Start your 7-day free trial — unlock full access instantly.
← Back to Search5 CLAUSES FOUND
Lead Closed
This opportunity is no longer accepting submissions.
AI-Powered Lead Insights
Executive Summary
This document presents the financial statements and supplementary data for the Borough of Middlesex, New Jersey, for the years ended December 31, 2013, and 2012, along with the report of independent auditors, Hodulik & Morrison, P.A. The audit encompasses various funds, including the Current Fund, Trust Fund, General Capital Fund, and Swimming Pool Utility Fund, examining their respective balance sheets, statements of operations, revenues, and expenditures on a regulatory basis. It expresses an adverse opinion on U.S. Generally Accepted Accounting Principles due to the regulatory basis of accounting employed, which focuses on compliance with legal provisions and budgetary restrictions rather than presenting financial position and results of operations in accordance with GAAP. A qualified opinion is provided on the regulatory basis of accounting with exception of the omission of a statement of governmental fixed assets.
Web Content
Automated discovery link found on Middlesex website.
Document Text
--- Document: 2013 Middlesex Borough Municipal Audits Document ---
BOROUGH
OF MIDDLESEX
COUNTY OF MIDDLESEX
NEW JERSEY
FINANCIAL
STATEMENTS
AND
SUPPLEMENTARY
DATA
AND
INFORMATION
FOR THE YEARS ENDED
DECEMBER 31, 2013 AND 2012
WITH
REPORT OF INDEPENDENT AUDITORS
HODULIK & MORRISON, P.A.
CERTIFIED PUBLIC ACCOUNTANTS
REGISTERED MUNICIPAL ACCOUNTANTS
HIGHLAND PARK, N.J.
PART I
BOROUGH
OF MIDDLESEX
MIDDLESEX
COUNTY, NEW JERSEY
TABLE OF CONTENTS
PAGE(S)
1
Independent Auditor's Report
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
2-4
5-6
FINANCIAL
STATEMENTS
A
A- 1
A-2
A-3
B
B- 1
C
C-1
D
D- 1
D-2
D-3
7
Current Fund - Comparative
Balance Sheet - Regulatory Basis - December 31,
2013 and 2012
Current Fund - Comparative
Statement of Operations and Change in
Fund Balance - Regulatory
Basis
Current Fund - Statement of Revenues - Regulatory Basis
Current Fund - Statement of Expenditures
- Regulatory Basis
Trust Fund - Comparative
Balance Sheet - Regulatory Basis - December 31,
2013 and 2012
Trust Assessment Fund - Statement of Fund Balance - Regulatory Basis
General Capital Fund - Comparative
Balance Sheet - Regulatory Basis -
December 31, 2013 and 2012
General Capital Fund - Statement of Fund Balance - Regulatory Basis
Swimming Pool Utility Fund - Comparative
Balance Sheet - Regulatory
Basis - December 31,2013
and 2012
Swimming Pool Utility Operating Fund - Comparative Statement of
Operations and Change in Fund Balance - Regulatory Basis
Swimming Pool Utility Operating Fund - Statement of Revenues
Swimming Pool Utility Operating Fund - Statement of Expenditures
8
9
10
11 - 19
20
21
22
N/A
23
24
25
26
NOTES TO FINANCIAL
STATEMENTS
27 - 44
PART II - SUPPLEMENTARY
SCHEDULES
45
Current Fund
A-4
A-5
A-6
A-7
A-8
A-9
A-10
A-ll
A-12
A-13
A-14
A-15
46
Schedule of Current Fund Cash
Schedule of Petty Cash and Change Funds
Schedule of Due from State of New Jersey - for Allowable
Deductions per Ch. 73, P.L. 1976
Schedule of Property Taxes Receivable
and Levy Analysis
Schedule of Non budget Revenues & Various Accounts Receivables
Schedule of Sewer Flow Charges Receivable
Schedule of Inter funds Receivable/Payable
Schedule of SFY 2012 Appropriation
Reserves
Schedule of Property Tax Overpayments
Schedule of Taxes Payable
Schedule of Changes in Various Accounts Payables & Reserves
Schedule of Local District School Tax - Deferred School Taxes
47
48
49
50
51
52
53
54 - 59
60
61
62
63
BOROUGH
OF MIDDLESEX
MIDDLESEX
COUNTY,
NEW JERSEY
TABLE
OF CONTENTS
PAGE(S)
Current
Fund (Cont'd.)
A-16
A-17
A-18
A-19
A-20
Schedule of Deferred Charges
Schedule of State Grants Receivable
Schedule of Due from Current Fund - Grants Fund
Schedule of Reserve for State Grants - Appropriated
Schedule of Reserve for State Grants - Unappropriated
64
65
66
67 -68
69
Trust Fund
70
B- 2
Analysis of Trust Assessment
Cash and Investments
B- 3
Schedule of Assessment Liens
B- 4
Schedule of Due to General Capital Fund - Assessment Trust Fund
B- 5
Schedule of Due to Current Fund - Assessment Trust Fund
B- 6
Schedule of Cash and Reserve Activity
71
71
72
72
73 - 74
General
Capital
Fund
75
C-2
C-3
C-4
C-5
C-6
C-7
C-8
C-9
C-lO
C-Il
C-12
C-13
C-14
C-15
C-16
Schedule of General Capital Cash and Investments - Treasurer
Analysis of General Capital Cash and Investments
Schedule of Various Grants, Loans, and Other Receivables
Schedule of Deferred Charges to Future Taxation - Funded
Schedule of Deferred Charges to Future Taxation - Unfunded
Schedule of Interfunds
Schedule of Improvement
Authorizations
Schedule of General Serial Bonds
Schedule of Capital Leases Payable - MCIA
Schedule of Loans Payable - New Jersey 1987 Green Trust Fund
Schedule of Loans Payable - New Jersey
Green Trust Fund - 1989
Schedule of Various Reserves
Schedule of Reserve for Capital Improvement
Fund
Schedule of Loans Payable - NJ Environmental
Infrastructure Trust Loan
and Fund Loan Payable
Schedule of Bonds and Notes Authorized but not Issued
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
Swimming
Pool Utility Fund
91
D-4
D-5
D-6
D-7
D-8
D-9
D-10
D-l1
D-12
Schedule of Swimming Pool Utility Cash and Investments - Treasurer
Analysis of Swimming Pool Capital Cash and Investments
Schedule of Miscellaneous
Receipts - Swimming Pool Utility Operating Fund
Schedule of Fixed Capital - Swimming Pool Utility Capital Fund
Schedule of Fixed Capital Authorized
and Uncomplete
Schedule of Accounts Payable - Swimming Pool Utility Fund
Schedule of2012
Appropriation
Reserves
Schedule of Reserve for Snack Bar Operations
Schedule ofInterfunds
ReceivablelPayable
92
93
94
95
95
95
96
97
98
BOROUGH
OF MIDDLESEX
MIDDLESEX
COUNTY, NEW JERSEY
TABLE OF CONTENTS
PAGE(S)
Swimming Pool Utility Fund Cont'd.)
D-13
D-14
D-15
D-16
D-17
D-18
Schedule of Capital Improvement
Fund
Schedule of Reserve for Amortization
Schedule of Deferred Reserve for Amortization
Schedule of Due to Swimming Operating Fund
Schedule of Improvement
Authorizations
Schedule of Bonds and Notes Authorized but not Issued
99
99
99
100
101
102
PART III - SUPPLEMENTARY
DATA
103
Combined Balance Sheet - All Funds for the Year Ending December 31, 2013
Comparative
Statement of Operations - Change in Fund Balance - Current Fund
Comparative
Statement of Operations - Change in Fund Balance - Swimming
Pool Utility Operating Fund
Comparative
Schedule of Tax Rate Information
Comparison
of Tax Levies and Collection Currently
Delinquent Taxes and Tax Title Liens
Property Acquired for Tax Title Lien Liquidation
Comparative
Schedule of Fund Balances
Officials in Office and Surety Bonds
104
105
106
107
107
108
108
108
109
PART IV - GENERAL
COMMENTS
AND RECOMMENDATIONS
110
General Comments
Recommendations
111-119
120
BOROUGH
OF MIDDLESEX
MIDDLESEX
COUNTY,
NEW JERSEY
PART I
INDEPENDENT
AUDITOR'S
REPORT
AND
FINANCIAL
STATEMENTS
- 1-
HODULIK
& MORRISON,
P .A.
CERTIFIED
PUBLIC ACCOUNT ANTS
REGISTERED
MUNICIPAL
ACCOUNTANTS
PUBLIC SCHOOL ACCOUNTANTS
1102 RARITAN
AVENUE,
P.O. BOX 1450
HIGHLAND
PARK, NJ 08904
(732) 393-1000
(732) 393-1196 (FAX)
ANDREW
G. HODULlK,
CPA, RMA, PSA
ROBERT
S. MORRISON,
CPA, RMA, PSA
MEMBERS
OF:
AMERICAN
INSTITUTE
OF CPA'S
NEW JERSEY
SOCIETY
OF CPA'S
REGISTERED
MUNICIPAL
ACCOUNTANTS
OF N.J.
10 ANN BOOS,
CPA, PSA
INDEPENDENT
AUDITOR'S
REPORT
Honorable Mayor and Members
of the Borough Council
Borough of Middlesex
County of Middlesex, New Jersey
Report on the Financial Statements
We have audited
the accompanying
balance
sheets - regulatory
basis of the various
funds of the Borough
of
Middlesex,
County
of Middlesex,
New Jersey,
as of and for the year ended December
31, 2013 and 2012, the
statements
of operations
and changes
in fund balance - regulatory
basis for the year then ended and the related
statements
of revenues - regulatory
basis and statements of expenditures
- regulatory basis of the various funds for
year ended December 31, 2013, and the related notes to the financial statements as listed in the table of contents.
Management's
Responsibility
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 error or fraud.
Auditor's
Responsibility
Our responsibility
is to express an opinion on these financial statements based on our audit. We conducted our audit
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
and the audit requirements
prescribed
by the Division
of Local Government
Services, Department
of Community
Affairs,
State of New Jersey.
Those standards
require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement.
An audit involves performing
procedures to obtain audit evidence about the amounts and disclosures
in the financial
statements.
The procedures
selected
depend
on the auditor's
judgment,
including
the assessment
of the risks of
material misstatement
of the financial statements,
whether due to fraud or error. In making those risk assessments,
the auditor considers internal control relevant to the entity's
preparation
and presentation
of the financial statements
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 entity's
internal control. Accordingly,
we express no such opinion. An audit also
includes evaluating the appropriateness
of accounting policies used and the reasonableness
of significant accounting
estimates made by management,
as well as evaluating the overall presentation
of the financial statements.
We believe that the audit evidence we have obtained
is sufficient
and appropriate
to provide a basis for our audit
opinion.
-2-
Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles
As described
in Note 2, these financial statements were prepared in conformity with accounting practices prescribed
or permitted by the Division of Local Government
Services, Department of Community Affairs, State of New Jersey,
United States of America, that demonstrate
compliance with the modified accrual basis, with certain exceptions, and
the budget laws of New Jersey, which is a comprehensive
basis of accounting
other than accounting
principles
generally
accepted
in the United
States
of America.
These
prescribed
principles
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. Accordingly,
the accompanying
financial statements -
regulatory basis are not intended to present financial position and results of operations in accordance with accounting
principles
generally accepted in the United States of America. The effect on the financial statements between these
regulatory
accounting
practices
and accounting
principles
generally
accepted
in the United
States of America,
although not reasonably determinable,
are presumed to be material.
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"
paragraph, the financial statements referred to in the first paragraph do
not present fairly, in accordance
with accounting
principles generally accepted in the United States of America, the
financial positions of the Borough of Middlesex,
County of Middlesex,
New Jersey, as of December
31,2013,
the
changes in its financial position, or, where applicable, its cash flows for the year then ended. The financial statements
- regulatory
basis referred to in the first paragraph
do not include the Statement
of Governmental
Fixed Assets,
which should be included to conform with the basis of accounting
described
in Note 2. The amount that should be
recorded for Governmental
Fixed Assets is not known.
Opinion on Regulatory Basis of Accounting
In our opinion, except for the effect on the financial statements
of the omission of the Statement of Governmental
Fixed Assets" the financial statements - regulatory basis referred to above present fairly, in all material respects, the
financial position - regulatory basis of the various funds of the Borough of Middlesex,
County of Middlesex, New
Jersey as of December
31,2013
and 2012 and the results of operations
and changes in fund balance - regulatory
basis for the year then ended and the related statements of revenues - regulatory basis and statements of expenditures
- regulatory basis of the various funds for the year ended December 31, 2013, on the basis of accounting described in
Note 2.
Other Information
Our audit was made for the purpose of forming an opinion on the financial statements of the Borough of Middlesex,
County of Middlesex,
New Jersey. The information
included in Part II - Supplementary
Schedules and Part III -
Supplementary
Data, as listed in the table of contents, are presented for purposes of additional analysis and are not a
required part of the financial statements of the Borough of Middlesex,
County of Middlesex, New Jersey. The Part II
- Supplementary
Schedules are the responsibility
of management
and were derived from and relate directly to the
underlying
accounting
and other records
used to prepare
the financial
statements.
The information
has been
subjected to auditing procedures
applied in the audit of the financial statements
and certain additional
procedures,
including comparing
and reconciling
such information
directly to the underlying
accounting
and other records used
to prepare the financial
statements,
or to the financial
statements
themselves,
and other additional
procedures
in
accordance
with auditing
standards
generally
accepted
in the United
States of America,
and in our opinion, the
information
is fairly stated, in all material respects, in relation to the financial statements - regulatory basis taken as
a whole.
-3-
The schedules and information contained in Part III - Supplementary Data have not been subjected to auditing
procedures applied in the audit of the financial statements and, accordingly we do not express an opinion, or provide
any assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government
Auditing
Standards, we have also issued a report dated August 11, 2014 on our
consideration of the Borough of Middlesex's internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts and grants agreements and other matters. The
purpose of that report is 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 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 Borough of Middlesex's internal control over financial reporting and
compliance.
HODULIK & MORRISON, P.A.
Certified Public Accountants
Registered Municipal Accountants
~
-
Andrew G. Hodulik
Registered Municipal Accountant
No. 406
.
Highland Park, New Jersey
August 11,2014
-4-
HODULIK & MORRISON,P.A.
CERTIFIED
PUBLIC ACCOUNTANTS
REGISTERED
MUNICIPAL
ACCOUNTANTS
PUBLIC SCHOOL ACCOUNTANTS
1102 RARITAN AVENUE,
P.O. BOX 1450
HIGHLAND
PARK, NJ 08904
(732) 393-1000
(732) 393-1196 (FAX)
ANDREW G. HODULIK, CPA, RMA, PSA
ROBERT S. MORRISON,
CPA, RMA, PSA
MEMBERS OF:
AMERICAN INSTITUTE OF CPA'S
NEW JERSEY SOCIETY OF CPA'S
REGISTERED
MUNICIPAL ACCOUNTANTS
OF NJ.
10 ANN BOOS, CPA, PSA
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 Borough Council
Borough of Middlesex
County of Middlesex, New Jersey
We have audited, 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 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 Borough of Middlesex as of and for the year ended December 31,
2013, and the related notes to the financial statements, which collectively comprise the Borough of
Middlesex's financial statements and have issued our report thereon dated August 11, 2014. Our report
expressed a qualified opinion on the financial statements in conformity with this regulatory basis due to
the omission of the Statement of Governmental Fixed Assets. Our report also expressed a modified
opinion because of the departure from accounting principles generally accepted in the United States of
America as disclosed in Note 2.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Borough of
Middlesex's internal control over financial reporting (internal control) to determine the audit procedures
that are appropriate in the circumstances for the purpose of expressing our opinion on the financial
statements, but not for the purpose of expressing an opinion on the effectiveness of the Borough of
Middlesex's internal control.
Accordingly, we do not express an opinion on the effectiveness of the
Borough of Middlesex's internal control.
A deficiency
in internal
control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination
of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement
of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A
significant
deficiency
is a deficiency, or a combination of deficiencies, in internal control that is less
severe than a material weakness, yet important enough to merit attention by those charged with
governance.
-5-
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any
deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses
may exist that have not been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Borough of Middlesex's financial statements
are free of 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 no instances of noncompliance or other matters that
are required to be reported under Government Auditing Standards and audit requirements as prescribed by
the Division of Local Government Services, Department of Community Affairs, State of New Jersey.
We noted other matters involving internal control over financial reporting that we have reported to
management of the Borough of Middlesex in the General Comments section of the Report of Audit.
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 entity's internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the entity's internal control and compliance, Accordingly,
this communication is not suitable for any other purpose.
HODULIK & MORRISON, P.A.
Certified Public Accountants
Public School Accountants
Highland Park, New Jersey
August 11,2014
-6-
FINANCIAL
STATEMENTS
-7-
Exhibit-A
BOROUGH
OF MIDDLESEX
MIDDLESEX
COUNTY, NEW JERSEY
CURRENT FUND
COMPARATIVE
BALANCE
SHEET - REGULATORY
BASIS
DECEMBER
31 2013 AND DECEMBER
31. 2012
BALANCE
BALANCE
LIABILITIES,
RESERVES
BALANCE
BALANCE
ASSETS
REF.
DEC. 31,2013
DEC. 312012
AND FUND BALANCE
REF.
DEC. 312013
DEC. 31 2012
Cash and Investments
- Treasurer
A-4
$
3,306,942.24
$
3,417,253.94
Liabilities:
Cash - Change Fund
A-5
500.00
500.00
Appropriation
Reserves
A-3,A-II
$
584,825.32
$
589,595.53
Due from State ofN.1. per Ch. 20,
Reserve for Encumbrances
A-3,A-1l
257,752.65
396,160.08
P.L.1976
A-6
30168.32
28 156.00
Prepaid Taxes
A-7
503,934.61
152,483.40
Various Payables
A-14
48,480.88
29,833.28
3337610.56
3445909.94
Various Reserves
A-14
438,375.18
356,749.20
Tax Overpayments
A-12
23,032.99
8,476.24
Receivables
With Offsetting Reserves:
Due to Federal & State Grant Fund
A-IO
452,082.20
1,203,201.48
Taxes Receivable
A-7
894,628.05
826,645.39
Tax Title Liens
A-7
419,249.19
382,105.14
2,308,483.83
2,736,499.21
Property Acquired for Taxes (At
Assessed Valuation)
A-7
1,423,139.00
1,423,139.00
Reserve for Receivables
Reserve
2,916,666.78
2,775,163.72
Revenue Accounts Receivable
A-8
30,903.49
17,470.25
Fund Balance
A-I
1,514,126.73
1,329,410.73
Sewer Flow Charges Receivable
A-9
135,110.66
112,389.12
Interfunds Receivable
A-IO
13636.39
13 414.82
Total Regular Fund
6,739,277.34
6841073.66
et:J
2,916,666.78
2,775,163.72
Deferred Charges:
2012 Emergency
- Hurricane Sandy
A-16
320,000.00
400,000.00
2011 Emergency
- Hurricane
Irene
A-16
165000.00
220000.00
485000.00
620000.00
Total Regular Fund
6739277.34
6841073.66
State and Federal Grant Fund:
State and Federal Grant Fund:
Grants Receivable
A-17
6,409.28
5,090.54
Reserve for State and Federal Grants:
Due from Current Fund
A-18
452,082.20
1,203,201.48
Appropriated
A-19
360,915.06
411,923.20
Due from General Capital Fund
A-21
23775.00
23775.00
Unappropriated
A-20
31,833.94
8,811.46
Reserve for Encumbrances
A-19
89517.48
811 332.36
Total State and Federal Grant Fund
482266.48
1,232,067.02
Total State and Federal Grant Fund
482266.48
1,232,067.02
$
7,221,543.82
$
8,073,140.68
$
7,221,543.82
$
8,073,140.68
Deferred School Taxes:
Balance of Tax
A-IS
$
10,806,428.00
$
10,604,716.00
Deferred
A-IS
10,806,428.00
10604716.00
School Taxes Payable
$
$
Note: See Notes to Financial Statements
Exhibit A-I
BOROUGH
OF MIDDLESEX
MIDDLESEX
COUNTY, NEW JERSEY
CURRENT
FUND
COMPARATIVE
STATEMENT OF OPERATIONS
AND
CHANGE
IN FUND BALANCE
- REGULATORY
BASIS
FOR THE YEARS ENDED DECEMBER
31, 2013 AND 2012
REVENUE AND OTHER INCOME REALIZED
REF.
YEAR 2013
YEAR 2012
Fund Balance Utilized
A-l,A-2
$
645,000.00
$
525,000.00
Miscellaneous
Revenues Anticipated
A-2
3,269,917.93
4,091,461.96
Receipts from Delinquent
Taxes
A-2
826,196.25
629,911.62
Receipts from Current Taxes
A-7
37,912,308.96
37,520,345.73
Receipts from Property Acquired for Taxes
A-7
3,561.00
Non-Budget
Revenue
A-2
186,466.08
187,172.00
Other Credits to Income:
Unexpended
Balances of Approp. Reserves
A-ll
429,971.72
507,513.99
Grants Appropriated
Cancelled
A-I0
5,307.30
Interfunds Returned
A-I0
66841.60
Total Revenues
43,269,860.94
43,537,115.20
EXPENDITURES
AND OTHER CHARGES
Budget Appropriations:
Operating
Salaries and Wages
A-3
5,281,364.95
5,154,147.00
Other Expenses
A-3
7,261,419.07
7,624,812.51
State and Federal Programs Off-Set by Revenue
A-3
39,271.46
560,704.87
Municipal
Debt Service
A-3
1,299,802.49
1,278,275.25
Capital Improvements
A-3
65,000.00
64,050.00
Deferred Charges and Statutory Expend.-Mun.
A-3
1,413,995.00
1,408,755.00
County Tax
A-13
5,579,629.40
5,652,832.53
Local District School Taxes
A-13
21,499,441.00
21,150,244.50
Emergency Authorization
- Cancellation
of Hurrican Irene
A-16
125,000.00
Interfunds Advanced
- Net
A-IO
221.57
Total Expenditures
42440
144.94
43,018,821.66
Excess in Revenue
829,716.00
518,293.54
Adjustments
to Income Before Fund Balance:
Expenditures
Included Above Which are by Statute
Deferred Charges to Budgets of Succeeding
Years
A-3
400000.00
Statutory Excess to Fund Balance
829,716.00
918,293.54
FUND BALANCE
Balance - January I
A
1329410.73
936 ]]7.19
2,159,126.73
1,854,410.73
Decreased by:
Utilization as Anticipated
Revenue
A-I
645000.00
525000.00
Balance - December
31
A
$
1,514,126.73
$
1 329410.73
Note:
See Notes to Financial
Statements
-9-
ExhibitA-2
BOROUGH
OF MIDDLESEX
MIDDLESEX
COUNTY. NEW JERSEY
CURRENT
FUND
STATEMENT
OF REVENUES
- REGULATORY
BASIS
FOR THE YEAR ENDED
DECEMBER
31. 2013
ANTICIPATED
2013
EXCESS
OR
REF.
BUDGET
REALIZED
(DEFICIT)
Fund Balance Anticipated
A-I
$
645000.00
$
645000.00
$
Miscellaneous
Revenues:
Licenses:
Alcoholic
Beverages
13,800.00
13,779.50
(20.50)
Other
40,000.00
38,552.50
(1,447.50)
Fees and Permits
64,000.00
73,114.40
9,114.40
Fines and Costs:
Municipal
Court
252,000.00
248,980.16
(3,019.84)
Interest and Costs on Taxes
149,000.00
141,809.19
(7,190.81)
Interest on Investments
and Deposits
31,000.00
29,997.76
(1,002.24)
Television
Franchise
Fees
76,000.00
76,610.43
610.43
Payment
in Lieu of Taxes - Prebyterian
Homes
70,000.00
65,458.70
(4,541.30)
Sewer Rents Receivable
406,000.00
70,140.91
(335,859.09)
Additional
Sewer Rents Receivable
150,000.00
(150,000.00)
Host Community
Benefit Funds
61,500.00
79,845.92
18,345.92
Consolidated
Municipal
Property
Tax Relief Aid
223,615.00
223,615.00
Energy Receipts
Taxes
1,556,199.00
1,556,199.00
Dedicated
Uniform
Construction
Code Fees Offset
with Appropriations
(NJ.S.A.
40A:4-36
and N.J.A.C.
5:23-4.17):
Uniform
Construction
Code Fees
179,600.00
176,574.00
(3,026.00)
Hazardous
Waste Facilities
Siting Act (NJ.S.A.
13-15-80)
20,000.00
20,000.00
Public and Private Revenues
Offset with Approps.:
Alcohol Ed Rehab & Enforcement
Fund
53.96
53.96
Body Armor Replacement
Grant - CY
4,058.08
4,058.08
Drunk Driving
Enforcement
Fund
4,699.42
4,699.42
Middlesex
County - Info. Assis & Transp. Assist -
Older American
Act of 1965
13,105.00
13,105.00
Municipal
Alliance
on Alcoholism
and Drug Abuse
13,884.00
13,884.00
Other Special Items:
Reserve
for DMV Services
5,824.75
4,098.00
(1,726.75)
Cellular Phone Tower Lease
79,740.00
86,180.71
6,440.71
Reserve
for Soccer Field
107,556.00
107,556.00
FEMA - Hurricane
Irene
25000.00
221,605.29
196605.29
Total Miscellaneous
Revenues
A-l,A-8
3546635.21
3269917.93
(276,717.28)
Receipts
from Delinquent
Taxes
A-l,A-7
794694.10
826196.25
31 502.15
Subtotal General
Revenues
4,986,329.31
4741
114.18
(245,215.13)
Amount
to be Raised by Taxes for Support of
Municipal
Budget:
Local Tax for Municipal
Purposes
Including
Reserve for Uncollected
Taxes
A-7
11,078,254.37
10,962,946.95
(115,307.42)
Minimum
Library Tax
A-7
482579.61
482579.61
Total Amount
to be Raised by Taxes
for Support
of Municipal
Budget
11,560,833.98
11,445,526.56
(115,307.42)
Budget Totals
16,547,163.29
16,186,640.74
$
(360,522.55)
Non-Budget
Revenues
A-1,A-4
186466.08
$
16547
163.29
$
16,373,106.82
Ref.
