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Executive Summary
The Borough of Clementon's audit report for the year ending December 31, 2016, includes an independent auditor's report, a report on internal control over financial reporting and compliance, and financial statements for various funds (Current, Trust, General Capital, Water Utility, and Sewer Utility). The audit was conducted in accordance with government auditing standards and prescribed audit requirements. The auditor expresses an adverse opinion on the Borough's financial statements when prepared according to accounting principles generally accepted in the United States of America, while offering a positive opinion when following regulatory basis of accounting.
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--- Document: 2016-Audit-Report Document ---
BOROUGH OF CLEMENTON
COUNTY OF CAMDEN
REPORT OF AUDIT
FOR THE YEAR ENDED DECEMBER 31, 2016
i
11600
BOROUGH OF CLEMENTON
TABLE OF CONTENTS
Exhibit No.
Page No.
PART 1
Independent Auditor's Report
2
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
5
CURRENT FUND
A
Statements of Assets, Liabilities, Reserves and Fund Balances -
Regulatory Basis
7
A-1
Statements of Operations and Changes in Fund Balance -
Regulatory Basis
9
A-2
Statement of Revenues - Regulatory Basis
11
A-3
Statement of Expenditures - Regulatory Basis
15
TRUST FUND
B
Statements of Assets, Liabilities, Reserves and Fund Balances -
Regulatory Basis
22
B-1
Trust Municipal Open Space Fund - Statement of Revenues - Regulatory Basis
24
B-2
Trust Municipal Open Space Fund - Statement of Expenditures -
Regulatory Basis
25
GENERAL CAPITAL FUND
C
Statements of Assets, Liabilities, Reserves and Fund Balances -
Regulatory Basis
26
WATER UTILITY FUND
D
Statements of Assets, Liabilities, Reserves and Fund Balances -
Regulatory Basis
27
D-1
Water Utility Operating Fund - Statements of Operations and Changes in
Fund Balance - Regulatory Basis
29
D-2
Water Utility Operating Fund - Statement of Revenues - Regulatory Basis
30
D-3
Water Utility Operating Fund - Statement of Expenditures - Regulatory Basis
31
SEWER UTILITY FUND
E
Statements of Assets, Liabilities, Reserves and Fund Balances -
Regulatory Basis
32
E-1
Sewer Utility Operating Fund - Statements of Operations and Changes
in Fund Balance - Regulatory Basis
34
E-2
Sewer Utility Operating Fund - Statement of Revenues - Regulatory Basis
35
E-3
Sewer Utility Operating Fund - Statement of Expenditures - Regulatory Basis
36
GENERAL FIXED ASSETS ACCOUNT GROUP
F
Statement of General Fixed Assets Account Group - Regulatory Basis
37
Notes to Financial Statements
38
ii
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BOROUGH OF CLEMENTON
TABLE OF CONTENTS (CONT’D)
Exhibit No.
Page No.
SUPPLEMENTAL EXHIBITS
CURRENT FUND
SA-1
Statement of Current Cash per N.J.S.A. 40A:5-5 - Collector and Treasurer
70
SA-2
Schedule of Change Funds
72
SA-3
Statement of Petty Cash Funds
72
SA-4
Statement of Reserve for Tax Map Digitalization
72
SA-5
Statement of Taxes Receivable and Analysis of Property Tax Levy
73
SA-6
Statement of Tax Title Liens Receivable
74
SA-7
Statement of Revenue Accounts Receivable
75
SA-8
Statement of Appropriation Reserves
76
SA-9
Statement of Due to/from State of New Jersey Veterans' and Senior
Citizens' Deductions
78
SA-10
Statement of Accounts Payable
78
SA-11
Statement of Prepaid Taxes
79
SA-12
Statement of Tax Overpayments
79
SA-13
Statement of Due to State of New Jersey-State Training Fees
80
SA-14
Statement of Due to State of New Jersey-Marriage and Civil Union Licenses and
Burial Permits
80
SA-15
Statement of County Taxes Payable
81
SA-16
Statement of Municipal Open Space Taxes Payable
81
SA-17
Statement of Due County for Added and Omitted Taxes
82
SA-18
Statement of Local District School Taxes
82
SA-19
Statement of Deferred Charges
83
SA-20
Statement of Deferred Charges N.J.S. 40A:4-55 Special Emergency
Authorizations
84
SA-21
Statement of Reserve for Revaluation
84
SA-22
Federal and State Grant Fund - Statement of Federal and State Grants
Receivable
85
SA-23
Federal and State Grant Fund - Statement of Reserve for Federal
and State Grants - Unappropriated
86
SA-24
Federal and State Grant Fund - Statement of Reserve for Federal
and State Grants - Appropriated
87
SA-25
Federal and State Grant Fund - Reserve for Encumbrances
88
TRUST FUND
SB-1
Statement of Trust Cash per N.J.S.A. 40A:5-5 - Treasurer and Collector
90
SB-2
Trust Animal Control Fund - Statement of Reserve for Animal Control
Expenditures
92
SB-3
Trust Animal Control Fund - Statement of Due to State of New Jersey
93
SB-4
Trust Animal Control Fund - Statement of Due to Current Fund
93
SB-5
Trust Other Fund - Statement of Due from Current Fund
94
SB-6
Trust Other Fund - Statement of Community Development Block Grant
Receivable
95
SB-7
Trust Other Fund - Statement of Reserve for Open Space, Recreation
Farmland and Historic Preservation
96
iii
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BOROUGH OF CLEMENTON
TABLE OF CONTENTS (CONT’D)
Exhibit No.
Page No.
TRUST FUND (CONT'D)
SB-8
Trust Other Fund - Statement of Reserve for Community Development
Block Grant Program
97
SB-9
Trust Other Fund - Statement of Reserve for Payroll Deductions Payable
98
SB-10
Trust Other Fund - Statement of Reserve for Uniform Fire Safety Act
Penalties
99
SB-11
Trust Other Fund - Statement of Reserve for Parking Offenses
Adjudication Act
100
SB-12
Trust Other Fund - Statement of Reserve for Police Outside Employment
100
SB-13
Trust Other Fund - Statement of Reserve for DARE Program
101
SB-14
Trust Other Fund - Statement of Reserve for Municipal Forfeiture Fund
101
SB-15
Trust Other Fund - Statement of Reserve for New Jersey State
Unemployment Compensation Insurance
102
SB-16
Trust Other Fund - Statement of Reserve for Community Events
102
SB-17
Trust Other Fund - Statement of Reserve for Developer’s Escrow Deposits
103
SB-18
Trust Other Fund - Statement of Reserve for Public Defender Fees
103
SB-19
Trust Other Fund - Statement of Reserve for Redemption of Tax Sale
Certificates
104
SB-20
Trust Other Fund - Statement of Premiums Received at Tax Sales
104
SB-21
Trust Other Fund - Statement of Reserve for Encumbrances
105
SB-22
Trust Other Fund - Statement of Reserve for Federal Drug Enforcement Fund
105
SB-23
Trust Other Fund - Statement of Reserve for Brick Fund
106
SB-24
Trust Other Fund - Statement of Other Accounts Receivable
106
SB-25
Trust Other Fund - Statement of Reserve for Recreation
107
GENERAL CAPITAL FUND
SC-1
Statement of General Capital Cash per N.J.S.40A:5-5 - Treasurer
109
SC-2
Analysis of General Capital Cash
110
SC-3
Schedule of Deferred Charges to Future Taxation - Unfunded
112
SC-4
Statement of Deferred Charges to Future Taxation - Funded
113
SC-5
Statement of Due to Current Fund
113
SC-6
Statement of Improvement Authorizations
114
SC-7
Statement of Reserve for Encumbrances
115
SC-8
Statement of Reserve for Payment of Bonds and Loans
115
SC-9
Statement of New Jersey Environmental Trust Loans Payable
116
SC-10
Statement of General Serial Bonds
117
SC-11
Schedule of Bonds and Notes Authorized But Not Issued
118
WATER UTILITY FUND
SD-1
Statement of Water Utility Cash and Investments per
N.J.S.A. 40A: 5-5-Treasurer
120
SD-2
Water Utility Capital Fund - Analysis of Water Utility Capital Cash
121
SD-3
Water Utility Operating Fund - Schedule of Change Funds
122
SD-4
Water Utility Capital Fund - Statement of Due to Water Utility
Operating Fund
122
SD-5
Water Utility Operating Fund - Statement of Consumer Accounts Receivable
123
SD-6
Water Utility Operating Fund - Statement of Water Utility Liens Receivable
123
iv
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BOROUGH OF CLEMENTON
TABLE OF CONTENTS (CONT’D)
Exhibit No.
Page No.
WATER UTILITY FUND (CONT’D)
SD-7
Water Utility Capital Fund - Schedule of Fixed Capital
124
SD-8
Water Utility Capital Fund - Statement of Fixed Capital Authorized and
Uncompleted
126
SD-9
Water Utility Operating Fund - Statement of Appropriation Reserves
127
SD-10
Water Utility Operating Fund - Statement of Water Rental Overpayments
128
SD-11
Water Utility Operating Fund - Statement of Water Rental Prepayments
128
SD-12
Water Utility Capital Fund - Statement of Improvement Authorizations
129
SD-13
Water Utility Operating Fund - Statement of Due from Current Fund
130
SD-14
Water Utility Capital Fund - Statement of Contracts Payable
130
SD-15
Water Utility Operating Fund - Statement of Interest on Bonds and Notes
and Analysis of Balance
131
SD-16
Water Utility Capital Fund - Statement of Reserve for Amortization
132
SD-17
Water Utility Capital Fund - Schedule of Deferred Reserve for Amortization
133
SD-18
Water Utility Capital Fund - Statement of Water Utility Serial Bonds
134
SD-19
Water Utility Capital Fund - Schedule of Bonds and Notes Authorized But
Not Issued
135
SEWER UTILITY FUND
SE-1
Statement of Sewer Utility Cash and Investments per N.J.S.A. 40A:5-5 –
Treasurer
137
SE-2
Sewer Utility Capital Fund - Analysis of Sewer Utility Capital Cash
138
SE-3
Sewer Utility Operating Fund - Schedule of Change Funds
139
SE-4
Sewer Utility Operating Fund - Statement of Due from Current Fund
139
SE-5
Sewer Utility Operating Fund - Statement of Consumer Accounts Receivable
140
SE-6
Sewer Utility Operating Fund - Statement of Sewer Utility Liens Receivable
141
SE-7
Sewer Utility Capital Fund - Statement of Due to Sewer Utility Operating Fund
142
SE-8
Sewer Utility Operating Fund - Statement of Appropriation Reserves
142
SE-9
Sewer Utility Capital Fund - Schedule of Fixed Capital
143
SE-10
Sewer Utility Capital Fund - Schedule of Fixed Capital Authorized and
Uncompleted
144
SE-11
Sewer Utility Operating Fund - Statement of Sewer Rental Overpayments
145
SE-12
Sewer Utility Operating Fund - Statement of Sewer Rental Prepayments
145
SE-13
Sewer Utility Capital Fund - Statement of Improvement Authorizations
146
SE-14
Sewer Utility Operating Fund - Statement of Interest on Bonds and Notes
and Analysis of Balance
147
SE-15
Sewer Utility Capital Fund - Schedule of Deferred Reserve for Amortization
148
v
11600
BOROUGH OF CLEMENTON
TABLE OF CONTENTS (CONT’D)
Exhibit No.
Page No.
SEWER UTILITY FUND (CONT’D)
SE-16
Sewer Utility Capital Fund - Statement of Reserve for Amortization
149
SE-17
Sewer Utility Capital Fund - Statement of Contracts Payable
149
SE-18
Sewer Utility Capital Fund - Statement of Reserve for Payment of Bonds
149
SE-19
Sewer Utility Capital Fund - Statement of Sewer Utility Serial Bonds
150
SE-20
Sewer Utility Capital Fund - Schedule of Bonds and Notes Authorized
But Not Issued
151
PART 2
Schedule of Findings and Recommendations
153
Summary Schedule of Prior Year Audit Findings and Recommendations
as Prepared by Management
154
OFFICIALS IN OFFICE AND SURETY BONDS
155
APPRECIATION
156
BOROUGH OF CLEMENTON
PART I
REPORT OF AUDIT OF FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2016
INDEPENDENT AUDITOR'S REPORT
The Honorable Mayor and
Members of the Borough Council
Borough of Clementon
Clementon, New Jersey 08021
Report on the Financial Statements
We have audited the accompanying statements of assets, liabilities, reserves and fund balance - regulatory basis
of the various funds of the Borough of Clementon, in the County of Camden, State of New Jersey, as of
December 31, 2016 and 2015, and the related statements of operations and changes in fund balance - regulatory
basis for the years then ended, and the related statement of revenues - regulatory basis, statement of
expenditures - regulatory basis, and statement of general fixed asset group of accounts - regulatory basis for the
year ended December 31, 2016, and the related notes to the financial statements, which collectively comprise the
Borough’s basic financial statements as listed in the table of contents.
Management’s Responsibility 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 of Local Government Services, Department of Community
Affairs, State of New Jersey; this includes 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 Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our
audit 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; and in compliance with audit requirements as prescribed by the Division of Local Government
Services, Department of Community Affairs, State of New Jersey. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the Borough’s preparation and fair presentation of
the financial statements 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 Borough’s internal control. Accordingly, we
express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and
the reasonableness of significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinions.
2
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Opinions
Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America
As described in note 1 to the financial statements, the financial statements are prepared by the Borough on the
basis of the financial reporting provisions of the Division of Local Government Services, Department of
Community Affairs, State of New Jersey, which is a basis of accounting other than accounting principles generally
accepted in the United States of America, to meet the requirements of the State of New Jersey.
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.
Adverse Opinion on Accounting Principles Generally Accepted in the United States of America
In our opinion, because of the significance of the matter discussed in the “Basis for Adverse Opinion on
Accounting Principles Generally Accepted in the United States of America” paragraph, the financial statements
referred to above do not present fairly, in accordance with accounting principles generally accepted in the United
States of America, the financial position of the Borough of Clementon, in the County of Camden, State of New
Jersey, as of December 31, 2016 and 2015, or the results of its operations and changes in fund balance for the
years then ended.
Opinion on Regulatory Basis of Accounting
In our opinion, the financial statements referred to previously present fairly, in all material respects, the assets,
liabilities, reserves and fund balance - regulatory basis of the various funds of the Borough of Clementon, in the
County of Camden, State of New Jersey, as of December 31, 2016 and 2015, and the results of its operations
and changes in fund balance - regulatory basis of such funds for the years then ended, and the revenues -
regulatory basis and expenditures - regulatory basis of the various funds, and general fixed asset group of
accounts - regulatory basis, for the year ended December 31, 2016, in conformity with accounting principles and
practices prescribed by the Division of Local Government Services, Department of Community Affairs, State of
New Jersey, as described in note 1.
Other Matters
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise
the Borough’s basic financial statements. The supplemental statements and schedules presented for the various
funds, as listed in the table of contents, are presented for purposes of additional analysis as required by the
Division of Local Government Services, Department of Community Affairs, State of New Jersey, and are not a
required part of the basic financial statements.
The supplemental statements and schedules presented for the various funds are the responsibility of
management and were derived from and relate directly to the underlying accounting and other records used to
prepare the basic financial statements. Such 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
supplemental statements and schedules described in the previous paragraph are fairly stated, in all material
respects, in relation to the basic financial statements as a whole.
3
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Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated May 16, 2017 on our
consideration of the Borough of Clementon, in the County of Camden, State of New Jersey, internal control over
financial reporting and on 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
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 Borough of Clementon’s internal control over
financial reporting and compliance.
Respectfully submitted,
BOWMAN & COMPANY LLP
Certified Public Accountants
& Consultants
Todd R. Saler
Certified Public Accountant
Registered Municipal Accountant
Voorhees, New Jersey
May 16, 2017
4
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
INDEPENDENT AUDITOR'S REPORT
The Honorable Mayor and
Members of the Borough Council
Borough of Clementon
Clementon, New Jersey 08021
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 the audit requirements as prescribed by the Division of Local
Government Services, Department of Community Affairs, State of New Jersey, the financial statements prepared
on a regulatory basis of accounting prescribed by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey, of the Borough of Clementon, in the County of Camden, State of New
Jersey, as of and for the year ended December 31, 2016, and the related notes to the financial statements, which
collectively comprise the Borough’s basic financial statements, and have issued our report thereon dated May 16,
2017. That report indicated that the Borough of Clementon's financial statements were not prepared in
accordance with accounting principles generally accepted in the United States of America, but were prepared on
a regulatory basis of accounting prescribed by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey.
Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Borough of Clementon's
internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in
the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose
of expressing an opinion on the effectiveness of the Borough of Clementon's internal control. Accordingly, we do
not express an opinion on the effectiveness of the Borough of Clementon'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 entity’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. Given these limitations, during our audit we did not identify any deficiencies in internal
control that we consider to be material weaknesses. However, material weaknesses may exist that have not
been identified.
5
11600
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Borough of Clementon'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, and audit requirements as prescribed by the Division of Local Government
Services, Department of Community Affairs, State of New Jersey.
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 entity’s internal control or on
compliance. This report is an integral part of an audit performed in accordance with Government Auditing
Standards and audit requirements as prescribed by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey, in considering the entity’s internal control and compliance. Accordingly,
this communication is not suitable for any other purpose.
Respectfully submitted,
BOWMAN & COMPANY LLP
Certified Public Accountants
& Consultants
Todd R. Saler
Certified Public Accountant
Registered Municipal Accountant
Voorhees, New Jersey
May 16, 2017
6
Exhibit A
BOROUGH OF CLEMENTON
CURRENT FUND
Statements of Assets, Liabilities, Reserves and Fund Balances - Regulatory Basis
As of December 31, 2016 and 2015
Ref.
2016
2015
ASSETS
Regular Fund:
Cash--Treasurer
SA-1
1,118,829.90
$
1,360,016.27
$
Cash--Change Funds
SA-2
175.00
175.00
Due to State of New Jersey:
Veterans' and Senior Citizens' Deductions
SA-9
8.17
1,119,013.07
1,360,191.27
Receivables and Other Assets with Full Reserves:
Property Acquired for Taxes - Assessed Valuation
913,600.00
913,600.00
Taxes Receivable
SA-5
361,658.49
289,093.11
Tax Title Liens Receivable
SA-6
211,470.92
161,826.59
Revenue Accounts Receivable
SA-7
22,870.57
24,167.41
Due from Animal Control Fund
SB-4
546.80
1,509,599.98
1,389,233.91
Deferred Charges:
Emergency Authorizations
SA-19
50,000.00
125,000.00
Unreimbursed Grant Expenditures
SA-19
82,330.00
82,330.00
Special Emergency Authorizations
SA-20
15,000.00
147,330.00
207,330.00
2,775,943.05
2,956,755.18
Federal and State Grant Fund:
Cash--Treasurer
SA-1
128,257.46
7,232.69
Due from Current Fund
SA-1
82,330.00
Federal and State Grants Receivable
SA-22
248,191.40
105,377.36
376,448.86
194,940.05
3,152,391.91
$
3,151,695.23
$
(Continued)
11600
7
Exhibit A
BOROUGH OF CLEMENTON
CURRENT FUND
Statements of Assets, Liabilities, Reserves and Fund Balances - Regulatory Basis
As of December 31, 2016 and 2015
Ref.
2016
2015
11600
LIABILITIES, RESERVES AND FUND BALANCE
Regular Fund:
Appropriation Reserves
A-3; SA-8
271,406.55
$
185,385.09
$
Reserve for Encumbrances
A-3; SA-8
34,663.18
63,525.06
Reserve for Tax Map Digitalization
SA-4
15,000.00
Due to State of New Jersey:
Veterans' and Senior Citizens' Deductions
SA-9
1,947.41
Accounts Payable
SA-10
1,750.00
5,020.00
Prepaid Taxes
SA-11
113,118.54
110,649.63
Tax Overpayments
SA-12
65,585.97
13,883.99
Due to State of New Jersey:
State Training Fees
SA-13
1,072.00
1,429.00
Marriage & Civil Union Fees and Burial Permits
SA-14
225.00
75.00
Due County for Added and Omitted Taxes
SA-17
426.34
601.21
Reserve for Revaluation
SA-21
61,547.90
Due to Federal and State Grant Fund
SA-1
82,330.00
Due to Trust Other Funds
SB-5
705.54
406.54
Due to Water Utility Operating Fund
SD-13
3,114.46
Due to Sewer Utility Operating Fund
SE-4
2,933.54
Reserve for Fire Hall Roof
4,000.00
4,000.00
Reserve for Library Aid
559.00
559.00
Road Appropriation Reserves--State Aid Projects
4,237.99
4,237.99
518,798.11
535,597.82
Reserves for Receivables
A
1,509,599.98
1,389,233.91
Fund Balance
A-1
747,544.96
1,031,923.45
2,775,943.05
2,956,755.18
Federal and State Grant Fund:
Reserve for Federal and State Grants:
Unappropriated
SA-23
223,930.22
25,782.35
Appropriated
SA-24
147,689.09
168,657.70
Reserve for Encumbrances
SA-25
4,829.55
500.00
376,448.86
194,940.05
3,152,391.91
$
3,151,695.23
$
The accompanying Notes to Financial Statements are an integral part of this statement.
8
Exhibit A-1
BOROUGH OF CLEMENTON
CURRENT FUND
Statements of Operations and Changes in Fund Balance - Regulatory Basis
For the Years Ended December 31, 2016 and 2015
2016
2015
Revenue and Other Income Realized:
Fund Balance Utilized
608,000.00
$
390,025.00
$
Miscellaneous Revenues Anticipated
1,041,382.96
1,101,306.56
Receipts from Delinquent Taxes
292,526.30
401,429.32
Receipts from Current Taxes
9,899,249.02
9,870,337.11
Nonbudget Revenues
131,333.78
52,923.00
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
152,676.84
235,133.61
Cancelation of Tax Overpayments
8,656.99
20,053.16
Liquidation of Reserves for:
Reserve for Revaluation
51,989.15
Interfunds:
Due Federal and State Grant Fund
51,063.52
Due Animal Control Fund
546.80
Due Trust Other Fund
19,144.92
Due Municipal Open Space Trust Fund
81.98
Due General Capital Fund
1,009.40
12,186,361.84
12,142,507.58
Expenditures:
Budget and Emergency Appropriations:
Appropriations Within "CAPS"
Operations:
Salaries and Wages
1,786,948.00
1,727,731.00
Other Expenses
1,959,739.00
2,000,900.00
Deferred Charges and Statutory Expenditures
403,260.00
415,010.00
Appropriations Excluded from "CAPS"
Operations:
Salaries and Wages
95,178.28
89,091.00
Other Expenses
55,909.85
43,106.38
Municipal Debt Service
560,707.01
504,999.16
Deferred Charges
125,000.00
(Continued)
11600
9
Exhibit A-1
BOROUGH OF CLEMENTON
CURRENT FUND
Statements of Operations and Changes in Fund Balance - Regulatory Basis
For the Years Ended December 31, 2016 and 2015
2016
2015
11600
Expenditures (Cont'd):
County Taxes
2,282,885.21
$
2,089,283.24
$
Municipal Open Space Taxes
56,146.76
56,155.40
Due County for Added and Omitted Taxes
426.34
601.21
Local District School Tax
4,578,101.00
4,536,252.00
Senior Citizens Deductions Disallowed--Prior Year Taxes
1,250.00
3,500.00
Refund of Prior Year Revenue
22,188.88
Creation of Reserves:
Due Animal Control Fund
546.80
11,927,740.33
11,467,176.19
Excess/(Deficit) in Revenues
258,621.51
675,331.39
Adjustments to Income before Fund Balance:
Expenditures included above which are by Statute
Deferred Charges to Budget of Succeeding Year
65,000.00
125,000.00
Statutory Excess to Fund Balance
323,621.51
800,331.39
Fund Balance January 1
1,031,923.45
621,617.06
1,355,544.96
1,421,948.45
Decreased by:
Utilization as Anticipated Revenue
608,000.00
390,025.00
Fund Balance December 31
747,544.96
$
1,031,923.45
$
The accompanying Notes to Financial Statements are an integral part of this statement.
