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Executive Summary
The Borough of Clementon's audit report for the year ended December 31, 2023, contains the independent auditor's report, financial statements, and supplementary information. The audit was conducted 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. The auditor expressed unmodified opinions on the regulatory basis financial statements, but an adverse opinion on accounting principles generally accepted in the United States of America.
The audit report also covers the Borough's internal control over financial reporting and compliance with laws, regulations, contracts, and grant agreements. The supplementary information includes statements and schedules for various funds and a schedule of expenditures of federal awards, all fairly stated in relation to the basic financial statements. Additionally, the report includes a section on single audit findings for the year ended December 31, 2023, assessing compliance with compliance requirements for federal awards.
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--- Document: 2023 Audit Report Clementon Borough Draft 8.13.2024. Document ---
BOROUGH OF CLEMENTON
COUNTY OF CAMDEN
REPORT OF AUDIT
FOR THE YEAR ENDED DECEMBER 31, 2023
Draft 8.13.2024
BOROUGH OF CLEMENTON
PART I
REPORT OF AUDIT OF FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Draft 8.13.2024
INDEPENDENT AUDITOR'S REPORT
The Honorable Mayor and
Members of the Borough Council
Borough of Clementon
Clementon, New Jersey 08021
Report on the Audit of the Financial Statements
Opinions
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, 2023 and 2022, and the related statements of operations and changes in reserve for future use and 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, 2023, and the related notes to the financial statements, which collectively comprise the
Borough’s basic financial statements as listed in the table of contents.
Unmodified Opinions on Regulatory Basis of Accounting
In our opinion, the accompanying financial statements referred to above 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, 2023 and 2022, and the results of its operations
and changes in reserve for future use and 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, 2023, 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.
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 section of our report, the accompanying financial
statements referred to above do not present fairly the financial position of the Borough of Clementon, in the County
of Camden, State of New Jersey, as of December 31, 2023 and 2022, or the results of its operations and changes
in reserve for future use and fund balance for the years then ended in accordance with accounting principles
generally accepted in the United States of America.
Basis for Opinions on Regulatory Basis of Accounting
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, 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. Our responsibilities under those standards are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent
of the Borough and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements
relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinions.
Draft 8.13.2024
11600
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 and pervasive.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with the financial reporting provisions of the Division of Local Government Services, Department of Community
Affairs, State of New Jersey. Management is also responsible for the design, implementation, and maintenance of
internal control relevant to the preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events,
considered in the aggregate, that raise substantial doubt about the Borough’s ability to continue as a going concern
for twelve months beyond the financial statement date, including any currently known information that may raise
substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee
that an audit conducted in accordance with auditing standards generally accepted in the United States of America
and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they
would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with auditing standards generally accepted in the United States of America
and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the Borough’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Borough’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified
during the audit.
Draft 8.13.2024
11600
Supplementary 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 accompanying 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 accompanying schedule of expenditures of federal awards is
presented for purposes of additional analysis as required by Title 2 U.S. Code of Federal Regulations (CFR) Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform
Guidance), and is also not a required part of the basic financial statements.
Such information is the responsibility of management and was derived from and relates directly to the underlying
accounting and other records used to prepare the basic financial statements. The information has been subjected
to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures,
including comparing and reconciling such information directly to the underlying accounting and other records used
to prepare the basic financial statements or to the basic financial statements themselves, and other additional
procedures in accordance with auditing standards generally accepted in the United States of America. In our
opinion, the accompanying supplemental statements and schedules, and schedule of expenditures of federal
awards are fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated August 16, 2024 on our
consideration of the Borough of Clementon’s 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 solely to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Borough of
Clementon’s 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
August 16, 2024
Draft 8.13.2024
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 statement audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States, and 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, 2023, and the related notes to the financial statements, which collectively comprise
the Borough’s basic financial statements, and have issued our report thereon dated August 16, 2024. 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.
Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Borough’s internal control over
financial reporting (internal control) as a basis for designing 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’s internal control. Accordingly, we do not express an
opinion on the effectiveness of the Borough’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 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 or significant deficiencies may exist that were
not identified.
Draft 8.13.2024
11600
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Borough’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 financial statements.
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, and federal awarding agencies and pass-through entities, 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
August 16, 2024
Draft 8.13.2024
Exhibit A
BOROUGH OF CLEMENTON
CURRENT FUND
Statements of Assets, Liabilities, Reserves and Fund Balances - Regulatory Basis
As of December 31, 2023 and 2022
Ref.
2023
2022
ASSETS
Regular Fund:
Cash--Treasurer
SA-1
3,013,947.69
$
3,264,054.17
$
Cash--Change Funds
SA-2
175.00
175.00
Due from State of New Jersey:
Veterans' and Senior Citizens' Deductions
SA-8
8.17
3,014,122.69
3,264,237.34
Receivables and Other Assets with Full Reserves:
Property Acquired for Taxes - Assessed Valuation
A
984,600.00
984,600.00
Taxes Receivable
SA-4
508,169.48
441,835.43
Tax Title Liens Receivable
SA-5
616,749.73
542,855.62
Revenue Accounts Receivable
SA-6
16,867.42
21,129.49
Due from Animal Control Fund
SB-3
20,430.95
1,010.84
Due from Trust Other Fund
SB-6
11,782.90
Due from General Capital Fund
SC-5
2,834.53
1,365.18
Due from Water Utility Operating Fund
SD-12
21,000.00
2,149,652.11
2,025,579.46
Deferred Charges:
Emergency Authorizations (N.J.S.A. 40A:4-46)
A-3
55,000.00
-
55,000.00
5,163,774.80
5,344,816.80
Federal and State Grant Fund:
Cash--Treasurer
SA-1
170,534.30
408,303.85
Federal and State Grants Receivable
SA-18
2,183,811.14
1,472,421.14
2,354,345.44
1,880,724.99
7,518,120.24
$
7,225,541.79
$
(Continued)
11600
Draft 8.13.2024
Exhibit A
BOROUGH OF CLEMENTON
CURRENT FUND
Statements of Assets, Liabilities, Reserves and Fund Balances - Regulatory Basis
As of December 31, 2023 and 2022
Ref.
2023
2022
11600
LIABILITIES, RESERVES AND FUND BALANCE
Regular Fund:
Appropriation Reserves
A-3; SA-7
475,807.60
$
646,789.83
$
Reserve for Encumbrances
A-3; SA-7
49,412.89
137,793.13
Accounts Payable
SA-9
15,834.00
11,391.01
Prepaid Taxes
SA-10
77,691.10
96,994.19
Tax Overpayments
SA-11
16,274.02
5,894.27
Due to State of New Jersey:
State Training Fees
SA-12
1,772.00
3,228.00
Marriage & Civil Union Fees and Burial Permits
SA-13
150.00
225.00
Veterans' and Senior Citizens' Deductions
SA-8
241.83
Due County for Added and Omitted Taxes
SA-16
3,582.13
31,340.39
Local School District Taxes Payable
SA-17
0.48
Due to Trust Other Funds
SB-6
2,418.27
Due to Municipal Open Space Trust Fund
SB-8
51,489.35
51,004.86
Reserve for Municipal Relief Fund Aid
SA-1; A-2
44,911.48
22,460.74
Reserve for Tax Map Digitization
A
584.00
584.00
Reserve for Fire Hall Roof
A
4,000.00
4,000.00
Reserve for Library Aid
A
559.00
559.00
Road Appropriation Reserves--State Aid Projects
A
4,237.99
4,237.99
748,965.66
1,016,502.89
Reserves for Receivables
A
2,149,652.11
2,025,579.46
Fund Balance
A-1
2,265,157.03
2,302,734.45
5,163,774.80
5,344,816.80
Federal and State Grant Fund:
Reserve for Federal and State Grants:
Unappropriated
SA-19
6,459.82
7,741.55
Appropriated
SA-20
1,757,327.27
1,292,792.30
Reserve for Encumbrances
SA-20
71,716.35
61,349.14
Due to Water Utility Capital Fund
D
518,842.00
518,842.00
2,354,345.44
1,880,724.99
7,518,120.24
$
7,225,541.79
$
The accompanying Notes to Financial Statements are an integral part of these statements.
Draft 8.13.2024
Exhibit A-1
BOROUGH OF CLEMENTON
CURRENT FUND
Statements of Operations and Changes in Fund Balance - Regulatory Basis
For the Years Ended December 31, 2023 and 2022
2023
2022
Revenue and Other Income Realized:
Fund Balance Utilized
1,250,000.00
$
1,078,700.00
$
Miscellaneous Revenues Anticipated
2,117,313.78
2,057,234.92
Receipts from Delinquent Taxes
400,576.63
316,474.12
Receipts from Current Taxes
10,869,368.39
10,644,583.58
Nonbudget Revenues
163,345.97
96,773.78
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
609,084.27
678,665.57
Statutory Excess in Animal Control Fund
19,331.32
Cancelation of:
Reserve for Federal, State and Local Grants - Appropriated
25,000.00
32,210.57
Reserve for Community Development Block Grant Program -
Due Trust Other Funds
25,575.32
Due to State of NJ - State Training Fees
1,773.00
Accounts Payable
3,223.48
Liquidation of Reserves for:
Interfunds:
Due Trust Other Fund
11,782.90
12,195.22
Due General Capital Fund
24,311.04
Due Sewer Operating Fund
21,000.00
6,090.00
15,491,799.74
14,972,814.12
Expenditures:
Budget and Emergency Appropriations:
Appropriations Within "CAPS"
Operations:
Salaries and Wages
2,180,100.00
2,135,077.00
Other Expenses
2,388,291.00
2,311,834.02
Deferred Charges and Statutory Expenditures
584,139.39
565,459.80
Appropriations Excluded from "CAPS"
Operations:
Salaries and Wages
95,962.00
95,962.00
Other Expenses
308,257.17
104,081.52
Capital Improvements
1,064,770.00
1,005,000.00
Municipal Debt Service
744,413.35
629,253.37
Deferred Charges
55,000.00
19,600.00
(Continued)
11600
Draft 8.13.2024
Exhibit A-1
BOROUGH OF CLEMENTON
CURRENT FUND
Statements of Operations and Changes in Fund Balance - Regulatory Basis
For the Years Ended December 31, 2023 and 2022
2023
2022
11600
Expenditures (Cont'd):
County Taxes
2,279,187.27
$
2,181,054.82
$
Municipal Open Space Taxes
51,489.35
51,004.86
Due County for Added and Omitted Taxes
3,582.13
31,340.39
Local District School Tax
4,502,490.00
4,457,911.00
Senior Citizens Deductions Disallowed - Prior Year Taxes
750.00
1,917.81
Refund of Prior Year Revenue
56.04
Cancelation of:
Federal, State and Local Grants Receivable
26,827.77
Community Development Block Grant Receivable -
Due Trust Other Funds
15,477.66
Creation of Reserves:
Due Animal Control Fund
19,420.11
15.14
Due General Capital Fund
1,469.35
Due Water Utility Operating Fund
21,000.00
14,279,377.16
13,652,817.16
Excess in Revenues
1,212,422.58
1,319,996.96
Adjustments to Income before Fund Balance:
Expenditures included above which are by Statute
Deferred Charges to Budget of Succeeding Year
-
55,000.00
Statutory Excess to Fund Balance
1,212,422.58
1,374,996.96
Fund Balance January 1
2,302,734.45
2,006,437.49
3,515,157.03
3,381,434.45
Decreased by:
Utilization as Anticipated Revenue
1,250,000.00
1,078,700.00
Fund Balance December 31
2,265,157.03
$
2,302,734.45
$
The accompanying Notes to Financial Statements are an integral part of these statements.
Draft 8.13.2024
Exhibit A-2
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Revenues - Regulatory Basis
For the Year Ended December 31, 2023
Anticipated
Special
Excess or
Budget
N.J.S.A. 40A:4-87
Realized
(Deficit)
Fund Balance Anticipated
1,250,000.00
$
-
1,250,000.00
$
-
Miscellaneous Revenues:
Licenses:
Alcoholic Beverages
7,500.00
11,815.37
4,315.37
$
Other
33,500.00
75,752.00
42,252.00
Fees and Permits
122,000.00
130,816.08
8,816.08
Fines and Costs:
Municipal Court
34,000.00
51,930.99
17,930.99
Interest and Costs on Taxes
92,000.00
107,804.08
15,804.08
Consolidated Municipal Property Tax Relief Aid
Energy Receipts Tax (P.L. 1997, Chapters 162 & 167)
433,556.00
433,556.33
0.33
Reserve for Municipal Aid Relief Fund
22,460.74
22,460.74
Uniform Construction Code Fees
75,000.00
88,594.40
13,594.40
Public and Private Revenues Offset With Appropriations:
Recycling Tonnage Grant
8,203.58
8,203.58
Clean Communities Program
12,735.43
$
12,735.43
Body Armor Replacement Fund
2,241.52
2,241.52
Safe and Secure Communities Program
19,558.00
19,558.00
Stormwater Assistant Grant
25,000.00
25,000.00
NJDOT Municipal Aid Program
189,770.00
189,770.00
Community Development Block Grant
419,000.00
419,000.00
Sumner Police Grant
5,000.00
5,000.00
Adopt a Road Mini Grant
500.00
500.00
Safe Streets to Transit
416,000.00
416,000.00
ARP Firefighters Grant
50,000.00
50,000.00
American Rescue Plan
0.03
0.03
(Continued)
11600
Draft 8.13.2024
Exhibit A-2
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Revenues - Regulatory Basis
For the Year Ended December 31, 2023
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
25,000.00
$
46,575.23
$
21,575.23
$
Total Miscellaneous Revenues
1,346,519.87
$
646,505.43
$
2,117,313.78
124,288.48
Receipts from Delinquent Taxes
250,000.00
-
400,576.63
150,576.63
Subtotal General Revenues
2,846,519.87
646,505.43
3,767,890.41
274,865.11
Amount to be Raised by Taxes for Support of Municipal Budget--
Local Tax for Municipal Purposes Including Reserve for Uncollected Taxes
4,557,514.13
-
4,659,655.83
102,141.70
Budget Totals
7,404,034.00
646,505.43
8,427,546.24
377,006.81
Nonbudget Revenues
-
-
163,345.97
163,345.97
7,404,034.00
$
646,505.43
$
8,590,892.21
$
540,352.78
$
(Continued)
Draft 8.13.2024
Exhibit A-2
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Revenues - Regulatory Basis
For the Year Ended December 31, 2023
Analysis of Realized Revenue:
Allocation of Current Tax Collections:
Revenue from Collections
10,869,368.39
$
Allocated to:
School, County and Municipal Open Space Taxes
6,836,748.75
Balance for Support of Municipal Budget Revenues
4,032,619.64
Add:
Appropriation: "Reserve for Uncollected Taxes"
627,036.19
Amount for Support of Municipal Budget Appropriations
4,659,655.83
$
Receipts from Delinquent Taxes:
Tax Title Lien Collections
3,926.82
$
Delinquent Tax Collections
396,649.81
400,576.63
$
Licenses--Other:
Amusement Games
2,000.00
$
Bingo Raffle
280.00
Marriage
78.00
Mercantile
5,193.00
Registrar
534.00
Vacant Property
67,667.00
75,752.00
$
Fees and Permits:
Apartment Code Inspection
8,570.00
$
Cable Franchise Fees
15,366.19
Certificates of Occupancy Fees
7,480.00
Other
400.00
Rental Registration Fees
14,510.00
Street Opening Fees
1,575.00
Tower Rental Fees
81,864.89
Variance Fees
1,050.00
130,816.08
$
(Continued)
11600
Draft 8.13.2024
Exhibit A-2
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Revenues - Regulatory Basis
For the Year Ended December 31, 2023
11600
Analysis of Non-Budget Revenue:
Miscellaneous Revenue not Anticipated:
Revenue Accounts Receivable:
Interest Earned on Deposits:
Collected
69,073.56
$
Interfunds Receivable
6,310.36
75,383.92
$
Treasurer:
Sale of Borough Assets
12,950.00
Municipal Facility Rentals
22,100.00
200' List
120.00
JIF Safety Award
1,500.00
Return Check Fee
420.00
Scrap Metal Proceeds
4,212.20
Firearms ID/Permit
4,131.00
Police Reports
1,080.00
Yard Sale
100.00
Conrail Right of Way
500.00
Insurance Refunds
7,785.76
Various Refunds
877.78
Legal Settlement
17,414.03
Miscellaneous Other
949.78
NJDOT Inspection Fines
1,700.00
Assignment
5,728.75
Administrative Fees:
Senior Citizens' and Veterans Deductions
675.00
82,244.30
Due Trust Other Funds:
Administrative Fees:
Police Outside Services
5,717.75
5,717.75
163,345.97
$
The accompanying Notes to Financial Statements are an integral part of this statement.
Draft 8.13.2024
Exhibit A-3
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
OPERATIONS WITHIN "CAPS"
GENERAL GOVERNMENT:
Administrative
Salaries and Wages
14,900.00
$
15,700.00
$
15,688.24
$
11.76
$
Other Expenses
7,750.00
7,750.00
6,000.00
1,750.00
Mayor and Council
Salaries and Wages
26,000.00
52,000.00
52,000.00
Other Expenses
4,100.00
4,100.00
1,381.80
15.00
$
2,703.20
Municipal Clerk
Salaries and Wages
128,000.00
131,000.00
127,175.56
693.00
3,131.44
Other Expenses
42,700.00
42,700.00
15,667.85
1,129.79
25,902.36
Elections
Other Expenses
3,000.00
3,000.00
2,291.54
708.46
Financial Administration
Salaries and Wages
80,100.00
80,100.00
78,794.94
1,305.06
Other Expenses
22,150.00
22,150.00
15,871.51
170.11
6,108.38
Audit Services
Other Expenses
35,000.00
35,000.00
35,000.00
Collection of Taxes
Salaries and Wages
74,100.00
74,100.00
72,702.54
1,397.46
Other Expenses
9,300.00
9,300.00
8,194.25
26.04
1,079.71
Assessment of Taxes
Salaries and Wages
12,600.00
12,600.00
12,600.00
Other Expenses
4,450.00
4,450.00
3,365.48
1,084.52
Legal Services and Costs
Other Expenses
90,000.00
53,800.00
22,778.08
80.00
30,941.92
Engineering Services and Costs
Other Expenses
40,000.00
40,000.00
30,559.75
9,440.25
Economic Development
Other Expenses
100.00
100.00
100.00
Historic Commission
Other Expenses
100.00
100.00
100.00
Maintenance of Foreclosed Property
Other Expenses
1,100.00
1,100.00
1,100.00
(Continued)
Appropriations
Expended
11600
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Expenditures - Regulatory Basis
For the Year Ended December 31, 2023
Draft 8.13.2024
Exhibit A-3
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
Appropriations
Expended
11600
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Expenditures - Regulatory Basis
For the Year Ended December 31, 2023
OPERATIONS WITHIN "CAPS" (CONT'D)
GENERAL GOVERNMENT (CONT'D):
Liquidation of Tax Title Liens and Foreclosed Property
Other Expenses
1.00
$
1.00
$
1.00
$
LAND USE ADMINISTRATION:
Planning Board
Salaries and Wages
15,000.00
15,000.00
12,889.87
$
2,110.13
Other Expenses
2,170.00
2,170.00
2,100.53
15.78
$
53.69
INSURANCE:
General Liability
258,315.00
258,315.00
258,315.00
Workers Compensation
Employee Group Health
629,680.00
629,680.00
598,290.19
31,389.81
Health Benefit Waiver
7,000.00
7,000.00
4,297.50
2,702.50
PUBLIC SAFETY:
Police
Salaries and Wages
1,414,700.00
1,414,700.00
1,399,926.18
14,773.82
Other Expenses
139,500.00
139,500.00
102,992.80
7,858.30
28,648.90
Office of Emergency Management
Salaries and Wages
3,600.00
3,600.00
3,150.00
450.00
Other Expenses
2,000.00
2,000.00
401.45
1,598.55
First Aid
Contribution to Pine Hill
1.00
8,101.00
7,333.37
767.63
Fire
Salaries and Wages
5,500.00
5,500.00
5,000.00
500.00
Other Expenses
67,300.00
67,300.00
37,578.47
19,587.07
10,134.46
Uniform Fire Safety Code (Ch. 383 P.L. 1985)
Fire Official
Salaries and Wages
38,500.00
38,500.00
28,349.95
10,150.05
Other Expenses
15,372.00
15,372.00
11,699.30
1,109.76
2,562.94
Municipal Prosecuter
Other Expenses
15,000.00
15,000.00
14,996.91
3.09
(Continued)
Draft 8.13.2024
Exhibit A-3
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
Appropriations
Expended
11600
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Expenditures - Regulatory Basis
For the Year Ended December 31, 2023
OPERATIONS WITHIN "CAPS" (CONT'D)
PUBLIC WORKS:
Streets and Roads
Salaries and Wages
100,500.00
$
100,500.00
$
56,274.52
$
44,225.48
$
Other Expenses
41,850.00
41,850.00
26,962.63
1,400.00
$
13,487.37
Shade Tree Commission
Other Expenses
3,500.00
3,500.00
3,500.00
Solid Waste Collection
Other Expenses
323,650.00
325,750.00
325,731.98
18.02
Public Buildings and Grounds
Other Expenses
45,500.00
45,500.00
26,669.62
3,292.07
15,538.31
Vehicle Maintenance
8,500.00
8,500.00
3,525.04
100.00
4,874.96
HEALTH AND HUMAN SERVICES:
Board of Health
Other Expenses
1.00
1.00
1.00
Services of Visiting Nurse
Other Expenses
1.00
1.00
1.00
Administration of Public Assistance
Other Expenses
Registrar of Vital Statistics
Salaries and Wages
9,000.00
9,000.00
9,000.00
Environmental Commission (N.J.S.A. 40:56A-1 et seq.)
Other Expenses
1,000.00
1,000.00
400.00
600.00
Animal Control
Other Expenses
40,000.00
60,000.00
60,000.00
PARKS AND RECREATION:
Parks and Playgrounds
Other Expenses
5,300.00
5,300.00
5,071.68
228.32
LANDFILL/SOLID WASTE DISPOSAL:
Garbage and Trash Removal
Landfill/Solid Waste
196,650.00
171,649.00
108,461.14
63,187.86
(Continued)
Draft 8.13.2024
Exhibit A-3
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
Appropriations
Expended
11600
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Expenditures - Regulatory Basis
For the Year Ended December 31, 2023
OPERATIONS WITHIN "CAPS" (CONT'D)
MUNICIPAL COURT:
Municipal Court
Salaries and Wages
99,000.00
$
100,200.00
$
100,048.75
$
151.25
$
Other Expenses
21,000.00
21,000.00
14,420.28
396.15
$
6,183.57
Public Defender
Salaries and Wages
Other Expenses
6,000.00
8,000.00
7,999.95
0.05
CODE ENFORCEMENT AND ADMINISTRATION:
Construction Official
Salaries and Wages
42,000.00
42,000.00
35,207.76
6,792.24
Other Expenses
8,500.00
8,500.00
2,657.19
15.78
5,827.03
Fire Inspector
Salaries and Wages
3,500.00
3,700.00
3,629.53
70.47
Plumbing Inspector
Salaries and Wages
6,500.00
6,900.00
6,825.01
74.99
Electrical Inspector
Salaries and Wages
6,500.00
6,900.00
6,825.00
75.00
Code Enforcement Officer
Salaries and Wages
61,000.00
61,000.00
47,680.85
13,319.15
Other Expenses
4,400.00
4,400.00
1,699.26
2,700.74
UTILITY EXPENSES AND BULK PURCHASES:
Electric
60,000.00
60,000.00
30,160.64
29,839.36
Street Lighting
97,000.00
101,000.00
91,244.19
9,755.81
Maintenance of Traffic Lights
4,500.00
4,500.00
4,500.00
Telephone
35,000.00
35,000.00
30,155.70
1,027.26
3,817.04
Hydrant
100.00
100.00
100.00
Oil
40,000.00
33,000.00
12,417.39
872.59
19,710.02
Sewer
3,000.00
3,000.00
1,408.00
1,592.00
Gasoline
50,000.00
50,000.00
23,686.35
3,975.60
22,338.05
(Continued)
Draft 8.13.2024
Exhibit A-3
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
Appropriations
Expended
11600
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Expenditures - Regulatory Basis
For the Year Ended December 31, 2023
OPERATIONS WITHIN "CAPS" (CONT'D)
OTHER COMMON OPERATING FUNCTIONS:
Compensated Absences
100.00
$
100.00
$
100.00
$
Celebration of Public Events, Holidays, or Anniversaries
Other Expenses
35,750.00
35,750.00
34,662.46
$
315.22
$
772.32
Total Operations Within "CAPS"
4,568,391.00
4,568,390.00
4,052,884.61
49,412.89
466,092.50
-
$
Contingent
1.00
1.00
-
-
1.00
-
Total Operations Including Contingent - within "CAPS"
4,568,392.00
4,568,391.00
4,052,884.61
49,412.89
466,093.50
-
Detail:
Salaries and Wages
2,148,100.00
2,180,100.00
2,078,066.20
693.00
101,340.80
-
Other Expenses (Including Contingent)
2,420,292.00
2,388,291.00
1,974,818.41
48,719.89
364,752.70
-
Statutory Expenditures:
Contribution to:
Public Employees' Retirement System
73,897.76
73,897.76
73,897.76
Social Security System (O.A.S.I.)
165,000.00
165,000.00
161,830.41
3,169.59
Unemployment Insurance
2,250.00
2,250.00
1,699.58
550.42
Defined Contribution Retirement System
5,000.00
5,000.00
2,239.48
2,760.52
Police and Fireman's Retirement System of NJ
337,990.63
337,991.63
337,991.63
Total Deferred Charges and Statutory Expenditures
Municipal--Within "CAPS"
584,138.39
584,139.39
577,658.86
-
6,480.53
-
Total General Appropriations for Municipal
Purposes Within "CAPS"
5,152,530.39
5,152,530.39
4,630,543.47
49,412.89
472,574.03
-
(Continued)
Draft 8.13.2024
Exhibit A-3
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
Appropriations
Expended
11600
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Expenditures - Regulatory Basis
For the Year Ended December 31, 2023
OPERATIONS EXCLUDED FROM "CAPS"
Recycling Tax
7,500.00
$
7,500.00
$
4,266.43
$
3,233.57
$
INSURANCE
Employee Group Health
100,320.00
100,320.00
100,320.00
Solid Waste Collection
15,350.00
15,350.00
15,350.00
Landfill/Solid Waste Disposal Cost
15,350.00
15,350.00
15,350.00
Public Employees' Retirement System
17,470.24
17,470.24
17,470.24
Police and Firemen's Retirement System of N.J.
