2014 Middlesex Borough Municipal Audits

The Borough of Middlesex's financial statements for the year ended December 31, 2014, were audited by Hodulik & Morrison, P.A. The audit assessed the financial transactions of the Finance Department and various fee-collecting offices. An adverse opinion was issued on the U.S. Generally Accepted Accounting Principles (GAAP) presentation due to the omission of the Statement of Governmental Fixed Assets and material differences between regulatory accounting practices and GAAP. A qualified opinion was given for the regulatory basis financial statements. Recommendations include ensuring all postings to the general ledger are properly recorded within the financial information processing system, sewer billings are processed according to Borough ordinances in a timely manner, and the fixed asset inventory accounting system is maintained accurately and completely. The audit also identified control deficiencies related to general ledger maintenance and cash receipts/disbursements journals, which are to be addressed.