10
Exhibit A-2
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Revenues - Regulatory Basis
For the Year Ended December 31, 2016
Anticipated
Special
Excess or
Budget
N.J.S.A. 40A:4-87
Realized
(Deficit)
Fund Balance Anticipated
608,000.00
$
-
608,000.00
$
-
Miscellaneous Revenues:
Licenses:
Alcoholic Beverages
6,900.00
11,188.08
4,288.08
$
Other
35,000.00
33,525.00
(1,475.00)
Fees and Permits
94,000.00
108,932.14
14,932.14
Fines and Costs:
Municipal Court
89,000.00
82,338.60
(6,661.40)
Interest and Costs on Taxes
75,000.00
91,954.58
16,954.58
Consolidated Municipal Property Tax Relief Aid
41,966.00
41,966.00
Energy Receipts Tax (P.L. 1997, Chapters 162 & 167)
388,614.00
388,614.00
Uniform Construction Code Fees
23,500.00
71,512.00
48,012.00
Public and Private Revenues Offset With Appropriations:
Clean Communities Program
10,891.14
10,891.14
Municipal Alliance on Alcoholism and Drug Abuse
9,546.00
9,546.00
Body Armor Replacement Fund
1,426.14
1,426.14
Recycling Tonnage Grant
2,965.07
2,965.07
Safe and Secure Communities Program
36,218.00
36,218.00
Sumner Fire Grant
5,000.00
5,000.00
Sumner Police Grant
5,000.00
5,000.00
Adopt-a-Road
500.00
500.00
(Continued)
11600
11
Exhibit A-2
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Revenues - Regulatory Basis
For the Year Ended December 31, 2016
Anticipated
Special
Excess or
Budget
N.J.S.A. 40A:4-87
Realized
(Deficit)
11600
Miscellaneous Revenues (Cont'd):
Special Items of General Revenue Anticipated with Prior Written
Consent of Director of Local Government Services:
Uniform Fire Safety Act Fees
30,000.00
$
33,336.77
$
3,336.77
$
Reserve for Payment Debt
66,469.44
66,469.44
Sewer Utility Operating Surplus of Prior Year
40,000.00
40,000.00
Total Miscellaneous Revenues
961,995.79
-
1,041,382.96
79,387.17
Receipts from Delinquent Taxes
285,000.00
-
292,526.30
7,526.30
Subtotal General Revenues
1,854,995.79
-
1,941,909.26
86,913.47
Amount to be Raised by Taxes for Support of Municipal Budget--
Local Tax for Municipal Purposes Including Reserve for Uncollected Taxes
3,571,703.21
-
3,484,246.64
(87,456.57)
Budget Totals
5,426,699.00
-
5,426,155.90
(543.10)
Nonbudget Revenues
-
-
131,333.78
131,333.78
5,426,699.00
$
-
$
5,557,489.68
$
130,790.68
$
(Continued)
12
Exhibit A-2
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Revenues - Regulatory Basis
For the Year Ended December 31, 2016
Analysis of Realized Revenue:
Allocation of Current Tax Collections:
Revenue from Collections
9,899,249.02
$
Allocated to:
School, County and Municipal Open Space Taxes
6,917,559.31
Balance for Support of Municipal Budget Revenues
2,981,689.71
Add:
Appropriation: "Reserve for Uncollected Taxes"
502,556.93
Amount for Support of Municipal Budget Appropriations
3,484,246.64
$
Receipts from Delinquent Taxes:
Tax Title Lien Collections
7,248.35
$
Delinquent Tax Collections
285,277.95
292,526.30
$
Licenses--Other:
Mercantile
3,755.00
$
Other
150.00
Rental Registration
29,620.00
33,525.00
$
Fees and Permits:
Tower Rental Fees
66,450.52
$
Registrar Fees
11,885.00
Apartment Code Inspection
4,570.00
Certificates of Occupancy Fees
4,040.00
Cable Franchise Fees
16,935.62
Amusement Games Permit
2,750.00
Firearms Permit
190.00
Variance Fees
950.00
Miscellaneous
1,161.00
108,932.14
$
(Continued)
11600
13
Exhibit A-2
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Revenues - Regulatory Basis
For the Year Ended December 31, 2016
11600
Analysis of Non-Budget Revenue:
Miscellaneous Revenue not Anticipated:
Revenue Accounts Receivable:
Interest Earned on Deposits:
Collected
2,059.50
$
Interfunds Receivable
2,075.09
4,134.59
$
Treasurer:
Planning and Zoning Fees
50.00
Discovery Fees
53.91
Tax Map
1,890.00
Duplicate Copies
11.65
Recycling Rebates
1,221.46
DMV Inspection Fines
150.00
Sale of Assets
8,910.98
Administrative Fee--Senior Citizens' and Veterans Deductions
1,100.89
Facility Rental
24,670.00
Return Check Fee
80.00
FEMA
73,415.02
Forfeited Tax Title Liens
1,200.00
Miscellaneous
754.13
113,508.04
Due Trust Other Funds:
Forfeited TTL Balances
112.80
Excess Payroll
201.13
Administrative Fees--Police Outside Services
13,377.22
13,691.15
131,333.78
$
The accompanying Notes to Financial Statements are an integral part of this statement.
14
Exhibit A-3
CURRENT FUND
Statement of Expenditures - Regulatory Basis
For the Year Ended December 31, 2016
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
OPERATIONS WITHIN "CAPS"
GENERAL GOVERNMENT:
Administrative
Salaries and Wages
13,000.00
$
13,000.00
$
12,382.26
$
617.74
$
Other Expenses
8,000.00
8,000.00
6,868.00
114.68
$
1,017.32
Mayor and Council
Salaries and Wages
26,000.00
26,000.00
25,999.00
1.00
Other Expenses
4,100.00
4,450.00
2,658.78
138.00
1,653.22
Municipal Clerk
Salaries and Wages
132,000.00
133,050.00
131,998.74
1,051.26
Other Expenses
16,975.00
16,475.00
13,901.55
645.49
1,927.96
Elections
Other Expenses
2,800.00
2,800.00
2,800.00
Registrar of Vital Statistics
Salaries and Wages
2,400.00
2,400.00
1,898.40
501.60
Financial Administration
Salaries and Wages
56,100.00
54,600.00
52,429.65
2,170.35
Other Expenses
20,150.00
18,400.00
15,221.13
299.60
2,879.27
Audit Services
Other Expenses
30,000.00
30,000.00
28,900.00
1,100.00
Collection of Taxes
Salaries and Wages
65,700.00
65,700.00
64,175.78
1,524.22
Other Expenses
7,875.00
7,875.00
6,384.37
661.81
828.82
Assessment of Taxes
Salaries and Wages
10,000.00
10,000.00
10,000.00
Other Expenses
3,775.00
2,825.00
911.65
932.35
981.00
Tax Map (Special Emergency $15.000.00)
15,000.00
15,000.00
Legal Services and Costs
Other Expenses:
Miscellaneous Expenses
34,000.00
34,000.00
29,743.75
3,951.47
304.78
Legal Settlement (Emergency $50,000.00)
50,000.00
48,866.47
1,133.53
Engineering Services and Costs
Other Expenses
17,000.00
17,000.00
15,506.25
1,493.75
Economic Development
Other Expenses
1,500.00
1,000.00
1,000.00
Historic Commission
Other Expenses
300.00
300.00
300.00
Maintenance of Foreclosed Property
Other Expenses
750.00
1,350.00
740.30
609.70
(Continued)
11600
Appropriations
Expended
BOROUGH OF CLEMENTON
15
Exhibit A-3
CURRENT FUND
Statement of Expenditures - Regulatory Basis
For the Year Ended December 31, 2016
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
11600
Appropriations
Expended
BOROUGH OF CLEMENTON
OPERATIONS WITHIN "CAPS"
LAND USE ADMINISTRATION:
Planning Board
Salaries and Wages
11,500.00
$
11,500.00
$
10,912.47
$
587.53
$
Other Expenses
2,200.00
1,750.00
916.94
833.06
INSURANCE:
General Liability
200,800.00
194,050.00
193,456.77
593.23
Workers Compensation
1,500.00
250.00
250.00
Employee Group Health
707,805.00
718,455.00
709,413.41
9,041.59
Unemployment Insurance
6,000.00
4,000.00
1,279.73
2,720.27
Health Benefit Waiver
7,000.00
7,000.00
7,000.00
PUBLIC SAFETY:
Police
Salaries and Wages
1,162,164.00
1,168,714.00
1,085,733.76
82,980.24
Other Expenses
83,400.00
84,600.00
59,947.88
9,613.86
$
15,038.26
Office of Emergency Management
Salaries and Wages
2,000.00
2,000.00
1,593.75
406.25
Other Expenses
5,000.00
2,250.00
507.33
1,742.67
First Aid
Contribution to Pine Hill
8,050.00
8,050.00
7,337.00
713.00
Fire
Salaries and Wages
4,750.00
4,750.00
3,510.40
1,239.60
Other Expenses:
Miscellaneous Other Expenses
38,050.00
39,550.00
28,561.04
8,801.73
2,187.23
Uniform Fire Safety Code (Ch. 383 P.L. 1985)
Fire Official
Salaries and Wages
14,925.00
14,925.00
14,325.00
600.00
Other Expenses
11,150.00
11,150.00
5,449.46
384.32
5,316.22
Municipal Prosecutor
Other Expenses
8,500.00
8,500.00
7,791.63
708.37
(Continued)
16
Exhibit A-3
CURRENT FUND
Statement of Expenditures - Regulatory Basis
For the Year Ended December 31, 2016
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
11600
Appropriations
Expended
BOROUGH OF CLEMENTON
OPERATIONS WITHIN "CAPS"
PUBLIC WORKS:
Streets and Roads
Salaries and Wages
73,250.00
$
73,250.00
$
70,348.77
$
2,901.23
$
Other Expenses
30,900.00
30,900.00
23,536.80
3,200.00
$
4,163.20
Shade Tree Commission
Other Expenses
1,250.00
1,250.00
525.00
725.00
Solid Waste Collection
Other Expenses
192,100.00
195,100.00
178,472.50
16,627.50
Public Buildings and Grounds
Other Expenses
28,300.00
27,800.00
23,439.24
1,085.07
3,275.69
Vehicle Maintenance
15,000.00
12,000.00
9,677.72
2,322.28
HEALTH AND HUMAN SERVICES:
Board of Health
Other Expenses
500.00
500.00
500.00
Services of Visiting Nurse
Other Expenses
100.00
100.00
100.00
Environmental Commission (N.J.S. 40:56A-1 et seq.)
Other Expenses
425.00
825.00
430.00
395.00
Animal Control
Other Expenses
20,000.00
22,000.00
22,000.00
PARKS AND RECREATION:
Parks and Playgrounds
Other Expenses
6,000.00
6,750.00
5,959.26
790.74
OTHER COMMON OPERATING FUNCTIONS:
Compensated Absences
100.00
100.00
100.00
Celebration of Public Events, Holidays, or Anniversaries
Other Expenses
4,800.00
6,300.00
4,774.99
298.03
1,226.98
(Continued)
17
Exhibit A-3
CURRENT FUND
Statement of Expenditures - Regulatory Basis
For the Year Ended December 31, 2016
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
11600
Appropriations
Expended
BOROUGH OF CLEMENTON
OPERATIONS WITHIN "CAPS" (CONT'D)
LANDFILL/SOLID WASTE DISPOSAL:
Garbage and Trash Removal
Landfill/Solid Waste
124,000.00
$
124,000.00
$
108,798.41
$
15,201.59
$
MUNICIPAL COURT:
Municipal Court
Salaries and Wages
94,000.00
94,000.00
91,896.28
2,103.72
Other Expenses
19,459.00
19,959.00
14,068.18
345.42
$
5,545.40
Public Defender
Other Expenses
5,500.00
5,500.00
5,500.00
CODE ENFORCEMENT AND ADMINISTRATION:
Construction Official
Salaries and Wages
24,200.00
25,100.00
24,257.47
842.53
Other Expenses
4,600.00
5,200.00
4,377.15
822.85
Fire Inspector
Salaries and Wages
4,958.00
4,958.00
3,457.60
1,500.40
Plumbing Inspector
Salaries and Wages
6,251.00
6,251.00
4,750.92
1,500.08
Code Enforcement Officer
Salaries and Wages
80,000.00
76,750.00
72,011.08
4,738.92
Other Expenses
3,175.00
2,725.00
1,435.19
39.98
1,249.83
Utility Expenses and Bulk Purchases
Electric
29,000.00
31,500.00
29,040.12
2,459.88
Street Lighting
101,000.00
98,500.00
80,815.82
17,684.18
Maintenance of Traffic Lights
2,600.00
3,800.00
2,600.00
341.00
859.00
Telephone
32,400.00
32,400.00
29,769.19
1,009.49
1,621.32
Hydrant
100.00
100.00
100.00
Oil
15,000.00
14,000.00
9,260.10
4,739.90
Sewer
1,400.00
2,000.00
1,400.00
600.00
Gasoline
32,000.00
27,250.00
17,493.46
1,667.35
8,089.19
Total Operations Within "CAPS"
3,679,587.00
3,746,587.00
3,451,717.90
34,663.18
260,205.92
-
(Continued)
18
Exhibit A-3
CURRENT FUND
Statement of Expenditures - Regulatory Basis
For the Year Ended December 31, 2016
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
11600
Appropriations
Expended
BOROUGH OF CLEMENTON
OPERATIONS WITHIN "CAPS" (CONT'D)
Contingent
100.00
$
100.00
$
-
-
100.00
$
-
Total Operations Including Contingent - within "CAPS"
3,679,687.00
3,746,687.00
3,451,717.90
$
34,663.18
$
260,305.92
-
Detail:
Salaries and Wages
1,783,198.00
1,786,948.00
1,681,681.33
105,266.67
Other Expenses (Including Contingent)
1,896,489.00
1,959,739.00
1,770,036.57
34,663.18
155,039.25
DEFERRED CHARGES AND STATUTORY
EXPENDITURES - MUNICIPAL WITHIN "CAPS":
Statutory Expenditures:
Contribution to:
Social Security System (O.A.S.I.)
143,000.00
141,000.00
137,851.58
3,148.42
Public Employees' Retirement System
70,060.00
70,060.00
68,358.72
1,701.28
Defined Contribution Retirement System
2,200.00
2,200.00
2,200.00
Police and Fireman's Retirement System of NJ
190,000.00
190,000.00
186,957.00
3,043.00
Total Deferred Charges and Statutory Expenditures
Municipal--Within "CAPS"
405,260.00
403,260.00
393,167.30
-
10,092.70
-
Total General Appropriations for Municipal
Purposes Within "CAPS"
4,084,947.00
4,149,947.00
3,844,885.20
34,663.18
270,398.62
-
OPERATIONS EXCLUDED FROM "CAPS"
Recycling Tax
6,000.00
6,000.00
5,061.23
938.77
INSURANCE
Employee Group Health
12,195.00
12,195.00
12,195.00
Shared Services--Borough of Stratford--Electrical Inspector
Salaries and Wages
6,087.28
6,087.28
6,018.12
69.16
(Continued)
19
Exhibit A-3
CURRENT FUND
Statement of Expenditures - Regulatory Basis
For the Year Ended December 31, 2016
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
11600
Appropriations
Expended
BOROUGH OF CLEMENTON
OPERATIONS EXCLUDED FROM "CAPS" (CONT'D)
Public and Private Programs Offset by Revenues:
Recycling Tonnage Grant
2,965.07
$
2,965.07
$
2,965.07
$
Adopt a Road Mini Grant
500.00
500.00
500.00
Clean Communities Program
10,891.14
10,891.14
10,891.14
Municipal Alliance on Alcoholism and Drug Abuse
State Share
9,546.00
9,546.00
9,546.00
Borough Share
2,386.50
2,386.50
2,386.50
Safe and Secure Communities Program
State Share
36,218.00
36,218.00
36,218.00
Borough Share
52,873.00
52,873.00
52,873.00
Body Armor Replacement
1,426.14
1,426.14
1,426.14
Sumner Station Foundation--Fire Grant
5,000.00
5,000.00
5,000.00
Sumner Station Foundation--Police Grant
5,000.00
5,000.00
5,000.00
Total Operations--Excluded from "CAPS"
151,088.13
151,088.13
150,080.20
-
1,007.93
$
-
Detail:
Salaries and Wages
95,178.28
95,178.28
95,109.12
69.16
Other Expenses
55,909.85
55,909.85
54,971.08
938.77
MUNICIPAL DEBT SERVICE - EXCLUDED FROM "CAPS"
Payment of Bond Principal
368,000.00
368,000.00
368,000.00
Interest on Bonds
128,500.00
128,500.00
128,407.68
92.32
$
Payment of Loan Principal
57,856.94
57,856.94
57,856.94
Interest on Loans
8,750.00
8,750.00
6,442.39
2,307.61
Total Municipal Debt Service--Excluded from "CAPS"
563,106.94
563,106.94
560,707.01
-
-
2,399.93
(Continued)
20
Exhibit A-3
CURRENT FUND
Statement of Expenditures - Regulatory Basis
For the Year Ended December 31, 2016
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
11600
Appropriations
Expended
BOROUGH OF CLEMENTON
DEFERRED CHARGES- MUNICIPAL - EXCLUDED FROM "CAPS"
Emergency Authorizations
125,000.00
$
125,000.00
$
125,000.00
$
-
-
Total Deferred Charges - Municipal - Excluded from "CAPS"
125,000.00
125,000.00
125,000.00
-
-
-
Total General Appropriations for Municipal Purposes
Excluded from "CAPS"
839,195.07
839,195.07
835,787.21
-
1,007.93
$
2,399.93
$
Subtotal General Appropriations
4,924,142.07
4,989,142.07
4,680,672.41
34,663.18
$
271,406.55
2,399.93
Reserve for Uncollected Taxes
502,556.93
502,556.93
502,556.93
-
-
-
Total General Appropriations
5,426,699.00
$
5,491,699.00
$
5,183,229.34
34,663.18
$
271,406.55
$
2,399.93
$
Budget
5,426,699.00
$
Special Emergency Authorizations
15,000.00
Emergency Authorizations
50,000.00
5,491,699.00
$
Federal and State Grants - Appropriated
126,805.85
$
Deferred Charges:
Emergency Appropriation
125,000.00
Reserve for Tax Map
15,000.00
Reserve for Uncollected Taxes
502,556.93
Disbursed
4,413,866.56
5,183,229.34
$
The accompanying Notes to Financial Statements are an integral part of this statement.
21
Exhibit B
Ref.
2016
2015
ASSETS
Animal Control Fund:
Cash
SB-1
3,728.59
$
4,563.20
$
3,728.59
4,563.20
Other Funds:
Cash
SB-1
535,740.39
563,971.87
Due from Current Fund
SB-5
705.54
406.54
Community Development Block Grant Receivable
SB-6
51,241.04
74,975.32
Other Accounts Receivable
SB-24
6,147.84
2,103.06
593,834.81
641,456.79
Municipal Open Space Fund:
Cash--Treasurer
SB-1
259,642.06
228,844.44
259,642.06
228,844.44
857,205.46
$
874,864.43
$
(Continued)
11600
Statements of Assets, Liabilities, Reserves and Fund Balances - Regulatory Basis
As of December 31, 2016 and 2015
BOROUGH OF CLEMENTON
TRUST FUND
22
Exhibit B
Ref.
2016
2015
11600
Statements of Assets, Liabilities, Reserves and Fund Balances - Regulatory Basis
As of December 31, 2016 and 2015
BOROUGH OF CLEMENTON
TRUST FUND
LIABILITIES, RESERVES AND FUND BALANCE
Animal Control Fund:
Reserve for Animal Control Expenditures
SB-2
3,728.59
$
3,610.40
$
Due to Current Fund
SB-4
546.80
Reserve for Encumbrances
SB-1
406.00
3,728.59
4,563.20
Other Funds:
Accounts Payable
SB-1
405.00
Reserve for Community Development Block Grant
Program
SB-8
56,904.32
44,004.32
Reserve for Payroll Deductions Payable
SB-9
12,777.45
13,189.14
Reserve for Uniform Fire Safety Act Penalties
SB-10
69,115.29
58,038.02
Reserve for Parking Offenses Adjudication Act
SB-11
426.00
386.00
Reserve for DARE Program
SB-13
6,692.45
6,682.42
Reserve for Municipal Forfeiture
SB-14
13,827.04
11,133.37
Reserve for Unemployment Compensation
SB-15
26,737.33
23,297.94
Reserve for Community Events
SB-16
6,157.17
6,692.93
Reserve for Developer's Escrow Deposits
SB-17
60,123.61
62,346.14
Reserve for Public Defender Fees
SB-18
1,112.08
406.54
Reserve for Tax Title Lien Redemption
SB-19
112.34
Reserve for Premiums Received at Tax Sales
SB-20
284,300.00
356,500.00
Reserve for Encumbrances
SB-21
1,418.60
Reserve for Federal Drug Enforcement Fund
SB-22
2,029.47
2,026.43
Reserve for Brick Fund
SB-23
1,946.90
1,941.90
Reserve for Recreation
SB-25
7,772.25
9,772.25
Reserve for Street Opening Deposits
3,000.00
3,000.00
Reserve for Police K-9
10,546.37
10,546.37
Reserve for Municipal Alliance
3,449.19
3,449.19
Reserve for Accumulated Absences
26,512.89
26,512.89
593,834.81
641,456.79
Municipal Open Space Fund:
Reserve for Open Space, Recreation Farmland and
Historic Preservation
SB-7
259,122.06
228,844.44
Reserve for Encumbrances
SB-7
520.00
259,642.06
228,844.44
857,205.46
$
874,864.43
$
The accompanying Notes to Financial Statements are an integral part of this statement.
23
11600
Exhibit B-1
Anticipated
Excess or
Budget
Realized
(Deficit)
Amount to be Raised by Taxation
56,136.28
$
56,146.76
$
10.48
$
Reserve Funds
228,844.44
228,844.44
Miscellaneous
335.74
335.74
284,980.72
$
285,326.94
$
346.22
$
Analysis of Realized Revenues
Amount to be Raised by Taxation:
Current Year Levy
56,136.28
$
Added/Omitted Levy
10.48
56,146.76
$
Miscellaneous:
Interest on Investments
335.74
$
The accompanying Notes to Financial Statements are an integral part of this statement.
BOROUGH OF CLEMENTON
TRUST MUNICIPAL OPEN SPACE FUND
Statement of Revenues--Regulatory Basis
For the Year Ended December 31, 2016
24
11600
Exhibit B-2
Unexpended
Original
Budget After
Balance
Budget
Modification
Disbursed
Encumbered
Reserved
Canceled
Maintenance of Lands for Recreation and Conservation:
Other Expenses
199,980.72
$
199,980.72
$
25,684.88
$
520.00
$
173,775.84
$
Acquisition of Lands for Recreation and Conservation
85,000.00
85,000.00
85,000.00
284,980.72
$
284,980.72
$
25,684.88
$
520.00
$
-
$
258,775.84
$
The accompanying Notes to Financial Statements are an integral part of this statement.
BOROUGH OF CLEMENTON
TRUST MUNICIPAL OPEN SPACE FUND
Statement of Expenditures--Regulatory Basis
For the Year Ended December 31, 2016
Appropriations
Expended
25
Exhibit C
BOROUGH OF CLEMENTON
GENERAL CAPITAL FUND
Statements of Assets, Liabilities, Reserves and Fund Balances - Regulatory Basis
As of December 31, 2016 and 2015
Ref.
2016
2015
ASSETS
Cash
SC-1; SC-2
766,039.65
$
871,638.08
$
Deferred Charges to Future Taxation:
Unfunded
SC-3
1,489.35
1,489.35
Funded
SC-4
4,517,448.28
4,943,305.22
5,284,977.28
$
5,816,432.65
$
LIABILITIES, RESERVES AND FUND BALANCE
Improvement Authorizations:
Funded
SC-6
421,348.98
$
454,001.61
$
Reserve for Encumbrances
SC-7
6,476.36
Capital Improvement Fund
31,358.50
31,358.50
Reserve for Payment of Bonds and Loans
SC-8
314,565.52
381,034.96
New Jersey Environmental Trust Loans Payable
SC-9
598,448.28
656,305.22
General Serial Bonds
SC-10
3,919,000.00
4,287,000.00
Fund Balance
256.00
256.00
5,284,977.28
$
5,816,432.65
$
The accompanying Notes to Financial Statements are an integral part of this statement.
11600
26
Exhibit D
BOROUGH OF CLEMENTON
WATER UTILITY FUND
Statements of Assets, Liabilities, Reserves and Fund Balances - Regulatory Basis
As of December 31, 2016 and 2015
Ref.
2016
2015
ASSETS
Operating Fund:
Cash - Treasurer
SD-1
309,585.66
$
296,794.40
$
Cash - Change Funds
SD-3
75.00
75.00
Due from Current Fund
SD-13
3,114.46
312,775.12
296,869.40
Receivables With Full Reserves
Consumer Accounts Receivable
SD-5
91,892.48
93,769.54
Water Utility Liens Receivable
SD-6
1,668.60
4,796.71
93,561.08
98,566.25
Total Operating Fund
406,336.20
395,435.65
Capital Fund:
Cash - Treasurer
SD-1; SD-2
239,636.43
277,442.06
Fixed Capital
SD-7
3,971,787.89
3,971,787.89
Fixed Capital Authorized and Uncompleted
SD-8
2,148,210.00
2,148,210.00
Total Capital Fund
6,359,634.32
6,397,439.95
6,765,970.52
$
6,792,875.60
$
(Continued)
11600
27
Exhibit D
BOROUGH OF CLEMENTON
WATER UTILITY FUND
Statements of Assets, Liabilities, Reserves and Fund Balances - Regulatory Basis
As of December 31, 2016 and 2015
Ref.
2016
2015
11600
LIABILITIES, RESERVES AND FUND BALANCE
Operating Fund:
Appropriation Reserves
D-3; SD-9
42,243.94
$
54,402.94
$
Reserve for Encumbrances
D-3; SD-9
10,829.80
32,605.05
Water Rental Overpayments
SD-10
3,590.25
4,085.32
Water Rental Prepayments
SD-11
9,081.85
5,093.56
Accrued Interest on Bonds
SD-15
6,357.45
8,229.28
Due to Sewer Utility Operating Fund
SD-1
4,042.17
72,103.29
108,458.32
Reserve for Receivables
D
93,561.08
98,566.25
Fund Balance
D-1
240,671.83
188,411.08
Total Operating Fund
406,336.20
395,435.65
Capital Fund:
Improvement Authorizations:
Funded
SD-12
277,226.31
277,257.19
Unfunded
SD-12
1,448,167.25
1,480,892.00
Contracts Payable
SD-14
1,664.84
6,714.84
Reserve for Amortization
SD-16
3,868,887.89
3,782,887.89
Capital Improvement Fund
81,000.25
81,000.25
Reserve for Deferred Amortization
SD-17
28,411.00
28,411.00
Serial Bonds
SD-18
641,000.00
727,000.00
Reserve for Payment of Bonds
12,893.44
12,893.44
Fund Balance
383.34
383.34
Total Capital Fund
6,359,634.32
6,397,439.95
6,765,970.52
$
6,792,875.60
$
The accompanying Notes to Financial Statements are an integral part of this statement.