48,586.37
48,586.37
48,586.37
Public and Private Programs Offset by Revenues:
Recycling Tonnage Grant
8,203.58
8,203.58
8,203.58
Clean Communities Program (N.J.S.A. 40A:4-87, $12,735.43+)
12,735.43
12,735.43
Safe and Secure Communities Program
State Share
19,558.00
19,558.00
19,558.00
Borough Share
76,404.00
76,404.00
76,404.00
Body Armor Replacement
2,241.52
2,241.52
2,241.52
American Rescue Plan
0.03
0.03
0.03
ARP Firefighters Grant
50,000.00
50,000.00
50,000.00
Adopt a Road Mini Grant
500.00
500.00
500.00
Stormwater Assistant Grant (N.J.S.A. 40A:4-87, $25,000.00+)
25,000.00
25,000.00
Sumner Station Foundation--Police Grant
5,000.00
5,000.00
5,000.00
Total Operations--Excluded from "CAPS"
366,483.74
404,219.17
400,985.60
-
$
3,233.57
-
$
Detail:
Salaries and Wages
95,962.00
95,962.00
95,962.00
-
-
-
Other Expenses
270,521.74
308,257.17
305,023.60
-
3,233.57
-
(Continued)
Draft 8.13.2024
Exhibit A-3
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
Appropriations
Expended
11600
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Expenditures - Regulatory Basis
For the Year Ended December 31, 2023
CAPITAL IMPROVEMENTS - EXCLUDED FROM "CAPS"
Capital Improvement Fund
40,000.00
$
40,000.00
$
40,000.00
$
Public and Private Programs Offset by Revenues:
Community Development Block Grant
(N.J.S.A. 40A:4-87, $419,000.00+)
419,000.00
419,000.00
Safe Streets to Transit
416,000.00
416,000.00
416,000.00
NJDOT Municipal Aid Program (N.J.S.A. 40A:4-87, $189,770.00+)
189,770.00
189,770.00
Total Capital Improvements Excluded from "CAPS"
456,000.00
1,064,770.00
1,064,770.00
-
$
-
$
-
$
MUNICIPAL DEBT SERVICE - EXCLUDED FROM "CAPS"
Payment of Bond Principal
515,000.00
515,000.00
515,000.00
Payment of Bond Anticipation Notes and Capital Notes
32,250.00
32,250.00
32,250.00
Interest on Bonds
43,312.50
43,312.50
43,312.50
Interest on Notes
90,500.00
90,500.00
90,039.80
460.20
New Jersey Environmental Infrastructure Trust Loan:
Loan Repayments for Principal and Interest
Principal
61,858.68
61,858.68
61,858.68
Interest
3,062.50
3,062.50
952.37
2,110.13
Recapture Agreement - CCIA
1,000.00
1,000.00
1,000.00
Total Municipal Debt Service--Excluded from "CAPS"
746,983.68
746,983.68
744,413.35
-
-
2,570.33
DEFERRED CHARGES- MUNICIPAL - EXCLUDED FROM "CAPS"
Emergency Authorizations
55,000.00
55,000.00
55,000.00
Total Deferred Charges - Municipal - Excluded from "CAPS"
55,000.00
55,000.00
55,000.00
-
-
-
Total General Appropriations for Municipal Purposes
Excluded from "CAPS"
1,624,467.42
2,270,972.85
2,265,168.95
-
3,233.57
2,570.33
(Continued)
Draft 8.13.2024
Exhibit A-3
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
Appropriations
Expended
11600
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Expenditures - Regulatory Basis
For the Year Ended December 31, 2023
Subtotal General Appropriations
6,776,997.81
$
7,423,503.24
$
6,895,712.42
$
49,412.89
$
475,807.60
$
2,570.33
$
Reserve for Uncollected Taxes
627,036.19
627,036.19
627,036.19
Total General Appropriations
7,404,034.00
$
8,050,539.43
$
7,522,748.61
$
49,412.89
$
475,807.60
$
2,570.33
$
Budget
7,404,034.00
$
Appropriations by N.J.S.A. 40A:4-87
646,505.43
8,050,539.43
$
Federal and State Grants - Appropriated
1,224,412.56
$
Deferred Charges:
Emergency Appropriation
55,000.00
Accounts Payable
1,000.00
Reserve for Uncollected Taxes
627,036.19
Refunded
(187,571.77)
Disbursed
5,802,871.63
7,522,748.61
$
The accompanying Notes to Financial Statements are an integral part of this statement.
Draft 8.13.2024
Exhibit B
Ref.
2023
2022
ASSETS
Animal Control Fund:
Cash
SB-1
22,710.90
$
1,117.78
$
Other Funds:
Cash
SB-1
502,163.54
594,651.39
Other Accounts Receivable
SB-5
11,302.79
5,548.36
Due from Current Fund
SB-6
2,418.27
Due from Municipal Open Space Trust Fund
B
6,950.50
6,950.50
522,835.10
607,150.25
Municipal Open Space Fund:
Cash
SB-1
109,613.63
149,284.14
Due from Current Fund
SB-8
51,489.35
51,004.86
161,102.98
200,289.00
706,648.98
$
808,557.03
$
(Continued)
11600
Statements of Assets, Liabilities and Reserves - Regulatory Basis
As of December 31, 2023 and 2022
BOROUGH OF CLEMENTON
TRUST FUND
Draft 8.13.2024
Exhibit B
Ref.
2023
2022
11600
Statements of Assets, Liabilities and Reserves - Regulatory Basis
As of December 31, 2023 and 2022
BOROUGH OF CLEMENTON
TRUST FUND
LIABILITIES AND RESERVES
Animal Control Fund:
Reserve for Animal Control Expenditures
SB-2
2,264.35
$
67.34
$
Due to Current Fund
SB-3
20,430.95
1,010.84
Due to State of New Jersey
SB-4
15.60
39.60
22,710.90
1,117.78
Other Funds:
Due to Current Fund
SB-6
11,782.90
Reserve for Payroll Deductions Payable
SB-9
49,836.71
43,489.42
Reserve for Accumulated Absences
SB-10
26,512.89
26,512.89
Reserve for Brick Fund
SB-10
1,946.90
1,946.90
Reserve for Community Events
SB-10
6,079.12
6,079.12
Reserve for DARE Program
SB-10
6,935.00
6,849.13
Reserve for Developer's Escrow Deposits
SB-10
149,382.64
137,358.70
Reserve for Federal Drug Enforcement Fund
SB-10
2,103.04
2,076.98
Reserve for Flexible Spending
SB-10
0.99
Reserve for Municipal Alliance
SB-10
3,449.19
3,449.19
Reserve for Municipal Forfeiture Fund
SB-10
1,304.52
1,288.36
Reserve for Parking Offenses Adjudication Act
SB-10
702.00
638.00
Reserve for Police K-9
SB-10
10,546.37
10,546.37
Reserve for Police Outside Employment
SB-10
3,154.13
1,840.68
Reserve for Premiums Received at Tax Sales
SB-10
137,100.00
272,400.00
Reserve for Public Defender Fees
SB-10
10,913.00
8,949.50
Reserve for Recreation
SB-10
32,196.87
7,196.87
Reserve for Street Opening Deposits
SB-10
3,566.50
4,000.00
Reserve for Tax Title Lien Redemption
SB-10
1,089.15
4,013.89
Reserve for Unemployment Compensation
SB-10
32,825.65
33,087.36
Reserve for Uniform Fire Safety Act Penalties
SB-10
43,190.43
23,643.99
522,835.10
607,150.25
Municipal Open Space Fund:
Reserve for Future Use
B-1; SB-7
154,152.48
193,338.50
Due to Trust Other Funds
B
6,950.50
6,950.50
161,102.98
200,289.00
706,648.98
$
808,557.03
$
The accompanying Notes to Financial Statements are an integral part of these statements.
Draft 8.13.2024
Exhibit B-1
BOROUGH OF CLEMENTON
MUNICIPAL OPEN SPACE TRUST FUND
Statements of Operations and Changes in Reserve for Future Use - Regulatory Basis
For the Years Ended December 31, 2023 and 2022
2023
2022
REVENUE REALIZED:
Amount to be Raised by Taxation
51,489.35
$
51,004.86
$
Reserve for Future Use
193,338.50
271,821.16
Miscellaneous
1,364.63
491.98
Total Income
246,192.48
323,318.00
EXPENDITURES
Operations:
Other Expenses
92,040.00
17,979.50
Acquisition of Lands for Recreation and Conservation
112,000.00
Total Expenditures
92,040.00
129,979.50
Excess to Reserve
154,152.48
193,338.50
RESERVE FOR FUTURE USE:
Balance January 1
193,338.50
271,821.16
347,490.98
465,159.66
Decreased by:
Reserve for Future Use Anticipated
193,338.50
271,821.16
Balance December 31
154,152.48
$
193,338.50
$
The accompanying Notes to Financial Statements are an integral part of these statements.
11600
Draft 8.13.2024
11600
Exhibit B-2
Anticipated
Excess or
Budget
Realized
(Deficit)
Amount to be Raised by Taxation
51,408.00
$
51,489.35
$
81.35
$
Reserve for Future Use
193,338.50
193,338.50
Miscellaneous
1,364.63
1,364.63
244,746.50
$
246,192.48
$
1,445.98
$
Analysis of Realized Revenues
Amount to be Raised by Taxation:
Current Year Levy
51,408.00
$
Added/Omitted Levy
81.35
51,489.35
$
Miscellaneous:
Interest on Investments
1,364.63
$
The accompanying Notes to Financial Statements are an integral part of this statement.
BOROUGH OF CLEMENTON
MUNICIPAL OPEN SPACE TRUST FUND
Statement of Revenues - Regulatory Basis
For the Year Ended December 31, 2023
Draft 8.13.2024
11600
Exhibit B-3
Expended
Unexpended
Original
Budget After
Balance
Budget
Modification
Disbursed
Canceled
Maintenance of Lands for Recreation and Conservation:
Salaries & Wages
25,000.00
$
25,000.00
$
25,000.00
$
Other Expenses
175,000.00
175,000.00
92,040.00
$
82,960.00
Reserve for Future Use
44,746.50
44,746.50
44,746.50
Total Trust Fund Appropriations
244,746.50
$
244,746.50
$
92,040.00
$
44,746.50
$
The accompanying Notes to Financial Statements are an integral part of this statement.
BOROUGH OF CLEMENTON
MUNICIPAL OPEN SPACE TRUST FUND
Statement of Expenditures - Regulatory Basis
For the Year Ended December 31, 2023
Appropriations
Draft 8.13.2024
Exhibit C
BOROUGH OF CLEMENTON
GENERAL CAPITAL FUND
Statements of Assets, Liabilities, Reserves and Fund Balances - Regulatory Basis
As of December 31, 2023 and 2022
Ref.
2023
2022
ASSETS
Cash
SC-1; SC-2
2,846,342.94
$
1,347,006.40
$
Deferred Charges to Future Taxation:
Unfunded
SC-3
1,924.35
3,269,299.35
Funded
SC-4
4,726,706.23
1,523,564.91
7,574,973.52
$
6,139,870.66
$
LIABILITIES, RESERVES AND FUND BALANCE
Due to Current Fund
SC-5
2,834.53
$
1,365.18
$
Improvement Authorizations:
Funded
SC-6
1,660,913.16
264,451.82
Unfunded
SC-6
435.00
2,127,806.16
Reserve for Encumbrances
SC-7
1,129,951.13
49,399.60
Capital Improvement Fund
SC-8
9,743.50
8,368.50
New Jersey Environmental Trust Loans Payable
SC-9
146,706.23
208,564.91
General Serial Bonds
SC-10
4,580,000.00
1,315,000.00
Bond Anticipation Notes
SC-11
2,124,485.00
Fund Balance
C-1
44,389.97
40,429.49
7,574,973.52
$
6,139,870.66
$
The accompanying Notes to Financial Statements are an integral part of these statements.
11600
Draft 8.13.2024
Exhibit C-1
BOROUGH OF CLEMENTON
GENERAL CAPITAL FUND
Statement of Fund Balance - Regulatory Basis
For the Year Ended December 31, 2023
Balance December 31, 2022
40,429.49
$
Increased by:
Premium on Sale of Bonds
3,960.48
Balance December 31, 2023
44,389.97
$
The accompanying Notes to Financial Statements are an integral part of this statement.
11600
Draft 8.13.2024
Exhibit D
BOROUGH OF CLEMENTON
WATER UTILITY FUND
Statements of Assets, Liabilities, Reserves and Fund Balances - Regulatory Basis
As of December 31, 2023 and 2022
Ref.
2023
2022
ASSETS
Operating Fund:
Cash - Treasurer
SD-1
653,292.00
$
753,580.51
$
Cash - Change Funds
SD-3
75.00
75.00
Due from Water Utility Capital Fund
SD-4
76,058.89
15,271.44
729,425.89
768,926.95
Receivables With Full Reserves
Consumer Accounts Receivable
SD-5
140,862.12
132,649.51
Water Utility Liens Receivable
SD-6
12,166.44
11,558.15
153,028.56
144,207.66
Total Operating Fund
882,454.45
913,134.61
Capital Fund:
Cash - Treasurer
SD-1; SD-2
1,056,874.41
1,101,353.03
Due from Federal and State Grant Fund
A
518,842.00
518,842.00
Fixed Capital
SD-7
3,971,787.89
3,971,787.89
Fixed Capital Authorized and Uncompleted
SD-8
5,487,052.00
4,942,052.00
Total Capital Fund
11,034,556.30
10,534,034.92
11,917,010.75
$
11,447,169.53
$
(Continued)
11600
Draft 8.13.2024
Exhibit D
BOROUGH OF CLEMENTON
WATER UTILITY FUND
Statements of Assets, Liabilities, Reserves and Fund Balances - Regulatory Basis
As of December 31, 2023 and 2022
Ref.
2023
2022
11600
LIABILITIES, RESERVES AND FUND BALANCE
Operating Fund:
Appropriation Reserves
D-3; SD-9
76,705.30
$
15,175.34
$
Reserve for Encumbrances
D-3; SD-9
13,565.28
32,336.25
Water Rental Overpayments
SD-10
7,828.28
5,443.46
Water Rental Prepayments
SD-11
12,106.66
11,067.42
Accrued Interest on Bonds and Notes
SD-14
40,416.53
39,272.96
Due to Current Fund
SD-12
21,000.00
Due to Sewer Utility Operating Fund
SE-4
17,103.81
17,638.51
167,725.86
141,933.94
Reserve for Receivables
D
153,028.56
144,207.66
Fund Balance
D-1
561,700.03
626,993.01
Total Operating Fund
882,454.45
913,134.61
Capital Fund:
Improvement Authorizations:
Funded
SD-13
888,935.70
574,040.65
Unfunded
SD-13
1,699.00
1,150,383.35
Reserve for Encumbrances
SD-13
584,269.87
129,507.92
Reserve for Deferred Amortization
SD-15
688,253.00
661,003.00
Reserve for Amortization
SD-16
4,516,887.89
4,266,887.89
Capital Improvement Fund
SD-17
21,000.25
18,250.25
Bond Anticipation Notes
SD-18
3,399,250.00
Serial Bonds
SD-19
4,252,000.00
243,000.00
Due to Water Utility Operating Fund
SD-4
76,058.89
15,271.44
Fund Balance
D-4
5,451.70
76,440.42
Total Capital Fund
11,034,556.30
10,534,034.92
11,917,010.75
$
11,447,169.53
$
The accompanying Notes to Financial Statements are an integral part of these statements.
Draft 8.13.2024
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, 2023 and 2022
2023
2022
Revenue and Other Income Realized:
Fund Balance
327,516.00
$
180,738.00
$
Water Capital Surplus
75,000.00
Water Rents
880,842.99
872,290.02
Miscellaneous
78,201.22
65,839.82
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
14,214.20
60,253.29
Total Income
1,375,774.41
1,179,121.13
Expenditures:
Operations:
Salaries and Wages
359,300.00
332,000.00
Other Expenses
446,100.00
394,350.50
Capital Improvements
30,000.00
25,000.00
Debt Service
217,695.39
110,976.25
Deferred Charges and Statutory Expenditures
60,456.00
49,800.00
Total Expenditures
1,113,551.39
912,126.75
Excess in Revenue
262,223.02
266,994.38
Fund Balance January 1
626,993.01
561,736.63
889,216.03
828,731.01
Decreased by:
Utilization as Anticipated Revenue:
Current Fund Budget
21,000.00
Water Utility Budget
327,516.00
180,738.00
Fund Balance December 31
561,700.03
$
626,993.01
$
The accompanying Notes to Financial Statements are an integral part of these statements.
11600
Draft 8.13.2024
Exhibit D-2
BOROUGH OF CLEMENTON
WATER UTILITY OPERATING FUND
For the Year Ended December 31, 2023
Anticipated
Excess or
Budget
Realized
(Deficit)
Operating Surplus Anticipated
327,516.00
$
327,516.00
$
Water Rents
725,000.00
880,842.99
155,842.99
$
Miscellaneous
7,000.00
78,201.22
71,201.22
Water Capital - Anticipated Surplus
75,000.00
75,000.00
1,134,516.00
$
1,361,560.21
$
227,044.21
$
Rents:
Consumer Accounts Receivable:
Collections
869,775.57
$
Prepayments Applied
11,067.42
880,842.99
$
Miscellaneous:
Interest Earned on Deposits:
Collected
9,086.21
$
Due from Water Utility Capital Fund
10,995.07
20,081.28
$
Water Connection Fees
43,400.00
Interest on Delinquent Accounts
14,719.94
78,201.22
$
Collections
67,206.15
$
Due from Water Utility Capital Fund
10,995.07
78,201.22
$
The accompanying Notes to Financial Statements are an integral part of this statement.
Statement of Revenues - Regulatory Basis
11600
Draft 8.13.2024
Exhibit D-3
BOROUGH OF CLEMENTON
WATER UTILITY OPERATING FUND
Statement of Expenditures - Regulatory Basis
For the Year Ended December 31, 2023
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
Operations:
Salaries and Wages
359,300.00
$
359,300.00
$
357,405.13
$
1,894.87
$
Other Expenses
446,100.00
446,100.00
362,580.23
13,565.28
$
69,954.49
Total Operations
805,400.00
805,400.00
719,985.36
13,565.28
71,849.36
-
$
Capital Improvements:
Capital Improvement Fund
30,000.00
30,000.00
30,000.00
-
-
-
Debt Service:
Payment of Bond Principal
46,000.00
46,000.00
46,000.00
Payment on Bond Anticipation Notes & Capital Notes
20,000.00
20,000.00
20,000.00
Interest on Bonds
6,110.00
44,610.00
44,548.20
61.80
Interest on Notes
166,550.00
128,050.00
107,147.19
20,902.81
Total Debt Service
238,660.00
238,660.00
217,695.39
-
-
20,964.61
Deferred Charges and Statutory Expenditures:
Statutory Expenditures:
Contribution to:
Public Employees Retirement System
30,456.00
30,456.00
30,456.00
Social Security System (O.A.S.I.)
30,000.00
30,000.00
25,144.06
4,855.94
Total Deferred Charges and Statutory Expenditures
60,456.00
60,456.00
55,600.06
-
4,855.94
-
Total Water Utility Appropriations
1,134,516.00
$
1,134,516.00
$
1,023,280.81
$
13,565.28
$
76,705.30
$
20,964.61
$
Interest on Bonds and Notes
151,695.39
$
Refunded
(17,125.81)
Disbursed
888,711.23
1,023,280.81
$
The accompanying Notes to Financial Statements are an integral part of this statement.
Expended
Appropriations
11600
Draft 8.13.2024
Exhibit D-4
BOROUGH OF CLEMENTON
WATER UTILITY CAPITAL FUND
Statement of Fund Balance - Regulatory Basis
For the Year Ended December 31, 2023
Balance December 31, 2022
76,440.42
$
Increased by:
Receipts:
Premium on Sale of Bonds
4,011.28
80,451.70
Decreased by:
Anticipated as Revenue in Water Utility Fund Budget
75,000.00
Balance December 31, 2023
5,451.70
$
The accompanying Notes to Financial Statements are an integral part of this statement.
11600
Draft 8.13.2024
Exhibit E
BOROUGH OF CLEMENTON
SEWER UTILITY FUND
Statements of Assets, Liabilities, Reserves and Fund Balances - Regulatory Basis
As of December 31, 2023 and 2022
Ref.
2023
2022
ASSETS
Operating Fund:
Cash - Treasurer
SE-1
254,429.14
$
342,349.19
$
Cash - Change Funds
SE-3
75.00
75.00
Due from Water Utility Operating Fund
SE-4
17,103.81
17,638.51
Due from Sewer Utility Capital Fund
SE-16
620.99
426.75
272,228.94
360,489.45
Receivables With Full Reserves
Consumer Accounts Receivable
SE-5
59,066.34
48,911.89
Sewer Utility Liens Receivable
SE-6
12,172.51
10,739.63
71,238.85
59,651.52
Total Operating Fund
343,467.79
420,140.97
Capital Fund:
Cash - Treasurer
SE-1; SE-2
603,720.37
425,894.66
Fixed Capital
SE-8
4,253,731.58
3,767,731.58
Fixed Capital Authorized and Uncompleted
SE-9
1,148,500.00
1,384,500.00
Total Capital Fund
6,005,951.95
5,578,126.24
6,349,419.74
$
5,998,267.21
$
(Continued)
11600
Draft 8.13.2024
Exhibit E
BOROUGH OF CLEMENTON
SEWER UTILITY FUND
Statements of Assets, Liabilities, Reserves and Fund Balances - Regulatory Basis
As of December 31, 2023 and 2022
Ref.
2023
2022
11600
LIABILITIES, RESERVES AND FUND BALANCE
Operating Fund:
Appropriation Reserves
E-3; SE-7
37,222.51
$
43,188.81
$
Reserve for Encumbrances
E-3; SE-7
1,995.09
13,438.11
Sewer Rental Overpayments
SE-10
5,383.17
2,827.75
Sewer Rental Prepayments
SE-11
12,694.70
13,193.70
Accrued Interest on Bonds and Notes
SE-13
10,645.28
7,223.98
67,940.75
79,872.35
Reserve for Receivables
E
71,238.85
59,651.52
Fund Balance
E-1
204,288.19
280,617.10
Total Operating Fund
343,467.79
420,140.97
Capital Fund:
Improvement Authorizations:
Funded
SE-12
561,250.24
289,869.17
Unfunded
SE-12
975.00
345,678.03
Reserve for Encumbrances
SE-12
9,480.00
Reserve for Deferred Amortization
SE-14
81,725.00
69,225.00
Reserve for Amortization
SE-15
4,215,547.49
4,102,547.49
Due to Sewer Utility Operating Fund
SE-16
620.99
426.75
Capital Improvement Fund
SE-17
36,725.00
44,225.00
Serial Bonds
SE-18
1,103,000.00
427,000.00
Bond Anticipation Notes
SE-19
284,100.00
Fund Balance
E-4
6,108.23
5,574.80
Total Capital Fund
6,005,951.95
5,578,126.24
6,349,419.74
$
5,998,267.21
$
The accompanying Notes to Financial Statements are an integral part of these statements.
Draft 8.13.2024
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, 2023 and 2022
2023
2022
Revenue and Other Income Realized:
Fund Balance
220,456.00
$
180,203.00
$
Sewer Charges
549,019.09
550,132.53
Miscellaneous
61,144.93
63,817.17
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
43,802.58
88,252.93
Total Income
874,422.60
882,405.63
Expenditures:
Operations:
Salaries and Wages
329,500.00
305,000.00
Other Expenses
229,450.00
227,950.90
Capital Improvements
5,000.00
20,000.00
Debt Service
105,889.51
93,132.97
Deferred Charges and Statutory Expenditures
60,456.00
47,799.60
Total Expenditures
730,295.51
693,883.47
Statutory Excess to Fund Balance
144,127.09
188,522.16
Fund Balance January 1
280,617.10
272,297.94
424,744.19
460,820.10
Decreased by:
Utilization as Anticipated Revenue:
Sewer Utility Budget
220,456.00
180,203.00
Fund Balance December 31
204,288.19
$
280,617.10
$
The accompanying Notes to Financial Statements are an integral part of these statements.
11600
Draft 8.13.2024
Exhibit E-2
BOROUGH OF CLEMENTON
SEWER UTILITY OPERATING FUND
For the Year Ended December 31, 2023
Anticipated
Excess or
Budget
Realized
(Deficit)
Operating Surplus Anticipated
220,456.00
$
220,456.00
$
Sewer Rents
510,000.00
549,019.09
39,019.09
$
Miscellaneous
4,500.00
61,144.93
56,644.93
734,956.00
$
830,620.02
$
95,664.02
$
Rents:
Consumer Accounts Receivable:
Collections
535,825.39
$
Prepayments Applied
13,193.70
549,019.09
$
Miscellaneous:
Interest on Investments and Deposits:
Collected
3,707.19
$
Due from Sewer Utility Capital Fund
5,088.34
8,795.53
$
Sewer Connection Fees:
46,500.00
Interest on Delinquent Accounts
5,849.40
61,144.93
$
Collected:
Treasurer
56,056.59
$
Due from Sewer Utility Capital Fund
5,088.34
61,144.93
$
The accompanying Notes to Financial Statements are an integral part of this statement.
Statement of Revenues - Regulatory Basis
11600
Draft 8.13.2024
Exhibit E-3
Appropriations
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
Operations:
Salaries and Wages
324,500.00
$
329,500.00
$
326,058.47
$
3,441.53
$
Other Expenses
234,450.00
229,450.00
200,799.30
1,995.09
$
26,655.61
Total Operations
558,950.00
558,950.00
526,857.77
1,995.09
30,097.14
-
Capital Improvements:
Capital Improvement Fund
5,000.00
5,000.00
5,000.00
-
-
-
Debt Service:
Payment of Bond Principal
79,000.00
79,000.00
79,000.00
Interest on Notes
20,750.00
13,250.00
8,955.06
4,294.94
$
Interest on Bonds
10,800.00
18,300.00
17,934.45
365.55
Total Debt Service
110,550.00
110,550.00
105,889.51
-
-
4,660.49
Deferred Charges and Statutory Expenditures:
Statutory Expenditures:
Contribution to:
Public Employees Retirement System
30,456.00
30,456.00
30,456.00
Social Security System (O.A.S.I.)
30,000.00
30,000.00
22,874.63
7,125.37
Total Deferred Charges and Statutory Expenditures
60,456.00
60,456.00
53,330.63
-
7,125.37
-
Total Sewer Utility Appropriations
734,956.00
$
734,956.00
$
691,077.91
$
1,995.09
$
37,222.51
$
4,660.49
$
Interest on Bonds and Notes
26,889.51
$
Refunded
(125.00)
Disbursed - Sewer Utility Fund
664,313.40
691,077.91
$
The accompanying Notes to Financial Statements are an integral part of this statement.
