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2021 Issued Financial Statements
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Executive Summary
The Township of Little Egg Harbor's audit report for the year ending December 31, 2021, reveals the financial standing of various funds and account groups. Key components include statements of assets, liabilities, reserves, fund balances, and changes therein, all presented on a regulatory basis. The audit expresses an unmodified opinion on the regulatory basis financial statements, indicating they fairly present the Township's financial position in accordance with New Jersey's Division of Local Government Services requirements. However, it also expresses an adverse opinion regarding U.S. Generally Accepted Accounting Principles (GAAP) due to material variances. The report also includes a schedule of financial statement findings.
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--- Document: 2021 Issued Financial Statements Document ---
TOWNSHIP OF LITTLE EGG HARBOR
AUDIT REPORT FOR THE YEAR
ENDED DECEMBER 31, 2021
This page intentionally left blank
EXHIBIT
PAGE
Independent Auditor’s Report
1
Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance
and Other Matters Based on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standards
5
Statements of Assets, Liabilities, Reserves & Fund Balance – Regulatory Basis
A
9
Statements of Operations and Changes in Fund Balance – Regulatory Basis
A-1
11
Statement of Revenues – Regulatory Basis
A-2
12
Statement of Expenditures – Regulatory Basis
A-3
14
Statements of Assets, Liabilities, Reserves & Fund Balance – Regulatory Basis
B
18
Statements of Assets, Liabilities, Reserves & Fund Balance – Regulatory Basis
C
19
Statement of Fund Balance- Regulatory Basis
C-1
20
Statements of Assets and Liabilities - Regulatory Basis
D
21
Statements of Assets & Liabilities Balance - Regulatory Basis
E
22
Notes to Financial Statements
25
Schedule of Cash- Treasurer
A-4
67
Schedule of Taxes Receivable and Analysis of Property Tax Levy
A-5
68
Schedule of Tax Title Liens
A-6
69
Schedule of Property Acquired for Taxes
A-7
69
Schedule of Revenue Accounts Receivable
A-8
70
Schedule of 2019 Appropriation Reserves
A-9
71
Schedule of Local District Tax
A-10
74
Schedule of Regional High School Tax Payable
A-11
74
Schedule of Various Reserves
A-12
75
Grant Fund- Schedule of State and Federal Grants Receivable
A-13
76
Grant Fund- Schedule of State and Federal Grants - Appropriated
A-14
77
Grant Fund- Schedule of State and Federal Grants - Unappropriated
A-15
78
GENERAL CAPITAL FUND
PAYROLL FUND
TOWNSHIP OF LITTLE EGG HARBOR
COUNTY OF OCEAN
TABLE OF CONTENTS
PART I
CURRENT FUND
TRUST FUNDS
GENERAL FIXED ASSETS ACCOUNT GROUP
SUPPLEMENTARY EXHIBITS
CURRENT FUND
EXHIBIT
PAGE
Schedule of Cash - Treasurer
B-1
81
Schedule of Cash - Tax Title Lien Redemption
B-2
81
Schedule of Cash - Animal Control
B-3
82
Schedule of Reserve for Dog Fund Expenditures
B-4
82
Schedule of Deposits for Redemption of Tax Sale Certificates
B-5
82
Schedule of Reserve for Escrow Deposits
B-6
83
Schedule of Reserve for Forfeited Property
B-7
83
Schedule of Reserve for Recreation
B-8
84
Schedule of Reserve for Open Space
B-9
84
Schedule of Reserve for Community Center
B-10
84
Schedule of Reserve for Federal Law Enforcement Funds
B-11
85
Schedule of Reserve for Sick and Vacation Time
B-12
85
Schedule of Reserve for COAH
B-13
86
Schedule of Reserve for Police Evidence Deposits
B-14
86
Schedule of Reserve for Veterans Park Donations
B-15
87
Schedule of Reserve for Fire Safety - Dedicated Penalty
B-16
87
Statement of Assessments Recievable
B-17
88
Dedicated Assessment Budget
B-18
89
Schedule of Assessment Serial Bonds
B-19
90
Schedule of Cash - Treasurer
C-2
93
Analysis of Cash
C-3
94
Schedule of Deferred Charges to Future Taxation - Funded
C-4
96
Schedule of Deferred Charges to Future Taxation - Unfunded
C-5
97
Schedule of Capital Improvement Fund
C-6
98
Schedule of Improvement Authorizations
C-7
99
Schedule of Bond Anticipation Notes
C-8
100
Schedule of General Serial Bonds
C-9
101
Schedule of Green Trust Loans Payable
C-10
102
Schedule of NJEIT Loan
C-11
103
Schedule of Bond and Notes Authorized But Not Issued
C-12
104
Statement of Payroll Fund Cash
D-1
107
Statement of Payroll Taxes Payable
D-2
107
Schedule of Financial Statement Findings
111
Summary Schedule of Prior Year Audit Findings
114
Letter of Comments and Recommendations - Regulatory Basis:
Officials in Office
117
General Comments
119
Other Comments (Findings)
120
Recommendations
121
Acknowledgment
121
TRUST FUNDS
GENERAL CAPITAL FUND
PAYROLL FUND
TOWNSHIP OF LITTLE EGG HARBOR
COUNTY OF OCEAN
TABLE OF CONTENTS
PART II
PART III
************
TOWNSHIP OF LITTLE EGG HARBOR
COUNTY OF OCEAN
PART I
INDEPENDENT AUDITOR'S REPORTS
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
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INDEPENDENT AUDITOR’S REPORT
Honorable Mayor and Members
of the Township Committee
Township of Little Egg Harbor
Little Egg Harbor, New Jersey
Opinions
We have audited the accompanying financial statements of the various funds and account group of the Township of
Little Egg Harbor, which comprise the statements of assets, liabilities, reserves and fund balance – regulatory basis
as of December 31, 2021 and 2020, and the related statements of operations and changes in fund balance – regulatory
basis for the years then ended and the statements of revenues – regulatory basis and statement of expenditures –
regulatory basis for the year ended December 31, 2021, and the related notes to the financial statements.
Unmodified Opinion on Regulatory Basis of Accounting
In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities,
reserves and fund balance – regulatory basis of the Township of Little Egg Harbor, as of December 31, 2021 and
2020, and the results of its operations and changes in fund balance – regulatory basis for the years then ended and the
statements of revenues – regulatory basis, statements of expenditures – regulatory basis for the year ended December
31, 2021, in accordance with the financial reporting provisions of the Division of Local Government Services,
Department of Community Affairs, State of New Jersey as described in Note 1.
Adverse Opinion on U.S. Generally Accepted Accounting Principles
In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S. Generally
Accepted Accounting Principles section of our report, the financial statements referred to above do not present fairly,
in accordance with accounting principles generally accepted in the United States of America, the financial position
of the Township of Little Egg Harbor, as of December 31, 2021 and 2020, or the results of its operations and changes
in fund balance for the years then ended.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America
and the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States; and in compliance with audit requirements prescribed by the Division of
Local Government Services, Department of Community Affairs, State of New Jersey. Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of
our report. We are required to be independent of the Township of Little Egg Harbor 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.
1
Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles
As described in Note 1, the financial statements are prepared by the Township of Little Egg Harbor, on the basis of
the financial reporting provisions of the Division of Local Government Services, Department of Community Affairs,
State of New Jersey, which is a basis of accounting other than accounting principles generally accepted in the United
States of America, to meet the requirements of the Division of Local Government Services, Department of
Community Affairs, State of New Jersey. The effects on the financial statements of the variances between the
regulatory basis of accounting described in Note 1 and accounting principles generally accepted in the United States
of America, although not reasonably determinable, are presumed to be material and pervasive.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with
the financial reporting provisions of the Division of Local Government Services, Department of Community Affairs,
State of New Jersey. Management is also responsible for the design, implementation, and maintenance of internal
control relevant to the preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that
an audit conducted in accordance with generally accepted auditing standards, Government Auditing Standards, and
audit requirements prescribed by the Division of Local Government Services, Department of Community Affairs,
State of New Jersey will always detect a material misstatement when it exists. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by
a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards, Government Auditing Standards,
and audit requirements prescribed by the Division of Local Government Services, Department of Community Affairs,
State of New Jersey, we:
x
Exercise professional judgment and maintain professional skepticism throughout the audit.
x
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include examining,
on a test basis, evidence regarding the amounts and disclosures in the financial statements.
x
Obtain an understanding of internal controls 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 of Little Egg Harbor's internal control. Accordingly, no such opinion is expressed.
x
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
x
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Township of Little Egg Harbor'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.
2
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise
the Township of Little Egg Harbor’s basic financial statements. The accompanying supplemental schedules presented
for the various funds and letter of comments and recommendations section are presented for purposes of additional
analysis as required by the Division of Local Government Services, Department of Community Affairs, State of New
Jersey and are not a required part of the basic financial statements. Such information is the responsibility of
management and was derived from and relates directly to the underlying accounting and other records used to prepare
the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of
the basic financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the basic financial statements or
to the basic financial statements themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material
respects, in relation to the financial statements of each of the respective individual funds and account group taken as
a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated April 2, 2023, on
our consideration of the Township of Little Egg Harbor’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 Little Egg Harbor’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 Little Egg Harbor’s internal control over financial reporting and compliance.
Respectfully submitted,
HOLMAN FRENIA ALLISON, P.C.
Jerry W. Conaty
Certified Public Accountant
Registered Municipal Accountant
RMA No. 581
Lakewood, New Jersey
April 2, 2023
3
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4
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
Honorable Mayor and Members
of the Township Committee
Township of Little Egg Harbor
County of Ocean
Little Egg Harbor, New Jersey
We have audited, in accordance with the 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 audit requirements as prescribed by the Division of
Local Government Services, Department of Community Affairs, State of New Jersey, the financial
statements - regulatory basis of the Township of Little Egg Harbor, as of and for the year ended
December 31, 2021, and the related notes to the financial statements, which collectively comprise the
Township's basic financial statements, and have issued our report thereon dated April 2, 2023. Our
report indicated that the Township’s financial statements were not prepared in accordance with
accounting principles generally accepted in the United States of America but rather prepared in
accordance with the regulatory basis of accounting prescribed by the Division of Local Government
Services, Department of Community Affairs, State of New Jersey.
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 a combination
of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement
of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A
significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less
severe than a material weakness, yet important enough to merit attention by those charged with
governance.
Our consideration of internal control was for the limited purpose described in the preceding paragraph
and was not designed to identify all deficiencies in internal control that might be material weaknesses or
significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were
not identified. We identified certain deficiencies in internal control, described in the accompanying
schedule of financial statement findings as Finding No. 2021-001 through 2021-003 that we consider to
be significant deficiencies.
5
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 instances of noncompliance or other matters that are required to be reported under
Government Auditing Standards and audit requirements as prescribed by the Division of Local
Government Services, Department of Community Affairs, State of New Jersey and which are described in
the accompanying schedule of financial statement findings as Finding No. 2021-001 through 2021-003.
We noted certain other matters that are not required to be reported under Governmental Auditing
Standards, that we reported to management in the accompanying letter of comments and
recommendations section of this report as required by the Division of Local Government Services,
Department of Community Affairs, State of New Jersey.
Township of Little Egg Harbor’s Response to Findings
Government Auditing Standards requires the auditor to perform limited procedures on the Township of
Little Egg Harbor’s response to the findings identified in our audit is described in the accompanying
schedule of financial statement findings. The Township’s response was not subjected to the other auditing
procedures applied in the audit of the financial statements and, accordingly, we express no opinion on the
response.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the Township'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
Township’s internal control and compliance. Accordingly, this communication is not suitable for any
other purpose.
Respectfully Submitted,
HOLMAN FRENIA ALLISON, P.C.
Jerry W. Conaty
Certified Public Accountant Registered
Municipal Accountant RMA No. 581
Lakewood, New Jersey
April 2, 2023
6
BASIC FINANCIAL STATEMENTS
7
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8
EXHIBIT A
(Page 1 of 2)
CURRENT FUND
ASSETS
REFERENCE
2021
2020
Operating Fund:
Cash:
Treasurer
A-4
10,038,278.48
$
7,276,845.98
$
Change Fund
A
1,800.00
1,800.00
Total Cash
10,040,078.48
7,278,645.98
Other Receivables:
Due From State of New Jersey
A
223,077.44
231,561.00
Total Other Receivables
223,077.44
231,561.00
Receivables & Other Assets With Full Reserves:
Delinquent Property Taxes Receivable
A-5
55,848.61
39,085.58
Tax Title Liens Receivable
A-6
766,776.72
991,159.98
Property Acquired/Assessed Valuation
A-7
5,757,700.00
5,757,700.00
Revenue Accounts Receivable
A-8
6,931.56
6,931.56
Due from Trust Other
B
10,381.37
10,171.37
Due from Trust Assessment
B
-
54,096.41
Total Receivables
6,597,638.26
6,859,144.90
Special Emergency Appropropriations:
Community Disaster Loan
A
-
4,396,882.83
Total Deferred Charges
-
4,396,882.83
Total Operating Fund Assets
16,860,794.18
18,766,234.71
Federal & State Grant Fund:
Cash - Treasurer
A-4
129,340.63
182,880.41
Grants Receivable
A-13
995,281.55
629,126.30
Deferred Charge - Expenditure without
Appropriation
A-14
48,179.00
-
Due from Current Fund
A
1,224,146.97
43,848.30
Total Federal & State Grant Fund Assets
2,396,948.15
855,855.01
Total Assets
19,257,742.33
$
19,622,089.72
$
The accompanying Notes to the Financial Statements are an integral part of this Statement.
TOWNSHIP OF LITTLE EGG HARBOR
DECEMBER 31, 2021 AND 2020
STATEMENTS OF ASSETS, LIABILITIES, RESERVES
AND FUND BALANCE - REGULATORY BASIS
9
EXHIBIT A
(Page 2 of 2)
LIABILITIES RESERVES & FUND BALANCE
REFERENCE
2021
2020
Operating Fund:
Appropriation Reserve:
Encumbered
A-3
247,068.04
$
134,205.05
$
Unencumbered
A-3
1,032,977.42
1,367,925.96
Prepaid Taxes
A-4
913,005.95
844,352.01
Tax Overpayments
A
228,404.92
329,633.79
Accounts Payable
A
5,107.82
5,107.82
Due County for Added & Omitted Taxes
A
50,712.17
53,968.17
Due Municipal Open Space Tax Fund
B
1,202.70
965.76
Local School Taxes Payable
A-10
2,123,396.98
1,981,853.50
Regional School Taxes Payable
A-11
-
763,734.04
Due Bass River - UCC Fees
A
1,613.30
1,045.00
Due to State - DCA Training Fees
A
21,774.30
13,322.00
Due General Capital Fund
C
-
56,833.00
Due to Grant Fund
A
1,224,146.97
43,848.30
Due to Payroll
D
3,358.54
3,373.54
Due to Trust Assessment
B
995,842.06
-
Reserve for Insurance Proceeds
A-12
2,419.00
2,419.00
Reserve for Reassessment
A-12
100,047.00
100,047.00
Reserve for Closed Escrow Accounts
A-12
54,052.92
54,052.92
Reserve for Retail Mercantile Licenses
A-12
350.00
350.00
Reserve for FEMA Proceeds
A-12
3,722.78
3,722.78
CDL - Loan Payable
A
-
4,220,140.75
CDL - Interest Payable
A
-
176,742.08
Total Operating Liabilities
7,009,202.87
10,157,642.47
Reserve for Receivables
A
6,597,638.26
6,859,144.90
Fund Balance
A-1
3,253,953.05
1,749,447.34
Total Operating Fund
16,860,794.18
18,766,234.71
Federal & State Grant Fund:
Reserve for State Grants:
Appropriated Reserves
A-14
2,112,373.88
698,754.03
Unappropriated Reserves
A-15
158,471.32
35,334.18
Encumbrances Payable
A-14
126,102.95
121,766.80
Total Federal & State Grant Fund
2,396,948.15
855,855.01
Total Liabilities Reserve & Fund Balance
19,257,742.33
$
19,622,089.72
$
The accompanying Notes to the Financial Statements are an integral part of this Statement.
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
AND FUND BALANCE - REGULATORY BASIS
DECEMBER 31, 2021 AND 2020
STATEMENTS OF ASSETS, LIABILITIES, RESERVES
10
EXHIBIT A-1
2021
2020
Revenue & Other Income Realized:
Fund Balance Utilized
1,300,000.00
$
1,300,000.00
$
Miscellaneous Revenues Anticipated
5,868,804.56
3,766,913.55
Receipts From Delinquent Taxes
346,984.06
208,539.64
Receipts From Current Taxes
63,010,251.31
61,875,520.33
Nonbudget Revenues
379,370.37
277,641.95
Other Credits to Income:
Interfunds Returned
37,628.60
-
Unexpended Balance of Appropriation Reserves
943,584.79
907,959.72
Total Revenue & Other Income
71,886,623.69
68,336,575.19
Expenditures:
Budget & Emergency Appropriations:
Appropriations Within "CAPS":
Operations:
Salaries and Wages
9,399,900.00
9,254,300.00
Other Expenses
8,485,150.00
8,277,650.00
Deferred Charges & Statutory Expenditures
2,886,195.00
2,646,749.00
Appropriations Excluded From "CAPS":
Operations:
Salaries and Wages
475,000.00
475,000.00
Other Expenses
1,924,108.24
578,254.64
Capital Improvement Fund
100,000.00
100,000.00
Municipal Debt Service
2,168,230.77
2,102,467.77
Deferred Charges
57,772.89
56,833.00
County Taxes
9,873,504.94
9,910,535.32
Local District School Tax
14,347,145.00
14,081,011.00
Regional High School Tax
17,358,754.00
17,375,144.00
Special District Taxes
1,756,957.00
1,598,112.00
Municipal Open Space
234,679.19
233,918.97
Cancel Prior Year Taxes Realized
14,720.95
186,821.40
Interfund Advances
-
506.82
Total Expenditures
69,082,117.98
66,877,303.92
Statutory Excess to Fund Balance
2,804,505.71
1,459,271.27
Fund Balance January 1,
1,749,447.34
1,590,176.07
Total
4,553,953.05
3,049,447.34
Decreased by: Utilized as Anticipated Revenue
1,300,000.00
1,300,000.00
Fund Balance December 31,
3,253,953.05
$
1,749,447.34
$
The accompanying Notes to the Financial Statements are an integral part of this Statement.
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
STATEMENTS OF OPERATIONS AND CHANGES
IN FUND BALANCE - REGULATORY BASIS
11
EXHIBIT A-2
ANTICIPATED
ADDED BY
EXCESS OR
BUDGET
N.J.S.40A:4-87
REALIZED
(DEFICIT)
Fund Balance Anticipated
1,300,000.00
$
-
$
1,300,000.00
$
-
$
Miscellaneous Revenues:
Licenses:
Alcoholic Beverages
10,500.00
-
10,814.00
314.00
Other
185,000.00
-
330,646.50
145,646.50
Municipal Court
170,000.00
-
102,228.77
(67,771.23)
Interest & Cost on Taxes
100,000.00
-
313,402.57
213,402.57
Payments in Lieu of Taxes
85,000.00
-
102,917.01
17,917.01
Energy Receipts Tax
1,299,939.00
-
1,299,939.00
-
Uniform Construction Code Fees
435,000.00
-
511,343.50
76,343.50
Garden State Trust
149,117.00
-
229,633.00
80,516.00
Tower Rental
175,000.00
-
270,579.93
95,579.93
SRO Reimbursement
250,000.00
-
252,835.32
2,835.32
CATV Franchise Fees
83,500.00
-
83,982.87
482.87
Ocean County CARES Act Funding
364,755.94
-
426,608.85
61,852.91
Shared Svc - Ocean Twp CFO
60,000.00
-
60,000.00
-
Additional Revenues Offset With Appropriations:
American Rescue Funds
-
1,136,281.83
1,136,281.83
-
Safe & Secure Communities
32,400.00
-
32,400.00
-
CDBG
-
35,000.00
35,000.00
-
Recycling Tonnage
-
33,491.41
33,491.41
-
NJ Clean Smart Start
-
283,800.00
283,800.00
-
Sustainable Jersey Grant
-
5,000.00
5,000.00
-
NJ DOT Municipal Aid Road Grant 2020
347,900.00
-
347,900.00
-
Total Miscellaneous
3,748,111.94
1,493,573.24
5,868,804.56
627,119.38
Receipts from Delinquent Taxes
25,000.00
-
346,984.06
321,984.06
Subtotal General Revenues
5,073,111.94
1,493,573.24
7,515,788.62
949,103.44
Amount to be Raised by Taxes for Support to Municipal
Budget - Local Tax for Municipal Purposes
19,378,350.09
-
19,882,877.32
504,527.23
Budget Totals
24,451,462.03
1,493,573.24
27,398,665.94
1,453,630.67
Nonbudget Revenues
-
-
379,370.37
379,370.37
Total
24,451,462.03
$
1,493,573.24
$
27,778,036.31
$
1,833,001.04
$
The accompanying Notes to the Financial Statements are an integral part of this Statement.
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2021
12
EXHIBIT A-2
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2021
Allocation of Current Tax Collections:
Revenue From Collections
63,010,251.31
$
Allocated to - School, County & Special District Taxes
43,571,040.13
Balance for Support of Municipal Budget Revenues
19,439,211.18
Add: Appropriation - "Reserve for Uncollected Taxes"
443,666.14
Amount for Support of Municipal Budget Appropriations
19,882,877.32
$
Receipts From Delinquent Taxes:
Tax Title Lien Collections
346,984.06
$
Total Receipts From Delinquent Taxes
346,984.06
$
Analysis of Nonbudget Revenue:
Treasurer:
Insurance Reimbursements
124,994.38
$
Interest on Investments and Deposits
17,432.38
Trash Cans
22,639.08
Shared Service Labor Charges
14,333.25
Yard Rental - ACE
10,500.00
Prior Year Expense Reimbursement
3,667.68
Miscellaneous
11,357.18
Recycling Receipts
23,538.35
Miscellaneous Tax Collector
123,926.07
Sale of Property
25,052.00
Federal Revenue Sharing
1,930.00
Total Analysis of Nonbudget Revenue
379,370.37
$
The accompanying Notes to the Financial Statements are an integral part of this Statement.
