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Executive Summary
This document is an audit report of the Borough of Englishtown's financial statements for the year ended December 31, 2024. The report includes an independent auditor's report, financial statements on a regulatory basis for various funds (Current Fund, Trust Fund, General Capital Fund, Water Utility Fund, Sewer Utility Fund, and Solid Waste Utility Fund), notes to the financial statements, and supplementary schedules. The audit was conducted by Suplee, Clooney & Company LLC and includes an assessment of internal controls and compliance with government auditing standards. The report expresses an adverse opinion on the financial statements' adherence to U.S. Generally Accepted Accounting Principles (GAAP) but an unmodified opinion on their compliance with regulatory accounting practices prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey.
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--- Document: 2024 Audit Document ---
Report of Audit
the
on
Financial Statements
of the
Borough of Englishtown
in the
th
County of Monmou
New Jersey
for the
Year Ended
December 31, 2024
BOROUGH OF ENGLISHTOWN
I N D E X
PAGES
PARTI
1-4
Independent Auditor's Report
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
5-6
EXHIBITS
Financial Statements - Regulatory Basis
Current Fund:
A
Balance Sheet - Regulatory Basis
Statements of Operations and Changes in Fund Balance - Regulatory Basis
Statement of Revenues - Regulatory Basis
Statement of Expenditures - Regulatory Basis
A-1
A-2
A-3
Trust Fund:
B
Balance Sheet - Regulatory Basis
General Capital Fund:
Balance Sheet - Regulatory Basis
Statement of Fund Balance - Regulatory Basis
C
C-1
Water Utility Fund:
Comparative Balance Sheet - Regulatory Basis
Statement of Operations and Changes in Fund Balance- Regulatory Basis
Statement of Fund Balance - Regulatory Basis
Statement of Revenues - Regulatory Basis
Statement of Expenditures - Regulatory Basis
D
D-1
D-2
D-3
D-4
Sewer Utility Fund:
Comparative Balance Sheet - Regulatory Basis
Statement of Operations and Changes in Fund Balance - Regulatory Basis
Statement of Fund Balance - Regulatory Basis
Statement of Revenues - Regulatory Basis
Statement of Expenditures - Regulatory Basis
E
E-1
E-2
E-3
E-4
BOROUGH OF ENGLISHTOWN
I N D E X (CONTINUED)
EXHIBITS
Financial Statements - Regulatory Basis (Continued)
Solid Waste Utility Fund:
F
Comparative Balance Sheet - Regulatory Basis
Statement of Operations and Changes in Fund Balance- Regulatory Basis
Statement of Revenues - Regulatory Basis
Statement of Expenditures - Regulatory Basis
F-1
F-2
F-3
General Fixed Asset Account Group:
G
Balance Sheet - Regulatory Basis
PAGES
7-42
Notes to Financial Statements - Year Ended December 31, 2024
Supplementary Schedules - All Funds
SCHEDULES
Current Fund:
A-4
Schedule of Cash -Treasurer
Schedule of Change Funds
Schedule of Due to State of New Jersey - Senior Citizens’ and Veterans Deductions
Schedule of Taxes Receivable and Analysis of Property Tax Levy
Schedule of Tax Title Liens Receivable
Schedule of Revenue Accounts Receivable
Schedule of 2023 Appropriation Reserves
Schedule of Encumbrances Payable
Schedule of Accounts Payable
Schedule of Prepaid Taxes
Schedule of County Taxes Payable
Schedule of Regional High School District Tax Payable
Schedule of Regional School District Tax Payable
Schedule of Interfunds
Schedule of Foreclosed Property
Schedule of Tax Overpayments
Schedule of Fire District Taxes Payable
Schedule of Due to State of New Jersey
Schedule of Various Reserves
A-5
A-6
A-7
A-8
A-9
A-10
A-11
A-12
A-13
A-14
A-15
A-16
A-17
A-18
A-19
A-20
A-21
A-22
BOROUGH OF ENGLISHTOWN
I N D E X (CONTINUED)
SCHEDULES
Current Fund (Continued):
Schedule of Deferred Charges- Special Emergency Authorizations 40A: 4-53
Schedule of Grants Receivable
Schedule of Reserve for Grants - Appropriated
Schedule of Reserve for Grants - Unappropriated
A-23
A-24
A-25
A-26
Trust Fund:
Schedule of Cash - Treasurer
Schedule of Due State of New Jersey
Schedule of Reserve for Animal Control Expenditures
Schedule of Various Trust Fund Reserves
Schedule of Due Current Fund
Schedule of Encumbrances Payable
B-1
B-2
B-3
B-4
B-5
B-6
General Capital Fund:
Schedule of Cash - Treasurer
Schedule of Analysis of Capital Cash and Investments
Schedule of Deferred Charges to Future Taxation - Funded
Schedule of Deferred Charges to Future Taxation - Unfunded
Schedule of Grants Receivable
Schedule of General Serial Bonds
Schedule of Bond Anticipation Notes
Schedule of Improvement Authorizations
Schedule of Capital Improvement Fund
Schedule of Reserve for Debt Service
Schedule of Reserve for Contracts Payable
Schedule of Due To/From Current Fund
Schedule of Reserve for Cost Issuance
Schedule of Due To/From Water Utility Operating Fund - Capital Fund
Schedule of Bonds and Notes Authorized but not Issued
C-2
C-3
C-4
C-5
C-6
C-7
C-8
C-9
C-10
C-11
C-12
C-13
C-14
C-15
C-16
BOROUGH OF ENGLISHTOWN
I N D E X (CONTINUED)
SCHEDULES
Water Utility Fund:
D-5
Schedule of Cash - Treasurer
Schedule of Water Utility Capital-Cash
Schedule of Consumer Accounts Receivable
Schedule of Reserve for Debt Service
Schedule of Fixed Capital
Schedule of Fixed Capital Authorized and Uncompleted
Schedule of Appropriation Reserves
Schedule of Encumbrances Payable
Schedule of Water Overpayments
Schedule of Capital Improvement Fund
Schedule of Improvement Authorizations
Schedule of Reserve for Amortization
Schedule of Deferred Reserve for Amortization
Schedule of Interfunds Receivable
Schedule of Accrued interest on Bonds and Notes
Schedule of Encumbrances Payable-Capital Fund
Schedule of Bond Anticipation Notes
Schedule of Serial Bonds
Schedule of Bonds and Notes Authorized But Not Issued
Schedule of Interfunds Payable / Receivable
D-6
D-7
D-8
D-9
D-10
D-11
D-12
D-13
D-14
D-15
D-16
D-17
D-18
D-19
D-20
D-21
D-22
D-23
D-24
Sewer Utility Fund:
E-5
Schedule of Cash - Treasurer
Schedule of Sewer Utility Capital-Cash
Schedule of Consumer Accounts Receivable
Schedule of Fixed Capital
Schedule of Appropriation Reserves
Schedule of Sewer Rent Overpayments
Schedule of Capital Improvement Fund
Schedule of Reserve for Amortization
Schedule of Property Acquired for Taxes
Schedule of Encumbrances Payable
Schedule of Interfunds Receivable
Schedule of Interfunds Payable
E-6
E-7
E-8
E-9
E-10
E-11
E-12
E-13
E-14
E-15
E-16
Solid Waste Utility Fund:
F-4
Schedule of Cash - Treasurer
Schedule of Consumer Accounts Receivable
Schedule of Solid Waste Overpayments
Schedule of Appropriation Reserves
Schedule of Interfunds Receivable
F-5
F-6
F-7
F-8
BOROUGH OF ENGLiSHTOWN
I N D E X (CONTINUED)
PAGES
PART II
Statistical Data
43-49
Officials in Office and Surety Bonds
50
General Comments and Recommendations
51-54
BOROUGH OF ENGLISHTOWN
PARTI
INDEPENDENT AUDITOR’S REPORT ON
AUDIT OF FINANCIAL STATEMENTS
AND SUPPLEMENTARY SCHEDULES AND DATA
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
FINANCIAL STATEMENTS - REGULATORY BASIS - ALL FUNDS
NOTES TO FINANCIAL STATEMENTS - REGULATORY BASIS
SUPPLEMENTARY SCHEDULES - ALL FUNDS
YEAR ENDED DECEMBER 31. 2024 AND 2023
SUPLEE, CLOONEY & COMPANY LLC
CERTIFIED PUBLIC ACCOUNTANTS
308 East Broad Street, Westfield , New Jersey 07090 - 2122
Fax 908-789-8535
Telephone 908-789-9300
E-mail
info@scnco . com
INDEPENDENT AUDITOR’S REPORT
The Honorable Mayor and Members
of the Borough Council
Borough of Englishtown
County of Monmouth
Englishtown, New Jersey 07726
Report on the Financial Statements
We have audited the accompanying balance sheets - regulatory basis of the various
individual funds and account group of the Borough of Englishtown (the “Borough"), as of and for
the years ended December 31, 2024, the related statements of operations and changes in fund
balance - regulatory basis for the years then ended, and the related statement of revenues -
regulatory basis and statement of expenditures - regulatory basis of the various individual funds
for the year ended December 31, 2024, and the related notes to the financial statements, which
collectively comprise the Borough’s regulatory financial statements as listed in the table of
contents.
Adverse Opinion on U.S. Generally Accepted Accounting Principles
In our opinion, because of the significance of the matter discussed in the "Matter Giving
Rise to Adverse Opinion" paragraph, the financial statements referred to above do not present
fairly, in accordance with accounting principles generally accepted in the United States of
America, the financial position of the various individual funds and account group of the Borough
as of December 31, 2024, or the results of its operations and changes in fund balance for the
years then ended or the revenues or expenditures for the year ended December 31, 2024.
Unmodified Opinion on Regulatory Basis of Accounting
In our opinion, the regulatory financial statements referred to above present fairly, in all
material respects, the regulatory basis balances sheets of the various individual funds and
account group as of December 31, 2024, the regulatory basis statement of operations and
changes in fund balance for the years then ended and the regulatory basis statement of
revenues and expenditures and changes in fund balance for the year ended December 31,
2024 in accordance with the basis of financial reporting prescribed by the Division of Local
Government Services, Department of Community Affairs, State of New Jersey (the "Division")
as described in Note 1.
1
SUPLEE, CLOONEY & COMPANY LLC
Basis for Adverse and Unmodified Opinions
We conducted our audit in accordance with auditing standards generally accepted in the
United States of America, the audit requirements prescribed by the Division, and the standards
applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of
our report. We are required to be independent of the Borough and to meet our other ethical
responsibilities, in accordance with the relevant ethical requirements relating to our audit. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our adverse and unmodified audit opinions.
Matter Giving Rise to Adverse Opinion
As described in Note 1 of the regulatory financial statements, the regulatory financial
statements are prepared by the Borough on the basis of the financial reporting provisions
prescribed by the Division, which is a basis of accounting other than accounting principles
generally accepted in the United States of America, to meet the requirements 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.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the regulatory
financial statements in accordance with the regulatory basis of accounting prescribed by the
Division, and for the design, implementation, and maintenance of internal control relevant to the
preparation and fair presentation of regulatory financial statements that are free from material
misstatement, whether due to fraud or error. In preparing the regulatory financial statements,
management is required to evaluate whether there are conditions or events, considered in the
aggregate, that raise substantial doubt about the Borough's ability to continue as a going
concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the regulatory
financial statements as a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditor's report that includes our opinions. Reasonable assurance is a
high level of assurance but is not absolute assurance and therefore is not a guarantee that an
audit conducted in accordance with GAAS, Government Auditing Standards and audit
requirements prescribed by the Division will always detect a material misstatement when it
exists. The risk of not detecting a materia! 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.
2
SUPLEE, CLOONEY & COMPANY LLC
In performing an audit in accordance with GAAS, Government Auditing Standards and audit
requirements prescribed by the Division, we:
•exercise professional judgment and maintain professional skepticism throughout the audit.
•identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
• obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Borough's internal control. Accordingly, no such opinion is
expressed.
• evaluate the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluate the overall
presentation of the financial statements.
• conclude whether, in our judgment, there are conditions or events, considered in the
aggregate, that raise substantial doubt about the Borough's ability to continue as a going
concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit, significant audit findings, and certain internal
control-related matters that we identified during the audit.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements
that collectively comprise the Borough's regulatory financial statements. The supplementary
information, and data listed in the table of contents as required by the Division are presented for
purposes of additional analysis 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 supplemental information, and data listed in the
table of contents, as required by the Division are fairly stated, in ail material respects, in relation
to the regulatory financial statements as a whole.
3
SUPLEE, CLOONEY & COMPANY LLC
Prior Period Financial Statements
The financial statements - regulatory basis of the Borough of Englishtown as of
December 31, 2023, and for the year then ended, were audited by other auditors whose report
dated April 15, 2024, expressed an adverse opinion as to conformity with accounting principles
generally accepted in the United States of America and an unmodified opinion as to conformity
with accounting principles and practices prescribed by the Division of Local Government
Services, Department of Community Affairs, State of New Jersey.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report
dated October 24, 2025 on our consideration of the Borough'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'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 Borough’s
internal control over financial reporting and compliance.
JfL IL/
CERTIFIED PUBLIC ACCOUNTANTS'
REGISTERED MUNICIPAL ACCOUNTANT NO. 439
October 24, 2025
4
SUPLEE, CLOONEY & COMPANY LLC
CERTIFIED PUBLIC ACCOUNTANTS
308 East Broad Street , Westfield, New Jersey 07090- 2122
Fax 908-789-8535
Telephone 908- 789-9300
E-mail
info@scnco.com
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
The Honorable Mayor and Members
of the Borough Council
Borough of Englishtown
County of Monmouth
Englishtown, New Jersey 07726
We have audited, in accordance with the auditing standards generally accepted in the
United States of America, the audit requirements prescribed by the Division of Local Government
Services, Department of Community Affairs, State of New Jersey and the standards applicable to
financial audits contained in Government Auditing Standards issued by the Comptroller General of
the United States, the regulatory financial statements of the various individual funds and the
account group of the Borough of Englishtown, as of and for the year ended December 31, 2024,
and the related notes to the financial statements, which collectively comprise the Borough’s
regulatory financial statements, and have issued our report thereon dated October 24, 2025. Our
report disclosed that, as described in Note 1 to the financial statements, the Borough of
Englishtown prepares its financial statements on a basis of accounting prescribed by the Division
of Local Government Services, Department of Community Affairs, State of New Jersey, that
demonstrates compliance with a modified accrual basis and the budget laws of the State of New
Jersey, which is a comprehensive basis of accounting other than U.S. generally accepted
accounting principles.
Internal Control Over Financial Reporting
In planning and performing our audit of the regulatory financial statements, we considered
the Borough’s control over financial reporting (internal control) as a basis for designing audit
procedures that are appropriate in the circumstances for the purpose of expressing our opinions on
the financial statements but not for the purpose of expressing an opinion on the effectiveness of
the Borough’s internal control. Accordingly, we do not express an opinion on the effectiveness of
Borough’s internal control.
5
SUPLEE, CLOONEY & COMPANY LLC
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 Borough’s financial statements will not be prevented,
or detected and corrected on a timely basis.
A significant deficiency is a deficiency, or a
combination of deficiencies, in internal control that is less severe than a material weakness, yet
important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal control that
might be material weaknesses or significant deficiencies. Given these limitations, during our audit
we did not identify any deficiencies in internal control that we consider to be material weaknesses.
However, material weaknesses may exist that have not been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Borough’s financial
statements are free from material misstatement, we performed tests of its compliance with certain
provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could
have a direct and material effect on the financial statements. However, providing an opinion on
compliance with those provisions was not an objective of our audit, and accordingly, we do not
express such an opinion. The results of our tests disclosed no instances of noncompliance or other
matters that are required to be reported under Government Auditing Standards. We noted other
matters
of
noncompliance
which
are
discussed
in
Part
II,
General
Comments
and
Recommendations section of the audit report.
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 Borough’s internal control or on compliance. This report is an integral part of an audit
performed in accordance with Government Auditing Standards in considering the Borough’s
internal control and compliance. Accordingly, this communication is not suitable for any other
purpose.
I
CERTIFIED PUBLIC ACCOlSNTAN
MuAL
REGISTERED MUNICIPAL ACCOUNTANT NO. 439
October 24, 2025
6
THIS PAGE INTENTIONALLY LEFT BLANK
CURRENT FUND
Exhibit A
Sheet 1
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
BALANCE SHEET - REGULATORY BASIS
DECEMBER 31, 2024 and 2023
2023
Reference
2024
Assets
Current Fund:
Cash and Cash Equivalents
Petty Cash
Change Fund
3,193,475.31 $
2,472,570.89
75.00
275.00
A-4
$
275.00
A-5
$
3,193,825.31 $
2,472,845.89
State of New Jersey - Seniors' and
and Veterans’ Deductions
A-6
6.82
Receivables With Full Reserves:
Delinquent Property Taxes Receivable
Tax Title Liens Receivable
Property Acquired for Taxes -
Assessed Valuation
Interfunds Receivable
Revenue Accounts Receivable
A-7
$
0.04 $
4,204.59
4,732.91
1,526.50
A-8
A-18
318,800.00
16,437.84
4,515.84
318,800.00
1,683.76
3,692.58
A-17
A-9
$
343,958.31 $
330,435.75
Deferred Charges:
Special Emergency:
COVID 19 '
Preparation and Reexamination of Master Plan
Codification of Ordinances
A-23
25,484.17
7,000.00
11,034.00
41,484.17
10,500.00
14,712.00
A-23
A-23
43,518.17
66,696.17
$
3,581,308.61 $
2,869,977.81
Federal and State Grants:
Cash and Cash Equivalents
Grants Receivable
A-4
$
74,108.17 $
20,964.22
95,072.39 $
241,623.71
220,659.49
20,964.22
A-24
$
$
3,676,381.00 $
3,111,601.52
Total Assets
The accompanying Notes to the Financial Statements are an integral part of this statement.
Exhibit A
Sheet 2
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
BALANCE SHEET - REGULATORY BASIS
DECEMBER 31, 2024 and 2023
2023
Reference
Liabilities, Reserves and Fund Balance
2024
516,976,71
72,272,68
44,669.73
51,414.61
1,527.26
196,564.15
319,968.24
2,000.00
6,693.71
A-3.A-10
$
268,609.44 $
57,149.46
29,041.47
48,935.99
87.90
201,451.15
533,728.24
234,224.19
6,662.77
Appropriation Reserves
Encumbrances Payable
Accounts Payable
Prepaid Taxes
County Taxes Payable
Regional High School District Taxes Payable
Regional School District Taxes Payable
Interfunds Payable
Tax Overpayments
Due To:
State of New Jersey - Marriage Licences
State of New Jersey - Seniors' and
and Veterans’ Deductions
Various Reserves
A-11
A-12
A-13
A-14
A-15
A-16
A-17
A-19
100.00
A-21
300.00
243.18
105,961.36
A-6
116,045.00
A-22
$
1,496,235.61 $
1,318,391.63
$
343,958.31 $
330,435.75
1,741,114,69
1,221,150.43
Reserve for Receivables and Other Assets
Fund Balance
A
A-1
$
2,085,073.00 $
1,551,586.18
$
3,581,308.61 $
2,869,977.81
Federal and State Grants:
Due to Current Fund
Reserve for Encumbrances
Reserve for Appropriated Grants
Reserve for Unappropriated Grants
$
436.68 $
436.68
1,050.00
83,506.08
156,630.95
A-17
A-11
92,108.33
2,527.38
A-25
A-26
$
95,072.39 $
241,623.71
$
3,676,381.00 $
3,111,601.52
Total Liabilities, Reserves and Fund Balance
The accompanying Notes to the Financial Statements are an integral part of this statement.
Exhibit A-1
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE
REGULATORY BASIS
DECEMBER 31, 2024 and 2023
2023
Reference
2024
Revenue and Other Income Realized:
Fund Balance Utilized
Miscellaneous Revenue Anticipated
Receipts From Delinquent Taxes
Non-Budget Revenue
Receipt From Current Taxes
Other Credits To Income:
Unexpended Balance of Appropriation Reserves
Federal & State Appropriated Grants Canceled
Interfunds Returned
Adjustments to Premiums on Tax Sales
Total Revenue and Other Income Realized
221,473.16 $
660,984.70
2,029.18
102,626.41
7,564,096.05
$
295,000.00
518,021.85
531.50
53,114.79
6,971,672.18
A-2
A-2
A-2
A-2
A-2
261,879.56
480,106.57
A-10
0.78
12,009.25
12,400.00
1,048.06
8,124,629.91
9,032,364.13
Expenditures:
Budget Appropriations Within "CAPS":
Operations:
Salaries and Wages
Other Expenses
Deferred Charges and Statutory
Expenditures
Appropriations Excluded From “CAPS'':
Operations:
Salaries and Wages
Other Expenses
Capital Improvements
Municipal Debt Service
Deferred Charges
County Taxes
County Share of Added Taxes
Regional High School District Taxes
Regional School District Taxes
Fire District Taxes
Adjustment to Third Party Liens
Refund Prior Years Revenues
Interfunds Advanced
991,150.00
903,950.00
1,043,540.00
871,980.00
A-3
A-3
246,500.00
273,022.89
A-3
31,000.00
180,244.60
30,000.00
216,371.64
33,178.00
766,700.85
31,000.00
225,703.44
50,000.00
205,090.37
23,178.00
810,110.17
87.90
1,078,905.00
3,114,132.00
564,000.00
A-3
A-3
A-3
A-3
A-3
A-14
A-14
A-15
1,061,356.00
2,669,445.00
524,000.00
5,141.42
A-16
A-20
4,794.80
15,802.14
A-4
Total Expenditures
8,290,926.71
7,679,457.51
445,172.40
741,437.42
Excess in Revenue
Fund Balance, January 1
A
1,221,150.43
1,070,978.03
1,516,150.43
1,962,587.85
Decreased By:
Utilized as Anticipated Revenue
A-1,A-2
221,473.16
295,000.00
1,741,114.69 $
$
1,221,150.43
Fund Balance, December 31
The accompanying Notes to the Financial Statements are an integral part of this statement.