A-3
( ) Denotes
Deficit
Note:
See Notes to Financial
Statements
-10 -
ExhibitA-3
Page 1 of9
BOROUGH OF MIDDLESEX
MIDDLESEX COUNTY NEW JERSEY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31 2013
EXPENDED
UNEXPENDED
BUDGET AFTER
PAID OR
BALANCE
2013 BUDGET
MODIFICATION
CHARGED
ENCUMBERED
RESERVED
CANCELLED
OPERATIONS WITHIN "CAPS"
GENERAL GOVERNMENT:
Mayor and Council
Salaries and Wages
$
12,000.00
$
12,000.00
$
11,999.76
$
$
0.24
$
Other Expenses
20,000.00
20,000.00
4,066.35
1,790.67
4,142.98
10,000.00
Municipal Clerk
Salaries and Wages
135,118.00
136,118.00
136,033.11
84.89
Otber Expenses
11,900.00
1l,900.00
9,405.44
1,715.20
779.36
Postage for All Departments
Other Expenses
25,000.00
23,500.00
22,488.98
267.00
744.02
Printing and Advertising
Other Expenses
17,500.00
17,500.00
5,141.38
2,220.00
5,138.62
5,000.00
""""
Financial Administration (Treasury)
""""
Salaries and Wages
139,144.00
128,644.00
1l0,344.49
10,299.51
8,000.00
Other Expenses
13,908.00
13,908.00
9,316.01
322.49
4,269.50
Elections
Other Expenses
5,500.00
5,500.00
5,488.80
11.20
Annual Audit
Other Expenses
33,200.00
33,200.00
3,000.00
30,200.00
Revenue Administration (Tax Collection)
Salaries and Wages
65,737.00
65,737.00
65,736.03
0.97
Other Expenses
11,410.00
11,410.00
7,385.24
225.18
3,799.58
Tax Assessment Administration
Salaries and Wages
31,289.00
31,289.00
31,289.00
Other Expenses
3,400.00
3,400.00
2,443.98
956.02
Legal Services
Other Expenses
102,000.00
102,000.00
91,048.63
3,837.50
7,113.87
Liquidation of Tax Title Liens and
Foreclosed Property
500.00
500.00
500.00
Engineering Services
Other Expenses
45,000.00
45,000.00
28,178.62
1,804.42
15,016.96
Computer Data Services
Other Expenses
144,292.00
144,592.00
134,832.79
9,654.52
104.69
ExhibitA-3
Page 2 of9
BOROUGH OF MIDDLESEX
MIDDLESEX COUNTY NEW JERSEY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31 2013
EXPENDED
UNEXPENDED
BUDGET AFTER
PAID OR
BALANCE
2013 BUDGET
MODIFICATION
CHARGED
ENCUMBERED
RESERVED
CANCELLED
GENERAL GOVERNMENT (CONT'D):
LAND USE ADMINISTRATION:
Planning Board
Other Expenses
$
23,660.00
$
23,660.00
$
6,041.14
$
1,695.80
$
5,923.06
$
10,000.00
Zoning Board of Adjustment
Salaries and Wages
6,300.00
6,300.00
4,375.00
1,925.00
Other Expenses
14,700.00
14,700.00
14,420.82
191.50
87.68
INSURANCE:
Temporary Disability Insurance
23,000.00
23,000.00
20,665.24
2,334.76
Long- Term Disability Insurance
15,000.00
15,000.00
12,752.01
2,247.99
~
Liability Insurance
237,463.25
237,463.25
235,638.25
1,825.00
N
Workmen's Compensation
128,742.69
128,742.69
128,742.69
Employee Group Insurance
1,953,977.68
1,953,977.68
1,951,337.34
2,640.34
PUBLIC SAFETY:
Police Department
Salaries and Wages
3,011,575.00
3,011,575.00
2,826,944.95
3,000.00
51,630.05
130,000.00
Other Expenses
117,472.00
117,472.00
90,728.03
20,520.06
6,223.91
Juvenile Conference Committee
Salaries and Wages
2,023.00
2,023.00
2,022.69
0.31
Other Expenses
250.00
250.00
250.00
Office of Emergency Management
Salaries and Wages
3,800.00
3,800.00
3,800.00
Other Expenses
13,500.00
13,500.00
5,097.99
2,337.63
6,064.38
Aid to VolunteerAmbulance Companies
25,000.00
25,000.00
25,000.00
ExhibitA-3
Page 3 of9
BOROUGH OF MIDDLESEX
MIDDLESEX COUNTY NEW JERSEY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31 2013
EXPENDED
UNEXPENDED
BUDGET AFTER
PAID OR
BALANCE
2013 BUDGET
MODIFICATION
CHARGED
ENCUMBERED
RESERVED
CANCELLED
PUBLIC SAFETY (CONT'D):
Fire Department
Other Expenses
$
134,600.00
$
134,600.00
$
103,955.38
$
21,472.26
$
9,172.36
$
Hazardous Waste Facilities Tax-
Other Expenses
5,000.00
5,000.00
5,000.00
Fire Hydrant Fees
Other Expenses
207,540.00
207,540.00
190,237.41
17,294.31
8.28
Municipal Prosecutor's Office
Salaries and Wages
24,399.00
24,399.00
24,398.40
0.60
Municipal Court
Salaries and Wages
167,851.00
167,851.00
147,279.41
20,571.59
Other Expenses
14,300.00
14,300.00
12,786.60
414.49
1,098.91
PUBLIC WORKS:
I-'
VJ
Road Repairs and Maintenance
Salaries and Wages
322,591.00
322,591.00
311,030.03
1,560.97
10,000.00
Other Expenses
90,016.00
90,016.00
63,364.55
18,655.38
7,996.07
Shade Tree Commission
Salaries and Wages
2,429.00
2,429.00
2,422.38
6.62
Other Expenses
50,000.00
50,000.00
31,295.00
18,425.00
280.00
Solid Waste Collection
Salaries and Wages
89,029.00
89,029.00
61,168.69
2,860.31
25,000.00
Garbage and Trash Removal
Salaries and Wages
592,706.00
592,706.00
529,774.96
7,931.04
55,000.00
Other Expenses
59,900.00
59,900.00
41,285.47
6,540.77
12,073.76
ExhibitA-3
Page 4 of9
BOROUGH OF MIDDLESEX
MIDDLESEX COUNTY NEW JERSEY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31 2013
EXPENDED
UNEXPENDED
BUDGET AFTER
PAID OR
BALANCE
2013 BUDGET
MODIFICATION
CHARGED
ENCUMBERED
RESERVED
CANCELLED
PUBLIC WORKS (CONTO):
Community Services Act
(Condominium Community Costs)
Other Expenses
$
45,000.00
$
45,000.00
$
35,125.21
$
$
9,874.79
$
Building and Grounds
Other Expenses
74,500.00
85,200.00
69,738.09
12,022.60
3,439.31
Rental of Rescue Squad Building
Other Expenses
7,200.00
7,200.00
7,200.00
Maintenance of Communications Equipment
Other Expenses
500.00
500.00
500.00
HEALTH AND HUMAN SERVICES:
Public Health Services (Board of Health)
I-'
Salaries and Wages
7,904.95
7,904.95
7,899.98
4.97
"""
Other Expenses
65,060.00
65,060.00
62,064.99
111.99
2,883.02
Animal Control
Other Expenses
30,000.00
30,000.00
2,433.33
21,900.00
5,666.67
Senior Nutrition - Program Costs
Salaries and Wages
14,949.00
14,949.00
11,244.83
3,704.17
Title III Senior Medical Transportation - Program Costs
Salaries and Wages
8,645.00
8,645.00
3,922.54
4,722.46
Title III Information & Assistance - Program Costs
Salaries and Wages
29,517.00
29,517.00
28,190.00
1,327.00
PARKS AND RECREATION:
Recreation Services and Programs
Salaries and Wages
80,827.00
80,827.00
77,547.89
279.11
3,000.00
Other Expenses
47,300.00
47,300.00
37,934.71
2,360.31
7,004.98
Parks and Playgrounds
Salaries and Wages
284,047.00
284,047.00
217,794.35
1,252.65
65,000.00
Other Expenses
32,200.00
32,200.00
26,176.46
5,181.32
842.22
PARKS AND RECREATION (CONT'Dl:
Celebration of Public Events
Other Expenses
Recreational Field Development
Other Expenses
Senior Citizens Bus Transportation
Salaries and Wages
Other Expenses
Senior Citizens Coordinator
Salaries and Wages
Other Expenses
OTHER COMMON OPERATING FUNCTIONS -
......
UNCLASSIFIED:
CJl
Accumulated Sick Leave Compensation
Salaries and Wages
Housing and Community Advisory Board
Salaries and Wages
Other Expenses
Environmental Advisory Council
Other Expenses
Maintenance of Tax Map
Other Expenses
Beautification Committee
Other Expenses
Multi-Family Solid Waste Collection
Other Expenses
ExhibitA-3
Page 50f9
BOROUGH OF MIDDLESEX
MIDDLESEX COUNTY, NEW JERSEY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31 2013
EXPENDED
UNEXPENDED
BALANCE
CANCELLED
2013 BUDGET
BUDGET AFTER
MODIFICATION
PAID OR
CHARGED
ENCUMBERED
RESERVED
$
80,000.00
$
80,000.00
$
71,944.64
$
$
55.36
$
8,000.00
500.00
500.00
500,00
9,624,00
9,624.00
9,624.00
4,000,00
4,000.00
2,205.74
200,00
1,594.26
25,443.00
25,443,00
24,147,86
1,295.14
6,020,00
6,020,00
2,725.37
842.65
2,451.98
40,000.00
40,000,00
35,845,05
154,95
4,000.00
375.00
375.00
375.00
100,00
100,00
100,00
1,150,00
1,150.00
1,150.00
1,000,00
1,000.00
995,00
5.00
1,195.00
1,195.00
605.00
345.00
245,00
53,973,00
53,973,00
53,973,00
ExhibitA-3
Page 6 of9
BOROUGH OF MIDDLESEX
MIDDLESEX COUNTY, NEW JERSEY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31 2013
EXPENDED
UNEXPENDED
BUDGET AFTER
PAID OR
BALANCE
2013 BUDGET
MODIFICATION
CHARGED
ENCUMBERED
RESERVED
CANCELLED
UTILITY EXPENSES AND BULK PURCHASES:
Electricity
$
183,500.00
$
183,500.00
$
123,071.44
$
11,212.94
$
49,215.62
$
Street Lighting
171,000.00
171,000.00
138,698.57
13,335.32
18,966.11
Telephone (Excluding Equipment Acquis.)
65,000.00
65,000.00
44,974.90
320.06
19,705.04
Water
30,000.00
30,000.00
24,089.69
5,910.31
Gas (Natural or Propane)
30,000.00
30,000.00
22,397.94
2,919.04
4,683.02
Fuel Oil (Diesel Fuel)
90,000.00
90,000.00
65,061.28
10,000.00
14,938.72
Gasoline
85,000.00
85,000.00
64,715.73
10,000.00
10,284.27
Sewer Processing and Disposal
Salaries and Wages
31,006.00
31,006.00
31,006.00
Other Expenses
48,750.00
48,750.00
36,281.65
4,270.85
8,197.50
LANDFILL/SOLID WASTE DISPOSAL COSTS:
I--'
Landfill Fees
0\
Other Expenses
365,000.00
365,000.00
279,516.28
16,204.22
69,279.50
CODE ENFORCEMENT AND ADMINISTRATION:
Construction Inspector, Plumbing Inspector
and Code Enforcer
Salaries and Wages
173,872.00
173,872.00
165,100.68
771.32
8,000.00
Other Expenses
9050.00
9050.00
2665.30
4097.86
2286.84
Total Operations Within "CAPS"
10,386,930.57
10,386,930.57
9,247,463.54
248,703.34
544,763.69
346,000.00
Contingent
8000.00
8000.00
8000.00
Total Operations Including Contingent Within "CAPS"
10394930.57
10394930.57
9247463.54
248703.34
552763.69
346000.00
DETAIL:
Salaries and Wages
5,312,200.95
5,302,700.95
4,871,693.08
3,000.00
120,007.87
308,000.00
Other Expenses (Including Contingent)
5082729.62
5092229.62
4375770.46
245703.34
432755.82
38000.00
DEFERRED CHARGES AND STATUTORYEXPENDITURES
MUNICIPAL WITHIN "CAPS"
STATUTORY EXPENDITURES:
Contribution to:
Social Security System (OAS.I.)
Public Employees' Retirement System ofNJ
Police and Firemen's Retirement System ofNJ
State Unemployment Insurance
Pension & Firemen's Widow (NJSA 43: 12-228.1)
Defined Contribution Retirement Program (DCRP)
Total Deferred Charges and Statutory Expenditures
I-"
Municipal Within "CAPS"
""l
Total General Appropriations for Municipal
Purposes Within "CAPS"
OPERATIONS EXCLUDED FROM "CAPS"
Maintenance of Free Public Library (NJSA 40:54-8)
Other Expenses
Middlesex County Utilities Authority Sewerage Treatment
Contractual
Piscataway Sewerage Authority - Share of Costs
Middlesex County Improvement Authority -
County Curbside Collection Program
Other Expenses
Insurance:
Employee Group Insurance
Stormwater Pollution Programs: NJDES/Stormwater Permit
Salaries & Wages
Other Expense
ExbibitA-3
Page 7 of9
BOROUGH OF MIDDLESEX
MIDDLESEX COUNTY, NEW JERSEY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31 2013
EXPENDED
UNEXPENDED
BALANCE
CANCELLED
2013 BUDGET
BUDGET AFTER
MODIFICATION
PAID OR
CHARGED
ENCUMBERED
RESERVED
$
270,000.00
$
270,000.00
$
240,812.99
$
$
4,187.01
$
25,000.00
270,283.00
270,283.00
270,283.00
624,712.00
624,712.00
624,712.00
125,000.00
125,000.00
125,000.00
5,000.00
5,000.00
5,000.00
9000.00
9000.00
6879.49
2 120.51
1303995.00
1303995.00
1272 687.48
6307.52
25000.00
11 698925.57
11 698925.57
10520151.02
248703.34
559071.21
371000.00
482,579.61
482,579.61
482,579.61
1,248,232.84
1,248,232.84
1,248,232.84
290,000.00
290,000.00
277,703.48
110,000.00
110,000.00
90,493.10
70,377.00
70,377.00
70,377.00
286,664.00
286,664.00
286,664.00
6,000.00
6,000.00
3,000.00
12,296.52
9,049.31
10,457.59
3,000.00
PUBLIC AND PRIVATE PROGRAMS
OFFSET BY REVENUES
Body Armor Replacement Grant - CY
Drunk Driving Enforcement Fund
Municipal Alliance on Alcohol & Drug Abuse
N.J. Alcohol Education & Rehabilitation - Municipal Court
Older Americans Act - Information Assist
Total Operations Excluded from "CAPS"
DETAIL:
Salaries and Wages
Other Expenses
CAPITAL IMPROVEMENTS - EXCLUDED FROM "CAPS"
Down Payments on Improvements
Capital Improvement Fund
Total Capital Improvements Excl. from "CAPS"
BOROUGH OF MIDDLESEX
MIDDLESEX COUNTY NEW JERSEY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31 2013
EXPENDED
2013 BUDGET
BUDGET AFTER
MODIFICATION
PAID OR
CHARGED
RESERVED
$
4,058.08
$
4,058.08
$
4,058.08
$
4,699.42
4,699.42
4,699.42
17,355.00
17,355.00
17,355.00
53.96
53.96
53.96
13 105.00
13 105.00
13 105.00
2533124.91
2533124.91
2498321.49
286,664.00
286,664.00
286,664.00
2246460.91
2246460.91
2211657.49
65000.00
65000.00
65000.00
65000.00
65000.00
65000.00
ENCUMBERED
9049.31
9049.31
$
25754.11
25754.11
ExhibitA-3
Page 8 of9
UNEXPENDED
BALANCE
CANCELLED
$
ExhibitA-3
Page 9 of9
BOROUGH OF MIDDLESEX
MIDDLESEX COUNTY, NEW JERSEY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31 2013
EXPENDED
UNEXPENDED
BUDGET AFTER
PAID OR
BALANCE
2013 BUDGET
MODIFICATION
CHARGED
ENCUMBERED
RESERVED
CANCELLED
MUNICIPAL DEBT SERVICE - EXCLUDED FROM "CAPS"
Payment of Bond Principal
$
775,000.00
$
775,000.00
$
775,000.00
$
$
$
Interest on Bonds
311,720.02
311,720.02
311,720.02
Loan Repayment for Principal and Interest
34,784.89
34,784.89
34,784.89
Loan Repayments for Principal and Interest
MCIA Loan - Fire Truck
69,467.08
69,467.08
69,467.08
Loan Repayments for Principal and Interest
Environmental Infratructure Loan
110140.82
110140.82
108830.50
1310.32
Total Municipal Debt Service - Excl. from "CAPS"
I 301 112.81
I 301 112.81
1299802.49
1310.32
DEFERRED CHARGES - MUNICIPAL
EXCLUDED FROM "CAPS"
I
I-'
Deferred Charges
'-D
Special Emergency Authorization - 5 Years
135000.00
135000.00
135000.00
Total Deferred Charges - Municipal
Excluded from "CAPS"
135000.00
135000.00
135000.00
Total General Appropriations for Municipal
Purposes Excluded from "CAPS"
4034237.72
4034237.72
3998123.98
9049.31
25754.11
1310.32
Subtotal General Appropriations
15,733,163.29
15,733,163.29
14,518,275.00
257,752.65
584,825.32
372,310.32
Reserve for Uncollected Taxes
814000.00
814000.00
814000.00
Total General Appropriations
$
16547 163.29
$
16547163.29
$
15332275.00
$
257752.65
$
584 825.32
$
372 310.32
REF.
A-2
A-2
A-I
A, A-I
A,A-l
A-I
Disbursed
A-4
$
14,344,003.54
Reserve for Uncollected Taxes
A-7
814,000.00
Reserve for State Grants
A-IO
39,271.46
Emergency Approp. 40A:4-47
A-16
135000.00
$
15,332,275.00
Note: See Notes to Financial Statements
BOROUGH OF MIDDLESEX
ExhibitB
MIDDLESEX
COUNTY
NEW JERSEY
TRUST FUNDS
COMPARATIVE
BALANCE SHEET - REGULATORY BASIS
DECEMBER
31, 2013 AND 2012
BALANCE
BALANCE
LIABILITIES,
RESERVES
BALANCE
BALANCE
ASSETS
REF.
DEC. 31 2013
DEC. 31,2012
AND FUND BALANCE
REF.
DEC. 31,2013
DEC. 31 2012
Assessment Trust Fund:
Assessment Trust Fund:
Cash and Investments - Treasurer
B-6
$
24,758.36
$
24,568.38
Due to General Capital Fund
B-6
$
7,164.08
$
7,164.08
Assessment Liens Receivable
B-3
1470.00
1470.00
Due to Current Fund
B-6
13,498.51
13,308.53
Fund Balance
B- I
5565.77
5565.77
Total Assessment Trust Fund
26,228.36
26038.38
Total Assessment Trust Fund
26,228.36
26,038.38
Animal Control Fund:
Animal Control Fund:
Cash and Investments - Treasurer
B-6
15,744.48
7,606.88
Due to State of New Jersey
B-6
7.80
Due from State of New Jersey
B-6
0.60
Reserve for Animal Control Expenditures
B-6
IS 745.08
7599.08
Total Animal Control Fund
IS 745.08
7606.88
Total Animal Control Fund
IS 745.08
7606.88
Trust-Other Fund:
Trust-Other Fund:
Cash and Investments - Treasurer
B-6
377,504.99
300,279.92
Reserve for Unemployment
Insurance
B-6
234,136.58
119,963.72
Due from General Capital Fund
B-6
258,157.99
258 157.99
Reserve for Various Deposits
B-6
401,526.40
438474.19
IV
0
Total Trust-Other Fund
635662.98
558437.91
Total Trust-Other Fund
635662.98
558437.91
Escrow Trust Fund:
Escrow Trust Fund:
Cash and Investments - Treasurer
B-6
469,782.24
347506.33
Developers' Escrow - Water & Soil
B-6
18,937.00
18,712.00
Developers' Escrow Funds
B-6
450845.24
328794.33
Total Escrow Trust Fund
469782.24
34750633
Total Escrow Trust Fund
469782.24
347506.33
Payroll Fund:
Payroll Fund:
Cash and Investments - Treasurer
B-6
111238.89
90252.78
Payroll Deductions Payable
B-6
III 238.89
90252.78
Total Payroll Trust Fund
111238.89
90252.78
Total Payroll Trust Fund
III 238.89
90252.78
Public Assistance Trust Fund:
Public Assistance Trust Fund:
Cash and Investments - Treasurer
B-6
9913.42
9913.21
Reserve for Public Assistance
B-6
9913.42
9913.21
Total Public Assistance Trust Fund
9913.42
9913.21
Total Public Assistance Trust Fund
9913.42
9913.21
Community Devlopement
Block Grant Fund:
Community Deviopement Block Grant Fund:
Due from Midd. Cty CDBG
B-6
89575.80
73614.00
Reserve for Comm. Dev. Block Expends.
B-6
89575.80
73614.00
Total Comm. Develop. Block Grant Fund
89575.80
73614.00
Total Comm. Develop. Block Grant Fund
89575.80
73614.00
$
1,358,146.77
$
1,113,369.49
$
1,358,146.77
$
1,113,369.49
Note:
See Notes to Financial Statements
Exhibit - B-1
BOROUGH
OF MIDDLESEX
MIDDLESEX
COUNTY, NEW JERSEY
TRUST ASSESSMENT
FUND
STATEMENT OF FUND BALANCE - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER
31, 2013
Balance - December 31,2012
B
$
5,565.77
Balance - December 31, 2013
B
$
5,565.77
Note: See Notes to Financial Statements
- 21-
Exhibit - C
BOROUGH OF MIDDLESEX
MIDDLESEX
COUNTY, NEW JERSEY
GENERAL CAPITAL FUND
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
DECEMBER 31, 2013 AND 2012
BALANCE
BALANCE
DECEMBER 31,
DECEMBER 31,
ASSETS
REF.
2013
2012
Cash and Investments - Treasurer
C-2
$
1,771,547.47
$
Grants - In - Aid, Loans and Other Receivable
C-4
3,685,122.11
3,610,122.11
Interfunds Receivable
C-7
7,164.08
7,164.08
Deferred Charges to Future Taxation:
Funded
C-5
13,289,649.61
11,335,206.59
Unfunded
C-6
5,418,262.98
5,342,262.98
$
24,171,746.25
$
20,294,755.76
LIABILITIES,
RESERVES
AND FUND BALANCE
General Serial Bonds
C-9
8,907,000.00
9,682,000.00
Captial Leases Payable - M.C.LA.
C-I0
3,212,254.21
367,664.51
Loans Payable - N.J. Green Trust Fund - 1987
C-l1
73,298.92
93,320.71
Loans Payable - N.J. Green Trust Fund - 1989
C-12
111,937.08
122,535.39
Loans Payable - N.J. Infrastructure
C-15
985,159.40
1,069,685.98
Reserve for Encumbrances
Payable
C-8
3,319,673.58
1,243,360.48
Interfunds Payable
C-7
281,932.99
281,932.99
Improvment Authorizations:
Funded
C-8
1,335,580.60
833,363.02
Unfunded
C-8
3,097,578.49
3,709,512.54
Reserve for:
Capital Improvement Fund
C-14
94,559.58
33,559.58
Grants and Loans Receivable
C-13
2,735,344.56
2,735,344.56
Insurance Refund
C-13
4,838.08
2,331.24
To Pay Debt Service
C-13
12,588.76
12,588.76
Soccer Fields
C-13
107556.00
$
24,171,746.25
$
20,294,755.76
Bonds and Notes Authorized but not Issued
C-16
$
5:418:262.98
$
5:342:262.98
Note: See Notes to Financial Statements
- 22-
Exhibit-
D
BOROUGH
OF MIDDLESEX
MIDDLESEX
COUNTY, NEW JERSEY
SWIMMING
POOL UTILITY
FUND
COMPARATIVE
BALANCE
SHEET - REGULATORY
BASIS
DECEMBER
31, 2013 AND 2012
BALANCE
BALANCE
LIABILITIES,
RESERVES
BALANCE
BALANCE
ASSETS
REF.
DEC. 31. 2013
DEC. 31. 2012
AND FUND BALANCE
REF.
DEC. 31. 2013
DEC. 31, 2012
Operating
Fund:
Operating
Fund:
Cash and Investments
- Treasurer
D-4
$
443,815.50
$
364,331.64
Appropriation
Reserves
D-3, D-10
$
80,674.20
$
128,637.11
Cash - Snack Bar Fund
D-4
3,075.09
14,313.52
Reserve
for Encumbrances
D-3, D-I0
35,260.50
3,965.77
Due from Swimming
Pool Capital Fund
D-12
83599.90
83599.90
Accounts
Payable
D-9
20,006.06
19,621.06
Due to Current Fund
D-12
137.88
106.29
530490.49
462245.06
136,078.64
152,330.23
Fund Balance
D-l
394411.85
309914.83
Total Operating
Fund
530490.49
462,245.06
Total Operating
Fund
530490.49
462,245.06
Capital Fund:
Capital Fund:
Fixed Capital
D-7
666,291.56
666,291.56
Improvement
Authorizations
Fixed Capital Authorized
and Uncompleted
D-8
350000.00
350000.00
Unfunded
D-17
93,670.00
93,670.00
N
Capital Improvment
Fund
D-13
72,730.10
72,730.10
VJ
Total Capital Fund
1,016,291.56
1,016,291.56
Due to Swimming
Pool Operating
Fund
D-16
83,599.90
83,599.90
Reserve
for:
Amortization
D-14
666,291.56
666,291.56
Deferred
Amortization
D-15
100000.00
100000.00
Total Capital Fund
1,016,291.56
1,016,291.56
$
1,546,782.05
$
1,478,536.62
$
1!546,782.05
$
1,478,536.62
There were Bonds and Notes Authorized
but not Issued at December
31,2013
in the amount of $250,000.00.
