2023 Audit Report

The Township of Little Egg Harbor's audit report for the year ending December 31, 2023, provides an independent auditor's assessment of the township's financial statements. The audit, conducted by Holman Frenia Allison, P.C., expresses an unmodified opinion on the regulatory basis of accounting, indicating fair presentation in accordance with New Jersey's Division of Local Government Services requirements. However, an adverse opinion is given regarding U.S. Generally Accepted Accounting Principles (GAAP) due to material variances. The report includes statements of assets, liabilities, reserves, and fund balances for various funds, along with related operational statements. The audit also covers internal control over financial reporting and compliance, identifying material weaknesses and significant deficiencies. Notable findings include issues with maintaining an accurate general ledger, timely bank reconciliations, appropriation reserves, and interfund balances. The report identifies the noncompliance of the annual Project and Expenditure Report submission regarding American Rescue Plan funds. The document concludes with general comments and recommendations to improve financial management and compliance.