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Executive Summary
The Borough of Englishtown's audit report for the year ending December 31, 2023, includes independent auditor's reports, financial statements for various funds (Current, Trust, General Capital, Water Utility, Sewer Utility, Solid Waste Utility, Payroll, and General Fixed Assets Account Group), and related notes. The audit was conducted in accordance with generally accepted auditing standards and Government Auditing Standards. The report expresses an unmodified opinion on the regulatory basis financial statements but an adverse opinion on U.S. Generally Accepted Accounting Principles due to material variances. Key findings include issues with timely general ledger maintenance. The auditor noted that all contracts and agreements have been properly advertised, and interest collections on delinquent taxes are also within established guidelines.
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Document Text
--- Document: 2023 Afs Document ---
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
FOR THE YEAR ENDED DECEMBER 31, 2023
EXHIBIT
PAGE
Independent Auditor’s Report
1
Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance
and Other Matters Based on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standards
5
Financial Statements – Regulatory Basis:
Current Fund:
Statements of Assets, Liabilities, Reserves & Fund Balance – Regulatory Basis
A
9
Statements of Operations and Changes in Fund Balance – Regulatory Basis
A-1
11
Statement of Revenues – Regulatory Basis
A-2
12
Statement of Expenditures – Regulatory Basis
A-3
14
Trust Fund:
Statements of Assets, Liabilities, Reserves & Fund Balance – Regulatory Basis
B
23
General Capital Fund:
Statements of Assets, Liabilities, Reserves & Fund Balance – Regulatory Basis
C
24
Statement of Fund Balance – Regulatory Basis
C-1
25
Water Utility Fund:
Statements of Assets, Liabilities, Reserves & Fund Balance – Regulatory Basis
D
26
Statements of Operations and Changes in Fund Balance – Regulatory Basis
D-1
28
Statement of Fund Balance – Regulatory Basis
D-2
29
Statement of Revenues – Regulatory Basis
D-3
30
Statement of Appropriations – Regulatory Basis
D-4
31
Sewer Utility Fund:
Statements of Assets, Liabilities, Reserves & Fund Balance – Regulatory Basis
E
32
Statements of Operations and Changes in Fund Balance – Regulatory Basis
E-1
33
Statement of Fund Balance - Regulatory Basis
E-2
34
Statement of Revenues – Regulatory Basis
E-3
35
Statement of Appropriations – Regulatory Basis
E-4
36
Solid Waste Utility Fund:
Statements of Assets, Liabilities, Reserves & Fund Balance – Regulatory Basis
F
37
Statements of Operations and Changes in Fund Balance – Regulatory Basis
F-1
38
Statement of Revenues – Regulatory Basis
F-2
39
Statement of Appropriations – Regulatory Basis
F-3
40
Payroll Fund:
Statements of Assets, Liabilities, Reserves & Fund Balance – Regulatory Basis
G
41
General Fixed Assets Account Group:
Statements of Assets, Liabilities, Reserves & Fund Balance – Regulatory Basis
H
42
Notes to Financial Statements
45
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH
TABLE OF CONTENTS
PART I
FOR THE YEAR ENDED DECEMBER 31, 2023
EXHIBIT
PAGE
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH
TABLE OF CONTENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Supplemental Exhibits:
Current Fund:
Schedule of Cash - Treasurer
A-4
81
Schedule of Due from State of NJ – SC & Vets
A-5
82
Schedule of Taxes Receivable & Analysis of Property Tax Levy
A-6
83
Schedule of Tax Title Liens Receivable
A-7
84
Schedule of Foreclosed Property
A-8
85
Schedule of Revenue Accounts Receivable
A-9
86
Schedule of Due from Payroll Fund
A-10
87
Schedule of Due from Trust - Other Fund/Escrow
A-11
88
Schedule of Due from Animal Control Trust Fund
A-12
89
Schedule of 2022 Appropriation Reserves
A-13
90
Schedule of Accounts Payable
A-14
93
Schedule of Prepaid Taxes
A-15
94
Schedule of Marriage License Fees Payable
A-16
95
Schedule of Fire District Taxes Payable
A-17
96
Schedule of County Taxes Payable
A-18
97
Schedule of Regional District High School Tax
A-19
98
Schedule of Regional District School Tax
A-20
99
Schedule of Reserve for Tax Appeals Pending
A-21
100
Schedule of Reserve for Third Party Liens
A-22
101
Schedule of Municipal Special Chargees Lien Receivable
A-23
102
Schedule of Reserve for Premium on Tax Sale
A-24
103
Schedule of Reserve for Tax Overpayments
A-25
104
Schedule of Various Reserves
A-26
105
Schedule of Deferred Charges
A-27
106
Schedule of Grants Receivable
A-28
107
Schedule of Reserve for Grants - Unappropriated
A-29
108
Schedule of Reserve for Grants - Appropriated
A-30
109
Trust Fund:
Schedule of Cash - Treasurer
B-1
113
Schedule of Due to Current Fund
B-2
114
Schedule of Due to State of New Jersey
B-3
115
Schedule of Encumbrances Payable
B-4
116
Schedule of Reserve for Animal Control Fund Expenditures / Dangerous Animals
B-5
117
Schedule of Due to Current Fund - Trust - Other Fund
B-6
118
Schedule of Various Reserves -Trust - Other Fund
B-7
119
General Capital Fund:
Schedule of Cash - Treasurer
C-2
123
Schedule of Analysis of General Capital Cash
C-3
124
Schedule of State Grant Receivable
C-4
125
Schedule of Deferred Charges to Future Taxation - Funded
C-5
126
Schedule of Deferred Charges to Future Taxation - Unfunded
C-6
127
Schedule of Serial Bonds
C-7
128
Schedule of Bond Anticipation Notes
C-8
129
Schedule of Improvement Authorizations
C-9
130
Schedule of Reserve for Debt Service
C-10
131
Schedule of Capital Improvement Fund
C-11
132
Schedule of Bonds and Notes Authorized But Not Issued
C-12
133
EXHIBIT
PAGE
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH
TABLE OF CONTENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Water Utility Fund
Schedule of Cash - Treasurer
D-5
137
Schedule of Analysis of Water Utility Capital Cash
D-6
138
Schedule of Consumer Accounts Receivable
D-7
139
Schedule of Fixed Capital
D-8
140
Schedule of 2022 Appropriation Reserves
D-9
141
Schedule Accrued Interest on Bonds
D-10
142
Schedule of Water Rent Overpayments
D-11
143
Schedule of Serial Bonds
D-12
144
Schedule of Capital Improvement Fund
D-13
145
Schedule of Reserve for Amortization
D-14
146
Schedule of Improvement Authorizations
D-15
147
Schedule of Fixed Capital Authorized and Uncompleted
D-16
148
Schedule of Deferred Reserve for Amortization
D-17
149
Schedule of Reserve for Debt Service
D-18
150
Schedule of Bond Anticipation Notes
D-19
151
Schedule of Bonds and Notes Authorized But Not Issued
D-20
152
Sewer Utility Operating Fund:
Schedule of Cash – Treasurer
E-5
155
Schedule of Analysis of Sewer Utility Capital Fund Cash
E-6
156
Schedule of Sewer Rents Receivable
E-7
157
Schedule of Fixed Capital
E-8
158
Schedule of 2022 Appropriation Reserves
E-9
159
Schedule of Sewer Rent Overpayments
E-10
160
Schedule of Capital Improvement Fund
E-11
161
Schedule of Reserve for Amortization
E-12
162
Schedule of Property Acquired for Taxes
E-13
163
Solid Waste Utility Fund:
Schedule of Cash – Treasurer
F-4
167
Schedule of Solid Waste Rents Receivable
F-5
168
Schedule of Solid Waste Rent Overpayments
F-6
169
Schedule of 2022 Appropriation Reserves
F-7
170
Payroll Fund:
Schedule of Cash – Treasurer
G-1
173
Schedule of Due to Current Fund
G-2
174
Schedule of Payroll Deductions Payable
G-3
175
General Fixed Assets Fund:
Schedule of General Fixed Assets
H-1
179
EXHIBIT
PAGE
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH
TABLE OF CONTENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Schedule of Financial Statement Findings - Government Auditing Standards
185
Summary Schedule of Prior Year Audit Findings and Questioned Costs as Prepared by Management
186
Letter of Comments and Recommendations - Regulatory Basis:
Officials in Office
189
Contracts and Agreements Required to be Advertised by (N.J.S.A.40A:11-4)
191
Collection of Interest on Delinquent Taxes and Assessments
192
Other Comments (Findings)
192
Recommendations
192
Appreciation
193
PART III
PART II
************
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH
PART I
INDEPENDENT AUDITOR'S REPORTS
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
INDEPENDENT AUDITOR’S REPORT
Honorable Mayor and Members
of the Borough Council
Borough of Englishtown
Englishtown, New Jersey 07726
Opinions
We have audited the accompanying financial statements of the various funds and account group of the Borough of Englishtown,
which comprise the statements of assets, liabilities, reserves and fund balance – regulatory basis as of December 31, 2023 and
2022, and the related statements of operations and changes in fund balance – regulatory basis for the years then ended and the
statements of revenues – regulatory basis and statements of expenditures – regulatory basis for the year ended December 31,
2023, and the related notes to the financial statements, as listed in the table of contents.
Unmodified Opinion on Regulatory Basis of Accounting
In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities, reserves
and fund balance – regulatory basis of the Borough of Englishtown, as of December 31, 2023 and 2022, and the results of its
operations and changes in fund balance – regulatory basis for the years then ended and the statements of revenues – regulatory
basis, statements of expenditures – regulatory basis for the year ended December 31, 2023, in accordance with the financial
reporting provisions of the Division of Local Government Services, Department of Community Affairs, State of New Jersey
as described in Note 1.
Adverse Opinion on U.S. Generally Accepted Accounting Principles
In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally Accepted
Accounting Principles section of our report, the financial statements referred to above do not present fairly, in accordance with
accounting principles generally accepted in the United States of America, the financial position of the Borough of Englishtown,
as of December 31, 2023 and 2022, or the results of its operations and changes in fund balance for the years then ended.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America and 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 prescribed by the Division of Local Government Services,
Department of Community Affairs, 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 of Englishtown 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.
Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles
As described in Note 1 of the financial statements, the financial statements are prepared by the Borough of Englishtown, 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 Division of Local Government Services, Department of Community Affairs, 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.
1
1985 Cedar Bridge Ave., Suite 3 • Lakewood, NJ 08701 • 732.797.1333
194 East Bergen Place • Red Bank, NJ 07701 • 732.747.0010
www.hfacpas.com
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.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is
a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance
with generally accepted auditing standards, Government Auditing Standards, and audit requirements prescribed by the Division
of Local Government Services, Department of Community Affairs, State of New Jersey will always detect a material
misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate,
they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards, Government Auditing Standards, and audit
requirements prescribed by the Division of Local Government Services, Department of Community Affairs, State of New
Jersey, we:
x
Exercise professional judgment and maintain professional skepticism throughout the audit.
x
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.
x
Obtain an understanding of internal control(s) 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
of Englishtown's internal control. Accordingly, no such opinion is expressed.
x
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.
x
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial
doubt about the Borough of Englishtown'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.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Borough
of Englishtown’s basic financial statements. The accompanying supplemental schedules presented for the various funds and
letter of comments and recommendations section 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. 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 information is fairly stated, in all material
respects, in relation to the financial statements of each of the respective individual funds and account group taken as a whole.
2
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated April 15, 2024, on our consideration
of the Borough of Englishtown’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 Englishtown’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 Englishtown’s internal control over financial reporting and compliance.
Respectfully submitted,
HOLMAN FRENIA ALLISON, P.C.
Robert W. Allison
Certified Public Accountant
Registered Municipal Accountant
RMA No. 483
Lakewood, New Jersey
April 15, 2024
3
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4
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
Honorable Mayor and Members
Of the Borough Council
Borough of Englishtown
Englishtown, New Jersey 07726
We have audited, in accordance with the auditing standards generally accepted in the United States of America
and the standards applicable to financial 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 –
regulatory basis of the Borough of Englishtown, 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 April 15, 2024. Our report indicated that the Borough’s financial statements were
not prepared in accordance with accounting principles generally accepted in the United States of America but
rather prepared in accordance with the regulatory basis of accounting 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, to meet the requirements of the State of
New Jersey for municipal government entities as described in Note 1.
Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Borough of Englishtown’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 of Englishtown’s internal control.
Accordingly, we do not express an opinion on the effectiveness of the Borough of Englishtown’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements, on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal
control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements
will not be prevented, or detected and corrected, on a timely basis. A significant deficiency is a deficiency, or a
combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough
to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section
and was not designed to identify all deficiencies in internal control that might be material weaknesses or,
significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal
control that we consider to be material weaknesses. We identified certain deficiencies in internal control,
described in the accompanying schedule of findings and questioned costs as Finding No. 2023-01 that we
consider to be a significant deficiency.
5
1985 Cedar Bridge Ave., Suite 3 • Lakewood, NJ 08701 • 732.797.1333
194 East Bergen Place • Red Bank, NJ 07701 • 732.747.0010
www.hfacpas.com
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Borough of Englishtown’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 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 and which are described in the accompanying schedule of findings and questioned costs as
Finding No. 2023-01.
Borough of Englishtown’s Response to Findings
Government Auditing Standards requires the auditor to perform limited procedures on the Borough of
Englishtown’s response to the findings identified in our audit and described in the accompanying schedule of
findings and questioned costs. The Borough of Englishtown’s response was not subjected to the other auditing
procedures applied in the audit of the financial statements and, accordingly, we express no opinion on the
response.
Purpose of This Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the
results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on
compliance. This report is an integral part of an audit performed in accordance with Government Auditing
Standards and audit requirements as prescribed by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey in considering the entity’s internal control and compliance. Accordingly,
this communication is not suitable for any other purpose.
Respectfully Submitted,
HOLMAN FRENIA ALLISON, P.C.
Robert W. Allison
Certified Public Accountant
Registered Municipal Accountant
RMA No. 483
Lakewood, New Jersey
April 15, 2024
6
BASIC FINANCIAL STATEMENTS
7
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8
EXHIBIT A
Reference
2023
2022
Assets
Operating Fund:
Cash - Treasurer
A-4
2,472,570.89
$
2,010,175.33
$
Change Fund
A
275.00
275.00
2,472,845.89
2,010,450.33
Receivables With Full Reserves:
Taxes Receivable
A-6
4,732.91
531.50
Tax Title Liens Receivable
A-7
1,526.50
191.82
Foreclosed Property
A-8
318,800.00
318,800.00
Revenue Accounts Receivable
A-9
3,692.58
4,999.27
Due From:
General Capital Fund
A
545.01
-
Payroll Fund
A-10
199.02
11,983.60
Trust - Other Fund/Escrow
A-11
499.83
25.65
Animal Control Trust Fund
A-12
3.22
-
329,999.07
336,531.84
Deferred Charges:
Special Emergency COVID-19
A-27
41,484.17
57,484.17
Preparation and Reexamination of Master Plans
A-27
10,500.00
14,000.00
Codification of Ordinances
A-27
14,712.00
18,390.00
66,696.17
89,874.17
Total Operating Fund
2,869,541.13
2,436,856.34
Grant Fund:
Cash
A-4
220,659.49
270,658.59
Grants Receivable
A-28
20,964.22
585.00
Total Grant Fund
241,623.71
271,243.59
Total Assets
3,111,164.84
$
2,708,099.93
$
DECEMBER 31, 2023 AND 2022
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
STATEMENTS OF ASSETS, LIABILITIES, RESERVES
AND FUND BALANCE - REGULATORY BASIS
The accompanying Notes to Financial Statements are an integral part of this statement.
9
EXHIBIT A
Reference
2023
2022
DECEMBER 31, 2023 AND 2022
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
STATEMENTS OF ASSETS, LIABILITIES, RESERVES
AND FUND BALANCE - REGULATORY BASIS
Liabilities, Reserves and Fund Balance
Operating Fund:
Appropriation Reserves
A-3
516,976.71
$
313,027.17
$
Encumbrances Payable
A-3
72,272.68
28,119.74
Due To/From State of New Jersey -
Seniors' and Veterans' Deductions
A-5
243.18
243.18
Due To:
Trust - Other Fund/Escrow
A-11
2,000.00
-
Accounts Payable
A-14
44,669.73
40,226.78
Prepaid Taxes
A-15
51,414.61
25,823.14
Marriage License Fees Payable
A-16
100.00
100.00
County Taxes Payable
A-18
1,527.26
1,849.53
Regional District High School Tax Payable
A-19
196,564.15
197,994.15
Regional District School Tax Payable
A-20
319,968.24
228,008.74
Reserve for:
Tax Appeals Pending
A-21
63,365.71
60,865.71
Third Party Liens
A-22
1,190.04
9,337.37
Premium on Tax Sale
A-24
12,500.00
86,100.00
Tax Overpayments
A-25
6,693.71
3,572.19
Municipal Relief Fund
A-26
14,832.86
7,418.02
Master Plan
A-26
8,555.75
11,948.75
Codification
A-26
5,517.00
14,712.00
1,318,391.63
1,029,346.47
Reserve for Receivables
A
329,999.07
336,531.84
Fund Balance
A-1
1,221,150.43
1,070,978.03
1,551,149.50
1,407,509.87
Total Operating Fund
2,869,541.13
2,436,856.34
Grant Fund:
Reserve for Grants:
Unappropriated
A-29
156,630.95
189,476.10
Appropriated
A-30
83,506.08
81,767.49
Encumbrances Payable
A-30
1,050.00
-
Due to Current Fund
A
436.68
-
Total Grant Fund
241,623.71
271,243.59
Total Liabilities, Reserves and Fund Balance
3,111,164.84
$
2,708,099.93
$
The accompanying Notes to Financial Statements are an integral part of this statement.
10
EXHIBIT A-1
2023
2022
Revenue and Other Income Realized:
Fund Balance Utilized
295,000.00
$
318,650.00
$
Miscellaneous Revenue Anticipated
518,021.85
506,338.74
Receipts From Delinquent Taxes
531.50
3,431.12
Receipts From Current Taxes
6,971,672.18
6,553,511.90
Non-Budget Revenue
53,114.79
27,963.22
Other Credits To Income:
Unexpended Balance of Appropriation Reserves
261,879.56
272,005.30
Cancellation of Accounts Payable
-
3,102.00
Cancellation of Reserve for Grants - Appropriated
0.78
-
Interfunds Returned
12,009.25
3.37
Adjustment to Premiums on Tax Sales
12,400.00
-
Total Revenue
8,124,629.91
7,685,005.65
Expenditures:
Budget Appropriations
2,652,814.24
2,477,397.84
County Taxes
766,700.85
724,227.46
Special District Taxes
524,000.00
512,000.00
Regional District High School Tax
1,061,356.00
1,056,871.00
Regional District School Tax
2,669,445.00
2,468,502.00
Prior Year Senior Citizen & Veteran Deduction
-
143.15
Adjustment to Third Party Liens
5,141.42
-
Total Expenditures
7,679,457.51
7,239,141.45
Excess in Revenue
445,172.40
445,864.20
Adjustments to Income Before Fund Balance:
Expenditures Included Above Which are by Statute
Deferred Charges to Budget of Succeeding Year
-
18,390.00
Statutory Excess To Fund Balance
445,172.40
464,254.20
Fund Balance, January 1
1,070,978.03
925,373.83
1,516,150.43
1,389,628.03
Decreased By:
Utilized as Anticipated Revenue
295,000.00
318,650.00
Fund Balance, December 31
1,221,150.43
$
1,070,978.03
$
REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2023 AND 2022
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
STATEMENTS OF OPERATIONS AND CHANGES IN FUND BALANCE
The accompanying Notes to Financial Statements are an integral part of this statement.
11
EXHIBIT A-2
Excess/
Budget
Realized
(Deficit)
Surplus Anticipated
295,000.00
$
295,000.00
$
-
$
Miscellaneous Revenues:
Licenses:
Alcoholic Beverages
6,400.00
6,639.68
239.68
Fines and Costs:
Municipal Court
100,000.00
68,699.54
(31,300.46)
Interest and Costs on Taxes
7,000.00
6,914.29
(85.71)
Interest on Investments and Deposits
10,000.00
29,299.15
19,299.15
Sewer Utility Fund Surplus
45,000.00
45,000.00
-
General Capital Fund Surplus
26,500.00
26,500.00
-
Energy Receipts Tax
143,189.00
143,188.98
(0.02)
Municipal Relief Fund
7,418.02
7,418.02
-
Fire District Interlocal Agreement
33,760.00
32,760.00
(1,000.00)
Clean Communities Program
4,000.00
4,000.00
-
Alcohol Education Rehabilitation Program
473.80
473.80
-
Body Worn Camera Grant
20,380.00
20,380.00
-
Body Armor Grant
876.02
876.02
-
Off-Duty Police Admin. Fee
23,678.00
23,678.00
-
Tower Lease Agreement
29,000.00
20,954.68
(8,045.32)
Cable Franchise Fees
51,239.69
51,239.69
-
American Rescue Plan
30,000.00
30,000.00
-
Total Miscellaneous Revenues
538,914.53
518,021.85
(20,892.68)
Receipts From Delinquent Taxes
-
531.50
531.50
Property Taxes for Support of Municipal
Budget Appropriations:
Local Tax for Municipal Purposes
1,937,462.07
2,068,388.33
130,926.26
Budget Totals
2,771,376.60
2,881,941.68
110,565.08
Non-Budget Revenue
-
53,114.79
53,114.79
2,771,376.60
$
2,935,056.47
$
163,679.87
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
The accompanying Notes to Financial Statements are an integral part of this statement.