(Exhibit D-18)
Note:
See Notes to Financial
Statements
Exhibit - D-l
BOROUGH
OF MIDDLESEX
MIDDLESEX
COUNTY, NEW JERSEY
SWIMMING
POOL UTILITY OPERATING FUND
COMPARATIVE
STATEMENT OF OPERATIONS AND
CHANGE IN FUND BALANCE
- REGULATORY
BASIS
FOR THE YEARS ENDED DECEMBER
31, 2013 AND 2012
REVENUE AND OTHER INCOME
YEAR 2013
YEAR 2012
Fund Balance Utilized
D-l, D-2
$
43,980.00
$
43,980.00
Fees - Membership
D-2
246,767.08
249,930.00
Miscellaneous
D-2
83,133.97
99,026.14
Other Credits to Income:
Unexpend.
Balance of Appropriation
Reserves
Lapsed and Reserve for Encumb. Canceled
D-I0
127,395.97
61,823.71
Total Revenues
501,277.02
454,759.85
EXPENDITURES
Budget and Emergency Appropiations:
Operating
D-3
$
372,800.00
$
372,800.00
Total Expenditures
372,800.00
372,800.00
Excess/(Deficit)
in Revenues
128,477.02
81,959.85
FUND BALANCE
Balance - January 1
D
309,914.83
271 ,934.98
438,391.85
353,894.83
Decreased by:
Utilized as Anticipated
Revenue
D- 1
43,980.00
43980.00
Balance - December 31
D
$
394:411.85
$
309:914.83
Note:
See Notes to Financial Statements
- 24-
Exhibit - D-2
BOROUGH
OF MIDDLESEX
MIDDLESEX
COUNTY, NEW JERSEY
SWIMMING
POOL UTILITY OPERATING FUND
STATEMENT OF REVENUES
- REGULATORY
BASIS
FOR THE YEAR ENDED DECEMBER
31, 2013
2013
EXCESS OR
REF.
BUDGET
REALIZED
(DEFICIT)
Fund Balance
D- 1
$
43,980.00
$
43,980.00
$
Fees - Membership
D-l, D-4
242,785.00
246,767.08
3,982.08
Miscellaneous
D- 1
86,035.00
83,133.97
(2,90l.03)
$
372,800.00
$
373,88l.05
$
1,08l.05
REF.
D-3
D- 1
Analysis of Realized Revenues:
Analysis of Miscellaneous
Revenues:
Snack Bar
D-6,D-11
$
8,265.69
Miscellaneous
Revenues
D-6
74,868.28
D- 1
$
83 133.97
Note:
See Notes to Financial Statements
- 25-
BOROUGH
OF MIDDLESEX
Exhibit - D-3
MIDDLESEX
COUNTY, NEW JERSEY
SWIMMING
POOL UTILITY OPERATING
FUND
STATEMENT
OF EXPENDITURES
- REGULATORY
BASIS
FOR THE YEAR ENDED DECEMBER
31, 2013
EXPENDED
UNEXPENDED
2013
BUDGET AFTER
PAID OR
BALANCE
BUDGET
MODIFICATION
CHARGED
ENCUMBERED
RESERVED
CANCELLED
Operating:
Salaries and Wages
$
188,300.00
$
188,300.00
$
152,854.01
$
$
35,445.99
$
Other Expenses
168,900.00
168,900.00
92,290.23
35,260.50
41,349.27
Deferred Charges and Statutory Expenditures:
Statutory Expenditures:
Social Security System (O.A.S.I.)
13,600.00
13,600.00
11,721.06
1,878.94
State Unemployment
Insurance
2:000.00
2:000.00
2:000.00
N
0\
Total Swimming
Pool Utility Appropriations
$
372:800.00
$
372:800.00
$
256:865.30
$
35:260.50
$
80:674.20
$
Ref.
D-2
D-l,D-4
D,D-l
D,D-l
Note:
See Notes to Financial
Statements
Note 1:
BOROUGH
OF MIDDLESEX
MIDDLESEX
COUNTY, NEW JERSEY
NOTES TO FINANCIAL
STATEMENTS
- REGULATORY
BASIS
YEARS ENDED DECEMBER
31, 2013 AND 2012
FORM OF GOVERNMENT
The Borough of Middlesex operates under the legislative Borough ofN.J.S.A.
40A:60-1 et seq., which
provides for the election of a mayor to serve a term of four years and a council of six members serving
three-year
terms. At its annual meeting, the council elects a president
of the council who shall preside
at all its meetings when the mayor is not present. The mayor is the head of the municipal government
and the council
is the legislative
body.
The Borough
has adopted
an administrative
code, which
provides
for the delegation
of a portion
of executive
responsibilities
to an administrator
and the
organization
of the council into standing committees
to oversee various Borough activities.
Note 2:
SUMMARY OF SIGNIFICANT
ACCOUNTING
POLICIES
A.
Reporting Entity
Except
as noted below, the financial
statements
of the Borough
of Middlesex
include every board,
body, officer or commission
supported and maintained
wholly or in part by funds appropriated
by the
Borough
of Middlesex,
as required by N.J.S.A. 40A:S-S.
Accordingly,
the financial statements of the
Borough of Middlesex do not include the operations
of the municipal library.
B.
Description
of Funds
The accounting
policies of the Borough of Middlesex
conform to the accounting principles applicable
to municipalities
that have been prescribed by the Division of Local Government
Services, Department
of Community
Affairs, State of New Jersey.
Such principles
and practices 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.
Under this method of accounting,
the
Borough of Middlesex accounts for its financial transactions
through the following separate funds:
Current Fund - resources and expenditures
for governmental
operations
of a general nature, including
Federal and State grant funds, except as otherwise noted.
Trust Fund - receipts, custodianship
and disbursement
of funds in accordance
with the purposes
for
which
each reserve
was created.
Pursuant
to the provisions
of N.J.S.A.
40A:4-39,
the financial
transactions
of the following funds and accounts are also reported within the Trust Fund:
Trust Assessment Fund
Animal Control Trust Fund
Unemployment
Compensation
Insurance Trust Fund
Dedicated Law Enforcement
Trust Fund
Developer's Escrow Fund
Uniform Fire Safety Act - Penalty Monies (NJ.S.A.
52:27D-192 et seq.)
Disposal of Forfeited Property (P.L. 1985, Ch. 135)
Payroll Fund
Community Development
Block Grant Fund
General
Capital
Fund - resources,
including
Federal
and State Grants
in aid of construction,
and
expenditures
for the acquisition
of general
capital
facilities,
other than those acquired
through
the
Current Fund, including the status of bonds and notes authorized
for said purposes.
Swimming
Pool Operating
and Capital Funds - account for the operations
and acquisition
of capital
facilities of the municipally-owned
Swimming Pool.
- 27-
NOTES TO FINANCIAL
STATEMENTS
Note 2:
SUMMARY OF SIGNIFICANT
ACCOUNTING
POLICIES (CONT'D):
B.
Description
of Funds (Cont'd.)
Governmental
Fixed Assets - the Governmental
Fixed Asset System is used to account for fixed assets
used in governmental
fund type operations
for control
purposes.
All fixed assets
are valued
at
historical
cost or estimated
historical
cost
if actual
historical
cost is not available
or any other
reasonable
basis, provided
such basis is adequately
disclosed
in the financial
statements.
Donated
fixed assets are valued at their estimated fair value on the date of donation.
No depreciation
is recorded
on general fixed assets.
The Governmental
Accounting
Standards
Board (GASB)
is the accepted
standards-setting
body for
establishing
governmental
accounting
and financial
reporting
principles.
GASB's
Codification
of
Governmental
Accounting
and Financial Reporting
Standards and subsequent
GASB pronouncements
are
recognized
as
U.S.
generally
accepted
accounting
principles
(GAAP)
for
state
and
local
governments.
GAAP provides
for the issuance
of entity-wide
financial
statements
along with the
presentation
of separate fund financial statements that differ from the organization
of funds prescribed
under the regulatory
basis of accounting
utilized
by the Borough.
The resultant
presentation
of
financial position and results of operations in the form of financial statements is not intended to present
the basic financial statement presentation
required by GAAP.
C.
Basis of Accounting
Basis of Accounting
and Measurement
Focus - The basis of accounting as prescribed by the Division of
Local Government
Services
for its operating
funds is generally
a modified
cash basis for revenue
recognition
and a modified
accrual
basis for expenditures.
The operating
funds utilize a "current
financial
resources"
measurement
focus.
The accounting
principles
and practices
prescribed
for
municipalities
by the Division differ in certain respects from generally accepted accounting
principles
(GAAP)
applicable
to local government
units. The most significant
is the reporting
of entity-wide
financial statements,
which are not presented
in the accounting
principles
prescribed
by the Division.
The other more significant differences are as follows:
Revenues
- Revenues
are recorded as received in cash except for statutory reimbursements
and grant
funds which are due from other governmental
units. State and Federal grants, entitlements
and shared
revenues received
for operating
purposes
are realized as revenues when anticipated
in the Borough's
budget.
Receivables
for property
taxes and water and sewer consumer
charges
are recorded
with
offsetting
reserves
within the Current Fund.
Other amounts that are due to the Borough
which are
susceptible
to accrual
are recorded
as receivables
with
offsetting
reserves.
These
reserves
are
liquidated and revenues are recorded as realized upon receipt of cash.
GAAP requires the recognition
of revenues
for general
operations
in the accounting
period
in which
they become
available
and
measurable.
Expenditures
- For purposes of financial reporting,
expenditures
are recorded as "paid or charged" or
"appropriation
reserves".
Paid or charged
refers to the Borough's
"budgetary"
basis of accounting.
Generally,
these
expenditures
are recorded
when
an amount
is encumbered
for goods or services
through
the issuance
of a purchase
order in conjunction
with the encumbrance
accounting
system.
Reserves
for unliquidated
encumbrances
at the close of the year are reported
as a cash liability.
Encumbrances
do
not
constitute
expenditures
under
GAAP.
Appropriation
reserves
refers
to
unexpended
appropriation
balances at the close of the year.
Appropriation
reserves are automatically
created and recorded as a cash liability, except for amounts which may be cancelled by the governing
body.
Appropriation
reserves are available
until lapsed at the close of the succeeding
year, to meet
specific
claims,
commitments
or contracts
incurred
and not recorded
in the preceding
fiscal year.
Lapsed
appropriation
reserves
are recorded
as income.
Generally,
unexpended
balances
of budget
appropriations
are not recorded as expenditures
under GAAP.
- 28-
NOTES TO FINANCIAL
STATEMENTS
Note 2: SUMMARY
OF SIGNIFICANT
ACCOUNTING
POLICIES (CONT'D.)
C.
Basis of Accounting
(Cont'd.)
Expenditures
(Cont'd.)
For the purpose of calculating the results of Current Fund operations, the regulatory basis of accounting
utilized
by the Borough
requires
that
certain
expenditures
be deferred,
and raised
as items
of
appropriation
in budgets
of succeeding
years.
These
deferred
charges
include
the two
general
categories
of
overexpenditures
and
emergency
appropriations.
Overexpenditures
occur
when
expenditures
recorded
as "paid or charged"
exceed
available
appropriation
balances.
Emergency
appropriations
occur when, subsequent
to the adoption
of a balanced
budget,
the governing
body
authorizes
the establishment
of additional
appropriations
based on unforeseen
circumstances
or for
other special
purposes
as defined
by statute.
Overexpenditures
and emergency
appropriations
are
deducted from total expenditures
in the calculation of operating results and are established as assets for
Deferred
Charges
on the
Current
Fund
balance
sheet.
GAAP
does
not
permit
the
deferral
of
overexpenditures
to succeeding budgets.
In addition,
GAAP does not recognize
expenditures
based on the authorization
of an appropriation.
Instead,
the authorization
of special purpose
expenditures,
such as the preparation
of tax maps or
revaluation
of assessable real property, would represent the designation of fund balance.
Compensated
Absences
- The Borough
has adopted
written
policies
via employee
contracts
and
municipal ordinances
which set forth the terms under which an employee may accumulated
earned, but
unused,
vacation
and sick leave,
establishes
the limits
on such
accumulations
and specifies
the
conditions
under which the right to receive payment for such accumulations
vests with the employee.
The Borough records expenditures
for payments
of earned and unused vacation and sick leave in the
accounting
period in which the payments are made.
GAAP requires that expenditures
be recorded in
the governmental
(Current)
fund
in an amount
that would
normally
be liquidated
with available
financial resources.
Property
Acquired
for Taxes - Foreclosed
property
is recorded
in the Current Fund at the assessed
valuation when such property was acquired and is fully reserved.
GAAP requires such property to be
recorded in the general fixed asset account group at the lower of cost or fair market value.
Sale of Municipal
Assets - Cash proceeds from the sale of Borough owned property are reserved until
utilized as an item of anticipated
revenue
in a subsequent
year budget.
Year-end balances
of such
proceeds
are reported
as a cash
liability
in the Current
Fund.
GAAP
requires
that revenue
be
recognized in the accounting period that the terms of sales contracts become legally enforceable.
Interfunds
- Interfund receivables
in the Current Fund are recorded with offsetting reserves which are
created by charges to operations.
Income is recognized
in the accounting
period the receivables
are
liquidated.
GAAP does not require the establishment
of an offsetting reserves.
Interfund receivables
in
the other funds are not offset by reserves.
Inventories
of Supplies - The cost of inventories
of supplies for all funds are recorded as expenditures
at the time individual
items are purchased.
The cost of inventories
are not included on the various
balance
sheets.
Although
the expenditure
method
of accounting
for purchases
of supplies
is in
accordance with GAAP, the cost of inventory on hand at the close of the year should be reported on the
balance sheet with an offsetting reserve for conformity
with GAAP.
- 29-
NOTES TO FINANCIAL
STATEMENTS
Note 2: SUMMARY
OF SIGNIFICANT
ACCOUNTING
POLICIES (CONT'D.)
C.
Basis of Accounting
CCont'd.)
Fixed Assets - Property
and equipment
purchased
by the Current and the General Capital Funds are
recorded
as expenditures
at the time of purchase
and are not capitalized.
Contributions
in aid of
construction
are not capitalized.
Governmental
Fixed Assets - New Jersey Administrative
Code 5:30-5.6
established
a mandate
for
fixed asset accounting by municipalities,
effective December 31, 1985, which differs in certain respects
from generally accepted accounting
principles,
requires the inclusion of a statement of Governmental
Fixed Assets of the Borough as part of the basic financial statements.
Public domain ("infrastructure")
general fixed assets consisting
of certain improvements
other than buildings,
such as roads, bridges,
curbs and gutters, streets and sidewalks and drainage systems are not capitalized.
No depreciation
has been provided for in the financial statements.
Accounting
for utility fund "fixed capital" remains unchanged
under the requirements
of regulation
5:30-5.6.
Property
and equipment
purchased
by the Swimming
Pool Utility Fund are recorded
in the capital
account as cost and are adjusted for disposition and abandonment.
The amounts shown do not purport
to represent reproduction
costs or current value.
Contributions
in aid of construction
are not capitalized
the balance
in the Reserve
for Amortization
and Deferred
Reserve for Amortization
accounts in the
utility capital fund represent
charges to operations
for the cost of acquisitions
of property, equipment
and improvements.
The utility does not record depreciation
on fixed assets.
Grants Received
- Federal
and state grants,
entitlements
or shared revenues
received
for purposes
normally financed through the Current Fund are recognized when anticipated in the Borough's
Budget.
GAAP requires such revenues to be recognized in the accounting period when they become susceptible
to accrual, reduced by an allowance for doubtful accounts.
Disclosures
About Fair Value of Financial Instruments
- The following methods and assumptions were
used to estimate
the fair value of each class of financial
instruments
for which it is practicable
to
estimate that value:
Cash and cash equivalents
and short-term
investments
- The carrying amount approximates
fair value
because of the short maturity of those instruments.
Long-term
debt - The Borough's
long-term debt is stated at face value.
The debt is not traded and it is
not practicable
to determine
its fair value without
incurring
excessive
cost.
Additional
information
pertinent to the Borough's
long-term debt is provided in Note 3 to the financial statements.
Recent Accounting
Standards
GASB issued Statement No. 65, "Items Previously
Reported as Assets and Liabilities"
in March 2012.
This Statement
establishes
accounting
and financial
reporting
standards
that reclassify,
as deferred
outflows of resources
or deferred inflows of resources,
certain items that were previously
reported as
assets and liabilities and recognizes,
as outflows of resources or inflows of resources, certain items that
were previously reported as assets and liabilities. Statement No. 65 is effective for financial statements
for periods beginning after December
15, 2012.
- 30-
NOTES TO FINANCIAL
STATEMENTS
Note 2: SUMMARY
OF SIGNIFICANT
ACCOUNTING
POLICIES (CONT'D.)
C.
Basis of Accounting
(Cont'd.)
Recent Accounting
Standards (Cont'd.)
GASB issued Statement No. 66, "Technical
Corrections-20l2-an
amendment
of GASB Statements
No. 10 and No. 62" in March 2012. The objective
of this Statement
is to improve accounting
and
financial reporting for a governmental
financial reporting entity by resolving conflicting guidance that
resulted from the issuance of two pronouncements,
Statements No. 54, Fund Balance Reporting
and
Governmental
Fund Type Definitions,
and No. 62, Codification
of Accounting
and Financial Reporting
Guidance Contained
in Pre-November
30, 1989 FASB and AICPA Pronouncements.
Statement No. 66
is effective for financial statements for periods beginning after December
15, 2012.
GASB issued Statement
No. 67, "Financial
Reporting
for Pension Plans - an amendment
of GASB
Statement
No. 25" in June 2012. The objective of this Statement is to improve financial reporting by
state and local governmental
pension plans. This Statement results from a comprehensive
review of the
effectiveness
of existing standards
of accounting
and financial
reporting
for pensions with regard to
providing decision-useful
information,
supporting assessments
of accountability
and interperiod equity,
and creating additional
transparency.
This Statement
replaces the requirements
of Statements
No. 25,
Financial Reporting for Defined Benefit Pension Plans and Note Disclosures
for Defined Contribution
Plans, and No. 50, Pension Disclosures,
as they relate to pension plans that are administered
through
trusts or equivalent
arrangements
(hereafter jointly referred to as trusts) that meet certain criteria. The
requirements
of Statements
25 and 50 remain applicable
to pension plans that are not administered
through trusts covered by the scope of this Statement
and to defined contribution
plans that provide
postemployment
benefits other than pensions.
GASB issued Statement No. 68, "Accounting
and Financial Reporting for Pensions - an amendment
of
GASB
Statement
No. 27" in June
2012. The primary
objective
of this Statement
is to improve
accounting
and financial
reporting
by state and local governments
for pensions.
It also improves
information
provided by state and local governmental
employers
about financial support for pensions
that
is provided
by other
entities.
This
Statement
results
from
a comprehensive
review
of the
effectiveness
of existing
standards
of accounting
and financial
reporting
for pensions with regard to
providing decision-useful
information,
supporting assessments
of accountability
and interperiod equity,
and creating additional transparency.
GASB
issued
Statement
No.
69,
"Government
Combinations
and
Disposals
of
Government
Operations"
in January 2013. This Statement
establishes
accounting
and financial reporting standards
related to government
combinations
and disposals of government operations. As used in this Statement,
the term government
combinations
include a variety of transactions
referred to as mergers, acquisitions,
and transfers of operations.
GASB issued
Statement
No. 70, "Accounting
and Financial
Reporting
for Nonexchange
Financial
Guarantees"
in April
2013.
Some
governments
extend
financial
guarantees
for the obligations
of
another
government,
a not-for-profit
entity,
or a private
entity without
directly
receiving
equal or
approximately
equal value in exchange
(a nonexchange
transaction).
As a part of this nonexchange
financial guarantee,
a government
commits to indemnify
the holder of the obligation if the entity that
issued
the obligation
does
not fulfill
its payment
requirements.
Also,
some
governments
issue
obligations
that are guaranteed
by other entities in a nonexchange
transaction.
The objective of this
Statement is to improve accounting
and financial reporting by state and local governments
that extend
and receive nonexchange
financial guarantees.
- 31-
NOTES TO FINANCIAL
STATEMENTS
Note 2: SUMMARY OF SIGNIFICANT
ACCOUNTING
POLICIES (CONT'D.)
C.
Basis of Accounting
(Cont'd.)
Recent Accounting
Standards (Cont'd.)
GASB
issued
Statement
No. 71, "Pension
Transition
for Contributions
Made
Subsequent
to the
Measurement
Date" in November 2013. The objecti ve of this Statement is to address an issue regarding
application
of the transition provisions
of Statement No. 68, Accounting
and Financial Reporting for
Pensions. The issue relates to amounts associated
with contributions,
if any, made by a state or local
government
employer
or nonemployer
contributing
entity to a defined benefit pension plan after the
measurement
date of the government's
beginning net pension liability.
The
Borough
does
not
prepare
its financial
statements
in accordance
with
generally
accepted
accounting principles.
The adoption of these new standards will not adversely effect the reporting on
the Borough's
financial condition.
Comparative
Data - Comparative
data for the prior year has been presented
in order to provide
an
understanding
of changes on the Borough's
financial position and operations.
However,
comparative
data has not been presented
in each of the statements since their inclusion would make the statements
unduly complex and difficult to read.
Certain reclassifications
have been made to the fiscal year 2012
financial statements to conform with classifications
used in fiscal year 2013.
- 32-
NOTES TO FINANCIAL STATEMENTS
Note 3:
DEBT, DEBT SERVICE AND STATUTORY DEBT CONDITION
The Local Bond Law, Chapter 40A:2 et seq, governs the issuance of bonds to finance
municipal capital expenditures. The Borough's debt is summarized as follows:
A.
Summary of Municipal Debt for Capital Projects
2013
2012
General:
Bonds and Notes
Green Acres Loan
M.C.LA. Capital Leases
NJ Environmental Infrastructure Loans
Net Issued
$
8,907,000.00
$
9,682,000.00
185,236.00
215,856.10
3,212,254.21
367,664.51
985,159.40
1,069,685.98
13,289,649.61
11,335,206.59
Authorized But Not Issued:
General:
Bonds and Notes
Swim Pool Utility
Bonds and Notes
5,418,262.98
5,342,262.98
250,000.00
250,000.00
Total Authorized But
Not Issued
5,668,262.98
5,592,262.98
Net Bonds and Notes Issued and
Authorized but not Issued
$
18,957,912.59
$
16,927,469.57
- 33-
NOTES TO FINANCIAL STATEMENTS
Note 3:
DEBT, DEBT SERVICE AND STATUTORY DEBT CONDITION (CONT'D.)
A.
Summary of Municipal Debt for Capital Proiects (Cont'd.)
Summarized below are the Borough's individual bond and loan issues which were outstanding
at December 31, 2013 and 2012:
General Debt:
$2,552,000, General Improvement Bonds
of 2004, due in annual installments
of$175,000
to $317,000 through Feb. 1,2014,
interest at 2.25% to 3.50%.
$9,865,000, General Improvement Bonds
of2010,
due in annual installments
of $400,000 to $800,000 through Feb. 1,2025,
interest at 3.00% to 4.00%.
Subtotal - Serial Bond Debt for Capital Projects
Outstanding December 31
Loans Outstanding:
Green Acres Loans
NJ Environmental
Infrastructure Loans
MCIA Capital Equipment Loan - 2008
MCIA Capital Equipment Loan - 2013
Subtotal - Loans Outstanding
Total Outstanding Debt
$
317,000.00
8,590,000.00
8,907,000.00
185,236.00
985,159.40
311,686.83
2,900,567.38
4,382,649.61
$
13,289,649.61
- 34-
$
642,000.00
9,040,000.00
9,682,000.00
215,856.10
1,069,685.98
367,664.51
1,653,206.59
$
11,335,206.59
NOTES TO FINANCIAL STATEMENTS
Note 3: DEBT, DEBT SERVICE AND STATUTORY DEBT CONDITION (CONT'D.)
B.
Summary of Statutory Debt Condition - Annual Debt Statement
The summarized statement of debt condition which follows is prepared in accordance with the
required method of setting up the Annual Debt Statement and indicates a statutory net debt of:
Gross Debt
Deductions
Net Debt
Local School District Debt
Swimming Pool Utility Debt
General Debt
$4,315,000.00
250,000.00
18,707 ,912.59
$4,315,000.00
250,000.00
12,588.76
$18,695,323.83
$23,272,912.59
$4,577,588.76
$18,695,323.83
Net Debt $18,695,323.83
Divided by Equalized Valuation Basis per N.J.S.A. 40A:2-2 as
amended
$1,473,970,140.33
=
1.27%
Gross Debt
Deductions
Net Debt
Local School District Debt
Swimming Pool Utility Debt
General Debt
$4,765,000.00
250,000.00
16677 469.57
$4,765,000.00
250,000.00
12588.76
$16,664,880.81
$21,692,469.57
$5,027,588.76
$16,664,880.81
Net Debt $16,664,880.81
Divided by Equalized Valuation Basis per N.J.S.A. 40A:2-2 as
amended
$1,556,959,501.33
=
1.07%
The Borough's Borrowing Power Under N.J.S.A. 40A:2-6 as Amended, at December 31,was as follows:
3112% of Equalized Valuation Basis Municipal
Net Debt
$51,588,954.91
18,695,323.83
$54,493,582.55
16,664,880.81
Remaining Borrowing Power
$32,893,631.08
$37,828,701.74
- 35-
NOTES TO FINANCIAL
STATEMENTS
Note 3: DEBT, DEBT SERVICE AND STATUTORY DEBT CONDITION
(CONT'D.)
