Start your 7-day free trial — unlock full access instantly.
← Back to Search2 CLAUSES FOUND
Lead Closed
This opportunity is no longer accepting submissions.
AI-Powered Lead Insights
Executive Summary
The Borough of Riverdale's audit report for the fiscal year ending December 31, 2024, reveals a generally sound financial position, while adhering to the regulatory basis of accounting mandated by the New Jersey Division of Local Government Services. The audit expresses an unmodified opinion on the financial statements. Noteworthy points within the report include a statutory net debt of 0.514% and identification of a significant deficiency regarding segregation of duties. There were discussions around long-term debt, pension plans, and postemployment benefits.
Web Content
Automated discovery link found on Riverdale website.
Document Text
--- Document: Audit Report Document ---
BOROUGH OF RIVERDALE
COUNTY OF MORRIS
REPORT OF AUDIT
2024
NISIVOCCIA LLP
CERTIFIED PUBLIC ACCOUNTANTS
BOROUGH OF RIVERDALE
COUNTY OF MORRIS
REPORT OF AUDIT
2024
BOROUGH OF RIVERDALE
TABLE OF CONTENTS
YEAR ENDED DECEMBER 31, 2024
Part I – Financial Statements and Supplementary Data
Page
Independent Auditors' Report
1-3
Financial Statements
Exhibit
Current Fund
Comparative Balance Sheet – Regulatory Basis
A
Comparative Statement of Operations and Change in Fund Balance – Regulatory Basis
A-1
Statement of Revenue – Regulatory Basis
A-2
Statement of Expenditures – Regulatory Basis
A-3
Trust Funds
Comparative Balance Sheet – Regulatory Basis
B
Statement of Fund Balance – Assessment Trust Fund – Regulatory Basis (Not Applicable)
B-1
Statement of Revenue – Assessment Trust Fund – Regulatory Basis (Not Applicable)
B-2
Statement of Expenditures – Assessment Trust Fund – Regulatory Basis (Not Applicable)
B-3
General Capital Fund
Comparative Balance Sheet – Regulatory Basis
C
Statement of Fund Balance – Regulatory Basis
C-1
Water/Sewer Utility Fund
Comparative Balance Sheet – Regulatory Basis
D
Comparative Statement of Operations and Change in Fund Balance – Water/Sewer Utility
Operating Fund – Regulatory Basis
D-1
Statement of Fund Balance – Water/Sewer Utility Assessment Fund – Regulatory Basis
D-1A
Statement of Fund Balance – Water/Sewer Utility Capital Fund – Regulatory Basis
D-1B
Statement of Revenue – Water/Sewer Utility Operating Fund – Regulatory Basis
D-2
Statement of Revenue – Water/Sewer Utility Assessment Trust Fund – Regulatory Basis
D-2A
Statement of Expenditures – Water/Sewer Utility Operating Fund – Regulatory Basis
D-3
Statement of Expenditures – Water/Sewer Utility Assessment Trust Fund – Regulatory Basis
D-3A
Public Assistance Fund
Comparative Balance Sheet – Regulatory Basis
E
General Fixed Assets Account Group
Comparative Balance Sheet – Regulatory Basis
F
Page
Notes to Financial Statements
1-28
Schedule
Supplementary Data
Officials in Office and Surety Bonds
1
Current Fund
Schedule of Cash – Treasurer
A-4
Schedule of Cash – Collector
A-5
Schedule of Cash – Federal and State Grant Fund (Not Applicable)
A-6
Schedule of Taxes Receivable and Analysis of Property Tax Levy
A-7
Schedule of Tax Title Liens Receivable
A-8
Schedule of Revenue Accounts Receivable
A-9
Schedule of Federal and State Grants Receivable – Federal and State Grant Fund
A-10
Schedule of 2023 Appropriation Reserves
A-11
Schedule of Local School District Taxes Payable
A-12
Schedule of Appropriated Reserves – Federal and State Grant Fund
A-13
Schedule of Unappropriated Reserves – Federal and State Grant Fund
A-14
BOROUGH OF RIVERDALE
TABLE OF CONTENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Part I – Financial Statements and Supplementary Data (Cont'd)
Schedule
Supplementary Data (Cont'd)
Trust Funds
Schedule of Cash
B-4
Analysis of Assessment Trust Fund Cash – Assessment Trust Fund (Not Applicable)
B-5
Schedule of Reserve for Animal Control Fund Expenditures – Animal Control Fund
B-6
General Capital Fund
Schedule of Cash
C-2
Analysis of General Capital Fund Cash
C-3
Schedule of Deferred Charges to Future Taxation – Unfunded
C-4
Schedule of Improvement Authorizations
C-5
Schedule of Capital Improvement Fund
C-6
Schedule of Bond Anticipation Notes Payable
C-7
Schedule of Serial Bonds Payable (Not Applicable)
C-8
Schedule of Bonds and Notes Authorized but not Issued
C-9
Water/Sewer Utility Fund
Schedule of Cash - Treasurer
D-4
Analysis of Water/Sewer Utility Capital Cash – Water/Sewer Utility Capital Fund
D-5
Analysis of Water/Sewer Utility Assessment Trust Cash
D-5A
Schedule of Cash - Water/Sewer Collector – Water/Sewer Utility Operating Fund (Not Applicable)
D-6
Schedule of Consumer Accounts Receivable – Water/Sewer Utility Operating Fund
D-7
Schedule of Sewer Liens Receivable – Water/Sewer Utility Operating Fund
D-7A
Schedule of Assessments and Liens Receivable – Water/Sewer Utility Assessment Trust Fund
D-8
Schedule of Fixed Capital – Water/Sewer Utility Capital Fund
D-9
Schedule of Fixed Capital Authorized and Uncompleted – Water/Sewer Utility Capital Fund
D-10
Schedule of 2023 Appropriation Reserves – Water/Sewer Utility Operating Fund
D-11
Schedule of Improvement Authorizations – Water/Sewer Utility Capital Fund
D-12
Schedule of Capital Improvement Fund – Water/Sewer Utility Capital Fund
D-13
Schedule of Reserve for Amortization – Water/Sewer Utility Capital Fund
D-14
Schedule of Deferred Reserve for Amortization – Water/Sewer Utility Capital Fund
D-15
Schedule of Bonds Anticipation Notes Payable – Water/Sewer Utility Capital Fund
D-16
Schedule of Bonds Anticipation Notes Payable – Water/Sewer Utility Assessment Trust Fund
D-16A
Schedule of Serial Bonds Payable – Water/Sewer Utility Capital Fund (Not Applicable)
D-17
Schedule of Bonds and Notes Authorized but not Issued – Water/Sewer Utility Capital Fund
D-18
Public Assistance Fund
Schedule of Cash
E-1
Part II – Single Audit
Page
Schedule of Expenditures of Federal Awards
1
Schedule of Expenditures of State Awards
2
Notes to Schedules of Expenditures of Federal and State Awards
3
Report on Internal Control Over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards
4-5
Schedule of Findings and Responses
6-7
Summary Schedule of Prior Audit Findings
8
Page
Part III – Comments and Recommendations
Comments and Recommendations
9-13
Summary of Recommendations
14
BOROUGH OF RIVERDALE
PART I
FINANCIAL STATEMENTS
AND SUPPLEMENTARY DATA
YEAR ENDED DECEMBER 31, 2024
Independent Auditors' Report
The Honorable Mayor and Members
of the Borough Council
Borough of Riverdale
Riverdale, New Jersey
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements – regulatory basis - of the various funds and account group of the Borough of
Riverdale in the County of Morris (the "Borough") as of and for the years ended December 31, 2024 and 2023, and the
related notes to the financial statements, as listed in the foregoing table of contents.
Unmodified Opinions on Regulatory Basis of Accounting
In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the
financial position of each fund and account group of the Borough of Riverdale as of December 31, 2024 and 2023, and
the results of operations and changes in fund balance, where applicable, of such funds and account group, thereof for
the years then ended in accordance with the accounting practices prescribed or permitted, as described in Note 1, by the
Division of Local Government Services, Department of Community Affairs, State of New Jersey (the “Division”).
Adverse Opinion on U.S. Generally Accepted Accounting Principles
In our opinion, because of the significance of the matter discussed in the Basis for the Adverse Opinion on U.S.
Generally Accepted Accounting Principles section of our report, the accompanying 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 and account group of the Borough as of December 31, 2024 and 2023, or the changes
in financial position or, where applicable, cash flows thereof for the years then ended.
Basis for Opinions
We conducted our audits in accordance with auditing standards generally accepted in the United States of America
(GAAS), audit requirements prescribed by the Division and the standards applicable to financial audits contained in
Government Auditing Standards issued by the Comptroller General of the United States. Our responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section
of our report. We are required to be independent of the Borough, and to meet our other ethical responsibilities, in
accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit opinions.
1
The Honorable Mayor and Members
of the Borough Council
Borough of Riverdale
Page 2
Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles
As described in Note 1, the financial statements are prepared by the Borough on the basis of the financial reporting
provisions prescribed or permitted by the Division, which is a basis of accounting other than accounting principles
generally accepted in the United States of America, to meet the requirements of the Division's regulatory basis of
accounting and the budget laws 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 and pervasive.
Emphasis of Matter
As discussed in Note 18 to the financial statements, the Borough implemented GASB Statement No. 101, Compensated
Absences, during the year ended December 31, 2024. Our opinions are not modified with respect to this matter.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with
the financial reporting provisions of the Division of Local Government Services, Department of Community Affairs,
State of New Jersey (the “Division”) to demonstrate compliance with the Division's regulatory basis of accounting, and
the budget laws 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
misstatement, whether due to fraud or error.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an
audit conducted in accordance with GAAS, Government Auditing Standards and audit requirements prescribed by the
Division will always detect a material misstatement when it exists. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a
substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable
user based on the financial statements.
In performing an audit in accordance with GAAS, Government Auditing Standards and audit requirements prescribed
by the Division, we:
•
Exercise professional judgment and maintain professional skepticism throughout the audit.
•
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include examining,
on a test basis, evidence regarding the amounts and disclosures in the financial statements.
•
Obtain an understanding of internal control relevant to the audit 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
Borough’s internal control. Accordingly, no such opinion is expressed.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
2
The Honorable Mayor and Members
of the Borough Council
Borough of Riverdale
Page 3
•
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Borough’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during
the audit.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements of the various funds and
account group that collectively comprise the Borough’s financial statements. The supplementary data schedules listed
in the table of contents and the schedules of expenditures of federal and state awards, as required by Title 2 U.S. Code
of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards (“Uniform Guidance”) and New Jersey’s OMB Circular 15-08, Single Audit Policy for Recipients of
Federal Grants, State Grants and State Aid, are presented for purposes of additional analysis and are not a required part
of the financial statements. Such information is the responsibility of management and was derived from and relates
directly to the underlying accounting and other records used to prepare the various fund and account group financial
statements. The information has been subjected to the auditing procedures applied in the audit of the various fund and
account group financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the various fund and account group
financial statements or to the various fund and account group financial statements themselves, and other additional
procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion,
the supplementary data schedules and the schedules of expenditures of federal and state awards are fairly stated, in all
material respects, in relation to the various fund and account group financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 10, 2025 on our
consideration of the Borough’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 solely
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 the effectiveness of the Borough’s 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 Borough’s internal control over financial reporting and compliance.
Mount Arlington, New Jersey
NISIVOCCIA LLP
June 10, 2025
Heidi A. Wohlleb
Registered Municipal Accountant No. 481
Certified Public Accountant
3
BOROUGH OF RIVERDALE
COUNTY OF MORRIS
2024
CURRENT FUND
A
1 of 2
BOROUGH OF RIVERDALE
CURRENT FUND
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
December 31,
Ref.
2024
2023
ASSETS
Regular Fund:
Cash - Treasurer
A-4
2,767,761.74
$
2,955,467.77
$
Change and Petty Cash Funds
200.00
825.00
2,767,961.74
2,956,292.77
Receivables and Other Assets With Full Reserves:
Delinquent Property Taxes Receivable
A-7
104,036.91
91,096.60
Tax Title Liens Receivable
A-8
207,241.63
194,137.80
Property Acquired for Taxes at Assessed Valuation
235,100.00
235,100.00
Revenue Accounts Receivable
A-9
43,810.96
46,242.41
Due from:
Animal Control Fund
B
6,777.71
3,294.65
Other Trust Funds
B
49.37
49.37
Water/Sewer Utility Assessment Trust Fund
D
7,470.99
Total Receivables and Other Assets With Full Reserves
597,016.58
577,391.82
Total Regular Fund
3,364,978.32
3,533,684.59
Federal and State Grant Fund:
Due from Current Fund
A
1,052.34
322,893.02
Federal and State Grants Receivable
A-10
596,120.00
261,375.00
Total Federal and State Grant Fund
597,172.34
584,268.02
TOTAL ASSETS
3,962,150.66
$
4,117,952.61
$
A
2 of 2
BOROUGH OF RIVERDALE
CURRENT FUND
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
(Continued)
December 31,
Ref.
2024
2023
LIABILITIES, RESERVES AND FUND BALANCE
Regular Fund:
Appropriation Reserves:
Unencumbered
A-3;A-11
190,104.55
$
273,611.01
$
Encumbered
A-3;A-11
90,665.34
33,077.69
Total Appropriation Reserves
280,769.89
306,688.70
Accounts Payable - Vendors
1,370.00
School Taxes Payable
A-12
2.00
2.00
County Taxes Payable
2,300.74
Prepaid Taxes
102,830.29
91,229.04
Tax Overpayments
18,252.86
19,312.53
Due to:
Federal and State Grant Fund
A
1,052.34
322,893.02
Other Trust Funds - Tax Sale Premiums
B
52,000.00
Open Space Trust Fund
B
84.84
General Capital Fund
C
99,180.10
State of New Jersey:
Senior Citizens' and Veterans' Deductions
5,935.08
5,432.91
Marriage License Fees
500.00
325.00
Premium on Tax Sale Certificates
56,600.00
Reserve for Municipal Relief Fund Aid
45,844.28
Reserve for Pending Tax Appeals
179,175.27
179,175.27
641,887.73
1,129,068.43
Reserve for Receivables and Other Assets
A
597,016.58
577,391.82
Fund Balance
A-1
2,126,074.01
1,827,224.34
Total Regular Fund
3,364,978.32
3,533,684.59
Federal and State Grant Fund:
Appropriated Reserves
A-13
213,084.82
188,757.47
Unappropriated Reserves
A-14
16,918.77
361,357.90
Reserve for Encumbrances
367,168.75
34,152.65
Total Federal and State Grant Fund
597,172.34
584,268.02
TOTAL LIABILITIES, RESERVES AND FUND BALANCE
3,962,150.66
$
4,117,952.61
$
THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
ARE AN INTEGRAL PART OF THIS STATEMENT
A-1
BOROUGH OF RIVERDALE
CURRENT FUND
COMPARATIVE STATEMENT OF OPERATIONS AND CHANGE
IN FUND BALANCE - REGULATORY BASIS
Year Ended December 31,
Ref.
