Start your 7-day free trial — unlock full access instantly.
← Back to Search1 CLAUSES FOUND
Lead Closed
This opportunity is no longer accepting submissions.
90
Rating
Risk Rank
Yellow Risk
AI-Powered Lead Insights
Executive Summary
The Township of Little Egg Harbor's audit report for the year ending December 31, 2023, includes the independent auditor's report on the financial statements and internal controls. The audit was conducted in accordance with generally accepted auditing standards and requirements prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. The report covers various funds and account groups, presenting statements of assets, liabilities, reserves, and fund balance on a regulatory basis. The audit reveals certain deficiencies in internal control, including the maintenance of a complete and accurate general ledger and timely performance of bank reconciliations, which are detailed in the findings and recommendations section.
Web Content
Automated discovery link found on Long Beach website.
Document Text
--- Document: 2023 Audit Report Document ---
TOWNSHIP OF LITTLE EGG HARBOR
AUDIT REPORT FOR THE YEAR
ENDED DECEMBER 31, 2023
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
65
Schedule of Taxes Receivable and Analysis of Property Tax Levy
A-5
66
Schedule of Tax Title Liens
A-6
67
Schedule of Property Acquired for Taxes
A-7
67
Schedule of Revenue Accounts Receivable
A-8
68
Schedule of 2019 Appropriation Reserves
A-9
69
Schedule of Local District Tax
A-10
72
Schedule of Regional High School Tax Payable
A-11
72
Schedule of Various Reserves
A-12
73
Grant Fund- Schedule of State and Federal Grants Receivable
A-13
74
Grant Fund- Schedule of State and Federal Grants - Appropriated
A-14
75
Grant Fund- Schedule of State and Federal Grants - Unappropriated
A-15
76
GENERAL FIXED ASSETS ACCOUNT GROUP
SUPPLEMENTARY EXHIBITS
CURRENT FUND
GENERAL CAPITAL FUND
PAYROLL FUND
TOWNSHIP OF LITTLE EGG HARBOR
COUNTY OF OCEAN
TABLE OF CONTENTS
PART I
CURRENT FUND
TRUST FUNDS
EXHIBIT
PAGE
Schedule of Cash - Treasurer
B-1
79
Schedule of Cash - Tax Title Lien Redemption
B-2
79
Schedule of Cash - Animal Control
B-3
80
Schedule of Reserve for Dog Fund Expenditures
B-4
80
Schedule of Deposits for Redemption of Tax Sale Certificates
B-5
80
Schedule of Reserve for Escrow Deposits
B-6
81
Schedule of Reserve for Forfeited Property
B-7
81
Schedule of Reserve for Recreation
B-8
82
Schedule of Reserve for Open Space
B-9
82
Schedule of Reserve for Community Center
B-10
82
Schedule of Reserve for Federal Law Enforcement Funds
B-11
83
Schedule of Reserve for Sick and Vacation Time
B-12
83
Schedule of Reserve for COAH
B-13
84
Schedule of Reserve for Police Evidence Deposits
B-14
84
Schedule of Reserve for Veterans Park Donations
B-15
85
Schedule of Reserve for Fire Safety - Dedicated Penalty
B-16
85
Statement of Assessments Recievable
B-17
86
Dedicated Assessment Budget
B-18
87
Schedule of Assessment Serial Bonds
B-19
88
Schedule of Cash - Treasurer
C-2
91
Analysis of Cash
C-3
92
Schedule of Deferred Charges to Future Taxation - Funded
C-4
94
Schedule of Deferred Charges to Future Taxation - Unfunded
C-5
95
Schedule of Capital Improvement Fund
C-6
96
Schedule of Improvement Authorizations
C-7
97
Schedule of Bond Anticipation Notes
C-8
98
Schedule of General Serial Bonds
C-9
99
Schedule of Green Trust Loans Payable
C-10
100
Schedule of NJEIT Loan
C-11
101
Schedule of Bond and Notes Authorized But Not Issued
C-12
103
Statement of Payroll Fund Cash
D-1
107
Statement of Payroll Taxes Payable
D-2
107
Independent Auditor's Report on Compliance for each Major Program on Internal Control Over
Compliance Required by New Jersey OMB Circular 15-08
111
Schedule of Expenditures of Federal Awards
115
Notes to Schedule of Expenditures of Federal Awards
117
Schedule of Financial Statement Findings
119
Summary Schedule of Prior Year Audit Findings
124
TRUST FUNDS
GENERAL CAPITAL FUND
PAYROLL FUND
TOWNSHIP OF LITTLE EGG HARBOR
COUNTY OF OCEAN
TABLE OF CONTENTS
PART II
Letter of Comments and Recommendations - Regulatory Basis:
General Comments
129
Other Comments (Findings)
130
Recommendations
130
Officials in Office
132
Acknowledgment
133
PART III
TOWNSHIP OF LITTLE EGG HARBOR
COUNTY OF OCEAN
TABLE OF CONTENTS
This page intentionally left blank
************
TOWNSHIP OF LITTLE EGG HARBOR
COUNTY OF OCEAN
PART I
INDEPENDENT AUDITOR'S REPORTS
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
This page intentionally left blank
INDEPENDENT AUDITOR’S REPORT
Honorable Mayor and Members
of the Township Committee
Township of Little Egg Harbor
Little Egg Harbor, New Jersey
Report on the Audit of the Financial Statements
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, 2023 and 2022, 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, 2023, 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, 2023 and
2022, 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, 2023, 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, 2023 and 2022, 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
1985 Cedar Bridge Ave., Suite 3 • Lakewood, NJ 08701 • 732.797.1333
194 East Bergen Place • Red Bank, NJ 07701 • 732.747.0010
www.hfacpas.com
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 control(s) 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. The schedule of expenditures of federal awards,
as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards is also presented for purposes of additional analysis and is
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 6HSWHPEHU, 2024, 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
6HSWHPEHU 2024
3
This page intentionally left blank
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, 2023, and the related notes to the financial statements, which collectively comprise the
Township’s basic financial statements, and have issued our report thereon dated 6HSWHPEHU 2024.
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.
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. However, as described in the accompanying schedule of financial statement findings, we
identified certain deficiencies in internal control that we consider to be material weaknesses and
significant deficiencies.
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. We
consider the deficiencies described in the accompanying schedule of findings and questioned costs as
Finding No.’s 2023-001 and 2023-002 to be material weaknesses. 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. We consider the
deficiencies described in the accompanying schedule of findings and questioned costs as Finding No.’s
2023-003 and 2023-004 to be significant deficiencies.
5
1985 Cedar Bridge Ave., Suite 3 • Lakewood, NJ 08701 • 732.797.1333
194 East Bergen Place • Red Bank, NJ 07701 • 732.747.0010
www.hfacpas.com
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 determination of financial statement amounts. 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 an instance 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 is described in the accompanying schedule of findings and questioned costs as Finding No.’s 2023-
001 through 2023-004.
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
6HSWHPEHU 2024
6
BASIC FINANCIAL STATEMENTS
7
This page intentionally left blank
8
EXHIBIT A
(Page 1 of 2)
CURRENT FUND
ASSETS
REFERENCE
2023
2022
Operating Fund:
Cash:
Treasurer
A-4
9,958,907.43
$
15,529,518.76
$
Change Fund
A
1,800.00
1,800.00
Total Cash
9,960,707.43
15,531,318.76
Other Receivables:
Due From State of New Jersey
A
221,659.62
220,574.70
Total Other Receivables
221,659.62
220,574.70
Deferred Charges:
Overexpenditure - Current Year Budget
-
5,722.49
Overexpenditure - Prior Year Budget
9,569.26
-
Total Deferred Charges
9,569.26
5,722.49
Receivables & Other Assets With Full Reserves:
Delinquent Property Taxes Receivable
A-5
55,772.19
55,293.85
Tax Title Liens Receivable
A-6
787,522.07
788,065.35
Property Acquired/Assessed Valuation
A-7
5,757,700.00
5,757,700.00
Revenue Accounts Receivable
A-8
7,760.45
5,210.76
Due from Trust Other
B
35,526.39
20,145.46
Due from Payroll
D
87,193.37
-
Due from General Capital Fund
C
943,106.20
-
Total Receivables
7,674,580.67
6,626,415.42
Total Operating Fund Assets
17,866,516.98
22,384,031.37
Federal & State Grant Fund:
Cash - Treasurer
A-4
128,332.39
284,191.38
Grants Receivable
A-13
2,847,177.29
1,188,359.54
Deferred Charge - Expenditure without
Appropriation
A
13,044.00
48,179.00
Due from Current Fund
A
824,212.99
2,058,642.51
Total Federal & State Grant Fund Assets
3,812,766.67
3,579,372.43
Total Assets
21,679,283.65
$
25,963,403.80
$
The accompanying Notes to the Financial Statements are an integral part of this Statement.
TOWNSHIP OF LITTLE EGG HARBOR
DECEMBER 31, 2023 AND 2022
STATEMENTS OF ASSETS, LIABILITIES, RESERVES
AND FUND BALANCE - REGULATORY BASIS
9
EXHIBIT A
(Page 2 of 2)
LIABILITIES RESERVES & FUND BALANCE
REFERENCE
2023
2022
Operating Fund:
Appropriation Reserve:
Encumbered
A-3
155,252.54
$
415,677.91
$
Unencumbered
A-3
692,363.55
714,283.25
Prepaid Taxes
A-4
846,848.12
859,430.32
Tax Overpayments
A
189,167.71
211,713.65
Accounts Payable
A
45,075.57
21,356.61
Due County for Added & Omitted Taxes
A
79,072.69
-
Due Other Trust Fund
B
465,359.03
226,634.17
Local School Taxes Payable
A-10
2,533,805.00
2,256,061.98
Due Bass River - UCC Fees
A
2,716.40
853.20
Due to State - DCA Training Fees
A
12,448.30
9,113.30
Due to Grant Fund
A
824,212.99
2,058,642.51
Due to Payroll
D
-
3,358.54
Due To General Capital Fund
C
-
4,056,823.28
Due to Trust Assessment
B
994,326.72
1,041,383.32
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
Reserve for National Opioid Settelement
A-12
79,541.49
30,123.15
Reserve for Municipal Relief Fund Aid
A-12
67,809.86
67,809.86
Reserve for Liquor License Deposit
A-12
904,100.00
-
Total Operating Liabilities
8,052,691.67
12,133,856.75
Reserve for Receivables
A
7,674,580.67
6,626,415.42
Fund Balance
A-1
2,139,244.64
3,623,759.20
Total Operating Fund
17,866,516.98
22,384,031.37
Federal & State Grant Fund:
Reserve for State Grants:
Appropriated Reserves
A-14
2,968,051.00
2,769,888.05
Unappropriated Reserves
A-15
150,434.95
380,993.67
Encumbrances Payable
A-14
92,329.59
428,490.71
Due to General Capital Fund
C
601,951.13
-
Total Federal & State Grant Fund
3,812,766.67
3,579,372.43
Total Liabilities Reserve & Fund Balance
21,679,283.65
$
25,963,403.80
$
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, 2023 AND 2022
STATEMENTS OF ASSETS, LIABILITIES, RESERVES
10
EXHIBIT A-1
2023
2022
Revenue & Other Income Realized:
Fund Balance Utilized
1,875,135.00
$
1,390,000.00
$
Miscellaneous Revenues Anticipated
6,060,311.37
5,094,966.44
Receipts From Delinquent Taxes
131,994.00
92,678.81
Receipts From Current Taxes
67,695,761.39
65,075,124.94
Nonbudget Revenues
386,083.31
196,393.63
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
339,219.46
592,808.85
Total Revenue & Other Income
76,488,504.53
72,441,972.67
Expenditures:
Budget & Emergency Appropriations:
Appropriations Within "CAPS":
Operations:
Salaries and Wages
9,713,950.00
9,458,300.00
Other Expenses
9,381,900.00
8,976,650.00
Deferred Charges & Statutory Expenditures
3,373,126.98
2,956,157.00
Appropriations Excluded From "CAPS":
Operations:
Salaries and Wages
475,000.00
475,000.00
Other Expenses
2,526,713.19
1,702,037.83
Capital Improvement Fund
155,000.00
100,000.00
Municipal Debt Service
2,594,378.80
2,204,824.67
County Taxes
11,849,954.78
10,581,098.27
Local District School Tax
14,883,524.00
14,609,256.00
Regional High School Tax
18,109,882.00
17,736,025.00
Special District Taxes
1,686,224.57
1,631,413.00
Municipal Open Space
238,724.86
236,208.47
Restatement of Prior Year Appropriation Reserve Balance
28,793.59
-
Deferred Charges for Appropriation Reserves
9,569.26
-
Prior Year Senior Citizen & Veterans Deduction
5,030.82
5,432.19
Interfund Advances
1,075,680.50
9,764.09
Total Expenditures
76,107,453.35
70,682,166.52
Excess/(Deficit) in Revenue
381,051.18
1,203,808.03
Adjustments to Income before Fund Balance
Expenditures Included Above Which Are by Statute Deferred Charges
to Budget of Succeeding Years
9,569.26
-
Statutory Excess to Fund Balance
390,620.44
1,759,806.15
Fund Balance January 1,
3,623,759.20
3,253,953.05
Total
4,014,379.64
5,013,759.20
Decreased by: Utilized as Anticipated Revenue
1,875,135.00
1,390,000.00
Fund Balance December 31,
2,139,244.64
$
3,623,759.20
$
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, 2023 AND 2022
STATEMENTS OF OPERATIONS AND CHANGES
IN FUND BALANCE - REGULATORY BASIS
11
EXHIBIT A-2
ANTICIPATED
EXCESS OR
BUDGET
REALIZED
(DEFICIT)
Fund Balance Anticipated
1,875,135.00
$
1,875,135.00
$
-
$
Miscellaneous Revenues:
Licenses:
Alcoholic Beverages
10,500.00
10,564.00
64.00
Other
260,000.00
167,621.75
(92,378.25)
Municipal Court
100,000.00
115,764.74
15,764.74
Reserve for Debt Service - Premium on BANS
64,928.48
64,928.48
-
Interest & Cost on Taxes
175,000.00
192,217.36
17,217.36
Payments in Lieu of Taxes
95,000.00
108,229.55
13,229.55
Energy Receipts Tax
1,308,925.00
1,308,924.64
(0.36)
Uniform Construction Code Fees
490,000.00
626,293.00
136,293.00
Garden State Trust
183,628.00
183,628.00
-
Municipal Relief Fund
135,620.00
135,591.25
(28.75)
Tower Rental
250,000.00
276,013.18
26,013.18
SRO Reimbursement
250,000.00
263,049.86
13,049.86
CATV Franchise Fees
91,000.00
91,007.37
7.37
Additional Revenues Offset With Appropriations:
Safe & Secure Communities
32,400.00
32,400.00
-
Recycling Tonnage
31,839.12
31,839.12
-
Body Worn Camera Grant
101,900.00
101,900.00
-
Clean Communities
120,921.23
120,921.23
-
NJ Body Armor Grant
3,200.84
3,200.84
-
Body Armor Grant
2,688.00
2,688.00
-
Stormwater Assistance Grant
25,000.00
25,000.00
-
Comcast Franchise Renewal Grant
116,500.00
116,500.00
-
Patrick Lehy Bulletproof Vest Partnership Grant
8,589.00
8,589.00
-
Local Recreation Grant
70,000.00
70,000.00
-
SRTS Program
815,000.00
815,000.00
-
Ocean Wind Grant
719,250.00
719,250.00
-
Lead Grant Assistance Program
8,800.00
8,800.00
-
NJ DOT
460,390.00
460,390.00
-
Total Miscellaneous
5,931,079.67
6,060,311.37
129,231.70
Receipts from Delinquent Taxes
50,000.00
131,994.00
81,994.00
Subtotal General Revenues
7,856,214.67
8,067,440.37
211,225.70
Amount to be Raised by Taxes for Support to Municipal
Budget - Local Tax for Municipal Purposes
20,694,154.21
21,257,749.89
563,595.68
Budget Totals
28,550,368.88
29,325,190.26
774,821.38
Nonbudget Revenues
-
386,083.31
386,083.31
Total
28,550,368.88
$
29,711,273.57
$
1,160,904.69
$
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, 2023
12
EXHIBIT A-2
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2023
Allocation of Current Tax Collections:
Revenue From Collections
67,695,761.39
$
Allocated to - School, County & Special District Taxes
46,768,310.21
Balance for Support of Municipal Budget Revenues
20,927,451.18
Add: Appropriation - "Reserve for Uncollected Taxes"
330,298.71
Amount for Support of Municipal Budget Appropriations
21,257,749.89
$
Receipts From Delinquent Taxes:
Delinquent Tax Collections
24,774.86
$
Tax Title Lien Collections
107,219.14
Total Receipts From Delinquent Taxes
131,994.00
$
Analysis of Nonbudget Revenue:
Treasurer:
Interest on Investments and Deposits
240,017.76
$
Tax Map Maintenance
300.00
Trash Cans
15,285.00
Miscellaneous
52,048.02
Sale of Property
78,432.53
Total Analysis of Nonbudget Revenue
386,083.31
$
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
45,000.00
$
43,000.00
$
42,390.09
$
-
$
609.91
$
-
$
Other Expenses
6,500.00
6,500.00
6,474.65
-
25.35
-
Mayor and Committee:
Salaries and Wages
69,000.00
67,000.00
66,459.88
-
540.12
-
Other Expenses
7,000.00
7,000.00
4,761.35
563.90
1,674.75
-
Municipal Clerk:
Salaries and Wages
262,000.00
227,000.00
217,038.07
-
9,961.93
-
Other Expenses
75,500.00
85,500.00
74,858.75
6,533.40
4,107.85
-
Financial Administration (Treasury):
Salaries and Wages
325,000.00
285,000.00
272,557.33
-
12,442.67
-
Other Expenses
45,000.00
41,000.00
36,646.16
420.90
3,932.94
-
Audit Services:
Other Expenses
62,000.00
62,000.00
29,695.00
-
32,305.00
-
Revenue Administration (Tax Collection):
Salaries and Wages
235,000.00
247,000.00
245,108.59
-
1,891.41
-
Other Expenses:
Tax Sale Costs
10,000.00
10,000.00
475.21
-
9,524.79
-
Miscellaneous Other Expenses
20,000.00
20,000.00
14,772.68
-
5,227.32
-
Tax Assessment Administration:
Salaries and Wages
230,000.00
212,000.00
208,847.35
-
3,152.65
-
Other Expenses
9,500.00
9,500.00
3,718.75
1,439.95
4,341.30
-
Liquidation of Tax Title Liens & Foreclosed
Property - Other Expenses
3,000.00
3,000.00
-
-
3,000.00
-
Legal Services (Legal Department):
Other Expenses
425,000.00
425,000.00
396,370.66
-
28,629.34
-
Engineering Services:
Other Expenses
160,000.00
145,000.00
123,318.55
-
21,681.45
-
Land Use Administration:
Planning Board:
Salaries and Wages
8,400.00
8,400.00
8,005.34
-
394.66
-
Other Expenses
3,000.00
3,000.00
2,754.43
-
245.57
-
Zoning Board of Adjustment:
Salaries and Wages
8,400.00
8,400.00
8,005.34
-
394.66
-
Other Expenses
8,000.00
8,000.00
4,737.64
-
3,262.36
-
Zoning Officer:
Salaries and Wages
290,000.00
270,000.00
267,272.97
-
2,727.03
-
Other Expenses
36,000.00
36,000.00
33,037.76
220.00
2,742.24
-
Insurance:
Unemployment Insurance
40,000.00
40,000.00
37,132.74
-
2,867.26
-
Group Insurance for Employees
3,750,000.00
3,780,000.00
3,771,256.78
-
8,743.22
-
Other Insurance: JIF, Surety, Workers Comp
617,000.00
617,000.00
616,504.00
-
496.00
-
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, 2023
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
6,050,000.00
6,030,000.00
5,972,170.89
6,111.00
51,718.11
-
Other Expenses
430,000.00
410,000.00
344,415.73
12,597.51
52,986.76
-
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
100,000.00
100,000.00
100,000.00
-
-
-
Municipal Prosecutor:
Other Expenses
60,000.00
60,000.00
53,800.00
-
6,200.00
-
Public Works Functions:
Streets & Roads Maintenance:
Salaries and Wages
295,000.00
350,000.00
344,559.49
-
5,440.51
-
Other Expenses
80,000.00
90,000.00
80,041.63
8,333.18
1,625.19
-
Solid Waste Sanitation:
Salaries and Wages
325,000.00
285,000.00
278,615.26
-
6,384.74
-
Other Expenses
130,000.00
145,000.00
123,356.30
16,395.54
5,248.16
-
Bulk Property Maintance Pick-Up
75,000.00
41,000.00
17,126.00
15,900.00
7,974.00
-
Solid Waste Recycling:
Salaries and Wages
355,000.00
400,000.00
396,896.52
-
3,103.48
-
Other Expenses
31,000.00
41,000.00
31,047.08
9,777.74
175.18
-
Buildings & Grounds:
Salaries and Wages
175,000.00
160,000.00
153,674.22
-
6,325.78
-
Other Expenses
160,000.00
185,000.00
148,135.54
28,907.70
7,956.76
-
Vehicle Maintenance:
Salaries and Wages
200,000.00
221,000.00
219,305.23
-
1,694.77
-
Other Expenses
180,000.00
195,000.00
170,425.81
17,463.08
7,111.11
-
Municipal Services Act:
Other Expenses
60,000.00
60,000.00
1,091.51
-
58,908.49
-
County Mosquito Control Agency:
Other Expenses
10,000.00
10,000.00
6,376.98
2,536.24
1,086.78
-
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
2,487.96
-
2,512.04
-
Environmental Health Services:
Salaries and Wages
1,200.00
1,200.00
-
-
1,200.00
-
Other Expenses
5,000.00
5,000.00
400.00
-
4,600.00
-
Animal Control Services:
Other Expenses
45,000.00
40,000.00
32,921.00
-
7,079.00
-
Contributions to Social Service Agencies - Statutory:
Providence House
2,000.00
3,000.00
980.00
1,330.00
690.00
-
On Point Assistance Program
40,000.00
39,000.00
35,000.00
-
4,000.00
-
The accompanying Notes to the Financial Statements are an integral part of this Statement.
EXPENDED
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2023
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
APPROPRIATIONS
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
135,000.00
125,000.00
120,701.80
-
4,298.20
-
Other Expenses
27,000.00
32,000.00
20,696.91
6,365.36
4,937.73
-
Senior Center/Community Activities:
Salaries and Wages
1,250.00
250.00
-
-
250.00
-
Other Expenses
1,250.00
250.00
-
-
250.00
-
Utility Expenses & Bulk Purchases:
Electricity
180,000.00
155,000.00
134,466.63
-
20,533.37
-
Street Lighting
440,000.00
490,000.00
453,775.28
-
36,224.72
-
Telephone
210,000.00
210,000.00
201,967.02
454.69
7,578.29
-
Fuel Oil/Natural Gas
50,000.00
40,000.00
26,454.47
971.23
12,574.30
-
Gasoline
385,000.00
385,000.00
285,633.75
18,117.12
81,249.13
-
Landfill/Solid Waste Disposal Costs:
Sanitary Landfill
975,000.00
950,000.00
950,000.00
-
-
-
Uniform Construction Code Enforcement Functions:
Construction Code Official:
Salaries and Wages
405,000.00
425,000.00
420,857.83
-
4,142.17
-
Other Expenses
36,000.00
36,000.00
29,385.42
780.40
5,834.18
-
Municipal Court:
Salaries and Wages
325,000.00
325,000.00
309,390.79
-
15,609.21
-
Other Expenses
25,000.00
25,000.00
12,862.47
33.60
12,103.93
-
Public Defender:
Other Expenses
45,000.00
45,000.00
38,584.50
-
6,415.50
-
Other Common Operating Functions (Unclassified):
Municipal Alliance Council
17,000.00
17,000.00
15,841.01
-
1,158.99
-
Celebration of Public Events:
Other Expenses
6,000.00
6,000.00
6,000.00
-
-
-
Accumulated Sick & Vacation Fund
200,000.00
250,000.00
250,000.00
-
-
-
Reserve for Disputed Contracts
50,000.00
9,000.00
-
-
9,000.00
-
Total Operations Within "CAPS"
19,105,850.00
19,095,850.00
18,284,045.10
155,252.54
656,552.36
-
Detail:
Salaries and Wages
9,763,950.00
9,713,950.00
9,551,856.99
6,111.00
155,982.01
-
Other Expenses
9,341,900.00
9,381,900.00
8,732,188.11
149,141.54
500,570.35
-
Deferred Charges & Statutory Expenditures -
Municipal Within "CAPS":
Deferred Charges:
Overexpenditure of Appropriation Rsv
6,222.49
6,222.49
-
-
-
6,222.49
Overexpenditure of Appropriation
5,722.49
5,722.49
5,722.49
-
-
-
Grant Expenditure wiithout Appropriation
35,135.00
35,135.00
35,135.00
-
-
-
Statutory Expenditures:
Social Security System (O.A.S.I.)
775,000.00
785,000.00
778,974.85
-
6,025.15
-
Defined Contribution Retirement Program
5,000.00
5,000.00
1,741.20
-
3,258.80
-
Police & Firemen's Retirement
Pension
1,897,273.00
1,897,273.00
1,897,273.00
-
-
-
Public Employees Retirement
System
638,774.00
638,774.00
638,774.00
-
-
-
Total Deferred Charges & Statutory
Expenditures Within "CAPS"
3,363,126.98
3,373,126.98
3,357,620.54
-
9,283.95
6,222.49
Total General Appropriations for Municipal
Purposes Within "CAPS"
22,468,976.98
22,468,976.98
21,641,665.64
155,252.54
665,836.31
6,222.49
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, 2023
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:
Body Armor Grant
2,688.00
2,688.00
2,688.00
-
-
-
Recycling Tonnage
31,839.12
31,839.12
31,839.12
-
-
-
Body Worn Camera Grant
101,900.00
101,900.00
101,900.00
-
-
-
Stormwater Management
25,000.00
25,000.00
25,000.00
-
-
-
Safe & Secure Communities
32,400.00
32,400.00
32,400.00
-
-
-
Bulletproof Vest Program
3,200.84
3,200.84
3,200.84
-
-
-
Clean Communities Grant
56,108.30
56,108.30
56,108.30
-
-
-
NJ DOT Municipal Aid Road Grant
460,390.00
460,390.00
460,390.00
-
-
-
Comcast Franchise Renewal Grant
116,500.00
116,500.00
116,500.00
-
-
-
Recreation Grant
70,000.00
70,000.00
70,000.00
-
-
-
FY2022 SRTS Program
815,000.00
815,000.00
815,000.00
-
-
-
Ocean Wind Grant
719,250.00
719,250.00
719,250.00
-
-
-
Clean Communities 2023
64,812.93
64,812.93
64,812.93
-
-
-
Lead Grant Assistance
8,800.00
8,800.00
8,800.00
-
-
-
FY22 Patrick Lehy Bulletproof Vest PTR
8,589.00
8,589.00
8,589.00
-
-
-
Police Dispatch/911:
Salaries and Wages
475,000.00
475,000.00
451,834.54
-
23,165.46
-
Other Expenses
5,000.00
5,000.00
2,785.33
-
2,214.67
-
Supplemental Aid to Fire Districts
5,235.00
5,235.00
5,235.00
-
-
-
Total Operations Excluded from
"CAPS"
3,001,713.19
3,001,713.19
2,976,333.06
-
25,380.13
-
Detail:
Salaries and Wages
475,000.00
475,000.00
451,834.54
-
23,165.46
-
Other Expenses
461,340.79
2,526,713.19
2,524,498.52
-
2,214.67
-
Capital Improvements - Excluded from "CAPS":
Capital Improvement Fund
125,000.00
125,000.00
125,000.00
-
-
-
IT & Recording Equipment
30,000.00
30,000.00
28,852.89
-
1,147.11
-
Total Capital Improvements - Excluded
from CAPS
155,000.00
155,000.00
153,852.89
-
1,147.11
-
Municipal Debt Service - Excluded From "CAPS":
Payment of Bond Principal
1,775,000.00
1,775,000.00
1,775,000.00
-
-
-
Payment of Bond Anticipation Notes
& Capital Notes
197,750.00
197,750.00
197,750.00
-
-
-
Interest on Bonds
245,325.00
245,325.00
245,325.00
-
-
-
Interest on Notes
242,249.00
242,249.00
242,249.00
-
-
-
NJ Infrastructure Bank
118,509.00
118,509.00
118,509.00
-
-
-
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"
2,594,380.00
2,594,380.00
2,594,378.80
-
-
1.20
Total General Appropriations Excluded
From "CAPS"
5,751,093.19
5,751,093.19
5,724,564.75
-
26,527.24
6,223.69
Subtotal General Appropriations
28,220,070.17
28,220,070.17
27,366,230.39
155,252.54
692,363.55
6,223.69
Reserve For Uncollected Taxes
330,298.71
330,298.71
330,298.71
-
-
-
Total General Appropriations
28,550,368.88
$
28,550,368.88
$
27,696,529.10
$
155,252.54
$
692,363.55
$
6,223.69
$
Adopted Budget
28,550,368.88
$
Total
28,550,368.88
$
Federal & State Grants
2,516,478.19
$
Reserve for Uncollected Taxes
330,298.71
Deferred Charges
5,722.49
Due To General Capital Fund
37,345.06
Disbursed
24,806,684.65
Total
27,696,529.10
$
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, 2023
CURRENT FUND
17
EXHIBIT B
ASSETS
REFERENCE
2023
2022
Assessment Fund:
Cash
B-1
54,096.41
$
54,096.41
$
Assessments Receivable
B-17
1,828,205.66
2,253,649.06
Due From Current Fund
A
994,326.72
1,041,383.32
Total Assessment Fund
2,876,628.79
3,349,128.79
Other Funds:
Cash - Treasurer
B-1
2,983,227.05
3,288,164.57
Cash - Collector
B-2
575,292.54
1,526,305.46
Due from Current Fund
A
465,359.03
226,634.17
Total Other Funds
4,023,878.62
5,041,104.20
Total Assets
6,900,507.41
$
8,390,232.99
$
LIABILITIES, RESERVES & FUND BALANCE
Assessment Fund:
Due to Capital Fund
C
137,509.28
$
137,509.28
$
Prospective Assessments Funded
B
114,119.51
211,619.51
Assessment Bonds Payable
B-19
2,625,000.00
3,000,000.00
Total Assessment Fund
2,876,628.79
3,349,128.79
Other Funds:
Reserves for:
Deposits for Tax Title Redemptions
B-5
575,292.54
1,526,305.46
Escrow Deposits
B-6
1,420,029.78
1,666,827.38
Forfeited Property
B-7
64,137.40
66,855.93
Recreation Trust
B-8
2,057.05
2,057.05
Open Space
B-9
1,642,165.91
1,529,571.10
Community Center
B-10
4,276.58
3,582.88
Federal Forfeiture Law Enforcement Funds
B-11
10,932.14
23,266.27
Sick/Vacation Funds
B-12
12,901.01
11,013.78
COAH Funds
B-13
174,687.74
159,967.09
Police Evidence Deposits
B-14
3,352.80
3,352.80
Veterans Park Donations
B-15
4,910.00
4,910.00
Police K-9 Equipment
B
12,601.00
12,601.00
Division of Fire Safety - Dedicated Penalties
B-16
10,000.00
10,000.00
POAA Funds
B
648.00
648.00
Due to Current Fund
A
35,526.39
20,145.46
Due to Capital Fund - Open Space Trust
C
50,360.28
-
Total Other Funds
4,023,878.62
5,041,104.20
Total Liabilities, Reserves & Fund Balance
6,900,507.41
$
8,390,232.99
$
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, 2023 AND 2022
AND FUND BALANCE - REGULATORY BASIS
18
EXHIBIT C
REFERENCE
2023
2022
Cash & Cash Equivalents
C-2
225,255.25
$
383,242.98
$
Due from Assessment Trust Fund
B
137,509.28
137,509.28
Due from Grant Fund
A
601,951.13
-
Due from Current Fund
A
-
4,056,823.28
Due from Open Space Fund
B
50,360.28
-
Deferred Charges to Future Taxation:
Funded
C-4
21,659,215.77
9,888,904.25
Unfunded
C-5
18,539,161.05
23,613,615.05
Prospective Assessment to be Raised by Taxation
C
13,875,000.00
10,075,000.00
Total Assets
55,088,452.76
$
48,155,094.84
$
Bond Anticipation Notes Payable
C-8
6,417,250.00
$
19,538,000.00
$
General Serial Bond
C-9
18,155,000.00
8,075,000.00
Green Trust Loan Payable
C-10
67,907.65
97,199.89
NJEIT Loan Payable
C-11
3,436,308.12
1,716,704.36
Capital Improvement Fund
C-6
128,544.00
207,544.00
Encumbrances Payable
C-7
15,480.95
1,115,863.53
Due To Ocean County - CDBG
C
3,722.00
3,722.00
Improvement Authorizations:
Funded
C-7
2,876,904.06
776,392.46
Unfunded
C-7
8,968,463.22
6,481,553.59
Due to Current Fund
A
943,106.20
-
Reserve for Debt Service - Premiums on BANS
C
197,580.03
64,928.48
Reserve for Prospective Assessment to be Raised by Taxation
C
13,875,000.00
10,075,000.00
Fund Balance
C-1
3,186.53
3,186.53
Total Liabilities, Reserves & Fund Balance
55,088,452.76
$
48,155,094.84
$
and $4,075,615.05, respectively.
The accompanying Notes to the Financial Statement are an integral part of this Statement.
There were bonds and notes authorized but not issued at December 31, 2023 and 2022 in the amount of $12,121,911.05
LIABILITIES, RESERVES & FUND BALANCE
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
ASSETS
AND FUND BALANCE - REGULATORY BASIS
DECEMBER 31, 2023 AND 2022
STATEMENT OF ASSETS, LIABILITIES, RESERVES
19
EXHIBIT C-1
Balance December 31, 2023 & 2022
3,186.53
$
The accompanying Notes to the Financial Statement 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, 2023
20
EXHIBIT D
REFERENCE
2023
2022
Cash - Treasurer
D-1
282,872.22
$
286,904.74
$
Due from Current Fund
A
-
3,358.54
Total
282,872.22
$
290,263.28
$
Payroll Taxes Payable
D-2
195,678.85
$
290,263.28
$
Due to Current Fund
A
87,193.37
-
Total
282,872.22
$
290,263.28
$
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, 2023 AND 2022
ASSETS
21
EXHIBIT E
2023
2022
Land and Improvements
9,495,762.71
$
9,495,762.71
$
Building
10,791,677.00
10,649,677.00
Equipment
14,701,442.07
15,162,671.75
Total
34,988,881.78
$
35,308,111.46
$
Investment in Fixed Assets
34,988,881.78
$
35,308,111.46
$
The accompanying Notes to the Financial Statements are an integral part of this Statement.
FUND BALANCE
TOWNSHIP OF LITTLE EGG HARBOR
DECEMBER 31, 2023 AND 2022
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, 2023
************
23
This page intentionally left blank
24
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 1. Summary of Significant Accounting Policies
Description of Financial Reporting Entity - The Township of 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 component 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, 2023
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, 2023
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, 2023
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, 2023
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 fiscal year ended December 31, 2023:
x
Statement No. 96, Subscription-Based Information Technology Arrangements. The requirements
of this Statement are effective for fiscal years beginning after June 15, 2022.
x
Statement No. 99, Omnibus 2022. The requirements of this Statement are effective for fiscal
years beginning after June 15, 2022.
Management has determined that the implementation of these Statements did not have a significant
impact on the Township’s financial statements.
29
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 1. Summary of Significant Accounting Policies (continued):
Accounting Pronouncements Effective in Future Reporting Periods
The following accounting pronouncements will become effective in future reporting periods:
x
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.
x
Statement No. 101, Compensated Absences. The requirements of this Statement are effective for
fiscal years beginning after December 15, 2023.
x
Statement No. 102, Certain Risk Disclosures. The requirements of this Statement are effective for
fiscal years beginning after June 15, 2024.
Management has not yet determined the potential impact these Statements will have 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, 2023, the Township’s bank balance of $15,521,929.36 was insured or collateralized
as follows:
Insured under FDIC and GUDPA
11,426,421.85
$
Uninsured and Uncollateralized
4,095,507.51
15,521,929.36
$
30
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 2. Deposits and Investments (continued)
Investments
The Township had no investments as of December 31, 2023.
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.
2023
2022
2021
Tax Rate
2.998
$
2.913
$
2.862
$
Apportionment of Tax Rate:
Municipal
0.873
0.858
0.840
County General
0.496
0.448
0.421
Local School
0.628
0.622
0.615
Regional School
0.764
0.755
0.743
Special District
0.237
0.230
0.243
Comparison Schedule of Tax Rates
Year
Amount
2023
2,371,083,098.00
$
2022
2,348,313,428.00
2021
2,334,764,899.00
Assessed Valuation
Cash
Percentage Of
Year
Tax Levy
Collections
Collection
2023
67,857,822.59
$
67,695,761.39
$
99.76%
2022
65,151,583.40
64,970,785.89
99.72%
2021
63,245,127.87
63,010,251.31
99.62%
Comparison of Tax Levies and Collections
31
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 3. Property Taxes (continued):
Tax Title
Delinquent
Total
Percentage Of
Year
Liens
Taxes
Delinquent
Tax Levy
2023
787,522.07
$
55,772.19
$
843,294.26
$
1.24%
2022
788,065.35
55,293.85
843,359.20
1.29%
2021
766,776.72
55,848.61
822,625.33
1.30%
Delinquent Taxes and Tax Title Liens
Year
Number
2023
197
2022
219
2021
193
Number of Tax Title Liens
The last tax sale was held on December 21, 2023.
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
2023
5,757,700.00
$
2022
5,757,700.00
2021
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:
2023
2,139,244.64
$
1,800,000.00
$
84.14%
2022
3,623,759.20
1,875,135.00
51.75%
2021
3,253,953.05
1,390,000.00
42.72%
32
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
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, 2023:
Interfund
Interfund
Fund
Receivable
Payable
Current Fund
1,065,825.96
$
2,283,898.74
$
State and Federal Grant Fund
824,212.99
601,951.13
Trust Other Fund
465,359.03
85,886.67
Trust Assessment Fund
994,326.72
137,509.28
General Capital Fund
789,820.69
943,106.20
Payroll Fund
-
87,193.37
4,139,545.39
$
4,139,545.39
$
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
1,206,436.34
$
7,952,809.92
$
State and Federal Grant Fund
2,002,141.00
570,760.35
Open Space Trust
50,360.28
-
Trust Other Fund
290,380.93
238,724.86
Trust Assessment Fund
47,056.60
-
General Capital Fund
5,925,728.35
850,360.28
Payroll Fund
90,551.91
-
9,612,655.41
$
9,612,655.41
$
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, 2023
Note 8. Fixed Assets
The following is a summary of changes in the General Fixed Assets Account Group for the year ended
December 31, 2023.
Balance
Balance
December 31,
December 31,
2022
Additions
Deletions
2023
Land and Improvements
9,495,762.71
$
-
$
-
$
9,495,762.71
$
Buildings
10,649,677.00
142,000.00
-
10,791,677.00
Machinery & Equipment
15,162,671.75
498,653.32
(959,883.00)
14,701,442.07
35,308,111.46
$
640,653.32
$
(959,883.00)
$
34,988,881.78
$
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, 2023
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
2023, 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, 2023, the Township’s contractually required contribution to PERS plan was $637,120.00.
Components of Net Pension Liability - At December 31, 2023, the Township’s proportionate share of
the PERS net pension liability was $6,904,674.00. The net pension liability was measured as of June 30,
2023. 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, 2022, which
was rolled forward to June 30, 2023. 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, 2023. The Township’s proportion measured as of June 30, 2023,
was 0.04767% which was a decrease of 0.00298% from its proportion measured as of June 30, 2022.
12/31/2023
12/30/2022
Actuarial valuation date (including roll forward)
June 30, 2023
June 30, 2022
Deferred Outflows of Resources
168,768
$
656,848
$
Deferred Inflows of Resources
1,069,027
1,547,990
Net Pension Liability
6,904,674
7,644,419
Township's portion of the Plan's total Net Pension Liability
0.04767%
0.05065%
Balances at December 31, 2023 and December 31, 2022
35
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 9. Pension Obligations (continued):
A. Public Employees’ Retirement System (PERS) (continued):
Pension Expense/(Credit) and Deferred Outflows/Inflows of Resources - At December 31, 2023, the
Township’s proportionate share of the PERS expense/(credit), calculated by the plan as of the June 30,
2023 measurement date is ($82,483.00). This expense/(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 $637,120.00 to the plan in 2023.
At December 31, 2023, 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
66,018
$
28,224
$
Changes of Assumptions
15,168
418,453
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
31,797
-
Changes in Proportion and Differences
between Township Contributions and
Proportionate Share of Contributions
55,785
622,350
168,768
$
1,069,027
$
36
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
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
December 31,
Amount
2024
(477,854)
$
2025
(316,786)
2026
171,027
2027
(164,199)
2028
(112,447)
(900,259)
$
Special Funding Situation – Under N.J.S.A. 43:15A-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, are Chapter 366, P.L. 2001 and Chapter 133, 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, deferred outflows of
resources, or deferred inflows of resources to report in the financial statements of the local participating
employers related to the legislation. However, the notes to the financial statements of the local
participating employers must disclose the portion of the non-employer contributing entities’ total
proportionate share of the collective net pension liability that is associated with the local participating
employer. In addition, each local participating employer must recognize pension expense associated with
the employers as well as revenue in an amount equal to the non-employer contributing entities’ total
proportionate share of the collective pension expense associated with the local participating employer.
Additionally, the State has no proportionate share of the PERS net pension liability attributable to the
Township as of December 31, 2023. At December 31, 2023, the State’s proportionate share of the PERS
expense, associated with the Township, calculated by the plan as of the June 30, 2023 measurement date
was $21,533.00.
37
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 9. Pension Obligations (continued):
A. Public Employees’ Retirement System (PERS) (continued):
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:
2.75 - 6.55%
Based on Years of Service
Investment Rate of Return
7.00%
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, 2022 valuation were based on the results of an actuarial
experience study for the period July 1, 2018 to June 30, 2021.
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, 2023) is determined by the State Treasurer, after
consultation with the Directors of the Division of Investments and Division of Pensions and Benefits, the
board of trustees and the actuaries. The long-term expected rate of return was determined using a building
block method in which best-estimate ranges of expected future real rates of return (expected returns, net
of pension plan investment expense and inflation) are developed for each major asset class. These ranges
are combined to produce the long-term expected rate of return by weighting the expected future real rates
of return by the target asset allocation percentage and by adding expected inflation. Best estimates of
arithmetic rates of return for each major asset class included in PERS’s target asset allocation as of June
30, 2023 are summarized in the following table:
38
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 9. Pension Obligations (continued):
A. Public Employees’ Retirement System (PERS) (continued):
Long-Term
Target
Expected Real
Asset Class
Allocation
Rate of Return
U.S. Equity
28.00%
8.98%
Non-U.S. Developed Markets Equity
12.75%
9.22%
International Small Cap Equity
1.25%
9.22%
Emerging Markets Equity
5.50%
11.13%
Private Equity
13.00%
12.50%
Real Estate
8.00%
8.58%
Real Assets
3.00%
8.40%
High Yield
4.50%
6.97%
Private Credit
8.00%
9.20%
Investment Grade Credit
7.00%
5.19%
Cash Equivalents
2.00%
3.31%
U.S. Treasuries
4.00%
3.31%
Risk Mitigation Strategies
3.00%
6.21%
100.00%
Discount Rate - The discount rate used to measure the total pension liability was 7.00% as of June 30,
2023. The projection of cash flows used to determine the discount rate assumed that contributions from
plan members will be made at the current member contribution rates and that contributions from
employers will be based on 100% of the actuarially determined contributions for the State employer and
100% of actuarially determined contributions for the local employers. Based on those assumptions, the
plan’s fiduciary net position was projected to be available to make projected future benefit payments of
current plan members. Therefore, the long-term expected rate of return on plan investments was applied
to 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
9,064,195
$
6,904,674
$
5,174,393
$
39
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 9. Pension Obligations (continued):
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
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 2023, the State contributed an amount
more 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
40
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 9. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
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, 2023, the Township’s contractually required contributions to PFRS plan
was $1,906,591.00.
Net Pension Liability and Pension Expense - At December 31, 2023 the Township’s proportionate
share of the PFRS net pension liability was $15,824,439.00. The net pension liability was measured as of
June 30, 2023. 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, 2022,
to the measurement date of June 30, 2023. 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, 2023. The Township’s proportion measured as of
June 30, 2023, was 0.14322%, which was a decrease of 0.00266% from its proportion measured as of
June 30, 2022.
12/31/2023
12/31/2022
Actuarial valuation date (including roll forward)
June 30, 2023
June 30, 2022
Deferred Outflows of Resources
2,662,159
$
3,962,548
$
Deferred Inflows of Resources
2,280,808
3,434,592
Net Pension Liability
15,824,439
16,698,180
Township's portion of the Plan's total net pension Liability
0.14322%
0.14588%
Balances at December 31, 2023 and December 31, 2022
Pension Expense/(Credit) and Deferred Outflows/Inflows of Resources – At December 31, 2023, the
Township’s proportionate share of the PFRS expense/(credit), calculated by the plan as of the June 30,
2023 measurement date was $1,179,673.00. This expense/(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 $1,906,591.00 to the plan in 2023.
At December 31, 2023, the Township had deferred outflows of resources and deferred inflows of
resources related to PFRS from the following sources:
41
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 9. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
Deferred Outflows
Deferred Inflows
of Resources
of Resources
Differences between Expected
and Actual Experience
677,571
$
754,685
$
Changes of Assumptions
34,155
1,068,529
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
805,909
-
Changes in Proportion and Differences
between Township Contributions and
Proportionate Share of Contributions
1,144,524
457,594
2,662,159
$
2,280,808
$
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
December 31,
Amount
2024
(478,446)
$
2025
(453,614)
2026
1,088,244
2027
55,605
2028
166,576
Thereafter
2,986
381,351
$
42
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 9. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
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.
However, the notes to the financial statements of the local participating employers must disclose the
portion of the non-employer contributing entities’ total proportionate share of the collective net pension
liability that is associated with the local participating employer. In addition, each local participating
employer must recognize pension expense associated with the employers as well as revenue in an amount
equal to the non-employer contributing entities’ total proportionate share of the collective pension
expense associated with the local participating employer.
Additionally, the State’s proportionate share of the PFRS net pension liability attributable to the
Township is $2,915,837.00 as of December 31, 2023. The net pension liability was measured as of June
30, 2023. 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, 2022,
to the measurement date of June 30, 2023. 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, 2023 was 0.1432%, which was a decrease of 0.00266%
from its proportion measured as of June 30, 2022, which is the same proportion as the Township’s. At
December 31, 2023, 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
15,824,439
$
State of New Jersey's Proportionate Share of Net Pension
Liability Associated with the Township
2,915,837
18,740,276
$
43
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 9. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
At December 31, 2023, the State’s proportionate share of the PFRS expense, associated with the
Township, calculated by the plan as of the June 30, 2023 measurement date was $331,670.00.
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
All future years
3.25 - 16.25%
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 rates were
based on the PubS-2010 amount-weighted mortality table with a 96.7% adjustment for males and 96.0%
adjustment for females. Disability rates were based on the PubS-2010 amount-weighted mortality table
with a 152.0% adjustment for males and 109.3% adjustment for females. Mortality improvement is based
on Scale MP-2021.
The actuarial assumptions used in the July 1, 2022 valuation were based on the results of an actuarial
experience study for the period July 1, 2018 to June 30, 2021.
44
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 9. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
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, 2023) is determined by the State Treasurer, after
consultation with the Directors of the Division of Investments and Division of Pensions and Benefits, the
board of trustees and the actuaries. The long-term expected rate of return was determined using a building
block method in which best-estimate ranges of expected future real rates of return (expected returns, net
of pension plan investment expense and inflation) are developed for each major asset class. These ranges
are combined to produce the long-term expected rate of return by weighting the expected future real rates
of return by the target asset allocation percentage and by adding expected inflation. Best estimates of
arithmetic rates of return for each major asset class included in PFRS’s target asset allocation as of June
30, 2023 are summarized in the following table:
Long-Term
Target
Expected Real
Asset Class
Allocation
Rate of Return
U.S. Equity
28.00%
8.98%
Non-U.S. Developed Markets Equity
12.75%
9.22%
International Small Cap Equity
1.25%
9.22%
Emerging Markets Equity
5.50%
11.13%
Private Equity
13.00%
12.50%
Real Estate
8.00%
8.58%
Real Assets
3.00%
8.40%
High Yield
4.50%
6.97%
Private Credit
8.00%
9.20%
Investment Grade Credit
7.00%
5.19%
Cash Equivalents
2.00%
3.31%
U.S. Treasuries
4.00%
3.31%
Risk Mitigation Strategies
3.00%
6.21%
100.00%
Discount Rate - The discount rate used to measure the total pension liability was 7.00% as of June 30,
2023. The projection of cash flows used to determine the discount rate assumed that contributions from
plan members will be made at the current member contribution rates and that contributions from
employers and the nonemployer contributing entity 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 projected future benefit payments of current plan members. Therefore, the long-term expected rate
of return on plan investments was applied to 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:
45
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
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
22,048,585
$
15,824,439
$
10,641,213
$
State of New Jersey's Proportionate
Share of Net Pension Liability
associated with the Township
4,062,708
2,915,837
1,960,767
26,111,293
$
18,740,276
$
12,601,980
$
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:
2023
2022
2021
Issued:
General:
Bonds, Notes and Loans
28,076,465.77
$
29,426,904.25
$
20,366,653.41
$
Total Debt Issued
28,076,465.77
29,426,904.25
20,366,653.41
Authorized but not issued:
General:
Bonds, Notes and Loans
12,121,911.05
4,075,615.05
6,277,137.94
Total Authorized But Not Issued
12,121,911.05
4,075,615.05
6,277,137.94
Total Gross Debt
40,198,376.82
$
33,502,519.30
$
26,643,791.35
$
Deductions:
General:
Funds on Hand For Payment
of Bonds and Notes:
Reserve for Debt Service
197,580.03
64,928.48
55,050.69
Total Deductions
197,580.03
64,928.48
55,050.69
Total Net Debt
40,000,796.79
$
33,437,590.82
$
26,588,740.66
$
46
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
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
14,600,000.00
$
14,600,000.00
$
-
$
Regional School Debt
36,387,283.02
36,387,283.02
-
General Debt
40,198,376.82
197,580.03
40,000,796.79
91,185,659.84
$
51,184,863.05
$
40,000,796.79
$
Net Debt $40,000,796.79 divided by the average Equalized Valuation Basis per N.J.S.A 40A:2-2 as
amended, $3,228,440,014.33, equals 1.239%. 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, 2023 is calculated as follows:
Borrowing Power Under N.J.S. 40A:2-6 as Amended
3 1/2% of Equalized Valuation Basis (Municipal)
112,995,400.50
$
Net Debt
40,000,796.79
Remaining Borrowing Power
72,994,603.71
$
General Debt
A. Serial Bonds Payable
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 matured 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.
On August 22, 2023, the Township issued $2,835,000 of General Obligation Bonds. The General
Obligation Bonds were issued at interest rates varying from 4.00% to 5.00% and mature on September 1,
2031.
On August 22, 2023, the Township issued $9,020,000 of General Obligation Assessment Bonds. The
General Obligation Assessment Bonds were issued at interest rates varying from 4.00% to 5.00% and
mature on September 1, 2033.
47
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 10. Municipal Debt (continued):
Principal and interest due on the outstanding general obligation bonds are as follows:
Year
Principal
Interest
Total
2024
$ 2,495,000.00 $ 697,545.98 $ 3,192,545.98
2025
2,495,000.00 622,300.00 3,117,300.00
2026
2,495,000.00 536,200.00 3,031,200.00
2027
2,710,000.00 450,100.00 3,160,100.00
2028
2,155,000.00 350,250.00 2,505,250.00
2029-2033 5,805,000.00 684,450.00 6,489,450.00
18,155,000.00
$
3,340,845.98
$
21,495,845.98
$
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, 2023:
Balance
Date of
Date of
December 31,
Description
Issue
Maturity
Rate
2023
Series 2023 B
1/20/2023
1/24/2024
4.750%
6,417,250.00
6,417,250.00
$
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, 2023, the Township had $12,121,911.05 in various General Capital bonds and notes
authorized but not issued.
48
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 10. Municipal Debt (continued):
D. Loans Payable
As of December 31, 2023, the Township had $67,907.65 in Green Trust Loans Payable outstanding.
Principal and interest due on the loans payable are as follows:
Year
Principal
Interest
Total
2024
$ 29,882.07 $ 1,209.73 31,091.80
2025
22,709.90 607.90 23,317.80
2026
15,315.68 230.12 15,544.98
67,907.65
$
2,047.75
$
69,954.58
$
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, 2023, the balances were $830,000 and $801,604.12 respectively.
