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--- Document: 2024 Audit Synopsis (PDF) Document ---
SYNOPSIS OF 2024 REPORT OF AUDIT OF THE BOROUGH OF HIGHTSTOWN
COMBINED COMPARATIVE STATEMENTS OF ASSETS, LIABILITIES, RESERVES
AND FUND BALANCE--REGULATORY BASIS
ALL FUNDS
ASSETS
Dec. 31 2024
Dec. 31 2023
Cash and Investments
$ 8,608,656.70
$ 7,523,152.79
Taxes and Liens and Utility Charges Receivable
610,216.12
671,199.43
Accounts Receivable
6,874,074.25
6,613,876.25
Fixed Capital - Utility
16,555,516.65
15,336,516.65
Fixed Capital Authorized and Uncompleted
17,306,500.00
16,952,500.00
Deferred Charges to Future Taxation -- General
Capital
9,494,151.76
8,922,126.50
Deferred Charges to Revenue of Succeeding
Years
64,196.77
64,196.77
Fixed Assets
7,148,891.87
7,148,891.87
Total Assets
$ 66,662,204.12
$ 63,232,460.26
LIABILITIES, RESERVES
AND FUND BALANCE
Bonds, Notes and Loans Payable
$ 12,590,822.37
$ 12,742,111.91
Improvement Authorizations
11,292,593.87
9,842,990.43
Other Liabilities and Special Funds
11,876,786.71
8,391,914.69
Reserve for Certain Assets Receivable
2,021,313.63
4,003,269.89
Amortization of Debt for Fixed Capital Acquired or
Authorized
20,236,361.29
19,743,857.49
Fund Balance
1,495,434.38
1,359,423.98
Investment in Fixed Assets
7,148,891.87
7,148,891.87
Total Liabilities, Reserves and Fund Balance
$ 66,662,204.12
$ 63,232,460.26
COMPARATIVE STATEMENTS OF OPERATIONS AND CHANGES IN
FUND BALANCE -- REGULATORY BASIS
CURRENT FUND
Revenue and Other
Income Realized
Year 2024
Year 2023
Fund Balance Utilized
$ 1,030,874.00
$ 898,000.00
Miscellaneous -- From Other Than
Local Property Tax Levies
2,232,766.33
1,773,709.50
Collection of Delinquent Taxes
and Tax Title Liens
292,345.61
228,230.69
Collection of Current Tax Levy
19,137,066.75
18,903,259.58
Interfund Loans Returned
231.68
Other Credits to Income
621,259.81
721,328.06
Total Income
23,314,312.50
22,524,759.51
Expenditures
Budget Expenditures:
Municipal Purposes
8,631,312.42
8,288,789.61
County Taxes
3,644,131.44
3,316,487.06
Regional School Taxes
9,253,387.00
9,637,902.00
Interfund Loans Made
655,895.94
400,497.71
Other Debits to Income
39,592.56
40,901.07
Total Expenditures
22,224,319.36
21,684,577.45
Statutory Excess to Fund Balance
1,089,993.14
840,182.06
Fund Balance Jan. 1
1,324,585.16
1,382,403.10
2,414,578.30
2,222,585.16
Less:
Utilized as Revenue
1,030,874.00
898,000.00
Fund Balance Dec. 31
$ 1,383,704.30
$ 1,324,585.16
COMPARATIVE STATEMENTS OF OPERATIONS AND CHANGES IN
FUND BALANCE -- REGULATORY BASIS
WATER-SEWER UTILITY FUND
Revenue and Other
Income Realized
Year 2024
Year 2023
Fund Balance
$ 48,000.00
$ 200,000.00
Collection of Water-Sewer Rents
2,895,641.12
2,843,739.19
Miscellaneous -- From Other than Rents
149,341.51
80,954.49
Other Credits to Income
184,883.73
212,464.48
Total Income
3,277,866.36
3,337,158.16
Expenditures
Operating
2,364,149.00
2,559,017.00
Capital Appropriations
20,000.00
18,776.00
Debt Service
608,471.10
596,590.00
Deferred Charges and Statutory Expenditures
162,500.00
155,500.00
Other Debits to Income
7,870.40
Total Expenditures
3,155,120.10
3,337,753.40
Adjustment in Income before Fund Balance:
Deferred Charges to Budget of Succeeding Years
595.24
Total Adjusted Expenditures
3,155,120.10
3,337,158.16
Statutory Excess to Fund Balance
122,746.26
Fund Balance Jan. 1
25,021.42
225,021.42
147,767.68
225,021.42
Less:
Utilized as Revenue
48,000.00
200,000.00
Fund Balance Dec. 31
$ 99,767.68
$ 25,021.42
RECOMMENDATIONS
That the Borough establishes controls to ensure all fixed assets acquired, sold, or retired are recorded in the fixed
asset system.
That health insurance deductions be made on a pretax basis in accordance with Section 125 of the Internal
Revenue Code.
That internal controls be established to ensure that purchase orders are created prior to the commitment of funds.
That the bank reconciliations and ledgers be properly maintained and closed out in a timely manner.
The above synopsis was prepared from the Report of Audit of the Borough of Hightstown, County of Mercer, for the
calendar year 2024, submitted by Daniel M. DiGangi, Registered Municipal Accountant, Certified Public Accountant
of Bowman & Company LLP, Certified Public Accountants & Consultants. The information included therein is not
intended to represent complete financial information as presented in the Report of Audit. A copy of the Report of Audit
is on file at the Municipal Clerk’s Office and may be inspected by any interested person.
A Corrective Action Plan, which outlines the remedial actions the management of the Borough of Hightstown will take
in response to the recommendation contained in the Schedule of Audit Findings and Recommendations included in
the Report of Audit, will be prepared in accordance with federal and state guidelines. A copy of the Corrective Action
Plan will be placed on file and be made available for public inspection in the office of the Municipal Clerk in compliance
with the Division of Local Government Services directives.
Peggy Riggio, RMC
Borough Clerk