11600
For the Year Ended December 31, 2023
Expended
BOROUGH OF CLEMENTON
SEWER UTILITY OPERATING FUND
Statement of Expenditures - Regulatory Basis
Draft 8.13.2024
Exhibit E-4
BOROUGH OF CLEMENTON
SEWER UTILITY CAPITAL FUND
For the Year Ended December 31, 2023
Balance December 31, 2022
5,574.80
$
Increased by:
Premium on Sale of Bonds
533.43
Balance December 31, 2023
6,108.23
$
The accompanying Notes to Financial Statements are an integral part of this statement.
11600
Statement of Fund Balance - Regulatory Basis
Draft 8.13.2024
11600
Exhibit F
Statement of General Fixed Assets Account Group - Regulatory Basis
Balance
Balance
Dec. 31, 2022
Additions
Deletions
Dec. 31, 2023
General Fixed Assets:
Land
6,861,783.80
$
6,861,783.80
$
Buildings
3,980,400.00
3,980,400.00
Vehicles and Equipment
3,938,755.81
123,514.53
$
62,000.00
$
4,000,270.34
Total General Fixed Assets
14,780,939.61
$
123,514.53
$
62,000.00
$
14,842,454.14
$
Total Investments in General Fixed Assets
14,780,939.61
$
123,514.53
$
62,000.00
$
14,842,454.14
$
The accompanying Notes to Financial Statements are an integral part of this statement.
BOROUGH OF CLEMENTON
For the Year Ended December 31, 2023
GENERAL FIXED ASSETS ACCOUNT GROUP
Draft 8.13.2024
11600
BOROUGH OF CLEMENTON
Notes to Financial Statements
For the Year Ended December 31, 2023
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. According to the 2020 census, the population is 5,338.
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.
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 (the “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 and an account group 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.
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.
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.
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.
Draft 8.13.2024
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.
Draft 8.13.2024
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 (2 CFR Part 225), 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.
Fund Balance - Fund balances included in the current fund, water utility operating and sewer utility
operating fund represent amounts available for anticipation as revenue in future years’ budgets, with
certain restrictions.
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
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 to 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 immediately 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.
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.
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
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.
Impact of Recently Issued Accounting Principles
Recently Issued Accounting Pronouncements
The Governmental Accounting Standards Board (GASB) has issued the following statement that have
effective dates that may affect future financial presentations:
Statement No. 101, Compensated Absences. The objective of this Statement is to better meet the
information needs of financial statement users by updating the recognition and measurement guidance for
compensated absences. That objective is achieved by aligning the recognition and measurement
guidance under a unified model and by amending certain previously required disclosures. The Statement
will become effective for the Borough in the year ending December 31, 2024. As a result of the regulatory
basis of accounting previously described in note 1, this Statement will have no impact on the financial
statements of the Borough, however management is currently evaluating whether or not this Statement
will have an impact on the financial statement disclosures of the Borough.
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, 2023, the Borough’s bank balances of $9,707,022.10 were exposed to custodial credit
risk as follows:
Insured by FDIC and GUDPA
9,326,126.10
$
Uninsured and Uncollateralized
380,896.00
Total
9,707,022.10
$
Draft 8.13.2024
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
2023
2022
2021
2020
2019
Tax Rate
4.432
$
4.358
$
4.352
$
4.299
$
4.243
$
Apportionment of Tax Rate:
Municipal
1.773
$
1.697
$
1.677
$
1.630
$
1.605
$
Municipal Open Space
.020
.020
.020
.020
.020
County
.887
.868
.871
.879
.881
Local School
1.752
1.773
1.784
1.770
1.737
Assessed Valuation
Year
Amount
2023
257,039,811.00
$
2022
251,413,970.00
2021
249,918,390.00
2020
249,342,910.00
2019
249,209,160.00
Comparison of Tax Levies and Collections
Percentage
Year
Tax Levy
Collections
of Collections
2023
11,418,829.08
$
10,869,368.39
$
95.19%
2022
11,121,773.69
10,644,583.58
95.71%
2021
10,898,884.85
10,544,873.11
96.75%
2020
10,746,583.58
10,010,236.51
93.15%
2019
10,588,105.21
10,007,455.84
94.52%
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 3: PROPERTY TAXES (CONT’D)
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 (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:
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:
Delinquent Taxes and Tax Title Liens
Tax Title
Delinquent
Total
Percentage
Year
Liens
Taxes
Delinquent
of Tax Levy
2023
616,749.73
$
508,169.48
$
1,124,919.21
$
9.85%
2022
542,855.62
441,835.43
984,691.05
8.85%
2021
499,159.69
318,204.58
817,364.27
7.50%
2020
434,411.52
648,844.71
1,083,256.23
10.08%
2019
404,122.91
429,545.75
833,668.66
7.87%
Year
Number
2023
33
2022
31
2021
35
2020
37
2019
41
Year
Amount
2023
984,600.00
$
2022
984,600.00
2021
984,600.00
2020
984,600.00
2019
913,600.00
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
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:
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:
Note 7: 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:
Balance Beginning of Year
Cash
Year
Receivable
Liens
Levy
Total
Collections
2023
132,649.51
$
11,558.15
$
891,389.66
$
1,035,597.32
$
880,842.99
$
2022
121,706.97
11,131.51
887,515.82
1,020,354.30
872,290.02
2021
270,621.57
10,541.49
781,921.31
1,063,084.37
929,552.86
2020
116,638.12
11,214.17
882,421.07
1,010,273.36
727,527.30
2019
86,887.86
10,649.17
781,740.75
879,277.78
746,562.78
Balance Beginning of Year
Cash
Year
Receivable
Liens
Levy
Total
Collections
2023
48,911.89
$
10,739.63
$
561,240.89
$
620,892.41
$
549,019.09
$
2022
48,088.17
9,098.74
552,597.14
609,784.05
550,132.53
2021
66,335.54
7,348.92
550,009.57
623,694.03
566,507.12
2020
54,963.91
7,018.92
548,600.84
610,583.67
534,559.94
2019
57,517.53
5,998.48
553,881.55
617,397.56
553,636.95
Current Fund
Utilized in
Percentage
Balance
Budget of
of Fund
Year
December 31,
Succeeding Year
Balance Used
2023
2,265,157.03
$
1,338,000.00
$
59.07%
2022
2,302,734.45
1,250,000.00
54.28%
2021
2,006,437.49
1,078,700.00
53.76%
2020
1,085,727.73
641,300.00
59.07%
2019
813,392.64
495,000.00
60.86%
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 7: 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):
Note 8: 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, 2023:
The interfund receivables and payables above predominately resulted from collections and payments
made by certain funds on behalf of other funds. During the year 2024, the Borough expects to liquidate
such interfunds, depending upon the availability of cash flow.
Water Utility Fund
Utilized in
Percentage
Balance
Budget of
of Fund
Year
December 31,
Succeeding Year
Balance Used
2023
561,700.03
$
498,501.00
$
88.75%
2022
626,993.01
327,516.00
52.24%
2021
561,736.63
201,738.00
(A)
35.91%
2020
379,812.81
160,631.00
(A)
42.29%
2019
315,698.14
97,381.00
(A)
30.85%
(A) Includes $21,000.00 utilized in Current Fund budget
Sewer Utility Fund
Utilized in
Percentage
Balance
Budget of
of Fund
Year
December 31,
Succeeding Year
Balance Used
2023
204,288.19
$
175,724.00
$
86.02%
2022
280,617.10
220,456.00
78.56%
2021
272,297.94
180,203.00
66.18%
2020
243,589.05
156,286.00
64.16%
2019
227,016.60
145,956.00
64.29%
Interfunds
Interfunds
Fund
Receivable
Payable
Current
23,265.48
$
53,907.62
$
Federal and State Grant
518,842.00
Trust - Animal Control
20,430.95
Trust - Other
9,368.77
Trust - Municipal Open Space Fund
51,489.35
6,950.50
General Capital
2,834.53
Water Utility - Operating
76,058.89
17,103.81
Water Utility - Capital
518,842.00
76,058.89
Sewer Utility - Operating
17,724.80
Sewer Utility - Capital
620.99
Totals
696,749.29
$
696,749.29
$
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
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. In addition, several Borough employees participate in the Defined Contribution Retirement
Program (“DCRP”), which is a defined contribution pension plan. This Plan is administered by Empower
(formerly Prudential Financial) for the New Jersey Division of Pensions and Benefits. Each Plan has a
Board of Trustees that is primarily responsible for its administration. As a local participation employer of
these pension plans, the Borough is referred to as “Employer” throughout this note. The Division issues
a publicly available financial report that includes financial statements, required supplementary information
and detailed information about the PERS and PFRS plans’ fiduciary net position which can be obtained
by writing to or at the following website:
State of New Jersey
Division of Pensions and Benefits
P.O. Box 295
Trenton, New Jersey 08625-0295
https://www.state.nj.us/treasury/pensions/financial-reports.shtml
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’ designated purpose is to provide retirement,
death, and disability benefits to certain qualified members. Membership in the PERS is mandatory for
substantially all full-time employees of the Employer, 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’ 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’ designated purpose is to provide retirement,
death, and disability benefits to certain qualified members. Membership in the PFRS is mandatory for
substantially all full-time police and firemen of the Employer. The PFRS’ Board of Trustees is primarily
responsible for the administration of the PFRS.
Defined Contribution Retirement Program - The Defined Contribution Retirement Program is a
multiple-employer defined contribution pension fund established on July 1, 2007 under the provisions
of P.L. 2007, c. 92 and P.L. 2007, c. 103, and expanded under the provisions of P.L. 2008, c. 89 and
P.L. 2010, c. 1. The DCRP is a tax-qualified defined contribution money purchase pension plan under
Internal Revenue Code (IRC) § 401(a) et seq., and is a “governmental plan” within the meaning of IRC
§ 414(d). The DCRP provides retirement benefits for eligible employees and their beneficiaries.
Individuals covered under DCRP are state or local officials who are elected or appointed on or after
July 1, 2007; employees enrolled in PERS on or after July 1, 2007, who earn salary in excess of
established “maximum compensation” limits; employees enrolled in New Jersey State Police
Retirement System (SPRS) or the Police and Firemen’s Retirement System (PFRS) after May 21,
2010, who earn salary in excess of established “maximum compensation” limits; employees otherwise
eligible to enroll in PERS on or after November 2, 2008, who do not earn the minimum annual salary
for tier 3 enrollment but who earn salary of at least $5,000.00 annually; and employees otherwise
eligible to enroll in PERS after May 21, 2010 who do not work the minimum number of hours per week
required for tiers 4 or 5 enrollment, but who earn salary of at least $5,000.00 annually.
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
General Information about the Pension Plans (Cont’d)
Vesting and Benefit Provisions
Public Employees’ Retirement System - The vesting and benefit provisions are set by N.J.S.A.
43:15A. The PERS provides retirement, death and disability benefits. All benefits vest after ten years
of service.
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 22, 2010
4
Members who were eligible to enroll on or after May 22, 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 with 25 years or more of
service credit before age 62, and tier 5 with 30 or more years of service credit before age 65. Benefits
are reduced by a fraction of a percent for each month that a member retires prior to the 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.
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 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.
Draft 8.13.2024
11600
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)
Defined Contribution Retirement Program - Eligible members are provided with a defined
contribution retirement plan intended to qualify for favorable Federal income tax treatment under IRC
Section 401(a), a noncontributory group life insurance plan and a noncontributory group disability
benefit plan. A participant's interest in that portion of his or her defined contribution retirement plan
account attributable to employee contributions shall immediately become and shall at all times remain
fully vested and non-forfeitable. A participant's interest in that portion of his or her defined contribution
retirement plan account attributable to employer contributions shall be vested and non-forfeitable on
the date the participant commences the second year of employment or upon his or her attainment of
age 65, while employed by an employer, whichever occurs first.
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. Pursuant to the provisions of
P.L. 2011, C. 78, the member contribution rate is currently 7.50% of base salary, effective July 1,
2018. The rate for members who are eligible for the Prosecutors Part of PERS (P.L. 2001, C. 366) is
10.0%. 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. 43:15A, 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. One of
such legislations, which legally obligate the State, is Chapter 133, P.L. 2001. This legislation increased
the accrual rate from 1/60 to 1/55. In addition, it lowered the age required for a veteran benefit equal
to 1/55 of highest 12-month compensation for each year of service from 60 to 55. Chapter 133, P.L.
2001 also established the Benefit Enhancement Fund (BEF) to fund the additional annual employer
normal contribution due to the State’s increased benefits. If the assets in the BEF are insufficient to
cover the normal contribution for the increased benefits for a valuation period, the State will pay such
amount for both the State and local employers.
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 Employer’s contractually required contribution rate for the year ended December 31, 2023 was
16.44% of the Employer’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.
Based on the most recent PERS measurement date of June 30, 2023, the Employer’s contractually
required contribution to the pension plan for the year ended December 31, 2023 is $151,633.00, and
is payable by April 1, 2024. Due to the basis of accounting described in note 1, no liability has been
recorded in the financial statements for this amount. For the prior year measurement date of June 30,
2022, the Employer’s contractually required contribution to the pension plan for the year ended
December 31, 2022 was $152,280.00, which was paid on April 1, 2023.
Draft 8.13.2024
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) - Employee contributions to the Plan for the year
ended December 31, 2023 were $67,665.66.
The amount of contractually required contribution for the State of New Jersey’s proportionate share,
associated with the Employer, under Chapter 133, P.L. 2001, for the year ended December 31, 2023
was .56% of the Employer’s covered payroll.
Based on the most recent PERS measurement date of June 30, 2023, the State’s contractually
required contribution, under Chapter 133, P.L. 2001, on-behalf of the Employer, to the pension plan
for the year ended December 31, 2023 was $5,125.00. For the prior year measurement date of June
30, 2022, the State’s contractually required contribution, under Chapter 133, P.L. 2001, on-behalf of
the Employer, to the pension plan for the year ended December 31, 2022 was $3,834.00.
Police and Firemen’s Retirement System - The contribution policy for PFRS is set by N.J.S.A
43:16A and requires contributions by active members and contributing employers. Pursuant to the
provisions of P.L. 2011, C. 78, the member contribution rate is currently 10.0% of base salary. State
legislation has modified the amount that is contributed by the State. The State’s contribution amount
is based on an actuarially determined rate, 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 Employer’s contractually required contribution rate for the year ended December 31, 2023 was
32.16% of the Employer’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, 2023, the Employer’s contractually
required contribution to the pension plan for the year ended December 31, 2023 is $404,635.00, and
is payable by April 1, 2024. Due to the basis of accounting described in note 1, no liability has been
recorded in the financial statements for this amount. For the prior year measurement date of June 30,
2022, the Employer’s contractually required contribution to the pension plan for the year ended
December 31, 2022 was $386,577.00, which was paid on April 1, 2023.
Employee contributions to the Plan for the year ended December 31, 2023 were $128,283.20.
The amount of contractually required contribution for the State of New Jersey’s proportionate share,
associated with the Employer, for the year ended December 31, 2023 was 5.62% of the Employer’s
covered payroll.
Draft 8.13.2024
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, 2023, the State’s contractually required contribution, on-behalf of the Employer, to
the pension plan for the year ended December 31, 2023 was $70,770.00, and is payable by April 1,
2024. For the prior year measurement date of June 30, 2022, the State’s contractually required
contribution, on-behalf of the Employer, to the pension plan for the year ended December 31, 2022
was $75,383.00, which was paid on April 1, 2023.
Defined Contribution Retirement Program - The contribution policy is set by N.J.S.A. 43:15C-3 and
requires contributions by active members and contributing employers. In accordance with Chapter
92, P.L. 2007 and Chapter 103, P.L. 2007, Plan members are required to contribute 5.5% of their
annual covered salary. In addition to the employee contributions, the Employer contributes 3% of the
employees' base salary, for each pay period.
For the year ended December 31, 2023, employee contributions totaled $7,798.63, and the
Employer’s contributions were $2,239.48. There were no forfeitures during the year.
Pension Liabilities, Pension (Benefit) Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions
Public Employees’ Retirement System
Pension Liability - As of December 31, 2023, there is no net pension liability associated with the
special funding situation under Chapter 133, P.L. 2001, as there was no accumulated difference
between the annual additional normal cost and the actual State contribution through the valuation
date. The Employer’s proportionate share of the PERS net pension liability was $1,643,295.00. The
net pension liability was measured as of June 30, 2023 and the total pension liability used to calculate
the net pension liability was determined by an actuarial valuation as of July 1, 2022. 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, 2023. The Employer’s proportion of the net
pension liability was based on a projection of the Employer’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, 2023 measurement date, the Employer’s proportion was
.0113452980%, which was a decrease of .00007303722% from its proportion measured as of June
30, 2022.
Pension (Benefit) Expense - For the year ended December 31, 2023, the Employer’s proportionate
share of the PERS pension (benefit) expense, calculated by the Plan as of the June 30, 2023
measurement date was $(96,017.00). This (benefit) expense is not recognized by the Employer
because of the regulatory basis of accounting as described in note 1; however, as previously
mentioned, for the year ended December 31, 2023, the Employer’s contribution to PERS was
$152,280.00, and was paid on April 1, 2023.
For the year ended December 31, 2023, the State’s proportionate share of the PERS pension (benefit)
expense, associated with the Employer, under Chapter 133, P.L. 2001, calculated by the Plan as of
the June 30, 2023 measurement date, was $5,125.00. This on-behalf (benefit) expense is not
recognized by the Employer because of the regulatory basis of accounting as described in note 1.
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
Pension Liabilities, Pension (Benefit) Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions (Cont’d)
Police and Firemen’s Retirement System
Pension Liability - As of December 31, 2023, the Employer’s and State of New Jersey’s proportionate
share of the PFRS net pension liability were as follows:
The net pension liability was measured as of June 30, 2023, and the total pension liability used to
calculate the net pension liability was determined by an actuarial valuation as of July 1, 2022. 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, 2023. The Employer’s proportion of the
net pension liability was based on a projection of the Employer’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, 2023 measurement date, the Employer’s
proportion was .0309623000%, which was a decrease of .0012382600% from its proportion measured
as of June 30, 2022. At June 30, 2023, the State of New Jersey’s proportion, on-behalf of the
Employer, was .0303962300%, which was an increase of .0006721900% from its proportion, on-behalf
of the Employer, measured as of June 30, 2022.
Pension (Benefit) Expense - For the year ended December 31, 2023, the Employer’s proportionate
share of the PFRS pension (benefit) expense, calculated by the Plan as of the June 30, 2023
measurement date was $246,489.00. This (benefit) expense is not recognized by the Employer
because of the regulatory basis of accounting as described in note 1; however, as previously
mentioned, for the year ended December 31, 2023, the Employer’s contribution to PFRS was
$386,577.00, and was paid on April 1, 2023.
For the year ended December 31, 2023, the State’s proportionate share of the PFRS pension (benefit)
expense, associated with the Employer, calculated by the Plan as of the June 30, 2023 measurement
date, was $70,390.00. This on-behalf (benefit) expense is not recognized by the Employer because
of the regulatory basis of accounting as described in note 1.
Proportionate Share of Net Pension Liability
3,358,414.00
$
State of New Jersey's Proportionate Share of Net Pension
Liability Associated with the Employer
618,827.00
3,977,241.00
$
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
Pension Liabilities, Pension (Benefit) 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 - As of December 31, 2023, the
Employer had deferred outflows of resources and deferred inflows of resources related to pensions from
the following sources:
Deferred outflows of resources in the amounts of $75,817.00 and $202,318.00 for PERS and PFRS,
respectively, will be included as a reduction of the net pension liability during the year ending December
31, 2024. These amounts were based on an estimated April 1, 2025 contractually required contribution,
prorated from the pension plans’ measurement date of June 30, 2023 to the Employer’s year end of
December 31, 2023.
PERS
PFRS
Total
PERS
PFRS
Total
Differences between Expected
and Actual Experience
15,712.00
$
143,801.00
$
159,513.00
$
6,717.00
$
160,167.00
$
166,884.00
$
Changes of Assumptions
3,610.00
7,249.00
10,859.00
99,591.00
226,773.00
326,364.00
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
7,568.00
171,038.00
178,606.00
-
-
-
Changes in Proportion and Differences
between Contributions and
Proportionate Share of Contributions
219,659.00
595,569.00
815,228.00
206,964.00
231,200.00
438,164.00
Contributions Subsequent to
the Measurement Date
75,817.00
202,318.00
278,135.00
-
-
-
322,366.00
$
1,119,975.00
$
1,442,341.00
$
313,272.00
$
618,140.00
$
931,412.00
$
Deferred Outflows of Resources
Deferred Inflows of Resources
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
Pension Liabilities, Pension (Benefit) 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 Employer will
amortize the other deferred outflows 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, 2018
-
5.63
5.73
-
June 30, 2019
5.21
-
-
5.92
June 30, 2020
5.16
-
5.90
-
June 30, 2021
-
5.13
-
6.17
June 30, 2022
-
5.04
6.22
-
June 30, 2023
5.08
-
6.16
-
Changes of Assumptions
Year of Pension Plan Deferral:
June 30, 2018
-
5.63
-
5.73
June 30, 2019
-
5.21
-
5.92
June 30, 2020
-
5.16
-
5.90
June 30, 2021
5.13
-
6.17
-
June 30, 2022
-
5.04
-
6.22
Difference between Projected
and Actual Earnings on Pension
Plan Investments
Year of Pension Plan Deferral:
June 30, 2019
5.00
-
5.00
-
June 30, 2020
5.00
-
5.00
-
June 30, 2021
5.00
-
5.00
-
June 30, 2022
5.00
-
5.00
-
June 30, 2023
5.00
-
5.00
-
Changes in Proportion
Year of Pension Plan Deferral:
June 30, 2018
5.63
5.63
5.73
5.73
June 30, 2019
5.21
5.21
5.92
5.92
June 30, 2020
5.16
5.16
5.90
5.90
June 30, 2021
5.13
5.13
6.17
6.17
June 30, 2022
5.04
5.04
6.22
6.22
June 30, 2023
5.08
5.08
6.16
6.16
PERS
PFRS
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
Pension Liabilities, Pension (Benefit) 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:
Actuarial Assumptions
The net pension liability was measured as of June 30, 2023, and the total pension liability used to calculate
the net pension liability was determined by an actuarial valuation as of July 1, 2022. 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, 2023. This actuarial valuation used the following actuarial
assumptions, applied to all periods included in the measurement:
PERS
PFRS
Inflation Rate:
Price
2.75%
2.75%
Wage
3.25%
3.25%
Salary Increases:
2.75% - 6.55%
3.25% - 16.25%
Based on Years of Service
Based on Years of Service
Investment Rate of Return
7.00%
7.00%
Period of Actuarial Experience
Study upon which Actuarial
Assumptions were Based
July 1, 2018 - June 30, 2021
July 1, 2018 - June 30, 2021
Year Ending
Dec 31,
PERS
PFRS
Total
2024
(122,651.00)
$
(54,363.00)
$
(177,014.00)
$
2025
(23,414.00)
(81,462.00)
(104,876.00)
2026
114,233.00
355,282.00
469,515.00
2027
(33,182.00)
49,996.00
16,814.00
2028
(1,709.00)
27,338.00
25,629.00
Thereafter
-
2,726.00
2,726.00
(66,723.00)
$
299,517.00
$
232,794.00
$
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
Actuarial Assumptions (Cont’d)
Public Employees’ Retirement System
Pre-retirement mortality rates were based on the Pub-2010 General Below-Median Income Employee
mortality table with an 82.2% adjustment for males and 101.4% adjustment for females, and with future
improvement from the base year of 2010 on a generational basis. Post-retirement mortality rates were
based on the Pub-2010 General Below-Median Income Healthy Retiree mortality table with a 91.4%
adjustment for males and 99.7% adjustment for females, and with future improvement from the base
year of 2010 on a generational basis. Disability retirement rates used to value disabled retirees were
based on the Pub-2010 Non-Safety Disabled Retiree mortality table with a 127.7% adjustment for
males and 117.2% adjustment for females, and with future improvement from the base year of 2010
on a generational basis. Mortality improvement is based on Scale MP-2021.
Police and Firemen’s Retirement System
Pre-retirement mortality rates were based on the PubS-2010 amount-weighted mortality table with a
105.6% adjustment for males and 102.5% adjustment for females. For healthy annuitants, mortality
rates were based on the PubS-2010 amount-weighted mortality table with a 96.7% adjustment for
males and 96.0% adjustment for females. Disability rates were based on the PubS-2010 amount-
weighted mortality table with a 152.0% adjustment for males and 109.3% adjustment for females.
Mortality improvement is based on Scale MP-2021.
For both PERS and PFRS, in accordance with State statute, the long-term expected rate of return on Plan
investments (7.00% at June 30, 2023) is determined by the State Treasurer, after consultation with the
Directors of the Division of Investments and Division of Pensions and Benefits, the board of trustees and
the actuaries. The long-term expected rate of return was determined using a building block method in
which best-estimate ranges of expected future real rates of return (expected returns, net of pension Plan
investment expense and inflation) are developed for each major asset class. These ranges are combined
to produce the long-term expected rate of return by weighting the expected future real rates of return by
the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic rates
of return for each major asset class included in PERS’ and PFRS’ target asset allocation as of June 30,
2023 are summarized in the table that follows:
Long-Term
Target
Expected Real
Asset Class
Allocation
Rate of Return
U.S. Equity
28.00%
8.98%
Non-US Developed Markets Equity
12.75%
9.22%
International Small Cap Equity
1.25%
9.22%
Emerging Market Equity
5.50%
11.13%
Private Equity
13.00%
12.50%
Real Estate
8.00%
8.58%
Real Assets
3.00%
8.40%
High Yield
4.50%
6.97%
Private Credit
8.00%
9.20%
Investment Grade Credit
7.00%
5.19%
Cash Equivalents
2.00%
3.31%
U.S. Treasuries
4.00%
3.31%
Risk Mitigation Strategies
3.00%
6.21%
100.00%
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
Actuarial Assumptions (Cont’d)
Discount Rate -
For both PERS and PFRS, the discount rate used to measure the total pension liability was 7.00% as of
June 30, 2023. The projection of cash flows used to determine the discount rate assumed that
contributions from Plan members will be made at the current member contribution rates and that
contributions from employers and the nonemployer contributing entity would be based on 100% of the
actuarially determined contributions for the State employer and 100% of actuarially determined
contributions for the local employers. Based on those assumptions, the Plan’s fiduciary net position was
projected to be available to make all projected future benefit payments of current plan members.
Therefore, the long-term expected rate of return on Plan investments was applied to all projected benefit
payments to determine the total pension liability.
