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Executive Summary
The Township of Harrison's audit report for the year ending December 31, 2023, reveals the financial standing of various funds, including the Current Fund, Trust Funds, General Capital Fund, and Sewer Utility funds. Independent auditor Bowman & Company LLP performed the audit, issuing unmodified opinions on the regulatory basis of accounting, and an adverse opinion on accounting principles generally accepted in the United States of America.
The report includes detailed statements of assets, liabilities, reserves, fund balances, revenues, and expenditures for each fund. Key financial aspects covered range from cash balances and property taxes to long-term debt and pension plans. Supplemental exhibits provide further breakdowns of financial activities. The audit adheres to Government Auditing Standards and requirements prescribed by the Division of Local Government Services, New Jersey Department of Community Affairs. Bowman & Company LLP issued the report on October 22, 2024.
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Document Text
--- Document: Financial Audit Report Document ---
TOWNSHIP OF HARRISON
COUNTY OF GLOUCESTER
REPORT OF AUDIT
FOR THE YEAR ENDED DECEMBER 31, 2023
i
18300
TOWNSHIP OF HARRISON
TABLE OF CONTENTS
Exhibit No.
Page No.
PART 1
Independent Auditor's Report
2
Report on Internal Control Over Financial Reporting and on Compliance and
Other Matters Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards – Independent Auditor’s Report 5
CURRENT FUND
A
Statements of Assets, Liabilities, Reserves and Fund Balance--
Regulatory Basis
7
A-1
Statements of Operations and Changes in Fund Balance--
Regulatory Basis
9
A-2
Statement of Revenues--Regulatory Basis
10
A-3
Statement of Expenditures--Regulatory Basis
12
TRUST FUNDS
B
Statements of Assets, Liabilities and Reserves--Regulatory Basis
18
B-1
Trust Fund - Municipal Open Space --Statement of Revenues –
Regulatory Basis
20
B-2
Trust Fund - Municipal Open Space --Statement of Expenditures
--Regulatory Basis
21
GENERAL CAPITAL FUND
C
Statements of Assets, Liabilities, Reserves and Fund Balance--
Regulatory Basis
22
C-1
Statement of Fund Balance--Regulatory Basis
23
SEWER UTILITY OPERATING FUND
D
Statements of Assets, Liabilities, Reserves and Fund Balance--
Regulatory Basis
24
D-1
Statements of Operations and Changes in Operating Fund Balance--
Regulatory Basis
25
D-2
Statement of Revenues -- Regulatory Basis
26
D-3
Statement of Expenditures -- Regulatory Basis
27
ii
18300
TOWNSHIP OF HARRISON
TABLE OF CONTENTS (CONT’D)
Exhibit No.
Page No.
SEWER UTILITY CAPITAL FUND
E
Statements of Assets, Liabilities, Reserves and Fund Balance--
Regulatory Basis
28
E-1
Statement of Fund Balance--Regulatory Basis
29
GENERAL FIXED ASSET GROUP OF ACCOUNTS
F
Statement of General Fixed Asset Group of Accounts--Regulatory Basis
30
Notes to Financial Statements
31
SUPPLEMENTAL EXHIBITS
CURRENT FUND
SA-1
Statement of Current Cash--Treasurer
76
SA-2
Statement of Current Cash--Tax Collector
77
SA-3
Statement of Revenue Accounts Receivable
78
SA-4
Statement of Taxes Receivable and Analysis of Property Tax Levy
79
SA-5
Statement of Tax Title Liens
80
SA-6
Statement of Deferred Charges--Special Emergency Appropriation Per
N.J.S.A. 40A:4-53
81
SA-7
Statement of Special Emergency Notes Payable
82
SA-8
Statement of Due to State of New Jersey--Marriage License Fees
83
SA-9
Schedule of Change Funds
83
SA-10
Statement of Due from State of New Jersey--Senior Citizens and
Veterans’ Deductions
84
SA-11
Statement of Appropriation Reserves
85
SA-12
Statement of Tax Overpayments
87
SA-13
Statement of Prepaid Taxes
87
SA-14
Statement of Local District School Taxes Payable
88
SA-15
Statement of Regional High School Taxes Payable
89
SA-16
Statement of County Taxes Payable
90
SA-17
Statement of Municipal Open Space Taxes Payable
91
SA-18
Statement of Fire District Taxes Payable
92
SA-19
Statement of Reserve for Preparation of Master Plan
93
SA-20
Statement of Deferred Charges--Emergency Authorizations (40A:4-47)
94
SA-21
Statement of Property Acquired for Taxes--Assessed Valuation
95
SA-22
Federal and State Grant Fund--Statement of Federal and State
Grants Receivable
96
SA-23
Federal and State Grant Fund--Statement of Reserve for Federal
and State Grants--Appropriated
97
SA-24
Federal and State Grant Fund--Statement of Federal and State Grants--
Unappropriated
98
SA-25
Federal and State Grant Fund--Statement of Due (from)/to Current Fund
99
iii
18300
TOWNSHIP OF HARRISON
TABLE OF CONTENTS (CONT’D)
Schedule No.
Page No.
TRUST FUNDS
SB-1
Statement of Trust Cash per N.J.S. 40A:5-5--Treasurer
101
SB-2
Statement of Reserve for Animal Control Expenditures
102
SB-3
Statement of Due to Current Fund--Animal Control Fund
103
SB-4
Statement of Due to State of New Jersey--Animal Control Fund
103
SB-5
Statement of Due To/From Current Fund--Trust Other Fund
104
SB-6
Statement of Reserves and Special Deposits--Trust Other Fund
105
SB-7
Statement of Reserve for Future Use--Municipal Open Space Fund
106
GENERAL CAPITAL FUND
SC-1
Statement of General Capital Cash per N.J.S.40A:5-5--Treasurer
108
SC-2
Analysis of General Capital Cash and Investments
109
SC-3
Statement of Deferred Charges to Future Taxation--Funded
110
SC-4
Statement of Deferred Charges to Future Taxation--Unfunded
111
SC-5
Statement of Capital Improvement Fund
112
SC-6
Statement of Grant-In-Aid Receivable
112
SC-7
Statement of Improvement Authorizations
113
SC-8
Statement of Bond Anticipation Notes Payable
114
SC-9
Statement of General Obligation Bonds
115
SC-10
Statement of Due from/to Current Fund
116
SC-11
Schedule of Bonds and Notes Authorized But Not Issued
117
SEWER UTILITY OPERATING FUND
SD-1
Statement of Sewer Utility Cash
119
SD-2
Statement of Consumer Accounts Receivable
120
SD-3
Statement of 2022 Appropriation Reserves
121
SD-4
Statement of Accrued Interest on Bonds and Notes and Analysis of Balance
122
SD-5
Statement of Utility Overpayments
123
SD-6
Statement of Sewer Prepaid Rents
123
SD-7
Statement of Sewer Utility Liens Receivable
124
SEWER UTILITY CAPITAL FUND
SE-1
Statement of Sewer Capital Cash per N.J.S.40A:5-5--Treasurer
126
SE-2
Analysis of Sewer Utility Capital Cash and Investments
127
SE-3
Statement of Due To Sewer Utility Operating Fund
128
SE-4
Statement of Capital Improvement Fund
128
SE-5
Statement of Fixed Capital
129
SE-6
Statement of Fixed Capital Authorized and Uncompleted
130
SE-7
Statement of Improvement Authorizations
131
SE-8
Statement of Sewer Serial Bonds
132
SE-9
Statement of Sewer Loans Payable
133
SE-10
Statement of Sewer Capital Bond Anticipation Notes
134
SE-11
Statement of Reserve for Amortization
135
SE-12
Statement of Bonds and Notes Authorized But Not Issued
136
iv
18300
TOWNSHIP OF HARRISON
TABLE OF CONTENTS (CONT’D)
Page No.
PART 2
SCHEDULE OF FINDINGS AND RECOMMENDATIONS
Schedule of Financial Statement Findings
138
Summary Schedule of Prior Year Audit Findings and Recommendations
as Prepared by Management
139
OFFICIALS IN OFFICE AND SURETY BONDS
140
APPRECIATION
141
TOWNSHIP OF HARRISON
PART 1
REPORT OF AUDIT OF FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
-1-
INDEPENDENT AUDITOR'S REPORT
The Honorable Mayor and
Members of the Township Committee
Township of Harrison
Mullica Hill, New Jersey 08062
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying statements of assets, liabilities, reserves and fund balance - regulatory basis
of the various funds of the Township of Harrison, in the County of Gloucester, State of New Jersey, as of
December 31, 2023 and 2022, and the related statements of operations and changes in fund balance - regulatory
basis for the years then ended, and the related statement of revenues - regulatory basis, statement of
expenditures - regulatory basis, and statement of general fixed asset group of accounts - regulatory basis for the
year ended December 31, 2023, and the related notes to the financial statements, which collectively comprise the
Township’s basic financial statements as listed in the table of contents.
Unmodified Opinions on Regulatory Basis of Accounting
In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the
assets, liabilities, reserves and fund balance - regulatory basis of the various funds of the Township of Harrison, in
the County of Gloucester, State of New Jersey, as of December 31, 2023 and 2022, and the results of its
operations and changes in fund balance - regulatory basis of such funds for the years then ended, and the
revenues - regulatory basis and expenditures - regulatory basis of the various funds, and general fixed asset
group of accounts - regulatory basis, for the year ended December 31, 2023, in conformity with accounting
principles and practices prescribed by the Division of Local Government Services, Department of Community
Affairs, State of New Jersey, as described in note 1.
Adverse Opinion on Accounting Principles Generally Accepted in the United States of America
In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on
Accounting Principles Generally Accepted in the United States of America section of our report, the
accompanying financial statements referred to above do not present fairly the financial position of the Township of
Harrison, in the County of Gloucester, State of New Jersey, as of December 31, 2023 and 2022, or the results of
its operations and changes in fund balance for the years then ended in accordance with accounting principles
generally accepted in the United States of America.
Basis for Opinions on Regulatory Basis of Accounting
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States; and in compliance with audit requirements as prescribed by the Division
of Local Government Services, Department of Community Affairs, State of New Jersey, which is a basis of
accounting other than accounting principles generally accepted in the United States of America, to meet the
requirements of the State of New Jersey. Our responsibilities under those standards are further described in the
Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be
independent of the Township and to meet our other ethical responsibilities, in accordance with the relevant ethical
requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinions.
-2-
6 North Broad Street I Suite 201 I Woodbury, NJ 08096-4635 I P 856.853-0440 I F 856.845-4128 www.bowman.cpa
18300
Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America
As described in note 1 to the financial statements, the financial statements are prepared by the Township on the
basis of the financial reporting provisions of the Division of Local Government Services, Department of
Community Affairs, State of New Jersey, which is a basis of accounting other than accounting principles generally
accepted in the United States of America, to meet the requirements of the State of New Jersey. The effects on
the financial statements of the variances between the regulatory basis of accounting described in note 1 and
accounting principles generally accepted in the United States of America, although not reasonably determinable,
are presumed to be material and pervasive.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with the financial reporting provisions of the Division of Local Government Services, Department of Community
Affairs, State of New Jersey. Management is also responsible for the design, implementation, and maintenance
of internal control relevant to the preparation and fair presentation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events,
considered in the aggregate, that raise substantial doubt about the Township’s ability to continue as a going
concern for twelve months beyond the financial statement date, including any currently known information that
may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a
guarantee that an audit conducted in accordance with auditing standards generally accepted in the United States
of America and Government Auditing Standards will always detect a material misstatement when it exists. The
risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they
would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with auditing standards generally accepted in the United States of America
and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Township’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 Township’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.
-3-
18300
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise
the Township’s basic financial statements. The accompanying supplemental statements and schedules
presented for the various funds, as listed in the table of contents, are presented for purposes of additional
analysis as required by the Division of Local Government Services, Department of Community Affairs, State of
New Jersey, and are not a required part of the basic financial statements.
Such information is the responsibility of management and was derived from and relates directly to the underlying
accounting and other records used to prepare the basic financial statements. The information has been subjected
to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures,
including comparing and reconciling such information directly to the underlying accounting and other records used
to prepare the basic financial statements or to the basic financial statements themselves, and other additional
procedures in accordance with auditing standards generally accepted in the United States of America. In our
opinion, the accompanying supplemental statements and schedules are fairly stated, in all material respects, in
relation to the basic financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated October 22, 2024 on
our consideration of the Township of Harrison’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 Township of
Harrison’s internal control over financial reporting or on compliance. That report is an integral part of an audit
performed in accordance with Government Auditing Standards in considering the Township of Harrison’s internal
control over financial reporting and compliance.
Respectfully submitted,
BOWMAN & COMPANY LLP
Certified Public Accountants
& Consultants
Evan J. Palmer
Certified Public Accountant
Registered Municipal Accountant
Woodbury, New Jersey
October 22, 2024
-4-
REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE
AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
INDEPENDENT AUDITOR'S REPORT
The Honorable Mayor and
Members of the Township Committee
Township of Harrison
Mullica Hill, New Jersey 08062
We have audited, in accordance with the auditing standards generally accepted in the United States of America,
the standards applicable to financial statement audits contained in Government Auditing Standards issued by the
Comptroller General of the United States, and audit requirements as prescribed by the Division of Local
Government Services, Department of Community Affairs, State of New Jersey, the financial statements prepared
on a regulatory basis of accounting prescribed by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey, of the Township of Harrison, in the County of Gloucester, State of New
Jersey, as of and for the year ended December 31, 2023, and the related notes to the financial statements, which
collectively comprise the Township’s basic financial statements, and have issued our report thereon dated
October 22, 2024. That report indicated that the Township of Harrison’s financial statements were not prepared in
accordance with accounting principles generally accepted in the United States of America, but were prepared on
a regulatory basis of accounting prescribed by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey.
Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Township's internal control
over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the
circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of
expressing an opinion on the effectiveness of the Township's internal control. Accordingly, we do not express an
opinion on the effectiveness of the Township's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or detect and correct,
misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal
control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements
will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a
combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough
to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section
and was not designed to identify all deficiencies in internal control that might be material weaknesses or
significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal
control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies
may exist that were not identified.
-5-
6 North Broad Street I Suite 201 I Woodbury, NJ 08096-4635 I P 856.853-0440 I F 856.845-4128 www.bowman.cpa
18300
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Township's financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
financial statements. However, providing an opinion on compliance with those provisions was not an objective of
our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of
noncompliance or other matters that are required to be reported under Government Auditing Standards, and audit
requirements as prescribed by the Division of Local Government Services, Department of Community Affairs,
State of New Jersey.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the
results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on
compliance. This report is an integral part of an audit performed in accordance with Government Auditing
Standards and audit requirements as prescribed by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey, in considering the entity’s internal control and compliance. Accordingly,
this communication is not suitable for any other purpose.
Respectfully submitted,
BOWMAN & COMPANY LLP
Certified Public Accountants
& Consultants
Evan J. Palmer
Certified Public Accountant
Registered Municipal Accountant
Woodbury, New Jersey
October 22, 2024
-6-
18300
Exhibit A
Ref.
2023
2022
Regular Fund:
Cash and Cash Equivalents:
Cash - Treasurer
SA-1
6,230,022.18
$
4,757,403.73
$
Cash - Tax Collector
SA-2
1,100.00
653,833.91
Change Funds
SA-9
150.00
250.00
Total Cash and Cash Equivalents
6,231,272.18
5,411,487.64
Receivables and Other Assets with Full Reserves:
Delinquent Property Taxes
SA-4
401,985.91
964,730.66
Tax Title Liens Receivable
SA-5
88,766.90
27,487.85
Property Acquired for Taxes - Assessed Valuation
SA-21
140,800.00
563,500.00
Revenue Accounts Receivable
SA-3
44,495.43
Interfunds Receivable:
Federal and State Grant Fund
SA-25
7,040.02
Trust - Animal Control Fund
SB-3
22,884.22
19,524.92
Municipal Open Space Trust Fund
SB-7
3,660.18
General Capital Fund
SC-10
844.89
Sewer Utility Capital Fund
SE-2
600.00
Total Receivables and Other Assets with Full Reserves
710,477.55
1,575,843.43
Due from State of New Jersey:
Senior Citizens and Veterans Deductions
SA-10
2,180.48
Deferred Charges:
Emergency Authorizations (40A:4-47)
SA-20
80,000.00
Special Emergency Authorizations (40A:4-53)
SA-6
60,000.00
120,000.00
60,000.00
200,000.00
Total Regular Fund
7,001,749.73
7,189,511.55
Federal and State Grant Fund:
Cash - Municipal Financial Officer
SA-1
387,129.45
870,975.27
Federal and State Grants Receivable
SA-22
172,830.43
231,078.29
Due from Current Fund
SA-25
3,558.74
Total Federal and State Grant Fund
559,959.88
1,105,612.30
7,561,709.61
$
8,295,123.85
$
(Continued)
TOWNSHIP OF HARRISON
CURRENT FUND
Statements of Assets, Liabilities, Reserves and Fund Balance -- Regulatory Basis
As of December 31, 2023 and 2022
ASSETS
-7-
18300
Exhibit A
Ref.
2023
2022
Regular Fund:
Appropriation Reserves
A-3;SA-11
707,920.90
$
764,057.17
$
Reserve for Encumbrances
A-3
12,265.52
8,250.46
Local District School Taxes Payable
SA-14
439,352.00
421,337.50
Regional High School Taxes Payable
SA-15
243,803.06
893,633.18
County Taxes Payable
SA-16
119,284.84
101,613.42
Special District Taxes Payable
SA-18
6,154.17
Municipal Open Space Local Taxes Payable
SA-17
10,353.30
Special Emergency Note Payable
SA-7
60,000.00
120,000.00
Tax Overpayments
SA-12
121,895.73
27,609.24
Prepaid Taxes
SA-13
401,269.66
484,532.26
Due to Federal and State Grant Fund
SA-25
3,558.74
Due to Trust - Other Funds
SB-5
5,310.63
1,168.61
Due to General Capital Fund
SC-10
100,328.27
Due State of New Jersey:
Senior Citizens and Veterans Deductions
SA-10
5,569.52
Marriage License Fees
SA-8
1,962.00
1,687.00
Reserve For:
Payment of Debt
A
12,234.24
12,234.24
Reserve for Developer Site Improvements
SA-2
10,781.15
FEMA (Storm IDA)
A
101,780.95
101,780.95
Municipal Relief Fund Aid
SA-1, A
56,598.72
28,303.72
Preparation of Master Plan
SA-19
203,818.19
210,431.94
Total Other Liabilities and Reserves
2,503,847.11
3,297,034.17
Reserve for Receivables and Other Assets
A
710,477.55
1,575,843.43
Fund Balance
A-1
3,787,425.07
2,316,633.95
Total Regular Fund
7,001,749.73
7,189,511.55
Federal and State Grant Fund:
Reserve for Grants - Appropriated
SA-23
508,688.79
471,263.30
Reserve for Grants - Unappropriated
SA-24
44,231.07
633,571.86
Reserve for Encumbrances
SA-23
777.14
Due to Current Fund
SA-25
7,040.02
Total Federal and State Grant Fund
559,959.88
1,105,612.30
7,561,709.61
$
8,295,123.85
$
The accompanying Notes to the Financial Statements are an integral part of these statements.
LIABILITIES, RESERVES AND FUND BALANCE
TOWNSHIP OF HARRISON
CURRENT FUND
Statements of Assets, Liabilities, Reserves and Fund Balance -- Regulatory Basis
As of December 31, 2023 and 2022
-8-
18300
Exhibit A-1
TOWNSHIP OF HARRISON
CURRENT FUND
Statements of Operations and Changes in Fund Balance -- Regulatory Basis
2023
2022
REVENUE AND OTHER INCOME REALIZED:
Fund Balance Utilized
2,190,850.00
$
2,170,000.00
$
Miscellaneous Revenues Anticipated
3,422,139.96
2,975,120.94
Receipts from Delinquent Taxes and Tax Title Liens
979,356.78
353,724.39
Receipts from Current Taxes
50,240,579.84
49,032,542.25
Non-Budget Revenue
298,084.84
146,356.52
Other Credits to Income:
Animal Control Trust Fund Statutory Excess
2,722.04
7,556.23
Unexpended Balance of Appropriation Reserves
443,946.91
443,470.76
Due State of New Jersey--Senior Citizens' Deductions
Allowed by the Tax Collector--Prior Year Taxes
500.00
Cancelation of Prior Year Payable
6,154.17
Cancelation of Federal & State Grants Appropriated Reserves
12,832.34
Interfund Loans Returned
600.00
Total Income
57,597,766.88
55,128,771.09
EXPENDITURES:
Budget Appropriations:
Within "CAPS":
Operations:
Salaries and Wages
4,047,594.29
3,880,930.64
Other Expenses
2,752,940.00
3,439,508.82
Deferred Charges and Statutory Expenditures
1,355,414.00
1,294,421.88
Excluded from "CAPS":
Operations
1,660,472.68
821,706.10
Capital Improvements
25,000.00
42,200.00
Debt Service
3,094,066.55
2,919,330.04
Deferred Charges
140,000.00
110,000.00
County Taxes
11,814,858.35
11,762,629.17
Local District School Taxes
14,758,407.00
14,399,841.00
Regional High School Taxes
11,778,748.86
12,578,352.00
Special District Taxes
1,550,270.00
1,441,226.45
Municipal Open Space Taxes
940,849.64
933,018.97
Other Debits to Income:
Due State of New Jersey--Senior Citizens' Deductions
Disallowed by the Tax Collector--Prior Year Taxes
2,500.00
2,000.00
Refund of Prior Year Revenue
2,106.78
Change Fund
100.00
Interfund Loans Advanced
14,904.39
7,619.35
Total Expenditures
53,936,125.76
53,634,891.20
Excess in Revenue
3,661,641.12
1,493,879.89
Adjustments to Income Before Fund Balance:
Deferred Charges to Budget of Succeeding Year
-
80,000.00
Statutory Excess to Fund Balance
3,661,641.12
1,573,879.89
FUND BALANCE:
Balance January 1
2,316,633.95
2,912,754.06
5,978,275.07
4,486,633.95
Decreased by:
Utilized as Revenue
2,190,850.00
2,170,000.00
Balance December 31
3,787,425.07
$
2,316,633.95
$
The accompanying Notes to the Financial Statements are an integral part of these statements.
For The Years Ended December 31, 2023 and 2022
-9-
18300
Exhibit A-2
Special N.J.S.A.
Excess or
Budget
40A: 4-87
Realized
(Deficit)
Surplus Anticipated
2,190,850.00
$
2,190,850.00
$
Miscellaneous Revenues:
Local Revenues
Fees and Permits
91,000.00
145,897.01
54,897.01
$
Fines and Costs:
Municipal Court
59,000.00
64,290.72
5,290.72
Interest and Costs on Taxes
146,500.00
281,301.79
134,801.79
Interest on Investments and Deposits
19,900.00
30,942.41
11,042.41
State Aid Without Offsetting Appropriations:
Energy Receipts Tax
546,343.00
546,342.59
(0.41)
Municipal Relief Fund Aid
28,300.00
28,300.00
Dedicated Uniform Construction Code Fees Offset
With Appropriations (N.J.S.40A:4-36 and N.J.A.C.5:23-4.17):
Uniform Construction Code Fees
405,000.00
526,539.23
121,539.23
Special Items of General Revenue Anticipated with Prior Written
Consent of the Director of the Division of Local Government Services:
Shared Services Agreement Offset with Appropriations
School Resource Officer - Harrison Twp School District
104,000.00
104,557.83
557.83
School Resource Officer - Clearview Regional School District
104,000.00
104,054.55
54.55
Public and Private Revenues Offset with Appropriations:
Recycling Tonnage Grant
26,127.81
26,127.81
Clean Communities Program
28,803.85
28,803.85
Opioid Settlement Proceeds
16,837.43
16,837.43
Alcohol Education, Rehab and Enforcement Fund
947.59
947.59
Other Special Items:
Cable Television
50,169.00
58,162.06
7,993.06
Payments in Lieu of Taxes
380,000.00
632,642.65
252,642.65
Hospital Annual Community Service Contribution Inpatient
232,400.00
232,404.56
4.56
American Rescue Plan
593,987.88
593,987.88
2,833,316.56
3,422,139.96
588,823.40
Receipts from Delinquent Taxes
350,000.00
979,356.78
629,356.78
Amount to be Raised by Taxes for Support of Municipal Budget:
Local Tax for Municipal Purposes including
Reserve for Uncollected Taxes
8,711,673.44
9,585,110.88
873,437.44
Budget Totals
14,085,840.00
16,177,457.62
2,091,617.62
Non-Budget Revenues
298,084.84
298,084.84
14,085,840.00
$
-
16,475,542.46
$
2,389,702.46
$
(Continued)
TOWNSHIP OF HARRISON
CURRENT FUND
Statement of Revenues -- Regulatory Basis
For the Year Ended December 31, 2023
Anticipated
-10-
18300
Exhibit A-2
Analysis of Realized Revenue
Allocation of Current Tax Collections:
Revenue from Collections
50,240,579.84
$
Allocated to:
County, School, Special District and Open Space Taxes
41,665,727.99
Amount for Support of Municipal Budget Appropriations
8,574,851.85
Add: Appropriation "Reserve for Uncollected Taxes"
1,010,259.03
Amount for Support of Municipal Budget Appropriations
9,585,110.88
$
Receipts from Delinquent Taxes:
Delinquent Tax Collections
979,356.78
$
Fees and Permits
Municipal Improvement Search Officer Fees
90.41
$
Clerk Fees
26,894.15
Registrar Fees
68,470.00
Planning Board Fees
14,970.45
Zoning Officer Fees
17,516.00
Police Reports Fees
17,956.00
Total Fees and Permits
145,897.01
$
Analysis for Non-Budget Revenue
Miscellaneous Revenue not Anticipated:
Rent and Lease Income
6,900.00
$
Rental and Resale Housing Inspections
25,164.00
Grading Inspection Fees
5,735.00
Recycling of Scrap Metal and Plastic
7,903.19
Tax Title Lien Premiums in Excess of 5 Year Old
63,200.00
Abandoned Property Fees
15,600.00
Cancelation of Prior Year Outstanding Checks
21,583.34
Restitution
500.00
Refunds of Prior Year Expenses
22,756.77
Cat Licenses
715.00
Sale of Municipal Property
125,404.76
Miscellaneous
1,227.78
Senior Citizen and Veterans Deductions Administrative Fee
1,395.00
298,084.84
$
Tax Collector
1,100.00
$
Due from Animal Control Trust Fund
715.00
Treasurer
296,269.84
298,084.84
$
The accompanying Notes to the Financial Statements are an integral part of this statement.