28
Exhibit D-1
BOROUGH OF CLEMENTON
WATER UTILITY OPERATING FUND
Statements of Operations and Changes in Fund Balance - Regulatory Basis
For the Years Ended December 31, 2016 and 2015
2016
2015
Revenue and Other Income Realized:
Fund Balance
78,600.00
$
99,700.00
$
Water Rents
782,949.83
789,653.13
Miscellaneous
27,669.99
12,319.28
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
55,841.67
27,321.84
Total Income
945,061.49
928,994.25
Expenditures:
Operations:
Salaries and Wages
287,000.00
283,100.00
Other Expenses
378,000.00
370,950.00
Capital Improvements
40,000.00
Debt Service
105,100.74
94,047.60
Deferred Charges and Statutory Expenditures
44,100.00
43,000.00
Total Expenditures
814,200.74
831,097.60
Statutory Excess to Fund Balance
130,860.75
97,896.65
Fund Balance January 1
188,411.08
190,214.43
319,271.83
288,111.08
Decreased by:
Utilization as Anticipated Revenue:
Water Utility Budget
78,600.00
99,700.00
Fund Balance December 31
240,671.83
$
188,411.08
$
The accompanying Notes to Financial Statements are an integral part of this statement.
11600
29
Exhibit D-2
BOROUGH OF CLEMENTON
WATER UTILITY OPERATING FUND
For the Year Ended December 31, 2016
Anticipated
Excess or
Budget
Realized
(Deficit)
Operating Surplus Anticipated
78,600.00
$
78,600.00
$
Water Rents
729,500.00
782,949.83
53,449.83
$
Miscellaneous
7,000.00
27,669.99
20,669.99
815,100.00
$
889,219.82
$
74,119.82
$
Rents:
Consumer Accounts Receivable:
Collections
770,126.46
$
Prepayments Applied
5,093.56
Overpayments Applied
4,085.32
Water Utility Lien Collections
3,644.49
782,949.83
$
Miscellaneous:
Interest Earned on Deposits:
Collected
371.67
$
Due from Water Utility Capital Fund
367.24
738.91
$
Miscellaneous
40.00
Water Connection Fees
14,000.00
Interest on Delinquent Accounts
12,891.08
27,669.99
$
Collected:
Treasurer
27,302.75
$
Due from Water Utility Capital Fund
367.24
27,669.99
$
The accompanying Notes to Financial Statements are an integral part of this statement.
Statement of Revenues - Regulatory Basis
11600
30
Exhibit D-3
BOROUGH OF CLEMENTON
WATER UTILITY OPERATING FUND
Statement of Expenditures - Regulatory Basis
For the Year Ended December 31, 2016
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
Operations:
Salaries and Wages
288,000.00
$
287,000.00
$
267,521.96
$
295.75
$
19,182.29
$
Other Expenses
377,000.00
378,000.00
346,808.06
10,534.05
20,657.89
Total Operations
665,000.00
665,000.00
614,330.02
10,829.80
39,840.18
-
Debt Service:
Payment of Bond Principal
86,000.00
86,000.00
86,000.00
Interest on Bonds
19,500.00
19,500.00
19,100.74
399.26
$
Interest on Notes
500.00
500.00
500.00
106,000.00
106,000.00
105,100.74
-
-
899.26
Deferred Charges and Statutory Expenditures:
Statutory Expenditures:
Contribution to:
Public Employees Retirement System
22,600.00
22,600.00
22,051.20
548.80
Social Security System (O.A.S.I.)
21,500.00
21,500.00
19,645.04
1,854.96
Total Deferred Charges and Statutory Expenditures
44,100.00
44,100.00
41,696.24
-
2,403.76
-
Total Water Utility Appropriations
815,100.00
$
815,100.00
$
761,127.00
$
10,829.80
$
42,243.94
$
899.26
$
Interest on Bonds and Notes
19,100.74
$
Disbursed
742,026.26
761,127.00
$
The accompanying Notes to Financial Statements are an integral part of this statement.
Expended
Appropriations
11600
31
Exhibit E
BOROUGH OF CLEMENTON
SEWER UTILITY FUND
Statements of Assets, Liabilities, Reserves and Fund Balances - Regulatory Basis
As of December 31, 2016 and 2015
Ref.
2016
2015
ASSETS
Operating Fund:
Cash - Treasurer
SE-1
326,011.44
$
332,219.69
$
Cash - Change Funds
SE-3
75.00
75.00
Due from Water Utility Operating Fund
SE-1
4,042.17
Due from Current Fund
SE-4
2,933.54
329,019.98
336,336.86
Receivables With Full Reserves
Consumer Accounts Receivable
SE-5
55,439.14
55,873.76
Sewer Utility Liens Receivable
SE-6
2,409.07
3,901.07
57,848.21
59,774.83
Total Operating Fund
386,868.19
396,111.69
Capital Fund:
Cash - Treasurer
SE-1; SE-2
492,954.48
502,367.36
Fixed Capital
SE-9
3,652,731.58
3,652,731.58
Fixed Capital Authorized and Uncompleted
SE-10
924,000.00
924,000.00
Total Capital Fund
5,069,686.06
5,079,098.94
5,456,554.25
$
5,475,210.63
$
(Continued)
11600
32
Exhibit E
BOROUGH OF CLEMENTON
SEWER UTILITY FUND
Statements of Assets, Liabilities, Reserves and Fund Balances - Regulatory Basis
As of December 31, 2016 and 2015
Ref.
2016
2015
11600
LIABILITIES, RESERVES AND FUND BALANCE
Operating Fund:
Appropriation Reserves
E-3; SE-8
35,491.55
$
30,503.97
$
Reserve for Encumbrances
E-3; SE-8
4,457.83
13,355.12
Sewer Rental Overpayments
SE-11
2,744.32
580.87
Sewer Rental Prepayments
SE-12
30,318.77
25,593.64
Accrued Interest on Bonds
SE-14
7,287.90
9,183.88
80,300.37
79,217.48
Reserve for Receivables
E
57,848.21
59,774.83
Fund Balance
E-1
248,719.61
257,119.38
Total Operating Fund
386,868.19
396,111.69
Capital Fund:
Improvement Authorizations:
Funded
SE-13
449,393.12
448,206.00
Unfunded
SE-13
984.09
984.09
Reserve for Deferred Amortization
SE-15
46,200.00
46,200.00
Reserve for Amortization
SE-16
3,697,547.49
3,636,547.49
Contracts Payable
SE-17
5,300.00
Capital Improvement Fund
37,250.00
37,250.00
Reserve for Payment of Bonds
SE-18
5,299.21
10,599.21
Serial Bonds
SE-19
832,000.00
893,000.00
Fund Balance
1,012.15
1,012.15
Total Capital Fund
5,069,686.06
5,079,098.94
5,456,554.25
$
5,475,210.63
$
The accompanying Notes to Financial Statements are an integral part of this statement.
33
Exhibit E-1
BOROUGH OF CLEMENTON
SEWER UTILITY OPERATING FUND
Statements of Operations and Changes in Fund Balance - Regulatory Basis
For the Years Ended December 31, 2016 and 2015
2016
2015
Revenue and Other Income Realized:
Fund Balance
106,490.00
$
110,929.00
$
Reserve for Payment of Bonds
5,300.00
Sewer Charges
604,173.28
604,379.09
Miscellaneous
17,275.94
8,575.99
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
29,000.59
29,695.76
Total Income
762,239.81
753,579.84
Expenditures:
Operations:
Salaries and Wages
257,250.00
254,550.00
Other Expenses
243,200.00
233,700.00
Capital Improvements
20,000.00
Debt Service
83,859.58
66,380.70
Deferred Charges and Statutory Expenditures
39,840.00
40,900.00
Total Expenditures
624,149.58
615,530.70
Statutory Excess to Fund Balance
138,090.23
138,049.14
Fund Balance January 1
257,119.38
279,999.24
395,209.61
418,048.38
Decreased by:
Utilization as Anticipated Revenue:
Current Fund Budget
40,000.00
50,000.00
Sewer Utility Budget
106,490.00
110,929.00
Fund Balance December 31
248,719.61
$
257,119.38
$
The accompanying Notes to Financial Statements are an integral part of this statement.
11600
34
Exhibit E-2
BOROUGH OF CLEMENTON
SEWER UTILITY OPERATING FUND
For the Year Ended December 31, 2016
Anticipated
Excess or
Budget
Realized
(Deficit)
Operating Surplus Anticipated
106,490.00
$
106,490.00
$
Sewer Rents
510,000.00
604,173.28
94,173.28
$
Reserve for Payment of Bonds
5,300.00
5,300.00
Miscellaneous
4,500.00
17,275.94
12,775.94
626,290.00
$
733,239.22
$
106,949.22
$
Rents:
Consumer Accounts Receivable:
Collections
575,327.49
$
Prepayments Applied
25,593.64
Overpayments Applied
580.87
Sewer Utility Lien Collections
2,671.28
604,173.28
$
Miscellaneous:
Interest on Investments and Deposits:
Collected
448.65
$
Due from Sewer Utility Capital Fund
748.38
1,197.03
$
Interest on Delinquent Accounts
4,078.91
Sewer Connection Fees
12,000.00
17,275.94
$
Collected:
Treasurer
16,527.56
$
Due from Sewer Utility Capital Fund
748.38
17,275.94
$
The accompanying Notes to Financial Statements are an integral part of this statement.
Statement of Revenues - Regulatory Basis
11600
35
Exhibit E-3
Appropriations
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
Operations:
Salaries and Wages
257,250.00
$
257,250.00
$
248,489.43
$
295.75
$
8,464.82
$
Other Expenses
242,700.00
243,200.00
213,802.79
4,162.08
25,235.13
Total Operations
499,950.00
500,450.00
462,292.22
4,457.83
33,699.95
-
Debt Service:
Payment of Bond Principal
61,000.00
61,000.00
61,000.00
Interest on Bonds
24,500.00
24,500.00
22,859.58
1,640.42
$
Interest on Notes
500.00
500.00
500.00
86,000.00
86,000.00
83,859.58
-
-
2,140.42
Deferred Charges and Statutory Expenditures:
Statutory Expenditures:
Contribution to:
Public Employees Retirement System
20,340.00
20,340.00
19,846.08
493.92
Social Security System (O.A.S.I.)
20,000.00
19,500.00
18,202.32
1,297.68
Total Deferred Charges and Statutory Expenditures
40,340.00
39,840.00
38,048.40
-
1,791.60
-
Total Sewer Utility Appropriations
626,290.00
$
626,290.00
$
584,200.20
$
4,457.83
$
35,491.55
$
2,140.42
$
Interest on Bonds and Notes
22,859.58
$
Disbursed
561,340.62
584,200.20
$
The accompanying Notes to Financial Statements are an integral part of this statement.
11600
For the Year Ended December 31, 2016
Expended
BOROUGH OF CLEMENTON
SEWER UTILITY OPERATING FUND
Statement of Expenditures - Regulatory Basis
36
11600
Exhibit F
Statement of General Fixed Assets Account Group - Regulatory Basis
Balance
Balance
Dec. 31, 2015
Additions
Deletions
Dec. 31, 2016
General Fixed Assets:
Land
6,835,610.64
$
6,835,610.64
$
Buildings
3,980,400.00
3,980,400.00
Vehicles and Equipment
3,620,041.83
9,499.00
$
58,772.00
$
3,570,768.83
Total General Fixed Assets
14,436,052.47
$
9,499.00
$
58,772.00
$
14,386,779.47
$
Total Investments in General Fixed Assets
14,436,052.47
$
9,499.00
$
58,772.00
$
14,386,779.47
$
The accompanying Notes to Financial Statements are an integral part of this statement.
BOROUGH OF CLEMENTON
For the Year Ended December 31, 2016
37
11600
BOROUGH OF CLEMENTON
Notes to Financial Statements
For the Year Ended December 31, 2016
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Financial Reporting Entity - The Borough of Clementon (hereafter referred to as the
“Borough”) was incorporated as a Borough by an act of the New Jersey legislature in 1925 and is
located in Camden County, New Jersey. The population according to the 2010 census is 5,000.
The Borough has a Mayor-council form of government. The Mayor is separately elected every four
years. Executive and administrative responsibility rests with the Mayor, who is assisted by the Borough
Administrator/Clerk.
Component Units - The Borough had no component units as defined by Governmental Accounting
Standards Board Statement No. 14, as amended by GASB Statements No. 39 and No. 61.
Measurement Focus, Basis of Accounting and Financial Statement Presentation - The financial
statements of the Borough contain all funds and account groups in accordance with the Requirements of
Audit (“Requirements”) as promulgated by the State of New Jersey, Department of Community Affairs,
Division of Local Government Services. The principles and practices established by the Requirements
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. Generally, the
financial statements are presented using the flow of current financial resources measurement focus and
modified accrual basis of accounting with minor exceptions as mandated by these Requirements. In
addition, the prescribed accounting principles previously referred to differ in certain respects from
accounting principles generally accepted in the United States of America applicable to local government
units. The more significant differences are explained in this note.
In accordance with the Requirements, the Borough accounts for its financial transactions through the
use of separate funds which are described as follows:
Current Fund - The current fund accounts for resources and expenditures for governmental
operations of a general nature, including federal and state grant funds.
Trust Funds - The various trust funds account for receipts, custodianship, and disbursement of
funds in accordance with the purpose for which each reserve was created.
General Capital Fund - The general capital fund accounts for receipt and disbursement of funds
for the acquisition of general capital facilities, other than those acquired in the current fund.
Sewer Utility Operating and Capital Funds - The sewer utility operating and capital funds
account for the operations and acquisition of capital facilities of the municipally owned sewer
operations.
Water Utility Operating and Capital Funds - The water utility operating and capital funds account
for the operations and acquisition of capital facilities of the municipally owned water operations.
General Fixed Asset Group of Accounts - The general fixed asset group of accounts is utilized to
account for property,
land, buildings,
and equipment that have been acquired by other
governmental funds.
38
11600
Notes to Financial Statements (Cont'd)
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
Budgets and Budgetary Accounting - The Borough must adopt an annual budget for its current,
municipal open space, water utility and sewer utility funds in accordance with N.J.S.A. 40A:4 et seq.
N.J.S.A. 40A:4-5 requires the governing body to introduce and approve the annual municipal budget no
later than February 10 of each year. At introduction, the governing body shall fix the time and place for a
public hearing on the budget and must advertise the time and place at least ten days prior to the hearing
in a newspaper published and circulating in the municipality. The public hearing must not be held less
than twenty-eight days after the date the budget was introduced. After the hearing has been held, the
governing body may, by majority vote, adopt the budget or may amend the budget in accordance with
N.J.S.A. 40A:4-9. Amendments to adopted budgets, if any, are detailed in the statements of revenues
and expenditures.
An extension of the statutory dates for introduction, approval, and adoption of the municipal budget may
be granted by the Director of the Division of Local Government Services, with the permission of the
Local Finance Board.
Budgets are adopted on the same basis of accounting utilized for the preparation of the Borough's
financial statements.
Cash, Cash Equivalents and Investments - Cash and cash equivalents include petty cash, change
funds and cash on deposit with public depositories. All certificates of deposit are recorded as cash
regardless of the date of maturity. Investments are stated at cost; therefore, unrealized gains or losses
on investments have not been recorded.
New Jersey municipal units are required by N.J.S.A. 40A:5-14 to deposit public funds in a bank or trust
company having its place of business in the State of New Jersey and organized under the laws of the
United States or of the State of New Jersey or in the New Jersey Cash Management Fund. N.J.S.A.
40A:5-15.1 provides a list of investments which may be purchased by New Jersey municipal units. In
addition, other State statutes permit investments in obligations issued by local authorities and other state
agencies.
N.J.S.A. 17:9-41 et seq. establishes the requirements for the security of deposits of governmental units.
The statute requires that no governmental unit shall deposit public funds in a public depository unless
such funds are secured in accordance with the Governmental Unit Deposit Protection Act (“GUDPA”), a
multiple financial institutional collateral pool, which was enacted in 1970 to protect governmental units
from a loss of funds on deposit with a failed banking institution in New Jersey. Public depositories
include State or federally chartered banks, savings banks or associations located in or having a branch
office in the State of New Jersey, the deposits of which are federally insured. All public depositories
must pledge collateral, having a market value at least equal to 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, is available to pay the amount
of their deposits to the governmental units.
The cash management plan adopted by the Borough requires it to deposit funds in public depositories
protected from loss under the provisions of the Act.
Interfunds - Interfund receivables and payables that arise from transactions between funds are
recorded by all funds affected by such transactions in the period in which the transaction is executed.
Interfund receivables in the current fund are recorded with offsetting reserves which are created by
charges to operations. Income is recognized in the year the receivables are liquidated. Interfund
receivables in the other funds are not offset by reserves.
Inventories of Supplies - The costs of inventories of supplies for all funds are recorded as expenditures
at the time individual items are purchased. The costs of inventories are not included on the various
statements of assets, liabilities, reserves and fund balance.
39
11600
Notes to Financial Statements (Cont'd)
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
General Fixed Assets - Accounting for governmental fixed assets, as required by N.J.A.C. 5:30-5.6,
differs in certain respects from accounting principles generally accepted in the United States of America.
In accordance with the regulations, all local units, including municipalities, must maintain a general fixed
assets reporting system that establishes and maintains a physical inventory of nonexpendable, tangible
property as defined and limited by the U.S. Office of Management and Budget’s Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Part 200, §200.12), except
that the useful life of such property is at least five years. The Borough has adopted a capitalization
threshold of $5,000.00, the maximum amount allowed by the Circular. Generally, assets are valued at
historical cost; however, assets acquired prior to December 31, 1985 are valued at actual historical cost
or estimated historical cost. No depreciation of general fixed assets is recorded. Donated general fixed
assets are recorded at acquisition value as of the date of the transaction. Interest costs relative to the
acquisition of general fixed assets are recorded as expenditures when paid. Public domain
("infrastructure") general fixed assets consisting of certain improvements such as roads, bridges, curbs
and gutters, streets and sidewalks and drainage systems are not capitalized. Expenditures for
construction in progress are recorded in the capital funds until such time as the construction is
completed and put into operation. The Borough is required to maintain a subsidiary ledger detailing
fixed assets records to control additions, retirements, and transfers of fixed assets. In addition, a
statement of general fixed asset group of accounts, reflecting the activity for the year, must be included
in the Borough’s basic financial statements.
The regulations require that general fixed assets, whether constructed or acquired through purchase,
grant or gift be included in the aforementioned inventory. In addition, property management standards
must be maintained that include accurate records indicating asset description, source, ownership,
acquisition cost and date, the percentage of Federal participation (if any), and the location, use, and
condition of the asset. Periodically, physical inventories must be taken and reconciled with these
records. Lastly, all fixed assets must be adequately controlled to safeguard against loss, damage, or
theft.
Utility Fixed Assets - Property and equipment purchased by a utility fund are recorded in the utility
capital account at cost and are adjusted for disposition and abandonment. The amounts shown do not
represent replacement cost or current value. The reserve for amortization and deferred reserve for
amortization accounts in the utility capital fund represent charges to operations for the cost of acquisition
of property and equipment, improvements, and contributed capital.
Foreclosed Property - Foreclosed property is recorded in the current fund at the assessed valuation
when such property was acquired and is fully reserved. Ordinarily it is the intention of the municipality to
resell foreclosed property in order to recover all or a portion of the delinquent taxes or assessments and
to return the property to a taxpaying basis. For this reason the value of foreclosed property has not been
included in the general fixed asset group of accounts. If such property is converted to a municipal use, it
will be recorded in the general fixed asset group of accounts.
Deferred Charges - The recognition of certain expenditures is deferred to future periods. These
expenditures, or deferred charges, are generally overexpenditures of legally adopted budget
appropriations or emergency appropriations made in accordance with N.J.S.A. 40A:4-46 et seq.
Deferred charges are subsequently raised as items of appropriation in budgets of succeeding years.
Liens Sold for Other Governmental Units - Liens sold on behalf of other governmental units are not
recorded on the records of the tax collector until such liens are collected. Upon their collection, such
liens are recorded as a liability due to the governmental unit net of the costs of the initial sale. The
related costs of sale are recognized as revenue when received.
40
11600
Notes to Financial Statements (Cont'd)
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
Fund Balance - Fund balances included in the current fund, water utility operating fund and sewer utility
operating fund represent amounts available for anticipation as revenue in future years’ budgets, with
certain restrictions.
Revenues - Revenues are recorded when received in cash except for certain amounts which are due
from other governmental units. Revenue from federal and state grants is realized when anticipated as
such in the Borough’s budget. Receivables for property taxes are recorded with offsetting reserves on
the statement of assets, liabilities, reserves and fund balance of the Borough's current fund; accordingly,
such amounts are not recorded as revenue until collected. Other amounts that are due the Borough
which are susceptible to accrual are also recorded as receivables with offsetting reserves and recorded
as revenue when received.
Property Tax Revenues - Property tax revenues are collected in quarterly installments due February 1,
May 1, August 1, and November 1. The amount of tax levied includes not only the amount required in
support of the Borough's annual budget, but also the amounts required in support of the budgets of the
County of Camden and the Borough of Clementon School District. Unpaid property taxes are subject to
tax sale in accordance with the statutes.
School Taxes - The Borough is responsible for levying, collecting, and remitting school taxes for the
Borough of Clementon School District. Operations is charged for the full amount required to be raised
from taxation to operate the local school district for the period from January 1 to December 31.
County Taxes - The municipality is responsible for levying, collecting, and remitting county taxes for the
County of Camden. County taxes are determined on a calendar year by the County Board of Taxation
based upon the ratables required to be certified to them on January 10 of each year. Operations is
charged for the amount due to 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. 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.
Reserve for Uncollected Taxes - The inclusion of the "reserve for uncollected taxes" appropriation in
the Borough's annual budget protects the Borough from taxes not paid currently. The reserve, the
minimum amount of which is determined on the percentage of collections experienced in the immediate
preceding year, with certain exceptions, is required to provide assurance that cash collected in the
current year will provide sufficient cash flow to meet expected obligations.
Expenditures - Expenditures are recorded on the "budgetary" basis of accounting. Generally,
expenditures are recorded when paid. However, for charges to amounts appropriated for “other
expenses”, an amount is encumbered through the issuance of a numerically controlled purchase order
or when a contract is executed in accordance with N.J.A.C. 5:30-5.2. When encumbered charges are
paid, the amount encumbered is simultaneously liquidated in its original amount. Encumbrances are
offset by an account entitled reserve for encumbrances. The reserve is classified as a cash liability
under New Jersey municipal accounting. At December 31, this reserve represents the portion of
appropriation reserves that has been encumbered and is subject to the same statutory provisions as
appropriation reserves.
Appropriations for principal payments on outstanding general capital and utility bonds and notes are
provided on the cash basis; interest on general capital indebtedness is on the cash basis; whereas
interest on utility indebtedness is on the accrual basis.
41
11600
Notes to Financial Statements (Cont'd)
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
Appropriation Reserves - Appropriation reserves covering unexpended appropriation balances are
automatically created at year-end and recorded as liabilities, except for amounts which may be canceled
by the governing body. Appropriation reserves are available, until lapsed at the close of the succeeding
year, to meet specific claims, commitments, or contracts incurred during the preceding year. Lapsed
appropriation reserves are recorded as income.
Long-Term Debt - Long-term debt, relative to the acquisition of capital assets, is recorded as a liability
in the general capital and utility capital funds. Where an improvement is a “local Improvement”, i.e.
assessable upon completion, long-term debt associated with that portion of the cost of the improvement
to be funded by assessments is transferred to the trust fund upon the confirmation of the assessments or
when the improvement is fully and permanently funded.
Compensated Absences and Postemployment 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 postemployment
benefits, if any, which are also funded on a pay-as-you-go basis.
Note 2: CASH AND CASH EQUIVALENTS
Custodial Credit Risk Related to Deposits - Custodial credit risk is the risk that, in the event of a bank
failure, the Borough’s deposits might not be recovered. Although the Borough does not have a formal
policy regarding custodial credit risk, N.J.S.A. 17:9-41 et seq. requires that governmental units shall
deposit public funds in public depositories protected from loss under the provisions of the Governmental
Unit Deposit Protection Act (GUDPA). Under the Act, the first $250,000.00 of governmental deposits in
each insured depository is protected by the Federal Deposit Insurance Corporation (FDIC). Public funds
owned by the municipality in excess of FDIC insured amounts are protected by GUDPA. However,
GUDPA does not protect intermingled agency funds such as salary withholdings, bail funds, or funds
that may pass to the municipality relative to the happening of a future condition. Such funds are
classified as uninsured and uncollateralized.