A
Exhibit A-2
Sheet 1
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
Excess/
(Deficit)
Special N.J.S
4QA: 4-87
Realized
Budget
Reference
$
221,473.16 $
A-1
$
221,473.16 $
Surplus Anticipated
Miscellaneous Revenues:
Alcoholic Beverages
Municipal Court
Interest and Costs on Taxes
Interest on Investments and Deposits
Anticipated Utility Operating Surplus
Energy Receipts Tax
Municipal Relief Funds Reserved
Fire District Interlocal Agreement
Body Armor Grant
Off Duty Police Administrative Fees
Tower Lease Agreement
Cable TV Franchise Fees
General Capital Surplus
American Rescue Plan
Recycling Tonnage Grant
Alcohol Education Rehabilitation Fund
Clean Community Program
$
6,639.34 $
43,386.56
14.686.24
86,316.74
35,000.00
143,901.74
14,832.86
33,760.00
947.92
8,536.25
40.163.25
41,936.00
26,500.00
154,126.28
4,786.36
858.09
4,607.07
239.34
(25,113.44)
7,786.24
61,316.74
A-9
$
6,400.00 $
68,500.00
6,900.00
25,000.00
35,000.00
143,902.00
14,832.86
33,760.00
947.92
23,678.00
20,000.00
41,936.00
26,500.00
154,126.28
A-9
A-9
A-9
A-9
(0.26)
A-9
A-22
A-9
A-24
(15,141.75)
20,163.25
A-9
A-9
A-9
A-9
A-9
A-24
4,786.36
858.09
4,607.07
A-24
A-24
A-1
$
601,483.06 $
10,251.52 $
660,984.70 $
49,250.12
Total Miscellaneous Revenues
$
2,029.18 $
2,029.18
Receipts From Delinquent Taxes
A-1
$
$
Property Taxes for Support of Municipal
Budget Appropriations:
Local Tax for Municipal Purposes
Including Reserve for Uncollected Taxes
A-2:A-7
$
1,993,014.59 $
$
2,115,078.98 $
122,064.39
10,251.52 $
2,999,566.02 $
173,343.69
$
2,815,970.81 $
Budget Totals
$
102,626.41 $
102,626.41
$
Non-Budget Revenue
A-1,A-2
$
A-3
$
2,815,970.81 $
10,251.52 $
3,102,192.43 $
275,970.10
Total General Revenues
The accompanying Notes to the Financial Statements are an integral part of this statement.
Exhibit A-2
Sheet 2
BOROUGH OF ENGLtSHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
Reference
Analysis of Realized Revenue
Allocation of Current Tax Collections:
Revenue From Collections
School, County and Special District Taxes
Balance for Support of Municipal Budget Appropriations
$
7,564,096.05
5,567,235.07
1,996,860.98
A-1.A-7
A-14:A-15:A-19
118,218.00
A-3
Add: "Appropriation Reserve for Uncollected Taxes"
$
2,115,078.98
Amount for Support of Municipal Budget Appropriations
A-2
Miscellaneous Revenue Not Anticipated:
Administrative Fees
Accident Report
Alarm System
Assessor's List
Canabis Licenses
CCO Inspections
Certified Copies
Commuter Parking Fees
Impound Release Fees
Discovery/Police Reports
Duplicate Tax Bill
Firearms
Food Handling License
Sale of Municipal Assets
Road Opening Permits
Tax Searches
Refund of Prior Year's Expenditures
Miscellaneous
$
352.80
105.00
495.00
36,469.46
5,000.00
549.00
1,560.00
1,600.00
1,082.70
145.00
3,350.00
1,225.00
22,877.50
275.00
48.00
13,826.66
13,665.29
A-2:A-4
$
102,626.41
The accompanying Notes to the Financial Statements are an integral part of this statement.
EXHIBIT A-3
SHEET 1
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
Unexpended
Balance
Cancelled
Appropriations
Expended
Budget After
Modifications
Paid or
Charged
Original
Budget
Reserved
GENERAL APPROPRIATIONS
Operations * Within "CAPS"
GENERAL GOVERNMENT
General Administration:
Other Expenses
Mayor and Council:
Salaries and Wages
Other Expenses
Municipal Clerk:
Salaries and Wages
Other Expenses
Election:
Other Expenses
Financial Administration:
Salaries and Wages
Other Expenses
Audit Services:
Other Expenses
Collection of Taxes:
Salaries and Wages
Other Expenses
Assessment of Taxes:
Salaries and Wages
Other Expenses
Department of Law:
Other Expenses
Municipal Prosecutor:
Salaries and Wages
4,536.97 $
213.03 $
$
4,750.00 $
250.00 S
28,500.00
1,300.00
24,000.00
1,255.62
4,500.00
44.38
28,500.00
1,300.00
51,000.00
19,150.00
47,115.89
19,048.20
3,884.11
101.80
51,000.00
11,150.00
750.00
685.97
64.03
750.00
2,420.20
10,911.58
55,000.00
2,100.00
33,000.00
54,100.00
30,579.80
43,188.42
18,000.00
18,000.00
18,000.00
12,989.16
268.67
13,750.00
1,750.00
760.84
1,481.33
13,000.00
2,500.00
15,750.00
6,650.00
15,606.00
5,688.39
144.00
961.61
15,750.00
5,650.00
93,056.70
6,943.30
100,000.00
100,000.00
10,500.00
2,450.00
10,500.00
8,050.00
The accompanying Notes to the Financial Statements are an integral part of this statement
EXHIBIT A-3
SHEET 2
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
Unexpended
Balance
Cancelled
Appropriations
Expended
Original
Budget
Budget After
Modifications
Paid or
Charged
Reserved
GENERAL APPROPRIATIONS
Operations - Within "CAPS" (Continued)
Dog Regulation:
Other Expenses
Insurance:
Group Insurance
Health Benefit Waiver
Police Department:
Salaries and Wages
Salaries and Wages- ARP
Other Expenses
Emergency Management Services:
Other Expenses
Department of Community Development
Engineering services and Costs
Other Expenses
Planning Board:
Salaries and Wages
Other Expenses
Code Enforcement:
Salaries and Wages
Other Expenses
Affordable Housing:
Salaries and Wages
Other Expenses
Buildings and Grtounds:
Salaries and Wages
Other Expenses
$
1,000.00 $
1,000.00 $
$
1,000.00 $
170,250.93
49,249.07
1,000.00
219,500.00
1,000.00
200,000.00
5,000.00
18,926.63
528,373.72
154,126.28
100,000.00
509,447.09
154,126.28
78,704.45
595,873.72
154,126.28
100,000.00
21,295.55
100.00
100.00
100.00
38,858.92
18,641.08
40,000.00
57,500.00
2,364.98
4,212.12
6,000.00
47,500.00
3,635.02
43,287.88
6,000.00
40,000.00
15,588.13
91.15
411.87
1,158.85
15,500.00
1,250.00
16,000.00
1,250.00
600.00
100.00
600.00
100.00
600.00
100.00
2,690.98
40,859.67
809.02
1,140.33
7,500.00
40,000.00
3,500.00
42,000.00
The accompanying Notes to the Financial Statements are an integral part of this statement
EXHIBIT A-3
SHEET 3
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
Expended
Unexpended
Balance
Cancelled
Appropriations
Budget After
Modifications
Paid or
Charged
Original
Budget
Reserved
GENERAL APPROPRIATIONS
Operations - Within "CAPS" (Continued)
Road Rep[airs and Maintenance:
Salaries and Wages
Other Expenses
Data Processing
Other Expenses
Sanitary Landfill
Other Expenses
Recycling:
Other Expenses
Snow Removal:
Salaries and Wages
Other Expenses
Municipal Court:
Salaries and Wages
Other Expenses
Public Defender:
Other Expenses
Shade Tree Commission:
Salaries and Wages
Other Expenses
8,500.00 $
10,300.00
2,770.49 $
6,282.73
5,729.51 $
4,017.27
$
16,000.00 $
15,300.00
4,297.36
30,500.00
26,202.64
30,500.00
2,000.00
2,500.00
500.00
2,500.00
64,000.00
42,033.28
21,966.72
68,000.00
1,500.00
4,000.00
1,500.00
4,000.00
1,500.00
4,000.00
120,000.00
11,600.00
111,195.17
5,029.76
8,804.83
6,570.24
120,000.00
11,600.00
7,000.00
7,000.00
3,000.00
50.00
50.00
50.00
50.00
50.00
50.00
The accompanying Notes to the Financial Statements are an integral part of this statement
EXHIBIT A-3
SHEET 4
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
Appropriations
Expended
Unexpended
Balance
Cancelled
Original
Budget
Budget After
Modifications
Paid or
Charged
Reserved
GENERAL APPROPRIATIONS
Operations - Within "CAPS” (Continued)
Unclassified:
Celebrating Public Evenets:
Other Expenses
Utility Expenses & Bulk Purchases:
Electricity
Street Lighting
Telephone (Excluding Equipment Acquistion)
Gas (Natural or Propane)
Gasoline
Water & Sewerage
Sick Leave Trust
Total Operations Within "CAPS"
$
100.00 S
$
100.00 $
100.00 s
21,000.00
32,500.00
9,000.00
8,000.00
23,500.00
4,500.00
1,500.00
23,500.00
30,000.00
14,000.00
8,000.00
16,000.00
4,500.00
1,500.00
23,499.99
28,232.49
13,672.88
6,150.95
11,873.69
2,538.00
0.01
1,767.51
327.12
1,849.05
4,126.31
1,962.00
1,500.00
1,895,100.00
1,895,100.00
1,670,285.92
224,814.08
Total Operations Including Contingent Within ’’CAPS’
1
Detail:
Salaries and Wages
Other Expenses
1,895,100.00
1,895,100.00
1,670,285.92
224,814.08
1,090,900.00
804,200.00
991,150.00
903,950.00
940,753.03
729,532.89
50,396.97
174,417.11
Deferred Charges and Statutory Expenditures -
Deferred Charges:
Deficit in Sewer Operations - 2023
4,472.89
4,472.89
4,472.89
The accompanying Notes to the Financial Statements are an integral part of this statement
EXHIBIT A-3
SHEET 5
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
Appropriations
Expended
Unexpended
Balance
Cancelled
Paid or
Charged
Original
Budget
Budget After
Modifications
Reserved
Statutory Expenditures:
Contribution To:
Public Employees Retirement System
Social Security System (O.A.S.I.)
Police and Firemen’s Retirement System of NJ
DCRP - Employer Contribution
Total Deferred and Statutory Expenditures -
Municipal - Within "CAPS"
Total General Appropriations for Municipal Purposes
Within "CAPS"
$
46,050.00 $
40,000.00
179,000.00
3,500.00
46,050.00 $
40,000.00
179,000.00
3,500.00
46,028.00 $
34,112.69
178,756.00
2,101.01
22.00 $
5,887.31
244.00
1,398.99
273,022.89
273,022.89
265,470.59
7,552.30
2,168,122.89
2,168,122.89
1,935,756.51
232,366.38
Operations Excluded from "CAPS"
Due to School - Business Personal Property
Recycling Tax
Cost of Tax Appeals
13,000.00
3,300.00
2,500.00
13,000.00
3,300.00
2,500.00
13,000.00
3,300.00
2,500.00
Total Other Operations Excluded From ’’CAPS”
18,800.00
18,800.00
5,800.00
13,000.00
INTERLOCAL MUNICIPAL SERVICE AGREEMENTS
911 Emergency Service with County
Computer Services - Other Expenses
Fire District:
Salaries and Wages
Other Expenses
Township of Manalapan - DPW Services:
Other Expenses
Total Interlocal Municipal Service Agreements
57,000.00
35,000.00
57,000.00
35,000.00
56,605.00
16,356.03
395.00
18,643.97
31,000.00
2,760.00
31,000.00
2,760.00
30,055.91
944.09
2,760.00
100,000.00
100,000.00
100,000.00
225,760.00
225,760.00
203,016.94
22,743.06
The accompanying Notes to the Financial Statements are an integral part of this statement
EXHIBIT A-3
SHEET 6
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
Appropriations
Expended
Unexpended
Balance
Cancelled
Budget After
Modifications
Original
Budget
Paid or
Charged
Reserved
PUBLIC AND PRIVATE PROGRAMS OFFSET
BY REVENUES
Matching Funds for Grants
Alcohol Education & Rehabilitation (Ch. 159)
Body Armor Grant
Clean Communities Program (Ch. 159)
Recycling Tonnage Grant (Ch. 159)
Supplemental Fire Services Program
Total Public and Private Programs Offset by Revenues
500.00 $
858.09
947.92
4,607.07
4,786.36
444.00
$
500.00 $
$
500.00 $
858.09
947.92
4,607.07
4,786.36
444.00
947.92
444.00
1,891.92
12,143.44
11,643.44
500.00
246,451.92
256,703.44
220,460.38
36,243.06
Total Operations * Excluded From "CAPS"
Detail:
Salaries and Wages
Other Expenses
31,000.00
215,451.92
31,000.00
225,703.44
30,055.91
190,404.47
944.09
35,298.97
Capita] Improvements - Excluded From "CAPS”
Capital Improvement Fund
50,000.00
50,000.00
50,000.00
Total Capital Improvements - Excluded From "CAPS"
50,000.00
50,000.00
50,000.00
Municipal Debt Service - Excluded From "CAPS"
Payment of Bond Principal
Interest on Bonds
Payment of Bond Anticipation Notes Principal
Interest on Notes
100,000.00
46,500.00
25,250.00
38,250.00
100,000.00
46,500.00
25,000.00
38,500.00
100,000.00
46,268.26
25,250.00
33,572.11
231.74
4,677.89
210,000.00
205,090.37
Total Municipal Debt Service - Excluded From "CAPS"
210,000.00
4,909.63
The accompanying Notes to the Financial Statements are an integral part of this statement
EXHIBIT A-3
SHEET 7
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
Appropriations
Expended
Unexpended
Balance
Cancelled
Budget After
Modifications
Paid or
Charged
Original
Budget
Reserved
Deferred Charges - Municipal - Excluded From "CAPS"
5 Year Special Emergency Authorizations
23,178.00 $
$
$
23,178.00 $
23,178.00 $
Total Deferred Charges - Municipal - Excluded From "CAPS"
23,178.00
23,178.00
23,178.00
Total General Appropriations for Municipal
Purposes - Excluded From "CAPS"
498,728.75
4,909.63
529,629.92
539,881.44
36,243.06
4,909.63
2,697,752.81
2,708,004.33
2,434,485.26
268,609.44
Subtotal General Appropriations
118,218.00
Reserve for Uncollected Taxes
118,218.00
118,218.00
268,609.44 $
$
2,815,970.81 $
2,826,222.33 $
2,552,703.26 $
4,909.63
Total General Appropriations
A-1;A
Reference
A-1
$
2,815,970.81
10,251.52
A-2
Budget as Adopted
Appropriation by 40A:4-87
A-2
$
2,826,222.33
Analysis of Paid or Charged:
Cash Disbursements (Net)
Reserve for Uncollected Taxes
Transferred to:
Encumbrances Payable
Deferred Charge
Grants - Appropriated
$
2,342,958.36
118,218.00
A-4
A-2
A-11
57,149.46
23,178.00
11,199.44
A-23
A-25
$
2,552,703.26
The accompanying Notes to the Financial Statements are an integral part of this statement
THIS PAGE INTENTIONALLY LEFT BLANK
TRUST FUND
Exhibit B
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
TRUST FUND
BALANCE SHEET - REGULATORY BASIS
BALANCE
DECEMBER
31. 2023
BALANCE
DECEMBER
31.2024
Reference
Assets
Animat Control Fund:
Cash
Due from Current Fund
B-1
$
1,281.84 $
319.56
1,444.82
B-5
1,444.82
1,601.40
Other Trust Funds:
Cash
Due from Current Fund
B-1
368,832.24
305,568.11
2,000.00
B-5
307,568.11
368,832.24
$
370,433.64 $
309,012.93
Total Assets
Liabilities and Reserves
Animal Control Fund:
Due to State of NJ
Due to Current Fund
Reserve For Dangerous Animals
Reserve For Animal Control Fund Expenditures
B-2
$
28.80 $
77.40
3.22
B-5
B-3
350.00
1,222.60
350.00
1,014.20
B-3
1,601.40
1,444.82
Other Trust Funds:
Due To Current Fund
Encumbrances Payable
Various Trust Fund Reserves
B-5
16,001.16
698.85
1,182.70
305,686.56
B-6
352,831.08
B-4
368,832.24
307,568.11
Total Liabilities and Reserves
$
370,433.64 $
309,012.93
The accompanying Notes to Financial Statements are an integral part of this statement.
GENERAL CAPITAL FUND
Exhibit C
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
BALANCE SHEET- REGULATORY BASIS
Reference
2024
2023
Assets
$
317,937.40 $
590,229.11
102,230.92
271,282.64
852,060.03
C-2.C-3
Cash and Cash Equivalents
Grant Receivable
Due Current Fund
Deferred Charges To Future Taxation:
Funded
Unfunded
C-6
C-13
980,000.00
1,555,632.58
880,000.00
1,711,334.58
C-4
C-5
3,658,975.25
3,601,732.01
Est Proceeds of Bonds & Notes Authorized
but not Issued
835,164.67
C-16
1,016,116.67
$
4,617,848.68 $
4,494,139.92
Total Assets
Liabilities, Reserves and Fund Balance
880,000.00 $
696,000.00
Serial Bonds Payable
Bond Anticipation Notes
Improvement Authorizations:
Funded
Unfunded
Capital Improvement Fund
Contracts Pyable
Due Current Fund
Due to Water Utility Operating Fund
Reserve for Cost of Issuance
Reserve for Debt Service
Fund Balance
C-7
$
980,000.00
721,250.00
C-8
C-9
403,122.53
1,119,807.48
60,254.81
244,606.27
428,935.91
943,325.48
19,302.81
368,115.37
545.01
C-9
C-10
C-12
C-13
C-15
12,500.00
10,500.00
22,500.00
152,440.92
C-14
C-11
22,500.00
175,000.67
C-1
3,601,732.01
3,658,975.25
Proceeds of Bonds & Notes Authorized
but not issued
C-16
1,016,116.67
835,164.67
$
4,617,848.68 $
4,494,139.92
Total Liabilities, Reserves and Fund Balance
The accompanying Notes to Financial Statements are an integral part of this statement.
Exhibit C-1
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
STATEMENT OF FUND BALANCE-REGULATORY BASIS
Reference
$
175,000.67
Balance, December 31, 2023
C
Increased By:
Premium on Bond Anticipation Notes Received
Premium on Bonds Received
C-2
$
830.66
3,109,59
C-2
3,940,25
$
178,940.92
Decreased By:
Anticipated Revenue - Current Fund Budget
C-2
26,500.00
Balance, December 31, 2024
C
$
152,440.92
The accompanying Notes to Financial Statements are an integral part of this statement.
THIS PAGE INTENTIONALLY LEFT BLANK
WATER UTILITY FUND
Exhibit D
Sheet 1
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY FUND
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
BALANCE
DECEMBER
31.2023
BALANCE
DECEMBER
31. 2024
Reference
Assets
Operating Fund:
Cash and Cash Equivalents
Cash- Change Fund
Due from Water Utility Capital Fund
Due from Current Fund
Due from General Capital Fund
Due from Sewer Utility Operating Fund
Receivables With Full Reserves:
Consumer Accounts Receivable
Inventory - Materials and Supplies
459,588.17 $
25.00
24,539.73
7,294.88
12,500.00
5,123.41
629,154.25
25.00
3,431.39
$
D-5
D
D-18
D-18
D-18
D-18
19,082.56
195.00
11,949.43
195.00
D-7
D
19,277.56
12,144.43
521,215.62 $
651,888.20
$
Total Operating Fund
Capital Fund:
D-5.D-6
$
1,607,537.85 $
24,834.95
3,386,852.55
1,522,703.12
1,717,643.73
Cash and Cash Equivalents
Due from Current Fund
Fixed Capital
Fixed Capital Authorized and Uncompleted
D-24
3,386,852.55
1,522,703.12
D-9
D-10
6,627,199.40
6,541,928.47
Total Capital Fund
7,063,144.09 $
7,279,087.60
$
Total Assets
The accompanying Notes to Financial Statements are an integral part of this Statement.
Exhibit D
Sheet 2
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY FUND
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
BALANCE
DECEMBER
31. 2023
BALANCE
DECEMBER
31.2024
Reference
Liabilities, Reserves and Fund Balances
Operating Fund:
Appropriation Reserves
Overpayments
Encumbrances Payable
Accounts Payable
Accrued Interest on Bonds and Notes
D-4.D-11
$
82,17978 $
3,708.62
12,642.24
77.43
24,253.33
195,855.81
5,205.06
47,801.25
77.43
9,002.40
D-13
D-12
D
D-19
257,941.95
19,277.56
374,668.69
122,861.40
12,144.43
386,20979
D
Reserve for Receivables
Fund Balance
D-1
398,354.22
393,946.25
521,215.62 $
$
651,888.20
Total Operating Fund
Capital Fund:
Serial Bonds
Bond Anticipation Notes
Improvement Authorizations:
Funded
Unfunded
Capital Improvement Fund
Due to Water Utility Operatng Fund
Reserve for Amortization
Deferred Reserve for Amortization
Encumbrances Payable
Reserve to Pay Debt Service
Fund Balance
205,000.00
1,330,000.00
155,000.00
1,330,000.00
D-22
D-21
D-15
22,363.17
1,053,341.63
312,481.00
24,53973
3,231,852.55
92,703.12
318,130.05
886.05
631.17
22.703.12
1,220,511.00
302,481.00
3,431.39
3,181,852.55
92.703.12
267,000.00
886.05
631.17
D-15
D-14
D-24
D-16
D-17
D-20
D-8
D-2
6,627,199.40
Total Capital Fund
6,541,928.47
Total Liabilities, Reserves and Fund Balances
$
7,063,144.09 $
7,279,087.60
There were bonds and notes authorized but not issued at December 31, 2024 of $100,000.00 and
December 31, 2023 of $100,000.00.
The accompanying Notes to Financial Statements are an integral part of this Statement.
Exhibit D-1
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY OPERATING FUND
STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE
REGULATORY BASIS
Reference
2023
2024
Revenue and Other Income Realized:
Surplus Anticipated
Water Rents
Non-Budget Revenue
Other Credits To income:
Accrued Interest Cancelled
Unexpended Balance of Appropriation Reserves
Total Revenue
278,250.00 $
430,835.83
67,240.47
$
275,000.00
468,885.42
16,085.16
D-3
D-3
D-3
166.66
63,208.91
$
978,636.81 $
823,346.15
8,521.80
193,788.71
D-19
D-11
Expenditures:
Operating
Capital Improvements
Debt Service
Statutory Expenditures
Refund of Prior Year Revenue
Total Expenditures
440,000.00
75,000.00
130,000.00
18,250.00
25,595.71
$
688,845.71 $
658,148.23
417,450.00
163,500.00
60,398.23
16,800.00
D-4
D-4
D-4
D-4
D-5
165,197.92
289,791.10
Excess in Revenue
D
374,668.69
484,470.77
$
664,459.79 $
649,668.69
Fund Balance, January 1
Decreased By:
Utilized as Anticipated Revenue
D-3
278,250.00
275,000.00
$
386,209.79 $
374,668.69
Fund Balance, December 31
D
The accompanying Notes to Financial Statements are an integral part of this Statement.
Exhibit D-2
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
STATEMENT OF FUND BALANCE
REGULATORY BASIS
Reference
Balance, December 31, 2023 and
December 31, 2024
$
631.17
D.D-6
The accompanying Notes to Financial Statements are an integral part of this Statement.
Exhibit D-3
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY OPERATING FUND
STATEMENT OF REVENUES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
Excess/
(Deficit)
Budget
Realized
$
278,250.00 $
385,000.00
278,250.00 $
430,835.83
67,240.47
D-1
Operating Surplus Anticipated
Water Rents
Miscellaneous Revenue Not Anticipated
45,835.83
67,240.47
D-1,D-3
D-1,D-3
$
663,250.00 $
776,326.30 $
113,076.30
Reference
D-4
Analysis of Water Rents
Cash Receipts
Overpayments Applied
Due from Current Fund
$
418,967.51
5,205.06
6,663.26
D-5.D-7
D-7.D-13
D-7.D-18
$
430,835.83
D-3
Analysis of Miscellaneous Revenue Not Anticipated
Interest on Investments
interest on Rents
Other
$
37,408.57
1,852.74
6,671.31
$
D-5
45,932.62
199.51
21,108.34
Other - Due from Current Fund
Interest on Investments - Due from Water Capital
D-18
D-18
$
D-3
67,240.47
The accompanying Notes to Financial Statements are an integral part of this Statement.