For the Year Ended December 31, 2023
Statement of Revenues -- Regulatory Basis
CURRENT FUND
TOWNSHIP OF HARRISON
-11-
18300
Exhibit A-3
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
OPERATIONS WITHIN "CAPS"
General Government:
Administrative and Executive:
Salaries and Wages
60,000.00
$
50,000.00
$
47,882.31
$
2,117.69
$
Other Expenses
145,000.00
145,000.00
136,763.76
8,236.24
Mayor and Committee:
Salaries and Wages
25,900.00
25,900.00
25,877.59
22.41
Other Expenses
2,750.00
2,750.00
1,665.60
360.00
$
724.40
Township Clerk:
Salaries and Wages
107,690.00
107,690.00
104,188.70
3,501.30
Other Expenses
53,750.00
53,750.00
23,267.97
1,904.91
28,577.12
Financial Administration:
Salaries and Wages
146,000.00
145,600.00
123,706.53
21,893.47
Other Expenses
145,460.00
145,460.00
25,956.46
119,503.54
Automated Data Processing:
Other Expenses
9,200.00
9,200.00
7,095.75
2,104.25
Collection of Taxes:
Salaries and Wages
110,000.00
110,000.00
99,596.82
10,403.18
Other Expenses
9,250.00
9,250.00
7,474.33
8.00
1,767.67
Legal Services and Costs:
Other Expenses
211,000.00
256,000.00
250,180.61
5,819.39
Engineering Services and Costs:
Other Expenses
36,000.00
36,000.00
22,149.38
13,850.62
Historic Preservation Committee:
Salaries and Wages
7,610.00
7,610.00
5,901.91
1,708.09
Other Expenses
5,650.00
5,650.00
1,484.00
4,166.00
Municipal Land Use Law:
Planning Board:
Salaries and Wages
56,150.00
56,150.00
56,099.76
50.24
Other Expenses
33,400.00
33,400.00
27,504.98
5,895.02
(Continued)
TOWNSHIP OF HARRISON
Expended
Appropriations
For the Year Ended December 31, 2023
Statement of Expenditures -- Regulatory Basis
CURRENT FUND
-12-
18300
Exhibit A-3
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
TOWNSHIP OF HARRISON
Expended
Appropriations
For the Year Ended December 31, 2023
Statement of Expenditures -- Regulatory Basis
CURRENT FUND
OPERATIONS WITHIN "CAP" (Cont'd)
Municipal Land Use Law: (Cont'd)
Zoning Board of Adjustment:
Salaries and Wages
60,270.00
$
60,270.00
$
42,165.01
$
18,104.99
$
Other Expenses
3,300.00
3,300.00
2,403.29
896.71
Subtotal General Government
1,228,380.00
1,262,980.00
1,011,364.76
2,272.91
$
249,342.33
Public Safety:
Police:
Salaries and Wages
1,856,576.41
1,866,576.41
1,863,834.93
2,741.48
Salaries and Wages - ARP Funds
593,987.88
593,987.88
593,987.88
Other Expenses
176,700.00
176,700.00
132,934.57
9,242.61
34,522.82
Emergency Management Services:
Salaries and Wages
8,000.00
8,000.00
7,457.32
542.68
Other Expenses
5,600.00
5,600.00
5,600.00
Subtotal Public Safety
2,640,864.29
2,650,864.29
2,598,214.70
9,242.61
43,406.98
Public Works:
Streets and Roads:
Road Repair and Maintenance:
Salaries and Wages
345,960.00
345,960.00
331,414.25
14,545.75
Other Expenses
33,850.00
33,850.00
9,132.75
24,717.25
Solid Waste Collection:
Other Expenses
34,000.00
34,000.00
15,041.50
18,958.50
Public Buildings and Grounds:
Salaries and Wages
174,680.00
174,680.00
172,458.61
2,221.39
Other Expenses
61,300.00
61,300.00
49,428.18
300.00
11,571.82
Subtotal Public Works
649,790.00
649,790.00
577,475.29
300.00
72,014.71
Vehicle Maintenance:
Salaries and Wages
66,500.00
66,500.00
66,422.47
77.53
Other Expenses
67,000.00
67,000.00
54,214.48
450.00
12,335.52
Subtotal Vehicle Maintenance
133,500.00
133,500.00
120,636.95
450.00
12,413.05
(Continued)
-13-
18300
Exhibit A-3
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
TOWNSHIP OF HARRISON
Expended
Appropriations
For the Year Ended December 31, 2023
Statement of Expenditures -- Regulatory Basis
CURRENT FUND
OPERATIONS WITHIN "CAP" (Cont'd)
Health and Human Services:
Board of Health:
Salaries and Wages
1,140.00
$
1,140.00
$
613.18
$
526.82
$
Other Expenses
50.00
50.00
50.00
Environmental Commission (N.J.S.A.40.56A-1 et seq):
Other Expenses
4,250.00
4,250.00
1,721.40
2,528.60
Subtotal Health and Human Services
5,440.00
5,440.00
2,334.58
3,105.42
Park and Recreation Functions:
Parks and Playgrounds:
Salaries and Wages
94,100.00
94,100.00
92,199.05
1,900.95
Other Expenses
18,750.00
18,750.00
14,459.81
4,290.19
Subtotal Recreation and Education
112,850.00
112,850.00
106,658.86
6,191.14
Additional Salaries and Wages
5,000.00
5,000.00
5,000.00
Compensated Absences
5,000.00
5,000.00
5,000.00
JIF Administration:
Salaries and Wages
18,080.00
18,080.00
16,288.71
1,791.29
Insurance:
Volunteer Insurance
500.00
500.00
500.00
General Liability
209,000.00
159,000.00
157,371.26
1,628.74
Workers Compensation
174,000.00
174,000.00
167,611.68
6,388.32
Employee Group Health
530,000.00
530,000.00
525,759.05
4,240.95
Health Benefit Retirees
275,000.00
275,000.00
265,541.45
9,458.55
Subtotal Insurance
1,206,580.00
1,156,580.00
1,132,572.15
24,007.85
(Continued)
-14-
18300
Exhibit A-3
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
TOWNSHIP OF HARRISON
Expended
Appropriations
For the Year Ended December 31, 2023
Statement of Expenditures -- Regulatory Basis
CURRENT FUND
OPERATIONS WITHIN "CAP" (Cont'd)
Code Enforcement & Administrator:
Construction Official:
Salaries and Wages
305,350.00
$
305,350.00
$
299,140.77
$
6,209.23
$
Other Expenses
14,180.00
14,180.00
6,765.29
7,414.71
Subtotal State Uniform Construction Code
319,530.00
319,530.00
305,906.06
13,623.94
Unclassified - Utilities:
Electricity
135,000.00
135,000.00
117,944.85
17,055.15
Street Lighting
154,500.00
154,500.00
153,693.17
806.83
Telephone
8,000.00
12,600.00
11,877.71
722.29
Water
9,500.00
9,900.00
9,837.86
62.14
Natural Gas
27,000.00
27,000.00
24,342.88
2,657.12
Fuel Oil
40,000.00
40,000.00
33,451.12
6,548.88
Gasoline
120,000.00
120,000.00
86,149.26
33,850.74
Subtotal Unclassified
494,000.00
499,000.00
437,296.85
61,703.15
Total Operations Within "CAP"
6,800,934.29
6,800,534.29
6,292,460.20
12,265.52
$
495,808.57
Detail:
Salaries and Wages
4,047,994.29
4,047,594.29
3,949,235.80
98,358.49
Other Expenses
2,752,940.00
2,752,940.00
2,343,224.40
12,265.52
397,450.08
Deferred Charges and Statutory Expenditures - Municipal Within "CAP"
Statutory Expenditures:
Contribution to:
Public Employees' Retirement System
229,100.00
229,100.00
229,100.00
Social Security System (O.A.S.I)
345,000.00
345,000.00
309,009.82
35,990.18
Police and Firemen's Retirement System
774,414.00
774,414.00
774,414.00
Contribution New Jersey Unemployment
5,000.00
5,000.00
5,000.00
Defined Contribution Retirement Program
1,500.00
1,900.00
1,892.56
7.44
Total Deferred Charges and Statutory
Expenditures - Municipal Within "CAP"
1,355,014.00
1,355,414.00
1,314,416.38
40,997.62
Total General Appropriations for
Municipal Purposes Within "CAP"
8,155,948.29
8,155,948.29
7,606,876.58
12,265.52
536,806.19
(Continued)
-15-
18300
Exhibit A-3
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
TOWNSHIP OF HARRISON
Expended
Appropriations
For the Year Ended December 31, 2023
Statement of Expenditures -- Regulatory Basis
CURRENT FUND
OPERATIONS EXCLUDED FROM "CAP"
General Government:
SFSP Fire District Payment
1,756.00
$
1,756.00
$
1,756.00
$
Solid Waste Collection (N.J.S.A. 40A:4-45.3kk)
600,000.00
600,000.00
501,857.14
98,142.86
$
Subtotal General Government Outside "CAPS"
601,756.00
601,756.00
503,613.14
98,142.86
Shared Service Agreements:
Solid Waste Collection - Logan Township
588,000.00
588,000.00
515,028.15
72,971.85
School Resource Officer - Harrison Twp School District
104,000.00
104,000.00
104,000.00
School Resource Officer - Clearview Reg School District
104,000.00
104,000.00
104,000.00
Joint Municipal Court - Mantua Township
190,000.00
190,000.00
190,000.00
Subtotal Shared Service Agreements
986,000.00
986,000.00
913,028.15
72,971.85
State and Federal Programs Offset by Revenues:
Recycling Tonnage Grant
26,127.81
26,127.81
26,127.81
Clean Communities
28,803.85
28,803.85
28,803.85
Alcohol Education, Rehab and Enforcement Fund
947.59
947.59
947.59
Opioid Settlement Proceeds
16,837.43
16,837.43
16,837.43
Total State and Federal Programs Offset by
Revenues
72,716.68
72,716.68
72,716.68
Total Operations Excluded from "CAPS"
1,660,472.68
1,660,472.68
1,489,357.97
171,114.71
Detail:
Salaries and Wages
208,000.00
208,000.00
208,000.00
Other Expenses
1,452,472.68
1,452,472.68
1,281,357.97
171,114.71
CAPITAL IMPROVEMENTS EXCLUDED FROM "CAP"
Capital Improvement Fund
25,000.00
25,000.00
25,000.00
Total Capital Improvements Excluded from "CAPS"
25,000.00
25,000.00
25,000.00
(Continued)
-16-
18300
Exhibit A-3
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
TOWNSHIP OF HARRISON
Expended
Appropriations
For the Year Ended December 31, 2023
Statement of Expenditures -- Regulatory Basis
CURRENT FUND
MUNICIPAL DEBT SERVICE EXCLUDED FROM "CAPS"
Payment of Bond Principal
2,435,000.00
$
2,435,000.00
$
2,435,000.00
$
Payment of Bond Anticipation Notes and Capital Notes
77,860.00
77,860.00
77,860.00
Interest on Bonds
510,700.00
510,700.00
510,646.26
53.74
$
Interest on Notes
70,600.00
70,600.00
70,560.29
39.71
Total Municipal Debt Service Excluded from "CAPS"
3,094,160.00
3,094,160.00
3,094,066.55
93.45
DEFERRED CHARGES EXCLUDED FROM "CAPS"
Special Emergency Authorizations - 5 years
80,000.00
80,000.00
80,000.00
Emergency Authorizations
60,000.00
60,000.00
60,000.00
Total Deferred Charges Excluded from "CAPS"
140,000.00
140,000.00
140,000.00
Total General Appropriations For Municipal
Purposes - Excluded from "CAPS"
4,919,632.68
4,919,632.68
4,748,424.52
171,114.71
$
93.45
Subtotal General Appropriations
13,075,580.97
13,075,580.97
12,355,301.10
12,265.52
$
707,920.90
93.45
Reserve for Uncollected Taxes
1,010,259.03
1,010,259.03
1,010,259.03
Total General Appropriations
14,085,840.00
$
14,085,840.00
$
13,365,560.13
$
12,265.52
$
707,920.90
$
93.45
$
Adopted Budget
14,085,840.00
$
Reserve for Federal and State Grant Fund
72,716.68
$
Deferred Charges
140,000.00
Reserve for Uncollected Taxes
1,010,259.03
Reimbursements - Treasurer
(342,127.88)
Disbursed
12,484,712.30
14,085,840.00
$
13,365,560.13
$
The accompanying Notes to the Financial Statements are an integral part of this statement.
-17-
18300
Exhibit B
TOWNSHIP OF HARRISON
TRUST FUNDS
As of December 31, 2023 and 2022
Ref.
2023
2022
Animal Control Fund:
Cash
SB-1
38,595.70
$
35,481.36
$
Trust Other Funds:
Cash
SB-1
3,817,538.69
3,895,413.81
Due from Current Fund
SB-5
5,310.63
1,168.61
Total Trust Other Funds
3,822,849.32
3,896,582.42
Municipal Open Space Trust Fund:
Cash
SB-1
2,167,169.75
2,102,268.29
Due from Current Fund
SB-7
10,353.30
Total Municipal Open Space Trust Fund
2,167,169.75
2,112,621.59
Total Trust Funds
6,028,614.77
$
6,044,685.37
$
Animal Control Fund:
Reserve for Animal Control Expenditures
SB-2
13,762.68
$
14,053.24
$
Due State of New Jersey
SB-4
1,948.80
1,903.20
Due to Current Fund
SB-3
22,884.22
19,524.92
Total Animal Control Fund
38,595.70
35,481.36
(Continued)
Statements of Assets, Liabilities and Reserves -- Regulatory Basis
LIABILITIES, RESERVES AND FUND BALANCE
ASSETS
-18-
18300
Exhibit B
TOWNSHIP OF HARRISON
TRUST FUNDS
As of December 31, 2023 and 2022
Ref.
2023
2022
Trust Other Funds:
Reserve for Trust Other Funds:
Accumulated Absences
SB-6
15,030.00
$
15,579.08
$
Adult Community Center
SB-6
63,759.70
63,600.49
Affordable Housing
SB-6
6,892.77
6,889.37
Board of Recreation Commission
SB-6
136,977.56
135,153.20
Cash Bond
SB-6
811,285.34
830,510.25
Compensation Tree Planting Donations
SB-6
30,468.38
27,198.35
Developers Escrow
SB-6
391,820.72
421,471.66
Developers Fees - Housing Trust Fund (COAH)
SB-6
76,197.23
76,006.97
Disposal of Forfeited Property
SB-6
9,369.58
9,595.93
Economic Development and Improvement
SB-6
65,228.70
83,908.81
Housing Savings Trust
SB-6
1,159,958.71
848,215.47
K9
SB-6
31,328.12
32,723.81
Mill Valley Escrow
SB-6
17,144.59
17,144.59
Municipal Public Defender
SB-6
72.13
Outside Employment of Off-Duty Police
SB-6
3,935.95
5,790.31
Parade
SB-6
11,484.47
11,455.78
Payroll
SB-6
41,928.14
47,283.58
Parking Offenses Adjudication Act
SB-6
50.88
Recreation
SB-6
529,850.57
528,527.61
Recreation - Senior
SB-6
1,658.00
1,873.76
Storm Recovery
SB-6
18,757.19
18,710.36
Tax Title Lien Premium
SB-6
288,000.00
579,400.00
Tax Title Lien Redemption
SB-6
139.28
34,034.14
Unemployment Compensation
SB-6
102,324.44
97,149.42
Veterans Donations
SB-6
5,062.82
Walnut Glen Escrow
SB-6
4,247.06
4,236.47
Total Trust Other Funds
3,822,849.32
3,896,582.42
Municipal Open Space Trust Fund:
Due to Current Fund
SB-7
3,660.18
Reserve for Future Use
SB-7
2,163,509.57
2,112,621.59
Total Municipal Open Space Trust Fund
2,167,169.75
2,112,621.59
Total Trust Funds
6,028,614.77
$
6,044,685.37
$
The accompanying Notes to the Financial Statements are an integral part of these statements.
Statements of Assets, Liabilities and Reserves -- Regulatory Basis
LIABILITIES, RESERVES AND FUND BALANCE
-19-
18300
Exhibit B-1
Anticipated
Excess or
Budget
Realized
(Deficit)
Amount to Be Raised By Taxation
931,516.00
$
940,849.64
$
9,333.64
$
Miscellaneous
4,165.08
4,165.08
Total Open Space Revenues
931,516.00
$
945,014.72
$
13,498.72
$
Analysis of Realized Revenues
Amount to be Raised by Taxation:
Due from Current Fund:
2023 Open Space Tax Levy
931,516.00
$
2023 Added & Omitted Taxes
9,333.64
940,849.64
$
Miscellaneous:
Receipts
Interest Earned on Deposits
4,165.08
$
TOWNSHIP OF HARRISON
Statement of Revenues -- Regulatory Basis
For the Year Ended December 31, 2023
TRUST FUND - MUNICIPAL OPEN SPACE
The accompanying Notes to the Financial Statements are an integral part of this statement.
-20-
18300
Exhibit B-2
Adopted
Budget After
Paid or
Encumbrances
Budget
Modifications
Charged
Payable
Reserved
Maintenance of Lands for
Recreation and Conservation:
Salaries and Wages
130,000.00
$
130,000.00
$
111,156.58
$
18,843.42
$
Other Expenses
59,000.00
59,000.00
41,270.16
17,729.84
Debt Service:
Payment of Bond Principal
460,000.00
460,000.00
460,000.00
Payment of Bond Interest
281,700.00
281,700.00
281,700.00
Reserve for Future Use
816.00
816.00
816.00
Total Open Space Appropriations
931,516.00
$
931,516.00
$
894,942.74
$
-
36,573.26
$
Disbursed
894,126.74
$
Reserve for Future Use
816.00
894,942.74
$
Appropriations
Expended
TOWNSHIP OF HARRISON
Statement of Expenditures -- Regulatory Basis
For the Year Ended December 31, 2023
TRUST FUND - MUNICIPAL OPEN SPACE
The accompanying Notes to the Financial Statements are an intergral part of this statement.
-21-
18300
Exhibit C
Ref.
2023
2022
Cash - Treasurer
SC-1
4,070,153.39
$
4,716,354.38
$
Due from Sewer Utility Operating Fund
SC-2
1,078.35
Due from Current Fund
SC-10
100,328.27
Grant-In-Aid Receivable
SC-6
300,473.57
560,819.50
Deferred Charges to Future Taxation:
Funded
SC-3
22,900,000.00
25,795,000.00
Unfunded
SC-4
1,511,410.00
1,589,270.00
28,782,036.96
$
32,762,850.50
$
Due to Current Fund
SC-10
844.89
$
Bond Anticipation Notes Payable
SC-8
1,510,400.00
1,588,260.00
$
Bonds Payable
SC-9
22,900,000.00
25,795,000.00
Improvement Authorizations:
Funded
SC-7
3,579,494.90
3,872,164.63
Unfunded
SC-7
613,914.87
886,371.03
Encumbrances Payable
SC-7
59,192.95
543,075.22
Reserve for Preliminary Costs
SC-2
3,391.86
3,391.86
Reserve for Payment of Debt
SC-2
15,211.92
2.19
Capital Improvement Fund
SC-5
29,610.00
4,610.00
Fund Balance
C-1
69,975.57
69,975.57
28,782,036.96
$
32,762,850.50
$
There were bonds and notes authorized but not issued in the amounts of $1,010.00
as of December 31, 2023 and 2022, respectively.
ASSETS
LIABILITIES, RESERVES AND FUND BALANCE
As of December 31, 2023 and 2022
TOWNSHIP OF HARRISON
GENERAL CAPITAL FUND
Statements of Assets, Liabilities, Reserves and Fund Balance -- Regulatory Basis
The accompanying Notes to the Financial Statements are an integral part of these statements.
-22-
18300
Exhibit C-1
Balance December 31, 2023 and 2022
69,975.57
$
TOWNSHIP OF HARRISON
GENERAL CAPITAL FUND
For the Year Ended December 31, 2023
Statement of Fund Balance -- Regulatory Basis
The accompanying Notes to the Financial Statements are an integral part of this statement.
-23-
18300
Exhibit D
Ref.
2023
2022
Cash and Cash Equivalents:
Municipal Financial Officer
SD-1
1,152,895.10
$
396,854.50
$
Sewer Clerk
SD-1
117,610.36
Change Fund
D
50.00
50.00
Total Cash and Cash Equivalents
1,152,945.10
514,514.86
Due from Sewer Utility Capital Fund
SE-3
684.92
72,103.27
1,153,630.02
586,618.13
Receivables with Full Reserves:
Consumer Accounts Receivable
SD-2
203,186.97
364,366.58
Sewer Utility Liens Receivable
SD-7
2,045.10
205,232.07
364,366.58
1,358,862.09
$
950,984.71
$
Appropriation Reserves
D-3;SD-3
209,159.99
$
107,369.37
$
Other Liabilities and Reserves:
Reserve for Encumbrances
D-3
3,920.00
Accrued Interest on Bonds and Notes
SD-4
95,228.00
94,632.00
Sewer Rent Prepaids
SD-6
46,893.32
50,745.01
Sewer Rent Overpayments
SD-5
9,655.85
4,741.32
Due to General Capital Fund
SC-2
1,078.35
364,857.16
258,566.05
Reserve for Receivables
D
205,232.07
364,366.58
Fund Balance
D-1
788,772.86
328,052.08
1,358,862.09
$
950,984.71
$
As of December 31, 2023 and 2022
ASSETS
LIABILITIES, RESERVES AND FUND BALANCE
TOWNSHIP OF HARRISON
SEWER UTILITY OPERATING FUND
Statements of Assets, Liabilities, Reserves and Fund Balance--Regulatory Basis
The accompanying Notes to Financial Statements are an intergral part of these statements.
-24-
18300
Exhibit D-1
2023
2022
REVENUE AND OTHER INCOME REALIZED:
Operating Surplus Anticipated
13,700.00
$
339,498.00
$
Sewer Rents
2,355,144.87
1,965,964.60
Penalties and Interest
26,078.66
20,908.24
Miscellaneous
24,793.09
5,819.23
Reserve for Payment of Debt - Utility Capital
524,500.00
Utility Capital Surplus
50,000.00
150,000.00
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
37,997.41
114,277.07
Total Income
3,032,214.03
2,596,467.14
EXPENDITURES:
Budget Appropriations:
Operating
1,250,000.00
1,158,000.00
Capital Improvements
2,500.00
2,500.00
Debt Service
1,213,637.25
1,204,497.02
Deferred Charges and Statutory Expenditures
91,656.00
97,509.00
Total Expenditures
2,557,793.25
2,462,506.02
Excess in Revenue
474,420.78
133,961.12
FUND BALANCE:
Balance January 1
328,052.08
533,588.96
802,472.86
667,550.08
Decreased by:
Utilized as Revenue
13,700.00
339,498.00
Balance December 31
788,772.86
$
328,052.08
$
TOWNSHIP OF HARRISON
SEWER UTILITY OPERATING FUND
Statements of Operations and Changes in Operating Fund Balance -- Regulatory Basis
For the Years Ended December 31, 2023 and 2022
The accompanying Notes to Financial Statements are an intergral part of these statements.
-25-
18300
Exhibit D-2
Anticipated
Excess or
Budget
Realized
(Deficit)
Operating Surplus Anticipated
13,700.00
$
13,700.00
$
Rent
1,950,000.00
1,950,000.00
Penalties and Interest
20,000.00
26,078.66
6,078.66
$
Miscellaneous
5,800.00
24,793.09
18,993.09
Reserve for Payment of Debt - Sewer Utility Capital
524,500.00
524,500.00
Reserve for Payment of Debt - Utility Operating
Sewer Utility Capital Fund Surplus
50,000.00
50,000.00
Additional Sewer Rents
15,000.00
405,144.87
390,144.87
2,565,300.00
2,980,516.62
415,216.62
2,579,000.00
$
2,994,216.62
$
415,216.62
$
Analysis of Realized Revenue
Rents:
Consumer Accounts Receivable:
Collected
2,355,144.87
$
Miscellaneous:
Sewer Connection Fees
12,392.00
$
Miscellaneous
1,282.36
Interest Earned on Deposits:
Sewer Utility Operating Fund
1,094.34
Sewer Collector's Account
654.52
Sewer Utility Capital Fund
8,684.95
Due from Sewer Utility Capital Fund
684.92
Total Miscellaneous
24,793.09
$
Treasurer Cash Receipts
9,779.29
$
Collector Cash Receipts
14,328.88
Due from Sewer Utility Capital Fund - Interest Earned on Investments
684.92
24,793.09
$
TOWNSHIP OF HARRISON
SEWER UTILITY OPERATING FUND
Statement of Revenues -- Regulatory Basis
For The Year Ended December 31, 2023
The accompanying Notes to Financial Statements are an intergral part of this statement.
-26-
18300
Exhibit D-3
Unexpended
Adopted
Budget After
Paid or
Balance
Budget
Modifications
Charged
Encumbrances
Reimbursements
Reserved
Canceled
Operating:
Salaries and Wages
506,000.00
$
506,000.00
$
445,168.47
$
60,831.53
$
Other Expenses
744,000.00
744,000.00
624,553.80
3,920.00
$
29,169.54
$
144,695.74
Capital Improvement Fund
2,500.00
2,500.00
2,500.00
Total Operating
1,252,500.00
1,252,500.00
1,072,222.27
3,920.00
29,169.54
205,527.27
-
Debt Service:
Payment of Bond and Loan Principal
780,000.00
780,000.00
773,303.02
6,696.98
$
Interest on Bonds
312,244.00
312,244.00
298,769.48
13,474.52
Interest on Notes
142,600.00
142,600.00
141,564.75
1,035.25
Total Debt Service
1,234,844.00
1,234,844.00
1,213,637.25
-
-
-
21,206.75
Statutory Expenditures:
Contribution to
Public Employees' Retirement System
56,456.00
56,456.00
56,456.00
Social Security System (O.A.S.I)
35,000.00
35,000.00
31,567.28
3,432.72
Unemployment Compensation Insurance
200.00
200.00
200.00
Total Statutory Expenditures
91,656.00
91,656.00
88,023.28
-
-
3,632.72
-
Total Expenditures
2,579,000.00
$
2,579,000.00
$
2,373,882.80
$
3,920.00
$
29,169.54
$
209,159.99
$
21,206.75
$
Accrued Interest on Bonds and Loans
596.00
$
Cash Disbursements
2,373,286.80
Cash Reimbursements - Operating
29,169.54
$
2,373,882.80
$
29,169.54
$
For The Year Ended December 31, 2023
Appropriations
SEWER UTILITY OPERATING FUND
TOWNSHIP OF HARRISON
Statement of Expenditures -- Regulatory Basis
Expended
The accompanying Notes to Financial Statements are an intergral part of this statement.
-27-
18300
Exhibit E
Ref.
2023
2022
Cash and Cash Equivalents
SE-1
3,171,009.11
$
3,896,434.21
$
Fixed Capital
SE-5
22,049,953.19
13,743,196.23
Fixed Capital Authorized and Uncompleted
SE-6
3,291,000.00
12,161,150.50
28,511,962.30
$
29,800,780.94
$
Due to Sewer Utility Operating Fund
SE-3
684.92
$
72,103.27
$
Due to Current Fund
SE-2
600.00
Serial Bonds Payable
SE-8
9,595,000.00
10,225,000.00
Sewer Loans Payable
SE-9
143,303.02
Bond Anticipation Notes Payable
SE-10
2,858,000.00
2,858,000.00
Improvement Authorizations:
Funded
SE-7
183,713.59
790,733.94
Unfunded
SE-7
2,698,035.15
2,764,595.15
Reserve for:
Developer Contribution
SE-2
118,143.00
118,143.00
Preliminary Expenditures
SE-2
1,113.25
1,113.25
Payment of Debt
SE-2
45,883.60
Capital Improvement Fund
SE-4
77,016.00
74,516.00
Reserve for Amortization
SE-11
12,933,767.89
12,702,068.41
Fund Balance
E-1
604.90
50,604.90
28,511,962.30
$
29,800,780.94
$
The accompanying Notes to the Financial Statements are an integral part of these statements.
As of December 31, 2023 and 2022
ASSETS
LIABILITIES AND RESERVES
TOWNSHIP OF HARRISON
SEWER UTILITY CAPITAL FUND
Statements of Assets, Liabilities, Reserves and Fund Balance--Regulatory Basis
-28-
18300
Exhibit E-1
Balance December 31, 2022
50,604.90
$
Decreased by:
Anticipated as a Revenue in the Sewer Operating Fund
50,000.00
Balance December 31, 2023
604.90
$
The accompanying Notes to the Financial Statements are an integral part of this statement.
SEWER UTILITY CAPITAL FUND
Statement of Fund Balance -- Regulatory Basis
For the Year Ended December 31, 2023
TOWNSHIP OF HARRISON
-29-
18300
Exhibit F
Balance
Balance
December 31, 2022
Additions
Deletions
December 31, 2023
General Fixed Assets:
Land
17,515,464.00
$
17,515,464.00
$
Buildings
3,254,867.74
344,112.46
$
3,598,980.20
Equipment
4,889,014.94
273,639.14
5,162,654.08
Investment in General Fixed Assets
25,659,346.68
$
617,751.60
$
-
26,277,098.28
$
Total Investment in General Fixed Assets
25,659,346.68
$
617,751.60
$
-
26,277,098.28
$
TOWNSHIP OF HARRISON
Statement Of General Fixed Asset Group Of Accounts -- Regulatory Basis
For The Year Ended December 31, 2023
General Fixed Asset Group Of Accounts
The accompanying notes to the financial statements are an integral part of this statement.
-30-
18300
TOWNSHIP OF HARRISON
Notes to Financial Statements
For the Year Ended December 31, 2023
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Financial Reporting Entity - The Township of Harrison was incorporated as a township
by an act of the New Jersey legislature on March 13, 1844 from portions of Greenwich Township and
Woolwich Township. The Township, located in Gloucester County, New Jersey, has a total area of
approximately nineteen square miles, and is located approximately twenty miles from the City of
Philadelphia. The Township borders East Greenwich Township, Elk Township, Glassboro, Mantua
Township, South Harrison Township and Woolwich Township. According to the 2020 census, the
population is 13,641.
