Document Text
--- Document: 2014 Document ---
BOROUGH OF MOUNT ARLINGTON
SUMMARY OR SYNOPSIS OF AUDIT REPORT FOR PUBLICATION
Attention is directed to the fact that a Summary or Synopsis of the Audit Report together with the
recommendations is the minimum required to be published pursuant to N.J.S. 40A:5-7.
Summary of Synopsis of 2014 Audit report of the Borough of Mount Arlington as required by N.J.S. 40A:5-7.
ASSETS
COMBINED COMPARATIVE BALANCE SHEET
Cash and Cash Equivalents
Taxes, Liens and Assessments Receivable
Property Acquired for Taxes Assessed Valuation
Accounts Receivable
Deferred Charges to Future Taxation
General Fixed Assets
TOTAL ASSETS
LIABILITIES, RESERVES AND FUND BALANCE
December 31,
2014
2013
$
7,069,861.21
$ 6,141,045.44
383,603.50
186,308.50
491,900.00
491,900.00
1,282,527.51
636,912.79
5,652,991.92
7,043,328.29
4,360,436.63
4,291,005.13
$ 19,241,320.77
$ 18,790,500.15
Bonds, Loans and Notes Payable
Improvement Authorizations
Other Liabilities and Special Funds
Reserve for Certain Assets Receivable
$
5,427,000.00
$ 7,000,288.32
1,332,544.02
612,963.77
4,677,018.17
3,813,146.70
1,737,407.55
1,000,924.93
General Fixed Assets
Fund Balances
4,360,436.63
4,291,005.13
1,706,914.40
2,072,171.30
TOTAL LIABILITIES, RESERVES AND FUND BALANCE
$ 19,241,320.77
$ 18,790,500.15
BOROUGH OF MOUNT ARLINGTON
SUMMARY OR SYNOPSIS OF AUDIT REPORT FOR PUBLICATION
(Continued)
COMPARATIVE STATEMENT OF OPERATIONS AND CHANGE IN FUND BALANCE -
CURRENT FUND
Year Ended December 31,
2014
2013
Revenue and Other Income Realized
Fund Balance Utilized
$
Miscellaneous Revenue Anticipated
868,039.97
3,301,613.57
$
751,000.00
3,249,126.20
Receipts from:
Delinquent Taxes
147,273.06
187,145.97
Current Taxes
17,008,486.57
16,805,780.56
Nonbudget Revenue
165,518.48
148,432.18
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
623,579.19
632,481.77
Prior Year Grant Received
41.47
Prior Year Interfunds Returned
28.75
1.24
Total Income
22,114,581.06
21,773,967.92
Expenditures
Budget and Emergency Appropriations:
Municipal Purposes
9,451,707.33
9,011,859.99
County Taxes
1,943,596.09
1,926,236.75
Local School District Taxes
9,607,785.00
9,423,355.00
Increase in Reserve for General Capital Fund Grants Receivable
298,186.78
Increase in Reserve for Unemployment Trust
75,000.00
Increase in Reserve for Litigation
26,143.29
80,000.00
Increase in Reserve for Pending Tax Appeals
29,639.89
105,000.00
Interfunds Advanced
109,322.26
28.75
Total Expenditures
21,168,193.86
20,919,667.27
Statutory Excess to Fund Balance
946,387.20
854,300.65
Fund Balance
Balance January 1
Decreased by:
Utilized as Anticipated Revenue
Balance, December 31
1,607,181.39
1,503,880.74
2,553,568.59
2,358,181.39
868,039.97
751,000.00
$ 1,685,528.62
$ 1,607,181.39
BOROUGH OF MOUNT ARLINGTON
SUMMARY OR SYNOPSIS OF AUDIT REPORT FOR PUBLICATION
(Continued)
It is recommended that:
1. An adequate segregation of duties be maintained with respect to the recording and treasury functions.
2. The fixed assets inventory records of the client be reconciled to the appraisal report.
3. The tax and utility collection policy be modified so that the date of receipt is recorded on each tax stub to
ensure that interest is calculated correctly for each delinquent receipt.
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A Corrective Action Plan, which outlines actions the Borough of Mount Arlington will take to correct the findings
listed above, will be prepared in accordance with federal and state requirements. A copy of it will be placed on
file and made available for public inspection in the office of the Municipal Clerk in the Borough of Mount
Arlington within 45 days of this notice.
The above summary or synopsis was prepared from the report of audit of the Borough of Mount Arlington, County
of Morris, for the calendar year 2014. This report of audit, submitted by Francis J. Jones, Registered Municipal
Accountant, of Nisivoccia LLP, is on file at the Borough Clerk's office and may be inspected by any interested
person.
Clerk