2024
2023
Revenue and Other Income Realized
Fund Balance Utilized
442,200.00
$
775,000.00
$
Miscellaneous Revenue Anticipated
1,874,312.09
1,412,667.16
Receipts from:
Delinquent Taxes
91,096.15
181,122.30
Current Taxes
18,565,440.12
17,664,515.10
Nonbudget Revenue
332,875.44
345,335.92
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
119,203.81
86,649.92
Interfunds and Other Accounts Receivable Returned
7,470.99
53,729.91
Total Income
21,432,598.60
20,519,020.31
Expenditures
Budget Appropriations
8,378,689.76
7,976,511.14
County Taxes
2,559,307.42
2,615,386.65
Local School District Taxes
9,647,468.00
8,866,052.00
Municipal Open Space Taxes
102,350.69
97,486.21
Prior Year Senior Citizens' Deductions Disallowed
250.00
256.16
Refund of Prior Year Revenue:
Taxes
2,668.15
Interfunds Advanced
3,483.06
10,815.01
Total Expenditures
20,691,548.93
19,569,175.32
Excess in Revenue
741,049.67
949,844.99
Fund Balance
Balance January 1
1,827,224.34
1,652,379.35
2,568,274.01
2,602,224.34
Decreased by:
Utilized as Anticipated Revenue
442,200.00
775,000.00
Balance December 31
A
2,126,074.01
$
1,827,224.34
$
THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
ARE AN INTEGRAL PART OF THIS STATEMENT
A-2
1 of 2
Added by
Excess or
Budget
N.J.S.A. 40A:4-87
Realized
Deficit *
Fund Balance Anticipated
442,200.00
$
442,200.00
$
Miscellaneous Revenue:
Licenses:
Alcoholic Beverages
16,920.00
16,920.00
Other
12,400.00
13,586.00
1,186.00
$
Fees and Permits
52,000.00
55,619.00
3,619.00
Fines and Costs:
Municipal Court
134,000.00
191,014.61
57,014.61
Interest and Costs on Taxes
62,000.00
37,425.95
24,574.05
*
Municipal Relief Fund
45,844.28
45,844.28
Energy Receipts Tax
444,756.00
444,755.86
0.14
*
Uniform Construction Code Fees
119,000.00
84,372.60
34,627.40
*
Borough of Butler - Municipal Court
178,296.00
178,282.96
13.04
*
Uniform Fire Safety Act
44,000.00
36,714.15
7,285.85
*
New Jersey Transportation Trust Fund Authority Act
274,745.00
$
274,745.00
Recycling Tonnage Grant - 2024
21,673.78
21,673.78
Recycling Tonnage Grant - 2023
26,221.86
26,221.86
American Rescue Plan
332,804.47
332,804.47
American Rescue Plan Firefighter Grant
30,000.00
30,000.00
Alcohol Education and Rehabilitation Fund
129.79
129.79
Sustainable Jersey
2,000.00
2,000.00
Community Energy Plan Grant
10,000.00
10,000.00
Spotted Lanternfly Program
20,000.00
20,000.00
Body Armor Replacement Fund
1,651.79
1,651.79
Bulletproof Vest Program
549.99
549.99
General Capital Fund Balance
50,000.00
50,000.00
Total Miscellaneous Revenue
1,594,247.96
284,745.00
1,874,312.09
4,680.87
*
Receipts from Delinquent Taxes
117,400.00
91,096.15
26,303.85
*
Amount to be Raised by Taxes for
Support of Municipal Budget:
Local Tax for Municipal Purposes
6,018,131.35
6,334,348.56
316,217.21
Minimum Library Tax
344,695.81
344,695.81
6,362,827.16
6,679,044.37
316,217.21
Budget Totals
8,516,675.12
284,745.00
9,086,652.61
285,232.49
Nonbudget Revenue
332,875.44
332,875.44
8,516,675.12
$
284,745.00
$
9,419,528.05
$
618,107.93
$
BOROUGH OF RIVERDALE
CURRENT FUND
STATEMENT OF REVENUE - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
A-2
2 of 2
Allocation of Current Tax Collections
Collections
18,565,440.12
$
Allocated to:
County Taxes
2,559,307.42
$
Municipal Open Space Taxes
102,350.69
Local School Taxes
9,647,468.00
12,309,126.11
6,256,314.01
Add: Appropriation "Reserve for Uncollected Taxes"
422,730.36
Realized for Support of Municipal Budget
6,679,044.37
$
Receipts from Delinquent Taxes:
Delinquent Tax Collections
91,096.15
$
Analysis of Nonbudget Revenue
Treasurer:
Compost Rental/Tipping Fee
86,350.00
$
Rent of Municipal Owned Property
95,600.00
Interest on Investments and Deposits
117,812.48
Cable TV Franchise Fee
23,282.00
State of New Jersey Senior Citizens' and Veterans' Deductions Administrative Fee
660.04
Disposal/Recycling of Tires
115.00
Other Miscellaneous
5,572.86
329,392.38
$
Due from Animal Control Fund:
Statutory Excess in Reserve for Animal Control Fund Expenditures
3,483.06
332,875.44
$
THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
ARE AN INTEGRAL PART OF THIS STATEMENT
BOROUGH OF RIVERDALE
CURRENT FUND
STATEMENT OF REVENUE - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
(Continued)
A-3
1 of 8
BOROUGH OF RIVERDALE
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Reserved
Canceled
Operations Within "CAPS":
GENERAL GOVERNMENT:
General Administration:
Salaries and Wages
107,500.00
$
107,500.00
$
107,388.15
$
111.85
$
Other Expenses
90,000.00
90,000.00
84,290.68
5,709.32
Mayor and Council:
Salaries and Wages
45,000.00
45,000.00
44,299.80
700.20
Municipal Clerk:
Salaries and Wages
15,225.00
15,225.00
15,222.00
3.00
Financial Administration:
Salaries and Wages
72,750.00
78,750.00
78,445.68
304.32
Other Expenses
30,600.00
37,100.00
35,346.56
1,753.44
Audit Services
26,225.00
39,350.00
39,350.00
Tax Assessment Administration:
Salaries and Wages
31,250.00
31,250.00
31,144.40
105.60
Other Expenses
30,000.00
5,000.00
3,339.00
1,661.00
Revision of Tax Map:
Other Expenses
5,000.00
Collection of Taxes:
Other Expenses
6,000.00
6,000.00
6,000.00
Legal Services:
Contractual Expenses
30,000.00
30,000.00
30,000.00
Other Expenses
21,000.00
9,998.00
8,643.00
1,355.00
Engineering Services:
Other Expenses
12,000.00
12,000.00
10,140.00
1,860.00
Appropriations
Expended By
A-3
1 of 8
A-3
2 of 8
BOROUGH OF RIVERDALE
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Reserved
Canceled
Operations Within "CAPS" (Continued):
LAND USE ADMINISTRATION:
Planning Board:
Salaries and Wages
4,060.00
$
4,060.00
$
4,060.00
$
Other Expenses
32,000.00
22,000.00
16,615.99
5,384.01
$
Zoning Board:
Salaries and Wages
26,000.00
15,000.00
15,000.00
PUBLIC SAFETY FUNCTIONS:
Police Department:
Salaries and Wages
2,082,803.53
2,066,580.48
2,066,580.48
Salaries and Wages - American Rescue Plan
332,804.47
332,804.47
332,804.47
Other Expenses
100,000.00
110,000.00
100,734.36
9,265.64
Contribution to Pompton Lakes First Aid Squad
42,885.00
50,410.00
50,410.00
Emergency Management Services:
Salaries and Wages
8,500.00
8,500.00
8,499.96
0.04
Other Expenses
6,300.00
6,300.00
2,300.73
3,999.27
Fire Department:
Salaries and Wages
12,925.00
29,853.36
29,853.36
Other Expenses
57,162.00
57,162.00
57,124.98
37.02
Fire Inspector:
Salaries and Wages
16,300.00
17,500.00
17,420.00
80.00
Other Expenses
3,000.00
3,000.00
2,875.43
124.57
Municipal Prosecutor:
Salaries and Wages
14,575.00
14,575.00
14,568.92
6.08
Appropriations
Expended By
A-3
2 of 8
A-3
3 of 8
BOROUGH OF RIVERDALE
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Reserved
Canceled
Operations Within "CAPS" (Continued):
PUBLIC WORKS FUNCTIONS:
Streets and Roads Maintenance:
Salaries and Wages
252,950.00
$
244,792.69
$
244,792.69
$
Other Expenses
34,000.00
34,000.00
32,926.15
1,073.85
$
Shade Tree:
Salaries and Wages
1,500.00
1,500.00
1,500.00
Other Expenses
1,000.00
1,000.00
407.02
592.98
Buildings and Grounds:
Salaries and Wages
40,750.00
40,750.00
40,750.00
Other Expenses
30,000.00
30,000.00
28,754.09
1,245.91
Vehicle Maintenance:
Salaries and Wages
41,250.00
41,250.00
41,250.00
Other Expenses
84,250.00
89,250.00
88,977.83
272.17
Municipal Services Act
7,000.00
15,500.00
3,093.67
12,406.33
Garbage Removal
362,375.00
397,375.00
365,860.71
31,514.29
HEALTH AND HUMAN SERVICES FUNCTIONS:
Board of Health:
Salaries and Wages
2,000.00
2,200.00
2,199.92
0.08
Other Expenses
70,000.00
75,000.00
74,671.02
328.98
Registrar:
Salaries and Wages
4,500.00
4,500.00
4,500.00
Other Expenses
100.00
100.00
100.00
Appropriations
Expended By
A-3
3 of 8
A-3
4 of 8
BOROUGH OF RIVERDALE
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Reserved
Canceled
Operations Within "CAPS" (Continued):
HEALTH AND HUMAN SERVICES FUNCTIONS (Continued):
Senior Citizens Program:
Other Expenses
7,000.00
$
7,000.00
$
6,954.61
$
45.39
$
Dial-A-Ride
43,800.00
43,800.00
43,781.00
19.00
PARKS AND RECREATION FUNCTIONS:
Parks and Playgrounds:
Salaries and Wages
13,850.00
15,950.00
15,931.73
18.27
Other Expenses
1,000.00
1,000.00
239.34
760.66
UTILITY EXPENSES AND BULK PURCHASES:
Electricity
80,000.00
80,000.00
69,186.20
10,813.80
Street Lighting
17,000.00
17,000.00
15,779.55
1,220.45
Telephone
72,100.00
80,100.00
78,651.83
1,448.17
Gas (Natural or Propane)
22,000.00
22,000.00
12,768.03
9,231.97
Gasoline
105,750.00
105,750.00
92,321.27
13,428.73
COURT AND PUBLIC DEFENDER:
Municipal Court:
Salaries and Wages
169,030.00
169,030.00
166,134.02
2,895.98
Other Expenses
10,400.00
10,400.00
8,262.74
2,137.26
Public Defender (P.L. 1997, C.256):
Other Expenses
6,000.00
6,000.00
6,000.00
INSURANCE:
Liability Insurance
145,070.10
145,070.10
143,960.57
1,109.53
Workers Compensation Insurance
103,513.50
103,563.50
103,549.50
14.00
Employee Group Insurance
512,393.24
525,049.45
525,049.45
Health Benefit Waivers
15,560.00
9,314.28
9,314.28
Appropriations
Expended By
A-3
4 of 8
A-3
5 of 8
BOROUGH OF RIVERDALE
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Reserved
Canceled
Operations Within "CAPS" (Continued):
UNCLASSIFIED:
Celebration of Public Events:
Other Expenses
25,000.00
$
10,991.58
$
10,616.42
$
375.16
$
Salary Adjustment Account
10,000.00
Total Operations Within "CAPS"
5,553,006.84
5,574,154.91
5,444,641.59
129,513.32
Contingent
1,000.00
1,000.00
1,000.00
Total Operations Including Contingent Within "CAPS"
5,554,006.84
5,575,154.91
5,444,641.59
130,513.32
Detail:
Salaries and Wages
3,321,083.00
3,295,885.28
3,291,659.86
4,225.42
Other Expenses
2,232,923.84
2,279,269.63
2,152,981.73
126,287.90
Deferred Charges and Statutory Expenditures - Municipal - Within "CAPS":
Within "CAPS":
DEFERRED CHARGES:
Prior Year Bills:
Mind's Eye
18,988.00
18,988.00
18,988.00
STATUTORY EXPENDITURES:
Contributions to:
Public Employees' Retirement System
157,516.10
157,516.10
157,514.55
1.55
Social Security System (O.A.S.I.)
268,944.98
252,796.91
252,796.91
Police and Firemen's Retirement System of NJ
723,819.00
723,819.00
723,819.00
Defined Contribution Retirement Program
5,000.00
5,000.00
3,888.47
1,111.53
Unemployment Compensation Insurance
5,000.00
Total Deferred Charges and Statutory Expenditures - Municipal - Within "CAPS"
1,179,268.08
1,158,120.01
1,157,006.93
1,113.08
Appropriations
Expended By
A-3
5 of 8
A-3
6 of 8
BOROUGH OF RIVERDALE
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Reserved
Canceled
Operations Within "CAPS" (Continued):
Total General Appropriations for Municipal Purposes Within "CAPS"
6,733,274.92
$
6,733,274.92
$
6,601,648.52
$
131,626.40
$
Operations Excluded from "CAPS":
Maintenance of Free Public Library
344,696.00
344,696.00
334,792.55
9,903.45
LOSAP Contribution
35,000.00
35,000.00
35,000.00
Recycling Tax (P.L.2007, C.311)
5,000.00
5,000.00
5,000.00
Reserve for Tax Appeals
5,000.00
5,000.00
5,000.00
Shared Service Agreements:
Borough of Butler:
Tax Collector
30,000.00
30,000.00
30,000.00
Dispatch Service
8,000.00
8,000.00
8,000.00
Municipal Court
178,296.00
178,296.00
178,296.00
Borough of Pompton Lakes - Building Inspector
50,000.00
50,000.00
46,425.30
3,574.70
Public and Private Programs Offset by Revenue:
Recycling Tonnage Grant - 2024
21,673.78
21,673.78
21,673.78
Recycling Tonnage Grant - 2023
26,221.86
26,221.86
26,221.86
Sustainable Jersey Grant
2,000.00
2,000.00
2,000.00
American Rescue Plan Firefighter Grant
30,000.00
30,000.00
30,000.00
Alcohol Education and Rehabilitation Fund
129.79
129.79
129.79
Spotted Lanternfly Program
20,000.00
20,000.00
20,000.00
Body Armor Replacement Fund
1,651.79
1,651.79
1,651.79
Bulletproof Vest Program
549.99
549.99
549.99
New Jersey Transportation Trust Fund Authority Act:
Various Road Projects (N.J.S.A. 40A:4-87 + $274,745.00)
274,745.00
274,745.00
Community energy Plan Grant
(N.J.S.A. 40A:4-87 + $10,000.00)
10,000.00
10,000.00
Total Operations Excluded from "CAPS"
758,219.21
1,042,964.21
984,486.06
58,478.15
Detail:
Other Expenses
758,219.21
1,042,964.21
984,486.06
58,478.15
Appropriations
Expended By
A-3
6 of 8
A-3
7 of 8
BOROUGH OF RIVERDALE
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Reserved
Canceled
Capital Improvements - Excluded from "CAPS":
Capital Improvement Fund
15,000.00
$
15,000.00
$
15,000.00
$
Total Capital Improvements Excluded from "CAPS"
15,000.00
15,000.00
15,000.00
Municipal Debt Service Excluded from "CAPS":
Payment of Bond Anticipation Notes
400,000.00
400,000.00
400,000.00
Interest on Notes
160,838.63
160,838.63
160,838.63
Total Municipal Debt Service Excluded from "CAPS"
560,838.63
560,838.63
560,838.63
Transferred to Board of Education for Use of Local Schools
26,612.00
26,612.00
26,612.00
Total General Appropriations Excluded from "CAPS"
1,360,669.84
1,645,414.84
1,586,936.69
58,478.15
$
Subtotal General Appropriations
8,093,944.76
8,378,689.76
8,188,585.21
190,104.55
Reserve for Uncollected Taxes
422,730.36
422,730.36
422,730.36
Total General Appropriations
8,516,675.12
$
8,801,420.12
$
8,611,315.57
$
190,104.55
$
- 0 -
$
Ref.
A
Appropriations
Expended By
A-3
7 of 8
A-3
8 of 8
BOROUGH OF RIVERDALE
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Analysis of
Budget After
Paid or
Ref.
Modification
Charged
Adopted Budget
8,516,675.12
$
Added by N.J.S.A. 40A:4-87
284,745.00
8,801,420.12
$
Cash Disbursed
7,760,168.88
$
Reserve for Uncollected Taxes
422,730.36
Encumbrances
A
90,665.34
Due to Federal and State Grant Fund
386,972.21
8,660,536.79
Less:
Appropriation Refunds
49,221.22
8,611,315.57
$
THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
ARE AN INTEGRAL PART OF THIS STATEMENT
BOROUGH OF RIVERDALE
COUNTY OF MORRIS
2024
TRUST FUNDS
B
BOROUGH OF RIVERDALE
TRUST FUNDS
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
December 31,
Ref.