The Township is governed under the Township Committee form of government, with a five-member
Committee. The Committee is elected directly by the voters in partisan elections to serve three-year
terms of office on a staggered basis, with one or two seats coming up for election each year.
At an
annual reorganization meeting, the Committee selects one of its members to serve as Mayor and
another as Deputy Mayor. Legislative and executive power is vested in the Committee.
Measurement Focus, Basis of Accounting and Financial Statement Presentation - The financial
statements of the Township contain all funds and account groups in accordance with the Requirements
of Audit (the “Requirements”) as promulgated by the State of New Jersey, Department of Community
Affairs, Division of Local Government Services. The principles and practices established by the
Requirements are designed primarily for determining compliance with legal provisions and budgetary
restrictions and as a means of reporting on the stewardship of public officials with respect to public
funds. Generally, the financial statements are presented using the flow of current financial resources
measurement focus and modified accrual basis of accounting with minor exceptions as mandated by
these Requirements. In addition, the prescribed accounting principles previously referred to differ in
certain respects from accounting principles generally accepted in the United States of America
applicable to local government units. The more significant differences are explained in this note.
In accordance with the Requirements, the Township accounts for its financial transactions through the
use of separate funds and an account group which are described as follows:
Current Fund - The current fund accounts for resources and expenditures for governmental
operations of a general nature, including federal and state grant funds.
Trust Funds - The various trust funds account for receipts, custodianship, and disbursement of
funds in accordance with the purpose for which each reserve was created.
General Capital Fund - The general capital fund accounts for receipt and disbursement of funds
for the acquisition of general capital facilities, other than those acquired in the current fund.
Sewer Utility Operating and Capital Funds - The sewer utility operating and capital funds
account for the operations and acquisition of capital facilities of the municipally owned sewer
operations.
General Fixed Asset Group of Accounts - The general fixed asset group of accounts is utilized to
account for property, land, buildings,
and equipment that have been acquired by other
governmental funds.
-31-
18300
Notes to Financial Statements (Cont'd)
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
Budgets and Budgetary Accounting - The Township must adopt an annual budget for its current,
municipal open space, and sewer utility funds in accordance with N.J.S.A. 40A:4 et seq. N.J.S.A. 40A:4-
5 requires the governing body to introduce and approve the annual municipal budget no later than
February 10 of each year. At introduction, the governing body shall fix the time and place for a public
hearing on the budget and must advertise the time and place at least ten days prior to the hearing in a
newspaper published and circulating in the municipality. The public hearing must not be held less than
twenty-eight days after the date the budget was introduced. After the hearing has been held, the
governing body may, by majority vote, adopt the budget or may amend the budget in accordance with
N.J.S.A. 40A:4-9. Amendments to adopted budgets, if any, are detailed in the statements of revenues
and expenditures.
An extension of the statutory dates for introduction, approval, and adoption of the municipal budget may
be granted by the Director of the Division of Local Government Services, with the permission of the
Local Finance Board.
Budgets are adopted on the same basis of accounting utilized for the preparation of the Township's
financial statements.
Cash, Cash Equivalents and Investments - Cash and cash equivalents include petty cash, change
funds and cash on deposit with public depositories. All certificates of deposit are recorded as cash
regardless of the date of maturity. Investments are stated at cost; therefore, unrealized gains or losses
on investments have not been recorded.
New Jersey municipal units are required by N.J.S.A. 40A:5-14 to deposit public funds in a bank or trust
company having its place of business in the State of New Jersey and organized under the laws of the
United States or of the State of New Jersey or in the New Jersey Cash Management Fund. N.J.S.A.
40A:5-15.1 provides a list of investments which may be purchased by New Jersey municipal units. In
addition, other State statutes permit investments in obligations issued by local authorities and other state
agencies.
N.J.S.A. 17:9-41 et seq. establishes the requirements for the security of deposits of governmental units.
The statute requires that no governmental unit shall deposit public funds in a public depository unless
such funds are secured in accordance with the Governmental Unit Deposit Protection Act (“GUDPA”), a
multiple financial institutional collateral pool, which was enacted in 1970 to protect governmental units
from a loss of funds on deposit with a failed banking institution in New Jersey. Public depositories
include State or federally chartered banks, savings banks or associations located in or having a branch
office in the State of New Jersey, the deposits of which are federally insured. All public depositories
must pledge collateral, having a market value at least equal to five percent of the average daily balance
of collected public funds, to secure the deposits of governmental units. If a public depository fails, the
collateral it has pledged, plus the collateral of all other public depositories, is available to pay the amount
of their deposits to the governmental units.
The cash management plan adopted by the Township requires it to deposit funds in public depositories
protected from loss under the provisions of the Act.
Interfunds - Interfund receivables and payables that arise from transactions between funds are
recorded by all funds affected by such transactions in the period in which the transaction is executed.
Interfund receivables in the current fund are recorded with offsetting reserves which are created by
charges to operations. Income is recognized in the year the receivables are liquidated. Interfund
receivables in the other funds are not offset by reserves.
Inventories of Supplies - The costs of inventories of supplies for all funds are recorded as expenditures
at the time individual items are purchased. The costs of inventories are not included on the various
statements of assets, liabilities, reserves and fund balance.
-32-
18300
Notes to Financial Statements (Cont'd)
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
General Fixed Assets - Accounting for governmental fixed assets, as required by N.J.A.C. 5:30-5.6,
differs in certain respects from accounting principles generally accepted in the United States of America.
In accordance with the regulations, all local units, including municipalities, must maintain a general fixed
assets reporting system that establishes and maintains a physical inventory of nonexpendable, tangible
property as defined and limited by the U.S. Office of Management and Budget’s Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (2 CFR Part 225), except
that the useful life of such property is at least five years. The Township has adopted a capitalization
threshold of $5,000.00, the maximum amount allowed by the Circular. Generally, assets are valued at
historical cost; however, assets acquired prior to December 31, 1985 are valued at actual historical cost
or estimated historical cost. No depreciation of general fixed assets is recorded. Donated general fixed
assets are recorded at acquisition value as of the date of the transaction. Interest costs relative to the
acquisition of general fixed assets are recorded as expenditures when paid. Public domain
("infrastructure") general fixed assets consisting of certain improvements such as roads, bridges, curbs
and gutters, streets and sidewalks and drainage systems are not capitalized. Expenditures for
construction in progress are recorded in the capital funds until such time as the construction is
completed and put into operation. The Township is required to maintain a subsidiary ledger detailing
fixed assets records to control additions, retirements, and transfers of fixed assets.
In addition, a
statement of general fixed asset group of accounts, reflecting the activity for the year, must be included
in the Township’s basic financial statements.
The regulations require that general fixed assets, whether constructed or acquired through purchase,
grant or gift be included in the aforementioned inventory. In addition, property management standards
must be maintained that include accurate records indicating asset description, source, ownership,
acquisition cost and date, the percentage of Federal participation (if any), and the location, use, and
condition of the asset. Periodically, physical inventories must be taken and reconciled with these
records. Lastly, all fixed assets must be adequately controlled to safeguard against loss, damage, or
theft.
Utility Fixed Assets - Property and equipment purchased by a utility fund are recorded in the utility
capital account at cost and are adjusted for disposition and abandonment. The amounts shown do not
represent replacement cost or current value. The reserve for amortization and deferred reserve for
amortization accounts in the utility capital fund represent charges to operations for the cost of acquisition
of property and equipment, improvements, and contributed capital.
Foreclosed Property - Foreclosed property is recorded in the current fund at the assessed valuation
when such property was acquired and is fully reserved. Ordinarily it is the intention of the municipality to
resell foreclosed property in order to recover all or a portion of the delinquent taxes or assessments and
to return the property to a taxpaying basis. For this reason, the value of foreclosed property has not
been included in the general fixed asset group of accounts. If such property is converted to a municipal
use, it will be recorded in the general fixed asset group of accounts.
Deferred Charges - The recognition of certain expenditures is deferred to future periods. These
expenditures, or deferred charges, are generally overexpenditures of legally adopted budget
appropriations or emergency appropriations made in accordance with N.J.S.A. 40A:4-46 et seq.
Deferred charges are subsequently raised as items of appropriation in budgets of succeeding years.
Liens Sold for Other Governmental Units - Liens sold on behalf of other governmental units are not
recorded on the records of the tax collector until such liens are collected. Upon their collection, such
liens are recorded as a liability due to the governmental unit net of the costs of the initial sale. The
related costs of sale are recognized as revenue when received.
Fund Balance - Fund balances included in the current fund and sewer utility operating fund represent
amounts available for anticipation as revenue in future years’ budgets, with certain restrictions.
-33-
18300
Notes to Financial Statements (Cont'd)
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
Revenues - Revenues are recorded when received in cash except for certain amounts which are due
from other governmental units. Revenue from federal and state grants is realized when anticipated as
such in the Township’s budget. Receivables for property taxes are recorded with offsetting reserves on
the statement of assets, liabilities, reserves and fund balance of the Township's current fund;
accordingly, such amounts are not recorded as revenue until collected. Other amounts that are due to
the Township which are susceptible to accrual are also recorded as receivables with offsetting reserves
and recorded as revenue when received.
Property Tax Revenues - Property tax revenues are collected in quarterly installments due February 1,
May 1, August 1, and November 1. The amount of tax levied includes not only the amount required in
support of the Township's annual budget, but also the amounts required in support of the budgets of the
County of Gloucester, the Township of Harrison School District, Clearview Regional High School District,
and the Township of Harrison Fire District No. 1. Unpaid property taxes are subject to tax sale in
accordance with the statutes.
School Taxes - The Township is responsible for levying, collecting, and remitting school taxes for the
Township of Harrison School District and the Clearview Regional High School District. For the local
school district and regional high school district, operations is charged for the Township's share of the
amount required to be raised by taxation for the period from July 1 to June 30, increased by the amount
deferred at December 31, 2022 and decreased by the amount deferred at December 31, 2023.
County Taxes - The municipality is responsible for levying, collecting, and remitting county taxes for the
County of Gloucester. County taxes are determined on a calendar year by the County Board of Taxation
based upon the ratables required to be certified to them on January 10 of each year. Operations is
charged for the amount due to the County for the year, based upon the ratables required to be certified
to the County Board of Taxation by January 10 of the current year. In addition, operations is charged for
the County share of added and omitted taxes certified to the County Board of Taxation by October 10 of
the current year, and due to be paid to the County by February 15 of the following year.
Fire District Taxes - The municipality is responsible for levying, collecting, and remitting fire district
taxes for the Township of Harrison Fire District No. 1. Operations is charged for the full amount required
to be raised from taxation to operate the Fire District for the period from January 1 to December 31.
Reserve for Uncollected Taxes - The inclusion of the "reserve for uncollected taxes" appropriation in
the Township's annual budget protects the Township from taxes not paid currently. The reserve, the
minimum amount of which is determined on the percentage of collections experienced in the
immediately preceding year, with certain exceptions, is required to provide assurance that cash collected
in the current year will provide sufficient cash flow to meet expected obligations.
Expenditures - Expenditures are recorded on the "budgetary" basis of accounting. Generally,
expenditures are recorded when paid. However, for charges to amounts appropriated for “other
expenses”, an amount is encumbered through the issuance of a numerically controlled purchase order
or when a contract is executed in accordance with N.J.A.C. 5:30-5.2. When encumbered charges are
paid, the amount encumbered is simultaneously liquidated in its original amount. Encumbrances are
offset by an account entitled reserve for encumbrances. The reserve is classified as a cash liability
under New Jersey municipal accounting. At December 31, this reserve represents the portion of
appropriation reserves that has been encumbered and is subject to the same statutory provisions as
appropriation reserves.
Appropriations for principal payments on outstanding general capital and utility bonds and notes are
provided on the cash basis; interest on general capital indebtedness is on the cash basis; whereas
interest on utility indebtedness is on the accrual basis.
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Notes to Financial Statements (Cont'd)
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
Appropriation Reserves - Appropriation reserves covering unexpended appropriation balances are
automatically created at year-end and recorded as liabilities, except for amounts which may be canceled
by the governing body. Appropriation reserves are available, until lapsed at the close of the succeeding
year, to meet specific claims, commitments, or contracts incurred during the preceding year. Lapsed
appropriation reserves are recorded as income.
Long-Term Debt - Long-term debt, relative to the acquisition of capital assets, is recorded as a liability
in the general capital and utility capital funds. Where an improvement is a “local Improvement”, i.e.,
assessable upon completion, long-term debt associated with that portion of the cost of the improvement
to be funded by assessments is transferred to the trust fund upon the confirmation of the assessments or
when the improvement is fully and permanently funded.
Compensated Absences and Postemployment Benefits - Compensated absences for vacation, sick
leave and other compensated absences are recorded and provided for in the annual budget in the year
in which they are paid, on a pay-as-you-go basis. Likewise, no accrual is made for postemployment
benefits, if any, which are also funded on a pay-as-you-go basis.
Impact of Recently Issued Accounting Principles
Recently Issued Accounting Pronouncements
The Governmental Accounting Standards Board (GASB) has issued the following statement that have
effective dates that may affect future financial presentations:
Statement No. 101, Compensated Absences. The objective of this Statement is to better meet the
information needs of financial statement users by updating the recognition and measurement guidance
for compensated absences. That objective is achieved by aligning the recognition and measurement
guidance under a unified model and by amending certain previously required disclosures. The
Statement will become effective for the Township in the year ending December 31, 2024. As a result of
the regulatory basis of accounting previously described in note 1, this Statement will have no impact on
the financial statements of the Township, however management is currently evaluating whether or not
this Statement will have an impact on the financial statement disclosures of the Township.
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Notes to Financial Statements (Cont'd)
Note 2: CASH AND CASH EQUIVALENTS
Custodial Credit Risk Related to Deposits - Custodial credit risk is the risk that, in the event of a bank
failure, the Township’s deposits might not be recovered. Although the Township does not have a formal
policy regarding custodial credit risk, N.J.S.A. 17:9-41 et seq. requires that governmental units shall
deposit public funds in public depositories protected from loss under the provisions of the Governmental
Unit Deposit Protection Act (GUDPA). Under the Act, the first $250,000.00 of governmental deposits in
each insured depository is protected by the Federal Deposit Insurance Corporation (FDIC). Public funds
owned by the municipality in excess of FDIC insured amounts are protected by GUDPA. However,
GUDPA does not protect intermingled agency funds such as salary withholdings, bail funds, or funds
that may pass to the municipality relative to the happening of a future condition. Such funds are
classified as uninsured and uncollateralized.
As of December 31, 2023, the Township’s bank balances of $21,015,270.51 were exposed to custodial
credit risk as follows:
Insured by FDIC and GUDPA
19,539,446.24
$
Uninsured and Uncollateralized
1,475,824.27
Total
21,015,270.51
$
Note 3: PROPERTY TAXES
The following is a five-year comparison of certain statistical information relative to property taxes and
property tax collections for the current and previous four calendar years:
Comparative Schedule of Tax Rates
Year Ended
2023
2022
2021
2020
2019
Tax Rate
3.236
$
3.204
$
3.130
$
3.070
$
2.978
$
Apportionment of Tax Rate:
Municipal
0.560
$
0.541
$
0.521
$
0.501
$
0.459
$
County Library
0.046
0.046
0.047
0.047
0.047
County
0.667
0.672
0.681
0.677
0.660
County Open Space
0.042
0.040
0.042
0.041
0.041
Local School
0.972
0.935
0.918
0.904
0.883
Regional High School
0.790
0.816
0.780
0.761
0.751
Fire District
0.100
0.094
0.081
0.079
0.077
Municipal Open Space
0.059
0.060
0.060
0.060
0.060
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Notes to Financial Statements (Cont'd)
Note 3: PROPERTY TAXES (CONT’D)
Five-year comparison of certain statistical information relative to property taxes and property tax
collections for the current and previous four calendar years (cont’d):
Assessed Valuation
Amount
2023
1,552,968,900.00
$
2022
1,540,516,947.00
2021
1,549,432,832.00
2020
1,545,984,112.00
2019
1,540,362,693.00
Comparison of Tax Levies and Collections
Percentage
Year
Tax Levy
Collections
of Collections
2023
50,757,524.81
$
50,240,579.84
$
98.98%
2022
49,776,218.19
49,032,542.25
98.51%
2021
48,618,718.76
47,995,037.50
98.72%
2020
47,616,184.61
47,102,824.35
98.92%
2019
46,178,001.35
45,656,584.16
98.87%
Delinquent Taxes and Tax Title Liens
Tax Title
Delinquent
Total
Percentage
Year
Liens
Taxes
Delinquent
of Tax Levy
2023
88,766.90
$
401,985.91
$
490,752.81
$
0.97%
2022
27,487.85
964,730.66
992,218.51
1.99%
2021
35,906.67
593,194.02
629,100.69
1.29%
2020
18,637.78
502,161.85
520,799.63
1.09%
2019
47,895.02
508,858.14
556,753.16
1.21%
The following comparison is made of the number of tax title liens receivable on December 31 for the
current and previous four calendar years:
Year
Number
2023
2
2022
3
2021
4
2020
3
2019
3
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Notes to Financial Statements (Cont'd)
Note 4: PROPERTY ACQUIRED BY TAX TITLE LIEN LIQUIDATION
The value of property acquired by liquidation of tax title liens on December 31, on the basis of the last
assessed valuation of such properties, for the current and previous four years was as follows:
Year
Amount
2023
140,800.00
$
2022
563,500.00
2021
563,500.00
2020
563,500.00
2019
563,500.00
Note 5: SEWER UTILITY SERVICE CHARGES
The following is a five-year comparison of sewer utility service charges (rents) for the current and
previous four years:
Balance Beginning of Year
Cash
Year
Receivable
Liens
Levy
Total
Collections
2023
364,366.58
$
None
2,195,091.42
$
2,559,458.00
$
2,355,144.87
$
2022
177,406.16
None
2,152,925.02
2,330,331.18
1,965,964.60
2021
197,270.17
None
1,959,455.78
2,156,725.95
1,979,319.79
2020
204,158.79
None
1,985,708.56
2,189,867.35
1,992,597.18
2019
259,170.93
None
1,859,035.67
2,118,206.60
1,914,047.81
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Notes to Financial Statements (Cont'd)
Note 6: FUND BALANCES APPROPRIATED
The following schedules detail the amount of fund balances available at the end of the current year and
four previous years and the amounts utilized in the subsequent year's budgets:
Current Fund
Utilized in
Percentage
Balance
Budget of
of Fund
Year
December 31,
Succeeding Year
Balance Used
2023
3,787,425.07
$
2,707,000.00
$
71.47%
2022
2,316,633.95
2,190,850.00
94.57%
2021
2,912,754.06
2,170,000.00
74.50%
2020
2,748,881.60
2,006,000.00
72.98%
2019
3,342,633.92
2,408,761.00
72.06%
Sewer Utility Fund
Utilized in
Percentage
Balance
Budget of
of Fund
Year
December 31,
Succeeding Year
Balance Used
2023
788,772.86
$
283,200.00
$
35.90%
2022
328,052.08
13,700.00
4.18%
2021
533,588.96
339,498.00
63.63%
2020
576,859.57
344,314.50
59.69%
2019
681,682.59
405,950.00
59.55%
Note 7: INTERFUND RECEIVABLES AND PAYABLES
The following interfund balances were recorded on the various statements of assets, liabilities, reserves
and fund balance as of December 31, 2023:
Interfunds
Interfunds
Fund
Receivable
Payable
Current
34,429.31
$
5,310.63
$
Federal and State Grant
7,040.02
Trust - Municipal Open Space
3,660.18
Trust - Animal Control
22,884.22
Trust - Other
5,310.63
General Capital
844.89
Sewer Utility - Operating
684.92
Sewer Utility - Capital
684.92
Totals
40,424.86
$
40,424.86
$
The interfund receivables and payables above predominately resulted from collections and payments
made by certain funds on behalf of other funds. During the year 2024, the Township expects to liquidate
such interfunds, depending upon the availability of cash flow.
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Notes to Financial Statements (Cont'd)
Note 8: PENSION PLANS
A substantial number of the Township's employees participate in one of the following defined benefit
pension plans: the Public Employees' Retirement System (“PERS”) and the Police and Firemen’s
Retirement System (“PFRS”), which are administered by the New Jersey Division of Pensions and
Benefits. In addition, several Township employees participate in the Defined Contribution Retirement
Program (“DCRP”), which is a defined contribution pension plan. This Plan is administered by Empower
(formerly Prudential Financial) for the New Jersey Division of Pensions and Benefits. Each Plan has a
Board of Trustees that is primarily responsible for its administration. As a local participation employer of
these pension plans, the Township is referred to as “Employer” throughout this note. The Division
issues a publicly available financial report that includes financial statements, required supplementary
information and detailed information about the PERS and PFRS plans’ fiduciary net position which can
be obtained by writing to or at the following website:
State of New Jersey
Division of Pensions and Benefits
P.O. Box 295
Trenton, New Jersey 08625-0295
https://www.state.nj.us/treasury/pensions/financial-reports.shtml
General Information about the Pension Plans
Plan Descriptions
Public Employees' Retirement System - The Public Employees' Retirement System is a cost-
sharing multiple-employer defined benefit pension plan, which was established as of January 1,
1955, under the provisions of N.J.S.A. 43:15A. The PERS’ designated purpose is to provide
retirement, death, and disability benefits to certain qualified members. Membership in the PERS is
mandatory for substantially all full-time employees of the Employer, provided the employee is not
required to be a member of another state-administered retirement system or other state pensions
fund or local jurisdiction’s pension fund. The PERS’ Board of Trustees is primarily responsible for
the administration of the PERS.
Police and Firemen’s Retirement System - The Police and Firemen’s Retirement System is a
cost-sharing multiple-employer defined benefit pension plan, which was established as of July 1,
1944, under the provisions of N.J.S.A. 43:16A. The PFRS’ designated purpose is to provide
retirement, death, and disability benefits to certain qualified members. Membership in the PFRS is
mandatory for substantially all full-time police and firemen of the Employer. The PFRS’ Board of
Trustees is primarily responsible for the administration of the PFRS.
Defined Contribution Retirement Program - The Defined Contribution Retirement Program is a
multiple-employer defined contribution pension fund established on July 1, 2007 under the
provisions of P.L. 2007, c. 92 and P.L. 2007, c. 103, and expanded under the provisions of P.L.
2008, c. 89 and P.L. 2010, c. 1. The DCRP is a tax-qualified defined contribution money purchase
pension plan under Internal Revenue Code (IRC) § 401(a) et seq., and is a “governmental plan”
within the meaning of IRC § 414(d). The DCRP provides retirement benefits for eligible employees
and their beneficiaries. Individuals covered under DCRP are state or local officials who are elected
or appointed on or after July 1, 2007; employees enrolled in PERS on or after July 1, 2007, who earn
salary in excess of established “maximum compensation” limits; employees enrolled in New Jersey
State Police Retirement System (SPRS) or the Police and Firemen’s Retirement System (PFRS)
after May 21, 2010, who earn salary in excess of established “maximum compensation” limits;
employees otherwise eligible to enroll in PERS on or after November 2, 2008, who do not earn the
minimum annual salary for tier 3 enrollment but who earn salary of at least $5,000.00 annually; and
employees otherwise eligible to enroll in PERS after May 21, 2010 who do not work the minimum
number of hours per week required for tiers 4 or 5 enrollment, but who earn salary of at least
$5,000.00 annually.
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Notes to Financial Statements (Cont'd)
Note 8: PENSION PLANS (CONT’D)
Vesting and Benefit Provisions
Public Employees’ Retirement System - The vesting and benefit provisions are set by N.J.S.A.
43:15A. The PERS provides retirement, death and disability benefits. All benefits vest after ten
years of service.
The following represents the membership tiers for PERS:
Tier Definition
1
Members who were enrolled prior to July 1, 2007
2
Members who were eligible to enroll on or after July 1, 2007 and prior to November 2, 2008
3
Members who were eligible to enroll on or after November 2, 2008 and prior to May 22, 2010
4
Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011
5
Members who were eligible to enroll on or after June 28, 2011
Service retirement benefits of 1/55th of final average salary for each year of service credit is available
to tiers 1 and 2 members upon reaching age 60 and to tier 3 members upon reaching age 62.
Service retirement benefits of 1/60th of final average salary for each year of service credit is available
to tier 4 members upon reaching age 62 and tier 5 members upon reaching age 65. Early retirement
benefits are available to tiers 1 and 2 members before reaching age 60, tiers 3 and 4 with 25 years
or more of service credit before age 62, and tier 5 with 30 or more years of service credit before age
65. Benefits are reduced by a fraction of a percent for each month that a member retires prior to the
age at which a member can receive full early retirement benefits in accordance with their respective
tier. Tier 1 members can receive an unreduced benefit from age 55 to age 60 if they have at least
25 years of service. Deferred retirement is available to members who have at least 10 years of
service credit and have not reached the service retirement age for the respective tier.
Police and Firemen’s Retirement System - The vesting and benefit provisions are set by N.J.S.A.
43:16A. The PFRS provides retirement, death and disability benefits. All benefits vest after 10
years of service, except disability benefits, which vest after four years of service.
The following represents the membership tiers for PFRS:
Tier Definition
1
Members who were enrolled prior to May 22, 2010
2
Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011
3
Members who were eligible to enroll on or after June 28, 2011
Service retirement benefits are available at age 55 and are generally determined to be 2% of final
compensation for each year of creditable service up to 30 years plus 1% for each year of service in
excess of 30 years. Members may seek special retirement after achieving 25 years of creditable
service, in which benefits would equal 65% (tiers 1 and 2 members) and 60% (tier 3 members) of
final compensation plus 1% for each year of creditable service over 25 years but not to exceed 30
years. Members may elect deferred retirement benefits after achieving ten years of service, in which
case benefits would begin at age 55 equal to 2% of final compensation for each year of service.
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Notes to Financial Statements (Cont'd)
Note 8: PENSION PLANS (CONT’D)
General Information about the Pension Plans (Cont’d)
Vesting and Benefit Provisions (Cont’d)
Defined Contribution Retirement Program - Eligible members are provided with a defined
contribution retirement plan intended to qualify for favorable Federal income tax treatment under IRC
Section 401(a), a noncontributory group life insurance plan and a noncontributory group disability
benefit plan. A participant's interest in that portion of his or her defined contribution retirement plan
account attributable to employee contributions shall immediately become and shall at all times
remain fully vested and non-forfeitable. A participant's interest in that portion of his or her defined
contribution retirement plan account attributable to employer contributions shall be vested and non-
forfeitable on the date the participant commences the second year of employment or upon his or her
attainment of age 65, while employed by an employer, whichever occurs first.
Contributions
Public Employees’ Retirement System - The contribution policy is set by N.J.S.A. 43:15A and
requires contributions by active members and contributing employers. Pursuant to the provisions of
P.L. 2011, C. 78, the member contribution rate is currently 7.50% of base salary, effective July 1,
2018. The rate for members who are eligible for the Prosecutors Part of PERS (P.L. 2001, C. 366)
is 10.0%. Employers’ contributions are based on an actuarially determined amount, which includes
the normal cost and unfunded accrued liability.
Special Funding Situation Component - Under N.J.S.A. 43:15A, local participating employers are
responsible for their own contributions based on actuarially determined amounts, except where
legislation was passed which legally obligated the State if certain circumstances occurred. One of
such legislations, which legally obligate the State, is Chapter 133, P.L. 2001. This legislation
increased the accrual rate from 1/60 to 1/55. In addition, it lowered the age required for a veteran
benefit equal to 1/55 of highest 12-month compensation for each year of service from 60 to 55.
Chapter 133, P.L. 2001 also established the Benefit Enhancement Fund (BEF) to fund the additional
annual employer normal contribution due to the State’s increased benefits. If the assets in the BEF
are insufficient to cover the normal contribution for the increased benefits for a valuation period, the
State will pay such amount for both the State and local employers.
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Notes to Financial Statements (Cont'd)
Note 8: PENSION PLANS (CONT’D)
General Information about the Pension Plans (Cont’d)
Contributions (Cont’d)
Public Employees’ Retirement System (Cont’d) - Special Funding Situation Component (Cont’d) -
The amounts contributed on behalf of the local participating employers under this legislation is
considered to be a special funding situation as defined by GASB Statement No. 68 and the State is
treated as a nonemployer contributing entity. Since the local participating employers do not
contribute under this legislation directly to the Plan (except for employer specific financed amounts),
there is no net pension liability or deferred outflows or inflows to disclose in the notes to the financial
statements of the local participating employers related to this legislation.
The Employer’s contractually required contribution rate for the year ended December 31, 2023 was
18.30% of the Employer’s covered payroll. This amount was actuarially determined as the amount
that, when combined with employee contributions, is expected to finance the costs of benefits
earned by employees during the year, including an additional amount to finance any unfunded
accrued liability.
Based on the most recent PERS measurement date of June 30, 2023, the Employer’s contractually
required contribution to the pension plan for the year ended December 31, 2023 is $321,152.00, and
is payable by April 1, 2024. Due to the basis of accounting described in note 1, no liability has been
recorded in the financial statements for this amount. For the prior year measurement date of June
30, 2022, the Employer’s contractually required contribution to the pension plan for the year ended
December 31, 2022 was $292,915.00, which was paid on April 1, 2023.
Employee contributions to the Plan for the year ended December 31, 2023 were $137,931.44.
The amount of contractually required contribution for the State of New Jersey’s proportionate share,
associated with the Employer, under Chapter 133, P.L. 2001, for the year ended December 31, 2023
was 0.62% of the Employer’s covered payroll.
Based on the most recent PERS measurement date of June 30, 2023, the State’s contractually
required contribution, under Chapter 133, P.L. 2001, on-behalf of the Employer, to the pension plan
for the year ended December 31, 2023 was $10,854.00. For the prior year measurement date of
June 30, 2022, the State’s contractually required contribution, under Chapter 133, P.L. 2001, on-
behalf of the Employer, to the pension plan for the year ended December 31, 2022 was $7,376.00.
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Notes to Financial Statements (Cont'd)
Note 8: PENSION PLANS (CONT’D)
General Information about the Pension Plans (Cont’d)
Contributions (Cont’d)
Police and Firemen’s Retirement System - The contribution policy for PFRS is set by N.J.S.A
43:16A and requires contributions by active members and contributing employers. Pursuant to the
provisions of P.L. 2011, C. 78, the member contribution rate is currently 10.0% of base salary. State
legislation has modified the amount that is contributed by the State. The State’s contribution amount
is based on an actuarially determined rate, which includes the normal cost and unfunded accrued
liability.
Special Funding Situation Component - Under N.J.S.A. 43:16A-15, local participating employers are
responsible for their own contributions based on actuarially determined amounts, except where
legislation was passed which legally obligated the State if certain circumstances occurred. The
legislation, which legally obligates the State, is as follows: Chapter 8, P.L. 2000, Chapter 318, P.L.
2001, Chapter 86, P.L. 2001, Chapter 511, P.L. 1991, Chapter 109, P.L. 1979, Chapter 247, P.L.
1993 and Chapter 201, P.L. 2001. The amounts contributed on behalf of the local participating
employers under this legislation is considered to be a special funding situation as defined by GASB
Statement No. 68 and the State is treated as a nonemployer contributing entity. Since the local
participating employers do not contribute under this legislation directly to the Plan (except for
employer specific financed amounts), there is no net pension liability or deferred outflows or inflows
to disclose in the notes to the financial statements of the local participating employers related to this
legislation.
The Employer’s contractually required contribution rate for the year ended December 31, 2023 was
34.66% of the Employer’s covered payroll. This amount was actuarially determined as the amount
that, when combined with employee contributions, is expected to finance the costs of benefits
earned by employees during the year, with an additional amount to finance any unfunded accrued
liability.
Based on the most recent PFRS measurement date of June 30, 2023, the Employer’s contractually
required contribution to the pension plan for the year ended December 31, 2023 is $832,095.00, and
is payable by April 1, 2024. Due to the basis of accounting described in note 1, no liability has been
recorded in the financial statements for this amount. For the prior year measurement date of June
30, 2022, the Employer’s contractually required contribution to the pension plan for the year ended
December 31, 2022 was $757,756.00, which was paid on April 1, 2023.
Employee contributions to the Plan for the year ended December 31, 2023 were $240,098.60.
The amount of contractually required contribution for the State of New Jersey’s proportionate share,
associated with the Employer, for the year ended December 31, 2023 was 6.06% of the Employer’s
covered payroll.
Based on the most recent PFRS measurement date of June 30, 2023, the State’s contractually
required contribution, on-behalf of the Employer, to the pension plan for the year ended December
31, 2023 was $145,532.00, and is payable by April 1, 2024. For the prior year measurement date of
June 30, 2022, the State’s contractually required contribution, on-behalf of the Employer, to the
pension plan for the year ended December 31, 2022 was $147,764.00, which was paid on April 1,
2023.
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Notes to Financial Statements (Cont'd)
Note 8: PENSION PLANS (CONT’D)
General Information about the Pension Plans (Cont’d)
Contributions (Cont’d)
Defined Contribution Retirement Program - The contribution policy is set by N.J.S.A. 43:15C-3
and requires contributions by active members and contributing employers. In accordance with
Chapter 92, P.L. 2007 and Chapter 103, P.L. 2007, Plan members are required to contribute 5.5% of
their annual covered salary. In addition to the employee contributions, the Employer contributes 3%
of the employees' base salary, for each pay period.
For the year ended December 31, 2023, employee contributions totaled $3,469.69, and the
Employer’s contributions were $1,892.56. There were no forfeitures during the year.
Pension Liabilities, Pension (Benefit) Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions
Public Employees’ Retirement System
Pension Liability - As of December 31, 2023, there is no net pension liability associated with the
special funding situation under Chapter 133, P.L. 2001, as there was no accumulated difference
between the annual additional normal cost and the actual State contribution through the valuation
date. The Employer’s proportionate share of the PERS net pension liability was $3,480,427.00. The
net pension liability was measured as of June 30, 2023 and the total pension liability used to
calculate the net pension liability was determined by an actuarial valuation as of July 1, 2022. The
total pension liability was calculated through the use of updated procedures to roll forward from the
actuarial valuation date to the measurement date of June 30, 2023. The Employer’s proportion of
the net pension liability was based on a projection of the Employer’s long-term share of contributions
to the pension plan relative to the projected contributions of all participating employers, actuarially
determined. For the June 30, 2023
measurement date, the Employer’s proportion was
0.0240288403%, which was an increase of 0.0008009382% from its proportion measured as of June
30, 2022.
-45-
18300
Notes to Financial Statements (Cont'd)
Note 8: PENSION PLANS (CONT’D)
Pension Liabilities, Pension (Benefit) Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions (Cont’d)
Public Employees’ Retirement System (Cont’d)
Pension (Benefit) Expense - For the year ended December 31, 2023, the Employer’s proportionate
share of the PERS pension (benefit) expense, calculated by the Plan as of the June 30, 2023
measurement date was ($20,644.00). This (benefit) expense is not recognized by the Employer
because of the regulatory basis of accounting as described in note 1; however, as previously
mentioned, for the year ended December 31, 2023, the Employer’s contribution to PERS was
$292,915.00, and was paid on April 1, 2023.
For the year ended December 31, 2023, the State’s proportionate share of the PERS pension
(benefit) expense, associated with the Employer, under Chapter 133, P.L. 2001, calculated by the
Plan as of the June 30, 2023 measurement date, was $10,854.00. This on-behalf (benefit) expense
is not recognized by the Employer because of the regulatory basis of accounting as described in
note 1.
Police and Firemen’s Retirement System
Pension Liability - As of December 31, 2023, the Employer’s and State of New Jersey’s
proportionate share of the PFRS net pension liability were as follows:
Proportionate Share of Net Pension Liability
6,906,272.00
$
State of New Jersey's Proportionate Share of Net Pension
Liability Associated with the Employer
1,272,561.00
8,178,833.00
$
-46-
18300
Notes to Financial Statements (Cont'd)
Note 8: PENSION PLANS (CONT’D)
Pension Liabilities, Pension (Benefit) Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions (Cont’d)
Police and Firemen’s Retirement System (Cont’d)
Pension Liability (Cont’d) - The net pension liability was measured as of June 30, 2023, and the
total pension liability used to calculate the net pension liability was determined by an actuarial
valuation as of July 1, 2022. The total pension liability was calculated through the use of updated
procedures to roll forward from the actuarial valuation date to the measurement date of June 30,
2023. The Employer’s proportion of the net pension liability was based on a projection of the
Employer’s long-term share of contributions to the pension plan relative to the projected
contributions of all participating employers and the State of New Jersey, actuarially determined. For
the June 30, 2023 measurement date, the Employer’s proportion was 0.0625070900%, which was
an increase of 0.0042429700% from its proportion measured as of June 30, 2022. Likewise, at June
30, 2023, the State of New Jersey’s proportion, on-behalf of the Employer, was 0.0625071100%,
which was an increase of 0.0042430800% from its proportion, on-behalf of the Employer, measured
as of June 30, 2022.
Pension (Benefit) Expense - For the year ended December 31, 2023, the Employer’s proportionate
share of the PFRS pension (benefit) expense, calculated by the Plan as of the June 30, 2023
measurement date was $844,554.00. This (benefit) expense is not recognized by the Employer
because of the regulatory basis of accounting as described in note 1; however, as previously
mentioned, for the year ended December 31, 2023, the Employer’s contribution to PFRS was
$757,756.00, and was paid on April 1, 2023.
For the year ended December 31, 2023, the State’s proportionate share of the PFRS pension
(benefit) expense, associated with the Employer, calculated by the Plan as of the June 30, 2023
measurement date, was $144,751.00. This on-behalf (benefit) expense is not recognized by the
Employer because of the regulatory basis of accounting as described in note 1.
Deferred Outflows of Resources and Deferred Inflows of Resources - As of December 31, 2023, the
Employer had deferred outflows of resources and deferred inflows of resources related to pensions from
the following sources:
PERS
PFRS
Total
PERS
PFRS
Total
Differences between Expected
and Actual Experience
33,277.00
$
295,713.00
$
328,990.00
$
14,227.00
$
329,368.00
$
343,595.00
$
Changes of Assumptions
7,646.00
14,906.00
22,552.00
210,929.00
466,339.00
677,268.00
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
16,028.00
351,723.00
367,751.00
-
-
-
Changes in Proportion and Differences
between Contributions and
Proportionate Share of Contributions
292,422.00
1,264,360.00
1,556,782.00
407,756.00
146,262.00
554,018.00
Contributions Subsequent to
the Measurement Date
160,576.00
416,048.00
576,624.00
-
-
-
509,949.00
$
2,342,750.00
$
2,852,699.00
$
632,912.00
$
941,969.00
$
1,574,881.00
$
Deferred Outflows of Resources
Deferred Inflows of Resources
-47-
18300
Notes to Financial Statements (Cont'd)
Note 8: PENSION PLANS (CONT’D)
Pension Liabilities, Pension (Benefit) Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions (Cont’d)
Deferred Outflows of Resources and Deferred Inflows of Resources (Cont’d) - Deferred outflows of
resources in the amounts of $160,576.00 and $416,048.00 for PERS and PFRS, respectively, will be
included as a reduction of the net pension liability during the year ending December 31, 2024. These
amounts were based on an estimated April 1, 2025 contractually required contribution, prorated from the
pension plans’ measurement date of June 30, 2023 to the Employer’s year end of December 31, 2032.
The Employer will amortize the other deferred outflows of resources and deferred inflows of resources
related to pensions over the following number of years:
Deferred
Deferred
Deferred
Deferred
Outflows of
Inflows of
Outflows of
Inflows of
Resources
Resources
Resources
Resources
Differences between Expected
and Actual Experience
Year of Pension Plan Deferral:
June 30, 2018
-
5.63
5.73
-
June 30, 2019
5.21
-
-
5.92
June 30, 2020
5.16
-
5.90
-
June 30, 2021
-
5.13
-
6.17
June 30, 2022
-
5.04
6.22
-
June 30, 2023
5.08
-
6.16
-
Changes of Assumptions
Year of Pension Plan Deferral:
June 30, 2018
-
5.63
-
5.73
June 30, 2019
-
5.21
-
5.92
June 30, 2020
-
5.16
-
5.90
June 30, 2021
5.13
-
6.17
-
June 30, 2022
-
5.04
-
6.22
Difference between Projected
and Actual Earnings on Pension
Plan Investments
Year of Pension Plan Deferral:
June 30, 2019
5.00
-
5.00
-
June 30, 2020
5.00
-
5.00
-
June 30, 2021
5.00
-
5.00
-
June 30, 2022
5.00
-
5.00
-
June 30, 2023
5.00
-
5.00
-
Changes in Proportion
Year of Pension Plan Deferral:
June 30, 2018
5.63
5.63
5.73
5.73
June 30, 2019
5.21
5.21
5.92
5.92
June 30, 2020
5.16
5.16
5.90
5.90
June 30, 2021
5.13
5.13
6.17
6.17
June 30, 2022
5.04
5.04
6.22
6.22
June 30, 2023
5.08
5.08
6.16
6.16
PERS
PFRS
-48-
18300
Notes to Financial Statements (Cont'd)
Note 8: PENSION PLANS (CONT’D)
Pension Liabilities, Pension (Benefit) Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions (Cont’d)
Deferred Outflows of Resources and Deferred Inflows of Resources (Cont’d) - Other amounts
included as deferred outflows of resources and deferred inflows of resources related to pensions will be
recognized in future periods as follows:
Year Ending
Dec 31,
PERS
PFRS
Total
2024
(178,099.00)
$
201,585.00
$
23,486.00
$
2025
(146,139.00)
72,999.00
(73,140.00)
2026
42,899.00
576,395.00
619,294.00
2027
(4,738.00)
31,533.00
26,795.00
2028
2,538.00
87,704.00
90,242.00
Thereafter
-
14,517.00
14,517.00
(283,539.00)
$
984,733.00
$
701,194.00
$
Actuarial Assumptions
The net pension liability was measured as of June 30, 2023, and the total pension liability used to
calculate the net pension liability was determined by an actuarial valuation as of July 1, 2022. The total
pension liability was calculated through the use of updated procedures to roll forward from the actuarial
valuation date to the measurement date of June 30, 2023. This actuarial valuation used the following
actuarial assumptions, applied to all periods included in the measurement:
PERS
PFRS
Inflation Rate:
Price
2.75%
2.75%
Wage
3.25%
3.25%
Salary Increases:
2.75% - 6.55%
3.25% - 16.25%
Based on Years of Service
Based on Years of Service
Investment Rate of Return
7.00%
7.00%
Period of Actuarial Experience
Study upon which Actuarial
Assumptions were Based
July 1, 2018 - June 30, 2021
July 1, 2018 - June 30, 2021
-49-
18300
Notes to Financial Statements (Cont'd)
Note 8: PENSION PLANS (CONT’D)
Actuarial Assumptions (Cont’d)
Public Employees’ Retirement System
Pre-retirement mortality rates were based on the Pub-2010 General Below-Median Income
Employee mortality table with an 82.2% adjustment for males and 101.4% adjustment for females,
and with future improvement from the base year of 2010 on a generational basis. Post-retirement
mortality rates were based on the Pub-2010 General Below-Median Income Healthy Retiree
mortality table with a 91.4% adjustment for males and 99.7% adjustment for females, and with future
improvement from the base year of 2010 on a generational basis. Disability retirement rates used to
value disabled retirees were based on the Pub-2010 Non-Safety Disabled Retiree mortality table
with a 127.7% adjustment for males and 117.2% adjustment for females, and with future
improvement from the base year of 2010 on a generational basis. Mortality improvement is based
on Scale MP-2021.
Police and Firemen’s Retirement System
Pre-retirement mortality rates were based on the PubS-2010 amount-weighted mortality table with a
105.6% adjustment for males and 102.5% adjustment for females. For healthy annuitants, mortality
rates were based on the PubS-2010 amount-weighted mortality table with a 96.7% adjustment for
males and 96.0% adjustment for females. Disability rates were based on the PubS-2010 amount-
weighted mortality table with a 152.0% adjustment for males and 109.3% adjustment for females.
Mortality improvement is based on Scale MP-2021.
For both PERS and PFRS, in accordance with State statute, the long-term expected rate of return on
Plan investments (7.00% at June 30, 2023) is determined by the State Treasurer, after consultation with
the Directors of the Division of Investments and Division of Pensions and Benefits, the board of trustees
and the actuaries. The long-term expected rate of return was determined using a building block method
in which best-estimate ranges of expected future real rates of return (expected returns, net of pension
Plan investment expense and inflation) are developed for each major asset class. These ranges are
combined to produce the long-term expected rate of return by weighting the expected future real rates of
return by the target asset allocation percentage and by adding expected inflation. Best estimates of
arithmetic rates of return for each major asset class included in PERS’ and PFRS’ target asset allocation
as of June 30, 2023 are summarized in the table that follows:
Long-Term
Target
Expected Real
Asset Class
Allocation
Rate of Return
U.S. Equity
28.00%
8.98%
Non-US Developed Markets Equity
12.75%
9.22%
International Small Cap Equity
1.25%
9.22%
Emerging Market Equity
5.50%
11.13%
Private Equity
13.00%
12.50%
Real Estate
8.00%
8.58%
Real Assets
3.00%
8.40%
High Yield
4.50%
6.97%
Private Credit
8.00%
9.20%
Investment Grade Credit
7.00%
5.19%
Cash Equivalents
2.00%
3.31%
U.S. Treasuries
4.00%
3.31%
Risk Mitigation Strategies
3.00%
6.21%
100.00%
-50-
18300
Notes to Financial Statements (Cont'd)
Note 8: PENSION PLANS (CONT’D)
Actuarial Assumptions (Cont’d)
Discount Rate -
For both PERS and PFRS, the discount rate used to measure the total pension liability was 7.00% as of
June 30, 2023. The projection of cash flows used to determine the discount rate assumed that
contributions from Plan members will be made at the current member contribution rates and that
contributions from employers and the nonemployer contributing entity would be based on 100% of the
actuarially determined contributions for the State employer and 100% of actuarially determined
contributions for the local employers. Based on those assumptions, the Plan’s fiduciary net position was
projected to be available to make all projected future benefit payments of current plan members.
Therefore, the long-term expected rate of return on Plan investments was applied to all projected benefit
payments to determine the total pension liability.
Sensitivity of Proportionate Share of Net Pension Liability to Changes in the Discount Rate
Public Employees' Retirement System (PERS) - The following presents the Employer’s proportionate
share of the net pension liability as of the June 30, 2023 measurement date, calculated using a discount
rate of 7.00%, as well as what the Employer’s proportionate share of the net pension liability would be if
it were calculated using a discount rate that is 1% lower or 1% higher than the current rates used:
1%
Current
1%
Decrease
Discount Rate
Increase
(6.00%)
(7.00%)
(8.00%)
Proportionate Share of the
Net Pension Liability
4,530,776.00
$
3,480,427.00
$
2,586,442.00
$
Police and Firemen’s Retirement System (PFRS) - As previously mentioned, PFRS has a special
funding situation, where the State of New Jersey pays a portion of the Employer’s annual required
contribution. As such, the net pension liability as of the June 30, 2023 measurement date, for the
Employer and the State of New Jersey, calculated using a discount rate of 7.00%, as well as using a
discount rate that is 1% lower or 1% higher than the current rates used, is as follows:
1%
Current
1%
Decrease
Discount Rate
Increase
(6.00%)
(7.00%)
(8.00%)
Proportionate Share of the
Net Pension Liability
9,622,682.00
$
6,906,273.00
$
4,644,153.00
$
State of New Jersey's Proportionate
Share of Net Pension Liability
1,773,091.00
1,272,561.00
855,739.00
11,395,773.00
$
8,178,834.00
$
5,499,892.00
$
-51-
18300
Notes to Financial Statements (Cont'd)
Note 8: PENSION PLANS (CONT’D)
Sensitivity of Proportionate Share of Net Pension Liability to Changes in the Discount Rate
(Cont’d)
Pension Plan Fiduciary Net Position
For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows
of resources related to pensions, and pension (benefit) expense, information about the respective
fiduciary net position of the PERS and PFRS and additions to/deductions from PERS and PFRS’
respective fiduciary net position have been determined on the same basis as they are reported by PERS
and PFRS. Accordingly, benefit payments (including refunds of employee contributions) are recognized
when due and payable in accordance with the benefit terms. Investments are reported at fair value.
Supplementary Pension Information
In accordance with GASBS 68, the following information is also presented for the PERS and PFRS
pension plans. These schedules are presented to illustrate the requirements to show information for 10
years.
Schedule of the Proportionate Share of the Net Pension Liability - Public Employees’ Retirement
System (PERS) (Last Ten Plan Years)
Measurement Date Ended June 30,
2023
2022
2021
2020
2019
Proportion of the Net Pension Liability
0.0240288403%
0.0232279021%
0.0267819703%
0.0254386500%
0.0244123237%
Proportionate Share of the Net Pension Liability
3,480,427.00
$
3,505,410.00
$
3,172,726.00
$
4,148,379.00
$
4,398,730.00
$
Covered Payroll (Plan Measurement Period)
1,837,748.00
$
1,755,840.00
$
1,974,080.00
$
1,843,264.00
$
1,706,004.00
$
Proportionate Share of the Net Pension Liability
as a Percentage of Covered Payroll
189.39%
199.64%
160.72%
225.06%
257.84%
Plan Fiduciary Net Position as a Percentage of
the Total Pension Liability
65.23%
62.91%
70.33%
58.32%
56.27%
Measurement Date Ended June 30,
2018
2017
2016
2015
2014
Proportion of the Net Pension Liability
0.0231400765%
0.0246708417%
0.0215009085%
0.0205167471%
0.0194513350%
Proportionate Share of the Net Pension Liability
4,556,166.00
$
5,742,978.00
$
6,367,952.00
$
4,605,599.00
$
3,641,822.00
$
Covered Payroll (Plan Measurement Period)
1,670,668.00
$
1,681,200.00
$
1,472,836.00
$
1,462,396.00
$
1,324,916.00
$
Proportionate Share of the Net Pension Liability
as a Percentage of Covered Payroll
272.72%
341.60%
432.36%
314.94%
274.87%
Plan Fiduciary Net Position as a Percentage of
the Total Pension Liability
53.60%
48.10%
40.14%
47.93%
52.08%
-52-
18300
Notes to Financial Statements (Cont'd)
Note 8: PENSION PLANS (CONT’D)
Supplementary Pension Information (Cont’d)
Schedule of Contributions - Public Employees’ Retirement System (PERS) (Last Ten Years)
Year Ended December 31,
2023
2022
2021
2020
2019
Contractually Required Contribution
321,152.00
$
292,915.00
$
313,648.00
$
278,286.00
$
237,460.00
$
Contribution in Relation to the Contractually
Required Contribution
(321,152.00)
(292,915.00)
(313,648.00)
(278,286.00)
(237,460.00)
Contribution Deficiency (Excess)
-
$
-
$
-
$
-
$
-
$
Covered Payroll (Calendar Year)
1,754,561.00
$
1,768,282.00
$
1,857,503.00
$
1,954,584.00
$
1,837,263.00
$
Contributions as a Percentage of
Covered Payroll
18.30%
16.56%
16.89%
14.24%
12.92%
Year Ended December 31,
2018
2017
2016
2015
2014
Contractually Required Contribution
230,169.00
$
228,549.00
$
191,011.00
$
176,389.00
$
160,354.00
$
Contribution in Relation to the Contractually
Required Contribution
(230,169.00)
(228,549.00)
(191,011.00)
(176,389.00)
(160,354.00)
Contribution Deficiency (Excess)
-
$
-
$
-
$
-
$
-
$
Covered Payroll (Calendar Year)
1,780,956.00
$
1,659,005.00
$
1,622,578.00
$
1,507,685.00
$
1,442,234.00
$
Contributions as a Percentage of
Covered Payroll
12.92%
13.78%
11.77%
11.70%
11.12%
-53-
18300
Notes to Financial Statements (Cont'd)
Note 8: PENSION PLANS (CONT’D)
Supplementary Pension Information (Cont’d)
Schedule of Proportionate Share of the Net Pension Liability - Police and Firemen’s Retirement
System (PFRS) (Last Ten Plan Years)
Measurement Date Ended June 30,
2023
2022
2021
2020
2019
Proportion of the Net Pension Liability
0.0625070900%
0.0582641200%
0.0598768226%
0.0553629732%
0.0483798509%
Proportionate Share of the Net Pension Liability
6,906,272.00
$
6,669,119.00
$
4,376,488.00
$
7,153,626.00
$
5,920,638.00
$
State's Proportionate Share of the Net Pension Liability
1,272,561.00
1,186,908.00
1,230,886.00
1,110,210.00
934,880.00
Total
8,178,833.00
$
7,856,027.00
$
5,607,374.00
$
8,263,836.00
$
6,855,518.00
$
Covered Payroll (Plan Measurement Period)
2,277,200.00
$
2,005,440.00
$
2,098,988.00
$
1,910,292.00
$
1,641,492.00
$
Proportionate Share of the Net Pension Liability
as a Percentage of Covered Payroll
303.28%
332.55%
208.50%
374.48%
360.69%
Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability
70.16%
68.33%
77.26%
63.52%
65.00%
Measurement Date Ended June 30,
2018
2017
2016
2015
2014
Proportion of the Net Pension Liability
0.0434779481%
0.0441242775%
0.0407395391%
0.0394971602%
0.0390546909%
Proportionate Share of the Net Pension Liability
5,883,283.00
$
6,811,935.00
$
7,782,294.00
$
6,578,850.00
$
4,912,718.00
$
State's Proportionate Share of the Net Pension Liability
799,147.00
762,994.00
653,520.00
576,943.00
529,017.00
Total
6,682,430.00
$
7,574,929.00
$
8,435,814.00
$
7,155,793.00
$
5,441,735.00
$
Covered Payroll (Plan Measurement Period)
1,442,404.00
$
1,428,292.00
$
1,284,956.00
$
1,250,804.00
$
1,205,092.00
$
Proportionate Share of the Net Pension Liability
as a Percentage of Covered Payroll
407.88%
476.93%
605.65%
525.97%
407.66%
Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability
62.48%
58.60%
52.01%
56.31%
62.41%
-54-
18300
Notes to Financial Statements (Cont'd)
Note 8: PENSION PLANS (CONT’D)
Supplementary Pension Information (Cont’d)
Schedule of Contributions - Police and Firemen’s Retirement System (PFRS) (Last Ten Years)
Year Ended December 31,
2023
2022
2021
2020
2019
Contractually Required Contribution
832,095.00
$
757,756.00
$
697,843.00
$
618,499.00
$
488,690.00
$
Contribution in Relation to the Contractually
Required Contribution
(832,095.00)
(757,756.00)
(697,843.00)
(618,499.00)
(488,690.00)
Contribution Deficiency (Excess)
-
$
-
$
-
$
-
$
-
$
Covered Payroll (Calendar Year)
2,400,986.00
$
2,280,554.00
$
2,056,885.00
$
2,133,513.00
$
1,929,265.00
$
Contributions as a Percentage of
Covered Payroll
34.66%
33.23%
33.93%
28.99%
25.33%
Year Ended December 31,
2018
2017
2016
2015
2014
Contractually Required Contribution
425,061.00
$
390,508.00
$
332,166.00
$
321,053.00
$
299,967.00
$
Contribution in Relation to the Contractually
Required Contribution
(425,061.00)
(390,508.00)
(332,166.00)
(321,053.00)
(299,967.00)
Contribution Deficiency (Excess)
-
$
-
$
-
$
-
$
-
$
Covered Payroll (Calendar Year)
1,658,874.70
$
1,445,146.00
$
1,384,742.00
$
1,265,643.00
$
1,224,332.00
$
Contributions as a Percentage of
Covered Payroll
25.62%
27.02%
23.99%
25.37%
24.50%
-55-
18300
Notes to Financial Statements (Cont'd)
Note 8: PENSION PLANS (CONT’D)
Supplementary Pension Information (Cont’d)
Other Notes to Supplementary Pension Information
Public Employees’ Retirement System (PERS)
Changes in Benefit Terms
The Division of Pensions and Benefits adopted a new policy regarding the crediting of interest on
member contributions for the purpose of refund of accumulated deductions. Previously, after termination
of employment, but prior to retirement or death, interest was credited on member accumulated
deductions at the valuation interest rate for the entire period. Effective July 1, 2018, interest is only
credited at the valuation interest rate for the first two years of inactivity prior to retirement or death.
