/2018 for $13,447,000
Maturing annually from 2019 to 2048
Bearing variable interest rates ranging
from 4.25% to 5.00%
12,027,000
-
355,000
11,672,000
355,000
General Improvement Infrastructure Bond
Issued 5/11/2020 for $27,026,000
Maturing annually from 2021 to 2050
Bearing variable interest rates ranging
from 3.00% to 5.00%
25,526,000
-
750,000
24,776,000
750,000
General Improvement Refundings Bond
Issued 8/5/2021 for $66,375,000
Maturing annually from 2022 to 2039
Bearing variable interest rates ranging
from .392% to 2.814%
65,330,000
-
905,000
64,425,000
910,000
146,753,955
$
-
$
6,262,955
$
140,491,000
$
5,650,000
$
2023 Summary of General Serial Bonds Activity
40
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 4. MUNICIPAL DEBT (continued)
School Serial Bonds Payable - The City has the following school serial bonds outstanding at December 31, 2024:
Balance
Balance
Due by
Description
Dec. 31, 2023
Increase
Decrease
Dec. 31, 2024
Dec. 31, 2025
School Bonds
Issued 11/19/2014 for $6,121,000
Maturing annually from 2015 to 2034
Bearing interest rates of 2.25% to 5.0%
3,931,000
$
-
$
290,000
$
3,641,000
$
305,000
$
School Refunding Bonds
Issued 8/13/2014 for $28,380,000
Maturing annually from 2016 to 2025
Bearing interest rates of 3.0% to 5.0%
6,500,000
-
3,180,000
3,320,000
3,320,000
School Bonds (NJ School Bond Reserve Act)
Issued 6/10/2015 for $1,639,000 plus
refunding of old School Bonds in amount
of $13,836,000
Maturing annually from 2015 to 2025
Bearing interest rates of 2.0% to 5.0%
1,225,000
-
610,000
615,000
615,000
School Refunding Bonds Series 2016
Issued 4/19/2016 for $3,425,000
Maturing annually from 2017 to 2025
Bearing interest rates of 2.0% to 4.0%
755,000
-
370,000
385,000
385,000
School Refunding Bonds Series 2021
Issued 8/5/2021 for $12,700,000
Maturing annually from 2017 to 2030
Bearing interest rates of .392% to 1.942%
12,220,000
-
240,000
11,980,000
245,000
24,631,000
$
-
$
4,690,000
$
19,941,000
$
4,870,000
$
2024 Summary of School Serial Bonds Activity
41
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 4. MUNICIPAL DEBT (continued)
School Serial Bonds Payable - The City has the following school serial bonds outstanding at December 31, 2023:
Parking Utility Capital Fund - Revenue Bonds Payable - The City has outstanding at December 31, 2024 and 2023 various
Parking Utility Bonds. The following table is a summary of the activity for such debt during the year ended December 31,
2024 and the short term liability for each issue:
Balance
Balance
Due by
Description
Dec. 31, 2022
Increase
Decrease
Dec. 31, 2023
Dec. 31, 2024
School Refunding Bonds
Issued 4/1/2003 for $3,965,000
Maturing annually from 2016 to 2023
Bearing interest rates of 5.0% to 5.5%
590,000
$
-
$
590,000
$
-
$
-
$
Capital Appreciation Bonds
Issued 7/3/2003 for $12,381,097
Maturing annually from 2012 to 2023
Bearing interest rates of 3.75% to 4.96%
881,427
-
881,427
-
-
School Bonds
Issued 11/19/2014 for $6,121,000
Maturing annually from 2015 to 2034
Bearing interest rates of 2.25% to 5.0%
4,211,000
-
280,000
3,931,000
290,000
School Refunding Bonds
Issued 8/13/2014 for $28,380,000
Maturing annually from 2016 to 2025
Bearing interest rates of 3.0% to 5.0%
9,505,000
-
3,005,000
6,500,000
3,180,000
School Bonds (NJ School Bond Reserve Act)
Issued 6/10/2015 for $1,639,000 plus
refunding of old School Bonds in amount
of $13,836,000
Maturing annually from 2015 to 2025
Bearing interest rates of 2.0% to 5.0%
1,810,000
-
585,000
1,225,000
610,000
School Refunding Bonds Series 2016
Issued 4/19/2016 for $3,425,000
Maturing annually from 2017 to 2025
Bearing interest rates of 2.0% to 4.0%
1,110,000
-
355,000
755,000
370,000
School Refunding Bonds Series 2021
Issued 8/5/2021 for $12,700,000
Maturing annually from 2017 to 2030
Bearing interest rates of .392% to 1.942%
12,460,000
-
240,000
12,220,000
240,000
30,567,427
$
-
$
5,936,427
$
24,631,000
$
4,690,000
$
2023 Summary of School Serial Bonds Activity
Balance
Balance
Due by
Description
Dec. 31, 2023
Increase
Decrease
Dec. 31, 2024
Dec. 31, 2025
Parking Utility Refunding Bonds
Issued 6/10/2015 for $50,000 plus
refunding of parking revenue bonds
in amount of $2,480,000
Maturing annually from 2015 to 2027
Bearing interest rates of 2.0% to 5.0%
1,110,000
$
-
$
260,000
$
850,000
$
275,000
$
1,110,000
$
-
$
260,000
$
850,000
$
275,000
$
2024 Summary of Parking Revenue Bond Activity
42
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 4. MUNICIPAL DEBT (continued)
The following table is a summary of the activity for such debt during the year ended December 31, 2023 and the short term
liability for each issue:
The Parking Utility Fund did have an excess in revenues for the years ended December 31, 2024 and 2023 and therefore
qualifies as self-liquidating each year. The calculations are provided below. An excess in revenues allows the entire amount
of Parking Revenue Bonds outstanding to be deducted from the gross debt of the City in that year. A deficit in revenues must
be capitalized and limits the extent to which utility debt is deductible, if at all.
Balance
Balance
Due by
Description
Dec. 31, 2022
Increase
Decrease
Dec. 31, 2023
Dec. 31, 2024
Parking Utility Refunding Bonds
Issued 6/10/2015 for $50,000 plus
refunding of parking revenue bonds
in amount of $2,480,000
Maturing annually from 2015 to 2027
Bearing interest rates of 2.0% to 5.0%
1,355,000
$
-
$
245,000
$
1,110,000
$
260,000
$
1,355,000
$
-
$
245,000
$
1,110,000
$
260,000
$
2023 Summary of Parking Revenue Bond Activity
2024
2023
Total Cash Receipts from Fees, Rents or Other Charges
2,347,093
$
2,313,869
$
Surplus Anticipated
-
-
2,347,093
2,313,869
Debt Service:
Interest
47,133
59,696
Serial Bonds
260,000
245,000
Total Debt Service
307,133
304,696
Operating and Maintenance Cost
1,843,608
1,599,025
Total Deductions
2,150,741
1,903,721
Excess in Revenues
196,352
410,148
Deficit in Revenues
-
$
-
$
Self-Liquidating Utility Calculation
Deficit: Smaller of Deficit in Revenue or Debt Service
-
$
-
$
Deficit Capitalized at 5%
-
-
Gross Utility Debt
850,000
1,110,000
Allowable Deduction After Deficit
850,000
1,110,000
Cash Held to Pay Bonds and Notes
-
-
Allowable Deduction to Gross Utility Debt
850,000
$
1,110,000
$
Allowable Deductions to Gross Utility Debt
43
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 4. MUNICIPAL DEBT (continued)
The repayment schedule of annual bonded debt service principal and interest for the next five years, and five-year increments
there-after, for bonds outstanding is as follows:
Capital Appreciation Bonds – Dissolution of Bayonne Municipal Utilities Authority (BMUA) - Effective December 31,
2016, the Bayonne Municipal Utilities Authority was officially dissolved and the City assumed its operations and outstanding
debt, which consists of two capital appreciation bonds. Capital appreciation bonds accrete to par value over the life of the
bond, in this case 40 years. The City records the obligation at the total amount due at maturity in 2052. The Water System
Revenue Bond and the Sewer System Revenue Bond were each issued December 21, 2012 for $100,000, maturing in 2052
bearing an interest rate of 4.06%. The following tables represent the accretion schedule through maturity:
Year Ended
Total
Total
Dec. 31,
Principal
Interest
Principal
Interest
Principal
Interest
Principal
Interest
2025
8,205,000
$
4,560,539
$
4,870,000
$
458,934
$
275,000
$
39,550
$
13,350,000
$
5,059,023
$
2026
6,910,000
4,217,777
1,430,000
301,610
280,000
25,800
8,620,000
4,545,187
2027
7,160,000
3,918,279
2,905,000
278,813
295,000
11,800
10,360,000
4,208,892
2028
7,305,000
3,697,836
3,075,000
231,369
-
-
10,380,000
3,929,205
2029
7,483,000
3,460,333
3,230,000
175,755
-
-
10,713,000
3,636,088
2030-2034
38,350,000
13,607,604
4,431,000
252,482
-
-
42,781,000
13,860,086
2035-2039
41,360,000
7,441,186
-
-
-
-
41,360,000
7,441,186
2040-2044
7,605,000
2,982,838
-
-
-
-
7,605,000
2,982,838
2045-2049
8,977,000
1,202,290
-
-
-
-
8,977,000
1,202,290
2050
1,486,000
29,720
-
-
-
-
1,486,000
29,720
134,841,000
$
45,118,402
$
19,941,000
$
1,698,963
$
850,000
$
77,150
$
155,632,000
$
46,894,515
$
General Serial Bonds
School Serial Bonds
Parking Revenue Bonds
Water
Sewer
Water
Sewer
Water
Sewer
Accrual
Accrual
Accrual
Accrual
Accrual
Accrual
2012
100,000
$
100,000
$
2026
175,647
$
175,647
$
2040
308,517
$
308,517
$
2013
104,106
104,106
2027
182,858
182,858
2041
321,184
321,184
2014
108,380
108,380
2028
190,365
190,365
2042
334,370
334,370
2015
112,830
112,830
2029
198,181
198,181
2043
348,098
348,098
2016
117,462
117,462
2030
206,318
206,318
2044
362,390
362,390
2017
122,284
122,284
2031
214,788
214,788
2045
377,268
377,268
2018
127,305
127,305
2032
223,607
223,607
2046
392,758
392,758
2019
132,532
132,532
2033
232,787
232,787
2047
408,883
408,883
2020
137,973
137,973
2034
242,345
242,345
2048
425,670
425,670
2021
143,638
143,638
2035
252,294
252,294
2049
443,146
443,146
2022
149,535
149,535
2036
262,653
262,653
2050
461,340
461,340
2023
155,674
155,674
2037
273,436
273,436
2051
480,281
480,281
2024
162,066
162,066
2038
284,663
284,663
2052
500,000
500,000
2025
168,719
168,719
2039
296,350
296,350
44
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 4. MUNICIPAL DEBT (continued)
LOANS PAYABLE
Green Trust Loans Payable - The City has outstanding at December 31, 2024 and 2023 various Green Trust Loans. The
following table is a summary of the activity for such debt during the year ended December 31, 2024 and the short-term principal
liability for each issue:
The following table is a summary of the activity for such debt during the year ended December 31, 2023 and the short-term
principal liability for each issue:
The repayment schedule of annual debt service principal and interest for the next five years, and five-year increments there-
after, for loans outstanding is as follows:
Balance
Balance
Due by
Description
Dec. 31, 2023
Increase
Decrease
Dec. 31, 2024
Dec. 31, 2025
1995 GFB
Issued 2006 for $171,000
Maturing annually from 2007 to 2026
Bearing variable interest rates
25,804
$
-
$
10,168
$
15,636
$
10,372
$
95GT
Issued 2006 for $100,000
Maturing annually from 2007 to 2026
Bearing variable interest rates
15,090
-
5,946
9,144
6,066
40,894
$
-
$
16,114
$
24,780
$
16,438
$
2024 Summary of Green Trust Loans Activity
Balance
Balance
Due by
Description
Dec. 31, 2022
Increase
Decrease
Dec. 31, 2023
Dec. 31, 2024
1995 GFB
Issued 2006 for $171,000
Maturing annually from 2007 to 2026
Bearing variable interest rates
35,772
$
-
$
9,968
$
25,804
$
10,168
$
95GT
Issued 2006 for $100,000
Maturing annually from 2007 to 2026
Bearing variable interest rates
20,919
-
5,829
15,090
5,946
56,691
$
-
$
15,797
$
40,894
$
16,114
$
2023 Summary of Green Trust Loans Activity
Year Ended
Dec. 31,
Principal
Interest
2025
16,438
$
414
$
2026
8,342
83
24,780
$
497
$
Green Trust Loans
45
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 4. MUNICIPAL DEBT (continued)
ASSIGNMENT AGREEMENT PAYABLE
The purchase agreement entered into by the City with the Port Authority of New York and New Jersey for the acquisition of
the Military Ocean Terminal at Bayonne Peninsula, and subsequent amendment and restatement of Deed, includes, as detailed
by the Assignment Agreement dated August 3, 2016, both a schedule of revenues to the City from the Port Authority and
obligations due from the City to a Trustee. Under the agreement, the City receives $5,000,000 annually from 2017 through and
including 2033. The City’s payment obligation is $5,000,000 annually beginning in 2024 and ending in 2032. The following
table is a summary of the activity for such debt during the year ended December 31, 2024 and the short term principal liability
for each issue:
The following table is a summary of the activity for such debt during the year ended December 31, 2023 and the short term
principal liability for each issue:
The remaining repayment schedule of annual assignment agreement outstanding is as follows.
Balance
Balance
Due by
Description
Dec. 31, 2023
Increase
Decrease
Dec. 31, 2024
Dec. 31, 2025
Military Ocean terminal
Issued 8/3/2006 for $45,000,000
Maturing annually from 2024 to 2032
Bearing no interest
45,000,000
$
-
$
5,000,000
$
40,000,000
$
5,000,000
$
2024 Summary of Assignment Agreement Activity
Balance
Balance
Due by
Description
Dec. 31, 2022
Increase
Decrease
Dec. 31, 2023
Dec. 31, 2024
Military Ocean terminal
Issued 8/3/2006 for $45,000,000
Maturing annually from 2024 to 2032
Bearing no interest
-
$
45,000,000
$
-
$
45,000,000
$
5,000,000
$
2023 Summary of Assignment Agreement Activity
Assignment
City
Agreement
Revenues
Payable
Remaining
2025
5,000,000
$
5,000,000
$
2026
5,000,000
5,000,000
2027
5,000,000
5,000,000
2028
5,000,000
5,000,000
2029
5,000,000
5,000,000
2030
5,000,000
5,000,000
2031
5,000,000
5,000,000
2032
5,000,000
-
40,000,000
$
35,000,000
$
46
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 4. MUNICIPAL DEBT (continued)
NOTES PAYABLE
Bond Anticipation Notes - The City issues bond anticipation notes to temporarily fund various capital projects prior to the
issuance of serial bonds. The term of the notes cannot exceed one year, but the notes may be renewed from time to time for a
period not exceeding one year. Generally, such notes may be paid no later than the close of the tenth fiscal year next following
the date of the original notes. The Division also prescribes that notes cannot be renewed past the third anniversary date of the
original note unless an amount equal to at least the first legally required installment is paid prior to each anniversary date. The
purposes for which these notes were issued as well as more detailed information of the above-referenced information can be
found in the tables below.
Bond Anticipation Note activity for the year ended December 31, 2024 is as follows:
Bond Anticipation Note activity for the year ended December 31, 2023 is as follows:
Interest
Maturity
Notes
Funded
Maturity
Interest
Ordinance
Date
Amount
Rate
Date
Balance
Issued
Paydown
Balance
Date
Rate
Various Capital Improvements:
O-16-66
10/19/2017
4,500,000
$
5.00%
7/24/2024
4,136,000
$
-
$
91,000
$
4,045,000
$
7/11/2025
4.50%
O-17-21
10/19/2017
1,675,000
5.00%
7/24/2024
1,419,000
-
64,000
1,355,000
7/11/2025
4.50%
O-18-51
05/24/2019
3,475,000
4.25%
4/5/2024
3,095,000
-
190,000
2,905,000
3/25/2025
4.25%
O-19-56
04/18/2022
7,380,000
4.25%
4/5/2024
7,380,000
-
-
7,380,000
3/25/2025
4.25%
O-22-10
07/05/2023
10,389,000
5.00%
7/24/2024
10,389,000
-
-
10,389,000
7/11/2025
4.50%
Roadway Improvements-LeFante
O-17-28
10/3/2018
550,000
5.00%
7/24/2024
505,000
-
15,000
490,000
7/24/2024
5.00%
26,924,000
$
-
$
360,000
$
26,564,000
$
December 31, 2023
December 31, 2024
Original Issue
Interest
Maturity
Notes
Funded
Maturity
Interest
Ordinance
Date
Amount
Rate
Date
Balance
Issued
Paydown
Balance
Date
Rate
Various Capital Improvements:
O-16-66
10/19/2017
4,500,000
$
3.00%
8/4/2023
4,227,000
$
-
$
91,000
$
4,136,000
$
7/24/2024
5.00%
O-17-21
10/19/2017
1,675,000
3.00%
8/4/2023
1,483,000
-
64,000
1,419,000
7/24/2024
5.00%
O-18-51
05/24/2019
3,475,000
3.00%
4/17/2023
3,285,000
-
190,000
3,095,000
4/5/2024
4.25%
O-19-56
04/18/2022
7,380,000
3.00%
4/17/2023
7,380,000
-
-
7,380,000
4/5/2024
4.25%
O-22-10
07/05/2023
10,389,000
*
*
-
10,389,000
-
10,389,000
7/24/2024
5.00%
Roadway Improvements-LeFante
O-17-28
10/3/2018
550,000
1.00%
8/4/2023
520,000
-
15,000
505,000
7/24/2024
5.00%
16,895,000
$
10,389,000
$
360,000
$
26,924,000
$
December 31, 2022
December 31, 2023
Original Issue
47
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 4. MUNICIPAL DEBT (continued)
Special Emergency Notes - Statutes allow the City to adopt ordinances authorizing special emergency appropriations for the
carrying out of certain specific purposes, including the revaluation of real. Statutes further provide for the borrowing of money
and the issuance of Special Emergency Notes to finance such special emergency appropriations, which may be renewed from
time to time, but at least 1/5 of all such notes, and the renewals thereof, shall mature and be paid in each year, so that all notes
and renewals shall have matured and have been paid not later than the last day of the fifth year following the date of the
emergency resolution.
The following is a schedule of special emergency note activity for the year ended December 31, 2024.
The following is a schedule of special emergency note activity for the year ended December 31, 2023.
BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
At December 31, 2024 and 2023, the City has authorized but not issued bonds and notes of $49,709,708 and $22,380,406,
respectively, in the General Capital Fund. The following activity relates to bonds and notes authorized but not issued that
occurred during the year ended December 31, 2023:
The following activity relates to bonds and notes authorized but not issued that occurred during the year ended December 31,
2022:
Interest
Maturity
Notes
Paid
Maturity
Interest
Ordinance
Date
Amount
Rate
Date
Balance
Issued
Down
Balance
Date
Rate
Contractual Severance Liabilities
O-24-53
11/26/2024
4,000,000
$
*
*
-
$
4,000,000
$
-
$
4,000,000
$
07/11/2025 4.75%
Revaluation
*
*
O-19-01
10/18/2019
747,890
$
5.00% 7/24/2024
148,000
-
148,000
-
148,000
$
4,000,000
$
148,000
$
4,000,000
$
December 31, 2023
December 31, 2024
Original Issue
Interest
Maturity
Paid
Maturity
Interest
Ordinance
Date
Amount
Rate
Date
Balance
Down
Balance
Date
Rate
Revaluation
O-19-01
10/18/2019
747,890
$
3.00%
8/4/2023
298,000
$
150,000
$
148,000
$
7/24/2024 5.00%
December 31, 2022
December 31, 2023
Original Issue
Balance
Balance
Dec. 31, 2023
Increased
Decreased
Dec. 31, 2024
General Improvements
22,380,406
$
28,416,500
$
1,087,198
$
49,709,708
$
Balance
Balance
Dec. 31, 2022
Increased
Decreased
Dec. 31, 2023
General Improvements
33,969,962
$
-
$
11,589,556
$
22,380,406
$
48
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 5. FUND BALANCES APPROPRIATED
Fund balance of the City consists of cash surplus and non-cash surplus. The City can anticipate fund balance to support its
budget of the succeeding year, however, the use of non-cash surplus is subject to the prior written consent of the Division.
Fund balances at December 31, 2024 and 2023 which were appropriated and included as anticipated revenue in the Current
Fund and Parking Utility Operating Fund budgets of the succeeding year were as follows:
NOTE 6. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION
Substantially all City employees participate in the Consolidated Police and Fireman’s Pension Fund (CPFPF), Public
Employees Retirement System (PERS), Police and Fireman’s Retirement System of New Jersey (PFRS) or the Defined
Contribution Retirement Program (DCRP), all of which are multiple employer plans sponsored and administered by the State
of New Jersey, with the exception of the CPFPF, which is a single employer plan. The CPFPF, PERS and PFRS are cost sharing
contributory defined benefit public employee retirement systems. The DCRP is a defined contribution plan. In addition, certain
employees participate in the City’s Deferred Compensation Plan.
STATE-MANAGED PENSION PLANS - CPFPF
The Consolidated Police and Fireman's Pension Fund (CPFPF) is a single employer contributory defined benefit plan which
was established on January 1, 1952, under the provisions of N.J.S.A. 43:16 to provide retirement, death and disability benefits
to county and municipal police and firemen who were appointed prior to July 1, 1944. The fund is a closed system with no
active members. The City currently only makes contributions for its retirees who are enrolled in this pension fund. During the
years ended December 31, 2023, 2022 and 2021, the City contributed no monies to this fund each year.
STATE-MANAGED PENSION PLANS - PERS
The PERS was established in January, 1955 under provisions of N.J.S.A. 43:15A and provides retirement, death, disability and
post-retirement medical benefits to certain qualifying Plan members and beneficiaries. Membership is mandatory to
substantially all full time employees and vesting occurs after 8 to 10 years of service for pension benefits. Significant
modifications to enrollment, benefits and eligibility for benefits under the plan were made in 2007, 2008, 2010 and 2011. These
changes resulted in various “tiers” which distinguish period of eligibility for enrollment. The delineation of these tiers is noted
below:
Tier 1: Employees enrolled before July 1, 2007.
Tier 2: Employees eligible for enrollment after June 30, 2007 but before November 2, 2008.
Tier 3: Employees eligible for enrollment after November 1, 2008 but before May 22, 2010.
Tier 4: Employees eligible for enrollment after May 21, 2010 but before June 28, 2011.
Tier 5: Employees eligible for enrollment after June 27, 2011.
Fund Balance
Utilized in
Fund Balance
Utilized in
Dec. 31, 2024
2025 Budget
Dec. 31, 2023
2024 Budget
Cash Surplus
9,582,798
$
6,750,000
$
17,853,572
$
14,750,000
$
Non-Cash Surplus
1,182,992
1,182,992
1,133,845
-
10,765,790
$
7,932,992
$
18,987,417
$
14,750,000
$
Capital Fund
954,386
$
-
$
833,891
$
-
$
Parking Utility Fund:
Operating
1,292,090
200,000
1,002,709
-
Capital
100,007
-
100,007
-
49
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 6. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued)
Tier 1 and 2 employees must earn a base salary of $1,500 or more to enroll in the plan. Pensionable salaries are limited to the
IRS maximum salary compensation limits for Tier 1 employees and social security maximum wage for Tier 2 employees. Tier
2 employees earning over the social security maximum wage are eligible to participate in DCRP for the excess amount. Tier
3 employees must earn a base salary that is annually adjusted. For the fiscal year ended December 31, 2024 and 2023 this base
salary amount was $9,300 and $9,000, respectively. Employees earning between $5,000 and the Tier 3 minimum base salary
are eligible for participation in DCRP. Pensionable salaries are limited to the social security maximum wage. Employees
earning over the social security maximum wage are eligible to participate in DCRP for the excess amount. Tier 4 and 5
employees do not have a minimum salary requirement to enroll, but must work a minimum of 32 hours per week. Employees
not meeting the minimum hour requirement but that make over $5,000 are eligible to enroll in DRCP. Pensionable salaries are
limited to the social security maximum wage. Employees earning over the social security maximum wage are eligible to
participate in DCRP for the excess amount.
Plan Benefits - Service retirement benefits of 1/55th of final average salary for each year of service credit is available to tiers
1 and 2 members upon reaching age 60 and to tier 3 members upon reaching age 62. Service retirement benefits of 1/60th of
final average salary for each year of service credit is available to tier 4 members upon reaching age 62 and tier 5 members upon
reaching age 64. Early retirement benefits are available to tiers 1 and 2 members before reaching age 60, tiers 3 and 4 before
age 62 and tier 5 with 30 or more years of service credit before age 65. Benefits are reduced by a fraction of a percent for each
month that a member retires prior to the retirement age of their respective tier. Deferred retirement is available to members
who have at least 10 years of service credit and have not reached the service retirement age for the respective tier.
Each of the 5 Tiers have eligibility requirements and benefit calculations which vary for deferred retirements, early retirements,
veteran retirements, ordinary disability retirements and accidental disability retirements. There is no minimum service
requirement to receive these pension benefits. State-paid insurance coverage may be obtained after 25 years of service for
employees in Tiers 1 through 4 and 30 years of service for Tier 5 employees.
Contributions and Liability - The contribution policy for PERS is set by N.J.S.A. 43:15A and requires contributions by active
members and their employers. Such contributions may be amended by State legislation. Employers’ contribution amounts are
based on an actuarially determined rate. The annual employer contributions include funding for basic retirement allowances
and non-contributory death benefits. The employee contributions include funding for basic retirement allowances and
contributory death benefits. Contributions made by the City and its employees for the previous three years are as follows:
At June 30, 2024 and 2023, the City’s net pension liability for PERS, including the City’s proportionate share, was as follows:
Amount
As a
Base Wages
Year Ended
Paid or
Percentage of
Subject to
Amount
December 31,
Charged
Base Wages
Contributions
Contributed
2024
2,840,941
$
15.25%
18,634,079
$
7.50%
1,397,746
$
2023
2,538,220
14.09%
18,008,622
7.50%
1,350,649
2022
2,452,386
13.70%
17,904,239
7.50%
1,342,821
City Contribution
Employee Contributions
As a
Percentage of
Base Wages
Year Ended
Net Pension
June 30,
Rate
Change
Liability
2024
0.23234%
-0.00598%
31,569,907
$
2023
0.23831%
-0.00257%
34,518,133
$
Proportionate Share
50
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 6. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued)
Sensitivity of the City’s Proportionate Share of the Net Pension Liability to Changes in the Discount Rate - The following
presents the City’s proportionate share of the net pension liability of the as of June 30, 2024 and 2023, calculated using the
discount rate as disclosed in the table and paragraphs that follow as well as what the collective net pension liability would be
if it was calculated using a discount rate that is 1% lower or 1% higher than the current rate:
Actuarial Assumptions - The total pension liability for the June 30, 2024 and June 30, 2023 measurement dates were
determined by actuarial valuations as of July 1, 2023 and 2022, respectively, which were rolled forward to June 30, 2024 and
2023, respectively. These actuarial valuations used the following actuarial assumptions, applied to all periods in the
measurement:
Mortality – For the June 30, 2024 and 2023 Measurement Dates, preretirement mortality rates were based on the Pub-2010
General Below-Median Income Employee mortality table with an 82.2% adjustment for males and 101.4% adjustment for
females, and with future improvement from the base year of 2010 on a generational basis. Post-retirement mortality rates were
based on the Pub-2010 General Below-Median Income Healthy Retiree mortality table with a 91.4% adjustment for males and
99.7% adjustment for females, and with future improvement from the base year of 2010 on a generational basis. Disability
retirement rates used to value disabled retirees were based on the Pub-2010 Non-Safety Disabled Retiree mortality table with
a 127.7% adjustment for males and 117.2% adjustment for females, and with future improvement from the base year of 2010
on a generational basis. Mortality improvement is based on Scale MP-2021. The actuarial assumptions used in the July 1, 2023
and 2022 valuations were based on the results of an actuarial experience study for the period July 1, 2018 to June 30, 2021.
Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of return on plan investments
(7.00% at June 30, 2024 and June 30, 2023) is determined by the State Treasurer, after consultation with the Directors of the
Division of Investments and Division of Pensions and Benefits, the board of trustees and the actuaries. The long-term expected
rate of return was determined using a building block method in which best-estimate ranges of expected future real rates of
return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These
ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by
the target asset allocation percentage and by adding expected inflation.
Best estimates of arithmetic rates of return for each major asset class included in PERS target asset allocations as of June 30,
2024 and 2023 are summarized in the following table:
At:
Rate
Amount
Rate
Amount
1% Decrease
6.00%
41,948,645
$
6.00%
44,935,265
$
Current Discount Rate
7.00%
31,569,907
7.00%
34,518,133
1% Increase
8.00%
22,737,658
8.00%
25,651,777
2024
2023
Investment
Measurement
Rate of
Date
Price
Wage
Return
June 30, 2024
2.75%
3.25%
7.00%
June 30, 2023
2.75%
3.25%
7.00%
Inflation Rate
Salary Increases
Based on Years of Service
2.75-6.55%
2.75-6.55%
51
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 6. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued)
Discount Rate – The discount rate used to measure the total pension liability was 7.00% as of June 30, 2024 and 2023. The
projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the
current member contribution rates and that contributions from employers and the non-employer contributing entity will be
based on 100% of the actuarially determined contributions for the State employer and 100% of actuarially determined
contributions for local employers. Based on those assumptions, the plan’s fiduciary net position was projected to be available
to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan
investments was applied to all projected benefit payments in determining the total pension liability.
Deferred Outflows and Inflows of Resources - The following presents a summary of changes in the collective deferred
outflows of resources and deferred inflows of resources for the years ended June 30, 2024 and 2023:
Target
Long-Term Expected
Target
Long-Term Expected
Asset Class
Allocation
Rate of Return
Allocation
Rate of Return
U.S. Equity
28.00%
8.63%
28.00%
8.98%
Non-U.S. Developed Markets Equity
12.75%
8.85%
12.75%
9.22%
Emerging Markets Equity
5.50%
10.66%
5.50%
11.13%
Private Equity
13.00%
12.40%
13.00%
12.50%
Real Estate
8.00%
10.95%
8.00%
8.58%
Real Assets
3.00%
8.20%
3.00%
8.40%
High Yield
4.50%
6.74%
4.50%
6.97%
Private Credit
8.00%
8.90%
8.00%
9.20%
Investment Grade Credit
7.00%
5.37%
7.00%
5.19%
Cash Equivalents
2.00%
3.57%
2.00%
3.31%
U.S. Treasuries
4.00%
3.57%
4.00%
3.31%
Risk Mitigation Strategies
3.00%
7.10%
3.00%
6.21%
International Small Cap Equity
1.25%
8.85%
1.25%
9.22%
June 30, 2024
June 30, 2023
Deferred
Deferred
Net Deferred
Deferred
Deferred
Net Deferred
Outflows
Inflows
Outflow /
Outflows
Inflows
Outflow /
of Resources
of Resources
(Inflow)
of Resources
of Resources
(Inflow)
Changes of Assumptions
39,220
$
359,193
$
(319,973)
$
75,829
$
2,091,947
$
(2,016,118)
$
Difference Between Expected
and Actual Experience
632,403
84,048
548,355
330,038
141,099
188,939
Net Difference Between
Projected and Actual Earnings
on Pension Plan Investments
-
1,463,810
(1,463,810)
158,960
-
158,960
Changes in Proportion
483,068
988,994
(505,926)
845,340
424,298
421,042
1,154,691
$
2,896,045
$
(1,741,354)
$
1,410,167
$
2,657,344
$
(1,247,177)
$
June 30, 2024
June 30, 2023
52
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 6. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued)
Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized
in pension expense as follows:
STATE-MANAGED PENSION PLANS – PFRS
Plan Description and Eligibility - The PFRS was established in July, 1944, under the provisions of N.J.S.A. 43:16A to provide
coverage to substantially all full time county and municipal police or firefighters and state police appointed after June 30, 1944.
Membership is mandatory for such employees with vesting occurring after 10 years of membership. Significant modifications
to enrollment, benefits and eligibility for benefits under the plan were made in 2010 and 2011. These changes resulted in
various “tiers” which distinguish period of eligibility for enrollment. The delineation of these tiers is noted as follows:
Tier 1: Employees enrolled before May 22, 2010.
Tier 2: Employees enrolled after May 21, 2010 but before June 29, 2011.
Tier 3: Employees enrolled after June 28, 2011.
There is no minimum salary requirement to enroll, regardless of tier. Pensionable salaries are limited to the social security
maximum wage for Tier 2 and 3 employees and federal pensionable maximum for Tier 1 employees. Employees earning over
the social security maximum wage are eligible to participate in DCRP for the excess amount.
Plan Benefits - Service retirement benefits are available at age 55 and are generally determined to be 2% of final compensation
for each year of creditable service, as defined, up to 30 years plus 1% for each year of service in excess of 30 years. Members
may seek special retirement after achieving 25 years of creditable service, in which benefits would equal 65% (tiers 1 and 2
members) and 60% (tier 3 members) of final compensation plus 1% for each year of creditable service over 25 years but not to
exceed 30 years. Members may elect deferred retirement benefits after achieving ten years of service, in which case benefits
would begin at age 55 equal to 2% of final compensation for each year of service.
Contributions and Liability - The contribution policy for PFRS is set by N.J.S.A. 43:16A and requires contributions by active
members and their employers. Such contributions may be amended by State legislation. Employers’ contribution amounts are
based on an actuarially determined rate which includes the normal cost and unfunded accrued liability. The annual employer
contributions include funding for basic retirement allowances and non-contributory death benefits. The employee contributions
include funding for basic retirement allowances and contributory death benefits.
Year Ended
Year Ended
June 30,
June 30,
2025
(1,889,287)
$
2023
(1,362,466)
$
2026
1,461,874
2024
(760,476)
2027
(841,048)
2025
1,062,715
2028
(485,530)
2026
(190,184)
2029
12,637
2027
3,235
(1,741,354)
$
(1,247,177)
$
As at June 30, 2023
As at June 30, 2024
53
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 6. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued)
Contributions made by the City and its employees for the previous three years are as follows:
Under N.J.S.A. 43:16A-15, local participating employers are responsible for their own contributions based on actuarially
determined amounts, except where legislation was passed which legally obligated the State if certain circumstances occurred.
The legislation which legally obligates the State is as follows: Chapter 8, P.L. 2000, Chapter 318, P.L. 2001, Chapter 86, P.L.
2001, Chapter 511, P.L. 1991, Chapter 109, P.L. 1979, Chapter 247, P.L. 1993 and Chapter 201, P.L. 2001.
The amounts contributed on behalf of the City under this legislation are considered to be a special funding situation. As such,
the State is treated as a non-employer contributing entity. Since the City does not contribute under this legislation directly to
the plan (except for employer specified financed amounts), there is no net pension liability to report in the financial statements
of the City related to this legislation. However, the notes to the financial statements of the City must disclose the portion of the
State’s total proportionate share of the collective net pension liability that is associated with the City. At June 30, 2024 and
2023, the City’s net pension liability for PFRS, including the special funding situation described above and changes in the
City’s proportionate share, was as follows:
Sensitivity of the City’s Proportionate Share of the Net Pension Liability to Changes in the Discount Rate - The following
presents the City’s proportionate share of the net pension liability of the as of June 30, 2024 and 2023, calculated using the
discount rate as disclosed above as well as what the collective net pension liability would be if it was calculated using a discount
rate that is 1% lower or 1% higher than the current rate:
Amount
As a
Base Wages
Year Ended
Paid or
Percentage of
Subject to
Amount
December 31,
Charged
Base Wages
Contributions
Contributed
2024
15,551,839
$
35.24%
44,125,698
$
10.00%
4,412,570
$
2023
13,139,221
30.79%
42,680,275
10.00%
4,268,028
2022
12,694,900
31.33%
40,523,329
10.00%
4,052,333
City Contribution
Employee Contributions
As a
Percentage of
Base Wages
State of N.J.
(nonemployer)
Year Ended
Net Pension
On-Behalf
June 30,
Rate
Change
Liability
of City
Total
2024
1.10097%
-0.02099%
113,692,248
$
22,414,184
$
136,106,432
$
2023
1.12196%
0.06765%
123,962,785
$
22,841,585
$
146,804,370
$
City (employer)
Proportionate Share
At:
Rate
Amount
Rate
Amount
1% Decrease
6.00%
162,440,927
$
6.00%
172,720,434
$
Current Discount Rate
7.00%
113,692,248
7.00%
123,962,785
1% Increase
8.00%
73,095,280
8.00%
83,359,312
2024
2023
54
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 6. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued)
Actuarial Assumptions - The total pension liability for the June 30, 2024 and June 30, 2023 measurement dates were
determined by actuarial valuations as of July 1, 2023 and 2022, respectively, which were rolled forward to June 30, 2024 and
2023, respectively. These actuarial valuations used the following actuarial assumptions:
Mortality – For the June 30, 2024 and June 30, 2023 Measurement Dates, employee mortality rates were based on the PubS-
2010 amount-weighted mortality table with a 105.6% adjustment for males and 102.5% adjustment for females. For healthy
annuitants, mortality rates were based on the PubS-2010 amount-weighted mortality table with a 96.7% adjustment for males
and 96.0% adjustment for females. Disability rates were based on the PubS-2010 amount-weighted mortality table with a
152% adjustment for males and 109.3% adjustment for females. Mortality improvement is based on Scale MP-2021. The
actuarial assumptions used in the July 1, 2023 and July 1, 2022 valuation were based on the results of an actuarial experience
study for the period July 1, 2018 to June 30, 2021.
