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Executive Summary
This document is an audit report for the Borough of Middlesex in New Jersey, covering the financial statements for the year ended December 31, 2023, and providing comparative data for 2022. It includes independent auditor's reports expressing opinions on the financial statements' adherence to regulatory accounting principles and U.S. Generally Accepted Accounting Principles (GAAP). The audit encompasses various funds, including the Current Fund, Trust Fund, General Capital Fund, and Swimming Pool Utility Fund, and also examines internal controls, compliance with legal and regulatory provisions, and state financial assistance programs. The document further provides supplementary schedules, statistical data, and recommendations for improving financial management.
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--- Document: 2023 Middlesex Borough Municipal Audit Document ---
Report of Audit
the
on
Financial Statements
of the
Borough of Middlesex
in the
County of Middl
New Jersey
esex
for the
Year Ended
December 31, 2023
BOROUGH OF MIDDLESEX
I N D E X
PAGES
PART I
1-4
Independent Auditor's Report
EXHIBITS
Financial Statements - Regulatory Basis
Current Fund:
"A"
"A-1"
"A-2"
"A-3"
Balance Sheets - Regulatory Basis
Statements of Operations and Change in Fund Balance- Regulatory Basis
Statement of Revenues - Regulatory Basis - Year Ended December 31, 2023
Statement of Expenditures - Regulatory Basis - Year Ended December 31, 2023
Trust Fund:
"B"
Balance Sheets - Regulatory Basis
Statement of Fund Balance- Regulatory Basis
“B-1”
General Capital Fund:
"C"
"C-1"
Balance Sheets - Regulatory Basis
Statement of Fund Balance - Regulatory Basis
Swimming Pool Utility Fund:
"D”
Comparative Balance Sheets - Regulatory Basis
Comparative Statement of Operations and Change in Fund Balance - Regulatory Basis “D-1”
'D-2”
"D-3”
"D-4”
Statement of Fund Balance- Regulatory Basis
Statements of Revenues - Regulatory Basis - Year Ended December 31, 2023
Statement of Expenditures - Regulatory Basis
General Fixed Assets Account Group:
Balance Sheets - Regulatory Basis
PAGES
Notes to Financial Statements
5-42
BOROUGH OF MIDDLESEX
I N D EX (CONTINUED)
Supplementary Schedules - All Funds
EXHIBITS
Current Fund:
"A-4"
"A-5"
"A-6”
"A-7"
“A-8"
Schedule of Cash-Treasurer
Schedule of Change Fund
Schedule of Taxes Receivable and Analysis of Property Tax Levy
Schedule of Tax Title Liens
Schedule of Sewer Flow Charges Receivable
Schedule of Revenue Accounts Receivable
Schedule of Interfunds
Schedule of 2022 Appropriation Reserves
Schedule of Due State of New Jersey for Senior Citizen and Veteran Deductions
Schedule of County Taxes Payable
Schedule of Local District School Tax Payable
Schedule of Prepaid Taxes
Schedule of Tax Overpayments
Schedule of Encumbrances Payable
Schedule of Changes in Various Accounts Payables and Reserves
Schedule of Grants Receivable
Schedule of Reserve for Grants - Appropriated
Schedule of Reserve for Grants - Unappropriated
Schedule of Interfunds Receivable/Payable- Grant Fund
“A-9”
"A-10"
“A-11”
"A-12"
“A-13”
"A-14"
“A-15”
“A-16”
“A-17”
“A-18”
“A-19”
“A-20”
“A-21”
“A-22”
Trust Fund:
“B-2”
Schedule of Cash-Treasurer
Schedule of Assessments Receivable- Assessment Trust Fund
Schedule of Reserve for Animal Control Expenditures- Animal Control Trust Fund
Schedule Due State of New Jersey- Animal Control Trust Fund
Schedule of Due to General Capital Fund
Schedule of Due to Current Fund- Assessment Trust Fund
Schedule of Reserve for Miscellaneous Trust Deposits- Other Trust Fund
Schedule of Reserve for Developers’ Deposits- Other Trust Fund
Schedule of Reserve for Public Assistance Trust Fund
Schedule of Reserve for Payroll Deductions- Other Trust Fund
Schedule of Due to Current Fund- Animal Control Fund
Schedule of Interfunds Receivable- Other Trust Fund
Schedule of Interfunds Receivable- Payroll Trust Fund
“B-3”
“B-4”
“B-5”
“B-6”
“B-7"
“B-8”
“B-9”
“B-10”
“B-11”
“B-12"
“B-13”
“B-14”
BOROUGH OF MIDDLESEX
I N D E X (CONTINUED’)
EXHIBITS
General Capital Fund:
"C-2"
"C-3"
"C-4"
“C-5"
Schedule of Cash-Treasurer
Analysis of Cash
Schedule of Deferred Charges to Future Taxation-Funded
Schedule of Deferred Charges to Future Taxation-Unfunded
Schedule of Reserve for Insurance Refund
Schedule of Contracts Payable
Schedule of Capital Improvement Fund
Schedule of Bond Anticipation Notes Payable
Schedule of Improvement Authorizations
Schedule of General Serial Bonds
Schedule of State of New Jersey Trust Loan Payable- New Jersey
Environmental Infrastructure Trust Loans
Schedule of State of New Jersey Fund Loan Payable- New Jersey
Environmental Infrastructure Fund Loans
Schedule of Capital Leases Payable
Schedule of State of New Jersey Loan Payable-Green Trust Loan Program
Schedule of State Aid Receivable
Schedule of Reserve for Grant Receivable
Schedule of Reserve for Payment of Debt Service
Schedule of Due Trust Assessment Fund
Schedule of Interfunds Payable
Schedule of Bonds and Notes Authorized But Not Issued
"C-6”
“C-7"
"C-8"
“C-9"
“C-10”
“C-11”
“C-12"
“C-13”
“C-14”
“C-15”
“C-16”
“C-17”
“C-18”
“C~19”
“C-20”
“C-21”
Swimming Pool Utility Fund
"D-5”
Schedule of Swimming Pool Utility Cash and Investments - Treasurer
Analysis of Swimming Pool Utility Capital Cash and Investments
Schedule of Fixed Capital
Schedule of Fixed Capital Authorized and Uncompleted
Schedule of 2022 Appropriation Reserves
Schedule of Interfunds Receivable/Payable
Schedule of Reserve for Amortization - Capital Fund
Schedule of Capita! Improvement - Capital Fund
Schedule of Deferred Reserve for Amortization - Capital Fund
Schedule of Interfunds Receivable/Payable - Capital Fund
Schedule of Improvement Authorizations - Capital Fund
Schedule of Accrued Interest on Bonds and Notes - Fund
Schedule of General Serial Bonds - Capital Fund
Schedule of Bonds and Notes Authorized but Not Issued-Capital Fund
“D-6”
"D-7”
“D-8”
"D-9”
“D-10”
“D-11”
“D-12"
“D-13”
“D-14”
“D-15”
“D-16”
“D-17”
“D-18”
BOROUGH OF MIDDLESEX
I N D E X (CONTINUED)
PAGES
PART II
Independent Auditor’s Report on Internal Control Over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements Performed
in Accordance with Government Auditing Standards
43-44
Independent Auditor's Report on Compliance with Requirements Applicable to Each
Major State Program and on Internal Control over Compliance in Accordance with
State of New Jersey OMB Circular 15-08
44-47
48
Schedule of Expenditures of State Financial Assistance
49-50
Notes to the Schedule of Expenditures of State Financial Assistance
51-52
Schedule of Findings and Questioned Costs
PART III
Statistical Data
53-56
Officials in Office and Surety Bonds
57
58-61
Comments and Recommendations
BOROUGH OF MIDDLESEX
PARTI
INDEPENDENT AUDITOR'S REPORT ON
AUDIT OF FINANCIAL STATEMENTS
AND SUPPLEMENTARY SCHEDULES AND DATA
FINANCIAL STATEMENTS - REGULATORY BASIS - ALL FUNDS
NOTES TO FINANCIAL STATEMENTS - REGULATORY BASIS
SUPPLEMENTARY SCHEDULES - ALL FUNDS
YEARS ENDED DECEMBER 31. 2023 AND 2022
SUPLEE , CLOONEY & COMPANY LLC
CERTIFIED PUBLIC ACCOUNTANTS
308 East Broad Street , Westfield , New Jersey 07090 - 2122
Fax 908-789-8535
Telephone 908-789-9300
E-mail
info@scnco.com
INDEPENDENT AUDITOR’S REPORT
The Honorable Mayor and Members
of the Borough Council
Borough of Middlesex
County of Middlesex
Middlesex, New Jersey 08846
Report on the Audit of the Financial Statements
Adverse and Unmodified Opinions
We have audited the accompanying balance sheets - regulatory basis of the various individual
funds and account group of the Borough of Middlesex (the "Borough”), as of and for the year
ended December 31, 2023 and 2022, the related statements of operations and changes in fund
balance - regulatory basis for the year then ended, and the related statement of revenues -
regulatory basis and statement of expenditures - regulatory basis of the various individual funds
for the year ended December 31, 2023, and the related notes to the financial statements, which
collectively comprise the Borough’s regulatory financial statements as listed in the table of
contents.
Adverse Opinion on U.S. Generally Accepted Accounting Principles
In our opinion, because of the significance of the matter discussed in the “Matter Giving Rise to
Adverse Opinion” paragraph, the financial statements referred to above do not present fairly, in
accordance with accounting principles generally accepted in the United States of America, the
financial position of the various individual funds and account group of the Borough as of December
31, 2023 and 2022, or the results of its operations and changes in fund balance for the year then
ended or the revenues or expenditures for the year ended December 31, 2023.
Unmodified Opinion on Regulatory Basis of Accounting
In our opinion, the regulatory financial statements referred to above present fairly, in all material
respects, the regulatory basis balances sheets of the various individual funds and account group
as of December 31, 2023 and 2022, the regulatory basis statement of operations and changes in
fund balance for the year then ended and the regulatory basis statement of revenues and
expenditures and changes in fund balance for the year ended December 31, 2023 in accordance
with the basis of financial reporting prescribed by the Division of Local Government Services,
Department of Community Affairs, State of New Jersey (the “Division") as described in Note 1.
1
SUPLEE, CLOONEY & COMPANY LLC
Basis for Adverse and Unmodified Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America, the audit requirements prescribed by the Division, and the standards
applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Our responsibilities under those standards are further
described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our
report. We are required to be independent of the Borough and to meet our other ethical
responsibilities, in accordance with the relevant ethical requirements relating to our audit. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our adverse and unmodified audit opinions.
Matter Giving Rise to Adverse Opinion
As described in Note 1 of the regulatory financial statements, the regulatory financial statements
are prepared by the Borough on the basis of the financial reporting provisions prescribed by the
Division, which is a basis of accounting other than accounting principles generally accepted in the
United States of America, to meet the requirements of New Jersey. The effects on the financial
statements of the variances between the regulatory basis of accounting described in Note 1 and
accounting principles generally accepted in the United States of America, although not reasonably
determinable, are presumed to be material.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the regulatory financial
statements in accordance with the regulatory basis of accounting prescribed by the Division, and
for the design, implementation, and maintenance of internal control relevant to the preparation
and fair presentation of regulatory financial statements that are free from material misstatement,
whether due to fraud or error. In preparing the regulatory financial statements, management is
required to evaluate whether there are conditions or events, considered in the aggregate, that
raise substantial doubt about the Borough's ability to continue as a going concern for twelve
months beyond the financial statement date, including any currently known information that may
raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the regulatory financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor's report that includes our opinions. Reasonable assurance is a high level of
assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted
in accordance with GAAS, Government Auditing Standards and audit requirements prescribed by
the Division will always detect a material misstatement when it exists. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control. Misstatements are considered material if there is a substantial likelihood that,
individually or in the aggregate, they would influence the judgment made by a reasonable user
based on the financial statements.
2
SUPLEE, CLOONEY & COMPANY LLC
In performing an audit in accordance with GAAS, Government Auditing Standards and audit
requirements prescribed by the Division, we:
•exercise professional judgment and maintain professional skepticism throughout the audit.
•identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
• obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Borough's internal control. Accordingly, no such opinion is
expressed.
•evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
•conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the Borough's ability to continue as a going concern for a
reasonable period of time.
We are required to communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit, significant audit findings, and certain internal
control-related matters that we identified during the audit.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively
comprise the Borough's regulatory
financial statements. The supplementary
information, schedule of expenditures of state financial assistance and data listed in the table of
contents as required by the Division and New Jersey OMB 15-08, Single Audit Policy for
Recipients of Federal Grants, State Grants, and State Aid are presented for purposes of additional
analysis and are not a required part of the basic financial statements.
Such information is the responsibility of management and was derived from and relates directly
to the underlying accounting and other records used to prepare the basic financial statements.
The information has been subjected to the auditing procedures applied in the audit of the basic
financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the basic
financial statements or to the basic financial statements themselves, and other additional
procedures in accordance with auditing standards generally accepted in the United States of
America. In our opinion, the supplemental information, Schedule of Expenditures of State
Financial Assistance and data listed in the table of contents, as required by the Division and New
Jersey OMB 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants, and State
Aid are fairly stated, in all material respects, in relation to the regulatory financial statements as a
whole.
3
SUPLEE, CLOONEY & COMPANY LLC
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated April
3, 2024, on our consideration of the Borough’s internal control over financial reporting and on our
tests of its compliance with certain provisions of laws, regulations, contracts, and grant
agreements and other matters. The purpose of that report is solely to describe the scope of our
testing of internal control over financial reporting and compliance and the results of that testing,
and not to provide an opinion on the effectiveness of the Borough's internal control over financial
reporting or on compliance. That report is an integral part of an audit performed in accordance
with Government Auditing Standards in considering Borough’s internal control over financial
reporting and compliance.
Jjtyhi ldjy JLAyy
CERTIFIED PUBLIC ACCOUNTANTS'
HZti udU.
REGISTERED MUNICIPAL ACCOUNTANT NO. 439
April 3, 2024
4
THIS PAGE INTENTIONALLY LEFT BLANK
CURRENT FUND
"A"
SHEET #1
BOROUGH OF MIDDLESEX
CURRENT FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
DECEMBER
31, 2023
BALANCE
DECEMBER
312022
REF.
A S S E T S
Current Fund:
Cash
Cash-Change Fund
Due State of NJ-Senior Citizen and Veteran Deductions
6,146,340.71
$
500.00
A-4
$
6,268,535.97
500.00
750.00
A-5
A-12
2,454.31
$
6,149,295.02
$
6,269,785.97
Receivables and Other Assets With
Full Reserves:
Delinquent Property Taxes Receivable
Tax Title Liens
Property Acquired for Taxes
Sewer Flow Charges Receivable
Revenue Accounts Receivable
Interfunds Receivable
$
641,049.09
$
103,610.30
1,423,139.00
48,597.01
14,153.48
125,840.19
2,356,389.07
$
A-6
538,141.73
98,313.33
1,423,139.00
54,774.55
9,176.18
138,671.30
A-7
A
A-8
A-9
A-10
$
2,262,216.09
A
$
8,505,684.09
$
8,532,002.06
Grant Fund:
Cash
Grants Receivable
Interfunds Receivable
$
A-4
$
18,183.04
897,525.16
23,775.02
1,072,143.20
A-19
A-22
$
1,072,143.20
$
939,483.22
A
$
9,577,827.29
$
9,471485.28
The accompanying Notes to Financial Statements are an integral part of this statement.
"A”
SHEET #2
BOROUGH OF MIDDLESEX
CURRENT FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
DECEMBER
31. 2023
BALANCE
DECEMBER
31.2022
REF.
LIABILITIES. RESERVES AND FUND BALANCE
Current Fund:
Liabilities:
Appropriation Reserves
Encumbrances
Due County Added/Omitted Taxes
Local School Taxes Payable
Prepaid Taxes
Tax Overpayments
Various Accounts Payable
Various Reserves
Interfunds Payable
$
$
1,029,043.75
222.587.65
6,624.81
1,376,018.00
259.821.65
225,648.11
114,805.47
292,274.80
A-3:A-11
1,003,665.44
192,107.17
A-17
A-13
A-14
1,131,851.00
253,546.21
178,912.33
114,820.47
205,320.82
A-15
A-16
A-18
A-18
A-10
79,214.52
79,680.54
$
3,606,038.76
$
2,356,389.07
2,543,256.26
8,505,684.09
$
3.159.903.98
2,262,216.09
3.109.881.99
Reserve for Receivables and Other Assets
Fund Balance
A
A-1
$
8,532,002.06
Grant Fund:
Grants-Appropriated
Grants-Unappropriated
Encumbrances Payable
Interfunds Payable
$
A-20
1,016,655.09
$
824,112.89
8,315.77
107,054.56
A-21
A-20
53,930.42
1,557.69
A-22
$
1,072,143.20
$
939,483.22
$
9,577,827.29
$
A
9.471,485.28
The accompanying Notes to Financial Statements are an integral part of this statement.
wA-r
BOROUGH OF MIDDLESEX
CURRENT FUND
STATEMENTS OF OPERATIONS
AND CHANGE IN FUND BALANCE - REGULATORY BASIS
YEAR ENDED
DECEMBER
31. 2022
YEAR ENDED
DECEMBER
31. 2023
REF.
REVENUE AND OTHER INCOME REALIZED
1,600,000.00
6,904,913.00
514,719.59
48,049,723.08
555,226.76
$
1,600,000.00
$
6,400,444.52
539,641.73
50,234,834.94
196,481.62
A-1:A-2
Fund Balance Utilized
Miscellaneous Revenue Anticipated
Receipts From Delinquent Taxes
Receipts From Current Taxes
Non-Budget Revenue
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
Statutory Animal Control Excess
Interfunds Returned
A-2
A-2
A-2
A-2
966,899.66
4,811.93
93,784.69
$
59,733,208.16
$
58,690,078.71
A-11
756,975.76
4,829.59
A-10
A-10
TOTAL INCOME
EXPENDITURES
Budget and Emergency Authorizations:
Operations:
Salaries and Wages
Other Expenses
Municipal Debt Service
Capital Improvement Fund
Public and Private Programs Offset by Revenues
Deferred Charges and Statutory Expenditures
Judgments
County Taxes
Local District School Tax
Senior Citizen and Veterans Deductions Adjustment
Interfunds Advanced
7,738,039.00
$
9,874,437.00
2,300,049.91
200,000.00
448,980.14
2,232,042.03
20,000.00
8,154,016.70
27,726,570.00
7,260,764.00
8,967,883.00
2,121,691.44
200,000.00
1,482,372.05
1,998,480.00
$
A-3
A-3
A-3
A-3
A-3
A-3
A-3
7,379,059.00
27,256,071.00
55,161.17
A-13
A-14
A-12
A-10
5,699.11
$
58,699,833.89
$
56,721,481.66
TOTAL EXPENDITURES
$
1,033,374.27
$
1,968,597.05
Excess in Revenue
2,741,284.94
3,109,881.99
Fund Balance, January 1
A
$
4,143,256.26
$
4,709,881.99
Decreased by:
Utilized as Anticipated Revenue
1,600,000.00
A-1:A-2
1,600,000.00
2,543,256.26
$
$
3,109,881.99
Fund Balance, December 31
A
The accompanying Notes to Financial Statements are an integral part of this statement.
”A-2"
SHEET #1
80RQUGH OF MIDDLESEX
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
YEAR ENDED DECEMBER 31. 2023
EXCESS
OR
BUDGET
(DEFICIT)
REALIZED
ADOPTED
NJSA 40A.4-87
REL
$
1,600,000.00
A-1
$
1,600,000.00
FundBalance Anticipated
Miscellaneous Revenues:
Alcoholic Beverage Licenses
Other Licenses
Fees and Permits:
Construction Code Official
Other
Municipal Court - Fines and Costs
Interest and Costs on Taxes
Interest on Investments and Deposits
Sewer Rents Receivable
Payment in Lieu of Taxes - Presbyterian Homes
Payment in Lieu of Taxes - 160 Lofts, LLC
Payment inlieu of Taxes - Midmarket Urban Renewal
Energy Receipts Tax
Municipal Relief Fund
Assistance to Firefighters Grant
Alcohol Education and Rehabilitation
Body Armor Replacement Fund - Federal
Body Armor Replacement Fund - State of New Jersey
Clean Communities
Click it or Ticket
CDBG- County HUD Funds
Distracted Driving Grant- 2023
Municipal Alliance on Alcoholism & Drug Abuse
Municipal Alliance DMHAS Leadership
National Opioid Settlement
Older Americans Act - Information Assistance
Older Americans Act - Transportation Assistance
Older Americans Education
Recycling Tonnage Grant
Stormwater Assistance Grant
General Capital Fund Balance
Cable Franchise Fees
Host Community Benefit Funds
Payment in Lieu of Taxes - RG Middlesex Urban Renewal,LLC
A-9
Payment in Lieu of Taxes- The View at 220 Lincoln Blvd
Payment InLieu of Taxes - CP Middlesex,LLC
Payment inlieu of Taxes - The View at 220 Lincoln Blvd
Payment in Lieu of Taxes - 150 Lofts, LLC
Reserve for Payment of Debt Service
Hazardous Waste Facilities Siting Act
School Garbage Reimbursement
Interfund - Statutory Excess Due from Animal Trust
Rental Registration Fees
Sub-Total Miscellaneous Revenues
2.753.20
(5,861.15)
$
16,553.20
37,938.85
$
13.800.00
$
43,800.00
$
A-9
A-9
(176,341.00)
12,822.21
54,949.94
(4,652.18)
71,187.92
103,879.98
4,544.58
1,984.67
1,814.84
(0.28)
333,659.00
16,622.21
136,949.94
134,697.82
120,087.92
988,879.98
60,294.58
316,984.67
49,564.84
1,792,116.72
92,842.00
178,795.12
648.97
4,254.53
1,789.21
32,647.83
7,000.00
64,854.00
34,160.00
7,978.00
5.000.00
17,233.66
7,000.00
10,000.00
2,000.00
58,624.32
15,000.00
69,398.03
87,922.45
54,454.54
513,683.60
217,386.36
347,173.87
183,452.46
97,183.72
94,399.90
100,000.00
36,682.00
18,530.22
36,000.00
510,000.00
3.800.00
82,000.00
139,350.00
48,900.00
885,000.00
55,750.00
315,000.00
47,750.00
1,792,117.00
92,842.00
A-9
A-9
A-9
A-9
A-2
A-8
A-9
A-9
A-9
A-9
A-18
178.795.12
648.97
A-10
A-10
A-10
4,254.53
1,789.21
A-10
32,647.83
7,000.00
1,000.00
14.000.00
A-10
A-10
63,854.00
20,160.00
7,978.00
A-10
A-10
A-10
5,000.00
6,726.86
A-10
10,506.80
7,000.00
10,000.00
2,000.00
58.624.32
A-10
A-10
A-10
A-10
A-10
15,000.00
A-10
69,398.03
87,922.45
48,400.00
525,000.00
217,000.00
319,358.75
183.452.46
97,183.72
94,399.90
100,000.00
36,682.00
18,530.22
170,000.00
A-9
A-9
6,054.54
(11,316.40)
386.36
27,815.12
A-9
A-9
A-9
A-9
A-9
A-9
A-9
A-9
A-9
(134,000.00)
$
6,183,603.39
$
260,818.78
$
6,400,444.52
$
(43,977.65)
A-9
A-1
$
539,641,73
$
29,641.73
$
510,000.00
$
Receipts From Delinquent Taxes
A-1
Amount to be Raised by Taxes for Support
of Municipal Budget:
Local Tax for Municipal Purposes
Minimum Library Tax
$ 14,341,313.94
$
692,812.00
$
14,436,436.24
$
692,812.00
95,122.30
A-6;A-2
A-6;A-2
95,122.30
15,034,125.94
15,129,248.24
80,786.38
Budget Totals
$ 23,327,729.33
$
260,818.78
$
23,669,334.49
$
Non-Budget Revenues
196,481.62
196,481.62
A-t:A-2
$
23.327,729.33
$
260.818.78
$
23,865,816.11
$
277,268.00
REF.
A-3
A-3
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-2"
SHEET #2
BOROUGH OF MIDDLESEX
CURRENT FUND
STATEMENT OF REVENUES * REGULATORY BASIS
YEAR ENDED DECEMBER 31. 2023
REF.