12
EXHIBIT A-2
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
Revenue From Collections
6,971,672.18
$
Allocated To:
Regional District School
2,669,445.00
$
Regional District High School
1,061,356.00
County Taxes
766,700.85
Special District Taxes
524,000.00
5,021,501.85
Balance for Support of Municipal Budget Purposes
1,950,170.33
Add: Appropriation Reserve for Uncollected Taxes
118,218.00
Amount for Support of Municipal Budget
Appropriations
2,068,388.33
$
Miscellaneous Revenue Not Anticipated:
Administrative Fees
90.00
$
Accident Report
290.65
Alarm System
45.00
Assessor's List
120.00
Canabis Licenses
19,000.00
CCO Inspections
4,120.00
Certified Copies
474.00
Clothing Bin
50.00
Impound Release Fees
3,100.00
Discovery/Police Reports
227.65
DMV Inspection Fines
1,850.00
Duplicate Tax Bill
315.00
Firearms
4,367.50
Food Handling License
1,040.00
Marriage License
43.00
Peddler's License
52.00
Planning Board Fees
4,550.00
Photocopies/OPRA
1.00
Refund Current Year's Expenditures
329.15
Road Opening Permits
260.00
Tax Searches
144.00
Zoning Fees
105.00
Miscellaneous
12,540.84
53,114.79
$
Analysis of Non-Budget Revenue
Analysis of Realized Revenue
The accompanying Notes to Financial Statements are an integral part of this statement.
13
EXHIBIT A-3
Unexpended
Original
Budget After
Paid or
Balance
Budget
Modifications
Charged
Encumbered
Reserved
Canceled
GENERAL GOVERNMENT
Administration and Executive:
Mayor & Council
Salaries and Wages
28,500.00
$
28,500.00
$
24,500.00
$
-
$
4,000.00
$
-
$
Other Expenses
2,000.00
2,000.00
295.00
380.00
1,325.00
-
General Administration:
Other Expenses
250.00
250.00
88.26
-
161.74
-
Municipal Clerk's Office:
Salaries and Wages
41,500.00
41,500.00
30,336.13
-
11,163.87
-
Other Expenses
11,150.00
11,150.00
9,364.62
211.02
1,574.36
-
Elections:
Other Expenses
1,500.00
1,500.00
581.52
-
918.48
-
Annual Audit:
Other Expenses
18,000.00
18,000.00
15,175.00
450.00
2,375.00
-
Assessment of Taxes:
Salaries and Wages
15,300.00
15,300.00
15,300.00
-
-
-
Other Expenses
5,650.00
5,650.00
5,131.64
-
518.36
-
Department of Finance:
Financial Administration:
Salaries and Wages
50,000.00
50,000.00
49,576.64
-
423.36
-
Other Expenses
2,260.00
2,260.00
1,989.32
-
270.68
-
Collection of Taxes:
Salaries and Wages
12,750.00
12,750.00
12,734.45
-
15.55
-
Other Expenses
3,080.00
3,080.00
1,992.88
332.00
755.12
-
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
Expended
STATEMENT OF EXPENDITURES - REGULATORY BASIS
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
Appropriations
The accompanying Notes to Financial Statements are an integral part of this statement.
14
EXHIBIT A-3
Unexpended
Original
Budget After
Paid or
Balance
Budget
Modifications
Charged
Encumbered
Reserved
Canceled
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
Expended
STATEMENT OF EXPENDITURES - REGULATORY BASIS
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
Appropriations
Department of Law:
Legal Services and Costs:
Other Expenses
70,000.00
70,000.00
52,048.70
-
17,951.30
-
Municipal Prosecutor:
Salaries and Wages
10,500.00
10,500.00
9,100.00
-
1,400.00
-
Department of Parks, Recreation and Social Services:
Dog Regulation:
Other Expenses
1,500.00
1,500.00
-
-
1,500.00
-
Insurance:
Employee Group Health
192,440.00
237,440.00
161,853.68
553.00
75,033.32
-
Health Benefits Waiver
7,500.00
7,500.00
2,500.00
-
5,000.00
-
Department of Public Safety:
Police:
Salaries and Wages
731,000.00
686,000.00
635,213.67
-
50,786.33
-
Other Expenses
145,000.00
145,000.00
46,702.38
2,082.36
96,215.26
-
Office of Emergency Management:
Other Expenses
400.00
400.00
-
-
400.00
-
Department of Community Development
Engineering Services and Costs:
Other Expenses
20,000.00
20,000.00
14,853.05
1,065.00
4,081.95
-
Planning Board:
Salaries and Wages
4,250.00
4,250.00
4,244.85
-
5.15
-
Other Expenses
5,000.00
5,000.00
187.52
202.50
4,609.98
-
The accompanying Notes to Financial Statements are an integral part of this statement.
15
EXHIBIT A-3
Unexpended
Original
Budget After
Paid or
Balance
Budget
Modifications
Charged
Encumbered
Reserved
Canceled
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
Expended
STATEMENT OF EXPENDITURES - REGULATORY BASIS
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
Appropriations
Code Enforcement:
Salaries and Wages
25,500.00
25,500.00
25,450.07
-
49.93
-
Other Expenses
2,700.00
2,700.00
509.18
-
2,190.82
-
Affordable Housing
Salaries and Wages
635.00
635.00
-
-
635.00
-
Other Expenses
1,000.00
1,000.00
-
-
1,000.00
-
Department of Public Works:
Buildings and Grounds:
Salaries and Wages
18,000.00
18,000.00
9,001.37
-
8,998.63
-
Other Expenses
40,000.00
40,000.00
24,418.50
922.08
14,659.42
-
Road Repairs and Maintenance:
Salaries and Wages
32,000.00
32,000.00
16,656.49
-
15,343.51
-
Other Expenses
32,000.00
32,000.00
8,893.94
4,713.13
18,392.93
-
Data Processing:
Other Expenses
55,000.00
55,000.00
25,047.53
583.32
29,369.15
-
Sanitary Landfill:
Other Expenses
5,000.00
5,000.00
1,830.00
-
3,170.00
-
Recycling:
Other Expenses
66,000.00
66,000.00
60,500.00
-
5,500.00
-
Snow Removal:
Salaries and Wages
1,500.00
1,500.00
1,500.00
-
-
-
Other Expenses
4,000.00
4,000.00
4,000.00
-
-
-
Municipal Court:
Salaries and Wages
116,200.00
116,200.00
109,673.70
-
6,526.30
-
Other Expenses
23,700.00
23,700.00
5,317.65
109.00
18,273.35
-
The accompanying Notes to Financial Statements are an integral part of this statement.
16
EXHIBIT A-3
Unexpended
Original
Budget After
Paid or
Balance
Budget
Modifications
Charged
Encumbered
Reserved
Canceled
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
Expended
STATEMENT OF EXPENDITURES - REGULATORY BASIS
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
Appropriations
Public Defender
Other Expenses
3,000.00
3,000.00
3,000.00
-
-
-
Celebrating Public Events:
Other Expenses
100.00
100.00
-
-
100.00
-
Shade Tree Commission
Salaries and Wages
905.00
905.00
-
-
905.00
-
Other Expenses
1,200.00
1,200.00
-
-
1,200.00
-
UNCLASSIFIED
Utilities:
Electricity
21,000.00
21,000.00
14,460.74
1,198.51
5,340.75
-
Street Lighting
32,500.00
32,500.00
26,451.31
2,419.73
3,628.96
-
Telephone (excluding equipment acquisition)
9,000.00
9,000.00
8,077.35
819.46
103.19
-
Natural Gas
8,000.00
8,000.00
5,151.83
736.57
2,111.60
-
Gasoline
31,050.00
31,050.00
17,843.57
-
13,206.43
-
Water and Sewage
4,500.00
4,500.00
3,212.00
-
1,288.00
-
Sick Leave Trust
1,500.00
1,500.00
1,500.00
-
-
-
Total Operations - Within "CAPS"
1,915,520.00
1,915,520.00
1,466,264.54
16,777.68
432,477.78
-
Detail:
Salaries and Wages
1,088,540.00
1,043,540.00
943,287.37
-
100,252.63
-
Other Expenses
826,980.00
871,980.00
522,977.17
16,777.68
332,225.15
-
The accompanying Notes to Financial Statements are an integral part of this statement.
17
EXHIBIT A-3
Unexpended
Original
Budget After
Paid or
Balance
Budget
Modifications
Charged
Encumbered
Reserved
Canceled
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
Expended
STATEMENT OF EXPENDITURES - REGULATORY BASIS
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
Appropriations
Deferred Charges and Statutory Expenditures -
Municipal Within "CAPS"
Prior Year Bills
1,500.00
1,500.00
1,169.00
-
331.00
-
Contribution To:
Public Employees' Retirement System
38,000.00
38,000.00
37,300.00
-
700.00
-
Police and Firemen's Retirement System of NJ
160,000.00
160,000.00
159,936.79
-
63.21
-
Defined Contribution Retirement Program
7,000.00
7,000.00
2,640.21
-
4,359.79
-
Social Security System (O.A.S.I.)
40,000.00
40,000.00
36,651.77
-
3,348.23
-
Total Deferred Charges and Statutory
Expenditures - Municipal - Within "CAPS"
246,500.00
246,500.00
237,697.77
-
8,802.23
-
Total General Appropriations for Municipal
Purposes - Within "CAPS"
2,162,020.00
2,162,020.00
1,703,962.31
16,777.68
441,280.01
-
Gasoline
Other Expense
3,950.00
3,950.00
-
-
3,950.00
-
Health Insurance:
Other Expense
32,560.00
32,560.00
-
-
32,560.00
-
The accompanying Notes to Financial Statements are an integral part of this statement.
18
EXHIBIT A-3
Unexpended
Original
Budget After
Paid or
Balance
Budget
Modifications
Charged
Encumbered
Reserved
Canceled
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
Expended
STATEMENT OF EXPENDITURES - REGULATORY BASIS
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
Appropriations
Cost of Tax Appeals:
Other Expenses
2,500.00
2,500.00
2,500.00
-
-
-
Due To School Business Personal Property:
Other Expenses
20,816.00
19,000.00
-
-
19,000.00
-
LOSAP:
Other Expenses
5,500.00
5,500.00
-
-
5,500.00
-
Recycling (N.J.S.A. 13:1E-96.5):
Other Expenses
3,300.00
3,300.00
1,622.91
-
1,677.09
-
Total Other Operations - Excluded from "CAPS"
68,626.00
66,810.00
4,122.91
-
62,687.09
-
Interlocal Municipal Service Agreements:
911 Emergency Service Contract with County
57,000.00
57,000.00
-
55,495.00
1,505.00
-
Fire District:
Salaries and Wages
31,000.00
31,000.00
29,945.39
-
1,054.61
-
Other Expenses
2,760.00
2,760.00
-
-
2,760.00
-
Computer Services:
Other Expenses
25,000.00
25,000.00
19,810.00
-
5,190.00
-
Total Interlocal Municipal Service Agreements
115,760.00
115,760.00
49,755.39
55,495.00
10,509.61
-
The accompanying Notes to Financial Statements are an integral part of this statement.
19
EXHIBIT A-3
Unexpended
Original
Budget After
Paid or
Balance
Budget
Modifications
Charged
Encumbered
Reserved
Canceled
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
Expended
STATEMENT OF EXPENDITURES - REGULATORY BASIS
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
Appropriations
Public and Private Programs Offset By Revenues:
Matching Funds for Grants
2,500.00
2,500.00
-
-
2,500.00
-
Clean Communities Program
4,000.00
4,000.00
4,000.00
-
-
-
Body Armor Fund
876.80
876.80
876.80
-
-
-
Alcohol Education Rehabilitation Program
473.80
473.80
473.80
-
-
-
Body Worn Camera Grant
-
20,380.00
20,380.00
-
-
-
SFSP Fire District Payment
444.00
444.00
444.00
-
-
-
Total Public and Private Programs Offset By Revenues
8,294.60
28,674.60
26,174.60
-
2,500.00
-
Total Operations - Excluded from "CAPS"
192,680.60
211,244.60
80,052.90
55,495.00
75,696.70
-
Detail:
Salaries and Wages
31,000.00
31,000.00
29,945.39
-
1,054.61
-
Other Expenses
161,680.60
180,244.60
50,107.51
55,495.00
74,642.09
-
Capital Improvements - Excluded From "CAPS"
Capital Improvement Fund
30,000.00
30,000.00
30,000.00
-
-
-
Total Capital Improvements - Excluded From "CAPS"
30,000.00
30,000.00
30,000.00
-
-
-
The accompanying Notes to Financial Statements are an integral part of this statement.
20
EXHIBIT A-3
Unexpended
Original
Budget After
Paid or
Balance
Budget
Modifications
Charged
Encumbered
Reserved
Canceled
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
Expended
STATEMENT OF EXPENDITURES - REGULATORY BASIS
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
Appropriations
Municipal Debt Service - Excluded From "CAPS"
Payment of Bond Principal
105,000.00
105,000.00
105,000.00
-
-
-
Payment of Bond Anticipation Notes and Capital Notes
25,000.00
25,000.00
25,000.00
-
-
-
Interest on Bonds
50,000.00
51,816.00
51,518.51
-
-
297.49
Interest on Notes
34,900.00
34,900.00
34,853.13
-
-
46.87
Total Municipal Debt Service - Excluded From "CAPS"
214,900.00
216,716.00
216,371.64
-
-
344.36
Deferred Charges - Municipal - Excluded From "CAPS"
Unfunded Ordinance
10,000.00
10,000.00
10,000.00
-
-
-
5 Year Special Emergency:
Special Emergencies
23,178.00
23,178.00
23,178.00
-
-
-
Total Deferred Charges - Municipal - Excluded From "CAPS"
33,178.00
33,178.00
33,178.00
-
-
-
Total General Appropriations for Municipal
Purposes - Excluded From "CAPS"
470,758.60
491,138.60
359,602.54
55,495.00
75,696.70
344.36
The accompanying Notes to Financial Statements are an integral part of this statement.
21
EXHIBIT A-3
Unexpended
Original
Budget After
Paid or
Balance
Budget
Modifications
Charged
Encumbered
Reserved
Canceled
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
Expended
STATEMENT OF EXPENDITURES - REGULATORY BASIS
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
Appropriations
Subtotal General Appropriations
2,632,778.60
2,653,158.60
2,063,564.85
72,272.68
516,976.71
344.36
Reserve for Uncollected Taxes
118,218.00
118,218.00
118,218.00
-
-
-
Total General Appropriations
2,750,996.60
$
2,771,376.60
$
2,181,782.85
$
72,272.68
$
516,976.71
$
344.36
$
Budget as Adopted
2,750,996.60
$
Chapter 159
20,380.00
2,771,376.60
$
Analysis of Paid or Charged:
Cash Disbursements
2,010,156.25
$
Deferred Charges
23,178.00
Reserve for:
Uncollected Taxes
118,218.00
Public Defender
2,000.00
Tax Appeals Pending
2,500.00
Grants Appropriated
25,730.60
2,181,782.85
$
The accompanying Notes to Financial Statements are an integral part of this statement.
22
EXHIBIT B
COUNTY OF MONMOUTH, NEW JERSEY
TRUST FUND
Reference
2023
2022
Assets
Animal Control Trust Fund:
Cash - Treasurer
B-1
1,444.82
$
1,148.60
$
Total Animal Control Trust
1,444.82
1,148.60
Trust - Other Funds:
Cash - Treasurer
B-1
285,315.32
280,319.89
Due from Current Fund
B
2,000.00
-
Total Trust - Other
287,315.32
280,319.89
Total Assets
288,760.14
$
281,468.49
$
Liabilities, Reserves and Fund Balance
Animal Control Trust Fund:
Due To:
Current Fund
B-2
3.22
$
-
$
State - License Fee
B-3
77.40
7.20
Reserve for Dangerous Animal
B-5
350.00
350.00
Reserve for Animal Control Fund Expenditures
B-5
1,014.20
791.40
1,444.82
1,148.60
Trust - Other Funds:
Due To Current Fund
B-6
499.83
25.65
Encumbrances Payable
B-7
1,182.70
1,483.84
Various Reserves
B-7
285,632.79
278,810.40
287,315.32
280,319.89
Total Liabilities, Reserves and Fund Balance
288,760.14
$
281,468.49
$
DECEMBER 31, 2023 AND 2022
BOROUGH OF ENGLISHTOWN
AND FUND BALANCE - REGULATORY BASIS
STATEMENTS OF ASSETS, LIABILITIES, RESERVES
The accompanying Notes to Financial Statements are an integral part of this statement.
23
EXHIBIT C
Reference
2023
2022
Assets
Cash - Treasurer
C-2,C-3
271,282.64
$
481,558.82
$
Grants Receivable
C-4
852,060.03
941,704.00
Deferred Charges To Future Taxation:
Funded
C-5
980,000.00
1,085,000.00
Unfunded
C-6
1,555,632.58
1,578,132.58
Total Assets
3,658,975.25
$
4,086,395.40
$
Liabilities, Reserves and Fund Balance
Serial Bonds Payable
C-7
980,000.00
$
1,085,000.00
$
Bond Anticipation Notes Payable
C-8
721,250.00
733,750.00
Encumbrances Payable
C-9
368,115.37
244,036.38
Reserve for Debt Service
C-10
22,500.00
22,500.00
Due to Current Fund
C
545.01
-
Improvement Authorizations:
Funded
C-9
428,346.91
706,284.41
Unfunded
C-9
943,914.48
1,092,771.13
Capital Improvement Fund
C-11
19,302.81
552.81
Fund Balance
C-1
175,000.67
201,500.67
Total Liabilities, Reserves and Fund Balance
3,658,975.25
$
4,086,395.40
$
There were bonds and notes authorized but not issued on December 31, 2023 in the amount of $835,164.67 and on
December 31, 2022 in the amount of $845,164.67
BOROUGH OF ENGLISHTOWN
DECEMBER 31, 2023 AND 2022
AND FUND BALANCE - REGULATORY BASIS
GENERAL CAPITAL FUND
COUNTY OF MONMOUTH, NEW JERSEY
STATEMENTS OF ASSETS, LIABILITIES, RESERVES
The accompanying Notes to Financial Statements are an integral part of this statement.
24
EXHIBIT C-1
Balance, December 31, 2022
201,500.67
$
Decreased By:
Anticipated in Current Fund Revenue
26,500.00
Balance, December 31, 2023
175,000.67
$
REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
STATEMENT OF FUND BALANCE
The accompanying Notes to Financial Statements are an integral part of this statement.
25
EXHIBIT D
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY FUND
Reference
2023
2022
Assets
Operating Fund:
Cash - Treasurer
D-5
629,154.25
$
666,674.77
$
Cash - Change Fund
D
25.00
25.00
Due from Water Capital Fund
D
3,431.39
-
632,610.64
666,699.77
Receivables With Full Reserves:
Consumer Accounts Receivable
D-7
19,082.56
19,994.19
Inventory - Materials and Supplies
D
195.00
195.00
19,277.56
20,189.19
Total Operating Fund
651,888.20
686,888.96
Capital Fund:
Cash
D-5, D-6
1,717,643.73
363,326.29
Fixed Capital
D-8
3,386,852.55
3,327,792.64
Fixed Capital Authorized & Uncompleted
D-16
1,522,703.12
122,703.12
Due from Water Operating
D
-
10,000.00
Total Capital Fund
6,627,199.40
3,823,822.05
Total Assets
7,279,087.60
$
4,510,711.01
$
DECEMBER 31, 2023 AND 2022
BOROUGH OF ENGLISHTOWN
AND FUND BALANCE - REGULATORY BASIS
STATEMENTS OF ASSETS, LIABILITIES, RESERVES
The accompanying Notes to Financial Statements are an integral part of this statement.
26
EXHIBIT D
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY FUND
Reference
2023
2022
DECEMBER 31, 2023 AND 2022
BOROUGH OF ENGLISHTOWN
AND FUND BALANCE - REGULATORY BASIS
STATEMENTS OF ASSETS, LIABILITIES, RESERVES
Liabilities, Reserves and Fund Balances
Operating Fund:
Appropriation Reserves
D-4
195,855.81
$
104,082.91
$
Encumbrances Payable
D-4
47,801.25
64,460.39
Accounts Payable
D-9
77.43
-
Accrued Interest on Bonds
D-10
9,002.40
1,020.83
Water Rent Overpayments
D-11
5,205.06
2,664.87
Due to Water Capital
D
-
10,000.00
257,941.95
182,229.00
Reserve for Receivables
D
19,277.56
20,189.19
Fund Balance
D-1
374,668.69
484,470.77
Total Operating Fund
651,888.20
686,888.96
Capital Fund:
Serial Bonds
D-12
205,000.00
245,000.00
Bond Anticipation Notes
D-19
1,330,000.00
-
Capital Improvement Fund
D-13
302,481.00
362,481.00
Reserve for Debt Service
D-18
886.05
Due to Water Operating Fund
D
3,431.39
-
Reserve for Amortization
D-14
3,181,852.55
3,082,792.64
Improvement Authorizations:
Funded
D-15
22,703.12
22,703.12
Unfunded
D-15
1,220,511.00
87,511.00
Encumbrances Payable
D-15
267,000.00
-
Deferred Reserve for Amortization
D-17
92,703.12
22,703.12
Fund Balance
D-2
631.17
631.17
Total Capital Fund
6,627,199.40
3,823,822.05
Total Liabilities, Reserves and Fund Balances
7,279,087.60
$
4,510,711.01
$
There were bonds and notes authorized but not issued on December 31, 2023 in the amount of $100,000.00 and on
December 31, 2022 in the amount of $100,000.00.
The accompanying Notes to Financial Statements are an integral part of this statement.
