2023 Audit

The City of Port Republic's audit report for the year ended December 31, 2023, includes an independent auditor's report with an adverse opinion on U.S. Generally Accepted Accounting Principles (GAAP) due to the financial statements being prepared on a regulatory basis prescribed by the New Jersey Division of Local Government Services. However, the report presents fairly, in all material respects, the regulatory basis balances sheets and account group as of December 31, 2023 and 2022, 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, 2023 in accordance with the basis of financial reporting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. The audit was conducted in accordance with auditing standards generally accepted in the United States of America (GAAS), Government Auditing Standards, and audit requirements prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey.