2022 Audit

The City of Port Republic's audit report for the year ending December 31, 2022, presents the city's financial statements, including balance sheets, statements of operations, and revenue/expenditure statements on a regulatory basis, which differs from U.S. Generally Accepted Accounting Principles (GAAP). While an adverse opinion is given on GAAP compliance, a favorable opinion is expressed regarding adherence to the regulatory basis of accounting prescribed by the New Jersey Division of Local Government Services. The report includes supplementary data and comments on internal controls and compliance. The audit found no material weaknesses in internal control over financial reporting and no instances of noncompliance with laws, regulations, contracts, or grant agreements. The report also includes recommendations for contracts and agreements required to be advertised per N.J.S. 40A:11-4, collection of interest on delinquent taxes, and managing delinquent taxes and tax title liens.