2024
2023
ASSETS
Animal Control Fund:
Cash and Cash Equivalents
B-4
15,517.31
$
12,090.25
$
Other Trust Funds:
Cash and Cash Equivalents
B-4
1,392,575.13
1,373,731.11
Due from Current Fund - Reserve for Open Space
A
84.84
Due from Current Fund - Reserve for Tax Sale Premiums
A
52,000.00
Due from Water/Sewer Utility Operating Fund - Reserve for Tax Sale Premiums
D
7,200.00
Due from Payroll Agency Account - Interfund Advanced
4,429.35
Due from Payroll Agency Account - Reserve for
Unemployment Compensation Insurance
782.21
4,429.35
1,452,557.34
1,382,674.65
TOTAL ASSETS
1,468,074.65
$
1,394,764.90
$
LIABILITIES AND RESERVES
Animal Control Fund:
Due to Current Fund
A
6,777.71
$
3,294.65
$
Due to State of New Jersey - Dog License Fees
10.20
1.20
Reserve for Animal Control Expenditures
B-6
8,729.40
8,794.40
15,517.31
12,090.25
Other Trust Funds:
Due to Current Fund
A
49.37
49.37
Special Deposits
150,480.72
146,868.32
Reserve for:
Unemployment Compensation Insurance
165,982.35
167,507.89
Law Enforcement
3,165.42
3,165.42
Council on Affordable Housing
411,289.64
409,255.65
Open Space
505,223.40
483,612.93
Parking Offense Adjudication Act
244.00
240.00
Beautification Acceptance of Bequests
5.05
5.05
Food Pantry Donations
23,759.09
22,431.21
Police Outside Duty
89,796.18
114,330.50
Public Defender
12,581.00
217.00
Recreation Fields Donations
11,444.11
24,288.04
Recreation Programs
926.74
Historical and Open Space Donations
315.18
315.18
Celebration of Public Events
6,034.66
1,985.56
Centennial Celebration
8,517.00
6,652.51
Shade Tree
2,043.43
250.02
Fire Prevention
1,500.00
1,500.00
Tax Sale Premiums
59,200.00
1,452,557.34
1,382,674.65
TOTAL LIABILITIES AND RESERVES
1,468,074.65
$
1,394,764.90
$
THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
ARE AN INTEGRAL PART OF THIS STATEMENT
B-1
BOROUGH OF RIVERDALE
ASSESSMENT TRUST FUND
STATEMENT OF FUND BALANCE - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
NOT APPLICABLE
THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
ARE AN INTEGRAL PART OF THIS STATEMENT
B-2
BOROUGH OF RIVERDALE
ASSESSMENT TRUST FUND
STATEMENT OF REVENUE - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
NOT APPLICABLE
B-3
BOROUGH OF RIVERDALE
ASSESSMENT TRUST FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
NOT APPLICABLE
THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
ARE AN INTEGRAL PART OF THIS STATEMENT
BOROUGH OF RIVERDALE
COUNTY OF MORRIS
2024
GENERAL CAPITAL FUND
C
BOROUGH OF RIVERDALE
GENERAL CAPITAL FUND
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
December 31,
Ref.
2024
2023
ASSETS
Cash and Cash Equivalents
C-2
1,319,920.66
$
1,557,075.48
$
Due from Current Fund
A
99,180.10
Grant Receivable:
NJ Department of Transportation
67,800.00
67,800.00
Deferred Charges to Future Taxation - Unfunded
C-4
5,561,272.83
5,961,272.83
TOTAL ASSETS
6,948,993.49
$
7,685,328.41
$
LIABILITIES, RESERVES AND FUND BALANCE
Bond Anticipation Notes Payable
C-7
4,148,461.00
$
4,548,461.00
$
Improvement Authorizations:
Funded
C-5
2,729.75
2,729.75
Unfunded
C-5
2,076,166.00
2,332,478.35
Capital Improvement Fund
C-6
71,585.10
56,585.10
Reserve for:
Encumbrances
C-5
416,228.15
465,502.15
Grants Receivable
200.00
200.00
Payment of Debt Service
150,144.99
150,144.99
Fund Balance
C-1
83,478.50
129,227.07
TOTAL LIABILITIES, RESERVES AND FUND BALANCE
6,948,993.49
$
7,685,328.41
$
THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
ARE AN INTEGRAL PART OF THIS STATEMENT
C-1
BOROUGH OF RIVERDALE
GENERAL CAPITAL FUND
STATEMENT OF FUND BALANCE - REGULATORY BASIS
Ref.
Balance December 31, 2023
C
129,227.07
$
Increased by:
Premium on Sale of Notes
4,251.43
133,478.50
Decreased by:
Anticipated as Revenue in Current Fund Budget
50,000.00
Balance December 31, 2024
C
83,478.50
$
THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
ARE AN INTEGRAL PART OF THIS STATEMENT
BOROUGH OF RIVERDALE
COUNTY OF MORRIS
2024
WATER/SEWER UTILITY FUND
D
1 of 2
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY FUND
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
December 31,
Ref.
2024
2023
ASSETS
Operating Fund:
Cash and Cash Equivalents
D-4
538,264.68
$
621,343.67
$
Change Fund
50.00
50.00
538,314.68
621,393.67
Due from Water/Sewer Utility Assessment Trust Fund
D
17,234.50
538,314.68
638,628.17
Receivables and Other Assets with Full Reserves:
Consumer Accounts Receivable
D-7
58,937.91
47,266.54
Water/Sewer Liens Receivable
D-7A
24,587.83
24,587.83
Total Receivables with Full Reserves
83,525.74
71,854.37
Total Operating Fund
621,840.42
710,482.54
Assessment Trust Fund:
Cash and Cash Equivalents
D-4
192,942.74
421,527.60
Assessments Receivable
D-8
792,959.97
898,853.84
Due from Water/Sewer Utility Operating Fund
D
58.14
Due to Water/Sewer Utility Capital Fund
D
182,968.00
Deferred Charges to be Raised by Future Revenue:
Amount to be Raised by Future Revenue for Canceled
Assessments
20,317.15
20,317.15
Total Assessment Trust Fund
1,189,246.00
1,340,698.59
Capital Fund:
Cash and Cash Equivalents
D-4
2,010,191.95
2,007,234.45
Fixed Capital
D-9
4,015,953.32
4,015,953.32
Fixed Capital Authorized and Uncompleted
D-10
8,175,000.00
8,175,000.00
Total Capital Fund
14,201,145.27
14,198,187.77
TOTAL ASSETS
16,012,231.69
$
16,249,368.90
$
D
2 of 2
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY FUND
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
(Continued)
December 31,
Ref.
2024
2023
LIABILITIES, RESERVES AND FUND BALANCE
Operating Fund:
Appropriation Reserves:
Unencumbered
D-3;D-11
1,784.88
$
5,782.33
$
Encumbered
D-3;D-11
3,035.12
1,372.77
Total Appropriation Reserves
4,820.00
7,155.10
Accounts Payable
375.00
Accrued Interest on Notes
108,793.67
69,666.26
Water/Sewer Rent Overpayments
11,964.24
19,927.17
Due to Water/Sewer Utility Assessment Trust Fund
D
58.14
Due to Other Trust Funds
B
7,200.00
Reserve for Meter Deposits
4,375.00
4,375.00
Reserve for Premium
2,000.00
137,586.05
103,123.53
Reserve for Receivables
D
83,525.74
71,854.37
Fund Balance
D-1
400,728.63
535,504.64
Total Operating Fund
621,840.42
710,482.54
Assessment Trust Fund:
Bond Anticipation Notes Payable
D-16A
1,189,246.00
1,209,215.00
Due to Current Fund
A
7,470.99
Due to Water/Sewer Utility Operating Fund
D
17,234.50
Fund Balance
D-1A
106,778.10
Total Assessment Trust Fund
1,189,246.00
1,340,698.59
Capital Fund:
Bond Anticipation Notes Payable
D-16
3,284,280.00
3,463,324.00
Improvement Authorizations:
Funded
D-12
47,359.73
56,104.73
Unfunded
D-12
1,433,930.49
2,137,659.35
Due to Water/Sewer Utility Assessment Fund
D
182,968.00
Capital Improvement Fund
D-13
118,845.00
118,845.00
Reserve for:
Encumbrances
D-12
620,440.00
15,507.20
Amortization
D-14
4,015,953.32
4,015,953.32
Deferred Amortization
D-15
4,383,031.29
4,196,922.70
Fund Balance
D-1B
114,337.44
193,871.47
Total Capital Fund
14,201,145.27
14,198,187.77
TOTAL LIABILITIES, RESERVES AND FUND BALANCE
16,012,231.69
$
16,249,368.90
$
THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
ARE AN INTEGRAL PART OF THIS STATEMENT
D-1
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY OPERATING FUND
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGE IN FUND BALANCE - REGULATORY BASIS
Year Ended December 31,
Ref.
2024
2023
Revenue and Other Income Realized
Fund Balance Utilized
300,000.00
$
372,855.44
$
Rents
1,842,631.99
1,861,145.37
Assessment Fund Balance
106,778.10
Capital Fund Balance
84,097.03
Miscellaneous
178,311.47
152,627.30
Other Credits to Income:
Appropriation Reserves Lapsed
5,127.36
168,055.56
Reserve for Premium Canceled
2,000.00
Total Income
2,518,945.95
2,554,683.67
Expenditures
Budget Expenditures:
Operating
1,833,382.25
1,765,799.24
Debt Service
383,397.58
434,640.56
Deferred Charges and Statutory Expenditures
135,240.67
104,268.20
Refund of Prior Year Revenue
1,701.46
Total Expenditures
2,353,721.96
2,304,708.00
Excess in Revenue
165,223.99
249,975.67
Fund Balance
Balance January 1
535,504.64
658,384.41
700,728.63
908,360.08
Decreased by:
Utilization as Anticipated Revenue
300,000.00
372,855.44
Balance December 31
D
400,728.63
$
535,504.64
$
THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
ARE AN INTEGRAL PART OF THIS STATEMENT
D-1A
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY ASSESSMENT TRUST FUND
STATEMENT OF FUND BALANCE - REGULATORY BASIS
Ref.
Balance December 31, 2023
D
106,778.10
$
Decreased by:
Utilized as Anticipated Revenue in the WaterSewer Utility Operating Fund
106,778.10
Balance December 31, 2024
D
-0-
$
D-1B
WATER/SEWER UTILITY CAPITAL FUND
STATEMENT OF FUND BALANCE - REGULATORY BASIS
Ref.
Balance December 31, 2023
D
193,871.47
$
Increased by:
Premium on Sale of Notes
4,563.00
198,434.47
Decreased by:
Utilized as Anticipated Revenue in the WaterSewer Utility Operating Fund
84,097.03
Balance December 31, 2024
D
114,337.44
$
THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
ARE AN INTEGRAL PART OF THIS STATEMENT
D-2
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY OPERATING FUND
STATEMENT OF REVENUE - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
Excess or
Anticipated
Realized
Deficit*
Fund Balance Anticipated
300,000.00
$
300,000.00
$
Rents
1,861,145.37
1,842,631.99
18,513.38
$
*
Assessment Fund Balance
106,778.10
106,778.10
Capital Fund Balance
84,097.03
84,097.03
2,352,020.50
2,333,507.12
18,513.38
*
Miscellaneous Revenue Not Anticipated
178,311.47
178,311.47
2,352,020.50
$
2,511,818.59
$
159,798.09
$
Analysis of Rents:
Collections
1,822,704.82
$
Overpayments Applied
19,927.17
1,842,631.99
$
Analysis of Miscellaneous Revenue Not Anticipated
Treasurer:
Interest on Deposits
84,580.86
$
Interest on Assessments
13,873.31
Connection Fees
76,800.00
Credit Card Fees
3,057.30
178,311.47
$
THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
ARE AN INTEGRAL PART OF THIS STATEMENT
D-2A
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY ASSESSMENT TRUST FUND
STATEMENT OF REVENUE - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
Budget
Revenue
Realized
Excess/Deficit
Assessment Cash
202,937.00
$
19,969.00
$
182,968.00
$
*
202,937.00
$
19,969.00
$
182,968.00
$
*
THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
ARE AN INTEGRAL PART OF THIS STATEMENT
D-3
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY OPERATING FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
Appropriations
Expended by
Budget
Unexpended
After
Paid or
Balances
Budget
Modification
Charged
Reserved
Canceled
Operating:
Salaries and Wages
168,375.00
$
168,375.00
$
168,375.00
$
Other Expenses
1,686,253.97
1,665,007.25
1,663,222.37
1,784.88
$
Debt Service:
Payment of Bond Anticipation Notes
179,044.00
179,044.00
179,044.00
Interest on Notes
165,226.17
204,353.58
204,353.58
Deferred Charges and Statutory Expenditures:
Deferred Charges:
Prior Year Bills - Passaic Valley Water Commission - 2023
94,422.63
94,422.63
94,422.63
Deferred Charges to Future Taxation - Unfunded Ord #11-4;02-06;04-10
7,064.59
7,064.59
7,064.59
Statutory Expenditures:
Contribution to:
Public Employees Retirement System
33,753.45
33,753.45
33,753.45
Social Security System (O.A.S.I.)
12,880.69
Unemployment Compensation Insurance (N.J.S.A. 43:21-3 et. seq.)
5,000.00
2,352,020.50
$
2,352,020.50
$
2,350,235.62
$
1,784.88
$
-0-
$
Ref.
D
Cash Disbursed
2,142,846.92
$
Accrued Interest on Notes
204,353.58
Encumbrances Payable
D
3,035.12
2,350,235.62
$
THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT
D-3
D-3A
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY ASSESSMENT TRUST FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2024
Unexpended
Paid or
Balance
Budget
Charged
Canceled
Payment of Bond Anticipation Notes
202,937.00
$
19,969.00
$
182,968.00
$
202,937.00
$
19,969.00
$
182,968.00
$
THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
ARE AN INTEGRAL PART OF THIS STATEMENT
BOROUGH OF RIVERDALE
COUNTY OF MORRIS
2024
PUBLIC ASSISTANCE FUND
E
BOROUGH OF RIVERDALE
PUBLIC ASSISTANCE FUND
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
December 31,
Ref.
2024
2023
ASSETS
Cash and Cash Equivalents
E-1
2,898.74
$
2,822.28
$
TOTAL ASSETS
2,898.74
$
2,822.28
$
RESERVES
Reserve for Public Assistance
2,898.74
$
2,822.28
$
TOTAL RESERVES
2,898.74
$
2,822.28
$
THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
ARE AN INTEGRAL PART OF THIS STATEMENT
BOROUGH OF RIVERDALE
COUNTY OF MORRIS
2024
GENERAL FIXED ASSETS ACCOUNT GROUP
F
BOROUGH OF RIVERDALE
GENERAL FIXED ASSETS ACCOUNT GROUP
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
December 31,
2024
2023
ASSETS
Land and Land Improvements
7,437,843.00
$
7,437,843.00
$
Buildings and Building Improvements
10,134,108.00
10,134,108.00
Vehicles and Equipment
3,987,157.12
3,987,157.12
Construction in Progress
525,501.69
525,501.69
TOTAL ASSETS
22,084,609.81
$
22,084,609.81
$
RESERVES
Reserve for General Fixed Assets
22,084,609.81
$
22,084,609.81
$
TOTAL RESERVES
22,084,609.81
$
22,084,609.81
$
THE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS
ARE AN INTEGRAL PART OF THIS STATEMENT
1
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
Note 1:
Summary of Significant Accounting Policies
A.
Reporting Entity
Except as noted below, the financial statements of the Borough of Riverdale include every board, body,
officer or commission supported and maintained wholly or in part by funds appropriated by the
Borough of Riverdale, as required by N.J.S. 40A:5-5. Accordingly, the financial statements of the
Borough of Riverdale do not include the operations of the municipal library, or volunteer fire and first
aid squads.
Governmental Accounting Standards Board ("GASB") Codification Section 2100, "Defining the
Financial Reporting Entity" establishes standards to determine whether a governmental component unit
should be included in the financial reporting entity. Component units are legally separate organizations
for which the elected officials of the primary government are financially accountable. In addition,
component units can be other organizations for which the nature and significance of their relationship
with a primary government are such that exclusion would cause the reporting entity's financial
statements to be misleading. The primary government is financially accountable if it appoints a voting
majority of the organization's governing body and (1) it is able to impose its will on that organization
or (2) there is a potential for the organization to provide specific financial benefits to, or impose specific
financial burdens on, the primary government. A legally separate, tax-exempt organization should be
reported as a component unit of a reporting entity if all of the following criteria are met: (1) The
economic resources received or held by the separate organization are entirely or almost entirely for the
direct benefit of the primary government, its component units, or its constituents. (2) The primary
government, or its component units, is entitled to, or has the ability to otherwise access, a majority of
the economic resources received or held by the separate organization. (3). The economic resources
received or held by an individual organization that the specific primary government, or its component
units, is entitled to, or has the ability to otherwise access, are significant to that primary government.
As the financial reporting entity was established in accordance with New Jersey statutes, the
requirements of GASB Codification Section 2100 were not followed and, accordingly, the reporting
entity could be different from accounting principles generally accepted in the United States of America.
B.
Description of Funds
The accounting policies of the Borough of Riverdale conform to the accounting practices applicable to
municipalities which have been prescribed or permitted by the Division of Local Government Services,
Department of Community Affairs, State of New Jersey (the "Division"). Such 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 respect to public funds. Under this method of
accounting, the Borough of Riverdale 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 acquisition of general capital
facilities, other than those acquired in the Current Fund.
2
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 1:
Summary of Significant Accounting Policies (Cont’d)
B.
Description of Funds (Cont’d)
Water/Sewer Utility Operating, Assessment and Capital Funds – Account for the operations, resources
and expenditures for payment of assessment debt and acquisition of capital facilities of the municipally
owned sewer utility.
Public Assistance Fund – Receipt and disbursement of funds that provide assistance to certain residents
of the Borough pursuant to Title 44 of New Jersey statutes. The operations of the State funded welfare
program were transferred to the County of Morris in a prior year.
General Fixed Assets Account Group – Estimated values of land, buildings and certain fixed assets of
the Borough as discussed in Note 1E.
C.
Basis of Accounting
Basis of accounting refers to when revenue and expenditures or expenses are recognized in the accounts
and reported in the financial statements. Basis of accounting relates to the timing of the measurements
made, regardless of the measurement focus applied.
The more significant accounting policies in New Jersey follow.
Revenue is recorded when received in cash except for certain amounts which may be due from the State
of New Jersey and for the prepayment of future years' revenue. Grant revenue is realized in the
Operating Funds when it is budgeted and in the Capital Funds when improvements are authorized. The
amounts recorded as property taxes and consumer accounts receivable have not been included in
revenue. Amounts that are due to the municipality, which are susceptible of accrual, are recorded as
receivables with offsetting reserves in the Current Fund.
Expenditures are charged to operations generally based on budgeted amounts. Exceptions to this
general rule include:
1.
Accumulated unpaid vacation, sick pay and other employee benefit amounts are not
accrued.
2.
Prepaid expenses, such as insurance premiums applicable to subsequent periods, are
not recorded and are charged to current budget appropriations in total.
3.
Principal and interest on long-term debt are recognized when due.
Expenditures, if any, in excess of appropriations, appropriation reserves or ordinances become deferred
charges which must be raised by future taxes. Outstanding encumbrances at December 31 are reported
as a cash liability in the financial statements and constitute part of the statutory appropriation reserve
balance. Appropriation reserves covering unexpended appropriation balances are automatically created
at December 31 of each year and recorded as liabilities, except for amounts which may be cancelled 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.
3
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 1:
Summary of Significant Accounting Policies (Cont’d)
C.
Basis of Accounting (Cont’d)
Had the Borough's financial statements been prepared under accounting principles generally accepted
in the United States of America, encumbrances would not be considered as expenditures; appropriation
reserves would not be recorded; revenue susceptible to accrual would have been reflected without
offsetting reserves; Federal and State grants and assistance would be recognized when earned, not
when budgeted or authorized through an ordinance; inventories would not be reflected as expenditures
at the time of purchase; investments would generally be stated at fair value, fixed assets purchased by
the Water/Sewer Utility Capital Fund would be depreciated; lease receivables and deferred lease
resources as well as the related revenue would be recorded for leases for which the Township is a lessor
and the Borough’s net pension liability and related deferred inflows and outflows would be recorded.
The cash basis of accounting is followed in the Trust Funds.
D. Deferred Charges to Future Taxation – The General Capital Fund balance sheet may include both
funded and unfunded deferred charges. Funded means that bonds have been issued and are being paid
off on a serial basis. Unfunded means the debt has been authorized but not permanently financed. A
municipality can eliminate an unfunded deferred charge by raising it in the budget or collecting a grant.
The unfunded deferred charge may also be funded by selling bonds and by issuing loans or financed
purchase agreements.
E.
Other significant accounting policies include:
Management Estimates – The preparation of financial statements requires management to make
estimates and assumptions that affect the reported amounts of revenues and expenditures/expenses
during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents – Amounts include petty cash, change funds, amounts on deposit, and short-
term investments with original maturities of three months or less.
Investments – Investments are stated at cost.
Allowance for Uncollectible Accounts – No allowance for uncollectible accounts has been recorded as
all amounts are considered collectible.
Compensated Absences – Expenditures relating to unused vested accumulated vacation and sick pay
are not recorded until paid.
Foreclosed Property – Foreclosed property is recorded in the Current Fund at the assessed valuation
when such property was acquired 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 liquidated.
Interfund receivables in the other funds are not offset by reserves.
4
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 1:
Summary of Significant Accounting Policies (Cont’d)
E.
Other significant accounting policies include: (Cont’d)
Grants Receivable – Grants receivable represent the total grant awards less amounts collected to date.
Because the amount of grant funds to be collected are dependent on the total costs eligible for
reimbursement, the actual amount collected may be less than the total amount awarded.
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 Account Group – In accordance with New Jersey Administrative Code
accounting requirements, the Borough has developed a fixed assets accounting and reporting system
based on the following:
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 assessed value. Subsequent fixed assets purchases are
valued at historical cost. Infrastructure assets are not included in general fixed assets, as per state
directive. Major renewals and betterments are charged to the asset accounts; maintenance and minor
repairs and replacements, which do not improve or extend the lives of the respective assets, are
expensed currently. Donated fixed assets are valued at their fair market value on the date donated. The
total value recorded for general fixed assets is offset by a "Reserve for General Fixed Assets." When
properties are retired or otherwise disposed of, the asset and the reserve are adjusted accordingly.
Assets recorded in the General Fixed Assets Account Group may also be recorded in the Current Fund,
General Capital Fund and Water/Sewer Utility Funds. The values recorded in the General Fixed Assets
Account Group and the Current, General Capital and Water/Sewer Utility Funds may not always agree
due to differences in valuation methods, timing of recognition of assets, and the recognition of
infrastructures. Fixed assets are reviewed for impairment.
Property and equipment purchased by the Water/Sewer Utility Fund are recorded in the capital account
at cost and are not adjusted for dispositions and abandonments. Contributions in aid of construction
are not capitalized. The balances in the Reserve for Amortization and Deferred Reserve for
Amortization accounts in the utility capital fund represent charges to operations for the cost of
acquisitions of property, equipment and improvements. The utility does not record depreciation on
fixed assets.
F.
Budget/Budgetary Control – Annual appropriated budgets are usually prepared in the first quarter for
the Current, Open Space and Water/Sewer Utility Operating and Assessment Funds. The budgets are
submitted to the governing body and the Division of Local Government Services. Budgets are prepared
using the cash basis of accounting. The legal level of budgetary control is established at the line item
accounts within each fund. Line item accounts are defined as the lowest (most specific) level of detail
as established pursuant to the flexible chart of accounts referenced in N.J.S.A. 40A. All budget
amendments/transfers must be approved by the Borough during the year.
5
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 2:
Long-Term Debt
Summary of Municipal Debt
The Local Bond Law governs the issuance of bond to finance general Borough capital expenditures. All
bonds are retired in serial installments within the statutory period of usefulness. All bonds issued by the
Borough are general obligation bonds. The Borough’s full faith and credit and taxing power has been
pledged to the payment of the general obligation debt principal and interest.
December 31,
2024
2023
2022
Issued
General:
Bonds and Notes
4,148,461
$
4,548,461
$
3,387,000
$
Water/Sewer Utility Capital:
Bonds and Notes
3,284,280
3,463,324
3,696,848
Water/Sewer Utility Assessment:
Bonds and Notes
1,189,246
1,209,215
1,412,152
Total Issued
8,621,987
9,221,000
8,496,000
Less:
Funds Temporarily Held to Pay
Bonds, Notes and Loans:
Reserve for Payment of Debt
Service:
General Capital Fund
150,145
150,145
145
Total Deductions
150,145
150,145
145
Net Issued
8,471,842
9,070,855
8,495,855
Authorized but not Issued:
General:
Bonds and Notes
1,412,812
1,412,812
2,974,273
Water/Sewer Utility:
Bonds and Notes
507,689
514,753
567,709
Total Authorized but not Issued
1,920,501
1,927,565
3,541,982
Net Bonds, Notes and Loans Issued
and Authorized but not Issued
10,392,343
$
10,998,420
$
12,037,837
$
Summary of Statutory Debt Condition - Annual Debt Statement
The summarized statement of debt condition which follows is prepared in accordance with the required
method of setting up the Annual Debt Statement and indicates a statutory net debt of 0.514%.
6
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 2:
Long-Term Debt (Cont’d)
Summary of Statutory Debt Condition - Annual Debt Statement (Cont’d)
Gross Debt
Deductions
Net Debt
Local School District Debt
18,921,796
$
18,921,796
$
Water/Sewer Utility Debt
4,981,215
4,981,215
General Debt
5,561,273
150,145
5,411,128
$
29,464,284
$
24,053,156
$
5,411,128
$
Net Debt of $5,411,128 divided by Equalized Valuation Basis Per N.J.S. 40A:2-2 as Amended,
$1,053,418,987 = 0.514%.
Borrowing Power Under N.J.S. 40A:2-6 As Amended
3-1/2% Average Equalized Valuation of Real Property
36,869,665
$
Net Debt
5,411,128
Remaining Borrowing Power
31,458,537
$
Calculation of "Self-Liquidating Purpose", Water/Sewer Utility Per N.J.S. 40A:2-45
Cash Receipts from Fees, Rents or Other Charges for Year
2,511,819
$
Deductions:
Operating and Maintenance Costs
1,961,558
$
Debt Service
383,398
2,344,956
Excess in Revenue
166,863
$
Note: If there is a deficit in revenue, sewer utility debt is not deductible to the extent of 20 times of said
deficit or total debt service, whichever is smaller (40A:2-48).
The foregoing debt information is in agreement with the Annual Debt Statement filed by the Chief Financial
Officer.
Summary of Municipal Debt Issued and Outstanding – Current Year
Balance
Balance
12/31/2023
Additions
Retirements
12/31/2024
Bond Anticipation Notes:
General Capital Fund
4,548,461
$
4,148,461
$
4,548,461
$
4,148,461
$
Water/Sewer Utility:
Assessment Trust Fund
1,209,215
1,189,246
1,209,215
1,189,246
Capital Fund
3,463,324
3,284,280
3,463,324
3,284,280
Total
9,221,000
$
8,621,987
$
9,221,000
$
8,621,987
$
7
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 2:
Long-Term Debt (Cont’d)
Summary of Municipal Debt Issued and Outstanding – Prior Year
Balance
Balance
12/31/2022
Additions
Retirements
12/31/2023
Bond Anticipation Notes:
General Capital Fund
3,387,000
$
4,548,461
$
3,387,000
$
4,548,461
$
Water/Sewer Utility:
Assessment Trust Fund
1,412,152
1,209,215
1,412,152
1,209,215
Capital Fund
3,696,848
3,463,324
3,696,848
3,463,324
Total
8,496,000
$
9,221,000
$
8,496,000
$
9,221,000
$
Analysis of Debt Issued and Outstanding at December 31, 2024
General Capital Bond Anticipation Notes Payable
Final
Interest
Balance
Purpose
Maturity
Rate
Dec. 31, 2024
Various Road Improvements
03/04/25
4.25%
365,000
$
Various Road Improvements
03/04/25
4.25%
35,000
Various Capital Improvements
03/04/25
4.25%
187,080
Various Capital Improvements
03/04/25
4.25%
518,920
Various Road Improvements
03/04/25
4.25%
700,000
Various Capital Improvements
03/04/25
4.25%
400,100
Various Capital Improvements
03/04/25
4.25%
261,461
Replacement of the Retaining
Wall at Independence Park
03/04/25
4.25%
380,900
Various Road Improvements
03/04/25
4.25%
1,300,000
4,148,461
$
Water/Sewer Utility Assessment Trust Bond Anticipation Notes Payable
Final
Interest
Balance
Purpose
Maturity
Rate
Dec. 31, 2024
Purchase of Sewer Allocations, Installation of
03/04/25
4.25%
147,357
$
Sewers and a Special Assessment for the
03/04/25
4.25%
77,731
Sewer Installations
03/04/25
4.25%
341,140
03/04/25
4.25%
623,018
1,189,246
$
8
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 2:
Long-Term Debt (Cont’d)
Analysis of Debt Issued and Outstanding at December 31, 2024 (Cont’d)
Water/Sewer Utility Capital Bond Anticipation Notes Payable
Final
Interest
Balance
Purpose
Maturity
Rate
Dec. 31, 2024
Purchase of Sewer Allocations, Installation of
03/04/25
4.25%
843,187
$
Sewers and a Special Assessment for the
03/04/25
4.25%
861,092
Sewer Installations
03/04/25
4.25%
1,580,001
3,284,280
$
Total Debt Issued and Outstanding
8,621,987
$
Note 3:
Fund Balances Appropriated
Fund balances at December 31, 2024, which were appropriated and included as anticipated revenue in their
own respective funds in the adopted budget for the year ending December 31, 2025 are as follows:
Current Fund
$795,000
Water/Sewer Utility Operating Fund
165,000
Note 4:
Local School District Taxes
Regulations provide for the deferral of not more than 50% of the annual levy when school taxes are raised
for a school year and have not been requisitioned by the school district.
The Borough of Riverdale has elected not to defer school taxes.
Note 5:
Pension Plans
Borough employees participate in one of the two contributory, defined benefit public employee retirement
systems: the State of New Jersey Public Employee’s Retirement System (PERS) or the State of New Jersey
Police and Firemen’s Retirement System (PFRS); or the Defined Contribution Retirement Program (DCRP),
a tax-qualified defined contribution money purchase pension plan under Internal Revenue Code (IRC)
401(a).
A. Public Employees’ Retirement System (PERS)
Plan Description
The State of New Jersey, Public Employees’ Retirement System (PERS) is a cost-sharing multiple-employer
defined benefit pension plan administered by the State of New Jersey, Division of Pensions and Benefits
(the Division).
For additional information about the PERS, please refer to the Division’s annual financial statements which
can be found at www.state.nj.us/treasury/pensions/annual-reports.shtml.
9
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 5:
Pension Plans (Cont’d)
A. Public Employees’ Retirement System (PERS) (Cont’d)
Benefits Provided
The vesting and benefit provisions are set by N.J.S.A. 43:15A. PERS provides retirement, death and
disability benefits. All benefits vest after ten years of service. The following represents the membership
tiers for PERS:
Tier
1
Members who were enrolled prior to July 1, 2007
2
Members who were eligible to enroll on or after July 1, 2007 and prior to November 2, 2008
3
Members who were eligible to enroll on or after November 2, 2008 and prior to May 22, 2010
4
Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011
5
Members who were eligible to enroll on or after June 28, 2011
Definition
Service retirement benefits of 1/55th of final average salary for each year of service credit is available to
Tiers 1 and 2 members upon reaching age 60 and to Tier 3 members upon reaching age 62. Service
retirement benefits of 1/60th of final average salary for each year of service credit is available to Tier 4
members upon reaching age 62 and to Tier 5 members upon reaching age 65.
Early retirement benefits are available to Tiers 1 and 2 members before reaching age 60, to Tiers 3 and 4
with 25 or more years of service credit before age 62 and Tier 5 with 30 or more years of service credit
before age 65. Benefits are reduced by a fraction of a percent for each month that a member retires prior to
the age at which a member can receive full early retirement benefits in accordance with their respective tier.
Tier 1 members can receive an unreduced benefit from age 55 to age 60 if they have at least 25 years of
service. Deferred retirement is available to members who have at least 10 years of service credit and have
not reached the service retirement age for the respective tier.
Contributions
The contribution policy for PERS is set by N.J.S.A. 43:15A and requires contributions by active members
and contributing members. State legislation has modified the amount that is contributed by the State. The
State’s pension contribution is based on an actuarially determined amount, which includes the employer
portion of the normal cost and an amortization of the unfunded accrued liability. Funding for
noncontributory group insurance benefits is based on actual claims paid. The local employers’ contribution
amounts are based on an actuarially determined rate, which includes the normal cost and unfunded accrued
liability. Chapter 19, P.L. 2009 provided an option for local employers of PERS to contribute 50% of the
normal and accrued liability contribution amounts certified for payments due in State fiscal year 2009. Such
employers will be credited with the full payment and any such amounts will not be included in their unfunded
liability. The actuaries will determine the unfunded liability of those retirement systems, by employer, for
the reduced normal and accrued liability contributions provided under this law. This unfunded liability will
be paid by the employer in level annual payments over a period of 15 years, beginning with the payments
due in the fiscal year ended June 30, 2012 and are adjusted by the rate of return on the actuarial value of
assets. Borough contributions to PERS amounted to $225,023 for 2024. During the fiscal year ended June
30, 2024, the State of New Jersey contributed $7,605 to the PERS for normal pension benefits on behalf of
the Borough.
10
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 5:
Pension Plans (Cont’d)
A. Public Employees’ Retirement System (PERS) (Cont’d)
Contributions (Cont’d)
The employee contribution rate was 7.50% effective July 1, 2018.