Discount Rate – The discount rate used to measure the total pension liability was 7.00% as of June 30, 2024 and 2023. The
projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the
current member contribution rates and that contributions from employers and the non-employer contributing entity will be
based on 100% of the actuarially determined contributions for the State employer and 100% of actuarially determined
contributions for the local employers. Based on these assumptions, the plan’s fiduciary net position was projected to be
available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of
return on plan investments was applied to all projected benefit payments to determine the total pension liability.
Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of return on plan investments
(7.00% at June 30, 2023 and June 30, 2022) is determined by the State Treasurer, after consultation with the Directors of the
Division of Investments and Division of Pensions and Benefits, the board of trustees and the actuaries. The long-term expected
rate of return was determined using a building block method in which best-estimate ranges of expected future real rates of
return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These
ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by
the target asset allocation percentage and by adding expected inflation.
Best estimates of arithmetic rates of return for each major asset class included in PFRS target asset allocations as of June 30,
2023 and 2022 are summarized in the following table:
Investment
Measurement
Rate of
Date
Price
Wage
Return
June 30, 2024
2.75%
3.25%
7.00%
June 30, 2023
2.75%
3.25%
7.00%
3.25-16.25%
Inflation Rate
Salary Increases
Based on Years of Service
3.25-16.25%
55
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 6. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued)
Deferred Outflows and Inflows of Resources - The following presents a summary of changes in the collective deferred
outflows of resources and deferred inflows of resources (excluding employer specific amounts) for the years ended June 30,
2024 and 2023:
Target
Long-Term Expected
Target
Long-Term Expected
Asset Class
Allocation
Rate of Return
Allocation
Rate of Return
U.S. Large-Cap Equity
24.00%
6.90%
*
*
U.S. Small/Mid Cap Equity
4.00%
7.40%
*
*
U.S. Equity
*
*
28.00%
8.98%
Non-U.S. Developed Large-Cap Equity
9.50%
6.70%
*
*
Non-U.S. Developed Small-Cap Equity
2.00%
7.50%
*
*
Non-U.S. Developed Markets Equity
*
*
12.75%
9.22%
Emerging Markets Equity
*
*
5.50%
11.13%
Emerging Markets Large-Cap Equity
6.00%
9.60%
*
*
Emerging Markets Small-Cap Equity
1.50%
9.60%
*
*
Private Equity
10.00%
10.10%
13.00%
12.50%
Real Estate
*
*
8.00%
8.58%
Real Estate Core
3.00%
5.10%
*
*
Real Estate Non-Core
4.00%
6.50%
*
*
U.S. Corporate Bond
5.00%
5.90%
*
*
U.S. Mortgage Back Securities
5.00%
4.40%
*
*
Global Multisector Fixed Income
6.00%
6.50%
*
*
Infrastructure
3.00%
7.00%
*
*
Private Debt/Credit
8.00%
9.10%
*
*
Real Assets
*
*
3.00%
8.40%
High Yield
*
*
4.50%
6.97%
Private Credit
*
*
8.00%
9.20%
Investment Grade Credit
*
*
7.00%
5.19%
Cash
2.00%
3.40%
2.00%
3.31%
U.S. Treasury Bond
7.00%
4.10%
4.00%
3.31%
Risk Mitigation Strategies
*
*
3.00%
6.21%
International Small Cap Equity
*
*
1.25%
9.22%
June 30, 2024
June 30, 2023
Deferred
Deferred
Net Deferred
Deferred
Deferred
Net Deferred
Outflows
Inflows
Outflow /
Outflows
Inflows
Outflow /
of Resources
of Resources
(Inflow)
of Resources
of Resources
(Inflow)
Changes of Assumptions
179,726
$
3,338,954
$
(3,159,228)
$
267,556
$
8,370,458
$
(8,102,902)
$
Difference Between Expected
and Actual Experience
7,162,523
3,892,187
3,270,336
5,307,838
5,911,925
(604,087)
Net Difference Between
Projected and Actual Earnings
on Pension Plan Investments
-
889,849
(889,849)
6,313,190
-
6,313,190
Changes in Proportion
7,535,746
9,165,534
(1,629,788)
10,072,582
12,707,331
(2,634,749)
14,877,995
$
17,286,524
$
(2,408,529)
$
21,961,166
$
26,989,714
$
(5,028,548)
$
June 30, 2024
June 30, 2023
56
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 6. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued)
Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized
in pension expense as follows:
STATE-MANAGED PENSION PLANS - GENERAL
According to state statutes, all obligations of PERS and PFRS will be assumed by the State of New Jersey should the PERS
and PFRS be terminated.
The State established and administers a Supplemental Annuity Collective Trust Fund (SACT) which is available to active
members of several State-administered retirement systems to purchase annuities to supplement the guaranteed benefits provided
by their retirement system. The State or local government employers do not appropriate funds to SACT.
The State also administers the Pension Adjustment Fund (PAF) which provides cost of living increases, equal to 60 percent of
the change in the average consumer price index, to eligible retirees in all State-sponsored pension systems except SACT. The
cost of living increases for PFRS and PERS are funded directly by each of the respective systems and are considered in the
annual actuarial calculation of the required State contribution for that system.
PERS and PFRS Fiduciary Net Position
The State of New Jersey issues publicly available financial reports that include the financial statements, required supplementary
information and detailed information about the fiduciary net position of the PERS and PFRS. These financial statements were
prepared in accordance with accounting principles generally accepted in the United States. This report may be obtained by
writing to the State of New Jersey, Department of the Treasury, Division of Pensions and Benefits, P.O. Box 295, Trenton,
New Jersey 08625-0295 or accessed at www.state.nj.us/treasury/pensions.
STATE-MANAGED PENSION PLANS – DEFERRAL
Legislation, known as Chapter 19 of the Public Laws of 2009 (P.L. 2009, c. 19), was enacted and effective on March 17, 2009
allowing for an adjustment in the contributions that local employers, such as the City, must make to the PERS and PFRS during
the year ended June 30, 2009. Under this legislation, local governments were given the option to defer exactly 50% of their
required pension contribution as certified by the State of New Jersey, Department of the Treasury, Division of Pensions and
Benefits or pay the full amount of the required contribution for the year ended June 30, 2009. The City elected the 50% deferral
in the amount of $4,568,624. Under the terms of the pension deferral the City is obligated to commence repayment of the
entire deferral in 15 amortized annual installments, commencing with the year ended December 31, 2012. These payments
will be added to the regular pension bills. The short term liability of the deferral, including interest, payable on April 1, 2024,
is $712,748, consisting of $621,361 on the PFRS deferral and $91,387 on the PERS deferral.
Year Ended
Year Ended
June 30,
June 30,
2025
(17,032,326)
$
2023
(5,287,111)
$
2026
19,625,233
2024
(3,378,794)
2027
(4,925,698)
2025
(3,218,675)
2028
(2,287,366)
2026
6,723,312
2029
2,034,876
2027
64,794
Thereafter
176,752
Thereafter
67,926
(2,408,529)
$
(5,028,548)
$
As at June 30, 2024
As at June 30, 2023
57
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 6. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued)
DEFINED CONTRIBUTION RETIREMENT PROGRAM
The Defined Contribution Retirement Program (DCRP) provides eligible members with a tax-sheltered, defined contribution
retirement benefit along with life insurance and disability coverage. Individuals eligible for membership in the DCRP include
(a) state or local officials elected or appointed or elected to new office on or after July 1, 2007, (b) employees enrolled in PERS
on or after July 1, 2007 or PFRS after May 21, 2010 who earn salary in excess of established maximum compensation limits
and (c) employees otherwise eligible for PERS on or after November 2, 2008 or PFRS after May 21, 2010 that earn below the
minimum PERS or PFRS salary but more than $5,000 annually. Participation in DCRP can be irrevocably waived if an official
earns less than $5,000.
Vesting occurs upon commencement of the third year of membership. Should the vesting period not be reached, contributions
will be refunded to the appropriate contributing parties. Employer matching contributions and earnings are only available after
the age of 55. Distributions render the member retired and ineligible for future participation in any State-administered plans.
Otherwise, distributions are available at any time as lump sum, fixed term or life annuity.
Members are covered by employer-paid life insurance in the amount of 1 ½ times the annual base salary on which DCRP
contributions were based. Members are also eligible for employer-paid long-term disability coverage after one year of
participation. Eligibility occurs after six consecutive months of total disability. Members would receive a regular monthly
income benefit up to 60% of the base salary on which DCRP contributions were based during the 12 months preceding the
onset of the disability, offset by any other periodic benefit the member may be receiving. Benefits will be paid until the age of
70 so long as the member remains disabled and has not begun receiving retirement annuity payments. The following table
represents the City and employee contributions during the previous three years:
DEFERRED COMPENSATION PLAN (unaudited)
The City has established a deferred compensation program (the “plan”) for its employees under Section 457 of the Internal
Revenue Code. The plan is comprised of several separate plans, all of which are Public Employees' Deferred Compensation
Plans, covering employees and elected officials who perform services for the City. One plan is underwritten by The Hartford
Financial Services Group, Inc. (now called Mass Mutual), the others by Variable Annuity Life Insurance Company (“VALIC”),
AXA Equitable, ING (now called VOYA) and the Metropolitan Life Insurance Company.
The Plans are a tax-deferred supplemental retirement program that allows City employees to contribute a portion of their
salaries, before federal taxes, to a retirement account. Contributions, or deferrals, are made through payroll deductions.
Individuals are 100% vested. Distributions are not available to employees until termination, retirement, death, or unforeseeable
emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and
all income attributable to those amounts, property or rights are solely property and rights of the individual contributors and are
not subject to the claims of the City's general creditors.
Year
Ended
Amount
Rate
Amount
Rate
Dec. 31, 2024
102,258
$
5.5%
55,777
$
3.0%
Dec. 31, 2023
99,479
5.5%
54,261
3.0%
Dec. 31, 2022
75,414
5.5%
41,135
3.0%
Employee Contributions
City Contribution
58
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 7. POST-EMPLOYMENT BENEFITS
POST-EMPLOYMENT BENEFITS PLAN
Plan Description – The City contributes to the State Health Benefits Program (SHBP), a cost-sharing, multiple-employer
defined benefit post-employment healthcare plan administered by the State of New Jersey Division of Pensions and Benefits.
SHBP was established in 1961 under N.J.S.A. 52:14-17.25 et seq., to provide health benefits to State employees, retirees and
their dependents. Rules governing the operation and administration of the program are found in Title 17, Chapter 9 of the New
Jersey Administrative Code. SHBP provides medical, prescription drugs, mental health/substance abuse, and Medicare Part B
reimbursement to retirees and their covered dependents.
The SHBP was extended to employees, retirees and dependents of participating local public employers in 1964. Local
employers must adopt a resolution to participate in the SHBP. In 1964, the City authorized participation in the SHBP’s post-
retirement benefit program. The City currently provides lifetime medical benefits to City employees who retire from the City
under the following conditions: (a) after twenty five years of service with the City, or (b) upon a disability retirement. Coverage
is also provided for eligible family members of the employee and paid by the City for the life of the retiree.
Retirees receiving these benefits have deducted from their monthly pension payments the cost of their health benefits. The
City reimburses employees for the cost of their post-employment benefit plans in amounts dependent n the contract on which
the employee retires. Due to this arrangement, valuation reports prepared by the State of New Jersey to allocate each
participating local government’s share of the post-employment benefit liability do not include a liability for the City of
Bayonne. However, former employees of the dissolved Bayonne Municipal Utilities Authority (BMUA) do not have retiree
health benefit premiums deducted from their pensions. Because of the dissolution, the City has assumed all BMUA liabilities.
The City’s share of the OPEB liability noted in the paragraphs that follow represent the liability arising from the former BMUA
employees.
The State Health Benefits Commission is the executive body established by statute to be responsible for the operation of the
SHBP. The State of New Jersey Division of Pensions and Benefits issues a publicly available financial report that includes
financial statements and required supplementary information for the SHBP. That report may be obtained by writing to: State
of New Jersey Division of Pensions and Benefits, P.O. Box 295, Trenton, NJ 08625-0295 or by visiting their website at
www.state.nj.us/treasury/pensions.
Funding Policy – Participating employers are contractually required to contribute based on the amount of premiums
attributable to their retirees. Post-retirement medical benefits under the plan have been funded on a pay-as-you-go basis since
1994. Prior to 1994, medical benefits were funded on an actuarial basis. Contributions to pay for the health premiums of
participating retirees in the SHBP are billed to the City on a monthly basis.
Chapter 2, P.L. 2010, effective May 21, 2010, requires a minimum contribution of 1.5% of base salary toward the cost of health
benefits coverage by all active public employees. Employees who become a member on or after the law’s effective date would
be required to pay in retirement 1.5% of their pension benefit toward the cost of health care coverage under the SHBP. Chapter
78, P.L. 2011, effective June 28, 2011, established new employee contribution requirements towards the cost of employer-
provided health benefit coverage. Employees are required to contribute a certain percentage of the cost of coverage. The rate
of contribution is determined based on the employee’s annual salary and the selected level of coverage, but not less than as
required by Chapter 2. Under Chapter 78, certain future retirees eligible for employee-paid health care coverage at retirement
will also be required to pay a percentage of the cost of their medical coverage determined on the basis of their annual retirement
benefit. Chapter 78 has sunset and contributions are subject to collectively bargained agreement. Chapter 2 remains in effect.
59
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 7. POST-EMPLOYMENT BENEFITS (Continued)
Under GASB Statement 75, Accounting and Financial Reporting for Postemployment Benefit Plans Other Than Pensions,
(“GASB 75”), the City would recognize the cost of other postemployment benefits (OPEB) in the year when the employee
services are received and report the accumulated liability for OPEB on the face of its financial statements. Under the regulatory
basis of accounting prescribed by the Division, the City is not required to recognize the cost of OPEB in the year when the
employee services were received, or report the accumulated liability on the face of its financial statements. However, disclosure
of such amounts is required.
Retiree Contributions – Future retirees who do not fall under the grandfathering provisions of Chapter 78 of the 2011 Pension
and Health Benefit Reforms will be required to contribute to the costs of their retiree health care. Participant contributions are
based on salary level and pension benefit amounts and are phased in as a percentage based on salary or pension earnings.
Grandfathered participants include those with greater than 20 years of service as of June 28, 2011 who retire with 25 years of
service with the City, or who reached age 62 as of that date with 15 years of service will receive benefits at no cost to the
participant.
Net OPEB Obligation – The components of the net OPEB liability of the City at June 30, 2024 and 2023 are as follows:
Actuarial Assumptions – The total OPEB liability for the June 30, 2024 and June 30, 2023 measurement dates were
determined by actuarial valuations as of July 1, 2023 and 2022, respectively, which were rolled forward to June 30, 2024 and
2023, respectively. The actuarial assumptions vary for each plan member depending on the pension plan the member is enrolled
in. These actuarial valuations used the following actuarial assumptions, applied to all periods in the measurement:
Actuarial assumptions used in the July 1, 2023 valuation were based on the results of the PFRS and PERS experience studies
prepared for July 1, 2018 to June 30, 2021. Actuarial assumptions used in the July 1, 2022 valuation were based on the results
of the PFRS and PERS experience studies prepared for July 1, 2018 to June 30, 2021.
PERS mortality rates were based on the Pub-2010 General classification Headcount-Weighted mortality table with fully
generational mortality improvement projections from the central year using the MP-2021 scale for June 30, 2023 and 2022.
PFRS mortality rates were based on the Pub-2010 Safety classification Headcount-Weighted mortality table with fully
generational mortality improvement projections from the central year using the MP-2021 scale for June 30, 2023 and 2022.
100% of active members are considered to participate in the Plan upon retirement.
2024
2023
City's Share of:
Total OPEB Liability
1,307,411
$
1,142,556
$
OPEB Plan fiduciary net position
(11,683)
(9,046)
Net OPEB liability
1,319,094
$
1,151,602
$
Plan fiduciary net position as a percentage
of total OPEB liability
-0.89%
-0.79%
2024
2023
Inflation Rate
not noted
not noted
Salary increases:
based on years of service
based on years of service
PERS
All Future Years
2.75% to 6.55%
2.75% to 6.55%
PFRS
All Future Years
3.25% to 16.25%
3.25% to 16.25%
60
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 7. POST-EMPLOYMENT BENEFITS (continued)
Discount Rate - The discount rate for June 30, 2024 and June 30, 2023 was 3.93% and 3.65%, respectively. This represents the
municipal bond return rate as chosen by the State. The source is the Bond Buyer Go 20-Bond Municipal Bond Index, which
includes tax-exempt general obligation municipal bonds with an average rating of AA/Aa or higher. As the long-term rate of
return is less than the municipal bond rate, it is not considered in the calculation of the discount rate, rather the discount rate is
set at the municipal bond rate.
Sensitivity of the Net OPEB Liability to Changes in the Discount Rate - The following presents the City’s share of the
SHBP net OPEB liability as of June 30, 2024 and 2023, calculated using the discount rate as disclosed above as well as what
the net OPEB liability would be if it was calculated using discount rate that is 1-percentage point lower or 1-percentage point
higher than the current rate:
Sensitivity of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rate - The following presents the City’s
net OPEB liability as of June 30, 2024 and 2023, calculated using the Healthcare trend rate as disclosed above as well as what
the net OPEB liability would be if it was calculated using a healthcare trend rate that is 1-percentage point lower or 1-percentage
point higher than the current rate:
Deferred Outflows and Deferred Inflows of Resources - The OPEB expense and deferred outflows and deferred inflows of
resources at June 30, 2024 and 2023 were as follows:
At:
Rate
Amount
Rate
Amount
1% Decrease
2.93%
1,536,602
$
2.65%
1,333,922
$
Current Discount Rate
3.93%
1,319,094
3.65%
1,151,602
1% Increase
4.93%
1,144,889
4.65%
1,004,954
2024
2023
At:
2024
2023
1% Decrease
1,115,684
$
978,726
$
Current Discount Rate
1,319,094
1,151,602
1% Increase
1,580,622
1,372,936
Deferred
Deferred
Net Deferred
Deferred
Deferred
Net Deferred
Outflows
Inflows
Outflow /
Outflows
Inflows
Outflow /
of Resources
of Resources
(Inflow)
of Resources
of Resources
(Inflow)
Changes of Assumptions
220,528
$
218,961
$
1,567
$
149,176
$
325,521
$
(176,345)
$
Difference Between Expected
and Actual Experience
66,803
223,500
(156,697)
53,106
312,737
(259,631)
Net Difference Between
Projected and Actual Earnings
on OPEB Plan Investments
-
597
(597)
-
190
(190)
Changes in Proportion
212,932
132,549
80,383
255,751
226,030
29,721
500,263
$
575,607
$
(75,344)
$
458,033
$
864,478
$
(406,445)
$
June 30, 2024
June 30, 2023
61
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 7. POST-EMPLOYMENT BENEFITS (continued)
The amounts reported as a deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized
in OPEB expense as follows:
OPEB Expense - The components of allocable OPEB expense, which exclude OPEB expense related to specific liabilities of
individual employers, for the years ending June 30, 2024 and 2023 are as follows:
Special Funding Situation - In regards to the City’s enrollment in the SHBP, under Chapter 330, P.L. 1997, the State shall
pay the premium or periodic charges for the qualified local police and firefighter retirees and dependents equal to 80 percent
of the premium or periodic charge for the category of coverage elected by the qualified retiree under the State managed care
plan or a health maintenance organization participating in the program providing the lowest premium or periodic charge. The
State also provides funding for retiree health benefits to survivors of local police officers and firefighters who die in the line
od duty under Chapter 271, P.L.1989.
Therefore, the City is considered to be in a special funding situation as defined by GASB Statement No. 75 and the State is
treated as a non-employer contributing entity. Since the City does not contribute under this legislation directly to the plan,
there is no net OPEB liability, deferred outflows of resources or deferred inflows of resources to report in the financial
statements of the local participating employers related to this legislation. The State’s share of the net OPEB liability associated
with the City at June 30, 2024 and 2023 is $85,176,456 and $63,621,765, respectively which represents 359 plan members,
each year, constituting 1.746620% and 1.823447%, respectively, of the State’s total proportionate share of net OPEB liability.
NOTE 8. COMPENSATED ABSENCES
Employees may accumulate unlimited sick time. Upon retirement, union employees with a minimum of 100 accrued sick days
may receive a cash payment of one-third of accumulated sick time up to a maximum of $12,500. Employees may carry vacation
over for only one year. Upon termination or retirement, employees may receive a cash payment for the full value of their
accumulated vacation time. As of December 31, 2024 and 2023, the total accumulated absence liability was $14,733,891.65
and $15,269,073, respectively. As of December 31, 2024 and 2023, the City had on reserve $1,265,702 and $30,282,
respectively. The City budgets compensated absence appropriations annually in the applicable department line items.
Year Ended June 30,
Year Ended June 30,
2025
(216,114)
$
2024
(121,746)
$
2026
(93,043)
2025
(99,717)
2027
(15,989)
2026
(53,945)
2028
(85,243)
2027
(25,288)
2029
(54,308)
2028
(51,044)
Thereafter
58,252
Thereafter
(54,704)
(75,344)
$
(406,445)
$
2024
2023
Proportionate Share of Allocable Plan OPEB Expense (Benefit)
(15,373)
$
(37,134)
$
Net Amortizations of Deferred Amounts from Changes in Proportion
(114,181)
(106,130)
OPEB Expense (Benefit)
(129,554)
$
(143,264)
$
62
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 9. RISK MANAGEMENT
Insurance Coverage - The City is exposed to various property and casualty risks including: property damage caused to any of
the City’s property, motor vehicles, equipment or apparatus; liability resulting from the use or operation of such motor vehicles,
equipment apparatus; liability from the City’s negligence, including that of its officers, employees and servants; and workers’
compensation obligations.
The City established a self-insurance program in accordance with New Jersey Statute Chapter 40:10-6. The Chapter enables
the governing body of any local unit to create a fund to provide insurance coverage for its exposure to a wide variety of property
casualty risks, including property damage caused to any of the unit's property, motor vehicles, equipment or apparatus; liability
resulting from the use or operation of such motor vehicles, equipment or apparatus; liability for the unit's negligence, including
that of its officers, employees and servants and workers' compensation obligations.
On August 17, 2011, the City authorized participation in and the execution of an Indemnity and Trust Agreement with the New
Jersey Intergovernmental Insurance Fund (the “NJIIF”) for the provision of property and casualty insurance coverage. The
NJIIF is a public entity created in 1991 and offers coverage to municipalities, counties, and school districts statewide. The
NJIIF is a New Jersey approved, self-insured, reinsured public entity insurance pool which offers all New Jersey public entities
multiple lines of insurance. The City renewed its membership in the NJIIF for a three (3) year term commencing December 31,
2015 through December 31, 2018, again from December 31, 2018 through December 31, 2021 and, most recently, from
December 31,2021 through December 31, 2024. The City's deductible during this current renewal term is $15,000 for General
Liability claims; $20,000.00 for Auto Liability claims; $25,000 for worker's compensation claims; $25,000 for public officials'
liability claims (excluding EPLI); and $35,000 for police professional liability.
The City has obtained the following coverage through the NJIIF:
Equipment Breakdown coverage in the amount of $100,000,000.
Crime coverage including employee dishonesty, forgery, alterations, theft, robbery and fraud in the amount of
$1,000,000.
Environmental Impairment coverage in the amount of $20,000,000.
Workers’ Compensation coverage in the amount of $2,000,000.
General, Automobile and Employee Benefits liability coverage in the amount of $15,000,000.
Public Entity Management Liability coverage, including Public Official’s Liability and Employment Practices Liability
coverage, in the amount of $10,000,000.
Surety bonds for the City Treasurer, Chief Financial Officer, Tax Collector and Municipal Court Judges.
Disaster Recovery - The City does not have a formal disaster recovery plan in place, however, all financial data is backed up
to hard disks daily.
NOTE 10. STATE AID RECEIVABLE – QUALIFIED BONDS
The Division required municipalities reverting to a calendar year to anticipate a full year of State Aid during the six month
transition year. The City receives State Aid in two forms: cash payments and qualified bond payments in lieu of direct aid in
cash. Qualified bonds are State Aid payments withheld by the State and forwarded directly to paying agents for principal and
interest payments on the bonds. During the transition year ended December 31, 2011, the City certified qualified bond maturity
schedules for the twelve month period of July 1, 2011 to June, 30, 2012, six months beyond the end of the transition year. As
a result, the City recognized State Aid revenues in the amount of $3,357,695 for debt service payments of the succeeding year,
resulting in prepaid debt service at year end. The following schedule summarizes the State Aid received, qualified bond
payments applied and the prepaid amounts as of December 31, 2024 and 2023.
63
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 10. STATE AID RECEIVABLE – QUALIFIED BONDS (Continued)
NOTE 11. CLEARING ACCOUNT
The City maintains a claims account, or a cash clearing bank account, from which bills are paid for various funds.
NOTE 12.
FIXED ASSETS
In accordance with accounting practices prescribed by the Division, and as further detailed in Note 1, no depreciation has been
provided for and fixed assets acquired through grants in aid or contributed capital have not been accounted for separately.
During the year ended December 31, 2023 the City completed its fixed assets inventory census and reassessment. As part of
the completion of this project, the City recategorized certain assets as identified in the “Reclassify Category” column. In
addition, the inventory includes assets with values of $-0- for all items in which the original historical cost could not be obtained
or reasonably estimated as part of this project. The City had the following investment balances in general fixed assets as of and
for the year ended December 31, 2024.
The City had the following investment balances in general fixed assets as of and for the year ended December 31, 2023.
Beginning Balance
1,132,845
$
1,059,505
$
Add:
State Aid (1)
8,935,091
8,890,836
10,067,936
9,950,341
Less:
Received in Cash
5,761,294
$
4,266,834
$
Qualified Bond Payments
3,123,650
4,550,662
8,884,944
8,817,496
Ending Balance
1,182,992
$
1,132,845
$
STATE AID RECEIVABLE - QUALIFIED BONDS
Year Ended Dec. 31, 2023
Year Ended Dec. 31, 2024
Balance,
Balance,
Dec. 31, 2023
Additions
Deletions
Dec. 31, 2024
Land
32,233,607
$
-
$
-
$
32,233,607
$
Buildings & Improvements
107,292,926
-
-
107,292,926
Vehicles and Equipment
21,751,052
858,851
602,050
22,007,853
161,277,585
$
858,851
$
602,050
$
161,534,386
$
Balance,
Reclassify
Balance,
Dec. 31, 2022
Additions
Category
Deletions
Dec. 31, 2023
Land and Buildings
132,317,103
$
-
$
(132,317,103)
$
-
$
-
$
Land
-
267,415
31,966,192
-
32,233,607
Buildings & Improvements
-
47,763
107,245,163
-
107,292,926
Improvements
6,854,987
-
(6,854,987)
-
-
Machinery & Equipment
18,936,206
3,608,991
(39,265)
754,880
21,751,052
158,108,296
$
3,924,169
$
-
$
754,880
$
161,277,585
$
64
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 13. DEFERRED CHARGES TO BE RAISED IN SUCCEEDING BUDGETS
Certain expenditures are required to be deferred to budgets of succeeding years. The appropriations in the 2023 and 2024
budgets are not less than that required by statute. Whereas statutes require emergency authorizations to be raised in full in the
year succeeding their authorization. At December 31, 2024, the following deferred charges are shown on the balance sheets of
the various funds.
At December 31, 2023, the following deferred charges are shown on the balance sheets of the various funds.
NOTE 14. INTERFUND TRANSACTIONS
The City has various transactions by and between its individual funds. Certain accounts of the Trust, General Capital and
Utility Capital Funds earn interest which is required to be recorded as revenue in the Current Fund or Utility Operating Fund.
Other transactions include budget appropriations and anticipated revenues which are required to be turned over by and between
various funds. All these transfers are routine and are consistent with the activities of the funds making the transfers. Transfers
by and between the City’s funds during the years ended December 31, 2024 and 2023 consisted of the following:
Balance to
Balance,
Balance,
2025 Budget
Succeeding
Dec. 31, 2023
Additions
Deductions
Dec. 31, 2024
Appropriations
Budgets
Special Emergency Authorizations
Revaluation (40A:4-53.b)
148,000
$
-
$
148,000
$
-
$
-
$
-
$
Contractually Required
Severance Liabilities (40A:4-53.h)
-
4,000,000
-
4,000,000
800,000
3,200,000
148,000
$
4,000,000
$
148,000
$
4,000,000
$
800,000
$
3,200,000
$
Balance to
Balance,
Balance,
2024 Budget
Succeeding
Dec. 31, 2022
Deductions
Dec. 31, 2023
Appropriations
Budgets
Special Emergency Authorizations
Revaluation (40A:4-53.b)
298,000
$
150,000
$
148,000
$
148,000
$
-
$
298,000
$
150,000
$
148,000
$
148,000
$
-
$
Transfers In
Transfers Out
Transfers In
Transfers Out
Current Fund
117,536,260
$
119,944,879
$
99,668,590
$
104,310,977
$
Federal & State Grants Fund
12,701,840
10,908,574
21,685,350
16,692,843
General Capital Fund
11,706,395
10,799,505
39,519,363
40,181,284
Payroll Clearing Fund
93,949,986
93,953,249
24,771,254
24,771,254
Animal Control Fund
28,387
39,434
21,380
20,405
Trust Fund - Other Funds
7,954,232
8,266,739
14,255,036
13,968,210
Trust Fund - Tax Lien
104,172
104,172
5,360
5,360
Trust Fund - Insurance
85,582
90,582
114,604
90,604
Trust Fund - HUD
1,643,007
1,643,007
2,702,551
2,702,551
Trust Fund - Redevelopment
394,050
358,770
-
-
Parking Utility Operating
2,038,687
2,033,705
1,746,683
1,746,652
Parking Utility Capital Fund
59,741
59,723
184,306
184,337
248,202,339
$
248,202,339
$
204,674,477
$
204,674,477
$
December 31, 2024
December 31, 2023
65
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 14. INTERFUND TRANSACTIONS (continued)
Current Fund and Utility Operating Fund interfunds receivable are fully reserved and recognized as credits to operations in the
year the interfunds are received in cash. Interfunds receivable in the Trust Funds, General Capital Fund and Parking Utility
Capital Fund are not reserved. The City expects all balances to be repaid by year-end with the exception of the interfund
between the Current Fund and Federal and State Grants Fund. The Federal and State Grants Fund does not have its own bank
account, therefore, the activity of the Fund is run through the Current Fund. As of December 31, 2024, and 2023, the City had
the following interfund balances:
NOTE 15. RELATED PARTY TRANSACTIONS
Bayonne Board of Education - The City has an agreement with the Bayonne Board of Education in which the City is to receive
reimbursement for garbage contracts and certain debt service. As described in Note 4, prior to January 2015 the Bayonne
Board of Education was a Type I School District, therefore, bonds and notes authorized by the Board of Education are general
obligations of the City and are reported on the balance sheet of the City’s General Capital Fund and are accordingly included
in the summary of municipal debt. The City budgets the principal and interest payments of the Board of Education’s obligations
as they become due. These obligations are funded by the City through an amount to be raised by taxation called “addition to
local district school tax”, less any regular school debt service aid received from the State of New Jersey.
For the year ended December 31, 2024 and 2023, the City’s budget included the following debt service requirements of the
Board of Education:
2024
2023
Funds Due Between
2024 Purpose
545,095
361,795
Current Fund - General Capital Fund
Improvement Authorizations Paid by Current Fund
1,231
19,963
Current Fund - Other Trust Fund
Accumulated Absence Appropriations
-
9,386
Current Fund - Animal Control
N/A
8,976,423
7,491,361
Current Fund - Grant Fund
Grant Costs, Receipts and Matching
635
-
Current Fund - Payroll Clearing
Prior Year Reserve Account Difference
335,528
-
Grant Fund - Other Trust
Move UEZ to Trust Funds
18
-
Utility Operating - Utility Capital
Interest
5,000
-
Utility Operating - Unemployment Trust
Unemployment Appropriation from Parking Utility
1,661
-
Other Trust - Animal Control
Dog Receipts Collected by Other
35,280
-
Other Trust - Redevelopment Trust
Cancel Excess Prior Reserves & Other Receipts
2,628
-
Other Trust - Payroll Clearing
Reimbursements to Other Funds
Dec. 31, 2024
Dec. 31, 2023
Debt Service Requirements of the Board of Education:
Payment of Bond Principal
4,690,000
$
5,936,427
$
Interest on Bonds
641,950
2,393,630
Balance for Support of Board of Education:
Addition to Local District School Tax
5,331,950
$
8,330,057
$
Year Ended
66
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 16. REVENUE ACCOUNTS RECEIVABLE
Revenue accounts receivable are fully reserved receivables due from entities for revenues anticipated in support of the City’s
budget. The following tables illustrate activity of revenue accounts receivable for the year ended December 31, 2024:
The following tables illustrate activity of revenue accounts receivable for the year ended December 31, 2023:
NOTE 17. ECONOMIC DEPENDENCY
Major Taxpayers - The City does not have significant economic dependence on any one taxpayer. The ten largest taxpayers,
in terms of assessment, are listed below. During 2020, the City completed a revaluation of all properties. During the years
ended December 31, 2024 and 2023, the Top 10 taxpayers comprised 8% of the City’s total tax levies, each year.
State Aid - The City is also a recipient of State Aid. During the year ended December 31, 2024 and 2023, State Aid accounted
for 6%, each year, of the City’s realized revenues. Significant changes in State Aid policy, in conjunction with legislation
capping increases to the tax levy, could further impact the City’s operations.
Dec. 31, 2023
Accruals
Collections
Cancelled
Dec. 31, 2024
Fines and Costs - Municipal Court
126,955
$
1,927,214
$
1,834,885
$
-
$
219,284
$
PILOT Administrative Fee
19,195
-
-
19,195
-
Garbage Removal Contract- BOE
54,167
339,660
392,001
1,826
-
200,317
$
2,266,874
$
2,226,886
$
21,021
$
219,284
$
Dec. 31, 2022
Accruals
Collections
Dec. 31, 2023
Fines and Costs - Municipal Court
108,191
$
1,512,203
$
1,493,439
$
126,955
$
PILOT Administrative Fee
-
256,036
236,841
19,195
Garbage Removal Contract- BOE
27,083
325,000
297,916
54,167
BMUA Expense Reimbursement
154,364
657,309
811,673
-
289,638
$
2,750,548
$
2,839,869
$
200,317
$
2024
2023
Name
Assessment
Name
Assessment
Bayonne Industries-IMTT
284,735,200
$
Bayonne Industries Inc/IMTT
509,690,800
$
PR Bayonne Industrial Urb Ren
69,565,800
PR Bayonne Industrial Urb Ren
70,609,100
Duke Realty Bayonne Development
52,528,500
Togus Urban Renewal
70,000,000
NJIND Hook Road, LLC
35,405,400
NJIND Hook Road, LLC
61,947,500
Centerpoint Pulaski, LLC
35,367,400
Duke Realty Bayonne Development
52,528,500
51-53 Hook Road, LLC
34,323,200
Gordan Terminal Serv Co of NJ Inc.
38,829,600
Buckeye Bayonne Terminal, LLC
32,814,300
29 E 29th St Holdings LLC
36,072,000
Gordan Terminal Serv Co of NJ Inc.
32,415,000
Centerpoint Pulaski, LLC
35,367,400
Millions Inc.
31,900,000
Howard Warehouse Inc.
35,277,700
Howard Warehouse Inc.
27,155,900
Millions Inc.
31,900,000
636,210,700
$
942,222,600
$
Net Valuation Taxble
7,570,703,976
Net Valuation Taxble
7,604,155,436
Top 10 Taxpayers as a Percentage of Assessments
8%
Top 10 Taxpayers as a Percentage of Assessments
12%
Top 10 Taxpayers
Top 10 Taxpayers
67
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 17. ECONOMIC DEPENDENCY (continued)
Coronavirus Aid - As a result of the COVID-19 Public Health Emergency, the City incurred additional costs of providing
public health, safety and welfare services to City residents, as well as a reduction in revenues including fines, costs, interest,
fees and permits. The City is a recipient of cost reimbursement and revenue loss funding through the FEMA Public Assistance
Program and Coronavirus Aid, Relief and Economic Security (CARES) Act, and the American Rescue Plan (ARP) as follows:
The above table is not all inclusive, as the City has received various other program awards, some of which contain COVID-19
support within the context of the regular program award.
NOTE 18. LEASE COMMITMENTS
In 2004, the City entered into a financing lease with the Hudson County Improvement Authority in the amount of $10,000,000
to fund improvements to the City’s public works garage. On June 24, 2015 the City refunded the remaining $8,300,000 and
entered into a new financing lease with the Hudson County Improvement Authority in the amount of $8,850,000. The minimum
future lease payments are as follows:
The City entered into the below loans with the Bayonne City Federal Credit Union.
The loan for police cars was issued July 17, 2020 bearing an interest rate of 2.49% for 4 years.
The loan for the Spartan Custom Fire Pumper was issued June 1, 2020 and is for 10 years.
The loan for the Spartan Metro Star Fire Engine was issued July 23, 2023 and is for 10 years.
