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Executive Summary
This document is an audit report for the City of Port Republic, Atlantic County, New Jersey, for the year ended December 31, 2015. It includes the independent auditor's report, comparative balance sheets and statements of operations for various funds (Current, Trust, Capital), and notes to the financial statements. The report also contains supplementary data, including schedules of expenditures of federal and state awards, cash, taxes receivable, and other financial information. The audit was conducted in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards. The auditor's report expresses an adverse opinion on the U.S. Generally Accepted Accounting Principles basis and a qualified opinion on the regulatory basis of accounting.
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Document Text
--- Document: 2015 Audit Document ---
CITY OF PORT REPUBLIC
ATLANTIC COUNTY
NEW JERSEY
AUDIT REPORT
FOR THE YEAR ENDED
DECEMBER 31, 2015
E[KLELW
PDJH
PART 1
Independent Auditor's Report
1 - 3
CURRENT FUND
Comparative Balance Sheet - Regulatory Basis
A
4 - 5
Comparative Statement of Operations and Change in
Fund Balance - Regulatory Basis
A-1
6 - 7
Statement of Revenues -Regulatory Basis
A-2
8 - 10
Statement of Expenditures - Regulatory Basis
A-3
11 - 15
TRUST FUND
Comparative Balance Sheet - Regulatory Basis
B
16
CAPITAL FUND
Comparative Balance Sheet - Regulatory Basis
C
17
Schedule of Fund Balance - Regulatory Basis
C-1
18
*ENERAL FI;ED ASSETS ACCOUNT *ROUP
Balance Sheet - Regulatory Basis
G
19
NOTES TO FINANCIAL STATEMENTS
20 - 37
SUPPLEMENTARY DATA
Independent Auditor's Report - Government Auditing Standards
38 - 39
Schedule of Expenditures of Federal and State Awards
40
Notes to Schedule of Federal and State Awards
41
CURRENT FUND
Schedule of Cash - Treasurer
A-4
42
Schedule of Taxes Receivable and Analysis of
Property Tax Levy
A-5
43
Schedule of Tax Title Liens
A-6
44
Schedule of Revenue Accounts Receivable
A-7
45
CITY OF PORT REPUBLIC
TABLE OF CONTENTS
E[KLELW
PDJH
CITY OF PORT REPUBLIC
TABLE OF CONTENTS
Schedule of Appropriation Reserves
A-8
46
Schedule of Local District School Tax
A-9
47
Schedule of State Grants Receivable
A-10
48
Schedule of Reserve for State Grants - Appropriated
A-11
49
Schedule of Reserve for State Grants - Unappropriated
A-12
50
TRUST FUNDS
Schedule of Cash - Treasurer
B-1
51
Schedule of Reserve for Dog Expenditures
B-2
52
Schedule of Amount Due to/(from) Current Fund - Dog License Fund
B-3
53
Schedule of Amount Due to State of New Jersey - Department of Health
B-4
53
Schedule of Due to/(From Current Fund
B-5
54
Schedule of Miscellaneous Reserves
B-6
55
CAPITAL FUNDS
Schedule of Cash - Treasurer
C-2
56
Analysis of Cash
C-3
57
Schedule of Capital Improvement Fund
C-4
58
Schedule of Deferred Charges to Future Taxation - Funded
C-5
59
Schedule of Deferred Charges to Future Taxation - Unfunded
C-6
60
Statement of Improvement Authorizations
C-7
61
Schedule of General Serial Bonds
C-8
62
Schedule of Bond Anticipation Notes
C-9
63
Schedule of Bonds and Notes Authorized but Not Issued
C-10
64
PART II
General Comments
65 - 67
Findings and Recommendations
68
Status of Prior Recommendations
68
Recommendations
68
CITY OF PORT REPUBLIC
PART I
REPORT ON AUDIT OF FINANCIAL STATEMENTS
AND SUPPLEMENTARY DATA
YEAR ENDED DECEMBER 31, 2015
{THIS PAGE IS INTENTIONALLY LEFT BLANK}
Independent Auditor¶s Report
The Honorable Mayor and
Members of City Council
City of Port Republic New Jersey
RHSRUW RQ WKH FLQDQFLDO SWDWHPHQWV
:e have audited the accompanying balance sheets - regulatory basis of the various funds and account
group of the City of Port Republic as of December 31 2015 and 2014 the related statement of
operations and changes in fund balance - regulatory basis for the years then ended and the related
statement of revenues - regulatory basis and statement of expenditures - regulatory basis of the various
funds for the year ended December 31 2015 and the related notes to the financial statements
which collectively comprise the City¶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 basis of accounting prescribed by 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 misstatements whether due to fraud or error
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit :e
conducted our audit in accordance with auditing standards generally accepted in the United States of
America the audit reTuirements prescribed by the Division of Local Government Services Department of
Community Affairs State of New Jersey (the ³Division´) and the standards applicable to financial audits
contained in Government Auditing Standards issued by the Comptroller General of the United States
Those standards reTuire that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of 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 Mudgment including the
assessment of the risNs of material misstatement of the financial statements whether due to fraud or
error In maNing those risN assessments the auditor considers internal control relevant to the entity¶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
1
:e 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 City of
Port Republic on the basis of the financial reporting provisions prescribed by 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 reTuirements 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 ³Basis for Adverse Opinion on
US 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 each fund of the City of Port Republic as of December 31 2015 and
2014 or changes in financial position for the years then ended
Basis for Qualified Opinion on Regulatory Basis of Accounting
As described in Note 16 of the financial statements the City participates in a Length of Service Award
Program (LOSAP) for its volunteer fire and rescue personnel The amount reflected in the trust fund
statements of 15382317 and 14550406 for 2015 and 2014 respectively were not audited and
therefore we express no opinion on the LOSAP program
Qualified Opinion on Regulatory Basis of Accounting
In our opinion except for the effects of the matter described in the ³Basis for 4ualified Opinion on
Regulatory Basis of Accounting´ paragraph the financial statements referred to above present fairly in all
material respects the regulatory basis balances sheets and account group as of December 31 2015 and
2014 the regulatory basis statements of operations for the years then ended and the regulatory basis
statements of revenues and expenditures for the year ended December 31 2015 in accordance with the
basis of financial reporting prescribed by the Division of Local Government Services Department of
Community Affairs State of New Jersey as described in Note 1
Other Matters
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City of Port Republic¶s basic financial statements The supplementary information listed in
the table of contents and schedule of expenditures of federal awards as reTuired by Office of
Management and Budget Uniform Guidance Audits of States, Local Governments and Non-Profit
Organizations and the schedule of expenditures of state financial assistance as reTuired by NJ OMB 15-
08 and the letter of comments and recommendations section are presented for purposes of additional
analysis and are not a reTuired part of the basic financial statements
2
The supplemental information listed in the table of contents and the schedule of expenditures of federal
awards as reTuired by Office of Management and Budget Uniform Guidance Audits of States, Local
Governments and Non-Profit Organizations, the schedule of expenditures of state financial assistance as
reTuired by NJ OMB 15-08 are the responsibility of management and were derived from and relates
directly to the underlying accounting and other records used to prepare the basic financial statements
Such information has been subMected 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 listed in the table of contents schedule of expenditures of federal awards as reTuired by
Office of Management and Budget Uniform Guidance Audits of States, Local Governments and Non-
Profit Organizations, and the schedule of expenditures of state financial assistance as reTuired by NJ
OMB 15-08 are fairly stated in all material respects in relation to the basic financial statements as a
whole
The letter of comments and recommendations section has not been subMect to the auditing procedures
applied in the audit of the basic financial statements and accordingly we do not express an opinion or
provide any assurance on it
OWKHU RHSRUWLQJ RHTXLUHG E\ Government Auditing Standards
In accordance with Government Auditing Standards we have also issued our report dated March 1 2016
on our consideration of the City of Port Republic¶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 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 City of Port Republic¶s internal
control over financial reporting and compliance
Ford Scott & Associates, LLC
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Nancy Sbrolla
NDQF\ SEUROOD
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NR 52
MDUFK 1, 201
3
{THIS PAGE IS INTENTIONALLY LEFT BLANK}
E;HIBIT A CURRENT FUND
{THIS PAGE IS INTENTIONALLY LEFT BLANK}
Exhibit A
Sheet 1
2015
2014
ASSETS
Regular Fund
Cash
Cash Treasurer
187986924
127544887
Cash - Change
10000
10000
Total Cash
187996924
127554887
Receivables and Other Assets with Full Reserves
DelinTuent Property Taxes Receivable
7792024
7539971
Tax Title and Other Liens
246892
209842
Property AcTuired for Taxes -
at Assessed 9aluation
92310100
92310100
Property Deeded to the City
38630000
38630000
Revenue Accounts Receivable
47584
163087
Interfund Receivable
Grant Fund
9487741
5433626
Dog Trust
225250
204313
Other Trust Funds
445257
444235
Total Receivables and Other Assets
149184848
144935174
Deferred Charges
Special Emergency Appropriation
8312700
3822700
Total Deferred Charges
8312700
3822700
Total Regular Fund
345494472
276312761
Federal and State Grant Fund
Cash
1631342
400206
Federal and State Grants Receivable
46537317
34245744
Total Federal and State Grant Fund
48168659
34645950
Total Current Fund
393663131
310958711
CURRENT FUND
COMPARATI9E BALANCE SHEET RE*ULATORY BASIS
AS OF DECEMBER 31,
The accompanying Notes to Financial Statements are an integral part of this statement
4
Exhibit A
Sheet 2
2015
2014
LIABILITIES RESER9ES AND FUND BALANCE
Regular Fund
Liabilities
Appropriation Reserves
9067785
9319559
Reserve for Encumbrances
565433
1876798
Prepaid Taxes
4343044
5305845
Overpaid Taxes
-
1798
Local School Tax Payable
39273006
23448221
County Added Tax Payable
221976
352374
Due to State
DCA Fees
65400
-
9eterans and Senior Citizens
1364900
1378036
Reserve for Tax Map
70000
580000
Reserve for Revaluation
6000000
-
Reserve for Gravel
64475483
12649988
Interfund Payable
Open Space Trust
2803607
1240907
General Capital
1078171
2947517
129328805
59101043
Reserve for Receivables and Other Assets
149184848
144935174
Fund Balance
66980819
72276544
Total Regular Fund
345494472
276312761
Federal and State Grant Fund
Unappropriated Reserves
-
18177
Appropriated Reserves
38680918
29194147
Due to Current Fund
9487741
5433626
Total Federal and State Grant Fund
48168659
34645950
Total Current Fund
393663131
310958711
CURRENT FUND
COMPARATI9E BALANCE SHEET RE*ULATORY BASIS
AS OF DECEMBER 31,
The accompanying Notes to Financial Statements are an integral part of this statement
5
Exhibit A - 1
Sheet 1
2015
2014
Revenue and Other Income Realized
Fund Balance
17000000
21875000
Miscellaneous Revenue Anticipated
40696122
36567094
Receipts from DelinTuent Taxes
7564264
10258358
Receipts from Current Taxes
282344125
274279235
Non Budget Revenue
5169295
8799671
Other Credits to Income
Unexpended Balance of Appropriation Res
8345965
8954834
Cancelled Appropriations
2440
Interfund Returned
-
394246
Total Income
361122211
361128438
Expenditures
Budget and Emergency Appropriations
Appropriations :ithin CAPS
Operations