Special Funding Situation
Under N.J.SA. 43:15A-15, local participating employers are responsible for their own contributions based
on actuarially determined amounts, except where legislation was passed that legally obligated the State if
certain circumstances occurred. The legislation, which legally obligates the State, is Chapter 366, P.L. 2001
and Chapter 133, P.L. 2001. The amounts contributed on behalf of the local participating employers under
the legislation is considered to be special funding situation as defined by GASB Statement No. 68 and the
State is treated as a nonemployer contributing entity. Since the local participating employers do not
contribute under the legislation directly to the plan (except for employer specific financed amounts), there
is no net pension liability or deferred outflows or inflows to report in the financial statement of the local
participating employers related to the legislation. However, the notes to the financial statements of the local
participating employers must disclose the portion of the nonemployer contributing entity’s total
proportionate share of the collective net pension liability that is associated with the local participating
employer. In addition, each local participating employer must disclose pension expense associated with the
employers in an amount equal to the nonemployer contributing entity’s total proportionate share of the
collective pension expense associated with the local participating employer.
Pension Liabilities and Pension Expense
At June 30, 2023, the Borough’s liability was $2,438,646 for its proportionate share of the net pension
liability. The net pension liability was measured as of June 30, 2023, and the total pension liability used to
calculate the net pension liability was determined by an actuarial valuation as of July 1, 2022 which was
rolled forward to June 30, 2023. The Borough's proportion of the net pension liability was based on a
projection of the Borough's long-term share of contributions to the pension plan relative to the projected
contributions of all participating members, actuarially determined. At June 30, 2023, the Borough's
proportion was .0169%, which was an decrease of 0.0009% from its proportion measured as of June 30,
2022. The Borough has rolled forward the net pension liability as of June 30, 2023 with no adjustments.
The State of New Jersey Public Employees’ Retirement System (PERS)’ valuation cycle is July 1 instead of
December 31. The roll forward methodology puts them a year in arrears in terms of valuation. The Division
of Local Government Services, Department of Community Affairs, State of New Jersey is permitting
municipalities and counties to include the June 30, 2023 information in the Notes to the Financial Statements
as the June 30, 2024 information has not been released as of the date of this audit.
There was no state proportionate share of net pension liability attributable to the Borough as of June 30,
2023.
For the year ended December 31, 2024, the Borough recognized actual pension expense in the amount of
$225,023.
11
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 5:
Pension Plans (Cont’d)
A. Public Employees’ Retirement System (PERS) (Cont’d)
Actuarial Assumptions
The collective total pension liability for the June 30, 2023 measurement date was determined by an actuarial
valuation as of July 1, 2022 which was rolled forward to June 30, 2023. This actuarial valuation used the
following actuarial assumptions:
Inflation Rate:
Price
2.75%
Wage
3.25%
Salary Increases
2.75 – 6.55% based on years of service
Investment Rate of Return
7.00%
Pre-retirement mortality rates were based on the Pub-2010 General Below-Median Income Employee
Mortality Table with an 82.2% adjustment for males and 101.4% adjustment for females, and with future
improvement from the base year of 2010 on a generational basis. Post-retirement mortality rates were based
on the Pub-2010 General Below-Median Income Healthy Retiree mortality table with a 91.4% adjustment
for males and a 99.7% adjustment for females, and with future improvement from the base year of 2010 on
a generational basis. Disability retirement rates used to value disabled retirees were based on the Pub-2010
Non-Safety Disabled Retiree mortality table with a 127.7% adjustment for males and 117.2% adjustment
for females, and with future improvement from the base year of 2010 on a generational basis. Mortality
improvement is based on Scale MP-2021.
The actuarial assumptions used in the July 1, 2022 valuation were based on the results of an actuarial
experience study for the period July 1, 2018 to June 30, 2021.
Long Term Expected Rate of Return
In accordance with State statute, the long-term expected rate of return on pension plan investments (7.00%
at June 30, 2023) 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. The long-
term expected rate of return was determined using a building block method in which best-estimate ranges of
expected future real rates of return (expected returns, net of pension plan investment expense and inflation)
are developed for each major asset class. These ranges are combined to produce the long-term expected rate
of return by weighting the expected future real rates of return by the target asset allocation percentage and
by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class
included in PERS’ target asset allocation as of June 30, 2023 are summarized in the table on the following
page.
12
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 5:
Pension Plans (Cont’d)
A. Public Employees’ Retirement System (PERS) (Cont’d)
Long Term Expected Rate of Return (Cont’d)
Long-Term
Target
Expected Real
Asset Class
Allocation
Rate of Return
U.S. Equity
28.00%
8.98%
Non-U.S. Developed Market Equity
12.75%
9.22%
International Small Cap Equity
1.25%
9.22%
Emerging Markets Equity
5.50%
11.13%
Private Equity
13.00%
12.50%
Real Estate
8.00%
8.58%
Real Assets
3.00%
8.40%
High Yield
4.50%
6.97%
Private Credit
8.00%
9.20%
Investment Grade Credit
7.00%
5.19%
Cash Equivalents
2.00%
3.31%
U.S. Treasuries
4.00%
3.31%
Risk Mitigation Strategies
3.00%
6.21%
Discount Rate
The discount rate used to measure the total pension liability was 7.00% as of June 30, 2023. The projection
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 and the nonemployer
contributing entity will be based upon 100% of the actuarially determined contributions for the State
employer and 100% of actuarially determined contributions for the local employers. Based on those
assumptions, the plan's fiduciary net position was projected to be available to make all projected future
benefit payments of current plan members. Therefore, the long-term expected rate of return on plan
investments was applied to all projected benefit payments in determining the total pension liability.
Sensitivity of the Borough's Proportionate Share of the Net Pension Liability to Changes in the Discount
Rate
The following presents the Borough's proportionate share of the collective net pension liability as of June
30, 2023 calculated using the discount rate as disclosed below, as well as what the Borough's proportionate
share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-
point lower or 1-percentage-point higher than the current rate.
June 30, 2023
At 1%
At Current
At 1%
Decrease
Discount Rate
Increase
(6.00%)
(7.00%)
(8.00%)
Borough's proportionate share of the
Net Pension Liability
3,174,599
$
2,438,646
$
1,812,254
$
13
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 5:
Pension Plans (Cont’d)
A.
Public Employees’ Retirement System (PERS) (Cont’d)
Pension Plan Fiduciary Net Position
Detailed information about the pension plan's fiduciary net position is available in the separately issued
PERS financial statements.
B. Police and Firemen’s Retirement System (PFRS)
Plan Description
The State of New Jersey Police and Firemen’s Retirement System (PFRS), is a cost-sharing multiple-
employer defined benefit pension plan administered by the State of New Jersey, Division of Pensions and
Benefits (the Division). For additional information about the PFRS, please refer to the Division’s annual
financial statements which can be found at www.state.nj.us/treasury/pensions/annual-reports.shtml.
Benefits Provided
The vesting and benefit provisions are set by N.J.S.A. 43:16A. The PFRS provides retirement as well as
death and disability benefits. All benefits vest after ten years of service, except for disability benefits which
vest after 4 years of service. The following represents the membership tiers for PFRS:
Tier
1
Members who were enrolled prior to May 22, 2010
2
Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011
3
Members who were eligible to enroll on or after June 28, 2011
Definition
Service retirement benefits are available at age 55 and are generally determined to be 2% of final
compensation for each year of creditable service up to 30 years plus 1% for each year of service in excess
of 30 years. Members may seek special retirement after achieving 25 years of creditable service, in which
benefits would equal 65% (tiers 1 and 2 members) and 60% (tier 3 members) of final compensation plus 1%
for each year of creditable service over 25 years but not to exceed 30 years. Members may elect deferred
retirement benefits after achieving ten years of service, in which case benefits would begin at age 55 equal
to 2% of final compensation for each year of service.
Contributions
The contribution policy for PFRS is set by N.J.S.A. 43:16A and requires contributions by active members
and contributing members. State legislation has modified the amount that is contributed by the State. The
State’s contribution amount is based on an actuarially determined rate, which includes the normal costs and
unfunded accrued liability. For fiscal year 2023, the State contributed an amount more than the actuarially
determined amount.
The Local employers’ contribution amounts are based on an actuarially determined rate, which includes the
normal cost and unfunded accrued liability. Chapter 19, P.L. 2009 provided an option for local employers
of PFRS to contribute 50% of the normal and accrued liability contribution amounts certified for payments
due in State fiscal year 2009. Such employers will be credited with the full payment and any such amounts
will not be included in their unfunded liability. The actuaries will determine the unfunded liability, by
14
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 5:
Pension Plans (Cont’d)
B. Police and Firemen’s Retirement System (PFRS) (Cont’d)
Contributions (Cont’d)
employer, for the reduced normal and accrued liability contributions provided under this law. This unfunded
liability will be paid by the employer in level annual amounts over a period of 15 years, beginning with the
payments due in the fiscal year ended June 30, 2012 and will be adjusted by the rate of return on the actuarial
value of the assets.
Special Funding Situation
Under N.J.S.A. 43:16A-15, local participating employers are responsible for their own contributions based
on actuarially determined amounts, except where legislation was passed which legally obligated the State if
certain circumstances occurred. The legislation, which legally obligates the State, is as follows: Chapter 8,
P.L. 2000, Chapter 318, P.L. 2001, Chapter 86, P.L. 2001, Chapter 511, P.L. 1991, Chapter 109, P.L. 1979,
Chapter 247, P.L. 1993 and Chapter 201, P.L. 2001. The amounts contributed on behalf of the local
participating employers under this legislation are considered to be a special funding situation as defined by
GASB Statement No. 68 and the State is treated as a nonemployer contributing entity. Since the local
participating employers do not contribute under this legislation directly to the plan (except for employer
specified financed amounts), there is no net pension liability or deferred outflows or inflows to report in the
financial statements of the local participating employers related to this legislation. However, the notes to
the financial statements of the local participating employers must disclose the portion of the nonemployer
contributing entities’ total proportionate share of the collective net pension liability that is associated with
the local participating employer. In addition, each local participating employer must recognize pension
expense associated with the employer as well as revenue in an amount equal to the nonemployer contributing
entities’ total proportionate share of the collective pension expense associated with the local participating
employer.
Borough contributions to PFRS amounted to $723,819 for the year ended December 31, 2024. During the
fiscal year ended June 30, 2023, the State of New Jersey contributed $126,595 to the PFRS for normal
pension benefits on behalf of the Borough, which is more than the contractually required contribution of
$125,916.
The employee contributions for PFRS are 10.00% of employees' annual compensation, as defined.
Pension Liabilities and Pension Expense
At June 30, 2023, the Borough’s liability for its proportionate share of the net pension liability was
$6,007,596. The net pension liability was measured as of June 30, 2023, and the total pension liability used
to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2022 which was
rolled forward to June 30, 2023. The Borough's proportion of the net pension liability was based on a
projection of the Borough's long-term share of contributions to the pension plan relative to the projected
contributions of all participating members, actuarially determined. At June 30, 2023, the Borough's
proportion was .0544%, which was an increase of .0009% from its proportion measured as of June 30, 2023.
The Borough has rolled forward the net pension liability as of June 30, 2023 with no adjustments. The State
of New Jersey Police and Firemen’s Retirement System (PFRS)’ valuation cycle is July 1 instead of
December 31. The roll forward methodology puts them a year in arrears in terms of valuation.
15
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 5:
Pension Plans (Cont’d)
B. Police and Firemen’s Retirement System (PFRS) (Cont’d)
Pension Liabilities and Pension Expense (Cont’d)
Additionally, the State’s proportionate share of the net pension liability attributable to the Borough is
$1,106,970 as of June 30, 2023. The net pension liability was measured as of July 1, 2022, and the total
pension liability used to calculate the net pension liability was determined by an actuarial valuation as of
July 1, 2022 which was rolled forward to June 30, 2023. The State's proportionate share of the net pension
liability associated with the Borough was based on a projection of the Borough's long-term share of
contributions to the pension plan relative to the projected contributions of all participating members,
actuarially determined. At June 30, 2023, the State's proportion was .0544%, which was an increase of
.0009% from its proportion measured as of June 30, 2022 which is the same proportion as the Borough’s.
Borough's Proportionate Share of the Net Pension Liability
6,007,596
$
State's Proportionate Share of the Net Pension Liability Associated
with the Borough
1,106,970
Total Net Pension Liability
7,114,566
$
For the year ended December 31, 2024, the Borough recognized total pension expense of $723,819.
Actuarial Assumptions
The total pension liability for the June 30, 2023 measurement date was determined by an actuarial valuation
as of July 1, 2022 which was rolled forward to June 30, 2023. This actuarial valuation used the following
actuarial assumptions:
Inflation Rate:
Price
2.75%
Wage
3.25%
Salary Increases:
Through all future years
3.25 – 16.25% based on years of service
Thereafter
Not Applicable
Investment Rate of Return
7.00%
Employee mortality rates were based on the PubS-2010 amount-weighted mortality table with a 105.6%
adjustment for males and 102.5% adjustment for females. For healthy annuitants, mortality rates were based
on the PubS-2010 amount-weighted mortality table with a 96.7% adjustment for males and 96.0%
adjustment for females. Disability rates were based on the PubS-2010 amount-weighted mortality table with
a 152.0% adjustment for males and 109.3% adjustment for females. Mortality improvement is based on
Scale MP-2021.
The actuarial assumptions used in the July 1, 2022 valuation were based on the results of an actuarial
experience study for the period July 1, 2018 to June 30, 2021.
16
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 5:
Pension Plans (Cont’d)
B. Police and Firemen’s Retirement System (PFRS) (Cont’d)
Long Term Expected Rate of Return
In accordance with State statute, the long-term expected rate of return on pension plan investments (7.00%
at June 30, 2023) 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. The long-
term expected rate of return was determined using a building block method in which best-estimate ranges of
expected future real rates of return (expected returns, net of pension plan investment expense and inflation)
are developed for each major asset class. These ranges are combined to produce the long-term expected rate
of return by weighting the expected future real rates of return by the target asset allocation percentage and
by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class
included in PFRS’ target asset allocation as of June 30, 2023 are summarized in the below table.
Long-Term
Target
Expected Real
Asset Class
Allocation
Rate of Return
U.S. Equity
28.00%
8.98%
Non-U.S. Developed Market Equity
12.75%
9.22%
International Small Cap Equity
1.25%
9.22%
Emerging Markets Equity
5.50%
11.13%
Private Equity
13.00%
12.50%
Real Estate
8.00%
8.58%
Real Assets
3.00%
8.40%
High Yield
4.50%
6.97%
Private Credit
8.00%
9.20%
Investment Grade Credit
7.00%
5.19%
Cash Equivalents
2.00%
3.31%
U.S. Treasuries
4.00%
3.31%
Risk Mitigation Strategies
3.00%
6.21%
Discount Rate – PFRS
The discount rate used to measure the total pension liability was 7.00% as of June 30, 2023. The projection
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 and the nonemployer
contributing entity will be based upon 100% of the actuarially determined contributions for the State
employer and 100% of actuarially determined contributions for the local employers. Based on those
assumptions, the plan's fiduciary net position was projected to be available to make all projected future
benefit payments of current plan members. Therefore, the long-term expected rate of return on plan
investments was applied to all projected benefit payments to determine the total pension liability.
17
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 5:
Pension Plans (Cont’d)
B. Police and Firemen’s Retirement System (PFRS) (Cont’d)
Sensitivity of the Total Net Pension Liability (including the State’s proportionate share of the net pension
liability attributable to the Borough) to Changes in the Discount Rate
The following presents the total net pension liability (including the State’s proportionate share of the net
pension liability attributable to the Borough) as of June 30, 2023 calculated using the discount rate as
disclosed above, as well as what the collective net pension liability would be if it were calculated using a
discount rate that is 1-percentage-point lower or 1-percentage-point higher than the current rate:
June 30, 2023
At 1%
At Current
At 1%
Decrease
Discount Rate
Increase
(6.00%)
(7.00%)
(8.00%)
Borough's proportionate share of the NPL and the
State's proportionate share of the Net Pension
Liability associated with the Borough
9,912,902
$
7,114,566
$
4,784,221
$
Pension Plan Fiduciary Net Position - PFRS
Detailed information about the PFRS's fiduciary net position is available in the separately issued PFRS
financial statements.
C. Defined Contribution Retirement Program (DCRP)
Prudential Financial jointly administers the DCRP investments with the NJ Division of Pensions and
Benefits. If an employee is ineligible to enroll in the PERS or PFRS, the employee may be eligible to enroll
in the DCRP. DCRP provides eligible members with a tax-sheltered, defined contribution retirement benefit,
along with life insurance and disability coverage. Vesting is immediate upon enrollment for members of the
DCRP.