The minimum future leasepayments are as follows:
2024
2023
American Rescue Plan (ARP) /
Local Fiscal Recovery Funds (LFRF)
Revenue Loss - Current Fund
-
$
5,000,000
$
Revenue Loss - Utility Fund
-
-
Expenditures Appropriated
-
4,000,000
Small Business Grant Program
-
-
Remaining Unappropriated Funds
-
1,024,300
FEMA Public Assistance
Disaster Grants
-
31,297
-
$
10,055,597
$
Principal
Interest
Principal
Interest
Principal
Interest
2025
520,825
$
292,460
$
425,000
$
260,084
$
95,825
$
32,376
$
2026
545,046
268,931
445,000
240,775
100,046
28,156
2027
574,452
243,350
470,000
219,600
104,452
23,750
2028
594,053
215,462
485,000
196,313
109,053
19,149
2029
623,857
190,587
510,000
171,438
113,857
19,149
2030-2034
3,191,725
450,355
2,990,000
417,073
201,725
33,282
6,049,958
$
1,661,145
$
5,325,000
$
1,505,283
$
724,958
$
155,862
$
HCIA Public Works Garage
Credit Union Loans
Total
68
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 18. LEASE COMMITMENTS (continued)
The actvity for these leases for the year ended December 31, 2024 is as follows:
The actvity for these leases for the year ended December 31, 2023 is as follows:
Balance
Balance
Due by
Description
Dec. 31, 2023
Increase
Decrease
Dec. 31, 2024
Dec. 31, 2025
HCIA Lease Central Garage
Issued 2015 for $8,580,000
Maturing annually from 2016 to 2034
Bearing interest rates of 3.0% to 5.375%
5,740,000
$
-
$
415,000
$
5,325,000
$
425,000
$
Credit Union Vehicles
Issued 6/17/2020 for $90,165
Maturing annually from 2020 to 2024
Bearing interest rates of 2.49%
51,616
-
51,616
-
-
Credit Union Pumper
Issued 6/1/2020 for $439,946
Maturing annually from 2020 to 2029
Bearing multiple interest rates
285,075
-
42,817
242,258
44,593
Credit Union Engine
Issued 7/23/2023 for $578,471
Maturing annually from 2023 to 2032
Bearing multiple interest rates
531,668
-
48,968
482,700
51,232
6,608,359
$
-
$
558,401
$
6,049,958
$
520,825
$
2024 Summary of Leases Activity
Balance
Balance
Due by
Description
Dec. 31, 2022
Increase
Decrease
Dec. 31, 2023
Dec. 31, 2024
HCIA Lease Central Garage
Issued 2015 for $8,580,000
Maturing annually from 2016 to 2034
Bearing interest rates of 3.0% to 5.375%
-
$
6,135,000
$
395,000
$
5,740,000
$
415,000
$
Credit Union Vehicles
Issued 6/17/2020 for $90,165
Maturing annually from 2020 to 2024
Bearing interest rates of 2.49%
17,108
45,843
11,335
51,616
11,335
Credit Union Pumper
Issued 6/1/2020 for $439,946
Maturing annually from 2020 to 2029
Bearing multiple interest rates
-
326,185
41,110
285,075
42,817
Credit Union Engine
Issued 7/23/2023 for $578,471
Maturing annually from 2023 to 2032
Bearing multiple interest rates
-
578,471
46,803
531,668
48,968
17,108
$
7,085,499
$
494,248
$
6,608,359
$
518,120
$
2023 Summary of Leases Activity
69
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 19. TAX ABATEMENTS
The City negotiates property tax abatement agreements on an individual basis. The full amount to be raised by taxes for support
of each Government’s budget is levied on properties not subject to such agreements, therefore there is no aggregate reduction
of tax revenue to the Governments as a result of the abatement.
These agreements were negotiated under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. (the Law), which
authorizes municipalities to enter into financial agreements with Urban Renewal Entities. An Urban Renewal Entity is a
limited-dividend entity or a nonprofit entity which undertakes redevelopment projects (both commercial and residential),
relocation projects for residents displaced by the redevelopment area, and low and moderate income housing projects in return
for tax exemptions, or payments in lieu of taxes referred to as “annual service charges”.
The Law allows annual service charges to be calculated as a percentage of either gross revenue from each unit of the project or
from total project cost, if the project is not undertaken in units. In the case of low and moderate income housing projects, the
annual service charge shall not exceed 15% of annual gross revenue or 2% of total project cost. For all other projects, the
annual service charge shall not be less than 10% of annual gross revenue or 2% of total project cost. The City’s abatements
are across in multiple categories. There are a total of five stages in the abatement period. The final four phases require the
Urban Renewal Entity to remit the greater of the agreed upon annual service charge or 20%, 40%, 60% and 80%, respectively,
of the amount of taxes otherwise due on the value of the land and improvements. The Law only allows for taxes on
improvements to be abated. Taxes on land are billed quarterly to the Urban Renewal Entity and are credited against the annual
service charges due. To administer the billing, the land value and improvement value of the abated property are separate line
items in the tax assessment and collection records. The land value is billed quarterly at the total property tax rate. The
improvement value is classified as exempt property (Class 15F), generating no bill.
Received for
Aggregate
Taxes if Billed
Payments in
Accrued
Reduction of
Taxing
at Full 2024
Lieu of Taxes
for Other
Government
Purpose of Agreements
Government
Tax Rate
& Land Tax
Governments
Amount
(%)
Revenue
Construction of Commercial and
School
12,985,934
$
-
$
-
$
12,985,934
$
100%
-
$
Residential Redevelopment Projects,
County
6,414,105
-
650,119
5,763,986
90%
-
Low and Moderate Income Housing
City
17,349,629
14,846,672
(650,119)
3,153,076
18%
-
Projects and Relocation Projects
Total
36,749,668
$
14,846,672
$
-
$
21,902,996
$
60%
-
$
Budget Revenues
14,796,451
$
Non-Budget Revenues
50,221
14,846,672
$
Taxes Abated
Received for
Aggregate
Taxes if Billed
Payments in
Accrued or Paid
Reduction of
Taxing
at Full 2023
Lieu of Taxes
to Other
Government
Purpose of Agreements
Government
Tax Rate
& Land Tax
Governments
Amount
(%)
Revenue
Construction of Commercial and
School
12,472,102
$
-
$
-
$
12,472,102
$
100%
-
$
Residential Redevelopment Projects,
County
5,666,785
-
568,379
5,098,406
90%
-
Low and Moderate Income Housing
City
16,573,405
11,649,917
(568,379)
5,491,867
33%
-
Projects and Relocation Projects
Total
34,712,292
$
11,649,917
$
-
$
23,062,375
$
66%
-
$
Budget Revenues
11,649,917
$
Non-Budget Revenues
-
11,649,917
$
Taxes Abated
70
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 19. TAX ABATEMENTS (continued)
Under the Law, abatements may provide for an exemption period of less than 30 years from the completion of the entire project
or less than 35 years from the execution of the financial agreement. Further, Urban Renewal Entity profits are restricted and
any excess profits are payable to the municipality as an additional annual service charge. The Law does not provide for the
recapture of abated taxes in the event an abatement recipient does not fulfill the commitment it makes in return for the tax
abatement. However, in the event of default, the City has the right to proceed against the property pursuant to the In Rem Tax
Foreclosure Act, N.J.S.A. 54:5-1 and/or may terminate the agreement. The City has not made any commitments as part of the
agreements other than to reduce taxes. The City is not subject to any tax abatement agreements entered into by other
governmental entities.
NOTE 20. CONTINGENT LIABILITIES
The Water/Sewer System - In December 2012, the City of Bayonne and the Bayonne Municipal Utilities Authority (“BMUA”)
entered into a Concession Agreement with Bayonne Joint Venture, LLC (“BJV”), a for-profit entity, whereby BJV acquired a
40 year concession to use, operate, manage, construct, maintain and improve its water system. As such, BJV is responsible for
all expenses of operations of the Bayonne water system, including payments to the Commission of its share of the operating
expenses and debt service on behalf of Bayonne. Nonetheless, under its water supply agreement, the City of Bayonne remains
responsible to the Commission in case of any shortfall of operating or debt service payments from BJV. The BMUA was
dissolved on December 31, 2016 and the City assumed all operations and debts. To date, the City has not been required to make
any payments pursuant this agreement.
Tax Appeals - The City is a defendant in various tax appeals that they are defending vigorously. The tax appeals it is currently
defending are not unusual for a municipality of its size. In the past, the City has funded these appeals through various means,
including utilizing the reserve for tax appeals account, which is funded through budget appropriations, issuing refunding notes
to pay for the appeals, direct appropriations and charges to operations. The Local Finance Board has allowed the City to issue
tax refunding obligations to finance the tax refunds by Ordinance No. O-15-29 adopted September 16, 2015. The amount
available to pay for appeals under the Ordinance as of December 31, 2024 and 2023 is $240,224, each year.
Grant Programs - The City participates in several federal and state financial assistance grant programs. Entitlement to the
funds is generally conditional upon compliance with terms and conditions of the grant agreements and applicable regulations,
including the expenditures of funds for eligible purposes. The state and federal grants received and expended in the years
ended December 31, 2024 and 2023 were subject to the Uniform Guidance and State of New Jersey OMB Circular 15-08 which
mandates that grant revenues and expenditures be audited in conjunction with the City’s annual audit. In addition, these
programs are also subject to compliance and financial audits by the grantors or their representatives.
Arbitrage Rebate - The City is subject Section 148 of Internal Revenue Code, which was enacted to minimize the arbitrage
benefits from investing gross proceeds of tax-exempt bonds in higher yielding investments and to remove the arbitrage
incentives to issue more bonds, to issue bonds earlier, or to leave bonds outstanding longer than is otherwise reasonably
necessary to accomplish the governmental purposes for which the bonds were issued.
71
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 20. CONTINGENT LIABILITIES (continued)
Redevelopment Area Bonds – The Redevelopment Area Bond Financing Law (N.J.S.A. 40A:12A-64 et seq) allows the City
to issue non-recourse bonds (RABs) upon the execution of a Redevelopment Bond Financing Agreement. Under such an
agreement, a redeveloper who has obtained tax exemption pursuant to the Long-Term Tax Exemption Law (N.J.S.A. 40A:20-
1 et seq) will redevelop an area which the City has formally designated as a Redevelopment Area (as defined in N.J.S.A.
40A:12A-65). The City may issue RABs to encourage development or to assist the Redeveloper in financing the project costs
as set forth in the redevelopment agreement. The RABs are not direct and general obligations of the City and the City shall not
be obligated to levy and collect a tax sufficient in an amount to pay the principal and interest on the RABs. Instead, the RABs
will be paid by pledged annual service charges due from the Redeveloper. The annual service charges are due in the amount as
agreed upon in the Financial Agreement. However, 5% of the annual service charges shall not be subject to such pledge as that
amount is due to the County in accordance with N.J.S.A. 40A:20-12 (“the County Share”). The provisions of the "Local
Government Supervision Act (1947)," P.L.1947, c.151 (C.52:27BB-1 et seq.) shall not apply to any bonds issued or authorized
pursuant to NJSA 40A:12A-67 and those bonds shall not be considered gross debt of the City on any debt statement filed in
accordance with the "Local Bond Law," N.J.S.40A:2-1 et seq., unless those bonds were guaranteed by the City. The City has
authorized the issuance of RAB Bonds as follows:
On February 20, 2013, the City adopted an ordinance approving and authorizing the execution of a financial instrument
related to the issuance by the City of $17,500,000 Redevelopment Area Bonds (non-recourse to the full faith and credit
of the City of Bayonne). This ordinance was adopted to assist Prince Holdings of Bayonne Urban Renewal Enterprise,
LLC (the “Redeveloper”) in financing the development, design, finance and construction of approximately 250,000
square feet of industrial warehouse space and associated loading docks and parking, infrastructure improvements and
related site work (the “Project”). The City and the Redeveloper have agreed that any portion of the annual service
charges paid by the Redeveloper to the City in excess of the amount needed to pay the County Share and Debt Service
on the bonds shall be returned to the City and retained and used by the City for any lawful purpose.
On March 15, 2023, the City adopted Ordinance O-23-12 authorizing the guaranty and issuance of not-to-exceed
$65,000,000 Redevelopment Area Bonds in relation to a Financial Agreement reached with Togus Urban Renewal,
LLC for the latter’s acquisition of properties within the “Texaco Redevelopment Area” identified as Block 332 Lot 3,
Block 360 Lot 2, Block 390, Lots 1 and 2 and Block 391, Lots 1 and 2. The guaranty on the RAB Bonds is in addition
to the security of the Pledged Annual Service Charge and Letter of Credit. Should the Bonds be issued as non-recourse
to the City or refunded or refinanced as non-recourse Bonds, then the Letter of Credit shall not be required by the
City. The RAB Bonds are being authorized in order to encourage the development of the property, specifically as it
relates to providing the financial means to pay for the significant initial capital improvements required to redevelop
the property, including demolition of existing structures, environmental remediation, substantial fill to increase the
elevation of the property, and bulkhead improvements. The City and the Redeveloper have agreed that any portion of
the annual service charges paid by the Redeveloper to the City in excess of the amount needed to pay the County
Share and Debt Service on the RABs shall be returned to the City and retained and used by the City for any lawful
purpose.
72
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 20. CONTINGENT LIABILITIES (continued)
Litigation - The City is a defendant in various lawsuits, none of which is unusual for a municipality of its size and should be
adequately covered by the City's insurance program, defense program or by the City directly and which may be settled in a
manner satisfactory to the financial stability of the City. It is anticipated that any judgments in excess of insured coverage
would be paid by the City through future taxation or future debt borrowing. The following paragraphs describe some of the
lawsuits in which the City, its employees or officers are named as defendants, however, the list includes those claims where
the plaintiffs, if they should prevail, are likely to pursue damages or a remedy not covered by the New Jesey Intergovernmental
Insurance Fund (NJJIF), and therefore the list is not inclusive of all City litigation. The matters below are as provided by outside
counsel and the New Jesey Intergovernmental Insurance Fund. Corporation Counsel has represented that there were no open
legacy multi-line claims (claims pre-dating the City’s participation in the NJIIF) being defended by the City. As described in
Note 9, the City entered the NJIIF in 2011. In addition, the City, its officers and employees are defendants in a number of
lawsuits including, but not limited to, lawsuits alleging employment discrimination and alleged violations of civil rights.
Matthews, Melissa v. City of Bayonne: Plaintiff alleges gender-based harassment and retaliation under NJLAD and CEPA,
seeking compensatory damages for emotional distress and economic losses. Although punitive damages have been barred,
Plaintiff is seeking approximately $2 million in settlement, with claimed economic losses exceeding $2.7 million. The case is
expected to proceed to trial in October 2025.
195 East 22nd Street Urban Renewal, LLC v. City of Bayonne: Plaintiffs allege breach of contract related to infrastructure
contributions under a redevelopment agreement, asserting damages of $1,464,927. The City has filed an answer and discovery
is ongoing. Defense is being handled by Rainone Coughlin.
Burns, Veronica v. City of Bayonne: Plaintiff claims disability discrimination under NJLAD after being denied return to work
following a stroke, seeking compensatory and punitive damages. Mediation is scheduled for September 25, 2025, and discovery
is underway. The City has filed an answer and assigned defense counsel. The estimated exposure to the City is moderate to
high, depending on wage loss and emotional distress valuation.
Elmilligy, Mahmoud v. City of Bayonne: Plaintiff alleges improper impoundment and release of his vehicle by the Bayonne
Police Department, resulting in reputational harm and emotional distress. An amended complaint was filed without new claims
against the City. The case remains active. Estimated exposure to the City is dependent upon proof of reputational and emotial
harm.
Ross, Sincerrae v. City of Bayonne: Plaintiff alleged a hostile work environment and retaliation, resulting in a jury award of
$500,000. However, the Court granted a directed verdict vacating the award, and Plaintiff has filed an appeal. The City currently
faces no financial liability pending the outcome of the appeal.
Roszkowski, Richard v. City of Bayonne: Plaintiff alleges malicious prosecution and false imprisonment, claiming
reputational and emotional damages. The City filed a motion to dismiss in lieu of an answer in June 2025, and the Court’s
decision is pending. Potential exposure to the City is low to moderate, pending Court decision on motion to dismiss.
Sims, Tyrone v. City of Bayonne: Plaintiff alleges violations of New Jersey Wage and Hour Law. The initial complaint was
dismissed without prejudice, and an amended complaint was filed. Discovery is currently underway. Potential exposure to the
City is low to moderate, depending on wage calculations.
73
CITY OF BAYONNE
NOTES TO FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
NOTE 20. CONTINGENT LIABILITIES (continued)
Walsh, Kiernan and Melba v. City of Bayonne et al: Plaintiffs allege civil rights violations and negligence following an
allegedly improper traffic stop that led to medical complications. A Medicare lien of $261,000 exists, and the Estate of Walsh
has filed an amended complaint following his death. Liability remains uncertain pending further expert reports and discovery.
Potential exposure to the City is high if punitive damages are awarded.
Waskiewicz, Jean H. for the Estate of Lee Waskiewicz v. City of Bayonne et al: Plaintiff alleges wrongful death and
excessive force in a fatal police-involved shooting. A $2.85 million settlement demand has been made. Discovery is ongoing,
with defense expert reports due by January 30, 2026.
NOTE 21. SUBSEQUENT EVENTS
Subsequent events have been evaluated through October 13, 2025, the date which the financial statements were available to be
issued. Material events are disclosed as follows:
Subsequent to December 31, 2024, the City adopted Capital and Bond Ordinances as follows:
On January 22, 2025, the City adopted a Bond Ordinance for acquisition of a new water chiller and heating/cooling
improvements to City Hall in the amount of $3,250,000, and authorizing the issuance of $3,095,200 of bonds or notes.
On January 22, 2025, the City adopted a Bond Ordinance amending Bond Ordinance No. O-24-42 for road
improvements, increasing the amount authorized by $800,000 to a total appropriation $3,500,000.
On February 19, 2025, the City adopted a Refunding Bond Ordinance for refunding general obligation and school
refunding bonds in the amount of $22,700,000.
On March 19, 2025, the City adopted a Bond Ordinance for Lead Service Line Replacement Project in the amount of
$13,000,000.
On April 16, 2025, the City adopted a Capital Ordinance for construction/improvements to Hudson River Waterfront
Walkway in the amount of $3,500,000.
On September 10, 2025, the City introduced an ordinance providing for a special emergency appropriation of
$3,000,000 to provide for the payment of contractually required severance liabilities resulting from the layoff or
retirement of employees. A hearing on the ordinance is scheduled for October 15, 2025.
Subsequent to December 31, 2024, the City issued the following notes through the Hudson County Improvement Authority’s
Pooled Local Unit Loan Program:
On March 13, 2025, the City issued $15,900,000 of Series 2025A Bond Anticipation Notes. The notes were issued to
refund the HCIA Series 2024A notes maturing March 25, 2025 issued to finance various capital improvements, as
well as new financing for the acquisition of real property to construct the Ferry Pier and Dock.
On June 25, 2025, the City issued $16,109,000 of Series 2025B-1 Bond Anticipation Notes. The notes were issued to
refund the HCIA Series 2024B-1 notes maturing July 11, 2025. The notes were originally issued to finance real
property acquisitions, improvements to the Police Department facility, Municipal Building and 57th Street Fire House;
Various capital acquisitions; Improvements to road, parks, infrastructure, recreational facilities, and communication,
technology and computer assisted management systems. The notes mature June 24, 2026 at an interest rate of 4.00%.
74
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CITY OF BAYONNE
REPORT OF AUDIT
STATISTICAL SECTION
(UNAUDITED)
Name
Title
James Davis
Mayor
Gary LaPelusa, Sr.
Council President, Third Ward Council Member
Juan M. Perez
Council Member At-Large
Loyad Booker
Council Member At-Large
Cornelius J. Carroll III
First Ward Council Member
Jacqueline Weimmer
Second Ward Council Member
Mary Jane Desmond
Business Administrator
Donna Mauer
Chief Financial Officer
Madelene C. Medina
City Clerk
Rosemarie Martinez-Kufta
Tax Collector
Claudia Geerin
Treasurer / Comptroller
Jessica Connors
Tax Assessor
Robert Kubert
Public Safety Director
John J. Coffey
Corporation Counsel
Hon. Cheryl Scott Cashman
Municipal Court Judge
Hon. Susan Ferraro
Municipal Court Judge
Christie Gonzalez
Court Administrator
Keith Weaver
Fire Chief
Joseph N. Scerbo
Police Chief
Thomas Cotter
Director of Public Works
CITY OF BAYONNE
ROSTER OF OFFICIALS IN OFFICE
75
CITY OF BAYONNE
Table 1
STATISTICAL SECTION
(UNAUDITED)
2024
2023
2022
2021
2020
General Government
5,370,175
$
6,010,400
$
7,262,880
$
6,513,500
$
6,057,350
$
Land Use Administration
1,121,350
830,000
796,000
584,000
559,000
Insurance
26,140,000
22,751,000
17,450,000
14,975,000
17,750,800
Public Safety Functions
52,757,849
48,799,000
46,989,700
46,375,477
44,451,999
Public Works Functions
9,059,323
8,714,500
7,143,000
7,071,000
7,307,955
Health and Human Services Functions
1,618,000
1,228,640
1,112,000
2,014,680
995,100
Parks and Recreation Functions
4,282,000
4,704,000
5,026,000
4,621,000
4,583,000
Education Functions
3,306,137
3,020,631
2,754,495
2,639,689
2,368,506
Other Common Operating Functions
532,500
1,942,500
2,168,500
1,921,500
2,014,500
Utility Expenses and Bulk Purchases
2,450,000
2,685,000
2,835,000
2,472,000
2,300,000
Landfill & Solid Waste Disposal Costs
3,600,000
4,200,000
4,100,000
3,650,000
4,550,000
Contingent
1,000
1,000
1,000
1,000
1,000
Statutory Expenditures
20,779,780
19,389,868
17,791,864
18,737,656
15,730,084
Federal and State Grants
3,882,095
9,458,460
19,292,912
13,277,994
12,052,497
Shared Service Agreements
310,000
615,400
383,867
134,000
62,000
Municipal Court
1,230,000
1,345,500
1,245,000
1,320,000
1,330,000
Capital Improvements
550,000
400,000
300,000
850,000
300,000
Municipal Debt Service
18,100,151
13,547,983
13,432,058
13,704,101
13,411,166
Deferred Charges
148,000
150,448
509,512
193,008
396,971
School District Debt Service
5,331,950
8,330,057
9,027,410
10,453,613
10,560,076
Reserve for Uncollected Taxes
1,587,129
1,433,501
1,574,918
1,102,534
1,730,049
Emergency Appropriations
4,000,000
-
-
350,000
244,500
Total
166,157,439
$
159,557,888
$
161,196,116
$
152,961,752
$
148,756,553
$
* Refers to Current Fund Appropriation Budget after Modifications.
FIVE-YEAR HISTORY OF GOVERNMENTAL EXPENDITURES*
76
CITY OF BAYONNE
Table 2
STATISTICAL SECTION
(UNAUDITED)
Shared
Federal
Surplus
Non-Budet
Current
Delinquent
Local
Service
State and
and Special
Revenues &
Year
Taxes
Taxes
Revenues
State Aid
Agreements
County Grants
Items
Other Items
Total
2024
101,578,811
$
495,323
$
21,158,088
$
9,856,089
$
646,201
$
3,668,109
$
29,064,469
$
693,665
$
167,160,755
$
2023
99,428,430
242,525
17,871,883
8,890,836
574,983
9,095,683
28,822,349
1,192,975
166,119,664
2022
97,525,375
170,209
13,458,398
9,290,398
422,117
19,029,857
24,572,007
5,934,219
170,402,580
2021
96,618,388
746,282
13,203,536
8,829,801
315,083
13,104,300
20,343,790
3,154,772
156,315,952
2020
95,883,977
64,747
11,589,023
8,829,801
62,000
11,863,964
20,799,039
2,755,150
151,847,701
FIVE-YEAR HISTORY OF GOVERNMENTAL REALIZED REVENUES
77
CITY OF BAYONNE
Table 3
STATISTICAL SECTION
(UNAUDITED)
COMPARATIVE SCHEDULES OF OPERATIONS AND CHANGES IN FUND BALANCE-CURRENT FUND
Year Ended
Year Ended
Amount
Percent
Amount
Percent
Revenue and Other Income Realized:
Miscellaneous Revenue Anticipated
49,642,956
$
18.03%
54,255,734
$
20.35%
Receipts from Delinquent Taxes
495,323
0.18%
242,525
0.09%
Receipts from Current Taxes
211,941,752
76.96%
204,777,922
76.80%
Miscellaneous Revenue Not Anticipated
693,665
0.25%
1,192,975
0.45%
Other Credits to Income
12,604,320
4.58%
6,174,969
2.32%
275,378,016
100.00%
266,644,125
100.00%
Expenditures:
Budget Appropriations
164,570,310
57.22%
158,124,386
57.79%
School, County and SID Taxes
111,950,070
38.93%
106,782,993
39.03%
Other Charges
11,079,263
3.85%
8,717,915
3.19%
287,599,643
100.00%
273,625,294
100.00%
Change in Operations, Net of Surplus Utilized
(12,221,627)
(6,981,169)
Adjustments to Income: Deferred Charges
of Budget of Succeeding Year
4,000,000
-
Fund Balance, January 1
18,987,417
25,968,586
Fund Balance, December 31
10,765,790
$
18,987,417
$
December 31, 2024
December 31, 2023
78
CITY OF BAYONNE
Table 4
STATISTICAL SECTION
(UNAUDITED)
FIVE-YEAR HISTORY OF TAX RATE AND APPORTIONMENT OF TAX RATE
Year Ended
Total Tax Rate
Municipal
County
Local School
Dec. 31, 2024
2.796
1.249
0.488
1.059
Dec. 31, 2023
2.683
1.171
0.438
1.074
Dec. 31, 2022
2.633
1.149
0.424
1.060
Dec. 31, 2021
2.612
1.131
0.407
1.074
Dec. 31, 2020
2.566
1.127
0.383
1.056
Municpal includes Library, County includes County Open Space and Local School includes school debt service in Municpal B
Table 5
Tax Title
Delinquent
Percent of
Year Ended
Liens
Taxes
Total
Tax Levy
Dec. 31, 2024
730,533
$
500,009
$
1,230,542
$
0.58%
Dec. 31, 2023
701,044
573,202
1,274,246
0.62%
Dec. 31, 2022
672,746
1,621,547
2,294,293
1.15%
Dec. 31, 2021
644,976
1,289,141
1,934,117
0.98%
Dec. 31, 2020
621,534
1,919,834
2,541,368
1.30%
FIVE-YEAR HISTORY OF DELINQUENT TAXES AND TAX TITLE LIENS
(per $100 of assessed valuation)
79
CITY OF BAYONNE
Table 6
STATISTICAL SECTION
(UNAUDITED)
FIVE-YEAR HISTORY OF TAX LEVIES AND COLLECTIONS
Cash
Collection
Year Ended
Tax Levy
Collections
Percentage
Dec. 31, 2024
212,248,383
$
211,941,752
$
99.86%
Dec. 31, 2023
205,857,655
204,777,922
99.48%
Dec. 31, 2022
199,954,246
198,447,967
99.25%
Dec. 31, 2021
197,597,526
196,966,217
99.68%
Dec. 31, 2020
195,381,384
192,970,557
98.77%
Table 7
FIVE-YEAR HISTORY OF PROPERTY ACQUIRED BY TAX TITLE LIEN LIQUIDATION
As of
Amount
Dec. 31, 2024
18,416,900
$
Dec. 31, 2023
18,416,900
Dec. 31, 2022
6,473,400
Dec. 31, 2021
6,473,400
Dec. 31, 2020
6,473,400
80
CITY OF BAYONNE
Table 8
STATISTICAL SECTION
(UNAUDITED)
FIVE-YEAR HISTORY OF PERCENTAGE OF
NET ASSESSED VALUATION TO ESTIMATED FULL CASH VALUATION
Percentage of Net
Assessed Value
Net Assessed
Estimated Full
To Estimated Full
Year Ended
Valuation Taxable
Cash Valuation
Cash Valuation
Dec. 31, 2024
7,570,703,976
$
10,001,207,298
$
75.70%
Dec. 31, 2023
7,604,155,436
9,263,096,586
82.09%
Dec. 31, 2022
7,534,423,877
8,369,789,648
90.02%
Dec. 31, 2021
7,540,289,306
7,986,301,119
94.42%
Dec. 31, 2020
7,578,100,324
7,463,961,760
101.53%
Source: County Abstract of Ratables
81
CITY OF BAYONNE
Table 9
STATISTICAL SECTION
(UNAUDITED)
Ratio of Debt
Ratio of Debt
Sevice to
Sevice to
Total Budget (1)
Current Fund
Total Realized
Current Fund
Year
Principal
Interest
Total
Appropriations
Expenditures
Budget Revenue
Revenue
2024
15,781,020
$
6,794,592
$
22,575,612
$
166,157,439
$
13.59 %
166,467,090
$
13.56%
2023
12,575,179
8,596,088
21,171,267
159,557,887
13.27 %
164,926,689
12.84%
2022
12,775,574
8,960,102
21,735,676
161,196,116
13.48 %
164,468,361
13.22%
2021
12,342,982
11,781,996
24,124,978
152,961,752
15.77 %
153,161,180
15.75%
2020
11,178,840
9,839,922
21,018,762
147,109,122
14.29 %
149,092,551
14.10%
*
Includes amounts paid or charged for bonded debt (including Green Trust Loans) and notes issued in anticipation thereof, for City and School Purposes.
Does not include tax anticipation notes, capital lease transactions, utility bonds and emergency notes.
(1)
Budget after Modification less unexpended balances canceled.
Debt Service Requirement
FIVE-YEAR HISTORY OF RATIO OF ANNUAL DEBT SERVICE* TO OPERATING EXPENDITURES AND REVENUES
82
CITY OF BAYONNE
Table 10
STATISTICAL SECTION
(UNAUDITED)
Dec. 31, 2024
Dec. 31, 2023
Three-Year Average Equalized Valuation
10,025,627,064
$
9,166,399,234
$
Debt Limit - 3 1/2% of Average Equalized Valuation
350,896,947
$
320,823,973
$
Net Debt
200,349,488
178,446,300
Remaining Borrowing Power / Debt Margin
150,547,459
$
142,377,673
$
Gross Debt
Deductions
Net Debt
Local School Debt
19,941,000
$
19,941,000
$
-
$
Self-Liquidating Purposes
850,000
850,000
-
Municipal Debt
212,139,488
11,790,000
200,349,488
Total
232,930,488
$
32,581,000
$
200,349,488
$
Overlapping Debt (Gross):
County of Hudson (December 31, 2024)
119,211,711
$
Hudson County Improvement Authority (December 31, 2024)
64,058,572
183,270,283
$
Gross Debt
Deductions
Net Debt
Local School Debt
24,631,000
$
24,631,000
$
-
$
Self-Liquidating Purposes
1,110,000
1,110,000
-
Municipal Debt
190,836,300
12,390,000
178,446,300
Total
216,577,300
$
38,131,000
$
178,446,300
$
Overlapping Debt (Gross):
County of Hudson (December 31, 2023)
118,272,547
$
Hudson County Improvement Authority (December 31, 2023)
64,101,571
182,374,118
$
COMPUTATION OF LEGAL DEBT MARGIN AND OVERLAPPING DEBT
December 31, 2023
December 31, 2024
83
CITY OF BAYONNE
Table 11
STATISTICAL SECTION
(UNAUDITED)
Three-Year
Ratio of Gross
Ratio of Net
Average
Debt to
Debt to
Equalized
Gross
Gross Debt
Equalized
Net
Net Debt
Equalized
Year
Population
Valuation
Debt
Per Capita
Valuation
Debt
Per Capita
Valuation
2024
71,686
10,025,627,064
$
232,930,488
$
3,249
$
2.32%
200,349,488
$
2,795
$
1.998%
2023
71,686
9,166,399,234
216,577,300
3,021
2.36%
178,446,300
2,489
1.947%
2022
71,686
8,407,148,725
230,598,035
3,217
2.74%
185,815,608
2,592
2.210%
2021
71,686
7,756,651,898
234,308,760
3,269
3.02%
184,350,704
2,572
2.377%
2020
71,686
7,120,626,229
252,582,770
3,523
3.55%
193,108,305
2,694
2.712%
Included above is all debt as required by NJSA 40A:4-20.
Operating debt, such as tax anticipation notes, emergency notes, special emergency notes and utility revenue notes, are not included.
FIVE-YEAR HISTORY OF RATIO OF BONDED AND BONDABLE DEBT TO EQUALIZED VALUE AND DEBT PER CAPITA
84
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CITY OF BAYONNE
REPORT OF AUDIT
SUPPLEMENTARY INFORMATION:
FUND FINANCIAL SCHEDULES
CITY OF BAYONNE
Exhibit A-4
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF CASH AND CASH EQUIVALENTS
Ref.
Balance: December 31, 2023
43,058,521
$
1,679,532
$
Increased by Cash Receipts:
Delinquent Taxes Receivable
A-2a
384,366
$
-
$
Current Taxes Receivable
A-2a
209,650,963
-
Miscellaneous Revenues Not Anticipated
A-2b
684,062
-
Petty Cash
A-6
16,379
-
State Aid Receivable
A-10
5,761,294
-
Revenue Accounts Receivable
A-11
35,038,074
-
Interfunds
A-14, A-34
20,096,612
504,868
Interfunds - Interest
A-14, A-34
-
1,005
Contracts Payable
A-17
9,679
-
State Sr. Citizen and Veteran Deductions
A-18
154,915
-
Prepaid Taxes
A-19
832,152
-
Tax Overpayments - Current Taxes
A-20
1,112,382
-
Prepaid Tax Cost Sale
A-22
20,000
-
Due to Bulk Levy Purchaser
A-22a
1,091,237
-
Due to County for PILOT Fees
A-23
650,119
-
Reserve for Urban Enterprise Zone Funds
A-28
52,892
-
Reserves for Other
A-29
35,512
-
Special Emergency Notes
A-30
4,000,000
-
A-33
-
541,581
279,590,638
1,047,454
322,649,159
2,726,986
Decreased by Cash Disbursements:
Refund of Prior Year Revenue
A-1
77,231
-
Current Year Budget Appropriations
A-3
60,012,918
-
Petty Cash
A-6
17,479
-
Other Receivables
A-12
1,943
-
Interfunds
A-14, A-34
113,656,404
-
Appropriation Reserves
A-15
3,951,088
-
Contracts Payable
A-17
34,390
-
Tax Overpayments
A-20
423,000
-
Due to Bulk Levy Purchaser
A-22a
1,482,763
-
Due to County for PILOT Fees
A-23
1,968,909
-
School Taxes Payable
A-24
76,201,360
-
County Taxes Payable
A-25
36,894,266
-
Due to Library
A-27
822,442
-
Reserve for Urban Enterprise Zone Funds
A-28
13,513
-
Reserves for Other
A-29
32,885
-
295,590,591
-
Balance: December 31, 2024
27,058,568
$
2,726,986
$
Federal and State Grants Fund
Current Fund
85
CITY OF BAYONNE
Exhibit A-5
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF CHANGE FUND
Ref.
Balance: December 31, 2024 and 2023
A
1,050
$
600
$
450
1,050
$
SCHEDULE OF PETTY CASH
Exhibit A-6
Ref.
Balance: December 31, 2023
A
4,242
$
Increased by Disbursements to Custodians:
Initial Funding
Business Administration
2,000
$
Public Safety
2,000
Municipal Library
500
Replenishment Funding
Business Administration
9,621
Public Safety
1,970
Municipal Library
1,388
A-4
17,479
21,721
Decreased by:
Returns from Custodians
A-4
16,379
Expend Petty Cash Usage of Current and Prior Years
A-1
5,342
21,721
Balance: December 31, 2024
A
-
$
86
CITY OF BAYONNE
Exhibit A-7
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY
Balance:
2024
Added
By Discounts
Transfer /
Transfer to
Balance:
Year
Dec. 31, 2023
Levy
Taxes
Prior Year
Current Year
(Dis)Allowed
Cancelled
Tax Title Liens
Dec. 31, 2024
2023
& Prior
573,202
$
-
$
522,724
$
-
$
495,323
$
-
$
425,684
$
-
$
174,919
$
2024
-
212,248,383
-
1,194,802
210,594,160
152,790
(47,948)
29,489
325,090
573,202
$
212,248,383
$
522,724
$
1,194,802
$
211,089,483
$
152,790
$
377,736
$
29,489
$
500,009
$
A
A-2a, A-19
A2a
A-2a, A-18
A-8
A
Analysis of 2024 Property Tax Levy:
Tax Levy:
Tax Yield:
Local District School Tax (Abstract)
General Purpose
211,949,652
$
Levy
74,764,141
$
Added and Omitted Taxes
298,731
Addition to Local District School Tax
5,331,950
212,248,383
$
80,096,091
$
County Tax
County Taxes (Abstract)
35,861,047
County Open Space Taxes
1,000,121
Added and Omitted County Taxes
51,993
36,913,161
Special Improvement District Taxes
272,768
Library Tax
3,306,137
Local Tax for Municipal Purposes (Abstract)
91,353,838
Local Tax for Municipal Levied (Added)
246,738
Levy Surplus
59,650
91,660,226
212,248,383
$
By Cash Receipts - Net of Refunds
Collections
87
CITY OF BAYONNE
Exhibit A-8
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF TAX TITLE LIENS RECEIVABLE
Ref.
Balance: December 31, 2023
A
701,044
$
Increased by:
Transfer from Taxes Receivable
A-7
29,489
Balance: December 31, 2024
A
730,533
$
SCHEDULE OF PROPERTY ACQUIRED FOR TAXES AT ASSESSED VALUATION
Exhibit A-9
Ref.
Balance: December 31, 2024 and 2023
A
18,416,900
$
88
CITY OF BAYONNE
Exhibit A-10
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF INTERGOVERNMENTAL RECEIVABLES - STATE AID - PREPAID DEBT SERVICE
Ref.
