2018 Audit

The City of Port Republic's audit report for the year ended December 31, 2018, includes an independent auditor's report, comparative balance sheets, statements of operations and changes in fund balance, and statements of revenues and expenditures. The audit was conducted according to generally accepted auditing standards in the United States and the audit requirements prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. The report expresses an adverse opinion on the financial statements regarding U.S. Generally Accepted Accounting Principles (GAAP) and a qualified opinion on the regulatory basis of accounting due to an unaudited Length of Service Award Program (LOSAP). The financial statements cover various funds, including the Current Fund, Trust Funds, Capital Fund, and General Fixed Assets Account Group. Key areas of focus include the City's financial position, revenue and expenditure analysis, and compliance with relevant laws and regulations. The audit also assesses internal controls over financial reporting and compliance, but does not express an opinion on their effectiveness. The auditor’s report was issued on July 19, 2019.