B.
Summary of Statutory Debt Condition - Annual Debt Statement
Calculation
of "Self-Liquidating
Purpose"
Swimming Pool Utility Per N.J.S.A. 40A: 2-45
Cash Receipts From Fees, Rents or
Other Charges for the year
$
373,881.05
Deductions:
Operating and Maintenance
Costs
372 800.00
Excess in Revenue
$
1 081.05
C.
Schedule of Annual Debt Service for Principal and Interest for the
Bonded Debt Issued and Outstanding
at December 31, 2013
Calendar
General
Year
Principal
Interest
2014
$
792,000.00
$
286,876.25
2015
675,000.00
258,531.25
2016
675,000.00
238,281.25
2017
700,000.00
217,656.25
2018
700,000.00
196,656.25
2019
700,000.00
175,656.25
2020
700,000.00
153,956.25
2021
775,000.00
129,678.13
2022
800,000.00
102,600.00
2023
800,000.00
74,600.00
2024
800,000.00
46,100.00
2025
790000.00
15800.00
Total
$
8,907,000.00
$
1,896,391.88
D.
Loan Agreements
Department
of Environmental
Protection - GreenAcres
Program Loans
New Jersey 1987 Green Trust Fund
$
392,936.14
372 800.00
$
20136.14
$
1,078,876.25
933,531.25
913,281.25
917,656.25
896,656.25
875,656.25
853,956.25
904,678.13
902,600.00
874,600.00
846,100.00
805800.00
$
10,803,391.88
The Borough has contracted for funding of Acquisition
of Property for Outdoor Recreation and Conservation
purposes.
The Borough has been awarded a loan amount of$328,000.
Pursuant to the provisions ofNJ.S.A.
40A: 2-1 et seq. the loan principal in the amount of $73,298.92 and 93,320.71 at December 31,2013
and
2012 has been included in the calculation of the Borough's statutory debt condition.
New Jersey 1989 Green Trust Fund
The Borough has contracted with Department
of Environmental
Protection to fund costs related to Mountainview
Phase II Project.
The Borough has been awarded a loan amount of $209,000.
Pursuant to the provisions of
N.J.S.A. 40A: 2-1 et seq. the loan principal in the amount of$I11,937.08
and $122,535.39
at December 31,2013
and 2012 has been included in the calculation of the Borough's
statutory debt condition.
Terms of the above loans are included in their respective supplemental
schedules.
- 36-
NOTES TO FINANCIAL
STATEMENTS
Note 3: DEBT, DEBT SERVICE AND STATUTORY DEBT CONDITION
(CONT'D.)
D.
Loan Agreements (Cont'd.)
New Jersey Environmental
Infrastructure
Trust and Fund Loans
The Borough has contracted with the New Jersey Environmental
Infrastructure Trust to fund costs related to
sewer system.
Information on these loans and as included in their respective supplemental
schedule, is
as follows:
Infrastructure Trust Loan:
Dated Date
Draw Down Date - Expected
Loan Amount
Principal Due Dates
Interest Rates
Interest Due Dates
Number of Payments
Final Payment
Oct. 15, 2004
Nov. 4, 2004
$895,000
Sept. I
2.l10% - 5.l60%
Mar. I & Sept. 1
19
Sept. 1, 2024
Infrastructure Fund Loan (Principal Only):
Dated Date
Draw Down Date - Expected
Loan Amount
Principal Due Dates
Non-Interest
Loan
Number of Payments
Final Payment
Oct. 15,2004
Nov. 4, 2004
$844,827.50
Feb 1 & Aug. 1
38
Aug. 1,2024
Capital Equipment and Improvement
Revenue Bonds, Series 2008
The Borough entered into a capital equipment loan agreement with the Middlesex County Improvement
Authority - Capital Equipment and Improvement
Revenue Bonds, Series 2008 in the amount of$572,745.83
for the acquisition of 10 year capital equipment. The loan obligation is due in ten annual installments
commencing with a principal payment of $48,577.05 for 2009 and remaining principal payments spread over
a nine year period with amounts ranging from $50,330.01 through $66,833.58 and bearing interests rates
ranging between 3.500% for calendar year 2009 and 4.200% for calendar year 2018.
Capital Equipment and Improvement
Revenue Bonds, Series 2013
The Borough entered into a capital equipment loan agreement with the Middlesex County Improvement
Authority - Capital Equipment
and Improvement
Revenue Bonds, Series 2013 in the amount of $2,900,567.38
for the acquisition of 10 year capital equipment. The loan obligation is due in ten annual installments
commencing with a principal payment of$360,260.22
for 2014 and remaining principal payments spread over
a nine year period with amounts ranging from $360,034.60 through $220,000.00 and bearing interests rates
ranging between 2.000% for calendar year 2014 and 4.000% for calendar year 2023.
The NJ Economic Development,
Environmental
Infrastructure
Loans and the MCIA Loans above have been
included in the calculation of the Borough's
statutory debt condition.
- 37-
NOTES TO FINANCIAL
STATEMENTS
Note 4:
FUND BALANCES
APPROPRIATED
Fund balances at December 31, 2013 and 2012 were appropriated
and included as anticipated revenue
in their own respective funds for the year ending December 31,2013
and 2012 as follows:
FUND BALANCE
DECEMBER
31,2013
UTILIZED IN
SUCCEEDING
BUDGET
Current Fund
Swimming Pool Utility Fund
$1,514,126.73
394,411.85
$996,000.00
59,690.00
UTILIZED IN
SUCCEEDING
BUDGET
FUND BALANCE
DECEMBER
31,2012
Current Fund
Swimming Pool Utility Fund
$1,329,410.73
309,914.83
$645,000.00
43,980.00
Note 5:
DEPOSITS
AND INVESTMENTS
The Borough
considers
change
funds,
cash in banks and certificates
of deposit
as cash and cash
equivalents.
Deposits
New Jersey statutes permit the deposit of public funds in institutions
located in New Jersey, which are
insured by the Federal Deposit Insurance Corporation
(FDIC)
or by any other agencies
of the United
States that insures deposits or the State of New Jersey Cash Management
Fund.
New Jersey statutes
require
public
depositories
to maintain
collateral
for deposit
of public
funds that exceed insurance
limits to protect deposits from loss under the provisions
of the Governmental
Unit Deposit Protection
Act (tlGUDPAtI).
GUDPA was enacted in 1970 to protect Governmental
Units from a loss of funds on
deposit with a failed banking institution in New Jersey.
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 Act.
Public depositories
include
Savings and Loan
institutions,
banks (both state and national banks) and savings banks the deposits of which are federally
insured.
All public depositories
must pledge collateral, having a market value at least equal to five (5)
percent of the average daily balance of collected public funds; or if the public funds deposited exceed
75 percent of the capital funds of the depository, the depository must provide collateral having a market
value equal to 100 percent of the amount exceeding 75 percent, to secure the deposits of governmental
units.
All collateral must be deposited with the Federal Reserve Bank, the Federal Home Loan Bank Board or
a banking institution that is a member of the Federal Reserve System and has capital funds of not less
that $25,000,000.
If a public depository
fails, the collateral it has pledged, plus the collateral of all other
public depositories,
is available to pay the full amount of their deposits to the Governmental
Units.
At December
31, 2013 and 2012, the book value of the Borough's
deposits were $6,295,394.28
and
$4,362,226.98
and the bank balances
of the Borough's
cash and deposits amounted
to $6,397,683.08
and
$4,446,601.92,
respectively.
Of the bank
balance,
during
2013
and 2012,
$304,888.05
and
$321,588.34
was FDIC insured and $6,092,795.03
and $4,125,013.58
were GUDPA insured.
- 38-
NOTES TO FINANCIAL
STATEMENTS
Note 5:
DEPOSITS
AND INVESTMENTS
(CONT'D.)
Deposits (Cont'd.)
At December
31, 2013, the Borough has implemented
the disclosure
requirements
of Governmental
Accounting
Standards
Board Statement No. 40 "Deposits
and Investment
Risk Disclosures"
(GASB
40) and accordingly the Borough has assessed the Custodial Risk, the Concentration
of Credit Risk and
Interest Rate Risk of its cash and investments.
(a) Custodial
Credit Risk - The Borough's
deposits are exposed to custodial
credit risk if
they are not covered
by depository
insurance
and the deposits
are: uncollateralized,
collateralized
with securities held by the pledging financial institution,
or collateralized
with securities held by the pledging financial institution's
trust department
or agent but
no in the depositor-governments
name.
The deposit risk is that, in the event of the failure
of a depository
financial institution,
the Borough will not be able to recover deposits or
will not be able to recover collateral securities that are in possession of an outside party.
The Borough's
investment
securities are exposed to custodial credit risk if the securities
are uninsured,
are not registered
in the name of the Borough and are held by either: the
counterparty
or the counterparty's
trust department
or agent but not in the Borough's
name.
The investment
risk is that, in the event of the failure of the counterparty
to a
transaction,
the Borough
will not be able to recover
the value of the investment
or
collateral securities that in possession of an outside party.
(b) Concentration
of Credit Risk - This is the risk associated with the amount of investments
that Borough
has with anyone
issuer
that exceeds
5 percent
or more
of its total
investments.
Investment
issued or explicitly
guaranteed
by the U.S. government
and
investments in mutual funds, external investment pools, and other pooled investments
are
excluded from this requirement.
(c) Credit Risk - GASB 40 requires that disclosure be made as to the credit rating of all debt
security
investments
except
for obligations
of the U.S.
government
or obligations
explicitly
guaranteed
by the U.S. government.
This is the risk that an issuer or other
counterparty
to an investment
will not fulfill its obligations.
In general, the Township
does not have an investment
policy regarding
Credit Risk except to the extent outlined
under the Borough's
investment policy.
The New Jersey Cash Management
Fund is not
rated.
(d) Interest Rate Risk - This is the risk that changes in interest rates will adversely affect the
fair value of an investment.
The Borough
does not have a formal policy that limits
investment
maturities
as a means of managing
its exposure
to fair value losses arising
from interest rate fluctuations.
As of December
31,2013,
based upon the insured balances
provided
by the FDIC and NJGUDPA
coverage, no amounts of the Borough's
bank balances was considered
exposed to custodial credit risk.
In addition
based upon the existing
deposit
and investment
practices,
the Borough
is generally
not
exposed to credit risks, concentration
of credit risks and interest rate risks for its investments
nor is it
exposed to foreign currency risks for its deposits and investments
Investments
New Jersey statutes permit the Borough to purchase the following types of securities:
1.
Bonds or other obligations of the United States of America or obligations guaranteed by the United
States;
- 39-
NOTES TO FINANCIAL STATEMENTS
Note 5:
DEPOSITS AND INVESTMENTS (CONT'D.)
Investments (Cont'd.)
2.
Government money market mutual funds;
3.
Any obligation that a federal agency or a federal instrumentality has issued in accordance with an
act of Congress, which security has a maturity date not greater than 397 days from the date of
purchase, provided such obligation bear a fixed rate of interest not dependent on any index or other
external factor;
4.
Bonds or other obligations of the local unit or bonds or other obligations of school districts of
which the local unit is a part or within which the school district is located;
5.
Bonds or other obligations, having a maturity date of not more than 397 days from the date of
purchase, approved by the Division ofInvestment in the Department of the Treasury for investment
by local units;
6.
Local government investment pools;
7.
Deposits with the State of New Jersey Cash Management Fund established pursuant to section 1 of
P.L. 1997, c. 281 (C.52:18A-90.4); or
8.
Agreements for the repurchase of fully collateralized securities, if:
a. the underlying securities are permitted investments pursuant to paragraphs (1) and (3);
b. the custody of collateral is transferred to a third party;
c. the maturity of the agreement is not more than 30 days;
d. the underlying securities are purchased through a public depository as defined in section 1 of
P.L. 1970, c. 236 (C.19:9-41) and for which a master repurchase agreement providing for the
custody and security of collateral is executed.
Investments generally are shown by type, carrying amount, market value and level of risk assumed in
the holding of the various securities, where applicable. At year-end, the Borough maintained its
invested funds in various money market and sweep accounts included in the above categorization of the
Borough's deposits. In addition to the sweep accounts, the Borough held cash management fund
investments in the amount of $239,428.40 and $214,299.62 at December 31, 2013 and 2012,
respectively.
Cash & Cash Equivalents:
2013
Amount
2012
Amount
Total Cash & Cash Equivalents
$500.00
6,294,894.28
6,295,394.28
$500.00
4,361,726.98
4,362,226.98
Change Fund
Demand Accounts
Investments:
State ofNJ
Cash Mgmt. Fund
239,428.40
$6.534.822.68
214,299.62
$4.576.526.60
Total Cash, Cash Equivalents
& Investments
- 40-
NOTES TO FINANCIAL
STATEMENTS
Note 6:
ASSESSMENT
AND COLLECTION
OF PROPERTY
TAXES
New Jersey statutes require that taxable valuation
of real property
be prepared by the Borough
Tax
Assessor as of October 1 in each year and filed with the County Board of Taxation by January 10 of the
following year.
Upon the filing of certified adopted budgets by the Borough, Local School District and
County the tax rate is struck by the board based on the certified amounts in each of the taxing districts
for collection to fund the budgets.
Pursuant to statute, this process is to be completed on or before May
3, with a completed duplicate of the tax rolls to be delivered to the Borough Tax Collector on or before
May 13th.
Tax bills are prepared and mailed by the Collector of Taxes of the Borough annually and set forth the
final tax for the tax year.
The bill contains a credit for preliminary
amounts billed previously with the
balance payable in equal installments
on August l " and November
1st of the tax year.
In addition, the
property owner receives a preliminary
bill for the succeeding year based on one half of the prior year's
tax.
The preliminary
payments
are due and payable on February
1st and May 1st.
The New Jersey
Statutes allow a grace period of 10 days for each payment period and the Borough granted this option
to taxpayers.
Taxes become
delinquent
if not paid on the installment
dates and become subject to
interest penalties of 8% to 18% of the amount delinquent,
and if a delinquency
(including interest) is in
excess of $10,000.00 and remains in arrears after December 31, an additional flat penalty of 6% may be
charged against the delinquency.
If taxes are delinquent
on or after April 1st of the succeeding
year,
the delinquent
amount is subject to "Tax Sale" which places a tax lien on the property allowing the
holder to enforce the tax lien by collection or foreclosure.
New Jersey property tax laws establish a tax
lien on real estate as of January 1st of the current tax year even though the amount due is not known.
Note 7: PENSION AND RETIREMENT
PLANS
Employees
of the Borough
of Middlesex
are enrolled
in one of two cost sharing multiple-employer
public employee
retirement
systems: the Public Employees
Retirement
System (PERS) or the Police
and Firemen's
Retirement
System (PFRS). The Division
of Pensions
in the Department
of Treasury,
State of New Jersey, administers
the PERS and PFRS plans.
The plans are funded annually based on
the projected
benefit
method
with aggregate
level normal
cost and frozen initial unfunded
accrued
liability.
The plans, which cover public employees
throughout
the state, do not maintain
separate
records for each reporting unit and, accordingly,
the actuarial data for the employees
of the Borough
who are members of the plan are not available.
The contributions
in fiscal years 2013 and 2012 were
$270,283 and $333,264 for PERS and $624,712 and $662,439 for PFRS, respectively.
The State of New
Jersey,
Department
of the Treasury,
Division
of Pensions
and Benefits
issues
publicly
available
financial
reports that include the financial
statements
and required supplementary
information
for PERS and PFRS.
These financial reports may be obtained by writing to the State of
New Jersey, Department
of the Treasury, Division of Pensions and Benefits, P.O. Box 295, Trenton, NJ
08625-0295.
Note 8:
POST-RETIREMENT
HEALTH CARE BENEFITS
Plan
Description:
The Borough
of Middlesex
contributes
to the State Health
Benefits
Program
(SHBP),
a
cost-sharing,
multiple-employer
defined
benefit
post-employment
healthcare
plan
administered
by the State of New Jersey Division of Pensions and Benefits.
SHBP was established
in
1961 under NJ.S.A.
52:14-17.25
et seq., to provide health benefits to State employees,
retirees, and
their dependents.
Rules governing
the operation and administration
of the program are found in Title
17, Chapter
9 of the New Jersey Administrative
Code. SHBP provides
medical,
prescription
drugs,
mental
health/substance
abuse,
and Medicare
Part B reimbursement
to retirees
and their covered
dependents.
- 41-
NOTES TO FINANCIAL
STATEMENTS
Note 8:
POST-RETIREMENT
HEALTH CARE BENEFITS (CONT"D.)
The SHBP was extended to employees, retirees, and dependents of participating
local public employers
in 1964. Local employers must adopt a resolution to participate in the SHBP. In order to receive health
benefits,
retirees must have been enrolled
in the pension system for 25 years.
All active full time
employees are covered by the SHBP.
The State Health Benefits Commission
is the executive body established by statute to be responsible for
the operation
of the SHBP.
The State of New Jersey Division
of Pensions
and Benefits
issues a
publicly
available
financial
report
that includes
financial
statements
and required
supplementary
information for the SHBP.
That report may be obtained by writing to: State of New Jersey Division of
Pensions
and
Benefits,
P.O.
Box
295,
Trenton,
NJ
08625-0295
or
by
visiting
their
website
www.state.nj.us/treasury
/pensions.
Contributions
to pay for the health premiums
of participating
retirees in the SHBP are billed to the
Borough of Middlesex on a monthly basis. Currently there is no cost-sharing
requirement for retirees.
The Borough
of Middlesex
contributions
to SHBP for the year ended
December
31, 2013 were
$830,888.82,
which equaled
the required
contributions
for the year. There were approximately
42
retired participants
eligible at December 31, 2013.
Note 9:
ACCRUED
SICK AND VACA TION BENEFITS
The Borough has permitted
employees
to accrue unused sick pay, which may be taken as time off or
paid at a later date at an agreed upon rate. It is estimated that the cost of such unpaid sick and vacation
pay would approximate
$147,215.71
and $130,085.18
for 2013 and 2012.
This amount represents the
current value of all accumulations,
and is not intended to portray amounts that would be recorded under
GAAP. Expenditures
for payment of accrued sick and vacation benefits are recorded in the period in
which payments are made as part of the current year's operating budget appropriations.
In addition the
Police are entitled to compensation
hours capped at a maximum of 480 hours per officer. The estimated
cost of such pay would approximate
$300,522.23
and $305,723.49
for 2013 and 2012.
Note 10:
RISK MANAGMENT
The Borough, together with other governmental
units, is a member of the Garden State Municipal Joint
Insurance
Fund (the Fund). The Fund, which is organized
and operated
pursuant
to the regulatory
authority of the Departments
ofInsurance
and Community
Affairs, State of New Jersey, provides for a
pooling of risks, subject to established
limits and deductibles.
The Fund's governing board based upon
actuarial and budgetary requirements
calculates payments to the Fund.
Each participant in the Fund is
jointly and severably
obligated
for any deficiency
in the amount available to pay all claims. Lines of
coverage
provided
by the Fund
include
property;
boiler
and machinery;
equipment
floater;
auto
physical;
blanket
bond;
auto
liability;
general
liability;
law enforcement
liability;
public
official
liability and worker compensation
and employer liability.
At December 31, 2013, the Fund reported for all years combined, total assets of $34,467,251,
liabilities
and expenses of $32,574,854,
which includes case reserves of $20,338,104
and IBNR of $11,616,363
and net position for all years of $1,892,397.
- 42-
NOTES TO FINANCIAL
STATEMENTS
Note 10:
RISK MANAGEMENT
(CONT'D)
New Jersey Unemployment
Compensation
Insurance - The Borough has elected to fund its New Jersey
Unemployment
Compensation
Insurance under the "Benefit Reimbursement
Method".
Under this plan,
the Borough is required to reimburse the New Jersey Unemployment
Trust Fund for benefits paid to its
former
employees
and charged
to its account
with the State.
The Borough
is billed quarterly
for
amounts
due to the State. The following
table is a summary
of Borough
contributions,
employee
contributions,
reimbursements
to the State for benefits paid and the ending balance of the Borough's
trust fund for the 2013 and the previous two years
Borough
Fiscal
Contributions
Employee
Amount
Ending
Year
And Interest
Contributions
Reimbursed
Balance
2013
$125,866.07
$1,009.97
$12,703.18
$234,136.58
2012
58,866.11
590.51
56,672.31
119,963.72
2011
82,290.77
10,912.42
7,578.70
117,179.41
Note 11:
COMMITMENTS
AND CONTINGENCIES
The Borough participates
in several federal and state financial assistance
grant programs.
Entitlement
to the
funds
is generally
conditioned
upon
compliance
with
terms
and conditions
of the grant
agreements
and applicable regulations,
including the expenditures
of funds for eligible purposes. These
programs are also subject to compliance
and financial audits by the grantors or their representatives.
As
of December
31, 2013, the Borough does not believe that any material liabilities will result form such
audits.
As of the date of this report, the Borough
has litigation pending that traditionally
would be covered
through the procurement
of liability insurance coverage's.
Note 12:
DEFERRED
COMPENSATION
The Borough
has instituted
a Deferred
Compensation
Plan pursuant
to section 457 of the Internal
Revenue Code and P.L. 1977, C. 381; P.L. 1978, C. 39; P.L. 1980, C. 78; and P.L. 1997, C. 116 of the
Statutes of New Jersey.
The Plan is an arrangement
whereby a public employer may establish a plan
and permit its employees
to voluntarily
authorize
a portion of their current salary to be withheld and
invested in one or more of the types of investments
permitted
under the governing
regulations.
The
Borough has engaged a private contractor to administer the plan.
-43 -
NOTES TO FINANCIAL
STATEMENTS
Note 13:
INTERFUNDS
The following interfund balances remained on the balance sheet date at December 31, 2013:
Interfunds
Interfunds
Fund
Receivable
Payable
Current Fund
$13,636.39
$452,082.20
Grant Fund
475,857.20
Assessment Trust Fund
20,662.59
Trust Fund
258,157.99
General Capital Fund
7,164.08
281,932.99
Swimming Pool Util. Oper Fund
83,599.90
137.88
Swimming Pool Util. Cap Fund
83,599.90
Total
$838!415.56
$838!415.56
These interfund balances are not an indication that the respective fund cannot meet its obligation.
The
interfund
amounts are reflective
of year-end
closing journals
and adjustments.
The balances resulted
from the time lag between the dates that (1) interfund goods and services are provided or reimbursable
expenditures
occur, (2) transactions
are recorded in the accounting
system, and (3) payments between
funds are made.
- 44-
BOROUGH
OF MIDDLESEX
MIDDLESEX
COUNTY,
NEW JERSEY
PART II
SUPPLEMENTARY
SCHEDULES
- 45-
Current Fund
- 46-
CURRENT
FUND
SCHEDULE
OF CASH
ExhibitA-4
Cash Balance
December
31, 2012
.
Increased
by Cash Receipts
Miscellaneous
Revenue NotAnticipated
.
Due NJ Sr Citizens and Veterans Deductions
.
Taxes Receivable
.
Miscellaneous
Anticipated
Revenue
.
Sewer Rents Collections
.
Interfunds
.
Tax Overpayments
.
Various Accounts
Payable & Reserves
.
Petty Cash Returned
.
A
A-l,A-8
A-6
A-7
A-8
A-9
A-I0
A-12
A-14
A- 5
186,466.08
153,413.70
38,934,530.40
3,163,754.99
70,140.91
57,504.20
23,032.99
993,659.16
300.00
Total Cash Receipts
.
Decreased
by Disbursements
Budget Appropriations
.
Tax Overpayments
.
Interfunds
.
Appropriation
Reserves
.
Taxes Payable
.
Various AlP, & Reserves
.
Petty Cash Advanced
.
A- 3
A-12
A-lO
A-ll
A-13
A-14
A-5
(14,344,003.54)
(8,476.24)
(812,094.48)
(536,262.33)
(27,079,070.40)
(912,907.14)
(300.00)
Cash Balance December
31, 2013
.
Total Cash Disbursements
..
A
- 47-
$
3,417,253.94
43,582,802.43
(43,693,114.13)
$ ===3,~30=6===,9=4~2.~24~
ExhibitA-5
CURRENT FUND
SCHEDULE OF PETTY CASH AND CHANGE FUNDS
Balance
Balance
December 31,
December 31,
2012
Advanced
Returned
2013
Change Fund
Collector - Treasurer
$
200.00
$
$
$
200.00
Municipal Court
150.00
150.00
Construction
50.00
50.00
Borough Clerk
50.00
50.00
Swim Pool Utility
50.00
50.00
Petty Cash Funds:
Borough Clerk
100.00
100.00
I
Police
100.00
100.00
;j:;>.
CIJ
Recreation
100.00
100.00
I
$
500.00
$
300.00
$
300.00
$
500.00
Ref.