ANALYSIS OF REALIZED REVENUE
13
EXHIBIT A-3
(Page 1 of 4)
BUDGET AFTER
OPERATIONS
BUDGET
MODIFICATION
PAID
ENCUMBERED
RESERVED
CANCEL
General Government:
General Administration:
Salaries and Wages
75,000.00
$
75,000.00
$
70,081.35
$
-
$
4,918.65
$
-
$
Other Expenses
6,500.00
6,500.00
3,642.34
274.88
2,582.78
-
Mayor and Committee:
Salaries and Wages
68,000.00
68,000.00
65,909.11
-
2,090.89
-
Other Expenses
7,000.00
7,000.00
540.98
487.25
5,971.77
-
Municipal Clerk:
Salaries and Wages
270,000.00
257,000.00
215,751.32
-
41,248.68
-
Other Expenses
75,500.00
75,500.00
70,024.13
4,556.75
919.12
-
Financial Administration (Treasury):
Salaries and Wages
315,000.00
315,000.00
290,472.35
-
24,527.65
-
Other Expenses
42,000.00
42,000.00
37,479.82
1,147.55
3,372.63
-
Audit Services:
Other Expenses
60,000.00
60,000.00
55,600.00
-
4,400.00
-
Revenue Administration (Tax Collection):
Salaries and Wages
208,000.00
221,000.00
220,641.26
-
358.74
-
Other Expenses:
Tax Sale Costs
10,000.00
10,000.00
231.08
1,527.59
8,241.33
-
Miscellaneous Other Expenses
22,000.00
22,000.00
17,025.56
114.45
4,859.99
-
Tax Assessment Administration:
Salaries and Wages
218,000.00
239,000.00
237,978.58
-
1,021.42
-
Other Expenses
9,000.00
9,000.00
7,266.96
1,733.04
-
Liquidation of Tax Title Liens & Foreclosed
Property - Other Expenses
3,000.00
3,000.00
-
-
3,000.00
-
Legal Services (Legal Department):
Other Expenses
325,000.00
355,000.00
334,298.53
-
20,701.47
-
Engineering Services:
Other Expenses
150,000.00
120,000.00
95,944.72
-
24,055.28
-
Land Use Administration:
Planning Board:
Salaries and Wages
8,000.00
8,000.00
7,413.68
-
586.32
-
Other Expenses
2,500.00
2,500.00
2,001.74
-
498.26
-
Zoning Board of Adjustment:
Salaries and Wages
8,000.00
8,000.00
7,713.68
-
286.32
-
Other Expenses
8,000.00
8,000.00
3,004.04
331.07
4,664.89
-
Zoning Officer:
Salaries and Wages
294,000.00
296,000.00
292,712.59
-
3,287.41
-
Other Expenses
31,000.00
31,000.00
16,907.96
8,360.74
5,731.30
-
Insurance:
Unemployment Insurance
42,000.00
42,000.00
33,221.20
-
8,778.80
-
Group Insurance for Employees
3,400,000.00
3,370,000.00
3,272,199.44
-
97,800.56
-
Other Insurance: JIF, Surety, Workers Comp
533,500.00
533,500.00
533,051.00
-
449.00
-
The accompanying Notes to the Financial Statements are an integral part of this Statement.
EXPENDED
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2021
APPROPRIATIONS
14
EXHIBIT A-3
(Page 2 of 4)
BUDGET AFTER
OPERATIONS
BUDGET
MODIFICATION
PAID
ENCUMBERED
RESERVED
CANCEL
Public Safety Functions:
Police Department:
Salaries and Wages
5,700,000.00
5,730,000.00
5,705,945.18
-
24,054.82
-
Other Expenses
418,500.00
418,500.00
213,752.89
143,598.40
61,148.71
-
Office of Emergency Management:
Salaries and Wages
22,500.00
22,500.00
22,500.00
-
-
-
Other Expenses
1,750.00
1,750.00
-
-
1,750.00
-
Aid to Volunteer Fire Company
2,400.00
2,400.00
2,400.00
-
-
First Aid Squad Contribution
70,000.00
70,000.00
-
-
70,000.00
-
Municipal Prosecutor:
Other Expenses
55,000.00
55,000.00
41,250.00
-
13,750.00
-
Public Works Functions:
Streets & Roads Maintenance:
Salaries and Wages
318,000.00
298,000.00
284,405.74
-
13,594.26
-
Other Expenses
80,000.00
80,000.00
44,095.00
8,907.19
26,997.81
-
Solid Waste Sanitation:
Salaries and Wages
282,000.00
311,000.00
307,380.30
-
3,619.70
-
Other Expenses
140,000.00
150,000.00
123,407.07
4,319.08
22,273.85
-
Bulk Property Maintance Pick-Up
115,000.00
92,000.00
-
-
92,000.00
-
Solid Waste Recycling:
Salaries and Wages
340,000.00
336,000.00
331,539.65
-
4,460.35
-
Other Expenses
28,000.00
31,000.00
25,517.88
2,105.12
3,377.00
-
Buildings & Grounds:
Salaries and Wages
175,000.00
183,000.00
178,409.11
-
4,590.89
-
Other Expenses
150,000.00
150,000.00
124,580.93
10,669.17
14,749.90
-
Vehicle Maintenance:
Salaries and Wages
170,000.00
170,000.00
168,030.05
-
1,969.95
-
Other Expenses
155,000.00
165,000.00
138,375.01
21,974.37
4,650.62
-
Municipal Services Act:
Other Expenses
60,000.00
60,000.00
963.14
-
59,036.86
-
County Mosquito Control Agency:
Other Expenses
25,000.00
25,000.00
1,398.20
-
23,601.80
-
Health & Human Services:
Public Health Services (Board of Health):
Salaries and Wages
1,200.00
1,200.00
-
-
1,200.00
-
Other Expenses
5,000.00
5,000.00
2,224.70
191.93
2,583.37
-
Environmental Health Services:
Salaries and Wages
1,200.00
1,200.00
-
-
1,200.00
-
Other Expenses
5,000.00
5,000.00
895.65
-
4,104.35
-
Animal Control Services:
Other Expenses
50,000.00
50,000.00
39,262.00
-
10,738.00
-
Contributions to Social Service Agencies - Statutory:
Providence House
2,000.00
2,000.00
-
-
2,000.00
-
On Point Assistance Program
40,000.00
40,000.00
17,500.00
-
22,500.00
-
The accompanying Notes to the Financial Statements are an integral part of this Statement.
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2021
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
APPROPRIATIONS
EXPENDED
15
EXHIBIT A-3
(Page 3 of 4)
BUDGET AFTER
OPERATIONS
BUDGET
MODIFICATION
PAID
ENCUMBERED
RESERVED
CANCEL
Park & Recreation Functions:
Recreation Services & Programs:
Salaries and Wages
144,000.00
131,000.00
123,974.37
-
7,025.63
-
Other Expenses
27,000.00
27,000.00
9,495.18
1,115.63
16,389.19
-
Senior Center/Community Activities
Other Expenses
2,500.00
2,500.00
-
-
2,500.00
-
Utility Expenses & Bulk Purchases:
Electricity
185,000.00
185,000.00
153,448.72
-
31,551.28
-
Street Lighting
425,000.00
425,000.00
410,655.85
-
14,344.15
-
Telephone
190,000.00
190,000.00
143,468.60
636.88
45,894.52
-
Fuel Oil/Natural Gas
42,000.00
42,000.00
30,960.61
9,424.86
1,614.53
-
Gasoline
240,000.00
240,000.00
210,954.99
22,806.30
6,238.71
-
Landfill/Solid Waste Disposal Costs:
Sanitary Landfill
950,000.00
950,000.00
950,000.00
-
-
-
Uniform Construction Code Enforcement Functions:
Construction Code Official:
Salaries and Wages
410,000.00
387,000.00
374,582.72
-
12,417.28
-
Other Expenses
31,000.00
31,000.00
21,651.18
1,578.88
7,769.94
-
Municipal Court:
Salaries and Wages
342,000.00
342,000.00
313,587.07
-
28,412.93
-
Other Expenses
25,000.00
25,000.00
9,841.32
1,206.91
13,951.77
-
Public Defender:
Other Expenses
45,000.00
45,000.00
31,957.50
-
13,042.50
-
Other Common Operating Functions (Unclassified):
Municipal Alliance Council
17,000.00
17,000.00
-
-
17,000.00
-
Celebration of Public Events:
Other Expenses
6,000.00
6,000.00
-
-
6,000.00
-
Accumulated Sick & Vacation Fund
150,000.00
150,000.00
150,000.00
-
-
-
Reserve for Disputed Contracts
50,000.00
50,000.00
34,903.66
-
15,096.34
-
Total Operations Within "CAPS"
17,885,050.00
17,885,050.00
16,634,427.69
247,068.04
1,003,554.27
-
Detail:
Salaries and Wages
9,369,900.00
9,399,900.00
9,219,028.11
-
180,871.89
-
Other Expenses
8,515,150.00
8,485,150.00
7,415,399.58
247,068.04
822,682.38
-
Deferred Charges & Statutory Expenditures -
Municipal Within "CAPS":
Statutory Expenditures:
Social Security System (O.A.S.I.)
750,000.00
750,000.00
750,000.00
-
-
-
Defined Contribution Retirement Program
5,000.00
5,000.00
1,791.60
-
3,208.40
-
Police & Firemen's Retirement
Pension
1,561,131.00
1,561,131.00
1,561,131.00
-
-
-
Public Employees Retirement
System
570,064.00
570,064.00
570,064.00
-
-
-
Total Deferred Charges & Statutory
Expenditures Within "CAPS"
2,886,195.00
2,886,195.00
2,882,986.60
-
3,208.40
-
Total General Appropriations for Municipal
Purposes Within "CAPS"
20,771,245.00
20,771,245.00
19,517,414.29
247,068.04
1,006,762.67
-
The accompanying Notes to the Financial Statements are an integral part of this Statement.
EXPENDED
APPROPRIATIONS
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2021
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
16
EXHIBIT A-3
(Page 4 of 4)
BUDGET AFTER
OPERATIONS
BUDGET
MODIFICATION
PAID
ENCUMBERED
RESERVED
CANCEL
Operations Excluded From "CAPS":
Public & Private Programs Offset by Revenues
American Rescue Plan
-
1,136,281.83
1,136,281.83
-
-
-
Recycling Tonnage
-
33,491.41
33,491.41
-
-
-
NJ CleanSmart Start
-
283,800.00
283,800.00
-
-
-
Sustainable Jersey
-
5,000.00
5,000.00
-
-
-
Safe & Secure Communities
32,400.00
32,400.00
32,400.00
-
-
-
CDBG
-
35,000.00
35,000.00
-
-
-
NJ DOT Municipal Aid Road Grant
347,900.00
347,900.00
347,900.00
-
-
-
Police Dispatch/911:
Salaries and Wages
475,000.00
475,000.00
456,414.53
-
18,585.47
-
Other Expenses
5,000.00
5,000.00
1,310.72
-
3,689.28
-
Supplemental Aid to Fire Districts
5,235.00
5,235.00
5,235.00
-
-
-
Shared Svc - CFO Waretown
40,000.00
40,000.00
36,060.00
-
3,940.00
-
Total Operations Excluded from
"CAPS"
905,535.00
2,399,108.24
2,372,893.49
-
26,214.75
-
Detail:
Salaries and Wages
475,000.00
475,000.00
456,414.53
-
18,585.47
-
Other Expenses
461,340.79
1,924,108.24
1,916,478.96
-
7,629.28
-
Capital Improvements - Excluded from "CAPS":
Capital Improvement Fund
100,000.00
100,000.00
100,000.00
-
-
-
Total Capital Improvements - Excluded
from CAPS
100,000.00
100,000.00
100,000.00
-
-
-
Municipal Debt Service - Excluded From "CAPS"
Payment of Bond Principal
1,620,000.00
1,620,000.00
1,620,000.00
-
-
-
Interest on Bonds
350,050.00
350,050.00
350,050.00
-
-
-
Interest on Notes
70,887.00
70,887.00
65,887.00
-
-
5,000.00
NJ Infrastructure Bank
116,759.00
116,759.00
116,747.97
-
-
11.03
Green Acres Trust Loan Program:
Principal & Interest
15,547.00
15,547.00
15,545.80
-
-
1.20
Total Municipal Debt Service Excluded
From "CAPS"
2,173,243.00
2,173,243.00
2,168,230.77
-
-
5,012.23
Deferred Charges - Excluded from "CAPS":
Ordinance 09-06
56,832.00
56,832.00
56,832.00
-
-
-
Ordinance 11-15
940.89
940.89
940.89
-
-
-
Total Deferred Charges - Municipal -
Excluded from CAPS:
57,772.89
57,772.89
57,772.89
-
-
-
Total General Appropriations Excluded
From "CAPS"
3,236,550.89
4,730,124.13
4,698,897.15
-
26,214.75
5,012.23
Subtotal General Appropriations
24,007,795.89
25,501,369.13
24,216,311.44
247,068.04
1,032,977.42
5,012.23
Reserve For Uncollected Taxes
443,666.14
443,666.14
443,666.14
-
-
-
Total General Appropriations
24,451,462.03
$
25,945,035.27
$
24,659,977.58
$
247,068.04
$
1,032,977.42
$
5,012.23
$
Adopted Budget
24,451,462.03
$
Added by N.J.S.40A:4-87
1,493,573.24
Total
25,945,035.27
$
Federal & State Grants
1,873,873.24
$
Reserve for Uncollected Taxes
443,666.14
Deferred Charges
57,772.89
Refunds
(704,660.28)
Disbursed
22,989,325.59
Total
24,659,977.58
$
The accompanying Notes to the Financial Statements are an integral part of this Statement
APPROPRIATIONS
EXPENDED
TOWNSHIP OF LITTLE EGG HARBOR
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2021
CURRENT FUND
17
EXHIBIT B
ASSETS
REFERENCE
2021
2020
Assessment Fund:
Cash
B-1
54,096.41
$
54,096.41
$
Assessments Receivable
B-17
2,747,135.12
-
Due From Current Fund
A
995,842.06
-
Total Assessment Fund
3,797,073.59
54,096.41
Animal Control Trust:
Cash
B-3
36.00
18.00
36.00
18.00
Other Funds:
Cash - Treasurer
B-1
3,197,634.50
3,081,391.56
Cash - Collector
B-2
1,814,449.95
1,757,357.35
Due from Current Fund
A
1,202.70
965.76
Total Other Funds
5,013,287.15
4,839,714.67
Total Assets
8,810,396.74
$
4,893,829.08
$
LIABILITIES, RESERVES & FUND BALANCE
Assessment Fund:
Due to Current Fund
A
-
$
54,096.41
$
Due to Capital Fund
C
137,509.28
Prospective Assessments Funded
B
284,564.31
-
Assessment Bonds Payable
B-19
3,375,000.00
-
Total Assessment Fund
3,797,073.59
54,096.41
Animal Control Trust:
Reserve for Dog Fund
B-3
36.00
18.00
Total Animal Control Fund
36.00
18.00
Other Funds:
Reserves for:
Deposits for Tax Title Redemptions
B-5
1,814,449.95
1,757,357.35
Escrow Deposits
B-6
1,676,653.11
1,563,002.81
Forfeited Property
B-7
58,741.85
61,441.17
Recreation Trust
B-8
2,057.05
2,057.05
Open Space
B-9
1,348,542.76
1,275,695.87
Community Center
B-10
3,582.88
3,582.88
Federal Forfeiture Law Enforcement Funds
B-11
4,745.94
4,740.48
Sick/Vacation Funds
B-12
12,918.95
95,445.62
COAH Funds
B-13
62,802.49
40,824.27
Police Evidence Deposits
B-14
3,352.80
3,352.80
Veterans Park Donations
B-15
4,910.00
11,895.00
Division of Fire Safety - Dedicated Penalties
B-16
9,500.00
9,500.00
POAA Funds
B
648.00
648.00
Due to Current Fund
A
10,381.37
10,171.37
Total Other Funds
5,013,287.15
4,839,714.67
Total Liabilities, Reserves & Fund Balance
8,810,396.74
$
4,893,829.08
$
The accompanying Notes to the Financial Statements are an integral part of this Statement.
TOWNSHIP OF LITTLE EGG HARBOR
TRUST FUND
STATEMENT OF ASSETS, LIABILITIES, RESERVES
DECEMBER 31, 2021 AND 2020
AND FUND BALANCE - REGULATORY BASIS
18
EXHIBIT C
REFERENCE
2021
2020
Cash & Cash Equivalents
C-2
5,798,583.31
$
1,249,885.06
$
Due from Assessment Trust Fund
B
137,509.28
-
Due from Current Fund
A
-
56,833.00
Deferred Charges to Future Taxation:
Funded
C-4
11,628,747.61
17,152,653.41
Unfunded
C-5
22,356,865.05
9,628,647.22
Prospective Assessment to be Raised by Taxation
C
10,075,000.00
4,100,000.00
Total Assets
49,996,705.25
$
32,188,018.69
$
Bond Anticipation Notes Payable
C-8
9,631,250.00
$
3,214,000.00
$
General Serial Bond
C-9
9,670,000.00
15,040,000.00
Green Trust Loan Payable
C-10
156,943.01
230,748.57
NJEIT Loan Payable
C-11
1,801,804.60
1,881,904.84
Capital Improvement Fund
C-6
182,544.00
240,044.00
Encumbrances Payable
C-7
42,414.00
-
Due To Ocean County - CDBG
C
3,722.00
3,722.00
Improvement Authorizations:
Funded
C-7
796,003.51
857,556.16
Unfunded
C-7
17,498,786.91
6,481,805.90
Reserve for Debt Service - Premiums on BANS
C
55,050.69
55,050.69
Reserve for Prospective Assessment to be Raised by Taxation
C
10,075,000.00
4,100,000.00
Fund Balance
C-1
83,186.53
83,186.53
Total Liabilities, Reserves & Fund Balance
49,996,705.25
$
32,188,018.69
$
and $6,277,138.00, respectively.
The accompanying Notes to the Financial StatementV are an integral part of this Statement.
There were bonds and notes authorized but not issued at December 31, 2021 and 2020 in the amount of $12,725,615.05
LIABILITIES, RESERVES & FUND BALANCE
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
ASSETS
AND FUND BALANCE - REGULATORY BASIS
DECEMBER 31, 2021 AND 2020
STATEMENT OF ASSETS, LIABILITIES, RESERVES
19
EXHIBIT C-1
Balance December 31, 2020 & 2021
83,186.53
$
The accompanying Notes to the Financial StatementV are an integral part of this Statement.
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
STATEMENT OF FUND BALANCE - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2021
20
EXHIBIT D
REFERENCE
2021
2020
Cash - Treasurer
D-1
203,758.14
$
210,736.55
$
Due from Current Fund
A
3,358.54
3,373.54
Total
207,116.68
$
214,110.09
$
Payroll Taxes Payable
D-2
207,116.68
$
214,110.09
$
Total
207,116.68
$
214,110.09
$
The accompanying Notes to the Financial Statements are an integral part of this Statement.
LIABILITIES
TOWNSHIP OF LITTLE EGG HARBOR
PAYROLL FUND
STATEMENT OF ASSETS, LIABILITIES, RESERVES
AND FUND BALANCE - REGULATORY BASIS
DECEMBER 31, 2021 AND 2020
ASSETS
21
EXHIBIT E
2021
2020
Land and Improvements
7,916,096.10
$
7,832,945.54
$
Building
10,633,720.00
10,633,720.00
Equipment
14,986,811.91
14,259,611.71
Total
33,536,628.01
$
32,726,277.25
$
Investment in Fixed Assets
33,536,628.01
$
32,726,277.25
$
The accompanying Notes to the Financial Statements are an integral part of this Statement.
FUND BALANCE
TOWNSHIP OF LITTLE EGG HARBOR
DECEMBER 31, 2021 AND 2020
FUND BALANCE - REGULATORY BASIS
GENERAL FIXED ASSETS ACCOUNT GROUP
STATEMENT OF FIXED ASSETS AND
ASSETS
22
TOWNSHIP OF LITTLE EGG HARBOR
COUNTY OF OCEAN
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
************
23
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24
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 1. Summary of Significant Accounting Policies
Description of Financial Reporting Entity - The Township of Little Egg Harbor was incorporated in
1798 and is located in the Ocean County, New Jersey. The population according to the 2010 census was
20,065.
The form of Government is known as a Township pursuant to N.J.S.A.40A:63-1 et seq. The government
consists of five (5) Committee Members who are elected at large to three (3) year staggered terms. The
Mayor is elected from and by the Members of the Committee and serves a one (1) year term. Under the
statutes the Mayor is the head of the government and acts as the executive branch. The Committee acts as
the legislative branch of government and has executive powers not assigned to the Mayor.
Component Units - GASB Statement 14, as amended by GASB Statements 39, 61, 80, 90 and 97,
establishes criteria to be used in determining the component units, which should be included in the
financial statements of a primary government. The financial statements of the Township are not
presented in accordance with GAAP (as discussed below). If the provisions of these GASB statements
had been complied with, the financial statements of the following components unit would have been
either blended or discretely presented with the financial statements of the Township, the primary
government:
Little Egg Harbor Municipal Utilities Authority
823 Radio Road
Post Office Box 660
Little Egg Harbor, New Jersey 08087-0660
Annual financial reports may be inspected directly at the office of this component unit during regular
business hours.
Basis of Accounting, Measurement Focus and Basis of Presentation - The financial statements of the
Township contain all funds and account groups in accordance with the “Requirements of Audit” as
promulgated by the State of New Jersey, Department of Community Affairs, Division of Local
Government Services. The principles and practices established by the Requirements of Audit are
designed primarily for determining compliance with legal provisions and budgetary restrictions and as a
means of reporting on the stewardship of public officials with respect to public funds. Generally, the
financial statements are presented using the flow of current financial resources measurement focus and
modified accrual basis of accounting with minor exceptions as mandated by these “Requirements”. In
addition, the prescribed accounting principles previously referred to differ in certain respects from
accounting principles generally accepted in the United State of America applicable to local government
units. The more significant differences are explained further in this note.
In accordance with the “Requirements”, the Township accounts for its financial transactions through the
use of separate funds, which are described as follows:
Current Fund – This fund accounts for revenues and expenditures for governmental operations
of a general nature, including federal and state grant funds.
Trust Funds – These funds account for receipts, custodianship and disbursement of funds in
accordance with the purpose for which each reserve was created.
Trust Assessment Fund– This fund accounts for the financing of local improvements deemed to
benefit the properties against which assessments are levied.
25
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 1. Summary of Significant Accounting Policies (continued):
General Capital Fund – This fund accounts for receipt and disbursement of funds for the
acquisition of general capital facilities, other than those acquired in the Current Fund.