Balance: December 31, 2023
A
1,132,845
$
Increased by:
Accrued State Aid
A-2a
8,935,091
10,067,936
Decreased by:
Cash Receipts - Scheduled Recapitulation
A-4
5,761,294
$
Qualified Bonds Paid by State
A-3
3,123,650
8,884,944
Balance: December 31, 2024
A
1,182,992
$
89
Exhibit A-11
Sheet 1 of 2
CITY OF BAYONNE
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF REVENUE ACCOUNTS RECEIVABLE
Balance:
Cash
Other Funds
Balance:
Dec. 31, 2023
Accrued
Receipts
and Reserves
Cancelled
Dec. 31, 2024
Local Revenues:
Licenses:
Alcoholic Beverage
-
$
74,034
$
74,034
$
-
$
-
$
-
$
Other
-
169,648
169,648
-
-
-
Fees and Permits
-
2,996,372
2,996,372
-
-
-
Fines and Costs - Municipal Court
126,955
1,927,214
1,834,885
-
-
219,284
Fines and Costs - Other
-
220,429
220,429
-
-
-
Interest and Costs on Taxes
-
290,813
289,330
1,483
-
-
Interest on Investments and Deposits
-
457,428
402,527
54,901
-
-
Rents - City Owned Property
-
318,028
318,028
-
-
-
Payments in Lieu of Taxes:
Bayonne Housing Authority
-
322,601
322,601
-
-
-
Senior Horizons of Bayonne
-
116,199
116,199
-
-
-
Southshore Village/Post Road Gardens
-
303,721
303,721
-
-
-
Costco/Bayonne Redev. UR Block 700 LLC
-
142,500
142,500
-
-
-
Barnabas Bayonne
-
285,000
285,000
-
-
-
Alexan City View
-
1,242,230
1,242,230
-
-
-
Platty Kill Manor
-
240,000
240,000
-
-
-
Bayonne CommunityAction
-
9,233
9,233
-
-
-
Bayonne Energey Cener Urban Renewal I
-
1,382,537
1,382,537
-
-
-
Bayonne Energey Cener Urban Renewal II
-
488,942
488,942
-
-
-
Prince Holdings
-
396,625
396,625
-
-
-
195 East 22nd Street Urban Renewal
-
42,593
42,593
-
-
-
Silklofts
-
220,638
220,638
-
-
-
Tagliarini Building
-
26,692
26,692
-
-
-
Port Authority
-
98,578
98,578
-
-
-
Port Authority/Workbench
-
382,128
382,128
-
-
-
Port Authority/Global Auto Marine Terminal
-
1,051,145
1,051,145
-
-
-
Port Authority of New York & New Jersey
-
350,220
350,220
-
-
-
Bayonne Bay Developer Urban Renewal
-
1,505,517
1,505,517
-
-
-
PSIP II
-
146,465
146,465
-
-
-
North Street Properties
-
167,324
167,324
-
-
-
230-250 Avenue E
-
219,842
219,842
-
-
-
Bayonne 19th Street Urban Renewal
-
309,173
309,173
-
-
-
662 Avenue C
-
69,484
69,484
-
-
-
160 East 22nd Street
-
108,947
108,947
-
-
-
Citgen Realty Urban Rewal, LLC
-
552,291
552,291
-
-
-
Hobart Housing
-
9,881
9,881
-
-
-
MHP 22 Avenue E
-
164,698
164,698
-
-
-
PSIP Avenue A
-
180,814
180,814
-
-
-
Bayonne Equities
-
156,930
156,930
-
-
-
957-965 Broadway
-
260,435
260,435
-
-
-
KRE Fleet Urban Renewal
-
1,094,536
1,094,536
-
-
-
Parkview Realty Urban Renewal LLC
-
497,500
497,500
-
-
-
Bayonne Redevelopers Block 720
-
162,412
162,412
-
-
-
160 East 22nd Street 2-01 Realty LLC
-
37,666
37,666
-
-
-
Mahalaxmi Flagship UR
-
119,826
119,826
-
-
-
252-268 Avenue E UR
-
256,429
256,429
-
-
-
Lofts on Avenue E, LLC
-
107,502
107,502
-
-
-
Lofts on Avenue E, LLC 2
-
183,327
183,327
-
-
-
Pier View Lofts Urban Renewal LLC
-
280,046
280,046
-
-
-
23rd Street Urban Renewal JOF AAI 3, LLC
-
15,319
15,319
-
-
-
South Cove Development IV UR, LLC
-
109,012
109,012
-
-
-
SWL UR, LLC
-
523,793
523,793
-
-
-
175 West 7th Development UR, LLC
-
26,443
26,443
-
-
-
Five Year PILOTS
-
176,438
176,438
-
-
-
PILOT Administrative Fee
19,195
252,819
252,819
-
19,195
-
146,150
21,250,417
21,101,704
56,384
19,195
219,284
90
Exhibit A-11
Sheet 2 of 2
CITY OF BAYONNE
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF REVENUE ACCOUNTS RECEIVABLE
Balance:
Cash
Other Funds
Balance:
Dec. 31, 2023
Accrued
Receipts
and Reserves
Cancelled
Dec. 31, 2024
Shared Service Agreements:
Garbage Removal Contract - Bayonne BOE
54,167
$
339,660
$
392,001
$
-
$
1,826
$
-
$
Bayonne Housing Authority -
Garbage/Dumpster
-
54,200
54,200
-
-
-
Police Services
-
200,000
200,000
-
-
-
54,167
593,860
646,201
-
1,826
-
Other Special Items:
Uniform Fire Safety Act
-
139,095
139,095
-
-
-
PVSC Municipal Rebate Incentive Program
-
25,582
25,582
-
-
-
Debt Service Reimbursement - Bayonne BOE
-
221,693
221,693
-
-
-
Royal Caribbean Cruise Port
-
2,616,573
2,616,573
-
-
-
Debt Service Reimbursement - Empire Golf
-
400,000
400,000
-
-
-
Indirect Cost Reimbursement - UCC
-
397,503
397,503
-
-
-
Uniform Fire Code Inspection Fees
-
277,326
277,326
-
-
-
Parking Tax
-
1,227,931
1,227,931
-
-
-
Spectra Energy
-
1,700,017
1,700,017
-
-
-
Port Authority Land Payment
-
5,000,000
5,000,000
-
-
-
City Wide Communication System - BOE
-
30,282
30,282
-
-
-
BMUA Expense Reimbursement
-
679,342
679,342
-
-
-
Cable TV Franchise Fee
-
574,825
574,825
-
-
-
Local Fiscal Recovery Funds Revenue Loss
-
1,024,300
-
1,024,300
-
-
-
14,314,469
13,290,169
1,024,300
-
-
Total Miscellaneous Revenues
200,317
$
36,158,746
$
35,038,074
$
1,080,684
$
21,021
$
219,284
$
A
A-2a, A-4
A
A-14
54,901
$
A-14
1,024,300
A-20
1,483
A-2a
1,080,684
$
91
CITY OF BAYONNE
Exhibit A-12
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF OTHER RECEIVABLES
Ref.
Balance: December 31, 2023
A
-
$
Increased by:
Overpaid Public Works Employees Due from Suez
A-4
1,943
Balance: December 31, 2024
A, A-1
1,943
$
92
CITY OF BAYONNE
Exhibit A-13
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF DEFERRED CHARGES
Increased by:
Original
Amount
Balance:
Current Year
Balance:
Deferred
Dec. 31, 2023
Authorizations
Cash Payment
Dec. 31, 2024
Special Emergency Appropriations
Revaluation of Properties
747,890
$
148,000
$
-
$
148,000
$
-
$
NJSA 40A:4-53(b)
2019
Contractually Required Severance Liabilities
4,000,000
-
4,000,000
-
4,000,000
NJSA 40A:4-53(b)
October 16, 2024
Ord. O-24-53
148,000
$
4,000,000
$
148,000
$
4,000,000
$
A
A-3
A-30
A
Decreased by:
Appropriation
Budget
93
Exhibit A-14
CITY OF BAYONNE
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF INTERFUNDS
Unemployment
Tax Lien
Federal & State
Animal
Insurance
Redemption
HUD
Other Trust
Redevelopment
Payroll
General
Parking Utility
Parking Utility
Total
Grant Fund
Control
Trust
Trust
Grant Fund
Fund
Escrow
Agency Fund
Capital Fund
Operating Fund
Capital Fund
Increased by:
Grant Awards:
Adopted Budget
A-2a
2,395,031
$
2,395,031
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
Added by NJSA 40A:4-87
A-2a
1,273,078
1,273,078
-
-
-
-
-
-
-
-
-
-
Trust Reserves - Adjustments
A-1
11,130
-
-
-
-
-
100
11,030
-
-
-
-
ARP Revenue Loss
A-11
1,024,300
1,024,300
-
-
-
-
-
-
-
-
-
-
Interest Earned
A-11
54,901
1,005
25
7,810
7,068
-
14,439
496
-
24,058
-
-
Non-Budget Revenue Realized
A-2b
9,603
-
-
-
-
-
9,603
-
-
-
-
-
Budget Reimbursements
A-3
864,386
-
19,593
-
-
25,000
819,793
-
-
-
-
-
Contra Interfunds
Contra
656,046
-
-
-
-
-
656,046
-
-
-
-
-
Cash Disbursements
A-4
113,656,404
3,932,883
1,920
24,000
97,104
1,618,007
2,703,098
382,524
91,193,116
11,682,337
1,961,802
59,613
119,944,879
8,626,297
21,538
31,810
104,172
1,643,007
4,203,079
394,050
91,193,116
11,706,395
1,961,802
59,613
Decreased by:
Fund Unidentified Trust Credits
A-1
730
-
-
-
-
-
-
-
730
-
-
-
Budget Appropriation:
Capital Improvement Fund
A-3
350,000
-
-
-
-
-
-
-
-
350,000
-
-
Storm Recovery Reserves
A-3
96,863
-
-
-
-
-
96,863
-
-
-
-
-
Unemployment Reserves
A-3
24,000
-
-
24,000
-
-
-
-
-
-
-
-
Contractual Severance Liabilities
A-3
1,235,420
-
-
-
-
-
1,235,420
-
-
-
-
-
Payroll Charges
A-3
91,193,021
-
-
-
-
-
-
-
91,193,021
-
-
-
Grant Awards
A-3
3,668,109
3,668,109
-
-
-
-
-
-
-
-
-
-
Grant Matching
A-3
185,177
185,177
-
-
-
-
-
-
-
-
-
-
Reserve for Other
A-29
30,282
-
-
-
-
-
30,282
-
-
-
-
-
Contra Interfunds
Contra
656,046
633,811
469
-
-
-
-
21,766
-
-
-
-
Cash Receipts
A-4
20,096,612
2,681,462
30,455
7,810
104,172
1,643,007
2,821,782
337,004
-
10,449,505
1,961,802
59,613
117,536,260
7,168,559
30,924
31,810
104,172
1,643,007
4,184,347
358,770
91,193,751
10,799,505
1,961,802
59,613
Net Change in Interfunds
2,408,619
1,457,738
(9,386)
-
-
-
18,732
35,280
(635)
906,890
-
-
Balance: December 31, 2023
Interfunds Receivable
A, A-1
7,528,071
7,518,685
9,386
-
-
-
-
-
-
-
-
-
Interfunds Payable
A
381,758
-
-
-
-
-
19,963
-
-
361,795
-
-
Balance: December 31, 2024
Interfunds Receivable
A, A-1
9,556,798
$
8,976,423
$
-
$
-
$
-
$
-
$
-
$
35,280
$
-
$
545,095
$
-
$
-
$
Interfunds Payable
A
1,866
$
-
$
-
$
-
$
-
$
-
$
1,231
$
-
$
635
$
-
$
-
$
-
$
94
Exhibit A-15
Sheet 1 of 3
CITY OF BAYONNE
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF APPROPRIATION RESERVES
Balance: December 31, 2023
Balance After
Paid or
Contracts
Balance
Reserved
Encumbered
Transfers
Charged
Payable
Lapsed
(A) Operations - within "CAPS"
Office of the Mayor
Salaries and Wages
3,268
$
-
$
3,268
$
-
$
-
$
3,268
$
Other Expenses
9,411
358
9,769
503
-
9,266
Planning Board
Other Expenses
7,013
6,488
13,501
2,797
-
10,704
Board of Adjustment
Other Expenses
2,861
7,306
10,167
3,491
-
6,676
Alcohol Beverage Control
Other Expenses (N.J.S.A. 40:56A-1)
1,000
-
1,000
-
-
1,000
Environmental Commission
Other Expenses (N.J.S.A. 40:56A-1)
1,000
-
1,000
-
-
1,000
Rent Control Office
Other Expenses
2,407
14,604
17,011
4,746
-
12,265
Planning and Zoning
Salaries and Wages
23,097
-
23,097
-
-
23,097
Other Expenses
34,600
144,599
179,199
40,189
-
139,010
City Clerk & Municipal Council
Municipal Council
Salaries and Wages
3,388
-
3,388
-
-
3,388
Other Expenses
1,948
332
2,280
332
-
1,948
City Clerk's Office
Salaries and Wages
5,542
-
5,542
-
-
5,542
Other Expenses
2,765
2,363
5,128
2,868
-
2,260
Primary, General & Municipal Elections
Salaries and Wages
15,874
-
15,874
-
-
15,874
Other Expenses
45,429
38
45,467
38
-
45,429
Audit Services
-
1,200
1,200
-
-
1,200
Department of Administration
Business Administrator's Office
Salaries and Wages
81,473
-
81,473
-
-
81,473
Other Expenses
20,833
32,949
53,782
20,693
-
33,089
Finance Office
Salaries and Wages
313
-
313
-
-
313
Other Expenses
7,780
60,395
68,175
4,641
-
63,534
Tax Assessor
Salaries and Wages
9,449
-
9,449
-
-
9,449
Special Emergency: Revaluation
Collection of Taxes
Salaries and Wages
4,669
-
4,669
-
-
4,669
Postage
1,356
-
1,356
-
-
1,356
Personnel Department
Salaries and Wages
2,966
-
2,966
-
-
2,966
Bayonne Historical Commission
Other Expenses
5,816
184
6,000
184
-
5,816
Law Department
Salaries and Wages
35,047
-
35,047
-
-
35,047
Other Expenses
7,115
5,630
12,745
4,221
-
8,524
Contracts
15,172
73,907
89,079
41,571
-
47,508
Municipal Services Department
Water/Sewer Division
Salaries and Wages
2,632
550
3,182
-
-
3,182
Other Expenses
7,186
896
8,082
-
-
8,082
Board of Health
Salaries and Wages
8,190
-
8,190
-
-
8,190
Other Expenses
21,017
82,229
103,246
64,132
-
39,114
Office on Aging
Salaries and Wages
175,291
-
175,291
-
-
175,291
Other Expenses
4,900
52
4,952
52
-
4,900
95
Exhibit A-15
Sheet 2 of 3
CITY OF BAYONNE
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF APPROPRIATION RESERVES
Balance: December 31, 2023
Balance After
Paid or
Contracts
Balance
Reserved
Encumbered
Transfers
Charged
Payable
Lapsed
(A) Operations - within "CAPS"
Department of Public Safety
Police - Uniform Personnel
Salaries and Wages
117,294
$
-
$
117,294
$
59,881
$
-
$
57,413
$
Other Expenses
32,205
87,861
124,066
106,020
9,802
8,244
Police - Non-Uniform Personnel
Salaries and Wages
4,475
-
4,475
-
-
4,475
Other Expenses
5,867
-
5,867
750
-
5,117
Fire - Non-Uniform Personnel
Salaries and Wages
24,948
-
24,948
-
-
24,948
Fire - Uniform Personnel
Salaries and Wages
21,167
-
21,167
-
-
21,167
Uniform Fire Safety Act
3,976
158,337
162,313
161,970
-
343
Prosecutor's Office
Other Expenses
1,243
20,000
21,243
21,243
-
-
Department of Public Works
Streets and Road Maintenance
Salaries and Wages
20,462
-
20,462
-
-
20,462
Other Expenses
39,861
15,221
55,082
759
-
54,323
Snow Removal
Other Expenses
-
100,000
100,000
70,397
-
29,603
Other Public Works
Salaries and Wages
7,525
-
7,525
-
-
7,525
Other Expenses
3,296
54
3,350
729
-
2,621
Solid Waste Collection
8,385
231,353
239,738
234,353
-
5,385
Buildings and Grounds
Salaries and Wages
425
-
425
-
-
425
Other Expenses
79,681
86,937
166,618
53,848
-
112,770
Vehicle Maintenance
Salaries and Wages
21,929
-
21,929
-
-
21,929
Other Expenses
31,342
138,196
169,538
53,864
-
115,674
Swimming Pool
Salaries and Wages
1,017
-
1,017
-
-
1,017
Other Expenses
686
-
686
-
-
686
Parks & Playgrounds - Recreational
Salaries and Wages
188
-
188
-
-
188
Other Expenses
46,899
2,531
49,430
29,262
38
20,130
Maintenance of Parks
Salaries and Wages
5,979
-
5,979
-
-
5,979
Other Expenses
25,137
1,900
27,037
10,650
1,500
14,887
Engineering Services
622,922
90,810
708,732
334,441
46,947
327,344
Municipal Court
Salaries and Wages
46,240
-
46,240
-
-
46,240
Other Expenses
43,243
6,577
49,820
9,382
-
40,438
Public Defender
Other Expenses
1,700
5,833
7,533
5,833
-
1,700
Insurance:
General Liability / Workers Comp.
869,868
-
869,868
730,452
-
139,416
Employee Group Health
736,696
-
736,696
708,088
-
28,608
Group Insurance Waiver Costs
7,104
-
7,104
2,500
-
4,604
Unclassified:
Utilities
271,607
28,499
300,106
166,070
-
134,036
Telephone Expenses
52,024
4,084
56,108
8,337
-
47,771
Gasoline, Oil, Grease, Etc.
148,882
103,841
252,723
(4,321)
-
257,044
Solid Waste Disposal (Tipping Fees)
-
1,253,243
1,253,243
577,198
-
676,045
Celebration of Public Holidays
854
-
854
-
-
854
Bulk Levy Sale Expenses
-
8,910
8,910
7,547
-
1,363
Office Services
27,012
16,636
43,648
10,017
-
33,631
96
Exhibit A-15
Sheet 3 of 3
CITY OF BAYONNE
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF APPROPRIATION RESERVES
Balance: December 31, 2023
Balance After
Paid or
Contracts
Balance
Reserved
Encumbered
Transfers
Charged
Payable
Lapsed
(B) Contingent
1,000
$
-
$
1,000
$
-
$
-
$
1,000
$
(2) STATUTORY EXPENDITURES
Contribution to:
Social Security System (O.A.S.I.)
76,856
-
76,856
-
-
76,856
Pensioners & Widow(er)s
5,260
-
5,260
-
-
5,260
DCRP
739
-
1,739
-
-
1,739
(H-1)TOTAL GENERAL APPROPRIATIONS
FOR MUNICIPAL PURPOSES WITHIN "CAPS"
(A) Operations - Excluded From "CAPS"
GENERAL GOVERNMENT
Free Public Library
54,834
25,458
80,292
80,292
-
-
SHARED SERVICE AGREEMENTS
Bayonne BOE -
Garbage Removal Contract
-
6,640
6,640
3,320
-
3,320
Health Officer - West New York
13,333
-
13,333
-
-
13,333
Bayonne Housing Authority -
Garbage/Dumpster
-
4,200
4,200
4,200
-
-
PUBLIC AND PRIVATE APPROPRIATIONS
OFFSET BY REVENUES
Matching Funds for Grants
71,897
-
71,897
-
-
71,897
(C) Capital Improvements- Excluded From "CAPS"
Police Shooting Range - LFRF ARPA
-
346,992
346,992
346,992
-
-
4,126,866
$
3,178,193
$
7,305,059
$
3,984,532
$
58,287
$
3,262,240
$
A
A-16
A-17
A-1
Cash Disbursed
A-4
3,951,088
$
Library Reserves
A-27
33,444
3,984,532
$
97
CITY OF BAYONNE
Exhibit A-16
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVE FOR ENCUMBRANCES
Total
Library
City
Ref.
Balance: December 31, 2023
A
3,178,193
$
25,458
$
3,152,735
$
Increased by:
Current Year Appropriations
A-3
2,816,214
86,509
2,729,705
5,994,407
111,967
5,882,440
Decreased by:
Prior Year Budget Appropriation
A-15
3,178,193
25,458
3,152,735
Balance: December 31, 2024
A
2,816,214
$
86,509
$
2,729,705
$
SCHEDULE OF CONTRACTS PAYABLE
Exhibit A-17
Total
Library
City
Ref.
Increased by:
Appropriation Reserves
A-15
58,287
$
-
$
58,287
$
Void Checks
A-4
9,679
-
9,679
67,966
-
67,966
Decreased by:
Cancelled
A-1
1,784,092
-
1,784,092
Cash Disbursements
A-4
34,390
-
34,390
1,818,482
-
1,818,482
Net Change
(1,750,516)
-
(1,750,516)
Balance: December 31, 2023
A
2,191,089
10,439
2,180,650
Balance: December 31, 2024
A
440,573
$
10,439
$
430,134
$
98
CITY OF BAYONNE
Exhibit A-18
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
Ref.
State Share of Deductions:
Set Forth in Tax Duplicate:
Senior Citizens
154,500
$
Allowed by Tax Collector
125
154,625
$
Disallowed by Tax Collector
1,835
State Share of Deductions
A2a, A-7
152,790
Less:
Received in Cash from State of New Jersey
A-4
154,915
Net Change
(2,125)
Balance: December 31, 2023
Due from State of New Jersey
A
1,000
Balance: December 31, 2024
Due to State of New Jersey
A
1,125
$
SCHEDULE OF DUE FROM (TO) STATE OF NEW JERSEY - SENIOR CITIZEN AND VETERAN DEDUCTIONS
99
CITY OF BAYONNE
Exhibit A-19
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF PREPAID TAXES
Ref.
Balance: December 31, 2023
A
1,194,802
$
Increased by:
Cash Receipts
A-4
832,152
$
Overpayments Applied
A-20
45,393
877,545
2,072,347
Decreased by:
Applied to Current Year Taxes Receivable
A-2a, A-7
1,194,802
Balance: December 31, 2024
A
877,545
$
SCHEDULE OF TAX OVERPAYMENTS
Exhibit A-20
Ref.
Balance: December 31, 2023
A
4,586,827
$
Increased by:
Cash Receipts - Current Year Tax
A-4
1,112,382
5,699,209
Decreased by:
Overpayments Applied - Current Taxes
A-2a
943,197
Overpayments Applied - Prior Taxes
A-2a
110,957
Interest and Costs on Taxes
A-11
1,483
Reverse and Applied as Prepaid Taxes
A-19
45,393
Closed to Operations
A-1
2,519
Cash Disbursements
A-4
423,000
1,526,549
Balance: December 31, 2024
A
4,172,660
$
100
CITY OF BAYONNE
Exhibit A-21
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVE FOR MUNICIPAL RELIEF FUND
Ref.
Balance: December 31, 2023
A
920,998
$
Decreased by:
Anticipated as Revenue
A-2a
920,998
Balance: December 31, 2024
A
-
$
SCHEDULE OF PREPAID TAX SALE COST
Exhibit A-22
Ref.
Balance: December 31, 2023
A
5,793
$
Increased by:
Cash Receipts
A-4
20,000
Balance: December 31, 2024
A
25,793
$
SCHEDULE OF DUE TO BULK LEVY PURCHASER
Exhibit A-22a
Ref.
Balance: December 31, 2023
A
391,526
$
Increased by:
Cash Receipts
A-4
1,091,237
1,482,763
Decreased by:
Paid to Bulk Levy Purchaser
A-4
1,482,763
Balance: December 31, 2024
A
-
$
101
CITY OF BAYONNE
Exhibit A-23
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF COUNTY PILOT FEES PAYABLE
Bayonne Board
County of
Total
of Education
Hudson
Ref.
Balance: December 31, 2023
A
2,293,880
$
6,118
$
2,287,762
$
Increased by:
Cash Receipts
A-4
650,119
-
650,119
2,943,999
6,118
2,937,881
Decreased by:
Cash Disbursements
A-4
1,968,909
-
1,968,909
Balance: December 31, 2024
A
975,090
$
6,118
$
968,972
$
SCHEDULE OF LOCAL DISTRICT SCHOOL TAX PAYABLE
Exhibit A-24
Ref.
Increased by:
School Fiscal Year July 1, 2024 to June 30, 2025
A-1, A-2a
74,764,141
$
Decreased by:
Cash Disbursements
A-4
76,201,360
Net Change in School Tax Payable / Prepaid
(1,437,219)
Balance: December 31, 2023
-
Balance: December 31, 2024
School Tax Prepaid
A, A-1
1,437,219
$
Analysis of Net Payable / (Prepaid)
School Tax Overbilled
2,170,201
$
Less: School Tax Collected and Owed for 2025 Billing
732,982
Net School Tax Prepaid
1,437,219
$
102
CITY OF BAYONNE
Exhibit A-25
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF COUNTY TAXES PAYABLE
Ref.
Balance: December 31, 2023
A
33,098
$
Increased by:
General County Taxes as Certified
35,861,047
$
Open Space Tax as Certified
1,000,121
A-1
36,861,168
General County Taxes Added and Omitted
A-1
51,993
A-2a
36,913,161
36,946,259
Decreased by:
Cash Disbursements
A-4
36,894,266
Balance: December 31, 2024
A
51,993
$
SCHEDULE OF SPECIAL IMPROVEMENT DISTRICT TAX PAYABLE
Exhibit A-26
Ref.
Balance: December 31, 2023
A
1,537,214
$
Increased by:
2024 Levy
A-1, A-2a
272,768
Balance: December 31, 2024
A
1,809,982
$
103
Exhibit A-27
CITY OF BAYONNE
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVE FOR LIBRARY EXPENDITURES
Decreased by:
Balance
Appropriation
Cash
Balance
Dec. 31, 2023
Reserves
Disbursements
Dec. 31, 2024
Reserve for:
Unexpended Budget Appropriations
1,341,031
$
33,444
$
199,558
$
1,174,917
$
Library Capital Reserves
1,201,357
-
622,884
578,473
2,542,388
$
33,444
$
822,442
$
1,753,390
$
A
A-15
A-4
A
Increased by:
104
CITY OF BAYONNE
Exhibit A-28
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVE FOR URBAN ENTERPRIZE ZONE FUNDS
Ref.
Balance: December 31, 2023
A
1,763,874
$
Increased by:
Cash Receipts
8,310
$
Interfund Reimbursement
3,927
Interest
40,655
A-4
52,892
1,816,766
Decreased by:
Cash Disbursements
A-4
13,513
Balance: December 31, 2024
A
1,803,253
$
105
Exhibit A-29
CITY OF BAYONNE
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVES FOR OTHER
Balance
Cash
Cash
Reclass
Balance
Dec. 31, 2023
Receipts
Disbursements
Funds
Cancelled
Dec. 31, 2024
Reserve for:
Due to SUEZ
7,630
$
-
$
-
$
-
$
7,630
$
-
$
Accumulated Absences
30,282
-
-
30,282
-
-
Credit Card Fees Due
6,316
35,512
29,585
-
-
12,243
Trap Neuter Release
9,069
-
3,300
-
-
5,769
Prepaid PILOTs
94
-
-
-
94
-
PMA Reimb. to be Applied in Future Year
8,544
-
-
8,544
-
61,935
$
35,512
$
32,885
$
30,282
$
16,268
$
18,012
$
A
A-4
A-4
A-14
A-1
A
Decreased by:
Increased by:
106
Exhibit A-30
CITY OF BAYONNE
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF SPECIAL EMERGENCY NOTES PAYABLE
Ordinance
Date of
Maturity
Interest
Balance
Notes
Budget
Balance
Number
Date
Amount
Issue
Date
Rate
Dec. 31, 2023
Issued
Appropriation
Dec. 31, 2024
Contractual Severance Liabilities
Series 2024 (Federally Taxable)
O-24-53
11/26/2024
4,000,000
$
11/26/2024
07/11/2025
4.750%
-
$
4,000,000
$
-
$
4,000,000
$
Revaluation of Properties
Issued via HCIA Series 2023B-1 Notes
O-19-01
10/18/2019
747,890
07/25/2023
07/24/2024
5.000%
148,000
-
148,000
-
148,000
$
4,000,000
$
148,000
$
4,000,000
$
Ref.