Salaries and :ages
30321400
27382502
Other Expenses
50804100
50059098
Deferred Charges Statutory Expenditures
4406400
4386500
Appropriations Excluded from CAPS
Operations
Other Expenses
1158500
1446000
Capital Improvements
2750000
5750000
Debt Service
14920660
11014527
Deferred Charges
1510000
922800
Local District School Tax
170546400
166676200
County Tax
66525067
61619502
County Share of Added Tax
221976
352374
Municipal Open Space Taxes
1562700
1554000
Interfund Created
4690733
-
Total Expenditures
349417936
331163503
Excess in Revenue
11704275
29964935
CURRENT FUND
COMPARATI9E STATEMENT OF OPERATIONS AND CHAN*ES
IN FUND BALANCE RE*ULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31,
The accompanying Notes to Financial Statements are an integral part of this statement
6
Exhibit A - 1
Sheet 2
2015
2014
AdMustments to Income before Fund Balance
Expenditures included above which are by
Statute Deferred Charges to Budgets of
Succeeding <ear
-
Emergency Appropriation
Total AdMustments
-
-
Statutory Excess to Fund Balance
11704275
29964935
Fund Balance January 1
72276544
64186609
83980819
94151544
Decreased by
Utilization as Anticipated Revenue
17000000
21875000
Fund Balance December 31
66980819
72276544
IN FUND BALANCE RE*ULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31,
CURRENT FUND
COMPARATI9E STATEMENT OF OPERATIONS AND CHAN*ES
The accompanying Notes to Financial Statements are an integral part of this statement
7
Exhibit A-2
Sheet 1
Excess or
Budget
NJS 40A 4-87
Realized
(Deficit)
Fund Balance Anticipated
17000000
17000000
-
Total Fund Balance Anticipated
17000000
-
17000000
-
Miscellaneous Revenues
Section A Local Revenues
Fines and Costs
Municipal Court
2300000
1737684
(562316)
Interest and Costs on Taxes
2350000
1473575
(876425)
Interest Earned on Investments
800000
403759
(396241)
Communication Tower Rental - Bell Atlantic Nynex Sprint
6500000
6800416
300416
Total Section A Local Revenues
11950000
-
10415434
(1534566)
Section B State Aid :ithout Offsetting Appropriations
Energy Receipts Tax
17630700
17630700
-
Total Section B State Aid :ithout Offsetting Appropriations
17630700
-
17630700
-
Section F Special Items - Public and Private Programs
Off-Set with Appropriations
Clean Communities
400000
400000
-
Recycling Tonnage Grant
18200
18200
-
Municipal Alliance
1032300
1032300
-
Alcohol Education Rehabilitation
17700
17700
-
NJDOT BlaNe
16000000
16000000
-
Community Development BlocN Grant
3000000
3000000
-
Total Section F Special Items - Public and Private Programs
Off-Set with Appropriations
18200
20450000
20468200
-
CURRENT FUND
STATEMENT OF RE9ENUES RE*ULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2015
Anticipated
The accompanying Notes to Financial Statements are an integral part of this statement
8
Section G Special Items of Revenue Anticipated with Prior
:ritten Consent of Director
Reserve for Gravel
12650000
12649988
(012)
Total Section G Special Items of Revenue Anticipated with Prior
12650000
-
12649988
(012)
:ritten Consent of Director
Total Miscellaneous Revenues
42248900
20450000
61164322
(1534578)
Receipts from DelinTuent Taxes
5800000
7564264
1764264
Amount to be Raised by Taxes for Support of Municipal Budget
Local Tax for Municipal Purposes
50791000
53086182
2295182
Total Amount to be Raised by Taxes for Support of Municipal Budget
50791000
-
53086182
2295182
Budget Totals
115839900
20450000
138814768
2524868
Non- Budget Revenues
Other Non- Budget Revenues
5169295
5169295
115839900
20450000
143984063
7694163
The accompanying Notes to Financial Statements are an integral part of this statement
9
Exhibit A - 2
Sheet 3
Analysis of Realized Revenues
Allocation of Current Tax Collections
Revenue from Collections
282344125
Less Reserve for Tax Appeals Pending
-
Net Revenue from Collections
282344125
Allocated to
School County and Other Taxes
238856143
Balance for Support of Municipal Budget Appropriations
43487982
Increased by
Appropriation Reserved for Uncollected Taxes
9598200
Amount for Support of Municipal Budget Appropriations
53086182
Receipts from DelinTuent Taxes
DelinTuent Tax Collection
7564264
Tax Title Lien Collections
-
Total Receipts from DelinTuent Taxes
7564264
Analysis of Non-Budget Revenue
Miscellaneous Revenue Not Anticipated
Building Permits
2181424
Miscellaneous
2274871
Reimbursements
713000
Total Miscellaneous Revenue Not Anticipated
5169295
CURRENT FUND
STATEMENT OF RE9ENUES RE*ULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2015
The accompanying Notes to Financial Statements are an integral part of this statement
10
Exhibit A - 3
(Over expended)
Unexpended
Budget After
Paid or
Balance
Budget
Modifications
Charged
Encumbered
Reserved
Cancelled
OPERATIONS WITHIN CAPS
GENERAL GO9ERNMENT
Mayor and Council
Salaries and :ages
420000
420000
420000
-
-
Other Expenses
160000
160000
158635
1365
-
Municipal ClerN
Salaries and :ages
11800000
11800000
10574529
1225471
-
Other Expenses
3896600
3896600
2934990
252883
708727
-
Financial Administration
Salaries and :ages
1200000
1200000
1200000
-
-
Other Expenses
380000
383300
383300
-
-
Audit Services
Other Expenses
2475000
2475000
2475000
-
-
Revenue Administration (Tax Collector)
Salaries and :ages
1096000
1096000
1095996
004
-
Other Expenses
400000
400000
346911
10000
43089
-
Tax Assessment Administration
Salaries and :ages
1080000
1080000
1080000
-
-
Other Expenses
369500
369500
200818
168682
-
Legal Services
Other Expenses
3000000
3000000
2179391
1350
819259
-
LiTuidation of Tax Title Liens and Foreclosed Property
Other Expenses
10000
10000
-
10000
-
Engineering Services and Costs
Other Expenses
1400000
1400000
919920
480080
-
MUNICIPAL COURT
Salaries and :ages
1580000
1580000
1332837
247163
-
Other Expenses
917500
902500
395622
54900
451978
-
Public Defender (PL 1997 C256)
Other Expenses
75000
90000
90000
-
-
LAND USE ADMINISTRATION
Planning Board
Salaries and :ages
100000
100000
45333
54667
-
Other Expenses
900000
900000
259350
640650
-
Appropriations
Expended
CURRENT FUND
STATEMENT OF E;PENDITURES RE*ULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2015
The accompanying Notes to Financial Statements are an integral part of this statement
11
Exhibit A - 3
(Over expended)
Unexpended
Budget After
Paid or
Balance
Budget
Modifications
Charged
Encumbered
Reserved
Cancelled
Appropriations
Expended
CURRENT FUND
STATEMENT OF E;PENDITURES RE*ULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2015
INSURANCE
Disability Insurance
40000
40000
20956
19044
-
Liability Insurance
4350000
4350000
4348000
2000
-
Group Insurance Plan for Employees
7877900
8062000
8061957
043
-
PUBLIC SAFET<
Police
Other Expenses
350000
350000
84279
265721
-
911 Services
200000
200000
200000
-
-
Emergency Management Services
Salaries and :ages
400000
400000
158655
241345
-
Other Expenses
300000
300000
190875
109125
-
Aid to 9olunteer Fire Company
2500000
2500000
2500000
-
-
Aid to 9olunteer Fire Company - Insurance
300000
-
-
-
First Aid Organization - Contribution
1000000
1000000
1000000
-
-
Municipal Prosecutor
Other Expenses
646100
646100
638410
7690
-
PUBLIC :OR.S
Streets and Road Maintenance
Salaries and :ages
8600000
8600000
8240098
359902
-
Other Expenses
1950000
1950000
1657334
180000
112666
-
Garbage and Trash Removal
Salaries and :ages
750000
750000
599750
150250
-
Other Expenses
7400000
7400000
5987720
1412280
-
Monitoring :ells
175000
175000
175000
-
Buildings and Grounds
Salaries and :ages
228100
228100
95030
133070
-
Other Expenses
2300000
2300000
2161441
66300
72259
-
HEALTH AND HUMAN SER9ICES
Dog Regulation
Other Expenses
260000
260000
121500
138500
-
Aid to Outreach
200000
200000
200000
-
-
PAR.S AND RECREATION
ParNs and Playgrounds
Salaries and :ages
860000
968500
968469
031
-
Other Expenses
Miscellaneous Other Expenses
1450000
1450000
1302434
147566
-
The accompanying Notes to Financial Statements are an integral part of this statement
12
Exhibit A - 3
(Over expended)
Unexpended
Budget After
Paid or
Balance
Budget
Modifications
Charged
Encumbered
Reserved
Cancelled
Appropriations
Expended
CURRENT FUND
STATEMENT OF E;PENDITURES RE*ULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2015
UNIFORM CONSTRUCTION CODE
Construction Official
Salaries and :ages
1144500
1144500
1144416
084
-
Other Expenses
50000
151100
151098
002
-
Plumbing Inspector
Salaries and :ages
260100
260100
260100
-
-
Building Inspector
Salaries and :ages
260100
260100
260100
-
-
Electrical Inspector
Salaries and :ages
434100
434100
434076
024
-
UNCLASSIFIED
Celebration of Public Events
520000
520000
491758
28242
-
UTILIT< E;PENSES AND BUL. PURCHASES
Electric
1100000
141200
81055
60145
-
Street Lighting
2300000
3161800
3107719
54081
-
Telephone
850000
850000
848533
1467
-
Heating Oil
500000
500000
131800
368200
-
Motor Fuel
660000
660000
621618
38382
-
TOTAL OPERATIONS :ITHIN CAPS
81475500
81475500
72161813
565433
8748254
-
Contingent
-
TOTAL OPERATIONS INCLUDING
CONTINGENT :ITHIN CAPS
81475500
81475500
72161813
565433
8748254
-
Detail
Salaries and :ages
30212900
30321400
27909389
-
2412011
-
Other Expenses
51262600
50804100
44168145
565433
6070522
-
The accompanying Notes to Financial Statements are an integral part of this statement
13
Exhibit A - 3
(Over expended)
Unexpended
Budget After
Paid or
Balance
Budget
Modifications
Charged
Encumbered
Reserved
Cancelled
Appropriations
Expended
CURRENT FUND
STATEMENT OF E;PENDITURES RE*ULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2015
DEFERRED CHARGES AND STATUTOR<
E;PENDITURES
Statutory Expenditures
Contributions to
Public Employees' Retirement System
2026400
2026400
2026400
-
-
Social Security System (OASI)
2240000
2240000
2098369
141631
-
Unemployment Compensation Insurance
100000
100000
-
100000
-
Defined Contribution Retirement Program
40000
40000
-
40000
-
TOTAL DEFERRED CHARGES AND
STATUTOR< E;PENDITURES
4406400
4406400
4124769
-
281631
-
TOTAL GENERAL APPROPRIATIONS FOR
MUNICIPAL PURPOSES :ITHIN CAPS
85881900
85881900
76286582
565433
9029885
-
OPERATIONS - E;CLUDED FROM CAPS
(A) Operations - Excluded from CAPS
LOSAP Contribution - Fire
900000
900000
862500
37500
-
Group Insurance Plan for Employees
-
-
-
900000
900000
862500
-
37500
-
(A) Public and Private Programs Off-Set by
Revenues
Municipal Alliance Program - Local Match
258500
258500
258100
400
-
Municipal Alliance Program
1032300
1032300
-
-
Alcohol Education Rehabilitation
17700
17700
-
-
Recycling Tonnage Grant
18200
18200
18200
-
-
Clean Communities
400000
400000
-
-
Community Development BlocN Grant
3000000
3000000
Total Public and Private Programs Off-Set by
Revenues
276700
4726700
4726300
-
400
-
Total Operations - Excluded from CAPS
1176700
5626700
5588800
-
37900
-
Detail
Other Expenses
1158500
1158500
1120600
-
37900
-
The accompanying Notes to Financial Statements are an integral part of this statement
14
Exhibit A - 3
(Over expended)
Unexpended
Budget After
Paid or
Balance
Budget
Modifications
Charged
Encumbered
Reserved
Cancelled
Appropriations
Expended
CURRENT FUND
STATEMENT OF E;PENDITURES RE*ULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2015
(C) Capital Improvements
Capital Improvement Fund
500000
500000
500000
-
-
Purchase of Office ETuipment
1500000
1500000
1500000
-
-
Firefighter ETuipment
750000
750000
750000
-
-
Public and Private Programs Offset by Revenues
New Jersey DOT Trust Fund Authority Act
16000000
16000000
Total Capital Improvements
2750000
18750000
18750000
-
-
-
(D) Debt Service
Payment of Bond Anticipation Notes
14067500
14067500
14067500
-
-
Interest on Notes
855600
855600
853160
2440
Total Debt Service
14923100
14923100
14920660
-
-
2440
(E) Deferred Charges
Special Emergency Authorizations - 5 years
1510000
1510000
1510000
-
-
Total Deferred Charges
1510000
1510000
1510000
-
-
-
TOTAL GENERAL APPROPRIATIONS FOR
MUNICIPAL PURPOSES E;CLUDED
FROM CAPS
20359800
40809800
40769460
-
37900
2440
SUBTOTAL GENERAL APPROPRIATIONS
106241700
126691700
117056042
565433
9067785
2440
(M) Reserve for Uncollected Taxes
9598200
9598200
9598200
-
TOTAL GENERAL APPRORIATIONS
115839900
136289900
126654242