General Fixed Asset Account Group – The Fixed Asset Account Group of accounts is utilized
to account for property, land, buildings, and equipment that have been acquired by other funds of
the Township.
Payroll Fund – This fund accounts for the receipts and disbursements of funds used to meet
obligations to employees and payroll tax liabilities.
Budgets and Budgetary Accounting - The Township must adopt an annual budget for its Current Fund
in accordance with N.J.S.A.40A:4 et seq. N.J.S.A.40A:4-5 requires the governing body to introduce and
approve the annual municipal budget no later than February 10th of each year. At introduction, the
governing body must fix the time and place for a public hearing on the budget and must advertise the time
and place at least ten days prior to the hearing in a newspaper published and circulating in the
municipality. The public hearing must not be held less than twenty-eight days after the date the budget
was introduced. After the hearing has been held, the governing body may, by majority vote, adopt the
budget or may amend the budget in accordance with N.J.S.A.40A:4-9. Amendments to adopted budgets,
if any are detailed in the statements of revenues and expenditures.
An extension of the statutory dates for introduction, approval and adoption of the municipal budget may
be granted by the Director of Local Government Services, with the permission of the Local Finance
Board. Budgets are adopted on the same basis of accounting utilized for the preparation of the
Township’s financial statements. Once a budget is approved it may be amended after November 1, by a
resolution adopted by the governing body.
Cash, Cash Equivalents and Investments - Cash and Cash equivalents include petty cash, change funds
and cash on deposit with public depositories. All certificates of deposit are recorded as cash regardless of
the date of maturity. Under GAAP, investments are reported at fair value but under regulatory basis of
accounting, 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 utilities and other state agencies.
N.J.S.A.17:9-41 et seq. establishes the requirements for the security of deposits of governmental units.
The statute requires that no governmental unit shall deposit public funds in a public depository unless
such funds are secured in accordance with the Governmental Unit Deposit Protection Act, which was
enacted in 1970 to protect governmental units from a loss of funds on deposit with a failed banking
institution in New Jersey. Public depositories include State or federally chartered banks savings banks or
associations located in or having a branch office in the State of New Jersey, the deposits of which are
federally insured. All public depositories must pledge collateral, having a market value at least equal to
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.
26
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 1. Summary of Significant Accounting Policies (continued):
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 and Supplies - The cost of inventories of supplies for all funds are recorded as expenditures
at the time individual items are purchased. The costs of inventories are not included on the various
statements of assets, liabilities, reserves and fund balance.
General Fixed Assets – Accounting for governmental fixed assets, as required by N.J.A.C.5:30-5.6,
differs in certain respects from accounting principles generally accepted in the United States of America.
In accordance with the regulations, all local units, including municipalities, must maintain a general fixed
assets reporting system that establishes and maintains a physical inventory of nonexpendable, tangible
property as defined and limited by the U.S. Office of Management and Budget Circular A-87 (Attachment
B, Section 19), except that the useful life of such property is at least five years. The 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. In some instances, assets are valued at the assessed
valuation of the property at the time of acquisition, which approximates fair value. No depreciation of
general fixed assets is recorded. Donated general fixed assets are recorded at their acquisition value as of
the date of the transaction. Interest costs relative to the acquisition of general fixed assets are recorded as
expenditures when paid. Public domain ("infrastructure") general fixed assets consisting of certain
improvements such as roads, bridges, curbs and gutters, streets and sidewalks and drainage systems are
not capitalized. Expenditures for construction in progress are recorded in the capital funds until such time
as the construction is completed and put into operation. The 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 assets, 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 includes accurate records indicating asset description, source, ownership, acquisition cost
and date, the percentage of federal participation (if any), and the location, use, and condition of the asset.
Periodically, physical inventories must be taken and reconciled with these records. All fixed assets must
be adequately controlled to safeguard against loss, damage, or theft.
Foreclosed property – Foreclosed Property or “Property Acquired for Taxes” is recorded in the Current
Fund at the assessed valuation when such property was acquired and is fully reserved. Ordinarily it is the
intention of the Township to resell foreclosed property in order to recover all or a portion of the
delinquent taxes or assessments and to return the property to a taxpaying basis. For this reason the value
of foreclosed property has not been included in the General Fixed Assets Account Group. If such
property is converted to a municipal use, it will be recorded in the General Fixed Assets Account Group.
27
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 1. Summary of Significant Accounting Policies (continued):
Deferred Charges – The recognition of certain expenditures is deferred to future periods. These
expenditures or deferred charges are generally overexpenditures of legally adopted budget appropriations
or emergency appropriations made in accordance with N.J.S.A.40A:4-46 et seq. Deferred charges are
subsequently raised as items of appropriation in budgets of succeeding years.
Fund Balance – Fund Balance included in the Current Fund represent the amount available for
anticipation as revenue in future year’s budgets, with certain restrictions.
Revenues – are recorded when received in cash except for certain amounts, which are due from other
governmental units. Revenue from Federal and State grants are realized when anticipated as such in the
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 the Township, which are
susceptible to accrual are also recorded as receivables with offsetting reserves and recorded as revenues
when received.
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
Ocean, Fire Districts, Little Egg Harbor Township School and the Pineland’s Regional School District.
Unpaid property taxes are subject to tax sale in accordance with statutes.
County Taxes – The municipality is responsible for levying, collecting and remitting County taxes for
the County of Ocean. Operations is charged for the amount due the County for the year, based upon the
ratables required to be certified to the County Board of Taxation by January 10th of the current year. In
addition, operations is charged for the County share of Added and Omitted Taxes certified to the County
Board of Taxation by October 10th of the current year and due to be paid to the County by February 15th
of the following year.
School Taxes – The municipality is responsible for levying, collecting and remitting school taxes for the
Little Egg Harbor Township School District and the Pinelands Regional School District. Operations are
charged for the full amount required to be raised from taxation to operate the local and regional school
district July 1st to June 30th.
Deferred School Taxes – School taxes raised in advance in the Current Fund for a school fiscal year
(July I to June 30) which remain unpaid at December 31 of the calendar year levied may be deferred to
fund balance to the extent of not more than 50% of the annual levy providing no requisition has been
made by the school district for such amount.
Reserve for Uncollected Taxes – The inclusion of the “Reserve for Uncollected Taxes” appropriation in
the 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 immediate
preceding year, with certain exceptions, is required to provide assurance that cash collected in the current
year will provide sufficient cash flow to meet expected obligations.
Expenditures – are recorded on the “budgetary” basis of accounting. Generally, expenditures are
recorded when an amount is encumbered through the issuance of a numerically controlled purchase order
or when a contract is executed as required by Technical Accounting Directive No. 85-1. When an
expenditure is paid, the amount encumbered is simultaneously liquidated in its original amount.
28
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 1. Summary of Significant Accounting Policies (continued):
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 interest payments on outstanding general capital bonds and
notes are provided on the cash basis.
Appropriation Reserves – Appropriation reserves covering unexpended appropriation balances are
automatically created at year-end and recorded as liabilities, except for amounts, which may be cancelled
by the governing body. Appropriation reserves and reserve for encumbrances at current year end are
available until December 31st of the succeeding year to meet specific claims, commitments or contracts
incurred during the preceding year. Any unspent balances at this time are lapsed appropriation reserves
and recorded as income.
Long-Term Debt - Long-Term Debt relative to the acquisition of capital assets, is recorded as a liability
in the General Capital Fund. Where an improvement is a “local improvement”, i.e. assessable upon
completion, long-term debt associated with that portion of the cost of the improvement to be funded by
assessments is transferred to the Trust Fund upon the confirmation of the assessments or when the
improvement is fully and permanently funded.
Compensated Absences – Expenditures relating to obligations for unused vested accumulated vacation
and sick leave are not recorded until paid; however, municipalities may establish and budget reserve
funds subject to NJSA 40A:4-39 for the future payment of compensated absences.
Recent Accounting Pronouncements – The Governmental Accounting Standards Board (GASB) is the
accepted standard-setting body for establishing governmental accounting and financial reporting
principles. GASB adopts accounting statements to be used by governmental units when reporting
financial position and results of operations in accordance with accounting principles generally accepted in
the United States of America (GAAP). The municipalities in the State of New Jersey do not prepare their
financial statements in accordance with GAAP and thus do not comply with all of the GASB
pronouncements.
Accounting Pronouncements Adopted in Current Year
The following GASB Statements became effective for the year ended December 31, 2021:
Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period. The
requirements of this Statement are effective for reporting periods beginning after December 15, 2020.
Statement No. 93, Replacement of Interbank Offered Rates. The requirements of this Statement, except
for paragraphs 11b, 13, and 14 are effective for reporting periods beginning after June 15, 2020.
Management has determined that the implementation of these Statements did not have a significant
impact on the Township’s financial statements.
Accounting Pronouncements Effective in Future Reporting Periods
Statement No. 87, Leases. The requirements of this Statement are effective for fiscal years beginning after
June 15, 2021.
29
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 1. Summary of Significant Accounting Policies (continued):
Statement No. 96, Subscription-Based Information Technology Arrangements. The requirements of
this Statement are effective for fiscal years beginning after June 15, 2022, and all reporting periods
thereafter.
Statement No. 97, Certain Component Unit Criteria, and Accounting and Financial Reporting for
Internal Revenue Code Section 457 Deferred Compensation Plans – an amendment of GASB Statements
No. 14 and No. 84, and a supersession of GASB Statement No. 32. Requirements of this pronouncement
related to section 1, paragraph 4 are effective immediately. All other requirements will be effective for
reporting periods beginning June 15, 2021.
Statement No. 100, Accounting Changes and Error Corrections – an amendment of GASB Statement No.
62.The requirements of this Statement are effective for fiscal years beginning after June 15, 2023, and all
reporting periods thereafter. Earlier application is encouraged.
Statement No. 101, Compensated Absences. The requirements of this Statement are effective for fiscal
years beginning after December 15, 2023, and all reporting periods thereafter. Earlier application is
encouraged.
Management has determined the implementation of certain provisions within this Statement did not have
a significant impact on the Township’s financial statements.
Note 2. Deposits and Investments
The Township is governed by the deposit and investment limitations of New Jersey state law.
Deposits
Custodial Credit Risk Related to Deposits - Custodial credit risk is the risk that, in the event of a bank
failure, the Township’s deposits may not be returned. Although the Township does not have a formal
policy regarding custodial credit risk, NJSA 17:9-41 et seq. requires that the governmental units shall
deposit public funds in public depositories protected from loss under the provisions of the Governmental
Unit Deposit Protection Act (GUDPA). GUDPA is a supplemental insurance program set forth by the
New Jersey Legislature to protect the deposits of local governmental agencies. The program is
administered by the Commissioner of the New Jersey Department of Banking and Insurance. Under the
Act, the first $250,000 of governmental deposits in each insured depository is protected by FDIC. Public
funds owned by the Township in excess of FDIC insured amounts are protected by GUDPA. However,
GUDPA does not protect intermingled trust funds such as salary withholdings, bail funds or funds that
may pass to the Township relative to the happening of a future condition. Such funds are shown as
Uninsured and Uncollateralized in the schedule below.
As of December 31, 2021, the Township’s bank balance of $21,489,699.89was insured or collateralized as
follows:
Insured under FDIC and GUDPA
16,342,133.09
$
Uninsured and Uncollateralized
5,147,566.80
21,489,699.89
$
30
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 2. Deposits and Investments (continued)
Investments
The Township had no investments as of December 31, 2021.
Note 3. Property Taxes
The following is a three-year comparison of certain statistical information relative to property taxes and
property tax collections for the current and previous two years.
2021
2020
2019
Tax Rate
2.619
$
2.585
$
2.480
$
Apportionment of Tax Rate:
Municipal
0.840
0.811
0.743
County General
0.421
0.424
0.422
Local School
0.615
0.604
0.594
Regional School
0.743
0.746
0.721
Comparison Schedule of Tax Rates
Year
Amount
2021
2,334,764,899.00
$
2020
2,329,532,059.00
2019
2,327,945,017.00
Assessed Valuation
Cash
Percentage Of
Year
Tax Levy
Collections
Collection
2021
63,245,127.87
$
63,010,251.31
$
99.62%
2020
62,173,471.20
61,875,520.33
99.52%
2019
59,716,900.22
59,370,635.81
99.42%
Comparison of Tax Levies and Collections
31
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 3. Property Taxes (continued):
Tax Title
Delinquent
Total
Percentage Of
Year
Liens
Taxes
Delinquent
Tax Levy
2021
766,776.72
$
55,848.61
$
822,625.33
$
1.30%
2020
991,159.98
39,085.58
1,030,245.56
1.66%
2019
896,191.57
78,738.69
974,930.26
1.63%
Delinquent Taxes and Tax Title Liens
Year
Number
2021
193
2020
196
2019
179
Number of Tax Title Liens
The last tax sale was held on December 16, 2021.
Note 4. Property Acquired By Tax Title Lien Liquidation
The value of properties acquired by liquidation of tax title liens based on the last assessed valuation of
such properties as of December 31, was as follows:
Year
Amount
2021
5,757,700.00
$
2020
5,757,700.00
2019
5,757,700.00
Note 5. Fund Balances Appropriated
The following schedule details 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:
Utilized in
Percentage
Balance
Budget of
of Fund
Year
December 31,
Succeeding Year
Balance Used
Current Fund:
2021
3,253,953.05
$
1,390,000.00
$
42.72%
2020
1,749,447.34
1,300,000.00
74.31%
2019
1,590,176.07
1,300,000.00
81.75%
32
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 6. Disaggregated Receivable and Payable Balances
There are no significant components of receivable and payable balances reported in the financial
statements.
Note 7. Interfund Receivables, Payables and Transfers
The following interfund balances were recorded in the various statements of assets liabilities, reserves and
fund balances at December 31, 2021:
Interfund
Interfund
Fund
Receivable
Payable
Current Fund
10,381.37
$
2,224,550.27
$
State and Federal Grant Fund
1,224,146.97
-
Trust Other Fund
1,202.70
10,381.37
Trust Assessment Fund
995,842.06
137,509.28
General Capital Fund
137,509.28
-
Payroll Fund
3,358.54
-
2,372,440.92
$
2,372,440.92
$
The interfund receivables and payables above predominately resulted from payment made by certain
funds on behalf of other funds. All interfund balances are expected to be repaid within one year.
A summary of interfund transfers is as follows:
Transfers
Transfers
Fund
In
Out
Current Fund
2,230,237.14
$
56,848.00
$
State and Federal Grant Fund
-
1,180,298.67
Trust Assessment Fund
-
1,049,938.47
Open Space Trust Fund
-
100,000.00
General Capital Fund
156,833.00
-
Payroll Fund
15.00
-
2,387,085.14
$
2,387,085.14
$
Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to
the fund that statute or budget requires to expend them (i.e. interest earning), (2) provide cash flow to
other funds to temporary finance expenditures that are on a reimbursable basis (i.e. grants), (3) when no
bank account exists for a fund, and (4) utilizing surplus or fund balance from one fund as budgeted
revenue in another.
33
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 8. Fixed Assets
The following is a summary of changes in the General Fixed Assets Account Group for the year ended
December 31, 2021.
Balance
Balance
December 31,
December 31,
2020
Additions
2021
Land and Improvements
7,832,945.54
$
83,150.56
$
7,916,096.10
$
Buildings
10,633,720.00
-
10,633,720.00
Machinery & Equipment
14,259,611.71
727,200.20
14,986,811.91
32,726,277.25
$
810,350.76
$
33,536,628.01
$
Note 9. Pension Obligations
A. Public Employees’ Retirement System (PERS)
Plan Description - The State of New Jersey, Public Employees' Retirement System (PERS) is a cost-
sharing multiple-employer defined benefit pension plan administered by the State of New Jersey,
Division of Pensions and Benefits (the Division). For additional information about PERS, please refer to
Division's
Annual
Comprehensive
Financial
Report
(ACFR)
which
can
be
found
at
http://www.state.nj.us/treasury/pensions/annual-reports.shtml.
The vesting and benefit provisions are set by N.J.S.A. 43:15A. PERS provides retirement, death and
disability benefits. All benefits vest after ten years of service.
The following represents the membership tiers for PERS:
Tier
Definition
1
Members who were enrolled prior to July 1, 2007
2
Members who were eligible to enroll on or after July 1, 2007 and prior to November 2, 2008
3
Members who were eligible to enroll on or after November 2, 2008 and prior to May 22, 2010
4
Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011
5
Members who were eligible to enroll on or after June 28, 2011
Service retirement benefits of 1/55th of final average salary for each year of service credit is available to
tiers 1 and 2 members upon reaching age 60 and to tier 3 members upon reaching age 62. Service
retirement benefits of 1/60th of final average salary for each year of service credit is available to tier 4
members upon reaching age 62 and tier 5 members upon reaching age 65. Early retirement benefits are
available to tiers 1 and 2 members before reaching age 60, tiers 3 and 4 with 25 or more years of service
credit before age 62 and tier 5 with 30 or more years of service credit before age 65. Benefits are reduced
by a fraction of a percent for each month that a member retires prior to the age at which a member can
receive full early retirement benefits in accordance with their respective tier. Tier 1 members can receive
an unreduced benefit from age 55 to age 60 if they have at least 25 years of service. Deferred retirement is
available to members who have at least 10 years of service credit and have not reached the service
retirement age for the respective tier.
34
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 9. Pension Obligations (continued):
A. Public Employees’ Retirement System (PERS) (continued):
Basis of Presentation - The schedules of employer and nonemployer allocations and the schedules of
pension amounts by employer and nonemployer (collectively, the Schedules) present amounts that are
considered elements of the financial statements of PERS or its participating employers. Accordingly, they
do not purport to be a complete presentation of the financial position or changes in financial position of
PERS or the participating employers. The accompanying Schedules were prepared in accordance with
U.S. generally accepted accounting principles. Such preparation requires management of PERS to make a
number of estimates and assumptions relating to the reported amounts. Due to the inherent nature of these
estimates, actual results could differ from those estimates.
Contributions - The contribution policy for PERS is set by N.J.S.A. 43:15A and requires contributions by
active members and contributing employers. State legislation has modified the amount that is contributed
by the State. The State's pension contribution is based on an actuarially determined amount, which
includes the employer portion of the normal cost and an amortization of the unfunded accrued liability.
Funding for noncontributory group insurance benefits is based on actual claims paid. For the fiscal year
2021, the State's pension contribution was less than the actuarial determined amount. The local
employers' contribution amounts are based on an actuarially determined rate, which includes the normal
cost and unfunded accrued liability. Chapter 19, P.L. 2009 provided an option for local employers of
PERS to contribute 50% of the normal and accrued liability contribution amounts certified for payments
due in State fiscal year 2009. Such employers will be credited with the full payment and any such
amounts will not be included in their unfunded liability. The actuaries will determine the unfunded
liability of those retirement systems, by employer, for the reduced normal and accrued liability
contributions provided under this law. This unfunded liability will be paid by the employer in level
annual payments over a period of 15 years beginning with the payments due in the fiscal year ended June
30, 2012 and will be adjusted by the rate of return on the actuarial value of assets. For the year ended
December 31, 2021, the Township’s contractually required contribution to PERS plan was $590,407.00.
Components of Net Pension Liability - At December 31, 2021, the Township’s proportionate share of
the PERS net pension liability was $5,972,299.00. The net pension liability was measured as of June 30,
2021. The total pension liability used to calculate the net pension liability was determined using update
procedures to roll forward the total pension liability from an actuarial valuation as of July 1, 2020, which
was rolled forward to June 30, 2021. The Township’s proportion of the net pension liability was based on
the Township’s actual contributions to the plan relative to the total of all participating employers’
contributions for the year ended June 30, 2021. The Township’s proportion measured as of June 30, 2021,
was 0.0504140398% which was a decrease of .001696498% from its proportion measured as of June 30,
2020.
12/31/2021
12/30/2020
Actuarial valuation date (including roll forward)
June 30, 2021
June 30, 2020
Deferred Outflows of Resources
583,607.00
$
1,416,696.00
$
Deferred Inflows of Resources
4,277,886.00
3,988,247.00
Net Pension Liability
5,972,299.00
8,497,866.00
Township's portion of the Plan's total Net Pension Liability
0.05041%
0.05211%
Balances at December 31, 2021 and December 31, 2020
35
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 9. Pension Obligations (continued):
A. Public Employees’ Retirement System (PERS) (continued):
Pension Expense/(Credit) and Deferred Outflows/Inflows of Resources - At December 31, 2021, the
Township’s proportionate share of the PERS credit, calculated by the plan as of the June 30, 2021
measurement date is ($812,062.00). This credit is not recognized by the Township because of the
regulatory basis of accounting as described in Note 1, but as previously mentioned the Township
contributed $590,407.00 to the plan in 2021.
At December 31, 2021, the Township reported deferred outflows of resources and deferred inflows of
resources related to PERS from the following sources:
Deferred Outflows
Deferred Inflows
of Resources
of Resources
Differences between Expected
and Actual Experience
94,191.00
$
42,755.00
$
Changes of Assumptions
31,104.00
2,126,177.00
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
-
1,573,260.00
Changes in Proportion and Differences
between Township Contributions and
Proportionate Share of Contributions
458,312.00
535,694.00
583,607.00
$
4,277,886.00
$
The Township will amortize the above sources of deferred outflows and inflows related to PERS over the
following number of years:
36
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 9. Pension Obligations (continued):
A. Public Employees’ Retirement System (PERS) (continued):
Deferred
Deferred
Outflow of
Inflow of
Resources
Resources
Differences between Expected
and Actual Experience
Year of Pension Plan Deferral:
June 30, 2015
5.72
-
June 30, 2016
5.57
-
June 30, 2017
5.48
-
June 30, 2018
5.63
-
June 30, 2019
5.21
-
June 30, 2020
5.16
-
June 30, 2021
5.13
-
Changes of Assumptions
Year of Pension Plan Deferral:
June 30, 2016
5.57
-
June 30, 2017
-
5.48
June 30, 2018
-
5.63
June 30, 2019
-
5.21
June 30, 2020
-
5.16
June 30, 2021
-
5.13
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
Year of Pension Plan Deferral:
June 30, 2014
-
5.00
June 30, 2015
-
5.00
June 30, 2016
5.00
-
June 30, 2017
5.00
-
June 30, 2018
5.00
-
June 30, 2019
5.00
-
June 30, 2020
5.00
-
June 30, 2021
5.00
-
Changes in Proportion and Differences
between Contributions and
Proportionate Share of Contributions
Year of Pension Plan Deferral:
June 30, 2016
5.57
5.57
June 30, 2017
5.48
5.48
June 30, 2018
5.63
5.63
June 30, 2019
5.21
5.21
June 30, 2020
5.16
5.16
June 30, 2021
5.13
5.13
37
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 9. Pension Obligations (continued):
A. Public Employees’ Retirement System (PERS) (continued):
The following is a summary of the deferred outflows of resources and deferred inflows of resources
related to PERS that will be recognized in future periods:
Year Ending
June 30,
Amount
2022
(1,329,818)
$
2023
(934,542)
2024
(789,033)
2025
(544,361)
2026
(96,525)
(3,694,279)
$
Actuarial Assumptions - The total pension asset/(liability) as of the measurement date was determined
by using an actuarial valuation as noted in the table below, with update procedures used to roll forward
the total pension liability to the measurement date. The actuarial valuations used the following actuarial
assumptions:
Inflation
Price
2.75%
Wage
3.25%
Salary Increases:
Through 2026
2.00 - 6.00% Based on Years of Service
Thereafter
3.00 - 7.00% Based on Years of Service
Investment Rate of Return
7.00%
Mortality Rate Table
Pub-2010 General Below-Median Income Employee mortality table
PERS
with fully generational mortality improvement projections
from the central year using Scale MP-2021
Period of Actuarial Experience
Study upon which Actuarial
Assumptions were Based
July 1, 2014 - June 30, 2018
38
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 9. Pension Obligations (continued):
A. Public Employees’ Retirement System (PERS) (continued):
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.