The State of New Jersey, Department of the Treasury, Division of Pensions and Benefits, issues publicly
available financial reports that include the financial statements and required supplementary information of
the DCRP. The financial reports may be obtained by writing to the State of New Jersey, Department of the
Treasury, Division of Pensions and Benefits, PO Box 295, Trenton, New Jersey, 08625-0295.
Employers are required to contribute at an actuarially determined rate. Employee contributions are based
on percentages of 5.50% for DCRP of employees’ annual compensation, as defined. The DCRP was
established July 1, 2007, under the provisions of Chapter 92, P.L. 2007 and Chapter 103, P.L. 2007 and
expanded under the provisions of Chapter 89, P.L. 2008. Employee contributions for DCRP are matched by
a 3% employer contribution.
For DCRP, the Borough recognized pension expense of $3,888 for the year ended December 31, 2024.
Employee contributions to DCRP amounted to $7,732 for the year ended December 31, 2024.
18
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 6:
Accrued Sick and Vacation Benefits and Compensatory Time
The Borough permits employees to accrue a limited amount of unused vacation and sick pay and
compensatory time, which may be taken as time off or paid at a later date at an agreed-upon rate. It is
estimated that the current cost of such unpaid compensation would approximate $90,769. This amount is
not reported either as an expenditure or a liability. However, it is expected that the cost of such unpaid
compensation would be included in the Borough's budget operating expenditures in the year in which it is
used.
Balance at December 31, 2023 (Restated)
106,907.00
$
Net Change
(2,314.00)
Balance at December 31, 2024
104,593.00
$
Amount Due within One Year
-0-
$
Note 7:
Selected Tax Information
Property taxes are levied as of January 1 on property values assessed as of the previous calendar year. The
tax levy is divided into two billings. The first billing is an estimate of the current year's levy based on the
prior year's taxes. The second billing reflects adjustments to the current year's actual levy.
The final tax bill is usually mailed on or before June 14th along with the first half estimated tax bills for the
subsequent year. The first half estimated taxes are divided into two due dates, February 1 and May 1. The
final tax bills are also divided into two due dates, August 1 and November 1. A ten-day grace period is
usually granted before the taxes are considered delinquent and the imposition of interest charges. A penalty
may be assessed for any unpaid taxes in excess of $10,000 at December 31 of the current year. Unpaid taxes
of the prior year may be placed in lien at a tax sale held after April 1 and through December 31. Unpaid
taxes of the current year may be placed in lien at a tax sale held after December 10.
Comparative Schedule of Tax Rate Information
2024
2023
2022
Tax Rate
1.826
$
1.825
$
1.870
$
Apportionment of Tax Rate
Municipal (including Open Space)
.631
.645
.661
County
.251
.269
.276
Local School
.944
.911
.933
Assessed Valuations
2024
1,022,885,625
$
2023
974,013,725
$
2022
924,194,374
$
19
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 7:
Selected Tax Information (Cont’d)
Comparison of Tax Levies and Collection
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.
Currently
Cash
Percentage of
Year
Tax Levy
Collections
Collection
2024
18,689,236
$
18,565,440
$
99.33%
2023
17,791,358
17,664,515
99.28%
2022
17,284,809
16,999,430
99.34%
Also, increases in future tax levies can also be warranted if revenue sources outside of those directly
generated by the municipality, such as federal or state aid, should decline without corresponding decreases
in budgeted expenditures.
Note 8:
Cash and Cash Equivalents and Investments
Cash and cash equivalents include change funds, amounts on deposit, and short-term investments with
original maturities of three months or less.
Investments are stated at cost. The Borough classifies certificates of deposit which have original maturity
dates of more than three months but less than twelve months from the date of purchase, as investments.
GASB requires disclosure of the level of custodial credit risk assumed by the Borough in its cash, cash
equivalents and investments, if those items are uninsured or unregistered. Custodial risk is the risk that in
the event of bank failure, the government’s deposits may not be returned.
Interest Rate Risk – In accordance with its cash management plan, the Borough ensures that any deposit or
investments matures within the time period that approximates the prospective need for the funds, deposited
or invested, so that there is not a risk to the market value of such deposits or investments.
Credit Risk – The Borough limits its investments to those authorized in its cash management plan which are
permitted under state statute as detailed in the investments section of this note.
Custodial Credit Risk – The Borough’s policy with respect to custodial credit risk requires that the Borough
ensures that Borough funds are only deposited in financial institutions in which New Jersey municipalities
are permitted to invest their funds.
20
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 8:
Cash and Cash Equivalents and Investments (Cont’d)
Deposits
New Jersey statutes permit the deposit of public funds in institutions located in New Jersey, which are
insured by the Federal Deposit Insurance Corporation (FDIC), or by any other agencies of the United States
that insure deposits or the State of New Jersey Cash Management Fund.
New Jersey statutes require public depositories to maintain collateral for deposits of public funds that exceed
insurance limits as follows:
The market value of the collateral must equal 5% of the average daily balance of public funds; and
In addition to the above collateral requirement, if the public funds deposited exceed 75% of the capital
funds of the depository, the depository must provide collateral having a market value equal to 100% of
the amount exceeding 75%.
All collateral must be deposited with the Federal Reserve Bank, the Federal Home Loan Bank Board or a
banking institution that is a member of the Federal Reserve System and has capital funds of not less than
$25,000,000.
Investments
New Jersey statutes permit the Borough to purchase the following types of securities:
(1) Bonds or other obligations of the United States of America or obligations guaranteed by the United
States of America;
(2) Government money market mutual funds;
(3) Any obligation that a federal agency or a federal instrumentality has issued in accordance with an
act of Congress, which security has a maturity date not greater than 397 days from the date of
purchase, provided that such obligation bears a fixed rate of interest not dependent on any index
or other external factor;
(4) Bonds or other obligations of the local unit or bonds or other obligations of school districts of
which the local unit is a part or within which the school district is located;
(5) Bonds or other obligations, having a maturity date not more than 397 days from the date of
purchase, issued by New Jersey school districts, municipalities, counties, and entities subject to
the “Local Authorities Fiscal Control Law” P.L. 1983, c. 313 (C.40A:5A-1 et seq.) Other bonds
or obligations having a maturity date not more than 397 days from the date of purchase may be
approved by the Division of Local Government Services in the Department of Community Affairs
for investment by local units;
(6) Local government investment pools;
(7) Deposits with the State of New Jersey Cash Management Fund established pursuant to section 1
of P.L. 1977, c.281 (C.52:18A-90.4); or
21
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 8:
Cash and Cash Equivalents and Investments (Cont’d)
Investments (Cont’d)
(8) Agreements for the repurchase of fully collateralized securities if:
(a) the underlying securities are permitted investments pursuant to paragraphs (1) and (3) of this
subsection a. or are bonds or other obligations, having a maturity date not more than 397
days from the date of purchase, issued by New Jersey school districts, municipalities,
counties and entities subject to the “Local Authorities Fiscal Control Law”, P.L. 1983 c.313
(C.40A:5A-1 et seq.);
(b) the custody of collateral is transferred to a third party;
(c) the maturity of the agreement is not more than 30 days;
(d) the underlying securities are purchased through a public depository as defined in section 1 of
P.L. 1970, c.236 (C.17:9-41); and
(e) a master repurchase agreement providing for the custody and security of collateral is
executed.
As of December 31, 2024, cash and cash equivalents of the Borough of Riverdale consisted of the following:
Cash on
Checking
Fund
Hand
Accounts
Totals
Current
200
$
2,767,762
$
2,767,962
$
Animal Control
15,517
15,517
Other Trust
1,392,575
1,392,575
General Capital
1,319,921
1,319,921
Water/Sewer Utility:
Operating
50
538,265
538,315
Assessment Trust
192,943
192,943
Capital
2,010,192
2,010,192
Public Assistance
2,899
2,899
250
$
8,240,074
$
8,240,324
$
The Borough did not hold any investments during the year ended December 31, 2024. The carrying amount
of the Borough's cash and cash equivalents at year end was $8,240,324 and the bank balance was $8,502,671.
22
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 9:
Risk Management
The Borough is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets;
errors and omissions; injuries to employees; and natural disasters. Health benefits are provided through the
State of New Jersey health benefits plan.
The Borough of Riverdale is currently a member of the Morris County Municipal Joint Insurance Fund (the
“Fund”). The Fund provides its members with Property, General Liability and Workers’ Compensation
Insurance. The Fund is a risk-sharing public entity risk pool that is both an insured and self-administered
group of governmental entities established for the purpose of providing low-cost insurance coverage for its
members in order to keep local property taxes at a minimum. Each member appoints an official to represent
their respective entity for the purpose of creating a governing body from which officers for the Fund are
elected.
As a member of this Fund, the Borough could be subject to supplemental assessments in the event of
deficiencies. If the assets of the Fund were to be exhausted, members would become responsible for their
respective shares of the Fund’s liabilities.
The Fund can declare and distribute dividends to members upon approval of the State of New Jersey
Department of Banking and Insurance. These distributions are divided amongst the members in the same
ratio as their individual assessment relates to the total assessment of the membership body. The members
may either receive payment or offset their subsequent year assessments with their respective share of the
distribution.
The December 31, 2024 audit report of the Fund is not filed as of the date of this audit. Summarized selected
financial information for the Fund as of December 31, 2023 is as follows:
Total Assets
38,605,475
$
Net Position
14,033,264
$
Total Revenue
24,763,702
$
Total Expenses
20,906,236
$
Members Dividends
324,246
$
Change in Net Position
3,533,220
$
Financial statements for the Fund are available at the office of the Fund’s Executive Director:
PERMA Risk Management Services
9 Campus Drive, Suite 216
Parsippany, NJ 07054
(201) 881-7632
23
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 9:
Risk Management (Cont’d)
New Jersey Unemployment Compensation Insurance
The Borough has elected to fund its New Jersey Unemployment Compensation Insurance under the “Benefit
Reimbursement Method”. Under this plan, the Borough is required to reimburse the New Jersey
Unemployment Trust Fund for benefits paid to its former employees and charged to its account with the
State. The Borough is billed quarterly for amounts due to the State.
The following is a summary of Borough contributions, interest earned, employee contributions,
reimbursements to the State for benefits paid and the ending balance of the Borough’s expendable trust fund
for the current and previous two years:
Borough
Employee
Amount
Ending
Year
Contributions
Contributions
Reimbursed
Balance
2024
- 0 -
$
782
$
2,308
$
165,982
$
2023
- 0 -
4,429
891
167,508
2022
- 0 -
4,037
583
163,970
Note 10: Contingencies
The Borough is periodically involved in various other lawsuits arising in the normal course of business,
which often include claims for property damage, personal injury, and various contract disputes. The Borough
vigorously contest these lawsuits and believes the ultimate resolution will not have a material adverse effect
on their financial position.
Various tax appeals on assessed valuations have been filed against the Borough and are awaiting tax court
decisions. The ultimate outcome and effect of such appeals have not been determined; however, the
Borough’s Tax Assessor will aggressively defend the Borough’s assessments. The Borough has established
a reserve in the amount of $179,175 so as to provide for this contingency, which it believes is sufficient.
Amounts received or receivable from grantors, principally the federal and state governments, are subject to
regulatory requirements and adjustments by the agencies. Any disallowed claims, including amounts
previously recognized by the Borough as revenue would constitute a liability of the applicable funds. The
amount, if any, of expenditures which may be disallowed by the grantors cannot be determined at this time,
although Borough officials expect such amounts, if any, to be immaterial.
Note 11: Interfund Receivables and Payables
The following interfund balances remained on the various balance sheets at December 31, 2024:
Interfund
Interfund
Fund
Receivable
Payable
Current
6,827
$
53,052
$
Federal and State Grant
1,052
Animal Control
6,778
Other Trust
59,200
49
Water/Sewer Utility Operating
7,258
Water/Sewer Utility Assessment Trust
183,026
Water/Sewer Utility Capital
182,968
250,105
$
250,105
$
24
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 11: Interfund Receivables and Payables (Cont’d)
The interfund receivable in the Current Fund is comprised mainly of the statutory excess in reserve for
animal control expenditures. The interfund receivable in the Federal and State Grant Fund reflects the net
amount of Federal and State Grant Fund expenditures paid and receipts collected by the Current Fund. The
interfund receivable in the Other Trust Fund is comprised of tax sale premium receipts collected by the
Current Fund and the Water/Sewer Utility Operating Fund. The interfund receivable in the Water/Sewer
Utility Assessment Trust is comprised mainly of an interfund advance due from the Water/Sewer Utility
Capital Fund.
Note 12: Economic Dependency
The Borough receives a substantial amount of its support from federal and state governments. A significant
reduction in the level of support, if this were to occur, may have an effect on the Borough’s programs and
activities.
Note 13: Fixed Assets
The following is a summarization of general fixed assets for the years ended December 31, 2024 and 2023:
Balance
Balance
Dec. 31, 2023
Additions
Deletions
Dec. 31, 2024
Land and Land
Improvements
7,437,843
$
7,437,843
$
Buildings and Building
Improvements
10,134,108
10,134,108
Vehicles and Equipment
3,987,157
3,987,157
Construction in Progress
525,502
525,502
22,084,610
$
- 0 -
$
- 0 -
$
22,084,610
$
Balance
Balance
Dec. 31, 2022
Additions
Deletions
Dec. 31, 2023
Land and Land
Improvements
7,437,843
$
7,437,843
$
Buildings and Building
Improvements
10,134,108
10,134,108
Vehicles and Equipment
3,772,308
214,849
3,987,157
Construction in Progress
117,968
407,534
525,502
21,462,227
$
622,383
$
- 0 -
$
22,084,610
$
Note 14: Open Space Trust Fund
The Borough of Riverdale created an Open Space Trust Fund with a tax levy of $.01 per $100 of assessed
valuation. The funds collected are used to acquire and maintain open space property in the Borough. The
balances of the Open Space Trust Fund at December 31, 2024 and 2023 were $505,223 and $483,613,
respectively.
25
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 15: Deferred Compensation
The Borough offers its employees a deferred compensation plan created in accordance with Internal Revenue
Code Section 457. The plan permits participants to defer a portion of their salary until future years. Amounts
deferred under the plan are not available to employees until termination, retirement, death or unforeseeable
emergency. The plan is administered by Lincoln Financial.
Note 16: Postemployment Benefits Other than Pensions
State Health Benefit Local Government Retired Employees Plan
General Information about the OPEB Plan
Plan Description
The State Health Benefit Local Government Retired Employees Plan (the Plan) is a cost sharing multiple
employer defined benefit other postemployment benefit (OPEB) plan with a special funding situation. It
covers employees of local government employers that have adopted a resolution to participate in the Plan.
For additional information about the Plan, please refer to the State of New Jersey (the State), Division of
Pensions and Benefits’ (the Division) annual financial statements, which can be found at
https://www.state.nj.us./treasury/pensions/financial-reports.shtml.
Benefits Provided
The Plan provides medical and prescription drug coverage to retirees and their covered dependents of the
participating employers. Under the provisions of Chapter 88, P.L. 1974 and Chapter 48, P.L. 1999, local
government employers electing to provide postretirement medical coverage to their employees must file a
resolution with the Division. Under Chapter 88, local employers elect to provide benefit coverage based on
the eligibility rules and regulations promulgated by the State Health Benefits Commission. Chapter 48
allows local employers to establish their own age and service eligibility for employer paid health benefits
coverage for retired employees. Under Chapter 48, the employer may assume the cost of postretirement
medical coverage for employees and their dependents who: 1) retired on a disability pension; or 2) retired
with 25 or more years of service credit in a State or locally administered retirement system and a period of
service of up to 25 years with the employer at the time of retirement as established by the employer; or 3)
retired and reached the age of 65 with 25 or more years of service credit in a State or locally administered
retirement system and a period of service of up to 25 years with the employer at the time of retirement as
established by the employer; or 4) retired and reached age 62 with at least 15 years of service with the
employer. Further, the law provides that the employer paid obligations for retiree coverage may be
determined by means of a collective negotiations agreement.
In accordance with Chapter 330, P.L. 1997, which is codified in N.J.S.A. 52:14-17.32i, the State provides
medical and prescription coverage to local police officers and firefighters, who retire with 25 years of service
or on a disability from an employer who does not provide postretirement medical coverage. Local employers
were required to file a resolution with the Division in order for their employees to qualify for State-paid
retiree health benefits coverage under Chapter 330. The State also provides funding for retiree health
benefits to survivors of local police officers and firefighters who die in the line of duty under Chapter 271,
P.L. 1989.