565433
9067785
2440
Budget
115839900
Cancelled
2440
Appropriations by 40A 4-87
20450000
Overexpended
-
Emergency Appropriations
-
136289900
2440
Reserve for Uncollected Taxes
9598200
Capital Improvement Fund
500000
Federal and State Grants
20726300
Deferred Charges
1510000
Disbursements
94319742
126654242
The accompanying Notes to Financial Statements are an integral part of this statement
15
E;HIBIT B TRUST FUNDS
{THIS PAGE IS INTENTIONALLY LEFT BLANK}
Exhibit B
ASSETS
2015
2014
Dog License Fund
Cash
331270
305873
Due from State of New Jersey
2460
3480
333730
309353
Length of Service Award Program (unaudited)
Investments held for LOSAP
15382317
14550406
15382317
14550406
Other Funds
Cash - Treasurer
10659232
17085653
Due from Current Fund - Open Space
2803607
Due from Current Fund
-
796672
13462839
17882325
29178886
32742084
LIABILITIES RESER9ES AND FUND BALANCE
Dog License Fund
Due to Current Fund
225250
204313
Reserve for Dog Fund Expenditures
108480
105040
333730
309353
Length of Service Award Program (unaudited)
Reserve for LOSAP
15382317
14550406
15382317
14550406
Other Funds
Due to Current Fund
445257
-
Miscellaneous Reserves
13017582
17882325
13462839
17882325
29178886
32742084
TRUST FUND
COMPARATI9E BALANCE SHEET RE*ULATORY BASIS
AS OF DECEMBER 31,
The accompanying Notes to Financial Statements are an integral part of this statement
16
{THIS PAGE IS INTENTIONALLY LEFT BLANK}
E;HIBIT C *ENERAL CAPITAL FUND
{THIS PAGE IS INTENTIONALLY LEFT BLANK}
Exhibit C
2015
2014
ASSETS
Cash
17205
917205
Deferred Charges to Future Taxation -
Funded
-
-
Unfunded
103624900
117692400
Interfunds and Receivables
Due from Current Fund
1078171
2947517
104720276
121557122
LIABILITIES RESER9ES AND FUND BALANCE
Bond Anticipation Notes Payable
100000000
114067500
Encumbrances Payable
-
2204829
Improvement Authorizations
Funded
977250
977250
Unfunded
5926
1070443
Capital Improvement Fund
745400
245400
Fund Balance
2991700
2991700
104720276
121557122
There were bonds and notes authorized but not issued at December 31
2014
3624900
2015
3624900
*ENERAL CAPITAL FUND
COMPARATI9E BALANCE SHEET RE*ULATORY BASIS
AS OF DECEMBER 31,
The accompanying Notes to Financial Statements are an integral part of this statement
17
Exhibit C - 1
2015
2014
Beginning Balance January 1
2991700
2991700
No current year activity
Ending Balance December 31
2991700
2991700
*ENERAL CAPITAL FUND
COMPARATI9E STATEMENT OF FUND BALANCE
RE*ULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31,
The accompanying Notes to Financial Statements are an integral part of this statement
18
E;HIBIT * *ENERAL FI;ED ASSETS
{THIS PAGE IS INTENTIONALLY LEFT BLANK}
Exhibit G
*ENERAL FI;ED ASSETS ACCOUNT *ROUP
STATEMENT OF *ENERAL FI;ED ASSETS RE*ULATORY BASIS
AS OF DECEMBER 31,
2015
2014
General Fixed Assets
Land
206002800
206002800
Buildings
121068000
121068000
Transportation ETuipment
20821800
20821800
Total General Fixed Assets
347892600
347892600
Investment in General Fixed Assets
347892600
347892600
The accompanying Notes to Financial Statements are an integral part of this statement
19
{THIS PAGE IS INTENTIONALLY LEFT BLANK}
CITY OF PORT REPUBLIC
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2015 AND 201
NRWH 1 SUMMARY OF SI*NIFICANT ACCOUNTIN* POLICIES
A RHSRUWLQJ CLW\
Except as noted below the financial statements of the City of Port Republic include every board
body office or commission supported and maintained wholly or in part by funds appropriated by
the City of Port Republic as reTuired by NJS 40A 5-5
Component units are legally separate organizations for which the City is financially accountable
The City is financially accountable for an organization if the City appoints a voting maMority of the
organization¶s governing board and (1) the City is able to significantly influence the programs or
services performed or provided by the organization or (2) the City is legally entitled to or can
otherwise access the organization¶s resources the City is legally obligated or has otherwise
assumed the responsibility to finance the deficits of or provide financial support to the organization
or the City is obligated for the debt of the organization Component units may also include
organizations that are fiscally dependent on the City in that the City approves the budget the
issuance of debt or the levying of taxes The Board of Education of the City is a component unit
However under the regulatory basis of accounting in New Jersey the component unit is neither
blended nor shown in a discrete presentation in the financial statements of the City The Board of
Education does have an independent audit performed and a copy is available at the Board¶s
offices
B DHVFULSWLRQ RI FXQGV
The accounting policies of the City of Port Republic 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 the respect to public funds
Under this method of accounting the City of Port Republic accounts for its financial transactions
through the following separate funds
Current Fund -- resources and expenditures for governmental operations of a general nature
including Federal and State grant funds
Trust Funds -- receipts custodianship and disbursement of funds in accordance with the purpose
for which each reserve was created
General Capital Fund -- receipt and disbursement of funds for the acTuisition of general facilities
other than those acTuired in the Current Fund
General Fixed Assets Account Group -- All fixed assets used in governmental fund type operations
(general fixed assets) are accounted for in the general fixed assets account group rather than in
governmental funds
20
CITY OF PORT REPUBLIC
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2015 AND 201
C BDVLV RI AFFRXQWLQJ
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
governmental units The more significant policies in New Jersey follow
A modified accrual basis of accounting is followed with minor exceptions
Revenues -- are recorded as received in cash except for certain amounts which are due from
other governmental units Receipts from Federal and State grants are realized as revenue when
anticipated in the City budget Receivables for property taxes are recorded with offsetting reserves
on the balance sheet of the City's Current Fund accordingly such amounts are not recorded as
revenue until collected Other amounts that are due to the City which are susceptible to accrual are
also recorded as receivables with offsetting reserves and recorded as revenue when received
Expenditures -- are recorded on the budgetary basis of accounting Generally expenditures are
recorded when an amount is encumbered for goods or services through the issuance of a
purchase order in conMunction with the Encumbrance Accounting System Outstanding
encumbrances at December 31 are reported as a cash liability in the financial statements
Appropriation reserves covering unencumbered 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 bonds and notes are provided on the cash basis
interest on general capital indebtedness is on the cash basis Compensated absences are treated
on a pay as you go basis with no amount charged to operations in the year incurred
Foreclosed Property -- Foreclosed property is recorded in the Current Fund at the assessed
valuation when such property was acTuired and is fully reserved
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
liTuidated Interfund receivables in the other funds are not offset by reserves
Inventories of Supplies - The cost of inventories of supplies for all funds are recorded as
expenditures at the time individual items are purchased The cost of inventories is not included on
the various balance sheets
General Fixed Assets -- The City has developed a fixed assets accounting and reporting system
as promulgated by the Division of Local Government Services which differs in certain respects
from generally accepted accounting principles
As reTuired by New Jersey Statutes foreclosed property is reported in the current operating fund
of the municipality
21
CITY OF PORT REPUBLIC
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2015 AND 201
Fixed assets used in governmental operations (general fixed assets) are accounted for in the
General Fixed Assets Account Group Public domain (infrastructure) general fixed assets
consisting of certain improvements other than buildings such as roads bridges curbs and gutters
streets and sidewalNs and drainage systems are not capitalized
All fixed assets are valued at historical cost or estimated historical cost if actual historical cost is
not available except for land which is valued at estimated marNet value on the date of acTuisition
Expenditures for long lived assets with an original cost in excess of 5000 are capitalized
No depreciation has been provided for in the financial statements
Expenditures for construction in progress are recorded in the Capital funds until such time as the
construction is completed and put into operation
Fixed assets acTuired through grants in aid or contributed capital have not been accounted for
separately
Levy of Taxes -- The County Board of Taxation certifies the tax levy of the municipality each year
The tax levy is based on the assessed valuation of taxable property within the municipality Taxes
are payable on the first day of February May August and November Any taxes that have not
been paid by 11th day of the 11th month in the fiscal year levied are subMect to being included in
the tax sale and the lien enforced by selling the property in accordance with NJSA 54 5 et seT
The municipality is responsible for remitting 100 of the school and county taxes to the respective
agency The loss for delinTuent or uncollectible accounts is borne by the municipality and not the
school district or county
Interest on DelinTuent Taxes ± It is the policy of the City of Port Republic to collect interest for the
nonpayment of taxes or assessments on or before the date when they would become delinTuent
The Tax Collector is authorized to charge eight percent (8) per annum on the first 150000 of
taxes becoming delinTuent after due date and eighteen percent (18) per annum on any amount
of taxes in excess of 150000 becoming delinTuent after due date and if a delinTuency is in
excess of 1000000 and remains in arrears beyond December 31st an additional penalty of six
percent (6) shall be charged against the delinTuency There is a ten day grace period
Capitalization of Interest -- It is the policy of the City of Port Republic to treat interest on proMects as
a current expense and the interest is included in the current operating budget
Use of Estimates -- The preparation of financial statements in conformity with generally accepted
accounting principles or the statutory basis of accounting reTuires management to maNe estimates
and assumptions that affect certain reported amounts and disclosures Accordingly actual results
could differ from those estimates
22
CITY OF PORT REPUBLIC
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2015 AND 201
D RHTXLUHG FLQDQFLDO SWDWHPHQWV
The State of New Jersey reTuires the following financial statements to be presented for each fund
on the regulatory basis of accounting Balance Sheet Statement of Operations and Changes in
Fund Balance Statement of Revenue and Statement of Expenditures These statements differ
from those presented under Generally Accepted Accounting Principles which reTuires a Statement
of Net Position and Statement of Activities in addition to the fund financial statements
E CRPSDUDWLYH DDWD
Comparative total data for the prior year has been presented in the accompanying Balance Sheets
and Statement of Operations in order to provide an understanding of changes in the City's financial
position However comparative (ie presentation of prior year totals by fund type) data have not
been presented in the Statement of Revenue-Regulatory Basis and Statement of Expenditures-
Regulatory Basis since their inclusion would maNe the statements unduly complex and difficult to
read
F RHFHQW AFFRXQWLQJ PURQRXQFHPHQWV NRW YHW EIIHFWLYH