Sensitivity of Proportionate Share of Net Pension Liability to Changes in the Discount Rate
Public Employees' Retirement System (PERS) - The following presents the Employer’s proportionate
share of the net pension liability as of the June 30, 2023 measurement date, calculated using a discount
rate of 7.00%, as well as what the Employer’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:
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 Employer’s annual required
contribution. As such, the net pension liability as of the June 30, 2023 measurement date, for the Employer
and the State of New Jersey, calculated using a discount rate of 7.00%, 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
(6.00%)
(7.00%)
(8.00%)
Proportionate Share of the
Net Pension Liability
2,139,221.00
$
1,643,295.00
$
1,221,197.00
$
1%
Current
1%
Decrease
Discount Rate
Increase
(6.00%)
(7.00%)
(8.00%)
Proportionate Share of the
Net Pension Liability
4,679,361.00
$
3,358,413.00
$
2,258,380.00
$
State of New Jersey's Proportionate
Share of Net Pension Liability
862,227.00
618,827.00
416,133.00
5,541,588.00
$
3,977,240.00
$
2,674,513.00
$
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
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 (benefit) 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.
Supplementary Pension Information
In accordance with GASBS 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.
Schedule of the Proportionate Share of the Net Pension Liability - Public Employees’ Retirement
System (PERS) (Last Ten Plan Years)
Measurement Date Ended June 30,
2023
2022
2021
2020
2019
Proportion of the Net Pension Liability
0.0113452980%
0.0120756702%
0.0101610752%
0.0104745231%
0.0119005195%
Proportionate Share of the Net Pension Liability
1,643,295.00
$
1,822,385.00
$
1,203,732.00
$
1,708,121.00
$
2,144,293.00
$
Covered Payroll (Plan Measurement Period)
861,276.00
$
913,292.00
$
720,120.00
$
721,936.00
$
815,804.00
$
Proportionate Share of the Net Pension Liability
as a Percentage of Covered Payroll
190.80%
199.54%
167.16%
236.60%
262.84%
Plan Fiduciary Net Position as a Percentage of
the Total Pension Liability
65.23%
62.91%
70.33%
58.32%
56.27%
Measurement Date Ended June 30,
2018
2017
2016
2015
2014
Proportion of the Net Pension Liability
0.0128466839%
0.0132851795%
0.0125413993%
0.0128244645%
0.0133255606%
Proportionate Share of the Net Pension Liability
2,529,448.00
$
3,092,577.00
$
3,714,403.00
$
2,878,835.00
$
2,494,909.00
$
Covered Payroll (Plan Measurement Period)
899,104.00
$
920,392.00
$
833,368.00
$
862,332.00
$
852,040.00
$
Proportionate Share of the Net Pension Liability
as a Percentage of Covered Payroll
281.33%
336.01%
445.71%
333.84%
292.82%
Plan Fiduciary Net Position as a Percentage of
the Total Pension Liability
53.60%
48.10%
40.14%
47.93%
52.08%
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
Supplementary Pension Information (Cont’d)
Schedule of Contributions - Public Employees’ Retirement System (PERS) (Last Ten Years)
Year Ended December 31,
2023
2022
2021
2020
2019
Contractually Required Contribution
151,633.00
$
152,280.00
$
118,998.00
$
114,586.00
$
115,757.00
$
Contribution in Relation to the Contractually
Required Contribution
(151,633.00)
(152,280.00)
(118,998.00)
(114,586.00)
(115,757.00)
Contribution Deficiency (Excess)
-
$
-
$
-
$
-
$
-
$
Covered Payroll (Calendar Year)
922,114.00
$
844,893.00
$
863,143.00
$
727,435.00
$
741,947.00
$
Contributions as a Percentage of
Covered Payroll
16.44%
18.02%
13.79%
15.75%
15.60%
Year Ended December 31,
2018
2017
2016
2015
2014
Contractually Required Contribution
127,783.00
$
123,073.00
$
111,416.00
$
110,256.00
$
109,854.00
$
Contribution in Relation to the Contractually
Required Contribution
(127,783.00)
(123,073.00)
(111,416.00)
(110,256.00)
(109,854.00)
Contribution Deficiency (Excess)
-
$
-
$
-
$
-
$
-
$
Covered Payroll (Calendar Year)
797,987.00
$
900,451.00
$
934,360.00
$
852,239.00
$
851,446.00
$
Contributions as a Percentage of
Covered Payroll
16.01%
13.67%
11.92%
12.94%
12.90%
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
Supplementary Pension Information (Cont’d)
Schedule of Proportionate Share of the Net Pension Liability - Police and Firemen’s Retirement
System (PFRS) (Last Ten Plan Years)
Measurement Date Ended June 30,
2023
2022
2021
2020
2019
Proportion of the Net Pension Liability
0.0303962300%
0.0297240400%
0.0280198197%
0.0238921378%
0.0284036224%
Proportionate Share of the Net Pension Liability
3,358,414.00
$
3,402,320.00
$
2,048,011.00
$
3,087,179.00
$
3,475,984.00
$
State's Proportionate Share of the Net Pension Liability
618,827.00
605,513.00
576,003.00
479,116.00
548,864.00
Total
3,977,241.00
$
4,007,833.00
$
2,624,014.00
$
3,566,295.00
$
4,024,848.00
$
Covered Payroll (Plan Measurement Period)
1,074,324.00
$
981,232.00
$
982,236.00
$
874,608.00
$
962,688.00
$
Proportionate Share of the Net Pension Liability
as a Percentage of Covered Payroll
312.61%
346.74%
208.50%
352.98%
361.07%
Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability
70.16%
68.33%
77.26%
63.52%
65.00%
Measurement Date Ended June 30,
2018
2017
2016
2015
2014
Proportion of the Net Pension Liability
0.0265931273%
0.0274347950%
0.0260624826%
0.0230001607%
0.0273945416%
Proportionate Share of the Net Pension Liability
3,598,489.00
$
4,235,402.00
$
4,978,601.00
$
3,831,025.00
$
3,445,979.00
$
State's Proportionate Share of the Net Pension Liability
488,795.00
474,401.00
418,079.00
335,968.00
371,074.00
Total
4,087,284.00
$
4,709,803.00
$
5,396,680.00
$
4,166,993.00
$
3,817,053.00
$
Covered Payroll (Plan Measurement Period)
882,240.00
$
915,548.00
$
930,548.00
$
783,400.00
$
865,920.00
$
Proportionate Share of the Net Pension Liability
as a Percentage of Covered Payroll
407.88%
462.61%
535.02%
489.03%
397.96%
Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability
62.48%
58.60%
52.01%
56.31%
62.41%
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
Supplementary Pension Information (Cont’d)
Schedule of Contributions - Police and Firemen’s Retirement System (PFRS) (Last Ten Years)
Year Ended December 31,
2023
2022
2021
2020
2019
Contractually Required Contribution
404,635.00
$
386,577.00
$
326,561.00
$
266,916.00
$
286,908.00
$
Contribution in Relation to the Contractually
Required Contribution
(404,635.00)
(386,577.00)
(326,561.00)
(266,916.00)
(286,908.00)
Contribution Deficiency (Excess)
-
$
-
$
-
$
-
$
-
$
Covered Payroll (Calendar Year)
1,258,297.00
$
1,092,848.00
$
981,327.00
$
985,004.00
$
871,875.00
$
Contributions as a Percentage of
Covered Payroll
32.16%
35.37%
33.28%
27.10%
32.91%
Year Ended December 31,
2018
2017
2016
2015
2014
Contractually Required Contribution
259,987.00
$
242,803.00
$
212,498.00
$
186,957.00
$
210,409.00
$
Contribution in Relation to the Contractually
Required Contribution
(259,987.00)
(242,803.00)
(212,498.00)
(186,957.00)
(210,409.00)
Contribution Deficiency (Excess)
-
$
-
$
-
$
-
$
-
$
Covered Payroll (Calendar Year)
948,442.00
$
869,818.00
$
926,018.00
$
935,762.00
$
852,096.00
$
Contributions as a Percentage of
Covered Payroll
27.41%
27.91%
22.95%
19.98%
24.69%
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 9: PENSION PLANS (CONT’D)
Supplementary Pension Information (Cont’d)
Other Notes to Supplementary Pension Information
Public Employees’ Retirement System (PERS)
Changes in Benefit Terms
The Division of Pensions and Benefits adopted a new policy regarding the crediting of interest on member
contributions for the purpose of refund of accumulated deductions. Previously, after termination of
employment, but prior to retirement or death, interest was credited on member accumulated deductions
at the valuation interest rate for the entire period. Effective July 1, 2018, interest is only credited at the
valuation interest rate for the first two years of inactivity prior to retirement or death.
Changes in Assumptions
The discount rate and long-term expected rate of return used as of June 30 measurement date are as
follows:
Year
Rate
Year
Rate
Year
Rate
Year
Rate
2023
7.00%
2018
5.66%
2023
7.00%
2018
7.00%
2022
7.00%
2017
5.00%
2022
7.00%
2017
7.00%
2021
7.00%
2016
3.98%
2021
7.00%
2016
7.65%
2020
7.00%
2015
4.90%
2020
7.00%
2015
7.90%
2019
6.28%
2014
5.39%
2019
7.00%
2014
7.90%
Discount Rate
Long-term Expected Rate of Return
Police and Firemen’s Retirement System (PFRS)
Changes in Benefit Terms
The June 30, 2023 measurement date include the following plan amendment: Chapter 92, P.L. 2023
establishing an extension of the previous plan amendment Chapter 52, P.L. 2021, allowing members
enrolled between January 18, 2000 and April 19, 2021 to retire prior to age 55 if they have attained 20
years of creditable service and retire by May 1, 2026.
Changes in Assumptions
The discount rate and long-term expected rate of return used as of June 30 measurement date are as
follows:
Year
Rate
Year
Rate
Year
Rate
Year
Rate
2023
7.00%
2018
6.51%
2023
7.00%
2018
7.00%
2022
7.00%
2017
6.14%
2022
7.00%
2017
7.00%
2021
7.00%
2016
5.55%
2021
7.00%
2016
7.65%
2020
7.00%
2015
5.79%
2020
7.00%
2015
7.90%
2019
6.85%
2014
6.32%
2019
7.00%
2014
7.90%
Discount Rate
Long-term Expected Rate of Return
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 10: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS
N.J.A.C. 5:30-6.1 allows local units to disclose the most recently available information as it relates to the
New Jersy Division of Pension’s reporting on GASB No. 75, Accounting and Financial Reporting for
Postemployment Benefits other than Pensions. As of the date of this report, the information for the
measurement period ended June 30, 2023 was not available; therefore, the information from the
measurement period June 30, 2022 is disclosed below.
General Information about the State Health Benefit Local Government Retired Employees Plan
Plan Description and Benefits Provided - The Borough contributes to the State Health Benefits Local
Government Retired Employees Plan (the “Plan”), which is a cost-sharing multiple-employer defined
benefit other postemployment benefit (“OPEB”) plan with a special funding situation. It covers employees
of local government employers that have adopted a resolution to participate in the Plan. The Plan meets
the definition of an equivalent arrangement as defined in paragraph 4 of GASB Statement No. 75,
Accounting and Financial Reporting for the Postemployment Benefits Other Than Pensions (GASB
Statement No. 75); therefore, assets are accumulated to pay associated benefits. For additional
information about the Plan, please refer to the State of New Jersey (the “State”), Division of Pensions and
Benefits’
(the
“Division”)
annual
financial
statements,
which
can
be
found
at
https://www.state.nj.us/treasury/pensions/financial-reports.shtml.
The Plan provides medical and prescription drug to retirees and their covered dependents of the
participating employers. Under the provisions of Chapter 88, P.L 1974 and Chapter 48, P.L. 1999, local
government employers electing to provide postretirement medical coverage to their employees must file a
resolution with the Division. Under Chapter 88, local employers elect to provide benefit coverage based
on the eligibility rules and regulations promulgated by the State Health Benefits Commission. Chapter 48
allows local employers to establish their own age and service eligibility for employer paid health benefits
coverage for retired employees. Under Chapter 48, the employer may assume the cost of postretirement
medical coverage for employees and their dependents who: 1) retired on a disability pension; or 2) retired
with 25 or more years of service credit in a State or locally administered retirement system and a period
of service of up to 25 years with the employer at the time of retirement as established by the employer; or
3) retired and reached the age of 65 with 25 or more years of service credit in a State or locally
administered retirement system and a period of service of up to 25 years with the employer at the time of
retirement as established by the employer; or 4) retired and reached age 62 with at least 15 years of
service with the employer. Further, the law provides that the employer paid obligations for retiree coverage
may be determined by means of a collective negotiations agreement.
In accordance with Chapter 330, P.L. 1997, which is codified in N.J.S.A 52:14-17.32i, the State provides
medical and prescription coverage to local police officers and firefighters, who retire with 25 years of
service or on a disability from an employer who does not provide postretirement medical coverage. Local
employers were required to file a resolution with the Division in order for their employees to qualify for
State-paid retiree health benefits coverage under Chapter 330. The State also provides funding for retiree
health benefits to survivors of local police officers and firefighters who die in the line of duty under Chapter
271, P.L.1989.
Pursuant to Chapter 78, P.L. 2011, future retirees eligible for postretirement medical coverage who have
less than 20 years of creditable service on June 28, 2011 will be required to pay a percentage of the cost
of their health care coverage in retirement provided they retire with 25 or more years of pension service
credit. The percentage of the premium for which the retiree will be responsible will be determined based
on the retiree’s annual retirement benefit and level of coverage.
Contributions - The funding policy for the OPEB plan is pay-as-you-go; therefore, there is no prefunding
of the liability. However, due to premium rates being set prior to each calendar year, there is a minimal
amount of net position available to cover benefits in future years. Contributions to pay for the health benefit
premiums of participating employees in the OPEB plan are collected from the State of New Jersey,
participating local employers, and retired members.
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 10: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
General Information about the State Health Benefit Local Government Retired Employees Plan
(Cont’d)
Contributions (Cont’d) - The Borough was billed monthly by the Plan and paid $220,294.20, for the year
ended December 31, 2022, representing 11.37% of the Borough’s covered payroll. During the year ended
December 31, 2022, retirees were required to contribute $1,064.28 to the Plan.
OPEB Liability, OPEB (Benefit) Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources
OPEB Liability - At December 31, 2022, the Borough’s proportionate share of the net OPEB liability was
$6,687,547.00.
The net OPEB liability was measured as of June 30, 2022, and the total OPEB liability used to calculate
the net OPEB liability was determined by an actuarial valuation as of July 1, 2021, which was rolled forward
to June 30, 2022.
The Borough’s proportion of the net OPEB liability was based on the ratio of the Plan members of an
individual employer to the total members of the Plan’s nonspecial funding situation during the
measurement period July 1, 2021 through June 30, 2022. For the June 30, 2022 measurement date, the
Borough’s proportion was .041410%, which was an increase of .000444% from its proportion measured
as of the June 30, 2021 measurement date, as adjusted.
OPEB (Benefit) Expense - At December 31, 2022, the Borough’s proportionate share of the OPEB
(benefit) expense, calculated by the Plan as of the June 30, 2022 measurement date, is $367,257.00.
This (benefit) 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, 2022, the
Borough made contributions to the Plan totaling $220,294.20.
Deferred Outflows of Resources and Deferred Inflows of Resources - At December 31, 2022, the
Borough had deferred outflows of resources and deferred inflows of resources from the following sources:
Deferred
Deferred
Outflows
Inflows
of Resources
of Resources
Differences between Expected
and Actual Experience
345,352.00
$
1,238,587.00
$
Changes of Assumptions
892,481.00
2,282,331.00
Net Difference between Projected
and Actual Earnings on OPEB
Plan Investments
1,761.00
-
Changes in Proportion
2,440,182.00
697,373.00
Contributions Subsequent to
the Measurement Date
105,444.60
-
3,785,220.60
$
4,218,291.00
$
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 10: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
Deferred Outflows of Resources and Deferred Inflows of Resources (Cont’d) - Deferred outflows of
resources in the amount of $105,444.60 will be included as a reduction of the Borough’s net OPEB liability
during the year ending December 31, 2023. The Borough will amortize the above other deferred outflows
of resources and deferred inflows of resources related to the OPEB liability over the following number of
years:
Deferred
Deferred
Deferred
Deferred
Outflows
Inflows
Outflows
Inflows
of Resources of Resources
of Resources
of Resources
Differences between Expected
Net Difference between Projected
and Actual Experience
and Actual Investment Earnings
Year of OPEB Plan Deferral:
on OPEB Plan Investments
June 30, 2018
-
8.14
Year of OPEB Plan Deferral:
June 30, 2019
-
8.05
June 30, 2018
5.00
-
June 30, 2020
7.87
-
June 30, 2019
5.00
-
June 30, 2021
-
7.82
June 30, 2020
5.00
-
June 30, 2022
7.82
-
June 30, 2021
5.00
-
June 30, 2022
5.00
-
Changes of Assumptions
Changes in Proportion
Year of OPEB Plan Deferral:
Year of OPEB Plan Deferral:
June 30, 2017
-
8.04
June 30, 2017
8.04
8.04
June 30, 2018
-
8.14
June 30, 2018
8.14
8.14
June 30, 2019
-
8.05
June 30, 2019
8.05
8.05
June 30, 2020
7.87
-
June 30, 2020
7.87
7.87
June 30, 2021
7.82
-
June 30, 2021
7.82
7.82
June 30, 2022
-
7.82
June 30, 2022
7.82
7.82
Other amounts included as deferred outflows of resources and deferred inflows of resources related to the
OPEB liability will be recognized in future periods as follows:
Year Ending
Dec. 31,
2023
(302,176.00)
$
2024
(302,711.00)
2025
(198,699.00)
2026
9,260.00
2027
318,645.00
Thereafter
(62,834.00)
(538,515.00)
$
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 10: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
Actuarial Assumptions
The actuarial assumptions vary for each plan member depending on the pension plan in which the member
is enrolled. The actuarial valuation as of July 1, 2021, which was rolled forward to June 30, 2022, used
the following actuarial assumptions, applied to all periods in the measurement:
Salary Increases *
PERS - Rates for all future years
2.75% to 6.55% based on years of service
PFRS - Rates for all future years
3.25% to 16.25% based on years of service
Mortality:
PERS - Pub-2010 General classification headcount weighted mortality with fully generational mortality
improvement projections from the central year using Scale MP-2021
PFRS - Pub-2010 Safety classification headcount weighted mortality with fully generational mortality
improvement projections from the central year using Scale MP-2021
* salary increases are based on years of service within
the respective Plan
Actuarial assumptions used in the valuation were based on the results of the PFRS and PERS experience
studies prepared for July 1, 2018 to June 30, 2021.
100% of active members are considered to participate in the Plan upon retirement.
All of the Plan’s investments are in the State of New Jersey Cash Management Fund (the “CMF”). The
New Jersey Division of Investments manages the CMF, which is available on a voluntary basis for
investment by State and certain non-State participants. The CMF is considered to be an investment trust
fund as defined in GASB Statement No. 31, Certain Investments and External Investment Pools. The
CMF invests in U.S. government and agency obligations, commercial paper, corporate obligations and
certificates of deposit. Units of ownership in the CMF may be purchased or redeemed on any given
business day (excluding State holidays) are the unit cost of value of $1.00. Participant shares are valued
on a fair value basis. The CMF pay interest to participants on a monthly basis.
Discount Rate - The discount rate used to measure the OPEB liability at June 30, 2022 was 3.54%. This
represents the municipal bond return rate as chosen by the State. The source is the Bond Buyer Go 20-
Bond Municipal Bond Index, which includes tax-exempt general obligation municipal bonds with an
average rating of AA/Aa or higher. As the long-term rate of return is less than the municipal bond rate, it
is not considered in the calculation of the discount rate, rather the discount rate is set at the municipal
bond rate.
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 10: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
Actuarial Assumptions (Cont’d)
Health Care Trend Assumptions - The health care trend assumptions used is as follows:
Prescription
Fiscal Year
Drug
Ending
Pre-65
PPO Post-65
HMO Post-65
Trend
2023
6.25%
-1.89%
-1.99%
8.00%
2024
6.00%
-6.00%
-6.15%
7.50%
2025
5.75%
6.99%
7.02%
7.00%
2026
5.50%
15.04%
15.18%
6.50%
2027
5.25%
13.00%
13.11%
6.00%
2028
5.00%
11.47%
11.56%
5.50%
2029
4.75%
10.27%
10.35%
5.00%
2030
4.50%
9.29%
9.35%
4.50%
2031
4.50%
8.50%
8.55%
4.50%
2032
4.50%
6.25%
6.27%
4.50%
2033 and Later
4.50%
4.50%
4.50%
4.50%
Annual Rate of Increase
Medical Trend
Sensitivity of the Net OPEB Liability to Changes in the Discount Rate
The net OPEB liability, calculated using a discount rate of 3.54%, as well as using a discount rate that is
1% lower or 1% higher than the current rate used, is as follows:
Sensitivity of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rate
The net OPEB liability, using a healthcare cost trend rate that is 1% lower or 1% higher than the current
healthcare cost trend rate used, is as follows:
OPEB Plan Fiduciary Net Position
For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of
resources related to OPEB, and OPEB (benefit) expense, information about the respective fiduciary net
position of the State Health Benefits Local Government Retired Employees Plan and additions
to/deductions from the Plan’s respective fiduciary net position have been determined on the same basis
as they are reported by the Plan. Accordingly, contributions (including refunds of employee contributions)
are recognized when due and payable in accordance with the benefit terms. Investments are reported at
fair value.
1%
Current
1%
Decrease
Discount Rate
Increase
(2.54%)
(3.54%)
(4.54%)
Proportionate Share of the Net OPEB Liability
7,752,213.00
$
6,687,547.00
$
5,830,923.00
$
1%
Healthcare Cost
1%
Decrease
Trend Rate
Increase
Proportionate Share of the Net OPEB Liability
5,673,247.00
$
6,687,547.00
$
7,986,579.00
$
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 10: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
Supplementary OPEB Information
In accordance with GASBS No. 75, the following information is also presented for the State Health Benefits
Local Government Retired Employees Plan. 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 Proportionate Share of the Net OPEB Liability (Last Six Plan Years)
2022
2021 (a)
2020
Proportion of the Net OPEB Liability
0.041410%
0.040966%
0.030710%
Proportionate Share of the Net OPEB Liability
6,687,547.00
$
7,373,790.00
$
5,511,405.00
$
State's Proportionate Share of the Net OPEB Liability
Associated with the Employer
-
-
2,698,105.00
Total
6,687,547.00
$
7,373,790.00
$
8,209,510.00
$
Covered Payroll (Plan Measurement Period)
1,875,928.00
$
1,799,855.00
$
1,654,896.00
$
Proportionate Share of the Net OPEB
Liability as a Percentage of Covered Payroll
356.49%
409.69%
333.04%
Plan Fiduciary Net Position (Deficit) as a Percentage
of the Total OPEB Liability
-0.36%
0.28%
0.91%
2019
2018
2017
Proportion of the Net OPEB Liability
0.027720%
0.033796%
0.031454%
Proportionate Share of the Net OPEB Liability
3,754,971.00
$
5,294,690.00
$
6,421,582.00
$
State's Proportionate Share of the Net OPEB Liability
Associated with the Employer
2,038,880.00
2,624,107.00
3,436,340.00
Total
5,793,851.00
$
7,918,797.00
$
9,857,922.00
$
Covered Payroll (Plan Measurement Period)
1,659,053.00
$
1,776,703.00
$
1,836,534.00
$
Proportionate Share of the Net OPEB
Liability as a Percentage of Covered Payroll
226.33%
298.01%
349.66%
Plan Fiduciary Net Position (Deficit) as a Percentage
of the Total OPEB Liability
1.98%
1.97%
1.03%
(a) The Proportionate Share of the June 30, 2021 Net OPEB Liability was adjusted within the June 30, 2022 Plan Audit.
Measurement Date Ended June 30,
Measurement Date Ended June 30,
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 10: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
Supplementary OPEB Information (Cont’d)
Schedule of Contributions (Last Six Years)
Year Ended December 31,
2022
2021
2020
Required Contributions
220,294.20
$
189,091.37
$
185,533.13
$
Actual Contributions in Relation to the
Required Contribution
(220,294.20)
(189,091.37)
(185,533.13)
Contribution Deficiency (Excess)
-
$
-
$
-
$
Covered Payroll (Calendar Year)
1,937,741.00
$
1,844,470.00
$
1,712,439.00
$
Contributions as a Percentage of
Covered Payroll
11.37%
10.25%
10.83%
Year Ended December 31,
2019
2018
2017
Required Contributions
201,811.58
$
368,352.12
$
366,975.79
$
Actual Contributions in Relation to the
Required Contribution
(201,811.58)
(368,352.12)
(366,975.79)
Contribution Deficiency (Excess)
-
$
-
$
-
$
Covered Payroll (Calendar Year)
1,613,822.00
$
1,746,429.00
$
1,770,269.00
$
Contributions as a Percentage of
Covered Payroll
12.51%
21.09%
20.73%
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 10: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
Other Notes to Supplementary OPEB Information
Changes in Benefit Terms - The actuarial valuation as of July 1, 2021, which was rolled forward to June
30, 2022, included changes due to employers adopting and /or changing Chapter 48 provisions.
Changes in Assumptions - The discount rate used as of the June 30 measurement date is as follows:
Year
Rate
Year
Rate
2022
3.54%
2019
3.50%
2021
2.16%
2018
3.87%
2020
2.21%
2017
3.58%
The expected investment rate of return is based on guidance provided by the State. These expected rates
of return are the same as the discount rates listed above.
In addition to changes in the discount rate, other factors that affected the valuation of the net OPEB liability
included changes in the trend and updated experience study.
There were no changes to mortality projections.
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 has established a compensated absences trust fund to set aside funds for future payments
of compensated absences. At December 31, 2023, the balance of the fund was $26,512.89.
The Borough does not record accrued expenses related to compensated absences. However, it is
estimated that, at December 31, 2023, accrued benefits for compensated absences are valued at
$198,365.88, including social security and medicare taxes.
Note 12: CAPITAL DEBT
General Improvement Bonds
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.
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 12: CAPITAL DEBT (CONT’D)
General Improvement Bonds (Cont’d)
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.
General Obligation Bonds, Series 2023 - On September 27, 2023, the Borough issued $8,590,000.00
of general obligation bonds, consisting of $3,780,000.00 General Improvement Bonds, $4,055,000.00
Water Utility Bonds and $755,000.00 Sewer Utility Bonds, at interest rates varying from 4.00% to 6.00%.
The bonds were issued for the purpose of funding various capital projects in the Borough. The final
maturity of the bonds is March 1, 2036.
