2015 Middlesex Borough Municipal Audits

The Borough of Middlesex's financial statements and supplementary data for the years ended December 31, 2015 and 2014 have been audited by Hodulik & Morrison, P.A. The audit encompasses the various funds of the Borough, including the Current Fund, Trust Fund, General Capital Fund, and Swimming Pool Utility Fund. The report includes an independent auditor's report, reports on internal control and compliance, and detailed financial statements and supplementary information as per the table of contents. The audit was conducted in accordance with auditing standards generally accepted in the United States of America and Government Auditing Standards. The financial statements provide a comparative view of the Borough's financial position and operations over the two-year period. Key areas covered include fund balances, revenues, expenditures, debt, and compliance with legal and regulatory requirements. Various schedules offer detailed breakdowns of accounts, such as cash, receivables, payables, and reserves. Risk management practices, pension plans, and post-retirement health care benefits are also addressed. Noteworthy internal control findings and recommendations are provided for the Borough to improve its financial management processes. The audit report highlights specific control deficiencies and suggests that the Borough maintain a complete General Ledger for the Trust Fund and General Capital Fund. Recommendations are included to improve the internal control environment or result in other operating efficiencies. Adherence to New Jersey statutes and regulations, including compliance with the Local Public Contracts Law and the provisions of the Local Fiscal Affairs Law, were also examined.