Exhibit D-4
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
Appropriations
Budget After
Modifications
Paid or
Charged
Original
Budget
Reserved
Reference
Operating:
Salaries and Wages
Other Expenses
Shared Service - C-4 Operations
68,000.00 $
322,000.00
50,000.00
64,698.39 $
317,346.60
17,668.00
3,301.61
4,653.40
32,332.00
85,000.00 $
305,000.00
50,000.00
$
40,287.01
440,000.00
399,712.99
440,000.00
D-1
Total Operating
Capital Improvements:
Capital Outlay
Capital Improvement Fund
37,128.00
27,872.00
10,000.00
65,000.00
10,000.00
65,000.00
10,000.00
37,872.00
37,128.00
75,000.00
75,000.00
Total Capital Improvements
D-1
Debt Sen/ice:
Payment on Bond Anticipation Notes
Payment on Bond Principal
Interest on Bonds
Interest on Notes
50,000.00
15,000.00
65,000.00
50,000.00
15,000.00
65,000.00
50,000.00
15,000.00
65,000.00
130,000.00
130,000.00
D-1
130,000.00
Total Debt Service
Statutory Expenditures:
Contributions To:
Public Employees' Retirement System
Social Security System (O.A.S.I.)
Unemployment Insurance
19.75
4,645.02
100.00
8,630.25
4,854.98
8,650.00
9,500.00
100.00
8,650.00
9,500.00
100.00
13,485.23
4,764.77
18,250.00
Total Statutory Expenditures
D-1
18,250.00
$
663,250.00 $
663,250.00 $
581,070.22 $
82,179.78
Total Water/Sewer Utility Appropriations
D
Reference
D-3
$
488,427.98
12,642.24
80,000.00
Cash Disbursements
Encumbrances Payable
Accrued Interest on Bonds and Notes
D-5
D-12
D-19
$
581,070.22
The accompanying Notes to Financial Statements are an integral part of this Statement.
THIS PAGE INTENTIONALLY LEFT BLANK
SEWER UTILITY FUND
Exhibit E
Sheet 1
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY FUND
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
BALANCE
DECEMBER
31.2024
BALANCE
DECEMBER
31.2023
Reference
Assets
Operating Fund:
Cash and Cash Equivalents
Due from Sewer Utility Capital Fund
Due from Current Fund
Receivables With Full Reserves:
Sewer Rents Receivable
Property Acquired for Taxes
949,506.27 $
895,068.78
509.34
E-5
$
E-15
E-15
24,863.68
14,159.86
119.95
13,786.47
119.95
E-7
E-13
13,906.42
14,279.81
988,276.37 $
$
909,857.93
Total Operating Fund
Capital Fund:
257,035.68 $
980,220.15
Cash and Cash Equivalents
Fixed Capital
E-5:E-6
$
256,545.02
980,220.15
E-8
1,236,765.17
1,237,255.83
Total Capital Fund
$
2,225,532.20 $
2,146,623.10
Total Assets
The accompanying Notes to Financial Statements are an integral part of this Statement.
Exhibit E
Sheet 2
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY FUND
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
BALANCE
DECEMBER
BALANCE
DECEMBER
31. 2024
Reference
Liabilities, Reserves and Fund Balances
Operating Fund:
Appropriation Reserves
Due to Water Operating Fund
Overpayments
Encumbrances Payable
Accounts Payable
E-4.E-9
$
123,966.18 $
5,123.41
670.53
18,821.87
2,095.00
56,934.26
E-16
52.91
E-10
E-14
2,095.00
E
59,082.17
14,279.81
836,495.95
150,676.99
13,906.42
823,692.96
E
Reserve for Receivables
Fund Balance
E-1
850,775.76
837,599.38
$
988,276.37 $
909,857.93
Total Operating Fund
Capital Fund:
Capital Improvement Fund
Due to Sewer Utility Operatng Fund
Reserve for Amortization
Fund Balance
257,000.00
256,000.00
509.34
980,220.15
35.68
E-11
E-15
980,220.15
35.68
E-12
E-2
1,237,255.83
1,236,765.17
Total Capital Fund
2,225,532.20 $
2,146,623.10
Total Liabilities, Reserves and Fund Balances
$
There were bonds and notes authorized but not issued at December 31, 2024 of $0,000.00 and
December 31, 2023 of $0,000.00.
The accompanying Notes to Financial Statements are an integral part of this Statement.
Exhibit E-1
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY OPERATING FUND
STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE
REGULATORY BASIS
Reference
2024
2023
Revenue and Other Income Realized:
Surplus Anticipated
Sewer Rents
Non-Budget Revenue
Other Credits To Income:
Unexpended Balance of Appropriation Reserves
Total Revenue
298,200.00 $
533,366.92
31,383.33
290,000.00
532,053.38
12,210.09
E-3
$
E-3
E-3
56,446.76
40,402.00
$
919,397.01 $
874,665.47
E-9
Expenditures:
Operating
Capital Improvements
Statutory Expenditures
Surplus (General Budget)
Total Expenditures
$
554,000.00 $
37,000.00
8,000.00
35,000.00
$
634,000.00 $
625,800.00
536,000.00
35,000.00
9,800.00
45,000.00
E-4
E-4
E-4
E-4
285,397.01
248,865.47
Excess in Revenue
836,495.95
877,630.48
$
1,121,892.96 $
1,126,495.95
Fund Balance, January 1
E
Decreased By:
Utilized as Anticipated Revenue
290,000.00
E-3
298,200.00
$
823,692.96 $
836,495.95
E
Fund Balance, December 31
The accompanying Notes to Financial Statements are an integral part of this Statement.
Exhibit E-2
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY CAPITAL FUND
STATEMENT OF FUND BALANCE
REGULATORY BASIS
Reference
Balance, December 31, 2023 and
December 31, 2024
E
$
35.68
The accompanying Notes to Financial Statements are an integral part of this Statement.
Exhibit E-3
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY OPERATING FUND
STATEMENT OF REVENUES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
Excess/
(Deficit)
Budget
Realized
$
298,200.00 $
335,800.00
298,200.00 $
533,366.92
31,383.33
Operating Surplus Anticipated
Sewer Rents
Miscellaneous Revenue Not Anticipated E-1.E-3
E-1
197,566.92
31,383.33
E-1,E-3
$
634,000.00 $
862,950.25 $
228,950.25
Reference
E-4
Analysis of Sewer Rents
Cash Receipts
Due from Current Fund
Overpayments Applied
E-5.E-7
E-15.E-7
E-10.E-7
$
528,094.73
5,219.28
52.91
E-3
$
533,366.92
Analysis of Miscellaneous Revenue Not Anticipated
Interest on Investments
Interest on Rents
$
29,844.52
1,538.81
$
31,383.33
E-3.E-5
The accompanying Notes to Financial Statements are an integral part of this Statement.
Exhibit E-4
BOROUGH OF ENGUSHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
Appropriations
Budget After
Modifications
Paid or
Charged
Original
Budget
Reserved
Reference
Operating:
Salaries and Wages
Other Expenses
Shared Service - Sewer Operations
65,000.00 $
439,000.00
50,000.00
50,235.08 $
372,855.88
25,668.00
14,764.92
66,144.12
24,332.00
$
65,000.00 $
439,000.00
50,000.00
E-1
$
554,000.00 $
554,000.00 $
448,758.96 $
105,241.04
Total Operating
Capital Improvements:
Capital Outlay
Capital Improvement Fund
36,000.00 $
1,000.00
36,000.00 $
1,000.00
18,500.00 $
1,000.00
17,500.00
$
37,000.00 $
19,500.00 $
17,500.00
E-1
$
37,000.00 $
Total Capital Improvements
Statutory Expenditures:
Contributions To:
Public Employees’ Retirement System
Social Security System (O.A.S.I.)
Unemployment Insurance
2,900.00 $
5,000.00
100.00
2,876.75 $
3,898.11
23.25
1,101.89
100.00
$
2,900.00 $
5,000.00
100.00
E-1
$
8,000.00 $
8,000.00 $
6,774.86 $
1,225.14
Total Statutory Expenditures
35,000.00 $
35,000.00 $
35,000.00 $
Surplus (General Budget)
E-1
$
$
634,000.00 $
634,000.00 $
510,033.82 $
123,966.18
Total Sewer Utility Appropriations
Reference
E-3
E
$
491,211.95
18,821.87
Cash Disbursements
Encumbrances Payable
E-5
E-14
$
510,033.82
The accompanying Notes to Financial Statements are an integral part of this Statement.
THIS PAGE INTENTIONALLY LEFT BLANK
SOLID WASTE UTILITY FUND
Exhibit F
BOROUGH OF ENGLiSHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SOLID WASTE UTILITY FUND
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
BALANCE
DECEMBER
31. 2023
BALANCE
DECEMBER
312024
Reference
Assets
Operating Fund:
Cash and Cash Equivalents
Due from Current Fund
Receivables With Full Reserves:
Solid Waste Rents Receivable
F-4
$
40,278.18
10,304.40 $
74,680.20
F-8
13,903.03
325.84
F-5
325.84 $
13,903.03
$
Deferred Charges
Deficit in Operations
Total Operating Fund
F-4
4,472.89
85,310.44 $
58,654.10
$
$
85,310.44 $
58,654.10
Total Assets
Liabilities. Reserves and Fund Balances
Operating Fund:
Appropriation Reserves
Overpayments
44,660.18 $
310.12
F-3.F-7
$
43,493.40
228.06
F-6
44,970.30
325.84
40,014.30
43,721.46
13,903.03
1,029.61
Reserve for Receivables
Fund Balance
F
F-1
40,340,14
14,932.64
$
85,310.44 $
58,654.10
Total Operating Fund
Total Liabilities, Reserves and Fund Balances
$
85,310.44 $
58,654.10
The accompanying Notes to Financial Statements are an integral part of this Statement.
Exhibit F-1
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SOLID WASTE UTILITY OPERATING FUND
STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE
REGULATORY BASIS
Reference
2023
2024
Revenue and Other Income Realized:
Solid Waste Rents
Non-Budget Revenue
Other Credits To income:
Unexpended Balance of Appropriation Reserves
Total Revenue
$
300,795.60 $
3,698.69
265,928.95
1,513.93
F-2
F-2
10,054.23
F-7
21,517.51
$
326,011.80 $
277,497.11
Expenditures:
Operating
Total Expenditures
287,027,11
281,970.00
$
287,027.11 $
281,970.00
F-3
(4,472.89)
Excess in Revenue/(Deficit in Operations)
38,984.69
Add: Expenditures Included
Above Which Are By Statute
Deferred Charges To Budgets
of Succeeding Years
4,472.89
38,984.69
Regulatory Excess
(0.00)
F
1,029.61
Fund Balance, January 1
1,029.61
Fund Balance, December 31
F
$
40,014.30 $
1,029.61
The accompanying Notes to Financial Statements are an integral part of this Statement.
Exhibit F-2
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SOLID WASTE UTILITY OPERATING FUND
STATEMENT OF REVENUES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
Excess/
(Deficit)
Budget
Realized
$
287,027.11 $
300,795.60 $
4,472.89
Solid Waste Rents
Deficit (General Budget)
Miscellaneous Revenue Not Anticipated F-1.F-2
F-1.F-2
13,768.49
(4,472.89)
3,698.69
F-3
3,698.69
$
291,500.00 $
304,494.29 $
12,994.29
Reference
F-3
Analysis of Solid Waste Rents
$
225,887.34
74,680.20
228.06
Cash Receipts
Due from Current Fund
Overpayments Applied
F-5,F-4
F-5.F-8
F-5.F-6
$
300,795.60
F-2
Analysis of Miscellaneous Revenue Not Anticipated
Interest on Investments
Interest on Rents
$
1,344.16
2,354.53
$
F-2.F-4
3,698.69
The accompanying Notes to Financial Statements are an integral part of this Statement.
Exhibit F-3
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SOLID WASTE UTILITY FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
Appropriations
Paid or
Charged
Original
Budget
Budget After
Modifications
Reserved
Cancelled
Reference
Operating:
Other Expenses
$
287,027.11 $
287,027.11 $
242,366.93 $
44,660.18
$
287,027.11 $
287,027.11 $
242,366.93 $
44,660.18
Total Operating
Deferred Charges:
Deficit in Operations
4,472.89
$
4,472.89 $
4,472.89 $
4,472.89
4,472.89 $
Total Deferred Charges
$
4,472.89 $
F-1
$
291,500.00 $
291,500.00 $
242,366.93 $
44,660.18 $
4,472.89
Total Solid Waste Utility Appropriations
F-4
Reference
F
F-2
The accompanying Notes to Financial Statements are an integral part of this Statement.
THIS PAGE INTENTIONALLY LEFT BLANK
GENERAL FIXED ASSET ACCOUNT GROUP
Exhibit G
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL FIXED ASSETS ACCOUNT GROUP
BALANCE SHEET - REGULATORY BASIS
December 31, 2024 and 2023
BALANCE
DECEMBER
31.2024
BALANCE
DECEMBER
31.2023
Fixed Assets:
Land
Buildings
Machinery and Equipment
$
2,039,400.00
510,300.00
839,567.56
$
2,039,400.00
510,300.00
821,437.59
Total Fixed Assets
$
3,389,267.56
S
3.371,137.59
Reserve:
Investments in General Fixed Assets
$
3.389,267.56
S
3.371,137.59
The accompanying Notes to the Financial Statements are an integral part of this statement.
NOTES TO FINANCIAL STATEMENTS
BOROUGH OF ENGLISHTOWN
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31. 2024 AND 2023
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A.
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.
Except as noted below, the financial statements of the Borough of
Englishtown include every board, body, officer or commission supported
and maintained wholly or in part by funds appropriated by the Borough of
Englishtown, as required by NJ.S.A. 40A:5-5. Accordingly, the financial
statements of the Borough of Englishtown do not include the operations
of the volunteer fire department, first aid squad the local regional school
district or the regional high school district, inasmuch as their activities are
administered by separate boards.
B.
Description of Funds
The Governmental Accounting Standards Board (GASB) is the accepted
standard-setting body for establishing governmental accounting and
financial
reporting
principles,
presentation of basic financial statements into three fund types, the
governmental,
proprietary
and
fiduciary
funds,
as
well
as
government-wide financial reporting that must be used by general
purpose governmental units when reporting financial position and results
of operations in accordance with U.S. Generally Accepted Accounting
Principles (GAAP).
GASB
codification
establishes
the
The accounting policies of the Borough of Englishtown conform to the
accounting principles applicable to municipalities which have been
prescribed by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey. Such principles and practices
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.
Under this
method of accounting, the financial transactions and accounts of the
Borough of Englishtown are organized on the basis of funds and an
account group which is different from the fund structure required by
GAAP.
7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NOTE 1:
B.
Description of Funds (Continued)
A fund or account group is an accounting entity with a separate set of
self-balancing accounts established to record the financial position and
results of operation of a specific government activity. As required by the
Division of Local Government Services, the Borough accounts for its
financial transactions through the following individual funds and account
groups.
Current Fund - Resources and expenditures for governmental operations
of a general nature, including federal and state grant funds
Trust Fund - Receipts, custodianship and disbursement of funds in
accordance with the purpose for which each reserve was created
General Capital Fund - 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 - Account for the
operations and acquisition of capital facilities of the municipally owned
Water/Sewer utility.
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.
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.
General Fixed Asset Account Group - Utilized to account for property,
land,
buildings
and
equipment
that
has been
acquired
by
other
governmental funds
C.
Basis of Accounting
The accounting principles and practices prescribed for municipalities by
the State of New Jersey differ in certain respects from generally accepted
accounting principles applicable to local government units.
The more
significant accounting policies and differences in the State of New Jersey
are as follows:
A modified accrual basis of accounting is followed with minor exceptions.
8
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C.
Basis of Accounting (Continued)
Revenues - are recorded when received in cash except for certain
amounts which are due from other governmental units. Federal and state
grants are realized as revenues when anticipated in the Borough's
budget.
Receivables for property taxes are recorded with offsetting
reserves
on the
balance
sheet
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.
GAAP requires revenues to be
recognized in the accounting period when they become susceptible to
accrual, reduced by an allowance for doubtful accounts.
Expenditures - are recorded on the "budgetary" basis of accounting.
Generally expenditures are recorded when an amount is encumbered for
goods
or
services through the issuance
of a purchase order in
conjunction with the Encumbrance Accounting System.
Outstanding
encumbrances, at December 31st, are reported as a cash liability in the
financial statements and constitute part of the Borough's statutory
Appropriation Reserve balance.
Appropriation reserves covering unexpended appropriation balances are
automatically created at December 31st of each year and recorded as
liabilities, except for amounts which may be canceled by the governing
body.
Appropriation reserves are available, until lapsed at the close of
the succeeding year, to meet specific claims, commitments or contracts
incurred during the preceding fiscal year. Lapsed appropriation reserves
are recorded as income.
Appropriations for principal payments on
outstanding general capital and utility bonds and notes are provided on
the cash basis, interest on general capital indebtedness is on the cash
basis, whereas interest on utility indebtedness is on the accrual basis.
Encumbrances - Contractual orders, at December 31st- are reported as
expenditures through the
establishment
of
encumbrances payable.
Under GAAP, encumbrances outstanding at year end are reported as
reservations of fund balance because they do not constitute expenditures
or liabilities.
Foreclosed Property - is recorded in the Current Fund at the assessed
valuation when such property was acquired and is fully reserved. GAAP
requires such property to be recorded in the General Fixed Assets
Account Group at its market value.
Sale of Municipal Assets - The proceeds from the sale of municipal
assets can be held in a reserve until anticipated as a revenue in a future
budget. GAAP requires such proceeds to be recorded as a revenue in
the year of sale.
9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NOTE 1:
Basis of Accounting (Continued)
C.
Interfunds - 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,
receivables in the other funds are not offset by reserves. GAAP does not
require the establishment of an offsetting reserve.
Interfund
General Fixed Assets - N.J.A.C 5:30.6, Accounting for Governmental
Fixed Assets, as promulgated by the Division of Local Government
Services, which differs in certain respects from generally accepted
accounting principles, requires the inclusion of a statement of genera!
fixed assets of the Borough as part of its basic financial statements.
General fixed assets are defined as nonexpendable personal and real
property having a physical existence, a useful life of more than one year
and an acquisition cost of $5,000.00 or more per unit.
Public domain
("infrastructure") general fixed assets consisting of certain improvements
other than buildings, 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
Fund until such time as the construction is completed and put into
operation.
Fixed assets acquired through grants in aid or contributed capital have
not been accounted for separately.
Inventories of Supplies - The cost of inventories of supplies for all funds
are recorded as expenditures at the time individual items are purchased.
The cost of inventories is not included on the various balance sheets.
GAAP requires the cost of inventories to be reported as a current asset
and equally offset by a fund balance reserve.
Fixed Capital - Water/Sewer Utility
Accounting for utility fund "fixed capital" remains uncharged under the
requirements of N.J.A.C. 5:30-5.6.
Property and equipment purchased by the Water/Sewer Utility Fund are
recorded in the capital account at cost and are adjusted for disposition
and abandonment.
The amounts shown do not purport to represent
reproduction costs or current value. The fixed capital reported is as taken
from the municipal records and does not necessarily reflect the true
condition of such fixed capital. Contributions in aid of construction are not
capitalized. The balances in the Reserve for Amortization and Deferred
Reserve for Amortization accounts in the utility capital fund represent
charges to operations for the cost of acquisition of property, equipment
and improvements.
The utility does not record depreciation on fixed
assets.
10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NOTE 1:
Basis of Accounting (Continued)
C.
Accounting and Financial Reporting for Pensions
Under the provisions of Governmental Accounting Standards Board
(GASB) Statement No. 68 "Accounting and Financial Reporting for
Pensions"
and GASB
Statement
No.
71, "Pension
Transition
for
Contributions
Made
Subsequent
to
the
Measurement
Date"
(an
amendment of GASB Statement No. 68), local government employers
(or non-employer contributing entity in a special funding situation) are
required to recognize a net pension liability measured as of a date (the
measurement date) no earlier than the end of its prior fiscal year. If a
state or local government employer or non-employer contributing entity
makes a contribution to a defined benefit pension plan between the
measurement date of the reported net pension liability and the end of the
government's
reporting
period,
Statement
68
requires
that
the
government recognize its contribution as a deferred outflow of resources.
In addition, Statement 68 requires recognition of deferred outflows of
resources and deferred inflows of resources for changes in the net
pension liability of a state or local government employer or non-employer
contributing entity that arise from other types of events.
Under GAAP, municipalities are required to recognize their proportionate
share of net pension liability, deferred outflows of resources, deferred
inflows
of resources
on the Statement
of
Net
Position and the
proportionate share of the pension related expense on the Statement of
Activities.
New Jersey’s municipalities and counties do not follow GAAP accounting
principles and, as such, do not follow GASB requirements with respect to
recording the net pension liability as a liability on their balance sheets.
However, N.J.A.C. 5:30 6.1(c)(2) requires municipalities to disclose
GASB 68 information in the Notes to the Financial Statements. The
disclosure must meet the requirements of GASB 68.
11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NOTE 1:
Basis of Accounting (Continued)
C.
Accounting and Financial Reporting for Postemplovment Benefits Other
Than Pensions (OPEB)
The Governmental Accounting Standards Board (GASB) has issued
Statement
No.
75,
"Accounting
and
Financial
Reporting
for
Postemployment
Benefits
Other
Than
Pensions" .
This
statement
establishes standards for measuring and recognizing liabilities, deferred
outflows and inflows of resources, and expenses for postemployment
benefits other than pensions. It also requires the State of New Jersey to
calculate and allocate to each participating member, for note disclosure
purposes only, the OPEB net liability of New Jersey Health Benefits Local
Government Retiree Plan (the Plan). The statement does not alter the
amount of funds that must be budgeted for OPEB payment under existing
state law.
Under GAAP, municipalities are required to recognize the OPEB liability
in Statements of Revenues, Expenses, Changes in Net Position (balance
sheets) and Notes to the Financial Statements in accordance with GASB
75. The liability required to be displayed by GASB 75 is displayed as a
separate line item in the Unrestricted Net Position area of the balance
sheet.
New Jersey’s municipalities and counties do not follow GAAP accounting
principles and, as such, do not follow GASB requirements with respect to
recording the OPEB liability as a liability on their balance sheets.
However, N.J.A.C. 5:30 6.1(c) (2) requires municipalities to disclose
GASB 75 information in the Notes to the Financial Statements. The
disclosure must meet the requirements of GASB 75.
In May of 2021, the New Jersey Division of Local Government Services
issued Local Finance Notice 2021-10 which allows local units to disclose
the most recently available information as it relates to the New Jersey
Division of Pension and Benefits reporting on GASB 75. As of the date of
this report the information for the period ended June 30, 2024 was not
available, therefore the information dated June 30, 2023 is disclosed.