During 2023, the Township entered into a loan agreement with the State of New Jersey Department of
Environmental Protection, pursuant to the 2023 New Jersey Environmental Infrastructure Trust Financing
Program. The Trust Loan Agreement of $1,804,704 is to be repaid over a twenty year period at interest
rates ranging from 3.03% to 5.00% for the $936,032 Trust Loan portion, and 0% for the $868,672 Fund
Loan portion. The proceeds of the loans were to fund Township-wide drainage projects. As of December
31, 2023, the balances were $936,032 and $868,672 respectively.
Year
Principal
Interest
Total
2024
$ 114,546.75 $ 55,201.04 $ 169,747.79
2025
164,270.00 64,148.52 228,418.52
2026
169,270.00 60,648.52 229,918.52
2027
174,270.00 56,898.52 231,168.52
2028
174,270.00 52,898.52 227,168.52
2029-2033
951,350.00 195,705.10 1,147,055.10
2034-2038
1,033,403.00 112,122.58 1,145,525.58
2039-2043
654,928.37 33,202.94 688,131.31
3,436,308.12
$
630,825.74
$
4,067,133.86
$
49
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
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
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
375,000.00 37,500.00 412,500.00
2028
375,000.00 26,250.00 401,250.00
2029-2033 750,000.00 22,500.00 772,500.00
2,625,000.00
$
288,750.00
$
2,913,750.00
$
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
2022
Increases
Decreases
2023
One Year
General Capital:
General Bonds
8,075,000.00
$
11,855,000.00
$
1,775,000.00
$
18,155,000.00
$
2,495,000.00
$
Bond Anticipation Notes
19,538,000.00
19,340,250.00
32,461,000.00
6,417,250.00
6,417,250.00
Green Trust Loans
97,199.89
-
29,292.24
67,907.65
29,882.07
NJEIT Loan Payable
1,716,704.36
1,804,704.00
85,100.24
3,436,308.12
114,546.75
Assessment Trust:
Assessment Bonds
3,000,000.00
-
375,000.00
2,625,000.00
375,000.00
32,426,904.25
$
32,999,954.00
$
34,725,392.48
$
30,701,465.77
$
9,431,678.82
$
50
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
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, 2023 are as
follows:
Local Taxes
2023
2022
Total Balance of Local Tax
7,770,102.00
$
7,492,358.98
$
Deferred Taxes
5,236,297.00
5,236,297.00
Local Tax Payable
2,533,805.00
$
2,256,061.98
$
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 $1,692,882.67 at December 31,
2023.
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, 2023, the Township has reserved in the
Other Trust Fund $12,901.1 to fund compensated absences in accordance with NJSA 40A:4-39.
51
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
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, 2023 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, 2023.
Note 15. Postemployment Benefits Other Than Pensions – State Plan
As of the date of this report, the New Jersey Division of Pension and Benefits has not provided updated
actuarial valuations for other postemployment benefit obligations for the year ended June 30, 2023. The
New Jersey Division of Pension and Benefits will post these reports on their website as they are made
available. The footnote below includes the most current information made publicly available which had a
reporting date of June 30, 2022.
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.
52
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
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.
53
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
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, 2022 were $3,361,552,823.00 and $12,729,372,321.00, 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, 2021 through June 30, 2022. 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
$9,234,893.00 as of December 31, 2022. 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, 2021, to the measurement date of
June 30, 2022. 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, 2022 was 0.2737230055%, which was a decrease of 0.0032170064% from its proportion
measured as of June 30, 2021, which is the same proportion as the Township’s. At December 31, 2022,
the Township’s and the State of New Jersey’s proportionate share of the OPEB liability were as follows:
54
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 15. Postemployment Benefits Other Than Pensions – State Plan (continued):
State of New Jersey's
Proportionate Share of OPEB Liability
Associated with the Township
9,234,893.00
$
At December 31, 2022, the State’s proportionate share of the OPEB benefit, associated with the
Township, calculated by the plan as of the June 30, 2022 measurement date was ($1,514,716.00).
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, 2023, the following employees were covered by
the Township plan:
Participant Data
Amount
Active Employees
109
Retired Employees
43
Total Membership Count
152
Actuarial Assumptions and Other Inputs
This valuation has been conducted as of December 31, 2023 based on census, plan design and premium
information provided by the Township. Census includes 43 retired participants (including spouses) and
109 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, 2023 of $21,290,773.00 is measured
at December 31, 2023 as allowed under GASB 75.
55
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
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 4.00% as of 12/31/2023
Inflation Rate
3.00%
Salary Increases
3.00%
Health Care Cost Trend
8.00% Decreasing to 5.00% ultimate
Rates of Mortality
PUB 2010 w/ MP 2021 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
4.00%
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, 2023, the discount rate utilized was 4.00%.
Changes in the Total OPEB Liability – The changes to the total OPEB Liability during the year ending
December 31, 2023 were as follows:
56
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 16. Postemployment Benefits Other Than Pensions – Local Plan (continued):
Total OPEB Liability
Balance, January 1, 2023
20,370,319.00
$
Changes for the Year:
Service Cost
586,643.00
Interest Cost
847,802.00
Changes of Assumptions
486,210.00
Difference between Actual and Expected
399,267.00
Benefits Paid (implicit)
(1,399,468.00)
Net Changes
920,454.00
Balance, December 31, 2023
21,290,773.00
$
Changes in the Total OPEB Liability
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 (3.00
percent) or 1-percentage pointer higher (5.00 percent) that the current discount rate:
At 1%
At Discount
At 1%
Decrease (3.00%)
Rate (4.00%)
Increase (5.00%)
Total OPEB Liability
22,898,703.00
$
21,290,773.00
$
19,814,418.00
$
December 31, 2023
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
19,470,757.00
$
21,290,773.00
$
23,376,781.00
$
December 31, 2023
57
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
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, 2023, the Township’s OPEB expense was estimated to be $432,791.00.
At December 31, 2023, 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
445,556.00
$
1,382,264.00
$
Changes of Assumptions
2,340,578.00
2,154,874.00
Net Difference Between Projected and
Actual Eearnings of OPEB Plan Investments
-
-
2,786,134.00
$
3,537,138.00
$
Amounts reported as deferred outflows of resources related to OPEB will be recognized in OPEB expense
as follows:
Fiscal Year
Ending June 30,
2024
(1,001,654.00)
$
2025
(1,001,656.00)
2026
519,381.00
2027
298,014.00
2028
283,269.00
Thereafter
151,642.00
(751,004.00)
$
58
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 16. Postemployment Benefits Other Than Pensions – Local Plan (continued):
Other Supplementary Information
Schedule of Changes in the Township's Total OPEB Liability and Related Ratios
2023
2022
2021
Total OPEB Liability
Service Cost
586,643.00
$
677,006.00
$
684,775.00
$
Interest
847,802.00
581,222.00
509,153.00
Difference Between Expected and Actual Experience
399,267.00
(2,705,218.00)
121,987.00
Changes in Assumptions
486,211.00
(3,378,936.00)
(664,864.00)
Benefit Payments
(1,399,468.00)
(1,271,646.00)
(1,128,329.00)
Net Change in Total OPEB Liability
920,455.00
(6,097,572.00)
(477,278.00)
Total OPEB Liability - Beginning
20,370,318.00
26,467,890.00
26,945,168.00
Total OPEB Liability - Ending
21,290,773.00
$
20,370,318.00
$
26,467,890.00
$
Total Covered Employee Payroll
10,938,722.00
$
10,535,414.00
$
10,871,668.00
$
Net OPEB Liability as a Percentage of Payroll
194.64%
193.35%
243.46%
Fiscal Year Ending December 31,
Note 17. Commitments
The Township has contractual commitments at December 31, 2023 to various vendors which are recorded
as encumbrances in the Current Fund in the amount of $155,252.54, the Grant Fund in the amount of
$92,329.59 and the General Capital fund in the amount of $15,480.95.
Note 18. Subsequent Events
Management has reviewed and evaluated all events and transactions that occurred between December 31,
2023 and 6HSWHPEHU 2024, the date that the financial statements were available for issuance, for
possible disclosure and recognition in the financial statements.
On April 11, 2024, the Township adopted an Ordinance providing for the various improvements and
upgrades to the Township Municipal Building, appropriating $800,000.00 therefor and authorizing the
issuance of $760,000.00 bonds or notes to finance the same.
59
This page intentionally left blank
60
SUPPLEMENTARY EXHIBITS
61
This page intentionally left blank
62
CURRENT FUND
63
This page intentionally left blank
64
EXHIBIT A-4
Balance December 31, 2022
15,529,518.76
$
284,191.38
$
Increased by Receipts:
Taxes Receivable
66,595,366.90
$
-
$
Tax Title Liens Receivable
107,219.14
-
Due From State - Senior Citizen &
Veteran Deductions
262,373.29
-
Revenue Accounts Receivable
3,408,241.93
-
Miscellaneous Revenue Not Anticipated
386,083.31
-
Prepaid Taxes
846,848.12
-
Due Bass River
2,687.90
-
Construction Fees Due State of New Jersey
24,558.00
-
Reserve for National Opioid Settlement
49,418.34
-
Reserve for Municipal Relief Fund Aid
135,591.25
-
Reserve for Liquor License Deposit
904,100.00
-
Due Trust Other Fund
238,724.86
-
Due Capital Fund
-
300,000.00
Due Current Fund
-
1,702,141.00
Due Grant Fund
467,711.48
-
Federal & State Grants Unappropriated
-
37,602.06
Federal & State Grants Receivable
-
156,923.18
Total Receipts
73,428,924.52
2,196,666.24
Subtotal
88,958,443.28
2,480,857.62
Decreased by Disbursements:
2023 Appropriations
24,806,684.65
-
Appropriation Reserves
805,385.59
-
County Taxes Payable
11,770,882.09
-
Local District School Tax
14,605,780.98
-
Regional High School Tax
18,109,882.00
-
Special District Taxes
1,686,224.57
-
Construction Fees Due State of NJ
21,223.00
-
Bass River Construction Fees
824.70
-
Due Payroll
90,551.91
-
Due Trust Assessment
47,056.60
-
Due Capital Fund
4,999,929.48
103,048.87
Due from Trust
15,380.93
-
Tax Overpayments
337,588.35
-
Due Grant Fund
1,702,141.00
-
Federal & State Grants - Appropriated
-
2,249,476.36
Total Disbursements
78,999,535.85
2,352,525.23
Balance December 31, 2023
9,958,907.43
$
128,332.39
$
CURRENT FUND
GRANT FUND
STATE & FEDERAL
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
SCHEDULE OF CASH - TREASURER
FOR THE YEAR ENDED DECEMBER 31, 2023
65
EXHIBIT A-5
BALANCE
SENIOR
TRANSFERRED
BALANCE
DECEMBER 31,
2023
ADDED
CITIZENS &
ADJUSTMENTS &
TO TAX
DECEMBER 31,
YEAR
2022
LEVY
TAXES
2022
2023
VETERANS
CANCELLATIONS
TITLE LIENS
2023
2009
4.65
$
-
$
-
$
-
$
250.00
$
(250.00)
$
-
$
-
$
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
-
-
-
-
-
-
-
3,478.60
2016
3,436.72
-
-
-
-
-
-
-
3,436.72
2017
3,640.77
-
-
-
250.00
(250.00)
-
-
3,640.77
2018
3,655.23
-
-
-
250.00
(250.00)
-
-
3,655.23
2019
4,428.78
-
-
-
250.00
(250.00)
-
-
4,428.78
2020
6,476.30
-
-
-
(4,600.06)
(500.00)
5,100.06
-
6,476.30
2021
6,847.23
-
-
-
1,000.00
(250.00)
-
-
6,097.23
2022
16,255.86
-
-
-
27,374.92
(3,280.82)
(14,357.70)
-
6,519.46
Total
55,293.85
-
-
-
24,774.86
(5,030.82)
(9,257.64)
-
44,807.45
2023
-
67,411,944.00
445,878.59
859,430.32
66,570,592.04
265,739.03
44,420.60
106,675.86
10,964.74
Total
55,293.85
$
67,411,944.00
$
445,878.59
$
859,430.32
$
66,595,366.90
$
260,708.21
$
35,162.96
$
106,675.86
$
55,772.19
$
Tax Yield:
General Property Tax
65,725,719.43
$
Special District
1,686,224.57
Added Taxes (54:4-63.1 et. seq.)
445,878.59
67,857,822.59
$
Total Tax Yield
67,857,822.59
$
Tax Levy:
Local School District Tax (Abstract)
14,883,524.00
$
Regional High School Tax (Abstract)
18,109,882.00
Municipal Open Space (Abstract)
237,108.30
Municipal Open Space (Added)
1,616.56
County Taxes:
County Tax (Abstract)
9,897,244.09
$
County Library Tax (Abstract)
936,891.49
County Health Services (Abstract)
543,489.70
County Open Space
393,256.81
Due County for Added Taxes (54:4-63,1 et.seq.)