The actuarial assumptions used in the July 1, 2020 valuation were based on the results of an actuarial
experience study for the period July 1, 2014 to June 30, 2018.
Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of
return on plan investments (7.00% at June 30, 2021) is determined by the State Treasurer, after
consultation with the Directors of the Division of Investments and Division of Pensions and Benefits, the
board of trustees and the actuaries. The long-term expected rate of return was determined using a building
block method in which best-estimate ranges of expected future real rates of return (expected returns, net
of pension plan investment expense and inflation) are developed for each major asset class. These ranges
are combined to produce the long-term expected rate of return by weighting the expected future real rates
of return by the target asset allocation percentage and by adding expected inflation. Best estimates of
arithmetic rates of return for each major asset class included in PERS’s target asset allocation as of June
30, 2021 are summarized in the following table:
Long-Term
Target
Expected Real
Asset Class
Allocation
Rate of Return
U.S. Equity
27.00%
8.09%
Non-U.S. Developed Markets Equity
13.50%
8.71%
Emerging Markets Equity
5.50%
10.96%
Private Equity
13.00%
11.30%
Real Estate
8.00%
9.15%
Real Assets
3.00%
7.40%
High Yield
2.00%
3.75%
Private Credit
8.00%
7.60%
Investment Grade Credit
8.00%
1.68%
Cash Equivalents
4.00%
0.50%
U.S. Treasuries
5.00%
0.95%
Risk Mitigation Strategies
3.00%
3.35%
100.00%
39
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 9. Pension Obligations (continued):
A. Public Employees’ Retirement System (PERS) (continued):
Discount Rate - The discount rate used to measure the total pension liability was 7.00% as of June 30,
2021. The projection of cash flows used to determine the discount rate assumed that contributions from
plan members will be made at the current member contribution rates and that contributions from
employers and the nonemployer contributing entity will be based on 78% of the actuarially determined
contributions for the State employer and 100% of actuarially determined contributions for the local
employers. Based on those assumptions, the plan’s fiduciary net position was projected to be available to
make projected future benefit payments of current plan members. Therefore, the long-term expected rate
of return on plan investments was applied to all projected benefit payments to determine the total pension
liability.
Sensitivity of the Township’s proportionate share of the Net Pension Liability to Changes in the
Discount Rate - The following presents the Township’s proportionate share of the net pension liability
calculated using the discount rate as disclosed above, as well as what the Township’s proportionate share
of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point
lower (6.00%) or 1-percentage-point higher (8.00%) than the current rate:
1%
Current
1%
Decrease
Discount Rate
Increase
(6.00%)
(7.00%)
(8.00%)
Township's Proportionate Share
of the Net Pension Liability
8,219,758
$
5,972,299
$
4,182,704
$
B. Police and Firemen’s Retirement System (PFRS)
Plan Description – The State of New Jersey, Police and Firemen’s Retirement System (PFRS) is a cost-
sharing multiple-employer defined benefit pension plan administered by the State of New Jersey,
Division of Pensions and Benefits (the Division). For additional information about PFRS, please refer to
the Division’s Annual Comprehensive Financial Report (ACFR) which can be found at
http://www.state.nj.us/treasury/pensions/annual-reports.shtml.
The vesting and benefit provisions are set by N.J.S.A. 43:16A. PFRS provides retirement as well as death
and disability benefits. All benefits vest after ten years of service, except disability benefits which vest
after four years of service.
The following represents the membership tiers for PFRS:
Tier
Definition
1
Members who were enrolled prior to May 22, 2010.
2
Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011
3
Members who were eligible to enroll on or after June 28, 2011
40
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 9. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
Service retirement benefits are available at age 55 and are generally determined to be 2% of final
compensation for each year of creditable service, as defined, up to 30 years plus 1% for each year of
service in excess of 30 years. Members may seek special retirement after achieving 25 years of creditable
service, in which benefits would equal 65% (tiers 1 and 2 members) and 60% (tier 3 members) of final
compensation plus 1 % for each year if creditable service over 25 years but not to exceed 30 years.
Members may elect deferred retirement benefits after achieving ten years of service, in which case
benefits would begin at age 55 equal to 2% of final compensation for each year of service.
Basis of Presentation - The schedule of employer and nonemployer allocations and the schedule of
pension amounts by employer and nonemployer (collectively, the Schedules) present amounts that are
considered elements of the financial statements of PFRS, its participating employers or the State as a
nonemployer contributing entity. Accordingly, they do not purport to be a complete presentation of the
financial position or changes in financial position of PFRS, the participating employers, or the State. The
accompanying Schedules were prepared in accordance with U.S. generally accepted accounting
principles. Such preparation requires management of PFRS to make a number of estimates and
assumptions relating to the reported amounts. Due to the inherent nature of these estimates, actual results
could differ from those estimates.
Contributions - The contribution policy for PFRS is set by N.J.S.A. 43:16A and requires contributions by
active members and contributing employers. State legislation has modified the amount that is contributed
by the State. The State's contribution amount is based on an actuarially determined rate which includes
the normal cost and unfunded accrued liability. For fiscal year 2020, the State contributed an amount less
than the actuarially determined amount. The Local employers’ contribution amounts are based on an
actuarially determined rate which includes the normal cost and unfunded accrued liability. Chapter 19,
P.L. 2009 provided an option for local employers of PFRS to contribute 50% of the normal and accrued
liability contribution amounts certified for payments due in State fiscal year 2009. Such employers will be
credited with the full payment and any such amounts will not be included in their unfunded liability. The
actuaries will determine the unfunded liability of those retirement systems, by employer, for the reduced
normal and accrued liability contributions provided under this law. This unfunded liability will be paid
by the employer in level annual payments over a period of 15 years beginning with the payments due in
the fiscal year ended June 30, 2012 and will be adjusted by the rate of return on the actuarial value of
assets. For the year ended December 31, 2021, the Township’s contractually required contributions to
PFRS plan was $1,600,750.00.
Net Pension Liability and Pension Expense - At December 31, 2021 the Township’s proportionate
share of the PFRS net pension liability was $10,039,025.00. The net pension liability was measured as of
June 30, 2021. The total pension liability used to calculate the net pension liability was determined using
update procedures to roll forward the total pension liability from an actuarial valuation as of July 1, 2020,
to the measurement date of June 30, 2021. The Township’s proportion of the net pension liability was
based on the Township’s actual contributions to the plan relative to the total of all participating
employers’ contributions for the year ended June 30, 2021. The Township’s proportion measured as of
June 30, 2021, was 0.1373486928%, which was a decrease of 0.0023909893% from its proportion
measured as of June 30, 2020.
41
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 9. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
12/31/2021
12/30/2020
Actuarial valuation date (including roll forward)
June 30, 2021
June 30, 2020
Deferred Outflows of Resources
1,254,655.00
$
2,860,117.00
$
Deferred Inflows of Resources
2,306,415.00
5,167,700.00
Net Pension Liability
10,039,025.00
18,056,210.00
Township's portion of the Plan's total net pension Liability
0.13735%
0.13974%
Balances at December 31, 2021 and December 31, 2020
Pension Expense/(Credit) and Deferred Outflows/Inflows of Resources – At December 31, 2021, the
Township’s proportionate share of the PFRS credit, calculated by the plan as of the June 30, 2021
measurement date was ($277,123.00). This credit is not recognized by the Township because of the
regulatory basis of accounting as described in Note 1, but as previously mentioned the Township
contributed $1,600,750.00 to the plan in 2021.
At December 31, 2021, the Township had deferred outflows of resources and deferred inflows of
resources related to PFRS from the following sources:
Deferred Outflows
Deferred Inflows
of Resources
of Resources
Differences between Expected
and Actual Experience
114,533
$
314,130
$
Changes of Assumptions
53,419
785,905
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
-
1,117,466
Changes in Proportion and Differences
between Township Contributions and
Proportionate Share of Contributions
1,086,703
88,914
1,254,655
$
2,306,415
$
The Township will amortize the above sources of deferred outflows and inflows related to PFRS over the
following number of years:
42
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 9. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
Deferred
Deferred
Outflow of
Inflow of
Resources
Resources
Differences between Expected
and Actual Experience
Year of Pension Plan Deferral:
June 30, 2016
-
5.58
June 30, 2017
5.59
-
June 30, 2018
5.73
-
June 30, 2019
-
5.92
June 30, 2020
5.90
-
June 30, 2021
-
6.17
Changes of Assumptions
Year of Pension Plan Deferral:
June 30, 2016
5.58
-
June 30, 2017
-
5.59
June 30, 2018
-
5.73
June 30, 2019
-
5.92
June 30, 2020
-
5.90
June 30, 2021
6.17
-
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
Year of Pension Plan Deferral:
June 30, 2017
-
5.00
June 30, 2018
-
5.00
June 30, 2019
5.00
-
June 30, 2020
5.00
-
June 30, 2021
-
5.00
Changes in Proportion and Differences
between Contributions and
Proportionate Share of Contributions
Year of Pension Plan Deferral:
June 30, 2016
5.58
5.58
June 30, 2017
5.59
5.59
June 30, 2018
5.73
5.73
June 30, 2019
5.92
5.92
June 30, 2020
5.90
5.90
June 30, 2021
6.17
6.17
43
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 9. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
The following is a summary of the deferred outflows of resources and deferred inflows of resources
related to PFRS that will be recognized in future periods:
Year Ending
June 30,
Amount
2022
(415,170)
$
2023
(745,558)
2024
(340,500)
2025
164,066
2026
285,402
(1,051,760)
$
Special Funding Situation – Under N.J.S.A. 43:16A-15, local participating employers are responsible
for their own contributions based on actuarially determined amounts, except where legislation was passed
which legally obligated the State if certain circumstances occurred. The legislation which legally
obligates the state is as follows: Chapter 8, P.L. 2000, Chapter 318, P.L. 2001, Chapter 86, P.L. 2001,
Chapter 511, P.L, 1991, Chapter 109, P.L. 1979, Chapter 247, P.L. 1993 and Chapter 201, P.L. 2001.
The amounts contributed on behalf of the local participating employers under this legislation is
considered to be a special funding situation as defined by GASB Statement No. 68 and the State is treated
as a non-employer contributing entity. Since the local participating employers do not contribute under this
legislation directly to the plan (except for employer specific financed amounts), there is no net pension
liability to report in the financial statements of the local participating employers related to this legislation.
Additionally, the State’s proportionate share of the PFRS net pension liability attributable to the
Township is $2,823,474.00 as of December 31, 2021. The net pension liability was measured as of June
30, 2021. The total pension liability used to calculate the net pension liability was determined using
update procedures to roll forward the total pension liability from an actuarial valuation as of July 1, 2020,
to the measurement date of June 30, 2021. The State’s proportion of the net pension liability associated
with the Township was based on a projection of the Township’s long-term share of contributions to the
pension plan relative to the projected contributions of all participating members, actuarially determined.
The State’s proportion measured as of June 30, 2021 was 0.1373485947%, which was a decrease of
0.0023909893% from its proportion measured as of June 30, 2020, which is the same proportion as the
Township’s. At December 31, 2021, the Township’s and the State of New Jersey’s proportionate share of
the PFRS net pension liability were as follows:
Township's Proportionate Share of Net Pension Liability
10,039,025.00
$
State of New Jersey's Proportionate Share of Net Pension
Liability Associated with the Township
2,823,474.00
12,862,499.00
$
44
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 9. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
At December 31, 2021, the State’s proportionate share of the PFRS expense, associated with the
Township, calculated by the plan as of the June 30, 2021 measurement date was $314,453.00.
Actuarial Assumptions - The collective pension asset/(liability) as of the measurement date was
determined by an actuarial valuation as of July 1, 2020, which was rolled forward to June 30, 2021. This
actuarial valuation used the following actuarial assumptions:
Inflation Rate
2.75%
Salary Increases:
3.25 - 15.25%
Based on Years of Service
Investment Rate of Return
7.00%
Employee mortality rates were based on the PubS-2010 amount-weighted mortality table with a 105.6%
adjustment for males and 102.5% adjustment for females. For healthy annuitants, mortality rate were
based on the PubS-2010 amount-weighted mortality table with a 96.7% adjustment for males and 96.0%
adjustment for females. Disability rates were based on the PubS-2010 amount-weighted mortality table
with a 152.0% adjustment for males and 109.3% adjustment for females. Mortality improvement is based
on Scale MP-2021.
The actuarial assumptions used in the July 1, 2020 valuation were based on the results of an actuarial
experience study for the period July 1, 2013 to June 30, 2018.
Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of
return on plan investments (7.00% at June 30, 2021) is determined by the State Treasurer, after
consultation with the Directors of the Division of Investments and Division of Pensions and Benefits, the
board of trustees and the actuaries. The long-term expected rate of return was determined using a building
block method in which best-estimate ranges of expected future real rates of return (expected returns, net
of pension plan investment expense and inflation) are developed for each major asset class. These ranges
are combined to produce the long-term expected rate of return by weighting the expected future real rates
of return by the target asset allocation percentage and by adding expected inflation. Best estimates of
arithmetic rates of return for each major asset class included in PFRS’s target asset allocation as of June
30, 2021 are summarized in the following table:
45
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 9. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
Long-Term
Target
Expected Real
Asset Class
Allocation
Rate of Return
U.S. Equity
27.00%
8.09%
Non-U.S. Developed Markets Equity
13.50%
8.71%
Emerging Markets Equity
5.50%
10.96%
Private Equity
13.00%
11.30%
Real Estate
8.00%
9.15%
Real Assets
3.00%
7.40%
High Yield
2.00%
3.75%
Private Credit
8.00%
7.60%
Investment Grade Credit
8.00%
1.68%
Cash Equivalents
4.00%
0.50%
U.S. Treasuries
5.00%
0.95%
Risk Mitigation Strategies
3.00%
3.35%
100.00%
Discount Rate - The discount rate used to measure the total pension liability was 7.00% as of June 30,
2021. The projection of cash flows used to determine the discount rate assumed that contributions from
plan members will be made at the current member contribution rates and that contributions from
employers and the nonemployer contributing entity will be based on 100% of the actuarially determined
contributions for the State employer and 100% of actuarially determined contributions for local
employers. Based on those assumptions, the plan’s fiduciary net position was projected to be available to
make all projected future benefit payments of current plan members. Therefore, the long-term expected
rate of return on plan investments was applied to all projected benefit payments to determine the total
pension liability.
Sensitivity of the Township’s proportionate share of the Net Pension Liability to Changes in the
Discount Rate - The following presents the Township’s proportionate share of the net pension liability
calculated using the discount rate as disclosed above, as well as what the Township’s proportionate share
of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point
lower (6.00%) or 1-percentage-point higher (8.00%) than the current rate:
46
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 9. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
1%
Current
1%
Decrease
Discount Rate
Increase
(6.00%)
(7.00%)
(8.00%)
Township's Proportionate Share
of the Net Pension Liability
15,243,945.00
$
10,039,025.00
$
5,706,491.00
$
State of New Jersey's Proportionate
Share of Net Pension Liability
associated with the Township
4,287,357.00
2,823,474.00
1,604,950.00
19,531,302.00
$
12,862,499.00
$
7,311,441.00
$
Related Party Investments - The Division of Pensions and Benefits does not invest in securities issued
by the Township.
Note 10. Municipal Debt
The following schedule represents the Township’s summary of debt, as filed in the Township’s Annual
Debt Statement required by the Local Bond Law of New Jersey for the current and two previous years:
2021
2020
2019
Issued:
General:
Bonds, Notes and Loans
21,259,997.61
$
20,366,653.41
$
24,427,429.35
$
Total Debt Issued
21,259,997.61
20,366,653.41
24,427,429.35
Authorized but not issued:
General:
Bonds, Notes and Loans
12,725,615.05
6,277,137.94
6,229,377.17
Total Authorized But Not Issued
12,725,615.05
6,277,137.94
6,229,377.17
Total Gross Debt
33,985,612.66
$
26,643,791.35
$
30,656,806.52
$
Deductions:
General:
Funds on Hand For Payment
of Bonds and Notes:
Reserve for Debt Service
55,050.69
55,050.69
55,050.69
Total Deductions
55,050.69
55,050.69
55,050.69
Total Net Debt
33,930,561.97
$
26,588,740.66
$
30,601,755.83
$
47
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 10. Municipal Debt (continued):
Summary of Statutory Debt Condition - Annual Debt Statement
The following schedule is a summary of the previous schedule and is prepared in accordance with the
required method of setting up the Annual Debt Statement:
Gross Debt
Deductions
Net Debt
Local School Debt
16,815,000.00
$
16,815,000.00
$
-
$
Regional School Debt
39,008,191.83
39,008,191.83
-
General Debt
33,985,612.66
55,050.69
33,930,561.97
89,808,804.49
$
55,878,242.52
$
33,930,561.97
$
Net Debt $33,930,561.97 divided by the average Equalized Valuation Basis per N.J.S.A 40A:2-2 as
amended, $2,565,038,980.33, equals 1.323%. New Jersey statute 40A:2-6, as amended, limits the debt of
a Municipality to 3.5% of the last three preceding year’s average equalized valuations of real estate,
including improvements and the assessed valuation of Class II Railroad Property. The remaining
borrowing power in dollars at December 31, 2021 is calculated as follows:
Borrowing Power Under N.J.S. 40A:2-6 as Amended
3 1/2% of Equalized Valuation Basis (Municipal)
89,776,364.31
$
Net Debt
33,930,561.97
Remaining Borrowing Power
55,845,802.34
$
General Debt
A. Serial Bonds Payable
On February 1, 2010, the Township issued $3,275,000 of General Obligation Refunding Bonds. The
General Obligation Refunding Bonds were issued at interest rates varying from 3.75% to 5.00% and
matured on August 1, 2021.
On May 2, 2012, the Township issued $5,260,000 of General Obligation Refunding Bonds. The General
Obligation Refunding Bonds were issued at interest rates varying from 2.00% to 4.00% and mature on
November 11, 2023.
On February 2, 2017, the Township issued $4,500,000 of General Obligation Bonds. The General
Obligation Bonds were issued at interest rates varying from 2.00% to 3.00% and mature on February 1,
2027.
On August 1, 2019, the Township issued $6,280,000 of General Obligation Bonds. The General
Obligation Bonds were issued at interest rates varying from 3.00% to 4.00% and mature on August 15,
2028.
48
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 10. Municipal Debt (continued):
Principal and interest due on the outstanding general obligation bonds are as follows:
Year
Principal
Interest
Total
2022
$ 1,595,000.00 $ 292,925.00 $ 1,887,925.00
2023
1,775,000.00 245,325.00 2,020,325.00
2024
1,370,000.00 188,950.00 1,558,950.00
2025
1,370,000.00 139,650.00 1,509,650.00
2026
1,370,000.00 98,550.00 1,468,550.00
2027-2030 2,190,000.00 57,450.00 2,247,450.00
9,670,000.00
$
1,022,850.00
$
10,692,850.00
$
B. Bond Anticipation Notes Payable – Short Term Debt
The following is a summary of bond anticipation notes payable accounted for in the General Capital Fund
at December 31, 2021:
Balance
Date of
Date of
December 31,
Description
Issue
Maturity
Rate
2021
Series 2021 A
7/12/2021
7/12/2022
0.260%
4,928,750.00
$
Series 2021 C
8/11/2021
7/12/2022
0.250%
4,702,500.00
9,631,250.00
$
The purpose of these short-term borrowings was to provide resources for general capital construction,
acquisitions or improvement projects and other purposes permitted by State Local Bond Law NJSA
40A:2 et. seq.
C. Bonds and Notes Authorized But Not Issued
As of December 31, 2021, the Township had $12,725,615.05 in various General Capital bonds and notes
authorized but not issued.
49
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 10. Municipal Debt (continued):
D. Loans Payable
As of December 31, 2021, the Township had $156,943.01 in Green Trust Loans Payable outstanding.
Principal and interest due on the loans payable are as follows:
Year
Principal
Interest
Total
2022
$ 59,743.12 $ 2,763.86 62,506.98
2023
29,293.06 1,797.74 31,090.80
2024
29,882.07 1,209.73 31,091.80
2025
22,709.90 607.90 23,317.80
2026
15,314.86 230.12 15,544.98
156,943.01
$
6,609.35
$
163,552.36
$
E. NJEIT Loans Payable
During 2020, the Township entered into a loan agreement with the State of New Jersey Department of
Environmental Protection, pursuant to the 2020 New Jersey Environmental Infrastructure Trust Financing
Program. The Trust Loan Agreement of $1,915,305 is to be repaid over a twenty year period at interest
rates ranging from 2.125% to 5.00% for the $930,000 Trust Loan portion, and 0% for the $985,305 Fund
Loan portion. The proceeds of the loans were to fund Township-wide drainage projects. As of December
31, 2021, the balances were $900,000 and $901,804.60 respectively.