As of December 31, 2016, the Borough’s bank balances of $4,161,446.85 were exposed to custodial
credit risk as follows:
Insured by FDIC and GUDPA
3,782,148.13
$
Uninsured and Uncollateralized
379,298.72
Total
4,161,446.85
$
42
11600
Notes to Financial Statements (Cont'd)
Note 3: PROPERTY TAXES
The following is a five-year comparison of certain statistical information relative to property taxes and
property tax collections for the current and previous four calendar years:
Comparative Schedule of Tax Rates
Year Ended December 31,
2016
2015
2014
2013
2012
Tax Rate
3.737
$
3.640
$
3.612
$
3.496
$
3.346
$
Apportionment of Tax Rate:
Municipal
1.272
$
1.259
$
1.243
$
1.174
$
1.132
$
Municipal Open Space
.020
.020
.020
.020
.020
County
.814
.745
.803
.814
.744
Local School
1.631
1.616
1.546
1.488
1.450
Assessed Valuation
Year
Amount
2016
280,681,400.00
$
2015
280,696,300.00
2014
286,086,300.00
2013
288,178,751.00
2012
289,048,477.00
Comparison of Tax Levies and Collections
Percentage
Year
Tax Levy
Collections
of Collections
2016
10,494,963.89
$
9,899,249.02
$
94.32%
2015
10,220,282.80
9,870,337.11
96.58%
2014
10,336,689.02
9,895,266.25
95.73%
2013
10,079,968.32
9,691,532.22
96.15%
2012
9,676,440.94
9,277,520.68
95.88%
Delinquent Taxes and Tax Title Liens
Tax Title
Delinquent
Total
Percentage
Year
Liens
Taxes
Delinquent
of Tax Levy
2016
211,470.92
$
361,658.49
$
573,129.41
$
5.46%
2015
161,826.59
289,093.11
450,919.70
4.41%
2014
108,970.27
408,962.55
517,932.82
5.01%
2013
87,336.83
351,084.85
438,421.68
4.35%
2012
88,216.81
373,985.64
462,202.45
4.78%
43
11600
Notes to Financial Statements (Cont'd)
Note 3: PROPERTY TAXES (CONT’D)
The following comparison is made of the number of tax title liens receivable on December 31 for the
current and previous four calendar years:
Year
Number
2016
40
2015
39
2014
16
2013
17
2012
14
Note 4: PROPERTY ACQUIRED BY TAX TITLE LIEN LIQUIDATION
The value of property acquired by liquidation of tax title liens on December 31, on the basis of the last
assessed valuation of such properties, for the current and previous four years was as follows:
Year
Amount
2016
913,600.00
$
2015
913,600.00
2014
935,200.00
2013
935,200.00
2012
935,200.00
Note 5: WATER UTILITY SERVICE CHARGES
The following is a five-year comparison of water utility service charges (rents) for the current and
previous four years:
Balance Beginning of Year
Cash
Year
Receivable
Liens
Levy
Total
Collections
2016
93,769.54
$
4,796.71
$
777,818.80
$
876,385.05
$
782,949.83
$
2015
104,264.14
617.25
782,711.86
887,593.25
789,653.13
2014
91,343.96
504.25
785,699.40
877,547.61
772,666.22
2013
89,874.30
4,439.16
805,121.74
899,435.20
807,586.99
2012
65,191.70
3,708.70
771,701.72
840,602.12
746,288.66
44
11600
Notes to Financial Statements (Cont'd)
Note 6: SEWER UTILITY SERVICE CHARGES
The following is a five-year comparison of sewer utility service charges (rents) for the current and
previous four years:
Balance Beginning of Year
Cash
Year
Receivable
Liens
Levy
Total
Collections
2016
55,873.76
$
3,901.07
$
602,057.42
$
661,832.25
$
604,173.28
$
2015
59,426.72
476.49
603,953.36
663,856.57
604,379.09
2014
54,803.00
366.49
616,594.11
671,763.60
611,860.79
2013
54,891.40
932.92
618,919.74
674,744.06
619,574.17
2012
40,303.11
1,059.31
602,609.59
643,972.01
588,147.69
Note 7: INTERFUND RECEIVABLES AND PAYABLES
The following interfund balances were recorded on the various statements of assets, liabilities, reserves
and fund balance as of December 31, 2016:
Interfunds
Interfunds
Fund
Receivable
Payable
Current
6,753.54
$
Trust - Other
705.54
$
Water Utility - Operating
3,114.46
Sewer Utility - Operating
2,933.54
6,753.54
$
6,753.54
$
The interfund receivables and payables above predominately resulted from collections and payments
made by certain funds on behalf of other funds. During the year 2017, the Borough expects to liquidate
such interfunds, depending upon the availability of cash flow.
Note 8: FUND BALANCES APPROPRIATED
The following schedules detail the amount of fund balances available at the end of the current year and
four previous years and the amounts utilized in the subsequent year's budgets:
Current Fund
Utilized in
Percentage
Balance
Budget of
of Fund
Year
December 31,
Succeeding Year
Balance Used
2016
747,544.96
$
465,000.00
$
62.20%
2015
1,031,923.45
608,000.00
58.92%
2014
621,617.06
390,025.00
62.74%
2013
539,720.03
390,025.00
72.26%
2012
54,735.97
50,000.00
91.35%
45
11600
Notes to Financial Statements (Cont'd)
Note 8: FUND BALANCES APPROPRIATED (CONT’D)
The following schedules detail the amount of fund balances available at the end of the current year and
four previous years and the amounts utilized in the subsequent year's budgets (cont’d):
Water Utility Fund
Utilized in
Percentage
Balance
Budget of
of Fund
Year
December 31,
Succeeding Year
Balance Used
2016
240,671.83
$
129,689.00
$
(A)
53.89%
2015
188,411.08
78,600.00
41.72%
2014
190,214.43
99,700.00
52.41%
2013
186,279.68
127,175.00
(B)
68.27%
2012
126,480.77
82,740.00
(B)
65.42%
Sewer Utility Fund
Utilized in
Percentage
Balance
Budget of
of Fund
Year
December 31,
Succeeding Year
Balance Used
2016
248,719.61
$
98,955.79
$
39.79%
2015
257,119.38
146,490.00
(A)
56.97%
2014
279,999.24
160,929.00
(C)
57.47%
2013
269,995.31
188,929.00
(D)
69.97%
2012
236,343.48
153,760.00
(D)
65.06%
(A) Includes $35,000 utilized in Current Fund budget
(B) Includes $40,000 utilized in Current Fund budget
(C) Includes $50,000 utilized in Current Fund budget
(D) Includes $80,000 utilized in Current Fund budget
Note 9: PENSION PLANS
A substantial number of the Borough's employees participate in one of the following defined benefit
pension plans: the Public Employees' Retirement System (“PERS”) and the Police and Firemen’s
Retirement System (“PFRS”), which are administered by the New Jersey Division of Pensions and
Benefits. Each plan has a Board of Trustees that is primarily responsible for its administration. The
Division issues a publicly available financial report that includes financial statements and required
supplementary information. That report may be obtained by writing to:
State of New Jersey
Division of Pensions and Benefits
P.O. Box 295
Trenton, New Jersey 08625-0295
http://www.nj.gov/treasury/pensions
46
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
General Information about the Pension Plans
Plan Descriptions
Public Employees' Retirement System - The Public Employees' Retirement System is a cost-
sharing multiple-employer defined benefit pension plan which was established as of January 1,
1955, under the provisions of N.J.S.A. 43:15A. The PERS’s designated purpose is to provide
retirement, death, disability and medical benefits to certain qualified members. Membership in the
PERS is mandatory for substantially all full-time employees of the Borough, provided the employee
is not required to be a member of another state-administered retirement system or other state
pensions fund or local jurisdiction’s pension fund. The PERS’s Board of Trustees is primarily
responsible for the administration of the PERS.
Police and Firemen’s Retirement System - The Police and Firemen’s Retirement System is a
cost-sharing multiple-employer defined benefit pension plan which was established as of July 1,
1944, under the provisions of N.J.S.A. 43:16A. The PFRS’s designated purpose is to provide
retirement, death, disability and medical benefits to certain qualified members. Membership in the
PFRS is mandatory for substantially all full-time police and firemen of the Borough. The PFRS’s
Board of Trustees is primarily responsible for the administration of the PFRS.
Vesting and Benefit Provisions
Public Employees’ Retirement System - The vesting and benefit provisions are set by N.J.S.A.
43:15A and 43:3B. The PERS provides retirement, death and disability benefits. All benefits vest
after 10 years of service, except for medical benefits, which vest after 25 years of service or under
the disability provisions of the PERS.
The following represents the membership tiers for PERS:
Tier Definition
1
Members who were enrolled prior to July 1, 2007
2
Members who were eligible to enroll on or after July 1, 2007 and prior to November 2, 2008
3
Members who were eligible to enroll on or after November 2, 2008 and prior to May 21, 2010
4
Members who were eligible to enroll after May 21, 2010 and prior to June 28, 2011
5
Members who were eligible to enroll on or after June 28, 2011
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 65. Early retirement
benefits are available to tiers 1 and 2 members before reaching age 60, tiers 3 and 4 before age 62
with 25 or more years of service credit 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
age at which a member can receive full early retirement benefits in accordance with their respective
tier. Tier 1 members can receive an unreduced benefit from age 55 to age 60 if they have at least
25 years of service. 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.
47
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Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
General Information about the Pension Plans (Cont’d)
Vesting and Benefit Provisions (Cont’d)
Police and Firemen’s Retirement System - The vesting and benefit provisions are set by N.J.S.A.
43:16A. The PFRS provides retirement, death and disability benefits. All benefits vest after 10
years of service, except disability benefits, which vest after four years of service.
The following represents the membership tiers for PFRS:
Tier Definition
1
Members who were enrolled prior to May 22, 2010
2
Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011
3
Members who were eligible to enroll on or after June 28, 2011
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
Public Employees’ Retirement System - The contribution policy is set by N.J.S.A. 43:15A and
requires contributions by active members and contributing employers. Members contribute at a
uniform rate. Pursuant to the provisions of Chapter 78, P.L. 2011, the active member contribution
rate increased from 5.5% of annual compensation to 6.5% plus an additional 1% phased-in over 7
years beginning in July 2012. The member contribution rate was 7.06% in State fiscal year 2016.
The phase-in of the additional incremental member contribution rate takes place in July of each
subsequent State fiscal year. The rate for members who are eligible for the Prosecutors Part of
PERS (Chapter 366, P.L. 2001) increased from 8.5% of base salary to 10%. Employers' contribution
amounts are based on an actuarially determined rate. The Borough’s contribution amounts are
based on an actuarially determined rate which included the normal cost and unfunded accrued
liability.
The Borough’s contractually required contribution rate for the year ended December 31, 2016 was
11.92% of the Borough’s covered payroll. This amount was actuarially determined as the amount
that, when combined with employee contributions, is expected to finance the costs of benefits
earned by employees during the year, including an additional amount to finance any unfunded
accrued liability.
48
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
General Information about the Pension Plans (Cont’d)
Contributions (Cont’d)
Public Employees’ Retirement System (Cont’d) – Based on the most recent PERS measurement
date of June 30, 2016, the Borough’s contractually required contribution to the pension plan for the
year ended December 31, 2016 is $111,416.00, and is payable by April 1, 2017. Due to the basis of
accounting described in note 1, no liability has been recorded in the financial statements for this
amount. Based on the PERS measurement date of June 30, 2015, the Borough’s contractually
required contribution to the pension plan for the year ended December 31, 2015 was $110,256.00,
which was paid on April 1, 2016. Employee contributions to the plan during the year ended
December 31, 2016 were $68,881.52.
Police and Firemen’s Retirement System - The contribution policy is set by N.J.S.A. 43:16A and
requires contributions by active members and contributing employers. Pursuant to the provisions of
Chapter 78, P.L. 2011, the active member contribution rate increased from 8.5% to 10.0% in
October 2011. Employers' contributions are based on an actuarially determined amount which
includes the normal cost and unfunded accrued liability.
Special Funding Situation Component - 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
local participating employers under this legislation is considered to be a special funding
situation as defined by GASB Statement No. 68, and the State is treated as a nonemployer
contributing entity. Since the local participating employers do not contribute under this
legislation directly to the plan (except for employer specific financed amounts), there is no net
pension liability or deferred outflows or inflows to disclose in the notes to the financial
statements of the local participating employers related to this legislation.
The Borough’s contractually required contribution rate for the year ended December 31, 2016 was
22.95% of the Borough’s covered payroll. This amount was actuarially determined as the amount
that, when combined with employee contributions, is expected to finance the costs of benefits
earned by employees during the year, with an additional amount to finance any unfunded accrued
liability.
Based on the most recent PFRS measurement date of June 30, 2016, the Borough’s contractually
required contribution to the pension plan for the year ended December 31, 2016 is $212,498.00, and
is payable by April 1, 2017. Due to the basis of accounting described in note 1, no liability has been
recorded in the financial statements for this amount. Based on the PFRS measurement date of June
30, 2015, the Borough’s contractually required contribution to the pension plan for the year ended
December 31, 2015 was $186,957.00, which was paid on April 1, 2016. Employee contributions to
the plan during the year ended December 31, 2016 were $96,567.00.
The amount of contractually required contribution for the State of New Jersey’s proportionate share,
associated with the Borough, for the year ended December 31, 2016 was 1.73% of the Borough’s
covered payroll.
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11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
General Information about the Pension Plans (Cont’d)
Contributions (Cont’d)
Police and Firemen’s Retirement System (Cont’d) - Based on the most recent PFRS
measurement date of June 30, 2016, the State’s contractually required contribution, on-behalf of the
Borough, to the pension plan for the year ended December 31, 2016 is $16,020.00, and is payable
by April 1, 2017. Based on the PFRS measurement date of June 30, 2015, the State’s contractually
required contribution, on-behalf of the Borough, to the pension plan for the year ended December
31, 2015 was $17,489.00, which was paid on April 1, 2016.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows
of Resources Related to Pensions
Public Employees’ Retirement System - At December 31, 2016, the Borough’s proportionate share of
the PERS net pension liability was $3,714,403.00. The net pension liability was measured as of June
30, 2016, and the total pension liability used to calculate the net pension liability was determined by an
actuarial valuation as of July 1, 2015. The total pension liability was calculated through the use of
updated procedures to roll forward from the actuarial valuation date to the measurement date of June
30, 2016. The Borough’s proportion of the net pension liability was based on a projection of the
Borough’s long-term share of contributions to the pension plan relative to the projected contributions of
all participating employers, actuarially determined. For the June 30, 2016 measurement date, the
Borough’s proportion was 0.0125413993%, which was a decrease of 0.0002830652% from its proportion
measured as of June 30, 2015.
At December 31, 2016, the Borough’s proportionate share of the PERS pension expense, calculated by
the plan as of the June 30, 2016 measurement date is $324,051.00. This expense is not recognized by
the Borough because of the regulatory basis of accounting as described in note 1; however, as
previously mentioned, for the year ended December 31, 2016, the Borough’s contribution to PERS was
$110,256.00, and was paid on April 1, 2016.
Police and Firemen’s Retirement System - At December 31, 2016, the Borough’s and State of New
Jersey’s proportionate share of the PFRS net pension liability were as follows:
Borough's Proportionate Share of Net Pension Liability
4,978,601.00
$
State of New Jersey's Proportionate Share of Net Pension
Liability Associated with the Borough
418,079.00
5,396,680.00
$
50
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows
of Resources Related to Pensions (Cont’d)
Police and Firemen’s Retirement System (Cont’d) - The net pension liability was measured as of
June 30, 2016, and the total pension liability used to calculate the net pension liability was determined by
an actuarial valuation as of July 1, 2015. The total pension liability was calculated through the use of
updated procedures to roll forward from the actuarial valuation date to the measurement date of June
30, 2016. The Borough’s proportion of the net pension liability was based on a projection of the
Borough’s long-term share of contributions to the pension plan relative to the projected contributions of
all participating employers and the State of New Jersey, actuarially determined. For the June 30, 2016
measurement date, the Borough’s proportion was 0.0260624826%, which was an increase of
0.0030623219% from its proportion measured as of June 30, 2015. Likewise, at June 30, 2016, the
State of New Jersey’s proportion, on-behalf of the Borough, was 0.0260624826%, which was an
increase of 0.0030623219% from its proportion, on-behalf of the Borough, measured as of June 30,
2015.
At December 31, 2016, the Borough’s proportionate share of the PFRS pension expense, calculated by
the plan as of the June 30, 2016 measurement date is $454,793.00. This expense is not recognized by
t he Borough because of the regulatory basis of accounting as described in note 1; however, as
previously mentioned, for the year ended December 31, 2016, the Borough’s contribution to PFRS was
$186,957.00, and was paid on April 1, 2016.
At December 31, 2016, the State’s proportionate share of the PFRS pension expense, associated with
the Borough, calculated by the plan as of the June 30, 2016 measurement date is $53,399.00. This on-
behalf expense is not recognized by the Borough because of the regulatory basis of accounting as
described in note 1.
Deferred Outflows of Resources and Deferred Inflows of Resources - At December 31, 2016, the
Borough had deferred outflows of resources and deferred inflows of resources related to pensions from
the following sources:
PERS
PFRS
Total
PERS
PFRS
Total
Differences between Expected
and Actual Experience
69,077.00
$
-
$
69,077.00
$
-
$
32,635.00
$
32,635.00
$
Changes of Assumptions
769,426.00
689,577.00
1,459,003.00
-
-
-
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
141,634.00
348,841.00
490,475.00
-
-
-
Changes in Proportion and Differences
between Borough Contributions and
Proportionate Share of Contributions
-
352,266.00
352,266.00
121,295.00
422,698.00
543,993.00
Borough Contributions Subsequent to
the Measurement Date
55,708.00
106,249.00
161,957.00
-
-
-
1,035,845.00
$
1,496,933.00
$
2,532,778.00
$
121,295.00
$
455,333.00
$
576,628.00
$
Deferred Outflows of Resources
Deferred Inflows of Resources
$55,708.00 and $106,249.00 for PERS and PFRS, respectively, included in deferred outflows of
resources, will be included as a reduction of the net pension liability in the year ending December 31,
2017. These amounts were based on an estimated April 1, 2018 contractually required contribution,
prorated from the pension plans measurement date of June 30, 2016 to the Borough’s year end of
December 31, 2016.
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11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows
of Resources Related to Pensions (Cont’d)
Deferred Outflows of Resources and Deferred Inflows of Resources (Cont’d) - The Borough will
amortize the above other deferred outflow of resources and deferred inflows of resources related to
pensions over the following number of years:
Deferred
Deferred
Deferred
Deferred
Outflows of
Inflows of
Outflows of
Inflows of
Resources
Resources
Resources
Resources
Differences between Expected
and Actual Experience
Year of Pension Plan Deferral:
June 30, 2014
-
-
-
-
June 30, 2015
5.72
-
-
5.53
June 30, 2016
5.57
-
-
5.58
Changes of Assumptions
Year of Pension Plan Deferral:
June 30, 2014
6.44
-
6.17
-
June 30, 2015
5.72
-
5.53
-
June 30, 2016
5.57
-
5.58
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
Year of Pension Plan Deferral:
June 30, 2014
-
5.00
-
5.00
June 30, 2015
-
5.00
-
5.00
June 30, 2016
5.00
-
5.00
-
Changes in Proportion and Differences
between Borough Contributions and
Proportionate Share of Contributions
Year of Pension Plan Deferral:
June 30, 2014
6.44
6.44
6.17
6.17
June 30, 2015
5.72
5.72
5.53
5.53
June 30, 2016
5.57
5.57
5.58
5.58
PERS
PFRS
52
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows
of Resources Related to Pensions (Cont’d)
Deferred Outflows of Resources and Deferred Inflows of Resources (Cont’d) - Other amounts
included as deferred outflows of resources and deferred inflows of resources related to pensions will be
recognized in future periods as follows:
Year Ending
Dec 31,
PERS
PFRS
Total
2017
190,098.00
$
196,414.00
$
386,512.00
$
2018
190,098.00
196,414.00
386,512.00
2019
225,081.00
280,052.00
505,133.00
2020
190,957.00
209,824.00
400,781.00
2021
62,608.00
52,647.00
115,255.00
858,842.00
$
935,351.00
$
1,794,193.00
$
Actuarial Assumptions
The net pension liability was measured as of June 30, 2016, and the total pension liability used to
calculate the net pension liability was determined by an actuarial valuation as of July 1, 2015. The total
pension liability was calculated through the use of updated procedures to roll forward from the actuarial
valuation date to the measurement date of June 30, 2016. This actuarial valuation used the following
actuarial assumptions, applied to all periods included in the measurement:
PERS
PFRS
Inflation
3.08%
3.08%
Salary Increases:
Through 2026
1.65% - 4.15% Based on Age
2.10% - 8.98% Based on Age
Thereafter
2.65% - 5.15% Based on Age
3.10% - 9.98% Based on Age
Investment Rate of Return
7.65%
7.65%
Mortality Rate Table
RP-2000
RP-2000
Period of Actuarial Experience
Study upon which Actuarial
Assumptions were Based
July 1, 2011 - June 30, 2014
July 1, 2010 - June 30, 2013
53
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
Actuarial Assumptions (Cont’d)
For PERS, pre-retirement mortality rates were based on the RP-2000 Employee Preretirement Mortality
Table for male and female active participants. Mortality tables are set back 2 years for males and 7
years for females. In addition, the tables provide for future improvements in mortality from the base year
of 2013 using a generational approach based on the plan actuary’s modified MP-2014 projection scale.
Post-retirement mortality rates were based on the RP-2000 Combined Healthy Male and Female
Mortality Tables (set back 1 year for males and females) for service retirements and beneficiaries of
former members and a one-year static projection based on mortality improvement Scale AA. In addition,
the tables for service retirements and beneficiaries of former members provide for future improvements
in mortality from the base year of 2013 using a generational approach based on the plan actuary’s
modified MP-2014 projection scale. Disability retirement rates used to value disabled retirees were
based on the RP-2000 Disabled Mortality Table (set back 3 years for males and set forward 1 year for
females).
For PFRS, pre-retirement mortality rates were based on the RP-2000 Pre-Retirement mortality tables
projected thirteen years using Projection Scale BB and then projected on a generational basis using the
plan actuary’s modified 2014 projection scales. Post-retirement mortality rates for male service
retirements and beneficiaries are based the RP-2000 Combined Healthy Mortality Tables projected one
year using Projection Scale AA and two years using the plan actuary’s modified 2014 projection scales,
which was further projected on a generational basis using the plan actuary’s modified 2014 projection
scales. Postretirement mortality rates for female service retirements and beneficiaries were based the
RP-2000 Combined Healthy Mortality Tables projected thirteen years using Projection Scale BB and
then two years using the plan actuary’s modified 2014 projection scales, which was further projected on
a generational basis using the plan actuary’s modified 2014 projection scales. Disability mortality rates
were based on special mortality tables used for the period after disability retirement.
For PERS and PFRS, in accordance with State statute, the long-term expected rate of return on plan
investments (7.65% at June 30, 2016) 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’s and PFRS’s target asset
allocation as of June 30, 2016 are summarized in the following table:
54
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
Actuarial Assumptions (Cont’d)
Long-Term
Target
Expected Real
Asset Class
Allocation
Rate of Return
Cash
5.00%
0.87%
U.S. Treasuries
1.50%
1.74%
Investment Grade Credit
8.00%
1.79%
Mortgages
2.00%
1.67%
High Yield Bonds
2.00%
4.56%
Inflation-Indexed Bonds
1.50%
3.44%
Broad U.S. Equities
26.00%
8.53%
Developed Foreign Equities
13.25%
6.83%
Emerging Market Equities
6.50%
9.95%
Private Equity
9.00%
12.40%
Hedge Funds / Absolute Return
12.50%
4.68%
Real Estate (Property)
2.00%
6.91%
Commodities
0.50%
5.45%
Global Debt ex U.S.
5.00%
-0.25%
REIT
5.25%
5.63%
100.00%
Discount Rate - The discount rate used to measure the total pension liability at June 30, 2016 was
3.98% for PERS and 5.55% for PFRS. For both PERS and PFRS, the respective single blended
discount rates were based on the long-term expected rate of return on pension plan investments of
7.65%, and a municipal bond rate of 2.85% as of June 30, 2016, based on 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. The projection of cash flows used to determine the discount rates assumed
that contributions from plan members will be made at the current member contribution rates and that
contributions from employers and the nonemployer contributing entity will be made based on the
contribution rate in the most recent fiscal year. The State employer contributed 30% of the actuarially
determined contributions and the local employers contributed 100% of their actuarially determined
contributions. Based on those assumptions, the plan’s fiduciary net position was projected to be
available to make projected future benefit payments of current plan members through 2034 for PERS
and through 2050 for PFRS. Therefore, the long-term expected rate of return on plan investments was
applied to projected benefit payments through 2034 for PERS and through 2050 for PFRS, and the
municipal bond rate was applied to projected benefit payments after that date in determining the total
pension liabilities.
55
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
Sensitivity of Borough’s Proportionate Share of Net Pension Liability to Changes in the Discount
Rate
Public Employees' Retirement System (PERS) - The following presents the Borough’s proportionate
share of the net pension liability at June 30, 2016, the plans measurement date, calculated using a
discount rate of 3.98%, as well as what the Borough’s proportionate share of the net pension liability
would be if it were calculated using a discount rate that is 1% lower or 1% higher than the current rates
used:
1%
Current
1%
Decrease
Discount Rate
Increase
(2.98%)
(3.98%)
(4.98%)
Borough's Proportionate Share
of the Net Pension Liability
4,551,567.00
$
3,714,403.00
$
3,023,251.00
$
Police and Firemen’s Retirement System (PFRS) - As previously mentioned, PFRS has a special
funding situation, where the State of New Jersey pays a portion of the Borough’s annual required
contribution. As such, the net pension liability as of June 30, 2016, the plans measurement date, for the
Borough and the State of New Jersey, calculated using a discount rate of 5.55%, as well as using a
discount rate that is 1% lower or 1% higher than the current rates used is as follows:
1%
Current
1%
Decrease
Discount Rate
Increase
(4.55%)
(5.55%)
(6.55%)
Borough's Proportionate Share
of the Net Pension Liability
6,419,541.00
$
4,978,601.00
$
3,803,601.00
$
State of New Jersey's Proportionate
Share of Net Pension Liability
associated with the Borough
539,082.21
418,079.00
319,408.16
6,958,623.21
$
5,396,680.00
$
4,123,009.16
$
Pension Plan Fiduciary Net Position
For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows
of resources related to pensions, and pension expense, information about the respective fiduciary net
position of the PERS and PFRS and additions to/deductions from PERS and PFRS’ respective fiduciary
net position have been determined on the same basis as they are reported by PERS and PFRS.