79,072.69
Total County Taxes
11,849,954.78
Fire District #1 (Amount Certified)
670,469.57
Fire District #2 (Amount Certified)
492,755.00
Fire District #3 (Amount Certified)
523,000.00
Total Special District Taxes
1,686,224.57
Local Tax for Municipal Purposes
20,694,154.21
Add: Additional Tax Levied
395,358.17
21,089,512.38
Total Tax Levy
67,857,822.59
$
ANALYSIS OF 2023 PROPERTY TAX LEVY:
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
COLLECTED
FOR THE YEAR ENDED DECEMBER 31, 2023
SCHEDULE OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY
66
EXHIBIT A-6
Balance December 31, 2022
788,065.35
$
Increased by:
Transfers from Taxes Receivable
106,675.86
Subtotal
894,741.21
Decreased by:
Collections
107,219.14
Balance December 31, 2023
787,522.07
$
EXHIBIT A-7
Balance December 31, 2023 & 2022
5,757,700.00
$
SCHEDULE OF PROPERTY ACQUIRED FOR TAXES
(AT ASSESSED VALUATION)
FOR THE YEAR ENDED DECEMBER 31, 2023
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2023
SCHEDULE OF TAX TITLE LIENS
67
EXHIBIT A-8
BALANCE
BALANCE
DECEMBER 31,
ACCRUED IN
DECEMBER 31,
2022
2023
TREASURER
2023
Miscellaneous Revenue Anticipated:
Licenses - Alcoholic Beverages
-
$
10,564.00
$
10,564.00
$
-
$
Fees & Permits
-
167,621.75
167,621.75
-
Municipal Court
5,210.76
118,314.43
115,764.74
7,760.45
Reserve for Debt Service - Premium on BANS
-
64,928.48
64,928.48
-
Interest & Costs on Taxes
-
192,217.36
192,217.36
-
Payments in Lieu of Taxes
-
108,229.55
108,229.55
-
Energy Receipts Tax
-
1,308,924.64
1,308,924.64
-
Garden State Trust
-
183,628.00
183,628.00
-
Uniform Construction Code Fees
-
626,293.00
626,293.00
-
Tower Rental
-
276,013.18
276,013.18
-
SRO Officer
-
263,049.86
263,049.86
-
Cable TV
-
91,007.37
91,007.37
-
Total
5,210.76
$
3,410,791.62
$
3,408,241.93
$
7,760.45
$
TOWNSHIP OF LITTLE EGG HARBOR
FOR THE YEAR ENDED DECEMBER 31, 2023
STATEMENT OF REVENUE ACCOUNTS RECEIVABLE
CURRENT FUND
68
EXHIBIT A-9
BALANCE
BALANCE
PAID
DECEMBER 31,
AFTER
OR
BALANCE
2022
TRANSFERS
CHARGED
OVEREXPENDITURE
LAPSED
General Government:
General Administration:
Salaries and Wages
1,142.68
$
1,142.68
$
-
$
-
$
1,142.68
$
Other Expenses
2,359.50
2,359.50
1,341.35
-
1,018.15
Mayor and Committee:
Salaries and Wages
2,391.57
2,391.57
-
-
2,391.57
Other Expenses
5,351.96
5,351.96
67.23
-
5,284.73
Municipal Clerk:
Salaries and Wages
2,110.49
2,110.49
-
-
2,110.49
Other Expenses
13,041.06
13,041.06
14,098.22
1,057.16
-
Financial Administration (Treasury):
Salaries and Wages
7,437.75
6,637.75
-
-
6,637.75
Other Expenses
1,575.75
2,375.75
1,575.75
-
800.00
Audit Services:
Other Expenses
45,600.00
45,600.00
45,600.00
-
-
Revenue Administration (Tax Collection):
Salaries and Wages
4,451.96
4,451.96
2,415.92
-
2,036.04
Other Expenses:
Tax Sale Costs
7,585.00
7,585.00
373.99
-
7,211.01
Miscellaneous Other Expenses
14,648.35
14,648.35
185.36
-
14,462.99
Tax Assessment Administration:
Salaries and Wages
5,283.07
5,283.07
2,211.04
-
3,072.03
Other Expenses
2,249.98
2,249.98
-
-
2,249.98
Liquidation of Tax Title Liens & Foreclosed:
Property- Other Expenses
3,000.00
3,000.00
1,448.48
-
1,551.52
Legal Services (Legal Department):
Other Expenses
35,388.00
37,838.00
35,388.00
-
2,450.00
Engineering Services:
Other Expenses
15,818.13
29,518.13
29,472.75
-
45.38
Land Use Administration:
Planning Board:
Salaries and Wages
544.06
144.06
-
-
144.06
Other Expenses
-
400.00
279.00
-
121.00
Zoning Board of Adjustment:
Salaries and Wages
344.06
344.06
-
-
344.06
Other Expenses
3,736.30
3,736.30
263.18
-
3,473.12
Zoning Officer:
Salaries and Wages
13,170.20
13,170.20
4,640.31
-
8,529.89
Other Expenses
7,963.10
7,963.10
7,624.30
-
338.80
Insurance:
Group Insurance for Employees
54,840.44
49,990.44
(1,235.45)
-
51,225.89
Unemployment Insurance
2,998.77
2,998.77
1,106.51
-
1,892.26
Other Insurance: JIF, Surety WC
2,673.73
2,673.73
-
-
2,673.73
Public Safety Functions:
Police Department:
Salaries and Wages
67,256.84
67,256.84
55,211.28
-
12,045.56
Other Expenses
180,941.85
180,941.85
189,453.95
8,512.10
-
Office of Emergency Management:
Other Expenses
1,500.00
1,500.00
-
-
1,500.00
First Aid Squad Contribution
70,000.00
70,000.00
70,000.00
-
-
Municipal Prosecutor:
Other Expenses
5,250.00
6,950.00
5,250.00
-
1,700.00
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
SCHEDULE OF 2022 APPROPRIATION RESERVES
FOR THE YEAR ENDED DECEMBER 31, 2023
69
EXHIBIT A-9
BALANCE
BALANCE
PAID
DECEMBER 31,
AFTER
OR
BALANCE
2022
TRANSFERS
CHARGED
OVEREXPENDITURE
LAPSED
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
SCHEDULE OF 2022 APPROPRIATION RESERVES
FOR THE YEAR ENDED DECEMBER 31, 2023
Public Works Functions:
Streets & Roads Maintenance:
Salaries and Wages
11,034.16
11,034.16
7,219.45
-
3,814.71
Other Expenses
11,312.59
11,312.59
5,476.74
-
5,835.85
Solid Waste Sanitation:
Salaries and Wages
3,689.61
3,689.61
1,151.82
-
2,537.79
Other Expenses
32,324.43
32,324.43
22,335.76
-
9,988.67
Bulk Property Maintenance Pick-Up
34,792.00
34,792.00
27,300.00
-
7,492.00
Solid Waste Recycling:
Salaries and Wages
4,069.41
4,069.41
2,440.88
-
1,628.53
Other Expenses
7,826.13
7,826.13
4,981.24
-
2,844.89
Buildings & Grounds:
Salaries and Wages
489.95
489.95
-
-
489.95
Other Expenses
39,994.62
39,994.62
37,381.15
-
2,613.47
Vehicle Maintenance:
Other Expenses
28,663.00
32,063.00
29,335.96
-
2,727.04
Municipal Services Act:
Other Expenses
46,439.43
46,439.43
23,978.14
-
22,461.29
County Mosquito Control Agency:
Other Expenses
9,520.00
9,520.00
-
-
9,520.00
Health & Human Services:
Public Health Services (Board of Health):
Salaries and Wages
1,200.00
1,200.00
-
-
1,200.00
Other Expenses
3,468.64
3,468.64
43.00
-
3,425.64
Environmental Health Services:
Salaries and Wages
1,200.00
1,200.00
-
-
1,200.00
Other Expenses
4,335.00
4,335.00
-
-
4,335.00
Animal Control Services:
Other Expenses
4,108.00
4,108.00
3,249.00
-
859.00
Contributions to Social Service Agencies - Statutory:
Providence House
2,000.00
2,000.00
560.00
-
1,440.00
Park & Recreation Functions:
Recreation Services & Programs:
Salaries and Wages
9,604.46
9,604.46
2,384.63
-
7,219.83
Other Expenses
11,845.76
8,445.76
-
-
8,445.76
Senior Center/Community Activities:
Other Expenses
2,500.00
2,500.00
743.93
-
1,756.07
Utility Expenses & Bulk Purchases:
Electricity
18,552.74
18,552.74
17,167.95
-
1,384.79
Street Lighting
36,893.00
36,893.00
36,893.00
-
-
Telephone
26,363.08
35,063.08
34,982.20
-
80.88
Fuel Oil/Natural Gas
4,406.78
9,406.78
9,362.57
-
44.21
Gasoline
47,109.93
47,109.93
46,666.58
-
443.35
Landfill/Solid Waste Disposal Costs:
Sanitary Landfill
25,000.00
-
-
-
-
Uniform Construction Code Enforcement Functions:
Construction Code Official:
Other Expenses
8,592.52
8,592.52
3,680.39
-
4,912.13
Municipal Court:
Salaries and Wages
30,940.21
30,940.21
2,165.02
-
28,775.19
Other Expenses
14,912.66
14,912.66
264.00
-
14,648.66
Public Defender:
Other Expenses
5,606.50
3,906.50
2,750.00
-
1,156.50
70
EXHIBIT A-9
BALANCE
BALANCE
PAID
DECEMBER 31,
AFTER
OR
BALANCE
2022
TRANSFERS
CHARGED
OVEREXPENDITURE
LAPSED
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
SCHEDULE OF 2022 APPROPRIATION RESERVES
FOR THE YEAR ENDED DECEMBER 31, 2023
Other Common Operating Functions (Unclassified):
Municipal Alliance Council
1,158.99
1,158.99
-
-
1,158.99
Reserve for Disputed Contracts
42,727.87
42,727.87
39,819.97
-
2,907.90
Deferred Charges & Statutory Expenditures -
Municipal Within "CAPS":
Social Security System (O.A.S.I.)
22,407.51
22,407.51
-
-
22,407.51
Defined Contributions Retirement Program
3,346.50
3,346.50
-
-
3,346.50
Operations Excluded From "CAPS"
Police Dispatch/911:
Salaries and Wages
19,523.37
19,523.37
-
-
19,523.37
Other Expenses
121.30
121.30
-
-
121.30
Shared Service - CFO Waretown
20.00
20.00
-
-
20.00
Total
1,158,754.75
$
1,158,754.75
$
829,104.55
$
9,569.26
$
339,219.46
$
Appropriation Reserves
714,283.25
$
Reserve for Encumbrances
415,677.91
Restatement of Prior Year Balance
28,793.59
1,158,754.75
$
Accounts Payable
23,718.96
$
Cash Disbursements
805,385.59
829,104.55
$
71
EXHIBIT A-10
Balance December 31, 2022
School Tax Deferred
5,236,297.00
$
School Tax Payable
2,256,061.98
7,492,358.98
$
Increased by Levy:
School Year July 1, 2023 - June 30, 2024
14,883,524.00
Subtotal
22,375,882.98
Decreased by:
Payments
14,605,780.98
Subtotal
7,770,102.00
Balance December 31, 2023
School Tax Deferred
5,236,297.00
School Tax Payable
2,533,805.00
Balance December 31, 2023
7,770,102.00
$
2023 Payments
14,605,780.98
$
Less School Taxes Payable at December 31, 2022
(2,256,061.98)
Plus School Taxes Payable at December 31, 2023
2,533,805.00
Amount Charged to 2023 Operations
14,883,524.00
$
EXHIBIT A-11
Balance December 31, 2022
-
$
Increased by:
Levy - Calendar Year 2023
18,109,882.00
Subtotal
18,109,882.00
Decreased by:
Payments
18,109,882.00
Balance December 31, 2023
-
$
SCHEDULE OF REGIONAL HIGH SCHOOL TAX PAYABLE
FOR THE YEAR ENDED DECEMBER 31, 2023
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
SCHEDULE OF LOCAL DISTRICT TAX
FOR THE YEAR ENDED DECEMBER 31, 2023
ANALYSIS OF AMOUNT CHARGED TO OPERATIONS
72
EXHIBIT A-12
BALANCE
BALANCE
DECEMBER 31,
DECEMBER 31,
2022
INCREASED
DECREASED
2023
Reserve for Sandy Insurance Proceeds
2,419.00
$
-
$
-
$
2,419.00
$
Reserve for Closed Escrow Accounts
54,052.92
-
-
54,052.92
Reserve for National Opioid Settlement
30,123.15
49,418.34
-
79,541.49
Reserve for Retail Mercantile Licenses
350.00
-
-
350.00
Reserve for Municipal Relief Fund Aid
67,809.86
135,591.25
135,591.25
67,809.86
Reserve for Reassessment
100,047.00
-
-
100,047.00
Reserve for FEMA Proceeds
3,722.78
-
-
3,722.78
Reserve for Liquor License Deposit
-
904,100.00
-
904,100.00
258,524.71
$
135,591.25
$
1,212,043.05
$
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
SCHEDULE OF VARIOUS RESERVES
FOR THE YEAR ENDED DECEMBER 31, 2023
73
EXHIBIT A-13
BALANCE
TRANSFERRED
BALANCE
DECEMBER 31,
ANTICIPATED
FROM
DECEMBER 31,
GRANT
2022
REVENUE
RECEIVED
UNAPPROPRIATED
2023
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
127,213.36
-
42,110.25
-
85,103.11
Safe and Secure
32,400.00
32,400.00
50,511.00
-
14,289.00
NJDOT - Sea Breeze
86,975.00
-
-
-
86,975.00
NJDOT - Stage Road
405,000.00
-
303,750.00
-
101,250.00
NJOEM Grant
638.49
-
-
-
638.49
Recycling Tonnage
-
31,839.12
-
31,839.12
-
NJ Clean Smart Start
283,800.00
-
-
-
283,800.00
Sustainable Jersey
2,500.00
-
-
-
2,500.00
Body Worn Camera Grant
-
101,900.00
-
61,140.00
40,760.00
Local Recreation Grant
75,000.00
70,000.00
75,000.00
-
70,000.00
CDBG 2021
35,000.00
-
35,000.00
-
-
Clean Communities Grant 2021
-
56,108.30
-
56,108.30
-
NJ Body Armor Grant
-
3,200.84
-
3,200.84
-
Body Armor Grant 2022
-
2,688.00
-
2,688.00
-
Stormwater Assistance Grant
-
25,000.00
15,000.00
-
10,000.00
Comcast Franchise Renewal Grant
-
116,500.00
-
116,500.00
-
FY22 Patrick Lehy Bulletproof Vest Partnership Grant
-
8,589.00
-
-
8,589.00
FY 2022 SRTS Program
-
815,000.00
-
-
815,000.00
Ocean Wind Grant
-
719,250.00
-
-
719,250.00
Clean Communities Grant 2023
-
64,812.93
64,812.93
-
-
NJDOT - Oak Lane
-
460,390.00
-
-
460,390.00
Lead Grant Assistance Program
-
8,800.00
-
-
8,800.00
Total
1,188,359.54
$
2,516,478.19
$
586,184.18
$
271,476.26
$
2,847,177.29
$
Cash Receipts
156,923.18
$
Interfund
429,261.00
586,184.18
$
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2023
SCHEDULE OF STATE AND FEDERAL GRANTS RECEIVABLE
74
EXHIBIT A-14
BALANCE
BALANCE
DECEMBER 31,
2023 BUDGET
ENCUMBRANCES
GRANT
DECEMBER 31,
APPROPRIATION
2022
APPROPRIATION
RECLASSIFIED
EXPENDED
ENCUMBRANCES
2023
State:
Alcohol Education & Rehabilitation
1,631.95
$
-
$
-
$
-
$
-
$
1,631.95
$
NJOEM Grant
20.95
-
-
-
-
20.95
Drunk Driving Enforcement Fund
497.95
-
-
-
-
497.95
NJDOT Municipal Aid Program - 2014
188,119.25
-
-
-
-
188,119.25
Recycling Tonnage
35,920.75
31,839.12
31,081.66
65,856.86
18,900.00
14,084.67
Child Restraint Grant
2,500.00
-
-
-
-
2,500.00
Safe and Secure Communities
44,940.00
32,400.00
-
-
-
77,340.00
966 Reimbursement
15,582.77
-
-
-
-
15,582.77
Coastal Zone Management
2,211.97
-
-
-
-
2,211.97
Municipal Access Plan
15,000.00
-
-
-
-
15,000.00
Post Sandy Planning Assistance
48,073.26
-
-
-
-
48,073.26
NJDEP Living Shoreline
40,879.38
-
78,439.09
80,256.08
38,007.10
1,055.29
Department of Justice Grant
625.25
-
-
-
-
625.25
NJDOT - Iowa Court
12,048.32
-
-
-
-
12,048.32
Recycling Tonnage 2019
-
-
9,022.54
9,022.54
-
-
Clean Communities 2019
45,732.86
-
-
43,946.24
1,620.35
166.27
NJDOT - Sea Breeze
0.45
-
-
-
-
0.45
NJDOT - Stage Road
405,000.00
-
-
405,000.00
-
-
NJOEM Grant
638.49
-
-
-
-
638.49
Body Armor Grant 2020
1,880.32
-
-
1,194.20
-
686.12
Safe and Secure Communities
5,400.00
-
-
-
-
5,400.00
Clean Communities - 2020
52,720.73
56,108.30
-
187.36
-
108,641.67
NJ Clean Start
283,800.00
-
-
-
-
283,800.00
Sustainable Jersey
5,000.00
-
-
-
-
5,000.00
Body Worn Camera Grant
12,744.00
101,900.00
-
-
3,402.14
111,241.86
NJ Body Armor Grant
-
3,200.84
-
-
-
3,200.84
Body Armor Grant 2021
-
2,688.00
-
-
-
2,688.00
Stormwater Assistance Grant
-
25,000.00
-
-
-
25,000.00
FY2022 SRTS Program
-
815,000.00
-
-
-
815,000.00
Clean Communities - 2023
-
64,812.93
-
-
-
64,812.93
NJDOT - Oak Lane
-
460,390.00
-
-
-
460,390.00
Lead Grant Assistance Program
-
8,800.00
-
-
-
8,800.00
Total State
1,220,968.65
1,602,139.19
118,543.29
605,463.28
61,929.59
2,274,258.26
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 2021
35,000.00
-
-
35,000.00
-
-
American Rescue Funds
1,370,491.83
-
309,947.42
1,600,039.25
30,400.00
50,000.00
Total Federal
1,471,717.40
-
309,947.42
1,635,039.25
30,400.00
116,225.57
Local:
Refuge Revenue Sharing Act
2,202.00
-
-
-
-
2,202.00
Recreation Grant
75,000.00
70,000.00
-
75,000.00
-
70,000.00
Comcast Franchise Renewal Grant
-
116,500.00
-
116,500.00
-
-
Ocean Wind Grant
-
719,250.00
-
213,884.83
-
505,365.17
FY22 Patrick Lehy Bulletproof Vest Partnership Grant
-
8,589.00
-
8,589.00
-
-
Total Local
77,202.00
914,339.00
-
413,973.83
-
577,567.17
Total
2,769,888.05
$
2,516,478.19
$
428,490.71
$
2,654,476.36
$
92,329.59
$
2,968,051.00
$
Cash Disbursements
2,249,476.36
$
Interfunds
405,000.00
Total
2,654,476.36
$
TOWNSHIP OF LITTLE EGG HARBOR
CURRENT FUND
