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--- Document: Synopsis 2023 Audit Exhibits (LT042125) (PDF) Document ---
MERCER COUNTY, NEW JERSEY
COMBINED COMPARATIVE BALANCE SHEET
December 31,
2023
2022
ASSETS
Cash
$
6,701,772.19
$
5,794,240.94
Cash Held by Plan Administrator (LOSAP)
841,630.60
742,008.11
Accounts Receivable:
Grants
154,760.00
177,368.00
Due from State of New Jersey
2,019,965.82
1,756,094.24
Grant Receivable - FEMA
74,642.56
474,873.76
Taxes, Liens and Utility Charges
709,417.57
617,308.15
Interfund Loans
4,325,966.57
1,838,551.36
Other Accounts Receivable
35,607.78
43,031.17
Deferred Charges
8,986,323.27
8,892,500.66
Fixed Capital
32,289,016.65
28,406,516.65
Capital Assets
7,148,891.87
7,148,891.87
$
63,287,994.88
$
55,891,384.91
LIABILITIES, RESERVES
AND FUND BALANCE
Bonds, Notes and Loans Payable
$
12,742,111.91
$
12,674,143.66
Prepaid Taxes
91,515.27
123,635.29
Tax, Utility Charges and Other Overpayments
20,335.00
12,984.51
Accounts Payable
79,145.24
223,725.48
Appropriation Reserves
802,794.00
1,036,276.86
Reserve for Encumbrances
1,294,572.67
971,455.76
Amounts Pledged to Specific Purposes (LOSAP)
841,630.60
742,008.11
Developers Deposits and Escrow Funds
78,678.94
87,705.76
Improvement Authorizations
9,842,990.43
7,390,401.33
Interfund Loans
4,325,966.57
1,838,551.36
Accrued Interest on Bonds, Loans and Notes
40,270.51
25,466.03
Other Liabilities
381,451.44
685,950.79
Reserve for Certain Assets Receivable
1,466,275.88
1,527,980.30
Reserve for Amortization of Costs of
Fixed Capital - Acquired or Authorized
17,967,012.05
17,504,332.34
Deferred Reserve for Amortization
1,776,845.44
1,061,077.24
Reserve for Grants
310,029.97
459,907.78
Various Reserves
2,718,053.11
768,505.70
Investment in Governmental Capital Assets
7,148,891.87
7,148,891.87
Fund Balance
1,359,423.98
1,608,384.74
Total Liabilities, Reserves and Fund Balance
$
63,287,994.88
$
55,891,384.91
SUMMARY OF SYNOPSIS OF 2023 AUDIT REPORT
BOROUGH OF HIGHTSTOWN
AS REQUIRED BY N.J.S.A. 40A:5-7
Revenue and Other Income Realized
Year 2023
Year 2022
Fund Balance Anticipated
898,000.00
$
820,000.00
$
Miscellaneous Revenue Realized
1,737,785.86
1,473,631.17
Receipts from Delinquent Taxes
228,230.69
175,455.33
Receipts from Current Taxes
18,903,259.58
18,329,888.21
Nonbudget Revenue
35,923.64
141,762.88
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
721,328.06
479,184.88
Prior Year Interfund Liquidated
231.68
Total Income
22,524,759.51
$
21,419,922.47
$
Expenditures
Budget and Emergency Appropriations:
Operations:
Salaries and Wages
3,092,141.00
$
2,963,374.00
$
Other Expenses
3,537,557.42
3,113,674.50
Capital Improvements
30,000.00
175,075.00
Municipal Debt Service
778,589.19
645,025.46
Deferred Charges and Statutory Expenditures
850,502.00
767,006.00
Total Budget
8,288,789.61
$
7,664,154.96
$
Regional School District Taxes
9,637,902.00
$
9,581,719.00
$
County Taxes
3,316,487.06
3,154,947.85
Prior Senior Citizen Deduction Disallowed
720.55
601.37
Prepaid Regional School District Taxes
2,899.00
Interfunds Advanced
45.02
Interfunds Advanced
400,497.71
175,615.78
Refund of Revenue
475.00
283.00
Grant Fund Cancellation
1,959.83
10,382.01
Miscellaneous Expenditure
37,700.67
1,784.49
Total Expenditures
21,684,577.45
$
20,592,387.46
$
Excess of Revenue over Expenditures
840,182.06
$
827,535.01
$
Fund Balance, January 1
1,382,403.10
1,374,868.09
2,222,585.16
$
2,202,403.10
$
Decreased by:
Utilized as Anticipated Revenue
898,000.00
820,000.00
Balance, December 31
1,324,585.16
$
1,382,403.10
$
SUMMARY OF SYNOPSIS OF 2023 AUDIT REPORT
AS REQUIRED BY N.J.S.A. 40-A:5-7
CURRENT FUND
BOROUGH OF HIGHTSTOWN
COUNTY OF MERCER
STATE OF NEW JERSEY
Revenue and Other Income Realized
Year 2023
Year 2022
Fund Balance Utilized
200,000.00
$
182,000.00
$
Water-Sewer Rents
2,843,739.19
2,710,830.62
Miscellaneous
80,954.49
131,806.67
ARP Loss of Revenue
49,269.02
130,893.00
Anticipated Deficit
50,000.00
Other Credits to Income
113,195.43
66,586.83
Total Income
3,337,158.13
$
3,222,117.12
$
Expenditures
Budget:
Operating
2,559,017.00
$
2,299,569.00
$
Capital Appropriations
18,776.00
32,000.00
Debt Service
596,590.00
510,785.90
Deferred Charges and Statutory Expenditures
155,500.00
155,500.00
Refund of Prior Year Revenue
7,870.40
Total Expenditures
3,337,753.40
$
2,997,854.90
$
Regulatory/(Deficit) to Balance Sheet/
Excess to Fund Balance
(595.27)
$
224,262.22
$
Fund Balance, January 1
225,021.42
182,759.20
225,021.42
$
407,021.42
$
Less: Utilized as Anticipated Revenue - Utility
200,000.00
182,000.00
Fund Balance, December 31
25,021.42
$
225,021.42
$
SUMMARY OF SYNOPSIS OF 2023 AUDIT REPORT
AS REQUIRED BY N.J.S.A. 40A:5-7
BOROUGH OF HIGHTSTOWN
COUNTY OF MERCER
STATE OF NEW JERSEY
WATER-SEWER UTILITY OPERATING FUND
BOROUGH OF HIGHTSTOWN
COUNTY OF MERCER, NEW JERSEY
RECOMMENDATIONS
DECEMBER 31, 2023
None.
The preceding summary of synopsis was prepared from the report of audit of the Borough of
Hightstown, County of Mercer, for the calendar year 2023. The financial data included in the
summary or synopsis is presented in the form prescribed by the Local Finance Board,
Department of Community Affairs, State of New Jersey. Readers are cautioned that the
summary or synopsis was prepared solely for the purpose of compliance with the public
disclosure provisions of N.J.S.A. 40A:5-7 and, accordingly the summary or synopsis should not
be relied upon for any other purpose. This report of audit submitted by Gerard Stankiewicz,
Certified Public Accountant, Registered Municipal Accountant, of the firm Samuel Klein and
Company, whose report dated April 29, 2025 was unmodified and is on file at the Borough
Clerk’s Office and will be available on or after May 12, 2025 on the Borough’s website
www.hightstownborough.com and may be inspected by any interested person.
_________________________________
Peggy Riggio, Borough Clerk