In February 2015 the Governmental Accounting Standards Board (GASB) issued Statement No 72 ³Fair
9alue Measurement and Application´ This statement is effective for fiscal periods beginning after June 15
2015 will not have any effect on the City¶s financial reporting
In June 2015 the Governmental Accounting Standards Board (GASB) issued Statement No 73 ³Accounting
and Financial Reporting for Pensions and Related Assets That Are Not :ithin the Scope of GASB Statement
68 and Amendments to Certain Provisions of GASB Statements 67 and 68´ This statement is effective for
fiscal periods beginning after June 30 2016 will not have any effect on the City¶s financial reporting
In June 2015 the Governmental Accounting Standards Board (GASB) issued Statement No 74 ³Financial
Reporting for Postemployment Benefit Plans Other Than Pension Plans´ This statement is effective for
fiscal periods beginning after June 30 2016 establishes new accounting and financial reporting
reTuirements for OPEB plans It is anticipated that this statement will not have any effect on the City¶s
financial reporting
In June 2015 the Governmental Accounting Standards Board (GASB) issued Statement No 75 ³Accounting
and Financial Reporting for Postemployment Benefits Other Than Pensions´ This statement is effective for
fiscal periods beginning after June 30 2017 Although not determinable the impact of this statement on the
net position of the entity is anticipated to be significant
In June 2015 the Governmental Accounting Standards Board (GASB) issued Statement No 76 ³The
Hierarchy of Generally Accepted Accounting Principles for State and Local Governments´ This statement is
effective for fiscal periods beginning after June 30 2015 will not have any effect on the City¶s financial
reporting
23
CITY OF PORT REPUBLIC
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2015 AND 201
NRWH 2 BUD*ETARY INFORMATION
Under New Jersey State Statutes the annual budget is reTuired to be a balanced cash basis
document To accomplish this the municipality is reTuired to establish a reserve for uncollected
taxes The 2015 and 2014 statutory budgets included a reserve for uncollected taxes in the
amount of 95982 and 122659 To balance the budget the municipality is reTuired to show a
budgeted fund balance The amount of fund balance budgeted to balance the 2015 and 2014
statutory budgets was 170000 and 218750
The Chief Financial Officer has the discretion of approving intra department budgetary transfers
throughout the year Inter department transfers are not permitted prior to November 1 After
November 1 these transfers can be made in the form of a resolution and approved by City Council
The following significant budget transfers were approved in the 2015 and 2014 calendar years
Budget Category
2015
2014
Current Fund
Legal - Other Expenses
-
(849900)
Buildings and Grounds - Other Expenses
1018328
Electric
(958800)
Street Lighting
861800
NJSA 40A 4-87 permits special items of revenue and appropriations to be inserted into the annual
budget when the item has been made available by any public or private funding source and the
item was not determined at the time of budget adoption During 2015 and 2014 the following
significant budget insertions were approved
Budget Category
2015
2014
Clean Communities
400000
400000
Alcohol Education Rehabilitation
17700
17724
Municipal Alliance
1032300
1392702
Community Development BlocN Grant
3000000
-
NJ DOT Trust Fund Authority Act
16000000
1000000
The City may maNe emergency appropriations after the adoption of the budget for a purpose
which was not foreseen at the time the budget was adopted or for which adeTuate provision was
not made therein This type of appropriation shall be made to meet a pressing need for public
expenditure to protect or promote the public health safety morals or welfare or to provide
temporary housing or public assistance prior to the next succeeding fiscal year Emergency
appropriations except those classified as a special emergency must be raised in the budgets of
the succeeding year Special emergency appropriations are permitted to be raised in the budgets
of the succeeding three or five years The City approved a special emergency appropriation in
2015 for 60000 The emergency was for a revaluation The unfunded balance as of December
31 2015 was 60000 The City approved a special emergency appropriation in 2014 for 29000
for revisions of the tax maps The unfunded balance as of December 31 2015 was 23127
24
CITY OF PORT REPUBLIC
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2015 AND 201
NRWH 3 IN9ESTMENTS
IQWHUHVW RDWH RLVN The municipality does not have a formal investment policy that limits
investment maturities as a means of managing its exposure to fair value losses arising from
increasing interest rates However New Jersey Statutes 40A 5-151(a) limits the length of time for
most investments to 397 days
CUHGLW RLVN New Jersey Statutes 40A 5-151(a) limits municipal investments to those specified in
the Statutes The type of allowable investments are Bonds of the United States of America or of
the local unit or school districts of which the local unit is a part of obligations of federal agencies
not exceeding 397 days government money marNet mutual funds the State of New Jersey Cash
Management Plan local government investment pools or repurchase of fully collateralized
securities
CRQFHQWUDWLRQ RI CUHGLW RLVN The municipality places no limit on the amount the City can invest
in any one issuer
NRWH CASH
CXVWRGLDO CUHGLW RLVN ± DHSRVLWV Custodial credit risN is the risN that in the event of a banN
failure the government¶s deposits may not be returned to it The municipality¶s policy is based on
New Jersey Statutes reTuiring cash be deposited only in New Jersey based banNing institutions
that participate in the New Jersey Governmental Depository Protection Act (GUDPA) or in Tualified
investments established in New Jersey Statutes 40A 5-151(a) that are treated as cash
eTuivalents Under the act all demand deposits are covered by the Federal Deposit Insurance
Corporation (FDIC) Public funds owned by the municipality in excess of FDIC insured amounts
are protected by GUDPA However GUDPA does not protect intermingled trust funds such as
salary withholdings bail funds or fund that may pass to the municipality relative to the happening of
a future condition As of December 31 2015 and 2014 0 of the municipality¶s banN balance of
206312460 and 160469612 was exposed to custodial credit risN
NRWH 5 FI;ED ASSETS
The following schedules are a summarization of the changes in general fixed assets for the
calendar years ended December 31 2015 and 2014
Balance
Retirements/
Balance
12/31/2014
Additions
AdMustments
12/31/2015
Land
206002800
206002800
Building
121068000
121068000
Transportation ETuipment
20821800
20821800
347892600
-
-
347892600
25
CITY OF PORT REPUBLIC
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2015 AND 201
Balance
Balance
12/31/2013
Additions
Retirements
12/31/2014
Land
206002800
206002800
Building
11155700
109912300
121068000
Transportation ETuipment
20821800
20821800
237980300
109912300
-
347892600
NRWH SHORTTERM OBLI*ATIONS
Balance
12/31/14
Issued
Retired
Balance
12/31/15
Bond Anticipation
Notes payable
General
114067500
14067500
100000000
114067500
-
14067500
100000000
Balance
12/31/13
Issued
Retired
Balance
12/31/14
Bond Anticipation
Notes payable
General
124067500
10000000
114067500
124067500
-
10000000
114067500
The note was issued on September 24 2015 and is due and payable on September 23 2016 with
interest at 15 As of December 31 2015 the City has authorized but not issued bonds in the
amount of 36249 in the General Capital Fund
Summary of Municipal Debt
<ear 2015
<ear 2014
<ear 2013
Issued
General - Bonds and Notes
100000000 114067500 124067500
Total Issued
100000000 114067500 124067500
Authorized but not issued
General - Bonds and Notes
3624900 3624900
-
Total Authorized But Not Issued
3624900
3624900
-
Total Bonds Notes Issued and
Authorized But Not Issued
103624900 117692400 124067500
26
CITY OF PORT REPUBLIC
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2015 AND 201
Summary of Statutory Debt Condition - Annual Debt Statement
The summarized statement of debt condition which follows is prepared in accordance with the
reTuired method of setting up the Annual Debt Statement and indicates a statutory net debt of
892
Gross Debt
Deductions
Net Debt
Local School District Debt
-
-
-
General Debt
103624900
-
103624900
103624900
-
103624900
Net Debt 1036249 · ETualized 9aluation Basis per NJSA 40A 2-2 as amended 130413403
795
Borrowing Power Under NJSA 40A 2-6 as Amended
3 1/2 of ETualized 9aluation Basis ( Municipal)
456446900
Net Debt
103624900
Remaining Borrowing Power
352822000
The City of Port Republic School District as a .-8 school district is permitted to borrow up to 3
of the average eTualized valuation for the past three years State statutes allow a school district to
exceed the districts limitation with voter approval Any amount approved by the voters in excess of
the limit is treated as an impairment of the municipal limit
NRWH FUND BALANCES APPROPRIATED
Fund balances at December 31 2015 and 2014 which were appropriated and included as
anticipated revenue in their own respective funds for the year ending December 31 2016 and 2015
were as follows
2015
Current Fund
170000
As of the date of this audit report City Council has not adopted the 2016 Local Municipal Budget
27
CITY OF PORT REPUBLIC
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2015 AND 201
NRWH DEFERRED CHAR*ES TO BE RAISED IN SUCCEEDIN* BUD*ETS
Certain expenditures are reTuired to be deferred to budgets of succeeding years At December 31
2015 the following deferred charges are shown on the balance sheets of the various funds
Balance
December
31 2015
2016 Budget
Appropriation
Balance to
Succeeding
Current fund
Special Emergency Appropriation
6000000
1200000
4800000
Special Emergency Appropriation
2312700
580000
1732700
8312700
1780000
6532700
The appropriations in the 2016 Budget are not less than that reTuired by statute
NRWH SCHOOL TA;ES
Local District School Taxes have been raised and a liability deferred by statute resulting in the
school tax payable set forth in the Current Fund liabilities as follows
12/31/2015
12/31/2014
Balance of Tax
852,730.06
$
694,482.21
Deferred
460,000.00
460,000.00
Tax Payable
392,730.06
$
234,482.21
NRWH 10 TA;ES COLLECTED IN AD9ANCE
Taxes collected in advance are recorded as cash liabilities in the financial statements Following is
a comparison of the liability for the previous two years
Balance
12/31/15
Balance
12/31/14
Prepaid Taxes
4343044
5305845
Cash Liability for Taxes Collected in Advance
4343044
5305845
28
CITY OF PORT REPUBLIC
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2015 AND 201
NRWH 11 PENSION FUNDS
Description of Plans
Substantially all of the City's employees participate in the Public Employees' Retirement System
(PERS) cost sharing multiple-employer defined benefit pension plan which has been established
by State Statute and are administered by the New Jersey Division of Pensions and Benefits
(Division) According to the State of New Jersey Administrative Code all obligations of the System
will be assumed by the State of New Jersey should the system terminate The Division issues a
publicly available financial report that includes the financial statements and reTuired supplementary
information for the systems This report may be obtained by writing to the Division of Pension and
Benefits PO Box 295 Trenton New Jersey 08625 or the report can be accessed on the internet at
-
http //wwwstatenMus/treasury/pensions/annrprtsshtml
Public Employees’ Retirement System
The Public Employees' Retirement System was established in January 1955 under the provisions
of NJSA 43 15A to provide retirement death disability and medical benefits to certain Tualified
members The PERS is a cost-sharing multiple-employer plan Membership is mandatory for