A
A-4
A-4
A
Exhibit - A-6
SCHEDULE
OF DUE FROM STATE OF NEW JERSEY -
FOR ALLOWABLE
DEDUCTIONS
PER CHAPTER 20, P.L. 1976
CURRENT FUND
Balance - December 31, 2012
A
$
28,156.00
Increased by:
Allowable Deductions per
Tax Billings
2013 Sr. Citizens and Vet.
Ded. Allowed by Collector
A-6
155,750.00
A-6
500.00
156,250.00
184,406.00
A-4
153,413.70
A-6
823.98
154,237.68
A
$
302168.32
Decreased by:
Collected
2013 Sr. Citizens and Vet.
Ded. Disallowed by Collector
Balance - December 31,2013
Analysis of Sr. Citizens & Veterans
Deductions Allowed - 2013 Taxes
Per Tax Billings
Allowed (Disallowed)
by Tax Collector (Net)
A-6
A-6
$
155,750.00
(323.98)
A-7
$
155A26.02
- 49-
ExhibitA-7
CURRENT
FUND
SCHEDULE
OF PROPERTY
TAXES RECEIVABLE
AND LEVY ANALYSIS
Property
CYI4
CYI3
CYI2
Tax
Acquired
Total
Prepaid
Current
Delinquent
Arrears
Liens
for Taxes
Ref
Balance
12/3I12012 ......
$
2,479,406.13
$
(152,483.40)
$
$
826,645.39
$
382,105.14
$
1,423,139.00
Billings 1Levy:
Original Levy ......................
A-7
38,841,783.17
38,841,783.17
Added & Omitted ..................
A-7
14,545.34
14,545.34
TTL Interest & Costs .............
A-9
2,123.47
2,123.47
Canceled Taxes ..........................
(14,820.06)
(3,332.30)
(449.14)
(11,038.62)
Transfers
Tax Lien ............
.................
(46,059.20)
46,059.20
Revenue
Sr.Citizens & Vets .....................
Original Levy ......................
A-6
(155,750.00)
(155,750.00)
AllowedlDisallowed
..............
A-6
323.98
323.98
Cash Receipts .........................
A-4
(38,934,530.40)
(503,934.61)
(37,604,399.54)
(826,196.25)
Prepaid Applied ........................
152,483.40
(152,483.40)
CJ1
Balance
12/3112013
....................
$
2,233,081.63
$
(503,934.61)
$
894,628.05
$
$
$
419,249.19
$
1,423,139.00
0
Ref
A
A,A-7
A
A
A
A
Analysis
of2013
ProllmY Tax LeY)':
Current
Tax Yield:
Tax LeY)':
Ref
Taxes Realized:
Ref
General Purpose Tax
$
38,841,783.17
Local School District Tax
A-15
$
21,701,153.00
Sr. Citizens & Vets
A-6,A-7
$
155,426.02
Added Taxes
14545.34
County Tax
A-13
5,140,561.71
Cash Receipts
A-7
37,604,399.54
County Open Space
A-13
436,968.92
Prepayments
A-7
152483.40
$
38,856,328.51
Due County - Added & Omitted
A-13
2,098.77
Subtotal
A-I
37,912,308.96
Res. For Uncoil. Tax
A-3
814000.00
27,280,782.40
38,726,308.96
Local Tax for Municipal
Purposes
A-2
11,078,254.37
Allocated to School
Minimum
Library Tax
A-2
482,579.61
and County
A-13,A-15
(27,280,782.40)
Add: Additional
Tax Levied
14712.13
A-2
$
11,445,526.56
$
38856328.51
ExhibitA-8
CURRENT FUND
SCHEDULE OF NONBUDGET
REVENUES & VARIOUS ACCOUNTS
RECEIVABLES
Accrued!
Cash
12/31112
Adjustments
Receipts
12/31113
Revenue Accounts Receivable:
Ref.
Fines and Costs - Municipal Court
$
17,470.25
30,903.49
$
{17,470.252
$
30,903.49
A-2
17,470.25
30,903.49
{l7,470.252
30,903.49
Non - Budget Revenue:
Easements
13,500.00
(13,500.00)
Health Benefits Contrib. - Library
36,841.60
(36,841.60)
Abondoned Property
1,375.00
(1,375.00)
Police Outside Service Admin
17,092.92
(17,092.92)
Duplicate Rec & Tax Bills
590.00
(590.00)
Property Tax List
290.00
(290.00)
Landlord Registration
48,800.00
(48,800.00)
Senior Citizens & Veterans Deduct. - Admin. Fee
3,068.27
(3,068.27)
,
Lawn Maintenance
3,159.85
(3,159.85)
(J]
Towing License
1,750.00
(1,750.00)
.....
Insurance Reimbursement
32,029.40
(32,029.40)
Right of Way - Verizon
1,250.00
(1,250.00)
Municipal Court
217.58
(217.58)
Miscellaneous
26,501.46
{26,501.462
A-I,A-2,A-4
186,466.08
{l86,466.082
Total. ..............................................................................
$
17,470.25
$
217,369.57
$
{203,936.332
$
30,903.49
Ref.
A
Reserve
A-4
A
Ref.
Analysis of Miscellaneous
Revenues:
Account Receivable Collections
A-4
$
17,470.25
Current Year Collections
A-4
3 146284.74
Subtotal
A-4
3,163,754.99
Sewer Collections
A-9
70,140.91
Interest on Investments
A-IO
221.57
Grants Realized - Grant Fund
A-IO
35800.46
A-2
$
3,269,917.93
SCHEDULE
OF SEWER FLOW CHARGES
RECEIVABLE
CURRENT FUND
Balance - December 31,2012
A
Increased by:
Sewer Flow Charges:
User Charges
Reserve
Decreased by:
Collected - Current Year
Collected - Prior Year (Net)
Canceled
$
43,677.13
26,463.78
81,924.82
A-4,A-8
A-4,A-8
Reserve
Balance - December 31, 2013
A
Collcetion Analysis:
Budget Revenues
Revenue Accounts Receivable
A-9
A-9
A-4,A-8
Analysis of Balance:
Year - 2011
Year - 2013
- 52-
Exhibit - A-9
$
112,389.12
174787.27
287,176.39
152,065.73
$
135,110.66
$
43,677.13
26,463.78
$
70,140.91
$
4,000.52
131 110.14
$
135,110.66
Exhibit A-I 0
CURRENT FUND
STATEMENT OF INTERFUNDS RECEIVABLEI PAYABLE
Cash
Cash
Budget
Budget
Dec. 31, 2012
Receipts
Disbursements
Revenues
Appropriations
Dec. 31, 2013
Interfunds
Trust Assessment Fund ..................................
$
(13,308.53)
$
(189.98)
$
(13,498.51)
Swimming Pool Utility Operating Fund ..............
(106.29)
(31.59)
(137.88)
Grant Fund ................................................
1,203,201.48
57,504.20
(812,094.48)
(35,800.46)
39,271.46
452,082.20
Total. ....... '" ..................................................
$
1,189,786.66
$
57,504.20
$
(812,094.48)
$
(36,022.03)
$
39,271.46
$
438,445.81
(Jl
Ref.
A
A-4
A-4
A-l,A-8
A-l,A-3
A
C;.J
Receivables
$
(13,414.82)
$
(13,636.39)
Payables
1,203,201.48
452,082.20
$
1:189:786.66
$
438:445.81
Exhibit A-II
Page lof6
SCHEDULE OF 2012 APPROPRIATION
RESERVES
BALANCE
BALANCE AFTER
PAID OR
BALANCE
DEC. 31,2012
ENCUMBRANCES
MODIFICATION
CHARGED
LAPSED
OJ;!erations Within "CAPS"
Mayor and Council
Salaries and Wages
$
0.24
$
$
0.24
$
$
0.24
Other Expenses
2,215.31
14,348.98
16,564.29
16,373.98
190.31
Municipal Clerk
Salaries and Wages
14.00
14.00
14.00
Other Expenses
4,063.90
4,235.96
8,299.86
7,734.96
564.90
Postage for All Departments
Other Expenses
1,937.62
1,937.62
1,937.62
Printing and Advertising
Other Expenses
7,333.19
7,333.19
234.84
7,098.35
Elections
Other Expenses
213.61
213.61
213.61
Financial Administration
Salaries and Wages
90.49
90.49
90.49
Ul
Other Expenses
4,084.76
361.74
4,446.50
3,349.63
1,096.87
~
Annual Audit
Other Expenses
32,500.00
32,500.00
32,500.00
Revenue Administration
Salaries and Wages
39.02
39.02
39.02
Other Expenses
2,925.34
267.16
3,192.50
267.16
2,925.34
Tax Assessment Administration
Salaries and Wages
Other Expenses
275.29
275.29
275.29
Legal Services
Other Expenses
33,271.55
826.00
34,097.55
25,601.00
8,496.55
Liquidation of Tax Title Liens and
Foreclosed Property
500.00
500.00
500.00
Engineering Services
Other Expenses
9,384.89
2,000.00
11,384.89
11,384.89
Computer Data Services
Other Expenses
5,075.56
17,261.96
22,337.52
18,298.27
4,039.25
LAND USE ADMINISTRATION:
Planning Board
Other Expenses
21,929.60
189.40
22,119.00
589.40
21,529.60
Zoning Board of Adjustment
Salaries and Wages
1,250.00
1,250.00
1,250.00
Other Expenses
4,651.87
94.38
4,746.25
3,654.38
1,091.87
Exhibit Avl l
Page 2 of6
SCHEDULE
OF 2012 APPROPRIATION
RESERVES
BALANCE
BALANCE
AFTER
PAlDOR
BALANCE
DEC. 31. 2012
ENCUMBRANCES
MODIFICATION
CHARGED
LAPSED
INSURANCE
Temporary
Disability
Insurance
$
248.70
$
$
248.70
$
$
248.70
Long-Term
Disability
Insurance
388.60
388.60
388.60
Employees
Group Insurance
628.80
628.80
628.80
PUBLIC
SAFETY
Police Department
Salaries
and Wages
50,157.74
50,157.74
11,110.79
39,046.95
Other Expenses
20,704.97
15,655.18
36,360.15
18,514.92
17,845.23
Juvenile Conference
Committee
Other Expenses
15.00
235.00
250.00
235.00
15.00
Office of Emergency
Management
Other Expenses
7,844.18
1,037.06
8,881.24
1,037.06
7,844.18
Fire Department
(J1
Other Expenses
1,729.07
21,255.07
22,984.14
22,685.70
298.44
(J1
Hazardous
Waste Facilities
Tax-
Fire Services/
First Aid Organization
Other Expenses
50.00
4,950.00
5,000.00
4,950.00
50.00
Fire Hydrant
Fees
Other Expenses
17,694.01
17,694.01
17,294.31
399.70
Municipal
Prosecutor's
Office
Salaries
and Wages
0.60
0.60
0.60
Municipal
Court
Salaries and Wages
8,803.34
8,803.34
8,803.34
Other Expenses
1,558.69
603.14
2,161.83
935.08
1,226.75
ExhibitA-ll
Page 3 of6
SCHEDULE
OF 2012 APPROPRIATION
RESERVES
BALANCE
BALANCE
AFTER
PAID OR
BALANCE
DEC. 31. 2012
ENCUMBRANCES
MODIFICATION
CHARGED
LAPSED
PUBLIC
WORKS
Road Repairs and Maintenance
Salaries and Wages
$
25,935.11
$
$
25,935.11
$
1,526.60
$
24,408.51
Other Expenses
10,920.29
16,781.39
27,701.68
17,514.28
10,187.40
Emergency
- Hurrican
Sandy
58,189.59
58,189.59
58,189.59
Shade Tree Commission
Salaries and Wages
0.16
0.16
0.16
Other Expenses
156.66
15,750.00
15,906.66
15,750.00
156.66
Solid Waste Collection
Salaries and Wages
4,172.62
4,172.62
194.64
3,977.98
Garbage
and Trash Removal
Salaries
and Wages
16,106.00
16,106.00
1,386.14
14,719.86
Other Expenses
2,953.03
5,914.67
8,867.70
6,699.79
2,167.91
Community
Services Act
(Jl
(Condominium
Community
Costs)
0\
Other Expenses
3,058.84
3,058.84
(379.99)
3,438.83
Building
and Grounds
Other Expenses
1,374.30
7,898.45
9,272.75
8,429.53
843.22
Maintenance
of Communications
Equipment
for All Departments
Other Expenses
500.00
500.00
500.00
HEALTH AND HUMAN
SERVICES
Public Health Services (Board of Health)
Salaries and Wages
0.04
0.04
0.04
Other Expenses
2,055.51
2,091.00
4,146.51
2,391.00
1,755.51
Animal Control
Other Expenses
28,166.66
28,166.66
11,766.67
16,399.99
Senior Nutrition
-Program
Costs
Salaries and Wages
7,809.10
7,809.10
720.37
7,088.73
Title III Senior Medical Transportation
- Program
Costs
Salaries and Wages
4,718.27
4,718.27
240.64
4,477.63
ExhibitA-ll
Page 40f6
SCHEDULE
OF 2012 APPROPRIATION
RESERVES
BALANCE
BALANCE
AFTER
PAID OR
BALANCE
DEC. 31. 2012
ENCUMBRANCES
MODIFICATION
CHARGED
LAPSED
PARKS AND RECREATION
Recreation
Services
and Programs
Salaries and Wages
$
3,714.97
$
$
3,714.97
$
$
3,714.97
Other Expenses
14,206.69
4,986.67
19,193.36
5,016.67
14,176.69
Parks and Playgrounds
Salaries and Wages
19,263.40
19,263.40
7,000.00
12,263.40
Other Expenses
152.93
2,378.50
2,531.43
2,378.50
152.93
Celebration
of Public Events
Other Expenses
0.59
0.59
0.59
Senior Citizens
Bus Transportation
Salaries
and Wages
2,500.00
2,500.00
2,500.00
Other Expenses
576.53
1,238.81
1,815.34
1,238.81
576.53
Recreational
Field Development
I
Other Expenses
500.00
500.00
500.00
(J1
Senior Citizen Coordinator
'-l
Salaries and Wages
3,033.20
3,033.20
3,033.20
Other Expenses
2,988.19
840.00
3,828.19
2,268.19
1,560.00
OTHER
COMMON
OPERATING
FUNCTIONS-
UNCLASSIFIED
Accumulated
Sick Leave Compensation
Salaries and Wages
630.52
630.52
630.52
Housing
and Community
Advisory
Board
Other Expenses
100.00
100.00
100.00
Environmental
Advisory
Council
Other Expenses
870.00
870.00
870.00
Maintenance
of Tax Map
Other Expenses
500.00
500.00
1,000.00
500.00
500.00
Beautification
Committee
Other Expenses
377.83
254.50
632.33
254.50
377.83
Multi-Family
Solid Waste Collection
Other Expenses
53,973.00
53,973.00
38,487.40
15,485.60
ExhibitA-11
Page 50f6
SCHEDULE
OF 2012 APPROPRIATION
RESERVES
BALANCE
BALANCE
AFTER
PAID OR
BALANCE
DEC. 31, 2012
ENCUMBRANCES
MODIFICATION
CHARGED
LAPSED
UTILITY
EXPENSES
AND BULK PURCHASES
Electricity
$
32,239.52
$
9,171.05
$
41,410.57
$
16,053.96
$
25,356.61
Street Lighting
21,258.73
14,765.73
36,024.46
28,421.27
7,603.19
Telephone
(Excluding
Equipment
Acquis.)
3,464.41
2,079.37
5,543.78
5,543.78
Water
3,659.41
3,659.41
2,393.64
1,265.77
Gas (Natural
or Propane)
3,517.64
2,752.48
6,270.12
4,348.87
1,921.25
Fuel Oil (Diesel Fuel)
3,039.37
3,039.37
3,039.37
Gasoline
7,702.68
13,971.11
21,673.79
13,971.11
7,702.68
Sewer Processing
and Disposal
Salaries
and Wages
4,618.98
4,618.98
845.98
3,773.00
Other Expenses
1,317.27
3,465.97
4,783.24
3,455.67
1,327.57
LANDFILL!
SOLID WASTE DISPOSAL
COSTS:
I
(Jl
Landfill
Fees:
(JJ
Other Expenses
32,912.46
24,671.94
57,584.40
48,876.25
8,708.15
CODE ENFORCEMENT
AND ADMINISTRATION:
Construction
Inspector,
Plumbing
Inspector
and Code Enforcer
Salaries and Wages
2,787.21
2,787.21
2,787.21
Other Expenses
6189.70
717.68
6907.38
4696.23
2,211.15
Total Operations
Within "CAPS"
543,101.76
304,239.94
847,341.70
454,814.44
392,527.26
Contingent
8000.00
8000.00
8000.00
Total Operations
Including
Contingent
Within "CAPS"
551 101.76
304239.94
855341.70
454814.44
400,527.26
ExhibitA-ll
Page 60f6
SCHEDULE
OF 2012 APPROPRIATION
RESERVES
BALANCE
BALANCE
AFTER
PAID OR
BALANCE
DEC. 31, 2012
ENCUMBRANCES
MODIFICATION
CHARGED
LAPSED
STATUTORY
EXPENDITURES:
Contribution
to:
Social Security
System (O.A.S.L)
s
23543.22
$
$
23543.22
$
s
23,543.22
Total General Appropriations
for
Municipal
Purposes
Within "CAPS"
574644.98
304239.94
878884.92
454814.44
424070.48
OQerations Excluded
from "CAPS"
Piscataway
Sewerage Authority
- Share of Costs
48.76
82,870.83
82,919.59
82,870.83
48.76
Stormwater
Pollution
Programs:
NJDES/Stormwater
Permit
Other Expense
4,444.20
4,444.20
4,444.20
Middlesex
County Improvement
Authority
I
County Curbside
Collection
Program
10457.59
9049.31
19506.90
18,098.62
1408.28
CJl-c
Total Operations
- Excluded
from "CAPS"
14950.55
91920.14
106870.69
100,969.45
5901.24
Total General Appropriations
$
589595.53
s
396160.08
$
985755.61
s
555,783.89
$
429,971.72
Ref.
A
A
A-I
Accounts
Payable
A-14
s
19,521.56
Disbursed
A-4
536,262.33
s
555,783.89
CURRENT FUND
SCHEDULE
OF PROPERTY TAX OVERPAYMENTS
Exhibit A-12
Total
Current
Taxes
Balance - 12/3112012...............................................
$
8,476.24
Cash Receipts - Overpayments
in 2013...
A- 4
23,032.99
Cash Payments - Refunds...
A- 4
8,476.24
Balance - 12/3112013
$
23,032.99
==========
A
- 60-
$
8,476.24
23,032.99
8,476.24
$
23,032.99
A
Exhibit A-13
CURRENT FUND
SCHEDULE OF TAXES PAYABLE
Dec. 31, 2012
Taxes
Levied
Cash
Disbursements
Dec. 31, 2013
County - General. .................................
$
$
5,140,561.71
$
(5,140,561.71)
$
County - Open Space .............................
436,968.92
(436,968.92)
County - Added & Omitted ......................
2,098.77
(2,098.77)
Local School District Taxes.....................
21,499,441.00
(21,499,441.00)
Total. ...............................................
$
$
27,079,070.40
$
(27,079,070.40)
$
Ref.
A
A-l,A-7,A-15
A-4
A
- 61-
Exhibit A-14
CURRENT FUND
SCHEDULE
OF CHANGES
iN VARIOUS ACCOUNTS
PAYABLES & RESERVES
Cash
Cash
Dec. 31, 2012
Receipts
Disbursements
Adjustments
Dec. 31,2013
Accounts Payable:
Vendor Accounts Payable ..................
$
24,935.28
$
(894.96)
$
19,521.56
$
43,561.88
Marriage License Filing Fees .............
525.00
$
1,880.00
(1,880.00)
525.00
State Training Fees .........................
4,373.00
8,992.00
(8,971.00)
4,394.00
Subtotal
29,833.28
10,872.00
(11,745.96)
19,521.56
48,480.88
Reserve for:
Third Party Outside Lien Redemption ...
7,749.20
776,188.16
(749,400.03)
34,537.33
Codification
of Ordinances ................
6,389.15
6,389.l5
0\
Library State Aid ...........................
,
6,034.00
5,974.00
(6,034.00)
5,974.00
tv
I
FEMAlNJDEP
Buyout
200,625.00
200,625.00
Master Plan ..................................
1,161.96
1,161.96
Tax Appeals .................................
,
30,000.00
30,000.00
Sewer Overpayment ........................
7,530.79
7,530.79
Farmers Market .............................
215.00
215.00
Hurricane Irene
129,544.61
129,544.61
Hurricane
Sandy
168,124.49
(145,727.15)
22,397.34
Subtotal
356,749.20
982,787.16
(901,161.18)
438,375.18
Total. ..............................................
$
386,582.48
$
993,659.16
$
(912,907.l4)
$
19,521.56
$
486,856.06
Ref.
A
A-4
A-4
A-ll
A
Exhibit - A-IS
SCHEDULE
OF LOCAL DISTRICT
SCHOOL TAX - DEFERRED
SCHOOL TAXES
Balance - December 31,2012
Deferred School Taxes
A
$
10,604,716.00
Increased by:
Levy, School Year July 1,2013 to
June 30, 2014
A-7
21,701,153.00
32,305,869.00
Decreased by:
School Taxes Requirement
-
Calendar Year Taxes Payable
A-I,A-13
21,499,441.00
Balance - December 31, 2013
Deferred School Taxes
A
$
10,806,428.00
- 63-
Exhibit - A-16
SCHEDULE
OF DEFERRED
CHARGES
BALANCE
RAISED IN
BALANCE
DEC. 31,2012
CY2013
BUDGET
DEC. 31,2013
Emergency - Hurricane Irene
$
220,000.00
$
55,000.00
$
165,000.00
Emergency - Hurricane Sandy
400,000.00
80,000.00
320,000.00
$
620,000.00
$
135,000.00
$
485,000.00
Ref.
A
A-3
A
Is
I
SCHEDULE
OF DUE FROM CURRENT FUND
GRANT FUND
Balance - December
31, 2012
A
Increased by:
Grants receivable collected
Grants appropriated
- Current Fund budget
Unappropriated
grants collected
$
25,670.26
39,271.46
31 833.94
A-17
A-19
A-20
Decreased by:
Grants revenue - Current Fund budget
Grants expended
35,800.46
812,094.48
A-17
A-19
Balance - December 31, 2013
A
- 66-
Exhibit - A-I8
$1,203,201.48
96775.66
1,299,977.14
847894.94
$
452,082.20
ExhibitA-19
SCHEDULE OF RESERVE FOR STATE GRANTS - APPROPRIATED
Page 1 of2
GRANT FUND
TRANSFERRED
FROM
BALANCE
ENCUMBERED
2013 BUDGET
PAID OR
ENCUMBERED
BALANCE
DEC. 31.2012
DEC. 31.2012
BY BUDGET
CHARGED
TRANSFER
DEC. 312013
DEC. 31.2013
Year 2005:
Drunk Driving Enforcement
Fund
$
12,111.24
$
$
$
1,255.57
$
10,855.67
$
N.J. Hepatitis "B" Grant
2,549.00
2,549.00
Subtotal
14660.24
1255.57
10855.67
2549.00
Year 2006:
N.J. Clean Communities
Grant
763.31
763.31
Livable Communities
Grant
24.43
24.43
County of Middlesex - Victor Crowell Park
216,376.16
27,887.35
20,099.84
57,152.41
167,011.26
Subtotal
217163.90
27887.35
20099.84
763.31
57152.41
167035.69
Year 2007:
N.J. Clean Communities
Grant
750.00
750.00
Drunk Driving Enforcement
Fund
2,577.19
2,577.19
Alcohol Education & Rehab
1,591.70
1,591.70
0\
'-1
Subtotal
4918.89
4918.89
Year 2008:
N.J. Clean Communities
Grant
39.20
39.20
Drunk Driving Enforcement
Fund
2,088.59
2,088.59
County of Middlesex - Mountain View Park
310.22
454,999.21
430,154.89
24,844.32
310.22
Subtotal
2438.01
454999.21
430154.89
2127.79
24844.32
310.22
Year 2009:
N.J. Clean Communities
Grant
415.28
415.28
Drunk Driving Enforcement
Fund
6,316.77
6,316.77
Alcohol Education & Rehab
642.55
642.55
Body Armor Replacement
Fund
2,390.66
2,390.66
Subtotal
9765.26
9765.26
Year 2010:
N.J. Clean Communities
Grant
3,632.46
3,632.46
Drunk Driving Enforcement
Fund
1,295.11
1,295.11
Municipal Alliance Alcohol and Drug Abuse
47.40
47.40
Subtotal
4974.97
4927.57
47.40
ExhibitA-19
SCHEDULE
OF RESERVE FOR STATE GRANTS - APPROPRIATED
Page 2 of2
GRANT FUND
TRANSFERRED
FROM
BALANCE
ENCUMBERED
2013 BUDGET
PAID OR
ENCUMBERED
BALANCE
DEC. 31 2012
DEC. 31,2012
BY BUDGET
CHARGED
TRANSFER
DEC. 31 2013
DEC. 31.2013
Year 2011:
N.J. Clean Communities
Grant
7.53
(5,600.25)
5,607.78
Drunk Driving Enforcement
Fund
2,570.99
(23,133.33)
25,704.32
Alcohol Education & Rehab
150.82
(2,234.25)
2,385.07
Body Armor Replacement
Fund
4,665.62
(2,390.66)
7,056.28
Subtotal
7394.96
(33,358.49}
40753.45
Year 2012:
Body Armor Replacement
Grant - CY
399.98
2,145.00
2,145.00
399.98
Drunk Driving Enforcement
Fund
3,156.53
204.25
2,194.64
1,166.14
Haz-Mat Grant
136.44
136.44
Middlesex County - Mountainview
Park
134,534.88
321,326.17
326,134.54
129,726.51
Municipal Alliance on Alcohol & Drug Abuse
3,823.38
3,823.38
N.J. Alcohol Education & Rehabilitation
- Municipal Court
161.80
161.80
N.J. Clean Communities
Grant
12,135.05
750.00
1,600.87
750.00
10,534.18
Older Americans Act - Information Assist
82.29
197.00
197.00
82.29
0\
00
Subtotal
150606.97
328445.80
335,898.43
947.00
142207.34
Year 2013:
Body Armor Replacement
Grant - CY
4,058.08
799.50
3,258.58
Drunk Driving Enforcement
Fund
4,699.42
4,699.42
Municipal Alliance on Alcohol & Drug Abuse
17,355.00
10,781.25
6,573.75
N.J. Alcohol Education & Rehabilitation
- Municipal Court
53.96
53.96
Older Americans Act - Information Assist
13,105.00
13,105.00
Subtotal
39271.46
24685.75
6573.75
8011.96
Total Federal and State Grants
$
411923.20
$
811332.36
$
39271.46
$
812094.48
$
(O.OO}
$
89517.48
$
360915.06
Ref.