Leases
Lease receivables are measured at the present value of the lease
payments expected to be received during the lease term. The Borough
may receive variable lease payments that are dependent upon the
lessee's revenue. The variable payments are recorded as an inflow of
resources in the period the payment is received. The deferred inflow of
resources is recorded at the initiation of the lease in an amount equal to
the initial recording of the lease receivable. The deferred inflow of
resources is amortized in a systematic and rational manner over the lease
term.
12
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C.
Basis of Accounting (Continued)
Leases (Continued)
New Jersey's municipalities and counties do not follow GAAP accounting
principles and, as such, do not follow GASB requirements with respect to
recording the lease receivable as an asset on their balance sheets or the
Statement of Revenues.. However, N.J.A.C. 5:30 6.1(c) (2) requires
municipalities to disclose GASB 87 information in the Notes to the
Financial Statements. The disclosure must meet the requirements of
GASB 87.
Basic Financial Statements
D.
The GASB codification also defines the financial statements of a
governmental unit to be presented in the general purpose financial
statements to be held in accordance with GAAP. The Borough presents
the
financial
statements
listed
in
the
table
of
contents
of
the
"Requirements of Audit and Accounting Revision of 1987" as prescribed
by the Division of Local Government Services, Department of Community
Affairs, State of New Jersey and which differ from the financial statements
required by GAAP.
E.
Volunteer Length of Service Award Plan
The Borough has established a Volunteer Length of Service Award Plan
("LOSAP") ("Plan") to ensure retention of the Borough’ s volunteer First
Aid Squad members The Plan shall be construed under the laws of the
State of New Jersey and is established with the intent that it meets the
requirements of the "Length of Service Award Plan Under Section 457 11
of the Internal Revenue Code".
The LOSAP Trust Fund has not been audited, and we were not required
by the Division of Local Government Services, Department of Community
Affairs, State of New Jersey, to audit nor were we engaged to audit the
LOSAP Trust Fund financial statements as part of our audit of the
Borough's financial statements as part of our audit of the Borough's
financial statements.
N.J.A.C.5:30-14.49 requires that the Borough perform a separate review
report of the Plan in accordance with the American Institute of Certified
Public Accountants Statements for Accounting and Auditing Review
Services.
13
NOTE 2:
CASH AND CASH EQUIVALENTS
The Borough considers petty cash, change funds, cash in banks, deposits in the
New Jersey Cash Management Fund and certificates of deposit as cash and
cash equivalents.
Deposits
New Jersey statutes permit the deposit of public funds in institutions
which are located in New Jersey and which meet the requirements of the
Governmental Unit Deposit Protection Act (GUDPA) or the State of New
Jersey Cash Management Fund. GUDPA requires a bank that accepts
public funds to be a public depository. A public depository is defined as a
state bank, a national bank, or a savings bank, which is located in the
State of New Jersey, the deposits of which are insured by the Federal
Deposit Insurance Corporation.
The statutes also requires public
depositories to maintain collateral for deposits of public funds that exceed
certain insurance limits.
Each depository participating in the GUDPA
system must pledge collateral equal to 5% of the average amount of its
public deposits and 100% of the average amount of its public funds in
excess of 75% of its capital funds. No collateral is required for amounts
covered by FDIC insurance. The collateral which may be pledged to
support these deposits includes obligations of the State and federal
governments, insured securities and other collateral approved by the
Department. When the capital position of the depository deteriorates or
the depository takes an unusually large amount of public deposits, the
Department of Banking and Insurance requires additional collateral to be
pledged. Under (GUDPA), if a public depository fails, the collateral it has
pledged, plus the collateral of all other public depositories, is available to
pay the full amount of the deposits to the governmental unit.
A.
The Borough of Englishtown had the following cash and cash equivalents
at December 31, 2024:
Change
Funds
Cash in
Bank
$7,374,842.27
Reconciling
Items
($135,234.94)
Total
Fund
$7,239,607.33
375.00
Checking Accounts
Change Funds
375.00
$375.00
$7,239,982.33
$7,374,842.27
($135,234.94)
Custodial Credit Risk - Deposits - Custodial credit risk is the risk that in
the event of a bank failure, the deposits may not be returned.
The
Borough does not have a specific deposit policy for custodial credit risk
other than those policies that adhere to the requirements of statute.
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.
The Borough has no foreign currency risk exposure.
14
CASH AND CASH EQUIVALENTS (CONTINUED)
NOTE 2:
A.
Deposits (Continued)
As of December 31, 2024, the Borough's bank balance of $7,374,842.27
was insured or collateralized as follows:
$7,066,725.54
250,000.00
58,116.73
Insured under GUDPA
Insured under FDIC
Uninsured and Uncollateralized - Escrow Accounts
$7,374,842.27
B.
Investments
The purchase of investments by the Borough is strictly limited by the
express authority of the New Jersey Local Fiscal Affairs Law, N.J.S.A.
40A:5-15.1.
Permitted investments include any of the following type of
securities:
Bonds or other obligations of the United States of America or
obligations guaranteed by the United States of America;
1.
Government money market mutual funds which are purchased
from an investment
company
or
investment trust
which is
registered with the Securities and Exchange Commission under
the "Investment Company Act of 1940," 15 U.S.C. 80a-1 et seq.,
and operated in accordance with 17 C.F.R. § 270.2a-7 and which
portfolio is limited to U.S. Government securities that meet the
definition of an eligible security pursuant to 17 C.F.R. § 270.2a-7
and repurchase agreements that are collateralized by such U.S.
Government securities in which direct investment may be made
pursuant to paragraphs (1) and (3) of N.J.S.A. 5-15.1.
These
funds are also required to be rated by a nationally recognized
statistical rating organization;
2.
Any obligation that a federal agency or a federal instrumentality
has issued in accordance with an act of Congress, which security
has a maturity date not greater than 397 days from the date of
purchase, provided that such obligation bears a fixed rate of
interest not dependent on any index or other external factor;
3.
Bonds or other obligations of the Local Unit or bonds or other
obligations of school districts of which the Local Unit is a part or
within which the school district is located;
4.
Bonds or other obligations, having a maturity date not more than
397 days from date of purchase, approved by the Division of Local
Government Services of the Department of Community Affairs for
investment by Local Units;
5.
15
NOTE 2:
CASH AND CASH EQUIVALENTS (CONTINUED)
Investments (Continued)
B.
Local government investment pools that are fully invested in U.S.
Government securities that meet the definition of eligible security
pursuant to 17 C.F.R. § 270a~7 and repurchase agreements that
are collateralized by such U.S. Government securities in which
direct investment may be made pursuant to paragraphs (1) and
(3) of NJ.S.A. 5-15.1. This type of investment is also required to
be rated in the highest category by a nationally recognized
statistical rating organization;
6.
Deposits with the State of New Jersey Cash Management Fund
established pursuant to section 1 of P.L. 1977, c.281 (C. 52:18A-
90.4); or
7.
Agreements for the repurchase of fully collateralized securities if:
8.
a. the underlying securities are permitted investments pursuant
to paragraphs (1) and (3) of this subsection;
b.
the custody of collateral is transferred to a third party;
c.
the maturity of the agreement is not more than 30 days;
d. the underlying securities are purchased through a public
depository as defined in section 1 of P.L. 1970, c.236
(C. 17:19-41); and
e. a master repurchase agreement providing for the custody
and security of collateral is executed.
As of December 31, 2024, the Borough had no funds set aside for
investment purposes.
16
NOTE 3:
GOVERNMENTAL DEBT
The Local Bond Law, Chapter 40A:2, governs the issuance of bonds to finance
general municipal capital expenditures.
Ail bonds are retired in annual
installments within the statutory period of usefulness. All bonds issued by the
Borough are general obligation bonds, based by the full faith and credit of the
Borough.
Bond Anticipation Notes, which are issued to temporarily finance
capital projects, shall mature and be paid off within ten years or financed by the
issuance of bonds.
LONG-TERM DEBT
SUMMARY OF MUNICIPAL DEBT
YEAR 2024
YEAR 2023
YEAR 2022
Issued:
General:
Bonds, Notes and Loans
Water Utility:
Bonds, Notes and Loans
Net Debt Issued
Less: Reserve to Pay Bonds
Net Debt Issued
$1,701,250.00
$1,576,000.00
$1,818,750.00
1,480,000.00
1,535,000.00
245,000.00
$3,056,000.00
3,940.25
$3,236,250.00
22,500.00
$2,063,750.00
22,500.00
$3,052,059.75
$3,213,750.00
$2,041,250.00
Authorized But Not Issued
General:
Bonds and Notes
Water Utility:
Bonds and Notes and Loans
Total Authorized But Not Issued
Net Bonds and Notes Issued and
and Authorized But Not Issued
$1,016,116.67
$835,164.67
$845,164.67
100,000.00
100,000.00
100,000.00
1,116,116.67
935,164.67
945,164.67
$4,148,914.67
$2,986,414.67
$4,168,176.42
17
NOTE 3:
GOVERNMENTAL DEBT (CONTINUED)
LONG-TERM DEBT
SUMMARY OF STATUTORY DEBT CONDITION (ANNUAL DEBT STATEMENT)
The summarized statement
of debt condition which follows is prepared in
accordance with the required method of setting up the Annual Debt Statement and
indicates a statutory net debt of .735%.
GROSS DEBT
DEDUCTIONS
NET DEBT
$569,647.72
1,580,000.00
2,602,116.67
$569,647.72
1,580,000.00
3,940.25
-0-
Regional School District Debt
Water Sewer Utility Debt
General Debt
-0-
2,598,176.42
$2,598,176.42
$4,751,764.39
$2,153,587.97
NET DEBT $2,598,176.42 DIVIDED BY EQUALIZED VALUATION BASIS PER
N.J.S.A. 40A:2-2, $3,534,516,266.33 EQUALS .735%.
BORROWING POWER UNDER N.J.S. 40A:2-6
$3,534,516,266.33
123,708,069.32
2,598,176.42
Equalized Valuation Basis* - December 31, 2024
3-1/2 of Equalized Valuation Basis
Net Debt
Remaining Borrowing Power
*Equalized Valuation Basis is the average of the equalized valuation of Real Estate,
including improvements, and the assessed valuation of Class II Railroad Property
of the Borough for the last three (3) preceding years.
$121,109,892.90
CALCULATION OF "SELF-LIQUIDATING PURPOSE" WATER UTILITY PER
N.J.S.A. 40A:2-45
Surplus Anticipated and Total Cash Receipts from
Fees, Rents, or Other Charges for the Year
$
776,326.30
Deductions:
Operating and Maintenance Cost
Debt Service
Total Deductions
$
458,250.00
130,000.00
588,250.00
$
188,076.30
Excess in Revenues
18
NOTE 3:
GOVERNMENTAL DEBT (CONTINUED)
LONG-TERM DEBT (CONTINUED)
SCHEDULE OF ANNUAL DEBT SERVICE FOR PRINCIPAL AND INTEREST
FOR BONDED DEBT ISSUED AND OUTSTANDING AS OF DECEMBER 31. 2024
CALENDAR
PUBLIC IMPROVEMENT
YEAR
PRINCIPAL
$110,000.00
115,000.00
115,000.00
80,000.00
85,000.00
375,000.00
WATER UTILITY
INTEREST
TOTAL
PRINCIPAL
INTEREST
$209,019.00
206,019.00
202,769.00
104,269.00
105,269.00
414,174.00
$50,000.00
50,000.00
55,000.00
$7,750.00
5,250.00
2,750.00
$41,269.00
35,769.00
30,019.00
24,269.00
20,269.00
39,174.00
2025
2026
2027
2028
2029
2030-2033
$15,750.00
$1,202,345.00
$155,000.00
$190,769.00
$880,000.00
The General Capital Improvement Bond issues are comprised of the following:
OUTSTANDING
BALANCE DECEMBER
31. 2024
ISSUE
$1,355,000.00 in Monmouth County Improvement Authority Bonds
dated December 24, 2013., due in remaining annual installments
ranging between $70,000.00 and $90,000.00 beginning December 1
2025 and ending December 1, 2033 with interest ranging between
4.000% and 5.000%
755,000.00
$465,000.00 in Refunding Bonds dated December 24, 2013, due in
remaining annual installments ranging between $40,000.00 and
$45,000.00 beginning December 1, 2025 and ending December 1,
2027 with interest of 5.000%
125,000.00
$880,000.00
The Water Utility Bonds are comprised of the following issues:
OUTSTANDING
BALANCE DECEMBER
31.2024
ISSUE
$515,000.00 in Water Refunding Obligation Bonds dated December 24,
2013, due in remaining annual installments ranging between $50,000.00
and 55,000.00 beginning December 1, 2025 and ending December 1,
2027 with interest at 5.000%
155,000.00
$155,000.00
19
NOTE 3:
GOVERNMENTAL DEBT (CONTINUED)
LONG-TERM DEBT (CONTINUED)
BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
At December 31, 2024, the Borough has authorized but not issued bonds and
notes as follows:
$ 1 016.116.67
General Capital Fund
S100.000.00
Water Utility Capital Fund
SHORT-TERM DEBT
At December 31, 2024, the Borough has the following Bond Anticipation Note
outstanding:
General Capital Fund:
Date of
Issue
Date of
Maturity
Interest
Rate
Date of
Original Issue
Ordinance
Number
Amount
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
112,902.76
48,466.24
80,380.00
209,487.00
82,264.00
150,000.00
12,500.00
08/06/24
08/06/24
08/06/24
08/06/24
08/06/24
08/06/24
08/06/24
01/15/25
01/15/25
01/15/25
01/15/25
01/15/25
01/15/25
01/15/25
10/30/19
10/30/19
10/30/19
10/28/21
10/28/21
10/27/22
11/15/23
2014-04/2017-03
2018-03
2019-02
2020-05
2021-05/2022-06
2022-07
2023-08
$696,000.00
Water Capital Fund:
Date of
Maturity
Date of
Issue
Interest
Rate
Date of
Original issue
Ordinance
Number
Amount
$1,330,000.00
4.50%
01/15/25
08/06/24
11/15/23
23-09
20
NOTE 4:
FUND BALANCES APPROPRIATED
Fund
balance
at
December
31,
2024,
which
was
appropriated
and
included as anticipated revenue in their own respective funds for the year
ending December 31, 2025 were as follows:
Current Fund
Water Utility Operating Fund
Sewer Utility Operating Fund
$400,000.00
$295,000.00
$211,200.00
NOTE 5:
PROPERTY TAXES
Property taxes attach as an enforceable lien on property as of January 1. Taxes
are levied based on the final adoption of the current year municipal budget, and
are payable in four installments on February 1, May 1, August 1 and
November 1.
The Borough bills and collects its own property taxes and also
taxes for the County and local school district. The collections and remittance of
county and school taxes are accounted for in the Current Fund.
Borough
property tax
revenues are recognized when collected in cash and any
receivables are recorded with offsetting reserves on the balance sheet of the
Borough's Current Fund.
Taxes Collected in Advance - Taxes collected in advance and recorded as cash
liabilities in the financial statements are as follows:
BALANCE
DECEMBER 31,
BALANCE
DECEMBER 31,
2024
2023
$48,935.99
$51,414.61
Prepaid Taxes
NOTE 6:
PENSION PLANS
Substantially
ail
eligible
employees participate in the
Public
Employees'
Retirement System (PERS), or the Police, Firemen's Retirement System (PFRS)
or the Defined Contribution Retirement System (DCRP), which have been
established by state statute and are administered by the New Jersey Division of
Pensions and Benefits. The Division issues a publicly available financial report
that includes the financial statements and required supplementary information for
the Public Employees Retirement System, Police and Fireman's Retirement
System and Consolidated Police
and Firemen’ s
Pension Fund.
These
reports may
be
obtained
by
writing
to
the
Division
of
Pensions
and
Benefits, P.O. Box 295, Trenton, New Jersey, 08625 or are available online at
www.nj.gov/treasury/pensions/annrprts.shtml.
21
PENSION PLANS (CONTINUED)
NOTE 6:
Public
Employees' Retirement
System
(PERS) -
The
Public
Employees'
Retirement System (PERS) was established as of January 1, 1955, under the
provisions of NJ.S.A. 43:15A, to provide retirement, death, disability and medical
benefits to certain qualified members. The PERS is a cost-sharing multiple
employer
plan.
Membership
is
mandatory
for
substantially,
all
full-time
employees of the State of New Jersey or any county, municipality, school district
or public agency, provided the employee is not required to be a member of
another state-administered retirement system or other state pension fund or local
jurisdiction's pension fund.
Police and Fireman's Retirement System (PFRS) - The Police and Fireman's
Retirement System (PFRS) was established as of July 1, 1944, under the
provisions of N.J.S.A. 43:16A. to provide retirement, death, and disability benefits
to its members. The PFRS is a cost-sharing multiple-employer plan. Membership
is mandatory for substantially, all full-time county and municipal police or firemen
or officer employees with police powers appointed after June 30, 1944.
Defined Contribution Retirement Program (DCRP) - The Defined Contribution
Retirement Program (DCRP) was established July 1, 2007, under the provisions
of Chapter 92, P.L. 2007 and Chapter 103, P.L 2007, and was expanded under
the provisions of Chapter 89, P.L. 2009. The DCRP provides eligible employees
and their beneficiaries with a tax-sheltered, defined contribution retirement
benefit, along with life insurance coverage and disability coverage.
Vesting and Benefit Provisions
The vesting and benefit provisions for PERS are set by N.J.S.A. 43:15A and
43:36. All benefits vest after ten years of service, except for medical benefits,
which vest after 25 years of service. Members may seek early retirement after
achieving 25 years of service credit or they may elect deferred retirement after
achieving ten years of service credit, in which case, benefits would begin the first
day of the month after the member attains normal retirement age. The vesting
and benefit provisions for PFRS are set by N.J.S.A. 43:16A and 43:36. All
benefits vest after ten years of service, except for disability benefits, which vest
alter four years of service. Retirement benefits for age and service are available
at age 55.
Members may seek special retirement after achieving 25 years of
creditable service or they may elect deferred retirement after achieving ten years
of service.
Newly elected or appointed officials that have an existing DCRP account, or are
a member of another State-administered retirement system are immediately
vested in the DCRP. For newly elected or appointed officials that do not qualify
for immediate vesting in the DCRP, employee and employer contributions are
held during the initial year of membership. Upon commencing the second year of
DCRP membership, the member is fully vested. However, if a member is not
eligible to continue in the DCRP for a second year of membership, the member
may apply for a refund of the employee contributions from the DCRP, while the
employer contributions will revert back to the employer. Employees are required
to contribute 5.5% of their base salary and employers contribute 3.0%.
22
PENSION PLANS (CONTINUED)
NOTE 6:
Funding Policy
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 life insurance benefits is based on
actual claims paid. For fiscal year 2024, 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. During 2024, PERS provides for employee
contributions of 7.50% of employees’ base salary.
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.
The
local
employers’
contribution amounts are based on an actuarially determined rate, which includes
the normal cost and unfunded accrued liability. For the fiscal year 2024, the State
contributed an amount less than the actuarially determined amount. During 2024,
PFRS provides for employee contributions of 10.00% of employees' base salary.
The Borough's share of regular pension costs, which is based upon the annual
billings received from the State, amounted to $296,387 for 2024, $286,309 for
2023, and $293,828 for 2022.
All contributions were equal to the required contributions for each of the three
years, respectively.
Certain Borough employees are also covered by Federal Insurance Contribution
Act.
23
PENSION PLANS (CONTINUED)
NOTE 6:
Pension Contribution Deferral
The State of New Jersey has enacted Public Law 2012, C.19, which authorizes
the State Department of Treasury, Division of Pensions and Benefits to provide
non-state contributing employers the option of paying an amount that represents
a fifty percent (50%) reduction of the normal and accrued liability payment of the
required contributions to the Police and Fire Retirement System (PFRS) and the
Public
Employees
Retirement
System (PERS) which would have been due
April 1, 2009. If the deferral is elected, the amount deferred must be repaid, with
interest, over a period of fifteen years, beginning in April, 2012; however, the
contributing employer is permitted to pay off the obligation at any time by
contacting the Division of Pension and Benefits for a payoff amount.
The
Pension deferral activity for 2024 is as follows:
Original
Amount
Deferred
Retirement
System
2024 Payments
Interest
Principal
2,191.00
$
35,365.00
$
PFRS
$
493.00
1,005.00
PERS
16,910.00
4,450.00
52,275.00
$
6,641.00
$
1,498.00
Total
$
The amount of the actuarially computed value balance outstanding at December
31, 2024 is not available from the State Retirement System and is therefore not
presented.
Accounting and Financial Reporting for Pensions- GASB #68
The Governmental Accounting Standards Board (GASB) has issued Statement
No. 68 “ Accounting and Financial Reporting for Public Employees Pensions
which requires the State of New Jersey to calculate and allocate, for note
disclosure purposes only, the unfunded net pension liability of Public Employees
Retirement System (PERS) and the Police and Firemen's Retirement System
(PFRS) of the participating municipality as of December 31, 2024.
statement does not alter the amounts of funds that must be budgeted for pension
payments under existing state law.
The
Under accounting principles and practices prescribed by the Division of Local
Government Services, Department of Community Affairs, State of New Jersey,
any unfunded net pension liability of the municipality, allocated by the State of
New Jersey, is not required to be reported in the financial statements as
presented and any pension contributions required to be paid are raised in that
years budget and no liability is accrued at December 31, 2024.
24
PENSION PLANS (CONTINUED)
NOTE 6:
Accounting and Financial Reporting for Pensions - GASB #68
Public Employees Retirement System (PERS)
At June 30, 2024, the State reported a net pension liability of $532,499.00 for the
Borough’ s proportionate share of the total net pension liability. The total
pension liability for the June 30, 2024 measurement date was determined by an
actuarial valuation as of July 1, 2023, which was rolled forward to June 30, 2024.
The Borough's proportion of the net pension liability was based on a projection of
the Borough’ s long-term share of contributions to the pension plan relative to
the projected contributions of all participating employers, actuarialiy determined.
At June 30, 2024, the Borough’ s proportion was 0.0039188798 percent, which
was a decrease of 0.0001851143 percent from its proportion measured as of
June 30, 2023.
For the year ended June 30, 2024, the State recognized an actuarialiy
determined pension benefit of $12,207.00 for the Borough’ s proportionate
share of the total pension expense. The pension expense recognized in the
Borough’ s financial statements based on the April 1, 2024 billing was $54,851.