The following schedules represent the remaining debt service, through maturity, for the general
improvement bonds:
Year
Principal
Interest
Total
2024
615,000.00
$
183,098.06
$
798,098.06
$
2025
665,000.00
170,050.00
835,050.00
2026
350,000.00
138,300.00
488,300.00
2027
365,000.00
120,425.00
485,425.00
2028
385,000.00
101,675.00
486,675.00
2029-2033
2,200,000.00
229,225.00
2,429,225.00
4,580,000.00
$
942,773.06
$
5,522,773.06
$
Year
Principal
Interest
Total
2024
252,000.00
$
165,823.06
$
417,823.06
$
2025
265,000.00
165,825.00
430,825.00
2026
310,000.00
152,450.00
462,450.00
2027
325,000.00
137,575.00
462,575.00
2028
290,000.00
122,700.00
412,700.00
2029-2033
1,650,000.00
403,725.00
2,053,725.00
2034-2036
1,160,000.00
71,000.00
1,231,000.00
4,252,000.00
$
1,219,098.06
$
5,471,098.06
$
General
Water Utility
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 12: CAPITAL DEBT (CONT’D)
General Improvement Bonds (Cont’d)
The following schedules represent the remaining debt service, through maturity, for the general
improvement bonds (cont’d):
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.
Year
Principal
Interest
Total
2024
123,000.00
$
39,075.56
$
162,075.56
$
2025
130,000.00
36,650.00
166,650.00
2026
140,000.00
31,650.00
171,650.00
2027
140,000.00
26,450.00
166,450.00
2028
50,000.00
22,600.00
72,600.00
2029-2033
305,000.00
74,775.00
379,775.00
2034-2036
215,000.00
13,100.00
228,100.00
1,103,000.00
$
244,300.56
$
1,347,300.56
$
Sewer Utility
Year
Principal
Interest
Total
2024
74,345.60
$
2,187.50
$
76,533.10
$
2025
72,360.63
1,093.76
73,454.39
146,706.23
$
3,281.26
$
149,987.49
$
General
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 12: CAPITAL DEBT (CONT’D)
Summary of Debt
The following schedule represents the Borough’s summary of debt for the current and two previous years:
2023
2022
2021
Issued
General:
Bonds, Loans and Notes
4,726,706.23
$
3,648,049.91
$
4,196,496.73
$
Water Utility:
Bonds, Loans and Notes
4,252,000.00
3,642,250.00
3,697,250.00
Sewer Utility:
Bonds, Loans and Notes
1,103,000.00
711,100.00
786,100.00
Total Issued
10,081,706.23
8,001,399.91
8,679,846.73
Authorized but not Issued
General:
Bonds, Loans and Notes
1,924.35
1,144,814.35
1,489.35
Water Utility:
Bonds, Loans and Notes
1,699.00
343,699.00
1,699.00
Sewer Utility:
Bonds, Loans and Notes
1,959.09
269,359.09
984.09
Total Authorized but not Issued
5,582.44
1,757,872.44
4,172.44
Total Issued and Authorized
but not Issued
10,087,288.67
9,759,272.35
8,684,019.17
Deductions
Water Utility:
Self-Liquidating
4,253,699.00
3,985,949.00
3,698,949.00
Sewer Utility:
Self-Liquidating
1,104,959.09
980,459.09
787,084.09
Total Deductions
5,358,658.09
4,966,408.09
4,486,033.09
Net Debt
4,728,630.58
$
4,792,864.26
$
4,197,986.08
$
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 12: 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 completing the annual debt statement and indicated a statutory net debt of 1.534%.
Net debt $4,728,630.58 divided by the equalized valuation basis per N.J.S.A.40A:2-2, as amended,
$308,203,678.67, equals 1.534%.
Gross Debt
Deductions
Net Debt
Self-Liquidating
5,358,658.09
$
5,358,658.09
$
General
4,728,630.58
4,728,630.58
$
10,087,288.67
$
5,358,658.09
$
4,728,630.58
$
Borrowing Power Under N.J.S.A. 40A:2-6 as Amended
3 1/2% of Equalized Valuation Basis (Municipal)
10,787,128.75
$
Less: Net Debt
4,728,630.58
Remaining Borrowing Power
6,058,498.17
$
Calculation of "Self-Liquidating Purpose,"
Water Utility Per N.J.S.A. 40:2-45
Cash Receipts from Rents, Fund Balance
Anticipated and Other Miscellaneous Revenues
1,361,560.21
$
Deductions:
Operating and Maintenance Costs
865,856.00
$
Debt Service
217,695.39
Total Deductions
1,083,551.39
Excess in Revenue
278,008.82
$
Calculation of "Self-Liquidating Purpose,"
Sewer Utility Per N.J.S.A. 40:2-45
Cash Receipts from Rents, Fund Balance
Anticipated and Other Miscellaneous Revenues
830,620.02
$
Deductions:
Operating and Maintenance Costs
619,406.00
$
Debt Service
105,889.51
Total Deductions
725,295.51
Excess in Revenue
105,324.51
$
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 13: 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. The Borough is billed quarterly for amounts
due to the State.
The following is a summary of the activity and the ending balance of the Borough's trust fund for the current
and previous two years:
Joint Insurance Pool - The Borough of Clementon is a member of the Camden County Municipal
Insurance 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
Casualty Insurance
Business Automobile Insurance
Property Insurance
Workers' Compensation Insurance
Environmental Legal Liability Insurance
Crime Insurance
Excess Crime Insurance
The following coverages are provided to the Fund’s member local units by their membership in the
Municipal Excess Liability Joint Insurance Fund (MEL):
Excess Liability Insurance
Excess Workers’ Compensation and Employer’s Liability Insurance
Public Officials and Employment Liability Insurance
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 Banking and
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 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, which is an
insurance pool formed by all the other joint insurance funds.
For more information regarding claims, coverages and deductibles, the Fund publishes its own financial
report for the year ended December 31, 2023, which can be obtained from camdenmunicpaljif.org.
Employee
Interest
Amount
Ending
Year
Contributions
Earnings
Reimbursed
Balance
2023
5,164.08
$
360.85
$
5,786.64
$
32,825.65
$
2022
5,242.22
120.32
5,842.72
33,087.36
2021
3,988.10
46.34
1,655.26
33,567.54
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 14: 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 15: RECAPTURE AGREEMENT
In 2012, with the support of the Borough and the County of Camden, the Camden County Improvement
Authority (the “Authority”) entered into an agreement with Leewood Real Estate Group/NJ ("Leewood") to
develop a mixed-use community that includes 205 condominiums and/or townhome dwellings, a
community center, along with the construction of 40,000 square feet of commercial space (collectively, the
"Leewood Project"), located at the gateway to the Borough along the Route 30 business corridor.
Borough Council approved a "payment in lieu of tax agreement" ("PILOT") with Leewood and agreed to
repay the Authority for a portion the Authority’s redevelopment expenses in the amount of one million five
hundred thousand dollars ($1.5 Million) (the "Borough Share") in accordance with terms set forth in a
Recapture Agreement entered into by and between the Borough and the Authority.
In accordance with the Recapture Agreement, on an annual basis, until the Borough has paid the Borough
Share, the Borough shall begin payment of the Borough Share to the Authority upon the Borough's receipt
of Ad Valorem taxes and/or PILOT payments for the redevelopment project as follows:
For the Residential Section:
a. 50% of the municipal share of the five-year tax abatement and exemption payments for the
Residential Section.
b. Beginning after completion of the PILOT program, 30% of the municipal share of Ad Valorem taxes
for the Residential Section.
For the Commercial Section:
a. 30% of the municipal share of the long-term PILOT payments for the Commercial Section.
b. Beginning after completion of the PILOT program, 30% of the municipal share of Ad Valorem taxes
for the Commercial Section.
As of year ended December 31, 2023, the total amount of Borough Share payable to the Authority,
calculated in accordance with the Recapture Agreement, was $65,173.38.
Draft 8.13.2024
11600
Notes to Financial Statements (Cont'd)
Note 16: 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 17: 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.
Note 18: LOAN GUARANTEE
In accordance with a Dam Restoration Loan Agreement with the State of New Jersey for the rehabilitation
of the Clementon lake dam, executed on December 19, 2006, and subsequently assigned on October 18,
2011, the Borough is identified as a co-borrower for the Dam Restoration Loan originally issued to the
borrower in 2006 to fund the project. As co-borrower for such loan, the Borough has irrevocably pledged
its full faith and credit and covenants to exercise its taxing powers for the punctual payment of the principal
of the loan and all other amounts due under the Loan Agreement in the event that the Borrower defaults
under the Loan Agreement. As of the date of this report, the borrower has made all required payments on
the loan and the outstanding principal balance of the loan is $127,254.27. This outstanding loan balance
is not included in the gross debt of the Borough. The final maturity of the loan is January 5, 2027.
Note 19: SUBSEQUENT EVENTS
Authorization of Debt - Subsequent to December 31, the Borough authorized additional bonds and notes
as follows:
Date of
Debt
Purpose
Adoption
Authorization
General Improvements:
Completion of Various Capital Improvements and the
Acquisition of Various Capital Equipment
6/18/2024
400,187.00
$
Water Utility Improvements:
Completion of Various Improvements and the
Acquisition of Various Equipment for the Water Utility
6/18/2024
456,475.00
Sewer Utility Improvements:
Completion of Various Improvements for the
Sewer Utility
6/18/2024
142,500.00
999,162.00
$
Draft 8.13.2024
SUPPLEMENTAL EXHIBITS
Draft 8.13.2024
SUPPLEMENTAL EXHIBITS
CURRENT FUND
Draft 8.13.2024
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, 2023
Federal and State
Regular
Grant Fund
Balance December 31, 2022
3,264,054.17
$
408,303.85
$
Increased by Receipts:
Uniform Fire Safety Act Fees
46,575.23
$
Miscellaneous Revenue Not Anticipated
82,244.30
Petty Cash
350.00
Taxes Receivable
11,130,214.73
Tax Title Liens Receivable
3,926.82
2022 Appropriations Refunds
187,571.77
Revenue Accounts Receivable
969,342.81
Due State of New Jersey--Veterans' and Senior Citizens' Deductions
33,750.00
Accounts Payable
36,325.00
Prepaid Taxes
77,691.10
Tax Overpayments
22,621.03
Reserve for Municipal Relief Fund Aid
44,911.48
Due State of New Jersey - State Training Fees
4,892.00
Due State of New Jersey - Marriage and Civil Union Fees/Burial Permits
300.00
Due Federal and State Grant Fund
25,000.00
Due Trust Other Funds
23,305.59
Due General Capital Fund
1,365.55
Due Water Utility Operating Fund
21,000.00
Federal and State Grants Receivable
435,336.83
$
Matching Funds for Grants
76,404.00
12,711,387.41
511,740.83
Subtotal (Carried Forward)
15,975,441.58
920,044.68
(Continued)
11600
Draft 8.13.2024
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, 2023
Federal and State
Regular
Grant Fund
11600
Subtotal (Brought Forward)
15,975,441.58
$
920,044.68
$
Decreased by Disbursements:
2023 Appropriations
5,802,871.63
$
Petty Cash
350.00
2022 Appropriation Reserves
175,318.69
Accounts Payable
29,838.53
Tax Overpayments
7,682.00
Due State of New Jersey - State Training Fees
4,575.00
Due State of New Jersey - Marriage and Civil Union Fees/Burial Permits
375.00
County Taxes
2,279,187.27
Due County for Added and Omitted Taxes
31,340.39
Local District School Taxes
4,502,490.48
Refund of Prior Year Revenue
56.04
Due Current Fund
25,000.00
$
Due Municipal Open Space Fund
51,004.86
Reserve for Federal and State Grants--Appropriated
724,510.38
Matching Funds for Grants
76,404.00
12,961,493.89
749,510.38
Balance December 31, 2023
3,013,947.69
$
170,534.30
$
Draft 8.13.2024
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, 2023
Received from
Returned to
Office
Treasurer
Treasurer
Finance
300.00
$
300.00
$
Police
50.00
50.00
350.00
$
350.00
$
11600
BOROUGH OF CLEMENTON
CURRENT FUND
As of December 31, 2023
CURRENT FUND
Draft 8.13.2024
Exhibit SA-4
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Taxes Receivable and Analysis of Property Tax Levy
For the Year Ended December 31, 2023
Due from
Balance
Added
Collections
Overpayments
State of
Transferred to
Balance
Year
Dec. 31, 2022
2023 Levy
Taxes
2022
2023
Applied
New Jersey
Canceled
Tax Title Liens
Dec. 31, 2023
2017
201.50
$
201.50
$
2019
19,372.80
3,338.60
$
22,711.40
2020
5,570.40
5,570.40
2021
8,386.44
831.37
$
7,555.07
2022
408,304.29
750.00
395,818.44
0.77
$
5,580.22
$
7,654.86
441,835.43
-
4,088.60
-
396,649.81
-
-
0.77
5,580.22
43,693.23
2023
11,418,829.08
$
96,994.19
$
10,733,564.92
4,559.28
$
34,250.00
$
17,348.61
67,635.83
464,476.25
441,835.43
$
11,418,829.08
$
4,088.60
$
96,994.19
$
11,130,214.73
$
4,559.28
$
34,250.00
$
17,349.38
$
73,216.05
$
508,169.48
$
Analysis of 2023 Property Tax Levy
Tax Yield:
General Property Tax
11,392,004.87
$
Added Taxes (54:4-63.1 et. seq.)
26,824.21
11,418,829.08
$
Tax Levy:
Local School District Tax
4,502,490.00
$
Municipal Open Space Tax
51,489.35
County Taxes:
County Taxes
2,080,488.94
$
County Library
135,447.03
County Open Space
63,251.30
Due County for Added and Omitted Taxes
3,582.13
Total County Taxes
2,282,769.40
Local Tax for Municipal Purposes
4,557,514.13
Add: Additional Tax Levied
24,566.20
4,582,080.33
11,418,829.08
$
11600
Draft 8.13.2024
Exhibit SA-5
Statement of Tax Title Liens Receivable
For the Year Ended December 31, 2023
Balance December 31, 2022
542,855.62
$
Increased by:
Transfers from Taxes Receivable
73,216.05
$
Interest and Costs Accrued by Tax Sale
4,604.88
77,820.93
620,676.55
Decreased by:
Collected
3,926.82
Balance December 31, 2023
616,749.73
$
11600
BOROUGH OF CLEMENTON
CURRENT FUND
Draft 8.13.2024
Exhibit SA-6
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Revenue Accounts Receivable
For the Year Ended December 31, 2023
Balance
Accrued
Interfunds
Balance
Dec. 31, 2022
in 2023
Collected
Receivable
Dec. 31, 2023
Miscellaneous Revenue Anticipated:
Licenses:
Alcoholic Beverages
11,815.37
$
11,815.37
$
Other:
Amusement Games
2,000.00
2,000.00
Bingo Raffle
280.00
280.00
Marriage
78.00
78.00
Mercantile
5,193.00
5,193.00
Registrar
534.00
534.00
Vacant Property
67,667.00
67,667.00
Fees and Permits:
Apartment Code Inspection
8,570.00
8,570.00
Cable Franchise Fees
15,366.19
$
13,784.40
15,366.19
13,784.40
$
Certificates of Occupancy Fees
7,480.00
7,480.00
Other
400.00
400.00
Rental Registration Fees
14,510.00
14,510.00
Street Opening Fees
1,575.00
1,575.00
Tower Rental Fees
81,864.89
81,864.89
Variance Fees
1,050.00
1,050.00
Municipal Court:
Fines and Costs
5,763.30
49,250.71
51,930.99
3,083.02
Interest and Costs on Taxes
107,804.08
107,804.08
Energy Receipts Tax
433,556.33
433,556.33
Uniform Construction Code Fees
88,594.40
88,594.40
Miscellaneous Revenue Not Anticipated:
Interest Earned on Deposits
75,383.92
69,073.56
6,310.36
$
21,129.49
$
971,391.10
$
969,342.81
$
6,310.36
$
16,867.42
$
Due Animal Control Fund
88.79
$
Due Trust Other Funds
3,386.67
Due General Capital Fund
2,834.90
6,310.36
$
11600
Draft 8.13.2024
Exhibit SA-7
BOROUGH OF CLEMENTON
CURRENT FUND
Balance
Transfer to
After
Disbursed
Accounts
Balance
Encumbered
Reserved
Modification
(Net of Refunds)
Payable
Lapsed
GENERAL GOVERNMENT:
Administrative
Salaries and Wages
111.64
$
111.64
$
111.64
$
Other Expenses
2,867.20
2,867.20
2,867.20
Mayor and Council
Salaries and Wages
516.56
516.56
516.56
Other Expenses
500.00
$
1,426.70
1,926.70
479.00
$
1,447.70
Municipal Clerk
Salaries and Wages
5,387.17
5,387.17
5,387.17
Other Expenses
604.22
16,052.05
16,656.27
3,779.09
12,877.18
Elections
Other Expenses
21.72
21.72
21.72
Financial Administration
Salaries and Wages
22,897.10
22,897.10
22,897.10
Other Expenses
539.22
551.64
1,090.86
533.22
557.64
Collection of Taxes
Salaries and Wages
1,003.66
1,003.66
1,003.66
Other Expenses
76.16
432.40
508.56
508.56
Assessment of Taxes
Other Expenses
707.43
707.43
707.43
Legal Services and Costs
Other Expenses
46,534.05
46,534.05
46,534.05
Engineering Services and Costs
Other Expenses
439.50
15,783.82
16,223.32
439.50
15,783.82
Economic Development
Other Expenses
100.00
100.00
100.00
Historic Commission
Other Expenses
100.00
100.00
100.00
Maintenance of Foreclosed Property
Other Expenses
1,100.00
1,100.00
1,100.00
Demolition of Property
Other Expenses (Emergency $55,000.00)
54,900.00
100.00
55,000.00
54,842.00
158.00
Liquidation of Tax Title Liens and Foreclosed Property
Other Expenses
1.00
1.00
1.00
LAND USE ADMINISTRATION:
Planning Board
Salaries and Wages
1,642.93
1,642.93
1,642.93
Other Expenses
100.79
100.79
100.79
INSURANCE:
Employee Group Health
29,940.82
29,940.82
29,940.82
Health Benefit Waiver
2,468.61
2,468.61
2,468.61
PUBLIC SAFETY:
Police
Salaries and Wages
156,944.99
156,944.99
156,944.99
Other Expenses
10,407.25
35,188.40
45,595.65
11,974.92
180.00
$
33,440.73
Office of Emergency Management
Salaries and Wages
660.43
660.43
660.43
Other Expenses
1,900.01
1,900.01
1,900.01
First Aid
Contribution to Pine Hill
1.00
1.00
1.00
Fire
Salaries and Wages
500.00
500.00
500.00
Other Expenses
12,280.45
18,050.63
30,331.08
11,515.45
18,815.63
Uniform Fire Safety Code (Ch. 383 P.L. 1985)
Fire Official
Salaries and Wages
493.01
493.01
493.01
Other Expenses
2,830.54
3,541.67
6,372.21
2,853.53
3,518.68
Municipal Prosecuter
Other Expenses
0.04
0.04
0.04
(Continued)
11600
Balance Dec. 31, 2022
Statement of 2022 Appropriation Reserves
For the Year Ended December 31, 2023
Draft 8.13.2024
Exhibit SA-7
BOROUGH OF CLEMENTON
CURRENT FUND
Balance
Transfer to
After
Disbursed
Accounts
Balance
Encumbered
Reserved
Modification
(Net of Refunds)
Payable
Lapsed
11600
Balance Dec. 31, 2022
Statement of 2022 Appropriation Reserves
For the Year Ended December 31, 2023
PUBLIC WORKS:
Streets and Roads
Salaries and Wages
36,463.95
$
36,463.95
$
36,463.95
$
Other Expenses
400.00
$
1,007.97
1,407.97
447.61
$
960.36
Shade Tree Commission
Other Expenses
1,050.00
1,050.00
1,050.00
Solid Waste Collection
Other Expenses
27,709.36
3,826.72
31,536.08
27,709.36
3,826.72
Public Buildings and Grounds
Other Expenses
4,616.87
1,250.46
5,867.33
4,830.55
1,036.78
Vehicle Maintenance
791.45
4,769.22
5,560.67
5,560.67
HEALTH AND HUMAN SERVICES:
Board of Health
Other Expenses
100.00
100.00
100.00
Services of Visiting Nurse
Other Expenses
1.00
1.00
1.00
Registrar of Vital Statistics
Salaries and Wages
27.80
27.80
27.80
Environmental Commission (N.J.S. 40:56A-1 et seq.)
Other Expenses
225.00
225.00
225.00
PARKS AND RECREATION:
Parks and Playgrounds
Other Expenses
138.77
138.77
138.77
LANDFILL/SOLID WASTE DISPOSAL:
Garbage and Trash Removal
Landfill/Solid Waste
51,364.05
51,364.05
19,805.89
31,558.16
MUNICIPAL COURT:
Municipal Court
Salaries and Wages
20,250.57
20,250.57
20,250.57
Other Expenses
1,920.53
6,497.77
8,418.30
1,770.53
6,647.77
Public Defender
Other Expenses
500.04
500.04
500.04
CODE ENFORCEMENT AND ADMINISTRATION:
Construction Official
Salaries and Wages
594.00
2,307.42
2,901.42
891.00
2,010.42
Other Expenses
5,560.89
5,560.89
5,560.89
Fire Inspector
Salaries and Wages
42.44
42.44
42.44
Plumbing Inspector
Salaries and Wages
0.96
0.96
0.96
Electrical Inspector
Salaries and Wages
0.96
0.96
0.96
Code Enforcement Officer
Salaries and Wages
17,410.32
17,410.32
17,410.32
Other Expenses
187.19
2,203.67
2,390.86
187.19
2,203.67
UTILITY EXPENSES AND BULK PURCHASES:
Electric
2,268.98
25,706.38
27,975.36
2,268.98
25,706.38
Street Lighting
8,152.52
8,480.01
16,632.53
16,137.97
494.56
Maintenance of Traffic Lights
4,500.00
4,500.00
4,500.00
Telephone
1,149.12
2,979.18
4,128.30
2,078.74
2,049.56
Hydrant
100.00
100.00
100.00
Oil
2,506.62
23,314.15
25,820.77
2,506.62
23,314.15
Sewer
1,592.00
1,592.00
1,592.00
Gasoline
3,758.97
21,887.17
25,646.14
6,590.01
19,056.13
OTHER COMMON OPERATING FUNCTIONS:
Compensated Absences
100.00
100.00
100.00
Celebration of Public Events, Holidays, or Anniversaries
Other Expenses
1,160.18
2,448.76
3,608.94
844.18
2,764.76
Contingent
1.00
1.00
1.00
(Continued)
Draft 8.13.2024
Exhibit SA-7
BOROUGH OF CLEMENTON
CURRENT FUND
Balance
Transfer to
After
Disbursed
Accounts
Balance
Encumbered
Reserved
Modification
(Net of Refunds)
Payable
Lapsed
11600
Balance Dec. 31, 2022
Statement of 2022 Appropriation Reserves
For the Year Ended December 31, 2023
STATUTORY EXPENDITURES:
Contribution to:
Social Security System (O.A.S.I.)