26
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 16: Postemployment Benefits Other than Pensions (Cont’d)
State Health Benefit Local Government Retired Employees Plan (Cont’d)
Contributions
Pursuant to Chapter 78, P.L. 2011, future retirees eligible for postretirement medical coverage who have less
than 20 years of creditable service on June 28, 2011 will be required to pay a percentage of the cost of their
health care coverage in retirement provided they retire with 25 or more years of pension service credit. The
percentage of the premium for which the retiree will be responsible will be determined based on the retiree’s
annual retirement benefit and level of coverage.
Special Funding Situation
Under Chapter 330, P.L. 1997, the State shall pay the premium or periodic charges for the qualified local
police and firefighter retirees and dependents equal to 80 percent of the premium or periodic charge for the
category of coverage elected by the qualified retiree under the State managed care plan or a health
maintenance organization participating in the program providing the lowest premium or periodic charge. The
State also provides funding for retiree health benefits to survivors of local police officers and firefighters who
die in the line of duty under Chapter 271, P.L. 1989.
Therefore, these employers are considered to be in a special funding situation as defined by GASB Statement
No. 75 and the State is treated as a nonemployer contributing entity. For New Jersey local governments who
report under the regulatory basis of accounting, the net OPEB liability and related deferred inflows are not
recorded in the financial statements and there is only note disclosure of this information. Since the local
participating employers do not contribute under this legislation directly to the plan, there is no net OPEB
liability, deferred outflows of resources, or deferred inflows of resources to report in the financial statements
of the local participating employers related to this legislation. However, the notes to the financial statements
of the local participating employers must disclose the portion of the nonemployer contributing entities’ total
proportionate share of the collective net OPEB liability that is associated with the local participating
employer.
Allocation Methodology
GASB Statement No. 75 requires participating employers in the Plan to recognize their proportionate share
of the collective net OPEB liability, collective deferred outflows of resources, collective deferred inflows of
resources, and collective OPEB (benefit)/expense. The special funding situation’s and nonspecial funding
situation’s net OPEB liability, deferred outflows of resources, deferred inflows of resources, and OPEB
expense are based on separately calculated total OPEB liabilities. The nonspecial funding situation’s net
OPEB liability, deferred outflows of resources, deferred inflows of resources, and OPEB (benefit)/expense
are further allocated to employers based on the ratio of the plan members of an individual employer to the
total members of the Plan’s nonspecial funding situation during the measurement period July 1, 2022 through
June 30, 2023. Employer and nonemployer allocation percentages were rounded for presentation purposes;
therefore, amounts presented in the schedule of OPEB amounts by employer and nonemployer may result in
immaterial differences.
27
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 16: Postemployment Benefits Other than Pensions (Cont’d)
State Health Benefit Local Government Retired Employees Plan (Cont’d)
OPEB Expense
The Borough has rolled forward the net OPEB liability as of June 30, 2023 with no adjustments. The Division
of Local Government Services, Department of Community Affairs, State of New Jersey, is permitting
municipalities and counties to include the June 30, 2023 OPEB information in the Notes to the Financial
Statements as the June 30, 2024 information has not been released as of the date of this report.
The total OPEB liability as of June 30, 2023 was determined by an actuarial valuation as of July 1, 2022,
which was rolled forward to June 30, 2023.
At June 30, 2023, the State’s proportionate share of the net OPEB liability attributable to the Borough was
$4,784,908. At June 30, 2023, the State’s proportion related to the Borough was .137139%. This is the
percentage of the total State Share of the net OPEB liability of the Plan.
For the year ended June 30, 2022, the State of New Jersey’s OPEB benefit related to the Borough was
$867,597.
Actuarial Assumptions and Other Inputs
The actuarial assumptions vary for each plan member depending on the pension plan the member is enrolled
in. This actuarial valuation used the following actuarial assumptions, applied to all periods in the
measurement.
Salary Increases*:
Public Employees’ Retirement System (PERS)
Rate for all future years
2.75% to 6.55% based on years of service
Police and Firemen’s Retirement System (PFRS)
Rate for all future years
3.25% to 16.25% based on years of service
- Salary increases are based on years of service within the respective plan.
Mortality:
PERS
Pub-2010 General classification headcount weighted mortality with fully generational
mortality improvement projections from the central year using Scale MP-2021
PFRS
Pub-2010 Safety classification headcount weighted mortality with fully generational mortality
improvement projections from the central year using Scale MP-2021
Actuarial assumptions used in the July 1, 2022 valuation were based on the results of the PFRS and PERS
experience studies prepared for July 1, 2018 to June 30, 2021.
100% of active members are considered to participate in the Plan upon retirement.
28
BOROUGH OF RIVERDALE
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2024
(Continued)
Note 16: Postemployment Benefits Other than Pensions (Cont’d)
State Health Benefit Local Government Retired Employees Plan (Cont’d)
Health Care Trend Assumptions
For pre-Medicare medical benefits, the trend rate is initially 6.50% for fiscal year 2023 and decreases to a
4.50% long term trend rate after nine years. For post-65 medical benefits PPO, the trend rate is increasing to
14.8% in fiscal year 2026 and decreases to 4.50% in fiscal year 2033. For HMO, the trend rate is increasing
to 17.4% in fiscal year 2026 and decreases to 4.50% in fiscal year 2033. For prescription drug benefits, the
initial trend rate is 9.50% and decreases to a 4.50% long term rate after seven years. For the Medicare Part
B reimbursement, the trend rate is 5.00%.
Discount Rate
The discount rate for June 30, 2023 was 3.65%. This represents the municipal bond rate as chosen by the
State. The source is the Bond Buyer Go 20-Bond Municipal Bond Index, which includes tax-exempt general
obligation municipal bonds with an average rating of AA/Aa or higher. As the long-term rate of return is less
than the municipal bond rate, it is not considered in the calculation of the discount rate, rather the discount
rate is set at the municipal bond rate.
Note 17: Leases
The Borough entered into a lease agreement on December 8, 2021 for the rental of space on one of the
Borough’s properties for the lessor to park up to 100 motor vehicles. The lease was for a term of 2 years
starting January 1, 2022 with a rent of $7,000 per month. The lease was renewed on March 27, 2024 for a
term of 2 years with a rent of $7,500 per month. The amount of lease payments received by the Borough in
2024 was $81,500.
Note 18: Compensated Absences
GASB Statement No. 101, Compensated Absences, was implemented during the year ended December 31,
2024. As required under the standard, the Township made a restatement to the amount reported as
compensated absences in the Notes to the Financial Statements at December 31, 2023.
Balance at
December 31, 2023
Change in
Balance at
as Previously
Accounting
December 31, 2023
Reported
Principle
as Restated
Compensated Absences
147,871.00
$
(40,964.00)
$
106,907.00
$
BOROUGH OF RIVERDALE
SUPPLEMENTARY DATA
Schedule 1
BOROUGH OF RIVERDALE
OFFICIALS IN OFFICE AND SURETY BONDS
YEAR ENDED DECEMBER 31, 2024
The following officials were in office during the period under audit:
Amount of
Name
Title
Bond
Paul M. Carelli
Mayor
Vincent Pellegrini
Council President; Councilman
Dave Desai
Councilman
Michael Kheyfets
Councilman
Matthew Oswald
Councilman
Paul Purcell
Councilman
Stephen Revis
Councilman
Lisa O'Neill
Office Manager; Deputy Clerk
**
Abubakar Jalloh
Municipal Clerk
**
Chris Battaglia
Chief Financial Officer
*
Cora Ashley
Tax and Water/Sewer Collector
*
Sal Poli
Construction Official
**
Thomas Boorady
Engineer
John A. Paparazzo
Judge
**
Elianna Kiesling
Court Administrator
**
Charles Quant
Police Chief
**
John Gillooly
Tax Assessor
**
Robert Oostdyk
Municipal Attorney
* - $50,000 coverage through the Morris County Municipal Joint Insurance Fund and $950,000 excess
coverage through the Municipal Excess Liability Joint Insurance Fund.
** - Blanket bond coverage for those employees not separately bonded as follows:
$50,000 coverage through the Morris County Municipal Joint Insurance Fund and $950,000 excess
coverage through the Municipal Excess Liability Joint Insurance Fund.
BOROUGH OF RIVERDALE
COUNTY OF MORRIS
2024
CURRENT FUND
A-4
BOROUGH OF RIVERDALE
CURRENT FUND
SCHEDULE OF CASH - TREASURER
Ref.
Balance December 31, 2023
A
2,955,467.77
$
Increased by Receipts:
Tax Collector
18,723,017.08
$
Revenue Accounts Receivable
1,071,265.18
Petty Cash
1,250.00
Due from/to State of New Jersey:
Senior Citizens' and Veterans' Deductions
33,002.17
Marriage License Fees
625.00
Nonbudget Revenue
329,392.38
Due to Federal and State Grant Fund:
Federal and State Grants Receivable
23,673.78
Unappropriated Grant Reserves
16,918.77
Due from Water/Sewer Utility Assessment Trust Fund:
Interfund Returned
7,470.99
2024 Appropriation Refunds
49,221.22
20,255,836.57
23,211,304.34
Decreased by Disbursements:
2024 Appropriation Expenditures
7,760,168.88
2023 Appropriation Reserves
186,114.89
Petty Cash
625.00
Due from Federal and State Grant Fund:
Appropriated Grant Reserve Expenditures
9,541.36
Prior Year Encumbrances Payable
20,087.40
Due to General Capital Fund:
Settlement of Prior Year Interfund
99,180.10
Due to Other Trust Funds:
Municipal Open Space Tax Levy
102,350.69
Settlement of Prior Year Interfund - Open Space
84.84
Local School District Taxes
9,647,468.00
County Taxes
2,561,608.16
Return of Premium on Tax Sale Certificates
19,600.00
Deposits on Redemption of Third Party Lien Certificates
23,444.71
Refund of Tax Overpayments
12,818.57
Due to State of New Jersey:
Marriage License Fees
450.00
20,443,542.60
Balance December 31, 2024
A
2,767,761.74
$
A-5
BOROUGH OF RIVERDALE
CURRENT FUND
SCHEDULE OF CASH - COLLECTOR
Increased by Receipts:
Taxes Receivable
18,532,557.23
$
2025 Prepaid Taxes
102,830.29
Interest and Costs on Taxes
37,425.95
Tax Sale Premiums
15,000.00
Redemption of Third Party Lien Certificates
23,444.71
Tax Overpayments
11,758.90
18,723,017.08
$
Decreased by:
Disbursed to Municipal Treasurer
18,723,017.08
$
A-6
FEDERAL AND STATE GRANT FUND
SCHEDULE OF CASH
YEAR ENDED DECEMBER 31, 2024
NOT APPLICABLE
A-7
BOROUGH OF RIVERDALE
CURRENT FUND
SCHEDULE OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY
State of NJ
Veterans' and
Transferred
Balance
Collections
Senior Citizens'
to Tax Title
Balance
Year
Dec. 31, 2023
2024 Levy
2023
2024
Deductions
Canceled
Liens
Dec. 31, 2024
2022
2,347.25
$
2,347.25
$
2023
88,749.35
88,748.90
(250.00)
$
0.45
$
250.00
$
91,096.60
91,096.15
(250.00)
0.45
250.00
2024
18,689,236.21
$
91,229.04
$
18,441,461.08
32,750.00
6,905.80
$
13,103.38
103,786.91
91,096.60
$
18,689,236.21
$
91,229.04
$
18,532,557.23
$
32,500.00
$
6,905.80
$
13,103.83
$
104,036.91
$
Ref.
A
A
Analysis of 2024 Property Tax Levy:
Tax Yield:
General Purpose Tax
18,677,891.27
$
Added Taxes (54:4-63.1 et seq.)
11,344.94
18,689,236.21
$
Tax Levy:
Local School District Taxes
9,647,468.00
$
County Taxes:
County Taxes
2,492,643.02
$
County Open Space Taxes
65,104.94
Due County for Added and Omitted Taxes
1,559.46
2,559,307.42
12,206,775.42
Local Tax for Municipal Purposes
6,018,131.35
Minimum Library Tax
344,695.81
Municipal Open Space Taxes
102,288.56
Additional Open Space - Municipal
62.13
Additional Taxes Levied
17,282.94
6,482,460.79
18,689,236.21
$
A-7
A-8
BOROUGH OF RIVERDALE
CURRENT FUND
SCHEDULE OF TAX TITLE LIENS RECEIVABLE
Ref.
Balance December 31, 2023
A
194,137.80
$
Increased by:
Transfer from Taxes Receivable
13,103.83
Balance December 31, 2024
A
207,241.63
$
A-9
BOROUGH OF RIVERDALE
CURRENT FUND
SCHEDULE OF REVENUE ACCOUNTS RECEIVABLE
Balance
Accrued in
Collected by
Balance
Dec. 31, 2023
2024
Treasurer
Dec. 31, 2024
Clerk Licenses:
Alcoholic Beverage Licenses
16,920.00
$
16,920.00
$
Other Licenses
13,586.00
13,586.00
Fees and Permits
55,619.00
55,619.00
Municipal Court:
Fines and Costs
12,799.81
$
194,289.66
191,014.61
16,074.86
$
Energy Receipts Taxes
444,755.86
444,755.86
Uniform Construction Code Fees
33,442.60
78,666.10
84,372.60
27,736.10
Borough of Butler - Municipal Court
178,282.96
178,282.96
Uniform Fire Safety Act
36,714.15
36,714.15
General Capital Fund Balance
50,000.00
50,000.00
46,242.41
$
1,068,833.73
$
1,071,265.18
$
43,810.96
$
Ref.
A
A
A-10
BOROUGH OF RIVERDALE
FEDERAL AND STATE GRANT FUND
SCHEDULE OF FEDERAL AND STATE GRANTS RECEIVABLE
Budget
Transferred from
Balance
Revenue
Unappropriated
Balance
Dec. 31, 2023
Realized
Received
Reserves
Dec. 31, 2024
New Jersey Department of Transportation:
Various Road Projects
145,425.00
$
274,745.00
$
420,170.00
$
Bulletproof Vest Program
549.99
549.99
$
Tree Inventory Grant
22,000.00
22,000.00
Recycling Tonnage Grant
47,895.64
21,673.78
$
26,221.86
American Rescue Plan Firefighter Grant
25,000.00
30,000.00
55,000.00
Morris County Trails Grant
43,950.00
43,950.00
Alcohol Education and Rehabilitation Fund
129.79
129.79
Sustainable Jersey
2,000.00
2,000.00
Community Energy Plan Grant
10,000.00
10,000.00
Body Armor Replacement Fund
1,651.79
1,651.79
Spotted Lanternfly Program
15,000.00
20,000.00
35,000.00
Stormwater Assistance Grant
10,000.00
10,000.00
261,375.00
$
386,972.21
$
23,673.78
$
28,553.43
$
596,120.00
$
Ref.