27
EXHIBIT D-1
2023
2022
Revenue and Other Income Realized:
Fund Balance Utilized
275,000.00
$
260,000.00
$
Rents
468,885.42
504,038.59
Miscellaneous Revenue Not Anticipated
16,085.16
9,420.48
Unexpended Balance of Appropriation Reserves
63,208.91
66,041.30
Accrued Interest Cancelled
166.66
166.67
Total Revenue
823,346.15
839,667.04
Expenditures:
Operating
417,450.00
400,550.00
Capital Improvements
163,500.00
98,500.00
Debt Service
60,398.23
54,250.00
Deferred Charges and Statutory Expenditures
16,800.00
17,200.00
Total Expenditures
658,148.23
570,500.00
Excess in Revenue
165,197.92
269,167.04
Fund Balance, January 1
484,470.77
475,303.73
649,668.69
744,470.77
Decreased By:
Utilized as Anticipated Revenue
275,000.00
260,000.00
Fund Balance, December 31
374,668.69
$
484,470.77
$
REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2023 AND 2022
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY FUND
STATEMENTS OF OPERATIONS AND CHANGES IN FUND BALANCE
The accompanying Notes to Financial Statements are an integral part of this statement.
28
EXHIBIT D-2
Balance, December 31, 2023 & 2022
631.17
$
REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
STATEMENT OF FUND BALANCE -
The accompanying Notes to Financial Statements are an integral part of this statement.
29
EXHIBIT D-3
Excess/
Budget
Realized
(Deficit)
Surplus Utilized
275,000.00
$
275,000.00
$
-
$
Rents
385,000.00
468,885.42
83,885.42
Miscellaneous Revenue Not Anticipated
-
16,085.16
16,085.16
660,000.00
$
759,970.58
$
99,970.58
$
Analysis of Rents:
Cash Receipts
466,220.55
$
Overpayments Applied
2,664.87
468,885.42
Miscellaneous:
Interest on Investments
14,681.60
$
Interest on Delinquent Charges
1,403.56
16,085.16
$
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
STATEMENT OF REVENUES - REGULATORY BASIS
WATER UTILITY OPERATING FUND
COUNTY OF MONMOUTH, NEW JERSEY
The accompanying Notes to Financial Statements are an integral part of this statement.
30
EXHIBIT D-4
Original
Budget After
Paid or
Budget
Modifications
Charged
Encumbered
Reserved
Cancelled
Operating:
Salaries and Wages
126,000.00
$
126,000.00
$
100,278.92
$
-
$
25,721.08
$
-
$
Other Expenses
301,450.00
291,450.00
199,804.73
43,491.25
48,154.02
-
Total Operating
427,450.00
417,450.00
300,083.65
43,491.25
73,875.10
-
Capital Improvements:
Capital Improvement Fund
10,000.00
10,000.00
10,000.00
-
-
-
Capital Outlay
153,500.00
153,500.00
29,543.00
4,310.00
119,647.00
-
Total Capital Improvements
163,500.00
163,500.00
39,543.00
4,310.00
119,647.00
-
Debt Service:
Payment of Bonds
40,000.00
40,000.00
40,000.00
-
-
-
Interest on Bonds
12,250.00
12,250.00
12,250.00
-
-
-
Interest on Notes
-
10,000.00
8,148.23
-
-
1,851.77
Total Debt Service
52,250.00
62,250.00
60,398.23
-
-
1,851.77
Statutory Expenditures:
Contributions To:
Public Employees' Retirement System
7,200.00
7,200.00
6,850.00
-
350.00
-
Unemployment Compensation Insurance
100.00
100.00
100.00
-
-
-
Social Security System (O.A.S.I.)
9,500.00
9,500.00
7,516.29
-
1,983.71
-
Total Statutory Expenditures
16,800.00
16,800.00
14,466.29
-
2,333.71
-
Total Water Utility Appropriations
660,000.00
$
660,000.00
$
414,491.17
$
47,801.25
$
195,855.81
$
1,851.77
$
Cash Disbursed
406,342.94
$
Accrued Interest on Notes
8,148.23
414,491.17
$
FOR THE YEAR ENDED DECEMBER 31, 2023
Expended
Appropriations
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY FUND
STATEMENT OF APPROPRIATIONS - REGULATORY BASIS
The accompanying Notes to Financial Statements are an integral part of this statement.
31
EXHIBIT E
Reference
2023
2022
Assets
Operating Fund:
Cash - Treasurer
E-5
895,068.78
$
933,018.96
$
Due from Sewer Capital
E
509.34
-
895,578.12
933,018.96
Receivables With Full Reserves:
Sewer Rents Receivable
E-7
14,159.86
11,822.20
Property Acquired for Taxes
E-13
119.95
119.95
Total Operating Fund
909,857.93
944,961.11
Capital Fund:
Cash
E-5, E-6
256,545.02
236,035.68
Fixed Capital
E-8
980,220.15
980,220.15
Due from Sewer Operating
E
-
10,000.00
Total Capital Fund
1,236,765.17
1,226,255.83
Total Assets
2,146,623.10
$
2,171,216.94
$
Liabilities, Reserves and Fund Balances
Operating Fund:
Appropriation Reserves
E-4
56,934.26
$
41,974.19
$
Encumbrances Payable
E-4
-
3,181.75
Accounts Payable
E-9
2,095.00
-
Sewer Rents Overpayments
E-10
52.91
232.54
Due to Sewer Capital
E
-
10,000.00
59,082.17
55,388.48
Reserve for Receivables
E
14,279.81
11,942.15
Fund Balance
E-1
836,495.95
877,630.48
Total Operating Fund
909,857.93
944,961.11
Capital Fund:
Capital Improvement Fund
E-11
256,000.00
246,000.00
Due to Sewer Operating
E
509.34
-
Reserve for:
Amortization
E-12
980,220.15
980,220.15
Fund Balance
E-2
35.68
35.68
Total Capital Fund
1,236,765.17
1,226,255.83
Total Liabilities, Reserves and Fund Balances
2,146,623.10
$
2,171,216.94
$
DECEMBER 31, 2023 AND 2022
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY FUND
AND FUND BALANCE - REGULATORY BASIS
STATEMENTS OF ASSETS, LIABILITIES, RESERVES
The accompanying Notes to Financial Statements are an integral part of this statement.
32
EXHIBIT E-1
2023
2022
Revenue and Other Income Realized:
Fund Balance Utilized
290,000.00
$
250,000.00
$
Rents
532,053.38
536,488.98
Miscellaneous Revenue
12,210.09
7,607.99
Unexpended Balance of Appropriation Reserves
40,402.00
130,518.73
Total Revenue
874,665.47
924,615.70
Expenditures:
Operating
536,000.00
509,425.00
Capital Improvements
35,000.00
20,000.00
Statutory Expenditures
9,800.00
9,900.00
Surplus (General Budget)
45,000.00
35,000.00
Total Expenditures
625,800.00
574,325.00
Excess in Revenue
248,865.47
350,290.70
Fund Balance, January 1
877,630.48
777,339.78
1,126,495.95
1,127,630.48
Decreased By:
Utilized as Anticipated Revenue
290,000.00
250,000.00
Fund Balance, December 31
836,495.95
$
877,630.48
$
REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2023 AND 2022
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY OPERATING FUND
STATEMENTS OF OPERATIONS AND CHANGES IN FUND BALANCE
The accompanying Notes to Financial Statements are an integral part of this statement.
33
EXHIBIT E-2
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY CAPITAL FUND
Balance, December 31, 2023 & 2022
35.68
$
FOR THE YEAR ENDED DECEMBER 31, 2023
STATEMENT OF FUND BALANCE -
BOROUGH OF ENGLISHTOWN
REGULATORY BASIS
The accompanying Notes to Financial Statements are an integral part of this statement.
34
EXHIBIT E-3
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY OPERATING FUND
Excess/
Budget
Realized
(Deficit)
Surplus Utilized
290,000.00
$
290,000.00
$
-
$
Rents
335,800.00
532,053.38
196,253.38
Miscellaneous Revenue Not Anticipated
-
12,210.09
12,210.09
625,800.00
$
834,263.47
$
208,463.47
$
Interest Earned
11,130.89
$
Delinquent Charges Interest
1,079.20
12,210.09
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
STATEMENT OF REVENUES - REGULATORY BASIS
Analysis of Miscellaneous Revenue Not Anticipated
The accompanying Notes to Financial Statements are an integral part of this statement.
35
EXHIBIT E-4
Original
Budget After
Paid or
Budget
Modifications
Charged
Encumbered
Reserved
Cancelled
Operating:
Salaries and Wages
90,000.00
$
90,000.00
$
75,025.32
$
-
$
14,974.68
$
-
$
Other Expenses
446,000.00
446,000.00
430,375.46
-
15,624.54
-
Total Operating
536,000.00
536,000.00
505,400.78
-
30,599.22
-
Capital Improvements:
Capital Improvement Fund
10,000.00
10,000.00
10,000.00
-
-
-
Capital Outlay
25,000.00
25,000.00
-
-
25,000.00
-
Total Capital Improvements
35,000.00
35,000.00
10,000.00
-
25,000.00
-
Statutory Expenditures:
Contributions To:
Public Employees' Retirement System
2,900.00
2,900.00
2,550.00
-
350.00
-
Unemployment Compensation Insurance
100.00
100.00
100.00
-
-
-
Social Security System (O.A.S.I.)
6,800.00
6,800.00
5,814.96
-
985.04
-
Total Statutory Expenditures
9,800.00
9,800.00
8,464.96
-
1,335.04
-
Sewer Surplus (General Budget)
45,000.00
45,000.00
45,000.00
-
-
-
Total Sewer Surplus
45,000.00
45,000.00
45,000.00
-
-
-
Total Sewer Utility Appropriations
625,800.00
$
625,800.00
$
568,865.74
$
-
$
56,934.26
$
-
$
Appropriations
Expended
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
FOR THE YEAR ENDED DECEMBER 31, 2023
SEWER UTILITY FUND
STATEMENT OF APPROPRIATIONS - REGULATORY BASIS
The accompanying Notes to Financial Statements are an integral part of this statement.
36
EXHIBIT F
Reference
2023
2022
Assets
Operating Fund:
Cash - Treasurer
F-4
40,278.18
$
33,922.63
$
Receivables With Full Reserves:
Solid Waste Rents Receivable
F-5
13,903.03
755.78
Deferred Charges:
Deficit in Operations
F-1
4,472.89
-
Total Operating Fund
58,654.10
34,678.41
Total Assets
58,654.10
$
34,678.41
$
Liabilities, Reserves and Fund Balances
Operating Fund:
Appropriation Reserves
F-3
43,493.40
$
32,581.13
$
Solid Waste Overpayments
F-6
228.06
311.89
43,721.46
32,893.02
Reserve for Receivables
F
13,903.03
755.78
Fund Balance
F-1
1,029.61
1,029.61
Total Operating Fund
58,654.10
34,678.41
Total Liabilities, Reserves and Fund Balances
58,654.10
$
34,678.41
$
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SOLID WASTE UTILITY FUND
STATEMENTS OF ASSETS, LIABILITIES, RESERVES
AND FUND BALANCE - REGULATORY BASIS
DECEMBER 31, 2023 AND 2022
The accompanying Notes to Financial Statements are an integral part of this statement.
37
EXHIBIT F-1
2023
2022
Revenue and Other Income Realized:
Rents
265,928.95
$
212,004.22
$
Miscellaneous Revenue
1,513.93
1,345.39
Unexpended Balance of Appropriation Reserves
10,054.23
-
Total Revenue
277,497.11
213,349.61
Expenditures:
Operating
281,970.00
212,320.00
Total Expenditures
281,970.00
212,320.00
Deficit in Operations
(4,472.89)
1,029.61
Adjustments to Income Before Fund Balance:
Deferred Charge - Deficit in Operations
4,472.89
-
Statutory Excess to Fund Balance
-
-
Fund Balance, January 1
1,029.61
-
Fund Balance, December 31
1,029.61
$
1,029.61
$
FOR THE YEAR ENDED DECEMBER 31, 2023 AND 2022
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SOLID WASTE OPERATING FUND
STATEMENTS OF OPERATIONS AND CHANGES IN FUND BALANCE
REGULATORY BASIS
The accompanying Notes to Financial Statements are an integral part of this statement.
38
EXHIBIT F-2
COUNTY OF MONMOUTH, NEW JERSEY
SOLID WASTE OPERATING FUND
Excess/
Budget
Realized
(Deficit)
Rents
281,970.00
$
265,928.95
$
(16,041.05)
$
Miscellaneous Revenue Not Anticipated
-
1,513.93
1,513.93
281,970.00
$
267,442.88
$
(14,527.12)
$
Interest Earned
647.27
$
Delinquent Charges Interest
866.66
1,513.93
$
BOROUGH OF ENGLISHTOWN
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2023
Analysis of Miscellaneous Revenue Not Anticipated
The accompanying Notes to Financial Statements are an integral part of this statement.
39
EXHIBIT F-3
Original
Budget After
Paid or
Budget
Modifications
Charged
Encumbered
Reserved
Cancelled
Operating:
Salaries and Wages
2,000.00
$
2,000.00
$
-
$
-
$
2,000.00
$
-
$
Other Expenses
279,970.00
279,970.00
238,476.60
-
41,493.40
-
Total Operating
281,970.00
281,970.00
238,476.60
-
43,493.40
-
Total Solid Waste Utility Appropriations
281,970.00
$
281,970.00
$
238,476.60
$
-
$
43,493.40
$
-
$
Appropriations
Expended
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SOLID WASTE OPERATING FUND
STATEMENT OF APPROPRIATIONS - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2023
The accompanying Notes to Financial Statements are an integral part of this statement.
40
EXHIBIT G
COUNTY OF MONMOUTH, NEW JERSEY
PAYROLL FUND
Reference
2023
2022
Assets
Cash
G-1
20,252.79
$
68,008.23
$
Total Assets
20,252.79
$
68,008.23
$
Liabilities and Reserves
Due To Current Fund
G-2
199.02
$
11,983.60
$
Payroll Taxes Payable
G-3
20,053.77
56,024.63
Total Liabilities and Reserves
20,252.79
$
68,008.23
$
DECEMBER 31, 2023 AND 2022
BOROUGH OF ENGLISHTOWN
STATEMENTS OF ASSETS, LIABILITIES AND RESERVES -
REGULATORY BASIS
The accompanying Notes to Financial Statements are an integral part of this statement.
41
EXHIBIT H
Reference
2023
2022
Assets
Land
H-1
2,039,400.00
$
2,039,400.00
$
Buildings
H-1
510,300.00
510,300.00
Equipment
H-1
821,437.59
1,069,754.78
Total Assets
3,371,137.59
$
3,619,454.78
$
Fund Balance
Investment in Fixed Assets
H-1
3,371,137.59
$
3,619,454.78
$
Total Fund Balance
3,371,137.59
$
3,619,454.78
$
DECEMBER 31, 2023 AND 2022
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL FIXED ASSETS ACCOUNT GROUP
STATEMENTS OF ASSETS, LIABILITIES, RESERVES
AND FUND BALANCE - REGULATORY BASIS
The accompanying Notes to Financial Statements are an integral part of this statement.
42
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
NOTES TO FINANCIAL STATEMENTS
43
This page intentionally left blank
44
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 1. Summary of Significant Accounting Policies
Description of Financial Reporting Entity
The Borough of Englishtown, County of Monmouth, New Jersey (“Borough”) operates under the Borough
form of New Jersey municipal government, and is governed by a mayor and a 6-member Borough Council.
The financial statements of the Borough include every board, body, officer or commission maintained
wholly or in part by funds appropriated by the Borough, as required by the provision of N.J.S. 40A:5-5.
Component Units - GASB Statement 14, as amended by GASB Statements 39, 61, 80, 90, and 97
establishes criteria to be used in determining the component units, which should be included in the financial
statements of a primary government. The financial statements of the Borough are not presented in
accordance with GAAP (as discussed below). Therefore, the Borough had no component units as defined
by GASB Statement No. 14, as amended by GASB Statements 39, 61, 80, 90, and 97.
Basis of Accounting, Measurement Focus and Basis of Presentation - The financial statements of the
Borough of Englishtown contain all funds and account groups in accordance with the “Requirements of
Audit” 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 of Audit 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 State of America applicable to local government units. The more
significant differences are explained in this Note.
In accordance with the “Requirements”, the Borough of Englishtown accounts for its financial transactions
through the use of separate funds, which are described as follows:
Current Fund – the Current Fund accounts for resources and expenditures for governmental
operations of a general nature, including Federal and State grant funds.
Trust Fund – 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/Sewer Utility Operating and Capital Funds - are used to account for water/sewer operations
that are financed through user fees. The funds are operated on a basis similar to private business
enterprises where the intent is that the costs of providing the water/sewer utility to the general public
be financed through user fees. Operations relating to the acquisition of water/sewer capital facilities
are recorded within the Water/Sewer Utility Capital Fund.
Solid Waste Utility Operating Fund – are used to account for solid waste operations that are financed
through user fees. The funds are operated on a basis similar to private business enterprises where the
intent is that the costs of providing the solid waste utility to the general public be financed through user
fees.
45
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 1. Summary of Significant Accounting Policies (continued):
General Fixed Asset Account Group – The Fixed Asset Account Group of accounts is utilized to
account for property, land, buildings, and equipment that have been acquired by other funds of the
Borough.
Payroll Fund - is used to account for the payroll activity of all of the funds and the disbursement of
payroll withholdings to the various cognizant agencies.
Budgets and Budgetary Accounting - The Borough of Englishtown must adopt an annual budget for its
Current Fund 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 10th of each year. At
introduction, the governing body must 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 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. Once a budget is approved it may be amended after November 1, by a resolution adopted by
the governing body.
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. Consequently, unrealized gain or loss on investments
has not been recorded in accordance with Governmental Accounting Standards Board Statement No. 31.
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 utilities 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, 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
46
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 1. Summary of Significant Accounting Policies (continued):
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 of Englishtown 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 and Supplies - The cost 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 balance
sheets of assets, liabilities, reserves and fund balance.
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 Circular A-87 (Attachment
B, Section 19), except that the useful life of such property is at least five years. The Borough has adopted
a capitalization threshold of $5,000.00. 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. In some
instances, assets are valued at the assessed valuation of the property at the time of acquisition, which
approximates fair value. No depreciation of general fixed assets is recorded. Donated general fixed assets
are recorded at their 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 assets, 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 includes 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. All fixed assets must
be adequately controlled to safeguard against loss, damage, or theft.
Utility Fixed Assets – Property and equipment purchases by a utility fund are recorded in the utility capital
account at cost and are adjusted for disposition. The amounts shown do not represent replacement cost or
current value. The reserve for amortization and deferred reserve for amortization in the utility capital fund
represent the cost of the utility fixed assets reduced by the outstanding balances of bonds,
47
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 1. Summary of Significant Accounting Policies (continued):
loans, notes, or other borrowings that are attributable to the acquisition, construction or improvement of
those assets.
Foreclosed property – Foreclosed Property or “Property Acquired for Taxes” 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 Borough 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 Assets Account Group. If such property is converted
to a municipal use, it will be recorded in the General Fixed Assets Account Group
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.
Fund Balance – Fund Balance included in the Current Fund and Utility Operating Fund represent the
amount available for anticipation as revenue in future year’s budgets, with certain restrictions.
Revenues – are recorded when received in cash except for certain amounts, which are due from other
governmental units. Revenue from Federal and State grants are realized when anticipated as such in the
Borough’s budget. Receivables for property taxes are recorded with offsetting reserves on the statement of
assets, liabilities, reserves and fund balance of the Borough’s Current Fund; accordingly, such amounts are
not recorded as revenue until collected. Other amounts that are due the Borough, which are susceptible to
accrual are also recorded as receivables with offsetting reserves and recorded as revenues when received.
Utility Revenues – Utility charges are levied quarterly based upon a flat service charge and if applicable,
an excess consumption or usage charge. Revenues from these sources are recognized on a cash basis.
Receivables that are susceptible to accrual are recorded with offsetting reserves on the balance sheet of the
Boroughs utility operating fund.
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 Monmouth,
Manalapan-Englishtown Regional School District, Freehold Regional High School District and
Englishtown Fire District #1. Unpaid property taxes are subject to tax sale in accordance with statutes.
County Taxes – The municipality is responsible for levying, collecting and remitting County taxes for the
County of Monmouth. Operations are charged for the amount due the County for the year, based upon the
ratables required to be certified to the County Board of Taxation by May 5th 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 10th of the current year and due to be paid to the County by February 15th of the
following year.
48
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 1. Summary of Significant Accounting Policies (continued):
School Taxes – The municipality is responsible for levying, collecting and remitting school taxes for the
Manalapan-Englishtown Regional School District and its share of the Freehold Regional School District.
Operations are charged for the full amount required to be raised from taxation to operate the local and
regional school district July 1 to June 30.
Deferred School Taxes – School taxes raised in advance in the Current Fund for a school fiscal year (July
1 to June 30) which remain unpaid at December 31 of the calendar year levied may be deferred to
fund balance to the extent of not more than 50% of the annual levy providing no requisition has been made
by the school district for such amount.
Reserve for Uncollected Taxes – The inclusion of the “Reserve for Uncollected Taxes” appropriation in
the Borough’s annual budget protects the Borough from taxes not paid currently. The Reserve, the
minimum amount of which is determined on the percentage of collections experienced in the immediate
preceding year, with certain exceptions, is required to provide assurance that cash collected in the current
year will provide sufficient cash flow to meet expected obligations.
Expenditures - 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.
Appropriation Reserves – Appropriation reserves covering unexpended appropriation balances are
automatically created at year-end and recorded as liabilities, except for amounts, which may be cancelled
by the governing body. Appropriation reserves and reserve for encumbrances at current year end are
available until December 31st of the succeeding year to meet specific claims, commitments or contracts
incurred during the preceding year. Any unspent balances at this time are lapsed appropriation reserves
and recorded as income.