7,428.71
$
7,428.71
$
7,428.71
$
Unemployment Insurance
912.13
912.13
912.13
Defined Contribution Retirement System
3,284.46
3,284.46
2,319.90
$
964.56
Recycling Tax
2,540.45
2,540.45
513.45
2,027.00
INSURANCE
Employee Group Health
5,387.98
5,387.98
5,387.98
Public and Private Programs Offset by Revenues:
Matching Funds for Grants
14,000.00
14,000.00
14,000.00
137,793.13
$
646,789.83
$
784,582.96
$
175,318.69
$
180.00
$
609,084.27
$
Draft 8.13.2024
Exhibit SA-8
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Due form/(to) State of New Jersey
Veterans' and Senior Citizens' Deductions
For the Year Ended December 31, 2023
Balance December 31, 2022 (Due from)
8.17
$
Increased by:
Accrued in 2023:
Deductions Allowed per Tax Billings
33,500.00
$
Deductions Allowed by Tax Collector
1,500.00
35,000.00
Less: Deductions Disallowed by Collector
750.00
34,250.00
$
Deductions Disallowed by Tax Collector--Prior Year Taxes
750.00
33,500.00
33,508.17
Decreased by:
Received from State of New Jersey
33,750.00
Balance December 31, 2023 (Due to)
(241.83)
$
Exhibit SA-9
Statement of Accounts Payable
For the Year Ended December 31, 2023
Balance December 31, 2022
11,391.01
$
Increased by:
Cash Receipts
36,325.00
$
Charged to Appropriation Reserves
180.00
Charged to Appropriations
1,000.00
37,505.00
48,896.01
Decreased by:
Disbursed
29,838.53
Canceled
3,223.48
33,062.01
Balance December 31, 2023
15,834.00
$
11600
CURRENT FUND
Draft 8.13.2024
Exhibit SA-10
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Prepaid Taxes
For the Year Ended December 31, 2023
Balance December 31, 2022
96,994.19
$
Increased by:
Collections--2024 Taxes Receivable
77,691.10
174,685.29
Decreased by:
Application to 2023 Taxes Receivable
96,994.19
Balance December 31, 2023
77,691.10
$
Exhibit SA-11
Statement of Tax Overpayments
Balance December 31, 2022
5,894.27
$
Increased by:
Receipts:
Overpayments Collected
22,621.03
28,515.30
Decreased by:
Refunded
7,682.00
$
Applied to Taxes Receivable
4,559.28
12,241.28
Balance December 31, 2023
16,274.02
$
For the Year Ended December 31, 2023
CURRENT FUND
11600
Draft 8.13.2024
Exhibit SA-12
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Due to State of New Jersey
For the Year Ended December 31, 2023
Balance December 31, 2022
3,228.00
$
Increased by:
Receipts
4,892.00
8,120.00
Decreased by:
Disbursements
4,575.00
$
Canceled
1,773.00
6,348.00
Balance December 31, 2023
1,772.00
$
Exhibit SA-13
Statement of Due to State of New Jersey
Marriage and Civil Union Licenses and Burial Permits
For the Year Ended December 31, 2023
Balance December 31, 2022
225.00
$
Increased by:
Receipts
300.00
525.00
Decreased by:
Disbursements
375.00
Balance December 31, 2023
150.00
$
11600
State Training Fees
CURRENT FUND
Draft 8.13.2024
Exhibit SA-14
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of County Taxes Payable
For the Year Ended December 31, 2023
2023 Levy:
General County
2,080,488.94
$
County Library
135,447.03
County Open Space
63,251.30
2,279,187.27
$
Decreased by:
Disbursements
2,279,187.27
$
Exhibit SA-15
CURRENT FUND
Statement of Municipal Open Space Taxes Payable
For the Year Ended December 31, 2023
2023 Levy
51,408.00
$
Municipal Open Space Share of Added Assessments
81.35
51,489.35
$
Decreased by:
Due to Trust Open Space Fund:
Reserve for Open Space, Recreation Farmland and Historic Preservation
51,489.35
$
11600
Draft 8.13.2024
Exhibit SA-16
BOROUGH OF CLEMENTON
CURRENT FUND
Statement of Due County for Added and Omitted Taxes
For the Year Ended December 31, 2023
Balance December 31, 2022
31,340.39
$
Increased by:
County Share of 2023 Levy:
Added Taxes
2,422.64
$
County Share of Prior Year Taxes:
Omitted/Added Taxes (2022)
1,159.49
3,582.13
34,922.52
Decreased by:
Disbursements
31,340.39
Balance December 31, 2023
3,582.13
$
Exhibit SA-17
CURRENT FUND
Statement of Local District School Taxes
For the Year Ended December 31, 2023
Balance December 31, 2022
0.48
$
Increased by:
School Tax Levy - Calendar Year 2023
4,502,490.00
4,502,490.48
Decreased by:
Disbursements
4,502,490.48
$
11600
Draft 8.13.2024
Exhibit SA-18
BOROUGH OF CLEMENTON
FEDERAL AND STATE GRANT FUND
Statement of Federal, State and Local Grants Receivable
For the Year Ended December 31, 2023
Balance
Balance
Program
Dec. 31, 2022
Accrued
Received
Dec. 31, 2023
Federal Programs:
Community Development Block Grant
250,000.00
$
419,000.00
$
100,000.00
$
569,000.00
$
American Rescue Plan - Friefighters Grant
50,000.00
50,000.00
Safe Routes to School Program
470,000.00
470,000.00
Total Federal Programs
720,000.00
469,000.00
100,000.00
1,089,000.00
State Programs:
Clean Communities Program
12,735.43
12,735.43
Body Worn Camera Program
4,076.00
4,076.00
Body Armor Replacement Fund
1,459.82
1,459.82
Recycling Tonnage Grant
8,203.58
8,203.58
NJDOT Municipal Aid Program
564,634.05
189,770.00
268,500.00
485,904.05
Safe Streets to Transit
416,000.00
416,000.00
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
10,871.97
4,880.00
5,991.97
Safe and Secure Communities Program
19,558.00
19,558.00
Stormwater Assistant Grant
25,000.00
15,000.00
10,000.00
Total State Programs
586,982.02
672,726.83
330,336.83
929,372.02
Local Programs:
County of Camden Recreation Enhancement Grants
64,939.12
64,939.12
County Open Space Grant
100,000.00
100,000.00
Adopt a Road Grant
500.00
500.00
Sumner Station Foundation--Police Grant
5,000.00
5,000.00
Total Local Programs
165,439.12
5,000.00
5,000.00
165,439.12
Total All Programs
1,472,421.14
$
1,146,726.83
$
435,336.83
$
2,183,811.14
$
11600
Draft 8.13.2024
Exhibit SA-19
BOROUGH OF CLEMENTON
FEDERAL AND STATE GRANT FUND
Statement of Reserve for Federal, State and Local Grants - Unappropriated
For the Year Ended December 31, 2023
Realized as
Miscellaneous
Balance
Grants
Revenue in
Balance
Program
Dec. 31, 2022
Receivable
2023 Budget
Dec. 31, 2023
Federal Programs:
Community Development Block Grant
419,000.00
$
419,000.00
$
American Rescue Plan
0.03
$
0.03
American Rescue Plan - Friefighters Grant
50,000.00
50,000.00
Total Federal Programs
0.03
469,000.00
469,000.03
-
$
State Programs:
Clean Communities Program
12,735.43
12,735.43
Body Armor Replacement Fund
2,241.52
1,459.82
2,241.52
1,459.82
Recycling Tonnage Grant
8,203.58
8,203.58
NJDOT Municipal Aid Program
189,770.00
189,770.00
Safe Streets to Transit
416,000.00
416,000.00
Safe and Secure Communities Program
19,558.00
19,558.00
Stormwater Assistant Grant
25,000.00
25,000.00
Total State Programs
2,241.52
672,726.83
673,508.53
1,459.82
Local Programs:
Adopt a Road Grant
500.00
500.00
Sumner Station Foundation--Police Grant
5,000.00
5,000.00
5,000.00
5,000.00
Total Local Programs
5,500.00
5,000.00
5,500.00
5,000.00
Total All Programs
7,741.55
$
1,146,726.83
$
1,148,008.56
$
6,459.82
$
Original Budget
501,503.13
$
Appropriation by N.J.S.A. 40A:4-87
646,505.43
1,148,008.56
$
11600
Draft 8.13.2024
Exhibit SA-20
Transferred from
Prior Year
Balance
2023 Budget
Encumbrances
Paid or
Balance
Program
Dec. 31, 2022
Appropriation
Reclassified
Charged
Canceled
Dec. 31, 2023
Federal Programs:
Community Development Block Grant
211,900.00
$
419,000.00
$
33,634.10
$
224,400.00
$
440,134.10
$
American Rescue Plan
0.03
0.03
American Rescue Plan - Friefighters Grant
50,000.00
49,846.98
153.02
Safe Routes to School Program
470,000.00
470,000.00
Total Federal Programs
681,900.00
469,000.03
33,634.10
274,246.98
-
$
910,287.15
State Programs:
Drunk Driving Enforcement Grant
3,048.84
3,048.84
Clean Communities Program
22,496.05
12,735.43
10,761.19
24,470.29
Body Worn Camera Program
30,570.00
30,570.00
Body Armor Replacement Fund
2,241.52
360.42
360.42
2,241.52
Recycling Tonnage Grant
33,894.25
8,203.58
6,076.57
41,246.85
6,927.55
NJDOT Municipal Aid Program
353,500.00
189,770.00
7,778.05
322,463.66
228,584.39
Safe Streets to Transit
416,000.00
416,000.00
NJ Forest Service Stimulus Fund
7,000.15
7,000.15
Municipal Alliance on Alcoholism and Drug Abuse
27,317.73
7,121.32
20,196.41
Safe and Secure Communities Program
95,962.00
95,962.00
Stormwater Assistant Grant
25,000.00
25,000.00
Sustainable Jersey Small Grants Program
5,000.00
5,000.00
Total State Programs
482,827.02
749,912.53
14,215.04
477,915.44
-
769,039.15
Local Programs:
Adopt a Road
3,500.00
500.00
4,000.00
Sumner Station Foundation--Police Grant
12,160.97
5,000.00
13,500.00
20,096.21
10,564.76
Sumner Station Foundation--Fire Grant
10,052.99
10,052.99
Recycling Tonnage Rebate Program
2,580.72
2,580.72
County of Camden Recreation Enhancement Grants
99,770.60
23,968.10
25,000.00
50,802.50
Total Local Programs
128,065.28
5,500.00
13,500.00
44,064.31
25,000.00
78,000.97
Total All Programs
1,292,792.30
$
1,224,412.56
$
61,349.14
$
796,226.73
$
25,000.00
$
1,757,327.27
$
Disbursed
724,510.38
$
Reserve for Encumbrances
61,349.14
$
71,716.35
61,349.14
$
796,226.73
$
11600
BOROUGH OF CLEMENTON
FEDERAL AND STATE GRANT FUND
Statement of Reserve for Federal, State and Local Grants - Appropriated
For the Year Ended December 31, 2023
Draft 8.13.2024
SUPPLEMENTAL EXHIBITS
TRUST FUND
Draft 8.13.2024
Exhibit SB-1
Animal Control
Trust Other Funds
Municipal Open Space
Balance December 31, 2022
1,117.78
$
594,651.39
$
149,284.14
$
Increased by Receipts:
Animal License Fees
1,394.15
$
Budget Appropriations
60,000.00
Due Current Fund
88.79
12,524.92
$
51,004.86
$
State Registration Fees
322.80
Interest Earned on Deposits
786.37
Reserve for Open Space, Recreation Farmland and Historic Preservation
1,364.63
Reserve for Developer's Escrow Deposits
81,698.84
Reserve for Street Opening Deposits
5,200.00
Reserve for Parking Offenses Adjudication Act
64.00
Reserve for Tax Sale Premiums
14,000.00
Reserve for Public Defender Fees
1,963.50
Reserve for Recreation
25,000.00
Reserve for Tax Title Lien Redemption
531,225.57
Reserve for Police Outside Employment
28,879.75
Reserve for Unemployment Compensation
65.20
Reserve for Payroll Deductions Payable
1,306,983.52
Net Payroll
1,825,819.98
61,805.74
3,834,211.65
52,369.49
62,923.52
4,428,863.04
201,653.63
Decreased by Disbursements
Expenditures under R.S. 4:19-15.11
39,865.82
State Registration Fees
346.80
Due Current Fund
7,476.09
Reserve for Open Space, Recreation Farmland and Historic Preservation
92,040.00
Reserve for Developer's Escrow Deposits
69,674.90
Reserve for Police Outside Employment
28,221.85
Reserve for Premiums Received at Tax Sale
149,300.00
Reserve for Tax Title Lien Redemption
534,150.31
Reserve for Street Opening
5,633.50
Reserve for Unemployment Compensation
5,786.64
Reserve for Payroll Deductions Payable
1,300,636.23
Net Payroll
1,825,819.98
40,212.62
3,926,699.50
92,040.00
Balance December 31, 2023
22,710.90
$
502,163.54
$
109,613.63
$
For the Year Ended December 31, 2023
11600
BOROUGH OF CLEMENTON
TRUST FUND
Statement of Trust Cash
Per N.J.S.A. 40A:5-5 - Treasurer and Collector
Draft 8.13.2024
Exhibit SB-2
Balance December 31, 2022
67.34
$
Increased by:
Receipts:
Current Fund Budget Appropriation
60,000.00
$
Animal License Fees
1,394.15
61,394.15
61,461.49
Decreased by:
Expenditures under R.S. 4:19-15.11:
Disbursements
39,865.82
Due Current Fund - Statutory Excess
19,331.32
59,197.14
Balance December 31, 2023
2,264.35
$
License Fees Collected
Year
Amount
2021
1,229.95
$
2022
1,034.40
2,264.35
$
Exhibit SB-3
Balance December 31, 2022
1,010.84
$
Increased by:
Receipts:
Interest Earned on Deposits
88.79
$
Statutory Excess
19,331.32
19,420.11
Balance December 31, 2023
20,430.95
$
For the Year Ended December 31, 2023
Statement of Reserve for Animal Control Expenditures
For the Year Ended December 31, 2023
11600
BOROUGH OF CLEMENTON
ANIMAL CONTROL TRUST FUND
ANIMAL CONTROL TRUST FUND
Statement of Due to Current Fund
Draft 8.13.2024
Exhibit SB-4
Balance December 31, 2022
39.60
$
Increased by:
State Registration Fees Collected
322.80
362.40
Decreased by:
Disbursements
346.80
Balance December 31, 2023
15.60
$
Exhibit SB-5
Balance December 31, 2022
5,548.36
$
Increased by:
Police Outside Employement Billings
655.55
$
Employee Deductions - Unemployment Compensation
5,098.88
5,754.43
Balance December 31, 2023
11,302.79
$
Analysis of Balance December 31, 2023
Employee Deductions--Unemployment Compensation
7,864.74
Police Outside Services
3,438.05
11,302.79
$
11600
BOROUGH OF CLEMENTON
ANIMAL CONTROL TRUST FUND
Statement of Due to State of New Jersey
For the Year Ended December 31, 2023
TRUST OTHER FUND
Statement of Other Accounts Receivable
For the Year Ended December 31, 2023
Draft 8.13.2024
11600
Exhibit SB-6
Balance December 31, 2022 - Due to
11,782.90
$
Increased by:
Receipts:
Realized as Miscellaneous Revenue Not Anticipated:
Interest Earned on Deposits
6,807.17
$
Police Outside Services Administration Fees
5,717.75
12,524.92
24,307.82
Decreased by:
Collections made by Current fund:
Reserve for Uniform Fire Safety Act Penalties
19,250.00
$
Disbursements:
Remitted to Current Fund:
Interest Earned on Deposits
3,420.50
22,670.50
Interfunds Liquidated
4,055.59
26,726.09
Balance December 31, 2023 - (Due from)
(2,418.27)
$
BOROUGH OF CLEMENTON
TRUST OTHER FUND
Statement of Due to (from) Current Fund
For the Year Ended December 31, 2023
Draft 8.13.2024
Exhibit SB-7
Balance December 31, 2022
193,338.50
$
Increased by:
Receipts:
Miscellaneous Revenues
1,364.63
$
Due from Current Fund:
2023 Open Space Tax Levy
51,408.00
$
Added and Omitted Taxes
81.35
51,489.35
52,853.98
246,192.48
Decreased by:
Disbursements:
Budget Appropriations
92,040.00
Balance December 31, 2023
154,152.48
$
Exhibit SB-8
Balance December 31, 2022
51,004.86
$
Increased by:
2023 Open Space Tax Levy
51,408.00
$
Added and Omitted Taxes
81.35
51,489.35
102,494.21
Decreased by:
Receipts:
Interfunds Liquidated
51,004.86
Balance December 31, 2023
51,489.35
$
MUNICIPAL OPEN SPACE TRUST FUND
Statement of Due from Current Fund
For the Year Ended December 31, 2023
For the Year Ended December 31, 2023
11600
BOROUGH OF CLEMENTON
MUNICIPAL OPEN SPACE TRUST FUND
Statement of Reserve for Future Use
Draft 8.13.2024
11600
Exhibit SB-9
Balance December 31, 2022
43,489.42
$
Increased by:
Payroll Deductions and Employer Share of Social Security
1,306,983.52
1,350,472.94
Decreased by:
Disbursements
1,300,636.23
Balance December 31, 2023
49,836.71
$
Analysis of Balance December 31, 2023
Deduction
Amount
PERS
15,065.36
$
PFRS
8,653.87
DCRP
3,113.31
Health Insurance
9,819.03
Aflac
124.84
Unallocated
13,060.30
49,836.71
$
BOROUGH OF CLEMENTON
TRUST OTHER FUND
Statement of Reserve for Payroll Deductions Payable
For the Year Ended December 31, 2023
Draft 8.13.2024
11600
Exhibit SB-10
Decreased by:
Balance
Interest
Other
Due
Accounts
Balance
Dec. 31, 2022
Earnings
Receipts
Current Fund
Receivable
Disbursements
Dec. 31, 2023
Collector / Treasurer:
Reserve for:
Accumulated Absences
26,512.89
$
26,512.89
$
Brick Fund
1,946.90
1,946.90
Community Events
6,079.12
6,079.12
DARE Program
6,849.13
85.87
$
6,935.00
Developer's Escrow Deposits
137,358.70
81,698.84
$
69,674.90
$
149,382.64
Federal Drug Enforcement Fund
2,076.98
26.06
2,103.04
Flexible Spending
0.99
0.99
Municipal Alliance
3,449.19
3,449.19
Municipal Forfeiture Fund
1,288.36
16.16
1,304.52
Parking Offenses Adjudication Act
638.00
64.00
702.00
Police K-9
10,546.37
10,546.37
Police Outside Employment
1,840.68
28,879.75
655.55
$
28,221.85
3,154.13
Premiums Received at Tax Sale
272,400.00
14,000.00
149,300.00
137,100.00
Public Defender Fees
8,949.50
1,963.50
10,913.00
Recreation
7,196.87
25,000.00
32,196.87
Street Opening Deposits
4,000.00
5,200.00
5,633.50
3,566.50
Tax Title Lien Redemption
4,013.89
531,225.57
534,150.31
1,089.15
Unemployment Compensation
33,087.36
360.85
65.20
5,098.88
5,786.64
32,825.65
Uniform Fire Safety Act Penalties
23,643.99
296.44
19,250.00
$
43,190.43
551,877.93
$
786.37
$
688,096.86
$
19,250.00
$
5,754.43
$
792,767.20
$
472,998.39
$
Receipts
BOROUGH OF CLEMENTON
TRUST - OTHER FUNDS
Statement of Changes in Miscellaneous Trust Other Reserves
For the Year Ended December 31, 2023
Increased by:
Draft 8.13.2024
SUPPLEMENTAL EXHIBITS
GENERAL CAPITAL FUND
Draft 8.13.2024
Exhibit SC-1
BOROUGH OF CLEMENTON
GENERAL CAPITAL FUND
Statement of General Capital Cash
Per N.J.S.A. 40A: 5-5 - Treasurer
For the Year Ended December 31, 2023
Balance December 31, 2022
1,347,006.40
$
Increased by Receipts:
Premium on Sale of Bonds:
Reoffering Premium
189,000.00
$
Bid Premiums
3,960.48
Serial Bonds Issued
3,780,000.00
Due Current Fund
18,630.30
Capital Improvement Fund
40,000.00
Improvement Authorizations
16,635.00
4,048,225.78
5,395,232.18
Decreased by Disbursements:
Due Current Fund
17,160.95
Improvement Authorizations
439,493.29
Bond Anticipation Notes
2,092,235.00
2,548,889.24
Balance December 31, 2023
2,846,342.94
$
11600
Draft 8.13.2024
11600
Exhibit SC-2
BOROUGH OF CLEMENTON
GENERAL CAPITAL FUND
Analysis of General Capital Cash
For the Year Ended December 31, 2023
Disbursements
Balance
Proceeds from
Bond
Balance
(Deficit)
Sale of
Budget
Improvement
Anticipation
(Deficit)
Dec. 31, 2022
Serial Bonds
Appropriations
Miscellaneous
Authorizations
Notes
Miscellaneous
From
To
Dec. 31, 2023
Improvement Authorizations:
Ordinance
Number
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
31,463.95
31,463.95
08-10
Completion of Various Capital Improvements and the
Acquisition of Various Pieces of Equipment
12,203.60
12,203.60
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
42,491.79
42,491.79
11-15
Acquisition of Office Equipment and Furniture for
the Police Department and Municipal Offices and
Various Improvements to Borough Hall
400.66
400.66
12-04
Resurfacing of the Fire Hall Parking lot
485.42
485.42
12-16
Completion of Various Capital Improvements and
the Acquisition of Equipment
15,435.00
15,400.00
$
35.00
13-11
Acquisition of Police Utility Vehicles
163.32
163.32
14-05
Completion of Various Capital Improvements and
the Acquisition of Equipment
17,017.10
17,017.10
15-05
Completion of Various Capital Improvements and
the Acquisition of Equipment
47,308.75
33,988.00
13,320.75
17-15
Completion of Various Capital Improvements and
the Acquisition of Equipment
33,985.30
$
405,700.00
$
26,454.40
405,700.00
$
1,224.00
$
8,754.90
20-11
Completion of Various Capital Improvements and
the Acquisition of Various Capital Equipment
434,582.51
889,010.00
38,545.64
889,010.00
35,701.73
$
20,015.60
380,350.74
21-06
Completion of Various Capital Improvements and
the Acquisition of Various Capital Equipment
515,913.35
797,525.00
51,309.60
797,525.00
8,158.50
19,660.00
476,105.25
(Continued)
Receipts
Transfers
Draft 8.13.2024
11600
Exhibit SC-2
BOROUGH OF CLEMENTON
GENERAL CAPITAL FUND
Analysis of General Capital Cash
For the Year Ended December 31, 2023
Disbursements
Balance
Proceeds from
Bond
Balance
(Deficit)
Sale of
Budget
Improvement
Anticipation
(Deficit)
Dec. 31, 2022
Serial Bonds
Appropriations
Miscellaneous
Authorizations
Notes
Miscellaneous
From
To
Dec. 31, 2023
Receipts
Transfers
Improvement Authorizations (Cont'd):
Ordinance
Number
22-13
Completion of Various Capital Improvements and
the Acquisition of Various Capital Equipment
51,675.00
$
1,143,325.00
$
64,556.18
$
764,684.98
$
8,500.00
$
374,258.84
$
23-09
Completion of Various Capital Improvements and
the Acquisition of Various Capital Equipment
733,440.00
16,635.00
$
209,239.47
321,405.92
38,625.00
258,054.61
Fund Balance
40,429.49
3,960.48
44,389.97
Capital Improvement Fund
8,368.50
40,000.00
$
38,625.00
9,743.50
Reserve for Encumbrances
49,399.60
49,399.60
1,129,951.13
1,129,951.13
Due Current Fund
1,365.18
18,630.30
17,160.95
$
2,834.53
1,347,006.40
$
3,969,000.00
$
40,000.00
$
39,225.78
$
439,493.29
$
2,092,235.00
$
17,160.95
$
1,217,975.73
$
1,217,975.73
$
2,846,342.94
$
Draft 8.13.2024
11600
Exhibit SC-3
BOROUGH OF CLEMENTON
Notes
Paid
Proceeds from
Unexpended
Ordinance
Balance
2023
by Budget
Sale of
Balance
Improvement
Number
Improvement Description
Dec. 31, 2022
Authorizations
Appropriation
Serial Bonds
Dec. 31, 2023
Authorizations
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
$
765.00
$
11-05
Acquisition of Sport Utility Vehicles for the Police
Department
724.35
724.35
724.35
17-15
Completion of Various Capital Improvements and
the Acquisition of Equipment
437,950.00
32,250.00
$
405,700.00
$
20-11
Completion of Various Capital Improvements and
the Acquisition of Various Capital Equipment
889,010.00
889,010.00
21-06
Completion of Various Capital Improvements and
the Acquisition of Various Capital Equipment
797,525.00
797,525.00
22-13
Completion of Various Capital Improvements and
the Acquisition of Various Capital Equipment
1,143,325.00
1,143,325.00
23-09
Completion of Various Capital Improvements and
the Acquisition of Various Capital Equipment
733,875.00
$
733,440.00
435.00
435.00
$
3,269,299.35
$
733,875.00
$
32,250.00
$
3,969,000.00
$
1,924.35
$
435.00
$
1,489.35
$
Serial Bonds Issued
3,780,000.00
$
Original Issue Premium
189,000.00
3,969,000.00
$
For the Year Ended December 31, 2023
Statement of Deferred Charges to Future Taxation - Unfunded
GENERAL CAPITAL FUND
Analysis of Balance Dec. 31, 2023
Draft 8.13.2024
Exhibit SC-4
BOROUGH OF CLEMENTON
GENERAL CAPITAL FUND
Statement of Deferred Charges to Future Taxation - Funded
For the Year Ended December 31, 2023
Balance December 31, 2022
1,523,564.91
$
Increased by:
Serial Bonds Issued
3,780,000.00
5,303,564.91
Decreased by:
Paid by Budget Appropriation:
NJ Environmental Trust Loan
61,858.68
$
Serial Bonds
515,000.00
576,858.68
Balance December 31, 2023
4,726,706.23
$
Exhibit SC-5
GENERAL CAPITAL FUND
Statement of Due to Current Fund
For the Year Ended December 31, 2023
Balance December 31, 2022
1,365.18
$
Increased by:
Receipts:
Interest Earned on Deposits
18,630.30
19,995.48
Decreased by:
Disbursements:
Interfund Loans Returned
1,365.55
$
Interest Earned on Deposits
15,795.40
17,160.95
Balance December 31, 2023
2,834.53
$
11600
Draft 8.13.2024
11600
Exhibit SC-6
BOROUGH OF CLEMENTON
GENERAL CAPITAL FUND
Statement of Improvement Authorizations
For the Year Ended December 31, 2023
Deferred
Charges to
Capital
Future
Prior Year
Ordinance
Ordinance
Improvement
Taxation-
Encumbrances
Paid or
Number
Improvement Description
Date
Amount
Funded
Unfunded
Fund
Unfunded
Re-classified
Charged
Funded
Unfunded
07-11
Completion of Various Capital Improvements and the
Acquisition of Various Pieces of Equipment
09/25/07
118,000.00
$
31,463.95
$
31,463.95
$
08-10
Completion of Various Capital Improvements and the
Acquisition of Various Pieces of Equipment
04/22/08
1,579,000.00
12,203.60
12,203.60
11-09
Acquisition of Generators for the Fire Hall and Public
Works Building and the Resurfacing of the
Fire Hall Parking Lot
07/05/11
294,000.00
45,807.23
45,807.23
11-12
Completion of Various Capital Improvements and
the Acquisition of Various Pieces of Equipment
07/05/11
195,000.00
42,491.79
42,491.79
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
400.66
400.66
12-04
Resurfacing of the Fire Hall Parking lot
02/07/12
200,000.00
485.42
485.42
12-16
Completion of Various Capital Improvements and
the Acquisition of Equipment
10/20/12
212,500.00
15,435.00
15,400.00
$
35.00
13-11
Acquisition of Police Utility Vehicles
07/02/13
70,000.00
163.32
163.32
14-05
Completion of Various Capital Improvements and
the Acquisition of Equipment
04/15/14
157,150.00
17,017.10
17,017.10
15-05
Completion of Various Capital Improvements and
the Acquisition of Equipment
05/19/15
209,505.00
47,308.75
33,988.00
13,320.75
17-15
Completion of Various Capital Improvements and
the Acquisition of Equipment
11/21/17
461,000.00
33,985.30
$
1,224.00
$
26,454.40
8,754.90
20-11
Completion of Various Capital Improvements and
the Acquisition of Equipment
09/15/20
935,800.00
434,582.51
20,015.60
74,247.37
380,350.74
21-06
Completion of Various Capital Improvements and
the Acquisition of Equipment
08/17/21
839,500.00
515,913.35
19,660.00
59,468.10
476,105.25
22-13
Completion of Various Capital Improvements and
the Acquisition of Various Capital Equipment
10/04/22
1,203,500.00
51,675.00
1,143,325.00
8,500.00
$
829,241.16
374,258.84
23-09
Completion of Various Capital Improvements and
the Acquisition of Various Capital Equipment
06/20/23