A
A-4
A-13
A
Original Issuance
Decreased by:
107
Exhibit A-31
Sheet 1 of 3
CITY OF BAYONNE
FEDERAL AND STATE GRANT FUND
FOR THE YEAR ENDED DECEMBER 31, 2021
SCHEDULE OF FEDERAL AND STATE GRANTS RECEIVABLE
Transfer from
Balance
Original
Added by
Cash
Unappropriated
Adjustments /
Balance
Dec. 31, 2023
Budget
NJSA 40A:4-87
Receipts
Reserve
Cancellation
Dec. 31, 2024
2018 Municipal Aid Program
89,440
$
-
$
-
$
-
$
-
$
-
$
89,440
$
Municipal Aid Program
802,443
-
-
-
-
-
802,443
2023 Municipal Aid Program
203,813
-
-
-
-
-
203,813
2018 Peer Grouping Grant
10,000
-
-
8,610
-
-
1,390
Peer Grouping Grant
10,000
-
-
10,000
-
-
-
Peer Grouping Grant
7,895
-
-
5,805
-
-
2,090
Congregate Meals FFCRA Grant
171,288
-
-
-
-
-
171,288
2021 Congregate Meals Program
473,658
-
-
-
-
-
473,658
DOT Paving Grant - FY 2012
300,061
-
-
-
-
-
300,061
DOT Pedestrian Bridge Grant
550,000
-
-
75,013
-
-
474,987
NJDOT Local Aid Grant
397,834
-
-
-
-
-
397,834
2023 NJ DOT Set Aside Program
1,500,000
-
-
-
-
-
1,500,000
NJ DOT Local Transportation Grant
1,500,000
-
-
-
-
-
1,500,000
NJ DOT Local Transportation Project
800,000
-
-
-
-
-
800,000
NJ Dot Westside Walkway Improvement
500,000
-
-
-
-
-
500,000
Public Wastewater Facilities CSO Grant - Federal
76,921
-
-
-
-
-
76,921
Green Acres Grant Program
1,250,000
-
-
-
-
-
1,250,000
Hudson County Open Space Trust Fund
184,529
-
-
-
-
-
184,529
Municipal Alliance Grant
2,548
47,064
-
-
47,064
-
2,548
Port Authority Grant
2,624,375
-
-
624,375
-
-
2,000,000
Safe Routes to Schools Program
300,000
-
-
-
-
-
300,000
Public Wastewater Facilities CSO Grant - State
56,794
-
-
-
-
-
56,794
Cooperative Marketing Grant
4,650
-
-
-
-
-
4,650
Custom Border Patrol
14,694
-
-
14,694
-
-
-
Recreation Opp. for Individuals with Disabilties
20,000
-
-
-
-
-
20,000
Local Recreation Improvement Grant
85,000
-
-
-
-
-
85,000
Body Armor Fund
-
12,914
-
-
12,914
-
-
State Local Housing Inspection Program
13,446
-
-
-
-
-
13,446
UASI Grant CY2019
12,755
-
-
-
-
-
12,755
Recycling Tonnage Grant
100,525
99,192
-
99,192
-
100,525
-
Clean Communities Grant
-
-
142,566
142,566
-
(100,525)
100,525
Pedestrian Safety Grant
2,005
-
-
-
-
-
2,005
Congregate Meals Program
644,585
-
-
125,156
-
-
519,429
Congregate Meals Program
-
385,960
196,007
228,050
-
-
353,917
Drive Sober Holiday Crackdown
880
-
-
-
-
-
880
Drive Sober or Get Pulled Over
7,000
-
-
6,965
-
-
35
Current Year Awards
108
Exhibit A-31
Sheet 2 of 3
CITY OF BAYONNE
FEDERAL AND STATE GRANT FUND
FOR THE YEAR ENDED DECEMBER 31, 2021
SCHEDULE OF FEDERAL AND STATE GRANTS RECEIVABLE
Transfer from
Balance
Original
Added by
Cash
Unappropriated
Adjustments /
Balance
Dec. 31, 2023
Budget
NJSA 40A:4-87
Receipts
Reserve
Cancellation
Dec. 31, 2024
Current Year Awards
Local Freight Impact Fund (LFIF)
3,850,000
$
-
$
-
$
-
$
-
$
-
$
3,850,000
$
Local Freight Impact Fund (LFIF) - East 22nd Street
1,450,000
-
-
-
-
-
1,450,000
Safe Streets Grant
6,225
-
-
-
-
-
6,225
Multi Park Green Acres Grant
1,000,000
-
-
-
-
-
1,000,000
Green Acres Program - ONRR Grant
900,013
-
-
-
-
-
900,013
FM Global Fire Prevention Grant
3,180
-
-
-
-
-
3,180
Families First Coronavirus Emergency Response
102,568
-
-
-
-
-
102,568
NJACCHO - COVID 19 Grant
15,729
-
-
-
-
-
15,729
Assistance to Firefighters Grant
87,832
-
-
-
-
-
87,832
Pedestrian Safety Grant
4,055
-
-
-
-
-
4,055
FY2020 Pedestrian Safety Grant
4,010
-
-
-
-
-
4,010
Recreation Opp. for Individuals with Disabilties
60,000
20,000
-
-
-
-
80,000
Local Freight Impact Fund (LFIF)
2,776,776
-
-
-
-
-
2,776,776
Older American Act of 1965
45,969
-
-
45,969
-
-
-
Older American Act of 1965 - FFCRA Grant
47,291
-
-
-
-
-
47,291
Older American Act of 1965
-
73,984
68,756
73,712
-
-
69,028
DOJ Coronavirus Emergency Response
51,793
-
-
-
-
-
51,793
FY2019 Bulletproof Vest Grant
5,514
-
-
-
-
-
5,514
FY2020 Bulletproof Vest Grant
9,335
-
-
1,350
-
-
7,985
FY2021 Bulletproof Vest Grant
2,255
-
-
-
-
-
2,255
Open Space Grant - 28th Street Park
125,000
-
-
125,000
-
-
-
Emergency Management Grant
-
10,000
-
-
10,000
-
-
ARP Assistance to Firefighters Grant
29,000
-
74,000
29,000
-
-
74,000
2023 Spotted Lanternfly Chemical Treatment
15,000
-
-
-
-
-
15,000
2023 Hudson County Farmer's Market Grant
1,820
-
-
-
-
-
1,820
FY2021 Body Worn Camera Grant
3,884
-
-
-
-
-
3,884
2022 Strengthening Local Public Health Capacity
291,042
-
-
-
-
-
291,042
2021 Strengthening Local Public Health Capacity
44,134
-
-
-
-
-
44,134
CAA Home Delivered Meals
62,902
-
-
-
-
-
62,902
Distracted Driving Grants
-
10,500
-
10,500
-
-
-
Click it or Ticket
-
8,750
-
-
-
-
8,750
Click it or Ticket (2023)
-
8,750
-
-
8,750
-
-
109
Exhibit A-31
Sheet 3 of 3
CITY OF BAYONNE
FEDERAL AND STATE GRANT FUND
FOR THE YEAR ENDED DECEMBER 31, 2021
SCHEDULE OF FEDERAL AND STATE GRANTS RECEIVABLE
Transfer from
Balance
Original
Added by
Cash
Unappropriated
Adjustments /
Balance
Dec. 31, 2023
Budget
NJSA 40A:4-87
Receipts
Reserve
Cancellation
Dec. 31, 2024
Current Year Awards
Justice Assistance Grant
33,878
$
-
$
-
$
-
$
-
$
-
$
33,878
$
HDRSF Grants
63,966
-
-
-
-
-
63,966
COPS Hiring Grant
481,844
-
-
15,675
-
-
466,169
UEZ Assistance Grant
2,037,097
1,717,917
-
648,810
-
3,106,204
-
Hudson Cty Open Space - Miriam Teresa
267,165
-
-
-
-
-
267,165
Historic Preservation Grants
22,500
-
-
-
-
-
22,500
National Opiods Setttlement Funds
-
-
748,519
287,173
461,346
-
-
Patrick Leahy Bulletproof Vest Grant
60,434
-
43,230
16,904
-
-
86,760
26,679,350
$
2,395,031
$
1,273,078
$
2,594,519
$
540,074
$
3,106,204
$
24,106,662
$
A
A-34
A-34
A-34
A-33
A-34
A
Grants per Original Budget
2,395,031
$
633,811
$
Trust Fund
Grants Added by Chapter 159
1,273,078
1,960,708
Current Fund
Total Grant Awards
3,668,109
$
2,594,519
$
110
Exhibit A-32
Sheet 1 of 4
CITY OF BAYONNE
FEDERAL AND STATE GRANT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVE FOR FEDERAL AND STATE GRANTS - APPROPRIATED
Current Year
Matching
Paid or
Transfer to
Reserved
Encumbered
Awards
Funds
Charged
Trust Fund
Encumbered
Reserved
Law Enforcement Block Grant II
23,810
$
-
$
-
$
-
$
-
$
-
$
-
$
23,810
$
Law Enforcement Block Grant III
22,651
-
-
-
-
-
-
22,651
Law Enforcement Block Grant IX
49,918
-
-
-
-
-
-
49,918
Drive Sober Or Get Pulled Over
7,000
-
-
-
-
-
-
7,000
Distracted Driving Grant
-
-
10,500
-
10,500
-
-
-
Click it or Ticket
-
-
8,750
-
-
-
-
8,750
Click it or Ticket (2023)
-
-
8,750
-
-
-
-
8,750
Cops Hiring Grant
417,488
-
-
-
378,263
-
-
39,225
Justice Assistance Grant
17,212
-
-
-
17,212
-
-
-
Justice Assistance Grant - Match
4,320
-
-
-
-
-
-
4,320
Justice Assistance Grant
859
-
-
-
-
-
-
859
Justice Assistance Grant
84
-
-
-
-
-
-
84
JAG Memorial Grant
5,121
-
-
-
-
-
-
5,121
Bulletproof Vest Grant
1,908
-
-
-
-
-
-
1,908
Bulletproof Vest Grant
6,857
-
-
-
-
-
-
6,857
Bulletproof Vest Grant
1,304
-
-
-
1,304
-
-
-
Bulletproof Vest Grant
-
-
43,230
-
-
-
-
43,230
Patrick Leahy Bulletproof Vest Grant
46,922
-
-
-
16,201
-
616
30,105
Assistance to Firefighters Grant - 2019
17
-
-
-
-
-
-
17
Assistance to Firefighters Grant - 2020
25
-
-
-
-
-
-
25
Assistance to Firefighters Grant - 2023
87,832
-
-
-
87,778
-
-
54
Assistance to Firefighters Grant - Matching
8,783
-
-
-
8,686
-
-
97
Federal Equitable Sharing:
Drug Enforcement Agency
42,119
-
-
-
-
-
-
42,119
Port Security Grant
6,354
-
-
-
-
-
-
6,354
Port Security Grant
24,205
-
-
-
-
-
-
24,205
Customs and Border Control
-
299
-
-
-
-
-
299
Customs and Border Control
40,219
-
-
-
4,320
-
-
35,899
Hazardous Materials Emergency
11,400
-
-
-
-
-
-
11,400
US Dept of Commerce - EDA Grant
Pedestrian Bridge
514,027
-
-
-
-
-
-
514,027
Safe Routes to School Program
287,812
-
-
-
-
-
-
287,812
Area Plan Grant - Older American Act - FFCRA
9,118
-
-
-
-
-
-
9,118
Area Plan Grant - Older American Act
51
3,307
-
-
-
-
-
3,358
Area Plan Grant - Older American Act
1,202
-
-
-
-
-
-
1,202
Area Plan Grant - Older American Act
61,425
-
-
-
-
-
-
61,425
Area Plan Grant - Older American Act
30,841
6,155
-
-
674
-
-
36,322
Area Plan Grant - Older American Act - Matching
48,267
-
-
-
48,267
-
-
-
Area Plan Grant - Older American Act
-
-
142,740
-
128,103
-
7,960
6,677
Area Plan Grant - Older American Act - Matching
-
-
-
35,685
20,818
-
-
14,867
Urban Area Security Initiative Grant
52,939
-
-
-
-
-
-
52,939
Urban Area Security Initiative Grant
31,878
-
-
-
-
-
-
31,878
Urban Area Security Initiative Grant
24,865
-
-
-
-
-
-
24,865
Urban Area Security Initiative Grant
21,936
-
-
-
-
-
-
21,936
Balance: December 31, 2023
Balance: December 31, 2024
FEDERAL GRANTS
111
Exhibit A-32
Sheet 2 of 4
CITY OF BAYONNE
FEDERAL AND STATE GRANT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVE FOR FEDERAL AND STATE GRANTS - APPROPRIATED
Current Year
Matching
Paid or
Transfer to
Reserved
Encumbered
Awards
Funds
Charged
Trust Fund
Encumbered
Reserved
Balance: December 31, 2023
Balance: December 31, 2024
Congregate Meals Program
276,071
$
-
$
-
$
-
$
-
$
-
$
-
$
276,071
$
Congregate Meals Program - 2022
167,290
-
-
-
-
-
-
167,290
Congregate Meals Program - 2022 Matching
35,481
-
-
-
-
-
-
35,481
Congregate Meals Program - 2023
224,110
-
-
-
37,831
-
-
186,279
Congregate Meals Program - 2023 Matching
68,083
-
-
-
68,083
-
-
-
Congregate Meals Program - 2024
-
-
581,967
-
449,973
-
40,204
91,790
Congregate Meals Program - 2024 Matching
-
-
-
145,492
145,000
-
-
492
Congregate Meals Program - FFCRA
171,288
-
-
-
-
-
-
171,288
Peer Grouping Grant
7,895
-
-
-
-
-
-
7,895
CAA Home Delivered Meals
-
22,067
-
-
-
-
-
22,067
Emergency Management Assistance
23
-
-
-
-
-
-
23
Emergency Management Assistance
-
-
10,000
-
-
-
-
10,000
American Rescue Plan Firefighter Grant
-
-
74,000
-
-
-
74,000
-
American Rescue Plan Firefighter Grant - Match
8,740
-
-
-
-
-
-
8,740
Families First Coronavirus Response Act
102,568
-
-
-
-
-
-
102,568
Total Federal Grants
2,972,318
31,828
879,937
181,177
1,423,013
-
122,780
2,519,467
Strengthening Local Public Health 2021
229,647
-
-
-
-
-
-
229,647
Strengthening Local Public Health 2021
26,591
-
-
-
-
-
-
26,591
Recreation Opp. for Individuals with Disabilties
14,874
-
-
-
-
-
-
14,874
Recreation Opp. for Individuals with Disabilties - 2022
20,000
-
-
-
-
-
-
20,000
Recreation Opp. for Individuals with Disabilties - 2023
20,000
-
-
-
-
-
-
20,000
Recreation Opp. for Individuals with Disabilties - Match
4,000
-
-
-
-
-
-
4,000
Recreation Opp. for Individuals with Disabilties - 2024
-
-
20,000
-
-
-
-
20,000
Recreation Opp. for Individuals with Disabilties - Match
-
-
-
4,000
-
-
-
4,000
Local Recreation Improvement (LRIG)
85,000
-
-
-
-
-
-
85,000
Body Armor Replacement Fund
315
-
-
-
-
-
-
315
Body Armor Replacement Fund
10,921
-
-
-
-
-
-
10,921
Body Armor Replacement Fund
882
-
-
-
-
-
-
882
Body Armor Replacement Fund
-
-
12,914
-
-
-
-
12,914
Pedestrian Safety Enforcment and Education
6,370
-
-
-
-
-
-
6,370
Drunk Driving Enforcement Fund
12,928
170
-
-
156
-
12,772
170
Clean Communities Act
403
195
-
-
-
-
-
598
Clean Communities Act - 2020
-
(4,425)
-
-
-
-
(4,425)
-
Clean Communities Act
-
-
142,566
-
142,566
-
-
-
Multi Park Green Acres Grant
183,497
-
-
-
-
-
-
183,497
Green Acres Grant Program
460,158
9,304
-
-
-
-
9,304
460,158
Green Acres Program - ONRR Grant
-
4,390
-
-
-
-
4,390
-
FEDERAL GRANTS (continued)
STATE GRANTS
112
Exhibit A-32
Sheet 3 of 4
CITY OF BAYONNE
FEDERAL AND STATE GRANT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVE FOR FEDERAL AND STATE GRANTS - APPROPRIATED
Current Year
Matching
Paid or
Transfer to
Reserved
Encumbered
Awards
Funds
Charged
Trust Fund
Encumbered
Reserved
Balance: December 31, 2023
Balance: December 31, 2024
Department of Transportation:
Safe Streets to Transit Program
41,297
$
-
$
-
$
-
$
-
$
-
$
-
$
41,297
$
Local Aid Pedestrian Bridge
22
135,330
-
-
96,694
-
38,636
22
Set Aside Program
1,500,000
-
-
-
-
-
-
1,500,000
Local Transportation Grant
1,500,000
-
-
-
-
-
-
1,500,000
Local Transportation Grant
800,000
-
-
-
-
-
-
800,000
Westside Walkway Improvement
500,000
-
-
-
-
-
-
500,000
Municipal Aid Program 2016
31,702
-
-
-
-
-
-
31,702
Municipal Aid Program 2017
9,091
-
-
-
-
-
-
9,091
Municipal Aid Program 2018
97,841
-
-
-
-
-
-
97,841
Municipal Aid Program 2019
-
69,562
-
-
-
-
69,562
-
Municipal Aid Program 2022
802,443
-
-
-
-
-
-
802,443
Municipal Aid Program 2023
189,647
475,331
-
-
475,331
-
-
189,647
Recycling Tonnage Grant
-
-
99,192
-
99,192
-
-
-
Local Freight Impact Fund (LFIF)
3,714,196
-
-
-
-
-
-
3,714,196
Local Freight Impact Fund (LFIF) - Peninsula Harbor
149,450
844,881
-
-
614,276
-
230,605
149,450
Local Freight Impact Fund (LFIF) - E. 22nd Street
464,770
18,974
-
-
-
-
-
483,744
Cooperative Marketing Grant
9,300
-
-
-
-
-
-
9,300
Hazardous Discharges Site Remediation Fund
52,566
-
-
-
-
-
-
52,566
Body Worn Camera Grant
789
-
-
-
-
-
-
789
UEZ Assistance Fund Grant
584,561
14,130
-
-
136,997
461,694
-
-
UEZ Assistance Fund - Other Expenses
1,764,541
3,437
-
-
23,510
1,744,468
-
-
UEZ Assistance Fund - 2024 Admin
-
-
150,182
-
-
150,182
-
-
UEZ Assistance Fund - 2024 OE
-
-
1,567,735
-
156,421
1,085,388
325,926
-
2022 Historic Preservation Grant
14,655
-
-
-
10,128
-
-
4,527
2022 Historic Preservation Grant - Matching
2,972
-
-
-
2,473
-
-
499
Spotted Lanternfly Chemical Treatment
15,000
-
-
-
-
-
-
15,000
Stormwater Assistance Grant
15,000
-
-
-
-
-
-
15,000
Homeland Security - Public Safety Answering Point Grant
288,328
-
-
-
-
-
-
288,328
Municipal Alliance Grant
-
47,064
-
-
-
-
47,064
STATE GRANTS (continued)
113
Exhibit A-32
Sheet 4 of 4
CITY OF BAYONNE
FEDERAL AND STATE GRANT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVE FOR FEDERAL AND STATE GRANTS - APPROPRIATED
Current Year
Matching
Paid or
Transfer to
Reserved
Encumbered
Awards
Funds
Charged
Trust Fund
Encumbered
Reserved
Balance: December 31, 2023
Balance: December 31, 2024
Local and Private Grants:
First Responders Children's Foundation
901
$
-
$
-
$
-
$
-
$
-
$
-
$
901
$
FM Global Fire Prevention Grant
3,180
-
-
-
-
-
-
3,180
NACCHO COVID-19 Grant
15,116
-
-
-
-
-
-
15,116
Port Authority Grant-Relocate Certain Parks
-
435,763
-
-
-
-
435,763
-
Bayview Feral Cat Colony Grant
2,160
-
-
-
-
-
-
2,160
Guardian Foundation - Police Canine
4,000
-
-
-
-
-
-
4,000
Target Corp Grant
1,000
-
-
-
-
-
-
1,000
National Opioids Setttlement Funds
-
-
748,519
-
-
-
-
748,519
Open Space Grant - 28th Street Park
125,000
-
-
-
-
-
-
125,000
Open Space Trust Fund
3,926
-
-
-
-
-
-
3,926
Open Space Trust Fund - Museum
70,998
-
-
-
-
-
-
70,998
Hudson County Farmer's Market Grant
1,820
-
-
-
-
-
-
1,820
County of Hudson Open Space (Sr. Miriam Teresa Park)
267,165
-
-
-
247,258
-
3,997
15,910
County of Hudson - Police Forfeiture Funds
1,052
-
-
-
-
-
-
1,052
Total State and Local Grants
14,120,075
2,007,042
2,788,172
4,000
2,005,002
3,441,732
1,126,530
12,346,025
17,092,393
$
2,038,870
$
3,668,109
$
185,177
$
3,428,015
$
3,441,732
$
1,249,310
$
14,865,492
$
A
A
A-34
A-34
A-34
A-34
A
A
114
CITY OF BAYONNE
Exhibit A-33
FEDERAL AND STATE GRANT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVE FOR FEDERAL AND STATE GRANTS - UNAPPROPRIATED
Increased by Cash Receipts:
Decreased by:
Balance
Current
Bayonne
Amount Budgeted as:
Balance
Dec. 31, 2023
Fund
Library
Revenue Loss
Grants
Dec. 31, 2024
American Rescue Plan (ARP)
1,024,300
$
-
$
-
$
1,024,300
$
-
$
-
$
Body Armor Fund
12,914
13,454
-
-
12,914
13,454
Bulletproof Vest Program
-
17,518
-
-
-
17,518
Click it or Ticket
8,750
-
-
-
8,750
-
Custom Border Patrol
-
8,802
-
-
-
8,802
Drive Sober or Get Pulled Over - 2022
6,160
-
-
-
-
6,160
Emergency Management Grant
10,000
10,000
-
-
10,000
10,000
Labor Day Crackdown Drive Sober or Get Pu
-
6,580
-
-
-
6,580
Lead Grant Assistance Program (“LGAP”)
138,400
-
-
-
-
138,400
Municipal Alliance Grant
47,064
-
-
-
47,064
-
Older American Act of 1965
-
27,808
-
-
-
27,808
Opioid Settlement Funds
461,346
609,306
-
-
461,346
609,306
UASI Fire Dept.
-
27,286
-
-
-
27,286
American Rescue Plan Act Capital Projects Fund:
Community Center Digital Connect Grant - Library
Program Funds
-
-
541,475
-
-
541,475
Interest on Grant Deposits
-
-
106
-
-
106
1,708,934
$
720,754
$
541,581
$
1,024,300
$
540,074
$
1,406,895
$
A
A-34
A-4
A-34
A-31
A
115
CITY OF BAYONNE
Exhibit A-34
FEDERAL AND STATE GRANT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF INTERFUNDS
Other
Current
Total
Trust
Fund
Ref.
Increased by:
Appropriated Grants Received
A-31
2,594,519
$
633,811
$
1,960,708
$
Grant Awards
A-32
3,668,109
-
3,668,109
Appropriated Grants Matching
A-32
185,177
-
185,177
Establishe UEZ Receivable in Trust Fund
A-31
3,106,204
3,106,204
-
Unappropriated Grants Received
A-33
720,754
-
720,754
Contra Interfunds
Contra
633,811
-
633,811
10,908,574
3,740,015
7,168,559
Decreased by:
Grant Awards: Adopted Budget
A-31
2,395,031
-
2,395,031
Grant Awards: Added by NJSA 40A:4-87
A-31
1,273,078
-
1,273,078
Appropriated Grants Paid or Charged
A-32
3,428,015
-
3,428,015
Establishe UEZ Reserves in Trust Fund
A-32
3,441,732
3,441,732
-
ARP Revenue Loss
A-33
1,024,300
-
1,024,300
Contra Interfunds
Contra
633,811
633,811
-
Cash Receipts - Interest
A-4
1,005
-
1,005
Cash Receipts
A-4
504,868
-
504,868
12,701,840
4,075,543
8,626,297
Net Change in Interfunds
(1,793,266)
(335,528)
(1,457,738)
Balance: December 31, 2023
Interfunds Payable
A
7,518,685
-
7,518,685
Balance: December 31, 2024
Interfunds Payable
A
9,311,951
$
335,528
$
8,976,423
$
116
Exhibit B-1
Sheet 1 of 2
CITY OF BAYONNE
TRUST FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF CASH AND CASH EQUIVALENTS
Housing & Urban
Animal
Tax Lien
Development
Redevelopment
Payroll
Control
Insurance
Redemption
Grant Fund
Other
Escrow
Agency
Cash Receipts:
Interfunds
Insurance Trust
B-8
-
$
85,582
$
-
$
-
$
-
$
-
$
-
$
Animal Control
B-4
6,874
-
-
-
-
-
-
Tax Lien Redemption Interest
B-10
-
-
7,068
-
-
-
-
Tax Lien Redemptions
B-10
-
-
97,104
-
-
-
-
Other Trust
B-17
-
-
-
-
3,345,420
-
-
Other Trust Adjust Reserves
B-17
-
-
-
-
100
-
-
Redevelopment Escrow
B-26
-
-
-
-
-
383,020
-
Payroll Deductions
B-28
-
-
-
-
-
-
91,193,116
Establish Separate Trust Fund
contra
-
-
-
-
-
565,023
-
UEZ Grant Receipts
B-16
513,968
State Library Aid
B-20
-
-
-
-
45,576
-
-
Surcharges Due to State
B-22
-
-
-
-
94,696
-
-
Maintenance/Cash Performance Bonds
Deposits
B-18
-
-
-
-
358,859
-
-
Interest earned
B-18
-
-
-
-
2,369
-
-
Reserves and Special Deposits
B-23
-
-
-
-
8,511,862
-
-
Interest on Special Deposits
B-23
-
-
-
-
5,600
-
-
Developers Escrow
B-25
-
-
-
-
-
1,107,436
-
Tax Lien Redemptions
B-9
-
-
3,397,157
-
-
-
-
Grants Receivable
B-11
-
-
-
1,572,713
-
-
-
Program Income
B-15
-
-
-
14,900
-
-
-
Interest
B-15
-
-
-
4,410
-
-
-
Animal Control Reserves
B-3
45
-
-
-
-
-
-
6,919
85,582
3,501,329
1,592,023
12,878,450
2,055,479
91,193,116
117
Exhibit B-1
Sheet 2 of 2
CITY OF BAYONNE
TRUST FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF CASH AND CASH EQUIVALENTS
Housing & Urban
Animal
Tax Lien
Development
Redevelopment
Payroll
Control
Insurance
Redemption
Grant Fund
Other
Escrow
Agency
Cash Disbursements:
Surcharges Due to State
B-22
-
$
-
$
-
$
-
$
115,639
$
-
$
-
$
Reserve for Expenditures
B-3
510
-
-
-
-
-
-
Reserves and Special Deposits
B-23
-
-
-
-
7,305,315
-
-
Payroll Deductions
B-27
-
-
-
-
-
-
88,457,248
Disbursed to Lienholder
B-9
-
-
3,271,945
-
-
-
-
Bond Deposits Paid
B-18
-
-
-
-
93,625
-
-
UEZ Expenditures
B-19
-
-
-
-
69,561
-
-
Establish Separate Trust Fund
contra
-
-
-
-
565,023
-
-
Interfunds:
Tax Lien Redemption
B-10
-
-
7,068
-
-
-
-
HUD Grants
B-14
-
-
-
1,642,665
-
-
-
Other Trust
B-17
-
-
-
-
125,064
-
-
Animal Control
B-4
30,455
-
-
-
-
-
-
Insurance
B-8
-
7,810
-
-
-
-
-
Redevelopment Escrow
B-26
-
-
-
-
-
337,004
-
Payroll Deductions
B-28
-
-
-
-
-
-
2,756,870
Developers Escrow
B-25
-
-
-
-
-
390,937
-
30,965
7,810
3,279,013
1,642,665
8,274,227
727,941
91,214,118
Net Change in Cash
(24,046)
77,772
222,316
(50,642)
4,604,223
1,327,538
(21,002)
Balance: December 31, 2023
B
33,454
571,898
559,262
52,549
27,366,066
-
1,106,233
Balance: December 31, 2024
B
9,408
$
649,670
$
781,578
$
1,907
$
31,970,289
$
1,327,538
$
1,085,231
$
118
CITY OF BAYONNE
Exhibit B-2
TRUST FUNDS - ANIMAL CONTROL TRUST FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF DUE TO STATE OF NEW JERSEY - DOG LICENSE FEES
Ref.
Balance: December 31, 2023
B
1,960
$
Increased by State License Fees Collected:
Registration Fee
518
$
Pilot Clinic Fund
104
Population Control Fund
471
B-4
1,093
3,053
Decreased by:
Cash Disbursed by Current Fund
B-4
876
Encumbrances
B-6
469
Beginning Balance Adjustment
B-3
1,491
2,836
Balance: December 31, 2024
B
217
$
SCHEDULE OF RESERVE FOR ANIMAL CONTROL EXPENDITURES
Exhibit B-3
Ref.
Balance: December 31, 2023
B
19,419
$
Increased by:
Dog License Fees Collected
B-1
45
$
Dog License Fees Collected by Other Trust
B-4
7,417
Adjustment to State Fees
B-2
1,491
8,953
28,372
Decreased by:
Cash Disbursed by Current Fund
B-4
20,168
Cash Disbursements
B-1
510
Encumbrances
B-6
1,097
21,775
Balance: December 31, 2024
B
6,597
$
Year Ended,
Amount
Dec. 31, 2022
9,365
$
Dec. 31, 2023
9,815
19,180
$
License Fees Collected
119
CITY OF BAYONNE
Exhibit B-4
TRUST FUNDS - ANIMAL CONTROL TRUST FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF INTERFUNDS
Due from
Due to
Total
Other Trust
Current Fund
Ref.
Increased by:
Cash Disbursements
B-1
30,455
$
-
$
30,455
$
Fees Collected by Other Trust
State Fees
B-2
1,093
1,093
-
Municipal Fees
B-3
7,417
7,417
-
Contra Interfunds
contra
469
-
469
39,434
8,510
30,924
Decreased by:
State Dog Fees Paid by Current Fund
B-2
876
-
876
Expenditures Paid by Current Fund
B-3
20,168
-
20,168
Contra Interfunds
contra
469
469
-
Cash Receipts
B-1
6,874
6,380
494
28,387
6,849
21,538
Net Change
11,047
1,661
9,386
Balance: December 31, 2023
Interfunds Payable
B
9,386
-
9,386
Balance: December 31, 2024
Interfunds Receivable
B
1,661
$
1,661
$
-
$
SCHEDULE OF RESERVE FOR FERAL CAT DONATION
Exhibit B-5
Ref.
Balance: December 31, 2024 and 2023
B
2,689
$
120
CITY OF BAYONNE
Exhibit B-6
TRUST FUNDS - ANIMAL CONTROL TRUST FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF ENCUMBRANCES
Ref.
Balance: December 31, 2023
B
-
$
Increased by State License Fees Collected:
State Fees - November to December 2023
B-2
469
$
Reserves for Expenditures
B-3
1,097
1,566
Balance: December 31, 2024
B
1,566
$
121
CITY OF BAYONNE
Exhibit B-7
TRUST FUNDS - INSURANCE TRUST FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVE FOR INSURANCE EXPENDITURES
Balance:
Balance:
Dec. 31, 2023
Interfunds
Dec. 31, 2024
Disability
36,283
$
14,365
$
50,648
$
Unemployment Insurance
535,615
68,407
604,022
571,898
$
82,772
$
654,670
$
B
B
Current Fund
B-8
24,000
$
Parking Utility Operating
B-8
5,000
Payroll Agency
B-8
53,772
82,772
$
122
CITY OF BAYONNE
Exhibit B-8
TRUST FUNDS - INSURANCE TRUST FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF INTERFUNDS
Payroll
Parking Utility
Total
Agency
Operating Fund
Current Fund
Ref.
Increased by:
Unemployment Appropriation from Curent Fund
B-7
24,000
$
-
$
-
$
24,000
$
Due from Payroll Clearing Fund
B-7
53,772
53,772
-
-
Unemployment Appropriation from Parking Utility
B-7
5,000
-
5,000
-
Cash Disbursements
B-1
7,810
-
-
7,810
90,582
53,772
5,000
31,810
Decreased by:
Cash Receipts - Interest
7,810
-
-
7,810
Cash Receipts - Appropriations
77,772
53,772
-
24,000
B-1
85,582
53,772
-
31,810
Net Change in Interfund
5,000
-
5,000
-
Balance: December 31, 2023
B
-
-
-
-
Balance: December 31, 2024
Interfunds Receivable
B
5,000
$
-
$
5,000
$
-
$
123
CITY OF BAYONNE
Exhibit B-9
TRUST FUNDS - TAX LIEN REDEMPTION TRUST FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVE FOR TAX LIEN REDEMPTION
Ref.
Balance: December 31, 2023
B
559,262
$
Increased by:
Cash Receipts - Liens Redeemed
B-1
3,397,157
$
Redemptions Collected by Current Fund
B-10
97,104
3,494,261
4,053,523
Decreased by:
Disbursements to Lienholder
B-1
3,271,945
Balance: December 31, 2024
B
781,578
$
SCHEDULE OF INTERFUNDS
Exhibit B-10
Current Fund
Ref.
Balance: December 31, 2023
B
-
$
Increased by:
Interest Received
B-1
7,068
Cash Receipts
B-1
97,104
104,172
104,172
Decreased by:
Cash Disbursements
B-1
7,068
Redemptions Collected by Current Fund
B-9
97,104
104,172
Balance: December 31, 2024
B
-
$
124
CITY OF BAYONNE
Exhibit B-11
TRUST FUNDS - HOUSING AND URBAN DEVELOPMENT GRANT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF GRANTS RECEIVABLE
Ref.
Balance: December 31, 2023
B
2,467,760
$
Increased by Grant Awards:
Entitlement Funding
B-15
1,366,213
3,833,973
Decreased by:
Cash Receipts
B-1
1,572,713
Balance: December 31, 2024
B
2,261,260
$
SCHEDULE OF RESERVE FOR INTEREST ON FEDERAL DRAWDOWNS
Exhibit B-12
Ref.
Balance: December 31, 2023
B
-
$
Increased by
Interest Earned
B-1
4,075
Balance: December 31, 2024
B
4,075
$
125
CITY OF BAYONNE
Exhibit B-13
TRUST FUNDS - HOUSING AND URBAN DEVELOPMENT GRANT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF ENCUMBRANCES
Ref.
Balance: December 31, 2023
B
1,085,291
$
Increased by:
Grant Reserves Encumbered
B-15
802,915
1,888,206
Decreased by:
Add Back to Grant Reserves
B-15
1,085,291
Balance: December 31, 2024
B
802,915
$
SCHEDULE OF INTERFUNDS
Exhibit B-14
Current Fund
Ref.
Increased by:
Vendor Refunds Received in Current Fund
B-15
342
$
Cash Disbursements
B-1
1,642,665
1,643,007
Decreased by:
Reserve for Grant Expenditures
B-15
1,618,007
Reimburse Current Fund Appropriations
B-15
25,000
1,643,007
Net Change in Interfunds
-
Balance: December 31, 2023
B
-
Balance: December 31, 2024
B
-
$
126
CITY OF BAYONNE
Exhibit B-15
TRUST FUNDS - HOUSING AND URBAN DEVELOPMENT GRANT FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVE FOR GRANT EXPENDITURES
Program
Entitlement
Total
Income
Reserves
Ref.
Increased by:
Program Income
B-1
14,900
$
14,900
$
-
$
Interest
B-1
335
335
-
Grant Awards: Entitlement Funding
B-11
1,366,213
-
1,366,213
Vendor Refunds Collected in Current Fu
B-14
342
-
342
Encumbrances
B-13
1,085,291
-
1,085,291
2,467,081
15,235
2,451,846
Decreased by:
Expenditures Paid by Current Fund
B-14
1,618,007
-
1,618,007
Reimburse Current Fund Appropriations
B-14
25,000
-
25,000
Encumbrances
B-13
802,915
-
802,915
2,445,922
-
2,445,922
Net Change in Interfunds
21,159
15,235
5,924
Balance: December 31, 2023
B
1,435,018
87,219
1,347,799
Balance: December 31, 2024
B
1,456,177
$
102,454
$
1,353,723
$
127
CITY OF BAYONNE
Exhibit B-16
TRUST FUNDS - OTHER TRUST
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF URBAN ENTERPRISE ZONE GRANTS RECEIVABLE
Ref.
Balance: December 31, 2023
B
-
$
Increased by:
Establish Separate Reserve
B-17
3,106,203
3,106,203
Decreased by:
Cash Receipts
B-1
513,968
Balance: December 31, 2024 and 2023
B
2,592,235
$
128
CITY OF BAYONNE
Exhibit B-17
TRUST FUNDS - OTHER TRUST
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF INTERFUNDS
Federal and State
Redevelopment
Payroll
Animal
Total
Grants Fund
Escrow
Deduction Trust
Control
Current Fund
Ref.
Increased by:
Cash Disbursements
B-1
125,064
$
-
$
-
$
-
$
6,380
$
118,684
$
Move UEZ to Trust Funds
B-19
3,441,732
3,441,732
-
-
-
-
Off Duty Charges
B-23
2,703,098
-
-
2,703,098
-
-
Move Accum. Absence Reserves
B-23
1,235,420
-
-
-
-
1,235,420
Current Fund Appropriations:
Storm Recovery Reserves
B-23
96,863
-
-
-
-
96,863
Accumulated Absences
B-23
30,282
-
-
-
-
30,282
Contra Interfunds
contra
634,280
633,811
-
-
469
-
8,266,739
4,075,543
-
2,703,098
6,849
1,481,249
Decreased by:
Cash Receipts
B-1
3,345,420
633,812
-
2,703,098
8,510
-
Adjust Trust Reserves
B-1
100
.
-
-
-
100
Close to Current Fund
B-18
9,493
-
-
-
-
9,493
Close to Current Fund
B-23
110
-
-
-
-
110
Reimbursements to Other Funds
B-23
312,653
-
-
2,628
-
310,025
Reimbursements to Other Funds
B-19
509,768
-
-
-
-
509,768
Contra Interfunds
contra
634,280
-
-
-
-
634,280
Allocate to Funds
B-26
21,766
.
-
-
-
21,766
Move UEZ to Trust Funds
B-16
3,106,203
3,106,203
-
-
-
-
Anticipated as Current Fund Revenue
Interest Earned
B-18
14,439
-
-
-
-
14,439
7,954,232
3,740,015
-
2,705,726
8,510
1,499,981
Net Change in Interfunds
312,507
335,528
-
(2,628)
(1,661)
(18,732)
Balance: December 31, 2023
Interfunds Receivable
B
19,963
-
-
-
-
19,963
Balance: December 31, 2024
Interfunds Receivable
B
336,759
$
335,528
$
-
$
-
$
-
$
1,231
$
Interfunds Payable
B
4,289
$
-
$
-
$
2,628
$
1,661
$
-
$
129
CITY OF BAYONNE
Exhibit B-18
TRUST FUNDS - OTHER TRUST
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF MAINTENANCE AND CASH PERFORMANCE BOND DEPOSITS
Ref.
Balance: December 31, 2023
B
-
$
Increased by:
Deposits
B-1
358,859
$
Interest Earned
B-1
2,369
Establish Separate Reserve
B-23
4,868,363
5,229,591
5,229,591
Decreased by:
Expenditures
B-1
93,625
Current and Prior Year Interest
B-17
14,439
Close to Current Fund Operations
B-17
9,493
Encumbered
B-21
41,676
159,233
Balance: December 31, 2024 and 2023
B
5,070,358
$
SCHEDULE OF RESERVE FOR URBAN ENTERPRISE ZONE EXPENDITURES
Exhibit B-19
Ref.
Balance: December 31, 2023
B
-
$
Increased by:
Transfer from Federal and State Grants Fund
B-17
3,441,732
3,441,732
Decreased by:
Reimburse Current Fund
B-17
509,768
$
Expenditures
B-1
69,561
579,329
Balance: December 31, 2024
B
2,862,403
$
130
CITY OF BAYONNE
Exhibit B-20
TRUST FUNDS - OTHER TRUST
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVE FOR STATE LIBRARY AID
Library
State
Total
Fines and Fees
Library Aid
Ref.
Increased by:
Cash Receipts
B-1
45,576
$
6,891
$
38,685
$
Establish Separate Reserve
B-23
179,193
54,154
125,039
Net Change in Reserves
224,769
61,045
163,724
Balance: December 31, 2023
B
-
-
-
Balance: December 31, 2024
B
224,769
$
61,045
$
163,724
$
SCHEDULE OF RESERVE FOR ENCUMBRANCES
Exhibit B-21
Ref.
Balance: December 31, 2023
B
394,778
$
Increased by:
Reserves and Special Deposits
B-23
267,416
$
Maintenance and Cash Performance Bond Deposits
B-18
41,676
309,092
703,870
Decreased by:
Reserves and Special Deposits
B-22
391,521
Developers Escrow
B-25
3,257
394,778
Balance: December 31, 2024
B
309,092
$
131
CITY OF BAYONNE
Exhibit B-22
TRUST FUNDS - OTHER TRUST
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF DUE TO STATE OF NEW JERSEY
Marriage
Total
Licenses
DCA Fees
Ref.
Increased by:
Cash Receipts
B-1
94,696
$
13,400
$
81,296
$
Decreased by:
Cash Disbursements
B-1
115,639
-
115,639
Net Change
(20,943)
13,400
(34,343)
Balance: December 31, 2023
B
330,641
24,118
306,523
Balance: December 31, 2024
B
309,698
$
37,518
$
272,180
$
132
Exhibit B-23
CITY OF BAYONNE
TRUST - OTHER
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVES AND SPECIAL DEPOSITS
Reallocated /
Reserved
Encumbered
Deposits
Interest
Interfunds
Disbursements
Interfunds
Canceled
Encumbered
Reserved
Cash Performance Bonds
4,864,479
$
3,884
$
-
$
-
$
-
$
-
$
-
$
4,868,363
$
-
$
-
$
Storm Recovery Fund
282,224
-
-
-
96,863
-
-
-
-
379,087
Accumulated Absences
-
-
-
-
1,265,702
-
-
-
-
1,265,702
Recycling Program
347,838
113,210
218,778
-
-
236,667
-
-
85,143
358,016
Off Duty Police
299,417
-
99,857
-
2,703,098
3,158,206
-
-
-
(55,834)
Building Fines
-
174
-
-
-
500
-
-
-
(326)
Tree Replacement program
112,448
-
14,722
-
-
13,460
-
-
-
113,710
Contribution-Older American
145,491
904
61,670
-
-
11,096
-
-
6,413
190,556
Law Enforcement Trust Fund
33,331
-
2,390
16
-
2,425
-
-
-
33,312
Planning and Zoning Board Escrow
1,686,859
3,533
667,696
106
-
744,969
-
-
-
1,613,225
UCC Dedication by Rider
7,013,658
77,260
1,328,294
-
-
1,950,882
130,025
-
69,882
6,268,423
Affordable Housing Trust
9,461,489
60,922
5,144,664
4,969
-
408,373
-
-
8,923
14,254,748
Fire Prevention Dedication Penalty
22,383
-
85,333
-
-
-
-
-
62,883
44,833
Reserve for POAA
334,766
-
43,360
-
-
67,018
-
-
-
311,108
FSA Flex
29,828
-
71,756
509
-
71,787
-
-
-
30,306
Library Fines and Fees
54,154
-
-
-
-
-
-
54,154
-
-
Chapter 25th Street/Sidewalk
176,500
-
25,000
-
-
9,000
-
-
-
192,500
Other Payroll
-
2,628
-
-
-
-
2,628
-
-
-
Police Auction Funds
177,370
17,979
180,168
-
-
164,897
-
-
6,569
204,051
Fire Auction Funds
6,446
-
8,965
-
-
-
-
-
15,411
-
Fire Prevention Penalties
14,512
-
-
-
-
-
-
-
2,703
11,809
Open 4 Bus Productions
110
-
-
-
-
-
110
-
-
-
Recreation
367,660
26,802
444,432
-
-
207,046
180,000
-
9,489
442,359
Gifts and Bequests
46,529
-
4,340
-
-
21,005
-
-
-
29,864
Poster Contest
1,081
-
3,950
-
-
1,408
-
-
-
3,623
Police Forfeiture Funds
293,540
38,752
106,487
-
-
200,431
-
-
-
238,348
Fitzpatrick Park Bells
179,926
45,473
-
-
-
36,145
-
-
-
189,254
Library State Aid
125,039
-
-
-
-
-
-
125,039
-
-
26,077,078
$
391,521
$
8,511,862
$
5,600
$
4,065,663
$
7,305,315
$
312,763
$
5,047,556
$
267,416
$
26,118,674
B
B-21
B-1
B-1
B-17
B-1
B-21
B
B-17
110
4,868,363
$
B-18
B-17
312,653
179,193
B-20
312,763
$
5,047,556
$
Balance: December 31, 2023
Balance: December 31, 2024
Increased by:
Decreased by:
133
CITY OF BAYONNE
Exhibit B-24
TRUST FUNDS - REDEVELOPMENT ESCROW TRUST FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF ENCUMBRANCES
Ref.
Balance: December 31, 2023
B
-
$
Increased by:
Encumbered at Year End
B-25
16,740
Balance: December 31, 2024
B
16,740
$
SCHEDULE OF RESERVE FOR REDEVELOPMENT ESCROW
Exhibit B-25
Ref.
Balance: December 31, 2023
B
583,532
$
Increased by Charges to Reserve for:
Encumbrances
B-23
3,257
$
Cash Receipts
B-1
1,107,436
1,110,693
1,694,225
Decreased by:
Encumbered
B-24
16,740
Cancel Excess Prior Balances in Reserves
B-26
11,030
Cash Disbursements
B-1
390,937
418,707
Balance: December 31, 2024
B
1,275,518
$
134
CITY OF BAYONNE
Exhibit B-26
TRUST FUNDS - REDEVELOPMENT ESCROW TRUST FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF INTERFUNDS
Total
Current Fund
Ref.
Decreased by:
Cash Disbursements
B-1
337,004
$
337,004
$
Allocate to Funds
B-17
21,766
21,766
358,770
358,770
Increased by:
Cash Receipts
B-1
383,020
383,020
Cancel Excess Prior Reserves
B-25
11,030
11,030
394,050
394,050
Net Change in Interfunds
(35,280)
(35,280)
Balance: December 31, 2023
B
-
-
Balance: December 31, 2024
Interfunds Payable
B
35,280
$
35,280
$
135
CITY OF BAYONNE
Exhibit B-27
TRUST FUND - PAYROLL CLEARING FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVE FOR PAYROLL DEDUCTIONS
Ref.
Balance: December 31, 2023
B
1,105,361
$
Increased by:
Interfund - Other Trust Fund
B-28
2,628
$
Interfund - Current Fund
B-28
91,193,021
Interfund - Prior Year Reserve Account Difference
B-28
730
Encumbrances
B
872
91,197,251
92,302,612
Decreased by:
Cash Disbursements
B-1
88,457,248
Interfund - Unemployment Insurance
B-28
39,407
Interfund - Disability Insurance
B-28
14,365
Interfund - Other Trust
B-28
2,703,098
91,214,118
Balance: December 31, 2024
B
1,088,494
$
136
CITY OF BAYONNE
Exhibit B-28
TRUST FUND - PAYROLL CLEARING FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF INTERFUNDS
Insurance
Other
Total
Trust
Trust
Current Fund
Ref.
