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The Borough of Penns Grove's audit report, conducted by Bowman & Company LLP, covers the financial statements for the years ended December 31, 2012 and 2011. The audit was performed in accordance with generally accepted auditing standards and government auditing standards, with financial reporting provisions of the Division of Local Government Services, Department of Community Affairs, State of New Jersey. An adverse opinion was issued regarding U.S. Generally Accepted Accounting Principles (GAAP) due to variances between the regulatory basis of accounting and GAAP; and a qualified opinion was issued on the regulatory basis of accounting because the general fixed assets account group was not included.
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--- Document: 2012 Document --- BOROUGH OF PENNS GROVE COUNTY OF SALEM REPORT OF AUDIT FOR THE YEAR ENDED DECEMBER 31, 2012 19400 BOROUGH OF PENNS GROVE TABLE OF CONTENTS Exhibit No. Independent Auditor's Report PART I Page No. 2 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 Independent Auditor's Report 5 CURRENT FUND A Statements of Assets, Liabilities and Reserves and Fund Balances-- Regulatory Basis 7 A-1 Statements of Operations and Changes in Fund Balance-- Regulatory Basis 9 A-2 Statement of Revenues--Regulatory Basis 10 A-3 Statement of Expenditures--Regulatory Basis 13 TRUST FUND B Statements of Assets, Liabilities and Reserves--Regulatory Basis 18 GENERAL CAPITAL FUND C Statements of Assets, Liabilities and Reserves--Regulatory Basis 19 Notes to Financial Statements 20 SUPPLEMENTAL EXHIBITS CURRENT FUND SA-1 Statement of Current Cash 34 SA-2 Statement of Taxes Receivable and Analysis of Property Tax Levy 35 SA-3 Statement of Tax Title Liens 36 SA-4 Statement of Due from State of New Jersey--Senior Citizens' and Veterans' Deductions 37 SA-5 Statement of Revenue Accounts Receivable 38 SA-6 Statement of Appropriation Reserves 39 SA-7 Statement of Reserve for Revaluation 41 SA-8 Statement of Prepaid Taxes 41 SA-9 Statement of Due County Taxes 42 SA-10 Statement of Foreclosed Property 42 SA-11 Statement of Regional School District Tax 43 SA-12 Statement of Accounts Payable 43 SA-13- Statement of Notes Payable-Special Emergencies 44 i 19400 BOROUGH OF PENNS GROVE TABLE OF CONTENTS (CONT'D) Exhibit No. SA-14 Page No. CURRENT FUND (CONT'D) Federal and State Grant Fund-Statement of Loan Receivable - HUD Special Purpose Grant 45 SA-15 Federal and State Grant Fund-Statement of Reserve for Program Income 45 SA-16 Federal and State Grant Fund-Statement of Due Current Fund 46 SA-17 Federal and State Grant Fund-Statement of Federal and State Grant Receivable 47 SA-18 Federal and State Grant Fund-Statement of Reserve for Federal and State Grants- Appropriated 48 SA-19 Federal and State Grant Fund-Statement of Reserve for Federal and State Grants- Unappropriated 49 TRUST FUND SB-1 Statement of Trust Cash 51 SB-2 Trust--Animal Control Fund--Statement of Reserve for Animal Control Fund Expenditures 52 SB-3 Trust--Animal Control Fund--Statement of Due to Current Fund 52 SB-4 Trust-Animal Control Fund--Statement of Due to State of New Jersey 53 SB-5 Trust--Other Funds--Statement of Due Current Fund 53 SB-6 Trust--Other Funds--Statement of Changes in Reserves 54 GENERAL CAPITAL FUND SC-1 Statement of General Capital Cash 56 SC-2 Analysis of General Capital Cash 57 SC-3 Statement of Grants Receivable 58 SC-4 SC-5 Statement of Deferred Charges to Future Taxation--Funded Statement of Deferred Charges to Future Taxation--Unfunded 58 59 SC-6 Statement of Capital Improvement Fund 60 SC-7 Statement of Due from Current Fund 60 SC-8 Statement of Improvement Authorizations 61 SC-9 Statement of Green Trust Loan Payable 62 SC-10 Statement of Bond Anticipation Notes 64 SC-11 Statement of Bonds and Notes Authorized But Not Issued 65 PART 2 SCHEDULE OF FINDINGS AND RECOMMENDATIONS Schedule of Financial Statement Findings 67 Summary Schedule of Prior Year Audit Findings and Recommendations As Prepared by Management 71 OFFICIALS IN OFFICE AND SURETY BONDS 72 APPRECIATION 73 ii BOWMAN & COMPANY LLP CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS INDEPENDENT AUDITOR'S REPORT The Honorable Mayor and Members of the Borough Council Borough of Penns Grove Penns Grove, New Jersey 08069 Report on the Financial Statements We have audited the accompanying statements of assets, liabilities, reserves and fund balance - regulatory basis of the various funds of the Borough of Penns Grove, in the County of Salem, State of New Jersey, as of December 31, 2012 and 2011, and the related statements of operations and changes in fund balance regulatory basis for the years then ended, and the related statement of revenues regulatory basis, statement of expenditures - regulatory basis, for the year ended December 31, 2012 and the related notes to the financial statements, which collectively comprise the Borough's basic financial statements as listed in the table of contents. Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with the financial reporting provisions of the Division of Local Government Services, Department of Community Affairs, State of New Jersey. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit 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 in compliance with audit requirements as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Borough's preparation and fair presentation of the financial statements 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 entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. 6 North Broad Street | Suite 201 | Woodbury, NJ 08096-4635 | P 856.853.0440 | F 856.845.4128 | www.bowmanllp.com 19400 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles As described in Note 1 of the financial statements, the financial statements are prepared by the Borough on the basis of the financial reporting provisions of the Division of Local Government Services, Department of Community Affairs, State of New Jersey, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the State 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. Adverse Opinion on U.S. Generally Accepted Accounting Principles In our opinion, because of the significance of the matter discussed in the "Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles" 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 Borough of Penns Grove, in the County of Salem, State of New Jersey, as of December 31, 2012 and 2011, or the results of its operations and changes in fund balance for the years then ended. Basis for Qualified Opinion on Regulatory Basis of Accounting The financial statements referred to above do not include the general fixed assets account group, as required by N.J.A.C. 5:30-5.6, because a record of general fixed assets was not maintained by the Borough. The amount that should be recorded in the general fixed assets account group is not known. Qualified Opinion on Regulatory Basis of Accounting In our opinion, except for the effect of the matter described in the "Basis for Qualified Opinion on Regulatory Basis of Accounting" paragraph, the financial statements referred to previously present fairly, in all material respects, the assets, liabilities, reserves and fund balance regulatory basis of the various funds of the Borough of Penns Grove, in the County of Salem, State of New Jersey, as of December 31, 2012 and 2011, and the results of its operations and changes in fund balance regulatory basis of such funds for the years then ended, and the revenues - regulatory basis, expenditures regulatory basis of the various funds, for the year ended December 31, 2012 in conformity with accounting principles and practices prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, as described in Note 1. Other Information Our audits were conducted for the purpose of forming opinions on the financial statements that collectively comprise the Borough's basic financial statements. The supplemental financial statements presented for the various funds are presented for purposes of additional analysis as required by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, and are not a required part of the basic financial statements. The supplementary financial statements presented for the various funds are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the financial statements. Such 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 information described in the previous paragraph is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole. -3- 19400 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated August 1, 2013 on our consideration of the Borough of Penns Grove's, in the County of Salem, State of New Jersey, 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 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 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 