772,500.00
38,625.00
$
733,875.00
$
514,010.39
258,054.61
435.00
264,451.82
$
2,127,806.16
$
38,625.00
$
733,875.00
$
49,399.60
$
1,552,809.42
$
1,660,913.16
$
435.00
$
Reserve for Encumbrances
1,129,951.13
$
Refunded
(16,635.00)
Disbursed
439,493.29
1,552,809.42
$
Dec. 31, 2023
Dec. 31, 2022
2023 Authorizations
Draft 8.13.2024
Exhibit SC-7
BOROUGH OF CLEMENTON
GENERAL CAPITAL FUND
Statement of Reserve for Encumbrances
For the Year Ended December 31, 2023
Balance December 31, 2022
49,399.60
$
Increased by:
Charged to Improvement Authorizations
1,129,951.13
1,179,350.73
Decreased by:
Prior Year Encumbrances Reclassified
49,399.60
Balance December 31, 2023
1,129,951.13
$
11600
Draft 8.13.2024
Exhibit SC-8
BOROUGH OF CLEMENTON
GENERAL CAPITAL FUND
Statement of Capital Improvement Fund
For the Year Ended December 31, 2023
Balance December 31, 2022
8,368.50
$
Increased by:
Receipts
2023 Budget Appropriation
40,000.00
48,368.50
Decreased by:
Appropriation to Finance Improvement Authorizations
38,625.00
Balance December 31, 2023
9,743.50
$
11600
Draft 8.13.2024
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, 2022
Appropriation
Dec. 31, 2023
Acquisition of Real Property and
Property Rights
11-10-05
1,195,000.00
$
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%
208,564.91
$
61,858.68
$
146,706.23
$
Maturities Outstanding Dec. 31, 2023
BOROUGH OF CLEMENTON
GENERAL CAPITAL FUND
Statement of New Jersey Environmental Trust Loans Payable
For the Year Ended December 31, 2023
Draft 8.13.2024
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, 2023
Interest
Balance
Issued for
by Budget
Balance
Issue
Issue
Issue
Date
Amount
Rate
Dec. 31, 2022
Cash
Appropriation
Dec. 31, 2023
General Obligation Bonds - Series 2010
10-18-10
3,524,000.00
$
10-01-24
375,000.00
$
3.30%
10-01-25
425,000.00
4.00%
1,175,000.00
$
375,000.00
$
800,000.00
$
General Obligation Bonds - Series 2015
8-06-15
1,030,000.00
-
-
-
140,000.00
140,000.00
General Obligation Bonds - Series 2023
9-27-23
3,780,000.00
3-01-24
240,000.00
6.00%
3-01-25
240,000.00
5.00%
3-01-26
350,000.00
5.00%
3-01-27
365,000.00
5.00%
3-01-28
385,000.00
5.00%
3-01-29
405,000.00
5.00%
3-01-30
420,000.00
4.00%
3-01-31
440,000.00
4.00%
3-01-32
460,000.00
4.00%
3-01-33
475,000.00
4.00%
3,780,000.00
$
3,780,000.00
1,315,000.00
$
3,780,000.00
$
515,000.00
$
4,580,000.00
$
For the Year Ended December 31, 2023
Draft 8.13.2024
11600
Exhibit SC-11
BOROUGH OF CLEMENTON
GENERAL CAPITAL FUND
Statement of Bond Anticipation Notes
Date of
Paid by
Paid from
Ordinance
Original
Date
Maturity
Interest
Balance
Budget
Bond
Balance
Number
Improvement Description
Issue
of Issue
Date
Rate
Dec. 31, 2022
Appropriation
Funds
Dec. 31, 2023
17-15
Completion of Various Capital Improvements and
the Acquisition of Equipment
10/6/2020
9/29/2022
9/28/2023
4.25%
437,950.00
$
32,250.00
$
405,700.00
$
20-11
Completion of Various Capital Improvements and
the Acquisition of Equipment
10/4/2021
9/29/2022
9/28/2023
4.25%
889,010.00
889,010.00
21-06
Completion of Various Capital Improvements and
the Acquisition of Equipment
10/4/2021
9/29/2022
9/28/2023
4.25%
797,525.00
797,525.00
2,124,485.00
$
32,250.00
$
2,092,235.00
$
-
$
For the Year Ended December 31, 2023
Decreased
Draft 8.13.2024
11600
Exhibit SC-12
Notes Paid
Notes Paid
Proceeds from
Ordinance
Balance
from Bond
by Budget
2023
Sale of
Balance
Number
Improvement Description
Dec. 31, 2022
Funds
Appropriation
Authorizations
Serial Bonds
Dec. 31, 2023
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
$
11-03
Acquisition of Sport Utility Vehicles for the Police Department
724.35
724.35
17-15
Completion of Various Capital Improvements and
the Acquisition of Equipment
405,700.00
$
32,250.00
$
405,700.00
$
20-11
Completion of Various Capital Improvements and
the Acquisition of Various Capital Equipment
889,010.00
889,010.00
21-06
Completion of Various Capital Improvements and
the Acquisition of Various Capital Equipment
797,525.00
797,525.00
22-13
Completion of Various Capital Improvements and
the Acquisition of Various Capital Equipment
1,143,325.00
1,143,325.00
23-09
Completion of Various Capital Improvements and
the Acquisition of Various Capital Equipment
733,875.00
$
733,440.00
435.00
1,144,814.35
$
2,092,235.00
$
32,250.00
$
733,875.00
$
3,969,000.00
$
1,924.35
$
Serial Bonds Issued
3,780,000.00
$
Original Issue Premium
189,000.00
3,969,000.00
$
Statement of Bonds and Notes Authorized But Not Issued
For the Year Ended December 31, 2023
GENERAL CAPITAL FUND
BOROUGH OF CLEMENTON
Draft 8.13.2024
SUPPLEMENTAL EXHIBITS
WATER UTILITY FUND
Draft 8.13.2024
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, 2023
Operating
Capital
Balance December 31, 2022
753,580.51
$
1,101,353.03
$
Increased by Receipts:
Miscellaneous Revenues
67,206.15
$
Consumer Accounts Receivable
869,775.57
Budget Refunds
17,125.81
Water Rental Overpayments
2,384.82
Water Rental Prepayments
12,106.66
Capital Improvement Fund
30,000.00
Serial Bonds Proceeds
4,239,000.00
Premium on Sale of Bonds:
Fund Balance
4,011.28
Due Sewer Utility Operating Fund
6,603.81
Due Water Utility Operating Fund
10,995.07
Due Water Utility Capital Fund
25,207.62
1,000,410.44
4,284,006.35
1,753,990.95
5,385,359.38
Decreased by Disbursements:
2023 Appropriations
888,711.23
2022 Appropriation Reserves
33,297.39
Accrued Interest on Bonds and Notes
150,551.82
Improvement Authorizations
924,027.35
Bond Anticipation Notes
3,379,250.00
Due Current Fund
21,000.00
Due Water Utility Operating Fund
25,207.62
Due Sewer Utility Operating Fund
7,138.51
1,100,698.95
4,328,484.97
Balance December 31, 2023
653,292.00
$
1,056,874.41
$
11600
Draft 8.13.2024
11600
Exhibit SD-2
BOROUGH OF CLEMENTON
WATER UTILITY CAPITAL FUND
Analysis of Water Utility Capital Cash
For the Year Ended December 31, 2023
Disbursements
Balance
Proceeds from
Bond
Balance
(Deficit)
Sale of
Budget
Improvement
Anticipation
(Deficit)
Dec. 31, 2022
Serial Bonds
Appropriations
Miscellaneous
Authorizations
Notes
Miscellaneous
From
To
Dec. 31, 2023
Improvement Authorizations:
09-19
Various Water Utility Improvements
3,818.96
$
3,818.96
$
11-10
Various Water Utility Improvements
44,338.86
9,330.40
$
35,008.46
14-10
Acquisition and Installation of Various Equipment for
the Water Department
200.00
7,290.00
7,090.00
$
15-04
Various Water Utility Improvements
461,608.71
1,560,000.00
$
67,754.77
1,560,000.00
$
344,212.10
$
9,242.62
58,884.46
20-13
Completion of Various Improvements and the
Acquisition of Various Equipment for the Water
Utility
63,611.40
1,282,500.00
41,476.93
1,282,500.00
7,745.00
77,016.13
91,405.60
21-05
Acquisition of Various Equipment for the Water
Utility
281,464.24
536,750.00
73,860.24
536,750.00
26,635.75
25,000.00
205,968.25
22-15
Completion of Various Improvements and the
Acquisition of Various Equipment for the Water
Utility
6,840.83
342,000.00
114,046.96
70,550.75
11,159.17
175,402.29
22-16
Completion of Various Improvements and the
Acquisition of Various Equipment for the Water
Utility
518,842.00
498,604.50
20,237.50
23-10
Completion of Various Improvements and the
Acquisition of Various Equipment for the Water
Utility
517,750.00
111,663.55
135,126.27
27,250.00
298,210.18
Due Water Utility Operating Fund
15,271.44
10,995.07
$
25,207.62
$
75,000.00
76,058.89
Due Federal and State Grant Fund
(518,842.00)
(518,842.00)
Capital Improvement Fund
18,250.25
30,000.00
$
27,250.00
21,000.25
Reserve for Encumbrances
129,507.92
129,507.92
584,269.87
584,269.87
Fund Balance
76,440.42
4,011.28
75,000.00
5,451.70
1,101,353.03
$
4,239,000.00
$
30,000.00
$
15,006.35
$
924,027.35
$
3,379,250.00
$
25,207.62
$
816,027.79
$
816,027.79
$
1,056,874.41
$
Transfers
Receipts
Draft 8.13.2024
Exhibit SD-3
BOROUGH OF CLEMENTON
WATER UTILITY OPERATING FUND
Schedule of Change Funds
As of December 31, 2023
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, 2023
Balance December 31, 2022
15,271.44
$
Increased by:
Receipts:
Interest Earned on Deposits
10,995.07
$
Anticipated as Revenue in Water Utility Fund Budget
75,000.00
85,995.07
101,266.51
Decreased by:
Disbursements:
Interfund Loan Returned
25,207.62
Balance December 31, 2023
76,058.89
$
11600
Draft 8.13.2024
Exhibit SD-5
BOROUGH OF CLEMENTON
WATER UTILITY OPERATING FUND
Statement of Consumer Accounts Receivable
For the Year Ended December 31, 2023
Balance December 31, 2022
132,649.51
$
Increased by:
2023 Rents Levied
891,389.66
1,024,039.17
Decreased by:
Collected
869,775.57
$
Canceled
1,725.77
Prepayments Applied
11,067.42
Transferred to Liens
608.29
883,177.05
Balance December 31, 2023
140,862.12
$
Exhibit SD-6
WATER UTILITY OPERATING FUND
Statement of Water Utility Liens Receivable
For the Year Ended December 31, 2023
Balance December 31, 2022
11,558.15
$
Increased by:
Transferred from Consumer Accounts Receivable
608.29
Balance December 31, 2023
12,166.44
$
11600
Draft 8.13.2024
Exhibit SD-7
BOROUGH OF CLEMENTON
WATER UTILITY CAPITAL FUND
Description
Amount
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
(Continued)
11600
Schedule of Fixed Capital
As of December 31, 2023
Draft 8.13.2024
Exhibit SD-7
BOROUGH OF CLEMENTON
WATER UTILITY CAPITAL FUND
Description
Amount
11600
Schedule of Fixed Capital
As of December 31, 2023
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
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
$
Draft 8.13.2024
Exhibit SD-8
BOROUGH OF CLEMENTON
WATER UTILITY CAPITAL FUND
Statement of Fixed Capital Authorized and Uncompleted
For the Year Ended December 31, 2023
2023 Authorizations
Deferred
Deferred
Charges
Ordinance
Ordinance
Balance
Reserve for
to Future
Balance
Number
Improvement Description
Date
Amount
Dec. 31, 2022
Amortization
Revenue
Dec. 31, 2023
09-19
Various Water Utility Improvements
08/11/09
34,810.00
$
34,810.00
$
34,810.00
$
11-10
Various Water Utility Improvements
07/05/11
292,000.00
292,000.00
292,000.00
14-10
Acquisition and Installation of Various Equipment
for the Water Department
06/17/14
241,400.00
241,400.00
241,400.00
15-04
Various Water Utility Improvements
09/01/15
1,580,000.00
1,580,000.00
1,580,000.00
20-13
Completion of Various Improvements and the
Acquisition of Various Equipment for the Water
Utility
09/15/20
1,350,000.00
1,350,000.00
1,350,000.00
21-05
Acquisition of Various Equipment for the Water
Utility
08/17/21
565,000.00
565,000.00
565,000.00
22-15
Completion of Various Improvements and the
Acquisition of Various Equipment for the Water
Utility
10/04/22
378,000.00
360,000.00
360,000.00
22-16
Completion of Various Improvements and the
Acquisition of Various Equipment for the Water
Utility
10/04/22
518,842.00
518,842.00
518,842.00
23-10
Completion of Various Improvements and the
Acquisition of Various Equipment for the Water
Utility
06/20/23
545,000.00
27,250.00
$
517,750.00
$
545,000.00
4,942,052.00
$
27,250.00
$
517,750.00
$
5,487,052.00
$
11600
Draft 8.13.2024
Exhibit SD-9
Balance
Encumbered
Reserved
Disbursed
Lapsed
Operating:
Salaries and Wages
1,043.00
$
7,433.52
$
1,016.42
$
7,460.10
$
Other Expenses
31,293.25
4,936.83
32,280.97
3,949.11
Statutory Expenditures:
Contribution to:
Social Security System (O.A.S.I.)
2,804.99
2,804.99
32,336.25
$
15,175.34
$
33,297.39
$
14,214.20
$
Balance December 31, 2022
11600
BOROUGH OF CLEMENTON
WATER UTILITY OPERATING FUND
Statement of Appropriation Reserves
For the Year Ended December 31, 2023
Draft 8.13.2024
Exhibit SD-10
Balance December 31, 2022
5,443.46
$
Increased by:
Overpayments in 2023:
Collected
2,384.82
Balance December 31, 2023
7,828.28
$
Exhibit SD-11
Balance December 31, 2022
11,067.42
$
Increased by:
Collected--2024 Rents
12,106.66
23,174.08
Decreased by:
Applied to Consumer Accounts Receivable
11,067.42
Balance December 31, 2023
12,106.66
$
For the Year Ended December 31, 2023
WATER UTILITY OPERATING FUND
For the Year Ended December 31, 2023
11600
BOROUGH OF CLEMENTON
Statement of Water Rental Overpayments
WATER UTILITY OPERATING FUND
Statement of Water Rental Prepayments
Draft 8.13.2024
Exhibit SD-12
BOROUGH OF CLEMENTON
WATER UTILITY OPERATING FUND
Statement of Due to Current Fund
For the Year Ended December 31, 2023
Balance December 31, 2022
21,000.00
$
Decreased by:
Disbursed:
Interfunds Liquidated
21,000.00
$
11600
Draft 8.13.2024
Exhibit SD-13
BOROUGH OF CLEMENTON
WATER UTILITY CAPITAL FUND
Statement of Improvement Authorizations
For the Year Ended December 31, 2023
Deferred
Balance
Prior Year
Capital
Charges
Paid
Balance
Ordinance
Encumbrances
Improvement
to Future
or
Number
Improvement Description
Date
Amount
Funded
Unfunded
Reclassified
Fund
Revenue
Charged
Funded
Unfunded
09-19
Various Water Utility Improvements
08/11/09
38,410.00
$
3,818.96
$
69.00
$
3,818.96
$
69.00
$
11-10
Various Water Utility Improvements
07/05/11
292,000.00
44,338.86
1,630.00
9,330.40
$
35,008.46
1,630.00
14-10
Acquisition and Installation of Various Equipment for
the Water Department
06/17/14
241,400.00
200.00
7,090.00
$
7,290.00
15-04
Various Water Utility Improvements
09/01/15
1,580,000.00
461,608.71
9,242.62
411,966.87
58,884.46
20-13
Completion of Various Improvements and the
Acquisition of Various Equipment for the Water
Utility
09/15/20
1,350,000.00
63,611.40
77,016.13
49,221.93
91,405.60
21-05
Acquisition of Various Equipment for the Water
Utility
08/17/21
565,000.00
281,464.24
25,000.00
100,495.99
205,968.25
22-15
Completion of Various Improvements and the
Acquisition of Various Equipment for the Water
Utility
10/4/22
360,000.00
6,840.83
342,000.00
11,159.17
184,597.71
175,402.29
22-16
Completion of Various Improvements and the
Acquisition of Various Equipment for the Water
Utility
10/4/22
518,842.00
518,842.00
498,604.50
20,237.50
23-10
Completion of Various Improvements and the
Acquisition of Various Equipment for the Water
Utility
06/20/23
545,000.00
27,250.00
$
517,750.00
$
246,789.82
298,210.18
574,040.65
$
1,150,383.35
$
129,507.92
$
27,250.00
$
517,750.00
$
1,508,297.22
$
888,935.70
$
1,699.00
$
Reserve for Encumbrances
584,269.87
$
Disbursed
924,027.35
1,508,297.22
$
11600
Dec. 31, 2022
Dec. 31, 2023
2023 Authorizations
Draft 8.13.2024
Exhibit SD-14
BOROUGH OF CLEMENTON
WATER UTILITY OPERATING FUND
For the Year Ended December 31, 2023
Balance December 31, 2022
39,272.96
$
Increased by:
Charged to:
Budget Appropriation:
Interest on Bonds
44,548.20
$
Interest on Notes
107,147.19
151,695.39
190,968.35
Decreased by:
Disbursements
150,551.82
Balance December 31, 2023
40,416.53
$
Analysis of Accrued Interest December 31, 2023
Principal
Average
Outstanding
Interest
Number of
Dec. 31, 2023
Rate
From
To
Days
Amount
Serial Bonds:
197,000.00
$
3.00%
9/1/23
12/31/23
120
1,970.00
$
4,055,000.00
4.54%
9/27/23
12/31/23
90
38,446.53
40,416.53
$
11600
Statement of Interest on Bonds and Notes and Analysis of Balance
Draft 8.13.2024
Exhibit SD-15
BOROUGH OF CLEMENTON
WATER UTILITY CAPITAL FUND
Statement of Deferred Reserve for Amortization
For the Year Ended December 31, 2023
Fixed
Ordinance
Ordinance
Balance
Capital
Balance
Number
Improvement Description
Date
Amount
Dec. 31, 2022
Authorized
Dec. 31, 2023
09-19
Various Water Utility Improvements
08/11/09
34,810.00
$
1,741.00
$
1,741.00
$
11-10
Various Water Utility Improvements
07/05/11
14,600.00
14,600.00
14,600.00
14-10
Acquisition and Installation of Various Equipment for
the Water Department
06/17/14
12,070.00
12,070.00
12,070.00
20-13
Completion of Various Improvements and the
Acquisition of Various Equipment for the Water
Utility
09/15/20
67,500.00
67,500.00
67,500.00
21-05
Acquisition of Various Equipment for the Water
Utility
08/17/21
28,250.00
28,250.00
28,250.00
22-15
Completion of Various Improvements and the
Acquisition of Various Equipment for the Water
Utility
10/04/22
18,000.00
18,000.00
18,000.00
22-16
Completion of Various Improvements and the
Acquisition of Various Equipment for the Water
Utility
10/04/22
518,842.00
518,842.00
27,250.00
$
546,092.00
661,003.00
$
27,250.00
$
688,253.00
$
11600
Draft 8.13.2024
Exhibit SD-16
BOROUGH OF CLEMENTON
WATER UTILITY CAPITAL FUND
Statement of Reserve for Amortization
For the Year Ended December 31, 2023
Balance December 31, 2022
4,266,887.89
$
Increased by:
Improvement Authorizations Funded by Reoffering Premium
184,000.00
$
Bond Anticipation Notes Paid by Operating Budget
20,000.00
Serial Bonds Paid by Operating Budget
46,000.00
250,000.00
Balance December 31, 2023
4,516,887.89
$
Exhibit SD-17
WATER UTILITY CAPITAL FUND
Statement of Capital Improvement Fund
For the Year Ended December 31, 2023
Balance December 31, 2022
18,250.25
$
Increased by:
Receipts:
2023 Budget Appropriation
30,000.00
48,250.25
Decreased by:
Appropriation to Finance Improvement Authorizations
27,250.00
Balance December 31, 2023
21,000.25
$
11600
Draft 8.13.2024
11600
Exhibit SD-18
BOROUGH OF CLEMENTON
WATER UTILITY CAPITAL FUND
Statement of Bond Anticipation Notes
For the Year Ended December 31, 2023
Date of Issue
Paid from
Paid by
Ordinance
of Original
Date of
Date of
Interest
Balance
Bond
Budget
Balance
Improvement Description
Number
Notes
Issue
Maturity
Rate
Dec. 31, 2022
Funds
Appropriation
Dec. 31, 2023
Various Water Utility Improvements
15-04
10/06/20
9/29/2022
9/28/2023
4.25%
1,580,000.00
$
1,560,000.00
$
20,000.00
$
Completion of Various Improvements and the
Acquisition of Various Equipment for the Water
Utility
20-13
10/04/21
9/29/2022
9/28/2023
4.25%
1,282,500.00
1,282,500.00
Acquisition of Various Equipment for the Water
Utility
21-05
10/04/21
9/29/2022
9/28/2023
4.25%
536,750.00
536,750.00
3,399,250.00
$
3,379,250.00
$
20,000.00
$
-
$
Decreased
Draft 8.13.2024
11600
Exhibit SD-19
BOROUGH OF CLEMENTON
WATER UTILITY CAPITAL FUND
For the Year Ended December 31, 2023
Paid
Date of
Original
Interest
Balance
Issued for
By Budget
Balance
Issue
Issue
Issue
Date
Amount
Rate
Dec. 31, 2022
Cash
Appropriation
Dec. 31, 2023
General Obligation Bonds - Series 2015
8-06-15
488,000.00
$
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%
243,000.00
$
46,000.00
$
197,000.00
$
General Obligation Bonds - Series 2023
9-27-23
3,780,000.00
3-01-24
205,000.00
6.00%
3-01-25
215,000.00
5.00%
3-01-26
260,000.00
5.00%
3-01-27
275,000.00
5.00%
3-01-28
290,000.00
5.00%
3-01-29
305,000.00
5.00%
3-01-30
315,000.00
4.00%
3-01-31
330,000.00
4.00%
3-01-32
345,000.00
4.00%
3-01-33
355,000.00
4.00%
3-01-34
370,000.00
4.00%
3-01-35
385,000.00
4.00%
3-01-36
405,000.00
4.00%
4,055,000.00
$
4,055,000.00
243,000.00
$
4,055,000.00
$
46,000.00
$
4,252,000.00
$
Statement of Water Utility Serial Bonds
Maturities of Bonds
Outstanding
Dec. 31, 2023
Draft 8.13.2024
11600
Exhibit SD-20
BOROUGH OF CLEMENTON
WATER UTILITY CAPITAL FUND
For the Year Ended December 31, 2023
Notes Paid
Notes Paid
Proceeds from
Ordinance
Ordinance
Balance
2023
from Bond
by Budget
Sale of
Balance
Number
Improvement Description
Date
Dec. 31, 2022
Authorizations
Funds
Appropriation
Serial Bonds
Dec. 31, 2023
09-19
Various Water Utility Improvements
08/11/09
69.00
$
69.00
$
11-10
Various Water Utility Improvements
07/05/11
1,630.00
1,630.00
15-04
Various Water Utility Improvements
09/01/15
1,580,000.00
$
20,000.00
$
1,560,000.00
$
20-13
Completion of Various Improvements and the
Acquisition of Various Equipment for the Water
Utility
09/15/20
1,282,500.00
1,282,500.00
21-05
Acquisition of Various Equipment for the Water
Utility
08/17/21
536,750.00
536,750.00
22-15
Completion of Various Improvements and the
Acquisition of Various Equipment for the Water
Utility
10/04/22
342,000.00
342,000.00
23-10
Completion of Various Improvements and the
Acquisition of Various Equipment for the Water
Utility
06/20/23
517,750.00
$
517,750.00
343,699.00
$
517,750.00
$
3,399,250.00
$
20,000.00
$
4,239,000.00
$
1,699.00
$
Serial Bonds Issued
4,055,000.00
$
Reoffering Premium
184,000.00
4,239,000.00
$
Statement of Bonds and Notes Authorized But Not Issued
Draft 8.13.2024
SUPPLEMENTAL EXHIBITS
SEWER UTILITY FUND
Draft 8.13.2024
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, 20232
Operating
Capital
Balance December 31, 2022
342,349.19
$
425,894.66
$
Increased by Receipts:
Miscellaneous Revenues
56,056.59
$
Consumer Accounts Receivable
529,221.58
Sewer Rental Overpayments
2,555.42
Sewer Rental Prepayments
12,694.70
Budget Refunds
125.00
Capital Improvement Fund
5,000.00
$
Serial Bonds Proceeds
789,000.00
Premium on Sale of Bonds
533.43
Due Sewer Utility Operating Fund
5,088.34
Due Sewer Utility Capital Fund
4,894.10
Due Water Utility Operating Fund
7,138.51
612,685.90
799,621.77
955,035.09
1,225,516.43
Decreased by Disbursements:
2023 Appropriations
664,313.40
2022 Appropriation Reserves
12,824.34
Accrued Interest on Bonds and Notes
23,468.21
Bond Anticipation Notes Payable
284,100.00
Due Sewer Utility Operating Fund
4,894.10
Improvement Authorizations
332,801.96
700,605.95
621,796.06
Balance December 31, 2023
254,429.14
$
603,720.37
$
11600
Draft 8.13.2024
11600
Exhibit SE-2
BOROUGH OF CLEMENTON
SEWER UTILITY CAPITAL FUND
Analysis of Sewer Utility Capital Cash
For the Year Ended December 31, 2023
Disbursements
Balance
Bond
Balance
(Deficit)
Bonds
Budget
Improvement
Anticipation
(Deficit)
Dec. 31, 2022
Issued
Appropriations
Miscellaneous
Authorizations
Notes
Miscellaneous
From
To
Dec. 31, 2023
Improvement Authorizations:
11-11
Various Sewer Utility Improvements and
the Acquisition of Equipment
4,315.91
$
5,300.00
$
(984.09)
$
14-10
Acquisition and Installation of Various
Equipment for the Sewer Department
264,990.04
69,082.96
195,907.08
18-11
Reconstruction and/or Repair of the
Princeton Avenue Pump Station
13,938.22
13,938.22
20-12
Completion of Various Sewer
Improvements
115,000.00
$
115,000.00
$
21-07
Completion of Various Sewer
Improvements
76,318.94
169,100.00
169,100.00
1,980.00
$
78,298.94
22-14
Completion of Various Improvements and the
Acquisition of Various Equipment for the Sewer
Utility
6,625.00
268,375.00
147,284.00
7,500.00
135,216.00
23-11
Completion of Various Improvements and the
Acquisition of Various Equipment for the Sewer
Utility
236,525.00
111,135.00
12,500.00
137,890.00
Due Sewer Utility Operating Fund
426.75
5,088.34
$
4,894.10
$
620.99
Reserve for Encumbrances
9,480.00
9,480.00
$
Reserve for Payment of Bonds
Capital Improvement Fund
44,225.00
5,000.00
$
12,500.00
36,725.00
Fund Balance
5,574.80
533.43
6,108.23
425,894.66
$
789,000.00
$
5,000.00
$
5,621.77
$
332,801.96
$
284,100.00
$
4,894.10
$
21,980.00
$
21,980.00
$
603,720.37
$
Transfers
Receipts
Draft 8.13.2024
Exhibit SE-3
BOROUGH OF CLEMENTON
SEWER UTILITY OPERATING FUND
Schedule of Change Funds
As of December 31, 2023
Office
Amount
Sewer Utility Clerk
75.00
$
Exhibit SE-4
SEWER UTILITY OPERATING FUND
Statement of Due from Water Utility Operating Fund
For the Year Ended December 31, 2023
Balance December 31, 2022
17,638.51
$
Increased by:
Collected by Water Utility Operating Fund:
Consumer Accounts Receivable
6,603.81
24,242.32
Decreased by:
Receipts:
Interfund Loans Received
7,138.51
Balance December 31, 2023
17,103.81
$
11600
Draft 8.13.2024
Exhibit SE-5
BOROUGH OF CLEMENTON
SEWER UTILITY OPERATING FUND
Statement of Consumer Accounts Receivable
For the Year Ended December 31, 2023
Balance December 31, 2022
48,911.89
$
Increased by:
2023 Sewer Service Charges
561,240.89
610,152.78
Decreased by:
Collected
529,221.58
$
Collected by Water Utility Operating Fund
6,603.81
535,825.39
$
Transferred to Sewer Utility Liens Receivable
2,002.45
Prepayments Applied
13,193.70
Canceled
64.90
551,086.44
Balance December 31, 2023
59,066.34
$
11600
Draft 8.13.2024
Exhibit SE-6
BOROUGH OF CLEMENTON
SEWER UTILITY OPERATING FUND
Statement of Sewer Utility Liens Receivable
For the Year Ended December 31, 2023
Balance December 31, 2022
10,739.63
$
Increased by:
Transferred from Consumer Accounts Receivable
2,002.45
12,742.08
Decreased by:
Canceled
569.57
Balance December 31, 2023
12,172.51
$
11600
Draft 8.13.2024
Exhibit SE-7
Balance
Encumbered
Reserved
Disbursed
Lapsed
Operating:
Salaries and Wages
1,043.00
$
18,433.63
$
954.49
$
18,522.14
$
Other Expenses
12,395.11
21,059.57
11,869.85
21,584.83
Statutory Expenditures:
Contribution to:
Public Employees Retirement System
0.40
0.40
Social Security System (O.A.S.I.)