A
A
A-18
A-18
A-18
A
A
Exhibit - A-20
SCHEDULE OF RESERVE FOR STATE GRANTS - UNAPPROPRIATED
GRANT FUND
I
0\
\0
I
INCREASED
REALIZED
BALANCE
BY GRANTS
AS
BALANCE
DEC. 31,2012
RECEIVED
REVENUE
DEC. 31,2013
Body Armor Replacement
Grant
$
4,058.08
$
6,929.13
$
4,058.08
$
6,929.13
Clean Communities
Program
24,852.04
24,852.04
Drunk Driving Enforcement
Fund
4,699.42
4,699.42
Alcohol Education Rehabilitation
Fund
53.96
52.77
53.96
52.77
$
8,811.46
$
31,833.94
$
8,811.46
$
31,833.94
Ref.
A
A-18
A-17
A
Exhibit - A-21
SCHEDULE
OF DUE FROM GENERAL CAPITAL FUND - GRANT FUND
Balance - December 31,2012
A
$
23,775.00
Balance - December 31, 2013
A
$
23,775.00
Trust Fund
-70 -
ANALYSIS OF TRUST ASSESSMENT CASH AND INVESTMENTS
RECEIPTS
BALANCE
ASSESSMENTS
BALANCE
DEC. 31, 2012
AND LIENS
DEC. 31, 2013
Fund Balance
$
5,565.77
$
$
5,565.77
Assessments Receivable
(1,470.00)
(1,470.00)
Due to Current Fund
13,308.53
189.98
13,498.51
Due to General Capital Fund
7164.08
7164.08
$
24,568.38
$
189.98
$
24758.36
Ref.
B
B-5
B
'1
( ) Denotes Deficit or Deduction
I-'
SCHEDULE OF ASSESSMENT LIENS
TRUST ASSESSMENT FUND
ORD
NO.
IMPROVEMENT
DESCRIPTION
BALANCE
DEC. 31, 2012
BALANCE
DEC. 31, 2013
BALANCE
PLEDGED TO
GENERAL CAPITAL
1106
Curbs and Gutters
$
$
$
1470.00
1,470.00
1,470.00
B
B
Exhibit - B- 2
Exhibit - B-3
Exhibit - B-4
SCHEDULE
OF DUE TO GENERAL CAPITAL FUND
ASSESSMENT
TRUST FUND
Balance - December 31,2012
B
$
7,164.08
Balance - December 31, 2013
B
$ =====7=,1::::::64::::.0=,=8=
Exhibit - B-5
SCHEDULE
OF DUE TO CURRENT FUND
ASSESSMENT
TRUST FUND
REF.
Balance - December 31,2012
B
$
13,308.53
Increased by
Cash Receipts
B-2
189.98
Balance - December 31,2013
B
$
13,498.51
-72 -
ExhibitB-6
TRUST FUNDS
Page I of2
SCHEDULE
OF CASH AND RESERVE ACTIVITY
Balance
.... Cash.
Balance
Dec. 31. 2012
Receipts
Disbursements
Adjustments
Dec. 31. 2013
Assessment
Trust:
Assessments
Receivable
(Net of Reserve) ..
$
$
Assessments Liens Receivable.
(1,470.00)
(1,470.00)
Due to General Capital Fund
7,164.08
7,164,08
Due to Current Fund .... " ,
...............
13,308.53
189.98
13,498.51
Fund Balance".
". ". ". ".
..... " ...........
"
5,565.77
5,565,77
Total
24,568.38
189,98
24,758.36
Animal Control:
Due To NJ - State License Fees
7.80
1,209,00
(1,217.40)
(0,60)
Animal Control Reserves .. ...........
" ....
7,599.08
8,821.25
(675.25)
15,745,08
Total
7,606.88
10,030,25
(1,892.65)
15,744.48
Payroll:
Deductions
Payable (Net Change)
90,252,78
6,398,457,84
(6,377,471.73)
111,238,89
Total
90,252,78
6,398,457.84
(6,377,471.73)
111,238.89
Developers'
Escrow:
Developer's
Escrow Funds ..
328,794,33
362,517.97
(240,467,06)
450,845,24
Developer's
Escrows - Water & Soil." '" .
18,712,00
225.00
18,937,00
Total
347,506.33
362,742.97
(240,467,06)
469,782,24
Public
Assistance:
Reserve for Public Assistance
9,913,21
74.33
(74,12)
9,913.42
Total
9,913,21
74.33
(74.12)
9,913.42
Community
Development
Blk Grant:
Due from Midd, Cty. CDBG,
................
(73,614,00)
40,795.20
(56,757,00)
(89,575,80)
Community
Development
Blk Grant:
Year 2006/2007
Reserves
Daisy Park.
...........
, ...
428.20
428,20
Community
Development
Blk Grant:
Year 200812009 Reserves
Senior Center Improvements
8,969,80
(7,045,20)
1,924.60
Community
Development
Blk Grant:
Year 2011/2012 Reserves
Cook Avenue Repaving
15,295.00
15,295.00
Community
Development
Blk Grant:
Year 2012/2013
Reserves
Senior
Center
Improvements
9,320.00
9,320,00
Senior Nutrition".
". ........................
7,551.00
(7,551.00)
Senior Van Driver ....
7,500.00
(7,500.00)
Code Enforcement."
."
7,624.00
(7,624.00)
Senior Center Coordinator ..
11,075,00
(11,075,00)
Manhole Retrofit
5,851.00
5,851.00
Community
Development
Blk Grant:
Year 2013/2014
Reserves
Senior Center Improvements,
10,800.00
10,800,00
Senior Nutrition.. .....
7,500.00
7,500.00
Senior Van Driver.,;
7,500.00
7,500,00
Code Enforcement
7,500.00
7,500,00
Senior Center Coordinator
.......
,.
11,075.00
11,075,00
Lincoln
Fire House
Doors .........
7,000,00
7,000.00
Rescue Squad Generator"
2,386.00
2,386.00
Passive
Improvements
............
,
2,996,00
2,996.00
Total
40,795.20
(40,795,20)
-73 -
TRUST FUNDS
SCHEDULE
OF CASH AND RESERVE ACTIVITY
ExhibitB-6
Page 2 of2
Receipts
Disbursements
Adjustments
Balance
Dec. 31. 2013
Balance
Dec. 31. 2012
.... Cash ..
Other Trust Funds:
Due to Current Fund ...
Due from General Capital Fund
Reserve for Unemployment
Insurance ..
Miscellaneous
Reserves:
Commodity
Resale Program -
Gasoline - Borough ofDuneUen ..
Drug Alliance Donation
Federal Asset Forfeitures
FEMA/DEP
Buyouts
Municipal
Law Enforcement
Trust..
Older Americans Act ..
Outside Police Services
.
Police Found Money
.
Parking Offense Adjudication
Act ...
Police Application
Fees ....
Public Defender Fees ...
Police Communities
Education
Premium on Tax Sale
.
Police Memorial
Fund
.
$
(258,157.99)
119,963.72
126,876.04
(12,703.18)
19,360.61
125,909.54
(118,019.78)
3,000.00
(1,250.00)
8,379.53
49.42
(3,394.88)
8,678.53
65.34
3,657.39
4,889.00
(3,477.32)
5,069.39
212,522.87
(209,582.87)
161.66
2,748.50
124.00
318.85
6,388.00
8,957.00
(9,300.00)
2,067.34
(249.94)
223,400.00
(223,400.00)
50.00
4,159.61
(253.20)
1,635.00
19.84
73,508.99
99,593.25
(105,169.66)
207,393.40
50,017.52
(93,081.47)
3,756.56
1,691.24
772.00
(1,728.43)
4,000.00
(152.72)
58,792.61
15,750.00
(10,851.56)
9,900.00
600.00
(3,475.00)
53.86
12,405.53
5,277.75
28,596.81
(28,807.71 )
300,279.92
902,122.79
(824,897.72)
$
780,127.50
$
7,714,413.36
$(7,485,598.48)
$
B
Police Donations ..
Police - DARE.
Police 911 Fund ..
Recreation
Fund ..
Recycling Trust
Restitution
Senior Assisted Transportation
..
Special Inspection
Street Opening Deposits
Tree Replacement
Fund
UFC Dedicated
Penalties.
Uniform Fire Safety Penalties ..
IOOthAnniversary
Total
Total
$
(258,157.99)
234,136.58
27,250.37
1,750.00
5,034.07
8,743.87
5,069.07
8,009.39
161.66
2,872.50
318.85
6,045.00
1,817.40
50.00
3,906.41
1,635.00
19.84
67,932.58
164,329.45
3,756.56
734.81
3,847.28
63,691.05
7,025.00
53.86
12,405.53
5,066.85
377,504.99
$
1,008,942.38
B
License Fees Collected:
2011
2012
$
9,673.80
9162.20
$ 18 836.00
Note: R.S. 4:19.11
.....
there shaU be transferred
from such special account to the general
funds of the municipality
any amount then in such special account which
is in excess of the total amount paid into such special account during the
last two fiscal years next preceding."
-74 -
General Capital Fund
-75 -
Exhibit - C-2
SCHEDULE OF GENERAL CAPITALFUND
CASH AND INVESTMENTS - TREASURER
Increased by Receipts:
Grants, Loans and Other Receivables
C- 4
Deferred Charges - Unfunded
C- 8
Various Reserves
C-13
Capital Improvement Fund
C-14
$
225,000.00
3,081,700.00
2,506.84
65,000.00
3,374,206.84
3,374,206.84
1,495,103.37
107,556.00
1,602,659.37
$
1 771 547.47
Balance - December 31, 2012
C
Decreased by Disbursements:
Improvement Authorizations
C- 8
Various Reserves
C-13
Balance - December 31, 2013
C,C-3
-76 -
Exhibit - C- 3
GENERAL CAPITAL FUND
ANALYSIS OF CASH AND INVESTMENTS
BALANCE
BALANCE
DECEMBER
DECEMBER
31,2012
31 2013
Grants Receivable
$
(874,777.55)
$
(949,777.55)
Due from Assessment
Trust
(7,164.08)
(7,164.08)
Due to Grant Fund
23,775.00
23,775.00
Due to Trust Fund
258,157.99
258,157.99
Improvement
Authorizations
Funded
833,363.02
1,335,580.60
Improvement
Authorizations
Expended
(1,632,750.44)
(2,320,684.49)
Unexpended
Proceeds of BAN's Issued
Reserve for Encumbrances
1,243,360.48
3,319,673.58
Reserve for:
Capital Improvement
Fund
33,559.58
94,559.58
Insurance Refund
2,331.24
4,838.08
To Pay Debt Service
12,588.76
12,588.76
Soccer Fields
107,556.00
$
$
1:771:547.47
Ref.
C-2
C-2
-77 -
Exhibit - C-4
SCHEDULE OF VARIOUS GRANTS, LOANS AND OTHER RECEIVABLES
Ordinance
Balance
Balance
Number
December 31,2012
Increases
Decreases
December 31, 2013
Receivables:
Federal Highway - 1999 Rec Trails Mountainview
Greenways Nature Preserve
1479-99
$
866.25
$
866.25
State ofNJ DOT - Municipal Road Program - Warrenville Rd.
1528-01
55,787.75
55,787.75
Middlesex County - Rt. 28 Streetscapes
1582-03
4,840.00
4,840.00
New Jersey Environmental Infrastructure Trust
1611-04
404,561.00
404,561.00
State ofNJ DOT
1643-05
75,489.56
75,489.56
Federal Homeland Security
1643-05
24,000.00
24,000.00
Middlesex County
1643-05
35,966.00
35,966.00
Recycling Trust
1676-05
2,350.00
2,350.00
State ofNJ DCA - Livable Communities
1688-06
l30.00
l30.00
Federal Homeland Security
1688-06
8,805.00
8,805.00
State ofNJ DOT - Beechwood Ave.
1715-07
69,476.44
69,476.44
State ofNJ DOT - Greenbrook Rd
1736-08
56,250.00
56,250.00
'-l
State ofNJ DOT - Beechwood Ave.
1772-10
16,361.77
16,361.77
00
State ofNJ DOT - Parker Street
1797-11
15,238.34
15,238.34
State ofNJ OEM
1808-12
635,000.00
635,000.00
Federal Emergency Management Agency (FEMA)
1808-12
1,905,000.00
1,905,000.00
State ofNJ DOT - Howard Avenue
1818-12
300,000.00
225,000.00
75,000.00
State ofNJ DOT - Fairview Avenue
1842-l3
300,000.00
300,000.00
$
3,610,122.11
$
300,000.00
$
225,000.00
$
3,685,122.11
Ref
C
C-8
C-2
C
Exhibit C-5
SCHEDULE
OF DEFERRED
CHARGES
TO FUTURE
TAXATION
- FUNDED
Serial
Infrastructure
GreenAcres
MCIA
Total
Bonds
Trust
Loans
Loans
Ref.
Balance - December
31,2012
C
$
11,335,206.59
$
9,682,000.00
$
1,069,685.98
$
215,856.10
$
367,664.51
Increased
by:
BondslLoans
Issued
C-lO
2,900,567.38
2,900,567.38
14,235,773.97
9,682,000.00
1,069,685.98
215,856.10
3,268,231.89
Decreased
by:
Serial BondslLoans
Paid From Budget Appropriation
C-9,C-1O
946,124.36
775,000.00
84,526.58
30,620.10
55,977.68
C-ll,C-12,C-15
Balance
- December
31, 2013
C
$
13,289,649.61
$
8,907,000.00
$
985,159.40
$
185,236.00
$
3,212,254.21
'-l
\.0
SCHEDULE
OF DEFERRED
CHARGES
TO FUTURE
TAXATION
- UNFUNDED
Exhibit - C-6
ANALYSIS
OF BALANCE
- DECEMBER
31 2013
UNEXPENDED
BOND
BALANCE
OF
ORD.
BALANCE
2013
BALANCE
ANTICIPATION
IMPROV.
NO.
IMPROVEMENT
DESCRIPTION
DEC. 3], 2012
AUTHOR.
DEC. 31,2013
NOTES
EXPENDED
AlITHOR.
General Improvements
1503-00
Purchase
andlor Installation
of Equip . for
Various Departments
$
136.00
$
$
136.00
$
$
$
136.00
1513-00
Purchase
of Senior Citizens Bus
0.08
0.08
0.08
1544-01
Improv. to Various Buildings
& Facilities
9,253.38
9,253.38
4,105.42
5,147.96
1548-0]
Reconstr.
Of Roads Including
Drainage
21,123.19
21,123.19
14,240.07
6,883.12
1562-02
Various Capital Improvements
8,691.75
8,691.75
7,312.58
1,379.17
1571-02
Constr. of Bikeway
- Fitzsimmons
Park to
Mountainview
Park
37,085.00
37,085.00
21,463.61
15,62l.39
1599-04
Installation
of New Sidewalks,
Croosswalks,
Pedestrian
Signs at various locations.
3,157.25
3,157.25
3,157.25
1605-04
Various Capital Improvements
985.00
985.00
985.00
1609-04
Resurfacing
of South Ave.
125,15l.31
125,15l.31
9,920.74
115,230.57
]626-04
911 Equipment
2,592.00
2,592.00
428.47
2,163.53
1643-05
Various Capital Improvements
(NJ DOT $200,000),
(NJ DCA $95,000)
00
(Assistance
to Firefighters
$136,444)
0
(Federal Homeland
Security $24,000)
(Middlesex
County $97,556)
127,256.00
127,256.00
127,256.00
1646-05
AmendediStreetscape
Improvement
Rt 28
30,400.00
30,400.00
30,400.00
1676-05
Rack Body Truck
],261.55
1,261.55
1,120.54
141.01
1687-06
Various Capital Improvements
107,838.96
107,838.96
78,033.60
29,805.36
1708-07
Acquisition
of Street Sweeper
3,349.30
3,349.30
2,241.07
1,108.23
1772-10
Various Capital Improvements
273,030.00
273,030.00
153,822.10
119,207.90
1797-11
Various Capital Improvements
1,248,566.00
1,248,566.00
1,115,788.31
132,777.69
1808-12
Acq and Demolition
of Certain Flood Prone Properties
2,540,000.00
2,540,000.00
188,115.00
2,351,885.00
1818-12
Various Capital Improvements
779,125.00
779,125.00
700,831.77
78,293.23
1842-13
Reconstruction
of Fairview Avenue
76,000.00
76,000.00
76,000.00
Local Improvements
1403-97
Constr. of Curbs & Gutters - Cedar, Hooker, etc.
2,180.42
2,180.42
2,180.42
1411-97
Constr. of Curbs & Gutters - Emerson & June Way
11,192.23
11,192.23
11,192.23
1435-98
Constr. of Curbs & Gutters - Ashland Ave.
9888.56
9888.56
9888.56
$
5,342,262.98
$
76000.00
$
5,418,262.98
$
$
2,320,684.49
$
3,097,578.49
Ref.
C
C-8
C
Exhibit - C - 7
SCHEDULE OF INTERFUNDS
GENERAL CAPITAL FUND
ASSESSMENT
TRUST-
GRANT
Ref.
TOTAL
TRUST
OTHER
FUND
Balance - December 31,2012
Due From
C
$
7,164.08
$
7,164.08
$
$
Due To
C
281,932.99
258,157.99
23,775.00
Balance - December 31,2013
Due From
C
7,164.08
7,164.08
Due To
C
$
281,932.99
$
$
258,157.99
$
23,775.00
I
(XJ
......
SCHEDULE
OF IMPROVEMENT
AUlHORIZATIONS
ExhibitC-8
2013 AUlHORIZATIONS
RESERVE FOR
RESERVE FOR
ORD.
ORDINANCE
BALANCE
- DEC. 31 2012
CAP. IMPROV.
DEFERRED-
ENCUMBR
PAID OR
ENCUMBR
BALANCE
- DEC. 31 2013
NO.
IMPRQVEMENT
D!ll!CBlPTION
DATE
AMQUNT
FUNDED
UNFUNDED
FUND
UNFUNDED
01HER
12131112
CHARGED
12/311ll
FUNDED
UNFUNDED
General
Improvements:
1410-97
Various Improvements
09/23/97
200,000.00
4,916.82
3,904.87
95.13
916.82
1472-99
Reconstruction
of Roads, Incl. Drainage
(NJ DOTSI20,018.75)
05122/99
289,000.00
2,531.00
2,531.00
1473-99
Construction
of a Park, Incl. Tables,
on
Borough Owned Property Located at Block 224, Lot 29
06/22/99
36,000.00
3,220.75
3,220.75
1474-99
Rehabilitation,
Reconstruction
& Improv.
to Victor Crowell
Park
07111/99
1,055,200.00
6,017.45
6,017.45
1476-99
Environmental
Remedial
Investigation
of
Borough's
Fonner
LandfilJ
Site
10/26/99
1,335,570.00
15,104.01
78,538.96
40,961.25
9,97Ll7
42,710.55
1480-99
Improv. to Recreational
Facilities
at
Mountainview
Park (NJ Green Acres
$209,000)
11109/99
357,705.00
1,892.25
1,892.25
1484-99
Reconstr. of Roads & Drainage
(NJ DOT $150,000)
12/28/99
322,964.00
2,831.71
2,831.71
1492-00
Improv. to Various Bldgs. & Facilities
02/22/00
168,000.00
2,119.31
2,119.31
1493-00
Reconstr.
of Roads,
Incl. Drainage
Where
Required
03/14/00
314,163.00
4,995.20
4,995.20
1503-00
Purchase
and/or Installation
of Equip. for
Various
Departments
09/12/00
209,600.00
4,565.32
136.00
4,565.32
136.00
1511-O0
Purchase
of a Senior Citizen
Bus
12/19/00
109,600.00
4,332.91
0.08
4,332.91
0.08
1524-01
Constr. Bridge
- East Side of Via or Crowell
Park
05/08/01
103,000.00
8,157.71
8,157.71
1525-01
Reconstr.
of Roads Including
Drainage
05129/01
114,000.00
2,458.95
2,458.95
1544-01
Improv. to Various
Buildings
& Facilities
11120/01
125,000.00
5,147.96
5,147.96
1545-01
Rehab., Reconstr, And Improvs. to
Victor Crowell Park
11/20/01
250,000.00
5,895.72
5,895.72
1548-01
Reconstr.
Of Roads
Including
Drainage
(NJ DOT $250,000)
12111101
575,535.00
6,883.12
6,883.12
1562-02
Various
Capital Improvements
06/11102
466,000.00
1,379.17
1,379.17
1571-02
Constr. of Bikeway
~ Fitzsimmons
Park to Mountainview
Parle (NJ DOT Discr. Bike Progr, $50,000)
10/22/02
164,300.00
15,621.39
15,621.39
1582-03
Various
Capital Improvements
(NJ DOT S300,000)
00
(Downtown
& Bus Improv Dist $82,120)
05/27/03
1,085,000.00
19,078.17
19,078.17
1590-03
Preliminary
Planing
Sanitary
Sewer
Improv
N
Project
and Videotaping
Inspection
173,000.00
17,847.09
2,961.82
14,885.27
1599-04
Installation
of New Sidewalks,
Croosswalks,
Pedestrian
Signs at various
locations.
03/05/04
307,000.00
11,114.87
3,157.25
11,114.87
3,157.25
1600-04
Improv. to Soccer
Fields
03/05/04
272,000.00
960.22
960.22
1605-04
Various
Capital Improvements
03/19/04
446,300.00
20,084.41
985.00
20,084.41
985.00
1609-04
Resurfacing
of South Ave. (NJDOT$225,000)
OS/21/04
456,000.00
121,230.57
6,000.00
115,230.57
1611-04
Improvement
to the Sanitary
Sewer
System
(Infrastructure
Trust SI,689,655)
07/13/04
1,627,000.00
468,347.80
26,653.95
23,343.43
237,610.52
234,047.80
1623-04
Streetscape
Improvements
on Rt28
10123/04
152,000.00
3,029.49
3,029.49
1626-04
911 Equipment
01/07/05
23,000.00
2,163.53
2,163.53
1643-05
Various Capital Improvements
(NJ DOT $200,000)
(NJ DCA $95,000)
(Assistance
to Firefighters
$136,444)
(Federal Homelaod
Security $24,000)
(Middlesex
County $97,556)
05/10/05
1,305,100.00
68,152.69
67,071.97
7,968.66
127,256.00
1646-05
AmendedlStreetscape
Improvement
Rt 28
05/10/05
32,000.00
1,600.00
30,400.00
1,600.00
30,400.00
1676-05
Rack Body Truck
I2IB/05
47,350.00
141.01
141.01
1686-06
Police
Building
4.500,000.00
36,214.30
(2,507.16)
(348.00)
(2,507.16)
36,562.30
1687-06
Various
Capital
Improvements
(NJDOT·
$200,000)
10/20/06
1,358,900.00
79,809.86
36.77
50,004.50
36.77
29,805.36
1688-06
Various Equipment
(Assistance
to Firefighters
$157,854)
(Statewide
Livable
Communities
SI5,000)
04111106
182,162.00
5,555.48
4,000.00
1,55S.48
1708-07
Acquisition
of Street Sweeper
02113/07
167,955.00
1,108.23
1,108.23
1715-07
Various Capital Improvements
(NJDOT $240,000)
05/08/07
474,700.00
40,004.65
20,000.00
20,004.65
1718-07
Police
Building
08/28107
500,000.00
3,795.72
3,040.97
3,040.97
3,795.72
1736-08
Various
Capital Improvements
(NJ DOT - $225,000),
(Pedestriao
Bike - $80,000)
06/10/08
892,200.00
128,065.71
46,719.29
43,280.71
38,065.71
1742-08
Fire Truck
09/09/08
550,000.00
8,626.00
4,127.18
4,498.82
1772-10
Various Capital
Improvements
07/27/10
912,400.00
142,603.08
947.33
200.00
24,142.51
119,207.90
1797-11
Various Capital Improvements
1,614,280.00
425,195.29
355,812.25
70,566.33
577,663.52
132,711.69
1808-12
Acq and Demolition
of Certain Flood
Prone Properties
03/27/12
2,540,000.00
2,371,500.00
132,589.44
78,720.41
73,484.03
2,351,885.00
1818-12
Various
Capital Improvements
08/28/12
1,116,450.00
433,898.31
581,176.00
854,839.30
81,941.18
78,293.23
1832-11
Various
Capital Improvements
(MCIA)
07/261ll
3,081,700.00
3,081,700.00
267,582.99
2,065,118.54
748,998.47
1842-B
Reconstruction
of Fairview
Ave
08/27113
380,000.00
4000.00
76000.00
300000.00
21520.00
205795.09
76684.91
76000.00
833363.02
3709512.54
4000.00
76000.00
$3,381,700.00
1243360.48
1495103.37
s 3,319,673.58
1335580.60
3097578.49
lhl
C
C
C-14
C-6
C-2,C-4
C
C-2
C
C
C
SCHEDULE OF GENERAL SERIAL BONDS
Exhibit - C-9
MATURITIES OF BONDS
DATE OF
ORIGINAL
OUTSTANDING - DEC. 31,2013
INTEREST
BALANCE
BALANCE
ISSUE
ISSUE
ISSUE
DATE
AMOUNT
RATE
DEC. 31, 2012
DECREASE
DEC. 31, 2013
General Improvement Bonds of2004
09/01104
$
2,552,000.00
09/01114
$
317,000.00
3.500%
$
642,000.00
$
325,000.00
$
317,000.00
General Improvement Bonds of 20 10
02115/10
9,865,000.00
02/15/14
475,000.00
3.000%
9,040,000.00
450,000.00
8,590,000.00
02/15/15
675,000.00
3.000%
02/15/16
675,000.00
3.000%
02115/17
700,000.00
3.000%
02/15/18
700,000.00
3.000%
02/15/19
700,000.00
3.000%
02/15/20
700,000.00
3.200%
02/15/21
775,000.00
3.375%
02/15/22
800,000.00
3.500%
02/15/23
800,000.00
3.500%
02/15/24
800,000.00
3.625%
02/15/25
790,000.00
4.000%
r:n
$
9,682,000.00
$
775,000.00
$
8,907,000.00
VJ
Ref.