the Borough of Penns Grove's internal control over financial reporting. Respectfully submitted, Bowman Cemary thp BOWMAN & COMPANY LLP Certified Public Accountants & Consultants Woodbury, New Jersey August 1, 2013 Michael J. Welding Certified Public Accountant Registered Municipal Accountant -4- BOWMAN & COMPANY LLP CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS 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 INDEPENDENT AUDITOR'S REPORT The Honorable Mayor and Members of the Borough Council Borough of Penns Grove Penns Grove, New Jersey 08069 We have audited, in accordance with the 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 audit requirements as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, the financial statements prepared on a regulatory basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey of the Borough of Penns Grove, in the County of Salem, State of New Jersey, as of and for the year ended December 31, 2012, and the related notes to the financial statements, which collectively comprise the Borough's basic financial statements, and have issued our report thereon dated August 1, 2013. That report indicated that the Borough of Penns Grove's financial statements were not prepared in accordance with accounting principles generally accepted in the United States of America, but were prepared on a regulatory basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. In our report, our opinion was modified because the financial statements did not include the general fixed assets account group as required by the New Jersey Administrative Code. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the Borough of Penns Grove's internal control over financial reporting (internal control) to determine the 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 of Penns Grove's internal control. Our consideration of internal control was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified. However, as described in the accompanying Schedule of Findings and Recommendations, we identified certain deficiencies in internal control that we consider to be material weaknesses and significant deficiencies. 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's financial statements will not be prevented, or detected and corrected on a timely basis. We consider the deficiencies described in the accompanying Schedule of Findings and Recommendations to be material weaknesses; 2012-2 and 2012-3. -5- 6 North Broad Street | Suite 201 | Woodbury, NJ 08096-4635 | P856.853.0440 | F 856.845.4128 | www.bowmanllp.com 19400 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. We consider the deficiency described in the accompanying Schedule of Findings and Recommendations to be a significant deficiency; 2012-4. Compliance and Other Matters As part of obtaining reasonable assurance about whether Borough of Penns Grove'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 determination of financial statement amounts. 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 instances of noncompliance or other matters that are required to be reported under Government Auditing Standards or audit requirements as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey and which are described in the accompanying Schedule of Findings and Recommendations as items 2012-1. The Borough of Penns Grove's Response to Findings The Borough of Penns Grove's response to the findings identified in our audit is described in the accompanying Schedule of Findings and Recommendations. The Borough's response was not subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on it. 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's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards and audit requirements as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey in considering the Borough's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Respectfully submitted, Bowman Camarylhp BOWMAN & COMPANY LLP Certified Public Accountants & Consultants Woodbury, New Jersey August 1, 2013 Michael J. Welding Certified Public Accountant Registered Municipal Accountant -6- 19400 BOROUGH OF PENNS GROVE CURRENT FUND Statements of Assets, Liabilities, Reserves and Fund Balance -- Regulatory Basis As of December 31, 2012 and 2011 Ref. 2012 Exhibit A 2011 ASSETS: Regular Fund: Cash Treasurer Cash - Tax Collector SA-1 $ SA-1 533,875.36 $ 12.32 389,606.55 253,778.80 Due from State of New