Changes in Assumptions
The discount rate and long-term expected rate of return used as of June 30 measurement date are as
follows:
Year
Rate
Year
Rate
Year
Rate
Year
Rate
2023
7.00%
2018
5.66%
2023
7.00%
2018
7.00%
2022
7.00%
2017
5.00%
2022
7.00%
2017
7.00%
2021
7.00%
2016
3.98%
2021
7.00%
2016
7.65%
2020
7.00%
2015
4.90%
2020
7.00%
2015
7.90%
2019
6.28%
2014
5.39%
2019
7.00%
2014
7.90%
Discount Rate
Long-term Expected Rate of Return
Police and Firemen’s Retirement System (PFRS)
Changes in Benefit Terms
The June 30, 2023 measurement date include the following plan amendment: Chapter 92, P.L. 2023
establishing an extension of the previous plan amendment Chapter 52, P.L. 2021, allowing members
enrolled between January 18, 2000 and April 19, 2021 to retire prior to age 55 if they have attained 20
years of creditable service and retire by May 1, 2026.
Changes in Assumptions
The discount rate and long-term expected rate of return used as of June 30 measurement date are as
follows:
Year
Rate
Year
Rate
Year
Rate
Year
Rate
2023
7.00%
2018
6.51%
2023
7.00%
2018
7.00%
2022
7.00%
2017
6.14%
2022
7.00%
2017
7.00%
2021
7.00%
2016
5.55%
2021
7.00%
2016
7.65%
2020
7.00%
2015
5.79%
2020
7.00%
2015
7.90%
2019
6.85%
2014
6.32%
2019
7.00%
2014
7.90%
Discount Rate
Long-term Expected Rate of Return
-56-
18300
Notes to Financial Statements (Cont'd)
Note 9: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS
General Information about the State Health Benefit Local Government Retired Employees Plan
Plan Description and Benefits Provided - The Township contributes to the State Health Benefits Local
Government Retired Employees Plan (the “Plan”), which is a cost-sharing multiple-employer defined
benefit other postemployment benefit (“OPEB”) plan with a special funding situation. It covers
employees of local government employers that have adopted a resolution to participate in the Plan. The
Plan meets the definition of an equivalent arrangement as defined in paragraph 4 of GASB Statement
No. 75, Accounting and Financial Reporting for the Postemployment Benefits Other Than Pensions
(GASB Statement No. 75); therefore, assets are accumulated to pay associated benefits. For additional
information about the Plan, please refer to the State of New Jersey (the “State”), Division of Pensions
and
Benefits’
(the
“Division”)
annual
financial
statements,
which
can
be
found
at
https://www.state.nj.us/treasury/pensions/financial-reports.shtml.
The Plan provides medical and prescription drug to retirees and their covered dependents of the
participating employers. Under the provisions of Chapter 88, P.L 1974 and Chapter 48, P.L. 1999, local
government employers electing to provide postretirement medical coverage to their employees must file
a resolution with the Division. Under Chapter 88, local employers elect to provide benefit coverage
based on the eligibility rules and regulations promulgated by the State Health Benefits Commission.
Chapter 48 allows local employers to establish their own age and service eligibility for employer paid
health benefits coverage for retired employees. Under Chapter 48, the employer may assume the cost
of postretirement medical coverage for employees and their dependents who: 1) retired on a disability
pension; or 2) retired with 25 or more years of service credit in a State or locally administered retirement
system and a period of service of up to 25 years with the employer at the time of retirement as
established by the employer; or 3) retired and reached the age of 65 with 25 or more years of service
credit in a State or locally administered retirement system and a period of service of up to 25 years with
the employer at the time of retirement as established by the employer; or 4) retired and reached age 62
with at least 15 years of service with the employer. Further, the law provides that the employer paid
obligations for retiree coverage may be determined by means of a collective negotiations agreement.
In accordance with Chapter 330, P.L. 1997, which is codified in N.J.S.A 52:14-17.32i, the State provides
medical and prescription coverage to local police officers and firefighters, who retire with 25 years of
service or on a disability from an employer who does not provide postretirement medical coverage.
Local employers were required to file a resolution with the Division in order for their employees to qualify
for State-paid retiree health benefits coverage under Chapter 330. The State also provides funding for
retiree health benefits to survivors of local police officers and firefighters who die in the line of duty under
Chapter 271, P.L.1989.
Pursuant to Chapter 78, P.L. 2011, future retirees eligible for postretirement medical coverage who have
less than 20 years of creditable service on June 28, 2011 will be required to pay a percentage of the cost
of their health care coverage in retirement provided they retire with 25 or more years of pension service
credit. The percentage of the premium for which the retiree will be responsible will be determined based
on the retiree’s annual retirement benefit and level of coverage.
-57-
18300
Notes to Financial Statements (Cont'd)
Note 9: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
General Information about the State Health Benefit Local Government Retired Employees Plan
(Cont’d)
Contributions - The funding policy for the OPEB plan is pay-as-you-go; therefore, there is no
prefunding of the liability. However, due to premium rates being set prior to each calendar year, there is
a minimal amount of net position available to cover benefits in future years. Contributions to pay for the
health benefit premiums of participating employees in the OPEB plan are collected from the State of
New Jersey, participating local employers, and retired members.
The Township was billed monthly by the Plan and paid $187,441.18, for the year ended December 31,
2023, representing 4.51% of the Township’s covered payroll. During the year ended December 31,
2023, retirees were not required to contribute to the Plan.
Special Funding Situation Component - The State of New Jersey makes contributions to cover those
employees eligible under Chapter 330, P.L. 1997. Local employers remit employer contributions on a
monthly basis. Retired member contributions are generally received on a monthly basis. Partially
funded benefits are also available to local police officers and firefighters who retire with 25 years of
service or on disability from an employer who does not provide coverage under the provisions of Chapter
330, P.L. 1997. Upon retirement, these individuals must enroll in the OPEB Plan.
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% of the premium or periodic charge for the
category of coverage elected by the qualified retiree under the State managed care plan or a health
maintenance organization participating in the program providing the lowest premium or periodic charge.
The State also provides funding for retiree health benefits to survivors of local police officers and
firefighters who die in the line of duty under Chapter 271, P.L.1989.
Therefore, these employers are considered to be in a special funding situation as defined by GASB
Statement No. 75 and the State is treated as a nonemployer contributing entity. Since the local
participating employers do not contribute under this legislation directly to the Plan, there is no net OPEB
liability, deferred outflows of resources or deferred inflows of resources to report in the financial
statements of the local participating employers related to this legislation. However, the notes to the
financial statements of the local participating employers must disclose the portion of the nonemployer
contributing entities’ total proportionate share of the collective net OPEB liability that is associated with
the local participating employer. The participating employer is required to disclose in their respective
notes to the financial statements, an expense and corresponding revenue, and their proportionate share
of the OPEB expense allocated to the State under the special funding situation.
The amount of actual contributions to the OPEB Plan made by the State, on-behalf of the Township, is
not known; however, under the special funding situation, the State’s OPEB expense, on-behalf of the
Township, is ($32,132.00) for the year ended December 31, 2023, representing 0.77% of the Township’s
covered payroll.
-58-
18300
Notes to Financial Statements (Cont'd)
Note 9: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
OPEB Liability, OPEB (Benefit) Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources
OPEB Liability - At December 31, 2023, the Township’s and State’s proportionate share of the net
OPEB liability were as follows:
Proportionate Share of Net OPEB Liability
10,857,231.00
$
State of New Jersey's Proportionate Share of Net OPEB
Liability Associated with the Employer
177,211.00
11,034,442.00
$
The net OPEB liability was measured as of June 30, 2023, and the total OPEB liability used to calculate
the net OPEB liability was determined by an actuarial valuation as of July 1, 2022, which was rolled
forward to June 30, 2023.
The Township’s proportion of the net OPEB liability was based on the ratio of the Plan members of an
individual employer to the total members of the Plan’s nonspecial funding situation during the
measurement period July 1, 2022 through June 30, 2023. For the June 30, 2023 measurement date, the
Township’s proportion was 0.072350%, which was an increase of 0.012117% from its proportion
measured as of the June 30, 2022 measurement date, as adjusted.
The State’s proportion of the net OPEB liability, on-behalf of the Township was based on the ratio of the
Plan members of an individual employer to the total members of the Plan’s special funding situation
during the measurement period July 1, 2022 through June 30, 2023. For the June 30, 2023
measurement date, the State’s proportion on-behalf of the Township was 0.005079%, which was a
decrease of 0.001004% from its proportion measured as of the June 30, 2022 measurement date, as
adjusted.
OPEB (Benefit) Expense - At December 31, 2023, the Township’s proportionate share of the OPEB
(benefit) expense, calculated by the Plan as of the June 30, 2023 measurement date, is $1,669,585.00.
This (benefit) expense is not recognized by the Township because of the regulatory basis of accounting
as described in note 1; however, as previously mentioned, for the year ended December 31, 2023, the
Township made contributions to the Plan totaling $187,441.18.
-59-
18300
Notes to Financial Statements (Cont'd)
Note 9: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
OPEB Liability, OPEB (Benefit) Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources (Cont’d)
Deferred Outflows of Resources and Deferred Inflows of Resources - At December 31, 2023, the
Township had deferred outflows of resources and deferred inflows of resources from the following
sources:
Deferred
Deferred
Outflows
Inflows
of Resources
of Resources
Differences between Expected
and Actual Experience
500,679.00
$
2,948,469.00
$
Changes of Assumptions
1,406,419.00
3,068,992.00
Net Difference between Projected
and Actual Earnings on OPEB
Plan Investments
-
1,791.00
Changes in Proportion
8,372,658.00
1,325,941.00
Contributions Subsequent to
the Measurement Date
88,747.33
-
10,368,503.33
$
7,345,193.00
$
Deferred outflows of resources in the amount of $88,747.33 will be included as a reduction of the
Township’s net OPEB liability during the year ending December 31, 2024. The Township will amortize
the above other deferred outflows of resources and deferred inflows of resources related to the OPEB
liability over the following number of years:
Deferred
Deferred
Deferred
Deferred
Outflows
Inflows
Outflows
Inflows
of Resources
of Resources
of Resources
of Resources
Differences between Expected
Net Difference between Projected
and Actual Experience
and Actual Investment Earnings
Year of OPEB Plan Deferral:
on OPEB Plan Investments
June 30, 2018
-
8.14
Year of OPEB Plan Deferral:
June 30, 2019
-
8.05
June 30, 2018
5.00
-
June 30, 2020
7.87
-
June 30, 2019
5.00
-
June 30, 2021
-
7.82
June 30, 2020
5.00
-
June 30, 2022
7.82
-
June 30, 2021
5.00
-
June 30, 2023
-
7.89
June 30, 2022
5.00
-
June 30, 2023
5.00
-
Changes of Assumptions
Changes in Proportion
Year of OPEB Plan Deferral:
Year of OPEB Plan Deferral:
June 30, 2017
-
8.04
June 30, 2017
8.04
8.04
June 30, 2018
-
8.14
June 30, 2018
8.14
8.14
June 30, 2019
-
8.05
June 30, 2019
8.05
8.05
June 30, 2020
7.87
-
June 30, 2020
7.87
7.87
June 30, 2021
7.82
-
June 30, 2021
7.82
7.82
June 30, 2022
-
7.82
June 30, 2022
7.82
7.82
June 30, 2023
7.89
-
June 30, 2023
7.89
7.89
-60-
18300
Notes to Financial Statements (Cont'd)
Note 9: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
OPEB Liability, OPEB (Benefit) Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources (Cont’d)
Deferred Outflows of Resources and Deferred Inflows of Resources (Cont’d) - Other amounts
included as deferred outflows of resources and deferred inflows of resources related to the OPEB liability
will be recognized in future periods as follows:
Year Ending
Dec. 31,
2024
786,179.00
$
2025
1,009,048.00
2026
454,181.00
2027
638,223.00
2028
113,358.00
Thereafter
(66,426.00)
2,934,563.00
$
Actuarial Assumptions
The actuarial assumptions vary for each plan member depending on the pension plan in which the
member is enrolled. The actuarial valuation as of July 1, 2022, which was rolled forward to June 30,
2023, used the following actuarial assumptions, applied to all periods in the measurement:
Salary Increases *
PERS - Rates for all future years
2.75% to 6.55% based on years of service
PFRS - Rates for all future years
3.25% to 16.25% based on years of service
Mortality:
PERS - Pub-2010 General classification headcount weighted mortality with fully generational mortality
improvement projections from the central year using Scale MP-2021
PFRS - Pub-2010 Safety classification headcount weighted mortality with fully generational mortality
improvement projections from the central year using Scale MP-2021
* salary increases are based on years of service within
the respective Plan
Actuarial assumptions used in the valuation were based on the results of the PFRS and PERS
experience studies prepared for July 1, 2019 to June 30, 2022.
100% of active members are considered to participate in the Plan upon retirement.
-61-
18300
Notes to Financial Statements (Cont'd)
Note 9: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
Actuarial Assumptions (Cont’d)
All of the Plan’s investments are in the State of New Jersey Cash Management Fund (the “CMF”). The
New Jersey Division of Investments manages the CMF, which is available on a voluntary basis for
investment by State and certain non-State participants. The CMF is considered to be an investment
trust fund as defined in GASB Statement No. 31, Certain Investments and External Investment Pools.
The CMF invests in U.S. government and agency obligations, commercial paper, corporate obligations
and certificates of deposit. Units of ownership in the CMF may be purchased or redeemed on any given
business day (excluding State holidays) are the unit cost of value of $1.00. Participant shares are
valued on a fair value basis. The CMF pay interest to participants on a monthly basis.
Discount Rate - The discount rate used to measure the OPEB liability at June 30, 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.
Health Care Trend Assumptions - The health care trend assumptions used is as follows:
Fiscal Year
Ending
Pre-65
PPO Post-65
HMO Post-65
Pre-65
Post-65
EGWP
2024
6.50%
-5.63%
-6.04%
14.00%
9.50%
14.28%
2025
6.25%
8.22%
8.33%
10.00%
8.75%
11.21%
2026
6.00%
16.85%
17.28%
7.50%
7.50%
7.50%
2027
5.75%
14.31%
14.65%
6.75%
6.75%
6.75%
2028
5.50%
12.43%
12.71%
6.00%
6.00%
6.00%
2029
5.25%
11.02%
11.24%
5.25%
5.25%
5.25%
2030
5.00%
9.91%
10.09%
4.50%
4.50%
4.50%
2031
4.75%
8.98%
9.14%
4.50%
4.50%
4.50%
2032
4.50%
6.46%
6.53%
4.50%
4.50%
4.50%
2033 and Later
4.50%
4.50%
4.50%
4.50%
4.50%
4.50%
Annual Rate of Increase
Medical Trend
Prescription Drug Trend
Sensitivity of the Net OPEB Liability to Changes in the Discount Rate
The net OPEB liability, calculated using a discount rate of 3.65%, as well as using a discount rate that is
1% lower or 1% higher than the current rate used, is as follows:
1%
Current
1%
Decrease
Discount Rate
Increase
(2.65%)
(3.65%)
(4.65%)
Proportionate Share of the Net
OPEB Liability
12,576,134.00
$
10,857,231.00
$
9,474,639.00
$
State of New Jersey's Proportionate Share
of the Net OPEB Liability Associated
with the Employer
205,267.00
177,211.00
154,644.00
12,781,401.00
$
11,034,442.00
$
9,629,283.00
$
-62-
18300
Notes to Financial Statements (Cont'd)
Note 9: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
Sensitivity of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rate
The net OPEB liability, using a healthcare cost trend rate that is 1% lower or 1% higher than the current
healthcare cost trend rate used, is as follows:
1%
Healthcare Cost
1%
Decrease
Trend Rate
Increase
Proportionate Share of the Net
OPEB Liability
9,227,369.00
$
10,857,231.00
$
12,943,953.00
$
State of New Jersey's Proportionate Share
of the Net OPEB Liability Associated
150,608.00
177,211.00
211,270.00
with the Employer
9,377,977.00
$
11,034,442.00
$
13,155,223.00
$
OPEB Plan Fiduciary Net Position
For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of
resources related to OPEB, and OPEB (benefit) expense, information about the respective fiduciary net
position of the State Health Benefits Local Government Retired Employees Plan and additions
to/deductions from the Plan’s respective fiduciary net position have been determined on the same basis
as they are reported by the Plan. Accordingly, contributions (including refunds of employee
contributions) are recognized when due and payable in accordance with the benefit terms. Investments
are reported at fair value.
-63-
18300
Notes to Financial Statements (Cont'd)
Note 9: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
Supplementary OPEB Information
In accordance with GASBS No. 75, the following information is also presented for the State Health
Benefits Local Government Retired Employees Plan. These schedules are presented to illustrate the
requirements to show information for 10 years; however, until a full 10-year trend is compiled, this
presentation will only include information for those years for which information is available.
Schedule of the Proportionate Share of the Net OPEB Liability (Last Seven Plan Years)
2023
2022
2021 (a)
2020
Proportion of the Net OPEB Liability
0.072350%
0.060233%
0.066689%
0.046065%
Proportionate Share of the Net OPEB Liability
10,857,231.00
$
9,727,386.00
$
12,003,874.00
$
8,267,107.00
$
State's Proportionate Share of the Net OPEB Liability
Associated with the Employer
177,211.00
205,229.00
205,229.00
5,396,209.00
Total
11,034,442.00
$
9,932,615.00
$
12,209,103.00
$
13,663,316.00
$
Covered Payroll (Plan Measurement Period)
4,087,133.00
$
4,055,587.00
$
3,945,534.00
$
3,959,907.00
$
Proportionate Share of the Net OPEB
Liability as a Percentage of Covered Payroll
265.64%
239.85%
304.24%
208.77%
Plan Fiduciary Net Position (Deficit) as a Percentage
of the Total OPEB Liability
-0.79%
-0.36%
0.28%
0.91%
2019
2018
2017
Proportion of the Net OPEB Liability
0.039345%
0.042486%
0.000000%
Proportionate Share of the Net OPEB Liability
5,329,702.00
$
6,656,119.00
$
-
$
State's Proportionate Share of the Net OPEB Liability
Associated with the Employer
4,448,425.00
4,373,490.00
4,998,297.00
Total
9,778,127.00
$
11,029,609.00
$
4,998,297.00
$
Covered Payroll (Plan Measurement Period)
3,628,935.00
$
3,211,611.70
$
3,077,518.00
$
Proportionate Share of the Net OPEB
Liability as a Percentage of Covered Payroll
146.87%
207.25%
0.00%
Plan Fiduciary Net Position (Deficit) as a Percentage
of the Total OPEB Liability
1.98%
1.97%
1.03%
(a) The Proportionate Share of the June 30, 2021 Net OPEB Liability was adjusted within the June 30, 2022 Plan Audit.
Measurement Date Ended June 30,
Measurement Date Ended June 30,
-64-
18300
Notes to Financial Statements (Cont'd)
Note 9: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
Supplementary OPEB Information (Cont’d)
Schedule of Contributions (Last Seven Years)
2023
2022
2021
2020
Required Contributions
187,441.18
$
214,668.07
$
160,776.24
$
122,822.76
$
Actual Contributions in Relation to the
Required Contribution
(187,441.18)
(214,668.07)
(160,776.24)
(122,822.76)
Contribution Deficiency (Excess)
-
$
-
$
-
$
-
$
Covered Payroll (Calendar Year)
4,155,547.00
$
4,048,836.00
$
3,914,388.00
$
4,088,097.00
$
Contributions as a Percentage of
Covered Payroll
4.51%
5.30%
4.11%
3.00%
2019
2018
2017
Required Contributions
113,160.33
$
189,483.60
$
183,952.56
$
Actual Contributions in Relation to the
Required Contribution
(113,160.33)
(189,483.60)
(183,952.56)
Contribution Deficiency (Excess)
-
$
-
$
-
$
Covered Payroll (Calendar Year)
3,766,528.00
$
3,439,830.70
$
3,101,151.00
$
Contributions as a Percentage of
Covered Payroll
3.00%
5.51%
5.93%
Year Ended December 31,
Year Ended December 31,
Other Notes to Supplementary OPEB Information
Changes in Benefit Terms - The actuarial valuation as of July 1, 2022, which was rolled forward to
June 30, 2023, included changes due to employers adopting and /or changing Chapter 48 provisions.
Changes in Assumptions - The discount rate used as of the June 30 measurement date is as follows:
Year
Rate
Year
Rate
2023
3.65%
2019
3.50%
2022
3.54%
2018
3.87%
2021
2.16%
2017
3.58%
2020
2.21%
The expected investment rate of return is based on guidance provided by the State. These expected
rates of return are the same as the discount rates listed above.
In addition to changes in the discount rate, other factors that affected the valuation of the net OPEB
liability included changes in the trend and updated experience study.
There were no changes to mortality projections.
-65-
18300
Notes to Financial Statements (Cont'd)
Note 10: COMPENSATED ABSENCES
Under the existing policy of the Township, full-time employees and part-time employees working at least
twenty hours a week receive sick, vacation, and personal days. Vacation time granted is based on the
number of years of completed service. Vacation time must be used in the calendar year. Carryover of
vacation time must be approved by the Township Administrator and cannot exceed two work weeks.
Part-time employees receive vacation time on a prorated basis. Upon termination or retirement,
employees with at least one year of service are paid for all accumulated vacation time. Full-time
employees receive three personnel days per year and part-time employees receive personal days on a
prorated basis. Personal days may not be carried over into the next year and are not paid upon
termination or retirement. Full-time employees receive ten sick days per year and part-time employees
receive sick days on a prorated basis. Sick days may be accumulated up to fifty days.
Upon retirement, employees with at least fifteen years of service may be paid for accumulated sick time
up to fifty days not to exceed $2,500.00. Employees with at least twenty years of service may be paid
for accumulated sick time up to fifty days not to exceed $3,000.00. Employees with at least twenty-five
years of service may be paid for accumulated sick time up to fifty days not to exceed $3,500.00.
According to the police contract, officers receive sick, vacation, and personal days. Vacation time
granted is based on the number of years of service. Upon termination or retirement, accumulated
vacation time is not paid. Officers receive three personnel days per year which may not be carried over
into the next year. Upon termination or retirement, accumulated vacation time is not paid. Officers
receive one-hundred and twelve hours of sick time per year of employment, which can be accrued,
however, not to exceed 2,500 hours. Upon retirement, officers may be paid for sick hours at a rate of
two for every five hours earned.
The Township does not record accrued expenses related to compensated absences. However, it is
estimated that at December 31, 2023, accrued benefits for compensated absences are valued at
$446,309.86.
Note 11: CAPITAL DEBT
General Improvement Bonds
General Improvement Refunding Bonds, Series 2014 - On August 5, 2014, the Township issued
$4,810,000.00 in general improvement refunding bonds, with interest rates ranging from 3.0% to 4.0%,
to advance refund $4,940,000.00 outstanding 2006 general improvement bonds with an interest rate of
4.25%. The final maturity of the bonds is August 1, 2025.
General Improvement Bonds, Series 2017 - On May 18, 2017, the Township issued $7,172,000.00 in
general improvement bonds, with interest rates ranging from 2.5% to 3.125%. The bonds were issued to
permanently finance the costs of various capital improvements and the acquisition of various capital
equipment. The final maturity of the bonds is June 1, 2037.
General Improvement Bonds, Series 2019 - On May 28, 2019, the Township issued $9,172,000.00 in
general improvement bonds, with interest rates ranging from 2.0% to 3.0%. The bonds were issued to
permanently finance the costs of various capital improvements and the acquisition of various capital
equipment. The final maturity of the bonds is May 15, 2035.
General Improvement Refunding Bonds, Series 2020 - On August 4, 2020, the Township issued
$11,565,000.00 in general improvement refunding bonds, with interest rates ranging from 3.0% to 5.0%,
to refund $12,996,000.00 outstanding 2010 general improvement bonds with interest rates ranging from
2.0% to 4.0%. The final maturity of the bonds is August 1, 2035.
-66-
18300
Notes to Financial Statements (Cont'd)
Note 11: CAPITAL DEBT (CONT’D)
General Improvement Bonds (Cont’d)
General Improvement Bonds, Series 2021 - On May 24, 2021, the Township issued $1,434,000.00 in
general improvement bonds, with interest rates ranging from 0.50% to 3.00%. The bonds were issued to
permanently finance the costs of various capital improvements and the acquisition of various capital
equipment. The final maturity of the bonds is February 1, 2028.
The following schedule represents the remaining debt service, through maturity, for the general
improvement bonds:
Year
Principal
Interest
Total
2024
2,955,000.00
$
697,887.50
$
3,652,887.50
$
2025
2,150,000.00
598,250.00
2,748,250.00
2026
1,640,000.00
528,987.50
2,168,987.50
2027
1,695,000.00
480,325.00
2,175,325.00
2028
1,735,000.00
424,962.50
2,159,962.50
2029-2033
8,290,000.00
1,305,781.25
9,595,781.25
2034-2037
4,435,000.00
193,400.00
4,628,400.00
Totals
22,900,000.00
$
4,229,593.75
$
27,129,593.75
$
Sewer Utility Improvement Bonds
General Improvement Refunding Bonds, Series 2014 - On August 5, 2014, the Township issued
$810,000.00 in general improvement refunding bonds, with interest rates ranging from 3.0% to 4.0%, to
advance refund $830,000.00 outstanding 2006 general improvement bonds with an interest rate of
4.25%. The final maturity of the bonds is August 1, 2025.
General Improvement Bonds, Series 2017 - On May 18, 2017, the Township issued $3,811,000.00 in
general improvement bonds, with interest rates ranging from 2.5% to 3.25. The bonds were issued for
the purpose of funding various sewer capital projects in the Township. The final maturity of the bonds is
June 1, 2039.
General Improvement Bonds, Series 2019 - On May 28, 2019, the Township issued $2,111,000.00 in
general improvement bonds, with interest rates ranging from 2.0% to 3.0%. The bonds were issued for
the purpose of funding various sewer capital projects in the Township. The final maturity of the bonds is
May 15, 2035.
General Improvement Refunding Bonds, Series 2020 - On August 4, 2020, the Township issued
$3,915,000.00 in general improvement refunding bonds, with interest rates ranging from 3.0% to 5.0%,
to refund $4,489,000.00 outstanding 2006 general improvement bonds with interest rates ranging from
2.0% to 4.0%. The final maturity of the bonds is August 1, 2035.
General Improvement Bonds, Series 2021 - On May 24, 2021, the Township issued $1,301,000.00 in
general improvement bonds, with interest rates ranging from 0.50% to 3.00%. The bonds were issued
for the purpose of funding various sewer capital projects in the Township. The final maturity of the bonds
is February 1, 2032.
-67-
18300
Notes to Financial Statements (Cont'd)
Note 11: CAPITAL DEBT (CONT’D)
Sewer Utility Improvement Bonds (Cont’d)
The following schedule represents the remaining debt service, through maturity, for the general
improvement bonds:
Year
Principal
Interest
Total
2024
705,000.00
$
292,143.75
$
997,143.75
$
2025
735,000.00
270,312.50
1,005,312.50
2026
650,000.00
246,268.75
896,268.75
2027
675,000.00
225,787.50
900,787.50
2028
695,000.00
202,262.50
897,262.50
2029-2033
3,765,000.00
638,162.50
4,403,162.50
2034-2038
2,130,000.00
158,075.01
2,288,075.01
2039
240,000.00
3,900.00
243,900.00
Totals
9,595,000.00
$
2,036,912.51
$
11,631,912.51
$
-68-
18300
Notes to Financial Statements (Cont'd)
Note 11: CAPITAL DEBT (CONT’D)
The following schedule represents the Township’s summary of debt for the current and two previous
years:
Summary of Debt
2023
2022
2021
Issued
General:
Bonds, Loans and Notes
24,410,400.00
$
27,383,260.00
$
28,636,000.00
$
Sewer Utility:
Bonds, Loans and Notes
12,453,000.00
13,226,303.02
11,260,558.28
Total Issued
36,863,400.00
40,609,563.02
39,896,558.28
Authorized but not Issued
General:
Bonds, Loans and Notes
1,010.00
1,010.00
790,360.00
Sewer Utility:
Bonds, Loans and Notes
21,790.00
2,879,790.00
Total Authorized but not Issued
1,010.00
22,800.00
3,670,150.00
Total Issued and Authorized
but not Issued
36,864,410.00
40,632,363.02
43,566,708.28
Deductions
General:
Reserve for Payment of Bonds
27,446.16
2.19
2.19
Sewer Utility:
Self-Liquidating Debt
12,453,000.00
13,248,093.02
14,140,348.28
Total Deductions
12,480,446.16
13,248,095.21
14,140,350.47
Net Debt
24,383,963.84
$
27,384,267.81
$
29,426,357.81
$
-69-
18300
Notes to Financial Statements (Cont'd)
Note 11: CAPITAL DEBT (CONT’D)
Summary of Statutory Debt Condition - Annual Debt Statement
The summarized statement of debt condition which follows is prepared in accordance with the required
method of setting up the annual debt statement and indicated a statutory net debt of 1.256%.