C
C-5
C
SCHEDULE OF CAPITAL LEASES PAYABLE
Exhibit - C-I0
MIDDLESEX COUNTY IMPROVEMENT AUTHORITY
AMOUNT
OF
FEES
INTEREST
MATURITIES OF LEASES
BALANCE
BALANCE
PROJECT DESCRIPTION
LOAN
PAYABLE
RATE
DATE
AMOUNT
DEC. 312012
INCREASED
DECREASED
DEC. 31,2013
Capital Equipment - 2008
$
572,745.83
$
14,522.02
3.250%
09/15/14
$
57,997.72
$
367,664.51
$
55,977.68
$
311,686.83
3.550%
09/15/15
60,090.64
3.750%
09/15/16
62,259.09
4.000%
09/15/17
64,505.80
4.200%
09/15/18
66,833.58
Capital Equipment - 2013
2,900,567.38
56,064.13
2.000%
08/15114
360,260.22
2,900,567.38
2,900,567.38
3.000%
08/15/15
360,034.60
3.000%
08/15/16
371,735.66
4.000%
08/15117
381,537.69
4.000%
08115/18
396,999.21
4.000%
08/15119
190,000.00
4.000%
08115/20
200,000.00
4.000%
08/15/21
205,000.00
4.000%
08/15/22
215,000.00
4.000%
08/15/23
220,000.00
$
367664.51
$
2,900,567.38
$
55977.68
$
3,212,254.21
C1J
Ref.
C
C-5
C-5
C
;.1:;0
30
31
32
33
34
35
36
Exhibit - C-l1
SCHEDULE
OF LOANS PAYABLE
NEW JERSEY
1987 GREEN TRUST FUND
BALANCE-
DATE OF
INTEREST
PRINCIPAL
LOANS
PAYMENT
PAYMENTS
PAYMENTS
PAYABLE
$
73,298.92
June 2, 2014
$
732.99
$
10,161.30
63,137.62
Dec. 2, 2014
631.38
10,262.92
52,874.70
June 2, 2015
528.75
10,365.55
42,509.15
Dec. 2, 2015
425.09
10,469.20
32,039.95
June 2, 2016
320.40
10,573.89
21,466.06
Dec. 2,2016
214.66
10,679.63
10,786.43
June 2, 2017
107.86
10786.43
$
2:961.13
$
73:298.92
PAYMENT
NUMBER
Total Balance Due -
Principal
and Interest
Payments
Made in 2013
28
29
June 2, 2013
$
Dec. 2, 2013
933.21
$
833.60
9,961.09
10060.70
$
1:766.81
=$======2=:0=::0=2=1.
7=9=
REF.
C-5
Details as to Loan Repayments:
A. Payments
made payable to:
B. Payments
to be mailed to:
Treasurer,
State of New Jersey, 1987 Green Trust Fund
New Jersey Department
of Environmental
Protection
Division of Financial Management
and General Services
Office of Trust Fund Management
Post Office Box 420
Trenton, New Jersey 08625
C. Original Amount of Loan = $328,000.00
- 85-
Exhibit - C-12
SCHEDULE OF LOANS PAYABLE
NEW JERSEY GREEN TRUST FUND - 1989
BALANCE-
PAYMENT
DATE OF
INTEREST
PRINCIPAL
LOANS
NUMBER
PAYMENT
PAYMENTS
PAYMENTS
PAYABLE
$
111,937.08
21
January 15,2014
$
1,119.37
$
5,378.77
106,558.31
22
July 15,2014
1,065.58
5,432.56
101,125.75
23
January 15,2015
1,011.26
5,486.89
95,638.86
24
July 15,2015
956.39
5,541.75
90,097.11
25
January 15,2016
900.97
5,597.17
84,499.94
26
July 15,2016
845.00
5,653.14
78,846.80
27
January 15,2017
788.47
5,709.68
73,137.12
28
July 15,2017
731.37
5,766.77
67,370.35
29
January 15,2018
673.70
5,824.44
61,545.91
30
July 15,2018
615.46
5,882.68
55,663.23
31
January 15,2019
556.63
5,941.51
49,721.72
32
July 15,2019
497.22
6,000.93
43,720.79
33
January 15,2020
437.21
6,060.94
37,659.85
34
July 15,2020
376.60
6,121.55
31,538.30
35
January 15,2021
315.38
6,182.76
25,355.54
36
July 15,2021
253.56
6,244.59
19,110.95
37
January 15,2022
191.11
6,307.03
12,803.92
38
July 15,2022
128.04
6,370.10
6,433.82
39
January 15,2023
64.30
6,433.82
0.00
Total Balance Due -
Principal and Interest
$
112527.62
$
111937.08
Payments Made
Made in 2013
19
January 15,2013
$
1,225.35
$
5,272.79
20
July 15,2013
1172.63
5325.52
$
2397.98
$
10,598.31
REF.
C-5
Details as to Loan ReQa),:ments:
A. Payments made payable to:
Treasurer, State of New Jersey, 1989 Green Trust Fund
B. Payments to be mailed to:
New Jersey Department of Environmental Protection
Division of Financial Management and General Services
Office of Trust Fund Management
Post Office Box 420
Trenton, New Jersey 08625
C. Original Amount of Loan = $209,000.00
- 86-
Exhibit - C-13
SCHEDULEOF
VARIOUS RESERVES
Ordinance
Balance
Balance
Number
December 31,2012
Increases
Decreases
December 31, 2013
Reserve for:
Cash or Appropriated
Reserves:
Insurance Refund - Landfill (Payment of Bonds)
$
2,331.24
$
2,506.84
$
4,838.08
Payment of Debt Service
12,588.76
12,588.76
Soccer Fields
107556.00
107556.00
Subtotal
122 476.00
2506.84
107556.00
17426.84
Grants, Loans & Other Receivables:
Federal Highway - 1999 Rec Trails Mountainview
Greenways Nature Preserve
1479-99
866.25
866.25
State ofNJ DOT - Municipal Road Program - Warrenville Rd.
1528-01
55,787.75
55,787.75
Middlesex County - Rt. 28 Streetscapes
1582-03
4,840.00
4,840.00
New Jersey Environmental
Infrastructure
Trust
1611-04
58,305.00
58,305.00
,
State ofNJ DOT - Cedar Ave.
1643-05
75,489.56
75,489.56
00
'.J
Middlesex County - Cedar Ave.
1643-05
56.00
56.00
State ofNJ OEM
1808-12
635,000.00
635,000.00
Federal Emergency Management
Agency (FEMA)
1808-12
1,905,000.00
1,905,000.00
Subtotal
2,735,344.56
2735344.56
$
2,857,820.56
$
2506.84
$
107,556.00
$
2,752,771.40
Ref.
C
C-2
C-2
C
Exhibit - C-14
SCHEDULE
OF RESERVE FOR
CAPITAL IMPROVEMENT
FUND
Balance - December 31, 2012
C
$
33,559.58
65,000.00
98,559.58
4000.00
$
94:559.58
Increased by:
Budget Appropriation
C-2
Decreased by:
Appropriated
to Finance Improvement
Authorizations
C-8
Balance - December 31, 2013
C
- 88-
Exhibit - C-15
SCHEDULE
OF LOANS PAYABLE
NJ ENVIRONMENTAL
INFRASTURCTURE
TRUST LOAN AND FUND LOAN PAYABLE
NET
NET
BALANCE-
PRINCIPAL
BALANCE-
PAYMENT
DATE OF
PRINCIPAL
INTEREST
SAVINGS
SAVINGS
TOTAL
TRUST LOAN
DATE OF
PAYMENTS
FUND LOAN
NUMBER
COUPON
PAYMENT
PAYMENTS
PAYMENTS
PRINCIPAL
INTEREST
PAYMENTS
PAYABLE
PAYMENT
ONLY
PAYABLE
NJ Infrastructure
Trust Loan:
NJ Infrastructure
Fund Loan:
$
575,000.00
$
486,633.92
18
02/01/14
$
13,278.13
$
1,914.40
$
11,363.73
575,000.00
02/01114
$
8,624.00
478,009.92
19
4.000%
08/01114
$
40,000.00
13,278.13
1,914.17
51,363.96
535,000.00
08/01/14
34,603.60
443,406.32
20
02/01115
12,478.13
1,913.95
10,564.18
535,000.00
02/01/15
8,104.41
435,301.91
21
4.000%
08/01115
45,000.00
12,478.13
1,913.72
55,564.41
490,000.00
08/01115
37,331.45
397,970.46
22
02/01116
11,578.13
1,913.49
9,664.64
490,000.00
02/01116
7,519.87
390,450.59
23
4.000%
08/01/16
45,000.00
11,578.13
1,913.26
54,664.87
445,000.00
08/01116
36,746.91
353,703.68
24
02/01117
'10,678.13
1,913.04
8,765.09
445,000.00
02/01/17
6,935.33
346,768.35
25
5.000%
08/01/17
45,000.00
10,678.13
11,220.35
1,904.91
42,552.87
400,000.00
08/01117
36,162.37
310,605.98
26
02/01118
9,553.13
1,632.30
7,920.83
400,000.00
02/01118
6,204.66
304,401.32
27
5.000%
08/01118
50,000.00
9,553.13
11,815.37
1,636.18
46,101.58
350,000.00
08/01118
38,679.14
265,722.18
28
02/01119
8,303.13
1,336.46
6,966.67
350,000.00
02/01/19
5,392.79
260,329.39
29
5.000%
08/01119
50,000.00
8,303.13
12,345.52
1,331.48
44,626.13
300,000.00
08/01/19
37,867.28
222,462.11
30
02/01/20
7,053.13
1,027.67
6,025.46
300,000.00
02/01120
4,580.93
217,881.18
31
5.000%
08/01/20
55,000.00
7,053.13
13,041.88
1,029.49
47,981.76
245,000.00
08/01/20
40,302.57
177,578.61
32
02/01121
5,678.13
701.36
4,976.77
245,000.00
02/01121
3,687.88
173,890.73
00
33
5.000%
08/01121
55,000.00
5,678.13
13,659.36
698.25
46,320.52
190,000.00
08/01121
39,409.82
134,480.91
\0
34
02/01122
4,303.13
359.84
3,943.29
190,000.00
02/01122
2,794.83
131,686.08
35
5.000%
08/01/22
60,000.00
4,303.13
14,392.04
359.81
49,551.28
130,000.00
08/01/22
41,764.22
89,921.86
36
02/01123
2,803.13
2,803.13
130,000.00
02/01123
1,820.60
88,101.26
37
4.250%
08/01123
65,000.00
2,803.13
67,803.13
65,000.00
08/01/23
44,037.62
44,063.64
38
02/01124
1,421.88
1,421.88
65,000.00
02/01124
923.39
43,140.25
39
4.375%
08/01124
65000.00
1421.88
66421.88
08/01124
43 140.25
Total Due
Principal
$
575,000.00
Principal Only
$
486,633.92
Interest
$
174,256.36
Savings Credits
$
76474.52
$
25,413.78
Principal and Interest
$
647368.06
Payments
Made in
2013
16
02/01113
02/01113
$
9,273.49
17
08/01113
$
40000.00
08/01/13
35,253.09
$
40000.00
$
44526.58
REF.
C-5
C-5
Exhibit - C-16
BONDS AND NOTES AUTHORIZED
BUT NOT ISSUED
ORD.
BALANCE
AUTHORIZED
BALANCE
NUMBER
IMPROVEMENT
DESCRIPTION
DEC. 31, 2012
2013
DEC. 31, 2013
General:
1503-00
Purchase
and/or Installation
of Equip. for
Various Departments
$
136.00
$
136.00
1513-00
Purchase
of Senior Citizens Bus
0.08
0.08
1544-01
Improv. to Various Buildings
& Facilities
9,253.38
9,253.38
1548-01
Reconstr. of Roads Including
Drainage
(NJ DOT $250,000)
21,123.19
21,123.19
1562-02
Various Capital Improvements
8,691.75
8,691.75
1571-02
Constr. of Bikeway - Fitzsimmons
Park to
Mountainview
Park ($50,000 NJ DOT Discr. Bike Progr.)
37,085.00
37,085.00
1599-04
Installation
of New Sidewalks,
Crosswalks,
Pedestrian
Signs
3,157.25
3,157.25
1.0
1605-04
Various Capital Improvements
985.00
985.00
0
1609-04
Resurfacing
of South Ave.
125,151.31
125,151.31
1626-04
911 Equipment
2,592.00
2,592.00
1643-05
Various Capital Improvements
127,256.00
127,256.00
1646-05
Amended/Streetscape
Improvement
on Route 28
30,400.00
30,400.00
1676-05
Rack Body Truck
1,261.55
1,261.55
1687-06
Various Capital Improvements
107,838.96
107,838.96
1708-07
Acquisition
of Street Sweeper
3,349.30
3,349.30
1772-10
Various Capital Improvements
273,030.00
273,030.00
1797-11
Various Capital Improvements
1,248,566.00
1,248,566.00
1808-12
Acq and Demolition
of Certain Flood Prone Properties
2,540,000.00
2,540,000.00
1818-12
Various Capital Improvements
779,125.00
779,125.00
1842-13
Reconstruction
of Fairview Avenue
76,000.00
76,000.00
Local:
1403-97
Constr. of Curbs & Gutters - Cedar, Hooker, etc.
2,180.42
2,180.42
1411-97
Constr. of Curbs & Gutters - Emerson
& June Way
11,192.23
11,192.23
1435-98
Constr. of Curbs & Gutters - Ashland Ave.
9888.56
9888.56
$
5,342,262.98
$
76,000.00
$
5,418,262.98
Ref.
C
Swimming Pool Utility Fund
- 91-
Exhibit - D-4
SCHEDULE
OF SWIMMING POOL UTILITY CASH AND INVESTMENTS
TREASURER
REF.
OPERATING FUND
SNACK BAR ACCOUNT
Balance - December 31,2012
D
$364,331.64
$14,313.52
Increased by Receipts:
Membership
Fees
D-2
246,767.08
Miscellaneous
Revenues
D-6
74,868.28
Snack Bar Operation
D-l1
21,413.29
Due to Current Fund
D-12
1,635.09
84.02
Transfer from Snack Bar Account
D-4
19,500.00
342770.45
21497.31
707,102.09
35,810.83
\0
N
Decreased by Disbursements:
Budget Appropriations
D-3
256,865.30
Appropriation
Reserves
D-10
4,821.91
Snack Bar Operations
D-ll
13,147.60
Due to Current Fund
D-12
1,599.38
88.14
Transfer to Operating Fund
D-4
19,500.00
263,286.59
32,735.74
Balance - December 31, 2013
D
$4432815.50
$32075.09
ANALYSIS OF SWIMMING
POOL CAPITAL
CASH AND INVESTMENTS
BALANCE
DEC. 31,
2012
Capital Improvement
Fund
Improvement
Authorizations
Unfunded
Due (from)/to Swimming Pool Operating Fund
$
72,730.10
(156,330.00)
83599.90
$
D
- 93-
Exhibit - D-5
BALANCE
DEC. 31,
2013
$
72,730.10
(156,330.00)
83599.90
$
D
Exhibit - D-6
SCHEDULE
OF MISCELLANEOUS
RECEIPTS
SWIMMING
POOL UTILITY OPERATING FUND
YEAR 2013
Miscellaneous
(Net of Refunds):
Interest Income
$
128.78
Guest Admissions
22,310.00
Swim Classes Registration
17,935.00
Long Course
24,600.00
Swim Team Membership
6,675.00
Aquacize
75.00
Synchro Membership
1,800.00
Syncro Show
194.00
Miscellaneous
Income
1 150.50
Subtotal
D-2,D-4
74,868.28
Food Concession
D-2, D-11
8,265.69
$
83:133.97
- 94-
Exhibit - D-7
SCHEDULE OF FIXED CAPITAL
SWIMMING POOL UTILITY CAPITAL FUND
BALANCE
BALANCE
DEC. 31,
DEC. 31,
ACCOUNT
2012
2013
Swimming Pool and Grounds
$
234,000.00
$
234,000.00
Improvement - 1987
217,721.56
217,721.56
Improvement - 1991
65,300.00
65,300.00
Improvement - 1997
149,270.00
149,270.00
$
666,291.56
$
666,291.56
REF.
D
D
Exhibit - D-8
SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETE
SWIMMING POOL UTILITY CAPITAL FUND
IMPROVEMENT
)RD. NO.
DESCRIPTION
ORDINANCE
BALANCE
DEC. 31,
2012
BALANCE
DEC. 31,
2013
DATE
AMOUNT
1771-10
Swim Pool Improvements
07/27110
$ 350,000.00
$350,000.00
$350,000.00
$350,000.00
$350,000.00
D
D
Exhibit - D-9
SCHEDULE OF ACCOUNTS PAYABLE
SWIMMING POOL UTILITY FUND
REF.
Balance - December 31, 2012
D
$
19,621.06
Increased by:
Charges from Approp. Reserves
D-lO
385.00
Balance - December 31,2013
D
$
20:006.06
- 95-
Exhibit - D-10
SCHEDULE OF 2012 APPROPRIATION RESERVES
SWIMMING POOL UTILITY OPERATING FUND
BALANCE
DECEMBER 31: 2012
BALANCE
APROPRIATION
RESERVE FOR
AFTER
PAID OR
BALANCED
RESERVES
ENCUMBRANCES
TRANSFERS
CHARGED
LAPSED
Operations:
Salaries and Wages
$
31,421.90
$
$
31,421.90
$
762.06 $
30,659.84
Other Expenses
90:490.86
3965.77
94,456.63
4444.85
90,011.78
Total Operations
121:912.76
3965.77
125:878.53
5:206.91
120:671.62
Deferred Charges and Statutory Expenditures
Contribution to:
Social Security System
4,724.35
4,724.35
4,724.35
State Unemployment Insurance
2z000.00
2z000.00
2z000.00
\.0
0\
Total Deferred Charges and
Statutory Expenditures
6z724.35
6z724.35
6z724.35
$
128z637.11
$
3965.77
$
132z602.88
$
5:206.91 $
127z395.97
REF.
D
D
D-1
Cash Disbursements
D-4
$
4,821.91
Accounts Payable
D-9
385.00
$
5z206.91
Exhibit - D-ll
SCHEDULE
OF RESERVE FOR SNACK BAR OPERATIONS
SWIMMING
POOL UTILITY OPERATING FUND
Increased by:
Receipts from Sales
REF.
D-4
$
21,413.29
D-2, D-6
8,265.69
D-4
13,147.60
$
212413.29
Decreased by:
Transfer to Miscellaneous
Revenues
Purchases
- 97-
Exhibit - D-12
SCHEDULE OF INTERFUNDS
RECEIVABLEIPAYABLE
SWIMMING POOL UTILITY OPERATING FUND
SWIMMING
POOL
CURRENT
REF.
Total
CAPITAL
FUND
Balance - December 31,2012
D
Due from
$
83,599.90
$
83,599.90
Due to
106.29
$
106.29
Increased by:
Interest earned on investments
D-4
1,635.09
1,635.09
Interest earned on investments - snack bar
D-4
84.02
84.02
85,425.30
83,599.90
1,825.40
Decreased by:
Interest earned on investments
D-4
1,599.38
1,599.38
Interest earned on investments - snack bar
D-4
88.14
88.14
Balance - December 31,2013
Due from
D
$
83,599.90
$
83,599.90
Due to
D
137.88
$
137.88
- 98-
SCHEDULE
OF CAPITAL IMPROVEMENT
FUND
SWIMMING
POOL UTILITY CAPITAL FUND
Balance - December
31, 2012
D
Balance - December 31, 2013
D
SCHEDULE
OF RESERVE FOR AMORTIZATION
SWIMMING
POOL UTILITY CAPITAL FUND
Balance - December
31,2012
D
Balance - December
31, 2013
D
SCHEDULE
OF DEFERRED
RESERVE FOR AMORTIZATION
SWIMMING
POOL UTILITY CAPITAL FUND
ORD.NO.
IMPROVEMENT
DESCRIPTION
BALANCE
DEC. 31,
2012
DATE OF
ORD.
1771-10
Swim Pool Improvements
07/27/10
$100,000.00
$100,000.00
D
- 99-
Exhibit - D-13
$72,730.10
$72,730.10
Exhibit - D-14
$666,291.56
$666,291.56
Exhibit - D-15
BALANCE
DEC. 31,
2013
$100,000.00
$100,000.00
D
Exhibit - D-16
SCHEDULE
OF DUE TO SWIMMING
OPERATING FUND
SWIMMING
POOL UTILITY CAPITAL FUND
Balance - December 31, 2012
D
$83,599.90
Balance - December 31,2013
D
$83,599.90
-100 -
Exhibit - D-17
SCHEDULE OF IMPROVEMENT
AUTHORIZATIONS
SWIMMING POOL UTILITY CAPITAL FUND
BALANCE
BALANCE
ORD.
ORDINANCE
DEC 31, 2012
DEC 31, 2013
NO.
IMPROVEMENT
DESCRIPTION
DATE
AMOUNT
UNFUNDED
UNFUNDED
General Improvements:
1771-10
Swim Pool Improvements
07/27110
$
350,000.00
$
93,670.00
$
93,670.00
$
93,670.00
$
93,670.00
Ref.
D
D
Exhibit - D-18
BONDS AND NOTES AUTHORIZED
BUT NOT ISSUED
1771-10
Swim Pool Improvements
BALANCE
BALANCE
DEC. 31, 2012
DEC. 31, 2013
$
250,000.00
$
250,000.00
$
250,000.00
$
250,000.00
Ref.
D
ORD.
NUMBER
IMPROVEMENT
DESCRIPTION
I
f-lo
N
I
BOROUGH
OF MIDDLESEX
MIDDLESEX
COUNTY,
NEW JERSEY
PART III
SUPPLEMENTARY
DATA
-103 -
BOROUGH OF MIDDLESEX
MIDDLESEX
COUNTY NEW JERSEY
COMBINED BALANCE SHEET - ALL FUNDS
FOR THE YEAR ENDING DECEMBER 31 2013
GENERAL
SWIMMING
CURRENT
TRUST
CAPITAL
POOL
MEMORANDUMTOTALONLY
ASSETS
FUND
FUND
FUND
UTILITY FUND
DEC.312013
DEC.312012
Cash and Investments
$
3,307,442.24
$
1,008,942.38
$
1,771,547.47
$
446,890.59
$
6,534,822.68
$
4,576,526.60
Accounts Receivable:
State & Federal Grants Receivable
6,409.28
89,576.40
3,685,122.11
3,781,107.79
3,688,826.65
Due from State of New Jersey
30,168.32
30,168.32
28,156.00
Taxes, Assessments, Liens &
Utility Charges
1,313,877 .24
1,470.00
1,315,347.24
1,210,220.53
Interfund Loans
489,493:59
258,157.99
7,164.08
83,599.90
838,415.56
1,589,313.27
Other Accounts Receivable
166,014.15
166,014.15
129,859.37
Property Acquired for Taxes at
Assessed Valuation
1,423,139.00
1,423,139.00
1,423,139.00
Deferred Charges to Revenue of
Succeeding Years
485,000.00
485,000.00
620,000.00
Fixed Capital - Utility
1,016,291.56
1,016,291.56
1,016,291.56
Deferred Charges to Future Taxation:
General Capital Fund
18,707,912.59
18,707,912.59
16677469.57
,.....
0
$
7,221,543.82
$
1 358 146.77
$
24171 746.25
$
1 546 782.05
$
34,298,218.89
$
30,959,802.55
*'"
GENERAL
SWIMMING
LIABILITIES,
RESERVES
CURRENT
TRUST
CAPITAL
POOL
MEMORANDUMTOTAL
ONLY
AND FUND BALANCE
FUND
FUND
FUND
UTILITY FUND
DEC.312013
DEC. 31,2012
Bonds and Notes Payable
$
$
$
8,907,000.00
$
$
8,907,000.00
$
9,682,000.00
Loans Payable
4,382,649.61
4,382,649.61
1,653,206.59
Prepaid Taxes, Assessments,
Utility Charges and Licenses
503,934.61
503,934.61
152,483.40
Tax, Assessment, Lien, License and
Utility Charge Overpayments
23,032.99
23,032.99
16,007.03
Appropriation
Reserves
977,574.32
80,674.20
1,058,248.52
1,138,967.30
Reserve for Encumbrancesl
Accounts Payable
395,751.01
111,238.89
3,319,673.58
55,266.56
3,881,930.04
2,594,533.61
Amts. Pledged to Specific Purposes
438,375.18
750,897.28
111,986.42
72,730.10
1,373,988.98
1,227,548.29
Escrow Funds
469,782.24
469,782.24
347,506.33
Improvement Authorizations
4,433,159.09
93,670.00
4,526,829.09
4,636,545.56
Interfund Loans
452,082.20
20,662.59
281,932.99
83,737.78
838,415.56
1,589,313.27
Reserve for Amortization of Costs
of Fixed Capital Acquired or
Authorized
766,291.56
766,291.56
766,291.56
Reserve for Certain Assets Acquired
or Receivables & Inventories
2,916,666.78
2,735,344.56
5,652,011.34
5,510,508.28
Fund Balance
1514126.73
5565.77
394411.85
1914104.35
1644891.33
$
7,221,543.82
$
1358146.77
$
24,171,746.25
$
1546782.05
$
34,298,218.89
$
30,959,802.55
COMPARATIVE
STATEMENT
OF OPERATIONS
AND
CHANGEINFUNDBALANCE-CURRENTFUND
Revenue
and Other
Year 2013
Year 2012
Income Realized
Amount
%
Amount
%
Fund Balance Utilized
$
645,000.00
1.49
$
525,000.00
1.21
Miscellaneous
- From Other
Than Local Property
Tax Levies
3,886,355.73
8.98
4,861,857.85
11.17
Collection
of Delinquent
Taxes
and Tax Title Liens
826,196.25
1.91
629,911.62
1.45
Collection
of Current
Tax Levies
37,912,308.96
87.62
37,520,345.73
86.18
Total Income
43,269,860.94
100.00
43,537,115.20
100.00
Expenditures
Budget Expenditures:
Municipal
Purposes
15,360,852.97
36.19
16,090,744.63
37.40
County Taxes
5,579,629.40
13.15
5,652,832.53
13.14
Local School Taxes
21,499,441.00
50.66
21,150,244.50
49.17
Other Expenditures
221.57
0.00
125,000.00
0.29
Total Expenditures
42,440,144.94
100.00
43,018,821.66
100.00
Excess in Revenue
829,716.00
518,293.54
Adj. to Income Before Fund Balance:
Expend.