ANALYSIS OF REALIZED REVENUES
Allocation of Current Tax Collections:
Revenue From Collections
$
50,234,834.94
A-1:A-6
Allocated to:
Local District School Taxes
County Taxes
$
27,726,570.00
8,154,016.70
A-6
A-6
35,880,586.70
Balance for Support of Municipal Budget
Appropriations
Add: Appropriation "Reserve for Uncollected Taxes"
$
14,354,248.24
775,000.00
A-3
$
15.129.248.24
Amount for Support of Municipal Budget Appropriations
A-2
Interest on Investments and Deposits
Cash Receipts
Due from Trust Assessment Fund
$
117,632.12
2,455.80
A-9
A-10
120,087.92
$
A-2
ANALYSIS OF NON-BUDGET REVENUE
$
400.00
860.42
38,971.46
17,999.00
340.00
26,120.00
9,285.00
10,000.00
500.00
1,000.00
29,309.32
14,945.60
1,612.00
45,138.82
Duplicate Tax Bill Fees
Outstanding Checks Canceled
Library Health Contributions
Sale of Municipal Assets
Property Tax Lists
Outside Police Admin Fees
Property Maintenance Admin Fees
Abandoned Property Registration
Landlord Registration
Bulk Ticket & Pickups
FEMA
NJ Unclaimed Property
Senior Citizens
1 and Veterans* Administrative Fee
Miscellaneous
$
196,481.62
A-2:A-4
Sewer Rents Receivable
Cash Receipts
Less: Refunds
A-4
$
992,955.18
4,075.20
A-4
988,879.98
A-2
$
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-3"
SHEET #1
BOROUGH OF MIDDLESEX
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31. 2023
EXPENDED
APPROPRIATIONS
UNEXPENDED
BALANCE
CANCELED
BUDGET AFTER
MODIFICATION
PAID OR
CHARGED
BUDGET
RESERVED
OPERATIONS WITHIN "CAPS"
GENERAL GOVERNMENT
General Administration:
Salaries and Wages
Other Expenses
Postage for All Departments
Other Expenses
Printing and Advertising
Other Expenses
Mayor and Council:
Salaries and Wages
Other Expenses
Municipal Clerk:
Salaries and Wages
Other Expenses
Elections
Financial Administration:
Salaries and Wages
Other Expenses
Audit
Assessment of Taxes:
Salaries and Wages
Other Expenses
Collection of Taxes:
Salaries and Wages
Other Expenses
Legal Services and Costs:
Other Expenses
Computer Data Services
Other Expenses
Engineering Services and Costs:
Other Expenses
Environmental Legal & Engineering Services:
Other Expenses
133,500.00
$
30,850.00
133,500.00
$
30,850.00
130,850.14
$
25.341.50
2,649.86
$
5,508.50
$
25,000.00
25,000.00
16.869.98
8.130.02
14,000.00
14,000.00
10,417.06
3.582.94
0.16
8,800.00
5,000.00
8,800.00
5,000.00
8,799.84
4,714.26
285.74
200,500.00
14,100.00
11,000.00
200.500.00
14,100.00
11,000.00
195,586.16
7,203.78
10,996.53
4,913.84
6,896.22
3.47
165,000.00
55,600.00
40,000.00
165,000.00
46,458.84
37,650.00
165,000.00
50,600.00
40,000.00
9,141.16
2,350.00
35,700.00
3,850.00
35,700.00
3,599.36
35,700.00
3,850.00
250.64
119,884.48
8,598.12
3,115.52
826.88
123,000.00
9,425.00
123,000.00
9,425.00
171,000.00
129,974.54
41,025.46
171,000.00
298,250.00
298,250.00
276,744.88
21,505.12
65,000.00
41,166.86
23,833.14
65,000.00
19,000.00
19,000.00
6,468.00
12,532.00
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-3”
BOROUGH OF MIDDLESEX
SHEET #2
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31. 2023
APPROPRIATIONS
UNEXPENDED
BALANCE
CANCELED
EXPENDED
PAID OR
CHARGED
BUDGET AFTER
MODIFICATION
RESERVED
BUDGET
Purchasing Agent:
Other Expenses
Joint Land Use Board:
Salaries and Wages
Other Expenses
Code Enforcement
Salaries and Wages
Other Expenses
1,160.13
$
1,850.00
$
689.87
$
1,850.00
$
$
3,750.00
5,422.03
1,250.00
10,777.97
5,000.00
16,200.00
5,000.00
16,200.00
67,000.00
8,800.00
5,205.62
1,758.29
77,000.00
8,800.00
61,794.38
7,041.71
PUBLIC SAFETY
Police:
Salaries and Wages
Other Expenses
Juvenile Conference Committee:
Salaries and Wages
Other Expenses
Fire Department:
Other Expenses
Rescue Squad Contribution
Other Expenses
Emergency Management Service:
Salaries and Wages
Other Expenses
Public Defender:
Other Expenses
Fire Hydrant Service
Other Expenses
Municipal Prosecutor
Other Expenses
Municipal Court:
Salaries and Wages
Other Expenses
123.089.19
132,916.22
3,905,000.00
338,450.00
3,781,910.81
205,533.78
3,975,000.00
283,450.00
2,215.00
2.215.00
250.00
2,215.00
250.00
250.00
3,270.26
172,379.74
175,650.00
175,650.00
20,000.00
20,000.00
20,000.00
6,000.00
18,500.00
6,000.00
8,098.01
6,000.00
18,500.00
10,401.99
6,925.00
5,075.00
12,000.00
12,000.00
219,600.00
18,400.00
238,000.00
220,000.00
19,500.00
6,500.00
26,000.00
20,000.00
203,500.00
9,284.39
203,500.00
9,750.00
203,500.00
9,750.00
465.61
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-3"
SHEET #3
BOROUGH OF MIDDLESEX
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31.2023
APPROPRIATIONS
EXPENDED
UNEXPENDED
BALANCE
CANCELED
BUDGET AFTER
MODIFICATION
PAID OR
CHARGED
RESERVED
BUDGET
PUBLIC WORKS
Road Department:
Salaries and Wages
Other Expenses
Garbage and Trash Removal:
Salaries and Wages
Other Expenses
Solid Waste Collection:
Salaries and Wages
Building and Grounds:
Salaries and Wages
Other Expenses
Community Services Act Condo:
Other Expenses
Shade Tree Commission:
Salaries and Wages
Other Expenses
Rental of Rescue Squad Building and Services:
Other Expenses
782,440.04
$
118,790.60
24,659.96
$
10,709.40
$
807,100.00
$
129,500.00
807,100.00
$
129,500.00
408,500.00
45,100.00
365,310.97
42,188.29
32,689.03
2,911.71
398,000.00
45,100.00
204,700.00
10,868.40
219,700.00
193,831.60
7,036.30
18,261.12
38,500.00
120,000.00
28,500.00
120,000.00
21,463.70
101,738.88
46,683.64
46,700.00
16.36
46,700.00
0.07
2,610.00
55,000.00
2,609.93
52,603.60
2,610.00
45,000.00
2,396.40
1,850.00
10,000.00
8,150.00
10,000.00
HEALTH AND HUMAN SERVICES
Board of Health:
Other Expenses
Senior Nutrition Program:
Salaries and Wages
Animal Control Services:
Other Expenses
Title III Senior Medical Transportation:
Salaries and Wages
Title III Information & assistance Program:
Salaries and Wages
75,600.00
75,285.46
314.54
75,600.00
576.00
22,650.00
22,074.00
17,650.00
28,400.00
30,000.00
1,600.00
30,000.00
15,000.00
10,602.00
4,398.00
15,000.00
36,859.92
140.08
37,000.00
37,000.00
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-3"
BOROUGH OF MIDDLESEX
SHEET #4
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31.2023
UNEXPENDED
BALANCE
CANCELED
APPROPRIATIONS
EXPENDED
BUDGET AFTER
MODIFICATION
PAID OR
CHARGED
RESERVED
BUDGET
PARKS AND RECREATION
Parks & Playgrounds:
Salaries and Wages
Other Expenses
Housing and Community Adviory Board:
Salaries and Wages
Other Expenses
Beautification Committee
Other Expenses
Multi-Family Solid Waste Collection
Other Expenses
Recreation Service & Programs
Salaries and Wages
Other Expenses
Senior Bus Transportation:
Salaries and Wages
Other Expenses
Senior Citizen Coordinator:
Salaries and Wages
Other Expenses
22,641.93
$
4,037.28
559,850.00
$
73,550.00
537,208.07
$
69,512.72
$
569,850.00
$
73,550.00
375.00
125.00
100.00
500.00
100.00
500.00
100.00
830.21
169.79
1,000.00
1,000.00
292.00
20,000.00
77,500.00
77,208.00
2,204.60
4,129.14
75,000.00
19,000.00
72,795.40
14,870.86
85,000.00
19,000.00
19,500.00
4,500.00
14,500.00
14,500.00
70.06
1,782.67
68,100.00
23,400.00
68,029.94
21,617.33
68,100.00
21,400.00
STATE UNIFORM CONSTRUCTION CODE
Construction Code Official:
Salaries and Wages
Other Expenses
201,930.74
5,466.62
206,000.00
5,500.00
206,000.00
6,000.00
4,069.26
533.38
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-3"
BOROUGH OF MIDDLESEX
SHEET #5
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31.2023
APPROPRIATIONS
UNEXPENDED
BALANCE
CANCELED
EXPENDED
PAID OR
CHARGED
BUDGET AFTER
MODIFICATION
RESERVED
BUDGET
INSURANCE
Temporary Disability Insurance
Long Term Disability Insurance
General Liability insurance
Workmen’s Compensation
Employee Group Insurance
$
30,000.00
$
20,000.00
296,000.00
192,000.00
2,652,600.00
30,000.00
$
20,000.00
296,000.00
192,000.00
2,575,600.00
28,503.46
$
19,497.61
296,000.00
191,337.00
2,476,753.06
1,496.54
502.39
$
663.00
98,846.94
Health Insurance Waiver
Other Expenses
30,000.00
28,803.27
1,196.73
30,000.00
Flood Plain Management
Other Expenses
3,060.00
2.440.00
23,000.00
5,500.00
Utility Expenses & Purchases:
Electricity
Street Lighting
Telephones
Water
Natural Gas
Fuel Oil
Gasoline
190,000.00
170,000.00
57,000.00
40,000.00
30,000.00
75,000.00
90,000.00
159,025.13
168,076.22
61,274.41
31,546.47
21,206.73
75,000.00
110,000.00
30,974.87
16,923.78
5,225.59
8,453.53
8,793.27
10,000.00
15,000.00
190,000.00
185,000.00
66,500.00
40,000.00
30,000.00
85,000.00
125,000.00
Sewerage Processing & Disposal:
Salaries and Wages
Other Expenses
103,150.00
25,150.00
79,677.02
27,691.73
16,472.98
5,458.27
96,150.00
33,150.00
LANPFILL/SOLiD WASTE DISPOSAL COSTS
40,733.06
400,000.00
400,000.00
359,266.94
Other Expenses
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-3"
BOROUGH OF MIDDLESEX
SHEET #6
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31.2023
UNEXPENDED
BALANCE
CANCELED
APPROPRIATIONS
EXPENDED
BUDGET AFTER
MODIFICATION
PAID OR
CHARGED
RESERVED
BUDGET
UNCLASSIFIED
Celebration of Public Events:
Other Expenses
715.32
$
23,000.00
$
23,000.00
$
22,284.68
$
$
Accumulated Sick Leave Compensation
Salaries and Wages
75,000.00
75,000.00
75,000.00
14,132,600.00
13,242,389.88
890.210.12
14,142,600.00
TOTAL OPERATIONS WITHIN "CAPS"
15,000.00
15,000.00
15,000.00
Contingent
TOTAL OPERATIONS INCLUDING CONTINGENT
WITHIN "CAPS"
14,147,600.00
905,210.12
14,157,600.00
13,242,389.88
Detail:
Salaries and Wages
Other Expenses
7,451,375.00
6,696,225.00
7,185,199.14
6,057,190.74
266,175.86
639,034.26
7,608,375.00
6,549,225.00
DEFERRED CHARGES AND STATUTORY
EXPENDITURES-MUNICIPAL WITHIN "CAPS"
Statutory Expenditures:
Social Security System (O.A.S.I.)
Contribution to:
Public Employee's Retirement System
Police and Firemen's Retirement Fund
Defined Contribution Retirement Plan
348,212.69
1,787.31
340,000.00
350,000.00
521,586.00
1,279,058.00
12,000.00
521,586.00
1,279,058.00
11,612.66
521,586.00
1,279,058.00
12,000.00
387.34
TOTAL DEFERRED CHARGES AND STATUTORY
EXPENDITURES-MUNICIPAL WITHIN "CAPS"
2,162,644.00
2,160,469.35
2,174.65
2,152,644.00
TOTAL GENERAL APPROPRIATIONS FOR MUNICIPAL
PURPOSES WITHIN "CAPS"
16,310,244.00
15,402,859.23
16,310,244.00
907,384.77
The accompanying Notes to Financial Statements are an integral part of this statement.
BOROUGH OF MIDDLESEX
"A-3"
SHEET #7
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31.2023
APPROPRIATIONS
EXPENDED
UNEXPENDED
BALANCE
CANCELED
BUDGETAFTER
MODIFICATION
PAID OR
CHARGED
BUDGET
RESERVED
OPERATIONS EXCLUDED FROM TAPS”
$
692,812.00
$
1,475,000.00
260,000.00
60,000.00
Maintenace of Free Public Library
MCUA - Sewer Authority - Contractual
Piscataway Sewerage Authority - Share of Costs
LOSAP
692,812.00
$
1,475,000.00
260,000.00
60,000.00
692,812.00
$
1,455,782.49
240,074.53
$
19,217.51
19,925.47
60,000.00
INSURANCE
Employee Group Insurance
Stormwater Pollution Programs:
NJPDES/Stormwater Permit
Salaries and Wages
Other Expenses
SHARED SERVICE AGREEMENTS
County Curbside Collection Program:
Other Expenses
PUBLIC AND PRIVATE PROGRAMS
OFF-SET BY REVENUES
Alcohol Education and Rehabilitation (40A:4-87 - $648.97)
Assistance to Firefighters Grant (40A:4-87 - $178,795.12)
Body Armor Grant - Federal
Body Armor Grant - State
CDBG (40A-:-87 - $1,000.00)
Clean Communities Program (40A:4-87- $32,647.83)
Click it or Ticket (40A:4-87 - $7,000.00)
Distracted Driving Grant - 2023 (40A:4-87 - $14,000.00)
Municipal Alliance DMHAS Leadership (40A:4-87 - $5,000.00)
Municipal Alliance on Alcohol & Drug Abuse
Municipal Alliance on Alcohol & Drug Abuse - Match
National Opioid Settlement (40A:4-87 - $6,726.86)
Older Americans Act
Older Americans Education
Recycling Tonnage Grant
Stormwater Assistance Grant (40A:4-87 - $15,000.00)
422,400.00
422,400.00
422,400.00
286,664.00
3,000.00
286,664.00
3,000.00
286,664.00
3,000.00
265,000.00
265,000.00
242,484.00
22,516.00
648.97
178,795.12
4,254.53
1,789.21
64,854.00
32,647.83
7,000.00
34,160.00
5,000.00
7,978.00
1,994.50
17,233.66
17,000.00
2,000.00
58,624.32
15,000.00
648.97
178,795.12
4,254.53
1,789.21
64,854.00
32,647.83
7,000.00
34,160.00
5,000.00
7,978.00
1,994.50
17,233.66
17,000.00
2,000.00
58,624.32
15,000.00
4,254.53
1,789.21
63,854.00
20,160.00
7,978.00
1,994.50
10,506.80
17,000.00
2,000.00
58,624.32
TOTAL OPERATIONS EXCLUDED FROM “CAPS"
3,653,037.36
3,913,856.14
3,792,197.16
121,658.98
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-3"
BOROUGH OF MIDDLESEX
SHEET #8
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31.2023
APPROPRIATIONS
EXPENDED
UNEXPENDED
BALANCE
CANCELED
BUDGET AFTER
MODIFICATION
PAID OR
CHARGED
RESERVED
BUDGET
CAPiTMJMPROyEMEI
^nS_£XCyJDEDFROMXAPS"
200,000.00
$
200,000.00
$
200,000.00
$
$
$
Capital Improvement Fund
200,000,00
TOTAL CAPITAL IMPROVEMENTS EXCLUDED FROM "CAPS"
200,000.00
200,000.00
MUNICIPAL DEBT SERVICE-EXCLUDED FROM ”CAPSn
Payment of Bond Principal
Payment of Bond Anticipation Notes and Capital Notes
Interest on Bonds
Interest on Notes
Green Trust Loan
NJEIT Loan
MCIA Loan
1,316,472.00
110,000.00
414,315.42
75,140.00
6,498.15
148,824.37
228,800.00
1,316,472.00
110,000.00
414,315.42
75,140.00
6,498.15
148,824.37
228,800.00
1,316,472.00
110,000.00
414,315.42
75,140.00
6,498.12
148,824.37
228,800.00
0.03
TOTAL MUNICIPAL DEBT SERVICE-
EXCLUDED FROM ’’CAPS"
2,300,049.94
2,300,049.91
0.03
2,300,049.94
DEFERRED CHARGES-MUNICIPAL-EXCLUPED FROM "CAPS”
Deferred Charges to Future Taxation - Unfunded
Ordinance 1643-05
Ordinance 1688-06
Ordinance 1808-12
$
35,966.00
$
8,805.00
24,627.03
35,966.00
$
8,805.00
24.627.03
35,966.00
$
8,805.00
24,627.03
$
TOTAL DEFERRED CHARGES-MUNICIPAL-EXCLUDED
FROM "CAPS"
69,398.03
$
$
69,398.03
$
69,398.03
$
$
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-y
SHEET #9
BOROUGH OF MIDDLESEX
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31. 2023
APPROPRIATIONS
EXPENDED
UNEXPENDED
BALANCE
CANCELED
BUDGET AFTER
MODIFICATION
20,000.00
$
20,000.00
$
PAID OR
CHARGED
RESERVED
BUDGET
20,000.00
$
$
$
Judgments (NJSA 40A:4-45.3cc)
TOTAL GENERAL APPROPRIATIONS FOR MUNICIPAL
PURPOSES EXCLUDED FROM "CAPS"
6,381,645.10
121,658.98
0.03
6,242,485.33
6,503,304.11
22,552,729.33
22,813,548.11
21,784,504.33
1,029,043.75
0.03
SUB-TOTAL GENERAL APPROPRIATIONS
775,000.00
775,000.00
775,000.00
RESERVE FOR UNCOLLECTED TAXES
$
23,327.729.33
$
23,588,548.11
$
22,559,504.33
$
1,029,043.75
$
0.03
TOTAL GENERAL APPROPRIATIONS
A-2:A-3
A-1
A:A-1
REF.
$
260,818.78
23,327,729.33
Amendment by (NJSA 40A:4-87)
Budget
A-2
A-3
$
23,588,548.11
$
775,000.00
222,587.65
448,980.14
21,112,936.54
A-2
Reserve for Uncollected Taxes
Encumbrances Payable
Reserve for Grants Appropriated
Disbursements
A-17
A-10.A-22
A-4
$
22,559,504.33
The accompanying Notes to Financial Statements are an integral part of this statement.
THIS PAGE INTENTIONALLY LEFT BLANK
TRUST FUND
"B"
SHEET #1
BOROUGH OF MIDDLESEX
TRUST FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
DECEMBER
31.2022
BALANCE
DECEMBER
31.2023
REF.
A S S E T S
Assessment Fund:
Cash
Assessment Receivable
12,008.28
1,470.00
$
4,095.77
$
1,470.00
5,565.77
$
B-2
B-3
13,478.28
$
Animal Control Fund:
Cash
18,998.93
$
18,998.93
$
33,539.75
B-2
$
33,539.75
$
Other Trust Fund:
Cash
Due Current Fund
Due General Capital Fund
$
4.203,264.27
$
79.214.52
2,462,599.89
79,680.52
522,787.01
B-2
B-13
B-13
$
4,282,478.79
$
3,065,067.42
Escrow Trust Fund:
Cash
B-2
$
914,827.75
$
914,827.75
$
998,453.00
$
998,453.00
Payroll Trust Fund:
Cash
$
125,100.30
$
125,100.30
$
B-2
129,186.08
$
129,186.08
Public Assistance Trust Fund:
Cash
B-2
$
9,837.89
$
9,837.89
$
9,834.19
$
9,834.19
$
5,356,809.43
$
4,249,558.72
The accompanying Notes to Financial Statements are an integral part of this statement.
"B”
SHEET #2
BOROUGH OF MIDDLESEX
TRUST FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
DECEMBER
31. 2022
BALANCE
DECEMBER
31. 2023
REF.
LIABILITIES. RESERVES AND FUND BALANCE
Assessment Fund:
Due Current Fund
Due General Capital Fund
Fund Balance
$
$
748.43
7,164.08
5,565.77
B-7
B-6
5,565.77
B-1
13,478.28
$
5,565.77
$
Animal Control Fund:
Reserve For Animal Control Fund Expenditures
Due Current Fund
Due to State of New Jersey
10,189.80
23,342.15
$
9,348.41
$
9,641.52
B-4
B-12
7.80
9.00
B-5
18,998.93
$
33,539.75
$
Other Trust Fund:
Reserve For:
State Unemployment Compensation Insurance
Various Trust Deposits
162,340.04
$
4,120,138.75
4,282,47875" $
187,539.92
2,877,527.50
3,065,067.42'
$
B-8
B-8
$
Escrow Trust Fund:
Developers’ Escrow - Water & Soil
Developers’ Escrow Funds
20,576.40
$
894,251.35
914,827.75
$
20,576.40
977,876.60
998,453.00
$
B-9
B-9
$
Payroll Trust Fund:
Payroll Deductions Payable
Due Current Fund
124,977.94
$
122.36
125,100.30
$
$
129,123.98
62.10
8-11
B-14
129,186.08
$
Public Assistance Trust Fund:
Reserve for Public Assistance
9,837.89
$
9,837.89
$
9,834.19
B-10
$
9,834,19
$
$
5,356,809.43
$
4,249,558.72
The accompanying Notes to Financial Statements are an integral part of this statement.
"B-1"
BOROUGH OF MIDDLESEX
ASSESSMENT TRUST FUND
STATEMENT OF FUND BALANCE - REGULATORY BASIS
REF.
Balance, December 31, 2022 and
December 31, 2023
$
5,565.77
B
The accompanying Notes to Financial Statements are an integral part of this statement.
GENERAL CAPITAL FUND
"C“
BOROUGH OF MIDDLESEX
GENERAL CAPITAL FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
DECEMBER
31.2023
BALANCE
DECEMBER
31.2022
REF.
A S S E T S
2,268,273.65
$
1,667,759.27
3,359,992.54
1,268,901.48
7,164.08
C-2:C-3
$
Cash
Grants - In - Aid, Loans and Oter Receivable
Due Trust Assessment Fund
Deferred Charges to Future Taxation;
Funded
Unfunded
C-16
C-19
9,787,286.71
8,380,772.61
8,170,816.10
9,187,302.00
C~4
C-5
$
21,294.151.02
$
22,804,117.42
LIABILITIES. RESERVES AND FUND BALANCE
$
6,177,000.00
$
6,905,000.00
1,543,402.37
189,426.40
94,654.19
4,420,000.00
8,168,000.00
3,340,657.80
98,676.40
143,025.40
522,787.01
23,775.00
4,838.08
94,399.90
Bond Anticipation Notes Payable
General Serial Bonds Payable
Contracts Payable
Capital Improvement Fund
Reserve for Grant Receivable
Due Trust Other Fund
Due Grant Fund
Reserve for Insurance Refund
Reserve for Payment of Debt Service
State of New Jersey Loan Payable:
Environmental infrastructure Trust Loans
Environmental Infrastructure Fund Loans
Green Trust Loan Program
Capital Leases Payable
Improvement Authorizations:
Funded
Unfunded
Fund Balance
C-9
C-11
C-7
C-8
C-17
C-20
C-20
4,838.08
146,580.21
C-6
C-18
430,215.10
962,637.79
6,433.82
220,000.00
370,041.02
895,775.08
C-12
C-13
C-15
C-14
1,357,735.92
2,791,537.17
219,398.03
1,157,648.10
3,470,109.33
339,676.24
C-10
C-10
C-1
$
21,294,151.02
$
22,804,117.42
The accompanying Notes to Financial Statements are an integral part of this statement.
"C-1"
BOROUGH OF MIDDLESEX
GENERAL CAPITAL FUND
STATEMENT OF FUND BALANCE - REGULATORY BASIS
YEAR ENDED
DECEMBER
31.2023
REF.
$
219,398.03
Balance, December 31, 2022
C
Increased by:
Cancellation of Ordinances
189,676.24
C-10
$
409,074.27
Decreased by:
Surplus Anticipated-Current Fund
69,398.03
C-2
$
339,676.24
C
Balance, December 31, 2023
The accompanying Notes to Financial Statements are an integral part of this statement.
THIS PAGE INTENTIONALLY LEFT BLANK
SWIMMING POOL UTILITY FUND
"D"
BOROUGH OF MIDDLESEX
SWIMMING POOL UTILITY FUND
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
BALANCE
DEC. 31. 2022
LIABILITIES, RESERVES
AND FUND BALANCE
BALANCE
DEC. 31. 2023
BALANCE
DEC. 31. 2022
BALANCE
DEC. 31.2023
REF.
REF.
ASSETS
Operating Fund:
Liabilities:
Appropriation Reserves
Reserve for Encumbrances
Due to Current Fund
Accrued Interest on Bonds
Operating Fund:
Assets:
Cash and Investments - Treasurer
Cash and Investments - Snack Bar
Due from Swimming Pool Capital Fund
D-4, D-9
D-4, D-9
$
39,181.08 $
978.00
114,518.62
3,185.42
35,146.30
2,668.55
114,518.62
4,395.42
D-5
$
237,035.14 $
3,001.00
148,599.90
250,162.29
3,001.00
148,599.90
D-5
D-10
D-10
D-16
157,863.12
230,772.92
156,728.89
245,034.30
Fund Balance
D-1
Total Operating Fund
388,636.04
401,763.19
401,763.19
388,636.04
Total Operating Fund
Capital Fund:
General Serial Bonds
Capital Improvement Fund
Due to Swimming Pool Operating Fund
Reserve for Amortization
Deferred Reserve for Amortization
Fund Balance
Capital Fund:
Cash and Investments - Treasurer
Fixed Capital
D-17
278,000.00
7,730.10
148,599.90
1,571,630.77
187,303.00
31,976.79
410,000.00
7,730.10
148,599.90
1,439,630.77
165,000.00
54,279.79
54,279.79
2,170,960.77
31,976.79
2,193,263.77
D-5
D-12
D-7
D-14
D-11
D-13
D-2
2,225,240.56
2,225,240.56
Total Capital Fund
2,225.240.56
2,225,240.56
Total Capital Fund
$
2,613,876.60 $
2,627,003.75
$
2,613,876.60 $
2,627,003.75
The accompanying Notes to Financial Statements are an integral part of this statement
"D-r
BOROUGH OF MIDDLESEX
SWIMMING POOL UTILITY OPERATING FUND
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGE IN FUND BALANCE-REGULATORY BASIS
YEAR ENDED
DECEMBER
31.2022
YEAR ENDED
DECEMBER
31, 2023
REF.
REVENUE AND OTHER INCOME REALIZED
61,528.00
324,913.69
114,124.34
D-3
$
38,658.00 $
317,057.80
109,470.89
Fund Balance
Fees - Membership
Miscellaneous
Other Credits to Income:
Unexpended Balance of Approp. Reserves
Cancellation of Accrued Interest on Bonds
D-3
D-3
65,949.75
1,182.50
D-9
35,657.93
1,210.00
D-16
567,698.28
502,054,62
Total Revenues
EXPENDITURES
Budget Appropriations:
Operating
Debt Service
Statutory Expenditures and Deferred Charges
378,500.00
78,528.00
17,500.00
380,130.00
78,528.00
19,000.00
D-4
D-4
D-4
474,528.00
477,658.00
Total Expenditures
93,170.28
24,396.62
Excess/(Deficit) in Revenues
FUND BALANCE
213,392.02
245,034.30
Balance - January 1
D
306,562.30
269,430.92
Decreased by:
Utilization as Anticipated Revenue
61,528.00
38,658.00
D-1
D
$
230,772.92 $
245,034.30
Balance - December 31
The accompanying Notes to Financial Statements are an integral part of this statement
"D-2"
BOROUGH OF MIDDLESEX
SWIMMING POOL UTILITY CAPITAL FUND
STATEMENT OF FUND BALANCE-REGULATORY BASIS
REF.
$
54,279.79
Balance - December 31, 2022
D
Increased by:
Improvement Authorizations Canceled
12,697.00
D-15
66,976.79
Decreased by:
Improvement Authorizations
35,000.00
D-15
$
31,976.79
Balance - December 31, 2023
D
The accompanying Notes to Financial Statements are an integral part of this statement
"P-3"
BOROUGH OF MIDDLESEX
SWIMMING POOL UTILITY OPERATING FUND
STATEMENT OF REVENUES-REGULATORY BASIS
YEAR ENDED DECEMBER 31. 2023
EXCESS OR
(DEFICIT)
2023
REALIZED
BUDGET
REF.
38,658.00
$
317,057.80
109,470.89
38,658.00 $
324,900.00
114,100.00
D-1
$
D-1.D-5
D-1,D-5
Fund Balance
Fees - Membership
Miscellaneous
(7,842.20)
(4,629.11)
$
477,658.00 $
465,186.69 $
(12,471.31)
Ref.
D-4
Analysis of Miscellaneous Revenues:
Interest
Miscellaneous Revenues
$
6,426.18
103,044.71
$
109,470.89
D-5
The accompanying Notes to Financial Statements are an integral part of this statement
”D-4”
BOROUGH OF MIDDLESEX
SWIMMING POOL UTILITY OPERATING FUND
STATEMENT OF EXPENDITURES-REGULATORY BASIS
UNEXPENDED
BALANCE
CANCELLED
EXPENDED
PAID OR
CHARGED
ENCUMBERED
RESERVED
BUDGET AFTER
MODIFICATION
2023
BUDGET
Operating:
Salaries and Wages
Other Expenses
$
26,839.38 $
11,219.57
255,130.00 $
125,000.00
228,290.62 $
112,802.43
$
255,130.00 $
125,000.00
978.00
Debt Service:
Payment of Bond Principal
78,528.00
78,528.00
78,528.00
Statutory Expenditures:
Contribution to:
Social Security System (O.A.S.I.)