Long-Term Debt - Long-Term Debt relative to the acquisition of capital assets, is recorded as a liability
in the General and Utility Capital Fund. 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 – Expenditures relating to obligations for unused vested accumulated vacation
and sick leave are not recorded until paid; however, municipalities may establish and budget reserve funds
subject to NJSA 40A:4-39 for the future payment of compensated absences.
49
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 1. Summary of Significant Accounting Policies (continued):
Recent Accounting Pronouncements – The Governmental Accounting Standards Board (GASB) is the
accepted standard-setting body for establishing governmental accounting and financial reporting principles.
GASB adopts accounting statements to be used by governmental units when reporting financial position
and results of operations in accordance with accounting principles generally accepted in the United States
of America (GAAP). The municipalities in the State of New Jersey do not prepare their financial statements
in accordance with GAAP and thus do not comply with all of the GASB pronouncements.
Accounting Pronouncements Adopted in Current Year
The following GASB Statements became effective for the fiscal year ended December 31, 2023:
x
Statement No. 96, Subscription-Based Information Technology Arrangements. The requirements
of this Statement are effective for fiscal years beginning after June 15, 2022.
x
Statement No. 99, Omnibus 2022. The requirements of this Statement are effective for fiscal years
beginning after June 15, 2022
Management has determined that the implementation of these Statements did not have a significant impact
on the Borough’s financial statements.
Accounting Pronouncements Effective in Future Reporting Periods
The following accounting pronouncements will become effective in future reporting periods:
x
Statement No. 100, Accounting Changes and Error Corrections – an amendment of GASB
Statement No. 62. The requirements of this Statement are effective for fiscal years beginning after
June 15, 2023.
x
Statement No. 101, Compensated Absences. The requirements of this Statement are effective for
fiscal years beginning after December 15, 2023.
x
Statement No. 102, Certain Risk Disclosures. The requirements of this Statement are effective for
fiscal years beginning after June 15, 2024.
Management has not yet determined the potential impact these Statements will have on the Borough’s
financial statements.
Note 2. Deposits and Investments
The Borough is governed by the deposit and investment limitations of New Jersey state law.
Deposits
Custodial credit risk is the risk that, in the event of a bank failure, the Borough’s deposits may not be
returned. Although the Borough does not have a formal policy regarding custodial credit risk, NJSA 17:9-
41 et seq. requires that the governmental units shall deposit public funds in public depositories protected
from loss under the provisions of the Governmental Unit Deposit Protection Act (GUDPA).
50
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 2. Deposits and Investments (continued):
GUDPA is a supplemental insurance program set forth by the New Jersey Legislature to protect the deposits
of local governmental agencies. The program is administered by the Commissioner of the New Jersey
Department of Banking and Insurance. Under the Act, the first $250,000 of governmental deposits in each
insured depository is protected by FDIC. Public funds owned by the Borough in excess of FDIC insured
amounts are protected by GUDPA. However, GUDPA does not protect intermingled trust funds such as
salary withholdings, bail funds or funds that may pass to the Borough relative to the happening of a future
condition. Such funds are shown as Uninsured and Uncollateralized in the schedule below.
As of December 31, 2023, the Borough’s bank balance of $7,018,938.18 was insured or collateralized as
follows:
Investments
The Borough had no investments as of December 31, 2023.
Note 3. General Fixed Assets
Fixed Assets activity for the year ended December 31, 2023 was as follows:
Note 4. Property Taxes
The following is a three-year comparison of certain statistical information relative to property taxes and
property tax collections for the current and previous two years.
Insured under FDIC and GUDPA
6,654,492.12
$
NJ Cash Management Fund
54,370.51
Uninsured and Uncollateralized
310,075.55
7,018,938.18
$
Balance
Balance
December 31,
December 31,
2022
Additions
Adjustment
2023
Land
2,039,400.00
$
-
$
-
$
2,039,400.00
$
Buildings and Improvements
510,300.00
-
-
510,300.00
Machinery & Equipment
1,069,754.78
9,490.00
(257,807.19)
821,437.59
3,619,454.78
$
9,490.00
$
(257,807.19)
$
3,371,137.59
$
51
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 4. Property Taxes (continued):
The last tax sale was held on December 15, 2022.
Comparison Schedule of Tax Rates
2023
2022
2021
Tax Rate
1.948
$
2.017
$
2.333
$
Apportionment of Tax Rate:
Municipal
0.542
0.548
0.648
County General
0.215
0.223
0.264
Regional District School
0.747
0.762
0.878
Regional High School
0.297
0.326
0.362
Fire District
0.147
0.158
0.181
Year
Amount
2023
357,218,400.00
$
2022
324,074,100.00
2021
276,798,200.00
Assessed Valuation
Comparison of Tax Levies and Collections
Cash
Percentage Of
Year
Tax Levy
Collections
Collection
2023
6,988,105.44
$
6,971,672.18
$
99.76%
2022
6,553,267.14
6,553,511.90
100.00%
2021
6,476,903.03
6,475,338.82
99.97%
Delinquent Taxes and Tax Title Liens
Tax Title
Delinquent
Total
Percentage Of
Year
Liens
Taxes
Delinquent
Tax Levy
2023
1,526.50
$
4,732.91
$
6,259.41
$
0.09%
2022
191.82
531.50
723.32
0.01%
2021
171.65
3,287.97
3,459.62
0.05%
52
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 5. Property Acquired by Tax Title Lien Liquidation
The value of properties acquired by liquidation of tax title liens based on the last assessed valuation of such
properties as of December 31, was as follows:
Note 6. Water and Sewer Utility Service Charges
The following is a three-year comparison of water and sewer utility charges (rents) for the current and
previous two years:
Year
Amount
2023
318,800.00
$
2022
318,800.00
2021
318,800.00
Water Utility
Cash
Percentage Of
Year
Beginning Balance
Levy
Total
Collections
Collection
2023
19,994.19
$
467,973.79
$
487,967.98
$
468,885.42
$
96.08%
2022
35,647.79
488,384.99
524,032.78
504,038.59
96.18%
2021
24,911.87
486,901.37
511,813.24
476,165.45
93.03%
Sewer Utility
Cash
Percentage Of
Year
Beginning Balance
Levy
Total
Collections
Collection
2023
11,822.20
$
534,391.04
$
546,213.24
$
532,053.38
$
97.40%
2022
12,588.34
535,722.84
548,311.18
536,488.98
97.84%
2021
13,198.22
536,636.30
549,834.52
537,246.18
97.71%
Solid Waste Utility
Cash
Percentage Of
Year
Beginning Balance
Levy
Total
Collections
Collection
2023
755.78
$
279,076.20
$
279,831.98
$
265,928.95
$
95.03%
2022
-
212,760.00
212,760.00
212,004.22
99.64%
2021
-
-
-
-
-
53
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 7. Fund Balances Appropriated
The following schedule details the amount of fund balances available at the end of the current year and two
previous years and the amounts utilized in the subsequent year’s budgets:
* Fund Balance Utilized in Budget of Succeeding Year not available at time of audit
Note 8. Disaggregated Receivable and Payable Balances
There are no significant components of receivable and payable balances reported in the financial statements.
Note 9. 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:
Utilized in
Percentage
Balance
Budget of
of Fund
Year
December 31,
Succeeding Year
Balance Used
Current Fund:
2023
1,221,150.43
$
-
$
*
N/A
2022
1,070,978.03
295,000.00
27.54%
2021
925,373.83
318,650.00
34.43%
Water Utility Operating Fund:
2023
374,668.69
$
-
$
*
N/A
2022
484,470.77
275,000.00
56.76%
2021
475,303.73
260,000.00
54.70%
Sewer Utility Operating Fund:
2023
836,495.95
$
-
$
*
N/A
2022
877,630.48
290,000.00
33.04%
2021
777,339.78
250,000.00
32.16%
Solid Waste Utility Operating Fund:
2023
1,029.61
$
-
$
*
N/A
2022
1,029.61
-
0.00%
2021
-
-
-
54
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 9. Interfund Receivables and Payables (continued)
The interfund receivables and payables above predominately resulted from payment made by certain
funds on behalf of other funds. All interfund balances are expected to be repaid within one year.
The summary of interfund transfers follows:
Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to the
fund that statute or budget requires to expend them (i.e. interest earning), (2) provide cash flow to other
funds to temporary finance expenditures that are on a reimbursable basis (i.e. grants), (3) when no bank
account exists for a fund, and (4) utilizing surplus or fund balance from one fund as budgeted revenue in
another.
Interfund
Interfund
Fund
Receivable
Payable
Current Fund
1,247.08
$
2,000.00
$
Animal Control Trust
-
3.22
Trust Other Fund
2,000.00
499.83
Capital Fund
-
545.01
Water Utility Operating Fund
3,431.39
-
Water Utility Capital Fund
-
3,431.39
Sewer Utility Operating Fund
509.34
-
Sewer Utility Capital Fund
-
509.34
Payroll Fund
-
199.02
7,187.81
$
7,187.81
$
Transfers
Transfers
Fund
In
Out
Current Fund
3,911.83
$
-
$
Animal Control Trust
-
426.00
Other Trust Fund
-
2,717.22
Sewer Utility Operating Fund
-
10,000.00
Sewer Utility Capital Fund
10,000.00
-
Payroll Fund
-
768.61
13,911.83
$
13,911.83
$
55
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 10. Pension Obligations
A. Public Employees’ Retirement System (PERS)
As of the date of this report, the New Jersey Division of Pension and Benefits has not provided
updated actuarial valuations for pension obligations for the Public Employees’ Retirement System (PERS)
for year ended June 30, 2023. The New Jersey Division of Pension and Benefits will post these reports on
their website as they are made available. The footnote below includes the most current information made
publicly available, which had a reporting date of June 30, 2022.
Plan Description - The State of New Jersey, Public Employees' Retirement System (PERS) is a cost-
sharing multiple-employer defined benefit pension plan administered by the State of New Jersey, Division
of Pensions and Benefits (the Division). For additional information about PERS, please refer to Division's
Annual
Comprehensive
Financial
Report
(ACFR)
which
can
be
found
at
http://www.state.nj.us/treasury/pensions/annual-reports.shtml.
The vesting and benefit provisions are set by N.J.S.A. 43:15A. 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 or more years 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.
Basis of Presentation - The schedules of employer and nonemployer allocations and the schedules of
pension amounts by employer and nonemployer (collectively, the Schedules) present amounts that are
considered elements of the financial statements of PERS or its participating employers. Accordingly, they
do not purport to be a complete presentation of the financial position or changes in financial position of
PERS or the participating employers. The accompanying Schedules were prepared in accordance with U.S.
generally accepted accounting principles. Such preparation requires management of PERS to make a
number of estimates and assumptions relating to the reported amounts. Due to the inherent nature of these
estimates, actual results could differ from those estimates.
56
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 10. Pension Obligations (continued)
A. Public Employees’ Retirement System (PERS) (continued)
Contributions - The contribution policy for PERS is set by N.J.S.A. 43:15A and requires contributions by
active members and contributing employers. State legislation has modified the amount that is contributed
by the State. The State's pension contribution is based on an actuarially determined amount, which includes
the employer portion of the normal cost and an amortization of the unfunded accrued liability. Funding for
noncontributory group insurance benefits is based on actual claims paid. For the fiscal year 2022, the State's
pension contribution was less than the actuarial determined amount. The local employers' contribution
amounts are based on an actuarially determined rate, which includes the normal cost and unfunded accrued
liability. Chapter 19, P.L. 2009 provided an option for local employers of PERS to contribute 50% of the
normal and accrued liability contribution amounts certified for payments due in State fiscal year 2009. Such
employers will be credited with the full payment and any such amounts will not be included in their
unfunded liability. The actuaries will determine the unfunded liability of those retirement systems, by
employer, for the reduced normal and accrued liability contributions provided under this law. This unfunded
liability will be paid by the employer in level annual payments over a period of 15 years beginning with the
payments due in the fiscal year ended June 30, 2012 and will be adjusted by the rate of return on the actuarial
value of assets. For the year ended December 31, 2022, the Borough’s contractually required contribution
to PERS plan was $44,049.
Components of Net Pension Liability - At December 31, 2022, the Borough’s proportionate share of the
PERS net pension liability was $527,149. The net pension liability was measured as of June 30, 2022. The
total pension liability used to calculate the net pension liability was determined using update procedures to
roll forward the total pension liability from an actuarial valuation as of July 1, 2021, which was rolled
forward to June 30, 2022. The Borough’s proportion of the net pension liability was based on the Borough’s
actual contributions to the plan relative to the total of all participating employers’ contributions for the year
ended June 30, 2022. The Borough’s proportion measured as of June 30, 2022, was 0.003493047% which
was a decrease of 0.000752646% from its proportion measured as of June 30, 2021.
Pension Expense/(Credit) and Deferred Outflows/Inflows of Resources - At December 31, 2022, the
Borough’s proportionate share of the PERS expense, calculated by the plan as of the June 30, 2021
measurement date is $(106,327). This expense/(credit) is not recognized by the Borough because of the
regulatory basis of accounting as described in Note 1, but as previously mentioned the Borough contributed
$44,049 to the plan in 2022.
12/31/2023
12/30/2022
Actuarial valuation date (including roll forward)
June 30, 2022
June 30, 2021
Deferred Outflows of Resources
76,138
$
84,658
$
Deferred Inflows of Resources
311,070
494,151
Net Pension Liability
527,149
502,966
Borough's portion of the Plan's total Net Pension Liability
0.00349%
0.00425%
Balances at December 31, 2022 and December 31, 2021
57
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 10. Pension Obligations (continued)
A. Public Employees’ Retirement System (PERS) (continued)
At December 31, 2022, the Borough reported deferred outflows of resources and deferred inflows of
resources related to PERS from the following sources:
The following is a summary of the deferred outflows of resources and deferred inflows of resources related
to PERS that will be recognized in future periods:
Special Funding Situation – Under N.J.S.A. 43:15A-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, are Chapter 366, P.L. 2001 and Chapter 133, P.L. 2001.
Deferred Outflows
Deferred Inflows
of Resources
of Resources
Differences between Expected
and Actual Experience
3,805
$
3,355
$
Changes of Assumptions
1,633
78,935
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
21,818
-
Changes in Proportion and Differences
between `Borough Contributions and
Proportionate Share of Contributions
48,882
228,780
76,138
$
311,070
$
58
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 10. Pension Obligations (continued)
A. Public Employees’ Retirement System (PERS) (continued)
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 non-
employer 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 to
report in the financial statements of the local participating employers related to this legislation. At
December 31, 2022, the State’s proportionate share of the PERS expense, associated with the Borough of
Englishtown, calculated by the plan as of the June 30, 2022 measurement date was $1,109.
Actuarial Assumptions - The total pension asset/(liability) as of the measurement date was determined by
using an actuarial valuation as noted in the table below, with update procedures used to roll forward the
total pension liability to the measurement date. The actuarial valuations used the following actuarial
assumptions:
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.
59
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 10. Pension Obligations (continued)
A. Public Employees’ Retirement System (PERS) (continued)
The actuarial assumptions used in the July 1, 2021 valuation were based on the results of an actuarial
experience study for the period July 1, 2014 to June 30, 2021. It is likely that future experience will not
exactly conform to these assumptions. To the extent that actual experience deviates from these assumptions,
the emerging liabilities may be higher or lower than anticipated. The more the experience deviates, the
larger the impact on future financial statements.
Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of
return on plan investments (7.00% at June 30, 2022) is determined by the State Treasurer, after consultation
with the Directors of the Division of Investments and Division of Pensions and Benefits, the board of
trustees and the actuaries. The long-term expected rate of return was determined using a building block
method in which best-estimate ranges of expected future real rates of return (expected returns, net of
pension plan investment expense and inflation) are developed for each major asset class. These ranges are
combined to produce the long-term expected rate of return by weighting the expected future real rates of
return by the target asset allocation percentage and by adding expected inflation. Best estimates of
arithmetic rates of return for each major asset class included in PERS’s target asset allocation as of June
30, 2022 are summarized in the following table:
Discount Rate - The discount rate used to measure the total pension liability was 7.00% as of June 30,
2022. 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 will be based on 78% 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 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.
60
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 10. Pension Obligations (continued)
A. Public Employees’ Retirement System (PERS) (continued)
Sensitivity of the Borough’s proportionate share of the Net Pension Liability to Changes in the
Discount Rate - The following presents the Borough’s proportionate share of the net pension liability
calculated using the discount rate as disclosed above, as well as what the Borough’s proportionate share of
the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower
(6.00%) or 1-percentage-point higher (8.00%) than the current rate:
B. Police and Firemen’s Retirement System (PFRS)
As of the date of this report, the New Jersey Division of Pension and Benefits has not provided
updated actuarial valuations for pension obligations for the Police and Firemen’s Retirement System
(PFRS) for year ended June 30, 2023. The New Jersey Division of Pension and Benefits will post these
reports on their website as they are made available. The footnote below includes the most current
information made publicly available, which had a reporting date of June 30, 2022.
Plan Description – The State of New Jersey, Police and Firemen’s Retirement System (PFRS) is a cost-
sharing multiple-employer defined benefit pension plan administered by the State of New Jersey, Division
of Pensions and Benefits (the Division). For additional information about PFRS, please refer to the
Division’s
Annual
Comprehensive
Financial
Report
(ACFR)
which
can
be
found
at
http://www.state.nj.us/treasury/pensions/annual-reports.shtml.
The vesting and benefit provisions are set by N.J.S.A. 43:16A. PFRS provides retirement as well as death
and disability benefits. All benefits vest after ten years of service, except disability benefits which vest after
four years of service.
The following represents the membership tiers for PFRS:
Tier
Definition
1
Members who were enrolled prior to May 22, 2010.
2
Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011
3
Members who were eligible to enroll on or after June 28, 2011
Service retirement benefits are available at age 55 and are generally determined to be 2% of final
compensation for each year of creditable service, as defined, up to 30 years plus 1% for each year of service
in excess of 30 years. Members may seek special retirement after achieving 25 years of creditable service,
in which benefits would equal 65% (tiers 1 and 2 members) and 60% (tier 3 members) of final compensation
plus 1 % for each year if 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.
61
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 10. Pension Obligations (continued)
B. Police and Firemen’s Retirement System (PFRS) (continued)
Basis of Presentation - The schedule of employer and nonemployer allocations and the schedule of pension
amounts by employer and nonemployer (collectively, the Schedules) present amounts that are considered
elements of the financial statements of PFRS, its participating employers or the State as a nonemployer
contributing entity. Accordingly, they do not purport to be a complete presentation of the financial position
or changes in financial position of PFRS, the participating employers, or the State. The accompanying
Schedules were prepared in accordance with U.S. generally accepted accounting principles. Such
preparation requires management of PFRS to make a number of estimates and assumptions relating to the
reported amounts. Due to the inherent nature of these estimates, actual results could differ from those
estimates.
Contributions - The contribution policy for PFRS is set by N.J.S.A. 43:16A and requires contributions by
active members and contributing employers. 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. For fiscal year 2022, the State contributed an amount less than
the actuarially determined amount. The Local employers’ contribution amounts are based on an actuarially
determined rate which includes the normal cost and unfunded accrued liability. Chapter 19, P.L. 2009
provided an option for local employers of PFRS to contribute 50% of the normal and accrued liability
contribution amounts certified for payments due in State fiscal year 2009. Such employers will be credited
with the full payment and any such amounts will not be included in their unfunded liability. The actuaries
will determine the unfunded liability of those retirement systems, by employer, for the reduced normal and
accrued liability contributions provided under this law.
This unfunded liability will be paid by the employer in level annual payments over a period of 15 years
beginning with the payments due in the fiscal year ended June 30, 2012 and will be adjusted by the rate of
return on the actuarial value of assets. For the year ended December 31, 2022, the Borough’s contractually
required contributions to PFRS plan was $149,740.
Net Pension Liability and Pension Expense - At December 31, 2022 the Borough’s proportionate share
of the PFRS net pension liability was $1,317,883. The net pension liability was measured as of June 30,
2022. The total pension liability used to calculate the net pension liability was determined using update
procedures to roll forward the total pension liability from an actuarial valuation as of July 1, 2021, to the
measurement date of June 30, 2022. The Borough’s proportion of the net pension liability was based on the
Borough’s actual contributions to the plan relative to the total of all participating employers’ contributions
for the year ended June 30, 2022. The Borough’s proportion measured as of June 30, 2022, was .0115137%,
which was a decrease of .0026008147% from its proportion measured as of June 30, 2021.
62
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 10. Pension Obligations (continued)
B. Police and Firemen’s Retirement System (PFRS) (continued)
Pension Expense/(Credit) and Deferred Outflows/Inflows of Resources – At December 31, 2022, the
Borough’s proportionate share of the PFRS expense, calculated by the plan as of the June 30, 2022
measurement date was $(61,993). This expense/(credit) is not recognized by the Borough because of the
regulatory basis of accounting as described in Note 1, but as previously mentioned the Borough contributed
$149,740 to the plan in 2022.
At December 31, 2022, the Borough had deferred outflows of resources and deferred inflows of resources
related to PFRS from the following sources:
12/31/2023
12/30/2022
Actuarial valuation date (including roll forward)
June 30, 2022
June 30, 2021
Deferred Outflows of Resources
398,926
$
314,078
$
Deferred Inflows of Resources
690,445
1,103,602
Net Pension Liability
1,317,883
1,031,641
Borough's portion of the Plan's total Net Pension Liability
0.01151%
0.01411%
Balances at December 31, 2022 and December 31, 2021
Deferred Outflows
Deferred Inflows
of Resources
of Resources
Differences between Expected
and Actual Experience
59,651
$
80,738
$
Changes of Assumptions
3,612
165,895
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
120,679
-
Changes in Proportion and Differences
between Borough Contributions and
Proportionate Share of Contributions
214,984
443,812
398,926
$
690,445
$
63
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 10. Pension Obligations (continued)
B. Police and Firemen’s Retirement System (PFRS) (continued)
The following is a summary of the deferred outflows of resources and deferred inflows of resources related
to PFRS that will be recognized in future periods:
Special Funding Situation – 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 non-employer 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 to report in the financial statements of the local participating employers related to this legislation.