At June 30, 2024, the State reported deferred outflows of resources and deferred
inflows of resources related to PERS from the following sources:
Deferred
Inflow of
Resources
Deferred
Outflow of
Resources
$
10,667.00 $
1,418.00
Differences between expected and actual experience
Changes of assumptions
Net difference between projected and actual
earnings on pension plan investments
Changes in proportion and differences
between Borough contributions and
proportionate share of contributions
6,059.00
662.00
24,691.00
114,965.00
64,832.00
$
76,161.00
$
147,133.00
25
PENSION PLANS (CONTINUED)
NOTE 6:
Accounting and Financial Reporting for Pensions- GASB #68
Public Employees Retirement System (PERS)
Other local amounts reported by the State as the Borough's proportionate share
of deferred outflows of resources and deferred inflows of resources related to
pensions will be recognized in the State's actuarially calculated pension expense
as follows:
Year Ended
June 30,
Amount
($32,635.60)
7,467.40
(20,091.60)
(15,836.60)
(9,875.60)
2025
2026
2027
2028
2029
($70,972.00)
Actuarial Assumptions
The collective total pension liability for the June 30, 2024 measurement date was
determined by an actuarial valuation as of July 1, 2023, which rolled forward to
June 30, 2024. These actuarial valuations used the following assumptions:
Inflation
Price
Wage
2.75%
3.25%
2.75-6.55%
Based on
Years of Service
Salary Increases
7.00%
Investment Rate of Return
Employee mortality rates were based on the Pubs-2010 Safety Employee
amount-weighted mortality table (sex-specific), projected generationally from
2010 with Scale MP-2021 mortality projection. For healthy annuitants, mortality
rates were based on the Pubs-2010 Safety Retiree Below Median amount-
weighted mortality table (sex-specific), projected generationally from 2010 with
Scale MP-2021 mortality projection. Disability rates were 144% of the Pub-2010
Safety Disabled Retiree amount weighted mortality table for males and 100% for
females, projected generationally from 2010 with Scale MP-2021 mortality
projection.
26
NOTE 6:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions- GASB #68
Public Employees Retirement System (PERS)
Actuarial Assumptions (Continued)
The actuarial assumptions used in the July 1, 2023 valuation were based on the
results of an actuarial experience study for the period July 1, 2018 to June 30,
2021.
Long-Term Rate of Return
In accordance with State statute, the long-term expected rate of return on plan
investments (7.00% at June 30, 2024) is determined by the State Treasurer, after
consultation with the Directors of the Division of Investment 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 assets class included in
PERS’ s target assets allocation as of June 30, 2024 asset are summarized in
the following table:
Long-Term
Expected Real
Rate of Return
Target
Allocation
Assets Ciass
8.63%
8.85%
8.85%
10.66%
12.40%
10.95%
8.20%
6.74%
8.90%
5.37%
3.57%
3.57%
7.10%
28.00%
12.75%
1.25%
5.50%
13.00%
8.00%
3.00%
4.50%
8.00%
7.00%
2.00%
4.00%
3.00%
US Equity
Non-U.S. Developed Market Equity
International Small Cap Equity
Emerging Market Equity
Private Equity
Real Estate
Real Assets
High Yield
Private Credit
Investment Grade Credit
Cash Equivalents
U.S. Treasury's
Risk Mitigation Strategies
27
PENSION PLANS (CONTINUED)
NOTE 6:
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Public Employees Retirement System (PERS) (Continued)
Discount Rate
The discount rate used to measure the total pension liability was 7.00% as of
June 30, 2024. 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 the local employers. Based on those assumptions,
the plan's fiduciary net position was projected to be available to make all
projected future benefit payments of current plan members. Therefore, the long-
term expected rate of return on plan investments was applied to all projected
benefit payments in determining the total pension liability.
Sensitivity of the collective net pension liability to changes in the discount rate
The following presents the Borough ’s proportionate share of the net pension
liability of the participating employers as of June 30, 2024 respectively,
calculated using the discount rate as disclosed above as well as what the
Borough ' s proportionate share of the collective net pension liability would be if it
was calculated using a discount rate that is 1-percentage point lower or 1-
percentage point higher than the current rate:
June 30, 2024
At Current
Discount Rate
7.00%
1%
1%
Increase
8.00%
Decrease
6.00%
Borough's proportionate share
of the pension liability
$383,523.00
$707,560.00
$532,499.00
Pension plan fiduciary net position
Detailed information about the pension plan's fiduciary net position is available in
the separately issued Financial Report for the State of New Jersey Public
Employees Retirement System (PERS). The report may be obtained at State of
New Jersey Division of Pensions and Benefits P.O. Box 295 Trenton, New
Jersey 08625-0295 http://www.state.ni.us/treasury/pensions.
28
PENSION PLANS (CONTINUED)
NOTE 6:
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Police and Firemen's Retirement System (PFRSj
At June 30, 2024, the State reported a net pension liability of $1,369,624.00 for
the Borough’ s proportionate share of the total PFRS net pension liability. The
total pension liability for the June 30, 2024 measurement date was determined by
an actuarial valuation as of July 1, 2023, which was rolled forward to June 30,
2024. The Borough's proportion of the net pension liability was based on a
projection of the Borough’s long-term share of contributions to the pension plan
relative to the projected contributions of all participating employers, actuarially
determined.
At June 30, 2024, the Borough’ s proportion was 0.0132630700 percent, which
was an increase of 0.0002446800 percent from its proportion measured as of
June 30, 2023.
For the year ended June 30, 2024, the State recognized an actuarially
determined pension expense of $55,901. The pension expense recognized in the
Borough’ s financial statements based on the April 1, 2024 billing was
$173,301.00.
At June 30, 2024, the State reported deferred outflows of resources and deferred
inflows of resources related to PFRS from the following sources:
Deferred
Outflow of
Resources
Deferred
Inflow of
Resources
Differences between expected and actual experience
Changes of assumptions
Net difference between projected and actual
earnings on pension plan investments
Changes in proportion and differences
between Borough contributions and
proportionate share of contributions
$
86,285.00 $
46,888.00
2,165.00
40,224.00
10,720.00
233,707.00
179,981.00
322,157.00 $
$
277,813.00
29
PENSION PLANS (CONTINUED)
NOTE 6:
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Police and Firemen's Retirement System (PFRS) (Continued)
Other amounts reported as deferred outflows of resources and deferred inflows
of resources related to pensions will be recognized in pension expense as
follows:
Year Ended
June 30
Amount
(55,595.80)
87.186.20
(8,440.80)
1,836.20
18.670.20
688.00
2025
$
2026
2027
2028
2029
Thereafter
44,344.00
$
Actuarial Assumptions
The total pension liability for the June 30, 2024 measurement date was
determined by an actuarial valuation as of July 1, 2023, which rolled forward to
June 30, 2024. This actuarial valuation used the following assumptions:
Inflation
Price
Wage
2.75%
3.25%
Salary Increases
All future years
3.25-16.25%
Based on years of
Service
Investment Rate of Return
7.00%
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, 2023 valuation were based on the
results of an actuarial experience study for the period July 1, 2018 to June 30,
2021.
30
NOTE 6:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Police and Firemen's Retirement System (PFRS) (Continued)
Long-Term Rate of Return
In accordance with State statute, the long-term expected rate of return on plan
investments (7.00 percent at June 30, 2024) is determined by the State
Treasurer, after consultation with the Directors of the Division of Investment 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, 2024 are summarized in the
following table:
Long-Term
Expected Rea!
Rate of Return
Target
Allocation
Assets Class
US Equity
Foreign Equity
Emerging Market Equity
Private Equity
Core Fixed Income
High Yield Fixed Income
Private Debt
Real Estate
Infrastructure
Cash
28.00%
11.50%
7.50%
10.00%
17.00%
6.00%
8.00%
7.00%
3.00%
2.00%
6.25%
6.35%
7.65%
9.55%
1.45%
3.25%
5.85%
3.05%
5.65%
0.65%
31
NOTE 6:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
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
both June 30, 2024. 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 the local employers. Based on those assumptions,
the plan's fiduciary net position was projected to be available to make all
projected future benefit payments of current plan members. Therefore, the long-
term expected rate of return on plan investments was applied to all projected
benefit payments to determine the total pension liability.
Sensitivity of the Borough
1 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 of the participating employers as of June 30, 2024, calculated using the
discount rate as disclosed above as well as what the Borough
1s proportionate
share of the net pension liability would be if it was calculated using a discount
rate that is 1-percentage point lower or 1- percentage point higher than the
current rate:
June 30, 2024
1%
At Current
Discount Rate
7.00%
1%
Decrease
6.00%
Increase
8.00%
Borough's proportionate share
of the PFRS pension liability
$1,956,888.00
$1,369,624.00
$880,562.00
32
PENSION PLANS (CONTINUED)
NOTE 6:
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Police and Firemen's Retirement System (PFRS) (Continued)
Special Funding Situation
In accordance with 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.c. 2001, Chapter 86, P.L. 2001,
Chapter 511, P.L. 1991, Chapter 109, P.c. 1979, Chapter 247, P.L. 1993 and
Chapter 201, P.L. 2001. The amounts contributed by the State on behalf of the
Borough under this legislation is considered to be a special funding situation as
defined by GASB Statement No. 68, and the State is treated as a nonemployer
contributing entity. Since the Borough does not contribute under this legislation
directly to the plan (except for employer specific financed amounts), there is no
net pension liability or deferred outflows or inflows to disclose in the notes to the
financial statements of the Borough related to this legislation.
The non-employer contributing entities’
total proportionate share of the
collective net pension liability that is associated with the Borough as of December
31, 2024 and 2023 is 0.0132628800% and 0.0130183800% respectively, the
non-employer contributing entities’
contribution for the year ended June 30,
2024 and 2023 was $31,063.00 and $30,310.00, respectively and the employer
pension expense and related revenue for the year ended June 30, 2024 and
2023 was $270,018.00 and $265,037.00, respectively.
At June 30, 2024 and 2023, the State's proportionate share of the net pension
liability attributable to the Borough for the PFRS special funding situation is
$270,018.00 and $265,037.00, respectively. At June 30, 2024, the Borough’s and
State of New Jersey's proportionate share of the PFRS net pension liability were
as follows:
$1,369,624.00
Borough's Proportionate Share of Net Pension Liability
State of New Jersey Proportionate Share of
Net Pension Liability Associated with the Borough
270,018.00
$1,639,642.00
Pension plan fiduciary net position
Detailed information about the pension plan's fiduciary net position is available in
the separately issued Financial Report for the State of New Jersey Police and
Firemen’ s Retirement System (PFRS). The report may be obtained at State of
New Jersey Division of Pensions and Benefits P.O. Box 295 Trenton, New
Jersey 08625-0295 http://www.state.ni.us/treasurv/pensions.
33
NOTE 7:
COMPENSATED ABSENCES
Under the terms of various contracts Borough employees are allowed to
accumulate unused vacation and sick leave, which may be taken off or paid at a
later date with the exception of vacation leave. It is estimated that the current
cost
of
such
unpaid
compensation
would
approximate
$43,776.45
and
$40,074.49 at December 31, 2024 and December 31, 2023 respectively. Under
accounting principles and
practices prescribed by the Division of
Local
Government Services, Department of Community Affairs, State of New Jersey,
the accumulated cost of such unpaid compensation is not required to be reported
in the financial statements as presented and any amounts required to be
paid
are
raised
in
that
year’s
budget
and
no
liability
is
accrued
on
December 31, 2024.
LITIGATION
NOTE 8:
The Borough Attorney's letter did not indicate any litigation or claims that are
either not covered by the Borough's insurance carrier or would have a material
financial impact on the Borough.
NOTE 9:
SCHOOL TAXES
Local District School Taxes have been raised and liabilities deferred by statute,
resulting in the school taxes prepaid set forth in the Current Fund liabilities as
follows:
Regionail District School Tax
Balance
Balance
December 31. 2024
December 31, 2023
1,360,151.21
1,146,391.21
Balance of Tax
826,422.97
Deferred
826,422.97
$319,968.24
Tax Payable
$533,728.24
Regional High School District Taxes
Balance
Balance
December 31. 2024
December 31. 2023
593,646.62
Balance of Tax
598,533.62
397,082.47
Deferred
397,082.47
$196,564.15
$201,451.15
Tax Payable
34
NOTE 10:
CONTINGENT LIABILITIES
The Borough participates in several federal and state financial assistance grant
programs. Entitlement to the funds is generally conditional upon compliance with
terms and conditions of the grant agreements and applicable regulations,
including the expenditure of funds for eligible purposes.
These programs are
subject
to
compliance
and
financial
audits
by
the
grantors
or
their
representatives. As of December 31, 2024, the Borough does not believe that
any material liabilities will result from such audits.
NOTE 11:
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. The Borough participates in a self-insurance program through
the Monmouth County Joint Insurance Fund covering each of those risks of loss.
The Fund is operated in accordance with regulations of the New Jersey
Department of Insurance and the Division of Local Government Services of the
Department of Community Affairs. The Fund is also a member of the Municipal
Excess Liability Joint Insurance Fund which provides excess insurance coverage
for each of the various risks noted above. The Boroughs contribution to the Fund
for claim payments is based on actuarial assumption determined by the Fund's
actuary.
Management believes such coverage is sufficient to preclude any
significant uninsured losses to the Borough.
New Jersey Unemployment Compensation Insurance - The Borough has elected
to fund its New Jersey Unemployment Compensation Insurance under the
"Benefit Reimbursement Method". Under this plan, the Borough is required to
reimburse the New Jersey Unemployment Trust Fund for benefits paid to its
former employees and charged to its account with the State.
The Borough is
billed quarterly for amounts due to the State. Below is a summary of Borough
contributions, employee contributions, reimbursements to the State for benefits
paid, and the ending balance of the Borough's expendable trust fund for the
current and previous two years:
Ending
Balance
Interest
Earning
Borough
Contributions
Amount
Reimbursed
Year
$32,246.00
336.80
134.72
$22,315.39
53,228.33
52,774.46
$1,333.06
590.67
345.94
2024
2023
2022
200.00
200.00
35
NOTE 12:
LENGTH OF SERVICE AWARDS PROGRAM
Description of Program
The Borough of Englishtown has established a Length of Service Awards
Program (“ LOSAP” ) for the benefit of eligible volunteer members of the
Englishtown-Manalapan First Aid Squad pursuant to N.J.S.A. 40A:14-183 et seq.
The program was created to reward the long-term volunteer service of
emergency services personnel. The Borough participates in the program through
an interlocal services agreement with the Township of Manalapan, which serves
as the lead administrator.
Under the agreement, both the Borough of Englishtown and the Township of
Manalapan may make annual contributions to the program on behalf of eligible
volunteers, provided that the combined annual contribution per participant does
not exceed the statutory maximum established under state law. The current
statutory maximum contribution is $1,150 per year per eligible member.
Program Administration
The LOSAP is administered in accordance with the provisions of N.J.S.A.
40A:14-183 et seq. and the interlocal services agreement between the Borough
and the Township. Manalapan Township maintains the LOSAP accounts and is
responsible for the investment and distribution of program assets. Program
assets are not reported in the Borough’ s financial statements, as they are not
under the direct control of the Borough.
Eligibility and Contributions
Volunteer members become eligible for contributions upon earning the minimum
number of points during a calendar year, as determined under the LOSAP point
system adopted by the Englishtown-Manalapan First Aid Squad. Points are
awarded for activities such as emergency responses, training, meetings, and
other qualifying volunteer service.
For the year ended December 31, 2024, the Borough did not budget any funds
for LOSAP contributions. No payments were made in 2023 for the prior program
year.
36
NOTE 13:
DEFERRED CHARGES:
Certain expenditures are required to be deferred to budgets of succeeding years.
At December 31, 2024, the Borough had the following Deferred Charges:
BALANCE TO
SUCCEEDING
YEARS
2025
BALANCE
DECEMBER
31.2024
BUDGET
APPROPRIATION
Current Fund:
Special Emergency Authorization:
N.J.S.A. 40A: 4-53:
COVID
Master Plan
Codification of Ordinances
25,484.17
7,000.00
11,034.00
9,484.17
3,500.00
7,356.00
16,000.00
3,500.00
3,678.00
$43,518.17
$23,178.00
$20,340.17
ACCOUNTING
AND FINANCIAL
REPORTING
FOR
POSTEMPLOYMENT
BENEFITS OTHER THAN PENSIONS- GASB 75
NOTE 14:
Plan Description and Benefits Provided
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.
The Plan meets the definition of an equivalent arrangement as defined in
paragraph 4 of GASB Statement No. 75, Accounting and Financial Reporting for
the Postemployment Benefits Other Than Pensions; therefore, assets are
accumulated to pay associated benefits.
The Plan provides medical and prescription drug coverage to retirees and their
covered dependents of the 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.
37
NOTE 14:
ACCOUNTING
AND FINANCIAL REPORTING
FOR
POSTEMPLOYMENT
BENEFITS OTHER THAN PENSIONS- GASB 75 (CONTINUED)
Plan Description and Benefits Provided (Continued)
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.
Special Funding Situation
The Borough, by resolution of the governing body, has elected to provide postretirement
medical coverage to certain employees under the provisions of Chapter 330, P.L. 1997.
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.
38
NOTE 14:
ACCOUNTING
AND
FINANCIAL
REPORTING
FOR
POSTEMPLOYMENT
BENEFITS OTHER THAN PENSIONS- GASB 75 (CONTINUED)
Special Funding Situation (Continued)
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 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.
At June 30, 2023 and 2022, the State's proportionate share of the net OPEB liability
attributable to the Township for the special funding situation is $1,614,763.00 and
$1,899,788.00 respectively.
At June 30, 2023, the Township's and State of New Jersey's proportionate share of the
Net OPEB Liability were as follows:
Borough's proportionate share
of the Net OPEB Liability
State of New Jersey’s proportionate
share of Net OPEB Liability associated
with the Borough
$0
$1,594,969.00
$1,594,969.00
At December 31, 2023, the State's proportionate share of the OPEB benefit,
associated with the Borough, calculated by the plan as of the June 30, 2023
measurement date was $289,199.00.
Actuarial Assumptions and Other Inputs
The actuarial assumptions vary for each plan member depending on the pension
plan the member is enrolled in. This actuarial valuation used the following
actuarial assumptions, applied to all periods in the measurement:
Salary Increases:
Public Employees Retirement System (PERS):
Initial Fiscal Year Applied
Rate for All Future Years
2.75% to 6.55%
Police and Firemen’s Retirement System (PFRS):
Rate for All Future Years
3.25% to 16.25%
39
NOTE 14:
ACCOUNTING
AND FINANCIAL REPORTING
FOR
POSTEMPLOYMENT
BENEFITS OTHER THAN PENSIONS- GASB 75 (CONTINUED)
Actuarial Assumptions and Other Inputs (Continued)
Mortality:
PERS
Pub-2010 General classification headcount weighted
mortality with fully generational mortality improvement
projections from the central year using scale MP-2021
Pub-2010 Safety classification headcount weighted
mortality with fully generational mortality improvement
projections from the central year using scale MP-2021
PFRS
‘Salary increases are based on the defined benefit plan that the member is
enrolled in and his or her age.
Actuarial assumptions used in the July 1, 2022 valuation were based on the
results of the PFRS and PERS experience studies prepared for July 1, 2018 to
June 30, 2021.
100% of active members are considered to participate in the Plan upon
retirement.
Discount Rate
The discount rate for June 30, 2023 was 3.65%. This represents the municipal
bond return rate as chosen by the State. The source is the Bond Buyer Go 20-
Bond Municipal Bond Index, which includes tax-exempt general obligation
municipal bonds with an average rating of AA/Aa or higher. As the long- term rate
of return is less than the municipal bond rate, it is not considered in the
calculation of the discount rate, rather the discount rate is set at the municipal
bond rate.
OPEB Plan Fiduciary Net Position
Detailed information about the OPEB plan's fiduciary net position is available in
the separately issued Financial Report for the State of New Jersey State Health
Benefits Local Government Retired Employees Plan. The report may be obtained
at State of New Jersey Division of Pensions and Benefits P.O. Box 295 Trenton,
New Jersey 08625-0295 http://www.state.nj.us/treasury/pensions
40
NOTE 15:
INTERFUND RECEIVABLES AND PAYABLES
The
following
interfund
balances
remained
on
the
balance
sheet
at
December 31, 2024:
Interfund
Payable
Interfund
Receivable
Fund
234,224.19
16,437.84
$
319.56
$
Current Fund
Animal Control Trust
Trust Other Fund
General Capital Fund
Water Utility Operating Fund
Water Utility Capital Fund
Sewer Utility Operating Fund
Solid Waste Utility Operating Fund
Grant Fund
16,001.16
12,500.00
102,230.92
44,334.61
24,834.95
24,863.68
74,680.20
24,539.73
436.68
287,701.76
$
$
287,701.76
All balances resulted from the time lag between the dates that payments
between funds are made.
NOTE 16:
FIXED ASSETS
Below is a summary of the General Fixed Assets Account Group for the year
ended December 31, 2024:
Balance
December 31
2024
Balance
December 31,
2023
Additions
Deletions
$
2,039,400.00
$
510,300.00
821,437.59
$
2,039,400.00
510,300.00
839,567.56
$
Land
Building
Machinery & Equipment
18,129.97
$
3,389,267.56
$
3,371,137.59
$
18,129.97
$
41
NOTE 17:
SUBSEQUENT EVENTS
The Borough has evaluated subsequent events occurring after the financial
statement date through October 24, 2025 which is the date the financial
statements were available to be issued. Based upon this evaluation, the Borough
has determined that there were no subsequent events that needed to be
disclosed.