Increased by:
Reserve for Payroll Deductions
B-27
91,195,649
$
-
$
2,628
$
91,193,021
$
Prior Year Reserve Account Difference
B-27
730
-
-
730
Cash Disbursements
B-1
2,756,870
53,772
2,703,098
-
93,953,249
53,772
2,705,726
91,193,751
Decreased by:
Cash Receipts
B-1
91,193,116
-
-
91,193,116
Unemployment Insurance
B-27
39,407
39,407
-
-
Disability Insurance
B-27
14,365
14,365
-
-
Reserve for Payroll Deductions
B-27
2,703,098
-
2,703,098
-
93,949,986
53,772
2,703,098
91,193,116
Net Change in Interfund
3,263
-
2,628
635
Balance: December 31, 2023
B
-
-
-
-
Balance: December 31, 2024
Interfunds Receivable
B
3,263
$
-
$
2,628
$
635
$
137
CITY OF BAYONNE
Exhibit C-2
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF CASH - TREASURER
Ref.
Balance: December 31, 2023
Unrestricted
12,926,342
$
Restricted
208,558
C; C-3
13,134,900
$
Cash Receipts:
Interest on Deposits
C-9
24,058
Interfund Transfers
C-9
5,553,430
Reserve for Capital Improvements
C-20
2,357,280
C-3
7,934,768
21,069,668
Cash Disbursements:
Interfund Transfers
C-9
8,991,812
Balance: December 31, 2024
Unrestricted
11,869,298
Restricted
208,558
C; C-3
12,077,856
$
138
CITY OF BAYONNE
Exhibit C-3
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
ANALYSIS OF CASH AND INVESTMENTS
Balance
Cash
Improvement
Cash
Transfers
Balance,
Dec. 31, 2023
Receipts
Authorizations
Disbursements
From
To
Dec. 31, 2024
Capital Improvement Fund
270,353
$
-
$
-
$
-
$
333,500
$
350,000
$
286,853
$
Due to (from) Current Fund
(361,795)
5,577,488
(6,128,907)
8,991,812
1,807,693
-
545,095
Grants Receivable (without reserves)
(6,436,133)
-
-
-
-
250,000
(6,186,133)
Contracts Payable
8,822,632
-
-
-
8,822,632
8,216,387
8,216,387
Reserve for Capital Improvements
1,275,000
2,357,280
-
-
-
-
3,632,280
Developers Contribution
(333,000)
-
-
-
-
-
(333,000)
Reserve for Debt Service
2,319,146
-
-
-
-
-
2,319,146
Reserve for Preliminary Expense
3,167
-
-
-
-
-
3,167
Fund Balance
833,891
-
-
-
-
120,495
954,386
Improvement Authorizations:
O-99-31
Demolition of Unsafe Buildings
(133,936)
-
-
-
-
-
(133,936)
O-15-16
Various Capital Improvements
83,874
-
-
-
86,873
86,873
83,874
O-15-29
Refunding of Tax Appeals
28,429
-
-
-
211,795
211,795
28,429
O-16-66
Acquisition of Land
30,697
-
30,698
-
409
410
-
O-18-51
Various Capital Improvements
171,859
-
16,974
-
20,036
-
134,849
O-18-53
Waterfront Walkway
12,422
-
-
-
-
-
12,422
O-19-56
Various Capital Improvements
1,242,702
-
266,240
-
1,401,564
1,155,973
730,871
O-20-19
Various Capital Improvements
2,047,325
-
851,443
-
3,839,589
2,088,494
(555,213)
O-20-49
Improvements to Fitzpatrick Park
(1,477,709)
-
-
-
-
1,716,733
239,024
O-21-46
Amend Ordinance No. O-20-49
(676,650)
-
-
-
236,564
581,995
(331,219)
O-21-14
Bayonne Public Library Improvements
(650,000)
-
-
-
-
-
(650,000)
O-21-39
Police Department Equipment & Vehicles
14,423
-
14,423
-
-
-
-
O-21-41
Improvements to 16th Street Park
439,125
-
241,638
-
-
263,112
460,599
O-22-02
Various Roadway Improvements
(1,697,547)
-
-
-
140,003
1,684,195
(153,355)
O-22-10
Various Capital Improvements
6,670,100
-
4,285,042
-
3,348,404
5,458,256
4,494,910
O-23-18
Cottage Street Flood Mitigation
581,702
-
57,711
-
119,692
-
404,299
O-23-43
Various Technology Improvements
54,823
-
199,024
-
-
160,177
15,976
O-24-17
Russell Golding Park Improvements
-
-
2,306
-
-
-
(2,306)
O-24-18
11th Street Oval Park Improvements
-
-
163,408
-
2,309,641
-
(2,473,049)
O-24-67
Various Capital Improvements
-
-
-
-
-
333,500
333,500
13,134,900
$
7,934,768
$
-
$
8,991,812
$
22,678,395
$
22,678,395
$
12,077,856
$
Ref
C
C-2
C-9, C-10
C-2
contra
contra
C
Disbursements
139
CITY OF BAYONNE
Exhibit C-3a
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
ANALYSIS OF CASH AND CASH EQUIVALENTS ENDING BALANCE
Deferred
Bond
Charges To
Balance,
Balance Sheet
Improvement Authorizations
Anticipation
Assignment
Future Taxation
Dec. 31, 2024
Accounts
Funded
Unfunded
Notes
Agreement
Unfunded
Capital Improvement Fund
286,853
$
286,853
$
-
$
-
$
-
$
-
$
-
$
Due to (from) Current Fund
545,095
545,095
-
-
-
-
-
Grants Receivable (without reserves)
(6,186,133)
(6,186,133)
-
-
-
-
-
Contracts Payable
8,216,387
8,216,387
-
-
-
-
-
Reserve for Capital Improvements
3,632,280
3,632,280
-
-
-
-
-
Developers Contribution
(333,000)
(333,000)
-
-
-
-
-
Reserve for Debt Service
2,319,146
2,319,146
-
-
-
-
-
Reserve for Preliminary Expense
3,167
3,167
-
-
-
-
-
Fund Balance
954,386
954,386
-
-
-
-
-
-
Improvement Authorizations:
-
O-99-31
Demolition of Unsafe Buildings
(133,936)
-
-
-
-
-
133,936
O-15-16
Various Capital Improvements
83,874
-
83,874
-
-
-
-
O-15-29
Refunding of Tax Appeals
28,429
-
28,429
-
-
-
-
O-16-66
Acquisition of Land
-
-
-
-
4,045,000
-
4,045,000
O-17-21
Various Capital Improvements
-
-
-
-
1,060,000
-
1,060,000
O-17-28
Roadway Improvements LeFante
-
-
-
-
490,000
-
490,000
O-18-51
Various Capital Improvements
134,849
-
-
134,849
2,905,000
-
2,905,000
O-18-52
Aqueduct Improvements
-
-
-
11,700,000
-
-
11,700,000
O-18-53
Waterfront Walkway
12,422
-
12,422
-
-
-
-
O-19-56
Various Capital Improvements
730,871
-
-
731,819
7,380,000
-
7,380,948
O-20-19
Various Capital Improvements
(555,213)
-
-
7,018,066
-
-
7,573,279
O-20-49
Improvements to Fitzpatrick Park
239,024
-
239,024
-
-
-
-
O-21-46
Amend Ordinance No. O-20-49
(331,219)
-
-
-
-
-
331,219
O-21-14
Bayonne Public Library Improvements
(650,000)
-
-
-
-
-
650,000
O-21-39
Police Department Equipment & Vehicles
-
-
-
-
295,000
-
295,000
O-21-41
Improvements to 16th Street Park
460,599
-
460,599
750,000
-
-
750,000
O-22-02
Various Roadway Improvements
(153,355)
-
-
10
-
-
153,365
O-22-10
Various Capital Improvements
4,494,910
-
-
4,495,371
10,389,000
-
10,389,461
O-23-18
Cottage Street Flood Mitigation
404,299
-
404,299
-
-
-
-
O-23-43
Various Technology Improvements
15,976
-
15,976
-
-
-
-
O-24-17
Russell Golding Park Improvements
(2,306)
-
-
4,997,694
-
-
5,000,000
O-24-18
11th Street Oval Park Improvements
(2,473,049)
-
-
26,951
-
-
2,500,000
O-24-42
Various Road Improvements
-
-
-
2,700,000
-
-
2,700,000
O-24-54
Acquisition & Construction of a Ferry Pier
-
-
-
6,000,000
-
-
6,000,000
O-24-59
63rd Street Flood Resiliency Project
-
-
-
3,000,000
-
-
3,000,000
O-24-60
Public Safety Technology & Equipment
-
-
-
2,550,000
-
-
2,550,000
O-24-67
Various Capital Improvements
333,500
-
333,500
6,666,500
-
-
6,666,500
Port Authority Assignment Agreement
-
-
-
-
-
40,000,000
40,000,000
12,077,856
$
9,438,181
$
1,578,123
$
50,771,260
$
26,564,000
$
40,000,000
$
116,273,708
$
Ref
C; C-2; C-3
C-10
C-10
C-18
C-17
C-5
140
CITY OF BAYONNE
Exhibit C-4
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - FUNDED
Ref.
Balance: December 31, 2023
C
177,240,941
$
Increased by:
Funded by Infrastructure Loan Receipts
C-5, C-8, C-25
1,087,198
$
Principal Added to Final Infrastructure Bank Loan
C-15
6,576
1,093,774
178,334,715
Decreased by:
Infrastructure Bank Loan Adjustment
C-8
998,287
Payments for:
General Serial Bonds Payable
C-11
5,650,000
School Serial Bonds
C-13
4,690,000
Infrastructure Bank Loan Payable
C-15
64,906
Lease Payable
C-16
558,401
Green Trust Loans Payable
C-14
16,114
11,977,708
Balance: December 31, 2024
C
166,357,007
$
Analysis of Ending Balance
Funded Portion of Infrastructure Loan
4,500,269
$
General Serial Bonds Payable
134,841,000
School Serial Bonds Payable
19,941,000
Leases Payable
6,049,958
Green Trust Loans Payable
24,780
Capital Appreciation Bonds
1,000,000
166,357,007
$
141
CITY OF BAYONNE
Exhibit C-5
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - UNFUNDED
Reclass
Balance
Debt
Prior Years'
Balance
Dec. 31, 2023
Authorized
I-Bank Receipts
Receipts
Assignment
Notes
Dec. 31, 2024
City Improvements:
O-99-31: Demolition of Unsafe Buildings
133,936
$
-
$
-
$
-
$
-
$
-
$
133,936
$
O-16-66: Various Capital Improvements
4,136,000
-
-
-
-
91,000
4,045,000
O-17-21: Various Capital Improvements
1,157,261
-
-
-
-
97,261
1,060,000
O-21-39: Amending Ord. O-17-21
261,739
-
-
-
-
(33,261)
295,000
O-17-28: Various Capital Improvements
505,000
-
-
-
-
15,000
490,000
O-18-51: Various Capital Improvements
3,095,000
-
-
-
-
190,000
2,905,000
O-18-52: Aqueduct Improvements
11,700,000
-
-
-
-
-
11,700,000
O-19-56: Various Capital Improvements
7,380,948
-
-
-
-
-
7,380,948
O-20-19: Various Capital Improvements
5,054,121
-
3,261,619
742,461
-
-
7,573,279
O-20-49: Improvements to Fitzpatrick Park
1,480,169
-
(1,480,169)
-
-
-
-
O-21-46: Supplement to O-20-49
913,214
-
(237,258)
344,737
-
-
331,219
O-21-14: Library Improvements
650,000
-
-
-
-
-
650,000
O-21-41: 16th Street Park Improvements
750,000
-
-
-
-
-
750,000
O-22-10: Various Capital Improvements
10,389,461
-
-
-
-
-
10,389,461
O-22-02: Various Roadway Improvements
1,697,557
-
(1,544,192)
-
-
-
153,365
O-24-17: Russell Golding Park Imp.
-
5,000,000
-
-
-
-
5,000,000
O-24-18: 11th Street Oval Park Imp.
-
2,500,000
-
-
-
-
2,500,000
O-24-42: Various Road Improvements
-
2,700,000
-
-
-
-
2,700,000
O-24-54: Acquisition of Real Property and
Construction of a Ferry Pier and Dock
-
6,000,000
-
-
-
-
6,000,000
O-24-59: 63rd St. Flood Resiliency Project
-
3,000,000
-
-
-
-
3,000,000
O-24-60: Public Safety Tech. & Equipment
-
2,550,000
-
-
-
-
2,550,000
O-24-67: Various Capital Improvements and
Acquisitions of Vehicles and Equipment
-
6,666,500
-
-
-
-
6,666,500
Port Authority Assignment Agreement
45,000,000
-
-
-
5,000,000
-
40,000,000
94,304,406
$
28,416,500
$
-
$
1,087,198
$
5,000,000
$
360,000
$
116,273,708
$
Ref
C
C-10, C-25
C-4, C-8, C-25
C-17
C-18
C; C-3a
Improvement Description
Ordinance Number &
Decreased by:
Increased by:
Budget Appropriation
142
CITY OF BAYONNE
Exhibit C-5a
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - UNFUNDED
ANALYSIS OF ENDING BALANCE
Bond
Assignment
Bonds & Notes
Balance
Anticipation
Agreement
Authorized But
Dec. 31, 2024
Notes Payable
Payable
Not Issued
Unexpended
Expended
City Improvements:
O-99-31: Demolition of Unsafe Buildings
133,936
$
-
$
-
$
133,936
$
-
$
133,936
$
O-16-66: Various Capital Improvements
4,045,000
4,045,000
-
-
-
-
O-17-21: Various Capital Improvements
1,060,000
1,060,000
-
-
-
-
O-21-39: Amending Ord. O-17-21
295,000
295,000
-
-
-
-
O-17-28: Various Capital Improvements
490,000
490,000
-
-
-
-
O-18-51: Various Capital Improvements
2,905,000
2,905,000
-
-
-
-
O-18-52: Aqueduct Improvements
11,700,000
-
-
11,700,000
11,700,000
-
O-19-56: Various Capital Improvements
7,380,948
7,380,000
-
948
948
-
O-20-19: Various Capital Improvements
7,573,279
-
-
7,573,279
7,018,066
555,213
O-21-46: Supplement to O-20-49
331,219
-
-
331,219
-
331,219
O-21-14: Library Improvements
650,000
-
-
650,000
-
650,000
O-21-41: 16th Street Park Improvements
750,000
-
-
750,000
750,000
-
O-22-10: Various Capital Improvements
10,389,461
10,389,000
-
461
461
-
O-22-02: Various Roadway Improvements
153,365
-
-
153,365
10
153,355
O-24-17: Russell Golding Park Imp.
5,000,000
-
-
5,000,000
4,997,694
2,306
O-24-18: 11th Street Oval Park Imp.
2,500,000
-
-
2,500,000
26,951
2,473,049
O-24-42: Various Road Improvements
2,700,000
-
-
2,700,000
2,700,000
-
O-24-54: Acquisition of Real Property and
Construction of a Ferry Pier and Dock
6,000,000
-
-
6,000,000
6,000,000
-
O-24-59: 63rd St. Flood Resiliency Project
3,000,000
-
-
3,000,000
3,000,000
-
O-24-60: Public Safety Tech. & Equipment
2,550,000
-
-
2,550,000
2,550,000
-
O-24-67: Various Capital Improvements and
Acquisitions of Vehicles and Equipment
6,666,500
-
-
6,666,500
6,666,500
-
Port Authority Assignment Agreement
40,000,000
-
40,000,000
-
-
-
116,273,708
$
26,564,000
$
40,000,000
$
49,709,708
$
45,410,630
$
4,299,078
$
Ref
C; C-3a
C-18
C-17
C-25
Ordinance Number &
Improvement Authorizations
Improvement Description
Analysis of Ending Balance
Non-Financed
143
CITY OF BAYONNE
Exhibit C-6
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF GRANTS RECEIVABLE - WITHOUT RESERVES
Balance
Cash
Balance
Dec. 31, 2023
Receipts
Dec. 31, 2024
New Jersey Department of Transportation
2005 (and prior) Awards
329,347
$
-
$
329,347
$
O-13-26: Paving of Various Streets
46,992
-
46,992
O-22-10: Various Capital Improvements
205,491
-
205,491
O-22-10: Various Capital Improvements
1,400,000
-
1,400,000
Green Acres Trust
2006 (and prior) Awards
767,000
-
767,000
O-15-23: Veterans Stadium
477,181
-
477,181
O-21-41: 16th Street Park Improvements
750,000
-
750,000
O-22-10: Various Capital Improvements
200,000.00
-
200,000
O-22-10: Various Capital Improvements
460,000.00
-
460,000
Community Development Block Grant
2001 (and prior) Awards
22,000
-
22,000
O-16-14: Clark Park
90,000
-
90,000
New Jersey Library Construction Bond Act Grant Program
O-21-14: Various Library Improvements
250,000
250,000
-
FEMA Grant
O-16-22: 16th Street Park
56,689
-
56,689
O-16-62: Generators
88,231
-
88,231
FEMA BRICS Grant
O-23-18: Cottage Street Mitigation
443,202
-
443,202
Hudson County Open Space Grant
O-22-10: Various Capital Improvements
250,000
-
250,000
O-22-10: Various Capital Improvements
500,000
-
500,000
New Jersey Department of Community Affairs -
Local Recreation Improvement
O-22-10: Various Capital Improvements
100,000.00
-
100,000
6,436,133
$
250,000
$
6,186,133
$
C
C-9
C
144
CITY OF BAYONNE
Exhibit C-6a
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF GRANTS RECEIVABLE - FULLY RESERVED
Balance
Balance
Dec. 31, 2023
Awarded
Dec. 31, 2024
New Jersey Department of Transportation
O-24-42: Various Road Improvements
-
$
1,603,617
$
1,603,617
$
US Department of Justice -
Community Oriented Police Services (COPS) Grant
O-24-60: Public Safety Technology & Equipment
-
1,030,000
1,030,000
Housing and Urban Development Grant (HUD)
Economic Development Initiative (EDI)
O-24-17: Russell Golding Park
-
5,000,000
5,000,000
O-24-18: 11th Street Oval Park
-
1,000,000
1,000,000
US Department of Transportation
O-24-54: Acquisition of Real Property and
Construction of a Ferry Pier and Dock
-
656,800
656,800
FEMA BRIC Grant
O-24-59: 63rd Street Flood Resiliency Project
-
2,207,088
2,207,088
Hudson County Open Space Grant
O-20-49: Improvements to Fitzpatrick Park
55,096
-
55,096
O-24-18: 11th Street Oval Park
-
500,000
500,000
New Jersey Department of Community Affairs -
Local Recreation Improvement
O-24-18: 11th Street Oval Park
-
85,000
85,000
55,096
$
12,082,505
$
12,137,601
$
C
C-10, C-24
C
145
CITY OF BAYONNE
Exhibit C-7
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF DEVELOPERS CONTRIBUTION FUND RECEIVABLE
Ref
Balance: December 31, 2024 and 2023
C
333,000
$
SCHEDULE OF NEW JERSEY INFRASTRUCTURE BANK LOANS RECEIVABLE
Exhibit C-8
Ref.
Balance: December 31, 2023
C
70,081
$
Increased by:
Adjustments to Prior Year Balance:
Loan Payable
C-15
960,607
$
Deferred Charges
C-4
998,287
1,958,894
2,028,975
Decreased by:
Cash Receipts
C-4, C-5, C-9
1,087,198
Balance: December 31, 2024
C
941,777
$
Loans for Ordinance O-20-19 Not Requested at Year End
934,917
$
Loans for Ordinance O-20-19 Requested in Current Year but not Received (Requisition No. 9)
6,860
941,777
$
Analsyis of Ending Balance
146
CITY OF BAYONNE
Exhibit C-9
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF INTERFUNDS
Current
Total
Fund
Ref
Increased by:
Budget Appropriation -
Capital Improvement Fund
C-22
350,000
$
350,000
$
Cash Disbursements
C-2
8,991,812
8,991,812
Grants Collected by Current Fund - H.C. Open Space
C-6
250,000
250,000
Premiums Collected by Current Fund:
Series 2024A
C-1
38,696
38,696
Series 2024B-1
C-1
81,799
81,799
NJIB Receipts Collected in Current Fund
C-8
1,087,198
1,087,198
10,799,505
10,799,505
Decreased by:
Interest Earned
C-2
24,058
24,058
Cash Receipts
C-2
5,553,430
5,553,430
Improvement Authorizations Paid by Current Fund
C-10
6,128,907
6,128,907
11,706,395
11,706,395
Net Change in Interfunds
(906,890)
(906,890)
Balance: December 31, 2023
Interfunds Receivable
C
361,795
361,795
Balance: December 31, 2024
Interfunds Payable
C
545,095
$
545,095
$
147
Exhibit C-10
Sheet 1 of 2
CITY OF BAYONNE
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
Ordinance
Current Year
Adjusted/
Paid or
Date
Amount
Funded
Unfunded
Encumbered
Authorizations
Cancelled
Charged
Encumbered
Funded
Unfunded
O-15-16: Various Capital Improvements
05/20/15
3,975,000
$
83,874
$
-
$
86,873
$
-
$
-
$
-
$
86,873
$
83,874
$
-
$
O-15-29: Refunding Tax Appeals
09/16/15
4,230,000
28,429
-
211,795
-
-
-
211,795
28,429
-
O-16-66: Acquisition of Land
12/14/16
4,730,000
-
30,697
410
-
-
30,698
409
-
-
O-18-51: Various Capital Improvements
09/12/18
3,650,000
-
171,859
-
-
-
16,974
20,036
-
134,849
O-18-52: Aqueduct Improvements
09/12/18
11,700,000
-
11,700,000
-
-
-
-
-
-
11,700,000
O-18-53: Waterfront Walkway
09/12/18
425,000
12,422
-
-
-
-
-
-
12,422
-
O-19-56: Various Capital Improvements
10/16/19
7,750,000
-
1,243,650
1,155,973
-
-
266,240
1,401,564
-
731,819
O-20-19: Various Capital Improvements
03/18/20
10,000,000
2,047,325
5,054,121
1,346,033
-
-
851,443
577,970
-
7,018,066
O-20-49: Improvements to Fitzpatrick Park
Amended by O-21-46
10/21/20
2,086,786
-
2,460
-
-
(236,564)
-
-
239,024
-
O-21-46: Amend Ordinance No. O-20-49
11/10/21
917,214
-
236,564
-
-
236,564
-
-
-
-
O-21-39: Police Dept. Equipment & Vehicles
09/22/21
286,671
-
14,423
-
-
-
14,423
-
-
-
O-21-41: Improvements to 16th Street Park
10/20/21
1,500,000
439,125
750,000
263,112
-
-
241,638
-
460,599
750,000
O-22-02: Various Roadway Improvements
04/20/22
2,500,000
-
10
140,003
-
-
-
140,003
-
10
O-22-10: Various Capital Improvements
03/16/22
18,075,000
-
6,670,561
5,458,256
-
-
4,285,042
3,348,404
-
4,495,371
O-23-18: Cottage Street Flood Mitigation
05/17/23
581,702
581,702
-
-
-
-
57,711
119,692
404,299
-
O-23-43: Various Technology Improvements
09/20/23
215,000
54,823
-
160,177
-
-
199,024
-
15,976
-
O-24-17: Russell Golding Park Improvement, Acquisitions and Installations
03/13/24
5,000,000
-
-
-
5,000,000
-
2,306
-
-
4,997,694
O-24-18: 11th Street Oval Park Improvements, Acquisitions and Installations
03/13/24
2,500,000
-
-
-
2,500,000
-
163,408
2,309,641
-
26,951
O-24-42: Various Road Improvements
07/17/24
2,700,000
-
-
-
2,700,000
-
-
-
-
2,700,000
O-24-54: Acquisition of Real Property & Construction of a Ferry Pier and Dock
10/16/24
6,000,000
-
-
-
6,000,000
-
-
-
-
6,000,000
Balance: December 31, 2023
Balance: December 31, 2024
148
Exhibit C-10
Sheet 2 of 2
CITY OF BAYONNE
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
Ordinance
Current Year
Adjusted/
Paid or
Date
Amount
Funded
Unfunded
Encumbered
Authorizations
Cancelled
Charged
Encumbered
Funded
Unfunded
Balance: December 31, 2023
Balance: December 31, 2024
O-24-59: 63rd Street Flood Resiliency Project
11/13/24
3,000,000
$
-
$
-
$
-
$
3,000,000
$
-
$
-
$
-
$
-
$
3,000,000
$
O-24-60: Public Safety Technology & Equipment
11/13/24
2,550,000
-
-
-
2,550,000
-
-
-
-
2,550,000
O-24-67: Various Capital Improvements & Acquisitions of Vehicles and Equipment
12/18/24
7,000,000
-
-
-
7,000,000
-
-
-
333,500
6,666,500
3,247,700
$
25,874,345
$
8,822,632
$
28,750,000
$
-
$
6,128,907
$
8,216,387
$
1,578,123
$
50,771,260
$
Ref
C
C
C-19
C-9
C-19
C
C
Capital Improvement Fund
C-22
333,500
$
Bonds and Notes Authorized
C-5
28,416,500
28,750,000
$
Grants Receivable with Full Reserves
C-6a, C-24
12,082,505
$
149
Exhibit C-11
Sheet 1 of 6
CITY OF BAYONNE
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF GENERAL SERIAL BONDS PAYABLE
Maturities of Bonds Outstanding
December 31, 2024
Paid By
Maturity
Interest
Interest
Principal
Balance
Budget
Balance
Purpose
Date
Amount
Date
Rate
Amount
Amount
Dec. 31, 2023
Appropriation
Dec. 31, 2024
Early Retirement Incentive
01/15/2003
15,795,000
$
1/15/2025
5.680%
334,836
$
700,000
$
12,390,000
$
600,000
$
11,790,000
$
Program Refunding Bonds (Qualified)
7/15/2025
5.680%
314,956
-
1/15/2026
5.680%
314,956
800,000
7/15/2026
5.680%
292,236
-
1/15/2027
5.680%
292,236
935,000
7/15/2027
5.680%
265,682
-
1/15/2028
5.680%
265,682
1,080,000
7/15/2028
5.680%
235,010
-
1/15/2029
5.680%
235,010
1,250,000
7/15/2029
5.680%
199,510
-
1/15/2030
5.680%
199,510
1,435,000
7/15/2030
5.680%
158,756
-
1/15/2031
5.680%
158,756
1,640,000
7/15/2031
5.680%
112,180
-
1/15/2032
5.680%
112,180
1,855,000
7/15/2032
5.680%
59,498
-
1/15/2033
5.680%
59,498
2,095,000
Hudson County Improvement
10/24/2008
10,000,000
2/1/2025
5.000%
28,031
-
2,145,000
650,000
1,495,000
Authority (Qualified)
8/1/2025
5.000%
28,031
1,495,000
Special Assessment Bonds
11/19/2014
6,322,000
5/15/2025
3.000%
50,991
-
3,465,000
315,000
3,150,000
11/15/2025
3.000%
50,991
315,000
5/15/2026
3.000%
46,266
-
11/15/2026
3.000%
46,266
315,000
5/15/2027
3.000%
41,541
-
11/15/2027
3.000%
41,541
315,000
5/15/2028
3.125%
36,816
-
11/15/2028
3.125%
36,816
315,000
5/15/2029
3.125%
31,894
-
11/15/2029
3.125%
31,894
315,000
5/15/2030
3.250%
26,972
-
11/15/2030
3.250%
26,972
315,000
5/15/2031
3.375%
21,853
-
11/15/2031
3.375%
21,853
315,000
5/15/2032
3.500%
16,537
-
11/15/2032
3.500%
16,537
315,000
5/15/2033
3.500%
11,025
-
11/15/2033
3.500%
11,025
315,000
5/15/2034
3.500%
5,512
-
11/15/2034
3.500%
5,512
315,000
Original Issue
150
Exhibit C-11
Sheet 2 of 6
CITY OF BAYONNE
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF GENERAL SERIAL BONDS PAYABLE
Maturities of Bonds Outstanding
December 31, 2024
Paid By
Maturity
Interest
Interest
Principal
Balance
Budget
Balance
Purpose
Date
Amount
Date
Rate
Amount
Amount
Dec. 31, 2023
Appropriation
Dec. 31, 2024
Original Issue
General Obligation Refunding
6/10/2015
14,775,000
$
2/1/2025
5.000%
230,028
$
-
$
11,680,000
$
580,000
$
11,100,000
$
Bonds
8/1/2025
5.000%
230,028
610,000
2/1/2026
5.000%
214,778
-
8/1/2026
5.000%
214,778
635,000
2/1/2027
4.000%
198,903
-
8/1/2027
4.000%
198,903
665,000
2/1/2028
4.000%
185,603
-
8/1/2028
4.000%
185,603
690,000
2/1/2029
4.000%
171,803
-
8/1/2029
4.000%
171,803
715,000
2/1/2030
4.000%
157,503
-
8/1/2030
4.000%
157,503
740,000
2/1/2031
4.000%
142,703
-
8/1/2031
4.000%
142,703
775,000
2/1/2032
4.000%
127,203
-
8/1/2032
4.000%
127,203
800,000
2/1/2033
4.000%
111,203
-
8/1/2033
4.000%
111,203
830,000
2/1/2034
4.000%
94,603
-
8/1/2034
4.000%
94,603
860,000
2/1/2035
4.000%
77,403
-
8/1/2035
4.000%
77,403
895,000
2/1/2036
4.125%
59,503
-
8/1/2036
4.125%
59,503
925,000
2/1/2037
4.125%
40,425
-
8/1/2037
4.125%
40,425
960,000
2/1/2038
4.125%
20,625
-
8/1/2038
4.125%
20,625
1,000,000
General Improvement
3/22/2016
66,000,000
1/1/2025
5.000%
120,125
-
5,630,000
825,000
4,805,000
Infrastructure Bond (Qualified)
7/1/2025
5.000%
120,125
2,380,000
1/1/2026
5.000%
60,625
-
7/1/2026
5.000%
60,625
2,425,000
151
Exhibit C-11
Sheet 3 of 6
CITY OF BAYONNE
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF GENERAL SERIAL BONDS PAYABLE
Maturities of Bonds Outstanding
December 31, 2024
Paid By
Maturity
Interest
Interest
Principal
Balance
Budget
Balance
Purpose
Date
Amount
Date
Rate
Amount
Amount
Dec. 31, 2023
Appropriation
Dec. 31, 2024
Original Issue
General Improvement
4/17/2018
7,208,000
$
2/1/2025
3.000%
54,645
$
685,000
$
4,308,000
$
665,000
$
3,643,000
$
Bonds, Series 2018A
8/1/2025
3.000%
44,370
-
2/1/2026
3.000%
44,370
705,000
8/1/2026
3.000%
33,795
-
2/1/2027
3.000%
33,795
730,000
8/1/2027
3.000%
22,845
-
2/1/2028
3.000%
22,845
750,000
8/1/2028
3.000%
11,595
-
2/1/2029
3.000%
11,595
773,000
General Improvement
4/17/2018
13,447,000
2/1/2025
5.000%
259,456
355,000
11,672,000
355,000
11,317,000
Bonds, Series 2018B
8/1/2025
5.000%
250,581
-
2/1/2026
5.000%
250,581
355,000
8/1/2026
5.000%
241,706
-
2/1/2027
5.000%
241,706
355,000
8/1/2027
5.000%
232,831
-
2/1/2028
5.000%
232,831
355,000
8/1/2028
5.000%
223,956
-
2/1/2029
5.000%
223,956
355,000
8/1/2029
5.000%
215,081
-
2/1/2030
5.000%
215,081
355,000
8/1/1930
5.000%
206,206
-
2/1/2031
5.000%
206,206
360,000
8/1/1931
4.500%
197,206
-
2/1/2032
4.500%
197,206
375,000
8/1/1932
4.250%
188,769
-
2/1/2033
4.250%
188,769
385,000
8/1/1933
4.250%
180,588
-
2/1/2034
4.250%
180,588
400,000
8/1/1934
4.300%
172,088
-
2/1/2035
4.300%
172,088
420,000
8/1/1935
4.500%
163,058
-
2/1/2036
4.500%
163,058
435,000
8/1/1936
4.500%
153,270
-
2/1/2037
4.500%
153,270
450,000
8/1/2037
4.500%
143,145
-
2/1/2038
4.500%
143,145
470,000
8/1/2038
4.500%
132,570
-
2/1/2039
4.500%
132,570
490,000
8/1/2040
4.500%
121,545
-
2/1/2040
4.500%
121,545
510,000
8/1/2041
4.500%
110,070
-
152
Exhibit C-11
Sheet 4 of 6
CITY OF BAYONNE
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF GENERAL SERIAL BONDS PAYABLE
Maturities of Bonds Outstanding
December 31, 2024
Paid By
Maturity
Interest
Interest
Principal
Balance
Budget
Balance
Purpose
Date
Amount
Date
Rate
Amount
Amount
Dec. 31, 2023
Appropriation
Dec. 31, 2024
Original Issue
General Improvement
(continued)
2/1/2041
4.500%
110,070
$
530,000
$
Bonds, Series 2018B
8/1/2041
4.500%
98,145
-
2/1/2042
4.500%
98,145
550,000
8/1/2042
4.500%
85,770
-
2/1/2043
4.500%
85,770
575,000
8/1/2043
4.500%
72,833
-
2/1/2044
4.500%
72,833
595,000
8/1/2044
4.500%
59,445
-
2/1/2045
4.500%
59,445
620,000
8/1/2045
4.500%
45,495
-
2/1/2046
4.500%
45,495
645,000
8/1/2046
4.500%
30,982
-
2/1/2047
4.500%
30,982
675,000
8/1/2047
4.500%
15,795
-
2/1/2048
4.500%
15,795
702,000
General Improvement
5/11/2020
27,026,000
$
2/1/2025
5.000%
484,451
750,000
24,776,000
$
750,000
$
24,026,000
$
Bonds, Series 2020
8/1/2025
5.000%
465,701
-
2/1/2026
5.000%
465,701
750,000
8/1/2026
5.000%
446,951
-
2/1/2027
5.000%
446,951
750,000
8/1/2027
5.000%
428,201
-
2/1/2028
5.000%
428,201
750,000
8/1/2028
5.000%
409,451
-
2/1/2029
5.000%
409,451
750,000
8/1/2029
5.000%
390,701
-
2/1/2030
5.000%
390,701
750,000
8/1/2030
3.000%
371,951
-
2/1/2031
3.000%
371,951
750,000
8/1/2031
3.250%
360,701
-
2/1/2032
3.250%
360,701
750,000
8/1/2032
3.375%
348,514
-
2/1/2033
3.375%
348,514
750,000
8/1/2033
3.500%
335,858
-
2/1/2034
3.500%
335,858
750,000
8/1/2034
3.500%
322,733
-
2/1/2035
3.500%
322,733
750,000
8/1/2035
3.625%
309,607
-
2/1/2036
3.625%
309,607
750,000
8/1/2036
3.625%
296,014
-
2/1/2037
3.625%
296,014
750,000
8/1/2037
3.750%
282,420
-
153
Exhibit C-11
Sheet 5 of 6
CITY OF BAYONNE
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF GENERAL SERIAL BONDS PAYABLE
Maturities of Bonds Outstanding
December 31, 2024
Paid By
Maturity
Interest
Interest
Principal
Balance
Budget
Balance
Purpose
Date
Amount
Date
Rate
Amount
Amount
Dec. 31, 2023
Appropriation
Dec. 31, 2024
Original Issue
General Improvement
(continued)
2/1/2038
3.750%
282,420
$
785,000
$
Bonds, Series 2020
8/1/2038
3.750%
267,701
-
2/1/2039
3.750%
267,701
825,000
8/1/2039
3.750%
252,233
-
2/1/2040
3.750%
252,233
870,000
8/1/2040
4.000%
235,920
-
2/1/2041
4.000%
235,920
915,000
8/1/2041
4.000%
217,620
-
2/1/2042
4.000%
217,620
965,000
8/1/2042
4.000%
198,320
-
2/1/2043
4.000%
198,320
1,020,000
8/1/2043
4.000%
177,920
-
2/1/2044
4.000%
177,920
1,075,000
8/1/2044
4.000%
156,420
-
2/1/2045
4.000%
156,420
1,135,000
8/1/2045
4.000%
133,720
-
2/1/2046
4.000%
133,720
1,195,000
8/1/2046
4.000%
109,820
-
2/1/2047
4.000%
109,820
1,260,000
8/1/2047
4.000%
84,620
-
2/1/2048
4.000%
84,620
1,335,000
8/1/2048
4.000%
57,920
-
2/1/2049
4.000%
57,920
1,410,000
8/1/2049
4.000%
29,720
-
2/1/2050
4.000%
29,720
1,486,000
154
Exhibit C-11
Sheet 6 of 6
CITY OF BAYONNE
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF GENERAL SERIAL BONDS PAYABLE
Maturities of Bonds Outstanding
December 31, 2024
Paid By
Maturity
Interest
Interest
Principal
Balance
Budget
Balance
Purpose
Date
Amount
Date
Rate
Amount
Amount
Dec. 31, 2023
Appropriation
Dec. 31, 2024
Original Issue
General Improvement
8/5/2021
66,375,000
$
1/1/2025
0.989%
746,596
$
-
$
64,425,000
$
910,000
$
63,515,000
$
Refunding Bonds
7/1/2025
0.989%
746,596
915,000
Series 2021
1/1/2026
1.189%
742,071
-
7/1/2026
1.189%
742,071
925,000
1/1/2027
1.458%
736,572
-
7/1/2027
1.458%
736,572
3,410,000
1/1/2028
1.658%
711,713
-
7/1/2028
1.658%
711,713
3,365,000
1/1/2029
1.792%
683,817
-
7/1/2029
1.792%
683,817
3,325,000
1/1/2030
1.942%
654,025
-
7/1/2030
1.942%
654,025
3,280,000
1/1/2031
2.042%
622,177
-
7/1/2031
2.042%
622,177
3,240,000
1/1/2032
2.192%
589,096
-
7/1/2032
2.192%
589,096
3,185,000
1/1/2033
2.342%
554,189
-
7/1/2033
2.342%
554,189
4,720,000
1/1/2034
2.442%
498,917
-
7/1/2034
2.442%
498,917
5,695,000
1/1/2035
2.542%
429,381
-
7/1/2035
2.542%
429,381
5,870,000
1/1/2036
2.642%
354,774
-
7/1/2036
2.642%
354,774
6,055,000
1/1/2037
2.814%
274,787
-
7/1/2037
2.814%
274,787
6,270,000
A
1/1/2038
2.814%
186,568
-
7/1/2038
2.814%
186,568
6,505,000
A
1/1/2039
2.814%
95,043
-
7/1/2039
2.814%
95,043
6,755,000
A
140,491,000
$
5,650,000
$
134,841,000
$
Ref.
