2020 Audit

This document is an audit report for the City of Port Republic, New Jersey, for the year ended December 31, 2020. The audit includes an independent auditor's report, comparative balance sheets, statements of operations and changes in fund balance, statements of revenues and expenditures for various funds (Current, Trust, Capital), and notes to the financial statements. The report also covers supplementary data and includes a letter of comments and recommendations. An adverse opinion was issued due to being presented in accordance with the New Jersey regulatory basis of accounting. The audit assesses the city's financial practices, compliance with regulations, and internal controls. Key areas covered include budgetary information, investments, cash management, fixed assets, short-term obligations, pension funds, post-retirement benefits, risk management, and interfund balances. 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 issued by the Comptroller General of the United States. The report provides insights into the city's financial position, operational performance, and compliance with relevant regulations for the specified period. The auditor's opinion is qualified due to unaudited balances in the Length of Service Award Program (LOSAP) Trust fund. The audit report is dated July 12, 2021.