1,122.13
17,877.87
19,000.00
19,000.00
978.00 $
39,181.08 $
477,658.00 $
437,498.92 $
$
477,658.00 $
Total Swimming Pool Utility Appropriations
D.D-1
D.D-1
D-1.D-5
D-3
D-3
Ref.
The accompanying Notes to Financial Statements are an integral part of this statement
GENERAL FIXED ASSETS ACCOUNT GROUP
npn
BOROUGH OF MIDDLESEX
STATEMENT OF GENERAL FIXED ASSETS
BALANCE SHEETS - REGULATORY BASIS
BALANCE
DECEMBER
31. 2022
BALANCE
DECEMBER
31. 2023
FIXED ASSETS:
5,864,700.00
$
6,533,000.00
10,754,055.00
5,864,700.00
6,533,000.00
11,009,390.09
$
Land
Buildings
Machinery and Equipment
23,407.090,09
23,151.755.00
$
TOTAL FIXED ASSETS
$
RESERVE:
23,407,090.09
23.151,755.00
$
Investments in Genera!Fixed Assets
$
The accompanying Notes to Financial Statements are an integral part of this statement.
NOTES TO FINANCIAL STATEMENTS
BOROUGH OF MIDDLESEX
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31. 2023 AND 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1:
Reporting Entity
A.
The Borough of Middlesex is an instrumentality of the State of New
Jersey, established to function as a municipality.
The Borough council
consists of elected officials and is responsible for the fiscal control of the
Borough. A Mayor is elected to serve a term of four years.
A Council
consisting of six members is elected to serve staggered three-year terms.
As defined by GAAP established by the GASB, the financial reporting
entity consists of the primary government, as well as component units,
which are legally separate organizations for which elected officials of the
primary
government
are
financially
accountable.
The
Borough
is
financially accountable for an organization if the Borough appoints a
voting majority of the organization’s governing board and (1) the Borough
is able to significantly influence the programs or services performed or
provided by the organizations; or (2) the Borough is legally entitled to or
can otherwise access the organization’s resources; the Borough is legally
obligated or has otherwise assumed the responsibility to finance the
deficits of, or provide financial support to, the organization; or the
Borough is obligated for the debt of the organization.
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:5-5.
Accordingly, the financial
statements of the Borough of Middlesex do not include the operations of
the free public library, volunteer rescue organizations or the local public
school district, inasmuch as their activities are administered by separate
boards.
Description of Funds
B.
The Governmental Accounting Standards Board (GASB) is the accepted
standard-setting body for establishing governmental accounting and
financial reporting principles. GASB Codification establishes three fund
types and two account groups to be used by general purpose governmen-
tal units when reporting financial position and results of operations in
accordance with U.S. Generally Accepted Accounting Principles (GAAP).
5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NOTE 1:
Description of Funds (Continued)
B.
The accounting policies of the Borough of Middlesex conform to the
accounting principles
applicable to municipalities which 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 financial transactions and accounts of the
Borough of Middlesex are organized on the basis of funds and an account
group which is different from the fund structure required by GAAP. A fund
or account group is an accounting entity with a separate set of self-
balancing accounts established to record the financial position and results
of operation of a specific government activity. As required by the Division
of Local Government Services the Borough accounts for its financial
transactions through the following individual funds and account groups:
Current Fund - resources and expenditures for governmental operations
of a general nature, including grant funds.
Trust Fund - receipts, custodianship and disbursement of funds in
accordance with the purpose for which each reserve was created.
General Capital Fund - receipts and disbursement of funds for the
acquisition of general capital facilities, other than those acquired in the
Current Fund.
Swimming Pool Utility Operating and Capital Funds - account for the
operations and acquisition of capital facilities of the municipally-owned
swimming pool.
General Fixed Assets Account Group - utilized to account for property,
land, buildings
and equipment that have been acquired by
other
governmental funds.
Basis of Accounting
C.
The accounting principles and practices prescribed for municipalities by
the State of New Jersey differ in certain respects from generally accepted
accounting principles applicable to local government units.
The more
significant accounting policies and differences in the State of New Jersey
are as follows:
A modified accrual basis of accounting is followed with minor exceptions.
6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NOTE 1:
Basis of Accounting (Continued)
C.
Revenues - are recorded when received in cash except for certain
amounts which are due from other governmental units. Federal and State
grants are realized as revenue when anticipated in the Borough's budget.
Receivables for property taxes are recorded with offsetting reserves on
the balance sheet of the Borough's Current Fund; accordingly, such
amounts are not recorded as revenue until collected. Other amounts that
are due the Borough, which are susceptible to accrual, are also recorded
as receivables with offsetting reserves and recorded as revenue when
received.
GAAP requires revenues to be recognized in the accounting
period when they become susceptible to accrual, reduced by
an
allowance for doubtful accounts.
Expenditures - are recorded on the "budgetary" basis of accounting.
General expenditures are recorded when an amount is encumbered for
goods or services through the issuances of a purchase order in
conjunction with the Encumbrance Accounting System.
Outstanding
encumbrances, at December 31, are reported as a cash liability in the
financial statements and constitute part of the Borough's regulatory
Appropriation
Reserve
balance.
Appropriation
reserves
covering
unexpended
appropriation
balances
are
automatically
created
at
December
31st of
each
year and recorded as liabilities, except
for
amounts which may be canceled 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 during the
preceding fiscal year.
Lapsed appropriation reserves are recorded as
income.
Appropriations for principal payments on outstanding general
capital and utility bonds and notes are provided on the cash basis;
interest on general capital indebtedness is on the cash basis, whereas
interest on utility indebtedness is on the accrual basis.
Encumbrances - Contractual orders, at December 31, are reported as
expenditures through the establishment
of
encumbrances
payable.
Under GAAP, encumbrances outstanding at year end are reported as
reservations of fund balance because they do not constitute expenditures
or liabilities.
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 Assets
Account Group at its market value.
Sale of Municipal Assets - The proceeds from the sale of municipal
assets can be held in a reserve until anticipated as a revenue in a future
budget. GAAP requires such proceeds to be recorded as a revenue in
the year of sale.
7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NOTE 1:
Basis of Accounting (Continued)
C.
Interfunds - Interfund receivables in the Current Fund are recorded with
offsetting reserves which are created by charges to operations. Income is
recognized in the
year
the receivables
are liquidated,
receivables in the other funds are not offset by reserves. GAAP does not
require the establishment of an offsetting reserve.
Genera! Fixed Assets - N.J.A.C. 5:30-5.6 Accounting for Governmental
Fixed Assets, which differs in certain respects from generally accepted
accounting principles, requires the inclusion of a statement of general
fixed assets of the Borough as part of its basic financial statements.
General fixed assets are defined as non-expendable personal property
having a physical existence, a useful life of more than one year and an
acquisition
cost
of
$500.00
or
more
per
unit.
("infrastructure") general fixed assets consisting of certain improvements
other than buildings, such as roads, bridges, curbs and gutters, streets
and sidewalks and drainage system are not capitalized.
Interfund
Public
domain
Property and equipment acquired by the Current and General Capital
Funds are recorded as expenditures at the time of the purchase and are
not capitalized in their own respective funds. The Borough has valued its
land and buildings at assessed values. GAAP requires capital assets to
be
recorded
at
their
historical
cost
or
estimated
historical
cost.
Additionally, GAAP requires depreciation to be calculated on capital
assets, with the exception of land.
General Fixed Assets that have been acquired and that are utilized in the
Current and General Capital Funds are instead accounted for in the
General Fixed Asset Account Group. No depreciation has been provided
on general fixed assets or reported in the financial statements.
Fixed assets acquired through grants in aid or contributed capital have
not been accounted for separately.
Inventories of Supplies - The costs of inventories of supplies for all funds
are recorded as expenditures at the time individual items are purchased.
The costs of inventories are not included on the various balance sheets.
GAAP requires the cost of inventories to be reported as a current asset
and equally offset by a fund balance reserve.
Fixed Capital - Swimming Pool Utility - Accounting for utility fund “fixed
capital” is done in compliance with N.J.A.C. 5:30-5.6.
Property and
equipment purchased by the Swimming Pool Utility Fund are recorded in
the capital account
at cost
and
are adjusted for disposition
and
abandonment.
reproduction costs or current value. The fixed capital reported is as taken
from the municipal records and does not necessarily reflect the true
condition of such fixed capital. Contributions in aid of construction are not
capitalized.
The
amounts shown do
not
purport to represent
8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NOTE 1:
C.
Basis of Accounting (Continued)
Fixed Capital - Swimming Pool Utility (continued) - The balance in the
Reserve for Amortization and Deferred Reserve for Amortization accounts
in the utility capita! fund represents changes to operations for the cost of
acquisitions of property, equipment, and improvements. The utility does
not record depreciation on fixed assets.
Accounting
and Financial
Reporting
for
Pensions
Accounting Standards Board (GASB) Statement No. 68 Accounting and
financial reporting for pensions administered
by
state
and
local
government employers improves accounting and financial reporting by
state and local governments for pensions. It also improves information
provided by state and local government 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.
Under GAAP, municipalities are required to recognize the pension liability
in Statements of Revenues, Expenses, Changes in Net Position (balance
sheets) and Notes to the Financial Statements in accordance with GASB
68. The liability required to be displayed by GASB 68 is displayed as a
separate line item in the Unrestricted Net Position area of the balance
sheet.
New Jersey’s municipalities and counties do not follow GAAP accounting
principles and, as such, do not follow GASB requirements with respect to
recording the net pension liability as a liability on their balance sheets.
However, N.J.A.C. 5:30 6.1(c) (2) requires municipalities to disclose
GASB 68 information in the Notes to the Financial Statements. The
disclosure must meet the requirements of GASB 68.
Governmental
The New Jersey Division of Local Government Services issued Local
Finance Notice 2021-10 which allows local units to disclose the most
recently available information as it relates to the New Jersey Division of
Pension and Benefits reporting on GASB 68. As of the date of this report,
the information for the period ended June 30, 2023 was not available,
therefore the information dated June 30, 2022 is disclosed.
9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NOTE 1:
Basis of Accounting (Continued)
C.
Accounting and Financial Reporting for Postemployment Benefits Other
Than Pensions (OPEB)
The Governmental Accounting Standards Board (GASB) has issued
Statement
no.
75,
“Accounting
and
Financial
Reporting
for
Postemployment
Benefits
Other
Than
Pensions”.
This
statement
establishes standards for measuring and recognizing liabilities, deferred
outflows and inflows of resources, and expenses for postemployment
benefits other than pensions.
It also requires the State of New Jersey to calculate and allocate to each
participating member, for note disclosure purposes only, the OPEB net
liability of New Jersey Health Benefits Local Government Retiree Plan
(the Plan). The statement does not alter the amount of funds that must be
budgeted for OPEB payment under existing state law.
Under GAAP, municipalities are required to recognize the OPEB liability
in Statements of Revenues, Expenses, Changes in Net Position (balance
sheets) and Notes to the Financial Statements in accordance with GASB
75. The liability required to be displayed by GASB 75 is displayed as a
separate line item in the Unrestricted Net Position area of the balance
sheet.
New Jersey’s municipalities and counties do not follow GAAP accounting
principles and, as such, do not follow GASB requirements with respect to
recording the OPEB liability as a liability on their balance sheets.
However, N.J.A.C. 5:30 6.1(c) (2) requires municipalities to disclose
GASB 75 information in the Notes to the Financial Statements. The
disclosure must meet the requirements of GASB 75.
The New Jersey Division of Local Government Services issued Local
Finance Notice 2021-10 which allows local units to disclose the most
recently available information as it relates to the New Jersey Division of
Pension and Benefits reporting on GASB 75. As of the date of this report,
the information for the period ended June 30, 2023 was not available,
therefore the information dated June 30, 2022 is disclosed.
«
Basic Financial Statements
D.
The GASB codification also defines the financial statements of
a
governmental unit to be presented in the general purpose financial
statements to be in accordance with GAAP. The Borough presents the
financial statements listed in the table of contents of the "Requirements of
Audit and Accounting Revision of 1987" as prescribed by the Division of
Local Government Services, Department of Community Affairs, State of
New Jersey and which differ from financial statements required by GAAP.
10
NOTE 2:
CASH AND CASH EQUIVALENTS
The Borough considers petty cash, change funds, and cash in banks, deposits in
the New Jersey Cash Management Fund and certificates of deposit as cash and
cash equivalents.
Deposits
New Jersey statutes permit the deposit of public funds in institutions
which are located in New Jersey and which meet the requirements of the
Governmental Unit Deposit Protection Act (GUDPA) or the State of New
Jersey Cash Management Fund. GUDPA requires a bank that accepts
public funds to be a public depository. A public depository is defined as a
state bank, a national bank, or a savings bank, which is located in the
State of New Jersey, the deposits of which are insured by the Federal
Deposit
Insurance
Corporation.
The
statutes
also
require
public
depositories to maintain collateral for deposits of public funds that exceed
certain insurance limits. All collateral must be deposited with the Federal
Reserve Bank or a banking institution that is a member of the Federal
Reserve System and has capital funds of not less than $25,000,000.00.
Under GUDPA, 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 the deposits to the governmental unit.
The Borough of Middlesex had the following cash and cash equivalents at
December 31, 2023:
A.
Cash in
Bank
Reconciling
Items
Total
Fund
$
6,285,635.45
$
19,053.92
4,098.99
5,335,462.82
9,837.89
2,329,480.80
240,984.46
32,001.95
(139,294.74)
$
(54.99)
(3.22)
(92,270.50)
6,146,340.71
18,998.93
4,095.77
5,243,192.32
9,837.89
2,268,273.65
240,036.14
31,976.79
Current Fund
Trust - Animal Control Fund
Trust - Assessment Fund
Trust Fund
Public Assistance Trust Fund
General Capital Fund
Swimming Pool Operating Fund
Swimming Pool Capital Fund
(61,207.15)
(948.32)
(25.16)
Total December 31, 2023
$
14,256,556.28
$
(293,804.08)
$
13,962,752.20
11
CASH AND CASH EQUIVALENTS (CONTINUED)
NOTE 2:
Deposits (Continued)
A.
Custodial Credit Risk - Deposits - Custodial credit risk is the risk that in
the event of a bank failure, the deposits may not be returned.
The
Borough does not have a specific deposit policy for custodial credit risk
other than those policies that adhere to the requirements of statute. As of
December 31, 2023, based upon the coverage provided by FDIC and
NJGUDPA, no amount of the bank balance in the bank was exposed to
custodial credit risk. Of the cash balance in the bank, $250,000.00 was
covered by Federal Depository Insurance and $13,859,096.52 was
covered by NJGUDPA. The New Jersey Cash Management Fund is an
investment pool and is not insured by either FDIC or GUDPA.
The
Borough has $147,459.76 in the New Jersey Cash Management Fund.
B.
Investments
The purchase of investments by the Borough is strictly limited by the
express authority of the New Jersey Local Fiscal Affairs Law, N.J.S.A.
40A:5-15.1.
Permitted investments include any of the following type of
securities:
Bonds or other obligations of the United States of America or
obligations guaranteed by the United States of America;
1.
Government money market mutual funds which are purchased
from an investment
company
or investment
trust which is
registered with the Securities and Exchange Commission under
the "Investment Company Act of 1940," 15 U.S.C. 80a-1 et seq.,
and operated in accordance with 17 C.F.R. § 270.2a-7 and which
portfolio is limited to U.S. Government securities that meet the
definition of an eligible security pursuant to 17 C.F.R. § 270.2a-7
and repurchase agreements that are collateralized by such U.S.
Government securities in which direct investment may be made
pursuant to paragraphs (1) and (3) of N.J.S.A. 5-15.1.
These
funds are also required to be rated by a nationally recognized
statistical rating organization.
2.
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 that such obligation bears a fixed rate of
interest not dependent on any index or other external factor.
3.
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.
4.
12
CASH AND CASH EQUIVALENT (CONTINUED)
NOTE 2:
investments (Continued)
B.
Bonds or other obligations, having a maturity date not more than
397 days from date of purchase, approved by the Division of Local
Government Services of the Department of Community Affairs for
investment by local units.
5.
Local government investment pools that are fully invested in U.S.
Government securities that meet the definition of eligible security
pursuant to 17 C.F.R. § 270a-7 and repurchase agreements that
are collateralized by such U.S. Government securities in which
direct investment may be made pursuant to paragraphs (1) and
(3) of N.J.S.A. 5-15.1. This type of investment is also required to
be rated in the highest category by a nationally recognized
statistical rating organization.
6.
Deposits with the State of New Jersey Cash Management Fund
established pursuant to section 1 of P.L. 1977, c. 281 (C. 52:18A-
90.4); or
7.
Agreements for the repurchase of fully collateralized securities if;
8.
the
underlying
securities
are
permitted
investments
pursuant to paragraphs (1) and (3) of this subsection;
a.
the custody of collateral is transferred to a third party;
b.
the maturity of the agreement is not more than 30 days;
c.
the underlying securities are purchased through a public
depository as defined in section 1 of P.L. 1970, c. 236 (C.
17:19-41); and
d.
a master repurchase agreement providing for the custody
and security of collateral is executed.
e.
The Borough of Middlesex's investment activities during the year were in
accordance with the above New Jersey Statute.
As of December 31, 2023^
the Borough has $147,459.76 on deposit with
the New Jersey Cash Management Fund. Based upon the limitations set
forth by
New
Jersey
Statutes 40A:5-15.1 and existing investment
practices, the Borough is generally not exposed to credit risks, custodial
credit risks, concentration of credit risks and interest rate risk for its
investments nor is it exposed to foreign currency risk for its deposits and
investments.
13
NOTE 3:
MUNICIPAL DEBT
The Local Bond Law, Chapter 40A:2, governs the issuance of bonds to finance
general municipal capital expenditures,
installments within the statutory period of usefulness.
All bonds issued by the
Borough are general obligation bonds, backed by the full faith and credit of the
Borough.
Bond Anticipation Notes, which are issued to temporarily finance
capital projects, are included in the below Summary of Municipal Debt and
Summary of Statutory Debt Condition Annual Debt Statement:
All bonds are retired in annual
YEAR 2023
YEAR 2021
YEAR 2022
Issued:
General:
Bonds, Notes and Loans
Swimming Pool Utility:
Bonds, Notes and Loans
$
14,347,816.10 $
14,207,286.71 $
13,664,927.82
539,000.00
278,000.00
410,000.00
14,625,816.10
14,617,286.71
14,203,927.82
Less:
Cash on Hand - Excess BAN Proceeds
Reserve for Payment of Debt Service
28,376.49
146,580.21
18,409.15
94,399.90
56,943.53
14,450,859.40
14,504,477.66
14,146,984.29
Authorized but not Issued
General:
Bonds, Notes and Loans
Swimming Pool Utility:
Bonds, Notes and Loans
3,038,678.49
3,979,181.76
3,997,531.79
156,330.00
250,000.00
156,330.00
3,195,008.49
4,135,511.76
4,247,531.79
Total Authorized but not Issued
Net Bonds and Notes Issued and
and Authorized but not issued
$
17,645,867.89 $
18,639,989.42 $
18,394,516.08
14
NOTE 3:
MUNICIPAL DEBT (CONTINUED)
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 0.831%:
Net Debt
Gross Debt
Deductions
$6,610,000.00
434,330.00
17,386,494.59
$6,610,000.00
184,893.80
174,956.70
-0-
Local School District Debt
Swimming Pool Utility Debt
General Debt
$249,436.20
$17,211,537.89
$6,969,850.50
$17,460,974.09
$24,430,824.59
Net debt $17,460,974.09 divided by
equalized valuation
basis
per
N.J.S.
40A:2-2,
$2,101,596,913.67 equals 0.831%
Borrowing Power Under N.J.S.A. 40A:2-6 as Amended
$
2,101,596,913.67
Equalized Valuation Basis - December 31, 2023
3 1/2% of Equalized Valuation Basis
$
73,555,891.98
17,460,974.09
Net Debt
$
56,094,917.89
Remaining Borrowing Power
Equalized Valuation Basis is the average of the equalized valuation of real estate,
including improvements and the assessed valuation of Class II railroad property of the
Borough of Middlesex for the last three (3) preceding years.
15
OUTSTANDING
BALANCE
DECEMBER
31.2023
NOTE 3:
MUNICIPAL DEBT (CONTINUED)
LONG-TERM DEBT
General Serial Bonds:
$2,878,000 in General Obligation Bonds dated July 16, 2015 due in annual
remaining installments ranging between of $318,500.00 and $326,500 due
on July 15 of each year with interest rates of 2.500%
$645,000.00
$3,700,000 in General Obligation Refunding Bonds dated December 19,
2019, due in annual remaining installments ranging between $750,000.00
and $755,000.00 due on February 15 of each year with interest rates of
5.000%.
1,505,000.00
$4,965,000 in General Obligation Bonds dated May 12, 2022, due in
annua! installments ranging between $210,000.00 and $420,000.00 due on
May 1 of each year with interest rates from 3.000% to 5.000%.
4,755,000.00
$6,905,000.00
Swimming Pool Utility Serial Bonds:
$1,235,000 in General Obligation Bonds dated July 16, 2015 due in annual
remaining installments ranging between of $136,500.00 and $141,500 due
on July 15 of each year with interest rates of 2.500%
$278,000.00
$278,000.00
BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
At December 31, 2023, the Borough has authorized but not issued bonds and notes as
follows:
General Capital Fund
Swimming Pool Capital Fund
$
3,038,678.49
156,330.00
Total
$
3,195,008.49
16
NOTE 3:
MUNICIPAL DEBT (CONTINUED)
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 Year and Anticipated Surplus
Deductions:
Operation and Maintenance
Debt Service
Total Deductions
$
465,186.69
$
399,130.00
78,528.00
477,658.00
$
(12,471.31)
Deficit in Revenue- Not Self-Liquidating
SCHEDULE OF ANNUAL DEBT SERVICE FOR PRINCIPAL AND INTEREST
FOR BONDED DEBT ISSUED AND OUTSTANDING
Swim Pool Utility Capital
Interest
General Capital
Total
Principal
YEAR
Principal
Interest
$136,500.00
141,500.00
$6,950.00
$1,683,650.00
3,537.50
1,763,775.00
2024
$256,700.00
197.237.50
151,200.00
130,200.00
109,200.00
297.937.50
27,037.50
$1,283,500.00
1,421,500.00
420,000.00
420,000.00
420,000.00
2,100,000.00
840,000.00
2025
2026
2027
2028
2029-3033
2034-2035
$10,487.50
$3,447,425.00
$6,905,000.00
$1,169,512.50
$278,000.00
17
MUNICIPAL DEBT (CONTINUED)
NOTE 3:
ENVIRONMENTAL INFRASTRUCTURE TRUST LOANS
FUND
LOAN
PRINCIPAL
TRUST LOAN
INTEREST
TOTAL
PRINCIPAL
YEAR
$
31,991.95
31,991.95
31,991.95
31,991.95
31,991.95
159,959.75
159,959.75
159,959.75
159,959.75
95,976.33
$
$
$
14,876.66
12,425.00
12,175.00
11,925.00
11,675.00
52,125.00
41,300.00
32,143.76
18,925.00
4,200.00
106,909.63
49.416.95
49.166.95
48.916.95
48.666.95
262,084.75
251.259.75
257,103.51
253.884.75
150,176.33
60,041.02
5,000.00
5,000.00
5,000.00
5,000.00
50,000.00
50,000.00
65,000.00
75,000.00
50,000.00
2024
2025
2026
2027
2028
2029-2033
2034-2038
2039-2043
2044-2048
2049-2051
$ 370,041.02
$ 211,770.42
$ 895,775.08
$ 1,477,586.52
BOND ANTICIPATION NOTES
In accordance with NJSA 40A:2-8.1, a local unit may, in anticipation of the
issuance of bonds, borrow money and issue notes if the bond ordinance or
subsequent resolution so provides.
Any such note shall be designated as a
"bond anticipation note" and shall be subject to the following provisions:
(1) every note shall contain a recital that it is issued for a period not exceeding
one year and may be renewed from time to time for additional periods, none
of which shall exceed one year;
(2) all such notes, including renewals, shall mature and be paid not later than the
first day of the fifth month following the close of the tenth fiscal year next
following the date of the original notes; and
18
NOTE 3:
MUNICIPAL DEBT (CONTINUED)
BOND ANTICIPATION NOTES (CONTINUED)
(3) no such notes shall be renewed beyond the third anniversary date of the
original notes unless an amount of such notes, at least equal to the first
legally payable installment of the bonds in anticipation of which those notes
are issued, is paid and retired on or before each subsequent anniversary date
beyond which such notes are renewed from funds other than the proceeds of
obligations.
The Borough had the following outstanding bond anticipation note(s) at year end:
Interest Rate
Maturity Date
Amount
General Capital
6.00%
05/10/24
$
6,177,000.00
FUND BALANCES APPROPRIATED
NOTE 4:
As of the date of this report the 2024 Budget had not been introduced.
NOTE 5:
PROPERTY TAXES
Property Taxes attach as an enforceable lien on property as of January 1. Taxes
are levied based on the final adoption of the current year municipal budget, and
payable in four installments on February 1, May 1, August 1 and November 1.
The Borough bills and collects its own property taxes and also the taxes for the
County and the Local School District. The collections and remittance of county
and school taxes are accounted for in the Current Fund. Borough property tax
revenues are recognized when collected in cash and any receivables are
recorded with offsetting reserves on the balance sheet of the Borough's Current
Fund.
Taxes Collected in Advance - Taxes collected in advance and recorded as cash
liabilities in the financial statements are as follows:
Balance
December
31.2023
Balance
December
31. 2022
$
253,546,21
$
259,821.65
Prepaid Taxes
19
PENSION PLANS
NOTE 6:
Substantially
all
eligible
employees
participate in the
Public
Employees'
Retirement System (PERS), or the Police, Firemen's Retirement System (PFRS)
or the Defined Contribution Retirement System (DCRP), which have been
established by state statute and are administered by the New Jersey Division of
Pensions and Benefits. The Division issues a publicly available financial report
that includes the financial statements and required supplementary information for
the Public Employees Retirement System, Police and Firemen's Retirement
System and Consolidated Police and Firemen’s Pension Fund. These reports
may be obtained by writing to the Division of Pensions and Benefits, P.O.
Box
295,
Trenton,
New
Jersey,
08625
or
are
available
online
at
www.ni.gov/treasurv/pensions/annrprts.shtml.
Public
Employees'
Retirement
System
(PERS) - The Public Employees'
Retirement System (PERS) was established as of January 1, 1955, under the
provisions of N.J.S.A. 43:15A, to provide retirement, death, disability and medical
benefits to certain qualified members. The PERS is a cost-sharing multiple
employer
plan.
Membership
is
mandatory
for
substantially,
all
full-time
employees of the State of New Jersey or any county, municipality, school district
or public agency, provided the employee is not required to be a member of
another state-administered retirement system or other state pension fund or local
jurisdiction's pension fund.
Police and Firemen's Retirement System (PFRS) - The Police and Firemen's
Retirement System (PFRS) was established as of July 1, 1944, under the
provisions of N.J.S.A. 43:16A. to provide retirement, death, and disability benefits
to its members. The PFRS is a cost-sharing multiple-employer plan. Membership
is mandatory for substantially, all full-time county and municipal police or firemen
or officer employees with police powers appointed after June 30, 1944.