Additionally, the State’s proportionate share of the PFRS net pension liability attributable to the Borough
is $234,545 as of December 31, 2022. The net pension liability was measured as of June 30, 2022. The total
pension liability used to calculate the net pension liability was determined using update procedures to roll
forward the total pension liability from an actuarial valuation as of July 1, 2021, to the measurement date
of June 30, 2022. The State’s proportion of the net pension liability associated with the Borough was based
on a projection of the Borough’s long-term share of contributions to the pension plan relative to the
projected contributions of all participating members, actuarially determined. The State’s proportion
measured as of June 30, 2022 was .0115137%, which was a decrease of .0026006747% from its proportion
measured as of June 30, 2021, which is the same proportion as the Borough’s. At December 31, 2022, the
Borough’s and the State of New Jersey’s proportionate share of the PFRS net pension liability were as
follows:
Year Ending
December 31,
Amount
2023
(111,681)
$
2024
(87,890)
2025
(85,894)
2026
38,054
2027
(44,958)
Thereafter
847
(291,522)
$
64
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 10. Pension Obligations (continued)
B. Police and Firemen’s Retirement System (PFRS) (continued)
At December 31, 2022, the State’s proportionate share of the PFRS expense, associated with the Borough,
calculated by the plan as of the June 30, 2022 measurement date was $234,545.
Actuarial Assumptions - The total pension asset/(liability) as of the measurement date was determined
by using an actuarial valuation as noted in the table below, with update procedures used to roll forward
the total pension liability to the measurement date. The actuarial valuations used the following actuarial
assumptions:
Borough's Proportionate Share of Net Pension Liability
1,317,883
$
State of New Jersey's Proportionate Share of Net Pension
Liability Associated with the `Borough
234,545
1,552,428
$
65
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 10. Pension Obligations (continued)
B. Police and Firemen’s Retirement System (PFRS) (continued)
Employee mortality rates were based on the PubS-2010 amount-weighted mortality table with a 105.6%
adjustment for males and 102.5% adjustment for females. For healthy annuitants, mortality rates were based
on the PubS-2010 amount-weighted mortality table with a 96.7% adjustment for males and 96.0%
adjustment for females. Disability rates were based on the PubS-2010 amount-weighted mortality table
with a 152.0% adjustment for males and 109.3% adjustment for females. Mortality improvement is based
on Scale MP-2021.
The actuarial assumptions used in the July 1, 2021 valuation were based on the results of an actuarial
experience study for the period July 1, 2018 to June 30, 2021.
Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of
return on plan investments (7.00% at June 30, 2022) is determined by the State Treasurer, after consultation
with the Directors of the Division of Investments and Division of Pensions and Benefits, the board of
trustees and the actuaries. The long-term expected rate of return was determined using a building block
method in which best-estimate ranges of expected future real rates of return (expected returns, net of
pension plan investment expense and inflation) are developed for each major asset class. These ranges are
combined to produce the long-term expected rate of return by weighting the expected future real rates of
return by the target asset allocation percentage and by adding expected inflation. Best estimates of
arithmetic rates of return for each major asset class included in PFRS’s target asset allocation as of June
30, 2022 are summarized in the following table:
66
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 10. Pension Obligations (continued)
B. Police and Firemen’s Retirement System (PFRS) (continued)
Discount Rate - The discount rate used to measure the total pension liability was 7.00% as of June 30,
2022. 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 will be based on 100% of the actuarially determined contributions
for the State employer and 100% of actuarially determined contributions for local employers. Based on
those assumptions, the plan’s fiduciary net position was projected to be available to make all projected
future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan
investments was applied to all projected benefit payments to determine the total pension liability.
Sensitivity of the Borough’s proportionate share of the Net Pension Liability to Changes in the
Discount Rate - The following presents the Borough’s proportionate share of the net pension liability
calculated using the discount rate as disclosed above, as well as what the Borough’s proportionate share of
the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower
(6.00%) or 1-percentage-point higher (8.00%) than the current rate:
Related Party Investments - The Division of Pensions and Benefits does not invest in securities issued by
the Borough.
Note 11. Postemployment Benefits Other Than Pensions
As of the date of this report, the New Jersey Division of Pension and Benefits has not provided
updated actuarial valuations for pension obligations for the year ended June 30, 2023. The New Jersey
Division of Pension and Benefits will post these reports on their website as they are made available. The
footnote below includes the most current information made publicly available, which had a reporting date
of June 30, 2022.
1%
Current
1%
Decrease
Discount Rate
Increase
(6.00%)
(7.00%)
(8.00%)
Borough's Proportionate Share
of the Net Pension Liability
2,001,164
$
1,317,883
$
749,125
$
State of New Jersey's Proportionate
Share of Net Pension Liability
associated with the Borough
356,149
234,545
133,323
2,357,313
$
1,552,428
$
882,448
$
67
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 11. Postemployment Benefits Other Than Pensions (continued):
General Information about the OPEB Plan
The State Health Benefit Local Government Retired Employees Plan (the Plan) 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.
For additional information about the Plan, please refer to the State of New Jersey (the State), Division of
Pensions and Benefits’ (the Division) Annual Comprehensive Financial Report (ACFR), 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.
Basis of Presentation
The schedule of employer and nonemployer allocations and the schedule of OPEB amounts by employer
and nonemployer (collectively, the Schedules) present amounts that are considered elements of the financial
statements of its participating employers or the State as a nonemployer contributing entity. Accordingly,
they do not purport to be a complete presentation of the financial position or changes in financial position
of the participating employers or the State. The accompanying Schedules were prepared in accordance with
U.S. generally accepted accounting principles. Such preparation requires management of the Plan to make
a number of estimates and assumptions relating to the reported amounts. Due to the inherent nature of these
estimates, actual results could differ from those estimates.
68
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 11. Postemployment Benefits Other Than Pensions (continued):
Allocation Methodology
GASB Statement No. 75 requires participating employers in the Plan to recognize their proportionate share
of the collective net OPEB liability, collective deferred outflows of resources, collective deferred inflows
of resources, and collective OPEB (benefit) expense. The special funding situation’s and nonspecial funding
situation’s net OPEB liability, deferred outflows of resources, deferred inflows of resources, and OPEB
(benefit) expense are based on separately calculated total OPEB liabilities. For the special funding situation
and the nonspecial funding situation, the total OPEB liabilities for the year ended June 30, 2022 were
$3,361,552,823 and $12,729,372,321, respectively. The nonspecial funding situation’s net OPEB liability,
deferred outflows of resources, deferred inflows of resources, and OPEB (benefit) expense are further
allocated to employers 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. Employer and nonemployer allocation percentages have been rounded for presentation
purposes; therefore, amounts presented in the schedule of OPEB amounts by employer and nonemployer
may result in immaterial differences.
Special Funding Situation
Under Chapter 330, P.L. 1997, the State shall pay the premium or periodic charges for the qualified local
police and firefighter retirees and dependents equal to 80 percent of the premium or periodic charge for the
category of coverage elected by the qualified retiree under the State managed care plan or a health
maintenance organization participating in the program providing the lowest premium or periodic charge.
The State also provides funding for retiree health benefits to survivors of local police officers and
firefighters who die in the line of duty under Chapter 271, P.L.1989.
Therefore, these employers are considered to be in a special funding situation as defined by GASB
Statement No. 75 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, there is no net OPEB liability,
deferred outflows of resources or deferred inflows of resources to report in the financial statements of the
local participating employers related to this legislation. However, the notes to the financial statements of
the local participating employers must disclose the portion of the nonemployer contributing entities’ total
proportionate share of the collective net OPEB liability that is associated with the local participating
employer.
The participating employer allocations included in the supplemental schedule of employer special funding
allocations and the supplemental schedule of special funding amounts by employer for each employer are
provided as each employer is required to record in their financial statements, as an expense and
corresponding revenue, their proportionate share of the OPEB expense allocated to the State of New Jersey
under the special funding situation and include their proportionate share of the collective net OPEB liability
in their respective notes to their financial statements. For this purpose, the proportionate share was
developed based on eligible plan members subject to the special funding situation. This data takes into
account active members from both participating and non-participating employer locations and retired
members currently receiving OPEB benefits.
Additionally, the State’s proportionate share of the OPEB liability attributable to the Borough is
$2,052,187.00 as of December 31, 2022. The OPEB liability was measured as of June 30, 2022. The total
OPEB liability used to calculate the OPEB liability was determined using update procedures to roll forward
the total OPEB liability from an actuarial valuation as of July 1, 2021, to the measurement date of June 30,
2022. The State’s proportion of the OPEB liability associated with the Borough was based on a projection
69
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 11. Postemployment Benefits Other Than Pensions (continued):
of the Borough’s long-term share of contributions to the OPEB plan relative to the projected contributions
of all participating members, actuarially determined. The State’s proportion measured as of June 30, 2022
was .060827%, which was an increase of 0.0115929985% from its proportion measured as of June 30,
2021, which is the same proportion as the Borough’s. At December 31, 2022, the Borough’s and the State
of New Jersey’s proportionate share of the OPEB liability were as follows:
At December 31, 2022, the State’s proportionate share of the OPEB expense, associated with the Borough,
calculated by the plan as of the June 30, 2022 measurement date was $(336,602).
Note 12. Municipal Debt
The following schedule represents the Borough’s summary of debt, as filed in the Borough’s Annual Debt
Statement required by the Local Bond Law of New Jersey for the current and two previous years:
State of New Jersey's
Proportionate Share of OPEB Liability
Associated with the Borough
2,052,187.00
$
2023
2022
2021
Issued:
General:
Bonds, Notes and Loans
1,701,250.00
$
1,818,750.00
$
1,775,000.00
$
Water Utility:
Bonds, Notes and Loans
1,535,000.00
245,000.00
285,000.00
Total Debt Issued
3,236,250.00
2,063,750.00
2,060,000.00
Authorized but not issued:
General:
Bonds, Notes and Loans
835,164.67
845,164.67
824,410.67
Water Utility:
Bonds, Notes and Loans
100,000.00
100,000.00
100,000.00
Total Authorized But Not Issued
935,164.67
945,164.67
924,410.67
Total Gross Debt
4,171,414.67
$
3,008,914.67
$
2,984,410.67
$
Deductions:
General:
Funds on Hand For Payment of Bonds and Notes:
Excess BAN Financing
782.09
$
782.09
$
782.09
$
Reserve for Debt Service
22,500.00
22,500.00
22,500.00
Utility:
Self Liquidating Debt
1,635,000.00
345,000.00
385,000.00
Total Deductions
1,658,282.09
368,282.09
408,282.09
Total Net Debt
2,513,132.58
$
2,640,632.58
$
2,576,128.58
$
70
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 12. Municipal Debt (continued)
Summary of Statutory Debt Condition – Annual Debt Statement
The following schedule is a summary of the previous schedule and is prepared in accordance with the
required method of setting up the Annual Debt Statement:
Net Debt $2,513,132.58 divided by the average Equalized Valuation Basis per N.J.S.A.40A:2-2 as
amended, $313,936,030 equals 0.801%. New Jersey statute 40A:2-6, as amended, limits the debt of a
Municipality to 3.5% of the last three preceding year’s average equalized valuations of real estate, including
improvements and the assessed valuation of Class II Railroad Property. The remaining borrowing power
in dollars at December 31, 2023 is calculated as follows:
Gross Debt
Deductions
Net Debt
General Debt
2,536,414.67
$
23,282.09
$
2,513,132.58
$
Utility Debt
1,635,000.00
1,635,000.00
-
4,171,414.67
$
1,658,282.09
$
2,513,132.58
$
Borrowing Power Under N.J.S. 40A:2-6 as Amended
3 1/2% of Equalized Valuation Basis (Municipal)
10,987,761.05
$
Net Debt
2,513,132.58
Remaining Borrowing Power
8,474,628.47
$
Self-Liquidating Water Utility Calculation per N.J.S.A. 40A:2-46
Cash Receipts From Fees, Rents
or Other Charges for the Year
759,079.38
$
Deductions:
Operating and Maintenance Costs
434,250.00
$
Debt Service
60,398.23
Total Deductions
494,648.23
Excess/(Deficit) in Revenue
264,431.15
$
*If Excess in Revenues all Utility Debt is Deducted
71
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 12. Municipal Debt (continued)
General Debt
A. Serial Bonds Payable
On 12/2013, the Borough issued $465,000 of General Obligation Bonds. The General Obligation Bonds
were issued at interest rates varying from 3% to 5% and mature on 12/1/2027.
On 12/2013, the Borough issued $1,355,000 of General Obligation Bonds. The General Obligation Bonds
were issued at interest rates varying from 2% to 5% and mature on 12/1/2033.
B. Bond Anticipation Notes Payable – Short Term Debt
The following is a summary of bond anticipation notes payable accounted for in the General Capital fund
at December 31, 2023:
The purpose of these short-term borrowings was to provide resources for general capital construction,
acquisitions or improvement projects and other purposes permitted by State Local Bond Law NJSA 40A:2
et. seq.
Year
Principal
Interest
Total
2024
$ 100,000.00 $ 46,268.76 $ 146,268.76
2025
110,000.00 41,268.76 151,268.76
2026
115,000.00 35,768.76 150,768.76
2027
115,000.00 30,018.76 145,018.76
2028
80,000.00 24,268.76 104,268.76
2028-2033 460,000.00 59,443.80 519,443.80
980,000.00
$
237,037.60
$
1,217,037.60
$
Balance
Date of
Date of
December 31,
Description
Issue
Maturity
Rate
2023
Road Reconstruction/Various Improvements
10/26/2023
10/25/2024
4.75%
107,843.76
$
Various Capital Improvements
10/26/2023
10/25/2024
4.75%
11,959.00
Road Improvements to Hospitality Way
10/26/2023
10/25/2024
4.75%
50,331.24
General Improvements for the Police Dept
10/26/2023
10/25/2024
4.75%
88,420.00
Various Road Improvements
10/26/2023
10/25/2024
4.75%
215,000.00
Improvements to Lake Dam
10/26/2023
10/25/2024
4.75%
85,196.00
Various Road Improvements
10/26/2023
10/25/2024
4.75%
150,000.00
Various Road Improvements
10/26/2023
10/25/2024
4.75%
12,500.00
721,250.00
$
72
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 12. Municipal Debt (continued)
C. Bonds and Notes Authorized But Not Issued
As of December 31, 2023, the Borough had $835,164.67 General Capital bonds and notes authorized but
not issued.
Water Utility Debt
A. Serial Bonds Payable
On 12/2013, the Borough issued $515,000 of Utility Revenue Bonds. The Bonds were issued at interest
rates varying from 3% to 5% and mature on 12/2027.
B. Bond Anticipation Notes Payable – Short Term Debt
The following is a summary of bond anticipation notes payable accounted for in the Water Utility Capital
fund at December 31, 2023:
The purpose of these short-term borrowings was to provide resources for utility capital construction,
acquisitions or improvement projects and other purposes permitted by State Local Bond Law NJSA 40A:2
et. seq.
C. Bonds and Notes Authorized But Not Issued
As of December 31, 2023, the Borough had $100,000.00 in various bonds and notes authorized but not
issued.
Year
Principal
Interest
Total
2024
$ 50,000.00 $ 10,250.00 $ 60,250.00
2025
50,000.00 7,750.00 57,750.00
2026
50,000.00 5,250.00 55,250.00
2027
55,000.00 2,750.00 57,750.00
205,000.00
$
26,000.00
$
231,000.00
$
Balance
Date of
Date of
December 31,
Description
Issue
Maturity
Rate
2023
Construction of a Water Supply Well
11/15/2023
8/7/2024
4.75%
1,330,000.00
$
73
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 12. Municipal Debt (continued)
Summary of Principal Debt
A summary of the changes in long-term and short term debt of the Borough is as follows:
Note 13. Deferred School District Taxes
School taxes have been raised and the liability deferred by statutes. The balance of unpaid local and regional
school taxes levied, amount deferred and the amount reported as a liability (payable) at December 31, are
as follows:
Balance
Balance
Balance
December 31,
Accrued/
Retired/
December 31,
Due Within
2022
Increases
Decreases
2023
One Year
General Capital:
General Bonds
1,085,000.00
$
-
$
105,000.00
$
980,000.00
$
100,000.00
$
Bond Anticipation Notes
733,750.00
721,250.00
733,750.00
721,250.00
721,250.00
1,818,750.00
$
721,250.00
$
838,750.00
$
1,701,250.00
$
821,250.00
$
Water Utility Capital:
Utility Bonds
245,000.00
$
-
$
40,000.00
$
205,000.00
$
50,000.00
$
Bond Anticipation Notes
-
1,330,000.00
-
1,330,000.00
1,330,000.00
245,000.00
$
1,330,000.00
$
40,000.00
$
1,535,000.00
$
1,380,000.00
$
Regional School Taxes
2023
2022
Total Balance of Local Tax
1,146,391.21
$
1,054,431.71
$
Deferred Taxes
826,422.97
826,422.97
Local Tax Payable
319,968.24
$
228,008.74
$
Regional High School Taxes
2023
2022
Total Balance of Regional Tax
593,646.62
$
595,076.62
$
Deferred Taxes
397,082.47
397,082.47
Regional Tax Payable
196,564.15
$
197,994.15
$
Balance, December 31,
Balance, December 31,
74
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 14. Deferred Charges to be Raised in Succeeding Budgets
Certain expenditures are required to be deferred to budgets of succeeding years. At December 31, 2023,
the Borough had deferred charges to be raised in succeeding budgets due to a COVID-19 Special
Emergency Authorization, a reexamination and revision of master plans, Codification of the Ordinances,
and an Operating Deficit which were raised for anticipated operating deficits in certain revenue accounts.
Note 15. Risk Management
The Borough is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets;
errors and omissions; injuries to employees; and natural disasters.
Joint Insurance Pool
The Borough is a member of the Municipal Excess Liability Joint Insurance Fund. The Fund provides the
Borough with the following coverage
Employee Theft - Per Loss Coverage
$1,000,000.00
Forgery or Alteration
1,000,000.00
Inside the Premises - Theft of Money and Securities
1,000,000.00
Inside the Premises - Robbery or Safe Burglary of Other Property
1,000,000.00
Computer Fraud
1,000,000.00
Public Employee Dishonesty
1,000,000.00
Contributions to the Funds are payable in one installment and are based on actuarial assumptions
determined by the Funds’ actuaries. The Fund publishes its own financial report for the year ended
December 31, 2023 which can be obtained on the Fund’s website.
Note 16. Accumulated Absences
As discussed in Note 1 and in accordance with accounting principles prescribed by the State of New Jersey,
the cash basis of accounting is followed for recording the Borough’s liability related to unused vacation,
sick pay and compensation time. The Borough permits certain employees within limits to accumulate
unused vacation, sick pay and compensation time, which may be taken as time off or paid at a later date at
an agreed upon rate. In accordance with New Jersey accounting principles, this unused accumulated
absences amount is not reported as a liability in the accompanying financial statements. It is estimated that
accrued benefits for compensated absences are valued at $40,074.49 at December 31, 2023.
Balance
Balance to
December 31,
2024 Budget
Succeeding
Description
2023
Appropriation
Budgets
Current Fund:
Special Emergency Authorizations COVID-19 (40A:4-53)
41,484.17
$
16,000.00
$
25,484.17
$
Reexamination and Revision of Master Plans
10,500.00
3,500.00
7,000.00
Codification of the Ordinances
14,712.00
3,678.00
11,034.00
Solid Waste Utility Operating Fund:
Operating Deficit
4,472.89
$
4,472.89
$
-
$
75
BOROUGH OF ENGLISHTOWN
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 17. Unemployment Compensation Insurance
The Borough has elected to fund its New Jersey Unemployment Compensation Insurance under the
“Reimbursement Method”. Under this plan, the Borough is required to reimburse the New Jersey
Unemployment Trust Fund, dollar-for-dollar, for unemployment benefits paid to its former employees who
were laid off or furloughed 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 Borough contributions, reimbursements to the
State for benefits paid and the ending balance of the Borough’s trust fund for the current and previous two
years:
Note 18. Contingencies
Grantor Agencies
The Borough receives financial assistance from the State of New Jersey and the U.S. government in the
form of grants. Entitlement to the funds is generally conditional upon compliance with terms and conditions
of the grant agreements and applicable regulations, including the expenditure of the funds for eligible
purposes. Substantially all grants, entitlements and cost reimbursements are subject to financial and
compliance audits by grantors. As a result of these audits, costs previously reimbursed could be disallowed
and require repayment to the grantor agency. As of December 31, 2023 the Borough estimates that no
material liabilities will result from such audits.
Litigation
The Borough is a defendant in several legal proceedings that are in various stages of litigation. It is believed
that the outcome, or exposure to the Borough, from such litigation is either unknown or potential losses, if
any, would not be material to the financial statements.
Tax Appeals
Losses arising from tax appeals are recognized at the time a decision is rendered by an administrative or
judicial body; however, municipalities may establish reserves transferred from tax collections or by budget
appropriation for future payments of tax appeal losses. There are no significant pending tax appeals as of
December 31, 2023.
Note 19. Subsequent Event
Management has reviewed and evaluated all events and transactions that occurred between December 31,
2023 and April 15, 2024, the date that the financial statements were available for issuance, for possible
disclosure and recognition in the financial statements. No significant subsequent events were noted.
