Document Text
--- Document: 2015 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 2015 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,
2015
2014
$
9,179,335.02
$ 7,069,861.21
262,527.85
383,603.50
491,900.00
491,900.00
1,580,883.52
1,282,527.51
4,699,649.37
5,652,991.92
4,273,049.40
4,360,436.63
$ 20,487,345.16
$ 19,241,320.77
Bonds, Loans and Notes Payable
$ 4,585,000.00
$ 5,427,000.00
Improvement Authorizations
1,623,988.68
1,332,544.02
Other Liabilities and Special Funds
Reserve for Certain Assets Receivable
6,405,297.62
4,677,018.17
1,759,488.78
1,737,407.55
General Fixed Assets
4,273,049.40
4,360,436.63
Fund Balances
1,840,520.68
1,706,914.40
TOTAL LIABILITIES,RESERVES AND FUND BALANCE
$ 20,487,345.16
$ 19,241,320.77
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,
2015
2014
Revenue and Other Income Realized
Fund Balance Utilized
$
Miscellaneous Revenue Anticipated
943,400.00
4,167,360.14
$ 868,039.97
3,301,613.57
Receipts from:
Delinquent Taxes
341,591.94
147,273.06
Current Taxes
17,450,864.49
17,008,486.57
Nonbudget Revenue
105,921.72
165,518.48
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
776,839.11
623,579.19
Prior Year Grant Received
41.47
Prior Year Interfunds Returned
109,247.93
28.75
Total Income
23,895,225.33
22,114,581.06
Expenditures
Budget and Emergency Appropriations:
Municipal Purposes
9,806,437.38
9,451,707.33
County Taxes
1,931,673.21
1,943,596.09
Local School District Taxes
9,838,802.00
9,607,785.00
Increase in Reserve for General Capital Fund Grants Receivable
300,000.00
Increase in Reserve for Deferred Pension Liability
176,000.00
Increase in Reserve for Litigation
389,839.53
26,143.29
Increase in Reserve for Pending Tax Appeals
197,230.00
29,639.89
Interfunds Advanced
235,015.83
109,247.93
Total Expenditures
22,874,997.95
21,168,119.53
Statutory Excess to Fund Balance
1,020,227.38
946,461.53
Fund Balance
Balance January 1
Decreased by:
Utilized as Anticipated Revenue
Balance, December 31
1,685,602.95
2,705,830.33
1,607,181.39
2,553,642.92
943,400.00
868,039.97
$ 1,762,430.33
$ 1,685,602.95
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.
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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 2015. 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