SCHEDULE OF RESERVES FOR STATE AND FEDERAL GRANTS - APPROPRIATED
FOR THE YEAR ENDED DECEMBER 31, 2023
75
EXHIBIT A-15
TRANSFERRED
BALANCE
TO 2023
BALANCE
DECEMBER 31,
GRANTS
DECEMBER 31,
GRANT
2022
APPROPRIATED
RECEIVED
2023
Department of Justice Grant
3,245.00
$
-
$
-
$
3,245.00
$
Recycling Tonnage Grant
31,839.12
31,839.12
37,602.06
37,602.06
AERF
250.06
-
-
250.06
State of NJ Body Armor
5,225.99
3,200.84
-
2,025.15
Clean Communities
113,893.39
56,108.30
-
57,785.09
Bulletproof Vest Partnership
3,540.00
-
-
3,540.00
Comcast Grant
116,500.00
116,500.00
-
-
County Recycling Grant
39,808.55
-
-
39,808.55
Body Worn Camera Program
61,140.00
61,140.00
-
-
Body Armor
5,551.56
2,688.00
3,315.48
6,179.04
380,993.67
$
271,476.26
$
40,917.54
$
150,434.95
$
Cash Receipts
37,602.06
$
Interfund
3,315.48
40,917.54
$
SCHEDULE OF RESERVES FOR STATE GRANTS - UNAPPROPRIATED
FOR THE YEAR ENDED DECEMBER 31, 2023
TOWNSHIP OF LITTLE EGG HARBOR
FEDERAL AND STATE GRANT FUND
76
TRUST FUND
77
This page intentionally left blank
78
EXHIBIT B-1
Balance December 31, 2022
3,288,164.57
$
54,096.41
$
Increased by Receipts:
Escrow Fees
586,219.51
$
-
$
Open Space
22,925.48
-
Community Center
2,874.84
-
Forfeited Funds
5,699.44
-
COAH Fees
53,899.65
-
Sick/Vacation Funds
275,000.00
-
Federal Forfeiture
318.38
-
Police Evidence Deposits
5,500.00
-
Div of Fire Safety
1,500.00
-
Due Current Fund
15,380.93
-
Due to Capital - Open Space
50,360.28
-
Assessment Receivable
-
425,443.40
1,019,678.51
425,443.40
Subtotal
4,307,843.08
479,539.81
Decreased by Disbursements:
Escrow Fees
833,017.11
-
Open Space
149,055.53
-
COAH Fees
39,179.00
-
Sick/Vacation Funds
273,112.77
-
Police Evidence Deposits
5,500.00
-
Community Center
2,181.14
-
Forfeited Funds
8,417.97
-
Federal Forfeiture
12,652.51
-
Div of Fire Safety
1,500.00
-
Assessment Bonds Payable
-
375,000.00
Due Current Fund
-
50,443.40
1,324,616.03
425,443.40
Balance December 31, 2023
2,983,227.05
$
54,096.41
$
EXHIBIT B-2
Balance December 31, 2022
1,526,305.46
$
Increased by Receipts:
Deposits for Redemption of Tax Sale Certificates
1,655,030.12
Subtotal
3,181,335.58
Decreased by Disbursements:
Refunds - Tax Sale Certificates Redeemed
2,606,043.04
Balance December 31, 2023
575,292.54
$
SCHEDULE OF CASH - COLLECTOR - TAX TITLE LIEN REDEMPTION
FOR THE YEAR ENDED DECEMBER 31, 2023
TRUST OTHER
TRUST ASSESSMENT
TOWNSHIP OF LITTLE EGG HARBOR
TRUST FUND
SCHEDULE OF CASH - TREASURER
FOR THE YEAR ENDED DECEMBER 31, 2023
79
EXHIBIT B-3
Balance December 31, 2022
-
$
Increased by Receipts:
Dog License Fees
7,566.00
$
State Dog License Fees
1,482.00
9,048.00
Subtotal
9,048.00
Decreased by Disbursements:
Disbursements to State of New Jersey
1,482.00
Disbursements for Dog License Expenses
7,566.00
9,048.00
Balance December 31, 2023
-
$
EXHIBIT B-4
Balance December 31, 2022
-
$
Increased by:
Dog Licenses
7,566.00
Subtotal
7,566.00
Decreased by:
Expenditures
7,566.00
Balance December 31, 2023
-
$
YEAR
AMOUNT
2022
8,550.00
$
2021
9,363.00
Total
17,913.00
$
EXHIBIT B-5
Balance December 31, 2022
1,526,305.46
$
Increased by Receipts:
Deposits Received - Collector
1,655,030.12
Subtotal
3,181,335.58
Decreased by Disbursements:
Refunds - Tax Sale Certificates
2,606,043.04
Balance December 31, 2023
575,292.54
$
TOWNSHIP OF LITTLE EGG HARBOR
TRUST FUND
SCHEDULE OF CASH - ANIMAL CONTROL
FOR THE YEAR ENDED DECEMBER 31, 2023
FOR THE YEAR ENDED DECEMBER 31, 2023
SCHEDULE OF DEPOSITS FOR REDEMPTION OF TAX SALE CERTIFICATES
SCHEDULE OF RESERVE FOR DOG FUND EXPENDITURES
FOR THE YEAR ENDED DECEMBER 31, 2023
LICENSE FEES COLLECTED
80
EXHIBIT B-6
Balance December 31, 2022
1,666,827.38
$
Increased by:
Escrow Deposits Received
586,219.51
Subtotal
2,253,046.89
Decreased by:
Disbursements
833,017.11
Balance December 31, 2023
1,420,029.78
$
EXHIBIT B-7
Balance December 31, 2022
66,855.93
$
Increased by:
Cash Receipts
5,699.44
Subtotal
72,555.37
Decreased by:
Disbursements
8,417.97
Balance December 31, 2023
64,137.40
$
TOWNSHIP OF LITTLE EGG HARBOR
TRUST FUND
SCHEDULE OF RESERVE FOR FORFEITED PROPERTY
FOR THE YEAR ENDED DECEMBER 31, 2023
SCHEDULE OF RESERVE FOR ESCROW DEPOSITS
FOR THE YEAR ENDED DECEMBER 31, 2023
81
EXHIBIT B-8
Balance December 31, 2023 & 2022
2,057.05
$
EXHIBIT B-9
Balance December 31, 2022
1,529,571.10
$
Increased by:
Tax Levy - Due from Current Fund
238,724.86
$
Cash Receipts Interest Earnings
22,925.48
261,650.34
Subtotal
1,791,221.44
Decreased by:
Disbursements
149,055.53
Balance December 31, 2023
1,642,165.91
$
EXHIBIT B-10
Balance December 31, 2022
3,582.88
$
Increased by:
Cash Receipts
2,874.84
Subtotal
6,457.72
Decreased by:
Disbursements
2,181.14
Balance December 31, 2023
4,276.58
$
FOR THE YEAR ENDED DECEMBER 31, 2023
TOWNSHIP OF LITTLE EGG HARBOR
SCHEDULE OF RESERVE FOR RECREATION
FOR THE YEAR ENDED DECEMBER 31, 2023
SCHEDULE OF RESERVE FOR OPEN SPACE
FOR THE YEAR ENDED DECEMBER 31, 2023
SCHEDULE OF RESERVE FOR COMMUNITY CENTER
82
EXHIBIT B-11
Balance December 31, 2022
23,266.27
$
Increased by:
Receipts
318.38
Subtotal
23,584.65
Decreased by:
Disbursements
12,652.51
Balance December 31, 2023
10,932.14
$
Dept of Justice
8,158.92
$
Dept of Homeland Security
2,773.22
Total
10,932.14
$
EXHIBIT B-12
Balance December 31, 2022
11,013.78
$
Increased by:
Receipts
275,000.00
Subtotal
286,013.78
Decreased by:
Disbursements
273,112.77
Balance December 31, 2023
12,901.01
$
FOR THE YEAR ENDED DECEMBER 31, 2023
SCHEDULE OF RESERVE FOR FEDERAL FORFEITURE LAW ENFORCEMENT FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2023
TOWNSHIP OF LITTLE EGG HARBOR
SCHEDULE OF RESERVE FOR SICK AND VACATION TIME TRUST FUND
83
EXHIBIT B-13
Balance December 31, 2022
159,967.09
$
Increased by:
Receipts
53,899.65
Subtotal
213,866.74
Decreased by:
Disbursements
39,179.00
Balance December 31, 2023
174,687.74
$
EXHIIT B-14
Balance December 31, 2022
3,352.80
$
Increased by:
Receipts
5,500.00
Subtotal
8,852.80
Decreased by:
Disbursements
5,500.00
Balance December 31, 2023
3,352.80
$
FOR THE YEAR ENDED DECEMBER 31, 2023
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, 2023
84
EXHIBIT B-15
Balance December 31, 2023 & 2022
4,910.00
$
EXHIIT B-16
Balance December 31, 2022
10,000.00
$
Increased by:
Receipts
1,500.00
Subtotal
11,500.00
Decreased by:
Disbursements
1,500.00
Balance December 31, 2023
10,000.00
$
TOWNSHIP OF LITTLE EGG HARBOR
SCHEDULE OF RESERVE FOR VETERANS PARK DONATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
SCHEDULE OF RESERVE FOR FIRE SAFETY - DEDICATED PENALTY
FOR THE YEAR ENDED DECEMBER 31, 2023
85
EXHIBIT B-17
BALANCE
BALANCE
ORDINANCE
DATE OF
ANNUAL
DECEMBER 31,
DECEMBER 31,
NUMBER
IMPROVEMENT DESCRIPTION
CONFIRMATION
INSTALLMENTS
2022
CONFIRMED
RECEIVED
2023
2018-12
Osborn Island Maintenance Dredging
1/14/2022
10
932,964.05
$
-
$
177,738.14
$
755,225.91
$
2019-07
Mystic Island Dredging - Radio Road East
1/14/2022
10
1,320,685.01
-
247,705.26
1,072,979.75
Total
2,253,649.06
$
-
$
425,443.40
$
1,828,205.66
$
TOWNSHIP OF LITTLE EGG HARBOR
STATEMENT OF ASSESSMENTS RECEIVABLE
FOR THE YEAR ENDED DECEMBER 31, 2023
86
EXHIBIT B-18
REVENUES
ANTICIPATED
RECOGNIZED
EXCESS
DEDICATED REVENUES:
ASSESSMENT CASH
472,500.00
$
425,443.40
$
(47,056.60)
$
TOTAL
472,500.00
$
425,443.40
$
(47,056.60)
$
APPROPRIATION OF ASSESSMENT DEBT
BUDGETED
EXPENDED
RESERVE
BOND PRINCIPAL
375,000.00
$
375,000.00
$
-
$
INTEREST ON NOTES
97,500.00
97,500.00
-
TOTAL
472,500.00
$
472,500.00
$
-
$
TOWNSHIP OF LITTLE EGG HARBOR
DEDICATED ASSESSMENT BUDGET
FOR THE YEAR ENDED DECEMBER 31, 2023
87
EXHIBIT B-19
AMOUNT OF
BALANCE
BALANCE
DATE OF
ORIGINAL
INTEREST
DECEMBER 31,
DECEMBER 31,
PURPOSE
ISSUE
ISSUE
DATE
AMOUNT
RATE
2022
INCREASED
DECREASED
2023
General Obligation
7/1/2021
3,750,000.00
$
7/15/24
375,000.00
$
4.000%
3,000,000.00
$
-
$
375,000.00
$
2,625,000.00
$
Assessment Bonds
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
3,000,000.00
$
-
$
375,000.00
$
2,625,000.00
$
DECEMBER 31, 2023
TOWNSHIP OF LITTLE EGG HARBOR
ASSESSMENT TRUST FUND
SCHEDULE OF ASSESSMENT SERIAL BONDS
AT DECEMBER 31, 2023
MATURITIES OF
BONDS OUTSTANDING
88
GENERAL CAPITAL FUND
89
This page intentionally left blank
90
EXHIBIT C-2
Balance December 31, 2022
383,242.98
$
Increased by Receipts:
Capital Improvement Fund
125,000.00
$
Due from Current Fund
4,999,929.48
Received from NJEIT
1,804,704.00
Reserve for Debt Service - Premiums
197,580.03
Deferred Charges to Future Taxation - Unfunded
793,000.00
Bonds Issued
11,855,000.00
Principal Paid From Current Fund
197,750.00
BAN Issued
19,340,250.00
39,313,213.51
Subtotal
39,696,456.49
Decreased by Disbursements:
Improvement Authorizations
6,292,961.35
Due From Grant Fund
601,951.13
Due From Open Space Fund
50,360.28
Reserve for Debt Service - Premiums
64,928.48
BAN Paid
32,461,000.00
39,471,201.24
Balance December 31, 2023
225,255.25
$
SCHEDULE OF CASH - TREASURER
FOR THE YEAR ENDED DECEMBER 31, 2023
TOWNSHIP OF LITTLE EGG HARBOR
91
EXHIBIT C-3
(Page 1 of 2)
BALANCE
BALANCE
(OVERDRAFT)
(OVERDRAFT)
DECEMBER 31,
RECEIPTS
IMPROVEMENT
DECEMBER 31,
2022
MISCELLANEOUS
AUTHORIZATIONS
MISCELLANEOUS
FROM
TO
2023
Fund Balance
3,186.53
$
-
$
-
$
-
$
-
$
-
$
3,186.53
$
Due Grant Fund
-
705,000.00
-
103,048.87
-
-
(601,951.13)
Capital Improvement Fund
207,544.00
125,000.00
-
-
204,000.00
-
128,544.00
Reserve for Debt Service - BAN Premiums
64,928.48
197,580.03
-
64,928.48
-
-
197,580.03
Due Current Fund
(4,056,823.28)
6,064,928.48
-
1,064,999.00
-
-
943,106.20
Due Open Space Trust Fund
-
50,360.28
-
-
-
-
(50,360.28)
Due to Assessment Trust Fund
(137,509.28)
-
-
-
-
-
(137,509.28)
Due to County - CDBG
3,722.00
-
-
-
-
-
3,722.00
IMPROVEMENT AUTHORIZATIONS:
ORDINANCE
NUMBER
13-14
Various Capital Improvements
(8,215.05)
-
-
-
-
-
(8,215.05)
14-10
Various Capital Improvements
449,725.13
-
65,128.41
-
-
-
384,596.72
16-05
Various Capital Improvements
440,893.68
-
317,949.64
-
-
-
122,944.04
17-08
Various Capital Improvements
184,108.25
-
21,939.00
-
-
-
162,169.25
Subtotal
(2,848,439.54)
7,142,868.79
405,017.05
1,232,976.35
204,000.00
-
1,147,813.03
TRANSFERS
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
ANALYSIS OF CASH
AT DECEMBER 31, 2023
DISBURSEMENTS
92
EXHIBIT C-3
(Page 2 of 2)
BALANCE
BALANCE
(OVERDRAFT)
(OVERDRAFT)
ORDINANCE
DECEMBER 31,
RECEIPTS
IMPROVEMENT
DECEMBER 31,
NUMBER
2022
MISCELLANEOUS AUTHORIZATIONS MISCELLANEOUS
FROM
TO
2023
18-13
Various General Improvements
(50,021.01)
-
37,654.92
(200,000.00)
-
-
112,324.07
19-08
Additional Improvements Veterans Park
73,534.58
-
10,725.70
-
-
-
62,808.88
19-11
Preliminary Dredging Expenses
14,642.25
-
219.98
-
-
-
14,422.27
19-12
Improvements Little Treasures Park
42,638.51
-
10,000.00
-
-
-
32,638.51
20-02
Paving and Improve Various Streets
15,268.68
-
127.90
-
-
-
15,140.78
20-03
Improvements Community Center
(31,039.54)
-
19,216.39
-
-
-
(50,255.93)
20-09
Beach Replenishment
2,710,534.86
-
2,710,534.86
-
-
-
-
20-10
Mystic Drainage Improvements Phase II
(1,670,886.01)
-
43,113.99
-
-
-
(1,714,000.00)
21-18
Mystic Drainage Improvements Phase II
-
-
130,703.89
-
-
-
(130,703.89)
20-14
Township-wide Drainage Projects
56,925.04
-
29,761.66
-
-
-
27,163.38
21-02
Acquisition of PW Equip
83,988.45
-
60,151.73
-
-
-
23,836.72
21-06
Improvements to Rec Fields
351,599.06
-
200,312.29
-
-
-
151,286.77
21-09
Mystic West Phase 1 Dredging (Local)
1,788,023.72
-
1,788,023.72
250,000.00
-
-
(250,000.00)
21-10
Atlantis Dredging (Local)
284,845.08
-
98,166.85
225,000.00
-
-
(38,321.77)
21-16
Acquisition of Property
35,217.44
-
-
-
-
-
35,217.44
22-07
Various Road Improvements
(473,588.59)
-
378,367.06
-
-
-
(851,955.65)
23-03
Equipment Acquisitions
-
-
-
-
-
50,000.00
50,000.00
23-17
Various Improvements to Recreation Complex
-
-
363,425.51
-
-
30,000.00
(333,425.51)
23-29
Various Road Improvements
-
-
-
-
-
100,000.00
100,000.00
23-31
Township-wide Drainage Projects
-
-
7,437.85
-
-
24,000.00
16,562.15
23-33
Mystic Island Ph III Dredging (Local)
-
1,804,704.00
-
-
-
-
1,804,704.00
Subtotal
3,231,682.52
1,804,704.00
5,887,944.30
275,000.00
-
204,000.00
(922,557.78)
Total Analysis of Cash
383,242.98
$
8,947,572.79
$
6,292,961.35
$
1,507,976.35
$
204,000.00
$
204,000.00
$
225,255.25
$
TRANSFERS
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
ANALYSIS OF CASH
AT DECEMBER 31, 2023
DISBURSEMENTS
93
EXHIBIT C-4
Balance December 31, 2022
9,888,904.25
$
Increased by:
Bonds Issued
11,855,000.00
$
NJEIT Loans Issued
1,804,704.00
Subtotal
23,548,608.25
Decreased by:
Budget Appropriation to Pay General Serial Bonds
1,775,000.00
Green Trust Loan Bonds
29,292.24
NJEIT - Fund Loan
85,100.24
1,889,392.48
Balance December 31, 2023
21,659,215.77
$
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - FUNDED
FOR THE YEAR ENDED DECEMBER 31, 2023
94
EXHIBIT C-5
BALANCE
BALANCE
UNEXPENDED
BOND
ORDINANCE
DECEMBER 31,
2023
BAN'S
LOANS
BONDS
DECEMBER 31,
IMPROVEMENT
ANTICIPATION
NUMBER
IMPROVEMENT DESCRIPTION
2022
AUTHORIZATIONS
PAID
ISSUED
ISSUED
2023
AUTHORIZATION
EXPENDED
NOTES
13-14
Various Capital Improvements
8,215.05
$
-
$
-
$
-
$
-
$
8,215.05
$
-
$
8,215.05
$
-
$
14-10
Various Capital Improvements
1,774,844.00
-
96,325.00
-
1,321,019.00
357,500.00
357,500.00
-
-
18-13
Various General Improvements
1,901,556.00
-
101,425.00
-
1,726,981.00
73,150.00
73,150.00
-
-
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
11,494.07
50,255.93
-
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
-
1,714,000.00
-
21-18
Mystic Drainage Improvements Phase II
236,000.00
-
-
-
-
236,000.00
105,296.11
130,703.89
-
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
-
-
-
8,300,000.00
250,000.00
-
250,000.00
-
21-10
Atlantis Dredging (Local)
1,525,000.00
-
-
-
1,300,000.00
225,000.00
186,678.23
38,321.77
-
22-07
Various Road Improvements
1,425,000.00
-
-
-
-
1,425,000.00
573,044.35
851,955.65
-
23-03
Equipment Acquisitions
-
950,000.00
-
-
-
950,000.00
950,000.00
-
-
23-17
Various Improvements to Recreation Complex
-
1,570,000.00
-
-
-
1,570,000.00
1,236,574.49
333,425.51
-
23-29
Various Road Improvements
-
1,900,000.00
-
-
-
1,900,000.00
1,900,000.00
-
-
23-30
Pedestrian Safety Improvements
-
900,000.00
-
-
-
900,000.00
900,000.00
-
-
23-31
Township-wide Drainage Projects
-