substantially all full time employees of the State or any county municipality school district or public
agency provided the employee is not reTuired to be a member of another State-administered
retirement system
Funding Policy
The contribution policy is set by NJSA 43 15A Chapter 62 PL of 1994 Chapter 115 PL of
1997 and NJSA 18 66 and reTuires contributions by active members and contributing
employers Plan member and employer contributions may be amended by State of New Jersey
legislation PERS provided for employee contributions of 692 through June 30 2015 and 706
thereafter of employee¶s annual compensation as defined Employers are reTuired to contribute to
an actuarially determined rate in PERS The current PERS rate is 706 of covered payroll The
City¶s contributions to PERS for the years ended December 31 2015 2014 and 2013 were
2026400 1801900 and 2256700 respectively The total payroll for the year ended
December 31 2015 2014 and 2013 was 27429819 26913946 and 253033 respectively
Payroll covered by PERS was 19630200 20024400 and 18199500
Significant Legislation
Chapter 78 PL 2011 effective June 28 2011 made various changes to the manner in which the
Public Employees¶ Retirement System (PERS) and the Police and Firemen¶s Retirement System
(PFRS) operate and to the benefit provisions of those systems
Chapter 78¶s provisions impacting employee pension and health benefits include
x
New members of the PERS hired on or after June 28 2011 (Tier 5 members) will need 30
years of creditable service and age 65 for receipt of the early retirement benefit without a
reduction of ó of 1 for each month that the member is under age 65
29
CITY OF PORT REPUBLIC
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2015 AND 201
x
The eligibility age to Tualify for a service retirement in the PERS is increased from age 63 to
65 for Tier 5 members
x
The annual benefit under special retirement for new PFRS members enrolled after June 28
2011 (Tier 3 members) will be 60 instead of 65 of the member¶s final compensation
plus 1 for each year of creditable service over 25 years but not to exceed 30 years
x
Increases in active member contribution rates PERS active member rates increase from
55 of annual compensation to 65 plus an additional 1 phased-in over 7 years PFRS
active member rate increase from 85 to 10 For fiscal year 2013 the member
contribution rates increased in October 2011 The phase-in of the additional incremental
member contribution rates for PERS members will taNe place in July of each subseTuent
fiscal year
x
The payment of automatic cost-of-living adMustment (COLA) additional increases to current
and future retirees and beneficiaries is suspended until reactivated as permitted by this law
x
New employee contribution reTuirements towards the cost of employer-provided health
benefit coverage Employees are reTuired to contribute a certain percentage of the cost of
coverage The rate of contribution is determined based on the employee¶s annual salary
and the selected level of coverage The increased employee contributions will be phased in
over a 4-year period for those employed prior to Chapter 78¶s effective date with a minimum
contribution reTuired to be at least 15 of salary
x
In addition this new legislation changes the method for amortizing the pension systems¶
unfunded accrued liability (from a level percent of pay method to a level dollar of pay)
Chapter 1 PL 2010 effective May 21 2010 made a number of changes to the State-
administered retirement systems concerning eligibility the retirement allowance formula the
definition of compensation the positions eligible for service credit the non-forfeitable right to a
pension the prosecutor¶s part of the PERS special retirement under the PFRS and employer
contributions to the retirement systems
Also Chapter 1 PL 2010 changed the membership eligibility criteria for new members of PERS
from the amount of annual compensation to the number of hours worNed weeNly Also it returned
the benefit multiplier for new members of PERS to 1/60th from 1/55th and it provided that new
members of PERS have the retirement allowance calculated using the average annual
compensation for the last five years of service instead of the last three years of service New
members of PERS will no longer receive pension service credit from more than one employer
Pension service credit will be earned for the highest paid position only This law also closed the
Prosecutors Part of the PERS to new members and repealed the law for new members that
provided a non-forfeitable right to receive a pension based on the laws of the retirement system in
place at the time 5 years of pension service credit is attained The law also reTuires the State to
maNe its full pension contribution defined a 1/7th of the reTuired amount beginning in fiscal years
2012
Chapter 3 PL 2010 effective May 21 2010 replaced the accidental and ordinary disability
retirement for new members of the PERS with disability insurance coverage similar to that provided
by the State to individuals enrolled in the State¶s Defined Contribution Retirement Program
Chapter 92 PL 2007 implemented certain recommendations contained in the December 1 2006
report of the Joint Legislative Committee on Public Employee Benefits Reform established a
DCRP for elected and certain appointed officials effective July 1 2007 the new pension loan
interest rate became 469 per year and an 800 processing fee per loan was charged effective
30
CITY OF PORT REPUBLIC
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2015 AND 201
January 1 2008 The legislation also removed language from existing law that permits the State
Treasurer to reduce employer pension contributions needed to fund the Funds and Systems when
excess assets are available
NRWH 12 PENSION LIABILITIES
In 2012 the Governmental Accounting Standards Board issued GASB statement 68 This statement is
effective for fiscal years beginning after June 15 2014 This statement changes the method of reporting the
municipality¶s pension liabilities However due to the fact that the municipality reports on the regulatory
basis of accounting no financial statement impact will be recognized GASB statement 68 reTuires that the
June 30 2015 actuarial valuation be used for this disclosure but as of the date of this report the 2015
actuarial valuations are not yet available from the Division of Pensions The Division of Local Government
Services has stated that disclosing the 2014 valuation is in compliance with the Regulatory Basis of
Accounting described in Note 1
The following represents the municipality¶s pension liabilities as of June 30 2014
PXEOLF EPSOR\HHV¶ RHWLUHPHQW S\VWHP
The Municipality has a liability of 46021900 for its proportionate share of the net pension liability The net
pension liability was measured as of June 30 2014 and the total pension liability used to calculate the net
pension liability was determined by an actuarial valuation as of that date The Municipality¶s proportion of the
net pension liability was based on a proMection of the Municipality¶s long-term share of contributions to the
pension plan relative to the proMected contributions of all participating employers actuarially determined At
June 30 2014 the Municipality¶s proportion would be 000245807310 which would be an increase of
279 from its proportion measured as of June 30 2013
For the year ended December 31 2015 the Municipality would have recognized pension expense of
25629 At December 31 2015 the Municipality would report deferred outflows of resources and deferred
inflows of resources related to PERS from the following sources
Deferred Outflows
Deferred Inflows
of Resources
of Resources
Changes of assumptions
14,472
$
Net difference between projected and actual earnings
on pension plan investments
(27,427)
Changes in proportion and differences between City
contributions and proportionate share of contributions
10,758
‐
Total
25,230
$
(27,427)
^TKLV VSDFH LQWHQWLRQDOO\ OHIW EODQN`
31
CITY OF PORT REPUBLIC
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2015 AND 201
Amounts that would be reported as deferred outflows of resources and deferred inflows of resources related
to pensions would be recognized in pension expense as follows
Year ended
June 30,
2015
(766)
$
2016
(766)
2017
(766)
2018
(766)
2019
601
Thereafter
264
Total
(2,197)
$
AFWXDULDO AVVXPSWLRQV
The total pension liability for the June 30 2014 measurement date was determined by an actuarial valuation
of July 1 2013 which was rolled forward to June 30 2014 The total pension liability for the June 30 2013
measurement date was determined by an actuarial valuation as of July 1 2013 This actuarial valuation used
the following assumptions applied to all period in the measurement
Inflation rate
301
Salary increases
2012-2021
215 - 440 (based on age)
Thereafter
315 - 540 (based on age)
Investment rate of return
790
Mortality rates were based on the RP-2000 Combined Healthy Male and Female Mortality Tables (setbacN 1
year for females) with adMustments for mortality improvements from the base year of 2012 based on
ProMections Scale AA
The actuarial assumptions used in the July 1 2013 valuation were based on the results of an actuarial
experience study for the period July 1 2008 to June 30 2011
In accordance with State statute the long-term expected rate of return on plan investments is determined by
the State Treasurer after consultation with the Directors of the Division of Investments and Division of
Pensions and Benefits the board of trustees and the actuaries Best estimates of arithmetic real rates of
return for each maMor asset class included in PERS¶s target asset allocation as of June 30 2014 are
summarized in the following table
32
CITY OF PORT REPUBLIC
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2015 AND 201
Long‐Term
Target
Expected Real
Asset Class
Allocation
Rate of Return
Cash
6.00%
0.80%
Core Bonds
1.00%
2.49%
Intermediate‐Term Bonds
11.20%
2.26%
Mortgages
2.50%
2.17%
High Yield Bonds
5.50%
4.82%
Inflation‐Indexed Bonds
2.50%
3.51%
Broad US Equities
25.90%
8.22%
Developed Foreign Equities
12.70%
8.12%
Emerging Market Equities
6.50%
9.91%
Private Equity
8.25%
13.02%
Hedge Funds/Absolute Return
12.25%
4.92%
Real Estate (Property)
3.20%
5.80%
Commodities
2.50%
5.35%
Discount Rate
The discount rate used to measure the total pension liability was 539 and 555 as of June 30 2014 and
2013 respectively This single blended discount rate was based on the long-term expected rate of return on
pension plan investments of 79 and a municipal bond rate of 429 and 463 as of June 30 2014 and
2013 respectively based on the Bond Buyer Go 20-Bond Municipal Bod Index which includes tax-exempt
general obligation municipal bonds with an average rating of AA/Aa or higher The proMection 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 will be made based on the average
of the last five years of contributions made in relation to the last five years of recommended contributions
Based on those assumptions the plan¶s fiduciary net position was proMected to be available to maNe
proMected future benefit payments of current plan members through 2033 and the municipal bond rate was
applied to proMected benefit payments after that date in determining the total pension liability
Sensitivity of the Municipality’s proportionate share of the net pension liability to changes in the discount rate.
The following presents the City¶s proportionate share of the net pension liability calculated using the discount
rate of 539 as well as what the City¶s proportionate share of the net pension liability would be if it were
calculated using a discount rate that is 1-percentage point lower (439) or 1-percentage point higher
(639) than the current rate
1
Current Discount
1
Decrease
Rate
Increase
(439)
(539)
(639)
City's proportionate share of
the net pension liability
560632
460219
375945
33
CITY OF PORT REPUBLIC
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2015 AND 201
Pension plan fiduciary net position.