42
THIS PAGE INTENTIONALLY LEFT BLANK
BOROUGH OF ENGLISHTOWN
SUPPLEMENTARY SCHEDULES- ALL FUNDS
YEAR ENDED DECEMBER 31. 2024
”A-4"
BOROUGH OF ENGLiSHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF CASH - TREASURER
Grant Fund
Reference
Current Fund
$
220,659.49
A
$
2,472,570.89
Balance, December 31, 2023
Increased by Receipts:
Miscellaneous Revenue Not Anticipated
State of New Jersey - Senior Citizens’
and Veterans' Deductions
Tax Collections
Revenue Accounts Receivable
Prepaid Taxes
Interfunds
Tax Overpayments
Due to State of New Jersey
Various Reserves
Grants Receivable
Reserve for Grants - Unappropriated
$
102,626.41
A-2
$
4,000.00
7,510,460.62
634,952.40
48,935.99
293,623.56
3,186.19
375.00
73,279.85
A-6
A-7
A-9
A-13
A-17
A-19
A-21
A-22
10,251.52
969.85
A-24
A-26
$
8,671,440.02
11,221.37
11,144,010.91
231,880.86
Decreased by Disbursements:
2024 Budget Appropriation
Petty Cash
Appropriation Reserves
County Taxes
Regional High School District Taxes
Regional School District Taxes
Interfunds
Refunds of Prior Years Revenues
Accounts Payable
Tax Overpayments
Special District Taxes
Reserve for:
Due to State of New Jersey
Various Reserves
Grants - Appropriated
Grants - Unappropriated
2,342,958.36
75.00
108,347.90
811,637.43
1,074,018.00
2,900,372.00
76,153.45
4,794.80
16,423.18
3,217.13
564.000.00
A-3
A
A-10
A-14
A-15
A-16
A-17
A-1
A-12
A-19
A-20
175.00
48,363.35
A-21
A-22
A-25
3,646.41
154,126.28
A-26
157,772.69
7,950,535.60
$
3,193.475.31
74,108.17
$
Balance, December 31, 2024
A
"A-5"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF CHANGE FUNDS
Reference
Balance, December 31, 2023 and
December 31, 2024
$
275.00
A
Analysis of Balance:
Tax/Utility Collector
$
275.00
$
275.00
"A-6"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF DUE TO/{FROM) STATE OF NEW JERSEY -
SENIOR CITIZENS' AND VETERANS' DEDUCTIONS
Reference
$
243.18
A
Balance, December 31, 2023
Increased by:
Cash Receipts
4,000.00
A-4
4,243.18
$
Decreased by:
Senior Citizens' Deductions per Billing
Veterans’ Deductions per Tax Billing
Veterans' Deduction Allowed
$
1,000.00
3,000.00
250.00
A-7
A-7
A-7
$
4,250.00
$
(6.82)
A
Balance, December 31, 2024
CALCULATION OF STATE'S SHARE OF
2024 SENIOR CITIZENS AND VETERANS DEDUCTIONS
Senior Citizens and Veterans Deductions:
Per Tax Duplicate
Allowed by Collector
$
4,000.00
250.00
$
4,250.00
A-7
,
TA-7"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY
Transferred
Balance
December 31
2024
Balance
December 31,
2023
Collections
2024
Lew
to
Cancelled
Tax Title Liens
2023
2024
Year
$
2,029.18 $
2,703.73 $
$
4,732.91 $
i
2023
$
2,029.18
2,703.73
4,732.91
7,512,681.44
2,678.09
7,566,774.18
51,414,61
0.04
2024
2,678.09 $
7,566,774.18 $
7,514,710.62 $
2,703.73 $
0.04
4,732.91 $
51,414.61 $
$
A-7
A
A-2; A-13
A-2
Reference
A
Reference
$
7,510,460.62
4,250.00
A-4
Collector
Senior Citizens and Veterans Deductions
A-6
$
7,514,710.62
Analysis of Property Tax Lew
Tax Yield
$
General Property Tax
Added and Omitted Taxes
7,565,954.20
819,98
A-7
A-7
$
7,566,774.18
Tax Levy:
County Taxes
County Library Tax
County Open Space Tax
County Health Tax
Due County for Added Taxes
$
A-14
656,508.10
44,660.25
96,607.12
12,334.70
87.90
A-14
A-14
A-14
A-14
$
810,198.07
1,078,905.00
3.114,132.00
Regional High School District Taxes
Regional School District Taxes
Municipal Open Space Tax
Local Taxes for Municipal Purposes
Add: Additional Tax Levied
A-15
A-16
A-20
$
564,000.00
1,993,014.59
6,524.52
A-2
2,563,539.11
$
7,566,774.18
"A-8"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF TAX TITLE LIENS RECEIVABLE
Reference
$
1,526.50
Balance, December 31, 2023
A
Increased by:
Transferred from Taxes Receivable
A-7
2,678.09
$
Balance, December 31, 2024
4,204.59
A
"A-9"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF REVENUE ACCOUNTS RECEIVABLE
Balance
December 31,
2024
Balance
December 31
2023
Accrued in
2024
Collections
Reference
6,639.34 $
$
$
6,639.34 $
A-2
Alcoholic Beverages
Fines and Costs:
Municipal Court
Interest and Costs on Taxes
Fire District Interlocal Agreement
Interest on Investments and Deposits
Energy Receipts Tax
Off-Duty Police Administrative Fees
Tower Lease Agreement
Cable TV Franchise Fees
General Capital Surplus
American Rescue Plan
Sewer Utility Operating Surplus
43,386.56
14.686.24
33,760.00
86,316.74
143,901.74
8,536.25
40.163.25
41,936.00
26,500.00
154,126.28
35,000.00
3,692.58
44,209.82
14.686.24
33,760.00
86,316.74
143,901.74
8,536.25
40.163.25
41,936.00
26,500.00
154,126.28
35,000.00
4,515.84
A-2
A-2
A-2
A-2
A-2
A-2
A-2
A-2
A-2
A-2
A-2
4,515.84
$
635,775.66 $
634,952.40 $
3,692.58 $
Reference
A-4
A
A
"A-10”
Sheet 1
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF 2023 APPROPRIATION RESERVES
Balance
After
Modifications
Paid
Balance
December 31,
2023
Balance
Lapsed
or
Charged
GENERAL GOVERNMENT
General Administration:
Other Expenses
Mayor and Council:
Salaries and Wages
Other Expenses
Municipal Clerk:
Salaries and Wages
Other Expenses
Elections:
Other Expenses
Financial Administration (Treasury):
Salaries and Wages
Other Expenses
Audit Services
Revenue Administration (Tax Collection):
Salaries and Wages
Other Expenses
Tax Assessment Administration:
Other Expenses
Department of Law:
Other Expenses
Data Processing:
Other Expenses
LAND USE ADMINISTRATION
Planning Board:
Salaries and Wages
Other Expenses
Code Enforcement:
Salaries and Wages
Other Expenses
Engineering Services and Costs:
Other Expenses
Affordable Housing:
Salaries and Wages
Other Expenses
INSURANCE
Employee Group Health
Health Benefits Waiver
PUBLIC SAFETY
Police Department:
Salaries and Wages
Other Expenses
Emergency Management Services:
Other Expenses
161.74 $
161.74 $
$
161.74
$
4,000.00
1,325.00
4,000.00
1,325.00
4,000.00
1,705.00
380.00
11,163.87
1,283.24
11,163.87
1,574.36
11,163.87
1,785.38
502.14
918.48
918.48
918.48
423.36
270.68
2,825.00
423.36
268.35
2,825.00
423.36
270.68
2,375.00
2.33
15.55
755.12
15.55
755.12
15.55
1,087.12
332.00
518.36
518.36
518.36
17,951.30
17,951.30
5,403.00
12,548.30
27,697.43
29,952.47
2,255.04
29,369.15
5.15
5.15
5.15
4,812.48
4,609.98
4,812.48
49.93
2,190.82
49.93
2,190.82
49.93
2,190.82
322.50
4,824.45
4,081.95
5,146.95
635.00
1,000.00
635.00
1,000.00
635.00
1,000.00
75,033.32
5,000.00
75,586.32
5,000.00
2,594.39
72,991.93
5,000.00
50,786.33
89,202.69
50,786.33
98,297.62
50,786.33
96,215.26
9,094.93
400.00
400.00
400.00
"A-10"
Sheet 2
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF 2023 APPROPRIATION RESERVES
Paid
Balance
After
Modifications
Balance
December 31
2023
Balance
Lapsed
or
Charged
Prosecutor’s Office:
Salaries and Wages
Municipal Court:
Salaries and Wages
Other Expenses
PUBLIC WORKS
Road Repairs and Maintenance:
Salaries and Wages
Other Expenses
Recycling:
Other Expenses
Buildings and Grounds:
Salaries and Wages
Other Expenses
Celebrating Public Events:
Other Expenses
Shade Tree Commission:
Salaries and Wages
Other Expenses
Animal Control:
Other Expenses
UTILITY EXPENSE AND BULK PURCHASES
Electricity
Street Lighting
Telephone (excluding equipment acquisition)
Natural Gas
Gasoline
Water and Sewage
LANDFILL/SOLID WASTE DISPOSAL COSTS
Sanitary Landfill:
Other Expenses
Prior Year Bills
Statutory Expenditures:
Contribution to:
Social Security System (O.A.S.t.)
Public Employees Retirement System
Police and Firemen's Retirement System
DCRP - Employer Contribution
1,400.00 $
1,400.00 $
$
1,400.00
$
6,526.30
18,170.35
6,526.30
18,273.35
6,526.30
18,382.35
212.00
15,343.51
18,392.93
15,343.51
18,392.93
15,343.51
23,106.06
4,713.13
5,500.00
5,500.00
5,500.00
8,998.63
13,785.37
8,998.63
14,659.42
8,998.63
15,58150
1,796.13
100.00
100.00
100.00
905.00
1,200.00
905.00
1,200.00
905.00
1,200.00
1,500.00
1,500.00
1,500.00
4,954.30
2,889.29
6,539.26
6,048.69
922.65
2,848.17
13,206.43
1,288.00
1,584.96
3,159.40
922.65
736.57
1,151.65
803.00
5,340.75
3,628.96
103.19
2,111.60
13,206.43
1,288.00
2,111.60
12,054.78
485.00
3,170.00
331.00
3,170.00
331.00
3,170.00
33100
3,348.23
700.00
63.21
4,359.79
3,348.23
700.00
63.21
4,359.79
3,348.23
700.00
63.21
4,359.79
"A-10"
Sheet 3
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF 2023 APPROPRIATION RESERVES
Paid
Balance
December 31,
2023
Balance
After
Modifications
Balance
Lapsed
or
Charged
$
3,950.00 $
32,560.00
19,000.00
5,500.00
3,950.00 $
32,560.00
19,000.00
5,500.00
$
3,950.00
32,560.00
6,818.00
5,500.00
Gasoline
Health Insurance
Due to School Business Personal Property
LOSAP
Recycling (N.J.S.A. 13:1E~96.5):
Other Expenses
INTERLOCAL MUNICIPAL SERVICE AGREEMENTS
911 Emergency Service Contract with County
Fire District
Salaries and Wages
Other Expenses
Computer Services:
Other Expenses
Matching Funds for Grants
12,182.00
1,677.09
1,677.09
1,677.09
1,505.00
1,505.00
57,000.00
55,495.00
1,054.61
2,760.00
1,054.61
2,760.00
1,054.61
2,760.00
5,190.00
2,500.00
5,190.00
2,500.00
5,190.00
2.500.00
i
$
516,976.71 $
589,249.39 $
109,142.82 $
480,106.57
Total General Appropriations
Reference
A-1
A
Appropriation Reserves
Encumbrances Payable
A-10
$
516,976.71
72,272.68
A-11
$
589,249.39
Cash Disbursements
Accounts Payable
$
108,347.90
794.92
A-4
A-12
$
109,142.82
"A-11"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF ENCUMBRANCES PAYABLE
YEAR ENDED DECEMBER 31, 2024
Reference
$
73,322.68
Balance, December 31, 2023
Current Fund
Grant Fund
$
A
72,272.68
1,050.00
A
Increased by:
Transferred from 2024 Appropriations
A-3
57,149.46
$
130,472.14
Decreased by:
Transferred to Appropriation Reserves
Transferred from Appropriated Grant Reserves
A-10
$
72,272.68
1,050.00
A-25
73,322.68
$
Balance, December 31, 2024
57,149.46
Analysis of Balance:
Current Fund
$
A
57,149.46
$
57,149.46
"A-12”
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF ACCOUNTS PAYABLE
YEAR ENDED DECEMBER 31, 2024
Reference
$
Balance, December 31, 2023
A
44,669.73
Increased by:
Transferred from 2023 Appropriation Reserves
A-10
794.92
$
45,464.65
Decreased by:
Cash Disbursement
A-4
16,423.18
Balance, December 31, 2024
A
$
29,041.47
"A-13"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF PREPAID TAXES
Reference
A
$
51,414.61
Balance, December 31, 2023
Increased by:
Cash Receipts
A-4
48,935.99
$
100,350.60
Decreased by:
Applied to Taxes Receivable
A-7
51,414.61
Balance, December 31, 2024
$
48,935.99
A
rtA-14
rt
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF COUNTY TAXES PAYABLE
Reference
$
1,527.26
Balance, December 31, 2023
A
increased by:
2024 Tax Levy:
County Tax
County Library Tax
County Health Tax
County Open Space Fund Tax
$
656,508.10
44,660.25
12,334.70
96,607,12
$
810,110.17
87.90
A-1:A-7
A-1:A-7
Due County for Added Taxes
810,198.07
$
811,725.33
Decreased by:
Cash Disbursements
811,637.43
A-4
$
87.90
Balance, December 31, 2024
A
"A-15
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF REGIONAL HIGH SCHOOL DISTRICT TAX PAYABLE
Reference
Balance, December 31, 2023
School Tax Payable
School Tax Deferred
$
196,564.15
397,082.47
A
$
593,646.62
Increased by:
Levy (School Year July 1, 2024
to June 30, 2025)
1,078,905.00
$
1,672,551.62
A-7
Decreased by:
Cash Disbursements
1,074,018.00
A-4
Balance, December 31, 2024
School Tax Payable
School Tax Deferred
$
201,451.15
397,082.47
A
$
598,533.62
2024 Liability for Local District School Tax
$
201,451.15
1,074,018.00
1,275,469.15
Tax Payable, December 31, 2024
Tax Paid
A-15
A-15
Less:
Tax Payable, December 31, 2023
A-15
196,564.15
Amount Charged to 2024 Operations
A-1
$
1,078,905.00
"A-16
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF REGIONAL SCHOOL DISTRICT TAX PAYABLE
Reference
Balance, December 31, 2023
School Tax Payable
School Tax Deferred
$
319,968.24
826,422.97
A
$
1,146,391.21
Increased by:
Levy (School Year July 1, 2024
to June 30, 2025)
3,114,132.00
$
4,260,523.21
A-7
Decreased by:
Cash Disbursements
2,900,372.00
A-4
Balance, December 31, 2024
School Tax Payable
School Tax Deferred
$
533,728.24
826,422,97
A
$
1,360,151.21
2024 Liability for Local District School Tax
$
533,728.24
2,900,372.00
3,434,100.24
Tax Payable, December 31, 2024
Tax Paid
A-16
A-16
Less:
Tax Payable, December 31, 2023
319,968.24
A-16
$
3,114,132.00
Amount Charged to 2024 Operations
A-1
"A-17"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF INTERFUNDS
YEAR ENDED DECEMBER 31, 2024
SEWER
UTILITY
OPERATING
FUND
SOLID WASTE
UTILITY
OPERATING
FUND
WATER
UTILITY
OPERATING
FUND
WATER
UTILITY
CAPITAL
FUND
TRUST
OTHER
FUND
GENERAL
CAPITAL
FUND
ANIMAL
CONTROL
TRUST FUND
GRANT
FUND
REF.
TOTAL
Balance, December 31, 2023:
Interfunds Receivable
Interfunds Payable
$
$
436.68
545.01 $
$
$
3.22 $
698.85 $
2,000.00
$
$
1,683.76 $
2,000.00 $
A
$
$
$
$
$
$
$
A
Increased by:
Receipts
24,863.68
74,680.20
4,935.45
102,775.93
7,294.88
24,834.95
352.09
53,886.38
A~4
293,623.56
Decreased by:
Disbursements
4,935.45
71,188.69
76,153.45
29.31
A*4
Balance, December 31, 2024:
Interfunds Receivable
Interfunds Payable
$
$
$
$
436.68
16,437.84 $
234,224.19 $
$
16,001.16 $
A
$
24,863.68 $
7,294.88 $
24,834,95 $
74,680.20 $
102,230.92 $
$
319.56 $
$
A
"A-18"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF FORECLOSED PROPERTY
Reference
Balance, December 31, 2023 and
December 31, 2024
$
318,800.00
A
"A-19"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF TAX OVERPAYMENTS
Reference
Balance, December 31, 2023
$
6,693.71
A
Increased by:
Cash Receipts
$
3,186.19
A-4
9,879.90
Decreased by:
Cash Disbursements
$
A-4
3,217.13
$
Balance, December 31, 2024
A
6,662.77
"A-20"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF FIRE DISTRICT TAXES PAYABLE
YEAR ENDED DECEMBER 31, 2024
Reference
Increased by:
2024 Levy
564,000.00
$
A-1,A-7
Decreased by:
Cash Disbursements
$
564,000.00
A-4
"A-21"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF DUE TO STATE OF NEW JERSEY
Balance
December 31
2024
Balance
December 31
2023
Decreased
Increased
175.00
$
375.00
$
300.00
$
100.00
$
Marriage License Fees
375.00
$
175.00
$
300.00
$
100.00
$
Reference
A-4
A-4
A
A
MA-22"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
CURRENT FUND
SCHEDULE OF VARIOUS RESERVES
YEAR ENDED DECEMBER 31, 2024
Balance
December 31,
2023
Balance
December 31
2024
Cash
Receipts
Cash
Disbursed
Anticipated
Revenue
Reserve for:
Tax Appeals
Third Party Liens
Premium on Tax Sale
Municipal Relief Fund
Master Plan
Codification
Due Fire District - Uniform Fire Safety
$
63,365.71 $
1,190.04
12,500.00
14,832.86
8,555.75
5,517.00
2,500.00 $
32,801.75
31,300.00
$
$
65,865.71
1,045.44
33,900.00
32,946.35
9,900.00
14,832.86
8,555.75
5,517.00
6,678.10
6,678.10
48,363.35 $
14,832.86 $
$
105,961.36 $
73,279.85 $
116,045.00
Ref
A-4
A-4
A-2
A
A
“A-23"
BOROUGH OF ENGUSHTOWN
CURRENT FUND
SCHEDULE OF DEFERRED CHARGE - SPECIAL EMERGENCY AUTHORIZATIONS 40A:4-53
1/5 OF
NET AMOUNT
AUTHORIZED
BALANCE
12/31/2024
REDUCED
IN 2024
BALANCE
12/31/2023
AMOUNT
AUTHORIZED
DATE
PURPOSE
16,000.00
$
3,500.00
3,678.00
25,484.17
7,000.00
11,034.00
$
41,484.17
$
10,500.00
14,712.00
$
73,484.17
17,500.00
18,390.00
$
14,696.83
3,500.00
3,678.00
11/16/20
Special Emergency COVID-19
12/20/21
Reexamination & Revision of Master Plans
02/23/22
Codification of Ordinances
23,178.00
$
66,696.17
$
43,518.17
$
A-3
A
A
REF.
"A-24"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GRANT FUND
SCHEDULE OF GRANTS RECEIVABLE
Increased By
Revenue
Anticipated
2024
Transferred
From Grants
Unappropriated
Balance
December 31,
2024
Balance
December 31,
2023
Cash
Receipts
Cancelled
$
$
4,607.07 $
947.92
4,607.07 $
$
$
Clean Communities
Body Armor Grant
Body Worn Camera Grant
Alcohol Education & Rehabilitation Program
Recycling Tonnage Grant
584.22
20,380.00
947.14
0.78
584.22
20,380.00
858.09
4,786.36
858.09
4,786.36
11,199.44 $
10,251.52 $
947.14 $
0.78 $
20,964.22
$
20,964.22 $
A-26
A-25
A
A-4
Reference
A
A-2
"A-25"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GRANT FUND
SCHEDULE OF RESERVE FOR GRANTS - APPROPRIATED
Balance
December 31,
2023
Balance
December 31,
2024
Prior Year
Encumbrances
2024
Authorizations
Cash
Disbursements
Cancelled
13,792.49 $
14,328.01
22,794.74
18,475.93
3,814.90
4,600.00
5,700.01
$
947.92 $
4,607.07
4,786.36
858.09
$
0.78
$
14,739.63
17,412.73
26,791.10
19,334.02
3,530.84
4,600.00
5,700.01
Body Armor Replacement Fund
Clean Communities
Recycling Tonnage Grant
Alcohol Education & Rehabilitation Program
Drunk Driving Enforcement Fund
Body Worn Cameras
Cable Technology Grant
$
1,522.35
1,840.00
1,050.00
284.06
11,199.44 $
3,646.41 $
0.78 $
92,108.33
83,506.08 $
1,050.00 $
$
A-24
A
Reference
A
A-11
A-3
A-4
"A-26"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GRANT FUND
SCHEDULE OF RESERVE FOR GRANTS - UNAPPROPRIATED
Balance
December 31,
2024
Realized as
Anticipated
Revenue
Current Fund
Anticipated
Revenue
Balance
December 31
2023
Cash
Receipts
$
947.14 $
969.85
1,557.53
947.14 $
1,557.53
154,126.28
969.85 $
Body Armor Replacement Fund
Alcohol Education & Rehabilitation Program
American Rescue Plan
$
154,126.28
156,630.95 $
969.85 $
947.14 $
154,126.28 $
2,527.38
$
A-4
A
Reference
A-4
A-24
A
"B-1"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
TRUST FUND
SCHEDULE OF CASH - TREASURER
Animal
Control
Fund
Other
Trust Funds
Reference
1,444.82 $
305,568.11
$
Balance, December 31, 2023
B
Increased by Receipts:
Due State of New Jersey
Due Current Fund
Reserve for:
Animal Control Trust Fund
Various Trust Funds
66.60
29.31
B-2
B-5
71,188.69
B-3
655.40
838,219.97
B-4
751.31
909,408.66
2,196.13 $
1,214,976.77
$
Decreased by Disbursements:
Due State of New Jersey
Due Current Fund
Reserve for:
Animal Control Trust Fund
Various Trust Funds
B-2
115.20
352.09
B-5
53,886.38
B-3
447.00
B-4
792,258.15
914.29
846,144,53
$
1,281.84 $
Balance, December 31, 2024
B
368,832.24
"B-2"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
ANIMAL CONTROL TRUST FUND
SCHEDULE OF DUE STATE OF NEW JERSEY
YEAR ENDED DECEMBER 31, 2024
Reference
77.40
$
Balance, December 31, 2023
B
Increased by:
Cash Receipts
66.60
$
B-1
144.00
Decreased by:
Cash Disbursements
$
B-1
115.20
$
Balance, December 31, 2024
B
28.80
"B-3"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
ANIMAL CONTROL TRUST FUND
SCHEDULE OF RESERVE FOR ANIMAL CONTROL EXPENDITURES
Reference
$
1,364.20
B
Balance, December 31, 2023
Increased by:
Dog License Fees Collected
655.40
B-1
$
2,019.60
Decreased by:
Expenditures Under R.S. 4:19-15:11
447.00
B-1
$
1,572.60
Balance, December 31, 2024
B
Analysis of Balance
Reserve for Expenditures
Reserve for Dangerous Animals
$
1,222.60
350.00
$
1,572.60
License Fees Collected
2023
$
647.60
1,034.00
2022
$
1,681.60
"B-4”
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
TRUST FUND
SCHEDULE OF VARIOUS TRUST FUND RESERVES
Balance
December 31,
2024
Balance
After
Modifications
Balance
December 31
2023
Decrease
Increase
4,500.00
$
34,263.68
1,011.19
19,128.85
49,442.50
156.09
1,888.86
6,208.49
1,673.43
156.00
1,737.13
53,228.33
44,070.63
68,995.49
354.82
20,053.77
$
$
4,500.00
30,365.29
7,008.63
19,227.77
49,442.50
76,166.40
1,943.38
6,220.88
2,884.66
156.00
17.48
22,315.39
41,452.63
69,499.11
354.82
21,276.14
$
4,500.00
$
33,886.18
886.19
19,128.85
49,442.50
156.09
1,888.86
6,208.49
1,673.43
156.00
1,737.13
53,228.33
43,390.43
68,995.49
354.82
20,053.77
Sick Leave Trust
Planning Board Escrow
Escrow Fees
Performance Bonds
Builders Contributions
COAH
Law Enforcement Trust Fund
Police Safety Equipment
Special Events
Municipal Court - P.O.A.A.