Accordingly, benefit payments (including refunds of employee contributions) are recognized when due
and payable in accordance with the benefit terms. Investments are reported at fair value. For additional
information about PERS and PFRS, please refer to the plan’s Comprehensive Annual Financial Report
(CAFR) which can be found at www.nj.gov/treasury/pensions.
56
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
Supplementary Pension Information
In accordance with GASB 68, the following information is also presented for the PERS and PFRS
Pension Plans. These schedules are presented to illustrate the requirements to show information for 10
years; however, until a full 10-year trend is compiled, this presentation will only include information for
those years for which information is available.
Schedule of the Borough’s Proportionate Share of the Net Pension Liability - Public Employees’
Retirement System (PERS) (Last Four Years)
2016
2015
2014
2013
Borough's Proportion of the Net Pension Liability
0.0125413993%
0.0128244645%
0.0133255606%
0.0134473453%
Borough's Proportionate Share of the Net Pension Liability
3,714,403.00
$
2,878,835.00
$
2,494,909.00
$
2,570,055.00
$
Borough's Covered Payroll (Plan Measurement Period)
833,368.00
$
862,332.00
$
852,040.00
$
909,684.00
$
Borough's Proportionate Share of the Net Pension
Liability as a Percentage of its Covered Payroll
445.71%
333.84%
292.82%
282.52%
Plan Fiduciary Net Position as a Percentage of the Total
Pension Liability
40.14%
47.93%
52.08%
48.72%
Measurement Date Ended June 30,
Schedule of the Borough’s Contributions - Public Employees’ Retirement System (PERS) (Last
Four Years)
2016
2015
2014
2013
Borough's Contractually Required Contribution
111,416.00
$
110,256.00
$
109,854.00
$
101,323.00
$
Borough's Contribution in Relation to the Contractually
Required Contribution
(111,416.00)
(110,256.00)
(109,854.00)
(101,323.00)
Borough's Contribution Deficiency (Excess)
-
$
-
$
-
$
-
$
Borough's Covered Payroll (Calendar Year)
934,360.00
$
852,239.00
$
851,446.00
$
859,272.00
$
Borough's Contributions as a Percentage of its
Covered Payroll
11.92%
12.94%
12.90%
11.79%
Year Ended December 31,
57
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
Supplementary Pension Information (Cont’d)
Schedule of the Borough’s Proportionate Share of the Net Pension Liability - Police and
Firemen’s Retirement System (PFRS) (Last Four Years)
2016
2015
2014
2013
Borough's Proportion of the Net Pension Liability
0.0260624826%
0.0230001607%
0.0273945416%
0.0280839158%
Borough's Proportionate Share of the Net Pension Liability
4,978,601.00
$
3,831,025.00
$
3,445,979.00
$
3,733,503.00
$
State's Proportionate Share of the Net Pension Liability
associated with the Borough
418,079.00
335,968.00
371,074.00
348,008.00
Total
5,396,680.00
$
4,166,993.00
$
3,817,053.00
$
4,081,511.00
$
Borough's Covered Payroll (Plan Measurement Period)
930,548.00
$
783,400.00
$
865,920.00
$
881,376.00
$
Borough's Proportionate Share of the Net Pension
Liability as a Percentage of its Covered Payroll
535.02%
489.03%
397.96%
423.60%
Plan Fiduciary Net Position as a Percentage of the Total
Pension Liability
52.01%
56.31%
62.41%
58.70%
Measurement Date Ended June 30,
Schedule of the Borough’s Contributions - Police and Firemen’s Retirement System (PFRS) (Last
Four Years)
2016
2015
2014
2013
Borough's Contractually Required Contribution
212,498.00
$
186,957.00
$
210,409.00
$
204,894.00
$
Borough's Contribution in Relation to the Contractually
Required Contribution
(212,498.00)
(186,957.00)
(210,409.00)
(204,894.00)
Borough's Contribution Deficiency (Excess)
-
$
-
$
-
$
-
$
Borough's Covered Payroll (Calendar Year)
926,018.00
$
935,762.00
$
852,096.00
$
870,983.00
$
Borough's Contributions as a Percentage of its
Covered Payroll
22.95%
19.98%
24.69%
23.52%
Year Ended December 31,
58
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Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
Other Notes to Supplementary Pension Information
Public Employees’ Retirement System (PERS)
Changes in Benefit Terms - None
Changes in Assumptions - For 2016, the discount rate changed to 3.98%, the long-term expected rate of
return changed to 7.65%, demographic assumptions were revised in accordance with the results of the
July 1, 2011 - June 30, 2014 experience study and the mortality improvement scale incorporated the
plan actuary's modified MP-2014 projection scale. Further, salary increases were assumed to increase
between 1.65% and 4.15% (based on age) through fiscal year 2026 and 2.65% and 5.15% (based on
age) for each fiscal year thereafter. For 2015, the discount rate changed to 4.90%. In addition, the social
security wage base was set at $118,500 for 2015, increasing 4.00% per annum, compounded annually
and the 401(a)(17) pay limit was set at $265,000 for 2015, increasing 3.00% per annum, compounded
annually. For 2014, the discount rate was 5.39%.
Police and Firemen’s Retirement System (PFRS)
Changes in Benefit Terms - None
Changes in Assumptions - For 2016, the discount rate changed to 5.55%, the long-term expected rate of
return changed to 7.65%, and the mortality improvement scale incorporated the plan actuary's modified
2014 projection scale. Further, salary increases were assumed to increase between 2.10% and 8.98%
(based on age) through fiscal year 2026 and 3.10% and 9.98% (based on age) for each fiscal year
thereafter. For 2015, the discount rate changed to 5.79% and demographic assumptions were revised in
accordance with the results of the July 1, 2010 - June 30, 2013 experience study. For 2014, the discount
rate was 6.32%.
Note 10: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS
Plan Description - The Borough 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 1993, the Borough
authorized participation in the SHPB’s post-retirement benefit program through resolution number R93-
55. The Borough provides postemployment health care benefits, at its cost, to all Borough retirees who
at the date of retirement have not less than twenty-five (25) years of service credit in a State locally
administered retirement system and have served at least twenty (20) years as an employee of the
Borough. Benefits provided include health insurance, dental coverage, and prescription coverage for
retirees and their dependents only during the retired employees’ life.
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/.
59
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Notes to Financial Statements (Cont'd)
Note 10: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
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
Borough on a monthly basis. The Borough funds these benefits on a pay-as-you-go basis and, therefore,
does not record accrued expenses related to these benefits. The Borough’s contributions to SHBP for
the years ended December 31, 2016, 2015, and 2014, were $295,604.23, $280,929.48 and $262,868.88,
respectively, which equaled the required contributions each year. There were approximately ten retired
participants eligible at December 31, 2016.
Note 11: COMPENSATED ABSENCES
Under the existing policy of the Borough, full-time employees are entitled to fifteen paid sick leave days
each year. Unused sick leave may be accumulated and carried forward to the subsequent year.
Vacation days are earned at a rate of one day per month for all employees in the first year of
employment. For subsequent years, vacation days are earned in accordance with the guidelines
outlined in the various Borough employment contracts. Vacation days not used during the year may only
be accumulated to the following year.
Upon termination of employment, employees in good standing shall be entitled to receive pay for the
amount of accrued sick leave ranging from 10-50% of such unused and accumulated sick leave. The
amount of accrued sick leave benefits payable in future years are calculated in accordance with the
formulas outlined in Borough agreements. Benefits paid in any future year will be charged to that year’s
budget.
The Borough does not record accrued expenses related to compensated absences. However, it is
estimated that, at December 31, 2016, accrued benefits for compensated absences are valued at
$192,336.14.
Note 12: LEASE OBLIGATIONS
At December 31, 2016, the Borough had lease agreements in effect for the following:
Operating:
Four (4) Copiers
One (1) Postage Machine
Operating Leases - Future minimum lease payments under operating lease agreements are as follows:
Year
Amount
2017
8,035.80
$
2018
8,035.80
2019
8,035.80
2020
6,037.56
Rental payments under operating leases for the year 2016 were $14,182.68.
60
11600
Notes to Financial Statements (Cont'd)
Note 13: CAPITAL DEBT
General Improvement Bonds
General Obligation Bonds, Series 2005 - On February 10, 2005, the Borough issued $1,439,000.00 of
general obligation bonds, consisting of $763,000.00 General Improvement Bonds, $106,000.00 Sewer
Utility Bonds and $570,000.00 Water Utility Bonds, at interest rates varying from 3.70% to 3.80%. The
bonds were issued for the purpose of funding various capital projects in the Borough. The final maturity
of the bonds is February 1, 2018.
General Obligation Bonds, Series 2010 - On October 18, 2010, the Borough issued $3,670,000.00 of
general obligation bonds, consisting of $3,524,000.00 General Improvement Bonds, $52,000.00 Sewer
Utility Bonds and $94,000.00 Water Utility Bonds, at interest rates varying from 3.00% to 4.00%. The
bonds were issued for the purpose of funding various capital projects in the Borough. The final maturity
of the bonds is October 1, 2025.
General Obligation Bonds, Series 2015 - On August 6, 2015, the Borough issued $2,355,000.00 of
general obligation bonds, consisting of $1,030,000.00 General Improvement Bonds, $837,000.00 Sewer
Utility Bonds and $488,000.00 Water Utility Bonds, at interest rates varying from 2.00% to 3.00%. The
bonds were issued for the purpose of funding various capital projects in the Borough. The final maturity
of the bonds is March 1, 2027.
The following schedule represents the remaining debt service, through maturity, for the general
improvement bonds:
Year
Principal
Interest
Total
2017
385,000.00
$
117,301.25
$
502,301.25
$
2018
385,000.00
106,763.75
491,763.75
2019
425,000.00
96,338.75
521,338.75
2020
450,000.00
84,370.00
534,370.00
2021
474,000.00
71,495.00
545,495.00
2022-2025
1,800,000.00
147,462.50
1,947,462.50
3,919,000.00
$
623,731.25
$
4,542,731.25
$
Year
Principal
Interest
Total
2017
94,500.00
$
17,213.75
$
111,713.75
$
2018
99,500.00
14,045.00
113,545.00
2019
44,500.00
11,888.75
56,388.75
2020
49,500.00
10,710.00
60,210.00
2021
55,000.00
9,362.50
64,362.50
2022-2026
248,000.00
25,627.50
273,627.50
2027
50,000.00
750.00
50,750.00
641,000.00
$
89,597.50
$
730,597.50
$
Water Utility
General
61
11600
Notes to Financial Statements (Cont'd)
Note 13: CAPITAL DEBT (CONTA’D)
General Improvement Bonds (Cont’d)
The following schedule represents the remaining debt service, through maturity, for the general improve-
ment bonds (cont’d):
Year
Principal
Interest
Total
2017
62,500.00
$
21,698.75
$
84,198.75
$
2018
60,500.00
20,183.75
80,683.75
2019
65,500.00
18,725.00
84,225.00
2020
65,500.00
17,135.00
82,635.00
2021
76,000.00
15,345.00
91,345.00
2022-2026
412,000.00
44,700.00
456,700.00
2027
90,000.00
1,350.00
91,350.00
832,000.00
$
139,137.50
$
971,137.50
$
Sewer Utility
General Debt - New Jersey Environmental Infrastructure Loans
On November 10, 2005, the Borough entered into a loan agreement with the New Jersey Environmental
Infrastructure Trust to provide $880,000.00, at no interest, from the fund loan, and $315,000.00 at
interest rates ranging from 4.0% to 5.0% from the trust loan. The proceeds were used to fund the
acquisition of certain real property and property interests in approximately 35 acres of undeveloped
forest land in the Borough. Semiannual debt payments are due February 1st and August 1st through
2025.
The following schedule represents the remaining debt service, through maturity, for the New Jersey
Environmental Infrastructure loans:
Year
Principal
Interest
Total
2017
56,767.93
$
8,012.50
$
64,780.43
$
2018
69,753.98
7,412.50
77,166.48
2019
68,211.22
6,562.50
74,773.72
2020
66,668.46
5,712.50
72,380.96
2021
65,034.96
4,812.50
69,847.46
2022-2025
272,011.73
10,281.26
282,292.99
598,448.28
$
42,793.76
$
641,242.04
$
General
62
11600
Notes to Financial Statements (Cont'd)
Note 13: CAPITAL DEBT (CONT’D)
The following schedule represents the Borough’s summary of debt for the current and two previous
years:
2016
2015
2014
Issued
General:
Bonds, Loans and Notes
4,517,448.28
$
4,953,305.22
$
4,975,453.17
$
Water Utility:
Bonds, Loans and Notes
641,000.00
727,000.00
806,230.00
Sewer Utility:
Bonds, Loans and Notes
832,000.00
893,000.00
944,980.00
Total Issued
5,990,448.28
6,573,305.22
6,726,663.17
Authorized but not Issued
General:
Bonds, Loans and Notes
1,489.35
1,489.35
150,057.35
Water Utility:
Bonds, Loans and Notes
1,581,699.00
1,581,699.00
69.00
Sewer Utility:
Bonds, Loans and Notes
984.09
984.09
333.09
Total Authorized but not Issued
1,584,172.44
1,584,172.44
150,459.44
Total Issued and Authorized
but not Issued
7,574,620.72
8,157,477.66
6,877,122.61
Deductions
General:
Reserve for Payment of Bonds
314,565.52
381,034.96
449,193.41
Water Utility:
Self-Liquidating
2,222,699.00
2,308,699.00
Sewer Utility:
Self-Liquidating
832,984.09
893,984.09
1,751,612.09
Total Deductions
3,370,248.61
3,583,718.05
2,200,805.50
Net Debt
4,204,372.11
$
4,573,759.61
$
4,676,317.11
$
63
11600
Notes to Financial Statements (Cont'd)
Note 13: CAPITAL DEBT (CONT’D)
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 and indicated a statutory net debt of 1.671%.
Gross Debt
Deductions
Net Debt
School Purposes
881,000.00
$
881,000.00
$
Self-Liquidating
3,055,683.09
3,055,683.09
General
4,518,937.63
314,565.52
4,204,372.11
$
8,455,620.72
$
4,251,248.61
$
4,204,372.11
$
Net debt $4,204,372.11 divided by the equalized valuation basis per N.J.S.A.40A:2-2, as amended,
$251,632,217.67, equals 1.671%.
Borrowing Power Under N.J.S.A. 40A:2-6 as Amended
3 1/2% of Equalized Valuation Basis (Municipal)
8,807,127.62
$
Less: Net Debt
4,204,372.11
Remaining Borrowing Power
4,602,755.51
$
Calculation of "Self-Liquidating Purpose,"
Water Utility Per N.J.S.A. 40:2-45
Cash Receipts from Fees, Rents, Fund Balance
Anticipated, Interest and Other Investment
Income, and Other Charges for the Year
889,219.82
$
Deductions:
Operating and Maintenance Costs
709,100.00
$
Debt Service
105,100.74
Total Deductions
814,200.74
Excess in Revenue
75,019.08
$
64
11600
Notes to Financial Statements (Cont'd)
Note 13: CAPITAL DEBT (CONT’D)
Calculation of "Self-Liquidating Purpose,"
Sewer Utility Per N.J.S.A. 40:2-45
Cash Receipts from Fees, Rents, Fund Balance
Anticipated, Interest and Other Investment
Income, and Other Charges for the Year
733,239.22
$
Deductions:
Operating and Maintenance Costs
540,290.00
$
Debt Service
83,859.58
Total Deductions
624,149.58
Excess in Revenue
109,089.64
$
Note 14: DEFERRED CHARGES TO BE RAISED IN SUCCEEDING BUDGETS
Certain expenditures are required to be deferred to budgets of succeeding years. At December 31,
2016, the following deferred charges are shown on the statement of assets, liabilities, reserves and fund
balance of the following fund:
2017
Balance to
Balance
Budget
Succeeding
Dec. 31, 2016
Appropriation
Year
Current Fund:
Special Emergency Authorization
15,000.00
$
3,000.00
$
12,000.00
$
Emergency Authorization
50,000.00
50,000.00
-
Unreimbursed Grant Expenditures
82,330.00
82,330.00
-
The appropriations in the 2017 Budget are not less than that required by the statutes.
Note 15: RISK MANAGEMENT
The Borough is exposed to various risks of loss related to torts; theft of, damage to, and destruction of
assets; errors and omissions; injuries to employees; and natural disasters.
New Jersey Unemployment Compensation Insurance - The Borough has elected to fund its New
Jersey Unemployment Compensation Insurance under the "Benefit Reimbursement Method". Under this
plan, the Borough is required to reimburse the New Jersey Unemployment Trust Fund for benefits paid
to its former employees and charged to its account with the State.
65
11600
Notes to Financial Statements (Cont'd)
Note 15: RISK MANAGEMENT (CONT’D)
New Jersey Unemployment Compensation Insurance (Cont’d) - The Borough is billed quarterly for
amounts due to the State. The following is a summary of Borough contributions, reimbursements to the
State for benefits paid and the ending balance of the Borough's trust fund for the current and previous
two years:
Borough
Employee
Interest
Amount
Ending
Year
Contributions
Contributions
Earnings
Reimbursed
Balance
2016
-
3,841.19
$
37.30
$
439.10
$
26,737.33
$
2015
22,400.00
$
6,049.29
27.89
15,732.88
23,297.94
2014
30,000.00
3,389.93
5.31
30,930.08
10,553.64
It is estimated that there were no unreimbursed payments on behalf of the Borough as of December 31,
2016.
Joint Insurance Pool - The Borough is a member of the Camden County Insurance Pool Joint
Insurance Fund. The Fund provides its members with the following coverage:
Workers' Compensation and Employer's Liability
Liability other than Motor Vehicles
Property Damage other than Motor Vehicles
Motor Vehicles
Contributions to the Fund, including a reserve for contingencies, are payable in two installments and are
based on actuarial assumptions determined by the Fund's actuary. The Commissioner of Insurance may
order additional assessments to supplement the Fund's claim, loss retention, or administrative accounts
to assure the payment of the Fund's obligations.
The Fund provides the Borough with the following coverage:
Fidelity Bonds - Public Employees and Public Officials
Business Automobile Insurance
Workers' Compensation and Employer's Liability
Property Damage other than Motor Vehicles
Boiler and Machinery
General Liability
Automobile Liability
Employment Practices Liability
Environmental Liability
Contributions to the Fund, are payable in an annual premium and is based on actuarial assumptions
determined by the Fund's actuary. The Borough’s agreement with the Pool provides that the Pool will be
self-sustaining through member premiums and will reinsure through the Municipal Excess Liability Joint
Insurance Fund for claims in excess of $50,000.00 to $200,000.00 based on the line of coverage for
each insured event.
The Fund publishes its own financial report for the year ended December 31, 2016, which can be
obtained at camdenmunicpaljif.org.
66
11600
Notes to Financial Statements (Cont'd)
Note 16: OPEN SPACE, RECREATION AND FARMLAND PRESERVATION TRUST
On November 7, 2000, pursuant to P.L. 1997, c. 24 (N.J.S.A. 40:12-15.1 et seq.), the voters of the
Borough of Clementon authorized the establishment of the Borough of Clementon Open Space,
Recreation, Farmland and Historic Preservation Trust Fund, effective January 1, 2001, for the purpose of
raising revenue to acquire land, easements and or development rights to preserve undeveloped areas in
the Borough of Clementon and to maintain and study land in the Borough of Clementon. A plan was
prepared to identify lands for permanent open space, additions and improvements to existing parks and
schools and preservation of stream corridors and other environmentally sensitive areas. The Borough
proposed to levy a tax in the amount of two cents per one hundred dollars of assessed value. Amounts
raised by taxation are assessed, levied and collected in the same manner and at the same time as other
taxes. Future increases in the tax rate or to extend the authorization must be authorized by referendum.
All revenue received is accounted for in a trust fund dedicated by rider (N.J.S.A. 40A:4-39) for the
purposed stated. Interest earned on the investment of these funds is credited to the Borough of
Clementon Open Space, Recreation and Farmland Preservation Trust Funds.
Note 17: CONTINGENCIES
Grantor Agencies - Amounts received or receivable from grantor agencies could be subject to audit and
adjustment by grantor agencies. Any disallowed claims, including amounts already collected, may
constitute a liability of the applicable funds. The amount, if any, of expenditures which may be
disallowed by the grantor cannot be determined at this time, although the Borough expects such amount,
if any, to be immaterial.
Note 18: CONCENTRATIONS
The Borough depends on financial resources flowing from, or associated with, both the federal
government and the State of New Jersey. As a result of this dependency, the Borough is subject to
changes in specific flows of intergovernmental revenues based on modifications to federal and State
laws and federal and State appropriations.
67
SUPPLEMENTAL EXHIBITS
SUPPLEMENTAL EXHIBITS
CURRENT FUND
Exhibit SA-1
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Current Cash
Per N.J.S.A. 40A: 5-5 - Collector and Treasurer
For the Year Ended December 31, 2016
Federal and State
Regular
Grant Fund
Balance December 31, 2015
1,360,016.27
$
7,232.69
$
Increased by Receipts:
Uniform Fire Safety Act Fees
33,336.77
$
Miscellaneous Revenue Not Anticipated
113,508.04
Petty Cash
250.00
Taxes Receivable
10,010,699.57
Tax Title Liens Receivable
7,248.35
Revenue Accounts Receivable
832,089.90
Due State of New Jersey--Veterans' and Senior Citizens' Deductions
54,044.42
Accounts Payable
35,650.00
Prepaid Taxes
113,118.54
Tax Overpayments
67,429.99
Due State of New Jersey--State Training Fees
3,753.00
Due State of New Jersey--Marriage and Civil Union Fees/Burial Permits
875.00
Due Current Fund
82,330.00
$
Due Animal Control
546.80
Due Trust Other Funds
19,832.90
Due General Capital Fund
67,708.28
Due Water Utility Operating Fund
3,114.46
Due Sewer Utility Operating Fund
42,933.54
Due CCMUA
5,299.64
Federal and State Grants Receivable
126,880.18
Matching Funds for Grants
55,259.50
11,411,439.20
264,469.68
Subtotal (Carried Forward)
12,771,455.47
271,702.37
(Continued)
11600
70
Exhibit SA-1
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Current Cash
Per N.J.S.A. 40A: 5-5 - Collector and Treasurer
For the Year Ended December 31, 2016
Federal and State
Regular
Grant Fund
11600
Subtotal (Brought Forward)
12,771,455.47
$
271,702.37
$
Decreased by Disbursements:
2016 Appropriations
4,413,866.56
$
Petty Cash
250.00
2015 Appropriation Reserves
96,233.31
Accounts Payable
38,920.00
Tax Overpayments
1,143.25
Due State of New Jersey--State Training Fees
4,110.00
Due State of New Jersey--Marriage and Civil Union Fees/Burial Permits
725.00
County Taxes
2,282,885.21
Due County for Added and Omitted Taxes
601.21
Municipal Open Space Trust Taxes
56,146.76
Local District School Taxes
4,578,101.00
Reserve for Encumbrances
309.00
$
Reserve for Revaluation
9,558.75
Refund of Prior Year Revenue
22,188.88
Due Trust Other Funds
5,006.50
Due Federal and State Grant Fund
82,330.00
Due CCMUA
5,299.64
Reserve for Federal and State Grants--Appropriated
143,135.91
Matching Funds for Grants
55,259.50
11,652,625.57
143,444.91
Balance December 31, 2016
1,118,829.90
$
128,257.46
$
71
Exhibit SA-2
Schedule of Change Funds
Office
Amount
Tax Collector
175.00
$
Exhibit SA-3
Statement of Petty Cash Funds
For the Year Ended December 31, 2016
Received from
Returned to
Office
Treasurer
Treasurer
Finance
200.00
$
200.00
$
Police
50.00
50.00
250.00
$
250.00
$
Exhibit SA-4
Statement of Reserve for Tax Map Digitalization
Charged to Appropriations
15,000.00
$
Balance December 31, 2016
15,000.00
$
CURRENT FUND
For the Year Ended December 31, 2016
11600
BOROUGH OF CLEMENTON
CURRENT FUND
As of December 31, 2016
CURRENT FUND
72
Exhibit SA-5
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Taxes Receivable and Analysis of Property Tax Levy
For the Year Ended December 31, 2016
Due from
Balance
Added
Collections
Overpayments
State of
Transferred to
Balance
Year
Dec. 31, 2015
2016 Levy
Taxes
2015
2016
Applied
New Jersey
Canceled
Tax Title Liens
Dec. 31, 2016
2014
342.21
$
342.21
$
2015
288,750.90
1,250.00
$
284,935.74
0.01
$
5,058.63
$
6.52
$
289,093.11
-
1,250.00
-
285,277.95
-
-
0.01
5,058.63
6.52
2016
10,494,963.89
$
-
110,649.63
$
9,725,421.62
5,927.77
$
57,250.00
$
183,935.68
50,127.22
361,651.97
289,093.11
$
10,494,963.89
$
1,250.00
$
110,649.63
$
10,010,699.57
$
5,927.77
$
57,250.00
$
183,935.69
$
55,185.85
$
361,658.49
$
Analysis of 2016 Property Tax Levy
Tax Yield:
General Property Tax
10,489,064.80
$
Added Taxes (54:4-63.1 et. seq.)