Detailed information about the pension plan¶s fiduciary net position is available in the separately issued
PERS financial report
NRWH 13 POSTRETIREMENT BENEFITS
PODQ DHVFULSWLRQ The City of Port Republic contributes to the State Health Benefits Program
(SHBP) a cost-sharing multi-employer defined benefit post-employment healthcare plan
administered by the State of New Jersey Division of Pensions and Benefits The SHBP was
established in 1961 under NJSA 52 14-1725 et seT to provide health benefits to State
employees retirees and their dependents
The SHBP was extended to employees retirees and dependents of participating local public
employers in 1964 Local employers must adopt a resolution to participate in the SHBP Rules
governing the operation and administration of the program are found in Title 17 Chapter 9 of the
New Jersey Administrative Code SHBP provides medical prescription drugs mental
health/substance abuse and Medicare Part B reimbursement to retirees and their covered
dependents
The State Health Benefits Commission is the executive body established by statute to be
responsible for the operation of the SHBP The State of New Jersey Division of Pensions and
Benefits issues a publicly available financial report that includes financial statements and reTuired
supplementary information for the SHBP That report may be obtained by writing to State of New
Jersey Division of Pensions and Benefits PO Box 295 Trenton NJ 08625-0295 or by visiting
their website at to http //wwwstatenMus/treasury/pensions/shbphtm
FXQGLQJ PROLF\ Participating employers are contractually reTuired to contribute based on the
amount of premiums attributable to their retirees Post-retirement medical benefits under the plan
have been funded on a pay-as-you-go basis since 1994 Prior to 1994 medical benefits were
funded on an actuarial basis
Contributions to pay for the health premiums of participating retirees in the SHBP are billed to the
City of Port Republic on a monthly basis The rates charged by the system for the year ended
December 31 2015 vary according to the type of coverage selected by the retiree and range from
378 to 1770 monthly per retiree
The City of Port Republic contributions to SHBP for post-retirement benefits for the year ended
December 31 2015 and 2014 were 0 and 0 respectively which eTualed the reTuired
contribution for the year
NRWH 1 ACCRUED SIC. AND 9ACATION BENEFITS
The City has permitted employees to accrue unused vacation and sicN pay which may be taNen as
time off The City allows the employees to accumulate a maximum of 24 days of sicN time and 7
days of vacation time The City has no policy of payments to employees at retirement or
termination
34
CITY OF PORT REPUBLIC
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2015 AND 201
NRWH 15 ECONOMIC DEPENDENCY
The City of Port Republic is not economically dependent on any one business or industry as a
maMor source of tax revenue for the City
NRWH 1 RIS. MANA*EMENT
The City is exposed to various risNs of loss related to torts theft of damage to and destruction of
assets errors and omissions inMuries to employees and natural disasters
PURSHUW\ DQG LLDELOLW\ IQVXUDQFH - The City maintains commercial insurance coverage for
property liability and surety bonds During the year ended December 31 2015 and 2014 the City
did not incur claims in excess of their coverage and the amount of coverage did not significantly
decrease
The City is a member of the Atlantic County Joint Insurance Fund (JIF) and the Municipal Excess
Liability Fund (MEL) which also includes other municipalities throughout the region The City is
obligated to remit insurance premiums into these funds for sufficient insurance coverage There is
an unNnown contingent liability with the Atlantic County Municipal Joint Insurance Fund if there is a
catastrophic insurance claim from any member of the fund The City has a general liability limit of
100000 under JIF which increases to 5000000 under MEL
NHZ JHUVH\ UQHPSOR\PHQW CRPSHQVDWLRQ IQVXUDQFH ± The City has elected to fund its New
Jersey Unemployment Compensation Insurance under the ³Benefit Reimbursement Method´
Under this plan the City is reTuired to reimburse the New Jersey Unemployment Trust Fund for
benefits paid to its former employees and charged to its account with the State The City is billed
Tuarterly for amounts due to the State The following is a summary of City contributions employee
contributions reimbursements to the State for benefits and the ending balance of the City¶s trust
fund for the previous three years
Calendar
<ear
City
Contributions
Employee
Contributions
Amount
Reimbursed
Ending
Balance
2015
-
51802
16425
472740
2014
-
34366
-
437363
2013
-
14297
87400
402997
NRWH 1 LEN*TH OF SER9ICE AWARDS PRO*RAM UNAUDITED
In 2001 the voters of the City of Port Republic approved the establishment of a Length of Service
Awards Program (LOSAP) Deferred Compensation Plan This plan is made available to all bona
fide eligible volunteers who are performing Tualified services which are defined as fire fighting and
prevention services emergency medical services and ambulance services pursuant to Section
457 of the Internal Revenue Code of 1986 as amended except for provisions added by reason of
the LOSAP as enacted into federal law in 1997 The establishment of this LOSAP will also comply
with New Jersey Public Law 1997 Chapter 388 and the LOSAP document
35
CITY OF PORT REPUBLIC
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2015 AND 201
NRWH 1 DEFERRED COMPENSATION
Employees of the City of Port Republic may participate in a deferred compensation plan adopted
under the provisions of Internal Revenue Code Section 457 (Deferred Compensation Plans :ith
Respect to Service for State and Local Governments) The deferred compensation plan is
available to all employees of the City Under the plan employees may elect to defer a portion of
their salaries and avoid paying taxes on the deferred portion until the withdrawal date The
deferred compensation amount is not available for withdrawal by employees until termination
retirement death or unforeseeable emergency
An unrelated financial institution administers the deferred compensation plan Under the terms of
an IRC Section 457 deferred compensation plan all deferred compensation and income
attributable to the investment of the deferred compensation amounts held by the financial
institution until paid or made available to the employees or beneficiaries are the property of the
employees
As part of its fiduciary role the City has an obligation of due care in selecting the third party
administrator In the opinion of the City's legal counsel the City has acted in a prudent manner
and is not liable for losses that may arise from the administration of the plan
NRWH 1 CONTIN*ENT LIABILITIES
From time to time the City is a defendant in legal proceedings relating to its operations as a
municipality In the best Mudgment of the City¶s management the outcome of any present legal
proceedings will not have any adverse material effect on the accompanying financial statements
NRWH 1 INTERFUND BALANCES
During the most current calendar year ended December 31 2015 the following interfunds were
included on the balance sheets of the various funds of the City of Port Republic
36
CITY OF PORT REPUBLIC
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2015 AND 201
Due
Due
From
To
Current Fund
Animal Control Fund
225250
Open Space Trust
2803607
Other Trust Funds
445257
General Capital
1078171
Grant Fund
9487741
Grant Fund
Current Fund
9487741
Trust Fund
Current - Animal Control Fund
225250
Current - Open Space Trust
2803607
Current - Other Trusts
445257
General Capital Fund
1078171
Current Fund
14040026
14040026
The interfunds occurred since the Grant and the Capital funds do not have separate banN
accounts The interfund with the Animal Control Fund is due to the statutory excess resulting
during the current year The interfund in the other trust funds is due to interest earnings that were
not transferred to the Current Fund prior to December 31 and bills paid by the Current Fund
NRWH 20 OPEN SPACE TA;IN* DISTRICT
The voters of the City approved the establishment of an Open Space Recreation Farmland and
Historic Preservation Trust Fund Taxing District effective January 1 2005 The amount assessed
each year 02 per 100 of assessed valuation will be placed in an interest bearing account for
the acTuisition development capital maintenance and payment of debt service on lands acTuired
for recreation and conservation purposes During 2015 1562700 was raised and 1562700 was
paid to the Open Space Trust Fund
NRWH 21 SUBSE4UENT E9ENTS
The City has evaluated subseTuent events through March 1 2016 the date which the financial
statements were available to be issued and identified no events reTuiring disclosure
37
SUPPLEMENTARY INFORMATION
{THIS PAGE IS INTENTIONALLY LEFT BLANK}
Independent Auditor¶s Report
The Honorable Mayor and
Member of City Council
City of Port Republic New Jersey
:e have audited in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States the regulatory basis financial statements of the
various funds and account group as of and for the year ended December 31 2015 and the related notes
to the financial statements which collectively comprise the City¶s basic financial statements and have
issued our report thereon dated March 1 2016 which was adverse due to being presented in accordance
with the New Jersey regulatory basis of accounting
IQWHUQDO CRQWURO RYHU FLQDQFLDO RHSRUWLQJ
In planning and performing our audit of the financial statements we considered the City¶s 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 City¶s internal control Accordingly we do
not express an opinion on the effectiveness of the City¶s internal control
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 entity¶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 weaNness 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 all deficiencies in internal control that might be material
weaNnesses or significant deficiencies Given these limitations during our audit we did not identify any
deficiencies in internal control that we consider to be material weaNnesses However material
weaNnesses may exist that have not been identified
CRPSOLDQFH DQG OWKHU MDWWHUV
As part of obtaining reasonable assurance about whether the City¶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 obMective 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 reTuired to be
reported under Government Auditing Standards.
38
PXUSRVH RI WKLV RHSRUW
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 entity¶s internal
control or on compliance This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the entity¶s internal control and compliance Accordingly
this communication is not suitable for any other purpose
Ford Scott & Associates, LLC
FRUG SFRWW AVVRFLDWHV, LLC
Nancy Sbrolla
NDQF\ SEUROOD
CHUWLILHG PXEOLF AFFRXQWDQW
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NR 52