Public Defender
Unemployment
Storm Recovery Trust (Snow Removal)
Off-Duty Employment - Police
Community Development Block Grant
Payroll Deductions Payable
3,898.39
5,997.44
98.92
76,010.31
54.52
12.39
2,705.00
1,493.77
7,000.00
1,333.06
8,719.65
32,246.00
2,618.00
53,322.63
53,826.25
691,182.08
689,959.71
£
305,686.56
$
306,869.26
$
838,219.97
$
792,258.15
£
352,831.08
B-1
B-1
B
Reference
B
£
305,686.56
1,182.70
B-4
Reserve for Various Trust Deposits
Encumbrances Payable
B-6
£
306,869.26
"B-S
11
BOROUGH OF ENGUSHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
TRUST OTHER FUND
SCHEDULE OF DUE CURRENT FUND
YEAR ENDED DECEMBER 31, 2024
Animal
Control
Fund
Trust Other
Funds
Total
Reference
Balance, December 31, 2023:
Due From
Due To
$
2,000.00
$
702.07
$
$
2,000.00
698.85
B
3.22
$
$
B
71,188.69
53,886.38
29.31
B-1
71,218.00
54,238.47
Receipts
Disbursements
352.09
B-1
Balance, December 31, 2024:
Due From
Due To
319.56
$
$
319.56
$
16,001.16
$
B
$
16,001.16
$
B
"B-6"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
TRUST OTHER FUND
SCHEDULE OF ENCUMBRANCES PAYABLE
Year Ended December 31, 2024
Reference
$
1,182.70
B
Balance, December 31, 2023
Decreased by:
Transferred to Reserve for Various Trust Funds
B-4
1,182.70
"C-2"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF CASH - TREASURER
Reference
$
271,282.64
C
Balance, December 31, 2023
Increased by:
Capital Improvement Fund
Premium on Sale of Bond Anticipation Notes and Bonds
Grants Receivable
Due to Water Utility Operating Fund
Reserve for Cost of Issuance
Bond Anticipation Notes
C-10
$
50,000.00
3,940.25
159,600.00
12,500.00
10,500.00
696,000.00
C-1
C-6
C-15
C-14
C-8
932,540.25
1,203,822.89
Decreased by:
Improvement Authorizations
Contracts Payable
Due from Current Fund
Fund Balance to Current Fund
Bond Anticipation Notes
C-9
$
39,331.38
123,509.10
545.01
26,500.00
696,000.00
C-12
C-13
C-1
C-8
885,885.49
$
317,937.40
C
Balance, December 31, 2024
"C-3"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF ANALYSIS OF GENERAL CAPITAL CASH AND INVESTMENTS
Balance
December 31,
2024
$
60,254.81
152,440.92
244,606.27
(102,230.92)
12,500.00
(590,229.11)
22,500.00
11,959.00
Capital Improvement Fund
Fund Balance
Contracts Payable
Due from Current Fund
Due to Water Utility Operating Fund
Grant Receivable
Reserve for Debt Service
Cash on Hand to Pay Notes
Unexpended Proceeds of Bond Anticipation Notes:
Ordinance 2019-02
Ordinance 2020-05
Ordinance 2021-05
Ordinance 2023-08
Reserve for Cost of Issuance
Improvement Authorizations Funded (Listed on Schedule C-9)
Improvement Authorization Expenditures (Listed on Exhibit C-5)
26,814.01
4,143.64
69,446.29
12,500.00
10,500.00
403,122.53
(20,390.04)
$
317,937.40
C
Reference
"C-4"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - FUNDED
Reference
$
C
980,000.00
Balance, December 31, 2023
Decreased by:
Bonds Paid by Budget Appropriation
C-7
100,000.00
$
Balance, December 31, 2024
C
880,000.00
"C-5"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - UNFUNDED
Analysis of Balance
Bond
Anticipation
Notes
Balance
December 31
2023
Funded by
Budget
Appropriation
Balance
December 31,
2024
Unexpended
Improvement
Authorizations
2024
Authorization
Ordinance
Expenditures
No.
100.943.76 $
11,176.91
48,466.24
80,380.00
386,397.67
709,568.00
180,950.00
12,500.00
180,952.00
$
6,900.00 $
100,943.76 $
$
$
107,843.76 $
11,176.91
50,331.24
88,420.00
391,910.67
712,500.00
180,950.00
12,500.00
Road Reconstruction/Various Improvements
Various Capital Improvements
Road improvements to Hospitality Way
General Improvements for the Police Dept
Various Road Improvements
>21-05/2022-06
Improvements to Lake Dam
Various Road improvements
Various Road Improvements
Sanford Park Improvements
2014-04
2017-03
2018-03
2019-02
2020-05
11,176.91
1,865.00
8,040.00
5,513.00
2,932.00
48,466.24
80,380.00
209,487.00
82,264.00
150,000.00
12,500.00
176,910.67
627,304.00
21,736.87
9,213.13
2022-07
2023-08
2024-07
180,952.00
180,952.00
25,250.00 $
1,711,334.58 $
20,390.04 $
1,555,632.58 $
180,952.00
684,041.00 $
$
1,006,903.54
C
C-9;C-16
C-8
C
C-3
Reference
$
696,000.00
(11,959.00)
C-8
Bond Anticipation Notes
Cash on Hand to Pay Notes
C-3
$
684,041.00
$
1,119,807.48
Improvement Authorizations - Unfunded
C-9
Less: Unexpended Proceeds of BANs Issued:
Ordinance 2019-02
Ordinance 2020-05
Ordinance 2021-05
Ordinance 2023-08
$
(26,814.01)
(4,143.64)
(69,446.29)
(12,500.00)
(112,903.94)
$
1,006,903.54
"C-6"
BOROUGH OF ENGLiSHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF GRANTS RECEIVABLE
REF.
$
852,060.03
C
Balance, December 31, 2023
Decreased by:
Cash Receipts
Due from Current Fund
$
C-2
159,600.00
102,230.92
C-13
261,830.92
$
590,229.11
C:C-3
Balance, December 31, 2024
Analysis of Balance
$
106,515.15
34,904.00
270,000.00
53,200.00
26,590.88
99,019.08
Ord #2020-05 - NJDOT Hamilton St. and Heritage Drive Improvements
Due from Monmouth County-Dam
Ord #2022-07 - NJDOT Conover Street, Park Ave., and Station St. Improvements
Ord #2022-07 - NJDOT Lasatta Ave. and Mt. Vernon Road Improvements
Ord #2022-07 - NJDOT W. Dey Street Improvements
Ord #2023-08- NJDOT Harrison Ave. Improvements
$
590,229.11
*CJ*
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF GENERAL SERIAL BONDS
Maturities of
Bonds Outstanding
December 31, 2024
Balance
December 31
2023
Balance
December 31,
2024
Interest
Rate
Amount of
Date of Issue
Original Issue
Decreased
Purpose
Monmouth County
Improvement Authority Bonds
12/01/25
12/01/26
12/01/27
12/01/28
12/01/29
12/01/30
12/01/31
12/01/32
12/01/33
70,000.00
70,000.00
75,000.00
80,000.00
85,000.00
90,000.00
95,000.00
95,000.00
95,000.00
5.000%
5,000%
5.000%
5.000%
5.000%
5.000%
4.000%
4.000%
4.125%
12/24/13
1,355,000.00
$
65,000.00 $
820,000.00 $
755,000.00
12/01/25
12/01/26
12/01/27
40,000.00
45,000.00
40,000.00
5.000%
5.000%
5.000%
12/24/13
465,000.00
Refunding Bonds
160,000.00
125,000.00
35,000.00
S
980,000.00 $
100,000.00 $
880,000.00
C-4
C
C
“C-S"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF BOND ANTICIPATION NOTES
Date of
Issue of
Original
Note
Balance
December 31,
2023
Balance
December 31
2024
Date
of
Date of
Maturity
Interest
Rate
Ordinance
Number
Decrease
Increase
Issue
Improvement Description
119,802.76 $
50,331.24
88,420.00
215,000.00
85,196.00
150,000.00
12,500.00
4.50%
$
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
119,802.76 $
50,331.24
88,420.00
215,000.00
85,196.00
150,000.00
12,500.00
112,902.76 $
48,466.24
80,380.00
209,487.00
82,264.00
150,000.00
12,500.00
112,902.76
48,466.24
80,380.00
209,487.00
82,264.00
150,000.00
12,500.00
8/6/2024
8/6/2024
8/6/2024
8/6/2024
8/6/2024
8/6/2024
8/6/2024
1/15/2025
1/15/2025
1/15/2025
1/15/2025
1/15/2025
1/15/2025
1/15/2025
10/30/2019
10/30/2019
10/30/2019
10/28/2021
10/28/2021
10/27/2022
11/15/2023
Road Reconstruction/Various Improvements
Road Improvements to Hospitality Way
General Improvements for the Police Dept
Various Road Improvements
Improvements to Lake Dam
Various Road Improvements
Various Road Improvements
2014-04/2017-03
2018-03
2019-02
2020-05
2021-05/2022-06
2022-07
2023-08
$
721,250.00 $
696,000.00 $
721,250.00 $
696,000.00
C.C-5
C
C-2
Reference
C-2
696,000.00
25,250.00
Cash Disbursed
Budget Appropriation
$
C-5
$
721,250.00
"C-9"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
Balance
12/31/2023
Balance
12/31/2024
2024
Authorizations
Paid or
Charged
Ordinance
Date
Ordinance
Date
Unfunded
Unfunded
Funded
Funded
Improvement Description
99,561.56 $
29,822.85
3,850.00
84.250.00
589.00
$
$
$
99,561.56 $
14,042.85
3,850.00
84,250.00
589.00
$
09/15/11
07/13/12
12/17/12
07/23/14
05/25/16
08/14/19
07/22/20
02/25/22
06/22/22
09/27/23
Property Acquisition/Various Improvements
Road Reconstruction/Various Equipment
Demolition of Hazardous Structure
Property Acquisition/Various Improvements
Various Capital Improvements
General Improvements for the Police Dept
Various Road Improvements
Improvements to Lake Dam
Various Road Improvements
Various Road Improvements
Sanford Park Improvements
2011-08
2012-05
2012-13
2014-03
2016-04
2019-02
2020-05
2021-05/2022-06
2022-07
2023-08
2024-07
15,780.00
26,814.01
181,054.31
696,750.29
21,736.87
12,500.00
180,952.00
26,814.01
185,524.31
696,750.29
21,736.87
12,500.00
4,470.00
19,081.38
191,781.12
9,048.00
210,862.50
190,000.00
$
428,935.91 $
943,325.48 $
190,000.00 $
39,331.38 $
403,122.53 $
1,119,807.48
C; C-3
C
C-2
C;C-5
C
Reference
Deferred Charges To Future Taxation -
Unfunded
Capital Improvement Fund
$
180,952.00
9,048.00
C-5
C-10
$
190,000.00
"C-10"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
Reference
$
C
19,302.81
Balance, December 31, 2023
Increased by:
Budget Appropriation
C-2
50,000.00
$
69,302.81
Decreased by:
Finance Improvement Authorization
C-9
9,048.00
$
C
60,254.81
Balance, December 31, 2024
"C-11"
BOROUGH OF ENGLiSHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF RESERVE FOR DEBT SERVICE
Reference
Balance, December 31, 2023
and Balance, December 31, 2024
$
22,500.00
C
“C-12"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF CONTRACTS PAYABLE
Improvement
Authorizations
Total
Reference
$
368,115.37 $
368,115.37
C
Balance, December 31, 2023
Decreased by:
Cash Disbursements
C-2
123,509.10
123,509.10
$
244,606.27 $
244,606.27
Balance, December 31, 2024
C
"C-13"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF DUE TO/FROM CURRENT FUND
Reference
$
(545.01)
Balance, December 31, 2023
C
Increased by:
NJDOT Grant Received in Current Fund
102,230.92
$
101,685.91
C-6
Decreased by:
Cash Disbursed
C-2
545.01
$
102,230.92
Balance, December 31, 2024
C
"C-14"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF RESERVE FOR COST OF ISSUANCE
Reference
Increased by:
Cash Receipts
$
C-2
10,500.00
$
c
10,500.00
Balance, December 31, 2024
"C-15"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF DUE TO/FROM WATER UTILITY OPERATING FUND
Reference
Increased by:
Cash Receipts
$
C-2
12,500.00
$
12,500.00
Balance, December 31, 2024
C
"C-16"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
GENERAL CAPITAL FUND
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
Balance
December 31,
2024
Balance
December 31,
2023
2024
Authorizations
Ordinance
No.
$
176,910.67 $
627,304.00
30,950.00
$
176,910.67
627,304.00
30,950.00
180,952.00
Various Road Improvements
Improvements to Lake Dam
Various Road Improvements
Sanford Park Improvements
2020-05
2021-05/2022-06
2022-07
2024-07
180,952,00
835,164.67 $
180,952.00 $
1,016,116.67
$
C-5
C
C
"D-5‘‘
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY FUND
SCHEDULE OF CASH - TREASURER
Capital
Reference
Operating
$
1,717,643.73
$
629,154.25
D
Balance, December 31, 2023
Increased by Receipts:
Miscellaneous Revenue Not Anticipated
Consumer Accounts Receivable
Overpayments
Capital Improvement Fund
Due to Water Utility Operating Fund
Proceeds- Bond Anticipation Notes
$
$
D-3
45,932.62
418,967.51
3,708.62
D-3.D-7
D-13
10,000.00
42,258.33
1,330,000.00
D-14
D-24
D-21
468,608.75
1,382,258.33
3,099,902.06
1,097,763.00
Decreased by Disbursements:
2024 Budget Appropriations
2023 Appropriation Reserves
Refund of Prior Year Revenue
Accrued Interest
Encumbrances Payable
Bond Anticipation Notes
Improvement Authorizations
Due to Current Fund
Due to Water Utility Operating Fund
Due from General Capital Fund
$
$
D-4
488,427.98
49,868.35
25,595.71
56,227.27
D-11
D-1
D-19
111,569.95
1,330,000.00
4,809.32
24,834.95
21,149.99
D-20
D-21
D-15
D-18,D-24
D-18-D-24
432.11
5,123.41
12,500.00
D-18
638,174.83
1,492,364.21
$
$
1,607,537.85
D
459,588.17
Balance, December 31, 2024
"D-6"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF WATER UTILITY CAPITAL CASH
Balance
December 31
2024
$
312,481.00
318,130.05
631.17
(24,834.95)
886.05
24,539.73
Capital Improvement Fund
Encumbrances Payable
Fund Balance
Due from Current Fund
Reserve to Pay Debt Service
Due to Water Operating Fund
Ordinance
Number
Improvement Description
22,363.17
(12,489.00)
965,830.63
Water Plant Roof
Water Capital Asset Management Plan
Construction of a Water Supply Well
2011-08
2018-06
2023-09
$
1,607,537.85
D
Reference
"D-7"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY OPERATING FUND
SCHEDULE OF CONSUMER ACCOUNTS RECEIVABLE
Reference
$
Balance, December 31, 2023
D
19,082.56
Increased by:
Water Sewer Rents Levied
423,702.70
$
442,785.26
Decreased by:
Collections
Overpayments Applied
Due from Current
D-3.D-5
$
D-3;D-13
D-3.D-18
418,967.51
5,205.06
6,663.26
430,835.83
$
D
Balance, December 31, 2024
11,949.43
“D-81'
BOROUGH OF ENGLiSHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF RESERVE FOR DEBT SERVICE
Reference
Balance, December 31, 2023 and
Balance, December 31, 2024
$
886.05
D
“D-9"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL
Balance
December 31,
2023 and 2024
Improvement Description
$
440,206.49
2,846.70
16,298.05
37,596.76
48,128.79
9,399.00
2,202,883.42
11,699.70
57,965.00
498,362.76
61,465.88
Water Supply and Distribution System
Extension of Water Lines, South Main Street
Extension of Water Lines, Mount Vernon Avenue
Purchase of Water Meters
Installation of Pump
Installation of Backwash Settling Tank
Improvements to Water System
Purchase of Utility Billing Software and Equipment
Purchase of a Truck
Water Storage Tank Painting
Installation of Interconnection Meter Pit
$
3,386,852.55
D
"D-10"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED
Balance
December 31,
2023 and 2024
Ordinance
Number
Description
$
22,703.12
Water Plant Roof
2011-08
Water Capital Asset Management Plan
100,000.00
2018-06
1,400,000.00
Construction of a Water Supply Well
2023-09
$
1,522,703.12
Reference
D
“D-11"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY FUND
SCHEDULE OF APPROPRIATION RESERVES
Balance
December 31
2023
Balance
After
Transfers
Paid or
Charged
Balance
Lapsed
Operating:
Salaries and Wages
Other Expenses
Capital Improvements:
Capital Outlay
Statutory Expenditures:
Contributions to:
Public Employees' Retirement System
Social Security System (O.A.S.I.)
63.02 $
47,499.33
25,721.08 $
48,154.02
25,721.08 $
91,645.27
$
25,658.06
44,145.94
2,306.00
121,651.00
123,957.00
119,647.00
350.00
1,983.71
350.00
1,983.71
350.00
1,983.71
49,868.35 $
195,855.81 $
243,657.06 $
193,788.71
$
D-1
D-5
D
Reference
$
195,855.81
47,801.25
D-11
Appropriation Reserves
Encumbrances Payable
D-12
$
243,657.06
"D-12"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY OPERATING FUND
SCHEDULE OF ENCUMBRANCES PAYABLE
Reference
$
47,801.25
D
Balance, December 31, 2023
Increased by:
Charged to Budget Appropriations
12,642.24
D-4
$
60,443,49
Decreased by:
Transferred to Appropriation Reserves
47,801.25
D-11
$
12,642.24
D
Balance, December 31, 2024
"D-13"
BOROUGH OF ENGLiSHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY OPERATING FUND
SCHEDULE OF WATER OVERPAYMENTS
Reference
$
5,205.06
D
Balance, December 31, 2023
Increased by:
Cash Receipts
3,708.62
D-5
$
8,913.68
Decreased By:
Applied
5,205.06
D-7
$
3,708.62
D
Balance, December 31, 2024
"D-14"
BOROUGH OF ENGLiSHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
Reference
$
302,481.00
D
Balance, December 31, 2023
Increased by:
2024 Budget Appropriation
D-5
10,000.00
$
Balance, December 31, 2024
D
312,481.00
"D-15"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
Balance
December 31,
2024
Balance
December 31,
2023
Paid or
Charged
Ordinance
Amount
Ordinance
Number
Unfunded
Unfunded
Funded
Funded
Description
22,363.17 $
339.95 $
22,703.12 $
$
26,000.00 $
Water Plant Roof
2011-08
87,511.00
87,511.00
100,000.00
Water Capital Asset Management Plan
2018-06
965,830.63
1,133,000.00
167,169.37
1,400,000.00
Construction of a Water Supply Well
2023-09
22,703.12 $
1,220,511.00 $
22,363.17 $
1,053,341.63
167,509.32 $
$
D
D
D
D
Reference
$
4,809.32
162,700.00
D-5
Cash Disbursed
Encumbrances Payable
D-20
$
167,509.32
"D-16"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF RESERVE FOR AMORTIZATION
Reference
$
3,181,852.55
Balance, December 31, 2023
D
Increased by:
Serial Bond Payment
50,000.00
D-22
$
3,231,852.55
Balance, December 31, 2024
D
"D-17"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF DEFERRED RESERVE FOR AMORTIZATION
Balance
December 31,
2024
Balance
December 31,
2023
Ordinance
Date
Ordinance
Number
Improvement Description
09/15/2011 $
22,703.12 $
22,703.12
Water Plant Roof
2011-08
09/07/2023
Construction of a Water Supply Well
70,000.00
70,000.00
2023-09
92,703.12 $
$
92,703.12
D
Reference
D
"D-18"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY OPERATING FUND
SCHEDULE OF INTERFUNDS RECEIVABLE
General
Sewer Utility
Operating
Fund
Water Utility
Capital
Fund
Current
Fund
Capital
Reference
Total
Fund
$
$
$
$
3,431.39 $
3,431.39
Balance, December 31, 2023
D
Increased by:
Cash Disbursements
Water Rents
Miscellaneous Revenue
12,500.00 $
18,055.52 $
6,663.26
21,307.85
432.11 $
6,663.26
199.51
5,123.41 $
$
D-5
D-3,D-7
21,108.34
D-3
49,458.02 $
7,294.88 $
12,500.00 $
5,123.41 $
D
$
24,539.73
Balance, December 31, 2024
"D-19"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY OPERATING FUND
SCHEDULE OF ACCRUED INTEREST ON BONDS AND NOTES
Reference
$
D
9,002.40
Balance, December 31, 2023
Increased by:
Budget Appropriation
D-4
80,000.00
$
89,002.40
Decreased by:
Cash Disbursement
Canceled
D-5
56,227.27
8,521.80
D-1
64,749.07
$
24,253.33
D
Balance, December 31, 2024
Analysis of Balance - December 31.2024
Outstanding
December 31,
2024
Interest
Rate
Amount
Days
From
To
Serial Bonds:
$
645.83
12/31/24
$155,000.00
Bond Antcipation Notes:
1,330,000.00
12/1/24
30
5.00%
8/6/2024
12/31/24
23,607.50
142
4.50%
$
24,253.33
"D-20"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF ENCUMBRANCES PAYABLE
Reference
$
267,000.00
D
Balance, December 31, 2023
Increased by:
improvement Authorizations
162,700.00
$
429,700.00
D-15
Decreased by:
Cash Disbursements
111,569.95
D-5
$
318,130.05
D
Balance, December 31, 2024
"P-21"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF BOND ANTICIPATION NOTES
Balance
December 31,
2024
Balance
December 31,
2023
Original
Issue
Date
Date of
Maturity
Date of
Issue
Interest
Rate
Ordinance
Number
Decreased
Increased
Improvement Description
$
1,330,000.00 $
1,330,000.00 $
1,330,000.00 $
1,330,000.00
2023-09
Construction of a Water Supply Well
11/15/2023
8/6/2024
1/15/2025
4.50%
$
1,330,000.00 $
1,330,000.00 $
1,330,000.00 $
1,330,000.00
D
D
D-5
Reference
D-5
MD-22"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF SERIAL BONDS
Year Ended December 31, 2024
Maturities of
Bonds Outstanding
December 31,
2024
Balance
December 31
2024
Balance
December 31,
2023
Amount of
Original
Issue
Interest
Rate
Date of
Issue
Decreased
Date
Amount
Purpose
50,000.00 $
155,000.00
205,000.00 $
5.00% $
5.00%
5.00%
12/1/25
12/1/26
12/1/27
50,000.00
50,000.00
55,000.00
12/24/13
515,000.00
Refunding Bonds
$
205,000.00 $
50,000.00 $
155,000.00
D-16
D
Reference
D
"D-23"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
Balance
December 31,
2024
Balance
December 31,
2023
Ordinance
Number
Description
$
100,000.00 $
100,000.00
Water Capital Asset Management Plan
2018-06
$
100,000.00 $
100,000.00
D
REF.