5,899.09
10,494,963.89
$
Tax Levy:
Local School District Tax
4,578,101.00
$
Municipal Open Space Tax
56,146.76
County Taxes:
County Taxes
2,098,149.08
$
County Library
132,818.33
County Open Space
51,917.80
Due County for Added and Omitted Taxes
426.34
Total County Taxes
2,283,311.55
Local Tax for Municipal Purposes
3,571,703.21
Add: Additional Tax Levied
5,701.37
3,577,404.58
10,494,963.89
$
11600
73
Exhibit SA-6
Statement of Tax Title Liens Receivable
For the Year Ended December 31, 2016
Balance December 31, 2015
161,826.59
$
Increased by:
Refund of Prior Year Collections
Transfers from Taxes Receivable
55,185.85
$
Interest and Costs Accrued by Tax Sale
1,706.83
56,892.68
218,719.27
Decreased by:
Collected
7,248.35
Balance December 31, 2016
211,470.92
$
11600
BOROUGH OF CLEMENTON
CURRENT FUND
74
Exhibit SA-7
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Revenue Accounts Receivable
For the Year Ended December 31, 2016
Balance
Accrued
Interfunds
Balance
Dec. 31, 2015
in 2016
Collected
Receivable
Dec. 31, 2016
Miscellaneous Revenue Anticipated:
Licenses:
Alcoholic Beverages
11,188.08
$
11,188.08
$
Other:
Mercantile
3,755.00
3,755.00
Other
150.00
150.00
Rental Registration
29,620.00
29,620.00
Fees and Permits:
Tower Rental Fees
66,450.52
66,450.52
Registrar Fees
11,885.00
11,885.00
Apartment Code Inspection
4,570.00
4,570.00
Certificates of Occupancy Fees
4,040.00
4,040.00
Amusement Games Permit
2,750.00
2,750.00
Variance Fees
950.00
950.00
Firearms Permit
190.00
190.00
Cable Franchise Fees
16,935.62
$
17,847.56
16,935.62
17,847.56
$
Year 2016
Miscellaneous
1,161.00
1,161.00
Municipal Court:
Fines and Costs
7,228.83
80,131.26
82,338.60
5,021.49
Dec. 2016
Interest and Costs on Taxes
91,954.58
91,954.58
Consolidated Municipal Property Tax Relief Aid
41,966.00
41,966.00
Energy Receipts Tax
388,614.00
388,614.00
Uniform Construction Code Fees
71,512.00
71,512.00
Miscellaneous Revenue Not Anticipated:
Interest Earned on Deposits
2.96
4,133.15
2,059.50
2,075.09
$
1.52
Dec. 2016
24,167.41
$
832,868.15
$
832,089.90
$
2,075.09
$
22,870.57
$
Due Trust Other Funds
836.25
$
Due General Capital Fund
1,238.84
2,075.09
$
11600
75
Exhibit SA-8
BOROUGH OF CLEMENTON
CURRENT FUND
For the Year Ended December 31, 2016
Balance
After
Balance
Encumbered
Reserved
Modification
Disbursed
Lapsed
Mayor and Council
Salaries and Wages
349.46
$
349.46
$
349.46
$
Other Expenses
594.00
$
700.68
1,294.68
594.00
$
700.68
Municipal Clerk
Salaries and Wages
2,017.60
2,017.60
619.15
1,398.45
Other Expenses
571.34
2,319.48
2,890.82
935.35
1,955.47
Elections
Other Expenses
388.24
388.24
388.24
Financial Administration
Salaries and Wages
509.44
509.44
509.44
Other Expenses
392.92
5,418.05
5,810.97
532.92
5,278.05
Assessment of Taxes
Other Expenses
933.07
185.68
1,118.75
933.07
185.68
Collection of Taxes
Salaries and Wages
2,102.44
2,102.44
2,102.44
Other Expenses
211.93
1,885.18
2,097.11
409.94
1,687.17
Legal Services and Costs
Other Expenses:
Miscellaneous Expenses
45.00
3,973.62
4,018.62
45.00
3,973.62
Municipal Prosecutor
Other Expenses
2,033.36
2,033.36
2,033.36
Engineering Services and Costs
Other Expenses
9,395.75
9,395.75
3,288.75
6,107.00
Maintenance of Foreclosed Property
Other Expenses
455.83
544.17
1,000.00
455.83
544.17
Public Buildings and Grounds
Other Expenses
3,285.32
1,420.34
4,705.66
3,164.75
1,540.91
Economic Development
Other Expenses
2,000.00
2,000.00
2,000.00
Historic Commission
Other Expenses
300.00
300.00
300.00
Administrative
Salaries and Wages
2,410.19
2,410.19
2,410.19
Other Expenses
2,299.05
2,299.05
2.74
2,296.31
Planning Board
Salaries and Wages
343.94
343.94
343.94
Other Expenses
26.08
605.18
631.26
26.08
605.18
Shade Tree Commission
Other Expenses
505.00
505.00
505.00
Environmental Commission
Other Expenses
135.00
135.00
135.00
Fire
Salaries and Wages
449.48
449.48
449.48
Other Expenses:
Miscellaneous Other Expenses
12,602.13
8,777.59
21,379.72
9,851.72
11,528.00
Police
Salaries and Wages
20,962.71
20,962.71
793.69
20,169.02
Other Expenses
10,786.57
20,303.35
31,089.92
8,716.42
22,373.50
Municipal Court
Salaries and Wages
229.53
229.53
229.53
Other Expenses
788.40
4,005.00
4,793.40
828.40
3,965.00
Public Defender
Other Expenses
5,200.00
5,200.00
5,200.00
First Aid
Contribution to Pine Hill
1,363.00
1,363.00
667.00
696.00
Office of Emergency Management
Salaries and Wages
275.00
275.00
275.00
Other Expenses
460.00
645.64
1,105.64
460.00
645.64
(Continued)
11600
Balance Dec. 31, 2015
Statement of Appropriation Reserves
76
Exhibit SA-8
BOROUGH OF CLEMENTON
CURRENT FUND
For the Year Ended December 31, 2016
Balance
After
Balance
Encumbered
Reserved
Modification
Disbursed
Lapsed
11600
Balance Dec. 31, 2015
Statement of Appropriation Reserves
Uniform Fire Safety Code (Ch. 383 P.L. 1985)
Fire Official
Salaries and Wages
925.00
$
925.00
$
925.00
$
Other Expenses
5,073.00
$
1,187.85
6,260.85
5,043.75
$
1,217.10
Streets and Roads
Salaries and Wages
6,642.10
6,642.10
469.28
6,172.82
Other Expenses
8,123.35
669.20
8,792.55
6,080.40
2,712.15
Solid Waste Collection
Other Expenses
17,048.34
17,048.34
15,985.00
1,063.34
Vehicle Maintenance
150.00
2,597.55
2,747.55
174.23
2,573.32
Board of Health
Other Expenses
500.00
500.00
500.00
Registrar of Vital Statistics
Salaries and Wages
351.60
351.60
351.60
Services of Visiting Nurse
Other Expenses
100.00
100.00
100.00
Parks and Playgrounds
Other Expenses
600.00
278.85
878.85
595.01
283.84
Celebration of Public Events, Holidays, or Anniversaries
Other Expenses
9.48
821.53
831.01
9.48
821.53
Compensated Absences
100.00
100.00
100.00
Insurance
General Liability
1,754.20
1,754.20
1,754.20
Unemployment Insurance
1,352.46
1,352.46
1,352.46
Group Insurance Plan for Employees
1,831.01
5,389.50
7,220.51
1,831.01
5,389.50
Health Benefit Waiver
1,640.75
1,640.75
1,640.75
Workmen's Compensation Insurance
750.00
750.00
750.00
Landfill/Solid Waste
Garbage and Trash Removal
Landfill/Solid Waste
17,901.83
17,901.83
13,136.23
4,765.60
Construction Code Official
Salaries and Wages
226.55
226.55
226.55
Other Expenses
1,449.32
1,449.32
640.00
809.32
Fire Inspector
Salaries and Wages
450.40
450.40
450.40
Plumbing Inspector
Salaries and Wages
1,500.08
1,500.08
1,500.08
Electrical Inspector
Salaries and Wages
1,512.72
1,512.72
1,512.72
Code Enforcement Officer
Salaries and Wages
2,906.27
2,906.27
2,906.27
Other Expenses
251.30
105.36
356.66
176.90
179.76
Utility and Bulk Purchases
Oil
1,070.05
2,065.17
3,135.22
1,070.05
2,065.17
Telephone
2,385.90
1,411.12
3,797.02
2,585.90
1,211.12
Street Lighting
9,251.06
739.33
9,990.39
9,251.06
739.33
Maintenance of Traffic Lights
545.77
545.77
545.77
Gasoline
4,409.72
4,409.72
2,533.34
1,876.38
Electric Utility
1,873.12
1,064.15
2,937.27
1,873.12
1,064.15
Hydrant
100.00
100.00
100.00
Sewer
348.98
348.98
348.98
Contingent
100.00
100.00
100.00
Statutory Expenditures:
Contribution to:
Social Security System (O.A.S.I.)
1,061.76
1,061.76
314.97
746.79
Public Employees' Retirement System
627.22
627.22
627.22
Defined Contribution Retirement Plan
1,501.00
1,501.00
1,501.00
Operation Excluded From "CAPS"
Recycling Tax
950.46
950.46
384.57
565.89
63,525.06
$
185,385.09
$
248,910.15
$
96,233.31
$
152,676.84
$
77
Exhibit SA-9
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Due to/from State of New Jersey
Veterans' and Senior Citizens' Deductions
For the Year Ended December 31, 2016
Balance December 31, 2015 (Due to)
1,947.41
$
Increased by:
Received from State of New Jersey
54,044.42
55,991.83
Decreased by:
Accrued in 2016:
Deductions Allowed per Tax Billings
5,000.00
$
Deductions Allowed by Tax Collector
58,500.00
63,500.00
Less: Deductions Disallowed by Collector
6,250.00
57,250.00
$
Deductions Disallowed by Tax Collector--Prior Year Taxes
1,250.00
56,000.00
Balance December 31, 2016 (Due from)
8.17
$
Exhibit SA-10
Statement of Accounts Payable
For the Year Ended December 31, 2016
Balance December 31, 2015
5,020.00
$
Increased by:
Cash Receipts
35,650.00
40,670.00
Decreased by:
Disbursed
38,920.00
Balance December 31, 2016
1,750.00
$
11600
CURRENT FUND
78
Exhibit SA-11
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Prepaid Taxes
For the Year Ended December 31, 2016
Balance December 31, 2015
110,649.63
$
Increased by:
Collections--2017 Taxes Receivable
113,118.54
223,768.17
Decreased by:
Application to 2016 Taxes Receivable
110,649.63
Balance December 31, 2016
113,118.54
$
Exhibit SA-12
Statement of Tax Overpayments
Balance December 31, 2015
13,883.99
$
Increased by:
Overpayments
67,429.99
81,313.98
Decreased by:
Refunded
1,143.25
$
Canceled
8,656.99
Applied to Taxes Receivable
5,927.77
15,728.01
Balance December 31, 2016
65,585.97
$
For the Year Ended December 31, 2016
CURRENT FUND
11600
79
Exhibit SA-13
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Due to State of New Jersey
For the Year Ended December 31, 2016
Balance December 31, 2015
1,429.00
$
Increased by:
Receipts
3,753.00
5,182.00
Decreased by:
Disbursements
4,110.00
Balance December 31, 2016
1,072.00
$
Exhibit SA-14
Statement of Due to State of New Jersey
Marriage and Civil Union Licenses and Burial Permits
For the Year Ended December 31, 2016
Balance December 31, 2015
75.00
$
Increased by:
Receipts
875.00
950.00
Decreased by:
Disbursements
725.00
Balance December 31, 2016
225.00
$
11600
State Training Fees
CURRENT FUND
80
Exhibit SA-15
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of County Taxes Payable
For the Year Ended December 31, 2016
2016 Levy:
General County
2,098,149.08
$
County Library
132,818.33
County Open Space
51,917.80
2,282,885.21
$
Decreased by:
Disbursements
2,282,885.21
$
Exhibit SA-16
CURRENT FUND
Statement of Municipal Open Space Taxes Payable
For the Year Ended December 31, 2016
2016 Levy
56,136.28
$
Municipal Open Space Share of Added Assessments
10.48
56,146.76
$
Decreased by:
Disbursements:
Reserve for Open Space, Recreation Farmland and Historic Preservation
56,146.76
$
11600
81
Exhibit SA-17
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Due County for Added and Omitted Taxes
For the Year Ended December 31, 2016
Balance December 31, 2015
601.21
$
Increased by:
County Share of 2016 Levy:
Added Taxes
426.34
1,027.55
Decreased by:
Disbursements
601.21
Balance December 31, 2016
426.34
$
Exhibit SA-18
CURRENT FUND
Statement of Local District School Taxes
For the Year Ended December 31, 2016
School Tax Levy - Calendar Year 2016
4,578,101.00
$
Decreased by:
Disbursements
4,578,101.00
$
11600
82
Exhibit SA-19
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Deferred Charges
For the Year Ended December 31, 2016
Balance
Added in
Raised in
Balance
Dec. 31, 2015
2016
2016 Budget
Dec. 31, 2016
Emergency Authorizations
125,000.00
$
50,000.00
$
125,000.00
$
50,000.00
$
Unreimbursed Grant Expenditures
82,330.00
82,330.00
207,330.00
$
50,000.00
$
125,000.00
$
132,330.00
$
11600
83
11600
Exhibit SA-20
1/5 of
Date
Net Amount
Net Amount
Added in
Balance
Authorized
Purpose
Authorized
Authorized
2016
Dec. 31, 2016
10-18-16
Tax Map Digitalization
15,000.00
$
3,000.00
$
15,000.00
$
15,000.00
$
Exhibit SA-21
CURRENT FUND
Statement of Reserve for Revaluation
For the Year Ended December 31, 2016
Balance December 31, 2015
61,547.90
$
Decreased by:
Canceled
51,989.15
$
Disbursed
9,558.75
61,547.90
$
BOROUGH OF CLEMENTON
CURRENT FUND
N.J.S. 40A:4-55 Special Emergency Authorizations
Statement of Deferred Charges
For the Year Ended December 31, 2016
84
Exhibit SA-22
BOROUGH OF CLEMENTON
FEDERAL AND STATE GRANT FUND
Statement of Federal and State Grants Receivable
For the Year Ended December 31, 2016
Balance
Balance
Program
Dec. 31, 2015
Accrued
Received
Dec. 31, 2016
Federal Programs:
Justice Assistance Grant
210.35
$
210.35
$
Over the Limit Under Arrest
250.00
250.00
Total Federal Programs
59,595.20
-
-
460.35
State Programs:
Clean Communities Program
12,467.84
$
12,467.84
$
New Jersey Department of Transportation
59,134.85
200,000.00
59,134.85
200,000.00
Body Armor Replacement Fund
1,462.38
1,462.38
NJDEP--NJ Forest Service Stimulus Fund
4,400.00
4,400.00
Green Communities
3,000.00
3,000.00
Municipal Alliance on Alcoholism and Drug Abuse
2,164.16
9,546.00
7,597.11
4,113.05
Safe and Secure Communities Program
36,218.00
36,218.00
36,218.00
36,218.00
Total State Programs
45,782.16
259,694.22
116,880.18
247,731.05
Local Programs:
Sumner Station Fire Grant
5,000.00
5,000.00
Sumner Station Police Grant
5,000.00
5,000.00
Total Local Programs
-
10,000.00
10,000.00
-
Total All Programs
105,377.36
$
269,694.22
$
126,880.18
$
248,191.40
$
11600
85
Exhibit SA-23
BOROUGH OF CLEMENTON
FEDERAL AND STATE GRANT FUND
Statement of Reserve for Federal and State Grants - Unappropriated
For the Year Ended December 31, 2016
Realized as
Miscellaneous
Balance
Grants
Revenue in
Balance
Program
Dec. 31, 2015
Receivable
2016 Budget
Dec. 31, 2016
State Programs:
Clean Communities Program
10,891.14
$
12,467.84
$
10,891.14
$
12,467.84
$
New Jersey Department of Transportation
200,000.00
200,000.00
Body Armor Replacement Fund
1,426.14
1,462.38
1,426.14
1,462.38
Recycling Tonnage Grant
2,965.07
2,965.07
Municipal Alliance on Alcoholism and Drug Abuse
9,546.00
9,546.00
Safe and Secure Communities Program
36,218.00
36,218.00
Total State Programs
15,282.35
259,694.22
61,046.35
213,930.22
Local Programs:
Camden County Open Space Grant
500.00
500.00
Sumner Station Foundation--Police Grant
5,000.00
5,000.00
5,000.00
5,000.00
Sumner Station Foundation--Fire Grant
5,000.00
5,000.00
5,000.00
5,000.00
Total Local Programs
10,500.00
10,000.00
10,500.00
10,000.00
Total All Programs
25,782.35
$
269,694.22
$
71,546.35
$
223,930.22
$
11600
86
Exhibit SA-24
BOROUGH OF CLEMENTON
FEDERAL AND STATE GRANT FUND
Statement of Reserve for Federal and State Grants - Appropriated
For the Year Ended December 31, 2016
Transferred from
Prior Year
Balance
2016 Budget
Paid or
Orders
Balance
Program
Dec. 31, 2015
Appropriation
Charged
Canceled
Dec. 31, 2016
Federal Programs:
Municipal Stormwater Regulation Program
2,638.56
$
1,973.15
$
665.41
$
Over the Limit Under Arrest
250.00
119.99
130.01
Total Federal Programs
24,861.64
-
2,093.14
-
795.42
State Programs:
Pothole Program
348.25
348.25
Drunk Driving Enforcement Grant
6,029.87
502.00
5,527.87
Recycling Tonnage Grant
33,688.33
2,965.07
$
250.00
36,403.40
Clean Communities Program
1,167.98
10,891.14
11,794.46
191.00
$
455.66
New Jersey Department of Transportation
21,973.08
21,973.08
Green Communities
400.00
400.00
Body Armor Replacement Fund
4,597.18
1,426.14
2,088.85
3,934.47
NJDEP--NJ Forest Service Stimulus Fund
7,000.15
7,000.15
Municipal Alliance on Alcoholism and Drug Abuse
15,004.55
11,932.50
5,806.07
21,130.98
Safe and Secure Communities Program
89,091.00
89,091.00
Total State Programs
68,236.31
116,305.85
109,532.38
191.00
97,173.86
Local Programs:
Adopt a Road
1,000.00
500.00
1,500.00
Sumner Station Foundation--Police Grant
6,579.03
5,000.00
7,865.00
3,714.03
Sumner Station Foundation--Fire Grant
10,050.00
5,000.00
1,675.94
13,374.06
Camden County Open Space Grant
50,000.00
26,799.00
23,201.00
Camden County Open Space Pedestrian Walkway
5,350.00
5,350.00
Recycling Tonnage Rebate Program
2,580.72
2,580.72
Total Local Programs
75,559.75
10,500.00
36,339.94
-
49,719.81
Total All Programs
168,657.70
$
126,805.85
$
147,965.46
$
191.00
$
147,689.09
$
Disbursed
143,135.91
$
Reserve for Encumbrances
4,829.55
147,965.46
$
11600
87
Exhibit SA-25
Reserve for Encumbrances
For the Year Ended December 31, 2016
Balance December 31, 2015
500.00
$
Increased by:
Charged to Appropriated Reserves
4,829.55
5,329.55
Decreased by:
Cancelled
191.00
$
Disbursed
309.00
500.00
Balance December 31, 2016
4,829.55
$
11600
FEDERAL AND STATE GRANT FUND
BOROUGH OF CLEMENTON
88
SUPPLEMENTAL EXHIBITS
TRUST FUND
Exhibit SB-1
Animal Control
Trust Other Funds
Municipal Open Space
Balance December 31, 2015
4,563.20
$
563,971.87
$
228,844.44
$
Increased by Receipts:
Reserve for Dog Fund Expenditures
24,079.64
$
State Registration Fees
391.20
Due Current Fund
14,933.94
$
Accounts Payable
405.00
Due County of Camden - CDBG
48,634.28
Reserve for Open Space, Recreation Farmland and Historic Preservation
56,482.50
$
Reserve for Payroll Deductions Payable
1,108,777.49
Reserve for Uniform Fire Safety Act Penalties
17,497.27
Reserve for Parking Offenses Adjudication Act
40.00
Reserve for Police Outside Employment
109,669.24
Reserve for DARE Program
10.03
Reserve for Municipal Forfeiture Fund
2,693.67
Reserve for Unemployment Compensation
3,878.49
Reserve for Developer's Escrow Deposits
50,533.05
Reserve for Redemption of Tax Sale Certificates
382,664.96
Reserve for Tax Sale Premiums
39,700.00
Reserve for Federal Drug Enforcement Fund
3.04
Reserve for Brick Fund
35.00
Other Accounts Receivable
7,278.06
Net Payroll
1,476,796.26
24,470.84
3,263,549.78
56,482.50
29,034.04
3,827,521.65
285,326.94
(Continued)
For the Year Ended December 31, 2016
11600
BOROUGH OF CLEMENTON
TRUST FUND
Statement of Trust Cash
Per N.J.S.A. 40A:5-5 - Treasurer and Collector
90
Exhibit SB-1
Animal Control
Trust Other Funds
Municipal Open Space
For the Year Ended December 31, 2016
11600
BOROUGH OF CLEMENTON
TRUST FUND
Statement of Trust Cash
Per N.J.S.A. 40A:5-5 - Treasurer and Collector
Decreased by Disbursements
Expenditures under R.S. 4:19-15.11
23,961.45
$
State Registration Fees
391.20
Due Current Fund
546.80
14,527.40
$
Reserve for Open Space, Recreation Farmland and Historic Preservation
25,684.88
$
Reserve for Community Development Block Grant Program
12,000.00
Reserve for Payroll Deductions Payable
1,109,189.18
Reserve for Uniform Fire Safety Act Penalties
6,420.00
Reserve for Police Outside Employment
109,669.24
Reserve for Unemployment Compensation
439.10
Reserve for Community Events
373.00
Reserve for Developer's Escrow Deposits
52,755.58
Reserve for Redemption of Tax Sale Certificates
382,777.30
Reserve for Premiums Received at Tax Sale
111,900.00
Reserve for Encumbrances
406.00
1,581.36
Reserve for Brick Fund
30.00
Other Accounts Receivable
11,322.84
Reserve for Recreation
2,000.00
Net Payroll
1,476,796.26
25,305.45
$
3,291,781.26
$
25,684.88
$
Balance December 31, 2016
3,728.59
$
535,740.39
$
259,642.06
$
91
Exhibit SB-2
Balance December 31, 2015
3,610.40
$
Increased by:
Current Fund Budget Appropriations
22,000.00
$
Dog License Fees
1,622.30
Cat License Fees
448.60
Interest Earned on Deposits
8.74
24,079.64
27,690.04
Decreased by:
Disbursements:
Expenditures under R.S. 4:19-15.11
23,961.45
Balance December 31, 2016
3,728.59
$
License Fees Collected
Year
Amount
2014
2,345.95
$
2015
2,078.50
4,424.45
$
Statement of Reserve for Animal Control Expenditures
For the Year Ended December 31, 2016
11600
BOROUGH OF CLEMENTON
TRUST ANIMAL CONTROL FUND
92
Exhibit SB-3
State Registration Fees Collected
391.20
$
Decreased by:
Disbursements
391.20
$
Exhibit SB-4
Balance December 31, 2015
546.80
$
Decreased by:
Disbursements
546.80
$
Statement of Due to Current Fund
For the Year Ended December 31, 2016
ANIMAL CONTROL FUND
11600
BOROUGH OF CLEMENTON
TRUST ANIMAL CONTROL FUND
Statement of Due to State of New Jersey
For the Year Ended December 31, 2016
93
11600
Exhibit SB-5
Balance December 31, 2015
406.54
$
Increased by:
Public Defender Fees Collected by Current Fund
5,305.50
$
Interfund Loans Returned
14,527.40
19,832.90
20,239.44
Decreased by:
Receipts:
Interfund Loans Received
406.54
$
Interest Earned on Deposits
836.25
Realized as Miscellaneous Revenue Not Anticipted:
Forfeited Tax Title Liens
112.80
Excess Payroll Funds
201.13
Police Outside Services Administration Fees
13,377.22
14,933.94
Public Defender Expenditures Disbursed by Current Fund
4,599.96
19,533.90
Balance December 31, 2016
705.54
$
BOROUGH OF CLEMENTON
TRUST OTHER FUND
Statement of Due from Current Fund
For the Year Ended December 31, 2016
94
11600
Exhibit SB-6
Balance December 31, 2015
74,975.32
$
Increased by:
Entitlements Accrued in 2016:
Year 37
24,900.00
99,875.32
Decreased by:
Receipts
48,634.28
Balance December 31, 2016
51,241.04
$
Analysis of Balance Dec. 31, 2016
Entitlement
Project
Year
Amount
Ohio Ave
34
15,477.66
$
Ohio Ave
36
10,397.66
Trout Ave
37
465.72
Ohio Ave Sidewalk
38
24,900.00
51,241.04
$
For the Year Ended December 31, 2016
BOROUGH OF CLEMENTON
TRUST OTHER FUND
Statement of Community Development Block Grant Receivable
95
Exhibit SB-7
Balance December 31, 2015
228,844.44
$
Increased by:
Receipts:
Interest Earned on Deposits
335.74
$
2016 Municipal Open Space Tax Levy
56,136.28
Municipal Portion of Added and Omitted Assessments
10.48
56,482.50
285,326.94
Decreased by:
Encumbered
520.00
Disbursements
25,684.88
26,204.88
Balance December 31, 2016
259,122.06
$
For the Year Ended December 31, 2016
11600
BOROUGH OF CLEMENTON
TRUST OTHER FUND
Statement of Reserve for Open Space, Recreation Farmland and Historic Preservation
96
Exhibit SB-8
Balance December 31, 2015
44,004.32
$
Increased by:
Entitlements Accrued in 2016:
Year 38
24,900.00
68,904.32
Decreased by:
Disbursed
12,000.00
Balance December 31, 2016
56,904.32
$
Analysis of Balance December 31, 2016
Entitlement
Project
Year
Amount
Ohio Ave
35
21,606.66
$
Ohio Ave
36
10,397.66
Ohio Ave Sidewalk
38
24,900.00
56,904.32
$
For the Year Ended December 31, 2016
11600
BOROUGH OF CLEMENTON
TRUST OTHER FUND
Statement of Reserve for Community Development Block Grant Program
97
11600
Exhibit SB-9