MDUFK 1, 201
39
Schedule 1
SCHEDULE OF E;PENDITURES OF FEDERAL AND STATE AWARDS
FOR THE YEAR ENDED DECEMBER 31, 2015
Pass-Through
Receipts or
Federal or State Grantor/Pass -
Grantor's or
Grant
Program or
Balance
Revenue
Disbursements/
Balance
Cumulative
Through Grantor/Program Title
CFDA
Period
Award Amount
Dec 31 2014
Recognized
Expenditures
Canceled
Dec 31 2015
Expenditures
SWDWH RI NHZ JHUVH\
NJ Transportation Trust Fund
Authority Act
Reconstruction of Church
6320-480-601381-61
1/1/10 - open
15000000
4351024
4351024
10648976
Mill Road
6320-480-601381-61
1/1/11 - open
6700000
708811
708811
5991189
BlaNe Lane
6320-480-601381-61
1/1/15 - open
16000000
-
16000000
9626575
6373425
9626575
Department of Environmental
Protection
Clean Communities Act
4900-765-178920
1/1/14-12/31/14
400000
774
774
-
400000
Clean Communities Act
4900-765-178920
1/1/15-12/31/15
400000
-
400000
373213
26787
373213
Recycling Tonnage Grant
4830-752-050580-50
1/1/09-12/31/09
227900
227923
227923
-
Recycling Tonnage Grant
4830-752-050580-50
1/1/10-12/31/10
208800
208800
208800
-
Recycling Tonnage Grant
4830-752-050580-50
1/1/12-12/31/12
181347
181347
181347
-
Recycling Tonnage Grant
4830-752-050580-50
1/1/13-12/31/13
154750
154750
154750
Recycling Tonnage Grant
4830-752-050580-50
1/1/15-12/31/15
18177
-
18177
18177
Department of Community Affairs
Alcohol Education Rehabilitation
9735-760-098-<900-001
1/1/09-12/31/09
93300
93274
93274
-
Alcohol Education Rehabilitation
9735-760-098-<900-001
1/1/10-12/31/10
121800
121800
121800
-
Alcohol Education Rehabilitation
9735-760-098-<900-001
1/1/11-12/31/11
43100
43100
43100
-
Alcohol Education Rehabilitation
9735-760-098-<900-001
1/1/12-12/31/12
37800
37800
37800
-
Alcohol Education Rehabilitation
9735-760-098-<900-001
1/1/13-12/31/13
100300
100272
100272
-
Alcohol Education Rehabilitation
9735-760-098-<900-001
1/1/14-12/31/14
245456
245456
245456
Alcohol Education Rehabilitation
9735-760-098-<900-001
1/1/15-12/31/15
17680
-
17680
17680
-
Total State Assistance
6475131
16435857
10000562
-
12910426
FHGHUDO AVVLVWDQFH
Housing and Urban Development
Community Development BlocN Grant
14218
1/1/09-12/31/09
707500
707500
707500
-
Community Development BlocN Grant
14218
1/1/15-12/31/15
3000000
-
3000000
3000000
Help America 9ote Act
N/A
1/1/11-12/31/11
857500
857500
857500
-
Environmental Protection
Municipal Storm Grant
66;;;
1/1/09-12/31/09
444400
444431
444431
-
Total Federal Assistance
2009431
3000000
-
-
5009431
The accompanying Notes to Schedule of Expenditures of Federal and State Awards are an integral part of this statement
40
NRWHV WR SFKHGXOH RI E[SHQGLWXUHV RI FHGHUDO DQG SWDWH AZDUGV
DHFHPEHU 31, 2015
NRWH 1 BASIS OF PRESENTATION
The accompanying schedule of federal and state awards includes the federal and state grant activity of
the City of Port Republic State of New Jersey and is presented on the basis of accounting prescribed by
the Division of Local Government Services Department of Community Affairs State of New Jersey which
is a comprehensive basis of accounting other than generally accepted accounting principles
Encumbrances are considered in determining single audit threshold on maMor programs
NRWH 2 RELATIONSHIP TO *ENERAL PURPOSE FINANCIAL STATEMENTS
Amounts reported in the accompanying schedule do not agree with amounts reported in the City¶s
financial statements Receipts from Federal and State grants are realized as revenue when anticipated in
the City¶s budget Expenditures are recognized when they become payable Following is a reconciliation
of expenditures
Expenditures per Schedule of Federal
and State Awards
10000562
Plus Local Grants
1238924
Expenditures reported on Schedule A-11
11239486
41
A-4
Balance December 31 2014
127544887
Increased by Receipts
Taxes Receivable
275438280
DelinTuent Taxes
7564264
Revenue Accounts Receivable
28046134
Miscellaneous Revenue
5169295
Prepaid Taxes
4343044
Due to Grants
6678430
State of New Jersey
Senior Citizens and 9eterans
1561864
Marriage Licenses
2500
DCA Fees
200700
Gravel Lease
64475483
393479994
521024881
Decreased by Disbursements
Current <ear Appropriation
94319742
Prior <ear Appropriations
2850392
County Taxes
66525067
Local District School Taxes
154721615
County Added Taxes
352374
Due to Capital
2369346
Due to Federal and State Grant Fund
10990645
Due to State of New Jersey
Marriage Licenses
2500
DCA Fees
135300
Reserve for Tax Map
510000
Tax Overpayments
260976
333037957
Balance December 31 2015
187986924
Current Fund
CURRENT FUND
SCHEDULE OF CASH TREASURER
42
Exhibit A - 5
Transferred
Balance
Current
To Tax
Balance
<ear
Dec 31 2014
<ear Levy
Added Taxes
2014
2015
AdMustments
Title Lien
Arrears
Dec 31 2015
Arrears
-
-
2012
-
-
2013
-
-
2014
7539971
7564264
(25000)
707
7539971
-
-
-
7564264
(25000)
-
-
707
2015
288372576
2074515
5305845
277038280
274599
37050
7791317
7539971
288372576
2074515
5305845
284602544
249599
37050
-
7792024
283002544
Cash Receipts
1600000
Senior Citizens and 9eterans
284602544
Analysis of Current <ear Tax Levy
Tax <ield
General Property Tax
288372576
Added Taxes (54 4-631 et SeT)
2074515
290447091
Tax Levy
General County Taxes
60813114
County Library Taxes
3948918
County Open Space Taxes
190837
County Health Taxes
1572198
County Added and Omitted Taxes
221976
Municipal Open Space Tax
1562700
Total County Taxes
68309743
Local School District Tax
170546400
Local Tax for Municipal Purposes
50791000
Add Additional Tax Levied
799948
51590948
290447091
CURRENT FUND
SCHEDULE OF TA;ES RECEI9ABLE AND ANALYSIS OF PROPERTY TA; LE9Y
Collections by Cash
43
Exhibit A - 6
Balance December 31 2014
209842
Increased by
Transfers from Taxes Receivable
37050
Interest and Costs Accrued by Sale
No sale in 2015
37050
246892
Decreased by
Collections
-
-
Balance December 31 2015
246892
CURRENT FUND
SCHEDULE OF TA; TITLE AND OTHER LIENS
44
Exhibit A - 7
Balance
Accrued
Collected by
Balance
Dec 31 2014
in 2015
Treasurer
Dec 31 2015
Interest on Taxes
-
1473575
1473575
-
Fines and Costs
Municipal Court
163087
1622181
1737684
47584
Energy Receipts Tax
-
17630700
17630700
-
Communication Tower Rental
-
6800416
6800416
-
Investment Interest
-
403759
403759
-
Reserve for Gravel
12649988
12649988
Miscellaneous Revenue Not Anticipated
5169295
5169295
-
163087
45749914
45865417
47584
Reserves
12649988
Cash
33215429
45865417
CURRENT FUND
SCHEDULE OF RE9ENUE ACCOUNTS RECEI9ABLE
45
Exhibit A - 8
Balance
Balance
After
Paid or
Balance
Over-
Dec 31 2014
Transfers
Charges
Lapsed
Expended
OPERATIONS :ITHIN CAPS
GENERAL GO9ERNMENT
Municipal ClerN
Other Expenses
358270
358270
214207
144063
-
Tax Assessment Administration
Other Expenses
95578
95578
11077
84501
-
Legal Services and Costs
Other Expenses
679819
679819
25500
654319
-
PUBLIC SAFET<
911 Services
200000
200000
200000
-
-
PUBLIC :OR.S
Streets and Road Maintenance
Other Expenses
836609
836609
665956
170653
-
Garbage and Trash Removal
Other Expenses
1616594
1616594
1051896
564698
-
Building and Grounds
Other Expenses
327959
327959
188000
139959
-
HEALTH AND HUMAN SER9ICES
Dog Regulation
Other Expenses
40500
40500
40500
-
-
Aid to Outreach
200000
200000
200000
-
-
UTILIT< E;PENSES AND BUL. PURCHASES
Street Lighting
301633
301633
253256
48377
-
Other Accounts with no Change
6539395
6539395
6539395
-
11196357
11196357
2850392
8345965
-
CURRENT FUND
SCHEDULE OF APPROPRIATION RESER9ES PRIOR YEAR
46
Exhibit A - 9
Balance December 31 2014
School Tax Payable
23448221
School Tax Deferred
46000000
69448221
Increased by
Levy - School <ear July 1 2014 to June 30 2015
170546400
239994621
Decreased by
Payments
154721615
Balance December 31 2015
School Tax Payable
39273006
School Tax Deferred
46000000
85273006
Current <ear Liability for Local School District School Tax
Tax Paid
154721615
Tax Payable Ending
39273006
193994621
Less Tax Payable Beginning
23448221
Amount charged to Current <ear Operations
170546400
CURRENT FUND
SCHEDULE OF LOCAL DISTRICT SCHOOL TA;
47
Exhibit A - 10
Transferred
Balance
From 2015
Balance
Purpose
Dec 31 2014
Revenues
Received
AdMustments
Dec 31 2015
FEDERAL *RANTS
Help America 9ote Act
857500
857500
Community Development BlocN Grant
860000
3000000
3860000
Total Federal
1717500
3000000
-
-
4717500
STATE *RANTS
New Jersey Transportation Grant
Church
8838350
8838350
Mill Road
708811
708811
BlaNe
16000000
6660750
9339250
Clean Communities Program
-
400000
400000
-
:etland Preservation ParN
650800
650800
Dept of Environmental Protection
170500
170500
Alcohol Education Rehabilitation
-
17680
17680
-
Recycling Tonnage Grant
-
18177
18177
-
Atlantic County Municipal Alliance
926533
1032300
953164
126813
878856
Atlantic County Open Spaces
6180400
6180400
Atlantic County Open Spaces - 6
298350
298350
Atlantic County Open Spaces - 8
14754500
14754500
Comcast Technology
-
-
Total State
32528244
17468157
8049771
126813
41819817
34245744
20468157
8049771
126813
46537317
Cash
8031594
Unappropriated Reserves
18177
8049771
CURRENT FUND
SCHEDULE OF FEDERAL AND STATE *RANTS RECEI9ABLE
48
Exhibit A - 11
Reserve for
2015
Balance
Appropriated
Encumbrances
Appropriations
Disbursed
Encumbrances
Canceled
Dec 31 2015
FEDERAL *RANTS
Help America 9ote Act
857500
857500
Houing and Urban Development
Community Development BlocN Grant
707500
3000000
3707500
Dept of Environmental Protection
Municipal Stormwater Regulation
444431
444431
Total Federal
2009431
-
3000000
-
-
-
5009431
STATE *RANTS
Recycling Tonnage
772820
18177
790997
Clean Communities Grant
774
400000
74512
299475
26787
New Jersey Transportation Grant
Church
4351024
4351024
Mill Road
708811
708811
BlaNe
16000000
9626575
6373425
Comcast Technology
305933
305933
Alcohol Education Rehabilitation
641702
17680
659382
Atlantic County Drug Alliance - County
1705911
1032300
1238924
1499287
Atlantic County Drug Alliance - Local
1636000
258100
1894100
Atlantic County Open Spaces - 4
3099241
3099241
Atlantic County Open Spaces - 9
13962500
13962500
Total State
27184716
-
17726257
1313436
9926050
-
33671487
29194147
-
20726257
1313436
9926050
-
38680918
CURRENT FUND
SCHEDULE OF APPROPRIATED RESER9ES FOR FERERAL AND STATE *RANTS
Balance December 31 2014
49
Exhibit A - 12
Transferred
Balance
To 2015
Balance
Purpose
Dec 31 2014
Approproriations
Received
AdMustments
Dec 31 2015
STATE *RANTS
Recycling Tonnage Grant
18177
18177
-
Total State
18177
18177
-
-
-
CURRENT FUND
SCHEDULE OF FEDERAL AND STATE *RANTS UNAPPROPRIATED RESER9ES
50
Exhibit B-1
SCHEDULE OF CASH TREASURER
Dog Licenses
Other
Balance December 31 2014
305873
17085653
Increased by Receipts
Dog License Fees 2015
45657
Due to State of New Jersey
18000
Miscellaneous Trust Reserves
4462619
63657
4462619
369530
21548272
Decreased by Disbursements
Statutory Expenditures
21280
Due to State of New Jersey
16980
Miscellaneous Trust Reserves
10889040
38260
10889040
Balance December 31 2015
331270
10659232
TRUST FUND
51
Exhibit B-2
SCHEDULE OF RESER9E FOR DO* FUND E;PENDITURES
Balance December 31 2014
105040
Increased by
Dog License Fees Collected
45657
45657
150697
Decreased by
Statutory Excess
20937