3,695.21
3,695.21
13,438.11
$
43,188.81
$
12,824.34
$
43,802.58
$
SEWER UTILITY OPERATING FUND
Statement of Appropriation Reserves
For the Year Ended December 31, 2023
Balance December 31, 2022
11600
BOROUGH OF CLEMENTON
Draft 8.13.2024
Exhibit SE-8
Balance
Additions by
Balance
Description
Dec. 31, 2022
Ordinance
Dec. 31, 2023
Property, Equipment and Other Facilities Acquired and Constructed Under
Clementon Sewerage Authority Bond Resolution Dated March 1, 1961
1,390,712.28
$
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
825,000.00
Garfield Avenue Main Replacement
180,763.03
180,763.03
Pump Station Rehabilitations
307,639.59
307,639.59
Grand Expansion
136,734.64
136,734.64
Yard Grading and Paving Project
22,000.00
22,000.00
Wallace Avenue Main Replacement
95,600.82
95,600.82
Park Avenue and Erial Road Pump Station
Upgrades and Sanitary Sewer Replacements
48,383.00
84,000.00
$
132,383.00
Refurbish Park Avenue Pump Station
218,147.26
218,147.26
Repair Sewer Mains
12,872.08
12,872.08
Emergency Bypass Pump
31,505.00
31,505.00
Site Emergency Generator
31,723.09
31,723.09
Evanson Avenue Pump Station
264,792.41
264,792.41
Renovations to Sewer Garage
30,578.80
85,000.00
115,578.80
Sewer Plow Truck
37,779.58
37,779.58
Sewer Mains and Wet Well Upgrades
115,000.00
77,000.00
192,000.00
Jetter/Vac Truck
240,000.00
240,000.00
Four Wheel Drive Vehicle
18,500.00
18,500.00
3,767,731.58
$
486,000.00
$
4,253,731.58
$
11600
BOROUGH OF CLEMENTON
SEWER UTILITY CAPITAL FUND
Statement of Fixed Capital
For the Year Ended December 31, 2023
Draft 8.13.2024
Exhibit SE-9
SEWER UTILITY CAPITAL FUND
Statement of Fixed Capital Authorized and Uncompleted
For the Year Ended December 31, 2023
Deferred
Capital
Charges
Ordinance
Balance
Improvement
to Future
Costs to
Balance
Number
Improvement Description
Date
Amount
Dec. 31, 2022
Fund
Revenue
Fixed Capital
Dec. 31, 2023
11-11
Various Sewer Utility Improvements and the Acquisition of
Equipment
7/05/11
561,000.00
$
486,000.00
$
486,000.00
$
14-10
Acquisition and Installation of Various Equipment for the
Sewer Department
6/17/14
363,000.00
363,000.00
363,000.00
$
18-11
Reconstruction and/or Repair of the
Princeton Avenue Pump Station
9/04/18
75,000.00
75,000.00
75,000.00
21-07
Completion of Various Sewer Improvements
8/17/21
178,000.00
178,000.00
178,000.00
22-14
Completion of Various Improvements and the
Acquisition of Various Equipment for the Sewer
Utility
10/4/22
282,500.00
282,500.00
282,500.00
23-11
Completion of Various Improvements and the
Acquisition of Various Equipment for the Sewer
Utility
6/20/23
250,000.00
12,500.00
$
237,500.00
$
250,000.00
1,384,500.00
$
12,500.00
$
237,500.00
$
486,000.00
$
1,148,500.00
$
11600
BOROUGH OF CLEMENTON
Ordinance
2023 Authorizations
Draft 8.13.2024
Exhibit SE-10
Balance December 31, 2022
2,827.75
$
Increased by:
Overpayments in 2023
2,555.42
Balance December 31, 2023
5,383.17
$
Exhibit SE-11
Balance December 31, 2022
13,193.70
$
Increased by:
Collections--2024 Rents
12,694.70
25,888.40
Decreased by:
Applied to Consumer Accounts Receivable
13,193.70
Balance December 31, 2023
12,694.70
$
Statement of Sewer Rental Prepayments
For the Year Ended December 31, 2023
SEWER UTILITY OPERATING FUND
For the Year Ended December 31, 2023
11600
BOROUGH OF CLEMENTON
Statement of Sewer Rental Overpayments
SEWER UTILITY OPERATING FUND
Draft 8.13.2024
Exhibit SE-12
BOROUGH OF CLEMENTON
SEWER UTILITY CAPITAL FUND
Prior Year
Ordinance
Encumbrances
2023
Paid or
Number
Improvement Description
Date
Amount
Funded
Unfunded
Re-classified
Authorizations
Charged
Funded
Unfunded
11-11
Various Sewer Utility Improvements and
the Acquisition of Equipment
7/05/11
561,000.00
$
4,315.91
$
984.09
$
5,300.00
$
14-10
Acquisition and Installation of Various
Equipment for the Sewer Department
6/17/14
363,000.00
264,990.04
69,082.96
195,907.08
$
18-11
Reconstruction and/or Repair of the
Princeton Avenue Pump Station
9/04/18
75,000.00
13,938.22
13,938.22
21-07
Completion of Various Sewer
Improvements
8/17/21
178,000.00
76,318.94
1,980.00
$
78,298.94
22-14
Completion of Various Improvements and the
Acquisition of Various Equipment for the Sewer
Utility
10/4/22
282,500.00
6,625.00
268,375.00
7,500.00
147,284.00
$
135,216.00
23-11
Completion of Various Improvements and the
Acquisition of Various Equipment for the Sewer
Utility
6/20/23
250,000.00
250,000.00
$
111,135.00
$
137,890.00
975.00
$
289,869.17
$
345,678.03
$
9,480.00
$
250,000.00
$
332,801.96
$
561,250.24
$
975.00
$
Deferred Charges to Future Revenue
237,500.00
$
Capital Improvement Fund
12,500.00
Disbursed
332,801.96
$
250,000.00
$
332,801.96
$
Dec. 31, 2022
Dec. 31, 2023
11600
Statement of Improvement Authorizations
For the Year Ended December 31, 2023
Balance
Balance
Draft 8.13.2024
Exhibit SE-13
BOROUGH OF CLEMENTON
SEWER UTILITY OPERATING FUND
For the Year Ended December 31, 2023
Balance December 31, 2022
7,223.98
$
Increased by:
Charged to:
Budget Appropriations:
Interest on Bonds
17,934.45
$
Interest on Notes
8,955.06
26,889.51
34,113.49
Decreased by:
Disbursements
23,468.21
Balance December 31, 2023
10,645.28
$
Analysis of Accrued Interest December 31, 2023
Principal
Average
Outstanding
Interest
Number of
Dec. 31, 2023
Rate
From
To
Days
Amount
Serial Bonds:
348,000.00
$
3.00%
9/1/23
12/31/23
120
3,480.00
$
755,000.00
4.54%
9/27/23
12/31/23
90
7,165.28
10,645.28
$
11600
Statement of Interest on Bonds and Notes and Analysis of Balance
Draft 8.13.2024
Exhibit SE-14
BOROUGH OF CLEMENTON
SEWER UTILITY CAPITAL FUND
Statement of Deferred Reserve for Amortization
For the Year Ended December 31, 2023
Fixed
Ordinance
Balance
Capital
Balance
Number
Improvement Description
Date
Amount
Dec. 31, 2022
Authorized
Dec. 31, 2023
11-11
Various Sewer Utility Improvements and
the Acquisition of Equipment
7/05/11
28,050.00
$
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
18,150.00
21-07
Completion of Various Sewer Utility Improvements
8/17/21
8,900.00
8,900.00
8,900.00
22-14
Completion of Various Improvements and the
Acquisition of Various Equipment for the Sewer
Utility
10/4/22
14,125.00
14,125.00
14,125.00
23-11
Completion of Various Improvements and the
Acquisition of Various Equipment for the Sewer
Utility
6/20/23
12,500.00
12,500.00
$
12,500.00
69,225.00
$
12,500.00
$
81,725.00
$
11600
Ordinance
Draft 8.13.2024
Exhibit SE-15
BOROUGH OF CLEMENTON
SEWER UTILITY CAPITAL FUND
Statement of Reserve for Amortization
For the Year Ended December 31, 2023
Balance December 31, 2022
4,102,547.49
$
Increased by:
Improvement Authorizations Funded by Reoffering Premium
34,000.00
$
Serial Bonds Paid by Operating Budget
79,000.00
113,000.00
Balance December 31, 2023
4,215,547.49
$
Exhibit SE-16
SEWER UTILITY CAPITAL FUND
Statement of Due to Sewer Utility Operating Fund
For the Year Ended December 31, 2023
Balance December 31, 2022
426.75
$
Increased by:
Receipts:
Interest Earned on Deposits
5,088.34
5,515.09
Decreased by:
Disbursements:
Interfund Loans Returned
4,894.10
Balance December 31, 2023
620.99
$
11600
Draft 8.13.2024
Exhibit SE-17
BOROUGH OF CLEMENTON
SEWER UTILITY CAPITAL FUND
Statement of Capital Improvement Fund
For the Year Ended December 31, 2023
Balance December 31, 2022
44,225.00
$
Increased by:
Receipts:
2023 Budget Appropriation
5,000.00
49,225.00
Decreased by:
Appropriated to Finance Improvement Authorization
12,500.00
Balance December 31, 2023
36,725.00
$
11600
Draft 8.13.2024
11600
Exhibit SE-18
BOROUGH OF CLEMENTON
SEWER UTILITY CAPITAL FUND
For the Year Ended December 31, 2023
Paid
Date of
Original
Interest
Balance
Issued for
By Budget
Balance
Issue
Issue
Issue
Date
Amount
Rate
Dec. 31, 2022
Cash
Appropriation
Dec. 31, 2023
General Obligation Bonds - Series 2015
8-06-15
837,000.00
$
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%
427,000.00
$
79,000.00
$
348,000.00
$
General Obligation Bonds - Series 2023
9-27-23
3,780,000.00
3-01-24
40,000.00
6.00%
3-01-25
45,000.00
5.00%
3-01-26
50,000.00
5.00%
3-01-27
50,000.00
5.00%
3-01-28
50,000.00
5.00%
3-01-29
55,000.00
5.00%
3-01-30
60,000.00
4.00%
3-01-31
60,000.00
4.00%
3-01-32
65,000.00
4.00%
3-01-33
65,000.00
4.00%
3-01-34
70,000.00
4.00%
3-01-35
70,000.00
4.00%
3-01-36
75,000.00
4.00%
755,000.00
$
755,000.00
427,000.00
$
755,000.00
$
79,000.00
$
1,103,000.00
$
Statement of Sewer Utility Serial Bonds
Maturities of Bonds
Outstanding
Dec. 31, 2023
Draft 8.13.2024
11600
Exhibit SE-19
BOROUGH OF CLEMENTON
SEWER UTILITY CAPITAL FUND
Statement of Bond Anticipation Notes
For the Year Ended December 31, 2023
Date of Issue
Paid from
Ordinance
of Original
Date of
Date of
Interest
Balance
Bond
Balance
Improvement Description
Number
Notes
Issue
Maturity
Rate
Dec. 31, 2022
Funds
Dec. 31, 2023
Completion of Various Sewer Utility Improvements
20-12
10/4/21
9/29/2022
9/28/2023
4.25%
115,000.00
$
115,000.00
$
Completion of Various Sewer Utility Improvements
21-07
10/4/21
9/29/2022
9/28/2023
4.25%
169,100.00
169,100.00
284,100.00
$
284,100.00
$
-
$
Decreased
Draft 8.13.2024
11600
Exhibit SE-20
Notes Paid
Proceeds from
Ordinance
Balance
2023
from Bond
Sale of
Balance
Number
Improvement Description
Dec. 31, 2022
Authorizations
Funds
Serial Bonds
Dec. 31, 2023
11-11
Various Sewer Utility Improvements and
the Acquisition of Equipment
984.09
$
984.09
$
20-12
Completion of Various Sewer Utility Improvements
115,000.00
$
115,000.00
$
21-07
Completion of Various Sewer Utility Improvements
169,100.00
169,100.00
22-14
Completion of Various Improvements and the
Acquisition of Various Equipment for the Sewer
Utility
268,375.00
268,375.00
23-11
Completion of Various Improvements and the
Acquisition of Various Equipment for the Sewer
Utility
237,500.00
$
236,525.00
975.00
269,359.09
$
237,500.00
$
284,100.00
$
789,000.00
$
1,959.09
$
Serial Bonds Issued
755,000.00
$
Original Issue Premium
34,000.00
789,000.00
$
BOROUGH OF CLEMENTON
SEWER UTILITY CAPITAL FUND
Statement of Bonds and Notes Authorized But Not Issued
For the Year Ended December 31, 2023
Draft 8.13.2024
PART II
SINGLE AUDIT
FOR THE YEAR ENDED DECEMBER 31, 2023
Draft 8.13.2024
REPORT ON COMPLIANCE FOR THE MAJOR PROGRAM AND REPORT ON INTERNAL CONTROL
OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE
INDEPENDENT AUDITOR’S REPORT
The Honorable Mayor and
Members of the Borough Council
Borough of Clementon
Clementon, New Jersey 08021
Report on Compliance for the Major Federal Program
Opinion on the Major Federal Program
We have audited the Borough of Clementon’s, in the County of Camden, State of New Jersey, compliance with the
types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have
a direct and material effect on the Borough’s major federal program for the year ended December 31, 2023. The
Borough’s major federal program is identified in the Summary of Auditor's Results section of the accompanying
Schedule of Findings and Questioned Costs.
In our opinion, the Borough of Clementon, in the County of Camden, State of New Jersey, complied, in all material
respects, with the compliance requirements referred to above that could have a direct and material effect on its
major federal program for the year ended December 31, 2023.
Basis for Opinion on the Major Federal Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United
States of America; the standards applicable to financial audits contained in Government Auditing Standards issued
by the Comptroller General of the United States; the audit requirements as prescribed by the Division of Local
Government Services, Department of Community Affairs, State of New Jersey; and the audit requirements of Title
2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards, and the Uniform
Guidance, are further described in the Auditor’s Responsibilities for the Audit of Compliance section of our report.
We are required to be independent of the Borough and to meet our other ethical responsibilities, in accordance with
relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion on compliance for the major federal program. Our audit does not
provide a legal determination of the Borough’s compliance with the compliance requirements referred to above.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements of laws,
statutes, regulations, rules and provisions of contracts or grant agreements applicable to the Borough’s federal
program.
Draft 8.13.2024
11600
Auditor’s Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance
requirements referred to above occurred, whether due to fraud or error, and express an opinion on the Borough’s
compliance based on our audit. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with auditing standards generally accepted
in the United States of America; Government Auditing Standards; the Division of Local Government Services,
Department of Community Affairs, State of New Jersey; and Uniform Guidance; will always detect material
noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than
for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or
the override of internal control. Noncompliance with the compliance requirements referred to above is considered
material, if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgement
made by a reasonable user of the report on compliance about the Borough’s compliance with the requirements of
the major federal program as a whole.
In performing an audit in accordance with auditing standards generally accepted in the United States of America,
Government Auditing Standards and the Uniform Guidance, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material noncompliance, whether due to fraud or error, and design and
perform audit procedures responsive to those risks. Such procedures include examining, on a test basis,
evidence regarding the Borough’s compliance with the compliance requirements referred to above and
performing such other procedures as we considered necessary in the circumstances.
Obtain an understanding of the Borough’s internal control over compliance relevant to the audit in order to
design audit procedures that are appropriate in the circumstances and to test and report on internal control
over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion
on the effectiveness of the Borough’s internal control over compliance. Accordingly, no such opinion is
expressed.
We are required to communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over
compliance that we identified during the audit.
Report on Internal Control over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over compliance
does not allow management or employees, in the normal course of performing their assigned functions, to prevent,
or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis.
A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal
control over compliance, such that there is a reasonable possibility that material noncompliance with a type of
compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis.
A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in
internal control over compliance with a type of compliance requirement of a federal program that is less severe than
a material weakness in internal control over compliance, yet important enough to merit attention by those charged
with governance.
Our consideration of internal control over compliance was for the limited purpose described in the Auditor’s
Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in
internal control over compliance that might be material weaknesses or significant deficiencies in internal control
over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control
over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses
or significant deficiencies in internal control over compliance may exist that were not identified.
Draft 8.13.2024
11600
Report on Internal Control over Compliance (Cont’d)
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over
compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal
control over compliance and the results of that testing based on the requirements of the Uniform Guidance.
Accordingly, this report 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
August 16, 2024
Draft 8.13.2024
11600
BOROUGH OF CLEMENTON
Schedule of Expenditures of Federal Awards
For the Year Ended December 31, 2023
Federal
Federal Grantor/
Assistance
Additional
Pass Through
Program or
Pass-through
Listing
Award
Entity Identification
Award
Matching
Grant Period
Grantor/Program or Cluster Title
Number
Identification
Number
Amount
Contribution
From
To
U.S. Department of Housing and Urban Development
CDBG - Entitlement Grants Cluster:
Passed through County of Camden:
Community Development Block Grant
14.218
N/A
N/A
242,049.00
$
N/A
1-1-18
Project End
Community Development Block Grant
14.218
N/A
N/A
250,000.00
N/A
1-1-22
Project End
Community Development Block Grant
14.218
N/A
N/A
419,000.00
N/A
1-1-23
Project End
Total U.S. Department of Housing and Urban Development,
CDBG - Entitlement Grants Cluster
U.S. Department of Transportation
Passed through the State of New Jersey Department of Transportation:
Highway Planning and Construction
Safe Routes to School
20.205
N/A
N/A
470,000.00
N/A
1-1-22
Project End
Total U.S. Department of Transportation
U.S. Department of Homeland Security
Passed through the State of New Jersey Department of Community Affairs:
Assistance to Firefighters Grant Program - American Rescue Plan
97.044
COVID-19
N/A
50,000.00
N/A
1-1-23
Project End
Total U.S. Department of Homeland Security
U.S. Department of Treasury
Passed through the State of New Jersey Department of Community Affairs:
Coronavirus State and Local Fiscal Recovery Funds
21.027
COVID-19
022-8030-100-687
518,842.03
N/A
6-16-21
12-31-24
Total U.S. Department of Treasury
Total Federal Awards
The accompanying Notes to Financial Statements and Notes to Schedule of Expenditures of Federal Awards is an integral part of this schedule.
Draft 8.13.2024
Schedule A
Balance
Revenues
Pass-Through to
Balance
Cash
Accumulated
Dec. 31, 2022
Recognized
Disbursed
Subrecipients
Adjustments
Dec. 31, 2023
Received
Expenditures
33,634.10
$
33,634.10
$
208,414.90
$
211,900.00
211,900.00
$
100,000.00
$
250,000.00
419,000.00
$
11,540.44
407,459.56
11,540.44
245,534.10
419,000.00
223,440.44
-
$
-
$
441,093.66
100,000.00
$
469,955.34
470,000.00
470,000.00
470,000.00
-
-
-
-
470,000.00
-
-
50,000.00
49,846.98
153.02
49,846.98
-
50,000.00
49,846.98
-
-
153.02
-
49,846.98
518,842.03
498,604.50
20,237.53
498,604.50
518,842.03
-
498,604.50
-
-
20,237.53
-
498,604.50
1,234,376.13
$
469,000.00
$
771,891.92
$
-
$
-
$
931,484.21
$
100,000.00
$
1,018,406.82
$
(Memo Only)
Draft 8.13.2024
11600
BOROUGH OF CLEMENTON
Notes to Schedule of Expenditures of Federal Awards
For the Year Ended December 31, 2023
Note 1:
BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the “schedule”) includes federal award
activity of the Borough of Clementon (hereafter referred to as the “Borough”) under programs of the
federal government for the year ended December 31, 2023. The Borough is defined in note 1 to the
financial statements. The information in this schedule is presented in accordance with the requirements
of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). All federal awards received
directly from federal agencies, as well as federal awards passed through other government agencies, are
included on the schedule. Because the schedule presents only a selected portion of the operations of
the Borough, it is not intended to and does not present the financial position and changes in operations
of the Borough.
Note 2:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the schedule are reported in accordance with the Requirements of Audit (the
“Requirements”) as promulgated by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey, and present expenditures on the modified accrual basis of
accounting with minor exceptions as mandated by the Requirements. This basis of accounting is
described in note 1 to the financial statements. Such expenditures are recognized following the cost
principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of
expenditures are not allowed or are limited as to reimbursement. The expenditures reflected in the
schedule is presented at the federal participation level; thus, any matching portion is not included.
Note 3:
INDIRECT COST RATE
The Borough has elected not to use the 10-percent de minimis indirect cost rate allowed under the
Uniform Guidance.
Note 4:
RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Amounts reported in the accompanying schedule agree with the amounts reported in the related federal
financial reports.
Note 5:
MAJOR PROGRAM
The major program is identified in the Summary of Auditor's Results section of the Schedule of Findings
and Questioned Costs.
Draft 8.13.2024
PART III
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Draft 8.13.2024
Section 1 - Summary of Auditor's Results
Financial Statements
Type of auditor's report issued
adverse and unmodified
Internal control over financial reporting:
Material weakness(es) identified?
yes
X
no
Significant deficiency(ies) identified?
yes
X
none reported
Noncompliance material to financial statements noted?
yes
X
no
Federal Awards
Internal control over major programs:
Material weakness(es) identified?
yes
X
no
Significant deficiency(ies) identified?
yes
X
none reported
Type of auditor's report issued on compliance for major programs
unmodified
Any audit findings disclosed that are required to be reported in accordance
with Section 516 of Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance)?
yes
X
no
Identification of major programs:
Assistance Listings Number(s)
Name of Federal Program or Cluster
21.027
Coronavirus State and Local Fiscal Recovery Funds
Dollar threshold used to distinguish between type A and type B programs:
Auditee qualified as low-risk auditee?
yes
X
no
11600
BOROUGH OF CLEMENTON
Schedule of Findings and Questioned Costs
For the Year Ended December 31, 2023
$750,000
Draft 8.13.2024
Section 1 - Summary of Auditor's Results (Cont'd)
State Financial Assistance
This section is not applicable.
Internal control over major programs:
Material weakness(es) identified?
yes
no
Significant deficiency(ies) identified?
yes
none reported
Type of auditor's report issued on compliance for major programs
Any audit findings disclosed that are required to be reported in
accordance with New Jersey Circular 15-08-OMB?
yes
no
Identification of major programs:
GMIS Number(s)
Name of State Program
Dollar threshold used to distinguish between type A and type B programs:
Auditee qualified as low-risk auditee?
yes
no
For the Year Ended December 31, 2023
11600
BOROUGH OF CLEMENTON
Schedule of Findings and Questioned Costs
Draft 8.13.2024
11600
BOROUGH OF CLEMENTON
Schedule of Findings and Questioned Costs
For the Year Ended December 31, 2023
Section 2 - Schedule of Financial Statement Findings
This section identifies the significant deficiencies, material weaknesses, fraud, noncompliance with provisions of
laws, regulations, contracts, and grant agreements related to financial statements for which Government Auditing
Standards and audit requirements as prescribed by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey, requires.
None.
Draft 8.13.2024
11600
BOROUGH OF CLEMENTON
Schedule of Findings and Questioned Costs
For the Year Ended December 31, 2023
Section 3 - Schedule of Federal Award Findings and Questioned Costs
This section identifies the significant deficiencies, material weaknesses, material instances of noncompliance,
including questioned costs, and significant instances of abuse related to the audit of major Federal programs, as
required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
None.
Draft 8.13.2024
11600
BOROUGH OF CLEMENTON
Schedule of Findings and Questioned Costs
For the Year Ended December 31, 2023
Section 4 - Schedule of State Financial Assistance Findings and Questioned Costs
This section identifies the significant deficiencies, material weaknesses, material instances of noncompliance,
including questioned costs, and significant instances of abuse related to the audit of major State programs, as
required by State of New Jersey Circular 15-08-OMB.
This section is not applicable.
Draft 8.13.2024
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 and federal awards and
state financial assistance that are required to be reported in accordance with Government Auditing Standards.
None.
Draft 8.13.2024
11600
The following officials were in office during the period under audit:
Amount of
Name
Title
Surety Bond
Thomas Weaver
Mayor
Gwen Cantwell
Councilwoman
Robert Dorsey
Councilman
Brenda Franks
Councilwoman
Christopher McKelvey
Councilman
Thomas Shaw
Councilman
Holly Strobl
Councilwoman
Debra DiMattia
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
Administrative Assistant
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)
Lisa West
Deputy Clerk (to 3/13/23)
1,000,000.00
(A)
Construction/Planning and Zoning Clerk
1,000,000.00
(A)
Stephenie Cianfrani
Deputy Registrar
1,000,000.00
(A)
Deputy Clerk (from 3/13/23)
1,000,000.00
(A)
Jacqueline Quicksill
Police Clerk
1,000,000.00
(A)
Court Clerk
1,000,000.00
(B)
John Holroyd
Housing Inspector (to 3/16/23)
1,000,000.00
(A)
Nicholas Sapio
Housing Inspector (from 3/14/23)
1,000,000.00
(A)
George Singley
Municipal Magistrate
1,000,000.00
(B)
Donna Carns
Court Administrator
1,000,000.00
(B)
Michael Bernardini
Assessor
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
Draft 8.13.2024
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
Draft 8.13.2024
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"...vernment Auditing Standards. None. Draft 8.13.2024 11600 The following officials were in office during the period under audit: Amount of Name Title Surety Bond Thomas Weaver Mayor Gwen Cantwell Councilwoman Robert Dorsey Councilman Brenda Franks Councilwoman Christopher McKelvey Councilman Thomas Shaw Coun..."
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