Year
Principal
Interest
Total
2022
$ 85,100.24 $ 32,368.76 $ 117,469.00
2023
85,100.24 30,618.76 115,719.00
2024
85,100.24 28,868.76 113,969.00
2025
90,100.24 27,118.76 117,219.00
2026
90,100.24 25,118.76 115,219.00
2027-2031
495,501.20 92,343.80 587,845.00
2032-2036
535,501.20 44,668.78 580,169.98
2037-2039
335,301.00 9,637.52 344,938.52
1,801,804.60
$
290,743.90
$
2,092,548.50
$
50
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 10. Municipal Debt (continued):
F. Trust Assessment Bonds Payable
On July 1, 2020, the Township issued $3,750,000 of General Obligation Assessment Bonds. The General
Obligation Assessment Bonds were issued at interest rates varying from 2.00% to 4.00% and mature on
July 15, 2030. During the year ended December 31, 2021 these Assessment bonds were transferred to the
Assessment Trust Fund.
Principal and interest due on the outstanding assessment bonds are as follows:
Year
Principal
Interest
Total
2022
$ 375,000.00 $ 105,000.00 $ 480,000.00
2023
375,000.00 97,500.00 472,500.00
2024
375,000.00 82,500.00 457,500.00
2025
375,000.00 67,500.00 442,500.00
2026
375,000.00 52,500.00 427,500.00
2027-2030 1,500,000.00 86,250.00 1,586,250.00
3,375,000.00
$
491,250.00
$
3,866,250.00
$
Summary of Principal Debt
A summary of the changes in long-term and short-term debt of the Township is as follows:
Balance
Balance
Balance
December 31,
Accrued/
Retired/
December 31,
Due Within
2020
Increases
Decreases
2021
One Year
General Capital:
General Bonds
15,040,000.00
$
-
$
5,370,000.00
$
9,670,000.00
$
1,595,000.00
$
Bond Anticipation Notes
3,214,000.00
12,845,250.00
6,428,000.00
9,631,250.00
9,631,250.00
Green Trust Loans
230,748.57
-
73,805.56
156,943.01
59,743.12
NJEIT Loan Payable
1,881,904.84
-
80,100.24
1,801,804.60
85,100.24
Assessment Trust:
Assessment Bonds
-
3,750,000.00
375,000.00
3,375,000.00
375,000.00
20,366,653.41
$
16,595,250.00
$
12,326,905.80
$
24,634,997.61
$
11,746,093.36
$
51
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 11. Deferred School Taxes
School taxes have been raised and the liability deferred by statutes. The balance of unpaid local taxes
levied, amount deferred and the amount reported as a liability (payable) at December 31, 2021 are as
follows:
Local Taxes
2021
2020
Total Balance of Local Tax
7,359,693.98
$
7,218,150.50
$
Deferred Taxes
5,236,297.00
5,236,297.00
Local Tax Payable
2,123,396.98
$
1,981,853.50
$
Balance, December 31,
Note 12. 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 benefits 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.
Note 13. Accrued Sick, Vacation and Compensation Time
As discussed in Note 1 and in accordance with accounting principles prescribed by the State of New
Jersey, the cash basis of accounting is followed for recording the Township’s liability related to unused
vacation, sick pay and compensation time. The Township permits certain employees within limits to
accumulate unused vacation, sick pay and compensation time, which may be taken as time off or paid at a
later date at an agreed upon rate. In accordance with New Jersey accounting principles, this unused
accumulated absences amount is not reported as a liability in the accompanying financial statements. It is
estimated that accrued benefits for compensated absences are valued at $2,218,149.83 at December 31,
2021.
The Township has established a Trust Fund in accordance with NJSA 40A:4-39 to set aside funds for
future payments of compensated absences. As of December 31, 2021, the Township has reserved in the
Other Trust Fund $12,918.95 to fund compensated absences in accordance with NJSA 40A:4-39.
52
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 14. Contingencies
Grantor Agencies
The Township receives financial assistance from the State of New Jersey and the U.S. government in the
form of grants. Entitlement to the funds is generally conditional upon compliance with terms and
conditions of the grant agreements and applicable regulations, including the expenditure of the funds for
eligible purposes. Substantially all grants, entitlements and cost reimbursements are subject to financial
and compliance audits by grantors. As a result of these audits, costs previously reimbursed could be
disallowed and require repayment to the grantor agency. As of December 31, 2021 the Township
estimates that no material liabilities will result from such audits.
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.
Tax Appeals
Losses arising from tax appeals are recognized at the time a decision is rendered by an administrative or
judicial body; however, municipalities may establish reserves transferred from tax collections or by
budget appropriation for future payments of tax appeal losses. There are no significant pending tax
appeals as of December 31, 2021.
Note 15. Postemployment Benefits Other Than Pensions – State Plan
General Information about the OPEB Plan
The State Health Benefit Local Government Retired Employees Plan (the Plan) is a cost-sharing multiple-
employer defined benefit other postemployment benefit (OPEB) plan with a special funding situation. It
covers employees of local government employers that have adopted a resolution to participate in the Plan.
For additional information about the Plan, please refer to the State of New Jersey (the State), Division of
Pensions and Benefits’ (the Division) Annual Comprehensive Financial Report (ACFR), which can be
found at https://www.state.nj.us/treasury/pensions/financial-reports.shtml.
53
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 15. Postemployment Benefits Other Than Pensions – State Plan (continued)
The Plan provides medical and prescription drug to retirees and their covered dependents of the
participating employers. Under the provisions of Chapter 88, P.L 1974 and Chapter 48, P.L. 1999, local
government employers electing to provide postretirement medical coverage to their employees must file a
resolution with the Division. Under Chapter 88, local employers elect to provide benefit coverage based
on the eligibility rules and regulations promulgated by the State Health Benefits Commission. Chapter 48
allows local employers to establish their own age and service eligibility for employer paid health benefits
coverage for retired employees. Under Chapter 48, the employer may assume the cost of postretirement
medical coverage for employees and their dependents who: 1) retired on a disability pension; or 2) retired
with 25 or more years of service credit in a State or locally administered retirement system and a period
of service of up to 25 years with the employer at the time of retirement as established by the employer; or
3) retired and reached the age of 65 with 25 or more years of service credit in a State or locally
administered retirement system and a period of service of up to 25 years with the employer at the time of
retirement as established by the employer; or 4) retired and reached age 62 with at least 15 years of
service with the employer. Further, the law provides that the employer paid obligations for retiree
coverage may be determined by means of a collective negotiations agreement.
In accordance with Chapter 330, P.L. 1997, which is codified in N.J.S.A 52:14-17.32i, the State provides
medical and prescription coverage to local police officers and firefighters, who retire with 25 years of
service or on a disability from an employer who does not provide postretirement medical coverage. Local
employers were required to file a resolution with the Division in order for their employees to qualify for
State-paid retiree health benefits coverage under Chapter 330. The State also provides funding for retiree
health benefits to survivors of local police officers and firefighters who die in the line of duty under
Chapter 271, P.L.1989.
Pursuant to Chapter 78, P.L, 2011, future retirees eligible for postretirement medical coverage who have
less than 20 years of creditable service on June 28, 2011 will be required to pay a percentage of the cost
of their health care coverage in retirement provided they retire with 25 or more years of pension service
credit. The percentage of the premium for which the retiree will be responsible will be determined based
on the retiree’s annual retirement benefit and level of coverage.
Basis of Presentation
The schedule of employer and nonemployer allocations and the schedule of OPEB amounts by employer
and nonemployer (collectively, the Schedules) present amounts that are considered elements of the
financial statements of its participating employers or the State as a nonemployer contributing entity.
Accordingly, they do not purport to be a complete presentation of the financial position or changes in
financial position of the participating employers or the State. The accompanying Schedules were prepared
in accordance with U.S. generally accepted accounting principles. Such preparation requires management
of the Plan to make a number of estimates and assumptions relating to the reported amounts. Due to the
inherent nature of these estimates, actual results could differ from those estimates.
54
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 15. Postemployment Benefits Other Than Pensions – State Plan (continued):
Allocation Methodology
GASB Statement No. 75 requires participating employers in the Plan to recognize their proportionate
share of the collective net OPEB liability, collective deferred outflows of resources, collective deferred
inflows of resources, and collective OPEB (benefit) expense. The special funding situation’s and
nonspecial funding situation’s net OPEB liability, deferred outflows of resources, deferred inflows of
resources, and OPEB expense (benefit) are based on separately calculated total OPEB liabilities. For the
special funding situation and the nonspecial funding situation, the total OPEB liabilities for the year
ended June 30, 2021 were $3,872,142,278.00 and $14,177,910,609.00, respectively. The nonspecial
funding situation’s net OPEB liability, deferred outflows of resources, deferred inflows of resources, and
OPEB expense (benefit) are further allocated to employers based on the ratio of the plan members of an
individual employer to the total members of the Plan’s nonspecial funding situation during the
measurement period July 1, 2020 through June 30, 2021. Employer and nonemployer allocation
percentages have been rounded for presentation purposes; therefore, amounts presented in the schedule of
OPEB amounts by employer and nonemployer may result in immaterial differences.
Special Funding Situation
Under Chapter 330, P.L. 1997, the State shall pay the premium or periodic charges for the qualified local
police and firefighter retirees and dependents equal to 80 percent of the premium or periodic charge for
the category of coverage elected by the qualified retiree under the State managed care plan or a health
maintenance organization participating in the program providing the lowest premium or periodic charge.
The State also provides funding for retiree health benefits to survivors of local police officers and
firefighters who die in the line of duty under Chapter 271, P.L.1989.
Therefore, these employers are considered to be in a special funding situation as defined by GASB
Statement No. 75 and the State is treated as a nonemployer contributing entity. Since the local
participating employers do not contribute under this legislation directly to the plan, there is no net OPEB
liability, deferred outflows of resources or deferred inflows of resources to report in the financial
statements of the local participating employers related to this legislation. However, the notes to the
financial statements of the local participating employers must disclose the portion of the nonemployer
contributing entities’ total proportionate share of the collective net OPEB liability that is associated with
the local participating employer. The participating employer is required to record in their financial
statements, as an expense and corresponding revenue, their proportionate share of the OPEB expense
allocated to the State of New Jersey under the special funding situation.
Additionally, the State’s proportionate share of the OPEB liability attributable to the Township is
$10,693,645.00 as of December 31, 2021. The OPEB liability was measured as of June 30, 2021. The
total OPEB liability used to calculate the OPEB liability was determined using update procedures to roll
forward the total OPEB liability from an actuarial valuation as of July 1, 2020, to the measurement date
of June 30, 2021. The State’s proportion of the OPEB liability associated with the Township was based
on a projection of the Township’s long-term share of contributions to the OPEB plan relative to the
projected contributions of all participating members, actuarially determined. The State’s proportion
measured as of June 30, 2021 was 0.2769400119%, which was an increase of 0.0917090067% from its
proportion measured as of June 30, 2020, which is the same proportion as the Township’s. At December
31, 2021, the Township’s and the State of New Jersey’s proportionate share of the OPEB liability were as
follows:
55
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 15. Postemployment Benefits Other Than Pensions – State Plan (continued):
State of New Jersey's
Proportionate Share of OPEB Liability
Associated with the Township
10,693,645.00
$
At December 31, 2021, the State’s proportionate share of the OPEB benefit, associated with the
Township, calculated by the plan as of the June 30, 2021 measurement date was ($1,459,188.00).
Note 16. Postemployment Benefits Other Than Pensions – Local Plan
General Information about the OPEB Plan
The financial statements of the Township are not prepared in accordance with Governmental Accounting
Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment
Benefits Other than Pensions. The following information is provided in accordance with the requirements
of the Statement and has been implemented prospectively.
The Township of Little Egg Harbor provides post-employment medical, prescription drug, dental, and
vision benefits to eligible retired employees and their spouses until Medicare age is attained by either the
retired employee or the spouse in the case of spousal coverage. The Township of Little Egg Harbor pays
100% of the insurance cost for the retiree.
Employees and Retirees Covered – At December 31, 2021, the following employees were covered by
the Township plan:
Participant Data
Amount
Active Employees
119
Retired Employees
34
Total Membership Count
153
Actuarial Assumptions and Other Inputs
This valuation has been conducted as of December 31, 2021 based on census, plan design and premium
information provided by the Township. Census includes 34 retired participants (including spouses) and
119 active participants. The Measurement Date, for each fiscal year is as of the end of the prior year.
Thus, the Total OPEB Liability for fiscal year ending December 31, 2021 of $26,467,890.00 is measured
at December 31, 2021 as allowed under GASB 75.
56
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 16. Postemployment Benefits Other Than Pensions – Local Plan (continued):
The values are determined in accordance with GASB 75 including the Individual Entry Age Normal Cost
method with the normal cost determined as a percentage of pay. Standard roll forward and backward
techniques were used to adjust valuation dates to measurement dates. The following assumptions and
other inputs applied to all periods in the measurement, unless otherwise specified:
Actuarial Cost Method
Entry Age Normal
Discount Rate
Based on S&P Municipal Bond 20 Year High-Grade Bond Index Rate
of 2.25% as of 12/31/2021
Inflation Rate
3.00%
Salary Increases
3.00%
Health Care Cost Trend
8.00% Decreasing to 5.00% ultimate
Rates of Mortality
RP 2006 w/ MP-2019 projection
Rates of Retirement
Rates start at age 55 & 10 years or 20 years
Rates of Disability
None assumed
Retiree Participation
100.00% of eligible retirees are assumed to elect to participate in the plan
Investment Rate of Return
2.25%
Asset Valuation Method
Market
Discount Rate – The discount rate is the single rate that reflects (1) the long-term expected rate of return
on the OPEB plan investments that are expected to be used to finance the payments of benefits, to the
extent that the OPEB plan’s fiduciary net position is projected to be sufficient to make projected benefit
payments and OPEB plan assets are expected to be invested using a strategy to achieve that return and (2)
a yield or index rate for 20-year, tax-exempt general obligation municipal bonds with an average rating of
Aa, to the extent that the conditions for use of the long-term expected rate of return are not met. For the
total OPEB liability calculation as of December 31, 2021, the discount rate utilized was 2.25%.
Changes in the Total OPEB Liability – The changes to the total OPEB Liability during the year ending
December 31, 2021 were as follows:
57
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 16. Postemployment Benefits Other Than Pensions – Local Plan (continued):
Total OPEB Liability
Balance, January 1, 2021
26,945,168.00
$
Changes for the Year:
Service Cost
684,775.00
Interest Cost
509,153.00
Changes of Assumptions
(664,864.00)
Difference between Actual and Expected
121,987.00
Benefits Paid (implicit)
(1,128,329.00)
Net Changes
(477,278.00)
Balance, December 31, 2021
26,467,890.00
$
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate
The following presents the total OPEB liability of the Township, as well as what the Township’s total
OPEB liability would be, if it were calculated using a discount rate that is 1-percentage-point lower (1.25
percent) or 1-percentage pointer higher (3.25 percent) that the current discount rate:
At 1%
At Discount
At 1%
Decrease (1.25%)
Rate (2.25%)
Increase (3.25%)
Total OPEB Liability
28,545,446.00
$
26,467,890.00
$
24,390,336.00
$
December 31, 2021
The following presents the total OPEB liability of the Township, as well as what the Township’s total
OPEB liability would be, if it were calculated using a healthcare cost trend rate that is 1-percentage-point
lower or 1-percentage pointer higher that the current healthcare cost trend rate:
Healthcare Cost
1% Decrease
Trend Rate *
1% Increase
Total OPEB Liability
23,700,663.00
$
26,467,890.00
$
29,757,039.00
$
December 31, 2021
58
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 16. Postemployment Benefits Other Than Pensions – Local Plan (continued):
OPEB Expense and Deferred Outflows and Deferred Inflows of Resources Related to OPEB
For the year ended December 31, 2021, the Township’s OPEB expense was estimated to be
$1,491,942.00. At December 31, 2021, the Township reported deferred outflows of resources and
deferred inflows of resources related to OPEB from the following sources:
Deferred Outflows
Deferred Inflows
of Resources
of Resources
Differences between Expected and
Actual Experience
200,688.00
$
39,538.00
$
Changes of Assumptions
2,660,223.00
598,378.00
Net Difference Between Projected and
Actual Eearnings of OPEB Plan Investments
-
-
2,860,911.00
$
637,916.00
$
Amounts reported as deferred outflows of resources related to OPEB will be recognized in OPEB expense
as follows:
Fiscal Year
Ending June 30,
2022
298,014.00
$
2023
298,014.00
2024
298,014.00
2025
298,014.00
2026
298,014.00
Thereafter
732,938.00
2,223,008.00
$
59
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 16. Postemployment Benefits Other Than Pensions – Local Plan (continued):
Other Supplementary Information
2021
2020
2019
Total OPEB Liability
Service Cost
684,775.00
$
606,129.00
$
550,776.00
$
Interest
509,153.00
766,550.00
817,098.00
Difference Between Expected and Actual Experience
121,987.00
(49,422.00)
3,507.00
Changes in Assumptions
(664,864.00)
2,651,670.00
769,839.00
Benefit Payments
(1,128,329.00)
(1,087,137.00)
(1,063,164.00)
Net Change in Total OPEB Liability
(477,278.00)
2,887,790.00
1,078,056.00
Total OPEB Liability - Beginning
26,945,168.00
24,057,378.00
22,979,322.00
Total OPEB Liability - Ending
26,467,890.00
$
26,945,168.00
$
24,057,378.00
$
Total Covered Employee Payroll
10,871,668.00
$
10,561,876.00
$
10,213,028.00
$
Net OPEB Liability as a Percentage of Payroll
243.46%
255.12%
235.56%
Fiscal Year Ending December 31,
Note 17. Community Disaster Loan
On April 5, 2013, the Township submitted a formal request for a FEMA Community Disaster Loan
(CDL) in the amount of $4,319,506.00 in relation to Hurricane Sandy losses and expenditures. On March
28, 2013, the Township approved a resolution to amend the 2013 Budget by $1,750,000.00, the amount
of the CDL that was awarded in 2013. During 2014, an additional $1,500,000.00 was received. During
2015, an additional $1,000,000.00 was received.
The interest rate on the loan is the U.S. Treasury rate for 5-year maturities on the date the Promissory
Note is executed, in this case June 13, 2013 when the interest rate was 0.625%. The term of the loan is
usually 5 years, but may be extended. Interest accrues on the funds as they are disbursed. On September
30, 2021 Congress enacted The Extending Government Funding and Delivering Emergency Assistance
Act providing for the forgiveness of Community Disaster Loans held by local municipal governments.
The Township’s remaining balance as of September 30, 2021 of $4,220,140.75 has been cancelled and
will not have to be repaid.
Note 18. Commitments
The Township has contractual commitments at December 31, 2021 to various vendors which are recorded
as encumbrances in the General Fund in the amount of $247,068.04, the Grant Fund in the amount of
$126,102.95 and the General Capital fund in the amount of $42,414.00.
60
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 19. Subsequent Events
Management has reviewed and evaluated all events and transactions that occurred between December
31, 2021 and April 2, 2023, the date that the financial statements were available for issuance, for
possible disclosure and recognition in the financial statements.
On June 14, 2022, the Township adopted an Ordinance providing for road improvements to various roads
located in the Township, appropriating $1,500,000.00 therefor and authorizing the issuance of
$1,425,000.00 bonds or notes to finance the same.
On March 9, 2023, the Township adopted an Ordinance providing for the acquisition of various trucks
and equipment for the Township, appropriating $1,000,000.00 therefor and authorizing the issuance of
$950,000.00 bonds or notes to finance the same.
61
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62
SUPPLEMENTARY EXHIBITS
63
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64
CURRENT FUND
65
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66
EXHIBIT A-4
Balance December 31, 2020
7,276,845.98
$
182,880.41
$
Increased by Receipts:
Taxes Receivable
61,990,790.61
$
-
$
Tax Title Liens Receivable
346,984.06
-
Due From State - Senior Citizen &
Veteran Deductions
291,969.19
-
Revenue Accounts Receivable
3,994,931.32
-
Miscellaneous Revenue Not Anticipated
379,370.37
-
Prepaid Taxes
913,005.95
-
Tax Overpayments
201,722.25
-
Refunds of Current Year Appropriations
704,660.28
-
Due Bass River
2,534.00
-
Construction Fees Due State of New Jersey
28,737.00
-
Transferred from State & Federal Fund
1,180,298.67
-
Due from Trust Assessment
1,049,938.47
-
Federal & State Grants Unappropriated
-
123,137.14
Federal & State Grants Receivable
-
1,507,717.99
Total Receipts
71,084,942.17
1,630,855.13
Subtotal
78,361,788.15
1,813,735.54
Decreased by Disbursements:
2021 Appropriations
22,989,325.59
-
Appropriation Reserves
556,577.22
-
County Taxes Payable
9,822,792.77
-
Due County for Added & Omitted Taxes
53,968.17
-
Local District School Tax
14,205,601.52
-
Regional High School Tax
18,122,488.04
-
Special District Taxes
1,756,957.00
-
Municipal Open Space Taxes
234,442.25
-
Construction Fees Due State of NJ
21,898.00
-
Bass River Construction Fees
1,965.70
-
Refund Tax Overpayments
500,645.41
-
Due Payroll
15.00
-
Due Capital Fund
56,833.00
-
Due to/from Current Fund
-
1,180,298.67
Encumbrances Payable
-
121,766.80
Federal & State Grants - Appropriated
-
382,329.44
Total Disbursements
68,323,509.67
1,684,394.91
Balance December 31, 2021
10,038,278.48
$
129,340.63
$
CURRENT FUND
GRANT FUND
STATE & FEDERAL
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
SCHEDULE OF CASH - TREASURER
FOR THE YEAR ENDED DECEMBER 31, 2021
67
EXHIBIT A-5
BALANCE
SENIOR
TRANSFERRED
BALANCE
DECEMBER 31,
2021
ADDED
CITIZENS &
OVERPAYMENT
OVERPAYMENT
TO TAX
DECEMBER 31,
YEAR
2020
LEVY
TAXES
2020
2021
VETERANS
APPLIED
CREATED
CANCELED
TITLE LIENS
2021
2009
4.65
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
4.65
$
2010
5.01
-
-
-
-
-
-
-
-
-
5.01
2011
5.16
-
-
-
-
-
-
-
-
-
5.16
2012
1,252.58
-
-
-
-
-
-
-
-
-
1,252.58
2013
2,512.40
-
-
-
-
-
-
-
-
-
2,512.40
2014
3,294.56
-
-
-
-
-
-
-
-
-
3,294.56
2015
3,478.60
-
-
-
1,716.67
(250.00)
20,142.06
21,608.73
-
-
3,478.60
2016
3,436.72
-
-
-
250.00
(250.00)
33,248.61
33,248.61
-
-
3,436.72
2017
3,640.77
-
-
-
250.00
(250.00)
32,983.17
32,983.17
-
-
3,640.77
2018
3,655.23
-
-
-
250.00
(250.00)
11,990.00
11,990.00
-
-
3,655.23
2019
6,591.02
-
-
-
2,209.74
(250.00)
12,922.50
31,393.32
18,673.32
-
4,428.78
2020
11,208.88
-
11,940.04
-
11,292.11
(5,693.14)
65,479.91
69,288.75
7,478.76
-
13,880.03
Total
39,085.58
-
11,940.04
-
15,968.52
(6,943.14)
176,766.25
200,512.58
26,152.08
-
39,594.49
2021
-
62,929,828.17
315,299.70
844,352.01
61,974,822.09
290,428.77
18,110.58
117,462.14
106,973.25
111,649.19
16,254.12
Total
39,085.58
$
62,929,828.17
$
327,239.74
$
844,352.01
$
61,990,790.61
$
283,485.63
$
194,876.83
$
317,974.72
$
133,125.33
$
111,649.19
$
55,848.61
$
Tax Yield:
General Property Tax
61,172,871.17
$
Special District
1,756,957.00
Added Taxes (54:4-63.1 et. seq.)