Jersey SA-4 844.92 533,887.68 644,230.27 Receivables and Other Assets with Full Reserves: Delinquent Property Taxes Receivable SA-2 568,457.62 428,561.15 Tax Title Liens SA-3 265,806.82 195,228.46 Foreclosed Property SA-10 143,100.00 258,200.00 Revenue Accounts Receivable SA-5 22,644.53 18,284.40 Due from Redevelopment Agency A 16,500.00 16,500.00 Prepaid School Taxes SA-11 21,423.00 Due from Federal and State Grant Fund SA-16 305.10 165,134.01 Due from Trust -- Animal Control Fund SB-3 339.12 314.82 Due from Trust -- Other Funds SB-5 14,645.85 14,320.33 Due from General Capital Fund SC-7 713.37 19,537.69 1,032,512.41 1,137,503.86 Deferred Charges: Special Emergencies Revaluation Tax Map Revisions SA-13 40,000.00 80,000.00 SA-13 2,000.00 4,000.00 42,000.00 84,000.00 Total Regular Fund 1,608,400.09 1,865,734.13 Federal and State Grant Fund: Cash SA-1 179,040.41 206,907.12 Federal and State Grants Receivable SA-17 566,710.32 698,085.23 Loans Receivable SA-14 60,368.62 64,411.87 Total Federal and State Grant Fund 806,119.35 969,404.22 $ 2,414,519.44 $ 2,835,138.35 (Continued) -7- 19400 BOROUGH OF PENNS GROVE CURRENT FUND Statements of Assets, Liabilities, Reserves and Fund Balance -- Regulatory Basis As of December 31, 2012 and 2011 Ref. 2012 Exhibit A 2011 LIABILITIES, RESERVES AND FUND BALANCE: Regular Fund: Liabilities: Appropriation Reserves A-3, SA-6 $ 182,975.96 $ 155,031.25 Reserve for Encumbrances A-3, SA-6 70,454.94 38,179.32 Due to State of New Jersey SA-4 6,155.08 Accounts Payable SA-12 6,576.26 5,439.60 Prepaid Taxes SA-8 61,470.88 60,996.63 Reserve for Tax Map Revisions A 10,000.00 10,000.00 Reserve for LOSAP A 9,613.91 9,613.91 Reserve for Revaluation SA-7 47,190.80 48,922.50 Notes Payable: Special Emergencies Revaluation Tax Map Revisions SA-13 40,000.00 80,000.00 SA-13 2,000.00 4,000.00 436,437.83 412,183.21 Reserves for Receivables and Other Assets A 1,032,512.41 Fund Balance A-1 139,449.85 1,137,503.86 316,047.06 Total Regular Fund 1,608,400.09 1,865,734.13 Federal and State Grant Fund: Due to Current Fund Due to General Capital Fund Unappropriated Reserves Appropriated Reserves Reserve for Receivables Reserve for Program Income SA-16 305.10 165,134.01 A 40,000.00 40,000.00 SA-19 4,392.05 4,610.70 SA-18 567,591.09 566,448.72 SA-14 60,368.62 64,411.87 SA-15 133,462.49 128,798.92 Total Federal and State Grant Fund 806,119.35 969,404.22 $ 2,414,519.44 $ 2,835,138.35 The accompanying Notes to Financial Statements are an integral part of this statement. -8- 19400 BOROUGH OF PENNS GROVE CURRENT FUND Statements of Operations and Changes in Fund Balance -- Regulatory Basis For the Years Ended December 31, 2012 and 2011 Exhibit A-1 2012 $ Revenue and Other Income Realized: Fund Balance Anticipated Miscellaneous Revenues Anticipated Receipts from Delinquent Taxes and Tax Title Liens Receipts from Current Taxes Non-Budget Revenue Other Credits to Income: Unexpended Balance of Appropriation Reserves Cancellation of Grants (Net) Interfunds Liquidated Trust -- Other Funds General Capital Fund Cancellation of Accounts Payable Prepaid School Taxes Liquidated Total Income Expenditures: Budget Appropriations: Within "CAPS": Operations: Salaries and Wages Other Expenses 2011 313,000.00 2,637,288.17 446,609.20 5,815,934.51 $ 500,760.00 2,905,813.63 460,416.20 5,760,268.37 31,458.67 31,769.48 101,147.92 165,192.42 15,768.60 34.00 28.00 18,824.32 12,105.95 21,423.00 9,385,713.79 9,852,128.65 Deferred Charges and Statutory Expenditures Excluded from "CAPS": 1,890,803.00 2,235,870.00 432,184.00 1,909,423.00 2,241,128.00 487,902.00 Operations: Salaries and Wages 16,010.87 Other Expenses 665,304.20 692,481.45 Capital Improvements 10,000.00 209,973.00 Municipal Debt Service 120,131.85 121,387.73 Deferred Charges 42,000.00 42,000.00 County Taxes 1,697,850.34 1,649,366.12 Regional High School Tax 2,131,856.74 2,112,669.82 Interfunds Created Federal and State Grant Fund General Capital Fund 165,134.01 19,621.56 Prepaid School Taxes Created 21,423.00 Refund of Prior Year Revenue Total Expenditures Statutory Excess of Fund Balance Fund Balance January 1 Decreased by: Utilization as Anticipated Revenue Fund Balance December 31 7,300.00 1,760.74 9,249,311.00 9,674,270.43 136,402.79 177,858.22 316,047.06 638,948.84 452,449.85 816,807.06 313,000.00 500,760.00 $ 139,449.85 $ 316,047.06 The accompanying Notes to Financial Statements are an integral part of this statement. -9- 19400 BOROUGH OF PENNS