Interest
Amount
Year
Contributions
Earned
Reimbursed
Ending Balance
2023
200.00
$
590.67
$
336.80
$
53,228.33
$
2022
200.00
345.94
134.72
52,774.46
2021
200.00
78.37
235.76
52,363.24
76
SUPPLEMENTARY SCHEDULES
77
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78
CURRENT FUND
79
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80
EXHIBIT A-4
Balance, December 31, 2022
2,010,175.33
$
270,658.59
$
Increased By Receipts:
Taxes Receivable
6,941,880.54
$
-
$
Tax Overpayments
6,693.71
-
Revenue Accounts Receivable
454,874.01
-
Miscellaneous Revenue Not Anticipated
53,114.79
-
Due From:
State of New Jersey - Senior Citizens'
and Veterans' Deductions
4,500.00
-
Trust - Other Fund
2,742.87
-
Trust - Animal Control Fund
426.00
-
Grant Fund
30,000.00
-
Payroll Fund
12,752.21
-
Municipal Relief Fund
14,832.86
-
Prepaid Taxes
51,414.61
-
Third Party Liens
36,619.50
-
Premium on Tax Sale
11,200.00
-
Due Fire District - Uniform Fire Safety
2,647.45
-
Interest Earned
-
436.68
Grants - Unappropriated
-
2,505.45
7,623,698.55
2,942.13
9,633,873.88
273,600.72
Decreased By Disbursements:
2023 Appropriations
2,010,156.25
-
2022 Appropriation Reserves
71,075.19
-
Accounts Payable
3,749.21
-
Fire District Taxes Payable
524,000.00
-
County Taxes Payable
767,023.12
-
Regional District High School Tax Payable
1,062,786.00
-
Regional District School Tax Payable
2,577,485.50
-
Premium on Tax Sale
72,400.00
-
Tax Overpayments
3,572.19
-
Due Fire District - Uniform Fire Safety
2,647.45
-
Reserve for Codification
9,195.00
-
Reserve for Master Plan
3,393.00
-
Third Party Liens
49,908.25
-
Due To:
Trust - Animal Control Fund
426.00
-
Trust - Other Fund
2,717.22
-
Payroll Fund
768.61
-
Current Fund
-
30,000.00
Grants - Appropriated
-
22,941.23
7,161,302.99
52,941.23
Balance, December 31, 2023
2,472,570.89
$
220,659.49
$
Current Fund
Grant Fund
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
SCHEDULE OF CASH - TREASURER
CURRENT FUND
COUNTY OF MONMOUTH, NEW JERSEY
81
EXHIBIT A-5
Balance, December 31, 2022
(243.18)
$
Increased By:
Senior Citizens' & Veterans Deductions
Per Duplicate
4,500.00
4,256.82
Decreased By:
Cash Received From State of New Jersey
4,500.00
Balance, December 31, 2023
(243.18)
$
COUNTY OF MONMOUTH, NEW JERSEY
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
SENIOR CITIZENS' AND VETERANS' DEDUCTIONS
SCHEDULE OF DUE (TO)/FROM STATE OF NEW JERSEY -
CURRENT FUND
82
EXHIBIT A-6
Balance
Due From
Adjustments
Balance
December 31,
2023
Transfer to
State of
and
December 31,
Year
2022
Levy
Added
2022
2023
Tax Title Liens
New Jersey
Cancellations
2023
531.50
$
-
$
-
$
-
$
531.50
$
-
$
-
$
-
$
-
$
-
6,958,614.96
29,490.48
25,823.14
6,941,349.04
19.48
4,500.00
11,680.87
4,732.91
531.50
$
6,958,614.96
$
29,490.48
$
25,823.14
$
6,941,880.54
$
19.48
$
4,500.00
$
11,680.87
$
4,732.91
$
Cash Receipts
6,935,186.83
$
Overpayments Created
6,693.71
6,941,880.54
$
Analysis of Property Tax Levy
Tax Yield
General Purpose Tax
6,958,614.96
$
Added Taxes (R.S. 54-4-63, 1 et seq.)
29,490.48
6,988,105.44
$
Tax Levy
Special District Taxes
524,000.00
Regional District High School Tax
1,061,356.00
Regional District School Tax
2,669,445.00
County Taxes:
County Tax
620,108.11
$
County Library Tax
44,860.39
County Health Tax
12,351.13
County Open Space Tax
87,853.94
Due County for Added and Omitted Taxes
1,527.28
766,700.85
Local Tax for Municipal Purposes
1,937,462.07
Add: Additional Tax Levied
29,141.52
1,966,603.59
6,988,105.44
$
2023
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY
Collections
2022
83
EXHIBIT A-7
Balance, December 31, 2022
191.82
$
Increased By:
Transfer From Taxes Receivable
19.48
$
Municipal Liens
1,366.71
1,386.19
1,578.01
Decreased By:
Lien Redeemed
51.51
Balance, December 31, 2023
1,526.50
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF TAX TITLE LIENS RECEIVABLE
84
EXHIBIT A-8
Balance, December 31, 2023 and 2022
318,800.00
$
Block 4, Lot 1
158,800.00
$
Block 4, Lot 40
160,000.00
Total
318,800.00
$
Analysis of Balance
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF FORECLOSED PROPERTY
85
EXHIBIT A-9
Balance
Balance
December 31,
Accrued in
December 31,
2022
2023
Collections
2023
Miscellaneous Revenues:
Licenses:
Alcoholic Beverages
-
$
6,639.68
$
6,639.68
$
-
$
Fines and Costs:
Municipal Court
4,999.27
67,392.85
68,699.54
3,692.58
Interest and Costs on Taxes
-
6,914.29
6,914.29
-
Interest on Investments and Deposits
-
29,299.15
29,299.15
-
Off-Duty Police Admin. Fees
-
23,678.00
23,678.00
-
General Capital Fund Surplus
-
26,500.00
26,500.00
-
Sewer Utility Fund Surplus
-
45,000.00
45,000.00
-
Cable Franchise Fees
-
51,239.69
51,239.69
-
Energy Receipts Tax
-
143,188.98
143,188.98
-
Municipal Relief Fund
-
7,418.02
7,418.02
-
Fire District Interlocal Agreement
-
32,760.00
32,760.00
-
American Rescue Plan
-
30,000.00
30,000.00
-
Tower Lease Agreement
-
20,954.68
20,954.68
-
4,999.27
$
490,985.34
$
492,292.03
$
3,692.58
$
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
SCHEDULE OF REVENUE ACCOUNTS RECEIVABLE
CURRENT FUND
COUNTY OF MONMOUTH, NEW JERSEY
86
EXHIBIT A-10
Balance, December 31, 2022
11,983.60
$
Increased By:
Interest Earned in Payroll Fund
199.02
$
Cash Disbursements
768.61
967.63
12,951.23
Decreased By:
Cash Receipts
12,752.21
Balance, December 31, 2023
199.02
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF DUE FROM/TO PAYROLL FUND
87
EXHIBIT A-11
Balance, December 31, 2022
25.65
$
Increased By:
Interest on Investments
499.83
$
Cash Disbursed
2,717.22
3,217.05
3,242.70
Decreased By:
Public Defender Trust not Transferred
2,000.00
Cash Receipts
2,742.87
4,742.87
Balance, December 31, 2023
(1,500.17)
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF DUE FROM/TO TRUST - OTHER FUND/ESCROW
88
EXHIBIT A-12
Balance, December 31, 2022
-
$
Increased By:
Interest Earned
3.22
$
Cash Disbursements
426.00
429.22
429.22
Decreased By:
Cash Receipts
426.00
Balance, December 31, 2023
3.22
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF DUE TO/FROM ANIMAL CONTROL TRUST FUND
89
EXHIBIT A-13
Balance,
December 31,
Balance after
Paid or
2022
Encumbrances
Modifications
Charged
Lapsed
GENERAL GOVERNMENT
Administration and Executive:
Office of the Mayor:
Salaries and Wages
1,333.32
$
-
$
1,333.32
$
-
$
1,333.32
$
Other Expenses
925.50
-
925.50
-
925.50
General Administration:
Other Expenses
5.74
-
5.74
-
5.74
Municipal Clerk's Office:
Salaries and Wages
507.88
-
507.88
-
507.88
Other Expenses
560.28
323.56
883.84
339.09
544.75
Elections:
Other Expenses
951.91
-
951.91
-
951.91
Annual Audit:
Other Expenses
503.00
-
503.00
-
503.00
Assessment of Taxes:
Salaries and Wages
82.20
-
82.20
-
82.20
Other Expenses
4,708.40
-
4,708.40
4,140.00
568.40
Department of Finance:
Financial Administration:
Salaries and Wages
3,795.00
-
3,795.00
-
3,795.00
Other Expenses
529.44
849.55
1,378.99
859.56
519.43
Collection of Taxes:
Salaries and Wages
300.00
-
300.00
-
300.00
Other Expenses
1,304.51
225.97
1,530.48
225.97
1,304.51
Department of Law:
Legal Services and Costs:
Other Expenses
30,461.00
-
30,461.00
18,549.54
11,911.46
Municipal Prosecutor:
Salaries and Wages
1,400.00
-
1,400.00
-
1,400.00
Department of Parks, Rec & Social Services:
Dog Regulation:
Other Expenses
100.00
-
100.00
-
100.00
Insurance (N.J.S.A. 40A:4-45.3(00)):
Employee Group Health
24,698.02
-
24,698.02
2,546.46
22,151.56
Health Benefits Waiver
5,000.00
-
5,000.00
2,500.00
2,500.00
Department of Public Safety:
Police:
Salaries and Wages
38,637.45
-
38,637.45
2,113.99
36,523.46
Other Expenses
493.81
23,544.12
24,037.93
23,872.45
165.48
Emergency Management:
Other Expenses
400.00
-
400.00
-
400.00
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF 2022 APPROPRIATION RESERVES
90
EXHIBIT A-13
Balance,
December 31,
Balance after
Paid or
2022
Encumbrances
Modifications
Charged
Lapsed
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF 2022 APPROPRIATION RESERVES
GENERAL GOVERNMENT (continued)
Department of Community Development:
Engineering Services and Costs:
Other Expenses
2,572.50
182.35
2,754.85
182.35
2,572.50
Planning Board:
Salaries and Wages
100.08
-
100.08
-
100.08
Other Expenses
4,353.50
-
4,353.50
-
4,353.50
Code Enforcement:
Salaries and Wages
4,968.86
-
4,968.86
300.00
4,668.86
Other Expenses
1,961.80
67.00
2,028.80
67.00
1,961.80
Affordable Housing:
Salaries and Wages
297.66
-
297.66
-
297.66
Other Expenses
1,000.00
-
1,000.00
-
1,000.00
Department of Public Works:
Public Buildings and Grounds:
Salaries and Wages
9,057.15
-
9,057.15
-
9,057.15
Other Expenses
17,707.81
304.25
18,012.06
3,625.09
14,386.97
Road Repairs and Maintenance:
Salaries and Wages
9,701.97
-
9,701.97
-
9,701.97
Other Expenses
19,027.19
439.59
19,466.78
739.58
18,727.20
Garbage and Trash Removal:
Other Expenses
171.72
-
171.72
-
171.72
Data Processing:
Other Expenses
40,596.02
15.42
40,611.44
670.49
39,940.95
Sanitary Landfill:
Other Expenses
3,835.00
-
3,835.00
-
3,835.00
Recycling:
Other Expenses
9,172.02
-
9,172.02
5,166.00
4,006.02
Municipal Court:
Salaries and Wages
2,599.06
-
2,599.06
1,160.00
1,439.06
Other Expenses
13,658.25
1,364.20
15,022.45
1,867.80
13,154.65
Public Defender:
Other Expenses
3,000.00
-
3,000.00
3,000.00
-
Celebrating Public Events:
Other Expenses
100.00
-
100.00
-
100.00
Shade Tree Commission:
Salaries and Wages
905.00
-
905.00
-
905.00
Other Expenses
1,200.00
-
1,200.00
-
1,200.00
UNCLASSIFIED
Utilities:
Electricity
5,761.41
-
5,761.41
283.39
5,478.02
Street Lighting
4,149.60
-
4,149.60
48.48
4,101.12
Telephone (excluding equipment acquisition)
314.48
803.73
1,118.21
803.73
314.48
Natural Gas
966.59
-
966.59
-
966.59
Gasoline
8,778.92
8,778.92
4,313.49
4,465.43
Water and Sewage
1,288.00
-
1,288.00
-
1,288.00
91
EXHIBIT A-13
Balance,
December 31,
Balance after
Paid or
2022
Encumbrances
Modifications
Charged
Lapsed
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF 2022 APPROPRIATION RESERVES
Contribution To:
Public Employees' Retirement System
1,073.00
-
1,073.00
-
1,073.00
Defined Contribution Retirement Program
2,962.63
-
2,962.63
-
2,962.63
Social Security System (O.A.S.I.)
7,934.04
-
7,934.04
-
7,934.04
Health Insurance:
Other Expenses
5,000.00
-
5,000.00
-
5,000.00
Due To School Business Personal Property:
Other Expenses
1,001.00
-
1,001.00
-
1,001.00
Matching Funds for Grants
2,500.00
-
2,500.00
-
2,500.00
LOSAP:
Other Expenses
5,500.00
-
5,500.00
-
5,500.00
Recycling (N.J.S.A. 13:1E-96.5):
Other Expenses
426.21
-
426.21
262.89
163.32
Interlocal Municipal Service Agreements:
911 Emergency Service Contract with County
593.00
-
593.00
-
593.00
Fire District:
Salaries and Wages
0.24
-
0.24
-
0.24
Other Expenses
465.00
-
465.00
-
465.00
Computer Service:
Other Expenses
1,630.00
-
1,630.00
1,630.00
-
Total General Appropriations
313,027.17
$
28,119.74
$
341,146.91
$
79,267.35
$
261,879.56
$
Appropriation Reserves
313,027.17
$
Encumbrances Payable
28,119.74
341,146.91
$
Cash Disbursed
71,075.19
$
Transferred To Accounts Payable
8,192.16
79,267.35
$
92
EXHIBIT A-14
Balance, December 31, 2022
40,226.78
$
Increased by:
Current Year Payables
8,192.16
48,418.94
Decreased By:
Cash Disbursements
3,749.21
Balance, December 31, 2023
44,669.73
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF ACCOUNTS PAYABLE
93
EXHIBIT A-15
Balance, December 31, 2022
25,823.14
$
Increased By:
Cash Receipts
51,414.61
77,237.75
Decreased By:
Applied To Taxes Receivable
25,823.14
Balance, December 31, 2023
51,414.61
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF PREPAID TAXES
94
EXHIBIT A-16
Balance, December 31, 2022
100.00
$
Increased By:
Cash Receipts
-
100.00
Decreased By:
Cash Disbursements
-
Balance, December 31, 2023
100.00
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF MARRIAGE LICENSE FEES PAYABLE
95
EXHIBIT A-17
Balance, December 31, 2022
-
$
Increased By:
Tax Levy
524,000.00
524,000.00
Decreased By:
Cash Disbursed
524,000.00
Balance, December 31, 2023
-
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF FIRE DISTRICT TAXES PAYABLE
96
EXHIBIT A-18
Balance, December 31, 2022
1,849.53
$
Increased By:
2023 Tax Levy:
County Tax
620,108.11
$
County Library Tax
44,860.39
County Health Tax
12,351.13
County Open Space Tax
87,853.94
Added and Omitted Taxes
1,527.28
766,700.85
768,550.38
Decreased By:
Cash Disbursed
767,023.12
Balance, December 31, 2023
1,527.26
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF COUNTY TAXES PAYABLE
97
EXHIBIT A-19
Balance, December 31, 2022
School Tax Payable
197,994.15
$
School Tax Deferred
397,082.47
595,076.62
$
Increased By:
Levy - School Year July 1, 2023
to June 30, 2024
1,061,356.00
1,656,432.62
Decreased By:
Cash Disbursed
1,062,786.00
Balance, December 31, 2023
School Tax Payable
196,564.15
$
School Tax Deferred
397,082.47
593,646.62
$
2023 Liability for Regional District High School Tax
Tax Payable, December 31, 2023
196,564.15
$
Tax Paid
1,062,786.00
1,259,350.15
$
Less:
Tax Payable, December 31, 2022
197,994.15
Amount Charged To 2023 Operations
1,061,356.00
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF REGIONAL DISTRICT HIGH SCHOOL TAX
98
EXHIBIT A-20
Balance, December 31, 2022
School Tax Payable
228,008.74
$
School Tax Deferred
826,422.97
1,054,431.71
$
Increased By:
Levy - School Year July 1, 2023
to June 30, 2024
2,669,445.00
3,723,876.71
Decreased By:
Cash Disbursed
2,577,485.50
Balance, December 31, 2023
School Tax Payable
319,968.24
$
School Tax Deferred
826,422.97
1,146,391.21
$
2023 Liability for Regional District School Tax
Tax Payable, December 31, 2023
319,968.24
$
Tax Paid
2,577,485.50
2,897,453.74
$
Less:
Tax Payable, December 31, 2022
228,008.74
Amount Charged to 2023 Operations
2,669,445.00
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF REGIONAL DISTRICT SCHOOL TAX
99
EXHIBIT A-21
Balance, December 31, 2022
60,865.71
$
Increased By:
Current Appropriations
2,500.00
Balance, December 31, 2023
63,365.71
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF RESERVE FOR TAX APPEALS PENDING
100
EXHIBIT A-22
Balance, December 31, 2022
9,337.37
$
Increased By:
Adjustment to Third Party Liens
5,141.42
$
Cash Receipts
36,619.50
41,760.92
51,098.29
Decreased By:
Cash Disbursements
49,908.25
Balance, December 31, 2023
1,190.04
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF RESERVE FOR THIRD PARTY LIENS
101
EXHIBIT A-23
Balance, December 31, 2022
-
$
Increased By:
Cash Receipts
2,647.45
2,647.45
Decreased By:
Cash Disbursements
2,647.45
Balance, December 31, 2023
-
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
DUE FIRE DISTRICT - UNIFORM FIRE SAFETY
102
EXHIBIT A-24
Balance, December 31, 2022
86,100.00
$
Increased By:
Cash Receipts
11,200.00
97,300.00
Decreased By:
Cash Disbursements
72,400.00
$
Cancelled
12,400.00
84,800.00
Balance, December 31, 2023
12,500.00
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF RESERVE FOR PREMIUM ON TAX SALE
103
EXHIBIT A-25
Balance, December 31, 2022
3,572.19
$
Increased By:
Overpayments Created
6,693.71
10,265.90
Decreased By:
Transfer to Taxes Receivable
3,572.19
Balance, December 31, 2023
6,693.71
$
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF RESERVE FOR TAX OVERPAYMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
104
EXHIBIT A-26
Balance
Balance
December 31,
December 31,
2022
Increased
Decreased
2023
Municipal Relief Fund
7,418.02
$
14,832.86
$
7,418.02
$
14,832.86
$
Master Plan
11,948.75
-
3,393.00
8,555.75
Codification
14,712.00
-
9,195.00
5,517.00
34,078.77
$
14,832.86
$
20,006.02
$
28,905.61
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF VARIOUS RESERVES
105
EXHIBIT A-27
1/5 OF
BALANCE
BALANCE
DATE
AMOUNT
NET AMOUNT
DECEMBER 31,
BUDGET
DECEMBER 31,
AUTHORIZED
PURPOSE
AUTHORIZED
AUTHORIZED
2022
APPROPRIATION
2023
11/16/20
Special Emergency COVID-19
73,484.17
$
16,000.00
$
57,484.17
$
16,000.00
$
41,484.17
$
12/20/21
Reexamination and Revision of
Master Plans
17,500.00
3,500.00
14,000.00
3,500.00
10,500.00
2/23/22
Codification of the Ordinances
18,390.00
3,678.00
18,390.00
3,678.00
14,712.00
Total
89,874.17
$
23,178.00
$
66,696.17
$
BOROUGH OF ENGLISHTOWN
CURRENT FUND
SCHEDULE OF DEFERRED CHARGES
N.J.S.A. 40A: 4-53 SPECIAL EMERGENCY
FOR THE YEAR ENDED DECEMBER 31, 2023
COUNTY OF MONMOUTH, NEW JERSEY
106
EXHIBIT A-28
2023
Transferred
Balance
Budget
From
Balance
December 31,
Revenue
Unappropriated
December 31,
2022
Realized
Reserves
2023
State:
Clean Communities Grant
-
$
4,000.00
$
4,000.00
$
-
$
Body Armor Grant
585.00
876.02
876.80
584.22
Body Worn Camera Grant
-
20,380.00
-
20,380.00
Alcohol Education Rehabilitation Program
-
473.80
473.80
-
Sub-Total State
585.00
25,729.82
5,350.60
20,964.22
Total
585.00
$
25,729.82
$
5,350.60
$
20,964.22
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GRANT FUND
SCHEDULE OF GRANTS RECEIVABLE
107
EXHIBIT A-29
Balance
Decreased
Transferred
Balance
December 31,
Cash
By Budget
to Current
December 31,
2022
Received
Appropriation
Fund
2023
Federal:
American Rescue Plan
184,126.28
$
-
$
-
$
30,000.00
$
154,126.28
$
Sub-Total Federal
184,126.28
-
-
30,000.00
154,126.28
State:
Alcohol Education Rehabilitation
Program
473.80
1,557.53
473.80
-
1,557.53
Clean Communities Grant
4,000.00
-
4,000.00
-
-
Body Armor Fund
876.02
947.92
876.80
-
947.14
Sub-Total State
5,349.82
2,505.45
5,350.60
-
2,504.67
Total
189,476.10
$
2,505.45
$
5,350.60
$
30,000.00
$
156,630.95
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GRANT FUND
SCHEDULE OF RESERVE FOR GRANTS - UNAPPROPRIATED
108
EXHIBIT A-30
Balance
Transferred from
Balance
December 31,
2023 Budget
Paid or
December 31,
2022
Appropriations
Charged
Encumbrances
Cancelled
2023
State:
Clean Communities Program
14,714.89
$
4,000.00
$
4,386.88
$
-
$
-
$
14,328.01
$
Recycling Tonnage Grant
26,314.74
-
2,470.00
1,050.00
-
22,794.74
Alcohol Rehabilitation Program
18,002.13
473.80
-
-
-
18,475.93
Drunk Driving Enforcement Fund
4,119.25
-
304.35
-
-
3,814.90
Body Armor Fund
12,916.47
876.80
-
-
0.78
13,792.49
Body Worn Camera Grant
-
20,380.00
15,780.00
-
-
4,600.00
Sub-Total State
76,067.48
25,730.60
22,941.23
1,050.00
0.78
77,806.07
Local:
Cable Technology Grant
5,700.01
-
-
-
-
5,700.01
Sub-Total Local
5,700.01
-
-
-
-
5,700.01
Total
81,767.49
$
25,730.60
$
22,941.23
$
1,050.00
$
0.78
$
83,506.08
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GRANT FUND
SCHEDULE OF RESERVE FOR GRANTS - APPROPRIATED
109
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110
TRUST FUND
111