Summary of Statutory Debt Condition - Annual Debt Statement
Gross Debt
Deductions
Net Debt
Local School District
4,786,577.00
$
4,786,577.00
$
Regional School District
28,064,026.33
28,064,026.33
Sewer Utility
12,453,000.00
12,453,000.00
General
24,411,410.00
27,446.16
24,383,963.84
$
69,715,013.33
$
45,331,049.49
$
24,383,963.84
$
Net debt $24,383,963.84 divided by the equalized valuation basis per N.J.S.A.40A:2-2 as amended,
$1,941,180,458.00 equals 1.256%.
Borrowing Power Under N.J.S.A. 40A:2-6 as Amended
3 1/2% of Equalized Valuation Basis (Municipal)
67,941,316.03
$
Less: Net Debt
24,383,963.84
Remaining Borrowing Power
43,557,352.19
$
Calculation of "Self-Liquidating Purpose,"
Sewer Utility Per N.J.S.A. 40:2-45
Cash Receipts from Fees, Rents, Fund Balance
Anticipated, Interest and Other Investment
Income, and Other Charges for the Year
2,994,216.62
$
Deductions:
Operating and Maintenance Costs
1,344,156.00
$
Debt Service
1,213,637.25
Total Deductions
2,557,793.25
Excess in Revenue
436,423.37
$
A revised Annual Debt Statement should be filed by the Chief Financial Officer.
-70-
18300
Notes to Financial Statements (Cont'd)
Note 12: SCHOOL TAXES
The Township of Harrison school district and the Clearview Regional High School tax has been raised
and the liability deferred by statutes, resulting in the school tax payable set forth in the current fund
liabilities as follows:
Balance December 31,
2023
2022
Local School Tax:
Balance of Tax
7,540,472.00
$
7,172,451.00
$
Deferred
7,101,120.00
6,751,113.50
Local School Tax Payable
439,352.00
$
421,337.50
$
Regional School Tax:
Balance of Tax
6,139,403.06
$
6,289,176.04
$
Deferred
5,895,600.00
5,395,542.86
Regional School Tax Payable
243,803.06
$
893,633.18
$
Note 13: RISK MANAGEMENT
The Township is exposed to various risks of loss related to torts; theft of, damage to, and destruction of
assets; errors and omissions; injuries to employees; and natural disasters.
New Jersey Unemployment Compensation Insurance - The Township has elected to fund its New
Jersey Unemployment Compensation Insurance under the "Benefit Reimbursement Method". Under this
plan, the Township 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 Township is billed quarterly for
amounts due to the State.
The following is a summary of the activity and the ending balance of the Township's trust fund for the
current and previous two years:
Township
Employee
Interest
Amount
Ending
Year
Contributions
Contributions
Earnings
Reimbursed
Balance
2023
-
7,267.89
$
250.55
$
2,343.42
$
102,324.44
$
2022
-
7,265.61
179.50
5,925.88
97,149.42
2021
5,000.00
$
7,535.63
82.21
970.09
95,630.19
It is estimated that there are no unreimbursed payments on behalf of the Township at December 31,
2023.
Joint Insurance Pool - The Township of Harrison is a member of the Gloucester, Salem and
Cumberland County Municipal Joint Insurance Fund. The Fund provides its members with the following
coverage:
Workers' Compensation and Employer's Liability
Liability other than Motor Vehicles
Property Damage other than Motor Vehicles
General Liability
Automobile Liability
Public Employees Blanket Bond
Property Including Boiler and Machinery
-71-
18300
Notes to Financial Statements (Cont'd)
Note 13: RISK MANAGEMENT (CONT’D)
Joint Insurance Pool (Cont’d)
Contributions to the Fund, including a reserve for contingencies, are payable in two installments and are
based on actuarial assumptions determined by the Fund's actuary. The Commissioner of Insurance may
order additional assessments to supplement the Fund's claim, loss retention or administrative accounts
to assure the payment of the Fund's obligations.
For more information regarding claims, coverages and deductibles, the Fund publishes its own financial
report which can be obtained from:
Gloucester, Salem and Cumberland County
Municipal Joint Insurance Fund
P.O. Box 442
Hammonton, New Jersey 08037
Note 14: DEFERRED CHARGES TO BE RAISED IN SUCCEEDING BUDGETS
Certain expenditures are required to be deferred to budgets of succeeding years. At December 31,
2023, the following deferred charges are shown on the statement of assets, liabilities, reserves and fund
balance of the following fund:
Balance
2024 Budget
Description
December 31, 2023
Appropriation
Current Fund:
Special Emergency Authorization
60,000.00
$
60,000.00
$
The appropriations in the 2024 Budget as adopted are not less than that required by the statutes.
Note 15: OPEN SPACE, RECREATION AND FARMLAND PRESERVATION TRUST
On November 4, 1997, November 5, 2002 and November 8, 2005 pursuant to P.L. 1997, c. 24 (N.J.S.A.
40:12-15.1 et seq.), the voters of the Township of Harrison authorized the establishment of the Township
of Harrison Open Space, Recreation and Farmland Preservation Trust Fund effective January 1, 1998,
for the purpose of raising revenue for the acquisition of lands and interests in lands for the conservation
of farmland and open space. Overall, as a result of the three referendums, the Township levies a tax not
to exceed six cents per one hundred dollars of equalized valuation. Amounts raised by taxation are
assessed, levied and collected in the same manner and at the same time as other taxes. Future
increases in the tax rate or to extend the authorization must be authorized by referendum. All revenue
received is accounted for in a Trust Fund dedicated by rider (N.J.S.A. 40A:4-39) for the purposed stated.
Interest earned on the investment of these funds is credited to the Township of Harrison Open Space,
Recreation and Farmland Preservation Trust Funds.
-72-
18300
Notes to Financial Statements (Cont'd)
Note 16: CONTINGENCIES
Grantor Agencies - Amounts received or receivable from grantor agencies could be subject to audit and
adjustment by grantor agencies. Any disallowed claims, including amounts already collected, may
constitute a liability of the applicable funds. The amount, if any, of expenditures which may be
disallowed by the grantor cannot be determined at this time, although the Township expects such
amount, if any, to be immaterial.
Litigation - The Township is a defendant in several legal proceedings that are in various stages of
litigation. It is believed that the outcome, or exposure to the Township, from such litigation is either
unknown or potential losses, if any, would not be material to the financial statements.
Note 17: CONCENTRATIONS
The Township depends on financial resources flowing from, or associated with, both the federal
government and the State of New Jersey. As a result of this dependency, the Township is subject to
changes in specific flows of intergovernmental revenues based on modifications to federal and State
laws and federal and State appropriations.
Note 18: DEFERRED COMPENSATION SALARY ACCOUNT
The Township offers its employees a deferred compensation plan in accordance with Internal Revenue
Code Section 457, which has been approved by the Director of the Division of Local Government
Services. The Plan, available to all full time employees at their option, permits employees to defer a
portion of their salary to future years. The deferred compensation is not available to participants until
termination, retirement, death, or unforeseeable emergency.
Amounts deferred under Section 457 plans must be held in trust for the exclusive benefit of participating
employees and not be accessible by the Township or its creditors. Since the Township does not have a
fiduciary relationship with the Plan, the balances and activities of the Plan are not reported in the
Township’s financial statements.
-73-
SUPPLEMENTAL EXHIBITS
-74-
SUPPLEMENTAL EXHIBITS
CURRENT FUND
-75-
18300
Exhibit SA-1
TOWNSHIP OF HARRISON
CURRENT FUND
Statement of Current Cash -- Treasurer
For the Year Ended December 31, 2023
Balance December 31, 2022
4,757,403.73
$
870,975.27
$
Increased by Receipts:
Tax Collector
52,799,390.75
$
Revenue Accounts Receivable
2,382,395.98
Miscellaneous Revenue Not Anticipated
296,269.84
Due State of New Jersey:
Senior Citizen and Veterans Deductions
69,750.00
Marriage License Fees
275.00
Due Current Fund
3,320.35
$
Due from General Capital Fund
7,516.56
Due from Federal and State Grant Fund
2,316.26
Due from Animal Control Trust Fund
102.00
Due from Trust Other Fund
4,348.12
Due from Sewer Utility Capital Fund
600.00
Federal and State Grants Receivable
135,611.63
Reimbursements:
Reimbursement of 2023 Appropriations
342,127.88
Reserve for:
Municipal Relief Fund Aid
56,595.00
Special Emergency Notes Payable Renewal
60,000.00
56,021,687.39
138,931.98
60,779,091.12
1,009,907.25
Decreased by Disbursements:
2023 Appropriations
12,484,712.30
2022 Appropriation Reserves
328,360.72
Reserve for Federal and State Grants - Appropriated
23,235.99
County Taxes Payable
11,797,186.93
Regional High School District Taxes Payable
12,428,578.98
Local District School Taxes Payable
14,740,392.50
Fire District Taxes Payable
1,550,270.00
Municipal Open Space Taxes Payable
951,202.94
Refund of Tax Overpayments
30,245.81
Due General Capital Fund
107,844.83
Due Current Fund
5,553.93
Due from Municipal Open Space Trust Fund
3,660.18
Special Emergency Notes Payable Renewal
60,000.00
Special Emergency Notes Payable
60,000.00
Reserve For:
Preparation of Master Plan
6,613.75
Due Current Fund:
Anticipated as Revenue in Current Fund Budget (ARP)
593,987.88
54,549,068.94
622,777.80
Balance December 31, 2023
6,230,022.18
$
387,129.45
$
Current Fund
Federal and State Grant Fund
-76-
Exhibit SA-2
TOWNSHIP OF HARRISON
CURRENT FUND
Statement of Current Cash - Tax Collector
For the Year Ended December 31, 2023
Balance December 31, 2022
653,833.91
$
Increased by:
Receipts:
Taxes Receivable
50,671,404.36
$
Tax Overpayments
124,532.30
Prepaid Taxes
401,269.66
Revenue Accounts Receivable:
Interest and Costs on Taxes
281,301.79
Payment in Lieu of Taxes
632,642.65
Interest on Investments and Deposits
4,848.71
Payment in Lieu of Taxes - Due County
18,776.22
Reserve for Developer Site Improvements
10,781.15
Miscellaneous
1,100.00
52,146,656.84
52,800,490.75
Decreased by:
Disbursements:
Disbursed to Treasurer
52,799,390.75
Balance December 31, 2023
1,100.00
$
18300
-77-
18300
Exhibit SA-3
Balance
Accrued
Balance
Dec. 31, 2022
in 2023
Collected
Dec. 31, 2023
Miscellaneous Revenues:
Local Revenues
Fees and Permits
145,897.01
$
145,897.01
$
Fines and Costs:
Municipal Court
67,934.15
64,290.72
3,643.43
$
Interest and Costs on Taxes
281,301.79
281,301.79
Interest on Investments and Deposits
30,942.41
30,942.41
State Aid Without Offsetting Appropriations:
Energy Receipts Tax
546,342.59
546,342.59
Municipal Relief Fund Aid
28,300.00
28,300.00
Dedicated Uniform Construction Code Fees Offset
With Appropriations (N.J.S.40A:4-36 and N.J.A.C.5:23-4.17)
Uniform Construction Code Fees
567,391.23
526,539.23
40,852.00
Special Items of General Revenue Anticipated with Prior Written
Consent of the Director of the Division of Local Gov't Services:
Shared Services Agreement Offset with Appropriations
School Resource Officer - Harrison Twp School District
104,557.83
104,557.83
School Resource Officer - Clearview Regional School District
104,054.55
104,054.55
Other Special Items:
Cable Television
58,162.06
58,162.06
Payment in Lieu of Taxes
632,642.65
632,642.65
Hospital Annual Community Service Contribution Inpatient
232,404.56
232,404.56
American Rescue Plan
593,987.88
593,987.88
Total
-
3,393,918.71
$
3,349,423.28
$
44,495.43
$
Tax Collector
937,569.37
$
937,569.37
$
Due from Trust Other Fund
206.10
206.10
Due from Animal Control Trust Fund
24.26
24.26
Due from General Capital Fund
844.89
844.89
Due from Federal and State Grant Fund
82.68
82.68
Reserve for Municipal Relief Fund Aid
28,300.00
28,300.00
Treasurer
2,426,891.41
2,382,395.98
3,393,918.71
$
3,349,423.28
$
TOWNSHIP OF HARRISON
CURRENT FUND
Statement of Revenue Accounts Receivable
For the Year Ended December 31, 2023
-78-
18300
Exhibit SA-4
Due From / (To)
Transferred
Balance
2023
Collections
State of
Penalty
To Tax
Balance
Year
Dec. 31, 2022
Levy
Added
2022
2023
New Jersey
Canceled
Assessment
Title Liens
Dec. 31, 2023
Arrears
243,157.73
$
257,345.46
$
37,465.22
$
23,277.49
$
2019
0.20
0.20
2020
7.45
7.45
2022
721,565.28
2,500.00
$
722,003.67
500.00
$
9,602.40
$
20,055.79
12,015.00
964,730.66
-
2,500.00
-
979,356.78
500.00
9,602.40
57,521.01
35,292.49
-
2023
50,757,524.81
$
484,532.26
$
49,692,047.58
64,000.00
106,223.24
4,871.20
13,607.02
401,985.91
$
964,730.66
$
50,757,524.81
$
2,500.00
$
484,532.26
$
50,671,404.36
$
64,500.00
$
115,825.64
$
62,392.21
$
48,899.51
$
401,985.91
$
Analysis of 2023 Property Tax Levied
Tax Yield:
General Property Tax
48,701,609.87
$
Fire District Tax
1,550,270.00
Added Taxes (54:4-63.1 et seq.)
505,644.94
50,757,524.81
$
Tax Levy:
Local District School Tax (Abstract)
15,080,944.00
$
Regional High School Tax (Abstract)
12,278,806.00
County Taxes:
County Tax (Abstract)
10,346,581.55
$
County Library Tax (Abstract)
708,196.34
County Open Space Preservation (Abstract)
640,794.68
Due County for Added and Omitted Taxes
119,285.78
Total County Taxes
11,814,858.35
Fire District Taxes (Amount Certified)
1,550,270.00
Municipal Open Space Tax:
Municipal Open Space (Abstract)
931,516.00
Municipal Open Space for Added and Omitted Tax
9,333.64
Total Municipal Open Space Tax
940,849.64
Local Tax for Municipal Purposes Levied (Abstract)
8,711,673.44
Add: Added and Omitted Tax
377,025.52
Add: Additional Tax Levied
3,097.86
Local Tax for Municipal Purposes Levied
9,091,796.82
50,757,524.81
$
TOWNSHIP OF HARRISON
CURRENT FUND
Statement of Taxes Receivable and Analysis of Property Tax Levy
For the Year Ended December 31, 2023
-79-
18300
Exhibit SA-5
Balance December 31, 2022
27,487.85
$
Increased by:
Transferred from Taxes Receivable
48,899.51
$
Interest & Costs Accrued to Tax sale
39,663.92
88,563.43
116,051.28
Decreased by:
Canceled
27,284.38
Balance December 31, 2023
88,766.90
$
Statement of Tax Title Liens
TOWNSHIP OF HARRISON
CURRENT FUND
For the Year Ended December 31, 2023
-80-
18300
Exhibit SA-6
1/5 of
Amount
Date
Amount
Net Amount
Balance
Raised in the
Balance
Authorized
Purpose
Authorized
Authorized
Dec. 31, 2022
2023 Budget
Dec. 31, 2023
09/03/19
Preparation of Master Plan
300,000.00
$
60,000.00
$
120,000.00
$
60,000.00
$
60,000.00
$
Statement of Deferred Charges
TOWNSHIP OF HARRISON
CURRENT FUND
For the Year Ended December 31, 2023
Special Emergency Appropriation Per N.J.S.A. 40A:4-53
-81-
18300
Exhibit SA-7
Date of
Original
Original
Date of
Date of
Interest
Balance
Balance
Purpose
Issue
Issue
Issue
Maturity
Rate
Dec. 31, 2022
Increased
Decreased
Dec. 31, 2023
Preparation of Master Plan
300,000.00
$
10/01/19
02/04/22
02/03/23
0.900%
120,000.00
$
120,000.00
$
02/02/23
02/01/24
2.950%
60,000.00
$
60,000.00
$
120,000.00
$
60,000.00
$
120,000.00
$
60,000.00
$
Renewed
60,000.00
$
60,000.00
$
Paid by Budget Appropriation
60,000.00
60,000.00
$
120,000.00
$
TOWNSHIP OF HARRISON
CURRENT FUND
Statement of Special Emergency Notes Payable
For the Year Ended December 31, 2023
-82-
Exhibit SA-8
TOWNSHIP OF HARRISON
CURRENT FUND
Statement of Due to State of New Jersey -- Marriage License Fees
For the Year Ended December 31, 2023
Balance December 31, 2022
1,687.00
$
Increased by:
Receipts
275.00
Balance December 31, 2023
1,962.00
$
Exhibit SA-9
TOWNSHIP OF HARRISON
CURRENT FUND
Statement of Change Funds
For the Year Ended December 31, 2023
Balance
Shared
Balance
Dec. 31, 2022
Service
Dec. 31, 2023
Tax Collector
50.00
$
50.00
$
Municipal Clerk
100.00
100.00
Municipal Court
100.00
100.00
$
250.00
$
100.00
$
150.00
$
18300
-83-
Exhibit SA-10
TOWNSHIP OF HARRISON
CURRENT FUND
Statement of Due from / to State of New Jersey
Senior Citizens and Veterans' Deductions
For the Year Ended December 31, 2023
Balance December 31, 2022 (Due from)
2,180.48
$
Increased by:
Received from State of New Jersey
69,750.00
67,569.52
Decreased by:
Deductions per Tax Billing:
Senior Citizens
6,500.00
$
Veterans
54,000.00
Deductions Allowed by Collector:
Senior Citizens - 2023 Taxes
1,000.00
Veterans - 2023 Taxes
2,750.00
Senior Citizens - 2022 Taxes
250.00
Veterans - 2022 Taxes
250.00
64,750.00
$
Less:
Deductions Disallowed by Collector:
Senior Citizens - 2023 Taxes
250.00
Senior Citizens - 2022 Taxes
2,500.00
2,750.00
Total State Share Applied to Taxes Receivable
62,000.00
Balance December 31, 2023
5,569.52
$
18300
-84-
18300
Exhibit SA-11
Balance After
Paid or
Lapsed to
Encumbered
Reserved
Transfers
Modification
Charged
Fund Balance
OPERATIONS WITHIN "CAPS"
General Government:
Administrative and Executive:
Salaries and Wages
45.22
$
45.22
$
45.22
$
Other Expenses
1,065.90
$
3,629.85
4,695.75
1,574.56
$
3,121.19
Mayor and Committee:
Salaries and Wages
62.38
62.38
62.38
Other Expenses
95.00
95.00
95.00
Township Clerk:
Salaries and Wages
1,249.70
1,249.70
1,249.70
Other Expenses
1,491.00
16,344.47
17,835.47
6,061.98
11,773.49
Financial Administration:
Salaries and Wages
1,082.18
1,082.18
1,082.18
Other Expenses
93,093.30
(700.00)
$
92,393.30
76,686.00
15,707.30
Automated Data Processing:
Other Expenses
1,255.35
700.00
1,955.35
1,950.10
5.25
Collection of Taxes:
Salaries and Wages
455.79
455.79
455.79
Other Expenses
3,171.66
3,171.66
3,171.66
Legal Services and Costs:
Other Expenses
20,542.65
48,000.00
68,542.65
68,542.65
Engineering Services and Costs:
Other Expenses
4,582.00
4,582.00
2,718.75
1,863.25
Historic Preservation Committee:
Salaries and Wages
0.62
0.62
0.62
Other Expenses
5,700.00
5,700.00
2,230.00
3,470.00
Municipal Land Use Law:
Planning Board:
Salaries and Wages
1,546.62
(1,546.00)
0.62
0.62
Other Expenses
18,064.27
18,064.27
8,189.72
9,874.55
Zoning Board of Adjustment:
Salaries and Wages
3,905.76
(3,900.00)
5.76
5.76
Other Expenses
5,730.79
5,730.79
58.58
5,672.21
Public Safety:
Police:
Salaries and Wages
26,731.64
(20,000.00)
6,731.64
6,731.64
Other Expenses
3,808.98
34,930.36
38,739.34
5,604.07
33,135.27
Emergency Management Services:
Salaries and Wages
88.90
88.90
88.90
Other Expenses
7,225.00
7,225.00
7,225.00
Public Works:
Streets and Roads:
Road Repair and Maintenance:
Salaries and Wages
21,092.90
(20,000.00)
1,092.90
1,092.90
Other Expenses
12,952.65
12,952.65
5,469.40
7,483.25
Solid Waste Collection:
Other Expenses
26,428.73
26,428.73
23,077.55
3,351.18
Waste Disposal
160,021.69
160,021.69
49,566.53
110,455.16
Public Buildings and Grounds:
Salaries and Wages
4,167.22
4,167.22
4,167.22
Other Expenses
600.00
15,423.71
16,023.71
4,241.90
11,781.81
Vehicle Maintenance:
Salaries and Wages
4,133.90
4,133.90
4,133.90
Other Expenses
23,600.03
23,600.03
6,742.25
16,857.78
Health and Human Services:
Board of Health:
Salaries and Wages
0.64
0.64
0.64
Other Expenses
50.00
50.00
50.00
Environmental Commission:
Other Expenses
3,378.26
3,378.26
3,378.26
(Continued)
TOWNSHIP OF HARRISON
CURRENT FUND
Statement of Appropriation Reserves
For the Year Ended December 31, 2023
Balance December 31, 2022
-85-
18300
Exhibit SA-11
Balance After
Paid or
Lapsed to
Encumbered
Reserved
Transfers
Modification
Charged
Fund Balance
TOWNSHIP OF HARRISON
CURRENT FUND
Statement of Appropriation Reserves
For the Year Ended December 31, 2023
Balance December 31, 2022
OPERATIONS WITHIN "CAPS" (Cont'd)
Park and Recreation Functions:
Parks and Playgrounds:
Salaries and Wages
6,240.98
$
6,240.98
$
6,240.98
$
Other Expenses
1,030.58
$
2,348.53
3,379.11
1,030.58
$
2,348.53
Veterans Commission
600.00
600.00
600.00
Municipal Court:
Salaries and Wages
2.29
2.29
2.29
Other Expenses
47,178.88
47,178.88
47,178.88
JIF Administration:
Salaries and Wages
3,408.72
(1,154.00)
$
2,254.72
2,254.72
Insurance:
Volunteer Insurance
500.00
500.00
500.00
General Liability
Workers Compensation
777.00
777.00
777.00
Employee Group Health
50,559.35
(8,000.00)
42,559.35
42,559.35
Health Benefit Retirees
28.82
28.82
28.82
Code Enforcement & Administrator:
Construction Official:
Other Expenses
254.00
4,608.09
4,862.09
211.00
4,651.09
Unclassified - Utilities:
Electricity
7,022.21
7,022.21
7,022.21
Street Lighting
11,593.76
2,500.00
14,093.76
14,041.46
52.30
Telephone
2,765.75
2,765.75
2,765.75
Water
1,107.78
1,100.00
2,207.78
1,512.89
694.89
Natural Gas
2,395.64
2,395.64
2,395.64
Fuel Oil
12.22
3,000.00
3,012.22
2,950.40
61.82
Gasoline
42,378.69
42,378.69
10,639.19
31,739.50
Total Operations Within "CAP"
8,250.46
704,311.95
-
712,562.41
305,283.16
407,279.25
Deferred Charges and Statutory Expenditures - Municipal Within "CAP"
Statutory Expenditures:
Contribution to:
Social Security System (O.A.S.I)
19,837.60
19,837.60
19,837.60
Contribution to New Jersey Unemployment
5,000.00
5,000.00
5,000.00
Defined Contribution Retirement Program
1,300.29
1,300.29
1,300.29
Total Deferred Charges and Statutory Expenditures
-
26,137.89
-
26,137.89
-
26,137.89
Shared Service Agreements:
Solid Waste Collection - Logan Township
33,607.33
33,607.33
23,077.56
10,529.77
Total Shared Service Agreements
-
33,607.33
-
33,607.33
23,077.56
10,529.77
8,250.46
$
764,057.17
$
-
772,307.63
$
328,360.72
$
443,946.91
$
Cash Disbursements
328,360.72
$
-86-
18300
Exhibit SA-12
Balance December 31, 2022
27,609.24
$
Increased by:
Overpayments Received by Collector
124,532.30
152,141.54
Decreased by:
Refunded
30,245.81
Balance December 31, 2023
121,895.73
$
Exhibit SA-13
Statement of Prepaid Taxes
Balance December 31, 2022
484,532.26
$
Increased by:
Collections - 2024 Taxes
401,269.66
885,801.92
Decreased by:
Applied to 2023 Taxes Receivable
484,532.26
Balance December 31, 2023
401,269.66
$
CURRENT FUND
For the Year Ended December 31, 2023
TOWNSHIP OF HARRISON
CURRENT FUND
Statement of Tax Overpayments
For the Year Ended December 31, 2023
TOWNSHIP OF HARRISON
-87-
18300
Exhibit SA-14
Balance December 31, 2022
School Tax Payable
421,337.50
$
School Tax Deferred
6,751,113.50
7,172,451.00
$
Increased by:
Prior Year Adjustment to Payable
27,469.50
School Year Levy - July 1, 2023 - June 30, 2024
15,080,944.00
22,280,864.50
Decreased by:
Disbursements
14,740,392.50
Balance December 31, 2023
School Tax Payable
439,352.00
School Tax Deferred
7,101,120.00
Total Local District School Taxes Payable
7,540,472.00
$
2023 Liability for Local District Tax
Tax Paid
14,740,392.50
$
Tax Payable - December 31, 2023
439,352.00
15,179,744.50
Less: Tax Payable - December 31, 2022
421,337.50
Amount Charged to 2023 Operations
14,758,407.00
$
TOWNSHIP OF HARRISON
CURRENT FUND
Statement of Local District School Taxes Payable
For the Year Ended December 31, 2023
-88-
18300
Exhibit SA-15
Balance December 31, 2022
School Tax Payable
893,633.18
$
School Tax Deferred
5,395,542.86
6,289,176.04
$
Increased by:
School Year Levy - July 1, 2023 - June 30, 2024
12,278,806.00
18,567,982.04
Decreased by:
Disbursements
12,428,578.98
Balance December 31, 2023
School Tax Payable
243,803.06
School Tax Deferred
5,895,600.00
Total Regional High School Taxes Payable
6,139,403.06
$
2023 Liability for Regional High School Tax
Tax Paid
12,428,578.98
$
Tax Payable - December 31, 2023
243,803.06
12,672,382.04
Less: Tax Payable - December 31, 2022
893,633.18
Amount Charged to 2023 Operations
11,778,748.86
$
TOWNSHIP OF HARRISON
CURRENT FUND
Statement of Regional High School Taxes Payable
For the Year Ended December 31, 2023
-89-
18300
Exhibit SA-16
Balance December 31, 2022
101,613.42
$
Increased by:
2023 Tax Levy:
General County
10,346,581.55
$
County Library
708,196.34
Open Space Preservation
640,794.68
Added and Omitted Taxes
119,285.78
11,814,858.35
11,916,471.77
Decreased by:
Disbursements
11,797,186.93
Balance December 31, 2023
119,284.84
$
TOWNSHIP OF HARRISON
CURRENT FUND
Statement of County Taxes Payable
For the Year Ended December 31, 2023
-90-
18300
Exhibit SA-17
Balance December 31, 2022
10,353.30
$
Increased by:
2023 Tax Levy:
Open Space Preservation
931,516.00
$
Added and Omitted Taxes
9,333.64
940,849.64
951,202.94
Decreased by:
Disbursements
951,202.94
$
TOWNSHIP OF HARRISON
CURRENT FUND
Statement of Municipal Open Space Taxes Payable
For the Year Ended December 31, 2023
-91-
18300
Exhibit SA-18
Balance December 31, 2022
6,154.17
$
Increased by:
2023 Tax Levy
1,550,270.00
1,556,424.17
Decreased by:
Disbursements
1,550,270.00
$
Cancelation of Payable
6,154.17
1,556,424.17
$
TOWNSHIP OF HARRISON
CURRENT FUND
Statement of Fire District Taxes Payable
For the Year Ended December 31, 2023
-92-
18300
Exhibit SA-19
Statement of Reserve for Preparation of Master Plan
Balance December 31, 2022
210,431.94
$
Decreased by:
Disbursements
6,613.75
Balance December 31, 2023
203,818.19
$
CURRENT FUND
For the Year Ended December 31, 2023
TOWNSHIP OF HARRISON
-93-
18300
Exhibit SA-20
Amount
Balance
Raised in the
Dec. 31, 2022
2023 Budget
Emergency Authorizations (40A:4-47)
80,000.00
$
80,000.00
$
TOWNSHIP OF HARRISON
CURRENT FUND
Statement of Deferred Charges--Emergency
Authorizations (40A:4-47)
For the Year Ended December 31, 2023
-94-
18300
Exhibit SA-21
Balance December 31, 2022
563,500.00
$
Decreased by:
Land Sale Receipts
125,404.76
$
Loss on Sale
297,295.24
422,700.00
Balance December 31, 2023
140,800.00
$
TOWNSHIP OF HARRISON
CURRENT FUND
Statement of Property Acquired for Taxes - Assessed Valuation
For the Year Ended December 31, 2023
-95-
18300
Exhibit SA-22
TOWNSHIP OF HARRISON
FEDERAL AND STATE GRANT FUND
Statement of Federal and State Grants Receivable
For the Year Ended December 31, 2023
Balance
Balance
Program
Dec. 31, 2022
Accrued
Received
Dec. 31, 2023
Federal Grants:
Low Income Water Assistance Program
1,180.77
$
1,180.77
$
State Grants:
Body Armor Replacement Fund Program
1,235.29
$
736.44
1,971.73
Alcohol Education, Rehab and Enforcement Fund
416.77
881.18
1,297.95
Municipal Alliance on Alcoholism and Drug Abuse
172,362.23
172,362.23
$
Recycling Tonnage Grant
26,127.81
26,127.81
Opioid Settlement Proceeds
16,130.72
16,130.72
Clean Communities Program
32,306.85
32,306.85
Body Worn Camera Grant
57,064.00
56,595.80
468.20
Total State Grants
231,078.29
76,183.00
134,430.86
172,830.43
Total All Grants
231,078.29
$
77,363.77
$
135,611.63
$
172,830.43
$
Cash Received in Federal and State Grant Fund
135,611.63
$
-96-
18300
Exhibit SA-23
TOWNSHIP OF HARRISON
FEDERAL AND STATE GRANT FUND
Statement of Reserve for Federal and State Grants--Appropriated
For the Year Ended December 31, 2023
Balance
2023 Budget
Paid or
Balance
Program
Dec. 31, 2022
Appropriations
Charged
Canceled
Dec. 31, 2023
Federal Grants:
N.J. Transportation Trust Fund Authority Act - Colson Lane/Union Road
4,990.24
$
4,990.24
$
State Grants:
Body Armor Replacement Fund Program
1,335.60
1,335.20
$
0.40
$
Recycling Tonnage Grant
96,537.58
26,127.81
$
15,792.93
106,872.46
Drug Abuse Resistance Education
1,845.38
1,845.38
Drunk Driving Enforcement Fund
2,204.38
561.10
1,643.28
Clean Communities Program
180,402.96
28,803.85
2,919.62
206,287.19
Neighborhood Preservation Balanced Housing Program
121.72
121.72
Municipal Court Alcohol Education, Rehabilitation and Enforcement Fund
4,086.49
947.59
1,850.00
3,184.08
Municipal Alliance to Prevent Alcoholism and Drug Abuse
179,270.75
5,875.00
173,395.75
Opioid Settlement Proceeds
16,837.43
16,837.43
Body Worn Camera Grant
468.20
468.20
Total State Grants
466,273.06
72,716.68
22,458.85
7,842.10
508,688.79
Total All Grants
471,263.30
$
72,716.68
$
22,458.85
$
12,832.34
$
508,688.79
$
Cash Disbursements by Federal and State Grant Fund
23,235.99
$
Cancelation
(777.14)
22,458.85
$
-97-
18300
Exhibit SA-24
TOWNSHIP OF HARRISON
FEDERAL AND STATE GRANT FUND
Statement of Federal and State Grants Unappropriated
For the Year Ended December 31, 2023
Realized as
Miscellaneous
Federal and
Balance
Revenue in
State Grants
Balance
Dec. 31, 2022
2023 Budget
Receivable
Dec. 31, 2023
Program
Federal Grants:
American Rescue Plan
593,987.88
$
593,987.88
$
Low Income Water Assistance Program
1,180.77
$
1,180.77
$
Total Federal Grants
593,987.88
593,987.88
1,180.77
1,180.77
State Grants:
Recycling Tonnage Grant
26,127.81
26,127.81
Alcohol Education, Rehab and Enforcement Fund
947.59
947.59
881.18
881.18
Body Armor Replacement Fund
736.44
736.44
Opioid Settlement Proceeds
9,832.54
16,837.43
16,130.72
9,125.83
Clean Communities Program
28,803.85
28,803.85
32,306.85
32,306.85
Total State Grants
39,583.98
72,716.68
76,183.00
43,050.30
Total All Grants
633,571.86
$
666,704.56
$
77,363.77
$
44,231.07
$
-98-
Exhibit SA-25
TOWNSHIP OF HARRISON
FEDERAL AND STATE GRANT FUND
Statement of Due (from) / to Current Fund
For the Year Ended December 31, 2023
Balance December 31, 2022 (Due from)
3,558.74
$
Increased by:
Due Current Fund - Interest Earned on Deposits
3,320.35
$
Cancelation in Grant Appropriation Reserves
12,832.34
16,152.7
12,593.95
Decreased by:
Disbursed to Current Fund:
Due Current Fund - Interest Earned on Deposits
3,237.67
Due Current Fund
2,316.26
5,553.93
Balance December 31, 2023 (Due to)
7,040.02
$
18300
-99-
SUPPLEMENTAL EXHIBITS
TRUST FUND
-100-
18300
Exhibit SB-1
Balance December 31, 2022
35,481.36
$
3,895,413.81
$
2,102,268.29
$
Increased by Receipts:
Animal Control License Fees
7,108.70
$
State Registration Fees Collected
1,404.00
Due Current Fund:
Interest Earned on Deposits
97.29
2,550.69
$
Cat License Fees
715.00
Interfund Loans Received
3,660.18
$
Municipal Open Space Tax Levy
951,202.94
Interest Earned on Deposits
7,327.02
4,165.08
Trust Fund Reserve Deposits
6,918,258.14
Total Receipts
9,324.99
6,928,135.85
959,028.20
44,806.35
10,823,549.66
3,061,296.49
Decreased by Disbursements:
Expenditures Under R.S. 4:19-15.11
4,677.22
State of New Jersey
1,358.40
Due Current Fund
102.00
6,692.71
Trust Fund Reserve Expenditures
6,999,318.26
894,126.74
Total Disbursements
6,210.65
7,006,010.97
894,126.74
Balance December 31, 2023
38,595.70
$
3,817,538.69
$
2,167,169.75
$
Animal Control Fund
Trust Other Fund
Municipal Open Space
TOWNSHIP OF HARRISON
TRUST FUNDS
Statement of Trust Cash Per N.J.S. 40A:5-5 - Treasurer
For the Year Ended December 31, 2023
-101-
18300
Exhibit SB-2
Balance December 31, 2022
14,053.24
$
Increased by:
License Fees Collected
7,108.70
21,161.94
Decreased by:
Expenditures Under R.S. 4:19-15.11
4,677.22
$
Statutory Excess Due Current Fund
2,722.04
7,399.26
Balance December 31, 2023
13,762.68
$
Year
Amount
2021
6,924.24
$
2022
6,838.44
13,762.68
$
TOWNSHIP OF HARRISON
TRUST FUND - ANIMAL CONTROL FUND
Statement of Reserve for Animal Control Expenditures
For the Year Ended December 31, 2023
License Fees Collected
-102-
18300
Exhibit SB-3
Balance December 31, 2022
19,524.92
$
Increased by:
Interest Earned on Deposits
97.29
$
Cat License Fees
715.00
Statutory Excess
2,722.04
3,534.33
23,059.25
Decreased by:
Disbursed to Current Fund:
Interest Earned on Deposits
73.03
Interfunds Loans Returned
102.00
175.03
Balance December 31, 2023
22,884.22
$
Exhibit SB-4
Balance December 31, 2022
1,903.20
$
Increased by:
State Registration Fees
1,404.00
3,307.20
Decreased by:
Disbursements to State of New Jersey
1,358.40
Balance December 31, 2023
1,948.80
$
For the Year Ended December 31, 2023
TOWNSHIP OF HARRISON
TRUST FUND - ANIMAL CONTROL FUND
Statement of Due to Current Fund
For the Year Ended December 31, 2023
TRUST FUND - ANIMAL CONTROL FUND
Statement of Due to State of New Jersey
TOWNSHIP OF HARRISON
-103-
18300
Exhibit SB-5
Balance
Balance
Due (to) / from
Interest Earned
Disbursed to
Due (to) / from
Trust Other Fund
December 31, 2022
on Deposits
Current Fund
December 31, 2023
Developers Escrow
(1,774.32)
$
1,003.44
$
2,691.52
$
(86.24)
$
Mill Valley Escrow
(762.91)
44.80
803.93
(3.78)
Outside Police Employment
(108.53)
18.15
123.18
(3.50)
Net Payroll
5,516.73
282.72
260.64
5,494.65
Tax Title Lien Premium
(1,638.81)
1,124.36
2,680.50
(82.67)
Tax Title Lien Redemption
(63.55)
77.22
132.94
(7.83)
Total
1,168.61
$
2,550.69
$
6,692.71
$
5,310.63
$
Decreased by
For the Year Ended December 31, 2023
TOWNSHIP OF HARRISON
TRUST OTHER FUND
Statement of Due (To) / From Current Fund
Increased by
-104-
18300
Exhibit SB-6
Balance
Interest
Balance
December 31, 2022
Earnings
Receipts
Disbursements
December 31, 2023
Accumulated Absences
15,579.08
$
38.82
$
587.90
$
15,030.00
$
Adult Community Center
63,600.49
159.21
63,759.70
Affordable Housing
6,889.37
3.40
6,892.77
Board of Recreation Commission
135,153.20
366.35
189,494.34
$
188,036.33
136,977.56
Cash Bond
830,510.25
2,097.39
13,640.40
34,962.70
811,285.34
Compensation Tree Planting Donations
27,198.35
70.03
3,200.00
30,468.38
Developer's Escrow
421,471.66
484,567.61
514,218.55
391,820.72
Developers Fees - Housing Trust Funds (COAH)
76,006.97
190.26
76,197.23
Disposal of Forfeited Property
9,595.93
23.65
250.00
9,369.58
Economic Development and Improvement
83,908.81
192.39
18,872.50
65,228.70
Housing Savings Trust
848,215.47
2,430.31
334,516.23
25,203.30
1,159,958.71
K9
32,723.81
81.49
1,320.74
2,797.92
31,328.12
Mill Valley Escrow
17,144.59
17,144.59
Municipal Public Defender
72.13
0.17
72.30
Outside Employment of Off-Duty Police
5,790.31
198,620.84
200,475.20
3,935.95
Parade
11,455.78
28.69
11,484.47
Payroll
47,283.58
5,284,958.43
5,290,313.87
41,928.14
Parking Offenses Adjudication Act
50.88
0.11
50.99
Recreation
528,527.61
1,322.96
529,850.57
Recreation - Senior
1,873.76
13.82
23,727.00
23,956.58
1,658.00
Storm Recovery
18,710.36
46.83
18,757.19
Tax Title Lien Premium
579,400.00
59,200.00
350,600.00
288,000.00
Tax Title Lien Redemption
34,034.14
312,681.84
346,576.70
139.28
Unemployment Compensation
97,149.42
250.55
7,267.89
2,343.42
102,324.44
Veterans Donations
5,062.82
5,062.82
Walnut Glen Escrow
4,236.47
10.59
4,247.06
Total
3,896,582.42
$
7,327.02
$
6,918,258.14
$
6,999,318.26
$
3,822,849.32
$
Increased by
Statement of Reserves and Special Deposits
For the Year Ended December 31, 2023
TOWNSHIP OF HARRISON
TRUST OTHER FUND
Decreased by
-105-
18300
Exhibit SB-7
Balance December 31, 2022
2,112,621.59
$
Increased by:
2023 Levy
931,516.00
$
2023 Added & Omitted Taxes
9,333.64
Interest Earned on Deposits
4,165.08
945,014.72
3,057,636.31
Decreased by:
Expended
894,126.74
Balance December 31, 2023
2,163,509.57
$
Analysis of Balance:
Cash
2,167,169.75
$
Due to Current fund
(3,660.18)
Reserve for Future Use
2,163,509.57
$
TOWNSHIP OF HARRISON
TRUST FUND - MUNICIPAL OPEN SPACE
Statement of Reserve for Future Use
For the Year Ended December 31, 2023
-106-
SUPPLEMENTAL EXHIBITS
GENERAL CAPITAL FUND
-107-
18300
Exhibit SC-1
Balance December 31, 2022
4,716,354.38
$
Increased by Receipts:
Budget Appropriations:
Capital Improvement Fund
25,000.00
$
Improvement Authorization Reimbursements
9,828.75
Grant Receivable
260,345.93
Reserve for Payment of Debt - Premium on Bond Anticipation Notes
15,209.73
Due to Current Fund - Interest Earned on Deposits
9,319.68
Due from Current Fund
107,844.83
Due from Sewer Utility Operating Fund
1,078.35
428,627.27
5,144,981.65
Decreased by Disbursements:
Improvement Authorizations
1,058,836.91
Disbursed to Current Fund:
Interfund Loan Returned
7,516.56
Due to Current Fund - Interest Earned on Deposits
8,474.79
1,074,828.26
Balance December 31, 2023
4,070,153.39
$
Statement of General Capital Cash Per N.J.S. 40A:5-5 -- Treasurer
For the Year Ended December 31, 2023
GENERAL CAPITAL FUND
TOWNSHIP OF HARRISON
-108-
18300
Exhibit SC-2
Balance
Balance
(Deficit)
Budget
Improvement
(Deficit)
Dec. 31, 2022
Appropriation
Miscellaneous
Authorizations
Miscellaneous
From
To
Dec. 31, 2023
General Capital Fund Balance
69,975.57
$
69,975.57
$
Capital Improvement Fund
4,610.00
25,000.00
$
29,610.00
Due to Current Fund
(100,328.27)
117,164.51
$
15,991.35
$
844.89
Due from Sewer Utility Operating Fund
(1,078.35)
1,078.35
Grants Receivable
(560,819.50)
260,345.93
(300,473.57)
Reserve for Preliminary Costs
3,391.86
3,391.86
Reserve for Payment of Debt
2.19
15,209.73
15,211.92
Reserve for Encumbrances
543,075.22
543,075.22
$
59,192.95
$
59,192.95
Improvement Authorizations:
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
27.72
27.72
37-2001
Renovations to the Municipal Building including the Construction
of an Addition with the Acquisition of All Materials and
Equipment and Completion of All Work Necessary
0.66
0.66
Engineering (Phase I) for the Shared Services Facility
with the Acquisition of All Materials and Equipment
and Completion of All Work Necessary
65,767.00
65,767.00
Completion of Phase II Construction for the Public
Works Complex
51,974.88
51,974.88
14-2004
Acquisition and Development of Real Property
39,552.73
39,552.73
31-2005
Completion of Phase II Construction for the Public Works
Complex and Shared Services Facility as Amended
68,472.70
68,472.70
32-2005
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
19,401.13
19,401.13
08-2007
Various Capital Improvements to the Walters Road Athletic
Complex and the Acquisition of Various Capital Equipment
and the Completion of Various Capital Improvements
for the Public Works Facility
2,794.00
2,794.00
26-2007
Acquisition of Various Pieces of Equipment and the Completion
of Various Capital Improvements
4,083.75
2,855.70
$
1,228.05
01-2009
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
1,508.48
1,508.48
Completion of Various Improvements to Recreational
Facilities in and for the Township
30,765.21
30,765.21
40-2011
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
3,022.22
7,932.67
58,252.58
53,342.13
31-2012
Acquisition of Various Pieces of Equipment
12,807.17
375.27
4,298.10
16,730.00
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
16,194.99
23,939.10
7,744.11
Reconstruction of
Heilig Road
8,646.49
8,646.49
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
520,203.87
218,188.69
50,737.44
352,752.62
Acquisition of Equipment for Public Works Department
100,579.32
100,579.32
Completion of the Brookside at Harrison Site Improvements
121,976.01
121,976.01
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
208,304.03
389.00
208,693.03
Completion of the Brookside Farms Site Improvements
14,677.37
434.12
14,243.25
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
2,159,561.28
309.72
165,349.71
56,067.41
2,050,588.70
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
(409.49)
(409.49)
Reconstruction of Heilig Road Phase 3
10,985.16
10,985.16
10-2018
Acquisition of Various Pieces of Equipment and Completion
of Various Capital Improvements
45,811.15
13,134.74
32,676.41
12-2018
Reconstruction of Jackson Road
27,614.12
27,614.12
12-2019
Reconstruction of Jackson Road - Phase 2
43,218.62
43,218.62
13-2019
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
256,228.30
2,440.95
21,295.64
237,373.61
13-2020
Acquisition of Various Pieces of Equipment and Completion
of Various Capital Improvements
37,953.55
2,260.00
52,467.90
46,038.61
33,784.26
15-2020
Reconstruction of Colson Lane and Walters Road
46,526.05
46,526.05
16-2021
Acquisition of Various Pieces of Equipment and Completion
of Various Capital Improvements
70,314.93
4,818.08
150,844.74
15,785.17
106,347.22
14,850.32
17-2021
Reconstruction and/or Repaving of a Portion of the High Point Development
220,000.00
172,796.69
36,364.55
10,838.76
18-2021
Reconstruction and/or Repaving of High Street
22,352.63
62,520.97
40,168.34
21-2022
Acquisition of Various Pieces of Equipment and Completion
of Various Capital Improvements
699,642.04
127,919.03
7,043.23
564,679.78
4,716,354.38
$
25,000.00
$
403,627.27
$
1,058,836.91
$
15,991.35
$
602,268.17
$
602,268.17
$
4,070,153.39
$
Transfers
Disbursements
TOWNSHIP OF HARRISON
GENERAL CAPITAL FUND
Analysis of General Capital Cash and Investments
For the Year Ended December 31, 2023
25-2001
17-2003
36-2011
38-2001
28-2013;
08-2015
09-2015
36-2014
15-2017
28-2017
09-2016
10-2016
Receipts
Number
26-2013
21-2014
05-2014
Ordinance
-109-
18300
Exhibit SC-3
Balance December 31, 2022
25,795,000.00
$
Decreased by:
Budget Appropriation:
Payment of Bonds Payable
2,895,000.00
Balance December 31, 2023
22,900,000.00
$
Statement of Deferred Charges to Future Taxation - Funded
GENERAL CAPITAL FUND
For the Year Ended December 31, 2023
TOWNSHIP OF HARRISON
-110-
18300
Exhibit SC-4
Financed by
Unexpended
Ordinance
Balance
Funded by
Balance
Bond Anticipation
Improvement
Number
Dec. 31, 2022
Appropriation
Dec. 31, 2023
Notes
Expenditures
Authorization
15-2017
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
420.00
$
420.00
$
409.49
$
10.51
$
10-2018
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
140.00
140.00
140.00
13-2019
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
78,310.00
77,860.00
$
450.00
450.00
13-2020
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
321,195.00
321,195.00
321,195.00
$
16-2021
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
468,155.00
468,155.00
468,155.00
21-2022
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
721,050.00
721,050.00
721,050.00
1,589,270.00
$
77,860.00
$
1,511,410.00
$
1,510,400.00
$
409.49
$
600.51
$
Improvement Authorizations - Unfunded
613,914.87
$
Less: Unexpended Proceeds of Bond Anticipation Notes Issued:
Ordinance No. 13-2020
33,784.26
$
Ordinance No. 16-2021
14,850.32
Ordinance No. 21-2022
564,679.78
613,314.36
600.51
$
Improvement Description
TOWNSHIP OF HARRISON
GENERAL CAPITAL FUND
Statement of Deferred Charges to Future Taxation--Unfunded
For the Year Ended December 31, 2023
Analysis of Balance
December 31, 2023
-111-
18300
Exhibit SC-5
Balance December 31, 2022
4,610.00
$
Increased by:
Receipts:
2023 Budget Appropriation
25,000.00
Balance December 31, 2023
29,610.00
$
Exhibit SC-6
Balance December 31, 2022
560,819.50
$
Decreased by:
Receipts
260,345.93
Balance December 31, 2023
300,473.57
$
Analysis of Balance December 31, 2023:
Prior Year Grant
43,670.00
$
NJDOT - Reconstruction of Heilig Road Phase 1 (Ord 2014-05)
7,662.90
NJDOT - Reconstruction of Heilig Road Phase 3 (Ord 2017-28)
16,405.69
NJDOT - Reconstruction of Jackson Road Phase 1 (Ord 2018-12)
39,429.20
NJDOT - Reconstruction of Jackson Road Phase 2 (Ord 2019-12)
56,897.71
NJDOT - Reconstruction of Colson Lane & Walters Road (15-2020)
73,279.00
NJDOT - Reconstruction and/or Repaving of a Portion of the High Point Development (17-2021)
63,129.07
300,473.57
$
Statement of Grant-In-Aid Receivable
GENERAL CAPITAL FUND
For the Year Ended December 31, 2023
TOWNSHIP OF HARRISON
GENERAL CAPITAL FUND
Statement of Capital Improvement Fund
For the Year Ended December 31, 2023
TOWNSHIP OF HARRISON
-112-
18300
Exhibit SC-7
Transfer from
Ordinance
Balance December 31, 2022
Reserve for
Paid or
Number
Date
Amount
Funded
Unfunded
Encumbrances
Charged
Funded
Unfunded
25-2001
Acquisition of Various Pieces of Equipment and Completion of Various Capital Improvements
06/04/01
1,680,576.00
$
27.72
$
27.72
$
37-2001
Renovations to the Municipal Building Including the Construction of an Addition with the
Acquisition of all Materials and Equipment and Completion of All Work Necessary
10/01/01
650,000.00
0.66
0.66
38-2001
Engineering (Phase I) for the Shared Services Facility, with the Acquisition of all Materials and
Equipment and Completion of all Work Necessary
10/01/01
449,100.00
65,767.00
$
65,767.00
17-2003
Completion of Phase II Construction for the Public Works Complex
04/21/03
1,100,000.00
51,974.88
51,974.88
14-2004
Acquisition and Development of Real Property
04/05/04
725,000.00
39,552.73
39,552.73
31-2005
Completion of Phase II Construction for the Public Works Complex and Shared Services
Facility, As Amended
07/05/05
700,000.00
68,472.70
68,472.70
32-2005
Acquisition of Various Pieces of Equipment and Completion of Various Capital Improvements
07/05/05
2,016,928.00
19,401.13
19,401.13
08-2007
Various Capital Improvements to the Walters Road Athletic Complex and the Acquisition of
Various Capital Equipment and the Completion of Various Capital Improvements for the
Public Works Facility
02/20/07
900,000.00
2,794.00
2,794.00
26-2007
Acquisition of Various Pieces of Equipment and the Completion of Various Capital Improvements
06/18/07
3,687,502.00
4,083.75
2,855.70
$
1,228.05
01-2009
Acquisition of Various Pieces of Equipment and Completion of Various Capital Improvements
02/17/09
377,000.00
1,508.48
1,508.48
36-2011
Completion of Various Improvements to Recreational Facilities in and for the Township
07/18/11
1,908,741.01
30,765.21
30,765.21
40-2011
Acquisition of Various Pieces of Equipment and Completion of Various Capital Improvements
10/22/11
2,091,770.00
3,022.22
58,252.58
7,932.67
53,342.13
31-2012
Acquisition of Various Pieces of Equipment
07/02/12
585,488.00
12,807.17
4,298.10
375.27
16,730.00
26-2013
Acquisition of Various Pieces of Equipment and Completion of Various Capital Improvements
07/15/13
2,979,117.00
23,939.10
16,194.99
7,744.11
05-2014
Reconstruction of Heilig Road
02/19/14
175,000.00
8,646.49
8,646.49
21-2014
Acquisition of Various Pieces of Equipment and Completion of Various Capital Improvements
08/04/14
7,550,000.00
520,203.87
50,737.44
218,188.69
352,752.62
36-2014
Acquisition of Equipment for Public Works Department
12/01/14
100,717.32
100,579.32
100,579.32
08-2015
Completion of the Brookside at Harrison Site Improvements
06/01/15
165,771.72
121,976.01
121,976.01
09-2015
Acquisition of Various Pieces of Equipment and Completion of Various Capital Improvements
06/01/15
785,000.00
208,304.03
389.00
208,693.03
09-2016
Completion of the Brookside Farms (Phases I and III) Site Improvements
05/02/16
50,000.00
14,677.37
434.12
14,243.25
10-2016
Acquisition of Various Pieces of Equipment and Completion of Various Capital Improvements
05/02/16
4,942,200.00
2,159,561.28
56,067.41
165,039.99
2,050,588.70
15-2017
Acquisition of Various Pieces of Equipment and Completion of Various Capital Improvements
05/01/17
677,600.00
10.51
$
10.51
$
28-2017
Reconstruction of Heilig Road Phase 3
09/18/17
175,000.00
10,985.16
10,985.16
10-2018
Acquisition of Various Pieces of Equipment and Completion of Various Capital Improvements
05/07/18
463,200.00
45,811.15
140.00
13,134.74
32,676.41
140.00
12-2018
Reconstruction of Jackson Road
05/07/18
275,000.00
27,614.12
27,614.12
12-2019
Reconstruction of Jackson Road - Phase 2
05/20/19
270,000.00
43,218.62
43,218.62
13-2019
Acquisition of Various Pieces of Equipment and Completion of Various Capital Improvements
05/06/19
657,190.00
178,368.30
78,310.00
18,854.69
237,373.61
450.00
13-2020
Acquisition of Various Pieces of Equipment and Completion of Various Capital Improvements
06/01/20
338,100.00
37,953.55
46,038.61
50,207.90
33,784.26
15-2020
Reconstruction of Colson Lane and Walters Road
06/01/20
280,000.00
46,526.05
46,526.05
16-2021
Acquisition of Various Pieces of Equipment and Completion of Various Capital Improvements
07/19/21
492,795.00
70,314.93
106,347.22
161,811.83
14,850.32
17-2021
Reconstruction and/or Repaving of a Portion of the High Point Development
07/19/21
220,000.00
220,000.00
209,161.24
10,838.76
18-2021
Reconstruction and/or Repaving of High Street
07/19/21
320,000.00
22,352.63
40,168.34
62,520.97
21-2022
Acquisition of Various Pieces of Equipment and Completion of Various Capital Improvements
10/17/22
759,000.00