315,299.70
63,245,127.87
$
Total Tax Yield
63,245,127.87
$
Tax Levy:
Local School District Tax (Abstract)
14,347,145.00
$
Regional High School Tax (Abstract)
17,358,754.00
Municipal Open Space (Abstract)
233,476.49
Municipal Open Space (Added)
1,202.70
County Taxes:
County Tax (Abstract)
8,216,891.97
$
County Library Tax (Abstract)
896,449.12
County Health Services (Abstract)
412,438.13
County Open Space
297,013.55
Due County for Added Taxes (54:4-63,1 et.seq.)
50,712.17
Total County Taxes
9,873,504.94
Fire District #1 (Amount Certified)
641,416.00
Fire District #2 (Amount Certified)
641,941.00
Fire District #3 (Amount Certified)
473,600.00
Total Special District Taxes
1,756,957.00
Local Tax for Municipal Purposes
19,378,350.09
Add: Additional Tax Levied
295,737.65
19,674,087.74
Total Tax Levy
63,245,127.87
$
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
COLLECTED
FOR THE YEAR ENDED DECEMBER 31, 2021
SCHEDULE OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY
ANALYSIS OF 2021 PROPERTY TAX LEVY:
68
EXHIBIT A-6
Balance December 31, 2020
991,159.98
$
Increased by:
Transfers from Taxes Receivable
111,649.19
$
Adjustment
10,951.61
122,600.80
Subtotal
1,113,760.78
Decreased by:
Collections
346,984.06
Balance December 31, 2021
766,776.72
$
EXHIBIT A-7
Balance December 31, 2020 & 2021
5,757,700
$
SCHEDULE OF PROPERTY ACQUIRED FOR TAXES
(AT ASSESSED VALUATION)
FOR THE YEAR ENDED DECEMBER 31, 2021
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2021
SCHEDULE OF TAX TITLE LIENS
69
EXHIBIT A-8
BALANCE
BALANCE
DECEMBER 31,
ACCRUED IN
DECEMBER 31,
2020
2021
TREASURER
2021
Miscellaneous Revenue Anticipated:
Licenses - Alcoholic Beverages
-
$
10,814.00
$
10,814.00
$
-
$
Fees & Permits
-
330,646.50
330,646.50
-
Municipal Court
6,931.56
102,228.77
102,228.77
6,931.56
Interest & Costs on Taxes
-
313,402.57
313,402.57
-
Payments in Lieu of Taxes
-
102,917.01
102,917.01
-
Energy Receipts Tax
-
1,299,939.00
1,299,939.00
-
Garden State Trust
-
229,633.00
229,633.00
-
Uniform Construction Code Fees
-
511,343.50
511,343.50
-
Shared Svc - Ocean Twp CFO
-
60,000.00
60,000.00
-
Tower Rental
-
270,579.93
270,579.93
-
SRO Officer
-
252,835.32
252,835.32
-
Cable TV
-
83,982.87
83,982.87
-
Ocean County CARES Act Funding
-
426,608.85
426,608.85
-
Total
6,931.56
$
3,994,931.32
$
3,994,931.32
$
6,931.56
$
Cash Receipts
3,994,931.32
$
Total
3,994,931.32
$
TOWNSHIP OF LITTLE EGG HARBOR
FOR THE YEAR ENDED DECEMBER 31, 2021
STATEMENT OF REVENUE ACCOUNTS RECEIVABLE
CURRENT FUND
70
EXHIBIT A-9
BALANCE
BALANCE
PAID
DECEMBER 31, 2020
AFTER
OR
BALANCE
TRANSFERS
CHARGED
LAPSED
General Government:
General Administration:
Salaries and Wages
17,461.64
$
17,461.64
$
2,410.46
$
15,051.18
$
Other Expenses
4,642.00
4,802.00
2,400.03
2,401.97
Mayor and Committee:
Salaries and Wages
1,155.78
1,155.78
-
1,155.78
Other Expenses
2,735.00
2,735.00
-
2,735.00
Municipal Clerk:
Salaries and Wages
16,660.48
16,660.48
1,438.96
15,221.52
Other Expenses
15,236.90
15,845.13
1,084.56
14,760.57
Financial Administration (Treasury):
Salaries and Wages
9,596.22
9,596.22
-
9,596.22
Other Expenses
2,200.37
6,797.43
6,797.43
-
Audit Services:
Other Expenses
3,800.00
3,800.00
3,800.00
-
Revenue Administration (Tax Collection):
Salaries and Wages
10,721.59
10,721.59
10,721.59
-
Other Expenses:
Tax Sale Costs
5,189.07
34,953.92
29,985.25
4,968.67
Miscellaneous Other Expenses
5,082.19
7,478.07
2,542.43
4,935.64
Tax Assessment Administration:
Salaries and Wages
6,749.34
6,749.34
-
6,749.34
Other Expenses
1,614.94
5,053.39
3,438.45
1,614.94
Liquidation of Tax Title Liens & Foreclosed:
Property- Other Expenses
2,973.70
2,973.70
-
2,973.70
Legal Services (Legal Department):
Other Expenses
51,840.03
51,840.03
27,879.81
23,960.22
Engineering Services:
Other Expenses
51,574.71
51,574.71
11,109.75
40,464.96
Land Use Administration:
Planning Board:
Salaries and Wages
706.50
706.50
-
706.50
Other Expenses
1,157.50
1,157.50
-
1,157.50
Zoning Board of Adjustment:
Salaries and Wages
506.50
506.50
-
506.50
Other Expenses
5,034.00
5,034.00
952.85
4,081.15
Zoning Officer:
Salaries and Wages
5,364.35
5,364.35
1,410.82
3,953.53
Other Expenses
14,864.84
15,392.73
498.86
14,893.87
Insurance:
Group Insurance for Employees
68,648.79
68,648.79
-
68,648.79
Health Benefit Waiver
15,597.04
15,597.04
5,000.00
10,597.04
Unemployment Insurance
13,464.69
13,464.69
-
13,464.69
Other Insurance: JIF, Surety WC
630.00
630.00
-
630.00
Public Safety Functions:
Police Department:
Salaries and Wages
34,078.27
34,078.27
34,078.27
-
Other Expenses
111,680.69
137,367.08
52,202.37
85,164.71
Office of Emergency Management:
Other Expenses
85.04
85.04
-
85.04
First Aid Squad Contribution
70,000.00
70,000.00
70,000.00
-
Municipal Prosecutor:
Other Expenses
6,500.00
6,500.00
3,750.00
2,750.00
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
SCHEDULE OF 2020 APPROPRIATION RESERVES
FOR THE YEAR ENDED DECEMBER 31, 2021
71
EXHIBIT A-9
BALANCE
BALANCE
PAID
DECEMBER 31, 2020
AFTER
OR
BALANCE
TRANSFERS
CHARGED
LAPSED
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
SCHEDULE OF 2020 APPROPRIATION RESERVES
FOR THE YEAR ENDED DECEMBER 31, 2021
Public Works Functions:
Streets & Roads Maintenance:
Salaries and Wages
23,186.82
23,186.82
-
23,186.82
Other Expenses
28,810.74
44,275.78
16,896.91
27,378.87
Solid Waste Sanitation:
Salaries and Wages
14,161.44
14,161.44
14,161.44
-
Other Expenses
42,569.52
48,012.02
8,157.43
39,854.59
Bulk Property Maintenance Pick-Up
70,000.00
70,000.00
-
70,000.00
Solid Waste Recycling:
Salaries and Wages
24,115.26
24,115.26
3,058.13
21,057.13
Other Expenses
10,253.99
13,606.66
6,003.36
7,603.30
Buildings & Grounds:
Salaries and Wages
1,125.14
1,125.14
1,125.14
-
Other Expenses
13,772.97
22,606.63
20,700.35
1,906.28
Vehicle Maintenance:
Salaries and Wages
13,721.52
13,721.52
904.31
12,817.21
Other Expenses
30,538.62
48,233.03
26,223.12
22,009.91
Municipal Services Act:
Other Expenses
41,802.83
41,802.83
16,736.13
25,066.70
County Mosquito Control Agency:
Other Expenses
24,375.00
24,405.00
30.00
24,375.00
Health & Human Services:
Public Health Services (Board of Health):
Salaries and Wages
1,200.00
1,200.00
-
1,200.00
Other Expenses
3,229.00
3,229.00
600.00
2,629.00
Environmental Health Services:
Salaries and Wages
1,200.00
1,200.00
-
1,200.00
Other Expenses
1,500.00
1,500.00
-
1,500.00
Animal Control Services:
Other Expenses
9,984.00
9,984.00
348.00
9,636.00
Contributions to Social Service Agencies - Statutory:
Providence House
2,000.00
2,000.00
-
2,000.00
On-Point
10,000.00
10,000.00
10,000.00
-
Park & Recreation Functions:
Recreation Services & Programs:
Salaries and Wages
5,790.72
5,790.72
1,225.40
4,565.32
Other Expenses
17,261.69
18,994.19
232.50
18,761.69
Senior Center/Community Activities:
Other Expenses
1,600.00
1,600.00
-
1,600.00
Utility Expenses & Bulk Purchases:
Electricity
31,354.32
31,354.32
16,258.30
15,096.02
Street Lighting
27,526.66
27,526.66
27,526.66
-
Telephone
56,754.88
56,754.88
29,205.29
27,549.59
Fuel Oil/Natural Gas
5,302.18
6,444.69
4,704.78
1,739.91
Gasoline
97,615.81
109,851.90
24,659.98
85,191.92
Uniform Construction Code Enforcement Functions:
Construction Code Official:
Salaries and Wages
3,567.05
3,567.05
-
3,567.05
Other Expenses
6,718.61
7,591.85
832.64
6,759.21
Municipal Court:
Salaries and Wages
27,171.09
27,171.09
1,415.19
25,755.90
Other Expenses
16,529.09
16,752.77
223.68
16,529.09
Public Defender:
-
Other Expenses
16,535.00
16,535.00
5,830.00
10,705.00
72
EXHIBIT A-9
BALANCE
BALANCE
PAID
DECEMBER 31, 2020
AFTER
OR
BALANCE
TRANSFERS
CHARGED
LAPSED
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
SCHEDULE OF 2020 APPROPRIATION RESERVES
FOR THE YEAR ENDED DECEMBER 31, 2021
Other Common Operating Functions (Unclassified):
Municipal Alliance Council
9,075.00
9,075.00
-
9,075.00
Celebration of Public Events:
Other Expenses
6,000.00
6,000.00
-
6,000.00
Reserve for Disputed Contracts
50,000.00
50,000.00
49,985.59
14.41
Deferred Charges & Statutory Expenditures -
Municipal Within "CAPS":
Social Security System (O.A.S.I.)
30,930.26
30,930.26
-
30,930.26
Defined Contributions Retirement Program
3,765.00
3,765.00
-
3,765.00
Operations Excluded From "CAPS"
Police Dispatch/911:
Salaries and Wages
28,144.75
28,144.75
-
28,144.75
Other Expenses
1,184.83
1,184.83
-
1,184.83
Total
1,367,925.96
$
1,502,131.01
$
558,546.22
$
943,584.79
$
Appropriation Reserves
1,367,925.96
$
Reserve for Encumbrances
134,205.05
1,502,131.01
$
Accounts Payable
1,969.00
$
Cash Disbursements
556,577.22
558,546.22
$
73
EXHIBIT A-10
Balance December 31, 2020
School Tax Deferred
5,236,297.00
$
School Tax Payable
1,981,853.50
7,218,150.50
Increased by Levy:
School Year July 1, 2021 - June 30, 2022
14,347,145.00
Subtotal
21,565,295.50
Decreased by:
Payments
14,205,601.52
Subtotal
7,359,693.98
Balance December 31, 2021
School Tax Deferred
5,236,297.00
School Tax Payable
2,123,396.98
Balance December 31, 2021
7,359,693.98
$
2021 Payments
14,205,601.52
$
Less School Taxes Payable at December 31, 2020
(1,981,853.50)
Plus School Taxes Payable at December 31, 2021
2,123,396.98
Amount Charged to 2021 Operations
14,347,145.00
$
EXHIBIT A-11
Balance December 31, 2020
763,734.04
$
Increased by:
Levy - Calendar Year 2021
17,358,754.00
Subtotal
18,122,488.04
Decreased by:
Payments
18,122,488.04
Balance December 31, 2021
-
$
SCHEDULE OF REGIONAL HIGH SCHOOL TAX PAYABLE
FOR THE YEAR ENDED DECEMBER 31, 2021
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
SCHEDULE OF LOCAL DISTRICT TAX
FOR THE YEAR ENDED DECEMBER 31, 2021
ANALYSIS OF AMOUNT CHARGED TO OPERATIONS
74
EXHIBIT A-12
BALANCE
DECEMBER 31,
2020 & 2021
Reserve for Sandy Insurance Proceeds
2,419.00
$
Reserve for Closed Escrow Accounts
54,052.92
Reserve for Retail Mercantile Licenses
350.00
Reserve for Reassessment
100,047.00
Reserve for FEMA Proceeds
3,722.78
160,591.70
$
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
SCHEDULE OF VARIOUS RESERVES
FOR THE YEAR ENDED DECEMBER 31, 2021
75
EXHIBIT A-13
BALANCE
TRANSFERRED
BALANCE
DECEMBER 31,
ANTICIPATED
FROM
DECEMBER 31,
GRANT
2020
REVENUE
RECEIVED
UNAPPROPRIATED
ADJUSTMENT
2021
NJOEM Grant
6,203.35
$
-
$
-
$
-
$
-
$
6,203.35
$
CDBG - 2015
19,226.71
-
-
-
-
19,226.71
966 Reimbursement Grant
9,376.42
-
-
-
-
9,376.42
Neighborhood Community Revitalization Grant
2,464.22
-
-
-
-
2,464.22
Child Restraint Grant
2,500.00
-
-
-
-
2,500.00
Bulletproof Vest Partnership Grant
6,207.81
-
-
-
-
6,207.81
Post Sandy Planning Assistance
93,854.18
-
-
-
-
93,854.18
NJDEP Living Shore Grant
172,049.12
-
18,838.75
-
-
153,210.37
NJDOT - Iowa Court
111,606.00
-
111,606.00
-
-
-
Safe and Secure 2021
-
32,400.00
-
-
-
32,400.00
CDBG 2019
35,000.00
-
35,000.00
-
-
-
NJDOT - Great Bay Blvd
110,000.00
-
110,000.00
-
-
-
NJDOT - Sea Breeze
-
347,900.00
-
-
-
347,900.00
NJOEM Grant
638.49
-
-
-
-
638.49
Safe and Secure Communities 2020
60,000.00
-
60,000.00
-
-
-
Recycling Tonnage
-
33,491.41
33,491.41
-
-
-
NJ Clean Smart Start
-
283,800.00
-
-
-
283,800.00
Sustainable Jersey
-
5,000.00
2,500.00
-
-
2,500.00
Body Worn Camera Grant
-
-
-
-
-
-
American Rescue Plan
-
1,136,281.83
1,136,281.83
-
-
-
CDBG 2020
-
35,000.00
-
-
-
35,000.00
Total
629,126.30
$
1,873,873.24
$
1,507,717.99
$
-
$
-
$
995,281.55
$
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2021
SCHEDULE OF STATE AND FEDERAL GRANTS RECEIVABLE
76
EXHIBIT A-14
DEFERRED CHARGE
BALANCE
EXPENDITURE
BALANCE
DECEMBER 31,
2021 BUDGET
WITHOUT
DECEMBER 31,
APPROPRIATION
2020
APPROPRIATION
EXPENDED
APPROPRIATION
2021
State:
Alcohol Education & Rehabilitation
1,631.95
$
-
$
-
$
-
$
1,631.95
$
NJOEM Grant
20.95
-
-
-
20.95
Drunk Driving Enforcement Fund
497.95
-
-
-
497.95
Clean Communities Program - 2018
36,711.42
-
28,147.83
-
8,563.59
NJDOT Municipal Aid Program - 2014
188,119.25
-
-
-
188,119.25
Recycling Tonnage Grant - 2017
13,854.95
-
13,854.95
-
-
Recycling Tonnage Grant - 2018
30,928.59
-
30,928.59
-
-
Recycling Tonnage
-
33,491.41
-
-
33,491.41
Child Restraint Grant
2,500.00
-
-
-
2,500.00
Safe and Secure Communities
12,540.00
-
-
-
12,540.00
966 Reimbursement
15,582.77
-
-
-
15,582.77
Coastal Zone Management
2,597.75
-
-
-
2,597.75
Municipal Access Plan
15,000.00
-
-
-
15,000.00
Post Sandy Planning Assistance
48,073.26
-
-
-
48,073.26
NJDEP Living Shoreline
59,044.12
-
8,993.10
-
50,051.02
Department of Justice Grant
625.25
-
-
-
625.25
NJDOT - Iowa Court
12,048.32
-
-
-
12,048.32
Recycling Tonnage 2019
31,839.12
-
22,785.60
-
9,053.52
Clean Communities 2019
58,471.27
-
-
-
58,471.27
NJDOT - Sea Breeze
-
347,900.00
283,543.32
-
64,356.68
NJOEM Grant
638.49
-
-
-
638.49
Body Armor Grant 2020
1,880.32
-
-
-
1,880.32
Safe and Secure Communities
10,000.00
32,400.00
37,000.00
-
5,400.00
Clean Communities - 2020
52,720.73
-
-
-
52,720.73
NJ Clean Start
-
283,800.00
-
-
283,800.00
Sustainable Jersey
-
5,000.00
-
-
5,000.00
Body Worn Camera Grant
-
-
48,179.00
48,179.00
-
Total State
595,326.46
702,591.41
473,432.39
48,179.00
872,664.48
Federal:
CDBG 2015
30,493.42
-
-
-
30,493.42
National Wildlife Refuge
4,670.00
-
-
-
4,670.00
CDBG 2014
31,062.15
-
-
-
31,062.15
CDBG 2019 Grant
35,000.00
-
35,000.00
-
-
CDBG 2020
-
35,000.00
-
-
35,000.00
American Rescue Funds
-
1,136,281.83
-
-
1,136,281.83
Total Federal
101,225.57
1,171,281.83
35,000.00
-
1,237,507.40
Local:
Refuge Revenue Sharing Act
2,202.00
-
-
-
2,202.00
Total Local
2,202.00
-
-
-
2,202.00
Total
698,754.03
$
1,873,873.24
$
508,432.39
$
48,179.00
$
2,112,373.88
$
Cash Disbursements
382,329.44
$
Encumbrances
126,102.95
Total
508,432.39
$
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
SCHEDULE OF RESERVES FOR STATE AND FEDERAL GRANTS - APPROPRIATED
FOR THE YEAR ENDED DECEMBER 31, 2021
77
EXHIBIT A-15
BALANCE
BALANCE
DECEMBER 31,
DECEMBER 31,
GRANT
2020
RECEIVED
2021
State Grants:
Department of Justice Grant
3,245.00
$
-
$
3,245.00
$
Recycling Tonnage Grant
31,839.12
-
31,839.12
AERF
250.06
-
250.06
State of NJ Body Armor
-
3,200.84
3,200.84
Clean Communities
-
56,108.30
56,108.30
Body Worn Camera Program
-
61,140.00
61,140.00
Body Armor
-
2,688.00
2,688.00
35,334.18
$
123,137.14
$
158,471.32
$
SCHEDULE OF RESERVES FOR STATE GRANTS - UNAPPROPRIATED
FOR THE YEAR ENDED DECEMBER 31, 2021
TOWNSHIP OF LITTLE EGG HARBOR
FEDERAL AND STATE GRANT FUND
78
TRUST FUND
79
This page intentionally left blank
80
EXHIBIT B-1
Balance December 31, 2020
3,081,391.56
$
54,096.41
$
Increased by Receipts:
Escrow Fees
846,562.36
$
-
$
Open Space
234,151.98
-
Forfeited Funds
91.03
-
COAH Fees
21,978.22
-
Sick/Vacation Funds
150,000.00
-
Federal Forfeiture
5.46
-
Veterans Park
3,500.00
-
Interfunds Received
1,175.76
-
1,257,464.81
-
Subtotal
4,338,856.37
54,096.41
Decreased by Disbursements:
Escrow Fees
732,912.06
-
Open Space
162,507.79
-
Sick/Vacation Funds
232,526.67
-
Veterans Park
10,485.00
-
Forfeited Funds
2,790.35
-
1,141,221.87
-
Balance December 31, 2021
3,197,634.50
$
54,096.41
$
EXHIBIT B-2
Balance December 31, 2020
1,757,357.35
$
Increased by Receipts:
Deposits for Redemption of Tax Sale Certificates
3,226,140.62
Subtotal
4,983,497.97
Decreased by Disbursements:
Refunds - Tax Sale Certificates Redeemed
3,169,048.02
Balance December 31, 2021
1,814,449.95
$
SCHEDULE OF CASH - COLLECTOR - TAX TITLE LIEN REDEMPTION
FOR THE YEAR ENDED DECEMBER 31, 2021
TRUST OTHER
TRUST ASSESSMENT
TOWNSHIP OF LITTLE EGG HARBOR
TRUST FUND
SCHEDULE OF CASH - TREASURER
FOR THE YEAR ENDED DECEMBER 31, 2021
81
EXHIBIT B-3
Balance December 31, 2020
18.00
$
Increased by Receipts:
Dog License Fees
7,815.60
$
State Dog License Fees
1,547.40
9,363.00
Subtotal
9,381.00
Decreased by Disbursements:
Disbursements to State of New Jersey
1,545.00
Disbursements for Dog License Expenses
7,800.00
9,345.00
Balance December 31, 2021
36.00
$
EXHIBIT B-4
Balance December 31, 2020
18.00
$
Increased by:
Dog Licenses
9,363.00
Subtotal
9,381.00
Decreased by:
Expenditures
9,345.00
Balance December 31, 2021
36.00
$
YEAR
AMOUNT
2020
8,088.00
$
2019
8,862.00
Total
16,950.00
$
EXHIBIT B-5
Balance December 31, 2020
1,757,357.35
$
Increased by Receipts:
Deposits Received - Collector
3,226,140.62
Subtotal
4,983,497.97
Decreased by Disbursements:
Refunds - Tax Sale Certificates
3,169,048.02
Balance December 31, 2021
1,814,449.95
$
TOWNSHIP OF LITTLE EGG HARBOR
TRUST FUND
SCHEDULE OF CASH - ANIMAL CONTROL
FOR THE YEAR ENDED DECEMBER 31, 2021
FOR THE YEAR ENDED DECEMBER 31, 2021
SCHEDULE OF DEPOSITS FOR REDEMPTION OF TAX SALE CERTIFICATES
SCHEDULE OF RESERVE FOR DOG FUND EXPENDITURES
FOR THE YEAR ENDED DECEMBER 31, 2021
LICENSE FEES COLLECTED
82
EXHIBIT B-6
Balance December 31, 2020
1,563,002.81
$
Increased by:
Escrow Deposits Received
846,562.36
Subtotal
2,409,565.17
Decreased by:
Disbursements
732,912.06
Balance December 31, 2021
1,676,653.11
$
EXHIBIT B-7
Balance December 31, 2020
61,441.17
$
Increased by:
Cash Receipts
91.03
Subtotal
61,532.20
Decreased by:
Disbursements
2,790.35