456,000.00
-
-
-
456,000.00
456,000.00
-
-
23-33
Mystic Island Ph III Dredging (Local)
-
3,800,000.00
-
1,804,704.00
-
1,995,296.00
1,995,296.00
-
-
Total
23,613,615.05
$
9,576,000.00
$
197,750.00
$
1,804,704.00
$
12,648,000.00
$
18,539,161.05
$
8,745,033.25
$
3,376,877.80
$
6,417,250.00
$
Bonds Issued
11,855,000.00
$
Cash Receipt
793,000.00
Total
12,648,000.00
$
Improvement Authorizations Unfunded
8,968,463.22
$
Less - Unexpended Proceeds of Bond Anticipation
Notes Issued:
Ordinance 2019-11
14,422.27
Ordinance 2020-02
15,140.78
Ordinance 2020-14
27,163.38
Ordinance 2021-02
15,416.77
Ordinance 2021-06
151,286.77
8,745,033.25
$
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - UNFUNDED
FOR THE YEAR ENDED DECEMBER 31, 2023
BALANCE DECEMBER 31, 2023
ANALYSIS OF
95
EXHIBIT C-6
Balance December 31, 2022
207,544.00
$
Increased By:
Transfer from Current Fund Budget
125,000.00
Subtotal
332,544.00
Decreased By:
Appropriated to Finance Improvement Authorizations
204,000.00
Balance December 31, 2023
128,544.00
$
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2023
96
EXHIBIT C-7
RECLASSIFICATION
CURRENT YEAR
ORDINANCE
2023
PRIOR YEAR
ENCUMBRANCES
NUMBER
IMPROVEMENT DESCRIPTION
DATE
AMOUNT
FUNDED
UNFUNDED
AUTHORIZATIONS
ENCUMBRANCES
EXPENDED
PAYABLE
FUNDED
UNFUNDED
14-10
Various Capital Improvements
7/10/14
1,970,000.00
$
-
$
807,225.13
$
-
$
-
$
65,128.41
$
-
$
384,596.72
$
357,500.00
$
16-05
Various Capital Improvements
9/08/16
3,495,000.00
440,893.68
-
-
-
317,949.64
-
122,944.04
-
17-08
Various Capital Improvements
7/13/17
1,705,000.00
184,108.25
-
-
-
21,939.00
7,061.00
155,108.25
-
18-13
Various General Improvements
10/11/18
2,077,000.00
-
222,957.99
-
171.00
37,654.92
-
112,324.07
73,150.00
19-08
Additional Improvements Veterans Park
4/11/19
240,000.00
73,534.58
-
-
-
10,725.70
-
62,808.88
-
19-11
Preliminary Dredging Expenses
7/11/19
380,000.00
-
14,642.25
-
-
219.98
-
-
14,422.27
19-12
Improvements Little Treasures Park
7/11/19
200,000.00
42,638.51
-
-
-
10,000.00
-
32,638.51
-
20-02
Paving and Improve Various Streets
5/14/20
220,000.00
-
15,268.68
-
-
127.90
-
-
15,140.78
20-03
Improvements Community Center
5/14/20
65,000.00
-
30,710.46
-
-
19,216.39
-
-
11,494.07
20-09
Beach Replenishment
9/10/20
2,950,000.00
-
1,714,085.94
-
996,448.92
2,710,534.86
-
-
-
20-10
Mystic Drainage Improvements Phase II
9/10/20
1,714,000.00
-
42,990.99
-
123.00
43,113.99
-
-
-
21-18
Mystic Drainage Improvements Phase II
8/9/21
236,000.00
-
236,000.00
-
-
130,703.89
-
-
105,296.11
20-14
Township-wide Drainage Projects
11/12/20
455,000.00
-
56,925.04
-
-
29,761.66
-
-
27,163.38
21-02
Acquisition of PW Equip
3/11/21
750,000.00
-
83,988.45
-
-
60,151.73
8,419.95
-
15,416.77
21-06
Improvements to Rec Fields
4/8/21
2,000,000.00
-
242,239.45
-
109,359.61
200,312.29
-
-
151,286.77
21-09
Mystic West Phase 1 Dredging (Local)
6/10/21
8,550,000.00
-
1,782,992.72
-
5,031.00
1,788,023.72
-
-
-
21-10
Atlantis Dredging (Local)
6/10/21
1,525,000.00
-
284,845.08
-
-
98,166.85
-
-
186,678.23
21-16
Acquisition of Property
9/9/21
120,000.00
35,217.44
-
-
-
-
-
35,217.44
-
22-07
Various Road Improvements
7/14/22
1,500,000.00
-
946,681.41
-
4,730.00
378,367.06
-
-
573,044.35
23-03
Equipment Acquisitions
3/9/23
1,000,000.00
-
-
1,000,000.00
-
-
-
50,000.00
950,000.00
23-17
Various Improvements to Recreation Complex
6/8/23
1,600,000.00
-
-
1,600,000.00
-
363,425.51
-
-
1,236,574.49
23-29
Various Road Improvements
9/14/23
2,000,000.00
-
-
2,000,000.00
-
-
-
100,000.00
1,900,000.00
23-30
Pedestrian Safety Improvements
9/14/23
900,000.00
-
-
900,000.00
-
-
-
-
900,000.00
23-31
Township-wide Drainage Projects
9/14/23
480,000.00
-
-
480,000.00
-
7,437.85
-
16,562.15
456,000.00
23-33
Mystic Island Ph III Dredging (Local)
11/9/23
3,800,000.00
-
-
3,800,000.00
-
-
-
1,804,704.00
1,995,296.00
Total
776,392.46
$
6,481,553.59
$
9,780,000.00
$
1,115,863.53
$
6,292,961.35
$
15,480.95
$
2,876,904.06
$
8,968,463.22
$
Deferred Charges to Future Taxation - Unfunded
9,576,000.00
$
Capital Improvement Fund
204,000.00
9,780,000.00
$
ORDINANCE
December 31, 2022
December 31, 2023
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
STATEMENT OF IMPROVEMENT AUTHORIZATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
BALANCE
BALANCE
97
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
2022
INCREASED
DECREASED
2023
14-10
Various Capital Improvements
8/01/19
1,514,000
$
1/20/2023
9/15/2023
4.000%
1,417,344.00
$
1,321,019.00
$
2,738,363.00
$
-
$
18-13
Various Capital Improvements
8/01/19
1,200,000
1/20/2023
9/15/2023
4.000%
1,628,406.00
1,526,981.00
3,155,387.00
-
19-11
Preliminary Dredging Expenses
7/12/22
361,000
1/20/2023
1/24/2024
4.000%
361,000.00
361,000.00
361,000.00
361,000.00
20-2
Paving and Improvements to Various Streets
7/12/22
209,000
1/20/2023
1/24/2024
4.000%
209,000.00
209,000.00
209,000.00
209,000.00
20-9
Beach Replenishment Project
7/12/22
2,802,500
1/20/2023
1/24/2024
4.000%
2,802,500.00
2,802,500.00
2,802,500.00
2,802,500.00
20-14
Township Wide Drainage Projects
7/12/22
432,250
1/20/2023
1/24/2024
4.000%
432,250.00
432,250.00
432,250.00
432,250.00
21-02
Acquisition of PW Equipment
7/12/22
712,500
1/20/2023
1/24/2024
4.000%
712,500.00
712,500.00
712,500.00
712,500.00
21-09/21-20 Mechanical Maintenance Dredging
2/9/22
8,550,000
1/20/2023
9/15/2023
0.630%
8,550,000.00
8,550,000.00
17,100,000.00
-
21-10
Mechanical Maintenance Dredging
2/9/22
1,525,000
1/20/2023
9/15/2023
0.630%
1,525,000.00
1,525,000.00
3,050,000.00
-
21-6
Improvements to Rec Fields
7/12/22
1,900,000
1/20/2023
1/24/2024
4.000%
1,900,000.00
1,900,000.00
1,900,000.00
1,900,000.00
Total
19,538,000.00
$
19,340,250.00
$
32,461,000.00
$
6,417,250.00
$
Bond Anticipation Note Renewal
19,340,250.00
$
19,340,250.00
$
Bonds Issued
-
12,923,000.00
Paid Down by Current Fund
-
197,750.00
19,340,250.00
$
32,461,000.00
$
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
DESCRIPTION
AT DECEMBER 31, 2023
STATEMENT OF BOND ANTICIPATION NOTES
IMPROVEMENT
98
EXHIBIT C-9
AMOUNT OF
BALANCE
BALANCE
DATE OF
ORIGINAL
INTEREST
DECEMBER 31,
DECEMBER 31,
PURPOSE
ISSUE
ISSUE
DATE
AMOUNT
RATE
2022
INCREASED
DECREASED
2023
General Obligation Refunding
5/2/2012
5,260,000.00
$
510,000.00
$
-
$
510,000.00
$
-
$
Bonds
General Obligation Bonds
2/2/2017
4,500,000.00
2/01/24
550,000.00
$
3.000%
2,750,000.00
-
550,000.00
2,200,000.00
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
8/15/24
820,000.00
4.000%
4,815,000.00
-
715,000.00
4,100,000.00
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 Bonds
8/22/2023
2,835,000.00
9/1/24
220,000.00
4.000%
-
2,835,000.00
-
2,835,000.00
9/1/25
220,000.00
4.000%
9/1/26
220,000.00
4.000%
9/1/27
435,000.00
5.000%
9/1/28
435,000.00
5.000%
9/1/29
435,000.00
5.000%
9/1/30
435,000.00
5.000%
9/1/31
435,000.00
4.000%
General Obligation
8/22/2023
9,020,000.00
$
9/1/24
905,000.00
4.000%
-
9,020,000.00
-
9,020,000.00
Assessment Bonds
9/1/25
905,000.00
4.000%
9/1/26
905,000.00
4.000%
9/1/27
905,000.00
5.000%
9/1/28
900,000.00
5.000%
9/1/29
900,000.00
5.000%
9/1/30
900,000.00
5.000%
9/1/31
900,000.00
4.000%
9/1/32
900,000.00
4.000%
9/1/33
900,000.00
4.000%
Totals
8,075,000.00
$
11,855,000.00
$
1,775,000.00
$
18,155,000.00
$
MATURITIES OF
DECEMBER 31, 2023
BONDS OUTSTANDING
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
SCHEDULE OF GENERAL SERIAL BONDS
AT DECEMBER 31, 2023
99
EXHIBIT C-10
AMOUNT OF
BALANCE
BALANCE
DATE OF
ORIGINAL
INTEREST
DECEMBER 31,
DECEMBER 31,
PURPOSE
ISSUE
ISSUE
DATE
AMOUNT
RATE
2022
DECREASED
2023
Municipal Complex
9/7/05
250,000.00
$
2024
15,164.00
$
2.00%
37,725.00
$
14,865.00
$
22,860.00
$
2025
7,696.00
Construction of
11/27/06
250,000.00
2024
14,718.07
2.00%
59,474.89
14,427.24
45,047.65
Softball Field
2025
15,013.90
& Tot Lot
2026
15,315.68
Total
97,199.89
$
29,292.24
$
67,907.65
$
MATURITIES OF
DECEMBER 31, 2023
BONDS OUTSTANDING
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
SCHEDULE OF GREEN TRUST LOAN PAYABLE
AT DECEMBER 31, 2023
100
EXHIBIT C-11
AMOUNT OF
BALANCE
BALANCE
DATE OF
ORIGINAL
INTEREST
DECEMBER 31,
DECEMBER 31,
PURPOSE
ISSUE
ISSUE
DATE
AMOUNT
RATE
2022
INCREASED
DECREASED
2023
NJ Infrastructure Bank
5/13/20
930,000.00
$
8/1/2024
35,000.00
$
5.000%
865,000.00
$
-
$
35,000.00
$
830,000.00
$
Series 2021A-1
8/1/2025
40,000.00
5.000%
Ibank Loan Agreement
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
5/13/20
985,305.00
2/1/2024
16,700.08
0.000%
851,704.36
-
50,100.24
801,604.12
Series 2021A-1 -02AB
8/1/2024
33,400.16
0.000%
Fund Loan
2/1/2025
16,700.08
0.000%
8/1/2025
33,400.16
0.000%
2/1/2026
16,700.08
0.000%
(Assumes Principal Forgiveness of $1,970,611)
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%
NJ Infrastructure Bank
12/15/23
936,032.00
8/1/2025
30,000.00
5.000%
-
936,032.00
-
936,032.00
Series 2023 A-W1
8/1/2026
35,000.00
5.000%
Ibank Loan Agreement
8/1/2027
35,000.00
5.000%
8/1/2028
35,000.00
5.000%
8/1/2029
40,000.00
5.000%
8/1/2030
40,000.00
5.000%
8/1/2031
40,000.00
5.000%
8/1/2032
45,000.00
5.000%
8/1/2033
45,000.00
5.000%
8/1/2034
45,000.00
5.000%
8/1/2035
50,000.00
5.000%
8/1/2036
54,651.00
3.030%
8/1/2037
59,056.00
3.030%
8/1/2038
58,346.00
3.030%
8/1/2039
62,614.00
3.030%
8/1/2040
61,761.00
3.030%
8/1/2041
65,882.00
3.030%
8/1/2042
64,878.00
3.030%
8/1/2043
68,844.00
3.030%
DECEMBER 31, 2023
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
SCHEDULE OF NJEIT LOAN
AT DECEMBER 31, 2023
MATURITIES OF
BONDS OUTSTANDING
101
EXHIBIT C-11
AMOUNT OF
BALANCE
BALANCE
DATE OF
ORIGINAL
INTEREST
DECEMBER 31,
DECEMBER 31,
PURPOSE
ISSUE
ISSUE
DATE
AMOUNT
RATE
2022
INCREASED
DECREASED
2023
DECEMBER 31, 2023
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
SCHEDULE OF NJEIT LOAN
AT DECEMBER 31, 2023
MATURITIES OF
BONDS OUTSTANDING
NJ Infrastructure Bank
12/15/23
868,672.00
8/1/2024
29,446.51
0.000%
-
868,672.00
-
868,672.00
Series 2023 C-W1
2/1/2025
14,723.25
0.000%
Fund Loan
8/1/2025
29,446.51
0.000%
2/1/2026
14,723.25
0.000%
8/1/2026
29,446.51
0.000%
2/1/2027
14,723.25
0.000%
8/1/2027
29,446.51
0.000%
2/1/2028
14,723.25
0.000%
8/1/2028
29,446.51
0.000%
2/1/2029
14,723.25
0.000%
8/1/2029
29,446.51
0.000%
2/1/2030
14,723.25
0.000%
8/1/2030
29,446.51
0.000%
2/1/2031
14,723.25
0.000%
8/1/2031
29,446.51
0.000%
2/1/2032
14,723.25
0.000%
8/1/2032
29,446.51
0.000%
2/1/2033
14,723.25
0.000%
8/1/2033
29,446.51
0.000%
2/1/2034
14,723.25
0.000%
8/1/2034
29,446.51
0.000%
2/1/2035
14,723.25
0.000%
8/1/2035
29,446.51
0.000%
2/1/2036
14,723.25
0.000%
8/1/2036
29,446.51
0.000%
2/1/2037
14,723.25
0.000%
8/1/2037
29,446.51
0.000%
2/1/2038
14,723.25
0.000%
8/1/2038
29,446.51
0.000%
2/1/2039
14,723.25
0.000%
8/1/2039
29,446.51
0.000%
2/1/2040
14,723.25
0.000%
8/1/2040
29,446.51
0.000%
2/1/2041
14,723.25
0.000%
8/1/2041
29,446.51
0.000%
2/1/2042
14,723.25
0.000%
8/1/2042
29,446.51
0.000%
2/1/2043
14,723.25
0.000%
8/1/2043
29,446.56
0.000%
Total
1,716,704.36
$
1,804,704.00
$
85,100.24
$
3,436,308.12
$
102
EXHIBIT C-12
BALANCE
2023
BALANCE
ORDINANCE
IMPROVEMENT
DECEMBER 31,
AUTHORIZATIONS/
BANS
BONDS/NOTES/LOANS
DECEMBER 31,
NUMBER
DESCRIPTION
2022
INCREASES
NOT RENEWED
ISSUED
2023
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
-
-
200,000.00
73,150.00
20-03
Improvements to Community Center
61,750.00
-
-
-
61,750.00
20-10
Mystic Drainage Improvements Phase II
1,714,000.00
-
-
-
1,714,000.00
20-14
Township-wide Drainage Projects
236,000.00
-
-
-
236,000.00
21-09
Mystic Island Ph I Dredging (Local)
-
-
250,000.00
-
250,000.00
21-10
Atlantis Dredging (Local)
-
-
225,000.00
-
225,000.00
22-07
Various Road Improvements
1,425,000.00
-
-
-
1,425,000.00
23-03
Equipment Acquisitions
-
950,000.00
-
-
950,000.00
23-17
Various Improvements to Recreation Complex
-
1,570,000.00
-
-
1,570,000.00
23-29
Various Road Improvements
-
1,900,000.00
-
-
1,900,000.00
23-30
Pedestrian Safety Improvements
-
900,000.00
-
-
900,000.00
23-31
Township-wide Drainage Projects
-
456,000.00
-
-
456,000.00
23-33
Mystic Island Ph III Dredging (Local)
-
3,800,000.00
-
1,804,704.00
1,995,296.00
Total
4,075,615.05
$
9,576,000.00
$
475,000.00
$
2,004,704.00
$
12,121,911.05
$
Authorized in the Current Year
9,576,000.00
$
9,576,000.00
$
TOWNSHIP OF LITTLE EGG HARBOR
GENERAL CAPITAL FUND
AT DECEMBER 31, 2023
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
103
This page intentionally left blank
104
PAYROLL FUND
105
This page intentionally left blank
106
EXHIBIT D-1
PAYROLL FUND
STATEMENT OF PAYROLL FUND CASH
FOR THE YEAR ENDED DECEMBER 31, 2023
Balance December 31, 2022
286,904.74
$
Increased by:
Receipts
14,314,536.90
Subtotal
14,601,441.64
Decreased by:
Disbursements:
Net Pay
7,605,909.24
$
Payment to Agencies
6,712,660.18
14,318,569.42
Balance December 31, 2023
282,872.22
$
EXHIBIT D-2
Balance December 31, 2022
290,263.28
$
Increased by:
Payroll Deductions
6,618,075.75
Subtotal
6,908,339.03
Decreased by:
Disbursements
6,712,660.18
Balance December 31, 2023
195,678.85
$
ANALYSIS OF BALANCE
Federal Tax Liability
90,927.18
$
State Tax Liability
52,800.35
PERS
4,222.95
PFRS
47,557.27
DCRP
171.10
Balance December 31, 2023
195,678.85
$
TOWNSHIP OF LITTLE EGG HARBOR
STATEMENT OF PAYROLL TAXES PAYABLE
FOR THE YEAR ENDED DECEMBER 31, 202
107
This page intentionally left blank
108
TOWNSHIP OF LITTLE EGG HARBOR
COUNTY OF OCEAN
PART II
SINGLE AUDIT SECTION
FOR THE YEAR ENDED DECEMBER 31, 2023
************
109
This page intentionally left blank
110
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM
AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY THE UNIFORM GUIDANCE
The Honorable Mayor and Members
of the Township Committee
Township of Little Egg Harbor
Little Egg Harbor, New Jersey
Report on Compliance for Each Major Federal Program
Opinion on Each Major Federal Program
We have audited the Township of Little Egg Harbor’s compliance with the types of compliance requirements
identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on
each of the Township of Little Egg Harbor’s major federal programs for the year ended December 31, 2023. The
Township of Little Egg Harbor’s major federal programs are identified in the summary of auditor’s results section
of the accompanying schedule of findings and questioned costs.
