2024 Middlesex Borough Municipal Audit

This document presents the Report of Audit on the Financial Statements of the Borough of Middlesex in the County of Middlesex, New Jersey, for the year ended December 31, 2024. The audit includes an Independent Auditor's Report, financial statements prepared on a regulatory basis, and supplementary schedules for various funds, including the Current Fund, Trust Fund, General Capital Fund, and Swimming Pool Utility Fund. The report provides insights into the financial position, operations, and changes in fund balance for the borough. The Independent Auditor’s Report includes adverse and unmodified opinions on the Borough’s regulatory financial statements. An adverse opinion was issued regarding U.S. Generally Accepted Accounting Principles (GAAP), noting that the financial statements do not present fairly in accordance with these principles due to the financial reporting provisions prescribed by the Division of Local Government Services. However, an unmodified opinion was given on the regulatory basis of accounting, stating that the financial statements present fairly in all material respects according to the regulatory basis prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. The report also highlights responsibilities of management and auditors, as well as supplementary information and other reporting requirements by Government Auditing Standards. The report is dated March 26, 2025.