Defined Contribution Retirement Program (DCRP) - The Defined Contribution
Retirement Program (DCRP) was established July 1, 2007, under the provisions
of Chapter 92, P.L. 2007 and Chapter 103, P.L 2007, and was expanded under
the provisions of Chapter 89, P.L. 2009. The DCRP provides eligible employees
and their beneficiaries with a tax-sheltered, defined contribution retirement
benefit, along with life insurance coverage and disability coverage.
Vesting and Benefit Provisions
The vesting and benefit provisions for PERS are set by N.J.S.A. 43:15A and
43:36. All benefits vest after ten years of service, except for medical benefits,
which vest after 25 years of service. Members may seek early retirement after
achieving 25 years of service credit or they may elect deferred retirement after
achieving ten years of service credit, in which case, benefits would begin the first
day of the month after the member attains normal retirement age.
20
PENSION PLANS
NOTE 6:
Vesting and Benefit Provisions (Continued)
The vesting and benefit provisions for PFRS are set by N.J.S.A. 43:16A and
43:36. All benefits vest after ten years of service, except for disability benefits,
which vest after four years of service. Retirement benefits for age and service are
available at age 55.
Members may seek special retirement after achieving 25
years of creditable service or they may elect deferred retirement after achieving
ten years of service.
Newly elected or appointed officials that have an existing DCRP account, or are
a member of another State-administered retirement system are immediately
vested in the DCRP. For newly elected or appointed officials that do not qualify
for immediate vesting in the DCRP, employee and employer contributions are
held during the initial year of membership. Upon commencing the second year of
DCRP membership, the member is fully vested. However, if a member is not
eligible to continue in the DCRP for a second year of membership, the member
may apply for a refund of the employee contributions from the DCRP, while the
employer contributions will revert back to the employer. Employees are required
to contribute 5.5% of their base salary and employers contribute 3.0%.
Funding Policy
The contribution policy for PERS is set by N.J.S.A. 43:15A and requires
contributions by active members and contributing employers. State legislation
has modified the amount that is contributed by the State. The State’s pension
contribution is based on an actuarially determined amount, which includes the
employer portion of the normal cost and an amortization of the unfunded accrued
liability. Funding for noncontributory group life insurance benefits is based on
actual claims paid. For fiscal year 2022, the State’s pension contribution was less
than the actuarial determined amount. The local employers’ contribution amounts
are based on an actuarially determined rate, which includes the normal cost and
unfunded
accrued
liability.
During
2022
PERS
provides
for
employee
contributions of 7.50% of employees' base salary.
The contribution policy for PFRS is set by N.J.S.A. 43:16A and requires
contributions by active members and contributing employers. State legislation
has modified the amount that is contributed by the State. The State’s contribution
amount is based on an actuarially determined rate, which includes the normal
cost and unfunded accrued liability. The local employers' contribution amounts
are based on an actuarially determined rate, which includes the normal cost and
unfunded accrued liability. For the fiscal year 2022, the State contributed an
amount less than the actuarially determined amount. During 2022, PFRS
provides for employee contributions of 10.00% of employees' base salary.
The Borough's share of pension, which is based upon the annual billings
received from the State, amounted to $1,800,644 for 2023 $1,614,738 for 2022,
and $1,559,422 for 2021.
Certain Borough employees
are
also covered by the Federal Insurance
Contribution Act.
21
PENSION PLANS (CONTINUED)
NOTE 6:
Accounting and Financial Reporting for Pensions- GASB 68
The Governmental Accounting Standards Board (GASB) has issued Statement
No. 68 “Accounting and Financial Reporting for Public Employees Pensions”
which requires the State of New Jersey to calculate and allocate, for note
disclosure purposes only, the unfunded net pension liability of Public Employees
Retirement System (PERS) and the Police and Firemen’s Retirement System
(PFRS) of the participating municipality as of December 31, 2022.
The
statement does not alter the amounts of funds that must be budgeted for pension
payments under existing state law.
Under accounting principles and practices prescribed by the Division of Local
Government Services, Department of Community Affairs, State of New Jersey,
any unfunded net pension liability of the municipality, allocated by the State of
New Jersey, is not required to be reported in the financial statements as
presented and any pension contributions required to be paid are raised in that
year’s budget and no liability is accrued at December 31, 2022.
Public Employees Retirement System (PERS)
At June 30, 2022, the State reported a net pension liability of $6,020,715.00 for
the Borough ’s proportionate share of the total net pension liability. The total
pension liability for the June 30, 2022 measurement date was determined by an
actuarial valuation as of July 1, 2021, which was rolled forward to June 30, 2022.
The Borough's proportion of the net pension liability was based on a projection of
the Borough’s long-term share of contributions to the pension plan relative to the
projected contributions of all participating employers, actuarially determined. At
June 30, 2022, the Borough's proportion was 0.039850707 percent, which was
an increase of 0.0009529068 percent from its proportion measured as of June
30, 2021.
For the year ended June 30, 2022, the State recognized an actuarially
determined pension benefit of $234,094.00 for the Borough 's proportionate
share of the total pension expense. The pension expense recognized in the
Borough's
financial statements
based
on the
April 1,
2023
billing
was
$521,586.00.
22
PENSION PLANS (CONTINUED)
NOTE 6:
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Public Employees Retirement System (PERS) (Continued)
At June 30, 2022, the State reported deferred outflows of resources and deferred
inflows of resources related to PERS from the following sources:
Deferred
Inflow of
Resources
Deferred
Outflow of
Resources
Differences between expected and actual
experience
Changes of assumptions
Net difference between projected and actual
earnings on pension plan investments
Changes in proportion and differences
between Borough contributions and
proportionate share of contributions
$
43,455.00
$
38,321.00
901,539.00
18,654.00
249,192.00
310,632.00
133,035.00
$
621,933.00
$
1,072,895.00
Other local amounts reported by the State as the Borough’s proportionate share
of deferred outflows of resources and deferred inflows of resources related to
pensions will be recognized in the State’s actuarially calculated pension expense
as follows:
Year Ended
June 30,
Amount
($480,931.60)
(227,594.60)
(92,796.60)
315,455.40
34,905.40
2023
2024
2025
2026
2027
($450,962.00)
23
NOTE 6:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Public Employees Retirement System (PERS) (Continued)
Actuarial Assumptions
The total pension liability for the June 30, 2022 measurement date was
determined by an actuarial valuation as of July 1, 2021, which rolled forward to
June 30, 2022. These actuarial valuations used the following assumptions:
June 30. 2022
Inflation
Price
Wage
2.75%
3.25%
2.75-6.55%
Based on
Years of Service
Salary Increases:
Investment Rate of Return
7.00%
Pre-retirement mortality rates were based on the Pub-2010 General Below-
Median Income Employee mortality table with an 82.2% adjustment for males
and 101.4% adjustment for females, and with future improvement from the base
year of 2010 on a generational basis. Post-retirement mortality rates were based
on the Pub-2010 General Below-Median Income Healthy Retiree mortality tabie
with a 91.4% adjustment for males and 99.7% adjustment for females, and with
future improvement from the base year of 2010 on a generational basis.
Disability retirement rates used to value disabled retirees were based on the
Pub-2010 Non-Safety Disabled Retiree mortality table with a 127.7% adjustment
for males and 117.2% adjustment for females, and with future improvement from
the base year of 2010 on a generational basis. Mortality improvement is based
on Scale MP-2021.
The actuarial assumptions used in the July 1, 2021 valuation were based on the
results of an actuarial experience study for the period July 1, 2018 to June 30,
2021.
24
NOTE 6:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Public Employees Retirement System (PERS) (Continued)
Long-Term Rate of Return
In accordance with State statute, the long-term expected rate of return on plan
investments (7.00% at June 30, 2022) is determined by the State Treasurer, after
consultation with the Directors of the Division of Investment and Division of
Pensions and Benefits, the board of trustees and the actuaries. The long-term
expected rate of return was determined using a building block method in which
best-estimate ranges of expected future real rates of return (expected returns,
net of pension plan investment expense and inflation) are developed for each
major asset class. These ranges are combined to produce the long-term
expected rate of return by weighting the expected future real rates of return by
the target asset allocation percentage and by adding expected inflation. Best
estimates of arithmetic rates of return for each major assets class included in
PERS’s target assets allocation as of June 30, 2022 asset are summarized in the
following table:
Long-Term
Expected Rea!
Rate of Return
Target
Allocation
Assets Class
27.00%
13.50%
5.50%
13.00%
8.00%
3.00%
4.00%
8.00%
7.00%
4.00%
4.00%
3.00%
8.12%
8.38%
10.33%
11.80%
11.19%
7.60%
4.95%
8.10%
3.38%
1.75%
1.75%
4.91%
US Equity
Non-U.S. Developed Market Equity
Emerging Market Equity
Private Equity
Real Estate
Real Assets
High Yield
Private Credit
Investment Grade Credit
Cash Equivalents
U.S. Treasury’s
Risk Mitigation Strategies
Discount Rate
The discount rate used to measure the total pension liability was 7.00% as of
June 30, 2022. The projection of cash flows used to determine the discount rate
assumed that contributions from plan members will be made at the current
member contribution rates and that contributions from employers and the
nonemployer contributing entity will be based on 100% of the actuarialiy
determined contributions for the State employer and 100% of actuarialiy
determined contributions for the local employers. Based on those assumptions,
the plan's fiduciary net position was projected to be available to make all
projected future benefit payments of current plan members. Therefore, the long-
term expected rate of return on plan investments was applied to all projected
benefit payments in determining the total pension liability.
25
NOTE 6:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Public Employees Retirement System (PERS) (Continued)
Sensitivity of the Borough’s proportionate share of net pension liability to
changes in the discount rate
The following presents the Borough’s proportionate share of the net pension
liability of the participating employers as of June 30, 2022 respectively,
calculated using the discount rate as disclosed above as well as what the
Borough’s proportionate share of the net pension liability would be if it
was
calculated using
a discount
rate
that is 1-percentage
point
lower
or 1-
percentage point higher than the current rate:
June 30, 2022
1%
At Current
Discount Rate
7.00%
1%
Decrease
6.00%
Increase
8.00%
Borough's proportionate share
of the pension liability
$7,734,856.00
$6,020,715.00
$4,561,913.00
Special Funding Situation
In accordance with N.J.S.A. 43:16A-15, local participating employers are
responsible for their own contributions based on actuarially determined amounts,
except where legislation was passed which legally obligated the State if certain
circumstances occurred. For PERS, the legislation which legally obligates the
State is found in Chapter 133, P.L. 2001. This special funding situation is due to
the State paying the additional normal cost related to benefit improvements from
Chapter 133. Previously, this additional normal cost was paid from the Benefit
Enhancement Fund (BEF). As of June 30, 2022, there is no net pension liability
associated with this special funding situation as there was no accumulated
difference between the annual additional normal cost under the special funding
situation and the actual State contribution through the valuation date.
The amounts contributed by the State on behalf of the Borough under this
legislation is considered to be a special funding situation as defined by GASB
Statement No. 68, and the State is treated as a nonemployer contributing entity.
Since the Borough does not contribute under this legislation directly to the plan
(except for employer specific financed amounts), there is no net pension liability
or deferred outflows or inflows to disclose in the notes to the financial statements
of the Borough related to this legislation.
The non-employer contributing entities’ total proportionate share of the non-
employer contribution that is associated with the Borough as of December 31,
2022 was 0.0400544578%, The non-employer contributing entities’ contribution
and employer pension expense and related revenue for the year ended June 30,
2022 was $12,668,00.
26
PENSION PLANS (CONTINUED)
NOTE 6:
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Public Employees Retirement System (PERS) (Continued)
Pension plan fiduciary net position
Detailed information about the pension plan’s fiduciary net position is available in
the separately issued Financial Report for the State of New Jersey Public
Employees Retirement System (PERS). The report may be obtained at State of
New Jersey Division of Pensions and Benefits P.O. Box 295 Trenton, New
Jersey 08625-0295 http://www.state.ni.us/treasury/pensions.
Police and Firemen’s Retirement System (PFRS)
At June 30, 2022, the State reported a net pension liability of $10,853,931.00 for
the Borough ’s proportionate share of the total PFRS net pension liability. The
total pension liability for the June 30, 2022 measurement date was determined by
an actuarial valuation as of July 1, 2021, which was rolled forward to June 30,
2022. The Borough's proportion of the net pension liability was based on a
projection of the Borough's long-term share of contributions to the pension plan
relative to the projected contributions of all participating employers, actuarially
determined.
27
PENSION PLANS (CONTINUED)
NOTE 6:
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Police and Firemen's Retirement System (PFRS) (Continued)
At June 30, 2022, the Borough’s proportion was 0.09482433 percent, which was
an increase of 0.0011409811 percent from its proportion measured as of June
30, 2021.
For the year ended June 30, 2022, the State recognized an actuarially
determined pension expense of $334,435.00. The pension expense recognized
in the Borough’s financial statements based on the April 1, 2023 billing was
$1,279,058.00.
At June 30, 2022, the State reported deferred outflows of resources and deferred
inflows of resources related to PFRS from the following sources:
Deferred
Inflow of
Resources
Deferred
Outflow of
Resources
Differences between expected and actual
experience
Changes of assumptions
Net difference between projected and actual
earnings on pension plan investments
Changes in proportion and differences
between Borough contributions and
proportionate share of contributions
$
491,278.00
$
664,951.00
29,746.00
1,366,295.00
993,901.00
1,031,801.00
177,758.00
$
2,546,726.00
$
2,209,004.00
Other amounts reported as deferred outflows of resources and deferred inflows
of resources related to pensions will be recognized in pension expense as
follows:
Year Ended
June 30
Amount
(372,061.40)
(176.119.40)
(159.678.40)
861.144.60
177.461.60
6,975.00
2023
$
2024
2025
2026
2027
Thereafter
337,722.00
$
28
NOTE 6:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Police and Firemen's Retirement System (PFRS) (Continued)
Actuarial Assumptions
The total pension liability for the June 30, 2022 measurement date was
determined by an actuarial valuation as of July 1, 2021, which rolled forward to
June 30, 2022. This actuarial valuation used the following assumptions:
Inflation rate:
Price
Wage
2.75%
3.25%
Salary Increases
Through
All Future Years
3.25-16.25%
Based on Years of Service
7.00%
Investment Rate of Return
Employee mortality rates were based on the PubS-2010 amount-weighted
mortality table with a 105.6% adjustment for males and 102.5% adjustment for
females For healthy annuitants, mortality rates were based on the PubS-2010
amount-weighted mortality table with a 96.7% adjustment for males and 96.0%
adjustment for females Disability rates were based on the PubS-2010 amount-
weighted mortality table with a 152.0% adjustment for males and 109.3%
adjustment for females. Mortality improvement is based on scale MP-2021.
The actuarial assumptions used in the July 1, 2021 valuation were based on the
results of an actuarial experience study for the period July 1, 2018 to June 30,
2021.
29
PENSION PLANS (CONTINUED)
NOTE 6:
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Police and Firemen’s Retirement System (PFRS) (Continued)
Long-Term Rate of Return
In accordance with State statute, the long-term expected rate of return on plan
investments (7.00 percent at June 30, 2022) is determined by the State
Treasurer, after consultation with the Directors of the Division of Investment and
Division of Pensions and Benefits, the board of trustees and the actuaries. The
long-term expected rate of return was determined using a building block method
in which best-estimate ranges of expected future real rates of return (expected
returns, net of pension plan investment expense and inflation) are developed for
each major asset class. These ranges are combined to produce the long-term
expected rate of return by weighting the expected future real rates of return by
the target asset allocation percentage and by adding expected inflation. Best
estimates of arithmetic rates of return for each major asset class included in
PFRS’s target asset allocation as of June 30, 2022 are summarized in the
following table:
Long-Term
Expected Real
Rate of Return
Target
Allocation
Assets Class
8.12%
8.38%
10.33%
11.80%
11.19%
7.60%
4.95%
8.10%
3.38%
1.75%
1.75%
4.91%
27.00%
13.50%
5.50%
13.00%
8.00%
3.00%
4.00%
8.00%
7.00%
4.00%
4.00%
3.00%
US Equity
Non-U.S. Developed Market Equity
Emerging Market Equity
Private Equity
Real Estate
Real Assets
High Yield
Private Credit
Investment Grade Credit
Cash Equivalents
U.S. Treasury’s
Risk Mitigation Strategies
30
PENSION PLANS (CONTINUED)
NOTE 6:
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Police and Firemen’s Retirement System (PFRS) (Continued)
Discount Rate
The discount rate used to measure the total pension liability was 7.00% as of
June 30, 2022, respectively. The projection of cash flows used to determine the
discount rate assumed that contributions from plan members will be made at the
current member contribution rates and that contributions from employers and the
nonemployer contributing entity will be based on 100% of the actuarially
determined contributions for the State employer and 100% of actuarially
determined contributions for the local employers. Based on those assumptions,
the plan's fiduciary net position was projected to be available to make all
projected future benefit payments of current plan members. Therefore, the long-
term expected rate of return on plan investments was applied to all projected
benefit payments to determine the total pension liability.
Sensitivity of the Borough’s proportionate share of the net pension liability to
changes in the discount rate
The following presents the Borough’s proportionate share of the net pension
liability of the participating employers as of June 30, 2022 respectively,
calculated using the discount rate as disclosed above as well as what the
Borough’s proportionate share of the net pension liability would be if it
was
calculated
using a
discount
rate that is
1-percentage
point
lower
or 1-percentage point higher than the current rate:
June 30, 2022
At Current
Discount Rate
7.00%
1%
1%
Decrease
6.00%
Increase
8.00%
Borough's proportionate share
of the PFRS pension liability
$16,481,354.00
$10,853,931.00
$6,169,708.00
31
NOTE 6:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Police and Firemen’s Retirement System (PFRS) (Continued)
Special Funding Situation
In accordance with N.J.S.A. 43:16A-15, local participating employers are
responsible for their own contributions based on actuarially determined amounts,
except where legislation was passed which legally obligated the State if certain
circumstances occurred. The legislation which legally obligates the State is as
follows: Chapter 8, P.L. 2000, Chapter 318, P.c. 2001, Chapter 86, P.L. 2001,
Chapter 511, P.L. 1991, Chapter 109, P.c. 1979, Chapter 247, P.L. 1993 and
Chapter 201, P.L. 2001. The amounts contributed by the State on behalf of the
Borough under this legislation is considered to be a special funding situation as
defined by GASB Statement No. 68, and the State is treated as a nonemployer
contributing entity. Since the Borough does not contribute under this legislation
directly to the plan (except for employer specific financed amounts), there is no
net pension liability or deferred outflows or inflows to disclose in the notes to the
financial statements of the Borough related to this legislation.
The non-employer contributing entities’ total proportionate share of the collective
net pension liability that is associated with the Borough as of December 31, 2022
and 2021 is 0.09482436% and 0.0936833971% respectively, the non-employer
contributing entities’ contribution for the year ended June 30, 2022 and 2021 was
$240,485.00 and $167,297.00, respectively and the employer pension expense
and related revenue for the year ended June 30, 2022 and 2021 was
$222,865.00 and $214,483.00, respectively.
At June 30, 2022 and 2021, the State's proportionate share of the net pension
liability attributable to the Borough for the PFRS special funding situation is
$1,931,681.00 and $1,925,846.00, respectively.
At June 30, 2022, the Borough's and State of New Jersey's proportionate share
of the PFRS net pension liability were as follows:
Borough's Proportionate Share of Net Pension Liability
$10,853,931.00
State of New Jersey Proportionate Share of
Net Pension Liability Associated with the Borough
1,931,681.00
$12,785,612.00
Pension plan fiduciary net position
Detailed information about the pension plan’s fiduciary net position is available in
the separately issued Financial Report for the State of New Jersey Police and
Firemen’s Retirement System (PFRS). The report may be obtained at State of
New Jersey Division of Pensions and Benefits P.O. Box 295 Trenton, New
Jersey 08625-0295 http://www.state.nj.us/treasurv/pensions.
32
NOTE 7:
COMPENSATED ABSENCES
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
$201,687.99 and $148,834.74 for 2023 and 2022, respectively. This amount
represents the current value of all accumulations and is not intended to portray
amounts that would be recorded under GAAP. Expenditures for payments 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 appropriation. In
addition, the Police are entitled to compensation hours capped at a maximum of
480 hours per officer. The estimated cost of such compensation would
approximate $277,613.52 and $325,142.49 for 2023 and 2022, respectively.
DEFERRED COMPENSATION PLAN
NOTE 8:
The Borough offers its employees a deferred compensation plan created in
accordance with Internal Revenue Code Section 457. The plan, available to all
Borough employees, permits them to defer a portion of their salaries until future
years. The Borough does not make any contribution to the plan. The deferred
compensation is not available to employees until retirement, death, disability,
termination or financial hardships.
In accordance with the requirements of the Small Business Job Protection Act of
1996 and the funding requirements of Internal Revenue Code Section 457(g), the
Borough’s Plan was amended to require that all amounts of compensation
deferred under the Plan are held for the exclusive benefits of plan participants
and beneficiaries.
All assets and income under the Plan are held in trust, in
annuity contracts or custodial accounts.
The accompanying financial statements do not include the Borough's Deferred
Compensation Plan activities. The Borough's Deferred Compensation Plan is
fully contributory and the Borough has no liabilities in conjunction with the plan.
LITIGATION
NOTE 9:
The Borough’s Attorney's letters did not indicate any litigation, claims or
contingent liabilities which would materially affect the financial statements of the
Borough.
NOTE 10:
TAX APPEALS
There are tax appeals filed with the State Tax Court of New Jersey requesting a
reduction of assessments for 2023.
Any reduction in assessed valuation will
result in a refund of prior year's taxes in the year of settlement, which may be
funded from current tax revenues, through the establishment of a reserve, or by
the issuance of refunding bonds per N.J.S.A. 40A:2-51.
The Borough has a
reserve of $24,496.20 at December 31, 2023.
33
NOTE 11:
CONTINGENT LIABILITIES
The Borough participated in several federal and state financial assistance grant
programs. Entitlement to the funds is generally conditional upon compliance with
terms and conditions of the grant agreements and applicable regulations,
including the expenditure 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, 2023, the Borough does not believe that
any material liabilities will result from such audits.
NOTE 12:
RISK MANAGEMENT
The Borough is exposed to various risks of loss related to torts; theft of; damage
to, and destruction of assets; errors and omissions; injuries to employees; and
natural disasters.
The Borough maintains insurance coverage through the
Middlesex County Joint Insurance Fund (JIF) covering each of those risks of
loss.
Management believes such coverage is sufficient to preclude any
significant uninsured losses to the Borough. Settled claims have not exceeded
this commercial coverage in any of the past three fiscal years.
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. Below is a summary of Borough’s
contributions, employee contributions, reimbursements to the State for benefits
paid, and the ending balance of the Borough’s expendable trust fund for the
current and previous two years:
Amount
Reimbursed
Ending
Balance
Year
Contributions
40,318.11
$
3,740,.87
3,236.62
$
15,118.23
$
736.28
1,164.09
162,340.04
187,539.92
190,544.51
2023
2022
2021
ACCOUNTING
AND FINANCIAL REPORTING
FOR
POSTEMPLOYMENT
BENEFITS OTHER THAN PENSIONS- GASB 75
NOTE 13:
As of the date of this report, the New Jersey Division of Pension and Benefits has
not provided updated actuarial valuations for other post-employment obligations
for the year ended June 30, 2023. The New Jersey Division of Pension and
Benefits will post these reports on their website as they are made available. The
footnote below includes the most current information made publicly available,
which had a reporting date of June 30, 2022.
34
GASB
75:
POST-EMPLOYMENT
BENEFITS
OTHER
THAN
PENSIONS
(CONTINUED)
NOTE 13:
The Governmental Accounting Standards Board (GASB) has issued Statement
No. 75, “Accounting and Financial Reporting for Postemployment Benefits Other
Than Pensions”. This statement establishes standards for measuring and
recognizing liabilities, deferred outflows and inflows of resources, and expenses
for postemployment benefits other than pensions.
OPEB obligations are non-
pension benefits that the municipality has contractually or otherwise agreed to
provide employees once they have retired and, in most instances, will be for
retirement health, prescription and dental insurance coverage.
Under current New Jersey budget and financial reporting requirements, the
municipality is not required to fund any amounts in excess of their current costs
on a pay-as-you-go basis or to accrue funds, create a trust or issue debt to
finance their other post-employment benefit liability. Additionally, the municipality
is not required to recognize any long-term obligations resulting from OPEB on
their financial statements.
Plan Description and Benefits Provided
The State Health Benefit Local Government Retired Employees Plan (the Plan) is
a cost-sharing multiple-employer defined benefit other postemployment benefit
(OPEB) plan with a special funding situation. It covers employees of local
government employers that have adopted a resolution to participate in the Plan.
The Plan meets the definition of an equivalent arrangement as defined in
paragraph 4 of GASB Statement No. 75, Accounting and Financial Reporting for
the Postemployment Benefits Other Than Pensions; therefore, assets are
accumulated to pay associated benefits.
The Plan provides medical and prescription drug coverage to retirees and their
covered dependents of the employers. Under the provisions of Chapter 88, P.L
1974 and Chapter 48, P.L. 1999, local government employers electing to provide
postretirement medical coverage to their employees must file a resolution with
the Division. Under Chapter 88, local employers elect to provide benefit coverage
based on the eligibility rules and regulations promulgated by the State Health
Benefits Commission. Chapter 48 allows local employers to establish their own
age and service eligibility for employer paid health benefits coverage for retired
employees.
Under Chapter 48, the employer may assume the cost of postretirement medical
coverage for employees and their dependents who: 1) retired on a disability
pension; or 2) retired with 25 or more years of service credit in a State or locally
administered retirement system and a period of service of up to 25 years with the
employer at the time of retirement as established by the employer; or 3) retired
and reached the age of 65 with 25 or more years of service credit in a State or
locally administered retirement system and a period of service of up to 25 years
with the employer at the time of retirement as established by the employer; or 4)
retired and reached age 62 with at least 15 years of service with the employer.
Further, the law provides that the employer paid obligations for retiree coverage
may be determined by means of a collective negotiations’ agreement.
35
GASB
75:
POST-EMPLOYMENT
BENEFITS
OTHER
THAN
PENSIONS
(CONTINUED)
NOTE 13:
Plan Description and Benefits Provided (Continued)
In accordance with Chapter 330, P.L. 1997, which is codified in N.J.S.A 52: 14-
17.32i, the State provides medical and prescription coverage to local police
officers and firefighters, who retire with 25 years of service or on a disability from
an employer who does not provide postretirement medical coverage. Local
employers were required to file a resolution with the Division in order for their
employees to qualify for State-paid retiree health benefits coverage under
Chapter 330.
The State also provides funding for retiree health benefits to survivors of local
police officers and firefighters who die in the line of duty under Chapter 271,
P.L.1989.
Pursuant to Chapter 78, P.L, 2011, future retirees eligible for postretirement
medical coverage who have less than 20 years of creditable service on June 28,
2011 will be required to pay a percentage of the cost of their health care
coverage in retirement provided they retire with 25 or more years of pension
service credit. The percentage of the premium for which the retiree will be
responsible will be determined based on the retiree's annual retirement benefit
and level of coverage.
Contributions
The Borough’s contributions to SHBP for the years ended December 31, 2022,
2021 and 2020 were $1,207,144.00, $884,361.00 and $724,427.00 respectively,
which equaled the required contributions for the year.