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112
EXHIBIT B-1
Animal Control
Other
Trust Fund
Trust Funds
Balance, December 31, 2022
1,148.60
$
280,319.89
$
Increased By Receipts:
Due To:
State of New Jersey
71.40
-
Current Fund
3.22
2,423.05
General Capital
-
-
License Fees
647.60
-
Various Reserves
-
218,812.52
Total Receipts
722.22
221,235.57
Subtotal
1,870.82
501,555.46
Decreased By Disbursements:
Due To:
Current Fund
426.00
1,948.87
Various Reserves
-
214,291.27
Total Disbursements
426.00
216,240.14
Balance, December 31, 2023
1,444.82
$
285,315.32
$
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
SCHEDULE OF CASH - TREASURER
TRUST FUNDS
COUNTY OF MONMOUTH, NEW JERSEY
113
EXHIBIT B-2
Balance, December 31, 2022
-
$
Increased By:
Interest
3.22
$
Payment To State of New Jersey
1.20
Dog Fund Expenditures
424.80
429.22
429.22
Decreased By:
Cash Disbursements
426.00
Balance, December 31, 2023
3.22
$
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
SCHEDULE OF DUE TO/(FROM) CURRENT FUND
ANIMAL CONTROL TRUST FUND
COUNTY OF MONMOUTH, NEW JERSEY
114
EXHIBIT B-3
Balance, December 31, 2022
7.20
$
Increased By:
State Share of Dog License Fee
71.40
78.60
Decreased By:
Paid By Current Fund
1.20
Balance, December 31, 2023
77.40
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
ANIMAL CONTROL TRUST FUND
SCHEDULE OF DUE TO STATE OF NEW JERSEY
115
EXHIBIT B-4
Balance, December 31, 2022
-
$
Increased By:
Current Year Encumbrances
426.00
426.00
Decreased By:
Paid by Current
426.00
Balance, December 31, 2023
-
$
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
SCHEDULE OF ENCUMBRANCES PAYABLE
ANIMAL CONTROL TRUST FUND
COUNTY OF MONMOUTH, NEW JERSEY
116
EXHIBIT B-5
Balance, December 31, 2022
1,141.40
$
Increased By:
Dog License Fees Collected
647.60
1,789.00
Decreased By:
Expenditures
424.80
Balance, December 31, 2023
1,364.20
$
License Fees Collected
2022
3,034.40
$
2021
1,425.40
4,459.80
$
Analysis of Balance
Reserve For Expenditures
1,014.20
$
Reserve For Dangerous Animal
350.00
1,364.20
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
ANIMAL CONTROL TRUST FUND
SCHEDULE OF RESERVE FOR ANIMAL CONTROL FUND
EXPENDITURES / DANGEROUS ANIMAL
117
EXHIBIT B-6
Balance, December 31, 2022
25.65
$
Increased By:
Interest Earned
2,423.05
2,448.70
Decreased By:
Cash Disbursements
1,948.87
Balance, December 31, 2023
499.83
$
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
SCHEDULE OF DUE TO CURRENT FUND
TRUST - OTHER FUND
COUNTY OF MONMOUTH, NEW JERSEY
118
EXHIBIT B-7
Balance
Transfer from
Transfer to
Balance
December 31,
Encumbrances
Encumbrances
December 31,
2022
Payable
Increased
Decreased
Payable
2023
Reserve for:
Builder's Contributions
49,442.50
$
-
$
-
$
-
$
-
$
49,442.50
$
Municipal Court Parking - POAA
156.00
-
-
-
-
156.00
Off-Duty Employment - Police
79,389.09
-
190,702.50
201,096.10
-
68,995.49
Public Defender
904.33
-
6,000.00
5,167.20
-
1,737.13
Snow Removal
38,768.06
981.34
6,678.77
2,357.54
680.20
43,390.43
COAH
155.95
-
0.14
-
-
156.09
Law Enforcement Trust Fund
2,926.21
-
899.94
1,937.29
-
1,888.86
Police Safety Equipment
5,657.26
-
551.23
-
-
6,208.49
Special Events
1,929.16
-
675.00
930.73
-
1,673.43
Performance Bonds
19,035.24
-
93.61
-
-
19,128.85
Planning Board Escrow
23,433.63
377.50
12,915.64
2,463.09
377.50
33,886.18
Escrow Fees
883.69
125.00
5.02
2.52
125.00
886.19
Unemployment
52,774.46
-
790.67
336.80
-
53,228.33
Sick Leave Trust
3,000.00
-
1,500.00
-
-
4,500.00
Community Development Block Grant
354.82
-
-
-
-
354.82
278,810.40
$
1,483.84
$
220,812.52
$
214,291.27
$
1,182.70
$
285,632.79
$
TRUST - OTHER FUND
COUNTY OF MONMOUTH, NEW JERSEY
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
SCHEDULE OF VARIOUS RESERVES
119
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120
GENERAL CAPITAL FUND
121
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122
EXHIBIT C-2
Balance, December 31, 2022
481,558.82
$
Increased By:
Deferred Charges Unfunded
10,000.00
$
Grants Receivable
290,893.97
Bond Anticipation Notes
12,500.00
Interest Earned
545.01
Capital Improvement Fund
30,000.00
343,938.98
825,497.80
Decreased By:
Improvement Authorizations
527,715.16
Fund Balance - Anticipated in Current Fund
26,500.00
554,215.16
Balance, December 31, 2023
271,282.64
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF CASH - TREASURER
123
EXHIBIT C-3
Balance
December 31,
2023
Capital Improvement Fund
19,302.81
$
Encumbrances Payable
368,115.37
Fund Balance
175,000.67
Grants Receivable
(852,060.03)
Reserve for Debt Service
22,500.00
Due to Current Fund
545.01
Excess Financing
782.09
Ordinance
Number
2011-08
Property Acquisition/Various Improvements
99,561.56
2012-05
Road Reconstruction/Various Equipment
29,822.85
2012-13
Demolition of Hazardous Structure
3,850.00
2014-03
Property Acquisition/Various Improvements
84,250.00
2016-04
Various Capital Improvements
589.00
2019-02
General Improvements for the Police Dept
26,814.01
2020-05
Various Road Improvements
8,613.64
2021-05/2022-06
Improvements to Lake Dam
69,446.29
2022-07
Various Road Improvements
(9,213.13)
2023-08
Various Road Improvements
223,362.50
271,282.64
$
Improvement Description
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF ANALYSIS OF GENERAL CAPITAL CASH
124
EXHIBIT C-4
Balance, December 31, 2022
941,704.00
$
Increased By
Grants Awarded
201,250.00
1,142,954.00
Decreased By:
Grant Receipts
290,893.97
Balance, December 31, 2023 and 2022
852,060.03
$
Ord #2020-05 - NJDOT Hamilton St. and Heritage Drive Improvements
106,515.15
$
Due from Monmouth County-Dam
34,904.00
Ord #2022-07 - NJDOT Conover Street, Park Ave., and Station St. Improvements
270,000.00
Ord #2022-07 - NJDOT Lasatta Ave. and Mt. Vernon Road Improvements
212,800.00
Ord #2022-07 - NJDOT W. Dey Street Improvements
26,590.88
Ord #2023-08- NJDOT Harrison Ave. Improvements
201,250.00
852,060.03
$
Analysis of Balance
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF GRANTS RECEIVABLE
125
EXHIBIT C-5
Balance, December 31, 2022
1,085,000.00
$
Decreased By:
Serial Bonds Paid by Current Fund
105,000.00
Balance, December 31, 2023
980,000.00
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - FUNDED
126
EXHIBIT C-6
Balance
Balance
Bond
Unexpended
Ordinance
Ordinance
December 31,
December 31,
Anticipation
Excess
Improvement
Number
Date
Improvement Description
2022
Increases
Decreases
2023
Notes
Financing
Authorizations
Expenditures
2014-04
08/27/14
Road Reconstruction/Various Improvements
122,938.76
$
-
$
15,095.00
$
107,843.76
$
107,843.76
$
-
$
-
$
-
$
2016-04
05/25/16
Road Reconstruction
2,024.91
-
2,024.91
-
-
-
-
-
2017-03
06/28/17
Various Capital Improvements
11,176.91
-
-
11,176.91
11,959.00
(782.09)
-
-
2018-03
06/25/18
Road Improvements to Hospitality Way
54,082.00
-
3,750.76
50,331.24
50,331.24
-
-
-
2019-02
08/14/19
General Improvements for the Police Dept
96,460.00
-
8,040.00
88,420.00
88,420.00
-
-
-
2020-05
07/22/20
Various Road Improvements
398,000.00
-
6,089.33
391,910.67
215,000.00
-
176,910.67
-
2021-05/2022-06
08/25/21
Improvements to Lake Dam
712,500.00
-
-
712,500.00
85,196.00
-
627,304.00
-
2022-07
06/22/22
Various Road Improvements
180,950.00
-
-
180,950.00
150,000.00
-
21,736.87
9,213.13
2023-08
09/27/23
Various Road Improvements
-
12,500.00
-
12,500.00
12,500.00
-
-
-
1,578,132.58
$
12,500.00
$
35,000.00
$
1,555,632.58
$
721,250.00
$
(782.09)
$
825,951.54
$
9,213.13
$
BAN Paydown
25,000.00
$
Unfunded Ordinance paid down by Budget Appropriation
10,000.00
Total
35,000.00
$
Improvement Authorizations - Unfunded
943,914.48
$
Less: Unexpended Proceeds of Bond Anticipation Notes - Issued
Ordinance 2016-04
589.00
$
Ordinance 2019-02
26,814.01
Ordinance 2020-05
8,613.64
Ordinance 2021-05
69,446.29
Ordinance 2023-08
12,500.00
117,962.94
825,951.54
$
Analysis of Balance
COUNTY OF MONMOUTH, NEW JERSEY
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - UNFUNDED
GENERAL CAPITAL FUND
127
EXHIBIT C-7
Balance
Balance
Date of
Interest
December 31,
December 31,
Issue
Original Issue
Date
Amount
Rate
2022
Decreased
2023
Monmouth County
Improvement Authority Bonds
12/24/13
1,355,000.00
$
12/01/24
65,000.00
$
5.000%
885,000.00
$
65,000.00
$
820,000.00
$
12/01/25
70,000.00
5.000%
12/01/26
70,000.00
5.000%
12/01/27
75,000.00
5.000%
12/01/28
80,000.00
5.000%
12/01/29
85,000.00
5.000%
12/01/30
90,000.00
5.000%
12/01/31
95,000.00
4.000%
12/01/32
95,000.00
4.000%
12/01/33
95,000.00
4.125%
12/24/13
465,000.00
12/01/24
35,000.00
5.000%
200,000.00
40,000.00
160,000.00
12/01/25
40,000.00
5.000%
12/01/26
45,000.00
5.000%
12/01/27
40,000.00
5.000%
1,085,000.00
$
105,000.00
$
980,000.00
$
Refunding Bonds
December 31, 2023
Purpose
Outstanding
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF SERIAL BONDS
FOR THE YEAR ENDED DECEMBER 31, 2023
128
EXHIBIT C-8
Original
Balance
Balance
Date of
Issue
Date of
Date of
Interest
December 31,
December 31,
Ordinance
Improvement Description
Date
Issue
Maturity
Rate
2022
Increased
Decreased
2023
08/27/14
Road Reconstruction/Various Improvements
10/30/19
10/26/23
10/25/24
4.75%
122,938.76
$
107,843.76
$
122,938.76
$
107,843.76
$
06/28/17
Various Capital Improvements
10/30/19
10/26/23
10/25/24
4.75%
11,959.00
11,959.00
11,959.00
11,959.00
06/25/18
Road Improvements to Hospitality Way
10/30/19
10/26/23
10/25/24
4.75%
52,196.24
50,331.24
52,196.24
50,331.24
08/14/19
General Improvements for the Police Dept
10/30/19
10/26/23
10/25/24
4.75%
96,460.00
88,420.00
96,460.00
88,420.00
07/22/20
Various Road Improvements
10/28/21
10/26/23
10/25/24
4.75%
215,000.00
215,000.00
215,000.00
215,000.00
08/25/21
Improvements to Lake Dam
10/28/21
10/26/23
10/25/24
4.75%
85,196.00
85,196.00
85,196.00
85,196.00
06/22/22
Various Road Improvements
10/27/22
10/26/23
10/25/24
4.75%
150,000.00
150,000.00
150,000.00
150,000.00
09/27/23
Various Road Improvements
11/15/23
11/15/23
08/07/24
4.75%
-
12,500.00
-
12,500.00
733,750.00
$
721,250.00
$
733,750.00
$
721,250.00
$
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
SCHEDULE OF BOND ANTICIPATION NOTES PAYABLE
GENERAL CAPITAL FUND
COUNTY OF MONMOUTH, NEW JERSEY
129
EXHIBIT C-9
Transfer from
Ordinance
Ordinance
Ordinance
2023
Encumbrances
Number
Date
Improvement Description
Amount
Funded
Unfunded
Authorizations
Payable
Expended
Encumbered
Funded
Unfunded
2011-08
09/15/11
Property Acquisition/Various Improvements
542,100.00
$
99,561.56
$
-
$
-
$
-
$
-
$
-
$
99,561.56
$
-
$
2012-05
07/13/12
Road Reconstruction/Various Equipment
595,600.00
29,822.85
-
-
31,335.80
31,335.80
-
29,822.85
-
2012-13
12/17/12
Demolition of Hazardous Structure
125,000.00
3,850.00
-
-
-
-
-
3,850.00
-
2014-03
07/23/14
Property Acquisition/Various Improvements
95,000.00
84,250.00
-
-
-
-
-
84,250.00
-
2016-04
05/25/16
Various Capital Improvements
245,000.00
-
589.00
-
-
-
-
-
589.00
2019-02
08/14/19
General Improvements for the Police Dept
110,000.00
-
26,814.01
-
-
-
-
-
26,814.01
2020-05
07/22/20
Various Road Improvements
740,000.00
-
187,387.83
-
86,628.73
1,863.52
86,628.73
-
185,524.31
2021-05/2022-06 05/25/22
Improvements to Lake Dam
750,000.00
-
697,030.29
-
37,816.85
23,356.58
14,740.27
-
696,750.29
2022-07
06/22/22
Various Road Improvements
825,000.00
488,800.00
180,950.00
-
88,255.00
469,871.76
266,396.37
-
21,736.87
2023-08
09/27/23
Various Road Improvements
225,000.00
-
-
225,000.00
-
1,287.50
350.00
210,862.50
12,500.00
706,284.41
$
1,092,771.13
$
225,000.00
$
244,036.38
$
527,715.16
$
368,115.37
$
428,346.91
$
943,914.48
$
Capital Improvement Fund
11,250.00
$
Grants Receivable
201,250.00
Deferred Charges Unfunded
12,500.00
225,000.00
$
December 31, 2022
Balance
December 31, 2023
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
Balance
Expended
130
EXHIBIT C-10
Balance, December 31, 2023 and 2022
22,500.00
$
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF RESERVE FOR DEBT SERVICE
FOR THE YEAR ENDED DECEMBER 31, 2023
131
EXHIBIT C-11
Balance, December 31, 2022
$
552.81
Increased By:
Current Fund Appropriation
30,000.00
30,552.81
Decreased By:
Improvement Authorizations
11,250.00
Balance, December 31, 2023
$
19,302.81
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
132
EXHIBIT C-12
Balance
Balance
Ordinance
Ordinance
December 31,
December 31,
Number
Date
2022
Increased
Decreased
2023
2016-04
05/25/16
Various Capital Improvements
2,024.91
$
-
$
2,024.91
$
-
$
2018-03
06/25/18
Road Improvements to Hospitality Way
1,885.76
-
1,885.76
-
2020-05
07/22/20
Various Road Improvements
183,000.00
-
6,089.33
176,910.67
2021-05/2022-06
08/25/21
Improvements to Lake Dam
627,304.00
-
-
627,304.00
2022-07
06/22/22
Various Road Improvements
30,950.00
-
-
30,950.00
2023-08
09/27/23
Various Road Improvements
-
12,500.00
12,500.00
-
845,164.67
$
12,500.00
$
22,500.00
$
835,164.67
$
Paid By Budget Appropriation
10,000.00
$
New BAN Issuance
12,500.00
22,500.00
$
FOR THE YEAR ENDED DECEMBER 31, 2023
Improvement Description
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
133
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134
WATER UTILITY FUND
135
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136
EXHIBIT D-5
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY FUND
Balance, December 31, 2022
666,674.77
$
363,326.29
$
Increased By Receipts:
Miscellaneous Revenue Not Anticipated
12,653.77
$
-
$
Consumer Accounts Receivable
466,220.55
-
Rent Overpayments
5,205.06
-
Interest Income
-
3,431.39
Due from Water Operating Fund
-
10,000.00
Premium on BAN Sale
-
886.05
Bond Anticipation Notes
-
1,330,000.00
Capital Improvement Fund
-
10,000.00
484,079.38
1,354,317.44
1,150,754.15
1,717,643.73
Decreased By Disbursements:
2023 Budget Appropriations
406,342.94
-
2022 Appropriation Reserves
105,256.96
-
Due to Water Capital Fund
10,000.00
-
521,599.90
-
Balance, December 31, 2023
629,154.25
$
1,717,643.73
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
SCHEDULE OF CASH - TREASURER
Capital
Operating
137
EXHIBIT D-6
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
Balance
December 31,
2023
Capital Improvement Fund
302,481.00
$
Fund Balance
631.17
Reserve for Debt Service
886.05
Due to Water Operating Fund
3,431.39
Ordinance
Date
Improvement Description
09/15/11
Water Plant Roof
22,703.12
$
11/19/18
Water Capital Asset Management Plan
(12,489.00)
09/27/23
Construction of a Water Supply Well
1,133,000.00
1,717,643.73
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
SCHEDULE OF ANALYSIS OF WATER UTILITY CAPITAL CASH
138
EXHIBIT D-7
Balance, December 31, 2022
19,994.19
$
Increased By:
Water Rents Levied
467,973.79
487,967.98
Decreased By:
Collections
466,220.55
$
Overpayments Applied
2,664.87
468,885.42
Balance, December 31, 2023
19,082.56
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY OPERATING FUND
SCHEDULE OF CONSUMER ACCOUNTS RECEIVABLE
139
EXHIBIT D-8
Balance
Balance
December 31,
December 31,
Description
2022
Increased
2023
Water Supply and Distribution System
440,206.49
$
-
$
440,206.49
$
Extension of Water Lines, South Main
Street
2,846.70
-
2,846.70
Extension of Water Lines, Mount Vernon
Avenue
16,298.05
-
16,298.05
Purchase of Water Meters
37,596.76
-
37,596.76
Installation of Pump
48,128.79
-
48,128.79
Installation of Backwash Settling Tank
9,399.00
-
9,399.00
Improvements To Water System
2,143,823.51
59,059.91
2,202,883.42
Purchase of Utility Billing Software and
Equipment
11,699.70
-
11,699.70
Purchase of Truck
57,965.00
-
57,965.00
Water Storage Tank Painting
498,362.76
-
498,362.76
Installation of Interconnection Meter Pit
61,465.88
-
61,465.88
3,327,792.64
$
59,059.91
$
3,386,852.55
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL
140
EXHIBIT D-9
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY FUND
Balance
Balance
December 31,
After
Paid or
2022
Modifications
Charged
Lapsed
Operating:
Salaries and Wages
23,286.40
$
23,286.40
$
-
$
23,286.40
$
Other Expenses
43,085.55
78,290.94
75,817.48
2,473.46
Total Operating
66,371.95
101,577.34
75,817.48
25,759.86
Capital Improvements:
Capital Outlay
36,139.00
65,394.00
29,516.91
35,877.09
Total Capital Improvements
36,139.00
65,394.00
29,516.91
35,877.09
Statutory Expenditures:
Contributions To:
Social Security
1,571.96
1,571.96
-
1,571.96
Total Statutory Expenditures
1,571.96
1,571.96
-
1,571.96
Total Water Utility Fund Appropriations
104,082.91
$
168,543.30
$
105,334.39
$
63,208.91
$
Appropriation Reserves
104,082.91
$
Encumbrances Payable
64,460.39
168,543.30
$
SCHEDULE OF 2022 APPROPRIATION RESERVES
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
141
EXHIBIT D-10
Balance, December 31, 2022
1,020.83
$
Increased By:
Current Appropriations
20,398.23
21,419.06
Decreased By:
Cash Disbursed
12,250.00
$
Accrued Interest Cancelled
166.66
12,416.66
Balance, December 31, 2023
9,002.40
$
Principal Outstanding
Interest
December 31, 2023
Rate
From
To
Months
Amount
Serial Bonds (Capital):
205,000.00
$
Various
12/1/2023
12/31/2023
1
854.17
$
Bond Anticipation Notes:
1,330,000.00
$
4.75%
11/15/2023
12/31/2023
1.5
8,148.23
9,002.40
$
Analysis of Accrued Interest
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY OPERATING FUND
SCHEDULE OF ACCRUED INTEREST ON BONDS
142
EXHIBIT D-11
Balance, December 31, 2022
2,664.87
$
Increased By:
Overpayments
5,205.06
7,869.93
Decreased By:
Overpayments Applied
2,664.87
Balance, December 31, 2023
5,205.06
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY OPERATING FUND
SCHEDULE OF WATER RENT OVERPAYMENTS
143
EXHIBIT D-12
Balance
Balance
Date of
Interest
December 31,
December 31,
Purpose
Issue
Original Issue
Date
Amount
Rate
2022
Decreased
2023
Refunding Bonds
12/24/13
515,000.00
$
12/01/24
50,000.00
$
5.000%
245,000.00
$
40,000.00
$
205,000.00
$
12/01/25
50,000.00
5.000%
12/01/26
50,000.00
5.000%
12/01/27
55,000.00
5.000%
245,000.00
$
40,000.00
$
205,000.00
$
December 31, 2023
Outstanding
WATER UTILITY CAPITAL FUND
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SCHEDULE OF SERIAL BONDS
FOR THE YEAR ENDED DECEMBER 31, 2023
144
EXHIBIT D-13
Balance, December 31, 2022
362,481.00
$
Increased By:
Budget Appropriation
10,000.00
372,481.00
Decreased By:
Improvement Authorizations
70,000.00
Balance, December 31, 2023
302,481.00
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
145
EXHIBIT D-14
Balance, December 31, 2022
3,082,792.64
$
Increased By:
Capital Outlay
29,543.00
$
Capital Outlay - Reserve Year
29,516.91
Serial Bonds Reduced
40,000.00
99,059.91
Balance, December 31, 2023
3,181,852.55