699,642.04
134,962.26
564,679.78
3,872,164.63
$
886,371.03
$
543,075.22
$
1,108,201.11
$
3,579,494.90
$
613,914.87
$
Cash Disbursements
1,058,836.91
$
Encumbrances Payable
59,192.95
Reimbursements
(9,828.75)
1,108,201.11
$
TOWNSHIP OF HARRISON
GENERAL CAPITAL FUND
Improvement Description
Statement of Improvement Authorizations
For the Year Ended December 31, 2023
Ordinance
Balance December 31, 2023
-113-
18300
Exhibit SC-8
Date of
Ordinance
Original
Original
Date of
Date of
Interest
Balance
Balance
Number
Issue
Issue
Issue
Maturity
Rate
Dec. 31, 2022
Increased
Decreased
Dec. 31, 2023
13-2019
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
624,330.00
$
05/28/19
05/18/22
05/18/23
2.50%
77,860.00
$
77,860.00
$
13-2020
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
321,195.00
11/16/22
11/16/22
11/29/23
4.50%
321,195.00
321,195.00
11/28/23
11/27/24
5.00%
321,195.00
$
321,195.00
$
16-2021
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
468,155.00
11/16/22
11/16/22
11/29/23
4.50%
468,155.00
468,155.00
11/28/23
11/27/24
5.00%
468,155.00
468,155.00
21-2022
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
721,050.00
11/16/22
11/16/22
11/29/23
4.50%
721,050.00
721,050.00
11/28/23
11/27/24
5.00%
721,050.00
721,050.00
1,588,260.00
$
1,510,400.00
$
1,588,260.00
$
1,510,400.00
$
Renewed in Current Fund
1,510,400.00
$
1,510,400.00
$
Paid by Budget Appropriation
77,860.00
1,510,400.00
$
1,588,260.00
$
Improvement Description
TOWNSHIP OF HARRISON
GENERAL CAPITAL FUND
Statement of Bond Anticipation Notes Payable
For the Year Ended December 31, 2023
-114-
18300
Paid by
Date of
Original
Interest
Balance
Budget
Balance
Issue
Issue
Date
Amount
Rate
Dec. 31, 2022
Appropriation
Dec. 31, 2023
General Obligation Refunding Bonds, Series 2014
08/05/14
4,810,000.00
$
08/01/24
560,000.00
$
4.000%
08/01/25
555,000.00
4.000%
1,670,000.00
$
555,000.00
$
1,115,000.00
$
General Obligation Bonds, Series 2017
05/18/17
7,172,000.00
06/01/24
320,000.00
2.750%
06/01/25
330,000.00
2.750%
06/01/26
340,000.00
2.750%
06/01/27
350,000.00
2.750%
06/01/28
360,000.00
3.000%
06/01/29
370,000.00
3.000%
06/01/30
385,000.00
3.000%
06/01/31
395,000.00
3.000%
06/01/32
410,000.00
3.000%
06/01/33
425,000.00
3.000%
06/01/34
440,000.00
3.000%
06/01/35
460,000.00
3.000%
06/1/36-37
460,000.00
3.125%
5,820,000.00
315,000.00
5,505,000.00
General Obligation Bonds, Series 2019
05/28/19
9,172,000.00
05/15/24
525,000.00
2.000%
05/15/25
535,000.00
2.000%
05/15/26
545,000.00
2.000%
05/15/27
560,000.00
2.000%
05/15/28
580,000.00
2.000%
05/15/29
595,000.00
2.250%
05/15/30
615,000.00
2.500%
05/15/31
630,000.00
2.500%
05/15/32
650,000.00
2.750%
05/15/33
670,000.00
2.750%
05/15/34
690,000.00
3.000%
05/15/35
710,000.00
3.000%
7,820,000.00
515,000.00
7,305,000.00
General Obligation Refunding Bonds, Series 2020
08/04/20
11,565,000.00
08/01/24
1,335,000.00
4.000%
08/01/25
515,000.00
4.000%
08/01/26
540,000.00
4.000%
08/01/27
565,000.00
5.000%
08/01/28
575,000.00
5.000%
08/01/29
605,000.00
5.000%
08/01/30
635,000.00
5.000%
08/01/31
645,000.00
3.000%
08/01/32
635,000.00
3.000%
08/01/33
625,000.00
3.000%
08/01/34
615,000.00
2 & 3.000%
08/01/35
600,000.00
2.000%
9,190,000.00
1,300,000.00
7,890,000.00
General Obligation Bonds, Series 2021
5/24/2021
1,434,000.00
02/01/24
215,000.00
1.000%
2/1/25-26
215,000.00
3.000%
02/01/27
220,000.00
3.000%
02/01/28
220,000.00
2.000%
1,295,000.00
210,000.00
1,085,000.00
25,795,000.00
$
2,895,000.00
$
22,900,000.00
$
Paid by Current Fund Budget Appropriation
2,435,000.00
$
Paid by Municipal Open Space Trust Fund
460,000.00
2,895,000.00
$
Purpose
For the Year Ended December 31, 2023
Outstanding Dec. 31, 2023
Maturities of Bonds
Exhibit SC-9
TOWNSHIP OF HARRISON
GENERAL CAPITAL FUND
Statement of General Obligation Bonds
-115-
18300
Exhibit SC-10
Balance December 31, 2022 (Due from)
100,328.27
$
Increased by:
Interest Earned on Deposits
9,319.68
$
Interfund Loans Returned
7,516.56
16,836.24
117,164.51
Decreased by:
Disbursed to Current Fund - Interest Earned on Deposits
8,474.79
Interfund Loans Received
107,844.83
116,319.62
Balance December 31, 2023 (Due to)
844.89
$
TOWNSHIP OF HARRISON
GENERAL CAPITAL FUND
Statement of Due from/to Current Fund
For the Year Ended December 31, 2023
-116-
18300
Exhibit SC-11
Balance
Ordinance
Dec. 31, 2023
15-2017
Acquisition of Various Pieces of Equipment and Completion
of Various Capital Improvements
420.00
$
10-2018
Acquisition of Various Pieces of Equipment and Completion
of Various Capital Improvements
140.00
13-2019
Acquisition of Various Pieces of Equipment and
Completion of Various Capital Improvements
450.00
1,010.00
$
Improvement Description
As of December 31, 2023
TOWNSHIP OF HARRISON
GENERAL CAPITAL FUND
Schedule of Bonds and Notes Authorized But Not Issued
-117-
SUPPLEMENTAL EXHIBITS
SEWER UTILITY OPERATING FUND
-118-
18300
Exhibit SD-1
TOWNSHIP OF HARRISON
SEWER UTILITY OPERATING FUND
Statement of Sewer Utility Cash
For The Year Ended December 31, 2023
Balance December 31, 2022
396,854.50
$
117,610.36
$
Increased by Receipts:
Consumer Accounts Receivable
2,304,399.86
$
Prepaid Rents
46,893.32
Overpayments
4,914.53
Penalties and Interest on Rents
26,078.66
Miscellaneous Revenue:
Connection Fees
12,392.00
Miscellaneous
1,282.36
Interest Earned on Deposits
9,779.29
$
654.52
Reimbursements
29,169.54
Sewer Clerk
2,514,225.61
Reserve for Payment of Debt - Sewer Utility Capital
524,500.00
Sewer Utility Capital Fund Surplus
50,000.00
Due from Sewer Utility Capital Fund
72,103.27
3,199,777.71
2,396,615.25
3,596,632.21
2,514,225.61
Decreased by Disbursements:
Disbursed to Sewer Utility Operating Fund
2,514,225.61
Budget Appropriations
2,373,286.80
Appropriation Reserves
69,371.96
Due to General Capital Fund
1,078.35
2,443,737.11
2,514,225.61
Balance December 31, 2023
1,152,895.10
$
-
Operating
Sewer Collector
-119-
18300
Exhibit SD-2
Balance December 31, 2022
364,366.58
$
Increased by:
Sewer Rents Levied - Net of Adjustments
2,195,091.42
2,559,458.00
Decreased by:
Collections
2,304,399.86
$
Transferred from Sewer Prepaid Rents
50,745.01
Transferred to Sewer Utility Liens
1,126.16
2,356,271.03
Balance December 31, 2023
203,186.97
$
TOWNSHIP OF HARRISON
SEWER UTILITY OPERATING FUND
Statement of Consumer Accounts Receivable
For The Year Ended December 31, 2023
-120-
18300
Exhibit SD-3
Lapsed to
Appropriation
Reserve for
Paid or
Fund
Reserves
Encumbrances
Charged
Balance
Operating:
Salaries and Wages
2,199.33
$
2,199.33
$
Other Expenses
98,613.97
69,371.96
$
29,242.01
Statutory Expenditures:
Social Security System (O.A.S.I)
6,356.07
6,356.07
Unemployment Compensation Insurance
200.00
200.00
107,369.37
$
-
69,371.96
$
37,997.41
$
Cash Disbursements
69,371.96
$
Balance December 31, 2022
TOWNSHIP OF HARRISON
SEWER UTILITY OPERATING FUND
Statement of 2022 Appropriation Reserves
For The Year Ended December 31, 2023
-121-
18300
Exhibit SD-4
Balance December 31, 2022
94,632.00
$
Increased by:
Budget Appropriation for:
Interest on Bonds
298,769.48
$
Interest on Notes
141,564.75
440,334.23
534,966.23
Decreased by:
Cash Disbursements
439,738.23
Balance December 31, 2023
95,228.00
$
Principal
Outstanding
Interest
Dec. 31, 2023
Rate
From
To
Period
Amount
Sewer Serial Bonds 2020
3,610,000.00
$
Various
08/01/23
12/31/23
153 Days
55,369.00
$
Sewer Serial Bonds 2014
205,000.00
Various
08/01/23
12/31/23
153 Days
3,428.00
Sewer Serial Bonds 2017
3,000,000.00
Various
12/01/23
12/31/23
31 Days
7,616.00
Sewer Serial Bonds 2019
1,675,000.00
Various
11/15/23
12/31/23
47 Days
5,240.00
Sewer Serial Bonds 2021
1,105,000.00
Various
08/01/23
12/31/23
153 Days
10,263.00
Sewer Bond Anticipation Notes
2,858,000.00
5.00%
11/28/23
12/31/23
34 Days
13,312.00
95,228.00
$
For The Year Ended December 31, 2023
Analysis of Accrued Interest - December 31, 2023
Issue
TOWNSHIP OF HARRISON
SEWER UTILITY OPERATING FUND
Statement of Accrued Interest on Bonds and Notes and Analysis of Balance
-122-
18300
Exhibit SD-5
Balance December 31, 2022
4,741.32
$
Increased by:
Overpayments Received by Collector
4,914.53
Balance December 31, 2023
9,655.85
$
Exhibit SD-6
Balance December 31, 2022
50,745.01
$
Increased by:
Receipts
46,893.32
97,638.33
Decreased by:
Transferred to Consumer Accounts Receivable
50,745.01
Balance December 31, 2023
46,893.32
$
TOWNSHIP OF HARRISON
SEWER UTILITY OPERATING FUND
Statement of Sewer Prepaid Rents
For The Year Ended December 31, 2023
SEWER UTILITY OPERATING FUND
Statement of Utility Overpayments
For The Year Ended December 31, 2023
TOWNSHIP OF HARRISON
-123-
18300
Exhibit SD-7
Increased by:
Transferred from Sewer Rents Receivable
1,126.16
$
Interest & Costs Accrued to Tax Sale
918.94
2,045.10
$
Balance December 31, 2023
2,045.10
$
TOWNSHIP OF HARRISON
SEWER UTILITY OPERATING FUND
Statement of Sewer Utility Liens Receivable
For The Year Ended December 31, 2023
-124-
SUPPLEMENTAL EXHIBITS
SEWER UTILITY CAPITAL FUND
-125-
18300
Exhibit SE-1
Balance December 31, 2022
3,896,434.21
$
Increased by Receipts:
Capital Improvement Fund
2,500.00
$
Reserve for Payment of Debt - Premium on Bond Anticipation Notes
28,780.06
Due Sewer Utility Operating Fund - Interest Earned on Deposits
9,369.87
40,649.93
3,937,084.14
Decreased by Disbursements:
Improvement Authorizations
110,186.81
Reserve for Payment of Debt:
Anticipated as Revenue in the Sewer Operating Fund
524,500.00
Statement of Fund Balance:
Anticipated as Revenue in the Sewer Operating Fund
50,000.00
Due Current Fund
600.00
Due Sewer Utility Operating Fund:
Interest Earned on Deposits
8,684.95
Interfund Loans Returned
72,103.27
766,075.03
Balance December 31, 2023
3,171,009.11
$
For the Year Ended December 31, 2023
SEWER UTILITY CAPITAL FUND
Statement of Sewer Capital Cash per N.J.S. 40A:5-5 -- Treasurer
TOWNSHIP OF HARRISON
-126-
18300
Exhibit SE-2
Balance
Improvement
Balance
Dec. 31, 2022
Miscellaneous
Authorizations
Miscellaneous
From
To
Dec. 31, 2023
Capital Improvement Fund
74,516.00
$
2,500.00
$
77,016.00
$
Due Sewer Utility Operating Fund
72,103.27
9,369.87
80,788.22
$
684.92
Due Current Fund
600.00
600.00
Reserve for Developer Contribution
118,143.00
118,143.00
Reserve for Preliminary Expenditures
1,113.25
1,113.25
Reserve for Payment of Debt
28,780.06
524,500.00
541,603.54
$
45,883.60
Excess Note Cash
45,814.70
45,814.70
Fund Balance
50,604.90
50,000.00
604.90
Improvement Authorizations:
Ordinance
Number
2007-27
Acquisition of Various Pieces of Sewer Equipment
and Construction of Various Sewer Improvements
5,991.87
5,991.87
$
2014-22
Completion of Various Capital Improvements and
Acquisition of Capital Equipment for the Sewer
1,431.25
1,431.25
2015-10
Completion of Various Capital Improvements and
Acquisition of Capital Equipment for the Sewer Utility
1,311.99
1,311.99
2016-11
Completion of Various Sewer Utility Improvements
Acquisition of Capital Equipment for the Sewer Utility
8,774.66
8,774.66
2017-16
Completion of Various Sewer Utility Improvements
Acquisition of Capital Equipment for the Sewer Utility
171,568.35
13,873.74
$
157,694.61
2018-11
Completion of Various Capital Improvements and the
Acquisition of Capital Equipment for the Sewer Utility
366,399.16
366,399.16
2019-14
Completion of Various Capital Improvements and the
Acquisition of Capital Equipment for the Sewer Utility
235,256.66
51,543.07
183,713.59
2020-14
Completion of Various Capital Improvements and the
Acquisition of Capital Equipment for the Sewer Utility
2,742,805.15
44,770.00
2,698,035.15
3,896,434.21
$
40,649.93
$
110,186.81
$
655,888.22
$
541,603.54
$
541,603.54
$
3,171,009.11
$
Disbursements
Receipts
TOWNSHIP OF HARRISON
SEWER UTILITY CAPITAL FUND
Analysis of Sewer Utility Capital Cash and Investments
For the Year Ended December 31, 2023
Transfers
-127-
18300
Exhibit SE-3
Balance December 31, 2022
72,103.27
$
Increased by:
Interest Earned on Deposits
9,369.87
81,473.14
Decreased by:
Disbursed to Sewer Utility Operation Fund:
Due Sewer Utility Operating Fund - Interest Earned on Deposits
8,684.95
$
Interfund Loans Returned
72,103.27
80,788.22
Balance December 31, 2023
684.92
$
Exhibit SE-4
Balance December 31, 2022
74,516.00
$
Increased by:
Cancelation of Improvement Authorization - Funded
2023 Budget Appropriation
2,500.00
Balance December 31, 2023
77,016.00
$
Statement of Capital Improvement Fund
For the Year Ended December 31, 2023
SEWER UTILITY CAPITAL FUND
TOWNSHIP OF HARRISON
SEWER UTILITY CAPITAL FUND
Statement of Due to Sewer Utility Operating Fund
For the Year Ended December 31, 2023
TOWNSHIP OF HARRISON
-128-
18300
Exhibit SE-5
Balance
Additions by
Balance
Dec. 31, 2022
Ordinance
Dec. 31, 2023
Plant & Sanitation Sewer System
6,534,271.79
$
2,365,178.29
$
8,899,450.08
$
Sewer Equipment
578,584.74
1,472,898.24
2,051,482.98
Sludge Press
1,990,890.61
1,990,890.61
Infiltration and Inflow Study
92,520.00
92,520.00
Sewer Improvements
1,659,280.85
2,594,324.12
4,253,604.97
Pump Stations
2,887,648.24
1,874,356.31
4,762,004.55
13,743,196.23
$
8,306,756.96
$
22,049,953.19
$
Account
TOWNSHIP OF HARRISON
SEWER UTILITY CAPITAL FUND
Statement of Fixed Capital
For the Year Ended December 31, 2023
-129-
18300
Exhibit SE-6
Ordinance
Balance
Costs to
Authorization
Balance
Number
Date
Amount
Dec. 31, 2022
Fixed Capital
Canceled
Dec. 31, 2023
2007-27
Acquisition of Various Pieces of Sewer Equipment and
Construction of Various Sewer Improvements
07/02/07
3,821,116.00
$
3,804,610.51
$
3,798,618.64
$
5,991.87
$
2014-22
Completion of Various Capital Improvements and
Acquisition of Capital Equipment for the Sewer Utility
08/04/14
2,050,000.00
2,047,639.99
2,025,018.74
22,621.25
2015-10
Completion of Various Capital Improvements and
Acquisition of Capital Equipment for the Sewer Utility
06/01/15
802,000.00
802,000.00
800,688.01
1,311.99
2016-11
Completion of Various Sewer Utility Improvements
Acquisition of Capital Equipment for the Sewer Utility
05/02/16
1,328,400.00
1,328,400.00
1,319,625.34
8,774.66
2017-16
Completion of Various Sewer Utility Improvements
Acquisition of Capital Equipment for the Sewer Utility
05/01/17
440,000.00
440,000.00
282,205.39
157,794.61
2018-11
Completion of Various Capital Improvements and the
Acquisition of Capital Equipment for the Sewer Utility
05/07/18
447,500.00
447,500.00
80,600.84
366,899.16
2019-14
Completion of Various Capital Improvements and the
Acquisition of Capital Equipment for the Sewer Utility
05/06/19
433,000.00
433,000.00
433,000.00
$
2020-14
Completion of Various Capital Improvements and the
Acquisition of Capital Equipment for the Sewer Utility
06/01/20
2,858,000.00
2,858,000.00
2,858,000.00
12,161,150.50
$
8,306,756.96
$
563,393.54
$
3,291,000.00
$
Completed Authorization Costs to Fixed Capital
8,306,756.96
$
Ordinance
Improvement Description
TOWNSHIP OF HARRISON
SEWER UTILITY CAPITAL FUND
Statement of Fixed Capital Authorized and Uncompleted
For The Year Ended December 31, 2023
-130-
18300
Exhibit SE-7
Ordinance
Paid or
Canceled
Balance December 31, 2023
Number
Improvement Description
Date
Amount
Funded
Unfunded
Charged
by Resolution
Funded
Unfunded
2007-27
Acquisition of Various Pieces of Sewer
Equipment and Construction of
Various Sewer Improvements
07/02/07
3,821,116.00
$
5,991.87
$
5,991.87
$
2014-22
Completion of Various Capital Improvements and
Acquisition of Capital Equipment for the Sewer Utility
08/04/14
2,050,000.00
1,431.25
21,190.00
$
22,621.25
2015-10
Completion of Various Capital Improvements and
Acquisition of Capital Equipment for the Sewer Utility
06/01/15
802,000.00
1,311.99
1,311.99
2016-11
Completion of Various Sewer Utility Improvements
Acquisition of Capital Equipment for the Sewer Utility
05/02/16
1,328,400.00
8,774.66
8,774.66
2017-16
Completion of Various Capital Improvements and
Acquisition of Capital Equipment for the Sewer Utility
05/01/17
440,000.00
171,568.35
100.00
13,873.74
$
157,794.61
2018-11
Completion of Various Capital Improvements and the
Acquisition of Capital Equipment for the Sewer Utility
05/07/18
447,500.00
366,399.16
500.00
366,899.16
2019-14
Completion of Various Capital Improvements and the
Acquisition of Capital Equipment for the Sewer Utility
05/06/19
433,000.00
235,256.66
51,543.07
183,713.59
$
2020-14
Completion of Various Capital Improvements and the
Acquisition of Capital Equipment for the Sewer Utility
06/01/20
2,858,000.00
2,742,805.15
44,770.00
2,698,035.15
$
790,733.94
$
2,764,595.15
$
110,186.81
$
563,393.54
$
183,713.59
$
2,698,035.15
$
Fixed Capital Authorized and Uncompleted
563,393.54
$
Cash Disbursed
110,186.81
$
110,186.81
$
563,393.54
$
Ordinance
Balance December 31, 2022
TOWNSHIP OF HARRISON
SEWER UTILITY CAPITAL FUND
Statement of Improvement Authorizations
For the Year Ended December 31, 2023
-131-
18300
Exhibit SE-8
Maturities of
Paid by
Date of
Original
Bonds Outstanding
Interest
Balance
Budget
Balance
Purpose
Issue
Issue
Date
Amount
Rate
Dec. 31, 2022
Appropriation
Dec. 31, 2023
General Obligation Refunding Bonds, Series 2014
08/05/14
810,000.00
$
08/01/24
100,000.00
$
4.000%
08/01/25
105,000.00
4.000%
300,000.00
$
95,000.00
$
205,000.00
$
General Obligation Bonds, Series 2017
05/18/17
3,811,000.00
06/01/24
145,000.00
2.750%
06/01/25
150,000.00
2.750%
06/01/26
155,000.00
2.750%
06/01/27
160,000.00
2.750%
06/01/28
165,000.00
3.000%
06/01/29
170,000.00
3.000%
06/01/30
175,000.00
3.000%
06/01/31
180,000.00
3.000%
06/01/32
185,000.00
3.000%
06/01/33
195,000.00
3.000%
06/01/34
200,000.00
3.000%
06/01/35
210,000.00
3.000%
06/01/36
215,000.00
3.125%
06/01/37
225,000.00
3.125%
06/01/38
230,000.00
3.125%
06/01/39
240,000.00
3.250%
3,145,000.00
145,000.00
3,000,000.00
General Obligation Bonds, Series 2019
05/28/19
2,111,000.00
5/15/24-25
120,000.00
2.000%
05/15/26
125,000.00
2.000%
5/15/27-28
130,000.00
2.000%
05/15/29
135,000.00
2.250%
05/15/30
140,000.00
2.500%
05/15/31
145,000.00
2.500%
05/15/32
150,000.00
2.750%
05/15/33
155,000.00
2.750%
05/15/34
160,000.00
3.000%
05/15/35
165,000.00
3.000%
1,795,000.00
120,000.00
1,675,000.00
General Obligation Refunding Bonds, Series 2020
08/04/20
3,915,000.00
08/01/24
225,000.00
4.000%
08/01/25
240,000.00
4.000%
08/01/26
250,000.00
4.000%
08/01/27
265,000.00
5.000%
08/01/28
280,000.00
5.000%
08/01/29
295,000.00
5.000%
08/01/30
310,000.00
5.000%
08/01/31
330,000.00
3.000%
08/01/32
340,000.00
3.000%
08/01/33
350,000.00
3.000%
08/01/34
360,000.00
2.000%
08/01/35
365,000.00
2.000%
3,765,000.00
155,000.00
3,610,000.00
General Obligation Bonds, Series 2021
05/24/21
1,301,000.00
02/01/24
115,000.00
1.000%
02/01/25-27
120,000.00
3.000%
02/01/28
120,000.00
2.000%
02/01/29-30
125,000.00
2.000%
02/01/31-32
130,000.00
2.000%
1,220,000.00
115,000.00
1,105,000.00
10,225,000.00
$
630,000.00
$
9,595,000.00
$
Statement of Sewer Serial Bonds
For the Year Ended December 31, 2023
TOWNSHIP OF HARRISON
SEWER UTILITY CAPITAL FUND
-132-
18300
Exhibit SE-9
Paid by
Date of
Date of
Interest
Balance
Budget
Purpose
Series
Issue
Maturity
Rate
Dec. 31, 2022
Appropriation
(1) Upgrade and Rehabilitation of Pump
Stations No.'s 1,2,4 and 7
2003A
11/01/03
08/01/23
3.00%-5.00%
82,809.00
$
82,809.00
$
(1) Upgrade and Rehabilitation of Pump
Stations No.'s 1,2,4 and 7
2003A
11/01/03
08/01/23
None
60,494.02
60,494.02
143,303.02
$
143,303.02
$
(1) Environmental Infrastructure Trust Financing Program--State of New Jersey
For the Year Ended December 31, 2023
TOWNSHIP OF HARRISON
SEWER UTILITY CAPITAL FUND
Statement of Sewer Loans Payable
-133-
18300
Exhibit SE-10
Date of
Amount of
Ordinance
Original
Original
Date of
Date of
Interest
Balance
Balance
Number
Improvement Description
Issue
Issue
Issue
Maturity
Rate
Dec. 31, 2022
Increased
Decreased
Dec. 31, 2023
2020-14
Completion of Various Capital Improvements and the
Acquisition of Capital Equipment for the Sewer Utility
11/30/22
2,858,000.00
$
11/30/22
11/29/23
4.50%
2,858,000.00
$
2,858,000.00
$
11/28/23
11/27/24
5.00%
2,858,000.00
$
2,858,000.00
$
2,858,000.00
$
2,858,000.00
$
2,858,000.00
$
2,858,000.00
$
Renewed
2,858,000.00
$
2,858,000.00
$
TOWNSHIP OF HARRISON
SEWER UTILITY CAPITAL FUND
Statement of Sewer Capital Bond Anticipation Notes
For the Year Ended December 31, 2023
-134-
18300
Exhibit SE-11
Balance December 31, 2022
12,702,068.41
$
Increased by:
Serial Bonds Paid by Sewer Utility Operating Fund
630,000.00
$
Sewer Loans Paid by Sewer Utility Operating Fund
143,303.02
773,303.02
13,475,371.43
Decreased by:
Cancelation of Funded Improvement Authorizations
541,603.54
Balance December 31, 2023
12,933,767.89
$
TOWNSHIP OF HARRISON
SEWER UTILITY CAPITAL FUND
For the Year Ended December 31, 2023
Statement of Reserve for Amortization
-135-
18300
Exhibit SE-12
Ordinance
Balance
Canceled
Number
Improvement Description
Dec. 31, 2022
by Resolution
2014-22 Completion of Various Sewer Utility Improvements
Acquisition of Capital Equipment for the Sewer Utility
21,190.00
$
21,190.00
$
2017-16 Completion of Various Sewer Utility Improvements
Acquisition of Capital Equipment for the Sewer Utility
100.00
100.00
2018-11 Completion of Various Capital Improvements and the
Acquisition of Capital Equipment for the Sewer Utility
500.00
500.00
21,790.00
$
21,790.00
$
TOWNSHIP OF HARRISON
SEWER UTILITY CAPITAL FUND
Statement of Bonds and Notes Authorized but Not Issued
For the Year Ended December 31, 2023
-136-
PART II
SCHEDULE OF FINDINGS AND RECOMMENDATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
-137-
18300
TOWNSHIP OF HARRISON
Schedule of Findings and Recommendations
For the Year Ended December 31, 2023
Schedule of Financial Statement Findings
This section identifies the significant deficiencies, material weaknesses, fraud, noncompliance with provisions of
laws, regulations, contracts, and grant agreements related to financial statements for which Government Auditing
Standards and audit requirements as prescribed by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey, requires.
None.
-138-
18300
TOWNSHIP OF HARRISON
Summary Schedule of Prior Year Audit Findings
and Recommendations as Prepared by Management
This section identifies the status of prior year findings related to the financial statements that are required to be
reported in accordance with Government Auditing Standards.
FINANCIAL STATEMENT FINDINGS
None.
-139-
18300
The following officials were in office during the period under audit:
Name
Title
Louis Manzo
Township Committee - Mayor
Michelle Powell
Township Committee - Deputy Mayor
Lawrence Moore
Township Committee
Jeffery Jacques
Township Committee
Julie DeLaurentis
Township Committee
Mark Gravinese
Township Administrator (01/01/23 - 09/29/23)
Dennis Chambers
Acting Township Administrator (10/02/23 - 12/31/23)
Dennis Chambers
Deputy Township Administrator (01/01/23 - 10/02/23)
Julie Cundey
Acting Municipal Clerk
Shawn Glynn
Chief Municipal Finance Officer
Patrick Hegarty
Tax Collector
Ronald Cundey
Chief of Police
John Eckler
Construction Code Official
Brian Duffield
Township Solicitor
Remington & Vernick
Township Engineer
TOWNSHIP OF HARRISON
Officials in Office
For the Year Ended December 31, 2023
-140-
18300
APPRECIATION
I express my appreciation for the assistance and courtesies rendered by the Township officials during the course
of the audit.
Respectfully submitted,
BOWMAN & COMPANY LLP
Certified Public Accountants
& Consultants
Evan J. Palmer
Certified Public Accountant
Registered Municipal Accountant
-141-
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Apr 1, 2026
Last Info Update
Apr 1, 2026
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