Expenditures under NJS 4 19-15 11
21280
42217
Balance December 31 2015
108480
License Fees Collected
<ear
Amount
2014
61920
2013
46560
108480
TRUST FUND
52
Exhibit B-3
SCHEDULE OF AMOUNT DUE TO CURRENT FUND DO* LICENSE FUND
Balance December 31 2014
204313
Increased by
Statutory Excess
20937
20937
225250
Decreased by
Payment
-
Balance December 31 2015
225250
Exhibit B-4
SCHEDULE OF AMOUNT DUE TO FROM STATE OF NEW JERSEY DEPARTMENT OF HEALTH
Balance December 31 2014
(3480)
Increased by
2015 State License Fees
18000
18000
14520
Decreased by
Disbursements to the State
16980
Balance December 31 2015
(2460)
TRUST FUND
TRUST FUND
53
Exhibit B-5
Increased by
Collections
2015
made by
Balance
Budget
Current
Balance
Reserve
Dec 31 2014
Receipts
Disbursements
Appropriation
Fund
Dec 31 2015
Other Trust Funds
(796672)
1243286
1357
445257
-
(796672)
1243286
1357
-
-
445257
Decreased by
TRUST OTHER FUNDS
SCHEDULE OF DUE TO FROM CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2015
54
Exhibit B-6
Collections
Payments
made by
Receipts
Disbursments
made by
Balance
Current
Held in
Held in
Current
Balance
Reserve
Dec 31 2014
Receipts
Fund
Trust
Disbursements
Trust
Fund
Dec 31 2015
Unemployment Compensation
437363
51802
16425
472740
Escrow Deposits
4578
2995731
2998731
1578
Recycling Trust
274284
637
274921
Sanitary Landfill Closure
45086
45086
-
Celebration Trust
18131
036
4500
13667
Open Space Trust
8721016
1562700
17469
10301185
Recreation Trust
24209
056
24265
Gravel
7541131
9356
7550487
-
Historical
117112
100
117212
AC Escrow
154099
055
154154
-
4uality Properties Esrow
545316
270
545586
Holly CreeN Construction Escrow
1266369
1266369
Chestnut NecN Boat <ard Escrow
118359
118300
059
17882325
-
1562700
4460240
-
10887683
-
13017582
TRUST OTHER FUNDS
SCHEDULE OF MISCELLANEOUS RESER9ES
FOR THE YEAR ENDED DECEMBER 31, 2015
Increased by
Decreased by
55
Exhibit C - 2
Balance December 31 2014
917205
Increased by
Interest
-
917205
Decreased by
Improvement Authorizations
900000
900000
Balance December 31 2015
17205
*ENERAL CAPITAL FUND
SCHEDULE OF CASH TREASURER
56
Exhibit C - 3
Balance
Improvement
Balance
Dec 31 2014
Miscellaneous
Debt Issued
Authorizations
Miscellaneous
From
To
Dec 31 2015
Fund Balance
2991700
2991700
Capital Improvement Fund
245400
500000
745400
Due from Current Fund
(2947517)
500000
2369346
(1078171)
Encumbrances Payable
2204829
2204829
-
Improvement Authorizations
-
-
05-14
Computer/ETuipment
(3618974)
(3618974)
02-13
Construction of New City Hall
1064517
900000
2369346
2204829
-
03-11
Construction of New City Hall/BacNhoe
-
-
01-02
Construction of ParN and Landfill Closure
977250
977250
917205
500000
-
900000
500000
4574175
4574175
17205
-
*ENERAL CAPITAL FUND
ANALYSIS OF CASH
Receipts
Disbursements
Transfers
57
Exhibit C - 4
Balance December 31 2014
245400
Increased by
Budget Appropriation
500000
500000
745400
Decreased by
Down Payment on Bond Ordinance
-
-
Balance December 31 2015
745400
*ENERAL CAPITAL FUND
SCHEDULE OF CAPITAL IMPRO9EMENT FUND
58
Exhibit C - 5
Balance December 31 2014
-
No current year activity
Balance December 31 2015
-
*ENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHAR*ES TO FUTURE TA;ATION FUNDED
59
Exhibit C - 6
Raised in
Bond
Unexpended
Balance
2015
2015
Balance
Anticipation
Improvement
Dec 31 2014
Authorizations
Budget
Debt Issued
Dec 31 2015
Notes
Expenditures
Authorizations
Construction of New City Hall/BacNhoe
84000000
13000000
71000000
71000000
Construction of New City Hall
30067500
1067500
29000000
29000000
Computer/ETuipment
3624900
3624900
3618974
5926
117692400
-
14067500
-
103624900
100000000
3618974
5926
Improvement Authorizations Unfunded
5926
Less
Unexpended Proceeds of Bond
Anticipation Notes Issued
OUG NXPEHU
-
-
5926
2014-5
2013-2
*ENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHAR*ES TO FUTURE TA;ATION UNFUNDED
Improvement Description
Ord
2011-3
Analysis of Balance
60
Exhibit C - 7
Deferred
Charges to
Ord
Other
Future
Paid or
Date
Amount
Funded
Unfunded
Funding
Taxation
Charged
Funded
Unfunded
Computer/ETuipment
6/17/2014
3815700
-
5926
5926
Construction of New City Hall
4/9/2013
316500
1064517
1064517
-
Construction of New City Hall/BacNhoe
8/23/2011
1000000
-
-
Construction of ParN and Landfill Closure
3/15/2003
14000
977250
977250
977250
1070443
-
-
1064517
977250
5926
Disbursements
1064517
Encumbrances
1064517
2011-3
Balance December 31 2015
Authorizations
2014-5
2013-2
Balance December 31 2014
2002-1
*ENERAL CAPITAL FUND
SCHEDULE OF IMPRO9EMENT AUTHORI=ATIONS
Ord
Improvement Description
61
Exhibit C - 8
Amount of
Date of
Original
Interest
Balance
Balance
Issue
Issue
Date
Amount
Rate
Dec 31 2014
Increased
Decreased
Dec 31 2015
No Current <ear Activity
-
-
-
-
Maturities of Bonds
Outstanding
December 31 2015
Purpose
*ENERAL CAPITAL FUND
SCHEDULE OF *ENERAL SERIAL BONDS
62
Exhibit C - 9
Date of
Ordinance
Original
Date of
Date of
Interest
Balance
Balance
Number
Issue
Issue
Maturity
Rate
Dec 31 2014
Increased
Decreased
Dec 31 2015
Construction of New City Hall/BacNhoe
2011-3
9/28/2011
9/26/2014
9/25/2015
0750
84000000
13000000
71000000
Construction of New City Hall
2013-2
9/27/2013
9/26/2014
9/25/2015
0750
30067500
1067500
29000000
114067500
-
14067500
100000000
*ENERAL CAPITAL FUND
SCHEDULE OF BOND ANTICIPATION NOTES
Improvement Description
63
Exhibit C - 10
Ordinance
Balance
2015
Debt
Balance
Number
Dec 31 2014
Authorizations
Issued
Other
Dec 31 2015
2014-5
Computer/ETuipment
3624900
3624900
3624900
-
-
-
3624900
*ENERAL CAPITAL FUND
SCHEDULE OF BOND AND NOTES AUTHORI=ED BUT NOT ISSUED
Improvement Description
64
{THIS PAGE IS INTENTIONALLY LEFT BLANK}
CITY OF PORT REPUBLIC
PART II
LETTER OF COMMENTS AND RECOMMENDATIONS
YEAR ENDED DECEMBER 31, 2015
{THIS PAGE IS INTENTIONALLY LEFT BLANK}
*ENERAL COMMENTS
CRQWUDFWV DQG AJUHHPHQWV RHTXLUHG WR EH AGYHUWLVHG IRU NJS 0A 11
NJSA 40A 11-4 states ³Every contract awarded by the contracting agent for the provision or performance
of any goods or services the cost of which in the aggregate exceeds the bid threshold shall be awarded
only by resolution of the governing body of the contracting unit to the lowest responsible bidder after public
advertising for bids and bidding therefore except as is provided otherwise in this act or specifically by any
other law Due to the City having a 4ualified Purchasing Agent pursuant to NJSA 40A 11-3(a) the
maximum bid threshold is 40000
The governing body of the City of Port Republic has the responsibility of determining whether the
expenditures in any category will exceed 40000 within the fiscal year :here Tuestion arises as to whether
any contract or agreement might result in violation of the statute the City¶s counsel's opinion should be
sought before a commitment is made
The minutes indicate that bids were reTuested for the following by public advertising
ADA ParNing
The minutes indicate resolutions were adopted and advertised authorizing the awarding of contracts or
agreements for ³Professional Services´ per NJS 40A 11-5
Inasmuch as the system of records did not provide for an accumulation of payments for categories for the
performance of any worN or hiring of 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 payments in excess of 40000 for the performance of
any worN 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 NJS 40A 11-6
CROOHFWLRQ RI IQWHUHVW RQ DHOLQTXHQW TD[HV DQG AVVHVVPHQWV
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 delinTuent
The governing body on January 6 2015 adopted the following resolution authorizing interest to be charged
on delinTuent taxes
BE IT RESOL9ED by the City Council of the City of Port Republic in accordance with NJSA
54 4-67 which authorizes the Governing Body to fix the rate of interest to be charged in the City of Port
Republic for the nonpayment of taxes and assessments said rate of interest shall be and is hereby fixed at
eight percent (8) per annum on the first 1500 of taxes becoming delinTuent after due date and eighteen
percent (18) per annum on any amount in excess of 1500 of the delinTuent to be calculated from the
date when the taxes and assessments become delinTuent There will be a ten (10) day grace period of
Tuarterly tax payments made by cash checN or money order´
Our examination of interest collected on delinTuent taxes did not reveal any charges that were not in
agreement with the above resolution
65
DHOLQTXHQW TD[HV DQG TD[ TLWOH LLHQV
No tax sale was necessary for 2014
The following comparison is made of the number of tax title liens receivable on December 31st of the last
three years
<ear
Number
2015 4
2014 4
2013
4
It is essential to good management that all means provided by statute be utilized to liTuidate tax title liens in
order to get such properties bacN on a taxpaying basis
9HULILFDWLRQ RI DHOLQTXHQW TD[HV DQG OWKHU CKDUJHV
A test verification of delinTuent 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
Type
Number Mailed
Payments of 2016 and 2015 Taxes
10
DelinTuent Taxes
5
Municipal Court
5
As of the date of this audit report all verifications have not been returned However no problems were
noted with those that have been returned
CRPSDULVRQ RI TD[ LHYLHV DQG CROOHFWLRQV CXUUHQWO\
A study of this tabulation could 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
Cash
Percentage of
<ear
Tax Levy
Collections
Collections
2015
2904491
2823441
9721
2014
2820983
2742160
9721
2013
2705624
2620332
9685
2012
2580948
2463897
9546
2011
2545647
2469350
9700
66
CRPSDUDWLYH SFKHGXOH RI TD[ RDWH IQIRUPDWLRQ
2015
2014
2013
2012
2011
Tax Rate
3705
3622
3480
3269
3188
Apportionment of Tax
Rate
Municipal
0650
0653
0653
0656
0574
Municipal Open Space
0021
0020
0020
0019
0020
County
0852
0796
0817
0674
0625
Local School
2182
2153
1990
1920
1969
Assessed 9aluation
78132706
77420428
77703164
77796121
77705854
DHOLQTXHQW TD[HV DQG TD[ TLWOH LLHQV
This tabulation includes a comparison expressed in percentage of the total delinTuent taxes and tax title
liens in relation to the tax levies of the last five years
Amount of
Amount of
Percentage
Tax Title
DelinTuent
Total
of Tax
<ear
Liens
Taxes
DelinTuent
Levy
2015
2469
77920
80389
277
2014
2098
75400
77498
275
2013
24995
79302
104297
385
2012
20369
118363
138732
558
2011
15378
71354
86732
349
67
FINDIN*S AND RECOMMENDATIONS
NRQH
STATUS OF PRIOR RECOMMENDATIONS
NRQH
RECOMMENDATIONS
NRQH
The problems and weaNnesses noted in my review were not of such magnitude that they would affect my ability to
express an opinion on the financial statements taNen as a whole
Should any Tuestions arise as to my comments or recommendations or should you desire assistance in
implementing my recommendations please do not hesitate to call
9ery truly yours
Ford, Scott & Associates, LLC
FORD, SCOTT ASSOCIATES, LLC
CERTIFIED PUBLIC ACCOUNTANTS
Nancy Sbrolla
NDQF\ SEUROOD
CHUWLILHG PXEOLF AFFRXQWDQW
RHJLVWHUHG MXQLFLSDO AFFRXQWDQW
NR 52
MDUFK 1, 201
68
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Last Info Update
Apr 2, 2026
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