Total Net OPEB Liability
At June 30, 2022, the Plan reported a Liability of $20,518,546.00 for the
Borough’s proportionate share of the collective Net OPEB liability. The total Net
OPEB Liability measured as of June 30, 2022 was determined by an actuarial
valuation as of June 30, 2021, which was rolled forward to June 30, 2022.
The Borough’s proportion of the Net OPEB Liability was based on the ratio of the
plan members of an individual employer to the total members of the Plan's
nonspecial funding situation during the measurement period July 1, 2021 through
June 30, 2022.
At June 30, 2022, the Borough’s proportion was 0.127053 percent, which was an
increase of 0.001992 percent from its proportion measured as of June 30, 2021.
For the year ended June 30, 2022, the State reported OPEB expense of
$240,049.00. This OPEB expense was based on the OPEB plans June 30, 2022
measurement date.
36
GASB
75:
POST-EMPLOYMENT
BENEFITS
OTHER
THAN
PENSIONS
(CONTINUED)
NOTE 13:
Total Net OPEB Liability (continued)
At June 30, 2022, the Borough reported deferred outflows of resources and
deferred inflows of resources related to OPEB from the following sources:
Deferred
Outflow of
Resources
Deferred
Inflow of
Resources
Differences between expected and actual
experience
Changes of assumptions
Net difference between projected and actual
earnings on pension plan investments
Changes in proportion
$
1,059,600.00
$
2,738,285.00
3,803,266.00
7,002,584.00
5,402.00
2,147,292.00
1,598,130,00
$
5,950,579.00
$
12,403,980,00
Other amounts reported as deferred outflows of resources and deferred inflows
of resources related to pensions will be recognized in OPEB expense as follows:
Year Ended
June 30
Amount
$
(1,749,436.60)
(1,751,077.60)
(1,359,700.60)
(546,469.60)
(37,308.60)
(1,009,408.00)
2023
2024
2025
2026
2027
Thereafter
$
(6,453,401.00)
37
GASB
75:
POST-EMPLOYMENT
BENEFITS
OTHER
THAN
PENSIONS
(CONTINUED)
NOTE 13:
Actuarial Assumptions and Other Inputs
The total OPEB liability as of June 30, 2022, was determined by an actuarial
valuation as of July 1, 2021, which was rolled forward to June 30, 2022. The
actuarial assumptions vary for each plan member depending on the pension plan
the member is enrolled in. this actuarial valuation used the following actuarial
assumptions, applied to all period measurements:
Salary Increases*:
Public Employees Retirement System (PERS):
Rate for all future years
2.75% to 6.55%
Based on years of
service
Police and Firemen’s Retirement System (PFRS):
Rate for all future years
3.25% to 16.25%
Based on years of
service
Pub-2010 General classification headcount weighted mortality
with fully generational mortality improvement projections from the
central year using scale MP-2021
PERS
Pub-2010 Safety classification headcount weighted mortality with
fully generational mortality improvement projections from the
central year using scale MP-2021
PFRS
‘Salary increases are based on years of service within the respective plan.
Actuarial assumptions used in the July 1, 2021 valuation were based on the
results of the PFRS and PERS experience studies prepared for July 1, 2018 to
June 30, 2021.
100% of active members are considered to participate in the Plan upon
retirement.
Discount Rate
The discount rate for June 30, 2022 was 3.54%. This represents the municipal
bond return rate as chosen by the State. The source is the Bond Buyer Go 20-
Bond Municipal Bond Index, which includes tax-exempt general obligation
municipal bonds with an average rating of AA/Aa or higher. As the long- term rate
of return is less than the municipal bond rate, it is not considered in the
calculation of the discount rate, rather the discount rate is set at the municipal
bond rate.
38
GASB
75:
POST-EMPLOYMENT
BENEFITS
OTHER
THAN
PENSIONS
(CONTINUED)
NOTE 13:
Sensitivity of the Borough’s Proportionate Share of the Net OPEB Liability to
Changes in the Discount Rate
The following presents the Net OPEB Liability associated with the Borough’s as
of June 30, 2022, calculated using the discount rate as disclosed above as well
as what the Net OPEB Liability would be if it was calculated using a discount rate
that is 1 -percentage point lower or 1-percentage point higher than the current
rate:
June 30, 2022
1.00%
Increase (4.54%)
1.00%
Decrease (2.54)
At Discount
Rate (3.54)
$23,785,125.00
$20,518,546.00
$17,890,277.00
Total OPEB Liability
Sensitivity of the Borough's Proportionate Share of the Net OPEB Liability to
Changes in Healthcare Trends
The following presents the total Net OPEB Liability associated with the Borough’s
as of June 30, 2022, calculated using the healthcare trend rate as disclosed
above as well as what the Net OPEB Liability would be if it was calculated using
a healthcare trend rate that is 1- percentage point lower or 1-percentage point
higher than the current rate:
June 30, 2022
1.00%
Decrease
Healthcare Cost
Trend Rate
1.00%
ncrease
Total OPEB
$17,406,500.00
$20,518,546.00
$24,504,200.00
OPEB Plan Fiduciary Net Position
Detailed information about the OPEB plan’s fiduciary net position is available in
the separately issued Financial Report for the State of New Jersey State Health
Benefits Local Government Retired Employees Plan. The report may be obtained
at State of New Jersey Division of Pensions and Benefits P.O. Box 295 Trenton,
New Jersey 08625-0295 http://www.state.ni.us/treasurv/pensions.
39
NOTE 14:
DEFERRED SCHOOL TAXES
School taxes raised in the calendar year for the school fiscal year (July 1 to June
30) which remain unpaid at December 31 may be deferred to current fund
balance in an amount not exceeding fifty percent (50%) of the levy providing the
school district has not requisitioned the funds.
The balance of unpaid local
school taxes levied, amount deferred and the amount reported as a liability
(payable) at December 31, 2023, are as follows:
$13,944,510.00
12.568.492.00
Total Balance of Local Tax
Deferred Taxes
$ 1.376.018.00
Local Tax Payable
NOTE 15:
INTERFUND RECEIVABLES AND PAYABLES
The following interfund balances remained on the balance sheet at December
31, 2023:
Interfund
Payable
Interfund
Receivable
Fund
$79,214.52
1,557.69
9,641.52
$125,840.19
Current Fund
Grant Fund
Animal Control Fund
Trust Other Fund
Payroll Trust Fund
Swimming Pool Utility Operating Fund
Swimming Pool Utility Capital Fund
79,214.52
122.36
114,518.62
148,599.90
148,599.90
$353,654.61
$353,654.61
All balances resulted from the time lag between the dates that short-term loans
were disbursed and payments between funds were made.
40
LENGTH OF SERVICE AWARDS PROGRAM
NOTE 16:
The Borough of Middlesex adopted an ordinance establishing a Length of
Service Awards Program for the members of the Middlesex Fire Department
pursuant to N.J.S.A. 40A:14-183 et seq.
All assets of the plan are held by an independent administrator, the Lincoln
Financial Advisers.
Under this program, each volunteer that performs the minimum amount of
service will have an annual amount of $1,150.00 deposited into a tax deferred
income account that will earn interest for the volunteer.
The cost amounted to
$44,850.00 and $49,450.00 in 2023 and 2022, respectively.
The accompanying financial statements do not include the Borough’s Length of
Service Awards Program’s activities. The Borough's Length of Service Awards
Program’s financial statements are contained in a separate review report, as
required by state regulations.
FIXED ASSETS
NOTE 17:
The Borough’s governmental fixed assets are reported as follows:
Balance
December 31,
2023
$
5,864,700.00
6,533,000.00
10,754,055.00
Balance
December 31,
2022
$
5,864,700.00
6,533,000.00
11,009,390.09
$
115,677.91
$
371,013.00
Deletions
Additions
Land
Building and Improvements
Machinery and Equipment
$
23,407,090.09
$
115,677.91
$
371,013.00
$
23,151,755.00
NOTE 18:
LONG TERM TAX EXEMPTIONS
The Borough provides for long-term tax exemptions, as authorized and permitted
by New Jersey State Statutes, N.J.S.A. 40A:2Q-1 et seq. sets forth the criteria
and mechanism by which property taxes can and are abated. The exemption
provided by the Borough are predominately for affordable housing projects.
Taxes are abated include municipal, local, school and county taxes. The Borough
is required to remit five percent (5.00%) to the County for any payments received
in lieu of taxes (PILOT payments). The Borough's PILOT billings in 2023 were
$1,360,500.00 and taxes in 2023 that otherwise would have been due on these
long-term tax exemptions amount to $3,884,413.31, based upon the assessed
valuations of the long-term tax exemption properties.
41
NOTE 19:
SUBSEQUENT EVENTS
The Borough has evaluated subsequent events occurring after the financial
statement date through April 3, 2024, which is the date the financial statements
were available to be issued. Based upon this evaluation, the Borough has
determined that no subsequent events need to be disclosed.
42
THIS PAGE INTENTIONALLY LEFT BLANK
BOROUGH OF MIDDLESEX
SUPPLEMENTARY SCHEDULES - ALL FUNDS
YEAR ENDED DECEMBER 31. 2023
"A-4"
BOROUGH OF MIDDLESEX
CURRENT FUND
SCHEDULE OF CASH - TREASURER
CURRENT FUND
GRANT FUND
REF.
$
18,183.04
$
6,268,535.97
Balance, December 31, 2022
Increased by Receipts:
Miscellaneous Revenue Not Anticipated
Taxes Receivable
Sewer Rents Receivable
Revenue Accounts Receivable
State of New Jersey-Senior Citizens and Veterans
Prepaid Taxes
Tax Overpayments
Various Accounts Payable and Reserves
Grants Receivable
Interfunds Returned
A
$
A-2
$
196,481.62
50,438,626.35
992,955.18
4,869,281.10
80,599.80
259,821.65
56,672.58
474,372.61
A-6
A-2
A-9
A-12
A-15
A-16
A-18
264,051.83
27,327.21
A-19
3,577.97
A-10:A-22
291,379.04
$
309,562.08
57,372,388.86
$
63,640,924.83
Decreased by Disbursements:
Appropriations
Sewer Rents Receivable Refunds
Appropriation Reserves
County Taxes
Local District School Tax
Tax Overpayments
Various Accounts Payable and Reserves
Grants Appropriated
Interfunds Returned
$
$ 21,112,936.54
4,075.20
438,796.85
8,147,391.89
27,482,403.00
9,936.80
294,591.63
A-3
A-2
A-11
A-13
A-14
A-16
A-18
A-20
309,562.08
A-10
4,452.21
309,562.08
57,494,584.12
$
6,146,340.71
$
Balance, December 31, 2023
A
"A-5"
BOROUGH OF MIDDLESEX
CURRENT FUND
SCHEDULE OF CHANGE FUNDS
BALANCE
DECEMBER 31,
2022 AND 2023
$
200.00
150.00
50.00
50.00
50.00
$
500.00
REF.
A
"A-6
H
BOROUGH OF MIDDLESEX
CURRENT FUND
SCHEDULE OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY
TRANSFERRED
TO TAX
TITLE LIENS
BALANCE
DECEMBER
31, 2023
BALANCE
DECEMBER
31, 2022
COLLECTIONS
CANCELED
ADDED TAXES
2023
2023 LEVY
2022
YEAR
$
539,641.73
$
$
538,141.73
$
$
1,500.00
$
$
$
2022
5,296.97
102,954.88
13,149.24
253,546.21
49,981,288.73
641,049.09
50,970,986.64
2023
5,296.97
$
102.954,88
$
641.049.09
538.141.73
$
50,970,986.64
$
14,649.24
$
253,546.21
$
50,520,930.46
$
$
A-2:A~15
A-7
A
A
A-2
REF.
REF
$
50,438,626.35
82,304.11
A-4
Collector
Due From State of New Jersey Per Chapter 20, P.L. 1971
A-12
$
50,520,930.46
ANALYSIS OF 2023 PROPERTY TAX LEVY
TAX YIELD
General Purpose Tax
Added Taxes (54:4-63.1 et. seq.)
$
50,929.584.13
41,402.51
$
50,970,986.64
TAX LEVY
$
27,726,570.00
Local District School Tax (Abstract)
County Taxes:
County Tax
County Open Space Preservation Tax
County Added
A-2:A-14
$
7,486,216.56
661,175.33
6,624.81
A-13
A-13
A-13
8,154,016.70
Local Tax for Municipal Purposes (Abstract)
Municipal Library Taxes
Add: Additional Tax Levied
Local Tax for Municipal Purposes Levied
A-2
$
14,341,313.94
692,812.00
56,274.00
A-2
15,090,399.94
$
50,970,986.64
"A-r
BOROUGH OF MIDDLESEX
CURRENT FUND
SCHEDULE OF TAX TITLE LIENS
$
98,313.33
A
Balance, December 31, 2022
Increased by:
Transferred From Taxes
5,296.97
A-6
$
103,610.30
A
Balance, December 31, 2023
"A-8"
BOROUGH OF MIDDLESEX
CURRENT FUND
SCHEDULE OF SEWER FLOW CHARGES RECEIVABLE
$
54,774.55
Balance, December 31, 2022
A
Increased by:
Sewer Flow Charges: User Charges
982,702.44
Reserve
1,037,476.99
Decreased by:
Revenues
A-2
988,879.98
48,597.01
$
Balance, December 31, 2023
A
"A-9"
BOROUGH OF MIDDLESEX
CURRENT FUND
SCHEDULE OF REVENUE ACCOUNTS RECEIVABLE
BALANCE
DECEMBER
31. 2023
BALANCE
DECEMBER
31.2022
COLLECTED BY
TREASURER
ACCRUED
IN 2023
REF.
Clerk:
Alcoholic Beverage Licenses
Other Licenses
Fees and Permits:
Construction Code Official
Other
Municipal Court - Fines and Costs
Interest and Costs on Taxes
Interest on Investments and Deposits
Payment in Lieu of Taxes - Presbyterian Homes
Payment in Lieu of Taxes - 150 Lofts, LLC
Payment in Lieu of Taxes - Midmarket Urban Renewal
Energy Receipts Tax
General Capital Fund Balance
Cable Franchise Fees
Host Community Benefit Funds
Payment in Lieu of Taxes - RG Middlesex Urban Renewal, LLC
Payment in Lieu of Taxes - The View at 220 Lincoln Blvd
Payment in Lieu of Taxes - CP Middlesex, LLC
Payment in Lieu of Taxes - The View at 220 Lincoln Blvd
Payment in Lieu of Taxes - 150 Lofts, LLC
Reserve for Payment of Debt Service
Hazardous Waste Facilities Siting Act
School Garbage Reimbursement
Interfund - Statutory Excess Due from Animal Trust
Rental Registration Fees
16,553.20
$
37,938.85
16,553.20
$
37,938.85
A-2
$
$
A-2
333,659.00
16,622.21
141,927.24
134,697.82
117,632.12
60,294.58
316,984.67
49,564.84
1,792.116.72
69,398.03
87,922.45
54,454.54
513,683.60
217,386.36
347,173.87
183,452.46
97,183.72
94,399.90
100,000.00
36,682.00
18,530.22
36,000.00
333,659.00
16,622.21
136,949.94
134,697.82
117,632.12
60,294.58
316,984.67
49,564.84
1,792,116.72
69,398.03
87,922.45
54,454.54
513,683.60
217.386.36
347,173.87
183,452.46
97,183.72
94,399.90
100,000.00
36,682.00
18,530.22
36,000.00
A-2
A-2
14,153.48
9,176.18
A-2
A-2
A-2
A-2
A-2
A-2
A-2
A-2
A-2
A-2
A-2
A-2
A-2
A-2
A-2
A-2
A-2
A-2
A-2
A-2
9.176.18
$
4.874,258.40
$
4.869.281.10
$
$
14,153.48
A
REF.
A
Reserve
A-4
“A-10"
BOROUGH OF MIDDLESEX
CURRENT FUND
SCHEDULE OF INTERFUNPS
SWIMMING
POOL
OPERATING
FUND
ASSESSMENT
TRUST FUND
FUND
ANIMAL
CONTROL
TRUST FUND
TRUST FUND
PAYROLL
GRANT
FUND
TRUST FUND
TRUST OTHER
REF.
TOTAL
Balance, December 31, 2022
Interfunds Receivable
interfunds Payable
748.43
$
23,342.15
$
$
62.10
$
114,518.62
138,671.30
79,680.54
$
$
A
$
79,680.52
0.02
A
4,829.59
18,530.22
Statutory Animal Control Excess
Grant Revenues
Interest on investments
Grant Appropriations
Receipts
Disbursements
4,829.59
465,515.86
2,455.80
448,980.14
3,577.97
4,452.21
A-1
446,985.64
A-2
2,455.80
A-2
A-3
448,980.14
434.00
900.00
2,395.54
748.43
A-4
3,552.21
A-4
Balance, December 31, 2023
Interfunds Receivable
Interfunds Payable
122.36
$
114,518.62
$
$
125,840.19
$
79,214.52
1,557.69
$
$
9,641.52
$
A
79,214.52
A
"A-ir
Sheet #1
BOROUGH OF MIDDLESEX
CURRENT FUND
SCHEDULE OF 2022 APPROPRIATION RESERVES
BALANCE
DECEMBER
31. 2022
ENCUMBRANCES
PAYABLE
ADJUSTED
BALANCE
PAID OR
CHARGED
BALANCE
LAPSED
Salaries and Waoes:
General Administration
Mayor and Council
Clerk
Financial Administration
Assessment of Taxes
Collectionof Taxes
Code Enforcement
Joint Land Use Board
Police
Juvenile Conference Committee
Municipal Court
Road Repairs and Maintenance
Shade Tree Commission
Solid Waste Collection
Garbage and Trash Removal
Buildings and Grounds
Senior Nutrition * Program Costs
Title III Senior Medical Transportation - Program Costs
Title III Information & Assistance- Program Costs
Recreation Services and Program
Parks and Playgrounds
Senior Citizens Bus Transportation
Senior Citizens Coordinator
Housing and Community Advisory Board
Construction Department
Sewer Processing and Disposal
982.11
$
133.49
2.598.07
4.664.87
480.74
330.80
2,991.33
2,250.00
82.646.67
32.56
8.784.69
31,640.38
42.12
13,295.28
9.976.03
2,723.20
7.692.80
5.927.00
5,065.40
16,055.43
11,139.72
4,635.68
499.97
125.00
3,078.82
6,040.86
$
982.11
$
133.49
2,598.07
4.664.87
480.74
330.80
2,991.33
2.250.00
82.646.67
32.56
9,684.13
31,640.38
42.12
13,295.28
9.976.03
2.723.20
7,692.80
5,927.00
5.065.40
16,055.43
11,139.72
4,635.68
499.97
125.00
3,078.82
6,040.86
$
$
982.11
133.49
2,598.07
4,664.87
480.74
330.80
2,991.33
2,000.00
57.379.23
32.56
8,409.69
31,640.38
42.12
13.295.28
9,976.03
2,723.20
7,692.80
5.927.00
5,065.40
16,055.43
11,139.72
4,635.68
499.97
125.00
3,078.82
6,040.86
250.00
25.267.44
899.44
1,274.44
Other Expenses:
General Administration
Mayor and Council
Clerk
Postage for All Departments
Printing and Advertising
Financial Administration
Elections
Annual Audit
Assessment of Taxes
Collection of Taxes
Legal Services and Costs
Engineering Services and Costs
Board of Health
Computer Data Services
Environmental Legal and Engineering Services and Costs
Code Enforcement
Purchasing Agent
Joint Land Use Board
Beautification Committee
Temporary Disability Insurance
Long-Term Disability Insurance
Liability Insurance
Workmen’s Compensation
Employee Group Insurance
HealthInsurance Waiver
Flood Plan Management
Police
Juvenile Conference Committee
Office of Emergency Management
Public Defender
Fire Department
Fire Hydrant Fees
Municipal Prosecutor’s Office
Municipal Court
Road Repairs and Maintenance
Shade Tree Commission
Rental of Rescue Squad Building
Garbage and Trash Removal
Community Services Act (Condominium Costs)
Buildings and Grounds
AnimalControl
1.495.89
3,466.73
2.671.33
6,214.82
2,056.92
4,526.98
90.14
7.550.00
1.306.33
1,268.59
28.748.25
16,612.50
321.32
27,315.46
8,000.00
3,017.00
1,353.31
14,353.48
611.50
3,282.84
1,799.00
5,086.72
11,027.16
58,079.30
3,268.94
2.720.92
48,195.38
250.00
2,101.87
4.450.00
3,245.71
20,223.94
2.583.37
1,531.76
2,303.79
215.00
6.000.00
1,072.77
86.30
11,076.22
15,700.00
210.00
160.00
1,796.37
184.93
1,705.89
3,626.73
4.467.70
6,399.75
2,056.92
4,716.98
90.14
7,550.00
1.317.71
1,668.38
29.432.25
17,625.00
321.32
42,269.32
8,000.00
3,017.00
1,413.31
14,353.48
611.50
3,282.84
1,799.00
5,086.72
11,027.16
58.079.30
3,268.94
2,720.92
73,897.37
250.00
3,434.83
4,450.00
22,265.35
20,223.94
2,583.37
1,668.56
46,491.70
33,565.00
6,800.00
10.945.26
86.30
29,272.42
15.700.00
210.00
1,495.89
3,626.73
550.40
6,214.82
214.88
664.10
90.14
7,550.00
1,317.71
1.276.84
17,917.00
10,967.50
321.32
27.175.12
2,802.50
2,263.00
1,354.79
13,863.48
611.50
3.282.84
1,799.00
5,086.72
11,027.16
58.079.30
3.268.94
2.255.92
41,975.00
250.00
2.394.94
4,450.00
3,398.25
1.923.94
1,000.04
1,585.17
9,397.19
215.00
4,600.00
9.724.93
86,30
11,954.57
1,400.00
3,917.30
184.93
1,842.04
4,052.88
190.00
11.38
399.79
684.00
1,012.50
391.54
11,515.25
6,657.50
14,953.86
15,094.20
5,197.50
754.00
58.52
490.00
60.00
465.00
31,922.37
25,701.99
1,332.96
1,039.89
19,019.64
18,867.10
18,300.00
1.583.33
83.39
37,094.51
33,350.00
2,200.00
1.220.33
136.80
44,187.91
33,350.00
800.00
9,872.49
18,196.20
17,317.85
14,300.00
"A-ir
Sheet #2
BOROUGH OF MIDDLESEX
CURRENT FUND
SCHEDULE OF 2022 APPROPRIATION RESERVES
BALANCE
DECEMBER
31.2022
BALANCE
LAPSED
ADJUSTED
BALANCE
PAID OR
CHARGED
ENCUMBRANCES
PAYABLE
6,773.39
12,583.29
4,384.75
211.62
100.00
2,326.14
5,781.30
13,177.20
21,824.60
1,010.86
3,579.29
7,190.00
$
23,118.42
4,384.75
970.59
100.00
2,276.14
9.368.93
13,177.20
29,190.69
12,359.35
6,259.20
7,912.73
21,614.98
16,235.85
44,921.15
3,719.37
20,000.00
1,848.60
4,724.00
20,538.00
569.66
416.61
$
10.535.13
$
6,751.47
$
6,129.77
4,384.75
780.62
100.00
2,276.14
9,368.93
13,177.20
29,190.69
12.359.35
6,259.20
7,912.73
21,583.72
14.937.35
44,921.15
3,719.37
20,000.00
1,848.60
4,724.00
20.538.00
569.66
438.53
$
16,988.65
Recreation Services and Program
Parks and Playgrounds
Senior Citizens Bus Transportation
Senior Citizens Coordinator
Housing and Community Advisory Board
Construction Department
Electricity
Street Lighting
Telephone
Water
Gas (Natural or Propane)
Fuel Oil (DieselFuel)
Gasoline
Sewer Processing and Disposal
Sanitary Landfill Fees
Celebration of Public Events
Contingent
Social Security System
Public Employees' Retirement System of NJ
Police andFiremen’s Retirement System
Defined Contribution Retirement Plan
Middlesex County Utilities Authority Sewerage
Treatment Contractual
Piscataway Sewerage Authority - Share of Costs
Middlesex County Improvement Authority -
Curbside Recycling Collection
LOSAP
758.97
189.97
(50.00)
3,587.63
7,366.09
11,348.49
2,679.91
7,912.73
17,066.02
1,101.25
33,307.33
4,548.96
15,134.60
11,613.82
3,719.37
20,000.00
1,848.60
4.290.62
31.26
1,298.50
433.38
20,538.00
569.66
18,468.92
87,033.26
18.468.92
87.033.26
18.468.92
87,033.26
472.00
40,150.00
22,516.00
85,000.00
22,516.00
85,000,00
22,044.00
44,850.00
£
1,003,665.44
$
192,107.17
$
1,195,772.61
$
438,796.85
$
756,975.76
TOTAL
REF,
A-17
A-4
A-1
A
"A-ir
BOROUGH OF MIDDLESEX
CURRENT FUND
SCHEDULE OF DUE STATE OF NEW JERSEY
FOR SENIOR CITIZEN AND VETERAN DEDUCTIONS
REF.
$
750.00
A
Balance, December 31, 2022
Increased by:
Deductions Per Tax Billings
Deductions Allowed
$
81,750.00
1,000.00
A-12
A-12
82,750.00
83,500.00
$
Decreased by:
Receipts
Deductions Disallowed
80,599.80
445.89
A-4
A-12
81,045.69
$
2.454.31
A
Balance, December 31, 2023
REVENUE REALIZED:
Deductions Per Tax Billings
Deductions Allowed by Collector
Less: Deductions Disallowed by Collector
$
81,750.00
1,000.00
445.89
A-12
A-12
A-12
$
82,304.11
A-6
UA-13
M
BOROUGH OF MIDDLESEX
CURRENT FUND
SCHEDULE OF COUNTY TAXES PAYABLE
REF.
2023 Tax Levy:
County Tax
County Open Space Preservation Tax
County Added
$
7,486,216.56
661,175.33
6,624.81
A-6
A-6
A-6
$
8,154,016.70
A-1
Decreased by:
Payments
8,147,391.89
A-4
6,624.81
$
A
Balance, December 31, 2023
"A-14"
SCHEDULE OF LOCAL DISTRICT SCHOOL TAXES PAYABLE
REF.
Balance, December 31, 2022
School Taxes Payable
Deferred School Taxes
$
A
1,131,851.00
12,568,492.00
$
13,700,343.00
increased by:
2023 Tax Levy - Calendar Year
27,726,570.00
A-1:A-6
41,426,913.00
Decreased by:
Payments
27,482,403.00
A-4
Balance, December 31, 2023
School Taxes Payable
Deferred School Taxes
1,376,018.00
12,568,492.00
A
$
13,944,510.00
HA-15"
BOROUGH OF MIDDLESEX
CURRENT FUND
SCHEDULE OF PREAPIP TAXES
253,546.21
$
A
Balance, December 31, 2022
Increased by:
Collections of 2024 Taxes
259,821.65
A-4
$
513,367.86
Decreased by:
Applied to Taxes Receivable
253,546.21
A-6
$
259,821.65
Balance, December 31, 2023
A
"A-16”
BOROUGH OF MIDDLESEX
CURRENT FUND
SCHEDULE OF TAX OVERPAYMENTS
$
178,912.33
Balance, December 31, 2022
A
Increased by:
Collections of 2023 Taxes
56,672.58
A-4
$
235,584.91
Decreased by:
Overpayments Refunded
9,936.80
A-4
$
225,648.11
Balance, December 31, 2023
A
"A-17"
BOROUGH OF MIDDLESEX
CURRENT FUND
SCHEDULE OF ENCUMBRANCES PAYABLE
REF.