C
C-4
C
A. Term bond of $19,530,000 due July 1, 2039 at 2.814%
155
CITY OF BAYONNE
Exhibit C-12
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF CAPITAL APPRECIATION BONDS PAYABLE
Maturities of Bonds Outstanding
December 31, 2024
Original Issue
Maturity
Principal
Interest
Balance
Balance
Purpose
Date
Amount
Date
Amount
Rate
Dec. 31, 2023
Dec. 31, 2024
Water Sytem Revenue Bond
12/21/2012
500,000
$
12/21/2052
500,000
$
4.06%
500,000
$
500,000
$
Sewer System Revenue Bond
12/21/2012
500,000
$
12/21/2052
500,000
4.06%
500,000
500,000
1,000,000
$
1,000,000
$
Ref.
C
C
156
Exhibit C-13
Sheet 1 of 2
CITY OF BAYONNE
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF SCHOOL SERIAL BONDS PAYABLE
Maturities of Bonds Outstanding
December 31, 2024
Paid By
Maturity
Interest
Interest
Principal
Balance
Budget
Balance
Purpose
Date
Amount
Date
Rate
Amount
Amount
Dec. 31, 2023
Appropriation
Dec. 31, 2024
School Bonds, Series 2014B
11/19/2014
6,121,000
$
05/15/2025
3.000%
57,877
$
-
$
3,931,000
$
290,000
$
3,641,000
$
11/15/2025
3.000%
57,877
305,000
05/15/2026
3.000%
53,302
-
11/15/2026
3.000%
53,302
320,000
05/15/2027
3.000%
48,502
-
11/15/2027
3.000%
48,502
330,000
05/15/2028
3.000%
43,552
-
11/15/2028
3.000%
43,552
345,000
05/15/2029
3.125%
38,377
-
11/15/2029
3.125%
38,377
355,000
05/15/2030
3.125%
32,830
-
11/15/2030
3.125%
32,830
370,000
05/15/2031
3.250%
27,049
-
11/15/2031
3.250%
27,049
385,000
05/15/2032
3.250%
20,792
-
11/15/2032
3.250%
20,792
395,000
05/15/2033
3.375%
14,374
-
11/15/2033
3.375%
14,374
410,000
05/15/2034
3.500%
7,455
-
11/15/2034
3.500%
7,455
426,000
School Refunding Bonds
08/13/2014
28,380,000
01/15/2025
3.000%
49,800
-
6,500,000
3,180,000
3,320,000
07/15/2025
3.000%
49,800
3,320,000
School Refunding Bonds
06/10/2015
15,475,000
02/01/2025
5.000%
15,375
-
1,225,000
610,000
615,000
(NJ School Bond Reserve Act
08/01/2025
5.000%
15,375
615,000
P.L. 1980, c. 72)
School Refunding Bonds
04/19/2016
3,425,000
01/01/2025
4.000%
7,700
-
755,000
370,000
385,000
Series 2016
07/01/2025
4.000%
7,700
385,000
Original Issue
157
Exhibit C-13
Sheet 2 of 2
CITY OF BAYONNE
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF SCHOOL SERIAL BONDS PAYABLE
Maturities of Bonds Outstanding
December 31, 2024
Paid By
Maturity
Interest
Interest
Principal
Balance
Budget
Balance
Purpose
Date
Amount
Date
Rate
Amount
Amount
Dec. 31, 2023
Appropriation
Dec. 31, 2024
Original Issue
School Refunding Bonds
08/05/2021
12,700,000
$
2/1/2025
0.989%
98,715
$
-
$
12,220,000
$
240,000
$
11,980,000
$
Series 2021
8/1/2025
0.989%
98,715
245,000
2/1/2026
1.189%
97,503
-
8/1/2026
1.189%
97,503
1,110,000
2/1/2027
1.458%
90,904
-
8/1/2027
1.458%
90,904
2,575,000
2/1/2028
1.658%
72,133
-
8/1/2028
1.658%
72,133
2,730,000
2/1/2029
1.792%
49,501
-
8/1/2029
1.792%
49,501
2,875,000
2/1/2030
1.942%
23,741
-
8/1/2030
1.942%
23,741
2,445,000
24,631,000
$
4,690,000
$
19,941,000
$
Ref
C
C-4
C
158
CITY OF BAYONNE
Exhibit C-14
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF GREEN TRUST LOANS PAYABLE
Maturities of Bonds Outstanding
Paid By
Balance
Budget
Balance
Description of Loan
Date
Amount
Date
Interest
Principal
Dec. 31, 2023
Appropriation
Dec. 31, 2024
1995 GFB
2006
171,000
$
02/09/25
156
$
5,160
$
25,804
$
10,168
$
15,636
$
08/09/25
105
5,212
02/09/26
53
5,264
95GT
2006
100,000
02/10/25
91
3,018
15,090
5,946
9,144
08/10/25
61
3,048
02/10/26
31
3,078
40,894
$
16,114
$
24,780
$
Ref
C
C-4
C
Original Issue
December 31, 2024
159
CITY OF BAYONNE
Exhibit C-15
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF NEW JERSEY INFRASTRUCTURE BANK LOANS PAYABLE
Adjust
Loan Principal
Paid By
Fund Loan
Balance
Prior Year
Added to Final
Budget
Balance
Description of Loan
Description
Amount
Date
Interest Rate
Interest
Principal
Principal
Dec. 31, 2023
Loan Balance
Amortization
Appropriation
Dec. 31, 2024
O-20-19: Pedestrian Bridge
Initial Award
2,892,307
$
Amortization not yet finalized.
4,539,769
$
(1,647,462)
$
-
$
-
$
2,892,307
$
O-20-49: Improvements to Fitzpatrick Park
Initial Award
1,612,775
$
02/01/2025
5.000%
11,847
$
-
$
4,078
$
-
1,031,082
6,576
8,156
1,029,502
Amended by Ord. O-21-46
Added Principal
08/01/2025
5.000%
11,847
15,000
8,156
at Amortization
32,794
02/01/2026
5.000%
11,473
-
4,078
Less Unused Loan
68,583
08/01/2026
5.000%
11,473
15,000
8,156
Net Loan Due
1,576,986
$
02/01/2027
5.000%
11,097
-
4,078
08/01/2027
5.000%
11,097
15,000
8,156
02/01/2028
5.000%
10,722
-
4,078
08/01/2028
5.000%
10,722
15,000
8,156
02/01/2029
5.000%
10,347
-
4,078
08/01/2029
5.000%
10,347
15,000
8,156
02/01/2030
5.000%
9,972
-
4,078
08/01/2030
5.000%
9,972
15,000
8,156
02/01/2031
5.000%
9,597
-
4,078
08/01/2031
5.000%
9,597
15,000
8,156
02/01/2032
5.000%
9,222
-
4,078
08/01/2032
5.000%
9,222
15,000
8,156
02/01/2033
5.000%
8,847
-
4,078
08/01/2033
5.000%
8,847
15,000
8,156
02/01/2034
5.000%
8,472
-
4,078
08/01/2034
5.000%
8,472
15,000
8,156
02/01/2035
5.000%
8,097
-
4,078
08/01/2035
5.000%
8,097
15,000
8,156
02/01/2036
3.030%
7,723
-
4,078
08/01/2036
3.030%
7,723
23,417
8,156
02/01/2037
3.030%
7,368
-
4,078
08/01/2037
3.030%
7,368
23,377
8,156
02/01/2038
3.030%
7,013
-
4,078
08/01/2038
3.030%
7,013
23,335
8,156
02/01/2039
3.030%
6,660
-
4,078
08/01/2039
3.030%
6,660
23,292
8,156
02/01/2040
3.030%
6,307
-
4,078
08/01/2040
3.030%
6,307
23,248
8,156
02/01/2041
3.030%
5,955
-
4,078
08/01/2041
3.030%
5,955
23,202
8,156
02/01/2042
3.030%
5,603
-
4,078
08/01/2042
3.030%
5,603
28,155
8,156
02/01/2043
3.030%
5,177
-
4,078
08/01/2043
3.030%
5,177
28,009
8,156
02/01/2044
3.030%
4,752
-
4,078
08/01/2044
3.030%
4,752
27,857
8,156
02/01/2045
3.030%
4,330
-
4,078
08/01/2045
3.030%
4,330
27,701
8,156
02/01/2046
3.030%
3,911
-
4,078
08/01/2046
3.030%
3,911
27,541
8,156
02/01/2047
3.030%
3,493
-
4,078
08/01/2047
3.030%
3,493
32,375
8,156
02/01/2048
3.030%
3,003
-
4,078
08/01/2048
3.030%
3,003
32,106
8,156
02/01/2049
3.030%
2,516
-
4,078
Total Loan
December 31, 2024
At Initial Amortization
Maturities of Bonds Outstanding
Trust Loan
160
CITY OF BAYONNE
Exhibit C-15
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF NEW JERSEY INFRASTRUCTURE BANK LOANS PAYABLE
Adjust
Loan Principal
Paid By
Fund Loan
Balance
Prior Year
Added to Final
Budget
Balance
Description of Loan
Description
Amount
Date
Interest Rate
Interest
Principal
Principal
Dec. 31, 2023
Loan Balance
Amortization
Appropriation
Dec. 31, 2024
Total Loan
December 31, 2024
At Initial Amortization
Maturities of Bonds Outstanding
Trust Loan
O-20-49: Improvements to Fitzpatrick Park
(continued)
08/01/2049
3.030%
2,516
$
31,829
$
8,156
$
Amended by Ord. O-21-46
02/01/2050
3.030%
2,034
-
4,078
08/01/2050
3.030%
2,034
31,543
8,156
02/01/2051
3.030%
1,557
-
4,078
08/01/2051
3.030%
1,557
31,249
8,156
02/01/2052
3.030%
1,083
-
4,078
08/01/2052
3.030%
1,083
35,946
8,156
02/01/2053
3.030%
538
-
4,078
08/01/2053
3.030%
538
35,535
8,155
O-22-02: Various Roadway Improvements
Initial Award
2,062,164
$
05/01/2025
3.410%
16,658
4,594
-
-
$
1,576,987
$
-
$
56,750
$
1,520,237
$
Added Principal
11/01/2025
3.410%
16,658
67,869
-
at Amortization
6,576
05/01/2026
3.300%
16,122
4,348
-
Less Forgiveness
1,031,982
11/01/2026
3.300%
16,122
69,186
-
1,036,758
$
05/01/2027
3.230%
15,587
4,102
-
11/01/2027
3.230%
15,587
70,503
-
05/01/2028
3.190%
15,045
3,863
-
11/01/2028
3.190%
15,045
71,826
-
05/01/2029
3.470%
14,493
3,477
-
11/01/2029
3.470%
14,493
73,315
-
05/01/2030
3.400%
13,873
3,160
-
11/01/2030
3.400%
13,873
74,873
-
05/01/2031
3.380%
13,245
2,850
-
11/01/2031
3.380%
13,245
76,438
-
05/01/2032
3.370%
12,599
2,558
-
11/01/2032
3.370%
12,599
78,022
-
05/01/2033
3.440%
11,933
2,130
-
11/01/2033
3.440%
11,933
79,782
-
05/01/2034
4.069%
11,231
1,739
-
11/01/2034
4.069%
11,231
81,578
-
05/01/2035
4.306%
10,371
1,505
-
11/01/2035
4.306%
10,371
83,531
-
05/01/2036
4.503%
9,425
1,201
-
11/01/2036
4.503%
9,425
85,728
-
05/01/2037
4.684%
8,392
983
-
11/01/2037
4.684%
8,392
88,010
-
05/01/2038
4.823%
7,270
699
-
11/01/2038
4.823%
7,270
90,539
-
05/01/2039
5.210%
6,060
503
-
11/01/2039
5.210%
6,060
93,155
-
05/01/2040
5.289%
4,691
310
-
11/01/2040
5.289%
4,691
96,088
-
05/01/2041
5.366%
3,227
210
-
11/01/2041
5.366%
3,227
99,113
-
05/01/2042
5.424%
1,665
54
-
11/01/2042
5.424%
1,665
102,395
-
4,539,769
$
960,607
$
6,576
$
64,906
$
5,442,046
$
Ref
C
C-8
C-4
C-4
C
161
CITY OF BAYONNE
Exhibit C-16
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF LEASES PAYABLE - CREDIT UNION
Paid By
Balance
Budget
Balance
Description of Loan
Date
Amount
Date
Interest
Principal
Dec. 31, 2023
Increase
Appropriation
Dec. 31, 2024
Vehicles
2020
90,165
$
Matured in 2024.
51,616
$
-
$
51,616
$
-
$
HCIA Lease Central Garage
2015
8,580,000
2025
260,084
$
425,000
$
5,740,000
-
415,000
5,325,000
2026
240,775
445,000
2027
219,600
470,000
2028
196,313
485,000
2029
171,438
510,000
2030
145,188
540,000
2031
116,413
565,000
2032
85,328
595,000
2033
52,406
630,000
2034
17,738
660,000
Spartan Custom Fire Pumper
2020
439,946
2025
10,054
44,593
285,075
-
42,817
242,258
2026
8,203
46,444
2027
6,276
48,372
2028
4,268
50,379
2029
2,178
52,470
Spartan Metro Star Fire Engine
2023
578,471
2025
22,322
51,232
531,668
-
48,968
482,700
2026
19,953
53,602
2027
17,474
56,080
2028
14,881
58,674
2029
12,167
61,387
2030
9,327
64,226
2031
6,359
67,196
2032
3,251
70,303
6,608,359
$
-
$
558,401
$
6,049,958
$
Ref
C
C-4
C-4
C
Original Issue
December 31, 2024
Maturities of Bonds Outstanding
162
CITY OF BAYONNE
Exhibit C-17
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF ASSIGNMENT AGREEMENT PAYABLE
Paid By
Balance
Budget
Balance
Description of Loan
Date
Amount
Date
Principal
Dec. 31, 2023
Appropriation
Dec. 31, 2024
Military Ocean Terminal
8/3/2016
45,000,000
$
2025
5,000,000
$
45,000,000
$
5,000,000
$
40,000,000
$
Purchase - Port Authority
2026
5,000,000
Dated December 23, 2014
2027
5,000,000
2028
5,000,000
2029
5,000,000
2030
5,000,000
2031
5,000,000
2032
5,000,000
45,000,000
$
5,000,000
$
40,000,000
$
Ref
C
C-5
C
Maturities of Bonds Outstanding
Original Issue
December 31, 2024
163
CITY OF BAYONNE
Exhibit C-18
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF GENERAL BOND ANTICIPATION NOTES PAYABLE
Ordinance
Date of
Date of
Date of
Interest
Balance
Notes
Notes
Budget
Balance
Number
Purpose
Issue
Amount
Issue
Maturity
Rate
Dec. 31, 2023
Refunded
Refunded
Appropriation
Dec. 31, 2024
HCIA Tax-Exempt County-Guaranteed Pooled Notes,
Series 2024 B-1 (Local Unit Loan Program)
O-16-66
Various Capital Improvements
10/19/2017
4,500,000
$
07/12/2024
07/11/2025
4.500%
-
$
4,045,000
-
$
-
$
4,045,000
$
O-17-21
Various Capital Improvements
10/19/2017
1,380,000
07/12/2024
07/11/2025
4.500%
-
1,060,000
-
-
1,060,000
O-21-39
Amending O-17-21
10/19/2017
295,000
07/12/2024
07/11/2025
4.500%
-
295,000
-
-
295,000
O-17-28
Roadway Improvements-LeFante
10/03/2018
550,000
07/12/2024
07/11/2025
4.500%
-
490,000
-
-
490,000
O-22-10
Various Capital Improvements
07/05/2023
10,389,000
07/12/2024
07/11/2025
4.500%
-
10,389,000
-
-
10,389,000
-
16,279,000
-
-
16,279,000
HCIA Tax-Exempt County-Guaranteed Pooled Notes,
Series 2023 B-1 (Local Unit Loan Program)
O-16-66
Various Capital Improvements
10/19/2017
4,500,000
08/04/2023
07/24/2024
5.000%
4,136,000
-
4,045,000
91,000
-
O-17-21
Various Capital Improvements
10/19/2017
1,380,000
08/04/2023
07/24/2024
5.000%
1,157,261
-
1,093,261
64,000
-
O-21-39
Amending O-17-21
10/19/2017
295,000
08/04/2023
07/24/2024
5.000%
261,739
33,261
295,000
-
-
O-17-28
Roadway Improvements-LeFante
10/03/2018
550,000
08/04/2023
07/24/2024
5.000%
505,000
-
490,000
15,000
-
O-22-10
Various Capital Improvements
07/05/2023
10,389,000
08/04/2023
07/24/2024
5.000%
10,389,000
-
10,389,000
-
-
16,449,000
33,261
16,312,261
170,000
-
HCIA Tax-Exempt County-Guaranteed Pooled Notes,
Series 2023 A (Local Unit Loan Program)
O-18-51
Various Capital Improvements
05/24/2019
3,475,000
04/17/2023
04/05/2024
4.250%
3,095,000
-
2,905,000
190,000
-
O-19-56
Various Capital Improvements
04/18/22
7,380,000
04/17/2023
04/05/2024
4.250%
7,380,000
-
7,380,000
-
-
10,475,000
-
10,285,000
190,000
-
HCIA Tax-Exempt County-Guaranteed Pooled Notes,
Series 2024 A (Local Unit Loan Program)
O-18-51
Various Capital Improvements
05/24/2019
3,475,000
03/26/2024
03/25/2025
4.250%
-
2,905,000
-
-
2,905,000
O-19-56
Various Capital Improvements
04/18/22
7,380,000
03/26/2024
03/25/2025
4.250%
-
7,380,000
-
-
7,380,000
-
10,285,000
-
-
10,285,000
26,924,000
$
26,597,261
$
26,597,261
$
360,000
$
26,564,000
$
Ref
C
Contra
Contra
C-5
C
Original
Decreased by Notes Paid:
Increased by:
164
CITY OF BAYONNE
Exhibit C-19
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF CONTRACTS PAYABLE
Ref
Balance: December 31, 2023
C
8,822,632
$
Increased by Reserved at Year end For:
Improvement Authorizations
C-10
8,216,387
17,039,019
Decreased by Amounts Added to:
Improvement Authorizations
C-10
8,822,632
Balance: December 31, 2024
C
8,216,387
$
165
CITY OF BAYONNE
Exhibit C-20
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVE FOR CAPITAL IMPROVEMENTS
Balance
Increased by:
Balance
Cash Receipts
Dec. 31, 2024
Veterans Stadium
25,000
$
-
$
25,000
$
Pedestrian Bridge
250,000
-
250,000
Park Improvements
650,000
-
650,000
Intersection Improvements
250,000
-
250,000
Marist High School
100,000
-
100,000
Hudson River Walkway Escrow
-
2,357,280
2,357,280
1,275,000
$
2,357,280
$
3,632,280
$
C
C-2
C
Dec. 31, 2023
166
CITY OF BAYONNE
Exhibit C-21
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVE FOR DEBT SERVICE
Balance
Balance
Dec. 31, 2023
Dec. 31, 2024
Debt of the Former Local Redevelopment Agency
2,059,947
$
2,059,947
$
Debt of the Former Municipal Utilities Authority
208,558
208,558
Other City Debt
50,641
50,641
2,319,146
$
2,319,146
$
C
C
167
CITY OF BAYONNE
Exhibit C-22
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF CAPITAL IMPROVEMENT FUND
Ref
Balance: December 31, 2023
C
270,353
$
Increased by:
Budget Appropriations
C-9
350,000
620,353
Decreased by:
Improvement Authorization -
Ord No. O-24-67: Various Capital Improvements
and Acquisitions of Vehicles and Equipment
C-10
333,500
Balance: December 31, 2024
C
286,853
$
SCHEDULE OF RESERVE FOR PRELIMINARY EXPENSES
Exhibit C-23
Ref
Balance: December 31, 2024 and 2023
C
3,167
$
168
CITY OF BAYONNE
Exhibit C-24
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVE FOR GRANTS RECEIVABLE
Balance
Balance
Dec. 31, 2023
Awarded
Dec. 31, 2024
New Jersey Department of Transportation
O-24-42: Various Road Improvements
-
$
1,603,617
$
1,603,617
$
US Department of Justice -
Community Oriented Police Services (COPS) Grant
O-24-60: Public Safety Technology & Equipment
-
1,030,000
1,030,000
Housing and Urban Development Grant (HUD)
O-24-17: Russell Golding Park
-
5,000,000
5,000,000
O-24-18: 11th Street Oval Park
-
1,000,000
1,000,000
US Department of Transportation
O-24-54: Acquisition of Real Property and
Construction of a Ferry Pier and Dock
-
656,800
656,800
FEMA BRIC Grant
O-24-59: 63rd Street Flood Resiliency Project
-
2,207,088
2,207,088
Hudson County Open Space Grant
O-20-49: Improvements to Fitzpatrick Park
55,096
-
55,096
O-24-18: 11th Street Oval Park
-
500,000
500,000
New Jersey Department of Community Affairs -
Local Recreation Improvement
O-24-18: 11th Street Oval Park
-
85,000
85,000
55,096
$
12,082,505
$
12,137,601
$
C
C-6a, C-10
C
169
CITY OF BAYONNE
Exhibit C-25
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
Increased by:
Reclass
Ordinance
Balance
Debt
Prior Years'
Cash
Balance
Number
Description
Dec. 31, 2023
Authorized
I-Bank Receipts
Receipts
Dec. 31, 2024
General Improvements:
O-99-31
Demolition of Unsafe Buildings
133,936
$
-
$
-
$
-
$
133,936
$
O-18-52
Aqueduct Improvements
11,700,000
-
-
-
11,700,000
O-19-56
Various Capital Improvements
948
-
-
-
948
O-20-19
Various Capital Improvements
5,054,121
-
3,261,619
742,461
7,573,279
O-20-49
Improvements to Fitzpatrick Park
1,480,169
-
(1,480,169)
-
-
O-21-46
Supplement to O-20-49
913,214
-
(237,258)
344,737
331,219
O-21-14
Library Improvements
650,000
-
-
-
650,000
O-21-41
16th Street Park Improvements
750,000
-
-
-
750,000
O-22-10
Various Capital Improvements
461
-
-
-
461
O-22-02
Various Roadway Improvements
1,697,557
-
(1,544,192)
-
153,365
O-24-17
Russell Golding Park
-
5,000,000
-
-
5,000,000
O-24-18
11th Street Oval Park
-
2,500,000
-
-
2,500,000
O-24-42
Various Road Improvements
-
2,700,000
-
-
2,700,000
O-24-54
Acquisition of Real Property
Construct Ferry Pier and Dock
-
6,000,000
-
-
6,000,000
O-24-59
63rd Street Flood Resiliency Project
-
3,000,000
-
-
3,000,000
O-24-60
Public Safety Tech. & Equipment
-
2,550,000
-
-
2,550,000
O-24-67
Various Capital Improvements &
Acquire Vehicles and Equipment
-
6,666,500
-
-
6,666,500
22,380,406
$
28,416,500
$
-
$
1,087,198
$
49,709,708
$
Ref
C
C-5, C-10
C-2, C-4
C
C-5, C-8
Decreased by:
170
CITY OF BAYONNE
Exhibit D-5
PARKING UTILITY FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF CASH AND CASH EQUIVALENTS
Parking Utility
Parking Utility
Operating
Capital
Ref.
Increased by Cash Receipts:
Parking Utility Revenues
D-2
2,346,965
$
-
$
Interfunds Advanced
D-16
-
33,302
Interest Revenue
D-8, D-16
110
128
2,347,075
33,430
Decreased by Cash Disbursements:
Bank Charges
D-1
5
-
Interfunds Returned
D-8, D-16
2,033,577
59,723
2,033,582
59,723
Net Change in Cash
313,493
(26,293)
Balance: December 31, 2023
D
1,200,642
166,351
Balance: December 31, 2024
D
1,514,135
$
140,058
$
171
CITY OF BAYONNE
Exhibit D-6
PARKING UTILITY CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
ANALYSIS OF PARKING UTILITY CAPITAL CASH AND CASH EQUIVALENTS
Balance
Cash
Improvement
Cash
Transfers
Balance
Dec. 31, 2023
Receipts
Authorizations
Disbursements
From
To
Dec. 31, 2024
Interfunds
-
$
33,430
$
(26,311)
$
59,723
$
-
$
-
$
18
$
Reserve For Encumbrance
64,290
-
-
-
64,290
39,347
39,347
Fund Balance
100,007
-
-
-
-
-
100,007
11/20/2021
O-21-51: Citywide Meter Improvements
2,054
-
26,311
-
39,347
64,290
686
166,351
$
33,430
$
-
$
59,723
$
103,637
$
103,637
$
140,058
$
D; D-5
D-5
D-5
D; D-5
Improvement Authorizations:
172
CITY OF BAYONNE
Exhibit D-7
PARKING UTILITY OPERATING FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF ACCOUNTS PAYABLE
Ref.
Balance: December 31, 2023
D
3,978
$
Decreased by:
Cancelled to Operations
D-1
3,978
Balance: December 31, 2024
D
-
$
173
CITY OF BAYONNE
Exhibit D-8
PARKING UTILITY OPERATING FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF INTERFUNDS
Unemployment
Current
Utility
Total
Trust
Fund
Capital
Ref.
Increased by:
Cash Disbursements
D-5
2,033,577
$
-
$
2,033,577
$
-
$
Interest Revenue
D-2
128
-
-
128
2,033,705
-
2,033,577
128
Decreased by:
Cash Receipts
D-5
110
-
-
110
Budget Appropriation:
Unemployment Trust
D-3
5,000
5,000
-
-
Appropropriations Paid by Current Fund
Appropriation Reserves
D-9
73,379
-
73,379
-
Current Budget
D-3
1,960,198
-
1,960,198
-
2,038,687
5,000
2,033,577
110
Net Change in Interfunds
(4,982)
(5,000)
-
18
Balance: December 31, 2023
D
-
-
-
-
Balance: December 31, 2024
Interfunds Receivable
D
18
$
-
$
-
$
18
$
Interfunds Payable
D
5,000
$
5,000
$
-
$
-
$
174
CITY OF BAYONNE
Exhibit D-9
PARKING UTILITY OPERATING FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF APPROPRIATION RESERVES
Balance after
Paid or
Contracts
Balance
Reserved
Encumbered
Transfers
Charged
Payable
Lapsed
Operating:
Salaries and Wages
31,018
$
-
$
31,018
$
-
$
-
$
31,018
$
Other Expenses
23,802
80,694
104,496
73,379
-
31,117
Group Insurance
21,267
-
21,267
-
-
21,267
76,087
80,694
156,781
73,379
-
83,402
Statutory Expenditures:
Social Security (O.A.S.I.)
5,654
-
5,654
-
-
5,654
5,654
-
5,654
-
-
5,654
81,741
$
80,694
$
162,435
$
73,379
$
-
$
89,056
$
D
D-10
D-8
D-11a
D-1
Balance: December 31, 2023
175
CITY OF BAYONNE
Exhibit D-10
PARKING UTILITY OPERATING FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVE FOR ENCUMBRANCES
Ref.
Balance: December 31, 2023
D
80,694
$
Increased by Receipts:
Current Year Appropriations
D-3
23,871
104,565
Decreased by Disbursements:
Prior Year Budget Appropriation
D-9
80,694
Balance: December 31, 2024
D
23,871
$
SCHEDULE OF RESERVE FOR DEBT SERVICE
Exhibit D-11
Ref.
Balance: December 31, 2024 and 2023
D
9,624
$
176
CITY OF BAYONNE
Exhibit D-12
PARKING UTILITY OPERATING FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF ACCRUED INTEREST
Ref.
Balance: December 31, 2023
D
21,896
$
Increased by:
Interest on Bonds
D-3
16,479
38,375
Decreased by:
Prior Year Accrual Realized in Prior Year
D-3
21,896
Balance: December 31, 2024
D
16,479
$
Principal
Outstanding
Interest
Accrual
Dec. 31, 2024
Rate
From
To
Months
Amount
850,000
$
Multi-Rate Bond
08/01/2024
12/31/2024
5
16,479
$
Accrual Period
177
CITY OF BAYONNE
Exhibit D-13
PARKING UTILITY CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
Balance: December 31, 2023
Current Year
Paid or
Balance: December 31, 2024
Date
Amount
Funded
Encumbered
Authorizations
Charged
Encumbered
Funded
Unfunded
O-21-51: Citywide Meter Improvements
11/20/2021
515,000
$
2,054
$
64,290
$
-
$
26,311
$
39,347
$
686
$
-
$
O-24-66: Vehicles & Equipment
12/18/2024
250,000
-
-
250,000
-
-
-
250,000
2,054
$
64,290
$
250,000
$
26,311
$
39,347
$
686
$
250,000
$
D
D-20
D-15
D-16
D-20
D
D
Ordinance
178
CITY OF BAYONNE
Exhibit D-14
PARKING UTILITY CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF FIXED CAPITAL
Balance
Transferred from
Balance
Dec. 31, 2023
Uncompleted
Dec. 31, 2024
Parking Lots
1,308,151
$
-
$
1,308,151
$
Parking Lots Improvements
2,401,172
-
2,401,172
Meters and Equipment
837,599
-
837,599
Office Equipment
33,206
-
33,206
Transportation Equipment
319,902
-
319,902
Capital Projects
454,831
-
454,831
5,354,861
$
-
$
5,354,861
$
D
D
SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED
Exhibit D-15
Balance
Current Year
Balance
Improvement Description
Date
Dec. 31, 2023
Authorization
Dec. 31, 2024
Purchase of Parking Lot from Board of Education
2007
450,000
$
-
$
450,000
$
Construction Projects
2007
659,965
-
659,965
O-21-51: Citywide Meter Improvements
11/20/2021
515,000
-
515,000
O-24-66: Vehicles & Equipment
2024
-
250,000
250,000
1,624,965
$
250,000
$
1,874,965
$
D
D-13
D
179
CITY OF BAYONNE
Exhibit D-16
PARKING UTILITY CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF INTERFUNDS
Current
Utility
Total
Fund
Operating
Ref.
Increased by:
Cash Disbursements
D-5
59,723
$
59,613
$
110
$
Decreased by:
Cash Receipts
D-5
33,302
33,302
-
Expenditures Paid by Current Fund
D-13
26,311
26,311
-
Interest Received
D-5
128
-
128
59,741
59,613
128
Net Change in Interfunds
(18)
-
(18)
Balance: December 31, 2023
D
-
-
-
Balance: December 31, 2024
Interfunds Payable
D
18
$
-
$
18
$
180
CITY OF BAYONNE
Exhibit D-17
PARKING UTILITY CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF PARKING REVENUE SERIAL BONDS PAYABLE
Maturities of Bonds Outstanding
December 31, 2024
Paid By
Original Issue
Maturity
Principal
Interest
Balance
Budget
Balance
Purpose
Date
Amount
Date
Amount
Rate
Dec. 31, 2023
Appropriation
Dec. 31, 2024
Parking Utility Refunding
Bonds, Series 2015
06/10/15
2,530,000
$
08/01/2025
275,000
$
5.000%
1,110,000
$
260,000
$
850,000
$
08/01/2026
280,000
5.000%
08/01/2027
295,000
4.000%
1,110,000
$
260,000
$
850,000
$
D
D-19
D
181
CITY OF BAYONNE
Exhibit D-18
PARKING UTILITY CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF DEFERRED RESERVE FOR AMORTIZATION
Balance
Balance
Improvement Description
Date
Dec. 31, 2023
Dec. 31, 2024
Purchase of Parking Lot from Board of Education
2007
450,000
$
450,000
$
Construction Projects
2007
659,965
659,965
O-21-51: Citywide Meter Improvements
11/20/2021
515,000
515,000
1,624,965
$
1,624,965
$
D
D
SCHEDULE OF RESERVE FOR AMORTIZATION
Exhibit D-19
Ref.
Balance: December 31, 2023
D
4,244,861
$
Increased by:
Serial Bond Principal Amortization
D-17
260,000
Balance: December 31, 2024
D
4,504,861
$
182
CITY OF BAYONNE
Exhibit D-20
PARKING UTILITY CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2024
SCHEDULE OF RESERVE FOR ENCUMBRANCES
Ref.
Balance: December 31, 2023
D
64,290
$
Increased by:
Improvement Authorizations
D-13
39,347
103,637
Decreased by:
Improvement Authorizations
D-13
64,290
Balance: December 31, 2024
D
39,347
$
183
CITY OF BAYONNE
Exhibit E-1
GENERAL FIXED ASSETS
FOR THE YEAR ENDED DECEMBER 31, 2024 AND 2023
SCHEDULE OF CHANGES IN GENERAL FIXED ASSETS BY CLASS
Balance
Balance
Dec. 31, 2023
Additions
Deletions
Dec. 31, 2024
Land
32,233,607
$
-
$
-
$
32,233,607
$
Buildings and Improvements
107,292,926
-
-
107,292,926
Vehicles and Equipment
21,751,052
858,851
602,050
22,007,853
161,277,585
$
858,851
$
602,050
$
161,534,386
$
Ref.
E
E-2
E-2
E
SCHEDULE OF INVESTMENT IN GENERAL FIXED ASSETS
Exhibit E-2
Ref.
Balance: December 31, 2023
E
161,277,585
$
Increased by:
Additions
E-1
858,851
162,136,436
Increased by:
Disposals
E-1
602,050
Balance: December 31, 2024
E
161,534,386
$
184
Exhibit F
SCHEDULE OF AGGREGATION OF LIBRARY FUNDS ON RESERVE
Reserve for
Unexpended
Unappropriated
2024
2023
Prior Year
Library
Reserve
Reserve for
Grants -
Budget
Budget
Appropriatons
Capital
Contracts
for State
Library
ARP Digital
Total
Appropriation
Appropriation
Due to Library
Reserves
Payable
Library Aid
Fines and Fees
Connect Grant
Increased by:
Budget Appropriation
3,306,137
$
3,306,137
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
Interest on Grant Deposits
106
-
-
-
-
-
-
-
106
Cash Receipts
587,051
-
-
-
-
-
38,685
6,891
541,475
Unexpended Budget Reserved for Future Use
33,444
-
-
33,444
-
-
-
-
-
Prior Year Encumbrances
25,458
-
25,458
-
-
-
-
-
-
3,952,196
3,306,137
25,458
33,444
-
-
38,685
6,891
541,581
Decreased by:
Cash Disbursements
3,394,810
2,525,520
46,848
199,558
622,884
-
-
-
-
Unexpended Budget Reserved for Future Use
33,444
-
33,444
-
-
-
-
-
-
Encumbered at Year End
86,509
86,509
-
-
-
-
-
-
-
3,514,763
2,612,029
80,292
199,558
622,884
-
-
-
-
Net Change in Interfunds
437,433
694,108
(54,834)
(166,114)
(622,884)
-
38,685
6,891
541,581
Balance: December 31, 2023
2,786,854
-
54,834
1,341,031
1,201,357
10,439
125,039
54,154
-
Balance: December 31, 2024
3,224,287
$
694,108
$
-
$
1,174,917
$
578,473
$
10,439
$
163,724
$
61,045
$
541,581
$
Ref.
A-3
A-15
A-27
A-27
A-17
B-14b
B-14b
A-33
CITY OF BAYONNE
BAYONNE PUBLIC LIBRARY AGENCY
FOR THE YEAR ENDED DECEMBER 31, 2024
185
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CITY OF BAYONNE
REPORT OF AUDIT
SUPPLEMENTARY INFORMATION:
GOVERNMENT AUDITING STANDARDS
DONOHUE GIRONDA DORIA TOMKINS LLC
1 Harmon Meadow Blvd, 3002
Secaucus, NJ 07094
―
191 Central Ave, 2nd Fl
Newark, NJ 07103
―
310 Broadway
Bayonne, NJ 07002
CERTIFIED PUBLIC ACCOUNTANTS AND
REGISTERED MUNICIPAL ACCOUNTANTS
www.dgdcpas.com | 201-275-0823
INDEPENDENT AUDITOR’S REPORT ON INTERNAL
CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE
AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS
PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
To the Honorable Mayor and
Members of the City Council
Bayonne, New Jersey
We have audited, in accordance with the auditing standards generally accepted in the United States of America, the standards
applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United
States, and audit requirements prescribed by the Division of Local Government Services, Department of Community Affairs,
State of New Jersey (the “Division”), the accompanying financial statements – regulatory basis of the City of Bayonne, New
Jersey (the “City”), which comprise the comparative balance sheets – regulatory basis, of each Fund and comparative
statement of General Fixed Assets as of December 31, 2024 and 2023, and the related comparative statement of operations
and changes in fund balance – regulatory basis, statement of revenues – regulatory basis and statement of appropriations –
regulatory basis, of the Current Fund and Parking Utility Operating Fund, and the related statement of changes in fund
balance – regulatory basis, of the General Capital Fund and Parking Utility Capital Fund, for the years then ended, and the
related notes to the financial statements, which collectively comprise the City’s basic financial statements and have issued
our report thereon dated October 13, 2025.