Included Above Which are by Statute
Deferred
Charges to Budget of Succeeding
Years
400,000.00
Statutory Excess to Fund Balance
829,716.00
918,293.54
Fund Balance January
1
1,329,410.73
936117.19
2,159,126.73
1,854,410.73
Less:
Utilization
as Anticipated
Revenue
645,000.00
525,000.00
Fund Balance December
31
$
1:514,126.73
$
1,329,410.73
-105 -
COMPARATNE
STATEMENT OF OPERATIONS AND CHANGE
IN FUND BALANCE - SWIMMING
POOL UTILITY OPERATING FUND
Revenue and Other
Year 2013
Year 2012
Income Realized
Amount
%
Amount
%
Fund Balance Utilized
$43,980.00
8.77
$43,980.00
9.67
Membership
Fees
246,767.08
49.23
249,930.00
54.96
Miscellaneous
From Other
Than Membership
Fees
210,529.94
42.00
160,849.85
35.37
Total Income
501,277.02
100.00
454,759.85
100.00
Expenditures
Budget Expenditures:
Operating
372,800.00
100.00
372,800.00
100.00
Total Expenditures
372,800.00
100.00
372,800.00
100.00
Excess in Revenue
128,477.02
81,959.85
Fund Balance January 1
309,914.83
271,934.98
438,391.85
353,894.83
Less:
Utilization as Anticipated
Revenue
43,980.00
43,980.00
Fund Balance December 31
$394,411.85
$309,914.83
-106 -
COMPARATIVE
SCHEDULE
OF TAX RATE INFORMATION*
Tax Rate:
$7.700
Apportionment
of Tax Rate:
Municipal:
2.226
2.184
2.138
0.096
0.105
0.110
1.033
1.039
1.021
0.088
0.096
0.100
4.361
4.276
4.190
Municipal
Library:
County:
County Open Space:
Local School:
Assessed Valuation:
2013
$497,716,343.00
2012
$498,168,295.00
2011
$499,008,346.00
*Per Abstract of Ratables, Middlesex
County, NJ
Note: Under the provisions
of Chapter 73, L.1976, the County Board of Taxation estimated the
amount of approved Veterans and Senior Citizens Tax Deductions
for 2013 to be $155,750.
COMPARISON
OF TAX LEVIES AND COLLECTION
CURRENTLY
A study of this tabulation
could indicate a possible trend in future tax levies. A decrease in the
percentage
of current collection could be an indication of a probable increase in future tax levies.
Percentage
Calendar
Cash
of
Year
TaxLeyy
Collections
Collection
2013
$38,856,328.51
$37,912,308.96
97.57%
2012
38,404,362.51
37,520,345.73
97.70%
2011
37,783,224.60
37,106,961.45
98.21%
-107 -
DELINQUENT
TAXES AND TAX TITLE LIENS
This tabulation
includes a comparison, expressed in percentage,
of the total of delinquent taxes and
tax title liens, in relation to the tax levies of the last three years.
Amount of
Amount of
Percentage
Calendar
Tax Title
Delinquent
Total
of
Year
Liens
Taxes
Delinquent
TaxLeyy
2013
$419,249.19
$894,628.05
$1,313,877.24
3.38%
2012
382,105.14
826,645.39
1,208,750.53
3.15%
2011
327,898.45
620,702.34
948,600.79
2.51%
PROPERTY ACQUIRED
BY TAX TITLE LIEN LIQUIDATION
The value of property acquired by liquidation of tax title liens on December 31, on the basis of the last
assessed valuation of such properties, was as follows:
Calendar
Year
Amount
2013
2012
2011
$1,423,139.00
1,423,139.00
1,426,700.00
COMPARATNE
SCHEDULE OF FUND BALANCES
Current Fund
Utilized in
Budget of
Calendar
Succeeding
Year
Balance
Year
2013
$1,514,126.73
$996,000.00
2012
1,320,410.73
645,000.00
2011
936,117.19
525,000.00
2010
1,004,318.34
900,000.00
2009
877,340.06
830,000.00
2013
$394,411.85
$59,690.00
2012
309,914.83
43,980.00
2011
271,934.98
43,980.00
2010
255,664.48
43,980.00
2009
188,448.77
60,400.00
Swimming Utility
Operating Fund
-108 -
OFFICIALS
IN OFFICE AND SURETY BONDS
The following officials were in office as at December 31, 2013:
NAME
AMOUNT
OF BOND
Ronald S. Dobies
Ron DiMura
Kevin Dotey
Patricia Jenkins
Sean Kaplan
Robert Schueler
Michele Tackach
Mayor
President of Council
Councilperson
Councilperson
Councilperson
Councilperson
Councilperson
*
*
*
*
*
*
*
Andrea Corcoran
Borough Treasurer/
Chief Financial Officer
*
Tonya Hubosky
Tax Collector/Tax
Search Office
Qualified Purchasing Agent
*
Kathleen Anello
Borough Clerk/Dog License Officer/
Assessment
Search Officer
*
Lizandra DeAngelis
George Psak
Dennis Fackelman
Court Administrator
Chief Municipal Court Judge (to 08/13)
Municipal Court Judge
*
*
*
Aravind Aithal, Esq.
James Ayotte
Terry Brundage
Frank Betts
Linda Chismar
Remington & Vernick
Beverly Weber
Kathleen Bird
Attorney
Construction
Code Official
Health Officer
Tax Assessor
Deputy Borough Clerk/
Registrar of Vital Statistics
Engineer
Treasurer, Free Public Library
Secretary, Swim Pool Commission
* All officials and employees handling and collecting Borough Funds are covered by Public
Employees
Blanket Bond of $1,000,000.00
under the Joint Insurance Fund.
All of the bonds were examined and were properly executed.
-109 -
BOROUGH
OF MIDDLESEX
MIDDLESEX
COUNTY,
NEW JERSEY
PART IV
GENERAL
COMMENTS
AND RECOMMENDATIONS
-110 -
BOROUGH
OF MIDDLESEX
COUNTY OF MIDDLESEX,
NEW JERSEY
YEAR ENDED DECEMBER
31,2013
GENERAL COMMENTS
An audit of the financial
accounts
and transactions
of the Borough
of Middlesex,
County
of
Middlesex,
New Jersey, for the calendar year ended December
31, 2013, has been completed.
The General Comments are herewith set forth:
Scope of Audit
The audit covered the financial
transactions
of the Finance
Department
and the other various
offices and departments
collecting fees within the Borough of Middlesex,
County of Middlesex,
New Jersey.
The audit did not and could not determine the character of services rendered for which payment
had been made or for which reserves had been set up, nor could it determine the character, proper
price or quantity
of materials
supplied for which claims had been passed.
Cash on hand was
counted
and cash
and
investment
balances
were
reconciled
with
independent
certifications
obtained directly from the depositories.
Revenues and receipts were established and verified as to
source and amount insofar as the records permitted.
INTERNAL
CONTROL MATTERS
In planning
and performing
our audit of the financial
statements
of Borough
of Middlesex,
County of Middlesex,
New Jersey as of and for the transition year ended December 31, 2013, in
accordance
with auditing
standards
generally
accepted
in the United
States of America,
we
considered the Borough's
internal control over financial reporting (internal control) as a basis for
designing
our auditing
procedures
for the purpose
of expressing
our opinion
on the financial
statements, but not for the purpose of expressing an opinion on the effectiveness
of the Borough's
internal control. Accordingly,
we do not express an opinion on the effectiveness
of the Borough's
internal control.
Our consideration
of internal
control
was for the limited purpose
described
in the preceding
paragraph
and would not necessarily
identify
all deficiencies
in internal control that might be
significant deficiencies
or material weaknesses.
A control deficiency 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
misstatements
on a timely basis.
A significant
deficiency
is a control
deficiency,
or combination
of control
deficiencies,
that
adversely affects the entity's
ability to initiate, authorize, record, process, or report financial data
reliably in accordance
with generally accepted accounting
principles such that there is more than
a remote likelihood
that a misstatement
of the entity's
financial
statements
that is more than
inconsequential
will not be prevented or detected by the entity's internal control.
-111-
GENERAL
COMMENTS
INTERNAL
CONTROL MATTERS
(Cont'd.)
A material weakness
is a significant
deficiency,
or combination
of significant
deficiencies,
that
results in more than a remote likelihood that a material misstatement
of the financial statements
will not be prevented or detected by the entity's internal control.
With respect to the reporting of internal control matters, standards require that only a significant
deficiency
and/or a material
weakness
need be reported
in writing to. management
and those
charged with governance.
The control deficiencies
reported
are not considered
to be significant
deficiencies
nor material
weaknesses.
In addition,
these control deficiencies
are not required to be reported
in writing,
however, control deficiencies
are presented to management
and those charged with governance in
this report as a means to present those matters
identified
in review of the Borough's
internal
controls
and as a means to inform management
and those charged with governance
as to the
auditing standards requirements
with respect to internal controls.
As indicated below, we identified certain deficiencies
in internal control that we consider to be
control deficiencies.
In addition,
during our audit, we noted certain matters involving
the internal control and other
operational matters that are presented for your consideration.
This letter does not affect our report
dated August 11, 2014 on the financial statements of the Borough of Middlesex.
Our comments
and recommendations,
which have been discussed with appropriate members of management,
are
intended to improve the internal control or result in other operating efficiencies.
Control Deficiencies:
20] 3-1 Segregation of Duties
Conditions
exist whereby the same person may collect, record and deposit cash receipts
in the
following
offices
-
Tax Office,
Finance,
Health
Department/
Vital
Statistics,
Construction-
Zoning/ Planning, Police, Fire Prevention, Recreation and Borough Clerk.
This condition
is the result of the staffing levels and multi tasks performed
by personnel within
the respective offices.
-112 -
GENERAL
COMMENTS
OTHER MATTERS
Contracts and Agreements Required
to be Advertised Per 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 the
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 after public advertising for bids and bidding therefor, 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
$17,500
except by
contract or agreement."
On June 9, 2010, the Local Public Contracts Law was amended,
effective on January
1, 2011.
The amendments
address the bid threshold (Section 7, NJ.S.A.
40A:11-3), thereby increasing the
amount from $21,000.00
to $26,000.00
under which a contract may be awarded without public
advertising.
Furthermore,
if the Borough's
Purchasing
Agent is "Qualified"
the Council may
increase the bid threshold
from $29,000 to $36,000. On May 5, 2011, a revised Local Finance
Notice
was issued which reduced the threshold
for Non-QPA
municipalities
from $26,000 to
$17,500. As of December 31,2013,
the Borough has a Qualified Purchasing Agent.
A review
of the Borough's
purchasing
procedures
indicates
bids were requested
by public
advertising for the following items tested, as disclosed in the official minutes:
Material, Supplies, Equipment,
Service Rentals, Construction
and Repairs:
Wheel
Loader
Backhoe;
Road Improvements;
Fire Pumper;
Mill & Overlay
Project;
Bound
Brook Pump Station Improvements
State Contracts:
Installation
of Vehicle
Charger; Picnic Tables; Turnout Gear; Dell Multifunction
Printer; Dell
Color Laser Printer; Pagers
The
minutes
indicated
the
adoption
of resolutions
authorizing
the
purchase
through
state
approved vendors as required by N.J.A.C. 5:34-1.2.
The minutes
indicate
that resolutions
were adopted
and advertised
authorizing
the awarding
contracts or agreements for "Professional
Services" per NJ.S.A.
40A:11-5.
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.
-113 -
GENERAL COMMENTS
OTHER MATTERS (Cont'd.)
Contracts and Agreements
Required
to be Advertised Per N.J.S.A. 40A:11-4 (Cont'd.)
A test examination
of expenditures
revealed no individual payments,
contracts or agreements
in
excess of $17,500 or $36,000 as applicable "for the performance
of any work or the furnishing or
hiring of any materials or supplies"
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:II-6.
Any interpretations
as to possible violation ofNJ.S.A.
40A:II-4
and N.J.A.C. 5:30-14 would be
in the province of the municipal solicitor.
Compliance
with P.L. 2005, c.271
The threshold
for Pay-to-Play
is set at $17,500, with no escalator provision.
"Pay-to-Play"
laws
cover all contracts (not just professional
services as some believe). Any contract (or aggregation
of purchases
of similar goods or services) that does not meet "fair and open" standards requires
the Borough to obtain the necessary c. 271 documents. The provisions of c. 271 became effective
on January 1,2006.
A non-compliance
would result with the issuance of purchase orders exceeding
$17,500 during
the
fiscal
period
without
a "fair
and
open"
process,
and
without
obtaining
the
requisite
disclosures.
It is important
to note that the laws and regulations
implementing
"Pay-to-Play"
focus on vendors rather than categories
of goods and services.
While this change may appear
subtle, it greatly expands the monitoring required to assure continuing compliance.
Tests of expenditures
for vendors
with payments
in excess
of $17,500.00
and less than the
applicable
bid threshold
indicated the Borough had the required documentation
for compliance
with P.L. 2005, c.271 for items tested.
Collection of Interest on Delinquent Taxes and Assessments
N.J.S. 54:4-67, as amended, provides the method for authorizing
interest and the maximum rate
to be charged for the non- payment of taxes or assessments
on or before the date when they would
become delinquent.
The governing body, on January
1, 2013, adopted the following resolution authorizing
interest to
be charged on delinquent taxes:
WHEREAS,
R.S. 54:4-67 has been amended to permit the governing body to fix the rate
of interest to be charged for the nonpayment
of taxes or assessments
on or before the date when
they would become delinquent
and may provide that no interest shall be charged if payment of
any installment is made within ten (10) days after the date upon which the same is payable;
-114 -
GENERAL
COMMENTS
OTHER MATTERS (Cont'd.)
Collection ofInterest
on Delinquent Taxes and Assessments
(Cont'd.)
NOW, THEREFORE,
BE IT RESOLVED
that the Borough Council does hereby fix the
rate of interest at eight percent (8%) per annum on the first One Thousand Five Hundred Dollars
($1,500) and at eighteen percent (18%) per annum on any amount in excess of One thousand Five
Hundred Dollars ($1,500) from the date when any tax installment shall be payable and delinquent
until the said installment together with interest is paid provided, however, that if any installments
shall be paid within ten (10) days after the date payable, in that event there shall be no interest
charged.
"In addition, pursuant to NJ.S.A.
54:4-67, there is hereby fixed as a penalty to be charged to a tax
payer with a delinquency
in excess of $10,000 who fails to pay the delinquency
prior to the end
of the calendar year of 6 percent to the amount of delinquency".
The audit of the Collector's
records
on a test basis indicated
that interest
on all delinquent
accounts was calculated in accordance with the foregoing resolution for items tested.
Delinquent Taxes and Tax Title Liens
The last tax sale was held on July 16, 2013.
There were no properties
excluded from the sale.
There are no properties payable on an installment basis.
The following
comparison
is made of the number of tax title liens receivable
for the last three
years:
Year
Number of Liens
CY 2013
CY 2012
CY 2011
12
13
13
Interfund Balances
Interfund Balances appear in the balance sheets of the Borough's
financial statements of the year
ended December 31, 2013.
These interfunds,
in most cases, resulted from CY 2013 operations
and should be cleared by cash
transfer where feasible.
Investments
The Borough
has adopted a formal cash management
plan policy in compliance
with NJ.S.A.
40A:5-14 of the Local Fiscal Affairs Law, which requires that "each local unit shall adopt a cash
management
plan and shall deposit its fund pursuant to that plan".
-115 -
GENERAL COMMENTS
OTHER MATTERS (Cont'd.)
Purchase Order and Encumbrance
System
The Borough
utilized
a purchase
order
system
for its expenditures
in connection
with
its
budgetary
accounting
encumbrance
system
during
the year
under
review.
Transactions
are
approved based on availability of funds. The utilization of confirming orders was noted.
Payment of Claims
Payments
of claims were examined
on a test basis for the year under review. There were no
exceptions noted for items tested.
Surety Bonds
The "List
of Officials",
included
as part of the Supplementary
Data
section
of this report,
discloses
the status of surety bond coverage's
in effect at December
31, 2013. The minimum
surety bond requirements
for both the Tax Collector and Municipal Court were met for fiscal year
2013.
During July 1998 the Local Finance Board completed a readopting of the Board's general rules in
the New Jersey Administrative
Code.
Based upon the new provisions
of N.J.A.C. 5:30-8.3 and
8.4, local units are encouraged
to utilize new recommended
amounts
in lieu of the minimum
amounts
in order to provide a higher level of security of public funds.
The Borough's
surety
bond Coverage
meets the new recommended
amounts
as it is covered
under the Middlesex
County Joint Insurance Fund.
Municipal Court
The financial records maintained
by the Municipal
Court during the period were reviewed.
The
examination
of the general account included review, on a test basis, that deposits were properly
recorded and spread by receipt category and disbursements
were made to the appropriate agencies
on a timely basis.
The bank reconciliations
for both the general and bail accounts were made
available
for review.
The examination
of the bail account's
financial
and supporting
records
maintained by the Municipal Court revealed no exceptions for items tested.
The processing
of traffic
and criminal
cases entered
on the State's
on-line
computer
system
revealed no exceptions for items tested.
Condition of Records - Other Officials Collecting Fees
Our reviews
of the records
maintained
for other
officials
collecting
fees were designed
to
determine that minimum levels of internal controls and accountability
were met, that cash receipts
were deposited or turned over to the Treasurer's
accounts within a 48 hour period as required by
N.J.S.A. 40A:5-15,
and the fees charged were in accordance
with the provisions of the Borough
Code and that monthly financial reports are being submitted
to the Finance Department
timely.
There were no exceptions noted for items tested.
-116 -
GENERAL
COMMENTS
OTHER MATTERS (Cont'd.)
Condition of Records - Collector of Revenues
The records maintained by the Collector of Revenues were reviewed.
Computerized
cash receipt
records were agreed to manual controls daily and in total monthly with no exceptions
noted for
items tested.
No exceptions were noted for the testing of computerized
real estate tax billings and
billing adjustments for real estate taxes.
Condition of Records - Finance Office
The financial records maintained
by the Finance Department
during the period were reviewed.
A
general ledger was maintained
for each fund, and was found to be suitable to serve as the basis
for financial
statement
preparation.
Control accounts
were generally
in proof with supporting
detail.
General Capital Fund
During
our
audit
of the
General
Capital
Fund,
we
noted
that
several
old
improvement
authorizations
had no activity
for several years.
We also noted that there were improvement
authorizations
in excess of 5 years old with cash deficit balances.
We
recommend
that
the
Borough
review
and
investigate
improvement
authorizations
to
determine their status and proper disposition and old improvement
authorizations
be funded.
Sewer Billings
The Borough adopted Ordinance
1819-12, which amended the sewer ordinance of the Borough
amending the existing user classes schedule as set forth in the code of the Borough. Based on the
new ordinance, the Borough billed for sewer usage in the amount of$174,787.27,
however not all
accounts were billed as required during 2013. These accounts were subsequently
billed in 2014.
As a result of the non-billings,
the amount of revenues collected
during 2013 was substantially
less than the amount of $556,000.00
budgeted for during 2013.
We recommend
all sewer billings be processed in accordance
with the Borough's
ordinances on a
timely basis.
Administration
and Accounting
of State & Federal Grants
During CY 2013, the Borough operated programs that were funded in whole or in part by state or
federal grant awards.
As part of the acceptance
of these funds, the Borough is required to make
assurances
to the grantor agency that it will comply,
in its general operations
as well as in the
operation of grant funded programs, with various laws and regulations.
In addition, the individual
grant contracts impose specific compliance requirements
for the operations of each program.
The acceptance of grant funds also places additional requirements
upon the Borough with respect
to the Borough's
system of internal controls.
Based upon the matrix of requirements
applicable
to a specific grant, the Borough's
internal controls are required to include systems and policies
and procedures designed to ensure compliance with the many requirements.
-117 -
GENERAL
COMMENTS
OTHER MATTERS (Cont' d.)
Administration
and Accounting
of State & Federal Grants (Cont'd.)
We noted that the Finance office made an effort to review prior years' grant receivable balances
and unexpended
grant reserve balances for proper disposition at December 31,2013. It was noted
that the Borough continues to carry unexpended
balances of grant awards that are several years
old.
This condition may have resulted from the decentralized
management
of the various grant
programs.
In the current environment,
it is possible that grant program coordinators
may have
reported expenditures
that were not charged to grant program appropriations.
We suggest that the
Borough continue to monitor prior years'
unexpended
grant reserves and that proper disposition
is made in compliance with the terms and conditions of the grant agreements.
Internal Control Documentation
Statement
on Auditing Standards
115 sets forth requirements
upon the auditee that includes the
documentation
of its internal
controls.
We suggest the Borough
initiate this process
and also
consider
utilizing the framework
established
by the Committee
of Sponsoring
Organizations
of
the Treadway Commission
(COSO) for its documentation,
which includes the five components
of
internal
controls,
as
follows:
Control
Environment;
Risk
Assessment;
Control
Activities;
Information
and Communication;
and Monitoring.
In addition,
we suggest the documentation
should also include the internal controls that exist over grant compliance
along with providing for
this documentation
in conjunction
with information
relating to job descriptions
and procedures
manual.
Compliance
with NJ.A.C.
5:30:
The Local Finance Board, Department
of Community
Affairs, State of New Jersey, adopted the
following
requirements,
previously
identified as "technical
accounting
directives"
as codified in
the New Jersey Administrative
Code, as follows:
NJ.A.C.
5:30 - 5.2 - Encumbrance
Accounting:
This directive
requires the development
and
implementation
of accounting
systems, which can reflect the commitment
of funds at the point of
commitment.
The Borough of Middlesex is in compliance with this directive.
NJ.A.C.
5:30 -5.6 - Fixed
Asset Accounting:
This directive
requires
the development
and
implementation
of accounting
systems
which assigns
values
to covered
assets and can track
additions, retirements
and transfers of inventoried assets.
It is recommended
that
the
Borough
comply
with
N.J.S.A.
5:30
- 5.6 "Accounting
for
Governmental
Fixed Assets" issued by the Division of Local Government
Services, Department
of Community
Affairs, State of New Jersey, in all respects.
It is recommended
the fixed asset inventory be maintained in an accurate and complete manner.
NJ.A.C.
5:30
-
5.7
- General
Ledger
Accounting
System:
This
directive
requires
the
establishment
and maintenance
of a general ledger for, at least, the Current Fund.
The Borough is
in compliance with this directive.
-118 -
GENERAL
COMMENTS
OTHER MATTERS (Cont'd.)
Compliance
with Local Finance Notices
In accordance
with Local Finance Notice No. CFO-10, Uniform Construction
Code, expenditure
records were tested for compliance
with N.J.A.C. 5:23.17(c)2,
and no exceptions were noted for
those items tested.
The Borough
prepared and filed a corrective
action plan for the year 2012, pursuant
to Local
Finance Notice No. 92-15 issued by the Division of Local Government
Services, Department
of
Community Affairs, State of New Jersey.
-119 -
RECOMMENDATIONS
We recommend the following:
That the Borough
review and investigate
improvement
authorizations
to determine
their status
and proper disposition and old improvement authorizations
be funded.
That sewer billings be processed in accordance with the Borough's
ordinances on a timely basis.
That the fixed asset inventory
accounting
system be maintained
in an accurate
and complete
manner.
**********
ACKNOWLEDGMENT
During the course of our audit we received the complete cooperation
of the various officials of
the Borough, and the courtesies extended to us were greatly appreciated.
Should
any questions
arise
as to our comments
or recommendations
or should
you desire
assistance in implementing
our recommendations,
please do not hesitate to contact us.
Very truly yours,
HODULIK & MORRISON,
P.A.
~----------
~
Andrew G. Hodulik, CPA, RMA
No. 406
-120 -
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
"...y Delinquent Taxes and Tax Title Liens Property Acquired for Tax Title Lien Liquidation Comparative Schedule of Fund Balances Officials in Office and Surety Bonds 104 105 106 107 107 108 108 108 109 PART IV - GENERAL COMMENTS AND RECOMMENDATIONS 110 General Comments Recommendations 111-119 120 BOROUGH OF MID..."
liquidated damages
No Flags Found
Quick Actions
Explore More
Timeline
First Discovered
Apr 2, 2026
Last Info Update
Apr 2, 2026
Start your 7-day free trial
Get instant notifications and full bid analysis. Existing users will be logged in automatically.
Start Free Trial