$
192,107.17
A
Balance, December 31, 2022
Increased by:
2023 Appropriations
222,587.65
A-3
$
414,694.82
Decreased by:
Transfer to 2022 Appropriation Reserves
192,107.17
A-11
222,587.65
$
Balance, December 31, 2023
A
"A-18"
BOROUGH OF MIDDLESEX
CURRENT FUND
SCHEDULE OF CHANGES IN VARIOUS ACCOUNTS PAYABLES AND RESERVES
BALANCE
DECEMBER
31. 2023
BALANCE
DECEMBER
31.2022
INCREASES
DECREASES
Accounts Payable:
Vendor Accounts Payable
Marriage License Filing Fees
State Training Fees
Gun Permit Fees
Due County - PILOT
60.00
$
675.00
16,480.00
750.00
77,509.72
$
99,617.47
550.00
1,388.00
$
99,557.47 $
550.00
1,463.00
675.00
16,555.00
750.00
77,509.72
13,250.00
13,250.00
114,805.47
95,489.72
114,820.47
95,474,72
Subtotal
Reserve for:
Codification of Ordinances
FEMA/NJDEP Buyout
Master Plan
Tax Appeals
Sewer Overpayments
Farmers Market
RAB Payments
Other Liens
Staff Appreciation
Sale of Assets - Cell Tower
Municipal Relief Fund
6,389.15
171.76
1,161.96
24,496.20
172.49
215.00
500.00
41,310.48
17,568.16
14,644.96
185,644.64
6,389.15
171.76
1,161.96
24,496.20
172.49
215.00
500.00
47,159.14
17,568.16
14,644.96
92,842.00
1,000.00
198,101.91
1,000.00
192,253.25
92,842.00
185,644.64
291,943.91
292,274.80
205,320.82
378,897.89
Subtotal
387,433.63 $
407,080.27
$
320,141.29 $
474,372.61 $
Total
A
A
A-4
REF.
$
294,591.63
92,842.00
A-4
Cash Disbursements
2023 Budget Revenue
A-2
387,433.63
$
"A-19
M
BOROUGH OF MIDDLESEX
GRANT FUND
SCHEDULE OF GRANTS RECEIVABLE
BALANCE
DECEMBER
31. 2023
UNAPPROPRIATED
RESERVE
APPLIED
BALANCE
DECEMBER
31, 2022
ACCRUED
2023
RECEIPTS
Middlesex County - info Assist and Transp
Assist - Older American Act of 1965
Middlesex County - Info Assist and Transp
Assist - Older American Act of 1965
Older Americans Act - Information Assistance
Older Americans Act - Transportation Assistance
Middlesex County Open Space
Municipal Alliance on Alcoholism and Drug Abuse - 2018
Municipal Alliance on Alcoholism and Drug Abuse - 2019
Municipal Alliance on Alcoholism and Drug Abuse - 2020
NJ Div of Highway Traffic Safety - 2018 Udrive, Utext, Upay
Community Development Block Grant
CDBG - County HUD Funds (2012/2013-2016/2017)
CDBG - County HUD Funds (2017/2018)
CDBG - County HUD Funds (2019/2020)
CDBG - County HUD Funds (2020/2021)
CDBG - County HUD Funds (2021/2022)
CDBG - County HUD Funds (2022/2023)
CDBG - County HUD Funds (2023/2024)
Alcohol Education & Rehabilitation Enforcement Fund
Assistance to Firefighters Grant
Body Armor Replacement Fund - Federal
Body Armor Replacement Fund - State of New Jersey
Clean Communities
Click It or Ticket
Distracted Driving Grant - 2022
Distracted Driving Grant - 2023
Drive Sober or Get Pulled Over Year End Holiday Crackdown
Municipal Alliance on Alcoholism & Drug Abuse
Municipal Alliance DMHAS Leadership
National Opioid Settlement
Older Americans Education
Recycling Tonnage Grant
Stormwater Assistance Grant
$
$
$
252.00
252.00
$
$
5,155.00
119.00
5,155.00
119.00
7,000.00
10,000.00
7,000.00
10,000.00
667,631.79
5,280.25
6,108.66
4,080.80
6,600.00
667,631.79
5,280.25
6,108.66
4,080.80
6,600.00
4,116.09
14,060.98
26,404.00
23,600.00
27,358.93
4,116.09
14,060.98
26,404.00
23,600.00
32,431.00
63,854.00
5,072.07
63,854,00
64,854.00
64,854.00
648.97
178,795.12
4,254.53
1,789.21
32,647.83
7,000.00
648.97
178,795.12
4,254.53
1,789.21
32,647.83
3,465.00
7,000.00
13,160.00
3,535.00
7,000.00
21,000.00
600.00
1,900.00
5,000.00
34,160.00
600.00
1,900.00
2,280.61
7,978.00
5,000.00
17,233.66
2,000.00
58,624.32
15,000.00
7,978.00
2,280.61
10,707.10
0.00
6,526.56
2,000.00
26,050.98
58,624.32
15,000.00
26,050.98
1,072,143.20
897,525.16
$
446,985.64
$
264,051.83
$
8,315.77
$
$
A-21
A
A-2.A-22
A-4
REF.
A
MA-20”
SHEET #1
BOROUGH OF MIDDLESEX
GRANT FUND
SCHEDULE OF RESERVE FOR GRANTS - APPROPRIATED
BALANCE
DECEMBER
31.2022
RESERVE FOR
ENCUMBRANCE
DECEMBER 31. 2022
TRANSFERRED
FROM 2023
BUDGET
BALANCE
DECEMBER
31. 2023
PAID OR
CHARGED
Year 2005
NJ Hepatitis "B" Grant
$
2,549.00
$
$
$
2,549.00
Year 2006
Livable Communities Grant
County of Middlesex - Victor Crowell Park
24.43
198,625.66
24.43
198,625.66
Year 2008
County of Middlesex - Mountain View Park
3,745.75
3,745.75
Year 2011
NJ Alcohol Education & Rehab
1,121.54
1,121.54
Year 2012
Haz-Mat Grant
CDBG - Manhole Retrofit
County of Middlesex - Mountain View Park
NJ Alcohol Education & Rehab
Older Americans Act - Information Assist
136.44
139.00
119,386.51
161.80
167.44
136.44
139.00
119,386.51
161.80
167.44
Year 2013
NJ Alcohol Education & Rehab
53.96
53.96
Year 2014
NJ Alcohol Education & Rehab
Forestry Grant Match
52.77
875.00
52.77
875.00
Year 2015
Municipal Alliance on Alcoholism and Drug Abuse
575.26
575.26
"A-20"
BOROUGH OF MIDDLESEX
SHEET #2
GRANT FUND
SCHEDULE OF RESERVE FOR GRANTS - APPROPRIATED
RESERVE FOR
ENCUMBRANCE
DECEMBER 31, 2022
TRANSFERRED
FROM 2023
BUDGET
BALANCE
DECEMBER
31. 2023
BALANCE
DECEMBER
31, 2022
PAID OR
CHARGED
Year 2016
NJ Alcohol Education & Rehab
CDBG - Senior Center Improvements
DWI - Municipal Court
Middlesex County Open Space
$
$
$
$
362.59
362.59 $
2,413.00
2,413.00
58.93
191,553.20
58.93
191,553.20
Year 2017
Drunk Driving Enforcement Fund
Municipal Alliance on Alcoholism and Drug Abuse
NJ Alcohol Education & Rehab
Older Americans Act - Information Assist
10.08
48,938.68
64.34
16,284.74
10.08
48,938.68
64.34
16,284.74
Year 2018
1,140.56
15,419.85
1,140.56
15,419.85
1,905.24
Body Armor Replacement Fund
CDBG
Drunk Driving Enforcement Fund
NJ Alcohol Education & Rehab
Older Americans Act - Information Assist
1,905.24
2,196.67
552.85
2,196.67
552.85
Year 2019
Body Armor Replacement Fund
CDBG Senior Center Improvements
Clean Communities Grant - CH 159
Drunk Driving Enforcement Fund
Municipal Alliance on Alcoholism and Drug Abuse
NJ Alcohol Education & Rehab
108.76
10,426.85
1,186.57
108.76
10,426.85
4,123.20
6,135.53
1,637.80
562.62
15,977.15
2,936.63
6,135.53
15,977.15
1,637.80
562.62
Year 2020
670.33
670.33
23,600.00
3,943.09
3,834.28
307.21
26,323.50
Recycling Tonnage Grant
Community Development Block Grant
Municipal Alliance on Alcoholism and Drug Abuse - Match
NJ Alcohol Education & Rehab
Body Armor Grant
Clean Communities Grant
23,600.00
3,943.09
3,834.28
1,006.27
26,323.50
699.06
"A-20"
SHEET #3
BOROUGH OF MIDDLESEX
GRANT FUND
SCHEDULE OF RESERVE FOR GRANTS - APPROPRIATED
RESERVE FOR
ENCUMBRANCE
DECEMBER 31, 2022
TRANSFERRED
FROM 2023
BUDGET
BALANCE
DECEMBER
31.2022
BALANCE
DECEMBER
31.2023
PAID OR
CHARGED
Year 2021
$
$
5,939.43
$
13,170.08
27,579.00
4,590.00
$
Recycling Tonnage Grant
Clean Communities Program
CDBG
Drive Sober or Get Pulled Over Year End Holiday Crackdown
Body Armor Grant - Federal
Body Armor Grant - State
Drunk Driving Enforcement Fund
Older Americans Act
$
5,939.43
14,858.57
1,688.49
27,579.00
4,590.00
4,447.58
4,447.58
1,232.25
4,993.10
1,232.25
6,268.76
2,368.00
1,275.66
2,368.00
Year 2022
American Rescue Plan Act of 2021
Recycling Tonnage Grant
Clean Communities Program
CDBG
Distracted Driving Grant - 2022
Municipal Alliance on Alcohol & Drug Abuse
Municipal Alliance on Alcohol & Drug Abuse - Match
Municipal Alliance DMHAS Leadership
Body Armor Grant - Federal
Body Armor Grant - State
36,520.86
32,585.24
6,488.08
62,716.00
36,520.86
23,042.00
956.01
3,731.83
318.56
1,138.00
2,232.34
13,275.07
5,850.63
63,854.00
2,232.34
1,163.00
1,595.50
250.00
1,976.70
1,553.08
1,163.00
1,595.50
5,000.00
1,976.70
1,553.08
4,750.00
MA-20"
SHEET #4
BOROUGH OF MIDDLESEX
GRANT FUND
SCHEDULE OF RESERVE FOR GRANTS - APPROPRIATED
BALANCE
DECEMBER
31. 2022
RESERVE FOR
ENCUMBRANCE
DECEMBER 31.2022
TRANSFERRED
FROM 2023
BUDGET
BALANCE
DECEMBER
31.2023
PAID OR
CHARGED
Year 2023
$
$
$
58,624.32
32,647.83
64,854.00
34,160.00
5,000.00
7,978.00
1,994.50
178,795.12
648.97
4,254.53
1,789.21
7,000.00
17,000.00
2,000.00
17,233.66
15,000.00
31,547.65
$
23,556.05
$
27,076.67
9,091.78
64,854.00
8,470.00
5,000.00
1,140.65
1,595.50
178,795.12
648.97
4,254.53
1,789.21
3,535.00
Recycling Tonnage Grant
Clean Communities Program
CDBG
Distracted Driving Grant - 2023
Municipal Alliance DMHAS Leadership
Municipal Alliance on Alcohol & Drug Abuse
Municipal Alliance on Alcohol & Drug Abuse - Match
Assistance to Firefighters Grant
NJ Alcohol Education & Rehab
Body Armor Grant - Federal
Body Armor Grant - State
Click It or Ticket
Older Americans Act
Older Americans Education
National Opioid Settlement
Storm Assistance Grant
25,690.00
6,837.35
399.00
3,465.00
17,000.00
2,000.00
17,233.66
15,000.00
448,980.14
$
363,492.50
$
1,016,655.09
$
107,054.56
$
824,112.89
A
A-3.A-22
A
REF.
A
$
309,562.08
53,930.42
Disbursements (Net of Refunds)
Encumbrances Payable
A-4
A
$
363,492.50
"A-21"
BOROUGH OF MIDDLESEX
GRANT FUND
SCHEDULE OF RESERVE FOR GRANTS - UNAPPROPRIATED
BALANCE
DECEMBER 31
BALANCE
DECEMBER 31,
ANTICIPATED
AS REVENUE
2023
2022
DESCRIPTION
$
6,526.56 $
1,789.21
6,526.56
1,789.21
National Opioid Settlement
Body Armor Replacement Fund - State of New Jersey
8,315.77 $
8,315.77 $
$
A
A-19
A
REF.
"A-22"
BOROUGH OF MIDDLESEX
GRANT FUND
SCHEDULE OF INTERFUNDS RECEIVABLE/PAYABLE - GRANT FUND
GENERAL
CAPITAL
FUND
CURRENT
FUND
REF.
TOTAL
Balance, December 31, 2022:
Interfunds Receivable
0.02
$
23,775.00
23,775.02
$
A
$
446,985.64
448,980.14
3,552.21
Grant Revenues
Grant Appropriations
Receipts
A-19
446,985.64
448,980.14
27,327.21
A-20
23,775.00
A-4
Balance, December 31, 2023:
Interfunds Receivable/{Payable)
(1,557.69)
$
(1,557.69) $
$
A
WB-2 '
BOROUGH OF MIDDLESEX
TRUST FUND
SCHEDULE OF CASH-TREASURER
PUBLIC
ASSISTANCE
TRUST
ESCROW
TRUST
PAYROLL
FUND
TRUST
OTHER
ANIMAL
CONTROL
ASSESSMENT
REF.
9,834.19
33,539.75
$
2,462,599.89
$
998,453.00
$
129,186.08
$
B
$
12,008.28
$
Balance, December 31, 2022
Increased by Receipts:
Animal Control Licenses
Due State of New Jersey - Dog Licenses
Due Current Fund
Reserve for Various Trust Deposits
Reserve for Developers Deposits
Reserve for Public Assistance
Reserve for Payroll Deductions
Interfunds
4,600.70
661.80
B-4
B-5
78.39
B-7
1,932,346.10
B-8
164,972.36
B-9
85.48
B-10
10,694,277.48
2,455.80
164,972.36
$
10,696,733.28
$
B-11
523,687.01
5,262.50
$
2,456,033.11
$
B-13,B-14
85.48
$
78.39
$
Decreased by Disbursements:
Animal Control Licenses
Due State of New Jersey - Dog Licenses
Due General Capital Fund
Due Current Fund
Reserve for Various Trust Deposits
Reserve for Developers Deposits
Reserve for Public Assistance
Reserve for Payroll Deductions
Interfunds
612.50
660.60
B-4
B-5
7,164.08
826.82
B-6
18,530.22
B-7,B-12
714,934.73
B-8
248,597.61
B-9
81.78
B-10
10,698,423.52
2,395.54
B-11
434.00
B-13.B-14
10,700,819.06
81.78
715,368.73
248,597.61
19,803.32
7,990.90
18,998.93
$
4,203,264.27
$
914,827.75
$
125,100.30
$
9,837.89
4,095.77
$
B
$
Balance, December 31, 2023
"B-3"
BOROUGH OF MIDDLESEX
TRUST FUND
SCHEDULE OF ASSESSMENTS RECEIVABLE
ASSESSMENT TRUST FUND
BALANCE
PLEDGED TO
GENERAL CAPITAL
BALANCE
DECEMBER
31.2023
BALANCE
DECEMBER
31. 2022
IMPROVEMENT DESCRIPTION
ORDINANCE
1,470.00
$
1,470.00
1,470.00
$
$
Curbs and Gutters
01/10/03
1,470.00
$
1,470.00
$
1,470.00
$
B
B
REF.
"B-4
W
BOROUGH OF MIDDLESEX
TRUST FUND
SCHEDULE OF RESERVE FOR ANIMAL CONTROL EXPENDITURES
ANIMAL CONTROL TRUST FUND
REF.
10,189.80
$
Balance, December 31, 2022
B
Increased by:
Dog License Fees
Cat License Fees
$
4,155.70
445.00
B-2
B-2
4,600.70
$
14,790.50
Decreased by:
Excess Transferred To Current Fund
Disbursements
4,829.59
612.50
B-12
B-2
5,442.09
$
9,348.41
Balance, December 31, 2023
B
LICENSE FEES COLLECTED
YEAR
AMOUNT
$
4,850.08
4,498.33
2021
2022
$
9,348.41
"B-5"
BOROUGH OF MIDDLESEX
TRUST FUND
SCHEDULE OF DUE TO STATE OF NEW JERSEY
ANIMAL CONTROL TRUST FUND
7.80
$
Balance, December 31, 2022
B
Increased by:
Receipts
661.80
B-2
$
669.60
Decreased by:
Disbursements
660.60
B-2
9.00
$
Balance, December 31, 2023
B
"B-6"
BOROUGH OF MIDDLESEX
TRUST FUND
SCHEDULE OF DUE TO GENERAL CAPITAL FUND
ASSESSMENT TRUST FUND
REF.
$
7,164.08
B
Balance, December 31, 2022
Decreased by:
Cash Disbursements
$
7,164.08
B-2
"B-7"
SCHEDULE OF DUE TO CURRENT FUND
ASSESSMENT TRUST FUND
$
748.43
B
Balance, December 31, 2022
Increased by:
Cash Receipts
78.39
B-2
$
826.82
Decreased by:
Cash Disbursements
$
826.82
B-2
MB-8
M
BOROUGH OF MIDDLESEX
TRUST FUND
SCHEDULE OF RESERVE FOR MISCELLANEOUS TRUST DEPOSITS
OTHER TRUST FUND
BALANCE
DECEMBER
INCREASED
DECREASED
31.2023
BALANCE
DECEMBER
31.2022
$
187,539.92
$
15,118.23
$
40,318.11
$
162,340.04
Reserve for Unemployment
Miscellaneous Reserves:
Accumulated Absence Liability
Affordable Housing
Baekeland Avenue Improvements
Commodity Resale Program
Gasoline - Borough of Dunellen
Cultural Heritage Programs
Daisy Park Replacement
Development
Non-Residential Development
Federal Asset Forfeitures
HAZMAT Cost Recovery
Hurricane Ida
Library Repairs
Fire Equipment
VC Playground
Municipal Law Enforcement Trust
Older Americans Act
Outside Police Services
Police Found Money
Parking Offense Adjudication Act
PILOT Due to County of Middlesex
Public Defender Fees
Police Communities Education
Premium on Tax Sale
Police Memorial Fund
Police Donations
Recreation Fund
Recycling Trust
Restitution
Senior Assisted Transportation
Storm Recovery
Street Opening Deposits
Third Party Outside Lien Redemption
Tree Replacement Fund
87,668.30
1,135,821.36
277,156.15
33,939.76
53,728.54
1,135,821.36
277,156.15
74,267.58
392.00
84,951.49
16,693.54
1,296,550.89
4,981.38
12,337.45
110,756.93
1,917.00
85,926.19
76,573.43
1,525.00
974.70
40,084.08
16,693.54
155,106.89
4,938.26
71,418.92
1,212,862.92
43.12
15,313.79
2,976.34
23,237.28
7,226.34
48,162.64
25,121.55
2,800.64
48,358.83
10,026.98
48,162.64
19,154.59
2,532.29
7,076.36
4,049.24
2,745.69
59,915.24
2,717.50
6,713.94
418,000.00
50.00
7,033.07
143,229.49
43.963.76
5,782.99
10.244.76
6,000.00
184,551.81
97,602.44
66,087.06
21,227.45
5,369.71
7,076.36
4,049.24
2,811.69
77,509.72
1,752.50
7,412.62
395,700.00
50.00
5,258.07
156,348.61
36,572.34
5,834.30
10,130.00
16,000.00
202,926.81
97,602.44
47,764.56
2,072.86
11,829.00
8,991.58
66.00
77,509.72
3,310.00
950.00
193,100.00
59,915.24
4,275.00
251.32
215,400.00
2,000.00
93,494.88
30,390.69
225.00
106,614.00
22,999.27
51.31
866.00
10,000.00
25,875.00
980.76
7,500.00
1,000.00
19,322.50
$ 3,065,067.42
$ 1,932,346.10
$
714,934.73
$ 4,282,478.79
REF.
B-2
B-2
$
162,340.04
4,120,138.75
Reserve for Unemployment
Various Trust Deposits
B
$
187,539.92
B
2,877,527.50
$ 4,282,478.79
$ 3,065,067.42
"B-9"
BOROUGH OF MIDDLESEX
TRUST FUND
SCHEDULE OF RESERVE FOR DEVELOPERS' DEPOSITS
OTHER TRUST FUND
BALANCE
DECEMBER
31.2023
BALANCE
DECEMBER
31.2022
DISBURSEMENTS
RECEIPTS
$
$
20,576.40
894,251.35
20,576.40 $
977,876.60
$
Developers' Escrow - Water & Soil
Reserve for Various Deposits
248,597.61
164,972.36
248,597.61 $
914,827.75
998,453.00 $
164,972.36 $
$
B-2
B
B-2
B
REF.
"B-10"
BOROUGH OF MIDDLESEX
TRUST FUND
SCHEDULE OF RESERVE FOR PUBLIC ASSISTANCE
PUBLIC ASSISTANCE TRUST FUND
REF.
$
9,834.19
B
Balance, December 31, 2022
Increased by:
Cash Receipts
85.48
B-2
9,919.67
$
Decreased by:
Cash Disbursements
$
81.78
B-2
$
9,837.89
B
Balance, December 31, 2023
"B-ir
SCHEDULE OF RESERVE FOR PAYROLL DEDUCTIONS
OTHER TRUST FUND
$
129,123.98
Balance, December 31, 2022
B
Increased by:
Cash Receipts
B-2
10,694,277.48
$
10,823,401.46
Decreased by:
Cash Disbursements
10,698,423.52
B-2
$
Balance, December 31, 2023
B
124,977.94
"EM2"
BOROUGH OF MIDDLESEX
TRUST FUND
SCHEDULE OF DUE TO CURRENT FUND
ANIMAL CONTROL FUND
REF.
$
23,342.15
B
Balance, December 31, 2022
Increased by:
Statutory Excess Due to Current Fund
4,829.59
B-4
28,171.74
$
Decreased by:
Cash Disbursements
$
18,530.22
B-2
$
9,641.52
Balance, December 31, 2023
B
"B-13"
BOROUGH OF MIDDLESEX
TRUST FUND
SCHEDULE OF INTERFUNDS RECEIVABLE
OTHER TRUST FUND
DUE FROM
GENERAL
CAPITAL
FUND
DUE FROM
CURRENT
FUND
REF.
$
79,680.52
$
522,787.01
B
Balance, December 31, 2022
Increased by:
Cash Disbursements
B-2
434.00
522,787.01
80,114.52
Decreased by:
Cash Receipts
522,787.01
900.00
B-2
$
79,214.52
$
B
Balance, December 31, 2023
"B-14"
BOROUGH OF MIDDLESEX
PAYROLL TRUST FUND
SCHEDULE OF INTERFUNDS REEIVABLE
DUE TO
CURRENT
FUND
REF.
$
Balance, December 31, 2022
B
62.10
Increased by:
Cash Receipts
B-2
2,455.80
$
2,517.90
Decreased by:
Cash Disbursements
B-2
2,395.54
$
Balance, December 31, 2023
B
122.36
"C-2"
BOROUGH OF MIDDLESEX
GENERAL CAPITAL FUND
SCHEDULE OF CASH - TREASURER
REF.
$
3,359,992.54
C
Balance, December 31, 2022
Increased by Receipts:
Deferred Charges to Future Taxation - Unfunded
New Jersey Infrastructure Bank
Grants
Capital Improvement Fund
State Aid Receivable
Bond Anticipation Notes Payable
Reserve for Payment of Debt Service - Premium on BAN
Interfund Receivable
Interfund Payable
$
134,627.03
989,684.00
69,292.00
200,000.00
44,771.00
6,177,000.00
146,580.21
7,164.08
31,848.65
C-5
C-5
C-5
C-8
C-16
C-9
C-18
C-19
C-20
7,800,966.97
$
11,160,959.51
Decreased by Disbursements:
Fund Balance - Surplus Anticipated in Current Fund
Contracts Payable
Bond Anticipation Notes Payable
Reserve for Debt Service
Interfund Payable
C-1
69,398.03
3,730,477.27
4,420,000.00
94,399.90
578,410.66
C-7
C-9
C-18
C-20
8,892,685.86
$
2,268,273.65
Balance, December 31, 2023
C
"c-y
BOROUGH OF MIDDLESEX
GENERAL CAPITAL FUND
ANALYSIS OF CASH
BALANCE
DECEMBER
31, 2023
REF.
$
339,676.24
189,426.40
1,157,648.10
(1,169,652.37)
1,543,402.37
94,654.19
4,838.08
146,580.21
1,601,083.21
(1,667,759.27)
28,376.49
Fund Balance
Capital Improvement Fund
Improvement Authorizations-Funded
Unfunded Improvements Expended - Listed on "C-5"
Contracts Payable
Reserve for Grant Receivable
Reserve for Capital Projects
Reserve for Payment of Debt Sen/ice
Unexpended Proceeds of Bond Anticipation Notes - Listed on "C-5"
State Aid Receivable
Excess BAN'S - Listed on ”C-5”
$
2,268,273.65
C
nC-4
m
SCHEDULE OF DEFERRED CHARGES TO
FUTURE TAXATION - FUNDED
$
9,787,286.71
Balance, December 31, 2022
C
Decreased by:
Appropriation to Pay Bonds
Environmental Infrastructure Trust
Environmental Infrastructure Fund
Capital Leases
Green Trust
C-11
$
1,263,000.00
60,174.08
66,862.71
220,000.00
6,433.82
C-12
C-13
C-14
C-15
1,616,470.61
$
8,170,816.10
Balance, December 31, 2023
C
"C-5"
BOROUGH OF MIDDLESEX
GENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - UNFUNDED
ANALYSIS OF BALANCE
DECEMBER 31, 2023
BOND
ANTICIPATION
NOTES
UNEXPENDED
IMPROVEMENT
EXPENDITURES
AUTHORIZATIONS
BALANCE
DECEMBER
31. 2023
IMPROVEMENT
AUTHORIZATIONS
CANCELED
BALANCE
DECEMBER
31. 2022
2023
BUDGET
APPROPRIATION
ORDINANCE
NUMBER
AUTHORIZATIONS
GRANTS
NJiB
IMPROVEMENT DESCRIPTION
34,334.53
$
4,823.27
1.049.82
572,356.00
34,334.53
$
4,823.27
1,049.82
458.067.30
24.627.03
S
S
$
s
$
58.961.56
$
4,823.27
1.049.82
1.562,040.00
Acquisition and Demolition of Certain Flood Prone Properties
Improvements to Marlborough Ave - (NJDOT- $300,000)
Various Capital Improvements
Sanitary Sewer Improvements
Amend Ordinance 1907-17
Warrenville Road Improvements
George Ave Improvements
Various Capital Improvements
Various Capital Improvements
Bound Brook RoadStreetscape Project
Amend Ordinance 1962-19
Sewer Study and Improvements
Tax Maps. Vanous Capital improvements
Various Acquisitions and Improvements
Various Capital Improvements
Various Capital Improvements
Acquisition of Presbyterian Church
Acquisition of 302 Union Avenue
Vanous CapitalImprovements
Mountainview ParX Project
$
1808-12
1857-14
1893-16
1907-17/
2040-21
1922-17
1924-17
1947-18
1961-19
1962-19/
206B-22
1975-19
1979-19
2002-20
2039-21
2062-22
2071-22
2094-23
2095-23
2104-23
114,288.70
989,684.00
204,782,87
10,440.00
204,782.87
10,440.00
204,782.87
10,440.00
0.24
0.24
47,832.66
396,940.00
9,967.34
47,832.66
396,940.00
5,000.00
7,500.00
62,800.00
404.440.00
2,500.00
95,000.00
45,000.00
1,084,775.35
1,439,589 50
1,498,408.00
1,636,870.00
200.000.00
475,000.00
1,359,350.00
175,750.00
45,000,00
1,084,775.35
1,439,589.50
1.498,194.00
1,636,292.00
47,500.00
1,179,775.35
1.439,589.50
1,567,700.00
1.636,870.00
200,000.00
214.00
578.00
200,000.00
49,931.58
1,328,263.84
175,750.00
69,292.00
425.068.42
31,086.16
475.000.00
1,359,350.00
175,750,00
9,967.58
$
9.187,302.00
$
6,14B,623.51
$
1.169,652.37
$
1,869,026.12
134.627.03
$
2,010,100.00 $
69,292.00
$
989,684 00
$
S
8,380,772.61
$
C-10
C
C-3
C-2
C-2
C-2
REF.