Balance December 31, 2015
13,189.14
$
Increased by:
Payroll Deductions and Employer Share of Social Security
1,108,777.49
1,121,966.63
Decreased by:
Disbursements
1,109,189.18
Balance December 31, 2016
12,777.45
$
Analysis of Balance December 31, 2016
Deduction
Amount
PERS
(319.05)
$
PFRS
11,527.40
Aflac
1,569.10
12,777.45
$
BOROUGH OF CLEMENTON
TRUST OTHER FUND
Statement of Reserve for Payroll Deductions Payable
For the Year Ended December 31, 2016
98
11600
Exhibit SB-10
Balance December 31, 2015
58,038.02
$
Increased by:
Receipts:
Interest Earned on Deposits
92.27
$
Penalties
17,405.00
17,497.27
75,535.29
Decreased by:
Disbursements
6,420.00
Balance December 31, 2016
69,115.29
$
BOROUGH OF CLEMENTON
TRUST OTHER FUND
Statement of Reserve for Uniform Fire Safety Act Penalties
For the Year Ended December 31, 2016
99
11600
Exhibit SB-11
Balance December 31, 2015
386.00
$
Increased by:
Receipts
40.00
Balance December 31, 2016
426.00
$
Exhibit SB-12
Receipts
109,669.24
$
Decreased by:
Disbursements
109,669.24
$
TRUST OTHER FUND
Statement of Reserve for Police Outside Employment
For the Year Ended December 31, 2016
BOROUGH OF CLEMENTON
TRUST OTHER FUND
Statement of Reserve for Parking Offenses Adjudication Act
For the Year Ended December 31, 2016
100
11600
Exhibit SB-13
Balance December 31, 2015
6,682.42
$
Increased by:
Interest Earned on Deposits
10.03
Balance December 31, 2016
6,692.45
$
Exhibit SB-14
Balance December 31, 2015
11,133.37
$
Increased by:
Interest Earned on Deposits
20.27
$
Deposits
2,673.40
2,693.67
Balance December 31, 2016
13,827.04
$
TRUST OTHER FUND
Statement of Reserve for Municipal Forfeiture Fund
For the Year Ended December 31, 2016
BOROUGH OF CLEMENTON
TRUST OTHER FUND
Statement of Reserve for DARE Program
For the Year Ended December 31, 2016
101
11600
Exhibit SB-15
Balance December 31, 2015
23,297.94
$
Increased by:
Receipts:
Interest Earned on Deposits
37.30
$
Employee Deductions
3,841.19
3,878.49
27,176.43
Decreased by:
Disbursements:
Payment of Claims
439.10
Balance December 31, 2016
26,737.33
$
Exhibit SB-16
Balance December 31, 2015
6,530.17
$
Decreased by:
Disbursements
373.00
Balance December 31, 2016
6,157.17
$
TRUST OTHER FUND
Statement of Reserve for Community Events
For the Year Ended December 31, 2016
BOROUGH OF CLEMENTON
TRUST OTHER FUND
Statement of Reserve for New Jersey State Unemployment Compensation Insurance
For the Year Ended December 31, 2016
102
Exhibit SB-17
Balance December 31, 2015
62,346.14
$
Increased by:
Receipts:
Escrow Deposits
50,533.05
112,879.19
Decreased by:
Disbursements
52,755.58
Balance December 31, 2016
60,123.61
$
Exhibit SB-18
Balance December 31, 2015
406.54
$
Increased by:
Fees Collected by Current Fund
5,305.50
5,712.04
Decreased by:
Disbursed by Current Fund
4,599.96
Balance December 31, 2016
1,112.08
$
Statement of Reserve for Public Defender Fees
For the Year Ended December 31, 2016
For the Year Ended December 31, 2016
11600
Statement of Reserve for Developer's Escrow Deposits
BOROUGH OF CLEMENTON
TRUST OTHER FUND
TRUST OTHER FUND
103
Exhibit SB-19
Balance December 31, 2015
112.34
$
Increased by:
Deposits for Redemption of Tax Title Liens
382,664.96
382,777.30
Decreased by:
Disbursements:
Redemption of Tax Title Liens
382,777.30
$
Exhibit SB-20
Balance December 31, 2015
356,500.00
$
Increased by:
Receipts:
Deposits for Premiums of Tax Title Liens
39,700.00
396,200.00
Decreased by:
Disbursements:
Premiums of Tax Title Liens
111,900.00
Balance December 31, 2016
284,300.00
$
Statement of Premiums Received at Tax Sales
For the Year Ended December 31, 2016
BOROUGH OF CLEMENTON
11600
TRUST OTHER FUND
Statement of Reserve for Redemption of Tax Sale Certificates
TRUST OTHER FUND
For the Year Ended December 31, 2016
104
11600
Exhibit SB-21
Balance December 31, 2015
1,418.60
$
Decreased By:
Disbursed
1,418.60
$
Exhibit SB-22
Balance December 31, 2015
2,026.43
$
Increased by:
Receipts:
Interest Earned on Deposits
3.04
Balance December 31, 2016
2,029.47
$
TRUST OTHER FUND
Statement of Reserve for Federal Drug Enforcement Fund
For the Year Ended December 31, 2016
BOROUGH OF CLEMENTON
TRUST OTHER FUND
Statement of Reserve for Encumbrances
For the Year Ended December 31, 2016
105
11600
Exhibit SB-23
Balance December 31, 2015
1,941.90
$
Increased by:
Receipts
35.00
1,976.90
Decreased by:
Disbursements
30.00
Balance December 31, 2016
1,946.90
$
Exhibit SB-24
Balance December 31, 2015
2,103.06
$
Increased by:
Disbursements
11,322.84
13,425.90
Decreased by:
Receipts
7,278.06
Balance December 31, 2016
6,147.84
$
Analysis of Balance December 31, 2016
Police Outside Services
5,779.00
$
Employee Deductions--Unemployment Compensation
368.84
6,147.84
$
For the Year Ended December 31, 2016
BOROUGH OF CLEMENTON
TRUST OTHER FUND
Statement of Reserve for Brick Fund
For the Year Ended December 31, 2016
TRUST OTHER FUND
Statement of Other Accounts Receivable
106
11600
Exhibit SB-25
Balance December 31, 2015
9,772.25
$
Decreased by:
Disbursements
2,000.00
Balance December 31, 2016
7,772.25
$
BOROUGH OF CLEMENTON
TRUST OTHER FUND
Statement of Reserve for Recreation
For the Year Ended December 31, 2016
107
SUPPLEMENTAL EXHIBITS
GENERAL CAPITAL FUND
Exhibit SC-1
BOROUGH OF CLEMENTON
GENERAL CAPITAL FUND
Statement of General Capital Cash
Per N.J.S. 40A: 5-5 - Treasurer
For the Year Ended December 31, 2016
Balance December 31, 2015
871,638.08
$
Increased by Receipts:
Due Current Fund
1,238.84
872,876.92
Decreased by Disbursements:
Due Current Fund
67,708.28
$
Improvement Authorizations
32,652.63
Reserve for Encumbrances
6,476.36
106,837.27
Balance December 31, 2016
766,039.65
$
11600
109
11600
Exhibit SC-2
BOROUGH OF CLEMENTON
GENERAL CAPITAL FUND
Analysis of General Capital Cash
For the Year Ended December 31, 2016
Disbursements
Balance
Improvement
Balance
Dec. 31, 2015
Miscellaneous
Authorizations
Miscellaneous
From
To
Dec. 31, 2016
Improvement Authorizations:
Ordinance
Number
02-22)
Acquisition of Phone System, Computer System
03-04)
including Hardware and Software, for
03-12)
Municipal Building and Reconstruction,
Resurfacing and Installation of Curbing on
Delaware Avenue, Elton Avenue and Wilson
Avenue
4,115.86
$
4,115.86
$
06-13
Reconstruction & Resurfacing of Park Boulevard, Acquisition
of a Four-Wheel Drive Vehicle and Renovations &
and Improvements to the Senior/Recreation Center
(765.00)
(765.00)
07-11
Completion of Various Capital Improvements and the
Acquisition of Various Pieces of Equipment
8,036.45
8,036.45
08-10
Completion of Various Capital Improvements and the
Acquisition of Various Pieces of Equipment
59,199.35
59,199.35
11-03
Various Road Improvements to Silver Lake Drive in
and for the Borough of Clementon
(724.35)
(724.35)
11-09
Acquisition of Generators for the Fire Hall and Public
Works Building and the Resurfacing of the
Fire Hall Parking Lot
45,807.23
45,807.23
11-12
Completion of Various Capital Improvements and
the Acquisition of Various Pieces of Equipment
46,460.92
3,540.68
$
42,920.24
11-15
Acquisition of Office Equipment and Furniture for
the Police Department and Municipal Offices and
Various Improvements to Borough Hall
9,026.56
6,025.90
3,000.66
12-04
Resurfacing of the Fire Hall Parking lot
31,485.42
31,485.42
(Continued)
Receipts
Transfers
110
11600
Exhibit SC-2
BOROUGH OF CLEMENTON
GENERAL CAPITAL FUND
Analysis of General Capital Cash
For the Year Ended December 31, 2016
Disbursements
Balance
Improvement
Balance
Dec. 31, 2015
Miscellaneous
Authorizations
Miscellaneous
From
To
Dec. 31, 2016
Receipts
Transfers
Improvement Authorizations (Cont'd):
Ordinance
Number
12-16
Completion of Various Capital Improvements and
the Acquisition of Equipment
26,250.81
$
26,250.81
$
13-11
Acquisition of Police Utility Vehicles
2,380.62
2,380.62
14-05
Completion of Various Capital Improvements and
the Acquisition of Equipment
46,646.72
17,877.13
$
28,769.59
14-10
Completion of Various Capital Improvements and
the Acquisition of Equipment
40,000.00
40,000.00
15-05
Completion of Various Capital Improvements and
the Acquisition of Equipment
134,591.67
5,208.92
129,382.75
Capital Improvement Fund
31,358.50
31,358.50
Reserve for Encumbrances
6,476.36
6,476.36
$
Reserve for Payment of Bonds and Loans
381,034.96
66,469.44
$
314,565.52
Fund Balance
256.00
256.00
Due Current Fund
1,238.84
$
67,708.28
66,469.44
$
871,638.08
$
1,238.84
$
32,652.63
$
74,184.64
$
66,469.44
$
66,469.44
$
766,039.65
$
111
11600
Exhibit SC-3
BOROUGH OF CLEMENTON
Analysis of
Dec. 31, 2016
Ordinance
Balance
Number
Improvement Description
Dec. 31, 2016
Expenditures
06-13
Reconstruction & Resurfacing of Park Boulevard, Acquisition of a Four-
Wheel Drive Vehicle and Renovations & Improvements to the Senior/
Recreation Center
765.00
$
765.00
$
11-05
Acquisition of Sport Utility Vehicles for the Police
Department
724.35
724.35
1,489.35
$
1,489.35
$
Balance
As of December 31, 2016
Schedule of Deferred Charges to Future Taxation - Unfunded
GENERAL CAPITAL FUND
112
Exhibit SC-4
BOROUGH OF CLEMENTON
GENERAL CAPITAL FUND
Statement of Deferred Charges to Future Taxation - Funded
For the Year Ended December 31, 2016
Balance December 31, 2015
4,943,305.22
$
Decreased by:
Paid by Budget Appropriation:
NJ Environmental Trust Loan
57,856.94
$
Serial Bonds
368,000.00
425,856.94
Balance December 31, 2016
4,517,448.28
$
Exhibit SC-5
GENERAL CAPITAL FUND
Statement of Due to Current Fund
For the Year Ended December 31, 2016
Receipts:
Interest Earned on Deposits
1,238.84
$
Current Fund Anticipated Revenue:
Reserve for Payment of Bonds
66,469.44
67,708.28
Decreased by:
Disbursements:
Interfund Loans Returned
67,708.28
$
11600
113
11600
Exhibit SC-6
BOROUGH OF CLEMENTON
GENERAL CAPITAL FUND
Statement of Improvement Authorizations
For the Year Ended December 31, 2016
Ordinance
Ordinance
Number
Improvement Description
Date
Amount
Funded
Unfunded
Disbursed
Funded
Unfunded
02-22)
Acquisition of:
03-04)
a) Phone System
8/27/02
25,000.00
$
4,115.86
$
4,115.86
$
03-12)
07-11
Completion of Various Capital Improvements and the
Acquisition of Various Pieces of Equipment
9/25/07
118,000.00
8,036.45
8,036.45
08-10
Completion of Various Capital Improvements and the
Acquisition of Various Pieces of Equipment
4/22/08
1,579,000.00
59,199.35
59,199.35
11-09
Acquisition of Generators for the Fire Hall and Public
Works Building and the Resurfacing of the
Fire Hall Parking Lot
7/05/11
294,000.00
45,807.23
45,807.23
11-12
Completion of Various Capital Improvements and
the Acquisition of Various Pieces of Equipment
7/05/11
195,000.00
46,460.92
3,540.68
$
42,920.24
11-15
Acquisition of Office Equipment and Furniture for
the Police Department and Municipal Offices and
Various Improvements to Borough Hall
10/04/11
51,500.00
9,026.56
6,025.90
3,000.66
12-04
Resurfacing of the Fire Hall Parking lot
2/07/12
200,000.00
31,485.42
31,485.42
12-16
Completion of Various Capital Improvements and
the Acquisition of Equipment
10/20/12
212,500.00
26,250.81
26,250.81
13-11
Acquisition of Police Utility Vehicles
7/2/13
70,000.00
2,380.62
2,380.62
14-05
Completion of Various Capital Improvements and
the Acquisition of Equipment
4/15/14
157,150.00
46,646.72
17,877.13
28,769.59
14-10
Completion of Various Capital Improvements and
the Acquisition of Equipment
6/17/14
40,000.00
40,000.00
40,000.00
15-05
Completion of Various Capital Improvements and
the Acquisition of Equipment
5/19/15
209,505.00
134,591.67
5,208.92
129,382.75
454,001.61
$
-
$
32,652.63
$
421,348.98
$
-
$
Dec. 31, 2016
Dec. 31, 2015
114
Exhibit SC-7
BOROUGH OF CLEMENTON
GENERAL CAPITAL FUND
Statement of Reserve for Encumbrances
For the Year Ended December 31, 2016
Balance December 31, 2015
6,476.36
$
Decreased by:
Disbursed
6,476.36
$
Exhibit SC-8
GENERAL CAPITAL FUND
Statement of Reserve for Payment of Bonds and Loans
For the Year Ended December 31, 2016
Balance December 31, 2015
381,034.96
$
Decreased by:
Realized as Anticipated Revenue in Current Fund
66,469.44
Balance December 31, 2016
314,565.52
$
11600
115
11600
Exhibit SC-9
Paid
Date of
Original
Trust
Fund
Interest
Balance
by Budget
Balance
Purpose
Issue
Issue
Date
Loan
Loan
Total
Rate
Dec. 31, 2015
Appropriation
Dec. 31, 2016
Acquisition of Real Property and
Property Rights
11-10-05
1,195,000.00
$
2-01-17
7,271.38
$
7,271.38
$
8-01-17
15,000.00
$
34,496.55
49,496.55
4.250%
2-01-18
6,726.88
6,726.88
8-01-18
20,000.00
43,027.10
63,027.10
4.250%
2-01-19
5,955.50
5,955.50
8-01-19
20,000.00
42,255.72
62,255.72
4.500%
2-01-20
5,184.12
5,184.12
8-01-20
20,000.00
41,484.34
61,484.34
4.375%
2-01-21
4,367.37
4,367.37
8-01-21
20,000.00
40,667.59
60,667.59
4.375%
2-01-22
3,573.30
3,573.30
8-01-22
20,000.00
39,873.52
59,873.52
4.375%
2-01-23
2,779.23
2,779.23
8-01-23
20,000.00
39,079.45
59,079.45
4.375%
2-01-24
1,985.16
1,985.16
8-01-24
25,000.00
47,360.44
72,360.44
4.375%
2-01-25
992.58
992.58
8-01-25
25,000.00
46,368.05
71,368.05
4.375%
656,305.22
$
57,856.94
$
598,448.28
$
Maturities Outstanding Dec. 31, 2016
BOROUGH OF CLEMENTON
GENERAL CAPITAL FUND
Statement of New Jersey Environmental Trust Loans Payable
For the Year Ended December 31, 2016
116
11600
Exhibit SC-10
BOROUGH OF CLEMENTON
GENERAL CAPITAL FUND
Statement of General Serial Bonds
Maturities of
Amount of
Bonds Outstanding
Paid
Date of
Original
December 31, 2016
Interest
Balance
by Budget
Balance
Issue
Issue
Issue
Date
Amount
Rate
Dec. 31, 2015
Appropriation
Dec. 31, 2016
General Obligation Bonds - Series 2005
2-01-05
763,000.00
$
-
-
83,000.00
$
83,000.00
$
General Obligation Bonds - Series 2010
10-01-10
3,524,000.00
10-01-17
250,000.00
$
3.00%
10-01-18
250,000.00
3.00%
10-01-19
300,000.00
3.00%
10-01-20
325,000.00
3.00%
10-01-21
349,000.00
3.00%
10-01-22
350,000.00
3.15%
10-01-23
375,000.00
3.25%
10-01-24
375,000.00
3.30%
10-01-25
425,000.00
4.00%
3,174,000.00
175,000.00
2,999,000.00
$
General Obligation Bonds - Series 2015
8-06-15
1,030,000.00
3-01-17
135,000.00
2.25%
3-01-18
135,000.00
2.25%
3-01-19
125,000.00
2.25%
3-01-20
125,000.00
2.50%
3-01-21
125,000.00
2.50%
3-01-22
135,000.00
2.50%
3-01-23
140,000.00
2.50%
1,030,000.00
110,000.00
920,000.00
4,287,000.00
$
368,000.00
$
3,919,000.00
$
For the Year Ended December 31, 2016
117
11600
Exhibit SC-11
Ordinance
Balance
Number
Improvement Description
Dec. 31, 2016
06-13
Reconstruction & Resurfacing of Park Boulevard, Acquisition of a Four-
Wheel Drive Vehicle and Renovations & Improvements to the Senior/
Recreation Center
765.00
$
11-03
Acquisition of Sport Utility Vehicles for the Police Department
724.35
1,489.35
$
Schedule of Bonds and Notes Authorized But Not Issued
As of December 31, 2016
GENERAL CAPITAL FUND
BOROUGH OF CLEMENTON
118
SUPPLEMENTAL EXHIBITS
WATER UTILITY FUND
Exhibit SD-1
BOROUGH OF CLEMENTON
WATER UTILITY FUND
Statement of Water Utility Cash and Investments
Per N.J.S.A. 40A: 5-5 - Treasurer
For the Year Ended December 31, 2016
Operating
Capital
Balance December 31, 2015
296,794.40
$
277,442.06
$
Increased by Receipts:
Miscellaneous Revenues
27,302.75
$
Consumer Accounts Receivable
770,126.46
Water Liens Receivable
3,644.49
Water Rental Overpayments
3,590.25
Water Rental Prepayments
9,081.85
Due Water Utility Operating Fund
367.24
$
Due Water Utility Capital Fund
367.24
814,113.04
367.24
1,110,907.44
277,809.30
Decreased by Disbursements:
2016 Appropriations
742,026.26
2015 Appropriation Reserves
31,166.32
Accrued Interest on Bonds and Notes
20,972.57
Improvement Authorizations
32,755.63
Contracts Payable
5,050.00
Due Current Fund
3,114.46
Due Water Utility Operating Fund
367.24
Due Sewer Utility Operating Fund
4,042.17
801,321.78
38,172.87
Balance December 31, 2016
309,585.66
$
239,636.43
$
11600
120
11600
Exhibit SD-2
BOROUGH OF CLEMENTON
WATER UTILITY CAPITAL FUND
Analysis of Water Utility Capital Cash
For the Year Ended December 31, 2016
Disbursements
Balance
Improvement
Balance
Dec. 31, 2015
Miscellaneous
Authorizations
Miscellaneous
Dec. 31, 2016
Improvement Authorizations:
09-19
Various Water Utility Improvements
5,937.06
$
5,937.06
$
11-10
Various Water Utility Improvements
46,320.13
46,320.13
Acquisition and Installation of Various Equipment for
14-10
the Water Department
225,000.00
30.88
$
224,969.12
15-04
Various Water Utility Improvements
(100,807.00)
32,724.75
(133,531.75)
Due Water Utility Operating Fund
367.24
$
367.24
$
Capital Improvement Fund
81,000.25
81,000.25
Contracts Payable
6,714.84
5,050.00
1,664.84
Reserve for Payment of Bonds
12,893.44
12,893.44
Fund Balance
383.34
383.34
277,442.06
$
367.24
$
32,755.63
$
5,417.24
$
239,636.43
$
Receipts
121
Exhibit SD-3
BOROUGH OF CLEMENTON
WATER UTILITY OPERATING FUND
Schedule of Change Funds
As of December 31, 2016
Office
Amount
Water Utility Clerk
75.00
$
Exhibit SD-4
WATER UTILITY CAPITAL FUND
Statement of Due to Water Utility Operating Fund
For the Year Ended December 31, 2016
Receipts:
Interest Earned on Investments
367.24
$
Decreased by:
Disbursements:
Interfund Loans Returned
367.24
$
11600
122
Exhibit SD-5
BOROUGH OF CLEMENTON
WATER UTILITY OPERATING FUND
Statement of Consumer Accounts Receivable
For the Year Ended December 31, 2016
Balance December 31, 2015
93,769.54
$
Increased by:
2016 Rents Levied (Net)
777,818.80
871,588.34
Decreased by:
Collections
770,126.46
$
Transferred to Water Utility Liens Receivable
390.52
Prepayments Applied
5,093.56
Overpayments Applied
4,085.32
779,695.86
Balance December 31, 2016
91,892.48
$
Exhibit SD-6
WATER UTILITY OPERATING FUND
Statement of Water Utility Liens Receivable
For the Year Ended December 31, 2016
Balance December 31, 2015
4,796.71
$
Increased by:
Interest and Costs on Tax Sale
125.86
$
Transfer from Consumer Accounts Receivable
390.52
516.38
5,313.09
Decreased by:
Collected
3,644.49
Balance December 31, 2016
1,668.60
$
11600
123
Exhibit SD-7
BOROUGH OF CLEMENTON
WATER UTILITY CAPITAL FUND
Balance
Description
Dec. 31, 2016
Costs of Acquiring Land
3,531.13
$
Land
7,445.00
Wells and Well Field Pumping
548,853.60
Hydraulic Power Structures
4,899.34
Pumping Station Structures
6,880.25
Electric Power Pumping Equipment
10,469.50
Gas Power Pumping Equipment
6,903.22
Storage Reservoir
41,863.79
Distribution Mains
305,567.66
Service
91,534.27
Meters
118,561.17
Fire Hydrants
7,791.88
General Structures
115,587.91
General Equipment
62,057.49
Booster Pumping Station
10,293.74
Automobile Equipment
12,234.88
Office Equipment
16,141.08
Backhoe Diagonal Loader
21,216.00
Trucks
38,978.00
Borough Garage Roof
16,746.87
Purchase of Computer
28,000.00
Emergency Generator for Well No. 9
264,000.00
Installation of a Water Main
56,497.60
Installation of Hydrant Valves, Roof of Sitely Ave. Pump Station; Pump Test
on Well No. 10; and Replacement of Fire Hydrant and Water Meter
16,000.00
Installation of Insertion Valves, a Chlorine System and Renovation of Water
Utility Building
50,000.00
Refurbishing of Well No. 9 and Purchase of Various Equipment
85,900.00
Acquisition of Various Equipment
43,000.00
Various Improvements to Water Utilities
34,000.00
Water Main Replacement of Chews Landing Road
125,000.00
Reconstruction of Well No. 10
89,925.00
Redevelopment of Well No. 10
14,075.00
Water Pipe Installation for West Atlantic Avenue
60,000.00
Replacement of Electrical System for Well No. 11
17,000.00
Replacement of Water Mains, Valves and Hydrants
532,282.45
Replacement of Motor and Generator for Well No. 9
59,465.09
Materials and Installation of New Water Mains
61,933.61
Purchase of a Backhoe, Replacement of Roofs for Well Nos. 9 & 10 Well House,
and Purchase of a Trench Box
68,377.68
Refurbish Well No. 10, Improvements to Garage, and Purchase of a Dump
Truck with Plow
76,241.59
Purchase of a 5-Yard Dump with Plow Package
89,232.71
Refurbish of Sitely Avenue Water Tower
201,243.02
Replacement of Water Mains Under Trenton Avenue and Brighton Avenue
178,927.24
Refurbish of Well No. 9
74,313.37
Repair Truck
52,714.95
(Continued)
11600
Schedule of Fixed Capital
As of December 31, 2016
124
Exhibit SD-7
BOROUGH OF CLEMENTON
WATER UTILITY CAPITAL FUND
Balance
Description
Dec. 31, 2016
11600
Schedule of Fixed Capital
As of December 31, 2016
Removal of Underground Storage Tank Well #10
14,995.24
$
Water Vehicle - F550
28,291.00
Water Main Piping and Hydrants
51,000.56
Engineering Studies
39,173.00
Water System Improvements
14,636.18
Air Compressor
1,550.00
Garage Lift
4,875.00
Renovations to the Water Garage
29,580.82
Water Meters, Accessories and Hydrants
17,000.00
Lincoln Ave Water Main Replacement
45,000.00
3,971,787.89
$
125
Exhibit SD-8
BOROUGH OF CLEMENTON
WATER UTILITY CAPITAL FUND
Schedule of Fixed Capital Authorized and Uncompleted
As of December 31, 2016
Ordinance
Balance
Number
Improvement Description
Date
Amount
Dec. 31, 2016
09-19
Various Water Utility Improvements
8/11/09
34,810.00
$
34,810.00
$
11-10
Various Water Utility Improvements
7/05/11
292,000.00
292,000.00
14-10
Acquisition and Installation of Various Equipment
for the Water Department
6/17/14
241,400.00
241,400.00
15-04
Various Water Utility Improvements
9/1/15
1,580,000.00
1,580,000.00
2,148,210.00
$
11600
126
Exhibit SD-9
Balance
Encumbered
Reserved
Disbursed
Lapsed
Operating:
Salaries and Wages
31,110.35
$
1,588.41
$
29,521.94
$
Other Expenses
32,605.05
$
19,032.44
29,577.91
22,059.58
Statutory Expenditures:
Contribution to:
Public Employees Retirement System
686.20
686.20
Social Security System (O.A.S.I.)