D
"D-24"
BOROUGH OF SPRING LAKE HEIGHTS
COUNTY OF MONMOUTH, NEW JERSEY
WATER UTILITY CAPITAL FUND
SCHEDULE OF INTERFUNDS PAYABLE / RECEIVABLE
Utility
Capital
Fund
Current
Fund
Total
Reference
Balance, December 31, 2023
Interfunds Payable
$
$
3,431.39 $
3,431.39
D
Increased by:
Cash Receipts
$
42,258.33
$
42,258.33 $
D-5
5
Decreased By:
Cash Disbursements
$
45,984.94 $
24,834.95 $
21,149.99
D-5
Balance, December 31, 2024
Interfunds Receivable
Interfunds Payable
$
24,834.95 $
24,834.95 $
$
24,539.73 $
D
$
24,539.73
D
"E-5"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY FUND
SCHEDULE OF CASH - TREASURER
Operating
Capital
Reference
$
$
895,068.78
256,545.02
E
Balance, December 31, 2023
Increased by Receipts:
Miscellaneous Revenue Not Anticipated
Sewer Rents Receivable
Overpayments
Due from Sewer Utility Capital Fund
Due to Water Operating Fund
Capital Improvement Fund
$
31,383.33
528,094.73
670.53
509.34
5,123.41
E-3
$
E-3.E-7
E-10
E-15
E-16
1,000.00
E-11
1,000.00
565,781.34
257,545.02
1,460,850.12
Decreased by Disbursements:
2024 Budget Appropriations
2023 Appropriation Reserves
Due to Sewer Capital Fund
Due from Current Fund
$
491,211.95
487.50
$
E-4
E-9
509.34
E
19,644.40
E-15
509.34
511,343.85
$
257,035.68
$
949,506.27
E
Balance, December 31, 2024
"E-6"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY CAPITAL FUND
SCHEDULE OF SEWER UTILITY CAPITAL CASH
Balance
December 31,
2024
$
257,000.00
35.68
Capital Improvement Fund
Fund Balance
$
257,035.68
Reference
E
"E-7"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY OPERATING FUND
SCHEDULE OF CONSUMER ACCOUNTS RECEIVABLE
Reference
$
E
14,159.86
Balance, December 31, 2023
ncreased by:
Sewer Rents Levied
532,993.53
$
547,153.39
Decreased by:
Collections
Overpayments Applied
Due from Current
E-3.E-5
$
E-3,E-10
E-3.E-15
528,094.73
52.91
5,219.28
533,366.92
$
E
13,786.47
Balance, December 31, 2024
"E-8"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL
Balance
December 31,
2023 and 2024
Improvement Description
$
Sanitary Sewer System
980,220.15
$
980,220.15
E
"E-9"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY FUND
SCHEDULE OF APPROPRIATION RESERVES
Balance
After
Transfers
Balance
December 31,
2023
Balance
Lapsed
Paid or
Charged
Operating:
Salaries and Wages
Other Expenses
Capital Improvements:
Capital Outlay
Statutory Expenditures:
Contributions to:
Public Employees' Retirement System
Social Security System (O.A.S.I.)
14,974.68 $
15,624.54
$
14,974.68 $
15,624.54
$
14,974.68
15,624.54
25,000.00
487.50
24,512.50
25,000.00
350.00
985.04
350.00
985.04
350.00
985.04
56,934.26 $
$
56,934.26 $
487.50 $
56,446.76
E-5
E-1
E
E-9
Reference
"E-10"
BOROUGH OF ENGLiSHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY OPERATING FUND
SCHEDULE OF SEWER RENT OVERPAYMENTS
Reference
$
E
52.91
Balance, December 31, 2023
Increased by:
Cash Receipts
670.53
E-5
$
723.44
Decreased By:
Applied
E-7
52.91
$
670.53
E
Balance, December 31, 2024
"E-11"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
Reference
$
256,000.00
Balance, December 31, 2023
E
Increased by:
2024 Budget Appropriation
E-5
1,000.00
Balance, December 31, 2024
$
257,000.00
E
"E-12"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY CAPITAL FUND
SCHEDULE OF RESERVE FOR AMORTIZATION
Reference
Balance, December 31, 2023 and
December 31, 2024
$
980,220.15
E
"E-13“
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY OPERATING FUND
SCHEDULE OF PROPERTY ACQUIRED FOR TAXES
Reference
Balance, December 31, 2023 and
December 31, 2024
$
119.95
E
"E-14"
BOROUGH OF ENGLiSHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY OPERATING FUND
SCHEDULE OF ENCUMBRANCES PAYABLE
Reference
Increased by:
Charged to Budget Appropriations
$
18,821.87
E-4
$
18,821.87
E
Balance, December 31, 2024
"E-15"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY OPERATING FUND
SCHEDULE OF INTERFUNDS RECEIVABLE
Sewer
Capital
Fund
Current
Fund
Total
Reference
$
$
509.34 $
509.34
E
Balance, December 31, 2023
Increased by:
Cash Receipt in Current Fund
Cash Disbursement
E-3.E-7
5,219.28
19,644.40
5,219.28
19,644.40
$
25,373.02 $
24,863.68 $
E-5
509.34
Decreased By:
Cash Receipt
$
509.34 $
$
509.34
E-5
$
24,863.68 $
24,863.68 $
E
Balance, December 31, 2024
"E-16"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SEWER UTILITY OPERATING FUND
SCHEDULE OF INTERFUNDS PAYABLE
Water
Operating
Fund
Reference
Total
Increased by:
Excess Transfers in from Water Utility
$
5,123.41 $
5,123.41
E-5
$
5,123.41 $
5,123.41
E
Balance, December 31, 2024
"F-4"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SOLID WASTE UTILITY FUND
SCHEDULE OF CASH - TREASURER
Reference
Operating
$
40,278.18
F
Balance, December 31, 2023
Increased by Receipts:
Miscellaneous Revenue Not Anticipated
Solid Waste Rents Receivable
Overpayments
Deficit in Operations Funded by Current Fund
F-2
$
F-2.F-5
3,698.69
225,887.34
310.12
4,472.89
F-6
F
234,369.04
274,647.22
Decreased by Disbursements:
2024 Budget Appropriations
2023 Appropriation Reserves
F-3
$
242,366.93
21,975.89
F-7
264,342.82
$
F
10,304.40
Balance, December 31, 2024
"F-5"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SOLID WASTE UTILITY OPERATING FUND
SCHEDULE OF CONSUMER ACCOUNTS RECEIVABLE
Reference
$
F
Balance, December 31, 2023
13,903.03
Increased by:
Solid Waste Rents Levied
287,218.41
$
301,121.44
Decreased by:
Collections
Overpayments Applied
Due from Current
F-2.F-4
$
F-2,F-6
F-2.F-8
225,887.34
228.06
74,680.20
300,795.60
$
Balance, December 31, 2024
F
325.84
"F-6"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SOLID WASTE UTILITY OPERATING FUND
SCHEDULE OF SOLID WASTE OVERPAYMENTS
Reference
$
228.06
F
Balance, December 31, 2023
Increased by:
Cash Receipts
310.12
F-4
$
538.18
Decreased By:
Applied
228.06
F-5
$
310.12
F
Balance, December 31, 2024
"F-7"
BOROUGH OF ENGLISHTOWN
COUNTY OF MONMOUTH, NEW JERSEY
SOLID WASTE UTILITY OPERATING FUND
SCHEDULE OF APPROPRIATION RESERVES
Balance
After
Transfers
Balance
December 31,
2023
Paid or
Charged
Balance
Lapsed
Operating:
Salaries and Wages
Other Expenses
2,000.00 $
41,493.40
$
2,000.00 $
41,493.40
$
2,000.00
19,517.51
21,975.89
21,975.89 $
43,493.40 $
43,493.40 $
21,517.51
$
F-1
F-7
F-4
F
Reference
"F-8"
BOROUGH OF SPRING LAKE HEIGHTS
COUNTY OF MONMOUTH, NEW JERSEY
SOLID WASTE UTILITY OPERATING FUND
SCHEDULE OF INTERFUND RECEIVABLE
Current
Fund
Reference
Total
Increased by:
Cash Receipts in Current Fund
$
74,680.20 $
74,680.20
F-5
$
74,680.20 $
74,680.20
Balance, December 31, 2024
F
BOROUGH OF ENGLISHTOWN
PART II
STATISTICAL DATA
LIST OF OFFICIALS
COMMENTS AND RECOMMENDATIONS
YEAR ENDED DECEMBER 31, 2024
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGES IN FUND BALANCE - CURRENT FUND
YEAR 2024
YEAR 2023
AMOUNT
%
AMOUNT
%
REVENUE AND OTHER INCOME REALIZED
2.45% $
$
221,473.16
295,000.00
3.63%
Fund Balance Utilized
Miscellaneous - From Other Than Local
Property Tax Levies
Collection of Delinquent Taxes and
Tax Title Liens
Collection of Current Tax Levy
10.55%
13.78%
857,426.23
1,244,765.74
0.01%
85.81%
2,029.18
7,564,096.05
0.02%
83.74%
531.50
6,971,672.18
100.00%
100.00% $
8,124,629.91
TOTAL INCOME
$
9,032,364.13
EXPENDITURES
32.60% $
9.77%
50.57%
6.80%
0.25%
34.54%
9.98%
48.58%
6.82%
0.07%
$
2,652,814.24
766,700.85
3,730,801.00
524,000.00
5,141.42
2,703,094.70
810,198.07
4,193,037.00
564,000.00
20,596.94
Budget Expenditures
County Taxes
Regional School Taxes
Municipal Open Space/Recreation Tax
Other Expenditures
100.00% $
7,679,457.51
100.00%
$
8,290,926.71
TOTAL EXPENDITURES
$
445,172.40
741,437.42
$
Excess in Revenue
1,070,978.03
1,221,150.43
Fund Balance, January 1
$
1,516,150.43
$
1,962,587.85
295,000.00
221,473.16
Less; Utilization as Anticipated Revenue
$
1,221,150.43
1,741,114,69
$
Fund Balance, December 31
43
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGES IN FUND BALANCE - WATER UTILITY OPERATING FUND
DECEMBER 31, 2023
DECEMBER 31, 2024
%
AMOUNT
%
AMOUNT
REVENUE AND OTHER INCOME REALIZED
28.43% $
44.02%
27.54%
33.40%
56.95%
9.65%
278,250.00
430,835.83
269,550.98
275,000.00
468,885.42
79,460.73
Fund Balance Utilized
Water Rents and Charges
Miscellaneous
$
100.00%
100.00% $
823,346.15
$
978,636.81
TOTAL INCOME
EXPENDITURES
63.43%
24.84%
9.18%
2.55%
63.87% $
10.89%
18.87%
2.65%
3.72%
417,450.00
163,500.00
60,398.23
16,800.00
$
Operating
Capital Improvements
Debt Service
Deferred Charges/Statutory Expenditures
Miscellaneous
440,000.00
75,000.00
130,000.00
18,250.00
25,595.71
100.00% $
658,148.23
100.00%
$
688,845.71
TOTAL EXPENDITURES
$
165,197.92
Excess in Revenue
$
289,791.10
484,470.77
374,668.69
$
664,459.79
Fund Balance, January 1
$
649,668.69
Less:
Fund Balance Utilized
275,000.00
278,250.00
$
$
386,209.79
374,668.69
Fund Balance, December 31
44
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGES IN FUND BALANCE - SEWER UTILITY OPERATING FUND
DECEMBER 31, 2023
DECEMBER 31, 2024
%
AMOUNT
AMOUNT
%
REVENUE AND OTHER INCOME REALIZED
33.16%
60.83%
6.02%
32.43% $
58.01%
9.55%
290,000.00
532,053.38
52,612.09
$
298,200.00
533,366.92
87,830.09
Fund Balance Utilized
Sewer Rents and Charges
Miscellaneous
100.00%
$
919,397.01
100.00% $
874,665.47
TOTAL INCOME
EXPENDITURES
85.65%
5.59%
1.57%
7.19%
87.38% $
5.84%
1.26%
5.52%
536,000.00
35,000.00
9,800.00
45,000.00
$
554,000.00
37,000.00
8,000.00
35,000.00
Operating
Capital Improvements
Debt Service
Deferred Charges/Statutory Expenditures
100.00% $
625,800.00
100.00%
$
634,000.00
TOTAL EXPENDITURES
$
248,865.47
$
285,397.01
Excess in Revenue
836,495.95
$
1,121,892.96
877,630.48
$
1,126,495.95
Fund Balance, January 1
Less:
Fund Balance Utilized
290,000.00
298,200.00
$
836,495.95
$
823,692.96
Fund Balance, December 31
45
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGES IN FUND BALANCE - SOLID WASTE UTILITY OPERATING FUND
DECEMBER 31, 2024
DECEMBER 31, 2023
AMOUNT
%
AMOUNT
%
REVENUE AND OTHER INCOME REALIZED
Solid Waste Rents and Charges
Miscellaneous
$
300,795.60
25,216.20
92.27% $
7.73%
265,928.95
11,568.16
95.83%
4.17%
TOTAL INCOME
$
326,011.80
100.00% $
277,497.11
100.00%
EXPENDITURES
Operating
$
287,027.11
100.00% $
281,970.00
100.00%
TOTAL EXPENDITURES
$
287,027.11
100.00% $
281,970.00
100.00%
Excess in Revenue
$
38,984.69
$
(4,472.89)
Adjustment to Income Before Fund Balance:
Expenditures Included Above Which are by Statute
Deferred Charges to Budget of Succeeding Year
Regulatory Excess to Fund Balance
4,472.89
38,984.69
Fund Balance, January 1
1,029.61
1,029.61
Fund Balance, December 31
$
40,014.30
$
1,029.61
46
COMPARATIVE SCHEDULE OF TAX RATE INFORMATION
2023
2022
2024
1.948
2.017
Tax Rate
Apportionment of Tax Rate:
Municipal
County
Local School
Fire District
1 987
0.542
0.215
1.044
0.147
0.548
0.223
1.088
0.158
0.524
0.213
1.101
0.149
ASSESSED VALUATIONS
$380,772,700.00
2024
$357,218,400.00
2023
$324,074,100.00
2022
EQUALIZED VALUATIONS - REAL PROPERTY
$393,889,211.00
2024
$349,323,685.00
2023
$317,035,903.00
2022
COMPARISON OF TAX LEVIES AND COLLECTION CURRENTLY
A study of this tabulation could indicate a possible trend in future tax levies. A decrease
in the percentage of current collection could be an indication of a probable increase in future tax
levies.
CURRENTLY
PERCENTAGE OF
COLLECTIONS
CASH
COLLECTION
TAX LEVY
YEAR
99.96%
99.76%
100.00%
$7,564,096.05
6,971,672.18
6,553,511.90
$7,566,774.18
6,988,105.44
6,553,267.14
2024
2023
2022
47
DELINQUENT TAXES AND TAX TITLE LIENS
This tabulation includes a comparison, expressed in percentage, of the total of
delinquent taxes and tax title liens, in relation to the tax levies of the last three years.
AMOUNT OF
DELINQUENT
TAXES
TOTAL
DELINQUENT
$4,204.63
6,259.41
723.32
PERCENTAGE
OF TAX LEVY
AMOUNT OF TAX
TITLE LIENS
$4,204.59
1,526.50
191.82
YEAR
$0.04
4,732.91
531.50
0.06%
0.09%
0.01%
2024
2023
2022
COMPARISON OF UTILITY RENTS LEVIED
PRIOR YEAR
DELINQUENT
COLLECTIONS
$19,082.56
19,994.19
35,647.79
CASH
YEAR
LEVY
$423,702.70
467,973.79
488,384.99
$430,835.83
468,885.42
504,038.59
2024
Water
Utility Fund
2023
2022
PRIOR YEAR
DELINQUENT
$14,159.86
11,822.20
12,588.34
CASH
COLLECTIONS
LEVY
YEAR
$533,366.92
532,053.38
536,488.98
$532,993.53
534,391.04
535,722.84
Sewer
Utility Fund
2024
2023
2022
PRIOR YEAR
DELINQUENT
$13,903.03
755.78
CASH
COLLECTIONS
$300,795.60
265,928.95
212,004.22
YEAR
LEVY
$287,218.41
279,076.20
212,760.00
Solid Waste
Utility Fund
2024
2023
2022
0.00
PROPERTY ACQUIRED BY TAX TITLE LIEN LIQUIDATION
The value of property acquired by liquidation of tax title liens on December 31, on the
basis of the last assessed valuation of such properties, was as follows:
Year
Amount
$
318,800.00
318,800.00
318,800.00
2024
2023
2022
48
COMPARATIVE SCHEDULE OF FUND BALANCES
UTILILIZED IN
BUDGET OF
SUCCEEDING YEAR
BALANCE
DECEMBER 31
$1,741,114.69
1,221,150.43
1,070,978.03
925,373.83
787,480.75
YEAR
$400,000.00
221,473.16
295,000.00
318,650.00
300,000.00
2024
2023
Current Fund
2022
2021
2020
UTILILIZED IN
BUDGET OF
SUCCEEDING YEAR
BALANCE
DECEMBER 31
YEAR
$386,209.79
374,668.69
484,470.77
475,303.73
460,222.88
$275,000.00
278,250.00
275,000.00
260,000.00
207,000.00
2024
2023
Water
Utility Operating
2022
Fund
2021
2020
UTILILIZED IN
BUDGET OF
SUCCEEDING YEAR
BALANCE
DECEMBER 31
YEAR
$211,200.00
298,200.00
290,000.00
250,000.00
230,000.00
$823,692.96
836,495.95
877,630.48
777,339.78
762,139.76
2024
Sewer
Utility Operating
Fund
2023
2022
2021
2020
UTILILIZED IN
BUDGET OF
SUCCEEDING YEAR
BALANCE
DECEMBER 31
YEAR
$0.00
$40,014.30
1,029.61
1,029.61
Solid Waste
Utility Operating
Fund*
2024
0.00
2023
0.00
2022
49
OFFICIALS IN OFFICE AND SURETY BONDS
The following officials were in office during the period under audit:
Name
Title
Amount
Daniel Francisco
Mayor
Council President
Councilmember
Councilmember
Councilmember
Councilmember
Councilmember- from January 21st 2024
Councilmember- till January 8th 2024
Chief Financial Officer- till May 30th 2024
Chief Financial Officer- from May 30th 2024
Tax Collector
Water/Sewer Utilities Clerk
Tax Assessor
Municipal Clerk
Magistrate
Court Administrator
Borough Attorney
William Lewis
William Sabin
Louis Sarti
Alex Reque
Meaghan Lewis
Kyle Jewusiak
Wayne Krawiec
Jeff Elsasser
*
John Barrett
Consetta Ellison
Violetta Grzanko
Mark Fitzpatrick
Kerry Kileen
James Newman
Lisa Langolis
Jonathan F. Cohen, Esq.
The Borough maintains Employee Dishonesty Coverage for all municipal employees through
the Monmouth County Municipal Joint Insurance Fund and the Municipal Excess Liability Joint
Insurance Fund.
All of the Bonds were examined and appear to be properly executed.
50
THIS PAGE INTENTIONALLY LEFT BLANK
COMMENTS AND RECOMMENDATIONS
GENERAL COMMENTS
CONTRACTS AND AGREEMENTS REQUIRED TO BE ADVERTISED FOR (N.J.S.A. 40A:11-4)
Every contract or agreement for the performance of any work or the 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
amount set forth in or the amount calculated by the Governor pursuant to Section 3 of P.L. 1971
c.198 (40A:11-3), except by contract or agreement.
Effective July 1, 2020, the bid threshold in accordance with N.J.S.A. 40A:11-4 is
$17,500.00 or up to $44,000.00 if the entity has a Qualified Purchasing Agent. The Borough has
not appointed a Qualified Purchasing Agent and therefore the bid threshold remains at
$17,500.00.
The governing body of the Municipality has the responsibility of determining whether the
expenditures in any category will exceed $17,500.00 within the fiscal year.
Where question
arises as to whether any contract or agreement might result in violation of the statute, the
Borough Attorney's opinion should be sought before a commitment is made.
The minutes indicate that bids were requested by public advertising for the following
items:
Road Improvements
Cleaning Services
Playground Improvements
Water Well Supply Project
Redevelopment Project
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, contracts or
agreements in excess of $17,500.00 for the performance of any work or the furnishing or hiring
of any materials or supplies, 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:11-4.
The minutes indicate that resolutions were adopted authorizing the awarding of contracts
or agreements for "Professional Services" as required by N.J.S.A. 40:11-5:
Auditor
Financial Reporting and Accounting Services
Labor Counsel
Engineering Services
Legal Services
51
COLLECTION OF INTEREST ON DELINQUENT TAXES AND ASSESSMENTS
The statute provides the method for authorizing interest and the maximum rate to be
charged for the non-payment of taxes or assessments on or before the date when they would
become delinquent.
The governing body on January 28, 2024 adopted the following resolution authorizing
interest to be charged on delinquent taxes and assessments:
WHEREAS, real estate taxes are payable on February 1, May 1, August 1 and
November 1 of each year, and other assessments are due and payable on dates set
forth on the statements assessing said charges; and
WHEREAS, N.J.S.A. 54:67 provides for the fixing rates of interest on delinquent taxes;
NOW, THEREFORE, BE IT RESOLVED that all taxes and assessments are and shall
be due on the date stated and, if not paid by said date same shall become delinquent.
The Borough Collector shall collect interest on taxes at the maximum legally allowable
rate of 8% under $1,500.00 and 18% for $1,500.00 and over, including the provision for an
additional 6% for accounts of $10,000.00 or more. The Collector's ruling of legally allowable
amounts shall rule in all instances of all balances delinquent. The provisions for a "grace period"
of 10 days for taxes and 30 days for water and sewer shall be computed from the due date
printed on the bill to and including the date of actual payment.
It appears from an examination of the Collector's records that interest was collected in
accordance with the foregoing resolution.
TAX TITLE LIENS
The last tax sale was held on December 12, 2024 and was complete.
An examination of the tax sale certificates revealed all certificates were on file and
available for audit.
The following is a comparison of the number of tax title liens receivable on December 31
of the last three years:
NUMBER
YEAR
2
2024
2023
2
2
2022
it is essential to good management that all means provided by statute be utilized to
liquidate tax title liens in order to get such properties back on a tax paying basis.
52
OTHER COMMENTS
Interfunds
Transactions invariably occur in one fund which requires a corresponding entry to be
made in another fund, thus creating interfund balances.
References to the various balance
sheets show the interfund balances remaining at year end.
As a general rule, all interfund
balances should be closed out as of the end of the year. It is the Borough's policy to review and
liquidate all interfund balances on a periodic basis.
Bank Reconciliations
The Borough's bank reconciliations presented for audit included several unidentified items and
did not agree in some cases to the General Ledger. Many of these items related to the previous
accounting period. Subsequent analysis by the current Chief Financial Officer identified all
reconciling items and were proved back to the General Ledger for the final audit presentation.
Purchasing
During our testing of Bid and Professional Contract awards we noted that the required proof of
publication was not available for audit
Senior Citizens and Veterans Deductions
Applications supporting deductions for Senior Citizen's and Veteran's were unavailable for audit.
53
RECOMMENDATIONS
That all proof of publications supporting Bid and Professional Service contract awards be made
available for audit.
That applications supporting Senior Citizen’s and Veterans deductions be made available for
audit.
54
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performance bond
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"...0 156.09 1,888.86 6,208.49 1,673.43 156.00 1,737.13 53,228.33 43,390.43 68,995.49 354.82 20,053.77 Sick Leave Trust Planning Board Escrow Escrow Fees Performance Bonds Builders Contributions COAH Law Enforcement Trust Fund Police Safety Equipment Special Events Municipal Court - P.O.A.A. Public Defender Unemploymen..."
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Timeline
First Discovered
Apr 1, 2026
Last Info Update
Apr 1, 2026
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