C
C-10
$
6,177,000.00
28,376.49
C-9
Bond Anticipation Notes Payable
Less: Cash on Hand to Pay Notes
C-3
$
6,148,623.51
$
3,470,109.33
1,601,083.21
C-10
Improvement Authorizations Unfunded
Less: Unexpended Proceeds of Bond Anticipation Notes
C-3
$
1,869,026.12
"C-6"
BOROUGH OF MIDDLESEX
GENERAL CAPITAL FUND
SCHEDULE OF RESERVE FOR INSURANCE REFUND
REF.
Balance, December 31, 2022
and December 31, 2023
$
4,838.08
C
"C-7"
SCHEDULE OF CONTRACTS PAYABLE
$
3,340,657.80
Balance, December 31, 2022
C
Increased by:
Improvement Authorizations
5,273,879.64
C-10
$
8,614,537.44
Decreased by:
Improvement Authorizations
Disbursements
C-10
3,340,657.80
3,730,477.27
C-2
7,071,135.07
$
1,543,402.37
C
Balance, December 31, 2023
wC-8"
BOROUGH OF MIDDLESEX
GENERAL CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
REF.
Balance, December 31, 2022
C
$
98,676.40
Increased by:
2023 Appropriations
C-2
200,000.00
$
298,676.40
Decreased by:
Appropriated to Finance Improvement Authorizations
C-10
109,250.00
Balance, December 31, 2023
C
$
189,426.40
"C-9
M
BOROUGH OF MIDDLESEX
GENERAL CAPITAL FUND
SCHEDULE OF BOND ANTICIPATION NOTES PAYABLE
BALANCE
DECEMBER
31.2023
BALANCE
DECEMBER
31.2022
ORIGINAL
DATE OF
ISSUE
DATE OF
MATURITY
INTEREST
RATE
DATE OF
ISSUE
INCREASED
DECREASED
DESCRIPTION
ORDINANCE
62,800.00
$
1.70%
6.00%
1.70%
6.00%
1.70%
6.00%
1.70%
6.00%
1.70%
6.00%
1.70%
6.00%
6.00%
62.800.00
$
$
$
05/12/22
05/11/23
05/12/22
05/11/23
05/12/22
05/11/23
05/12/22
05/11/23
05/12/22
05/11/23
05/12/22
05/11/23
05/11/23
05/12/23
05/10/24
05/12/23
05/10/24
05/12/23
05/10/24
05/12/23
05/10/24
05/12/23
05/10/24
05/12/23
05/10/24
05/10/24
06/25/20
06/25/20
06/25/20
06/25/20
06/25/20
06/25/20
06/25/20
06/25/20
06/23/21
06/23/21
05/12/22
05/12/22
05/11/23
Various Capital Improvements
Various Capital Improvements
Bound Brook Road
Bound Brook Road
Sewer Study and improvements
Sewer Study and Improvements
Tax Maps, Various Capital Improvements
Tax Maps, Various Capital improvements
Various Capital Improvements
Various Capital Improvements
Various Capital Improvements
Various Capital Improvements
Various Capital Improvements
1961-19
1961-19
1962-19
1962-19
1975-19
1975-19
1979-19
1979-19
2002-20
2002-20
2039-21
2039-21
2062-22
57,800.00
57,800.00
104,440.00
104,440.00
396,940.00
396,940.00
47,500.00
47,500.00
45,000.00
45,000.00
1,195,625.00
1,195,625.00
1,100,625.00
1,100,625.00
1,442,149.00
1,442,149.00
1,442,149.00
1,442,149.00
1,567.486.00
1,567,486.00
1,498,194.00
1,636,292.00
1,498,194.00
1,636,292.00
$
4,420,000.00
$
6,177,000.00
$
4,420,000.00
$
6,177,000.00
C:C5
C
C-2
C-2
REF.
X-10"
BOROUGH OF MIDDLESEX
GENERAL CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
BALANCE
DECEMBER 31, 2023
2023
BALANCE
DECEMBER 31, 2022
2022
CONTRACTS
AUTHORIZATIONS
PAYABLE
CONTRACTS
PAYABLE
NEW
AUTHORIZATIONS
ORDINANCE
ORDINANCE
NUMBER
UNFUNDED
CANCELED
FUNDED
AMOUNT
FUNDED
UNFUNDED
PATE
IMPROVEMENT AUTHORIZATIONS
$
114.288.70
$
88,077.98
$
127,350.94
5
$
S
153,561.66
S
02/14/17
$
09/14/21
08/14/18
06/11/19
06/11/19
08/13/19
10/22/19
06/09/20
06/23/20
08/24/21
06/28/22
10/25/22
05/23/23
07/25/23
12/19/23
2,450,000.00
500,000.00
1,981.165.00
620,000.00
1,135,000.00
344,816.68
1,258,553.00
750,000.00
2,031,210.00
2,032,000.00
2,279,000.00
1.300,000.00
500.000.00
1,926,350.00
185,000.00
s
1907-17/
2040-21
1947-18
1961-19
1962-19
1968-19
1979-19
1997-20
2002-20
2039-21
2062-22
2071-22
2094-23
2095-23
2104-23
Sanitary Sewer Improvements
Amend Ordinance 1907-17
Various Capital improvements
Various Capital Improvements
Bound Brook Road Streetscape Project
2019 library HVAC & Tax Revaluation
Tax Maps, Various Capital Improvements
Infrastructure Improvements
Various Acquisitions and Improvements
Various Capital Improvements
Various Capital Improvements
Acquisition of Presbyterian Church
Acquisition of 302 Union Avenue
Various Capital Improvements
Mountainview Park Project
17,100.50
13,500.50
189,676.48
9,967.34
193,276.24
0.24
9,967.34
250.26
1.279,057.24
36.207.52
208,100.73
250.26
1,279.057.24
33,650.10
212,050.18
62,957.10
60,399.68
236,141.15
240,090.60
7,510.00
7,510.00
577,709.62
458,224.89
329.549.29
200,000.00
49,931.58
1,328,263.84
175,750.00
112,955.46
933,286.71
1,488,654.93
21,619.00
450.068.42
598.086.16
649,493.70
716,118.13
822.055.24
200,000.00
41,171.38
675,393.47
996.148.98
3,000.00
1,077.931.00
1,096,550.00
500,000.00
1.926,350.00
185,000.00
9.250,00
199,643.82
S
1,157.648.10
$
3,470,109.33
$
1,357,735.92
S 2.791,537.17
S
2,611,350.00
$
3,340,65760
$
5,273,879,64
S
C.C-5
C-7
C-7
C
C
C
REF.
$
2,010,100.00
492,000.00
109,250.00
C-5
Deferred Charges to Future Taxation - Unfunded
Grants Receivable
CapitalImprovement Fund
C-16
C-8
$
2.611.35000
$
189,676 24
9,967.58
C-1
Fund Balance
Deferred Charges to Future Taxation- Unfunded
C-5
$
199,643.82
”0-11”
BOROUGH OF MIDDLESEX
GENERAL CAPITAL FUND
SCHEDULE OF GENERAL SERIAL BONDS
MATURITIES OF BONDS
OUTSTANDING
BALANCE
DECEMBER
31, 2022
BALANCE
DECEMBER
31.2023
DECEMBER 31, 2023
INTEREST
RATE
DATE OF
ISSUE
ORIGINAL
ISSUE
DATE
AMOUNT
DECREASE
PURPOSE
$
318,500.00
2.500%
326,500.00
2.500%
$
953,000.00
$
308,000.00
$
645,000.00
07/16/15
$
2,878,000.00
07/15/24
07/15/25
General Obligation Bonds of 2015
02/15/24
02/15/25
755,000.00
5.000%
750,000.00
5.000%
General Obligation Refunding Bonds 2019
12/05/19
3,700,000.00
2,250,000.00
745,000.00
1,505,000.00
210,000.00
5.000%
345,000.00
5.000%
420,000.00
5.000%
420,000.00
5.000%
420,000.00
5.000%
420,000.00
5.000%
420,000.00
3.000%
420,000.00
3.000%
420,000.00
3.000%
420,000.00
3.125%
420,000.00
3.125%
420,000.00
3.250%
4,965,000.00
05/01/24
05/01/25
05/01/26
05/01/27
05/01/28
05/01/29
05/01/30
05/01/31
05/01/32
05/01/33
05/01/34
05/01/35
General Obligation Bonds of 2022
05/12/22
4,755,000.00
4,965,000.00
210,000.00
8,168,000.00
$
1,263,000.00
$
6,905,000.00
$
C
C-4
C
REF.
"C-12"
BOROUGH OF MIDDLESEX
GENERAL CAPITAL FUND
SCHEDULE OF STATE OF NEW JERSEY TRUST LOAN PAYABLE - NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST LOANS
PRINCIPAL REQUIREMENTS
OF LOAN OUTSTANDING
DECEMBER 31, 2023
BALANCE
DECEMBER
31.2023
BALANCE
DECEMBER
31. 2022
INTEREST
RATE
DATE OF
ISSUE
ORIGINAL
ISSUE
DECREASED
AMOUNT
DATE
PURPOSE
$
110,215.10
$
55,174.08
$
55,041.02
3.250%
08/01/24
$
55,041.02
08/01/05
$
850,000.00
NJ Environmental Infrastructure Trust 2004 A
5.000%
5.000%
3.250%
3.375%
3.500%
3.500%
3.625%
3.500%
4.000%
4.000%
8/1/24-28
8/1/29-33
08/01/34
8/1/35-37
8/1/38-40
08/01/41
8/1/42-43
08/01/44
8/1/45-50
08/01/51
5,000.00
10.000.00
10,000.00
10,000.00
10,000.00
15,000.00
15,000.00
15,000.00
15,000.00
20.000.00
NJ Environmental Infrastructure Trust 2022 A
08/01/22
320,000.00
315.000.00
320,000.00
5,000.00
$
430,215.10
$
60,174.08
$
370,041.02
C
C
C-4
REF.
’XM3"
BOROUGH OF MIDDLESEX
GENERAL CAPITAL FUND
SCHEDULE OF STATE OF NEW JERSEY FUND LOAN PAYABLE - NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE FUND LOANS
PRINCIPAL REQUIREMENTS
OF LOAN OUTSTANDING
DECEMBER 31, 2023
BALANCE
DECEMBER
31.2023
BALANCE
DECEMBER
31.2022
DATE OF
ISSUE
ORIGINAL
ISSUE
DECREASED
AMOUNT
DATE
PURPOSE
$
34,870.76
$
34,870.76
$
08/01/05
$
844,828.00
NJ Environmental Infrastructure Trust 2004 A
10,663.98
21,327.97
21,328.45
$
949,095.00
2/1/24-51
8/1/24-50
08/01/51
08/01/22
NJ Environmental Infrastructure Trust 2022 A
895.775.08
927,767.03
31,991.95
$
962,637.79
$
66,862.71
$
895,775.08
C
C
C-4
REF.
”C-14
M
BOROUGH OF MIDDLESEX
GENERAL CAPITAL FUND
SCHEDULE OF CAPITAL LEASES PAYABLE
MATURITIES OF BONDS
OUTSTANDING
DECEMBER 31, 2023
BALANCE
DECEMBER
31.2022
INTEREST
RATE
AMOUNT OF
LOAN
FEES
PAYABLE
AMOUNT
DECREASE
DATE
PURPOSE
$
220,000.00
$
220,000.00
56,064.13
08/15/23
$
220,000.00
4.000%
$
2,900,567.38
$
Capital Equipment - 2013
$
220,000.00
$
220,000.00
REF.
C
C-4
MC-15"
BOROUGH OF MIDDLESEX
GENERAL CAPITAL FUND
SCHEDULE OF STATE OF NEW JERSEY LOAN PAYABLE - GREEN TRUST LOAN PROGRAM
YEAR ENDED
DECEMBER
31.2023
REF.
$
6,433.82
C
Balance, December 31, 2022
Decreased by:
2023 Budget Appropriaation
$
6,433.82
C-4
X-16"
BOROUGH OF MIDDLESEX
GENERAL CAPITAL FUND
SCHEDULE OF STATE AID RECEIVABLE
REF.
$
1,268,901.48
C
Balance, December 31, 2022
Increased by:
New Grants Awarded
492,000.00
C-10
S
1,760,901.48
Decreased By:
2023 Budget Appropriations
Improvement Authorizations Canceled
C-2
$
44,771.00
48,371.21
C-17
93,142.21
$
1,667,759.27
C
Balance, December 31, 2023
Analysis of Balance:
$
69,476.44
56,250.00
16,361.77
15,238.34
22,708.56
83,478.74
215,721.32
257,640.00
174,016.65
125,734.95
139,132.50
492,000.00
1715-07
1736-08
1772-10
1797-11
1857-14
1893-16
1961-19
1962-19
2002-20
2039-21
2062-22
2095-23
State of NJ DOT - Beechwood Ave
State of NJ DOT - Greenbrook Road
State of NJ DOT - Beechwood Ave
State of NJ DOT - Parker Street
State of NJ DOT - Marlborough Avenue
State of NJ DOT - Warrenville Road
State of NJ DOT - Harris Avenue, Ashland Road, Fischer Ave
State of NJ DOT - Bound Brook Road
State of NJ DOT - Harris, Sherman, Chestnut
State of NJ DOT - Milling and Overlay
State of NJ DOT - Hazelwood Ave/Lonande Dr.
State of NJ DOT - Douglass Lane, Rutgers Lane and Princeton Drive
$
1,667,759.27
WC-17
W
BOROUGH OF MIDDLESEX
GENERAL CAPITAL FUND
SCHEDULE OF RESERVE FOR GRANT RECEIVABLE
REF.
$
143,025.40
C
Balance, December 31, 2022
Decreased by:
Improvement Authorizations Canceled
48,371.21
C-16
94,654.19
C
Balance, December 31, 2023
Analysis of Balance
Ord
Description
Middlesex County - Cedar Avenue
2014 Loan Reimbursement
$
56.00
94,598.19
1643-05
94,654.19
$
"C-18"
SCHEDULE OF RESERVE FOR PAYMENT OF DEBT SERVICE
REF.
$
94,399.90
Balance, December 31, 2022
C
increased by:
Premium on BAN’S
C-2
146,580.21
$
240,980.11
Decreased by:
Cash Disbursements
C-2
94,399.90
$
146,580.21
Balance, December 31, 2023
C
"c-iy
BOROUGH OF MIDDLESEX
GENERAL CAPITAL FUND
SCHEDULE OF DUE TRUST ASSESSMENT FUND
REF.
$
7,164.08
Balance, December 31, 2022 (Due From)
C
Decreased by:
Receipts
7,164.08
$
C-2
T-20"
BOROUGH OF MIDDLESEX
GENERAL CAPITAL FUND
SCHEDULE OF INTERFUNDS PAYABLE
DUE TO
TRUST OTHER
FUND
DUE TO
CURRENT
FUND
DUE TO
GRANT
FUND
TOTAL
REF.
$
23,775.00 $
522,787.01
C
546,562.01 $
$
Balance, December 31, 2022
Increased by:
Cash Receipts
C-2
31,848.65
31,848.65
23,775.00
522,787.01
31,848.65
31,848.65
Decreased by:
Cash Disbursements
C-2
31,848.65
23,775.00
522,787.01
578,410.66
$
Balance, December 31, 2023
C
$
$
$
"C-21"
BOROUGH OF MIDDLESEX
GENERAL CAPITAL FUND
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
BALANCE
DECEMBER
31.2023
ORDINANCE
NUMBER
IMPROVEMENT DESCRIPTION
34,334.53
4,823.27
1,049.82
572,356.00
204,782.87
10,440.00
214.00
578.00
200,000.00
475,000.00
1,359,350.00
175,750.00
$
Acquisition and Demolition of Certain Flood Prone Properties
Improvements to Marlborough Ave
Various Capital Improvements
Sanitary Sewer Improvements
Warrenville Road Improvements
George Ave Improvements
Various Capital Improvements
Various Capital Improvements
Acquisition of Presbyterian Church
Acquisition of 302 Union Avenue
Various Capital Improvements
Mountainview Park Project
1808-12
1857-14
1893-16
1907-17/2040-21
1922-17
1924-17
2039-21
2062-22
2071-22
2094-23
2095-23
2104-23
$
3.038.678.49
"D-5"
BOROUGH OF MIDDLESEX
SCHEDULE OF SWIMMING POOL UTILITY CASH AND INVESTMENTS - TREASURER
SNACK BAR ACCOUNT
OPERATING FUND
CAPITAL FUND
REF.
$
54,279.79
$
250,162.29
$
3,001.00
D
Balance - December 31, 2022
Increased by Receipts:
Miscellaneous Revenue
Fees - Membership
Snack Bar
Interfunds Receivable/Payable
Interfunds Receivable/Payable
$
109,470.89
317,057.80
D-3
D-3
$
31,015.00
88.27
D-5
1,334.37
D-10
369.70
D-14
369.70
31,103.27
427,863.06
34,104.27
54,649.49
678,025.35
Decreased by Disbursements:
2023 Budget Appropriations
2022 Appropriation Reserves
Improvement Authorizations
Snack Bar
Interfunds Receivable/Payable
Interfunds Receivable/Payable
437,498.92
2,156.92
D-4
D-9
22,303.00
D-15
31,015.00
88.27
D-5
1,334.37
D-10
369.70
D-14
22,672.70
440,990.21
31,103.27
$
3,001.00
$
31,976.79
$
237,035.14
D
Balance - December 31, 2023
"D-6"
BOROUGH OF MIDDLESEX
SWIMMING POOL UTILITY CAPITAL FUND
ANALYSIS OF SWIMMING POOL UTILITY CAPITAL CASH AND INVESTMENTS
BALANCE
DEC. 31,
2023
$
7,730.10
148,599.90
31,976.79
(156,330.00)
Capital Improvement Fund
Due to Swimming Pool Operating Fund
Fund Balance
Improvement Authorization Unfunded Expended
$
31,976.79
D
REF.
( ) Denotes Deficit or Deduction
"D-7"
BOROUGH OF MIDDLESEX
SWIMMING POOL UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL
TRANSFERRED
FROM
AUTHORIZED
& UNCOMPLETED
BALANCE
DECEMBER
31. 2023
BALANCE
DECEMBER
31.2022
Account
$
234,000.00
217,721.56
65,300.00
149,270.00
256,330.00
1,248,339.21
22,303.00
$
234,000.00
$
217,721.56
65,300.00
149,270.00
256,330.00
1,248,339.21
Swimming Pool and Grounds
Improvements - 1987
Improvements - 1991
Improvements - 1997
Improvements - 2010
Improvements - 2014
Refurbishment of the Water Slide - 2022
22,303.00
22,303.00
$
2,193,263.77
2,170,960.77
$
D
REF.
D
D-8
”D-8”
BOROUGH OF MIDDLESEX
SWIMMING POOL UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED
TRANSFERRED
TO FIXED
CAPITAL
IMPROVEMENT
AUTHORIZATIONS
CANCELED
BALANCE
DEC. 31, 2022
2023
ORDINANCE
ORD.
NO.
IMPROVEMENT DESCRIPTION
AUTH
AMOUNT
DATE
General Improvements:
$
35,000.00
$
22,303.00
$
12,697.00
12/20/22
$
35,000.00
2075-22
Refurbishment of the Water Slide
$
35,000.00
$
22,303.00
$
12,697.00
$
D-13
D-13
D-7
REF.
D
"D-9"
BOROUGH OF MIDDLESEX
SWIMMING POOL UTILITY OPERATING FUND
SCHEDULE OF 2022 APPROPRIATION RESERVES
RESERVE FOR
ENCUMBRANCES
DEC. 31. 2022
BALANCE
AFTER
MODIFICATION
BALANCE
LAPSED
PAID OR
CHARGED
BALANCE
DEC. 31.2022
Operating:
Salaries and Wages
Other Expenses
4,359.64 $
30,316.51
$
4,359.64 $
32,985.06
$
4,359.64
2,156.92
30,828.14
$
2,668.55
Statutory Expenditures:
Contribution to:
Social Security System (O.A.S.I.)
470.15
470.15
470.15
37,814.85 $
2,156.92 $
35,657.93
2,668.55 $
35,146.30 $
$
D-5
D-1
D
Ref.
D
"D-KT
BOROUGH OF MIDDLESEX
SWIMMING POOL UTILITY OPERATING FUND
SCHEDULE OF INTERFUNDS RECEIVABLE/PAYABLE
SWIMMING POOL
POOL UTILITY
CAPITAL FUND
CURRENT
FUND
TOTAL
Ref,
Balance - December 31, 2022
Due From
Due to
148,599.90 $
114,518.62
148,599.90 $
$
D
114,518.62
D
88.27
1,334.37
88.27
1,334.37
88.27
1,334.37
88.27
1,334.37
D-5
Cash Receipts - Snack Bar
Cash Receipts - Operating
Cash Disbursements - Snack Bar
Cash Disbursements - Operating
D-5
D-5
D-5
Balance - December 31, 2023
Due From
Due to
148,599.90 $
148,599.90 $
114,518.62
D
$
114,518.62
D
"D-11"
BOROUGH OF MIDDLESEX
SWIMMING POOL UTILITY CAPITAL FUND
SCHEDULE OF RESERVE FOR AMORTIZATION
REF.
$
1,439,630.77
Balance - December 31, 2022
D
Increased by:
Bonds Paid by Swimming Pool Budget Appropriation
Bonds Paid by Current Budget Appropriation
D-17
$
78,528.00
53,472.00
D-17
132,000.00
$
1,571,630.77
Balance - December 31, 2023
D
"D-12"
SCHEDULE OF CAPITAL IMPROVEMENT FUND
REF.
$
7,730.10
Balance - December 31, 2022
D
Balance - December 31, 2023
D
$
7,730.10
"0-13“
BOROUGH OF MIDDLESEX
SWIMMING POOL UTILITY CAPITAL FUND
SCHEDULE OF DEFERRED RESERVE FOR AMORTIZATION
AUTHORIZATIONS
CANCELED
BALANCE
DEC. 31.2023
BALANCE
DEC. 31. 2022
FIXED CAPITAL
AUTHORIZED
ORDINANCE
ORD.
AMOUNT
DATE
IMPROVEMENT DESCRIPTION
NO.
General Improvements:
$
$
$
100,000.00
65,000.00
22,303.00
$
100,000.00
65,000.00
07/27/10
06/24/14
12/20/22
$
350,000.00
1,300,000.00
35,000.00
Swimming Pool Improvemments
Swimming Pool Improvemments
Refurbishment of the Water Slide
1771-10
1852-14
2075-22
12,697.00
35,000.00
$
165,000.00
$
35,000.00
$
12,697.00
$
187,303.00
D-8
D
D
D-8
Ref.
"D-14"
BOROUGH OF MIDDLESEX
SWIMMING POOL UTILITY CAPITAL FUND
SCHEDULE OF INTERFUNDS RECEIVABLE/PAYABLE
SWIMMING POOL
UTILITY OPERATING
FUND
REF.
TOTAL
Balance - December 31, 2022
Due to
148,599.90 $
148,599.90
$
D
Increased by:
Cash Receipts
369.70
369.70
D-5
148,969.60
Decreased by:
Cash Disbursements
369.70
369.70
D-5
Balance - December 31, 2023
Due to
$
148,599.90 $
148,599.90
D
MD-15“
BOROUGH OF MIDDLESEX
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
SWIMMING POOL UTILITY CAPITAL FUND
BALANCE
DEC. 31, 2022
PAID OR
CHARGED
CANCELLED
2023
ORDINANCE
ORD.
AUTHOR-
AMOUNT
FUNDED
UNFUNDED
IMPROVEMENT DESCRIPTION
DATE
NO,
General Improvements:
12/20/22
$
35,000.00 $
$
$
35,000.00 $
22,303.00 $
12,697.00
Refurbishment of the Water Slide
2075-22
35,000.00 $
22,303.00 ?
12,697.00
$
$
$
D-2
D
D
D-2
D-5
Ref.
"D-16"
BOROUGH OF MIDDLESEX
SWIMMING POOL UTILITY OPERATING FUND
SCHEDULE OF ACCRUED INTEREST ON BONDS AND NOTES
REF.
$
4,395.42
Balance - December 31, 2022
D
Decreased by:
Accrued Interest Canceled
1,210.00
D-1
$
3,185.42
Balance - December 31, 2023
D
Analysis of Balance - December 31, 2023:
Principal
Outstanding
12/31/23
Interest
Rate
Period
To
Amount
From
Bonds
$
278,000.00
2.000%
07/15/23
12/31/23
5 1/2 months
$
3,185.42
*p-ir
BOROUGH OF MIDDLESEX
SWIMMING POOL UTILITY CAPITAL FUND
SCHEDULE OF GENERAL SERIAL BONDS
BALANCE
DEC. 31,
BALANCE
DEC. 31,
MATURITIES OF BONDS
AMOUNT OF
ISSUE
INTEREST
RATE
DATE OF
ISSUE
DECREASED
2023
DATE
AMOUNT
2022
DESCRIPTION
$
136,500,00
141,500.00 $
07/16/15
$
1,235,000.00
2.500%
2.500%
07/15/24
07/15/25
General Improvement Bonds of 2015
410,000.00 $
132,000.00 $
278,000.00
$
410,000.00 $
132,000.00 $
278,000.00
D
D
Ref.
$
78,528.00
53,472.00
D-11
Bonds Paid by Swim Pool Budget Appropriations
Bonds Paid by Current Budget Appropriations
D-11
$
132,000.00
"D-18"
BOROUGH OF MIDDLESEX
SWIMMING POOL UTILITY CAPITAL FUND
SCHEDULE OF BONDS AND NOTES
AUTHORIZED BUT NOT ISSUED
BALANCE
DEC. 31. 2023
BALANCE
DEC. 31. 2022
ORD.
NO.