As described in Note 1, the City prepares its financial statements on a basis of accounting prescribed by the Division that
demonstrates compliance with a modified accrual basis and the budget laws of the State of New Jersey, which is a special
purpose framework of accounting other than accounting principles generally accepted in the United States of America.
Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City’s internal control over financial
reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purposes
of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion of the effectiveness
of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in
the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis.
A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable
possibility that a material misstatement of the City’s financial statements will not be prevented, or detected and corrected, on
a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe
than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was
not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies
and therefore, material weaknesses or significant may exist that were not identified. Given these limitations, during our
audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. We identified
certain deficiencies in internal control, described in the accompanying schedule of findings and questioned costs as
Finding 2024-001 that we consider to be significant deficiencies.
186
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City’s financial statements are free from material misstatement,
we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements,
noncompliance with which could have a direct and material effect on the determination of financial statement amounts.
However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we
do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are
required to be reported under Government Auditing Standards.
We noted additional instances of noncompliance which are required to be reported under audit requirements prescribed by the
Division, and which are described in the accompanying comments and recommendations section of this report.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of
that testing, and not to provide an opinion on the effectiveness of the City’s internal control or on compliance. This report is
an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal
control and compliance. Accordingly, this communication is not suitable for any other purpose.
DONOHUE, GIRONDA, DORIA & TOMKINS, LLC
Certified Public Accountants
MARK W. BEDNARZ
RMA No. 547
Bayonne, New Jersey
October 13, 2025
187
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CITY OF BAYONNE
REPORT OF AUDIT
SUPPLEMENTARY INFORMATION:
UNIFORM GUIDANCE & NJ OMB 15-08
DONOHUE GIRONDA DORIA TOMKINS LLC
1 Harmon Meadow Blvd, 3002
Secaucus, NJ 07094
―
191 Central Ave, 2nd Fl
Newark, NJ 07103
―
310 Broadway
Bayonne, NJ 07002
CERTIFIED PUBLIC ACCOUNTANTS AND
REGISTERED MUNICIPAL ACCOUNTANTS
www.dgdcpas.com | 201-275-0823
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE
FOR EACH MAJOR FEDERAL AND STATE PROGRAM AND
ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY
THE UNIFORM GUIDANCE AND NEW JERSEY OMB CIRCULAR 15-08
To the Honorable Mayor and
Members of the City Council
Bayonne, New Jersey
Report on Compliance for Each Major Federal and State Program
Opinion on Each Major Federal and State Program
We have audited the City of Bayonne, New Jersey’s (the City’s) compliance with the types of compliance requirements
described in the OMB Compliance Supplement and the N.J. OMB State Grant Compliance Supplement that could have a
direct and material effect on each of the City’s major federal and State programs for the year ended December 31, 2024. The
City’s major federal and State programs are identified in the summary of auditor’s results section of the accompanying
schedule of findings and questioned costs.
In our opinion, the City complied, in all material respects, with the compliance requirements referred to above that could
have a direct and material effect on each of its major federal and State programs for the year ended December 31, 2024.
Basis for Opinion on Each Major Federal and State Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of
America; the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller
General of the United States; the audit requirements of the Division of Local Government Services, Department of
Community Affairs, State of New Jersey (the “Division”); the audit requirements of Title 2 U.S. Code of Federal Regulations
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform
Guidance) and N.J. OMB Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid
(NJ OMB 15-08). Our responsibilities under those standards, the Uniform Guidance and NJ OMB 15-08 are further
described in the “Auditor’s Responsibilities for the Audit of Compliance” section of our report.
We are required to be independent of City and to meet our other ethical responsibilities, in accordance with relevant ethical
requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion on compliance for each major federal and State program. Our audit does not provide a legal
determination of City’s compliance with the compliance requirements referred to above.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design, implementation, and
maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules, and
provisions of contracts or grant agreements applicable to the City’s federal and State programs.
188
Auditor’s Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements
referred to above occurred, whether due to fraud or error, and express an opinion on the City’s compliance based on our
audit. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an
audit conducted in accordance with generally accepted auditing standards, Government Auditing Standards, the auditing
requirements of the, Uniform Guidance and NJ OMB 15-08 will always detect material noncompliance when it exists. The
risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with
the compliance requirements referred to above is considered material if there is a substantial likelihood that, individually or
in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the City’s
compliance with the requirements of each major federal and State program as a whole.
In performing an audit in accordance with generally accepted auditing standards, Government Auditing Standards, the
auditing requirements of the Division, the Uniform Guidance and NJ OMB 15-08, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and perform audit
procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the
City’s compliance with the compliance requirements referred to above and performing such other procedures as we
considered necessary in the circumstances.
Obtain an understanding of the City’s internal control over compliance relevant to the audit in order to design audit
procedures that are appropriate in the circumstances and to test and report on internal control over compliance in
accordance with the Uniform Guidance and NJ OMB 15-08, but not for the purpose of expressing an opinion on the
effectiveness of the City’s internal control over compliance. Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we
identified during the audit.
Other Matters
The results of our auditing procedures disclosed instances of noncompliance which are required to be reported in accordance
with the Uniform Guidance and which are described in the accompanying schedule of findings and questioned costs as
Finding 2024-002. Our opinion on each major federal and State program is not modified with respect to these matters.
Government Auditing Standards requires the auditor to perform limited procedures on the City’s response to the
noncompliance findings identified in our compliance audit described in the accompanying schedule of findings and
questioned costs. The City’s responses were not subjected to the other auditing procedures applied in the audit of compliance
and, accordingly, we express no opinion on the response
Report on Internal Control over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not
allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and
correct, noncompliance with a type of compliance requirement of a federal or State program on a timely basis. A material
weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over
compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of
a federal or State program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in
internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a
type of compliance requirement of a federal or State program that is less severe than a material weakness in internal control
over compliance, yet important enough to merit attention by those charged with governance.
189
Our consideration of internal control over compliance was for the limited purpose described in the Auditor’s Responsibilities
for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over
compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these
limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be
material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over
compliance may exist that were not identified.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance.
Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control
over compliance and the results of that testing based on the requirements of the Uniform Guidance and N.J. OMB Circular
15-08. Accordingly, this report is not suitable for any other purpose.
DONOHUE, GIRONDA, DORIA & TOMKINS, LLC
Certified Public Accountants
MARK W. BEDNARZ
RMA No. 547
Bayonne, New Jersey
October 13, 2025
190
Schedule 1
Sheet 1 of 3
Federal
Federal and Pass-through Grantor
Assistance
Program or Cluster Title
Listing
Pass-through Entity
Program or
Provided to
Grant Funds
Cumulative
and Grant Period
Number
Identifying Number
Award Amount Subrecipients
Expended
Expenditures
Department: Housing and Urban Development
Cluster: CDBG - Entitlement Grants Cluster
Passed through: Direct Award
Program: Community Development Block Grant
*
*
14.218
*
11,633,586
$
1,643,007
$
1,643,007
$
10,866,140
$
Total CDBG - Entitlement Grants Cluster & CFDA 14.218
1,643,007
1,643,007
Cluster: None
Passed through: Direct Award
Program: Economic Development Initiative - Community Project Funding (CPF)
Russell Golding Park Project (B-22-CP-NJ-0598)
*
*
14.251
*
5,000,000
-
2,306
2,306
-
2,306
Total U.S. Department of Housing and Urban Development …................................................
1,643,007
$
1,645,313
$
Department: Justice
Cluster: None
Passed through: Direct Award
Program: Bulletproof Vest Partnership
01/01/22
12/31/22
16.607
*
21,609
$
-
$
1,304
$
21,609
$
01/01/23
12/31/23
16.607
*
46,922
-
16,201
16,201
Total CFDA 16.607
-
17,505
Cluster: None
Passed through: Direct Award
Program: Community Oriented Policing Services (COPS):
Cops Hiring Grant
2022
2022
16.710
*
1,500,000
-
378,263
1,460,775
Total CFDA 16.710
-
378,263
Cluster: None
Passed through: Direct Award
Program: Justice Assistance Grant
07/01/22
06/30/23
16.738
*
17,212
-
17,212
17,212
Total CFDA 16.738
-
17,212
Total U.S. Department of Justice ….............................................................................................
-
$
412,980
$
CITY OF BAYONNE
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE YEAR ENDED DECEMBER 31, 2024
191
Schedule 1
Sheet 2 of 3
Federal
Federal and Pass-through Grantor
Assistance
Program or Cluster Title
Listing
Pass-through Entity
Program or
Provided to
Grant Funds
Cumulative
and Grant Period
Number
Identifying Number
Award Amount Subrecipients
Expended
Expenditures
CITY OF BAYONNE
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE YEAR ENDED DECEMBER 31, 2024
Department: Transportation
Cluster: None
Passed through: NJ Transportation Trust Fund Authority Act:
Program: Local Aid Pedestrian Bridge
*
*
20.205
*
550,000
$
-
$
96,694
$
511,342
$
Total CFDA 20.205
-
96,694
Cluster: Highway Safety Cluster
Passed through: NJ Department of Law and Public Safety, Division of Highway and Traffic Safety:
Program: National Priority Safety Programs
Distracted Driving Crackdown
01/01/22
12/31/22
20.616
100-066-1160-157-031030
10,500
-
10,500
10,500
Total CFDA 20.616 & Highway Safety Cluster
-
10,500
Total U.S. Department of Transportation …...............................................................................
-
$
107,194
$
Department: Treasury
Cluster: None
Passed through: Direct Award
Program: Federal Equitable Sharing:
Treasury: Customs and Border Control
07/01/21
06/30/22
21.016
*
117,988
$
-
$
4,320
$
82,097
$
Total CFDA 21.016
-
4,320
Cluster: None
Passed through: NJ State Library
Program: American Rescue Plan (ARP) -
Coronavirus Capital Projects Fund
*
*
21.029
*
2,165,900
-
13,500
13,500
Total CFDA 21.029
-
13,500
Total United States Department of Treasury ….........................................................................
-
$
17,820
$
192
Schedule 1
Sheet 3 of 3
Federal
Federal and Pass-through Grantor
Assistance
Program or Cluster Title
Listing
Pass-through Entity
Program or
Provided to
Grant Funds
Cumulative
and Grant Period
Number
Identifying Number
Award Amount Subrecipients
Expended
Expenditures
CITY OF BAYONNE
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE YEAR ENDED DECEMBER 31, 2024
Department: Health and Human Services
Cluster: Aging Cluster
Passed through: County of Hudson
Program: Area Plan Grant - Older American Act
01/01/23
12/31/23
93.044
*
186,386
$
-
$
674
$
150,064
$
01/01/24
12/31/24
93.044
*
142,740
-
128,103
128,103
Total Area Plan Grant - Older American Act (CFDA 93.044)
-
128,777
Cluster: Aging Cluster
Passed through: County of Hudson
Program: Nutrition Services Incentive Program
Congregate Meals Program
01/01/23
12/31/23
93.053
*
691,710
-
37,831
505,431
01/01/24
12/31/24
93.053
*
581,967
-
449,973
449,973
Total CFDA 93.053
-
487,804
Total Aging Cluster
-
616,581
Total U.S. Department of Health and Human Services ….........................................................
-
$
616,581
$
Department: Homeland Security
Cluster: None
Passed through: Direct Award
Program: Federal Emergency Management Agency (FEMA) -
Public Assistance Grants
Tropical Storm Ida
2021
2021
97.036
*
294,141
$
-
$
49,278
$
294,141
$
Total CFDA 97.036
-
49,278
Cluster: None
Passed through: Direct Award
Program: Assistance to Firefighter Grants:
*
*
97.044
*
87,832
-
87,778
87,778
Total CFDA 97.044
-
87,778
Total U.S. Department of Homeland Security …........................................................................
-
$
137,056
$
TOTAL FEDERAL AWARDS …................................................................................................
1,643,007
$
2,936,944
$
* Not Available.
193
Schedule 2
Sheet 1 of 2
CITY OF BAYONNE
SCHEDULE OF EXPENDITURES OF STATE FINANCIAL ASSISTANCE
FOR THE YEAR ENDED DECEMBER 31, 2024
State Account
Program
Number or
or Award
Provided to
Grant Funds
Cumulative
Program Code
Amount
Subrecipients
Expended
Expenditures
Department of Community Affairs
Urban Enterprise Zone (UEZ)
01/01/22
12/31/22
763-022-8030-060-090320
965,492
$
-
$
136,997
$
503,798
$
01/01/23
12/31/23
763-022-8030-060-090320
1,788,660
-
23,510
44,192
01/01/24
12/31/24
763-022-8030-060-090320
1,567,735
156,421
156,421
-
316,928
Historic Preservation Grant
01/01/22
12/31/22
*
22,500
-
10,128
17,973
-
10,128
Total Department of Community Affairs ….................................................
-
$
327,056
$
Department of Law and Public Safety
Drunk Driving Enforcement Fund
01/01/22
12/31/22
100-78-64000
14,411
$
-
$
156
$
1,469
$
-
156
Total Department of Law and Public Safety …............................................
-
$
156
$
State Librarian
Per Capita Library Aid
01/01/24
12/31/25
495-074-2541-001-510140
38,684
$
-
$
38,684
$
38,684
$
-
38,684
Total State Librarian …..................................................................................
-
$
38,684
$
State Grant or Program Title
and Grant Period
194
Schedule 2
Sheet 2 of 2
CITY OF BAYONNE
SCHEDULE OF EXPENDITURES OF STATE FINANCIAL ASSISTANCE
FOR THE YEAR ENDED DECEMBER 31, 2024
State Account
Program
Number or
or Award
Provided to
Grant Funds
Cumulative
Program Code
Amount
Subrecipients
Expended
Expenditures
State Grant or Program Title
and Grant Period
Department of Environmental Protection
Recycling Tonnage Grant
07/01/24
06/30/25
100-042-4910-224-238490
99,192
$
-
$
99,192
$
99,192
$
Clean Communities Act
01/01/24
12/31/24
765-042-4900-004-178910
142,566
142,566
142,566
-
142,566
Green Acres Grant
Ordinance No. 22-10
*
*
1,200,000
-
680,900
580,900
-
680,900
Total Department of Environmental Protection …......................................
-
$
922,658
$
Department of Transportation
Program: Local Freight Impact Fund (LFIF) - New Hook Road (Ord. 22-10)
2022
2022
480-078-6320
2,500,000
$
-
$
585,470
$
1,009,840
$
Local Freight Impact Fund (LFIF) - Peninsula Harbor
2022
2022
480-078-6320
994,331
-
614,276
614,276
Program: Municipal Aid Program
2023
Completion
480-078-6320
815,250
-
475,331
625,603
Total Department of Transportation …........................................................
-
$
1,675,077
$
TOTAL STATE FINANCIAL ASSISTANCE ….........................................
-
$
2,963,631
$
* Not Available.
195
CITY OF BAYONNE
NOTES TO SCHEDULES OF EXPENDITURES OF
FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE
FOR THE YEAR ENDED DECEMBER 31, 2024
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Bayonne (the “City”) conform to the accounting principles and practices prescribed by
the Division of Local Government Services, Department of Community Affairs, State of New Jersey (the “Division”). Such
principles and practices are designed primarily for determining compliance with legal provisions and budgetary restrictions
and as a means of reporting on the stewardship of public officials with respect to public funds. Under this method of accounting,
the City accounts for federal awards and state financial assistance through the following accounting practices which differ from
those required by accounting principles generally accepted in the United States of America.
The City, in accordance with the Division’s directives, fully realizes revenues and charges appropriations when grants are
adopted by the governing body in the budget of its Current Fund. The revenues are charged and the receivable accounted for
in the Federal and State Grant Fund. Appropriations are charged and the amount allotted for spending is accounted for as an
appropriated reserve. Programs within the General Capital Fund and various Trust Funds (other than the Federal and State
Grants Fund) are accounted for within the equivalent revenue accounts for those respective funds. Expenditures are measured
from payments charged directly to specific grant programs.
Accounting functions for the grants are performed by the City’s Finance Office. Grant and program cash funds may be
commingled with the City’s other funds provided each grant is accounted for separately within the City’s financial records.
Local Contributions – Local matching contributions are required by certain federal and state grants. The amount of percentage
of matching contributions varies with each program. Local matching contributions are raised in the Current Fund budget
REPORTING ENTITY
The City, for purposes of the Schedule of Expenditures of Federal Awards and State Financial Assistance, includes all the funds
of the primary government as defined by criteria established by the Governmental Accounting Standards Board , but does not
include component units, in accordance with accounting practices prescribed by the Division. The City is the reporting entity
for federal award and state financial assistance programs received. Administration of the grant programs is performed by the
various departments of the City.
NOTE 2. INDIRECT COST RATE
The City is not utilizing the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
NOTE 3. BASIS OF PRESENTATION
The accompanying Schedules of Expenditures of Federal Awards and State Financial Assistance (the “Schedules”) includes
the grant award activity of the City under programs of the federal and state government for the year ended December 31, 2023.
The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform
Guidance”) and the provisions of the New Jersey OMB Circular Letter 15-08, Single Audit Policy for Recipients of Federal
Grants, State Grants and State Aid. All federal awards received directly from federal agencies or passed through other
government agencies are included on the Schedule of Expenditures of Federal Awards. All state awards received directly from
state agencies or passed through other government agencies are included on the Schedule of expenditures of State Financial
Assistance. Because the Schedules present only a selected portion of the operations of the City, it is not intended to and does
not present the financial position or changes in fund balance of the City.
196
CITY OF BAYONNE
NOTES TO SCHEDULES OF EXPENDITURES OF
FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE
FOR THE YEAR ENDED DECEMBER 31, 2024
NOTE 4. PASS-THROUGH AWARDS
The City receives certain federal awards from pass-through awards of the state. The amounts received are commingled by the
state with other funds and cannot be separately identified.
NOTE 5. CONTINGENCIES
Entitlement to the funds is generally conditional upon compliance with terms and conditions of the grant agreements and
applicable laws and regulations. Federal and state grants, entitlements and cost reimbursements are subject to financial and
compliance audits by grantors.
NOTE 6. MONITORING OF SUBRECIPIENTS
Under the requirements of the Single Audit Act and State regulations, if the City, as a primary recipient, receives federal and
state financial assistance and provides $750,000 or more of such assistance to a subrecipient in a fiscal year, the City is
responsible for determining that the expenditures of federal and state monies passed-through to subrecipients are utilized in
accordance with applicable laws and regulations.
NOTE 7. FEDERAL AND STATE SINGLE AUDIT REQUIRED
The City’s total expenditures for Federal Awards and State Financial Assistance each exceeded $750,000, and therefore a
Single Audit of both Federal and State Programs was required pursuant to the Uniform Guidance and NJ New Jersey OMB
Circular Letter 15-08.
197
Section I - Summary of Auditor's Results
Financial Statements
Unmodified - as prescribed by NJLGS
Adverse - according to GAAP
Internal control over financial reporting:
1) Material weakness(es) identified?
Yes
P
2) Significant deficiency(ies) identified?
P
Yes
2024-001
Noncompliance material to financial statements noted?
Yes
P
Federal Awards
Internal Control over major federal programs:
1) Material weakness(es) identified?
Yes
P
2) Significant deficiency(ies) identified?
Yes
P
Type of auditor's report issued on compliance for major federal programs:
Unmodified for all other major federal programs.
P
Yes
2024-002
No
Identification of major Federal programs:
Name of Federal Program or Cluster
CDBG Entitlement Grants Cluster …............................................................
Aging Cluster …............................................................................................
Dollar threshold used to distinguish between Type A and Type B Programs:
Auditee qualified as low-risk auditee?
Yes
P
No
Any audit findings disclosed that are required to be
reported in accordance with 2 CFR 200.516(a)?
750,000
$
.................................................................... 14.218
Federal Assistance Listing Numbers
.................................................................... 93.053
No
None
Reported
CITY OF BAYONNE
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE YEAR ENDED DECEMBER 31, 2024
Type of report the auditor issued on whether the
financial statements audited were prepared in
accordance with GAAP:
No
None
Reported
No
198
Section I - Summary of Auditor's Results
CITY OF BAYONNE
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE YEAR ENDED DECEMBER 31, 2024
(continued)
State Financial Assistance
Internal Control over Compliance:
1) Material weakness(es) identified?
Yes
P
2) Significant deficiency(ies) identified?
Yes
P
Type of auditor's report issued on compliance for major State programs:
Unmodified for all major State programs.
Yes
P
No
Identification of major State programs
Name of State Program
State Grant Number
Department of Transportation …...................................................................
Green Acres Grant …....................................................................................
Dollar threshold used to distinguish between Type A and Type B Programs:
750,000
$
None
Reported
No
Any audit findings disclosed that are required to be
reported in accordance with NJ OMB 15-08, as
......................................................... 480-078-6320
........................................................... 582-04-4800
199
CITY OF BAYONNE
SCHEDULE OF FINDINGS AND QUESTIONED COSTS (continued)
FOR THE YEAR ENDED DECEMBER 31, 2024
Section II - Schedule of Financial Statement Findings
(This section identifies the significant deficiencies, material weaknesses, fraud, noncompliance with provisions of laws,
regulations, contracts and grant agreements, and abuse related to the financial statements for which Government Auditing
Standards requires reporting.)
Finding 2024-001: Financial Closing and Reporting
Significant Deficiency in Internal Control over Financial Reporting
Condition:
Subsidiary ledger balances often did not agree with general ledger control accounts. Material
adjusting audit entries were required in Trust Fund reserves, General Capital Fund and Parking
Utility Capital Fund improvement authorizations and Current Fund tax account balances.
Cause:
The City did not perform regular interim reconciliation (such as monthly) of its general ledger to
various subsidiary ledgers. Regular reconciliation would identify such discrepancies as noted in the
Condition above and allow for timely corrections.
Criteria:
Essential to timely and accurate financial reporting are standard and recurring procedures for the
reconciliation of interim and year-end financial information.
Effect:
Effects of this condition include a significant number of material adjustments after year end other
than typical closing entries. This also delays the financial closing process and ability to file required
reports on time, such as the unaudited Annual Financial Statement and Audit Report.
Context:
Audit analysis and procedures identified material discrepancies between the City’s general ledger
and subsidiary budget reports.
Questioned Costs:
Not applicable.
Recommendation:
The City should implement formal and defined financial closing and reporting procedures designed
to verify and adjust account balances on a regular basis (such as monthly). The procedures should
include reconciliation of general ledger control accounts to corresponding subsidiary ledgers, such
as budget and revenue status reports.
Views of Responsible Officials of the City (unaudited):
The City has implemented closing and reporting procedures to verify account balances monthly which include the reconciliation
of general ledger accounts. Finance staff have been crossed trained and monthly meetings are held to ensure timely and accurate
financial reporting.
200
CITY OF BAYONNE
SCHEDULE OF FINDINGS AND QUESTIONED COSTS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 2024
Section III- Schedule of Federal Awards and State Financial Assistance - Findings and Questioned Costs
(This section identifies audit findings required to be reported by the 2 CFR 200.516(a) and New Jersey OMB Circular 15-08.)
Finding 2024-002:
Noncompliance of Major Program – (L) Reporting
CDBG - Entitlement Grants Cluster
-
U.S. Department of Housing and Urban Development (HUD)
-
Assistance Listing No 14.218: Community Development Block Grant
-
Direct Award
Criteria or
Specific Requirement:
United States Code of Federal Regulation 2 CFR 200.328 requires the City to submit financial
reports in a timely manner. Timeliness defined under 2 CFR 300.28 as the submission of a SF-425
Federal Financial Report no later than 30 days after a quarterly report and no later than 90 days after
an annual report.
Condition:
The City is not in compliance with Federal requirements regarding the submission of Federal
Financial Reports.
Context:
Audit procedures included a request for proof of SF-425 Federal Financial Report Submission.
Cause:
The cause for failure to submit the required Federal Financial Reports was not definitively
determined, but may relate to the absence and departure of personnel previously responsible for
such filings.
Effect or
Potential Effect:
Noncompliance with this reporting requirement can lead to a reduction in future awards, if
determined appropriate subsequent to a review by HUD.
Questioned Costs:
None.
Recommendation:
The City should assign responsibility for the filing of Federal Financial Reports and that submissions
be verified by a second party. Federal Financial Reports not filed should be submitted.
Views of Responsible Officials of the Auditee:
The City will assign responsibility for the filing of the Federal Financial Reports and will verify that the reports have been
submitted.
201
CITY OF BAYONNE
SUMMARY SCHEDULE OF PRIOR YEAR AUDIT FINDINGS
AND QUESTIONED COSTS AS PREPARED BY MANAGEMENT
FOR THE YEAR ENDED DECEMBER 31, 2024
Status of Prior Year Findings
(This section identifies the status of prior-year audit findings related to the basic financial statements and federal and state
awards that are required to be reported in accordance with Chapter 4 of Government Auditing Standards, 2 CFR 200.516(a)
and New Jersey OMB Circular 15-08.)
Finding 2023-001:
Noncompliance of Major Program – (M) Monitoring of Subrecipients
-
U.S. Department of Housing and Urban Development (HUD)
-
CDBG - Entitlement Grants Cluster
-
Assistance Listing No 14.218: Community Development Block Grant
-
Direct Award
Condition:
The City did not monitor subrecipients during the grant enforcement period as required and as stated
to be normal practice by the City in the CAPER (Consolidated Annual Performance and Evaluation
Report).
Current Year Status:
Audit review determined the City did not perform or submit the required and stated activities in its
CAPER Report and is non-compliant with monitoring requirements.
Finding 2023-002:
Noncompliance of Major Program – (P) Other (Minority Business Enterprise Reporting)
-
U.S. Department of Housing and Urban Development (HUD)
-
CDBG - Entitlement Grants Cluster
-
Assistance Listing No 14.218: Community Development Block Grant
-
Direct Award
Condition:
The City did not file the Annual MBE Report during the year ended December 31, 2023.
Current Year Status:
This finding was corrected in the current year.
202
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CITY OF BAYONNE
REPORT OF AUDIT
SUPPLEMENTARY INFORMATION:
LETTER OF COMMENTS AND
RECOMMENDATIONS
CITY OF BAYONNE
GENERAL COMMENTS
FOR THE YEAR ENDED DECEMBER 31, 2024
CONTRACTS AND AGREEMENTS REQUIRED TO BE ADVERTISED PER N.J.S.A. 40A:11-3 AND 40A:11-4, et
seq.
N.J.S.A. 40A:11-3 states “When the cost or price of any contract awarded by the contracting agent in the aggregate does not
exceed in a contract year the total sum of $17,500, the contract may be awarded by a purchasing agent or other employee so
designated by the governing body when so authorized by ordinance or resolution, as appropriate to the contracting unit, without
public advertising for bids, except that the governing body of any contracting unit may adopt an ordinance or resolution to set
a lower threshold for the receipt of public bids or the solicitation of competitive quotations. If a purchasing agent has been
appointed, the governing body of the contracting unit may establish that the bid threshold may be up to $25,000 or the threshold
amount adjusted by the Governor pursuant to subsection c. of this section. Such authorization may be granted for each contract
or by a general delegation of the power to negotiate and award such contracts pursuant to this section.”
The current threshold amount as adjusted by the Governor is $44,000. The City has appointed a Qualified Purchasing Agent
and has passed a resolution raising its bid threshold to the maximum allowable amount of $44,000.
N.J.S.A. 40A:11-4 states “Every contract awarded by the contracting agent for the provision or performance of any goods or
services, the cost of which in the aggregate exceeds the bid threshold, shall be awarded only by resolution of the governing
body of the contracting unit to the lowest responsible bidder after public advertising for bids and bidding therefor, except as is
provided otherwise in this act or specifically by any other law. The governing body of a contracting unit may, by resolution
approved by a majority of the governing body and subject to subsections b. and c. of this section, disqualify a bidder who would
otherwise be determined to be the lowest responsible bidder, if the governing body finds that it has had prior negative experience
with the bidder.”
The governing body of the City has the responsibility of determining whether the expenditures in any category will exceed
$44,000 within the fiscal year. Where questions arise as to whether any contract or agreement might result in a violation of the
Statute, the opinion of City Counsel should be sought before a commitment is made. The minutes indicate that bids were
requested by public advertisement and contracts awarded for the following items:
Two Glutton Electric Waste Vacuum Cleaners
Two 2024 Ford Explorer XLT
Four Ford Police Interceptors
Improvements to Dennis P. Collins Park Phase III
Summer Bus Camp Transportation
Bayonne Family Community Center Boilers System Upgrade
11th Street Oval
Phase II Waterfront Walkway Peninsula at Bayonne Harbor
2024 Ford Transit 250
Improvements to Ave E. & Broadway Phase II
Emergency Generator For West 63rd Street Pump Station
Inasmuch as the system of records did not provide for an accumulation by categories of payments for the performance of any
work or the furnishing or hiring of any materials or supplies, the results of such an accumulation could not be reasonably
ascertained. Disbursements were reviewed, however, to determine whether any clear-cut violations existed.
Our examination of expenditures did not reveal any individual payments, contracts or agreements in excess of $44,000, "for
the performance of any work, or the furnishing of any materials, supplies or labor, or the hiring of teams or vehicles," other
than those for which bids had been previously sought by public advertisements or for which a resolution had been previously
adopted under the provision of N.J.S.A. 40A:11-6.
203
CITY OF BAYONNE
GENERAL COMMENTS
FOR THE YEAR ENDED DECEMBER 31, 2024
N.J.S.A. 40A:11-12 states: “Any contracting unit under this act [the City] may without advertising for bids, or having rejected
all bids obtained pursuant to advertising therefore, purchase any goods or services under any contract or contracts for such
goods or services entered into on behalf of the State by the Division of Purchase and Property in the Department of the
Treasury.”
CONTRACTS AND AGREEMENTS EXCEPTED FROM PUBLIC ADVERTISEMENT FOR BIDS PER N.J.S.A.
40A:11-5, et seq., 40A:11-6.1(b) AND 40A:11-12
When utilizing state contracts, as the contracts are commonly referred to, the City is required to place its order with the vendor
offering the lowest price, including delivery charges, that best meets the City’s requirements, and is also required to document
such with specificity prior to placing the order. The minutes indicate resolutions were adopted authorizing the awarding of
contracts or agreements for “state contracts” per N.J.S.A. 40A:11-12.
N.J.S.A. 40A:11-5.1(a)(i) states: “Any contract the amount of which exceeds the bid threshold, may be negotiated and awarded
by the governing body without public advertising for bids and bidding therefor and shall be awarded by resolution of the
governing body if the subject matter thereof consists of professional services. The governing body shall in each instance state
supporting reasons for its action in the resolution awarding each contract and shall forthwith cause to be printed once, in the
official newspaper, a brief notice stating the nature, duration, service and amount of the contract, and that the resolution and
contract are on file and available for public inspection in the office of the clerk.” The minutes indicate resolutions were adopted
and advertised authorizing the awarding of contracts or agreements for “professional services” per N.J.S.A. 40A:11-5.
There are additional exceptions noted in N.J.S.A. 40A:11-5, et seq., for contracts which may be negotiated and awarded by
resolution of the governing body without public advertising for bids. The City has also awarded contracts under other
exceptions noted in N.J.S.A. 40A:11-5.
N.J.S.A. 40A:11-6.1(b) states: “When in excess of the bid threshold, and after documented effort by the contracting agent [the
City] to secure competitive quotations, a contract for extraordinary unspecifiable services may be awarded upon a determination
in writing by the contracting agent that the solicitation of competitive quotations is impracticable. Any such contract shall be
awarded by resolution of the governing body.”
N.J.S.A. 40A:11-5.1(a)(ii) further states: “The governing body shall in each instance state supporting reasons for its action in
the resolution awarding each [extraordinary unspecifiable service] contract and reasons for its action in the resolution awarding
each contract and shall forthwith cause to be printed…a brief notice of the award of such contract.” The notice shall be printed
once, in the official newspaper, a brief notice stating the nature, duration, service and amount of the contract, and that the
resolution and contract are on file and available for public inspection in the office of the clerk. The minutes indicate resolutions
were adopted and advertised authorizing the awarding of contracts or agreements for “extraordinary unspecifiable services”
per N.J.S.A. 40A:11-6.1(b) as follows:
EXPENDITURE LESS THAN BID THRESHOLD, BUT 15% OR MORE OF THAT AMOUNT PER N.J.S.A. 40A:11-
6.1
N.J.S.A. 40A:11-6.1 states: “For all contracts that in the aggregate are less than the bid threshold but 15 percent or more of that
amount, except for paragraph (a) of subsection (1) of section 5 of P.L. 1971, c.198 (C.40A:11-5) concerning professional
services and paragraph (b) of that subsection concerning work by employees of the contracting unit, the contracting unit shall
award the contract after soliciting at least two competitive quotations, if practicable.” The City advised us that quotations were,
for the most part, solicited for items, the cost of which was $6,600 or more, within the terms of N.J.S.A. 40A:11-6.1.
204
CITY OF BAYONNE
GENERAL COMMENTS
FOR THE YEAR ENDED DECEMBER 31, 2024
COLLECTION OF INTEREST ON DELINQUENT TAXES AND ASSESSMENTS
Statutes provide the method for authorizing interest and the maximum rate to be charged for the nonpayment of taxes, or
assessments on or before the date when they would become delinquent.
The governing body adopted the following resolution authorizing interest to be charged on delinquent taxes:
“In all cases, interest shall be calculated and charged at the rates of 8% per annum on the first $1,500 of the
delinquency, and 18% per annum on any delinquent amounts in excess of $1,500, to be calculated from the
date upon which the taxes first became due and payable to the date that the payment is actually received.”
In all instances tested, the collector’s records indicate that interest was collected in accordance with the foregoing resolution.
DELINQUENT TAXES AND TAX TITLE LIENS
The City held a bulk levy tax sale, and was complete. The following comparison is made of the number of tax title liens
receivable for the most recent five years:
It is essential to good management that all means provided by statute be utilized to liquidate tax title liens in order to get such
properties back on a tax paying basis.
CHANGE ORDERS EXCEEDING 20 PERCENT OF ORIGINALLY AWARDED CONTRACT PRICE
Change orders exceeding the originally awarded contract price by more than 20% are allowed only in limited instances. The
authorization process requires a resolution of the governing body and an affidavit of publication for notice in an officially
designated newspaper of the entity. The City has certified in its 2025 budget no orders which exceeded 20% of the originally
awarded contract during 2024.
Number
Year Ended
of Liens
Dec. 31, 2024
7
Dec. 31, 2023
7
Dec. 31, 2022
7
Dec. 31, 2021
7
Dec. 31, 2020
7
205
CITY OF BAYONNE
COMMENTS AND RECOMMENDATIONS
FOR THE YEAR ENDED DECEMBER 31, 2024
(Findings 2024-001 through 2024-002 can be found in Sections II and III of the Schedule of Federal Awards and State Financial Assistance Findings and
Questioned Costs, on pages 200 through 201 of this report.)
FINDING 2024-003:
Bid Criteria
Testing of the City’s bid and procurement procedures identified three bids in which required bid reference documents were not
provided for audit review. One bid reception date was on a Monday, which is a violation of N.J.S.A. 40A:11-23(a). One contract
award resolution did not identify the procurement process utilized to award the contract, therefore, the audit could not determine
whether it was a fair and open or non-fair and open contract award.
Recommendation:
The City should retain all standard bid documents as required under the Local Purchasing law and
other laws. Resolutions should identify the procurement process utilized to solicit or award the
contract, and bid reception dates should not be on Mondays or State and Federal holidays.
FINDING 2024-004:
Library Petty Cash
A petty cash count of the Library’s petty cash identified that petty cash is not retained in cash form at the Library but is being
deposited into a personal bank account. A personal bank card is being used to make petty cash payments.
Recommendation:
The City Library should maintain petty cash on premises and does not commingle City funds with
personal funds.
FINDING 2024-005:
Overtime Records
Audit sampling of the City’s overtime payments identified the following concerns: (a) one instance in which overtime was not
paid in the next pay period as required by the Fair Labor Standards Act; (b) once instance in which supporting documentation
did not provide the time clocked out or the number of hours worked; (c) nine instances of no approving signatures or other
proof of approval provided; (d) five instances in which the purpose of the overtime was left blank and the audit could not
determine the reasonableness of the overtime earned.
Recommendation:
The City should maintain all records supporting the payment of overtime, including proof of
approvals of the hours paid and the reasons for the overtime, and the City should pay all overtime
in a timely manner as required by the Fair Labor Standards Act.
**********************
Corrective Action
In accordance with regulations promulgated by the Single Audit Act and the Division of Local Government Services, all
municipalities are required to prepare and submit to the Division of Local Government Services, a Corrective Action Plan with
regard to audit deficiencies. This plan must be approved by formal resolution of the governing body and submitted within 60
days from the date the audit is received.
Status of Prior Years’ Audit Recommendations
In accordance with Government Auditing Standards, a review was performed on all prior year’s recommendations. With the
exception of those findings noted as being repeated from the prior year, corrective action was taken on all prior year
recommendations.
Schedule of Findings and Questioned Costs
We noted certain other matters that we reported in the accompanying schedule of findings and questioned costs section of this
report. Such matters are required to be reported under Government Auditing Standards, Title 2 U.S. Code of Federal
Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and
N.J. OMB Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid.
**********************
206
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Contacts
Madelene C. Medina
City Clerk
Rosemarie Martinez-Kufta
Tax Collector
Claudia Geerin
Treasurer / Comptroller
Jessica Connors
Tax Assessor
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First Discovered
Apr 1, 2026
Last Info Update
Apr 1, 2026
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