Balance December 31, 2021
58,741.85
$
TOWNSHIP OF LITTLE EGG HARBOR
TRUST FUND
SCHEDULE OF RESERVE FOR FORFEITED PROPERTY
FOR THE YEAR ENDED DECEMBER 31, 2021
SCHEDULE OF RESERVE FOR ESCROW DEPOSITS
FOR THE YEAR ENDED DECEMBER 31, 2021
83
EXHIBIT B-8
Balance December 31, 2020 & 2021
2,057.05
$
EXHIBIT B-9
Balance December 31, 2020
1,275,695.87
$
Increased by:
Tax Levy - Due from Current Fund
1,202.70
$
Tax Levy - Cash Receipts
233,476.49
Cash Receipts Interest Earnings
675.49
235,354.68
Subtotal
1,511,050.55
Decreased by:
Disbursements
162,507.79
Balance December 31, 2021
1,348,542.76
$
EXHIBIT B-10
Balance December 31, 2020 & 2021
3,582.88
$
FOR THE YEAR ENDED DECEMBER 31, 2021
TOWNSHIP OF LITTLE EGG HARBOR
SCHEDULE OF RESERVE FOR RECREATION
FOR THE YEAR ENDED DECEMBER 31, 2021
SCHEDULE OF RESERVE FOR OPEN SPACE
FOR THE YEAR ENDED DECEMBER 31, 2021
SCHEDULE OF RESERVE FOR COMMUNITY CENTER
84
EXHIBIT B-11
Balance December 31, 2020
4,740.48
$
Increased by:
Receipts
5.46
Balance December 31, 2021
4,745.94
$
RECAP
Dept of Justice
1,982.41
$
Dept of Homeland Security
2,763.53
Total
4,745.94
$
EXHIBIT B-12
Balance December 31, 2020
95,445.62
$
Increased by:
Receipts
150,000.00
Subtotal
245,445.62
Decreased by:
Disbursements
232,526.67
Balance December 31, 2021
12,918.95
$
FOR THE YEAR ENDED DECEMBER 31, 2021
SCHEDULE OF RESERVE FOR FEDERAL FORFEITURE LAW ENFORCEMENT FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2021
TOWNSHIP OF LITTLE EGG HARBOR
SCHEDULE OF RESERVE FOR SICK AND VACATION TIME TRUST FUND
85
EXHIBIT B-13
Balance December 31, 2020
40,824.27
$
Increased by:
Receipts
21,978.22
Balance December 31, 2021
62,802.49
$
EXHIIT B-14
Balance December 31, 2020 & 2021
3,352.80
$
FOR THE YEAR ENDED DECEMBER 31, 2021
TOWNSHIP OF LITTLE EGG HARBOR
SCHEDULE OF RESERVE FOR COAH TRUST FUND
SCHEDULE OF RESERVE FOR POLICE EVIDENCE DEPOSITS
FOR THE YEAR ENDED DECEMBER 31, 2021
86
EXHIBIT B-15
Balance December 31, 2020
11,895.00
$
Increased by:
Receipts
3,500.00
Subtotal
15,395.00
Decreased by:
Disbursements
10,485.00
Balance December 31, 2021
4,910.00
$
EXHIIT B-16
Balance December 31, 2020 & 2021
9,500.00
$
TOWNSHIP OF LITTLE EGG HARBOR
SCHEDULE OF RESERVE FOR VETERANS PARK DONATIONS
FOR THE YEAR ENDED DECEMBER 31, 2021
SCHEDULE OF RESERVE FOR FIRE SAFETY - DEDICATED PENALTY
FOR THE YEAR ENDED DECEMBER 31, 2021
87
EXHIBIT B-17
BALANCE
BALANCE
ORDINANCE
DATE OF
ANNUAL
DECEMBER 31,
BILLING
DECEMBER 31,
NUMBER
IMPROVEMENT DESCRIPTION
CONFIRMATION
INSTALLMENTS
2020
CONFIRMED
ADJUSTMENTS
RECEIVED
2021
2018-12
Osbourn Island Maintenance Dredging
1/14/2021
10
-
$
1,688,866.46
$
-
$
564,341.89
$
1,124,524.57
$
2019-07
Mystic Island Dredging - Radio Road East
1/14/2021
10
-
2,538,642.82
10,268.00
926,300.27
1,622,610.55
Total
-
$
4,227,509.28
$
10,268.00
$
1,490,642.16
$
2,747,135.12
$
TOWNSHIP OF LITTLE EGG HARBOR
STATEMENT OF ASSESSMENTS RECEIVABLE
FOR THE YEAR ENDED DECEMBER 31, 2021
88
EXHIBIT B-18
REVENUES
ANTICIPATED
RECOGNIZED
EXCESS
DEDICATED REVENUES:
ASSESSMENT CASH
487,500.00
$
1,490,642.16
$
1,003,142.16
$
INTEREST AND COST
-
46,796.31
46,796.31
TOTAL
487,500.00
$
1,537,438.47
$
1,049,938.47
$
APPROPRIATION OF ASSESSMENT DEBT
BUDGETED
EXPENDED
RESERVE
BOND PRINCIPAL
375,000.00
$
375,000.00
$
-
$
INTEREST ON NOTES
112,500.00
112,500.00
-
TOTAL
487,500.00
$
487,500.00
$
-
$
TOWNSHIP OF LITTLE EGG HARBOR
DEDICATED ASSESSMENT BUDGET
FOR THE YEAR ENDED DECEMBER 31, 2021
89
EXHIBIT B-19
AMOUNT OF
BALANCE
BALANCE
DATE OF
ORIGINAL
INTEREST
DECEMBER 31,
DECEMBER 31,
PURPOSE
ISSUE
ISSUE
DATE
AMOUNT
RATE
2020
INCREASED
DECREASED
2021
General Obligation
7/1/2020
3,750,000.00
$
7/15/22
375,000.00
$
2.000%
-
$
3,750,000.00
$
375,000.00
$
3,375,000.00
$
Assessment Bonds
7/15/23
375,000.00
4.000%
7/15/24
375,000.00
4.000%
7/15/25
375,000.00
4.000%
7/15/26
375,000.00
4.000%
7/15/27
375,000.00
3.000%
7/15/28
375,000.00
3.000%
7/15/29
375,000.00
2.000%
7/15/30
375,000.00
2.000%
Totals
-
$
3,750,000.00
$
375,000.00
$
3,375,000.00
$
Paid from Current Fund
Assement Trust
375,000.00
$
Total
375,000.00
$
DECEMBER 31, 2021
TOWNSHIP OF LITTLE EGG HARBOR
ASSESSMENT TRUST FUND
SCHEDULE OF ASSESSMENT SERIAL BONDS
AT DECEMBER 31, 2021
MATURITIES OF
BONDS OUTSTANDING
90
GENERAL CAPITAL FUND
91
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92
EXHIBIT C-2
Balance December 31, 2020
1,249,885.06
$
Increased by Receipts:
Received from Open Space Fund
100,000.00
$
Capital Improvement Fund
100,000.00
Due from Current Fund
114,605.89
BAN Issued
12,845,250.00
13,159,855.89
Subtotal
14,409,740.95
Decreased by Disbursements:
Improvement Authorizations
2,183,157.64
BAN Paid
6,428,000.00
8,611,157.64
Balance December 31, 2021
5,798,583.31
$
SCHEDULE OF CASH - TREASURER
FOR THE YEAR ENDED DECEMBER 31, 2021
TOWNSHIP OF LITTLE EGG HARBOR
93
EXHIBIT C-3
(Page 1 of 2)
BALANCE
BALANCE
(OVERDRAFT)
BOND
(OVERDRAFT)
DECEMBER 31,
ANTICIPATION
RECEIPTS
IMPROVEMENT
DECEMBER 31,
2020
NOTES/BONDS
MISCELLANEOUS
AUTHORIZATIONS
MISCELLANEOUS
FROM
TO
2021
Fund Balance
83,186.53
$
-
$
-
$
-
$
-
$
-
$
-
$
83,186.53
$
Capital Improvement Fund
240,044.00
-
100,000.00
-
-
157,500.00
-
182,544.00
Reserve for Debt Service - BAN Premiums
55,050.69
-
-
-
-
-
-
55,050.69
Due Current Fund
(56,833.00)
-
114,605.89
-
-
57,772.89
-
-
Due Open Space Trust Fund
-
-
100,000.00
-
-
100,000.00
-
-
Due To Trust Assessment
-
-
-
-
-
137,509.28
-
(137,509.28)
Due to County - CDBG
3,722.00
-
-
-
-
-
-
3,722.00
IMPROVEMENT AUTHORIZATIONS:
ORDINANCE
NUMBER
09-06
Improvements to Frog Pond Road
(56,832.00)
-
-
-
56,832.00
-
11-15
Various Capital Improvements
(940.89)
-
-
-
940.89
-
13-14
Various Capital Improvements
(8,215.05)
-
-
-
-
(8,215.05)
14-10
Various Capital Improvements
460,783.65
3,028,000.00
-
-
3,028,000.00
-
-
460,783.65
16-05
Various Capital Improvements
445,343.68
-
-
4,450.00
-
-
440,893.68
17-08
Various Capital Improvements
218,296.16
-
-
33,282.42
-
-
185,013.74
Subtotal
1,383,605.77
3,028,000.00
314,605.89
37,732.42
3,028,000.00
452,782.17
57,772.89
1,265,469.96
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
ANALYSIS OF CASH
AT DECEMBER 31, 2021
DISBURSEMENTS
TRANSFERS
94
EXHIBIT C-3
(Page 2 of 2)
BALANCE
BALANCE
(OVERDRAFT)
BOND
(OVERDRAFT)
ORDINANCE
DECEMBER 31,
ANTICIPATION
RECEIPTS
IMPROVEMENT
DECEMBER 31,
NUMBER
2020
NOTES/BONDS
MISCELLANEOUS AUTHORIZATIONS MISCELLANEOUS
FROM
TO
2021
18-12
Dredging Osborn Island
(98,866.46)
-
-
-
-
-
98,866.46
-
18-13
Various General Improvements
238,821.09
3,400,000.00
-
81,537.11
3,400,000.00
-
-
157,283.98
19-07
Dredging Mystic Island Phase 1
(38,642.82)
-
-
-
-
-
38,642.82
-
19-08
Additional Improvements Veterans Park
74,145.33
-
-
372.50
-
-
-
73,772.83
19-11
Preliminary Dredging Expenses
(342,716.45)
361,000.00
-
2,434.04
-
-
-
15,849.51
19-12
Improvements Little Treasures Park
45,142.51
-
-
-
-
-
-
45,142.51
20-02
Paving and Improve Various Streets
(82,546.89)
209,000.00
-
96,100.80
-
-
-
30,352.31
20-03
Improvements Community Center
77.50
-
-
15,160.04
-
-
-
(15,082.54)
20-09
Beach Replenishment
51,800.98
2,802,500.00
-
98,891.85
-
-
-
2,755,409.13
20-10
Mystic Drainage Improvements Phase II
(3,685.50)
-
-
424,537.11
-
-
-
(428,222.61)
20-14
Township-wide Drainage Projects
22,750.00
432,250.00
-
315,282.31
-
-
-
139,717.69
21-02
Acquisition of PW Equip
-
712,500.00
-
625,053.93
-
-
37,500.00
124,946.07
21-06
Improvements to Rec Fields
-
1,900,000.00
-
85,668.69
-
-
100,000.00
1,914,331.31
21-09
Mystic West Phase 1 Dredging (Local)
-
-
-
204,954.45
-
-
-
(204,954.45)
21-10
Atlantis Dredging (Local)
-
-
-
112,281.83
-
-
-
(112,281.83)
21-16
Acquisition of Property
-
-
-
83,150.56
-
-
120,000.00
36,849.44
-
Subtotal
(133,720.71)
9,817,250.00
-
2,145,425.22
3,400,000.00
-
395,009.28
4,533,113.35
Total Analysis of Cash
1,249,885.06
$
12,845,250.00
$
314,605.89
$
2,183,157.64
$
6,428,000.00
$
452,782.17
$
452,782.17
$
5,798,583.31
$
GENERAL CAPITAL FUND
ANALYSIS OF CASH
AT DECEMBER 31, 2021
DISBURSEMENTS
TRANSFERS
TOWNSHIP OF LITTLE EGG HARBOR
95
EXHIBIT C-4
Balance December 31, 2020
17,152,653.41
$
Decreased by:
Budget Appropriation to Pay General Serial Bonds
1,620,000.00
$
Assessment Appropriation to pay Serial Bonds
3,750,000.00
Green Trust Loan Bonds
73,805.56
NJEIT - Fund Loan
80,100.24
5,523,905.80
Balance December 31, 2021
11,628,747.61
$
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - FUNDED
FOR THE YEAR ENDED DECEMBER 31, 2021
96
EXHIBIT C-5
BALANCE
DEFERRED
BALANCE
UNEXPENDED
BOND
ORDINANCE
DECEMBER 31,
2021
ASSESSMENT
CHARGE
DECEMBER 31,
IMPROVEMENT
ANTICIPATION
NUMBER
IMPROVEMENT DESCRIPTION
2020
AUTHORIZATIONS
CONFIRMED
RAISED
2021
AUTHORIZATION
EXPENDED
NOTES
09-06
Improvements to Frog Pond Road
56,832.00
$
-
$
-
$
56,832.00
$
-
$
-
$
-
$
-
$
11-15
Various Capital Improvements
940.89
-
-
940.89
-
-
-
-
13-14
Various Capital Improvements
8,215.05
-
-
-
8,215.05
-
8,215.05
-
14-10
Various Capital Improvements
1,871,500.00
-
-
-
1,871,500.00
357,500.00
-
1,514,000.00
18-12
Dredging Osborn Island
98,866.46
-
98,866.46
-
-
-
-
-
18-13
Various General Improvements
1,973,150.00
-
-
-
1,973,150.00
273,150.00
-
1,700,000.00
19-07
Dredging Mystic Island Phase 1
38,642.82
-
38,642.82
-
-
-
-
19-11
Preliminary Dredging Expenses
361,000.00
-
-
-
361,000.00
-
-
361,000.00
20-02
Paving and Improve Various Streets
209,000.00
-
-
-
209,000.00
-
-
209,000.00
20-03
Improvements Community Center
61,750.00
-
-
-
61,750.00
46,667.46
15,082.54
-
20-09
Beach Replenshment
2,802,500.00
-
-
-
2,802,500.00
-
-
2,802,500.00
20-10
Mystic Drainage Improvements Phase II
1,714,000.00
-
-
-
1,714,000.00
1,285,777.39
428,222.61
-
21-18
Mystic Drainage Improvements Phase II
-
236,000.00
-
-
236,000.00
236,000.00
-
-
20-14
Township-wide Drainage Projects
432,250.00
-
-
-
432,250.00
-
-
432,250.00
21-02
Acquisition of PW Equip
-
712,500.00
-
-
712,500.00
-
-
712,500.00
21-06
Improvements to Rec Fields
-
1,900,000.00
-
-
1,900,000.00
-
-
1,900,000.00
21-09
Mystic West Phase 1 Dredging (Local)
-
8,550,000.00
-
-
8,550,000.00
8,345,045.55
204,954.45
-
21-10
Atlantis Dredging (Local)
-
1,525,000.00
-
-
1,525,000.00
1,412,718.17
112,281.83
-
Total
9,628,647.22
$
12,923,500.00
$
137,509.28
$
57,772.89
$
22,356,865.05
$
11,956,858.57
$
768,756.48
$
9,631,250.00
$
Bond Premium Used to Pay BAN
350,000.00
$
Total
350,000.00
$
Improvement Authorizations Unfunded
17,450,178.76
$
Less - Unexpended Proceeds of Bond Anticipation
Notes Issued:
Ordinance 2014-10
460,783.65
Ordinance 2018-13
155,483.98
Ordinance 2019-11
15,849.51
Ordinance 2020-02
30,352.31
Ordinance 2020-09
2,706,800.98
Ordinance 2020-14
139,717.69
Ordinance 2021-06
84,332.07
Ordinance 2021-09
1,900,000.00
11,956,858.57
$
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - UNFUNDED
FOR THE YEAR ENDED DECEMBER 31, 2021
BALANCE DECEMBER 31, 2021
ANALYSIS OF
97
EXHIBIT C-6
Balance December 31, 2020
240,044.00
$
Increased By:
Transfer from Current Fund Budget
100,000.00
Subtotal
340,044.00
Decreased By:
Appropriated to Finance Improvement Authorizations
157,500.00
Balance December 31, 2021
182,544.00
$
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2021
98
EXHIBIT C-7
CURRENT YEAR
ORDINANCE
2021
ENCUMBRANCES
NUMBER
IMPROVEMENT DESCRIPTION
DATE
AMOUNT
FUNDED
UNFUNDED
AUTHORIZATIONS
EXPENDED
PAYABLE
FUNDED
UNFUNDED
14-10
Various Capital Improvements
7/10/14
1,970,000.00
-
$
818,283.65
$
-
$
-
$
-
$
-
$
818,283.65
$
16-05
Various Capital Improvements
9/08/16
3,495,000.00
445,343.68
-
4,450.00
-
440,893.68
-
17-08
Various Capital Improvements
7/13/17
1,705,000.00
218,296.16
-
33,282.42
-
185,013.74
-
18-13
Various General Improvements
10/11/18
2,077,000.00
-
511,971.09
-
81,537.11
1,800.00
-
428,633.98
19-08
Additional Improvements Veterans Park
4/11/19
240,000.00
74,145.33
-
-
372.50
-
73,772.83
-
19-11
Preliminary Dredging Expenses
7/11/19
380,000.00
-
18,283.55
-
2,434.04
-
-
15,849.51
19-12
Improvements Little Treasures Park
7/11/19
200,000.00
45,142.51
-
-
-
45,142.51
-
20-02
Paving and Improve Various Streets
5/14/20
220,000.00
-
126,453.11
-
96,100.80
-
-
30,352.31
20-03
Improvements Community Center
5/14/20
65,000.00
77.50
61,750.00
-
15,160.04
-
-
46,667.46
20-09
Beach Replenishment
9/10/20
2,950,000.00
51,800.98
2,802,500.00
-
98,891.85
-
-
2,755,409.13
20-10
Mystic Drainage Improvements Phase II
9/10/20
1,714,000.00
-
1,710,314.50
-
424,537.11
-
-
1,285,777.39
21-18
Mystic Drainage Improvements Phase II
8/9/21
236,000.00
-
-
236,000.00
-
-
-
236,000.00
20-14
Township-wide Drainage Projects
11/12/20
455,000.00
22,750.00
432,250.00
-
315,282.31
-
-
139,717.69
21-02
Acquisition of PW Equip
3/11/21
750,000.00
-
-
750,000.00
625,053.93
40,614.00
-
84,332.07
21-06
Improvements to Rec Fields
4/8/21
2,000,000.00
-
-
2,000,000.00
85,668.69
-
14,331.31
1,900,000.00
21-09
Mystic West Phase 1 Dredging (Local)
6/10/21
8,550,000.00
-
-
8,550,000.00
204,954.45
-
-
8,345,045.55
21-10
Atlantis Dredging (Local)
6/10/21
1,525,000.00
-
-
1,525,000.00
112,281.83
-
-
1,412,718.17
21-16
Acquisition of Property
9/9/21
120,000.00
-
-
120,000.00
83,150.56
-
36,849.44
-
Total
857,556.16
$
6,481,805.90
$
13,181,000.00
$
2,183,157.64
$
42,414.00
$
796,003.51
$
17,498,786.91
$
Deferred Charges to Future Taxation - Unfunded
12,687,500.00
$
Capital Improvement Fund
157,500.00
Open Space Trust Fund
336,000.00
13,181,000.00
$
ORDINANCE
DECEMBER 31, 2020
DECEMBER 31, 2021
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
STATEMENT OF IMPROVEMENT AUTHORIZATIONS
FOR THE YEAR ENDED DECEMBER 31, 2021
BALANCE
BALANCE
99
EXHIBIT C-8
AMOUNT
DATE OF
OF
DATE
BALANCE
BALANCE
ORDINANCE
ORIGINAL
ORIGINAL
OF
DATE OF
INTEREST
DECEMBER 31,
DECEMBER 31,
NUMBER
ISSUE
ISSUE
ISSUE
MATURITY
RATE
2020
INCREASED
DECREASED
2021
14-10
Various Capital Improvements
8/01/19
1,514,000
$
4/15/20
4/14/21
2.050%
1,514,000.00
$
1,514,000.00
$
-
$
4/14/21
7/13/21
0.500%
1,514,000.00
1,514,000.00
-
7/12/21
7/12/22
0.260%
-
1,514,000.00
-
1,514,000.00
18-13
Various Capital Improvements
8/01/19
1,200,000
4/15/20
4/14/21
2.050%
1,700,000.00
-
1,700,000.00
-
4/14/21
7/13/21
0.500%
1,700,000.00
1,700,000.00
-
7/12/21
7/12/22
0.260%
1,700,000.00
-
1,700,000.00
19-11
Preliminary Dredging Expenses
7/12/21
361,000
7/12/21
7/12/22
0.260%
-
361,000.00
-
361,000.00
20-2
Paving and Improvements to Various Streets
7/12/21
209,000
7/12/21
7/12/22
0.260%
-
209,000.00
-
209,000.00
20-9
Beach Replenishment Project
7/12/21
2,802,500
8/11/21
7/12/22
0.250%
-
2,802,500.00
-
2,802,500.00
20-14
Township Wide Drainage Projects
7/12/21
432,250
7/12/21
7/12/22
0.260%
-
432,250.00
-
432,250.00
21-02
Acquisition of PW Equipment
7/12/21
712,500
7/12/21
7/12/22
0.260%
-
712,500.00
-
712,500.00
21-6
Improvements to Rec Fields
7/12/21
1,900,000
8/11/21
7/12/22
0.250%
-
1,900,000.00
-
1,900,000.00
Total
3,214,000.00
$
12,845,250.00
$
6,428,000.00
$
9,631,250.00
$
Bond Anticipation Note Renewal
6,428,000.00
$
6,428,000.00
$
New Bond Anticipation Notes Issued
6,417,250.00
-
12,845,250.00
$
6,428,000.00
$
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
DESCRIPTION
AT DECEMBER 31, 2021
STATEMENT OF BOND ANTICIPATION NOTES
IMPROVEMENT
100
EXHIBIT C-9
AMOUNT OF
BALANCE
BALANCE
DATE OF
ORIGINAL
INTEREST
DECEMBER 31,
DECEMBER 31,
PURPOSE
ISSUE
ISSUE
DATE
AMOUNT
RATE
2020
DECREASED
2021
General Obligation Refunding 2/1/2010
3,275,000.00
$
08/01/21
295,000.00
$
5.000%
295,000.00
$
295,000.00
$
-
$
Bonds
General Obligation Refunding 5/2/2012
5,260,000.00
11/15/22
520,000.00
3.000%
1,555,000.00
525,000.00
1,030,000.00
Bonds
11/15/23
510,000.00
2.750%
General Obligation Bonds
2/2/2017
4,500,000.00
2/01/22
550,000.00
2.000%
3,575,000.00
275,000.00
3,300,000.00
2/01/23
550,000.00
2.000%
2/01/24
550,000.00
3.000%
2/01/25
550,000.00
3.000%
2/01/26
550,000.00
3.000%
2/01/27
550,000.00
3.000%
General Obligation Bonds
8/1/2019
6,280,000.00
8/15/22
525,000.00
4.000%
5,865,000.00
525,000.00
5,340,000.00
8/15/23
715,000.00
4.000%
8/15/24
820,000.00
4.000%
8/15/25
820,000.00
3.000%
8/15/26
820,000.00
3.000%
8/15/27
820,000.00
3.000%
8/15/28
820,000.00
3.000%
General Obligation
7/1/2020
3,750,000.00
7/15/22
375,000.00
2.000%
3,750,000.00
3,750,000.00
-
Assessment Bonds
7/15/23
375,000.00
4.000%
7/15/24
375,000.00
4.000%
7/15/25
375,000.00
4.000%
7/15/26
375,000.00
4.000%
7/15/27
375,000.00
3.000%
7/15/28
375,000.00
3.000%
7/15/29
375,000.00
2.000%
7/15/30
375,000.00
2.000%
Totals
15,040,000.00
$
5,370,000.00
$
9,670,000.00
$
Paid from Current Fund
1,620,000.00
$
Assement Trust
3,750,000.00
$
Total
5,370,000.00
$
MATURITIES OF
DECEMBER 31, 2021
BONDS OUTSTANDING
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
SCHEDULE OF GENERAL SERIAL BONDS
AT DECEMBER 31, 2021
101
EXHIBIT C-10
AMOUNT OF
BALANCE
BALANCE
DATE OF
ORIGINAL
INTEREST
DECEMBER 31,
DECEMBER 31,
PURPOSE
ISSUE
ISSUE
DATE
AMOUNT
RATE
2020
DECREASED
2021
Open Space
10/22/02
255,220.00
$
2022
15,635.47
$
2.00%
30,962.87
$
15,327.40
$
15,635.47
$
Recreation Complex
7/18/02
