2021 Audit

The Borough of Englishtown's audit for the year ending December 31, 2021, reviewed the financial statements of various funds and account groups. The Independent Auditor's Report confirms that the financial statements accurately represent the assets, liabilities, and fund balances of the Borough. The audit was conducted following generally accepted auditing standards and requirements from the Division of Local Government Services, Department of Community Affairs, State of New Jersey. However, the report notes an adverse opinion on U.S. Generally Accepted Accounting Principles (GAAP) due to the Borough's use of regulatory accounting practices, which differ significantly from GAAP. Key areas covered in the audit include the Current Fund, Trust Fund, General Capital Fund, Water Utility Fund, Sewer Utility Fund, Payroll Fund, and General Fixed Assets Account Group. The supplemental exhibits provide schedules of cash, receivables, payables, and reserves for each fund. The letter of comments and recommendations outlines observations regarding contracts, agreements, and the collection of interest on delinquent taxes and assessments. The audit also incorporates independent auditor's reports on internal control over financial reporting and compliance.