3,573.95
3,573.95
32,605.05
$
54,402.94
$
31,166.32
$
55,841.67
$
Balance December 31, 2015
11600
BOROUGH OF CLEMENTON
WATER UTILITY OPERATING FUND
Statement of Appropriation Reserves
For the Year Ended December 31, 2016
127
Exhibit SD-10
Balance December 31, 2015
4,085.32
$
Increased by:
Overpayments in 2016:
Collected
3,590.25
7,675.57
Decreased by:
Applied to Consumer Accounts Receivable
4,085.32
Balance December 31, 2016
3,590.25
$
Exhibit SD-11
Balance December 31, 2015
5,093.56
$
Increased by:
Collections--2017 Rents
9,081.85
14,175.41
Decreased by:
Applied to Consumer Accounts Receivable
5,093.56
Balance December 31, 2016
9,081.85
$
For the Year Ended December 31, 2016
WATER UTILITY OPERATING FUND
For the Year Ended December 31, 2016
11600
BOROUGH OF CLEMENTON
Statement of Water Rental Overpayments
WATER UTILITY OPERATING FUND
Statement of Water Rental Prepayments
128
Exhibit SD-12
BOROUGH OF CLEMENTON
WATER UTILITY CAPITAL FUND
Statement of Improvement Authorizations
For the Year Ended December 31, 2016
Balance
Balance
Ordinance
Number
Improvement Description
Date
Amount
Funded
Unfunded
Disbursed
Funded
Unfunded
09-19
Various Water Utility Improvements
8/11/09
38,410.00
$
5,937.06
$
69.00
$
5,937.06
$
69.00
$
11-10
Various Water Utility Improvements
7/05/11
292,000.00
46,320.13
1,630.00
46,320.13
1,630.00
14-10
Acquisition and Installation of Various Equipment for
the Water Department
6/17/14
241,400.00
225,000.00
30.88
$
224,969.12
15-04
Various Water Utility Improvements
9/1/15
1,580,000.00
1,479,193.00
32,724.75
1,446,468.25
277,257.19
$
1,480,892.00
$
32,755.63
$
277,226.31
$
1,448,167.25
$
11600
Dec. 31, 2015
Dec. 31, 2016
129
Exhibit SD-13
BOROUGH OF CLEMENTON
WATER UTILITY OPERATING FUND
Statement of Due from Current Fund
For the Year Ended December 31, 2016
Disbursed:
Interfund Loans Advanced
3,114.46
$
3,114.46
$
Exhibit SD-14
WATER UTILITY CAPITAL FUND
Statement of Contracts Payable
For the Year Ended December 31, 2016
Balance December 31, 2015
6,714.84
$
Decreased by:
Disbursed
5,050.00
Balance December 31, 2016
1,664.84
$
A detailed list of contracts payable is on file at the office of the Chief Financial Officer.
11600
Balance December 31, 2016
130
Exhibit SD-15
BOROUGH OF CLEMENTON
WATER UTILITY OPERATING FUND
For the Year Ended December 31, 2016
Balance December 31, 2015
8,229.28
$
Increased by:
Charged to:
Budget Appropriation:
Interest on Bonds
19,100.74
27,330.02
Decreased by:
Disbursements
20,972.57
Balance December 31, 2016
6,357.45
$
Analysis of Accrued Interest December 31, 2016
Principal
Outstanding
Interest
Number of
Dec. 31, 2016
Rate
From
To
Days
Amount
Serial Bonds:
120,000.00
$
3.7800%
8/1/16
12/31/16
150
1,890.00
$
58,000.00
3.0300%
10/1/16
12/31/16
90
439.35
463,000.00
2.6100%
9/1/16
12/31/16
120
4,028.10
6,357.45
$
11600
Statement of Interest on Bonds and Notes and Analysis of Balance
131
Exhibit SD-16
BOROUGH OF CLEMENTON
WATER UTILITY CAPITAL FUND
Statement of Reserve for Amortization
For the Year Ended December 31, 2016
Balance December 31, 2015
3,782,887.89
$
Increased by:
Serial Bonds Paid by Operating Budget
86,000.00
Balance December 31, 2016
3,868,887.89
$
11600
132
Exhibit SD-17
BOROUGH OF CLEMENTON
WATER UTILITY CAPITAL FUND
Schedule of Deferred Reserve for Amortization
As of December 31, 2016
Ordinance
Ordinance
Balance
Number
Improvement Description
Date
Amount
Dec. 31, 2016
09-19
Various Water Utility Improvements
8/11/09
34,810.00
$
1,741.00
$
11-10
Various Water Utility Improvements
7/05/11
14,600.00
14,600.00
14-10
Acquisition and Installation of Various Equipment for
the Water Department
6/17/14
12,070.00
12,070.00
28,411.00
$
11600
133
11600
Exhibit SD-18
BOROUGH OF CLEMENTON
WATER UTILITY CAPITAL FUND
For the Year Ended December 31, 2016
Maturities of Bonds
Outstanding
Paid
Date of
Original
Dec. 31, 2016
Interest
Balance
By Budget
Balance
Issue
Issue
Issue
Date
Amount
Rate
Dec. 31, 2015
Appropriation
Dec. 31, 2016
General Obligation Bonds - Series 2005
2-01-05
570,000.00
$
2-01-17
60,000.00
$
3.75%
2-01-18
60,000.00
3.80%
175,000.00
$
55,000.00
$
120,000.00
$
General Obligation Bonds - Series 2010
10-01-10
94,000.00
10-01-17
9,500.00
3.00%
10-01-18
9,500.00
3.00%
10-01-19
9,500.00
3.00%
10-01-20
9,500.00
3.00%
10-01-21
10,000.00
3.00%
10-01-22
10,000.00
3.15%
64,000.00
6,000.00
58,000.00
General Obligation Bonds - Series 2015
8-06-15
488,000.00
3-01-17
25,000.00
2.25%
3-01-18
30,000.00
2.25%
3-01-19
35,000.00
2.25%
3-01-20
40,000.00
2.50%
3-01-21
45,000.00
2.50%
3-01-22
45,000.00
2.50%
3-01-23
46,000.00
2.50%
3-01-24
47,000.00
3.00%
3-01-25
50,000.00
3.00%
3-01-26
50,000.00
3.00%
3-01-27
50,000.00
3.00%
488,000.00
25,000.00
463,000.00
727,000.00
$
86,000.00
$
641,000.00
$
Statement of Water Utility Serial Bonds
134
11600
Exhibit SD-19
BOROUGH OF CLEMENTON
WATER UTILITY CAPITAL FUND
As of December 31, 2016
Ordinance
Ordinance
Balance
Number
Improvement Description
Date
Dec. 31, 2016
09-19
Various Water Utility Improvements
8/11/09
69.00
$
11-10
Various Water Utility Improvements
7/5/11
1,630.00
15-04
Various Water Utility Improvements
9/1/15
1,580,000.00
1,581,699.00
$
Schedule of Bonds and Notes Authorized But Not Issued
135
SUPPLEMENTAL EXHIBITS
SEWER UTILITY FUND
Exhibit SE-1
BOROUGH OF CLEMENTON
SEWER UTILITY FUND
Statement of Sewer Utility Cash and Investments
Per N.J.S.A. 40A: 5-5 - Treasurer
For the Year Ended December 31, 2016
Operating
Capital
Balance December 31, 2015
332,219.69
$
502,367.36
$
Increased by Receipts:
Miscellaneous Revenues
16,527.56
$
Consumer Accounts Receivable
575,327.49
Sewer Liens Receivable
2,671.28
Sewer Rental Overpayments
2,744.32
Sewer Rental Prepayments
30,318.77
Due Sewer Utility Operating Fund
748.38
$
Due Sewer Utility Capital Fund
6,048.38
Due Water Utility Operating Fund
4,042.17
637,679.97
748.38
969,899.66
503,115.74
Decreased by Disbursements:
2016 Appropriations
561,340.62
2015 Appropriation Reserves
14,858.50
Accrued Interest on Bonds and Notes
24,755.56
Due Sewer Utility Operating Fund
6,048.38
Improvement Authorizations
4,112.88
Due to Current Fund
42,933.54
643,888.22
10,161.26
Balance December 31, 2016
326,011.44
$
492,954.48
$
11600
137
11600
Exhibit SE-2
BOROUGH OF CLEMENTON
SEWER UTILITY CAPITAL FUND
Analysis of Sewer Utility Capital Cash
For the Year Ended December 31, 2016
Disbursements
Balance
Improvement
Balance
Dec. 31, 2015
Miscellaneous
Authorizations
Miscellaneous
From
To
Dec. 31, 2016
Improvement Authorizations:
11-11
Various Sewer Utility Improvements and the
Acquisition of Equipment
104,974.26
$
5,300.00
$
110,274.26
$
14-10
Acquisition and Installation of Various
Equipment for the Sewer Department
343,231.74
4,112.88
$
339,118.86
Due Sewer Utility Operating Fund
748.38
$
6,048.38
$
5,300.00
Contracts Payable
5,300.00
5,300.00
$
Reserve for Payment of Bonds
10,599.21
5,300.00
5,299.21
Capital Improvement Fund
37,250.00
37,250.00
Fund Balance
1,012.15
1,012.15
502,367.36
$
748.38
$
4,112.88
$
6,048.38
$
10,600.00
$
10,600.00
$
492,954.48
$
Transfers
Receipts
138
Exhibit SE-3
BOROUGH OF CLEMENTON
SEWER UTILITY OPERATING FUND
Schedule of Change Funds
As of December 31, 2016
Office
Amount
Sewer Utility Clerk
75.00
$
Exhibit SE-4
SEWER UTILITY OPERATING FUND
Statement of Due from Current Fund
For the Year Ended December 31, 2016
Disbursed:
Interfund Loans Advanced
42,933.54
$
Decreased by:
Current Fund Anticipated Revenue:
Fund Balance
40,000.00
Balance December 31, 2016
2,933.54
$
11600
139
Exhibit SE-5
BOROUGH OF CLEMENTON
SEWER UTILITY OPERATING FUND
Statement of Consumer Accounts Receivable
For the Year Ended December 31, 2016
Balance December 31, 2015
55,873.76
$
Increased by:
2016 Sewer Service Charges (Net)
602,057.42
657,931.18
Decreased by:
Collections
575,327.49
$
Transferred to Sewer Utility Liens Receivable
990.04
Prepayments Applied
25,593.64
Overpayments Applied
580.87
602,492.04
Balance December 31, 2016
55,439.14
$
11600
140
Exhibit SE-6
BOROUGH OF CLEMENTON
SEWER UTILITY OPERATING FUND
Statement of Sewer Utility Liens Receivable
For the Year Ended December 31, 2016
Balance December 31, 2015
3,901.07
$
Increased by:
Interest and Costs on Tax Sale
189.24
$
Transfer from Consumer Accounts Receivable
990.04
1,179.28
5,080.35
Decreased by:
Collected
2,671.28
Balance December 31, 2016
2,409.07
$
11600
141
Exhibit SE-7
BOROUGH OF CLEMENTON
Receipts:
Interest Earned on Deposits
748.38
$
Sewer Utility Operating Fund Anticipated Revenue:
Reserve for Payment of Bonds
5,300.00
6,048.38
Decreased by:
Interfund Loan Returned
6,048.38
$
Exhibit SE-8
Balance
Encumbered
Reserved
Disbursed
Lapsed
Operating:
Salaries and Wages
19,913.99
$
1,588.41
$
18,325.58
$
Other Expenses
13,355.12
$
5,139.67
13,270.09
5,224.70
Statutory Expenditures:
Contribution to:
Public Employees Retirement System
617.58
617.58
Social Security System (O.A.S.I.)
4,832.73
4,832.73
13,355.12
$
30,503.97
$
14,858.50
$
29,000.59
$
11600
SEWER UTILITY CAPITAL FUND
Statement of Due to Sewer Operating Fund
For the Year Ended December 31, 2016
SEWER UTILITY OPERATING FUND
Statement of Appropriation Reserves
For the Year Ended December 31, 2016
Balance December 31, 2015
142
Exhibit SE-9
Balance
Description
Dec. 31, 2016
Property, Equipment and Other Facilities Acquired and Constructed Under
Clementon Sewerage Authority Bond Resolution Dated March 1, 1961
1,390,712.28
$
Property, Equipment and Other Facilities Acquired and Constructed Under
Clementon Sewerage Authority Bond Resolution Dated September 1, 1985
825,000.00
Garfield Avenue Main Replacement
180,763.03
Pump Station Rehabilitations
307,639.59
Grand Expansion
136,734.64
Yard Grading and Paving Project
22,000.00
Wallace Avenue Main Replacement
95,600.82
Park Avenue and Erial Road Pump Station
Upgrades and Sanitary Sewer Replacements
48,383.00
Refurbish Park Avenue Pump Station
218,147.26
Repair Sewer Mains
12,872.08
Emergency Bypass Pump
31,505.00
Site Emergency Generator
31,723.09
Evanson Avenue Pump Station
264,792.41
Renovations to Sewer Garage
30,578.80
Sewer Plow Truck
37,779.58
Four Wheel Drive Vehicle
18,500.00
3,652,731.58
$
11600
BOROUGH OF CLEMENTON
SEWER UTILITY CAPITAL FUND
Schedule of Fixed Capital
As of December 31, 2016
143
Exhibit SE-10
SEWER UTILITY CAPITAL FUND
Schedule of Fixed Capital Authorized and Uncompleted
As of December 31, 2016
Ordinance
Balance
Number
Improvement Description
Date
Amount
Dec. 31, 2016
11-11
Various Sewer Utility Improvements and the Acquisition of
Equipment
7/05/11
561,000.00
$
561,000.00
$
14-10
Acquisition and Installation of Various Equipment for the
Sewer Department
6/17/14
363,000.00
363,000.00
924,000.00
$
11600
BOROUGH OF CLEMENTON
144
Exhibit SE-11
Balance December 31, 2015
580.87
$
Increased by:
Overpayments in 2016
2,744.32
3,325.19
Decreased by:
Applied to Consumer Accounts Receivable
580.87
Balance December 31, 2016
2,744.32
$
Exhibit SE-12
Balance December 31, 2015
25,593.64
$
Increased by:
Collections--2017 Rents
30,318.77
55,912.41
Decreased by:
Applied to Consumer Accounts Receivable
25,593.64
Balance December 31, 2016
30,318.77
$
Statement of Sewer Rental Prepayments
For the Year Ended December 31, 2016
SEWER UTILITY OPERATING FUND
For the Year Ended December 31, 2016
11600
BOROUGH OF CLEMENTON
Statement of Sewer Rental Overpayments
SEWER UTILITY OPERATING FUND
145
Exhibit SE-13
BOROUGH OF CLEMENTON
SEWER UTILITY CAPITAL FUND
Contracts
Ordinance
Payable
Number
Improvement Description
Date
Amount
Funded
Unfunded
Disbursed
Canceled
Funded
Unfunded
11-11
Various Sewer Utility Improvements and
the Acquisition of Equipment
7/05/11
561,000.00
$
104,974.26
$
984.09
$
5,300.00
$
110,274.26
$
984.09
$
14-10
Acquisition and Installation of Various
Equipment for the Sewer Department
6/17/14
363,000.00
343,231.74
4,112.88
$
339,118.86
448,206.00
$
984.09
$
4,112.88
$
5,300.00
$
449,393.12
$
984.09
$
Dec. 31, 2015
Dec. 31, 2016
11600
Statement of Improvement Authorizations
For the Year Ended December 31, 2016
Balance
Balance
146
Exhibit SE-14
BOROUGH OF CLEMENTON
SEWER UTILITY OPERATING FUND
For the Year Ended December 31, 2016
Balance December 31, 2015
9,183.88
$
Increased by:
Charged to:
Budget Appropriation:
Interest on Bonds
22,859.58
32,043.46
Decreased by:
Disbursements
24,755.56
Balance December 31, 2016
7,287.90
$
Analysis of Accrued Interest December 31, 2016
Principal
Outstanding
Interest
Number of
Dec. 31, 2016
Rate
From
To
Days
Amount
Serial Bonds:
12,000.00
$
3.7500%
8/01/16
12/31/16
150
187.50
$
28,000.00
3.0000%
10/01/16
12/31/16
90
210.00
792,000.00
2.6100%
9/1/16
12/31/16
120
6,890.40
7,287.90
$
11600
Statement of Interest on Bonds and Notes and Analysis of Balance
147
Exhibit SE-15
BOROUGH OF CLEMENTON
SEWER UTILITY CAPITAL FUND
Schedule of Deferred Reserve for Amortization
As of December 31, 2016
Ordinance
Ordinance
Balance
Number
Improvement Description
Date
Amount
Dec. 31, 2016
11-11
Various Sewer Utility Improvements and
the Acquisition of Equipment
7/05/11
28,050.00
$
28,050.00
$
14-10
Acquisition and Installation of Various Equipment for the
Sewer Department
6/17/14
18,150.00
18,150.00
46,200.00
$
11600
148
Exhibit SE-16
BOROUGH OF CLEMENTON
SEWER UTILITY CAPITAL FUND
Statement of Reserve for Amortization
For the Year Ended December 31, 2016
Balance December 31, 2015
3,636,547.49
$
Increased by:
Serial Bonds Paid by Operating Budget
61,000.00
Balance December 31, 2015
3,697,547.49
$
Exhibit SE-17
SEWER UTILITY CAPITAL FUND
Statement of Contracts Payable
For the Year Ended December 31, 2016
Balance December 31, 2015
5,300.00
$
Decreased by:
Canceled
5,300.00
$
Exhibit SE-18
SEWER UTILITY CAPITAL FUND
Statement of Reserve for Payment of Bonds
For the Year Ended December 31, 2016
Balance December 31, 2015
10,599.21
$
Decreased by:
Realized as Revenue in Sewer Utility Operating Fund
5,300.00
Balance December 31, 2016
5,299.21
$
11600
149
11600
Exhibit SE-19
BOROUGH OF CLEMENTON
SEWER UTILITY CAPITAL FUND
For the Year Ended December 31, 2016
Maturities of Bonds
Outstanding
Paid
Date of
Original
Dec. 31, 2016
Interest
Balance
By Budget
Balance
Issue
Issue
Issue
Date
Amount
Rate
Dec. 31, 2015
Appropriation
Dec. 31, 2016
General Obligation Bonds - Series 2005
2-01-05
106,000.00
$
2-01-17
12,000.00
$
3.75%
24,000.00
$
12,000.00
$
12,000.00
$
General Obligation Bonds - Series 2010
10-01-10
52,000.00
10-01-17
5,500.00
3.00%
10-01-18
5,500.00
3.00%
10-01-19
5,500.00
3.00%
10-01-20
5,500.00
3.00%
10-01-21
6,000.00
3.00%
32,000.00
4,000.00
28,000.00
General Obligation Bonds - Series 2015
8-06-15
837,000.00
3-01-17
45,000.00
2.25%
3-01-18
55,000.00
2.25%
3-01-19
60,000.00
2.25%
3-01-20
60,000.00
2.50%
3-01-21
70,000.00
2.50%
3-01-22
75,000.00
2.50%
3-01-23
79,000.00
2.50%
3-01-24
83,000.00
3.00%
3-01-25
85,000.00
3.00%
3-01-26
90,000.00
3.00%
3-01-27
90,000.00
3.00%
837,000.00
45,000.00
792,000.00
893,000.00
$
61,000.00
$
832,000.00
$
Statement of Sewer Utility Serial Bonds
150
11600
Exhibit SE-20
Ordinance
Balance
Number
Improvement Description
Dec. 31, 2016
11-11
Various Sewer Utility Improvements and
the Acquisition of Equipment
984.09
$
BOROUGH OF CLEMENTON
SEWER UTILITY CAPITAL FUND
Schedule of Bonds and Notes Authorized But Not Issued
As of December 31, 2016
151
PART II
SCHEDULE OF FINDINGS AND RECOMMENDATIONS
FOR THE YEAR ENDED DECEMBER 31, 2016
11600
BOROUGH OF CLEMENTON
Schedule of Findings and Recommendations
For the Year Ended December 31, 2016
Schedule of Financial Statement Findings
This section identifies the significant deficiencies, material weaknesses, and instances of noncompliance related
to the financial statements that are required to be reported in accordance with Government Auditing Standards
and with audit requirements as prescribed by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey.
None.
153
11600
BOROUGH OF CLEMENTON
Summary Schedule of Prior Year Audit Findings
and Recommendations as Prepared by Management
This section identifies the status of prior year findings related to the financial statements that are required to be
reported in accordance with Government Auditing Standards.
FINANCIAL STATEMENT FINDINGS
None.
154
11600
The following officials were in office during the period under audit:
Amount of
Name
Title
Surety Bond
Thomas Weaver
Mayor
Christine Nucera
Council President
Jonathan Fisher
Councilman
Mark E. Armbruster
Councilman
Carol Andrews
Councilwoman
Meghan Milano
Councilwoman
Gordon Shaeffer
Councilman to October 11, 2016
Thomas Shaw
Councilman from October 11, 2016
Nicholas Tocco
Chief Financial Officer
1,000,000.00
$
(A)
Joann Watson
Tax Collector
1,000,000.00
(C)
Joann DiBattista
Water/Sewer Clerk
1,000,000.00
(A)
Margaret Giordano
Clerk
1,000,000.00
(A)
Jenai Johnson
Borough Clerk, Dog License Clerk, Registrar of Vital
Statistics, Borough Administrator, Municipal Search Officer
1,000,000.00
(A)
Margie Pierce
Clerk/Deputy Registrar
1,000,000.00
(A)
Warren Richards
Housing Inspector
1,000,000.00
(A)
Adrianne Guernon
Deputy Borough Clerk
1,000,000.00
(A)
George Singley
Municipal Magistrate
1,000,000.00
(B)
Donna Carns
Court Administrator
1,000,000.00
(B)
Kathleen Buchhofer
Deputy Court Administrator, Construction Clerk
1,000,000.00
(A)
Charles Warrington
Assessor
1,000,000.00
(A)
George Botcheos
Solicitor
(A) Covered by the Public Employee Dishonesty Coverage in the amount of $50,000 written by the
Camden County Municipal Joint Insurance Fund and the Excess Public Employee Dishonesty
Coverage in the amount of $950,000 written by the Municipal Excess Liability Joint Insurance Fund.
(B) Covered by the Excess Public Officials Bond Coverage in the amount of $1,000,000 written by the
Municipal Excess Liability Joint Insurance Fund.
(C) Covered by the Primary Statutory Positions Bond Coverage in the amount of $1,000,000 written by the
Municipal Excess Liability Joint Insurance Fund.
All of the Bonds were examined and properly executed.
BOROUGH OF CLEMENTON
Officials in Office and Surety Bonds
155
11600
APPRECIATION
I express my appreciation for the assistance and courtesies rendered by the Borough officials during the course of
the audit.
Respectfully submitted,
BOWMAN & COMPANY LLP
Certified Public Accountants
& Consultants
Todd R. Saler
Certified Public Accountant
Registered Municipal Accountant
156
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"...nd Recommendations 153 Summary Schedule of Prior Year Audit Findings and Recommendations as Prepared by Management 154 OFFICIALS IN OFFICE AND SURETY BONDS 155 APPRECIATION 156 BOROUGH OF CLEMENTON PART I REPORT OF AUDIT OF FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2016 INDEPENDENT AU..."
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