500,000.00
2022
15,391.88
2.00%
45,719.96
30,328.08
15,391.88
Municipal Complex
9/7/05
250,000.00
2022
14,572.00
2.00%
66,582.00
14,285.00
52,297.00
2023
14,865.00
2024
15,164.00
2025
7,696.00
Construction of
11/27/06
250,000.00
2022
14,143.77
2.00%
87,483.74
13,865.08
73,618.66
Softball Field
2023
14,428.06
& Tot Lot
2024
14,718.07
2025
15,013.90
2026
15,315.68
Total
230,748.57
$
73,805.56
$
156,943.01
$
MATURITIES OF
DECEMBER 31, 2021
BONDS OUTSTANDING
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
SCHEDULE OF GREEN TRUST LOAN PAYABLE
AT DECEMBER 31, 2021
102
EXHIBIT C-11
AMOUNT OF
BALANCE
BALANCE
DATE OF
ORIGINAL
INTEREST
DECEMBER 31,
DECEMBER 31,
PURPOSE
ISSUE
ISSUE
DATE
AMOUNT
RATE
2020
DECREASED
2021
NJ Infrastructure Bank
5/13/20
930,000.00
8/1/2022
35,000.00
5.000%
930,000.00
$
30,000.00
$
900,000.00
$
Series 2020A-1
8/1/2023
35,000.00
5.000%
Ibank Loan Agreement
8/1/2024
35,000.00
5.000%
8/1/2025
40,000.00
5.000%
8/1/2026
40,000.00
5.000%
8/1/2027
45,000.00
5.000%
8/1/2028
45,000.00
5.000%
8/1/2029
50,000.00
5.000%
8/1/2030
50,000.00
5.000%
8/1/2031
55,000.00
4.000%
8/1/2032
55,000.00
2.125%
8/1/2033
55,000.00
2.250%
8/1/2034
55,000.00
2.375%
8/1/2035
60,000.00
2.375%
8/1/2036
60,000.00
2.500%
8/1/2037
60,000.00
2.500%
8/1/2038
65,000.00
2.625%
8/1/2039
60,000.00
2.625%
NJ Infrastructure Bank
2/1/2022
16,700.08
0.000%
951,904.84
50,100.24
901,804.60
Series 2020A-1 -02AB
8/1/2022
33,400.16
0.000%
Fund Loan
2/1/2023
16,700.08
0.000%
8/1/2023
33,400.16
0.000%
2/1/2024
16,700.08
0.000%
(Assumes Principal Forgiveness of $1,970,611)
8/1/2024
33,400.16
0.000%
2/1/2025
16,700.08
0.000%
8/1/2025
33,400.16
0.000%
2/1/2026
16,700.08
0.000%
8/1/2026
33,400.16
0.000%
2/1/2027
16,700.08
0.000%
8/1/2027
33,400.16
0.000%
2/1/2028
16,700.08
0.000%
8/1/2028
33,400.16
0.000%
2/1/2029
16,700.08
0.000%
8/1/2029
33,400.16
0.000%
2/1/2030
16,700.08
0.000%
8/1/2030
33,400.16
0.000%
2/1/2031
16,700.08
0.000%
8/1/2031
33,400.16
0.000%
2/1/2032
16,700.08
0.000%
8/1/2032
33,400.16
0.000%
2/1/2033
16,700.08
0.000%
8/1/2033
33,400.16
0.000%
2/1/2034
16,700.08
0.000%
8/1/2034
33,400.16
0.000%
2/1/2035
16,700.08
0.000%
8/1/2035
33,400.16
0.000%
2/1/2036
16,700.08
0.000%
8/1/2036
33,400.16
0.000%
2/1/2037
16,700.08
0.000%
8/1/2037
33,400.16
0.000%
2/1/2038
16,700.08
0.000%
8/1/2038
33,400.16
0.000%
2/1/2039
16,700.08
0.000%
8/1/2039
33,400.44
0.000%
Total
1,881,904.84
$
80,100.24
$
1,801,804.60
$
DECEMBER 31, 2021
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
SCHEDULE OF NJEIT LOAN
AT DECEMBER 31, 2021
MATURITIES OF
BONDS OUTSTANDING
103
EXHIBIT C-12
BALANCE
2021
PAID
BALANCE
ORDINANCE
IMPROVEMENT
DECEMBER 31,
AUTHORIZATIONS/
BY BUDGET
NOTES/LOANS
DECEMBER 31,
NUMBER
DESCRIPTION
2020
INCREASES
APPROPRIATION
ISSUED
2021
09-06
Improvements to Frog Pond Road
56,832.00
$
-
$
56,832.00
$
-
$
-
$
11-15
Various Capital Improvements
940.89
-
940.89
-
-
13-14
Various Capital Improvements
8,215.05
-
-
-
8,215.05
14-10
Various Capital Improvements
357,500.00
-
-
-
357,500.00
18-13
Various Capital Improvements
273,150.00
-
-
-
273,150.00
19-11
Preliminary Expenses Potential Dredging
361,000.00
-
-
361,000.00
-
20-02
Paving and Improve Various Roads
209,000.00
-
-
209,000.00
-
20-03
Improvements to Community Center
61,750.00
-
-
-
61,750.00
20-09
Beach Replenishment
2,802,500.00
-
-
2,802,500.00
-
20-10
Mystic Drainage Improvements Phase II
1,714,000.00
-
-
-
1,714,000.00
20-14
Township-wide Drainage Projects
432,250.00
-
-
432,250.00
-
21-18
Mystic Drainage Improvements Phase II
-
236,000.00
-
-
236,000.00
21-02
Various Public Works Equipment
-
712,500.00
-
712,500.00
-
21-06
Renovations and Improve Rec Complex
-
1,900,000.00
-
1,900,000.00
-
21-09
Mystic Island Ph I Dredging (Local)
-
8,550,000.00
-
-
8,550,000.00
21-10
Atlantis Dredging (Local)
-
1,525,000.00
-
-
1,525,000.00
Total
6,277,137.94
$
12,923,500.00
$
57,772.89
$
6,417,250.00
$
12,725,615.05
$
Authorized in the Current Year
12,923,500.00
$
12,923,500.00
$
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
AT DECEMBER 31, 2021
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
104
PAYROLL FUND
105
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106
EXHIBIT D-1
PAYROLL FUND
STATEMENT OF PAYROLL FUND CASH
FOR THE YEAR ENDED DECEMBER 31, 2021
Balance December 31, 2020
210,736.55
$
Increased by:
Receipts
13,819,074.48
Subtotal
14,029,811.03
Decreased by:
Disbursements:
Net Pay
6,481,928.56
$
Payment to Agencies
7,344,124.33
13,826,052.89
Balance December 31, 2021
203,758.14
$
EXHIBIT D-2
FOR THE YEAR ENDED DECEMBER 31, 2021
Balance December 31, 2020
214,110.09
$
Increased by:
Payroll Deductions
7,337,130.92
Subtotal
7,551,241.01
Decreased by:
Disbursements
7,344,124.33
Balance December 31, 2021
207,116.68
$
ANALYSIS OF BALANCE
Federal Tax Liability
91,293.84
$
State Tax Liability
35,460.86
PERS
30,790.17
PFRS
49,545.21
AFSCME
26.60
Balance December 31, 2021
207,116.68
$
TOWNSHIP OF LITTLE EGG HARBOR
STATEMENT OF PAYROLL TAXES PAYABLE
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108
TOWNSHIP OF LITTLE EGG HARBOR
PART II
SCHEDULE OF FINANCIAL STATEMENT FINDINGS -
GOVERNMENT AUDITING STANDARDS
FOR THE YEAR ENDED DECEMBER 31, 2021
109
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110
TOWNSHIP OF LITTLE EGG HARBOR
SCHEDULE OF FINANCIAL STATEMENT FINDINGS
FOR THE YEAR ENDED DECEMBER 31, 2021
This section identifies the significant deficiencies, material weaknesses and instances of noncompliance
related to the basic financial statements that are required to be reported in accordance with Government
Auditing Standards and with audit requirements prescribed by the Division of Local Government
Services, Department of Community Affairs, State of New Jersey.
Finding 2021-001:
Criteria or specific requirement:
The Township’s internal control policies are required to promote operational efficiency and effectiveness,
provide reliable financial information, safeguard assets and records, encourage adherence to prescribed
policies and comply with laws and regulations.
Condition:
During our audit we noted that the Township is not maintaining a complete and accurate general ledger in
accordance with the financial reporting provisions of the Division of Local Government Services,
Department of Community Affairs, State of New Jersey.
Context:
The Township did not record activity in its general ledger system causing subsidiary ledgers to be out-of-
balance with the Township’s financial statements. Numerous entries were required to bring the
Township’s general ledger into compliance at year end.
Effect or potential effect:
The Township does not have proper support for general ledger balances and transactions.
Cause:
Lack of oversight over the financial reporting process.
Recommendation:
That the Township implement internal controls to ensure that a complete and accurate general ledger is
maintained and financial reports are reviewed regularly for accuracy.
View of responsible official:
The responsible official agrees with this finding and will address the matter as part of their corrective
action plan.
Finding 2021-002:
Criteria or specific requirement:
As a function of effective internal controls, an accurate general ledger should be maintained and cash
accounts should be reconciled on a timely basis.
111
TOWNSHIP OF LITTLE EGG HARBOR
SCHEDULE OF FINANCIAL STATEMENT FINDINGS
FOR THE YEAR ENDED DECEMBER 31, 2021
Finding 2021-002 (continued):
Condition:
During our testing it was noted that bank reconciliations were not performed on a timely basis.
Context:
The Township did not complete five bank reconciliations on a timely basis and did not record the
corresponding activity within the general ledger system causing cash balances to disagree with the
Township’s financial statements. Numerous entries were required to bring the Township’s general ledger
into compliance at year end.
Effect or potential effect:
Misstatement of cash and potentially over-expending bank accounts.
Cause:
The Township did not properly record activity and failed to monitor cash balances.
Recommendation:
That bank reconciliations be completely accurately and timely.
View of responsible official:
The responsible official agrees with this finding and will address the matter as part of their corrective
action plan.
Finding 2021-003:
Criteria or specific requirement:
N.J.S.A. 40A:4-87 states that municipalities may approve the insertion of an appropriation item of an
amount equal to any such special item of revenue making such item of revenue available for expenditure
by resolution. Municipalities must send two (2) certified copies of the resolution adopted for this purpose
and all supporting documentation to the Director of the Division of Local Government Services for
approval.
Condition:
During our testing it was noted that the resolution to insert the Body Worn Camera Grant into the budget
had not been sent to the Division of Local Government Services for approval.
Context:
The Township expended funds against the Body Worn Camera Grant but not send the resolution to insert
the grant into the budget to the Division of Local Government Services for approval resulting in a
deferred charge to the subsequent year’s budget.
112
TOWNSHIP OF LITTLE EGG HARBOR
SCHEDULE OF FINANCIAL STATEMENT FINDINGS
FOR THE YEAR ENDED DECEMBER 31, 2021
Finding 2021-003 (continued):
Effect or potential effect:
Non-compliance with N.J.S.A. 40A:4-87.
Cause:
Lack of management oversight.
Recommendation:
That the Township raise the deficit in the Grant Fund in the subsequent year budget.
View of responsible official:
The responsible official agrees with this finding and will address the matter as part of their corrective
action plan.
113
TOWNSHIP OF LITTLE EGG HARBOR
SUMMARY SCHEDULE OF PRIOR YEAR AUDIT FINDINGS
FOR THE YEAR ENDED DECEMBER 31, 2021
This section identifies the status of prior year findings related to the financial statements, federal awards
and state financial assistance that are required to be reported in accordance with Government Auditing
Standards, Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principals, and Audit Requirements for Federal Awards (Uniform Guidance), and
New Jersey OMB’s Circular 15-08.
Financial Statement Findings
No Prior Year Findings.
FEDERAL AWARDS
N/A – No Federal Single Audit in prior year.
STATE FINANCIAL ASSISTANCE
No Prior Year Findings.
114
TOWNSHIP OF LITTLE EGG HARBOR
PART III
LETTER OF COMMENTS AND RECOMMENDATIONS – REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2021
115
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116
TOWNSHIP OF LITTLE EGG HARBOR
OFFICIALS IN OFFICE AND SURETY BONDS
The following officials were in office at December 31, 2021:
Name
Title
John Kehm, Jr.
Mayor
Blaise Scibetta
Deputy Mayor
Lisa Stevens
Committeewoman
Raymond Gormley
Committeeman
Barbara Jo Crea
Committeewoman
Rodney Haines
Chief Financial Officer / Interim Business Administrator
Kelly Lettera
Township Clerk
Dayna Wilson
Tax Collector/Tax Search Officer
Alina Bertram
Court Administrator
Damian G. Murray
Judge
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118
Honorable Mayor and Members
of the Township Committee
Township of Little Egg Harbor
County of Ocean
Little Egg Harbor, New Jersey
In accordance with requirements prescribed by the Division of Local Government Services, Department
of Community Affairs, State of New Jersey, the following are the General Comments and
Recommendations for the year ended December 31, 2021.
GENERAL COMMENTS:
Contracts and Agreements required to be advertised by (N.J.S.A.40A:11-4)
N.J.S.A.40A:11-4 states every contract or agreement, for the performance of any work or furnishing or
hiring of any materials or supplies, the cost or the contract price whereof is to be paid with or out of
public funds not included within the terms of Section 3 of this act, shall be made or awarded only by the
Governing Body of the contracting unit after public advertising for bids and bidding therefore, except as
is provided otherwise in this act or specifically by any other Law. No work, materials or supplies shall be
undertaken, acquired or furnished for a sum exceeding in the aggregate the bid threshold, except by
contract or agreement.
The bid threshold in accordance with N.J.S.A. 40A:11-4 was $17,500.00 for the year ended December 31,
2021.
It is pointed out that the governing body of the municipality has the responsibility of determining whether
the expenditures in any category will exceed the statutory minimum within the fiscal year. Where
question arises as to whether any contract or agreement might result in violation of the statute, the
solicitor's opinion should be sought before a commitment is made.
Inasmuch as the system of records did not provide for an accumulation of payments for categories for the
performance of any work or the furnishing or hiring of any materials or supplies, the results of such an
accumulation could not reasonably be ascertained. Disbursements were reviewed, however, to determine
whether any clear-cut violations existed.
Our examination of expenditures did not reveal any individual payments or contracts in excess of the bid
threshold “for the performance of any work, or the furnishing of any materials, supplies or labor” other
than those where bids had been previously sought by public advertisement or where a resolution had been
previously adopted under the provisions of N.J.S.A.40A:11-6.
119
Collection of Interest on Delinquent Taxes and Assessments
N.J.S.54:4-67, provides the method for authorizing interest and the maximum rates to be charged for the
nonpayment of taxes or assessments on or before the date when they would become delinquent.
The governing body on January 1, 2021 adopted the following resolution authorizing interest to be
charged on delinquent taxes:
NOW THEREFORE, BE IT RESOLVED, that if said taxes are deemed to be delinquent for non-
payment of taxes, the Tax Collector shall charge eight (8%) percent per annum on the first
$1,500.00 of the delinquency, and eighteen (18%) percent per annum on any amount in excess of
$1,500.00; and
BE IT FURTHER RESOLVED, by the governing body of the Township of Little Egg Harbor, that
the Tax Collector shall allow that no interest will be charged on payments received and made by
the tenth calendar day following the date upon which the same became payable; and
BE IT FURTHER RESOLVED, by the governing body of the Township of Little Egg Harbor, that
the Tax Collector shall charge, in addition to the interest for delinquent taxes, as noted above, a
penalty of six (6%) percent of the amount of the delinquency in taxes in excess of $10,000.00 to a
taxpayer who fails to pay the delinquency prior to the end of the calendar year.
It appears from an examination of the Collector's record that interest was collected in accordance with the
foregoing resolution.
OTHER COMMENTS (FINDINGS):
Finding 2021-001 (Finding 2021-001 in the Schedule of Financial Statement Findings section)
The Township is not maintaining a complete and accurate general ledger in accordance with the financial
reporting provisions of the Division of Local Government Services, Department of Community Affairs,
State of New Jersey.
Finding 2021-002 (Finding 2021-002 in the Schedule of Financial Statement Findings section)
Bank reconciliations were not performed on a timely basis.
Finding 2021-003 (Finding 2021-003 in the Schedule of Financial Statement Findings section)
The Township expended funds against the Body Worn Camera Grant but not send the resolution to insert
the grant into the budget to the Division of Local Government Services for approval
120
RECOMMENDATIONS:
Finding 2021-001
That the Township implement internal controls to ensure that a complete and accurate general ledger is
maintained and financial reports are reviewed regularly for accuracy.
Finding 2021-002
That bank reconciliations be completely accurately and timely.
Finding 2021-003
That the Township raise the deficit in the Grant Fund in the subsequent year budget.
Appreciation
We express our appreciation for the assistance and courtesies extended to the members of the audit team.
Respectfully submitted,
HOLMAN FRENIA ALLISON, P. C.
Jerry W. Conaty
Certified Public Accountant
Registered Municipal Accountant
RMA No. 581
Lakewood, New Jersey
April 2, 2023
121
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"...S FOR THE YEAR ENDED DECEMBER 31, 2021 115 This page intentionally left blank 116 TOWNSHIP OF LITTLE EGG HARBOR OFFICIALS IN OFFICE AND SURETY BONDS The following officials were in office at December 31, 2021: Name Title John Kehm, Jr. Mayor Blaise Scibetta Deputy Mayor Lisa Stevens..."
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Apr 2, 2026
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Apr 2, 2026
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