IMPROVEMENT DESCRIPTION
$
156,330.00
$
156,330.00
1771-10 Swim Pool Improvements
$
156,330.00
$
156,330.00
BOROUGH OF MIDDLESEX
PART II
SINGLE AUDIT SECTION
REPORTS 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
REPORTS ON COMPLIANCE WITH REQUIREMENTS
APPLICABLE TO EACH MAJOR STATE FINANCIAL
ASSISTANCE PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE
IN ACCORDANCE WITH NEW JERSEY OMB CIRCULAR 15-08
SCHEDULE OF EXPENDITURES OF STATE FINANCIAL ASSISTANCE
NOTES TO THE SCHEDULE OF EXPENDITURES
OF STATE FINANCIAL ASSISTANCE
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
SUMMARY SCHEDULE OF PRIOR YEAR AUDIT FINDINGS
SUPLEE, CLOONEY & COMPANY LLC
CERTIFIED PUBLIC ACCOUNTANTS
308 East Broad Street, Westfield , New Jersey 07090-2122
Fax 908- 789-8535
Telephone 908- 789-9300
E - mail
info@scnco.com
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED
IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
The Honorable Mayor and Members
of the Borough Council
Borough of Middlesex
County of Middlesex
Middlesex, New Jersey 08846
We have audited, in accordance with the auditing standards generally accepted in the United
States of America, the audit requirements prescribed by the Division of Local Government Services,
Department of Community Affairs, State of New Jersey and the standards applicable to financial
audits contained in Government Auditing Standards issued by the Comptroller General of the United
States, the regulatory financial statements of the various individual funds and the account group of
the Borough of Middlesex, as of and for the year ended December 31, 2023, and the related notes
to the financial statements,
which collectively comprise the Borough’s
regulatory financial
statements, and have issued our report thereon dated April 3, 2024. Our report disclosed that, as
described in Note 1 to the financial statements, the Borough of Middlesex prepares its financial
statements on a basis of accounting prescribed by the Division of Local Government Services,
Department of Community Affairs, State of New Jersey, that demonstrates compliance with a
modified accrual basis and the budget laws of the State of New Jersey, which is a comprehensive
basis of accounting other than U.S. generally accepted accounting principles.
Internal Control Over Financial Reporting
In planning and performing our audit of the regulatory financial statements, we considered
the Borough’s control over financial reporting {internal control) as a basis for designing audit
procedures that are appropriate in the circumstances for the purpose of expressing our opinions on
the financial statements but not for the purpose of expressing an opinion on the effectiveness of the
Borough’s internal control.
Accordingly, we do not express an opinion on the effectiveness of
Borough’s internal control.
43
SUPLEE, CLOONEY & COMPANY
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 Borough of Middlesex'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.
Our consideration of internal control was for the limited purpose described in the first
paragraph of this section and was not designed to identify ail 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’s financial statements
are free from material misstatement, we performed tests of its compliance with certain provisions of
laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct
and material effect on the financial statements. 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.
However, we noted immaterial
matters
of
noncompliance
which
are
discussed
in
Part
III,
General
Comments
and
Recommendations Section of the report.
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
Borough of Middlesex’s interna! control or on compliance. This report is an integral part of an audit
performed in accordance with Government Auditing Standards in considering the Borough of
Middlesex’s internal control and compliance. Accordingly, this communication is not suitable for any
other purpose.
Li tL iJLy
CERTIFIED PUBLIC ACCOUNTANTS r
REGISTERED MUNICIPAL ACCOUNTANT NO. 439
April 3, 2024
44
SUPLEE, CLOONEY & COMPANY LLC
CERTIFIED PUBLIC ACCOUNTANTS
308 East Broad Street, Westfield, New Jersey 07090- 2122
Fax 908-789-8535
Telephone 908-789-9300
E-mail
info@scnco.com
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE
WITH REQUIREMENTS APPLICABLE TO EACH MAJOR STATE
PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE
IN ACCORDANCE WITH STATE OF NEW JERSEY OMB CIRCULAR 15-08
The Honorable Mayor and Members
of the Borough Council
Borough of Middlesex
County of Middlesex
Middlesex, New Jersey 08846
Report on Compliance for Each Major State Programs
Opinion on Each Major State Programs
We have audited the Borough of Middlesex, County of Middlesex, State of New Jersey (the
“Borough”) compliance with the types of compliance requirements identified as subject to audit in the
New Jersey OMB State Grant Compliance Supplement that could have a direct and material effect
on each of the Borough’s major state programs for the year ended December 31, 2023. The
Borough’s major state programs are identified in the summary of auditor’s results section of the
accompanying schedule of findings and questioned costs.
In our opinion, the Borough complied, in all material respects, with the types of compliance
requirements referred to above that could have a direct and material effect on each of its major state
programs for the year ended December 31, 2023.
Basis for Opinion on Each Major State Programs
We conducted our audit of compliance in accordance with auditing standards generally
accepted in the United States of America; the standards applicable to financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the United States; and the
New Jersey OMB State Grant Compliance Supplement. Our responsibilities under those standards
and the New Jersey OMB State Grant Compliance Supplement are further described in the Auditor’s
Responsibilities for the Audit of Compliance section of our report.
We are required to be independent of the Borough and to meet our other ethical
responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion on compliance for each major federal program. Our audit does not provide a legal
determination of the Borough’s compliance with the compliance requirements referred to above.
45
SUPLEE, CLOONEY & COMPANY LLC
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for
the design, implementation, and maintenance of effective internal control over compliance with the
requirements of laws, statutes, regulations, rules, and provisions of contracts or grant agreements
applicable to the Boroughs state programs.
Auditor's Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance
with the compliance requirements referred to above occurred, whether due to fraud or error, and
express an opinion on the Borough’s compliance based on our audit. Reasonable assurance is a
high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit
conducted in accordance with generally accepted auditing standards, Government Auditing
Standards and the New Jersey OMB State Grant Compliance Supplement will always detect material
noncompliance when it exists. The risk of not detecting material noncompiiance resulting from fraud
is higher than that resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control. Noncompliance with the compliance
requirements referred to above is considered material if there is a substantial likelihood that,
individually or in the aggregate, it would influence the judgment made by a reasonable user of the
report on compliance about the Borough’s compliance with the requirements of each major state
program as a whole.
In performing an audit in accordance with generally
accepted auditing standards,
Government Auditing Standards and New Jersey OMB State Grant Compliance Supplement we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
•
Identify and assess the risks of material noncompliance, whether due to fraud or error, and
design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the Borough’s compliance with the
compliance requirements referred to above and performing such other procedures as we
considered necessary in the circumstances.
•
Obtain an understanding of the Borough’s internal control over compliance relevant to the
audit in order to design audit procedures that are appropriate in the circumstances and to
test and report on internal control over compliance in accordance with the New Jersey OMB
State Grant Compliance Supplement, but not for the purpose of expressing an opinion on the
effectiveness of the Borough
•
Obtain an understanding of the Borough’s internal control over compliance relevant to the
audit in order to design audit procedures that are appropriate in the circumstances and to
test and report on internal control over compliance in accordance with the Uniform Guidance
and New Jersey OMB Circular 15-08, but not for the purpose of expressing an opinion on the
effectiveness of the Borough’s internal control over compliance. Accordingly,no such opinion
is expressed.
We are required to communicate withthose charged with governanceregarding, among other
matters, the planned scope and timing of the audit and any significant deficiencies and material
weaknesses in internal control over compliance that we identified during the audit.
46
SUPLEE, CLOONEY & COMPANY LLC
Report on Internal Control Over Compliance
A deficiency in internal control over compliance exists when the design or operation of a
control over compliance does not allow management or employees, in the normal course of
performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of
compliance requirement of a federal programs on a timely basis. A material weakness in internal
control over compliance is a deficiency, or a combination of deficiencies, in internal control over
compliance, such that there is a reasonable possibility that material noncompliance with a type of
compliance requirement of a federal program will not be prevented, or detected and corrected, on a
timely basis. A significant deficiency in internal control over compliance is a deficiency, or a
combination of deficiencies, in internal control over compliance with a type of compliance
requirement of a federal program that is less severe than a material weakness in internal control
over compliance, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described
in the Auditor's Responsibilities for the Audit of Compliance section above and was not designed to
identify all deficiencies in internal control over compliance that might be material weaknesses or
significant deficiencies in internal control over compliance. Given these limitations, during our audit
we did not identify any deficiencies in internal control over compliance that we consider to be material
weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal
control over compliance may exist that were not identified.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of
internal control over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope
of our testing of internal control over compliance and the results of that testing based on the
requirements of the New Jersey OMB State Grant Compliance Supplement. Accordingly, this report
is not suitable for any other purpose.
JlvfJLcL jJL
CERTIFIED PUBLIC ACCOUNTANTS
ifM VJLA
REGISTERED MUNICIPAL ACCOUNTANT NO. 439
April 3, 2024
47
SCHEDULE 2
BOORUGH OF MIDDLESEX
SCHEDULE OF EXPENDITURES OF STATE FINANCIAL ASSISTANCE
FOR THE YEAR ENDED DECEMBER 31.2023
CUMULATIVE
EXPENDITURES
DECEMBER
31. 2023
GRANT
AWARD
AMOUNT
GRANT PERIOD
RECEIVED
2023
EXPENDED
2023
m
TATE ACCOUNT NUMBE
FROM
STATE GRANTOR/PROGRAM TITLE
Department of Law and Public Safety
6,156.73
$
6,314.53
6,268.76
3.320.96
5,367.83
3.101.97
2,280.10
1,553.08
1,789.21
69,292.00
$
Drunk Driving Enforcement Fund - 2018
Drunk Driving Enforcement Fund - 2019
Drunk Driving Enforcement Fund - 2021
Body Armor Grant - 2018
Body Armor Grant- 2019
Body Armor Grant - 2020
Body Armor Grant- 2021
Body Armor Grant - 2022
Body Armor Grant - 2023
Body Worn Camera Grant
1110-100-066-1110
1110-100-066-1110
1110-100-066-1110
066-1020-718-001
066-1020-718-001
066-1020-718-001
066-1020-718-001
066-1020-718-001
066-1020-718-001
066-1020-100-495
$
1,905.24
$
6,135.53
4,993.10
1,140.56
6,156.73
6,314.53
4.993.10
3.320.96
5,259.07
3.101.97
2.280.10
1,553.08
Continuous
Continuous
Continuous
Continuous
Continuous
Continuous
Continuous
Continuous
Continuous
Continuous
1,006.27
1,232.25
1,553.08
1.789.21
69,292.00
69.292.00
69,292.00
71,081.21
87,258.03
102,271.54
4^
Department of Transportation
OO
745,747.97
385,875.00
556.530.00
1,030,560.00
385,875.00
556,530.00
857,560.14
385,875.00
556,530.00
078-6320-480-AM2
078-6320-480-AOP
078-6320-480-AO1
Continuous
Continuous
Continuous
Bound Brook Rd Streetscape - Ordinance 1962-19, 2068-22
Various Road Improvements 2021 - Ordinance 2039-21
Hazelwood Ave Lonanbe Dr 2022 - Ordinance 2062-22
1,688,152.97
1,799.965.14
Department of Environmental Protection
Recycling Tonnage Grant - 2020
Recycling Tonnage Grant - 2021
Recycling Tonnage Grant - 2022
Recycling Tonnage Grant - 2023
Clean Communities Program- 2019
Clean Communities Program - 2020
Clean Communities Program - 2021
Clean Communities Program - 2022
Clean Communities Program- 2023
Continuous
Continuous
Continuous
Continuous
042-4910-100-224
042-4910-100-224
042-4910-100-224
042-4910-100-224
042-4900-765-004
042-4900-765-004
042-4900-765-004
042-4900-765-004
042-4900-765-004
19.834.48
19,686.40
36,317.07
58,624.32
52.502.66
26,323.50
28,014.86
29,107.73
32,647.83
275.64
5,458.06
32,194.93
27.795.41
2,436.63
26,323.50
14,858.57
5,889.08
21.462.10
19,439.79
19,205.03
32,194.93
27,795.41
50,816,09
26,323.50
28,014.86
28,190.17
21,462.10
58.624.32
01/01/19
01/01/20
01/01/21
01/01/22
01/01/23
12/31/19
12/31/20
12/31/21
12/31/22
12/31/23
32,647.83
91,272.15
136,693.92
253.441.88
Department of Community Affairs
13-ALL-113
13-ALL-113
01/01/22
01/01/23
01/01/22
12/31/22
12/31/23
12/31/22
9,972.50
9,972.50
5,000.00
2,758.50
3,876,35
5,000.00
9,972.50
3,876.35
5,000.00
Municipal Alliance on Alcoholism and Drug Abuse 2022
Municipal Alliance on Alcoholism and Drug Abuse 2023
Municipal Alliance Department of Mental Health and Addiction Services
7,978.00
7,978.00
11,634.85
18,848.85
GRAND TOTAL
$
170,331.36 $
1,923,739.77 $
2,174,527,41
BOROUGH OF MIDDLESEX
NOTES TO THE SCHEDULE OF EXPENDITURES OF
STATE FINANCIAL ASSISTANCE
YEAR ENDED DECEMBER 31. 2023
NOTE 1. GENERAL
The accompanying schedule of expenditures of
present the activity of all federal financial
programs of the Borough of Middlesex, County of Middlesex, New Jersey. All federal financial
assistance received directly from federal, as well as federal assistance passed through other
governmental agencies is included on the Schedule of Expenditures of State Financial
Assistance.
NOTE 2. BASIS OF ACCOUNTING
The accompanying schedules of expenditures of state financial assistance is presented on the
prescribed basis of accounting, modified accrual basis with certain exceptions, prescribed by
the Division of Local Government Services, Department of Community Affairs, State of New
Jersey, that demonstrates compliance with the budget laws of New Jersey, which is a
comprehensive basis of accounting, other then U.S. generally accepted accounting principles.
The basis of accounting, with exception, is described in Note 1 to the Borough’s financial
statements - regulatory basis. The Borough has elected not to use the 10 percent de minimus
indirect cost rate as allowed under the Uniform Guidance and OMB Circular 15-08.
NOTE 3. RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
Amounts reported in the accompanying schedule of agree with the amounts reported in the
related federal financial report.
49
BOROUGH OF MIDDLESEX
NOTES TO THE SCHEDULE OF EXPENDITURES OF
STATE FINANCIAL ASSISTANCE
YEAR ENDED DECEMBER 31.2023
NOTE 4. RELATIONSHIP TO FINANCIAL STATEMENTS - REGULATORY BASIS
Amounts reported in the accompanying schedule agree with amounts reported in the Borough’s
regulatory basis financial statements. All these amounts are reported in either the Grant Fund
or General Capital Fund.
Receipts:
State
$
170,331.36
Grant Fund
$
170,331.36
Expenditures:
State
$
235,586.80
1,688,152.97
Grant Fund
General Capital Fund
$ 1,923,739.77
NOTE 5. OTHER
Matching contributions expended by the Borough in accordance with terms of the various grants
are not reported in the accompanying schedules.
50
BOROUGH OF MIDDLESEX
MIDDLESEX COUNTY. NEW JERSEY
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE YEAR ENDED DECEMBER 31. 2023
Section i - Summary of Auditor’s Results
Financial Statements
(1) Type of Auditor Report Issued:
Unmodified
(2) internal Control Over Financial Reporting:
(a) Material weaknesses identified?
No
(b) Significant deficiencies that are not considered to be
material weaknesses?
No
(3) Noncompliance material to the financial statements to be noted
during the audit?
No
State Proqrams(s)
(1) Internal Control Over Major State Programs:
(a) Material weaknesses identified during the audit?
(b) Significant deficiencies identified that are not considered
to be material weaknesses?
No
No
(2) Type of Auditor’s Report issued on compliance for major
state program(s)?
Unmodified
(3) Any audit findings disclosed that are required to be reported
in accordance with the N.J. OMB Circular 15-08?
No
(4) Identification of Major State Program(s):
Assistance
Listing
Program
State Aid Highway Projects
Local Municipal Aid NJTPA
078-6320-480-XXX
(5) Program Threshold Determination:
Type A Federal Program Threshold > $750,000.00
Type B Federal Program Threshold <= $750,000.00
(6) Auditee qualified as a low-risk auditee under
the New Jersey OMB Circular 15-08?
No
51
BOROUGH OF MIDDLESEX
MIDDLESEX COUNTY. NEW JERSEY
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE YEAR ENDED DECEMBER 31. 2023
Section II - Financial Statement Audit - Reported Findings Under Government Auditing
Standards
Internal Control Findings
None Reported.
Compliance Findings
None Reported
Section III - Findings and Questioned Costs Relative to Major State Programs
State Programs - None Reported
Status of Prior Year Audit Findings - Not Applicable
52
THIS PAGE INTENTIONALLY LEFT BLANK
PART III
BOROUGH OF MIDDLESEX
STATISTICAL DATA
LIST OF OFFICIALS
COMMENTS AND RECOMMENDATIONS
YEAR ENDED DECEMBER 31. 2023
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGE IN FUND BALANCE - CURRENT FUND
YEAR 2023
YEAR 2022
AMOUNT
%
AMOUNT
%
REVENUE AND OTHER INCOME REALIZED
2.68%
$
1,600,000.00
$
1,600,000.00
2.72%
Fund Balance Utilized
Miscellaneous - From Other Than
Local Propery Tax Levies
Collection of Delinquent Taxes
and Tax Title Liens
Collection of Current Tax Levy
14.53%
12.32%
8,525,636.04
7,358,731.49
0.88%
81.87%
539,641.73
50,234,834.94
0.90%
84.10%
514,719.59
48,049,723.08
$
59,733,208.16
100.00%
$
58,690,078.71
100.00%
Total Revenue
EXPENDITURES
Budget and Emergency Authorizations:
Municipal Purposes
County Taxes
Local District School Tax
Other Expenditures
38.84%
13.01%
48.05%
0.10%
$
22,813,548.08
8,154,016.70
27,726,570.00
5,699.11
38.87%
$
13.89%
47.23%
0.01%
22,031,190.49
7,379,059.00
27,256,071.00
55,161.17
100.00%
$
56,721,481.66
$
58,699,833.89
100.00%
Total Expenditures
$
1,968,597.05
$
1,033,374.27
Excess in Revenue
3,109,881.99
$
4,143,256.26
2,741,284.94
$
4,709,881.99
Fund Balance, January 1
Decreased by:
Utilized as Anticipated Revenue
1,600,000.00
1,600,000.00
$
2,543,256.26
$
3,109,881.99
Fund Balance, December 31
53
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGE IN FUND BALANCE - SWIMMING POOL OPERATING FUND
YEAR 2023
YEAR 2022
%
%
AMOUNT
AMOUNT
REVENUE AND OTHER INCOME REALIZED
$
38,658.00
317,057.80
146,338.82
7.70% $
63.15%
29.15%
10.84%
57.23%
31.93%
61,528.00
324,913.69
181,256.59
Fund Balance
Fees - Membership
Miscellaneous
$
502,054.62
100.00%
100.00%
567,698.28
Total Revenues
EXPENDITURES
Budget Appropriations:
Operating
Debt Service
Statutory Expenditures and Deferred Charges
79.58% $
16.44%
3.98%
79.76%
16.55%
3.69%
$
380,130.00
78,528.00
19,000.00
378,500.00
78,528.00
17,500.00
$
477,658.00
100.00% $
474,528.00
100.00%
Total Expenditures
93,170.28
Excess/(Deficit) in Revenues
24,396.62
FUND BALANCE
$
245,034.30
$
213,392.02
Balance - January 1
$
306,562.30
$
269,430.92
Decreased by:
Utilization as Anticipated Revenue
61,528.00
38,658.00
$
245,034.30
$
230,772.92
Balance - December 31
54
COMPARATIVE SCHEDULE OF TAX RATE INFORMATION
2023
2022
2021
$2,203
$9,639
$9,891
Tax Rate
Appointment of Tax Rate:
Municipal
0.621
2.713
2.714
0.030
0.129
0.116
Library
0.324
1.383
1.276
County
0.105
County Open Space
0.029
0.117
1.199
5.548
Local School
5.429
$2,311,828,500.00
Year 2023
Year 2022
Year 2021
$491,307,776.00
$491,481,557.00
COMPARISON OF TAX LEVIES AND COLLECTION CURRENTLY
A study of the tabulation will 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
OF
CASH
COLLECTIONS
COLLECTION
TAX LEVY
YEAR
$50,234,834.94
48,049,723.08
46,885,651.87
98.55%
98.70%
98.80%
$50,970,986.64
48,681,059.16
47,453,509.38
2023
2022
2021
PROPERTY ACQUIRED BY TAX TITLE LIEN LIQUIDATION
No properties have been acquired in 2022 by foreclosure or deed, as a result of
liquidation of tax title liens. 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:
YEAR
AMOUNT
$1,423,139.00
1,423,139.00
1,423,139.00
2023
2022
2021
55
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.
PERCENTAGE
OF TAX
LEVY
AMOUNT OF
TAX TITLE
LIENS
AMOUNT OF
DELINQUENT
TAXES
TOTAL
DELINQUENT
DECEMBER
31. YEAR
$744,659.39
636,455.06
609,711.94
1.46%
1.31%
1.28%
$641,049.09
538,141.73
521,991.88
$103,610.30
98,313.33
87,720.06
2023
2022
2021
COMPARATIVE SCHEDULE OF FUND BALANCES
UTILIZED IN BUDGET
OF SUCCEEDING
YEAR
BALANCE
DECEMBER 31
YEAR
$
2,543,256.26
3,109,881.99
2,741,284.94
2,328,836.56
1,497,915.47
**
2023
Current Fund
1,600,000.00
1,600,000.00
1,400,000.00
1,100,000.00
2022
2021
2020
2019
**
230,772.92
245,034.30
213,392.02
22,271.56
151,693.18
Swimming Pool Utility
Operating Fund
2023
2022
38,658.00
61,528.00
21,157.81
75,028.00
2021
2020
2019
** The 2024 Budget has not been introduced as of the date of this report
56
OFFICIALS IN OFFICE AND SURETY BONDS
The following officials were in office during the period under audit 2023:
AMOUNT OF
BOND
TITLE
NAME
Mayor
Council President
Councilmember
Councilmember
Councilmember
Councilmember
Councilmember
Interim Business Administrator
Business Administrator
Chief Financial Officer / Treasurer
Tax Collector
Purchasing Agent
Municipal Clerk
Court Administrator
Municipal Court Judge
Attorney
Construction Code Official
Health Officer
Tax Assessor
John Maddem
Michael Conahan
Jeremiah Carnes
Robert Dessino
Jack Mikolajczyk
Martin Quinn
Douglas Rex
Joe Costa
Michael LaPlace
Caroline Benson
Darcy Delvecchio
Carmen Modica
Linda Chismar
Merari Gaud
Spero Kalambaka
Christopher M Corsini, Esq.
Robert Klein
Terry Brundage
Dawn Guttschall
*AII officials and employees handling and collecting Borough funds are covered by the
Borough’s insurance policy and blanket bond through the Municipal Excess Liability Joint
Insurance Fund.
57
GENERAL COMMENTS AND RECOMMENDATIONS
GENERAL COMMENTS
CONTRACTS AND AGREEMENTS REQUIRED TO BE ADVERTISED FOR (N.J.S.A. 40A:11-4)
"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 by the
governing body of the contracting unit after public advertising for bids and bidding therefore, except
as is provided otherwise in this act or specifically by any other law. No work, materials or supplies
shall be undertaken, acquired or furnished for a sum exceeding in the aggregate the amount set
forth in, or the amount calculated by the Governor pursuant to Section 3 P.L. 1971 C. 198 (C.
40A:11-3), except by contract or agreement."
Effective July 1, 2020, the bid threshold in accordance with N.J.S.A. 40A:11-4 is
$17,500.00 or up to $44,000.00 if the entity has a Qualified Purchasing Agent. The Borough has a
Qualified Purchasing Agent and has elected to increase its bid threshold to $44,000.00. The
governing body of the Municipality has the responsibility of determining whether the expenditures
in any category will exceed $44,000.00 within the fiscal year.
Where question arises as to
whether any contract or agreement might result in violation of the statute, the Borough Counsel's
opinion should be sought before a commitment is made.
The minutes indicate that bids were requested by public advertising for the following items:
Fire Alarm System for Police Department
Private Collections for Municipal Debt Service
Tree Removal, Trimming and Stump Grinding
Police Department RTU Replacement
The minutes indicate that resolutions were adopted and advertised authorizing the
awarding of contracts or agreements for "Professional Services" per N.J.S.A. 40A:11-5 for the
following services:
Municipal Prosecutor
Bond Counsel
Labor Attorney
Municipal Attorney
Municipal Auditor
Municipal Engineer
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 or any materials or supplies,
the results of such an accumulation could not reasonably be ascertained. Disbursements were
reviewed, however, to determine whether any clear cut violations existed.
Our examination of expenditures did not reveal any individual payments, contracts or
agreements in excess of $44,000.00 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:11-6.
58
COLLECTION OF INTEREST ON DELINQUENT TAXES AND ASSESSMENTS
The statute provides the method for authorizing interest and the maximum rates to be
charged for the nonpayment of taxes or assessments on or before the date when they would
become delinquent.
The governing body on January 3, 2023 adopted the following resolutions authorizing
interest to be charged on delinquent taxes:
BE IT RESOLVED by the Mayor and Council of the Borough of Middlesex, as follows:
In the event the quarterly payment of taxes or assessments are not paid on the date on
which they become delinquent, but are paid within ten days on the date on which they
become delinquent, the Tax Collector be and is hereby authorized to collect interest on all
such delinquent payments; and
In the event that quarterly payment of taxes and assessments are nit paid within ten days
of the date on which they become delinquent, and the total amount of said delinquency is
less than $1,500.00, the Tax Collector be and is hereby authorized to collect 8% interest
per annum from the date said payments first become delinquent up to $1,500.00 of the
delinquency and 18% interest on all such delinquent payments over $1,500.00.
Pursuant to N.J.S.A. 54:4-67, which is the New Jersey statute defining a tax delinquency,
the Governing Body of the Borough of Middlesex does hereby fix a penalty to be charged
to a taxpayer with a delinquency in excess of $10,000.00 who fails to pay the delinquency
prior to the end of the calendar year 2023 and the penalty so fixed shall be six (6%) of the
amount of the yearly delinquency.
DELINQUENT TAXES AND TAX TITLE LIENS
The last tax sale was held on November 16, 2023 and was complete.
Inspection of tax sale certificates on file revealed that all tax sale certificates were
available for audit.
AMOUNT
YEAR
2023
9
2022
9
9
2021
VERIFICATION OF DELINQUENT TAXES AND OTHER CHARGES
A test verification of delinquent charges and current payments was made in accordance
with the regulations of the Division of Local Government Services, including the mailing of
verification notices as follows:
25
Information Tax Positive Confirmation
Delinquent Tax Positive Confirmation
25
59
PAYROLL
Our audit of the Payroll account disclosed that there was no signed contract approving
ADP as a third party provider.
OUSIDE OFFICES
Our audit of the Police Department and the Construction Office revealed that deposits
were not always made within 48 hours as required by State statute NJSA 40A:5-15.
60
RECOMMENDATIONS
*That there be a signed contract approving a third party provider.
That all deposits be made within 48 hours as required by State statute NJSA 40A:5-15.
‘Unresolved 2022 Audit Recommendation
61
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"...of Expenditures of State Financial Assistance 51-52 Schedule of Findings and Questioned Costs PART III Statistical Data 53-56 Officials in Office and Surety Bonds 57 58-61 Comments and Recommendations BOROUGH OF MIDDLESEX PARTI INDEPENDENT AUDITOR'S REPORT ON AUDIT OF FINANCIAL STATEMENTS AND SUPPLEMENTARY S..."
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