2019 Audit

The Borough of Englishtown's financial statements for the year ended December 31, 2019, were audited by Holman Frenia Allison, P.C. The audit included an examination of the Borough's various funds and account groups, including the Current Fund, Trust Fund, General Capital Fund, Water/Sewer Utility Funds, Payroll Fund, and General Fixed Asset Account Group. The auditor's report expresses an adverse opinion on the financial statements' adherence to generally accepted accounting principles (GAAP) in the United States of America, due to the Borough's use of a regulatory basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, which deviates from GAAP. However, an unmodified opinion is provided on the financial statements' presentation of assets, liabilities, reserves, and fund balances on a regulatory basis. The audit also encompassed a review of the Borough's internal control over financial reporting and compliance with laws, regulations, contracts, and grant agreements, as required by Government Auditing Standards. A separate report dated June 30, 2020, details the scope and results of this testing, with no reported instances of noncompliance or other matters requiring attention under Government Auditing Standards. The audit includes a letter of comments and recommendations addressing contracts and agreements required to be advertised by N.J.S.A.40A:11-4 and the collection of interest on delinquent taxes and assessments.