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF RESERVE FOR AMORTIZATION
146
EXHIBIT D-15
Transfer
Transfer
Ordinance
2023
From
Paid or
To
Number
Date
Amount
Funded
Unfunded
Authorizations
Encumbrances
Charged
Encumbrances
Funded
Unfunded
Water Plant Roof
2011-08
09/15/11
26,000.00
$
22,703.12
$
-
$
-
$
-
$
-
$
-
$
22,703.12
$
-
$
Water Capital Asset Management Plan
2018-06
11/19/18
100,000.00
-
87,511.00
-
-
-
-
-
87,511.00
Construction of a Water Supply Well
2023-09
09/27/23
1,400,000.00
-
-
1,400,000.00
-
-
267,000.00
-
1,133,000.00
22,703.12
$
87,511.00
$
1,400,000.00
$
-
$
-
$
267,000.00
$
22,703.12
$
1,220,511.00
$
Capital Improvement Fund
70,000.00
$
Deferred Charges Unfunded
1,330,000.00
1,400,000.00
$
Improvement Description
December 31, 2022
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
Balance
Balance
December 31, 2023
147
EXHIBIT D-16
Balance, December 31, 2022
122,703.12
$
Increased By:
2023 Authorizations
1,400,000.00
Balance, December 31, 2023
1,522,703.12
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED
148
EXHIBIT D-17
Balance, December 31, 2022
22,703.12
$
Increased By:
Fixed Capital Authorized &
Uncompleted
70,000.00
Balance, December 31, 2023 & 2022
92,703.12
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF DEFERRED RESERVE FOR AMORTIZATION
149
EXHIBIT D-18
Balance, December 31, 2022
-
$
Increased By
Premium on BAN Sale
886.05
Balance, December 31, 2023
886.05
$
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF RESERVE FOR DEBT SERVICE
FOR THE YEAR ENDED DECEMBER 31, 2023
150
EXHIBIT D-19
Original
Balance
Balance
Date of
Issue
Date of
Date of
Interest
December 31,
December 31,
Ordinance
Improvement Description
Date
Issue
Maturity
Rate
2022
Increased
2023
09/27/23
Construction of a Water Supply Well
11/15/23
11/15/23
08/07/24
4.75%
-
$
1,330,000.00
$
1,330,000.00
$
-
$
1,330,000.00
$
1,330,000.00
$
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF BOND ANTICIPATION NOTES PAYABLE
FOR THE YEAR ENDED DECEMBER 31, 2023
151
EXHIBIT D-20
Balance
Balance
Ordinance
Ordinance
December 31,
December 31,
Number
Date
2022
Increased
Decreased
2023
2018-06
11/19/18
Water Capital Asset Management Plan
100,000.00
$
-
$
-
$
100,000.00
$
2023-09
09/27/23
Construction of a Water Supply Well
-
1,330,000.00
1,330,000.00
-
100,000.00
$
1,330,000.00
$
1,330,000.00
$
100,000.00
$
Improvement Description
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
FOR THE YEAR ENDED DECEMBER 31, 2023
152
SEWER UTILITY FUND
153
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154
EXHIBIT E-5
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY FUND
Balance, December 31, 2022
933,018.96
$
236,035.68
$
Increased By Receipts:
Miscellaneous Revenue Not Anticipated
11,700.75
$
-
$
Sewer Rents Receivable
531,820.84
-
Overpayments
52.91
-
Transfer from Sewer Operating Fund
-
10,000.00
Interest Earned
-
509.34
Capital Improvement Fund
-
10,000.00
543,574.50
20,509.34
1,476,593.46
256,545.02
Decreased By Disbursements:
Transfer to Sewer Capital
10,000.00
-
Budget Appropriations
568,865.74
-
Appropriation Reserves
2,658.94
-
581,524.68
-
Balance, December 31, 2023
895,068.78
$
256,545.02
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
SCHEDULE OF CASH - TREASURER
Operating Fund
Capital Fund
155
EXHIBIT E-6
Balance
December 31,
2023
Capital Improvement Fund
256,000.00
$
Fund Balance
35.68
Due to Sewer Operating
509.34
256,545.02
$
BOROUGH OF ENGLISHTOWN
FOR THE YEAR ENDED DECEMBER 31, 2023
SCHEDULE OF ANALYSIS OF SEWER UTILITY CAPITAL FUND CASH
SEWER UTILITY CAPITAL FUND
COUNTY OF MONMOUTH, NEW JERSEY
156
EXHIBIT E-7
Balance, December 31, 2022
11,822.20
$
Increased By:
Sewer Rents Levied
534,391.04
546,213.24
Decreased By:
Cash Collections
531,820.84
$
Overpayments Applied
232.54
532,053.38
Balance, December 31, 2023
14,159.86
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY OPERATING FUND
SCHEDULE OF SEWER RENTS RECEIVABLE
157
EXHIBIT E-8
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY CAPITAL FUND
Balance, December 31, 2023 & 2022
980,220.15
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
SCHEDULE OF FIXED CAPITAL
158
EXHIBIT E-9
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY FUND
Balance
Balance
December 31,
After
Paid or
2022
Modifications
Charged
Lapsed
Operating:
Salaries and Wages
12,990.30
$
12,990.30
$
-
$
12,990.30
$
Other Expenses
24,948.06
25,713.56
2,337.69
23,375.87
Total Operating
37,938.36
38,703.86
2,337.69
36,366.17
Capital Improvements:
Capital Outlay
3,000.00
5,416.25
2,416.25
3,000.00
Total Capital Improvements
3,000.00
5,416.25
2,416.25
3,000.00
Statutory Expenditures:
Contributions To:
Social Security System (O.A.S.I.)
1,035.83
1,035.83
-
1,035.83
Total Statutory Expenditures
1,035.83
1,035.83
-
1,035.83
Total Sewer Utility Appropriations
41,974.19
$
45,155.94
$
4,753.94
$
40,402.00
$
Appropriation Reserves
41,974.19
$
Encumbrances Payable
3,181.75
45,155.94
$
Cash Disbursed
2,658.94
$
Accounts Payable
2,095.00
4,753.94
$
FOR THE YEAR ENDED DECEMBER 31, 2023
SCHEDULE OF 2022 APPROPRIATION RESERVES
BOROUGH OF ENGLISHTOWN
159
EXHIBIT E-10
Balance, December 31, 2022
232.54
$
Increased By:
Rent Overpayments
52.91
285.45
Decreased By:
Overpayment Applied
232.54
Balance, December 31, 2023
52.91
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY OPERATING FUND
SCHEDULE OF SEWER RENT OVERPAYMENTS
160
EXHIBIT E-11
Balance, December 31, 2022
246,000.00
$
Increased By:
Budget Appropriation
10,000.00
Balance, December 31, 2023
256,000.00
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
161
EXHIBIT E-12
Balance, December 31, 2023 & 2022
980,220.15
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY CAPITAL FUND
SCHEDULE OF RESERVE FOR AMORTIZATION
162
EXHIBIT E-13
Balance, December 31, 2023 & 2022
119.95
$
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY OPERATING
SCHEDULE OF PROPERTY ACQUIRED FOR TAXES
FOR THE YEAR ENDED DECEMBER 31, 2023
163
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164
SOLID WASTE UTILITY FUND
165
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166
EXHIBIT F-4
COUNTY OF MONMOUTH, NEW JERSEY
SOLID WASTE UTILITY FUND
Balance, December 31, 2022
33,922.63
$
Increased By Receipts:
Miscellaneous Revenue Not Anticipated
1,513.93
$
Sewer Rents Receivable
265,617.06
Overpayments
228.06
267,359.05
301,281.68
Decreased By Disbursements:
Budget Appropriations
238,476.60
Appropriation Reserves
22,526.90
261,003.50
Balance, December 31, 2023
40,278.18
$
BOROUGH OF ENGLISHTOWN
SCHEDULE OF CASH - TREASURER
FOR THE YEAR ENDED DECEMBER 31, 2023
Operating Fund
167
EXHIBIT F-5
Balance, December 31, 2022
755.78
$
Increased By:
Solid Waste Rents Levied
279,076.20
279,831.98
Decreased By:
Cash Collections
265,617.06
$
Overpayments Applied
311.89
265,928.95
Balance, December 31, 2023
13,903.03
$
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY OPERATING FUND
SCHEDULE OF SOLID WASTE RENTS RECEIVABLE
FOR THE YEAR ENDED DECEMBER 31, 2023
168
EXHIBIT F-6
Balance, December 31, 2022
311.89
$
Increased By:
Rent Overpayments
228.06
539.95
Decreased By:
Overpayment Applied
311.89
Balance, December 31, 2023
228.06
$
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SOLID WASTE UTILITY OPERATING FUND
SCHEDULE OF SOLID WASTE RENT OVERPAYMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
169
EXHIBIT F-7
COUNTY OF MONMOUTH, NEW JERSEY
SOLID WASTE UTILITY FUND
Balance
Balance
December 31,
After
Paid or
2022
Modifications
Charged
Lapsed
Operating:
Other Expenses
32,581.13
$
32,581.13
$
22,526.90
$
10,054.23
$
Total Operating
32,581.13
32,581.13
22,526.90
10,054.23
Total Solid Waste Utility Appropriations
32,581.13
$
32,581.13
$
22,526.90
$
10,054.23
$
BOROUGH OF ENGLISHTOWN
SCHEDULE OF 2022 APPROPRIATION RESERVES
FOR THE YEAR ENDED DECEMBER 31, 2023
170
PAYROLL FUND
171
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172
EXHIBIT G-1
COUNTY OF MONMOUTH, NEW JERSEY
Balance, December 31, 2022
68,008.23
$
Increased By Receipts:
Interfund - Current Fund
115,047.97
$
Payroll Taxes Payable
429,606.79
544,654.76
612,662.99
Decreased By Disbursements:
Interfund - Current Fund
126,832.55
Payroll Taxes Payable
465,577.65
592,410.20
Balance, December 31, 2023
20,252.79
$
BOROUGH OF ENGLISHTOWN
SCHEDULE OF CASH - TREASURER
FOR THE YEAR ENDED DECEMBER 31, 2023
PAYROLL FUND
173
EXHIBIT G-2
Balance, December 31, 2022
11,983.60
$
Increased By:
Cash Receipts
115,047.97
127,031.57
Decreased By:
Cash Disbursements
126,832.55
Balance, December 31, 2023
199.02
$
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
PAYROLL FUND
SCHEDULE OF DUE TO CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2023
174
EXHIBIT G-3
COUNTY OF MONMOUTH, NEW JERSEY
Balance
Balance
December 31,
December 31,
2022
Receipts
Disbursements
2023
Federal Withholding Taxes
-
$
130,494.83
$
130,598.60
$
(103.77)
$
State Income Tax
-
44,358.75
44,358.75
-
Social Security Taxes
-
104,840.30
104,840.30
-
State Pension Systems
PERS
2,616.43
23,734.30
26,208.54
142.19
PFRS
6,966.66
58,687.59
62,483.54
3,170.71
DCRP
(0.30)
9,393.64
9,393.32
0.02
PBA Dues
420.00
6,230.00
6,230.00
420.00
AFLAC
104.70
1,230.84
1,126.18
209.36
Unemployment
13,879.41
5,704.99
3,369.14
16,215.26
Health Insurance
31,540.54
42,827.61
74,368.15
-
Disability Insurance
497.19
1,339.35
1,836.54
-
Family Leave Insurance
-
764.59
764.59
-
56,024.63
$
429,606.79
$
465,577.65
$
20,053.77
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
SCHEDULE OF PAYROLL DEDUCTIONS PAYABLE
PAYROLL FUND
175
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176
GENERAL FIXED ASSETS ACCOUNT GROUP
177
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178
EXHIBIT H-1
Balance,
Balance
December 31,
December 31,
2022
Additions
Adjustment
2023
Land
2,039,400.00
$
-
$
-
$
2,039,400.00
$
Buildings
510,300.00
-
-
510,300.00
Equipment
1,069,754.78
9,490.00
(257,807.19)
821,437.59
3,619,454.78
$
9,490.00
$
(257,807.19)
$
3,371,137.59
$
FOR THE YEAR ENDED DECEMBER 31, 2023
BOROUGH OF ENGLISHTOWN
SCHEDULE OF GENERAL FIXED ASSETS
GENERAL FIXED ASSETS ACCOUNT GROUP
COUNTY OF MONMOUTH, NEW JERSEY
179
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180
COMMENTS AND RECOMMENDATIONS
181
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182
BOROUGH OF ENGLISHTOWN
PART II
SCHEDULE OF FINANCIAL STATEMENT FI NDINGS -
GOVERNMENT AUDITING STANDARDS
FOR THE YEAR ENDED DECEMBER 31, 2023
183
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184
BOROUGH OF ENGLISHTOWN
SCHEDULE OF FINANCIAL STATEMENT FINDINGS
FOR THE YEAR ENDED DECEMBER 31, 2023
Section II – Financial Statement Findings
This section identifies the significant deficiencies, material weaknesses and instances of noncompliance
related to the basic financial statements that are required to be reported in accordance with Government
Auditing Standards and with audit requirements prescribed by the Division of Local Government
Services, Department of Community Affairs, State of New Jersey.
Finding 2023-01
Criteria or specific requirement:
In accordance with maintaining an internal control environment that is effective in the prevention and/or
identification of potential financial statement misstatement and/or misclassification, the Borough should
timely maintain a complete and accurate general ledger system.
Condition:
The general ledger was not timely maintained in the Borough’s financial reporting system.
Cause:
Internal control policies and procedures are not in place to properly maintain the ledgers.
Effect or potential effect:
Potential material misstatement of financial statements and weakening of internal control over financial
reporting.
Recommendation:
That internal control policies and procedures should be developed to properly maintain a timely and
accurate general ledger system.
View of responsible official:
The responsible official agrees with this finding and will address the matter as part of their corrective
action plan.
185
BOROUGH OF ENGLISHTOWN
SUMMARY SCHEDULE OF PRIOR YEAR AUDIT FINDINGS
AND QUESTIONED COSTS AS PREPARED BY MANAGEMENT
FOR THE YEAR ENDED DECEMBER 31, 2023
This section identifies the status of prior year findings related to the financial statements, federal awards
and state financial assistance that are required to be reported in accordance with Government Auditing
Standards, Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principals, and Audit Requirements for Federal Awards (Uniform Guidance), and
New Jersey OMB’s Circular 15-08.
FINANCIAL STATEMENT FINDINGS
No Prior Year Findings.
FEDERAL AWARDS
N/A – No Federal Single Audit in prior year.
STATE FINANCIAL ASSISTANCE
N/A – No State Single Audit in prior year.
186
BOROUGH OF ENGLISHTOWN
PART III
LETTER OF COMMENTS AND RECOMMENDATIONS – REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2023
187
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188
OFFICIALS IN OFFICE
The following officials were in office at December 31, 2023:
Name
Title
Thomas Reynolds
Mayor
Daniel Francisco
Council President
Cindy Robilotti
Councilmember
Meaghan Lewis
Councilmember
Wayne Krawiec
Councilmember
Eric Mann
Councilmember
Bill Lewis
Councilmember
Joseph Youssouf
Attorney
Jeffrey Elsasser
Chief Financial Officer
Consetta Ellison
Tax Collector
Lisa Langolis
Court Administrator
Mark Fitzpatrick
Tax Assessor
James Newman
Magistrate
Violetta Grzanko
Water/Sewer Utilities Clerk
Kerry Killeen
Municipal Clerk
Kenneth Marr, Jr.
Code Official
189
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190
Honorable Mayor and Members
of the Borough Council
Borough of Englishtown
Englishtown, New Jersey 07726
In accordance with requirements prescribed by the Division of Local Government Services, Department
of Community Affairs, State of New Jersey, the following are the General Comments and
Recommendations for the year ended December 31, 2023.
GENERAL COMMENTS:
Contracts and Agreements required to be advertised by (N.J.S.A.40A:11-4)
N.J.S.A.40A:11-4 states every contract or agreement, for the performance of any work or furnishing or
hiring of any materials or supplies, the cost or the contract price whereof is to be paid with or out of
public funds not included within the terms of Section 3 of this act, shall be made or awarded only by the
Governing Body of the contracting unit after public advertising for bids and bidding therefore, except as
is provided otherwise in this act or specifically by any other Law. No work, materials or supplies shall be
undertaken, acquired or furnished for a sum exceeding in the aggregate the bid threshold, except by
contract or agreement.
The bid threshold in accordance with N.J.S.A. 40A:11-4 was $44,000 for the year ended December 31, 2023.
It is pointed out that the governing body of the municipality has the responsibility of determining whether
the expenditures in any category will exceed the statutory minimum within the fiscal year. Where
question arises as to whether any contract or agreement might result in violation of the statute, the
solicitor's opinion should be sought before a commitment is made.
Inasmuch as the system of records did not provide for an accumulation of payments for categories for the
performance of any work or the furnishing or hiring of any materials or supplies, the results of such an
accumulation could not reasonably be ascertained. Disbursements were reviewed, however, to determine
whether any clear-cut violations existed.
Our examination of expenditures did not reveal any individual payments or contracts in excess of the bid
threshold “for the performance of any work, or the furnishing of any materials, supplies or labor” other
than those where bids had been previously sought by public advertisement or where a resolution had been
previously adopted under the provisions of N.J.S.A.40A:11-6.
191
1985 Cedar Bridge Ave., Suite 3 • Lakewood, NJ 08701 • 732.797.1333
194 East Bergen Place • Red Bank, NJ 07701 • 732.747.0010
www.hfacpas.com
Collection of Interest on Delinquent Taxes and Assessments
N.J.S.54:4-67, provides the method for authorizing interest and the maximum rates to be charged for the
nonpayment of taxes or assessments on or before the date when they would become delinquent.
The governing body on January 10, 2023 adopted the following resolution authorizing interest to be
charged on delinquent taxes:
NOW THEREFORE, BE IT RESOLVED, that if said taxes are deemed to be delinquent for non-
payment of taxes, the Tax Collector shall charge eight (8%) percent per annum on the first
$1,500.00 of the delinquency, and eighteen (18%) percent per annum on any amount in excess of
$1,500.00; and
BE IT FURTHER RESOLVED, by the Borough Council of the Borough of Englishtown, that the
Tax Collector shall allow that no interest will be charged on payments received and made by the
tenth calendar day following the date upon which the same became payable; and
BE IT FURTHER RESOLVED, by the Borough Council of the Borough of Englishtown, that the
Tax Collector shall charge, in addition to the interest for delinquent taxes, as noted above, a
penalty of six (6%) percent of the amount of the delinquency in taxes in excess of $10,000.00 to a
taxpayer who fails to pay the delinquency prior to the end of the calendar year.
It appears from an examination of the Collector's record that interest was collected in accordance with the
foregoing resolution.
OTHER COMMENTS (FINDINGS):
Finding 2023-01
The general ledger was not timely maintained in the Borough’s financial reporting system.
RECOMMENDATIONS:
Finding 2023-01
That internal control policies and procedures should be developed to properly maintain a timely and
accurate general ledger system.
192
Appreciation
We express our appreciation for the assistance and courtesies extended to the members of the audit team.
Respectfully submitted,
HOLMAN FRENIA ALLISON, P. C.
Robert W. Allison
Certified Public Accountant
Registered Municipal Accountant
RMA No. 483
Lakewood, New Jersey
April 15, 2024
193
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"...Police Safety Equipment 5,657.26 - 551.23 - - 6,208.49 Special Events 1,929.16 - 675.00 930.73 - 1,673.43 Performance Bonds 19,035.24 - 93.61 - - 19,128.85 Planning Board Escrow 23,433.63 377.50 12,915.64 2,463.09 377.50..."
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First Discovered
Apr 1, 2026
Last Info Update
Apr 28, 2026
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