GROVE CURRENT FUND Statement of Revenues -- Regulatory Basis For the Year Ended December 31, 2012 Exhibit A-2 Realized Budget Surplus Anticipated $ 313,000.00 $ 313,000.00 Excess or (Deficit) Miscellaneous Revenues Licenses: Alcoholic Beverages Other 4,000.00 4,452.48 $ 452.48 98,000.00 101,771.00 3,771.00 Fees and Permits 45,000.00 36,890.70 (8,109.30) Fines and Costs - Municipal Court 110,000.00 89,527.18 (20,472.82) Interest and Costs on Taxes 65,000.00 64,878.58 (121.42) Payment in Lieu of Taxes Penns Grove Gardens 146,000.00 140,000.00 (6,000.00) Penn Village 42,000.00 42,500.00 500.00 Consolidated Municipal Property Tax Relief Aid 455,278.00 455,278.00 Energy Receipts Tax (P.L. 1997, Chapters 162 & 167) 789,576.00 789,576.00 Transitional Aid 600,000.00 563,607.00 (36,393.00) Uniform Construction Code Fees 16,000.00 19,434.27 3,434.27 Public and Private Revenues Offset NJ Senior Citizen & Disabled Resident Trans. Act 85,953.75 85,953.75 Recycling Tonnage Grant 3,003.00 3,003.00 Clean Communities 7,336.54 7,336.54 Alcohol Education and Rehabilitation Fund 161.89 161.89 Body Armor Replacement 1,607.70 1,607.70 Drunk Driving Enforcement Fund 15,848.98 15,848.98 Penns Grove Sewerage Authority Contribution 31,840.00 31,840.00 Interfund Receivable - Federal & State Grant Fund 164,000.00 164,828.91 828.91 Reserve for Payment of Debt Service 18,792.19 18,792.19 Total Miscellaneous Revenues Receipts from Delinquent Taxes 2,699,398.05 2,637,288.17 (62,109.88) 400,000.00 446,609.20 46,609.20 Amount to be Raised by Taxes for Support of Municipal Budget: Local Tax for Municipal Purposes including Reserve for Uncollected Taxes 2,604,210.46 Budget Totals Non-Budget Revenue -10- 2,574,222.87 (29,987.59) 6,016,608.51 5,971,120.24 (45,488.27) 31,458.67 31,458.67 $ 6,016,608.51 $ 6,002,578.91 $ (14,029.60) (Continued) 19400 Exhibit A-2 BOROUGH OF PENNS GROVE CURRENT FUND Statement of Revenues -- Regulatory Basis For the Year Ended December 31, 2012 Analysis of Realized Revenue Allocation of Current Tax Collections: Revenue from Collections Allocated to: County and School Taxes $ 5,815,934.51 3,829,707.08 Amount for Support of Municipal Budget Appropriations Add: Appropriation "Reserve for Uncollected Taxes" Amount for Support of Municipal Budget Appropriations Receipts from Delinquent Taxes: Delinquent Tax Collections Tax Title Lien Collections 1,986,227.43 587,995.44 $ 2,574,222.87 $ 409,416.78 37,192.42 $ 446,609.20 Licenses - Other: Vendor Licenses Cat Licenses Landlord Licenses $ 2,357.00 544.00 98,870.00 $ 101,771.00 Fees and Permits: Municipal Improvement Searches Street Opening Permits Yard Sale Planning Registrar Fees Zoning Bd. of Adjustments Taxi / Limousines Housing OPRA Fees Police Clerk Fees Miscellaneous Cable Fee Clerks Interest $ 20.00 6,750.00 210.00 1,000.34 9,588.31 660.18 150.00 4,700.00 17.48 263.55 4,004.49 9,521.64 4.71 $ 36,890.70 (Continued) -11- 19400 Exhibit A-2 BOROUGH OF PENNS GROVE CURRENT FUND Statement of Revenues -- Regulatory Basis For the Year Ended December 31, 2012 Analysis of Non-Budget Revenues Miscellaneous Revenue not Anticipated: Senior Citizens' and Veterans' Deductions Admin. Fee Interest on Investments and Deposits - Current Fund Account Miscellaneous Penns Grove Housing Authority Sale of Property Total Treasurer -- Cash Collections Journal Entries Interest on Investments and Deposits - General Capital Fund Interest on Investments and Deposits - Federal and State Grant Fund Total Treasurer Interest Earnings Salem County Adult Day Care LLC Total Tax Collector -- Cash Collections Total Non-Budget Revenues The accompanying Notes to Financial Statements are an integral part of this statement. -12- $ 686.76 1,522.48 599.85 $ 9,856.00 2,140.00 14,805.09 114.48 137.84 15,057.41 488.31 15,912.95 16,401.26 31,458.67 -13- 19400 BOROUGH OF PENNS GROVE Statement of Expenditures - Regulatory Basis For the Year Ended December 31, 2012 [ ] ] Exhibit A-3 Appropriations Budget Budget After Modification Paid or Charged Expended Encumbered
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"...inancial Statement Findings 67 Summary Schedule of Prior Year Audit Findings and Recommendations As Prepared by Management 71 OFFICIALS IN OFFICE AND SURETY BONDS 72 APPRECIATION 73 ii BOWMAN & COMPANY LLP CERTIFIED PUBLIC ACCOUNTANTS & CONSULTANTS INDEPENDENT AUDITOR'S REPORT The Honorable Mayor and Members o..."
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