In our opinion, the Township of Little Egg Harbor complied, in all material respects, with the types of compliance
requirements referred to above that could have a direct and material effect on each of its major federal programs for
the year ended December 31, 2023.
Basis for Opinion on Each Major Federal Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States
of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States; the audit requirements of Title 2 U.S. Code of Federal Regulations Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform
Guidance); and audit requirements prescribed by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey. Our responsibilities under those standards and the Uniform Guidance are
further described in the Auditor’s Responsibilities for the Audit of Compliance 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 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 opinion on compliance for each
major federal program. Our audit does not provide a legal determination of the Township of Little Egg Harbor’s
compliance with the compliance requirements referred to above.
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements of laws,
statutes, regulations, rules, and provisions of contracts or grant agreements applicable to the Township of Little Egg
Harbor’s federal programs.
111
1985 Cedar Bridge Ave., Suite 3 • Lakewood, NJ 08701 • 732.797.1333
194 East Bergen Place • Red Bank, NJ 07701 • 732.747.0010
www.hfacpas.com
Auditor’s Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance
requirements referred to above occurred, whether due to fraud or error, and express an opinion on the Township of
Little Egg Harbor’s compliance based on our audit. 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 the Uniform Guidance will always detect material
noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than
for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or
the override of internal control. Noncompliance with the compliance requirements referred to above is considered
material if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment
made by a reasonable user of the report on compliance about the Township of Little Egg Harbor’s compliance with
the requirements of each major federal program as a whole.
In performing an audit in accordance with generally accepted auditing standards, Government Auditing Standards,
the Uniform Guidance, we:
x
Exercise professional judgment and maintain professional skepticism throughout the audit.
x
Identify and assess the risks of material noncompliance, 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 Township of Little Egg Harbor’s compliance with the compliance requirements
referred to above and performing such other procedures as we considered necessary in the circumstances.
x
Obtain an understanding of the Township of Little Egg Harbor’s internal control over compliance relevant
to the audit in order to design audit procedures that are appropriate in the circumstances and to test and
report on internal control over compliance in accordance with the Uniform Guidance, but not for the
purpose of expressing an opinion on the effectiveness of the Township of Little Egg Harbor’s internal
control over compliance. Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over
compliance that we identified during the audit.
Other Matters
The results of our auditing procedures disclosed instances of noncompliance which are required to be reported in
accordance with the Uniform Guidance and which are described in the accompanying schedule of findings and
questioned costs as Finding 2023-005. Our opinion on each major federal program is not modified with respect to
these matters.
Government Auditing Standards requires the auditor to perform limited procedures on the Township of Little Egg
Harbor’s response to the noncompliance findings identified in our compliance audit described in the accompanying
schedule of findings and questioned costs. The Township of Little Egg Harbor’s response was not subjected to the
other auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the
response.
Report on Internal Control over Compliance
Our consideration of internal control over compliance was for the limited purpose described in the Auditor’s
Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in
internal control over compliance that might be material weaknesses or significant deficiencies in internal control
over compliance and therefore, material weaknesses or significant deficiencies may exist that were not identified.
We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses.
However, as discussed below, we did identify certain deficiencies in internal control over compliance that we
consider to be significant deficiencies.
112
A deficiency in internal control over compliance exists when the design or operation of a control over compliance
does not allow management or employees, in the normal course of performing their assigned functions, to prevent,
or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis.
A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal
control over compliance, such that there is a reasonable possibility that material noncompliance with a type of
compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. A
significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in
internal control over compliance with a type of compliance requirement of a federal program that is less severe than
a material weakness in internal control over compliance, yet important enough to merit attention by those charged
with governance. We consider the deficiency in internal control over compliance described in the accompanying
schedule of findings and questioned costs as Finding 2023-005, to be a significant deficiency.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over
compliance. Accordingly, no such opinion is expressed.
Government Auditing Standards requires the auditor to perform limited procedures on the Township of Little Egg
Harbor’s response to the internal control over compliance findings identified in our compliance audit described in
the accompanying schedule of findings and questioned costs. The Township of Little Egg Harbor’s response was
not subjected to the other auditing procedures applied in the audit of compliance and, accordingly, we express no
opinion on the response.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of
internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance.
Accordingly, this report 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
6HSWHPEHU 2024
113
This page intentionally left blank
114
SCHEDULE 1
Federal
Agency or
Passed
Total
Assistance Listing
Pass-Through
Program
Program
Through to
Program
Federal Grantor/Pass-Through Grantor/Program Title
Number
Number
Award Amount
Expenditures
Subrecipients
Expenditures
U.S. Department of Housing and Urban Development
Passed-Through County of Ocean:
Community Development Block Grant - 2021
14.218
Not Available
35,000.00
$
35,000.00
$
-
$
35,000.00
$
Total Department of Housing and Urban Development
35,000.00
-
35,000.00
Department of Treasury
Coronavirus State and Local Fiscal Recovery Funds
21.027
Not Available
2,272,563.66
1,600,039.25
$
-
$
1,600,039.25
$
Total Department of Treasury
1,600,039.25
-
1,600,039.25
Total Expenditures of Federal Awards
1,635,039.25
$
-
$
1,635,039.25
$
The Accompanying Notes to the Schedule of Expenditures of Federal Awards are an Integral Part of this Statement.
TOWNSHIP OF LITTLE EGG HARBOR
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR YEAR ENDED DECEMBER 31, 2023
115
This page intentionally left blank
116
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO SCHEDULES OF EXPENDITURES OF FEDERAL AWARDS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 1. Basis of Presentation
The accompanying schedule of expenditures of federal awards present the activity of all federal awards of
the Township of Little Egg Harbor. The Township is defined in Note 1 of the basic financial statements.
The information in these schedules is presented in accordance with the requirements of Title 2 U.S. Code
of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). All federal awards received directly from federal
agencies, as well as federal awards passed through other government agencies is included on the schedule
of expenditures of federal awards.
Note 2. Summary of Significant Accounting Policies
The accompanying schedule of federal awards is presented using the modified accrual basis of accounting
as promulgated by the State of New Jersey, Department of Community Affairs, Division of Local
Government Services, which is described in the Notes to the Financial Statements, Note 1.
The amounts shown as current year expenditures represent only the federal grant portion of the program
costs. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited
as to reimbursement.
The Township did not elect the 10-percent de deminimis indirect cost rate as discussed in 2 CFR 200.414.
Note 3. Relationship to Basic Financial Statements
Amounts reported in the accompanying schedules agree with amounts reported in the Township's financial
statements. Expenditures from awards are reported in the Township’s financial statements as follows:
Note 4. Relationship to Federal and State Financial Reports
The regulations and guidelines governing the preparation of federal reports vary by federal agency and
among programs administered by the same agencies. Accordingly, the amounts reported in the federal
reports do not necessarily agree with the amounts reported in the accompanying Schedules, which is
prepared on the modified accrual basis of accounting as explained in Note 2.
Federal
Total
State & Federal Grant Fund
1,635,039.25
$
1,635,039.25
$
Total
1,635,039.25
$
1,635,039.25
$
117
TOWNSHIP OF LITTLE EGG HARBOR
NOTES TO SCHEDULES OF EXPENDITURES OF FEDERAL AWARDS
FOR THE YEAR ENDED DECEMBER 31, 2023
Note 5. Federal and State Loans Outstanding
The Township had no loan balances outstanding at December 31, 2023.
Note 6. Contingencies
Each of the grantor agencies reserves the right to conduct additional audits of the Township’s grant program
for economy, efficiency and program results. However, the Township administration does not believe such
audits would result in material amounts of disallowed costs.
Note 7. Major Programs
Major programs are identified in the Summary of Auditor’s Results section of the Schedule of Findings and
Questioned Costs.
118
Financial Statements
Type of auditor's report issued
Internal control over financial reporting:
1) Material weakness(es) identified?
X
yes
no
2) Significant deficiency(ies) identified?
yes
X
none reported
Noncompliance material to financial statements noted?
X
yes
no
Federal Awards
Internal control over major programs:
1) Material weakness(es) identified?
yes
X
no
2) Significant deficiency(ies) identified?
X
yes
none reported
Type of auditor's report issued on compliance for major programs
Any audit findings disclosed that are required to be reported
in accordance with 2 CFR 200 section .516(a) of Uniform Guidance?
X
yes
no
Identification of major programs:
Assistance Listing Number(s)
Name of Federal Program or Cluster
Dollar threshold used to determine Type A programs
Auditee qualified as low-risk auditee?
yes
X
no
$ 750,000.00
TOWNSHIP OF LITTLE EGG HARBOR
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Section I - Summary of Auditor's Results
Coronavirus State and Local Fiscal Recovery Funds
21.027
Adverse - GAAP,
Unmodified - Regulatory Basis
Unmodified
119
TOWNSHIP OF LITTLE EGG HARBOR
SCHEDULE OF FINDINGS & QUESTIONED COSTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Section II – Financial Statement Findings
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 2023-001:
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 2023-002:
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.
Condition:
During our testing it was noted that bank reconciliations were not performed on a timely basis.
120
TOWNSHIP OF LITTLE EGG HARBOR
SCHEDULE OF FINDINGS & QUESTIONED COSTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Finding 2023-002 (continued):
Context:
The Township did not complete 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 No. 2023-003
Criteria or specific requirement:
N.J.S.A. 40A:4-57 states that no officer, board, body or commission shall, during any fiscal year, expend
any money, incur any liability, or enter into any contract which by its terms involves the expenditure of
money for any purpose for which no appropriation is provided, or in excess of the amount appropriated for
such service.
Condition:
The Township’s Current Fund Appropriation Reserves reflects over expenditures totaling $9,569.26.
Cause:
Management oversight.
Effect or potential effect:
Non-compliance with N.J.S.A. 40:4-57.
Recommendation:
That the Township raise the deferred charges in the respective funds.
View of responsible official:
The responsible official agrees with this finding and will address the matter as part of their corrective action
plan.
121
TOWNSHIP OF LITTLE EGG HARBOR
SCHEDULE OF FINDINGS & QUESTIONED COSTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Finding No. 2023-004
Criteria or specific requirement:
In accordance with requirements promulgated by the State of New Jersey, Division of Local Government
Services, interfunds should be paid and closed out by the end of the current year.
Condition:
Interfunds receivable and payable are reflected on the various balance sheets of the funds at December 31,
2023.
Cause:
The Township has not transferred the required funds to close out the interfunds by year end.
Effect or potential effect:
By not clearing interfunds within a timely manner, the Township could experience difficulties with cash
flow as a result of cash being utilized from other sources to pay expenditures.
Recommendation:
That the Township transfer the required funds to close out the interfunds.
View of responsible official:
The responsible official agrees with this finding and will address the matter as part of their corrective action
plan.
122
TOWNSHIP OF LITTLE EGG HARBOR
SCHEDULE OF FINDINGS & QUESTIONED COSTS
FOR THE YEAR ENDED DECEMBER 31, 2023
Section III – Federal Awards & State Financial Assistance Findings & Questioned Costs
This section identifies the significant deficiencies, material weaknesses and instances of noncompliance,
including questioned costs, related to the audit of major federal and state programs, as required by 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.
FEDERAL AWARDS
Finding No. 2023-005
Criteria or specific requirement:
In accordance with requirements promulgated by the Uniform Guidance, Municipalities are required to
submit an annual Project and Expenditure Report for American Rescue Plan funds by April 30, 2023.
Condition:
The annual Project and Expenditure Report was not submitted timely.
Cause:
The Township had submitted the annual Project and Expenditure Report on July 17, 2023.
Effect or potential effect:
By not submitting the annual Project and Expenditure Report timely, the Township is not in compliance
with the Reporting requirements of the grant.
Recommendation:
That the Township implement controls to ensure reports are submitted on time in accordance with grant
compliance requirements.
View of responsible official:
The responsible official agrees with this finding and will address the matter as part of their corrective action
plan.
STATE FINANCIAL ASSISTANCE
N/A – No State Single Audit
123
TOWNSHIP OF LITTLE EGG HARBOR
SUMMARY SCHEDULE OF PRIOR YEAR AUDIT FINDINGS
AND QUESTIONED COSTS AS PREPARED BY MANAGEMENT
FOR THE YEAR ENDED DECEMBER 31, 2023
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
Finding 2022-001:
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.
Current Status:
The finding has not been corrected. See Finding 2023-001.
Finding 2022-002:
Condition:
During our testing it was noted that bank reconciliations were not performed on a timely basis.
Current Status:
The finding has not been corrected. See Finding 2023-002.
Finding No. 2022-003:
Condition:
The Township’s Current Fund reflects over expenditures totaling $5,722.49.
Current Status:
The finding has not been corrected. See Finding 2023-003.
Finding No. 2022-004:
Condition:
Interfunds receivable and payable are reflected on the various balance sheets of the funds at December 31,
2022.
Current Status:
The finding has not been corrected. See Finding 2023-004.
124
TOWNSHIP OF LITTLE EGG HARBOR
SUMMARY SCHEDULE OF PRIOR YEAR AUDIT FINDINGS
AND QUESTIONED COSTS AS PREPARED BY MANAGEMENT
FOR THE YEAR ENDED DECEMBER 31, 2023
FEDERAL AWARDS
N/A – No Federal Single Audit in prior year.
STATE FINANCIAL ASSISTANCE
N/A – No State Single Audit in prior year.
125
This page intentionally left blank
126
TOWNSHIP OF LITTLE EGG HARBOR
PART III
LETTER OF COMMENTS AND RECOMMENDATIONS – REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2023
127
This page intentionally left blank
128
Honorable Mayor and Members
of the Township Committee
Township of Little Egg Harbor
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, 2023.
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:II-4 was $44,000 for the year ended December 31, 2023.
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.
129
1985 Cedar Bridge Ave., Suite 3 • Lakewood, NJ 08701 • 732.797.1333
194 East Bergen Place • Red Bank, NJ 07701 • 732.747.0010
www.hfacpas.com
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, 2023 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 Township Council 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 Township Council 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 2023-001
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 2023-002
As a function of effective internal controls, an accurate general ledger should be maintained and cash
accounts should be reconciled on a timely basis.
Finding 2023-003
N.J.S.A. 40A:4-57 states that no officer, board, body or commission shall, during any fiscal year, expend
any money, incur any liability, or enter into any contract which by its terms involves the expenditure of
money for any purpose for which no appropriation is provided, or in excess of the amount appropriated for
such service.
Finding 2023-004
Interfunds receivable and payable are reflected on the various balance sheets of the funds at December 31,
2023.
130
Finding 2023-005
In accordance with requirements promulgated by the Uniform Guidance, Municipalities are required to
submit an annual Project and Expenditure Report for American Rescue Plan funds by April 30, 2023.
RECOMMENDATIONS:
Finding 2023-001
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 2023-002
That bank reconciliations be completely accurately and timely.
Finding 2023-003
That the Township raise the deferred charges in the respective funds.
Finding 2023-004
That the Township transfer the required funds to close out the interfunds.
Finding 2023-005
That the Township implement controls to ensure reports are submitted on time in accordance with grant
compliance requirements.
131
TOWNSHIP OF LITTLE EGG HARBOR
OFFICIALS IN OFFICE AND SURETY BONDS
The following officials were in office at December 31, 2023:
Name
Title
Blaise Scibetta
Dan Maxwell
Kenneth Laney, Jr.
Raymond Gormley
John Kehm, Jr.
Rodney Haines
Kelly Lettera
Dayna Wilson
Alina Bertram
Daniel Sahin
Mayor
Deputy Mayor
Committeeman
Committeeman
Committeeman
%XVLQHVV$GPLQLVWUDWRUChief Financial Officer
Township Clerk
Tax Collector/Tax Search Officer
Court Administrator
Judge
132
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
6HSWHPEHU 2024
133
Protected Document Content
Start your free trial to view the raw municipal bid documents and web text.
Unlock Full AccessDetailed Risk Breakdown
local preference
No Flags Found
performance bond
Evidence Detected
"...sure reports are submitted on time in accordance with grant compliance requirements. 131 TOWNSHIP OF LITTLE EGG HARBOR OFFICIALS IN OFFICE AND SURETY BONDS The following officials were in office at December 31, 2023: Name Title Blaise Scibetta Dan Maxwell Kenneth Laney, Jr. Raymond Gormley John Kehm,..."
liquidated damages
No Flags Found
Quick Actions
Contacts
Blaise Scibetta
Mayor
Kelly Lettera
Township Clerk
Jerry W. Conaty
Certified Public Accountant
Explore More
Timeline
First Discovered
Apr 2, 2026
Last Info Update
Apr 3, 2026
Start your 7-day free trial
Get instant notifications and full bid analysis. Existing users will be logged in automatically.
Start Free Trial