A
A
A-10
A-11
1 of 2
BOROUGH OF RIVERDALE
CURRENT FUND
SCHEDULE OF 2023 APPROPRIATION RESERVES
YEAR ENDED DECEMBER 31, 2024
Balance
Balance
After
Paid or
Balance
Dec. 31, 2023
Modification
Charged
Lapsed
GENERAL GOVERNMENT:
General Administration:
Other Expenses
2,971.05
$
2,971.05
$
154.04
$
2,817.01
$
Financial Administration:
Other Expenses
483.11
483.11
483.11
Tax Assessment Administration:
Other Expenses
8,478.33
8,478.33
3,000.00
5,478.33
Collection of Taxes:
Other Expenses
841.32
841.32
841.32
Legal Services:
Other Expenses
4,617.50
4,617.50
2,000.00
2,617.50
Engineering Services:
Other Expenses
3,640.00
3,640.00
3,640.00
LAND USE ADMINISTRATION:
Planning Board:
Other Expenses
3,469.06
3,469.06
3,469.06
PUBLIC SAFETY FUNCTIONS:
Police Department:
Other Expenses
874.00
874.00
874.00
Contribution to Pompton Lakes First Aid Squad
245.00
245.00
245.00
Emergency Management Services:
Salaries and Wages
0.04
0.04
0.04
Other Expenses
185.58
185.58
185.58
Fire Department:
Other Expenses
8,100.73
8,100.73
5,930.00
2,170.73
Fire Inspector:
Other Expenses
119.27
119.27
119.27
PUBLIC WORKS FUNCTIONS:
Streets and Roads Maintenance:
Other Expenses
22,599.74
22,599.74
6,640.82
15,958.92
Shade Tree:
Other Expenses
196.10
196.10
196.10
Buildings and Grounds:
Other Expenses
1,708.12
1,708.12
1,452.27
255.85
Vehicle Maintenance:
Other Expenses
13,632.67
13,632.67
13,632.67
Garbage Removal
29,242.39
29,242.39
29,242.39
HEALTH AND HUMAN SERVICES FUNCTIONS:
Board of Health:
Other Expenses
3,573.00
3,573.00
3,573.00
Registrar:
Other Expenses
100.00
100.00
100.00
PARKS AND RECREATION FUNCTIONS:
Senior Citizen Program:
Other Expenses
1,037.92
1,037.92
1,037.92
Dial-A-Ride
17.00
17.00
17.00
Parks and Playgrounds:
Other Expenses
804.75
804.75
804.75
A-11
2 of 2
BOROUGH OF RIVERDALE
CURRENT FUND
SCHEDULE OF 2023 APPROPRIATION RESERVES
YEAR ENDED DECEMBER 31, 2024
(Continued)
Balance
Balance
After
Paid or
Balance
Dec. 31, 2023
Modification
Charged
Lapsed
UTILITY EXPENSES AND BULK PURCHASES:
Electricity
17,758.15
$
17,758.15
$
7,274.80
$
10,483.35
$
Street Lighting
1,079.09
1,079.09
19.04
1,060.05
Gas (Natural or Propane)
5,647.53
5,647.53
5,647.53
Gasoline
14,189.73
14,189.73
7,765.75
6,423.98
COURT AND PUBLIC DEFENDER:
Municipal Court:
Salaries and Wages
1,837.28
1,837.28
199.51
1,637.77
Public Defender:
Other Expenses
1,296.00
1,296.00
1,296.00
INSURANCE:
Employees Group Insurance
3,923.39
3,923.39
3,923.39
Health Benefit Waivers
3.48
3.48
3.48
UNCLASSIFIED:
Celebration of Public Events:
Other Expenses
7,504.91
7,504.91
397.87
7,107.04
STATUTORY EXPENDITURES:
Contributions to:
Social Security System (O.A.S.I)
5.75
5.75
5.75
Unemployment Compensation Insurance
5,000.00
5,000.00
5,000.00
Maintenance of Free Public Library
78,686.09
78,686.09
64,686.09
14,000.00
LOSAP Contribution
45,500.00
45,500.00
27,598.00
17,902.00
Recycling Tax (P.L.2007, C.311)
5,000.00
5,000.00
5,000.00
Reserve for Tax Appeals
5,000.00
5,000.00
5,000.00
Shared Service Agreements:
Municipal Court - Borough of Butler
4,046.62
4,046.62
4,046.62
Building Inspector - Borough of Pompton Lakes
3,274.00
3,274.00
3,274.00
306,688.70
$
306,688.70
$
187,484.89
$
119,203.81
$
Ref.
Analysis of Balance on December 31, 2023:
Unencumbered
A
273,611.01
$
Encumbered
A
33,077.69
306,688.70
$
Cash Disbursed
186,114.89
$
Accounts Payable
1,370.00
187,484.89
$
A-12
BOROUGH OF RIVERDALE
CURRENT FUND
SCHEDULE OF LOCAL SCHOOL DISTRICT TAXES PAYABLE
Ref.
Balance December 31, 2023
A
2.00
$
Increased by:
Levy Calendar Year - 2024
9,647,468.00
9,647,470.00
Decreased by:
Payments to Local School District
9,647,468.00
Balance December 31, 2024
A
2.00
$
A-13
1 of 2
BOROUGH OF RIVERDALE
FEDERAL AND STATE GRANT FUND
SCHEDULE OF APPROPRIATED RESERVES
Transferred
Balance
from Budget
Balance
Dec. 31, 2023
Appropriations
Expended
Dec. 31, 2024
New Jersey Department of Transportation:
Various Road Projects - 2024
274,745.00
$
274,745.00
$
Bulletproof Vest Program:
2021
280.24
$
280.24
2023
1,514.97
1,514.97
$
2024
549.99
549.99
Drunk Driving Enforcement Fund:
2011
2,255.76
2,255.76
2013
7,928.73
7,928.73
2014
3,895.06
3,895.06
2015
4,280.40
4,280.40
2016
7,586.09
4,462.55
3,123.54
2017
9,573.18
9,573.18
2018
6,148.40
6,148.40
2019
4,777.78
4,777.78
2020
7,129.65
7,129.65
2022
3,274.60
3,274.60
Clean Communities Program:
2021
15.75
15.75
2022
14.97
14.97
2023
4,653.08
1,589.00
3,064.08
Recycling Tonnage Grant:
2021
10,181.46
1,916.50
8,264.96
2022
4,821.51
4,821.51
2023
26,221.86
26,221.86
2024
21,673.78
21,673.78
Body Armor Replacement Fund:
2017
1,105.56
1,105.56
2020
1,926.89
1,926.89
2022
1,543.51
126.45
1,417.06
2023
2,530.51
2,530.51
2024
1,651.79
1,651.79
Alcohol Education and Rehabilitation Fund:
2017
935.74
600.00
335.74
2018
1,608.50
1,200.00
408.50
2019
1,025.25
1,025.25
2020
3,295.36
3,295.36
2021
750.18
750.18
2022
473.80
473.80
2023
129.79
129.79
Federal Emergency Management Agency:
Generator Project
2,687.92
2,687.92
A-13
2 of 2
BOROUGH OF RIVERDALE
FEDERAL AND STATE GRANT FUND
SCHEDULE OF APPROPRIATED RESERVES
(Continued)
Transferred
Balance
from Budget
Balance
Dec. 31, 2023
Appropriations
Expended
Dec. 31, 2024
American Rescue Plan Firefighter Grant
6,037.60
$
30,000.00
$
36,036.00
$
1.60
$
Morris County Trails Grant - 2022
42,950.00
42,950.00
Stormwater Assistance Grant
25,000.00
19,500.00
5,500.00
Sustainable Jersey Grant
55.02
2,000.00
2,055.02
Spotted Lanternfly Program
15,000.00
20,000.00
796.72
34,203.28
Community Energy Plan Grant
10,000.00
10,000.00
Police Donations:
Blackfin
900.00
900.00
Walmart
2,500.00
2,500.00
Timmes
100.00
100.00
188,757.47
$
386,972.21
$
362,644.86
$
213,084.82
$
Ref.
A
A
Original Budget
102,227.21
$
Added by N.J.S.A. 40A:4-87
284,745.00
386,972.21
$
Cash Disbursed
9,541.36
$
Encumbrances
353,103.50
362,644.86
$
Federal
37,112.96
$
State
325,531.90
362,644.86
$
A-14
BOROUGH OF RIVERDALE
FEDERAL AND STATE GRANT FUND
SCHEDULE OF UNAPPROPRIATED RESERVES
Transferred
Grant
to 2024
Balance
Funds
Budget
Transferred
Balance
Dec. 31, 2023
Received
Revenue
to Current Fund
Dec. 31, 2024
Body Armor Replacement Fund
1,651.79
$
1,641.07
$
1,651.79
$
1,641.07
$
Alcohol Education and Rehabilitation Fund
129.79
1,103.25
129.79
1,103.25
Recycling Tonnage Grant
26,221.86
26,221.86
Bulletproof Vest Program
549.99
2,292.76
549.99
2,292.76
Clean Communities Program
11,881.69
11,881.69
American Rescue Plan -
Coronavirus State and Local Fiscal
Recovery Funds
332,804.47
332,804.47
$
361,357.90
$
16,918.77
$
28,553.43
$
332,804.47
$
16,918.77
$
Ref.
A
A
A-14
BOROUGH OF RIVERDALE
COUNTY OF MORRIS
2024
TRUST FUNDS
B-4
BOROUGH OF RIVERDALE
TRUST FUNDS
SCHEDULE OF CASH
Ref.
Animal Control Fund
Other Trust Funds
Balance December 31, 2023
B
12,090.25
$
1,373,731.11
$
Increased by Receipts:
Dog License Fees
3,870.60
$
Cat License Fees
635.00
Dog/Cat License Late Fees
365.00
Miscellaneous
416.67
Due to/from Payroll Agency Account -
Settlement of Prior Year Interfunds
8,858.70
$
Due to/from Current Account -
Settlement of Prior Year Interfund
84.84
Due to State of New Jersey - Dog License Fees
404.40
Special Deposits
53,874.95
Reserve for:
Law Enforcement
8.93
Council on Affordable Housing
10,953.92
Open Space Trust Fund:
Open Space Tax Levy
102,350.69
Interest
12,515.82
Municipal Court:
Parking Offenses Adjudication Act
4.00
Public Defender
18,831.00
Public Defender - Borough of Butler Court
4,858.00
Food Pantry Donations
11,233.04
Police Outside Duty
11,205.00
Recreation Fields Donations
1,795.00
Recreation Programs
27,386.13
Shade Tree
3,200.00
Centennial Celebration
13,840.18
Celebration of Public Events
15,691.20
5,691.67
296,691.40
17,781.92
1,670,422.51
Decreased by Disbursements:
Administrative Expenses
1,869.21
Due to State of New Jersey - Dog License Fees
395.40
Special Deposits
50,262.55
Reserve for:
Unemployment Compensation Insurance
2,307.75
Law Enforcement
8.93
Council on Affordable Housing
8,919.93
Open Space
93,256.04
Public Defender
11,325.00
Food Pantry Donations
9,905.16
Police Outside Duty
35,739.32
Recreation Fields Donations
14,638.93
Recreation Programs
26,459.39
Shade Tree
1,406.59
Centennial Celebration
11,975.69
Celebration of Public Events
11,642.10
2,264.61
277,847.38
Balance December 31, 2024
B
15,517.31
$
1,392,575.13
$
B-5
BOROUGH OF RIVERDALE
ASSESSMENT TRUST FUND
ANALYSIS OF ASSESSMENT TRUST FUND CASH
YEAR ENDED DECEMBER 31, 2024
NOT APPLICABLE
B-6
BOROUGH OF RIVERDALE
ANIMAL CONTROL FUND
SCHEDULE OF RESERVE FOR ANIMAL CONTROL FUND EXPENDITURES
Ref.
Balance December 31, 2023
B
8,794.40
$
Increased by:
Cash Received in Animal Control Fund:
Dog License Fees
3,870.60
$
Cat License Fees
635.00
Dog/Cat License Late Fees
365.00
Miscellaneous
416.67
5,287.27
14,081.67
Decreased by:
Expenditures Under R.S.4:19-15.11
1,869.21
Due to Current Fund - Statutory Excess
3,483.06
5,352.27
Balance December 31, 2024
B
8,729.40
$
License Fees Collected
Year
Amount
2022
4,179.00
$
2023
4,550.40
Maximum Allowable Reserve
8,729.40
$
BOROUGH OF RIVERDALE
COUNTY OF MORRIS
2024
GENERAL CAPITAL FUND
C-2
BOROUGH OF RIVERDALE
GENERAL CAPITAL FUND
SCHEDULE OF CASH
Ref.
Balance December 31, 2023
C
1,557,075.48
$
Increased by:
Capital Improvement Fund:
2024 Budget Appropriation
15,000.00
$
Capital Fund Balance:
Premium on Bond Anticipation Notes
4,251.43
Due from Current Fund:
Settlement of Prior Year Interfund
99,180.10
118,431.53
1,675,507.01
Decreased by:
Capital Fund Balance:
Anticipated as Revenue in Current Fund Budget
50,000.00
Improvement Authorization Expenditures
305,586.35
355,586.35
Balance December 31, 2024
C
1,319,920.66
$
C-3
BOROUGH OF RIVERDALE
GENERAL CAPITAL FUND
ANALYSIS OF GENERAL CAPITAL FUND CASH
Receipts
Disbursements
Transfers
Balance
Improvement
Balance
(Deficit)
Budget
Authorization
(Deficit)
Dec. 31, 2023
Miscellaneous
Appropriation
Miscellaneous
Expenditures
From
To
Dec. 31, 2024
Fund Balance
129,227.07
$
4,251.43
$
50,000.00
$
83,478.50
$
Capital Improvement Fund
56,585.10
15,000.00
$
71,585.10
Due to Current Fund
(99,180.10)
99,180.10
Grant Receivable:
NJ Department of Transportation
(67,800.00)
(67,800.00)
Reserve for Encumbrances
465,502.15
465,502.15
$
416,228.15
$
416,228.15
Reserve for Grants Receivable
200.00
200.00
Reserve for Payment of Debt Service
150,144.99
150,144.99
Ord.
No.
Improvement Description
11-04; 02-06;
04-10; 08-12;
05-13; 12-13
Various Capital Improvements
(27,220.65)
(27,220.65)
01-14
Purchase of Real Property
2,729.75
2,729.75
06-17
Various Road Improvements
(3,750.00)
610.00
$
5,290.00
930.00
07-20
Various Road Improvements
25,188.25
25,188.25
08-21
Various Capital Improvements
595,426.27
72,465.90
21,280.35
36,124.05
537,804.07
02-22
Various Road Improvements
355,210.90
232,510.45
394,947.80
398,899.85
126,652.50
1,557,075.48
$
103,431.53
$
15,000.00
$
50,000.00
$
305,586.35
$
881,730.30
$
881,730.30
$
1,319,920.66
$
C-3
C-4
BOROUGH OF RIVERDALE
GENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - UNFUNDED
Notes
Analysis of Balance December 31, 2024
Paid by
Bond
Unexpended
Ord.
Balance
Budget
Balance
Anticipation
Improvement
No.
Improvement Description
Dec. 31, 2023
Appropriation
Dec. 31, 2024
Notes
Expenditures
Authorizations
General Improvements:
11-04; 02-06;
04-10; 08-12;
05-13; 12-13
Various Capital Improvements
29,522.28
$
29,522.28
$
27,220.65
$
2,301.63
$
01-14
Purchase of Real Property
1,378,930.00
1,378,930.00
1,378,930.00
06-17
Various Road Improvements
553,750.00
150,000.00
$
403,750.00
400,000.00
$
3,750.00
13-17
Various Capital Improvements
856,000.00
150,000.00
706,000.00
706,000.00
07-20
Various Road Improvements
800,000.00
100,000.00
700,000.00
700,000.00
08-21
Various Capital Improvements
662,170.55
662,170.55
661,561.00
609.55
01-22
Replacement of the Retaining
Wall at Independence Park
380,900.00
380,900.00
380,900.00
02-22
Various Road Improvements
1,300,000.00
1,300,000.00
1,300,000.00
5,961,272.83
$
400,000.00
$
5,561,272.83
$
4,148,461.00
$
27,220.65
$
1,385,591.18
$
Ref.
C
C
Analysis of Unexpended Improvement Author
Improvement Authorizations - Unfunded
2,076,166.00
$
Less: Unexpended Proceeds of Bond Anticipation Notes Issued:
Ord. #06-17
930.00
$
Ord. #07-20
25,188.25
Ord. #08-21
537,804.07
Ord. #02-22
126,652.50
690,574.82
1,385,591.18
$
C-4
C-5
BOROUGH OF RIVERDALE
GENERAL CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
Balance
Prior Year
Ord.
Ordinance
December 31, 2023
Encumbrances
Paid or
Balance December 31, 2024
No.
Improvement Description
Date
Amount
Funded
Unfunded
Returned
Charged
Funded
Unfunded
General Improvements:
11-04; 02-06;
04-10; 08-12;
05-13; 12-13
Various Capital Improvements
05/03/04
4,275,000.00
$
2,301.63
$
2,301.63
$
01-14
Purchase of Real Property
02/03/14
1,700,000.00
2,729.75
$
1,378,930.00
2,729.75
$
1,378,930.00
06-17
Various Road Improvements
05/10/17
1,125,000.00
5,290.00
$
610.00
$
4,680.00
07-20
Various Road Improvements
08/26/20
900,000.00
25,188.25
25,188.25
08-21
Various Capital Improvements
10/27/21
1,245,000.00
596,035.82
36,124.05
93,746.25
538,413.62
02-22
Various Road Improvements
04/27/22
1,571,000.00
355,210.90
398,899.85
627,458.25
126,652.50
2,729.75
$
2,332,478.35
$
465,502.15
$
721,814.50
$
2,729.75
$
2,076,166.00
$
Ref.
C
C
C
C
C
Cash Disbursed
305,586.35
$
Encumbrances
C
416,228.15
721,814.50
$
C-5
C-6
BOROUGH OF RIVERDALE
GENERAL CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
Ref.
Balance December 31, 2023
C
56,585.10
$
Increased by:
2024 Budget Appropriation
15,000.00
Balance December 31, 2024
C
71,585.10
$
C-7
BOROUGH OF RIVERDALE
GENERAL CAPITAL FUND
SCHEDULE OF BOND ANTICIPATION NOTES PAYABLE
Date of
Issue of
Ord.
Original
Interest
Balance
Balance
No.
Improvement Description
Note
Issue
Maturity
Rate
Dec. 31, 2023
Issued
Matured
Dec. 31, 2024
06-17
Various Road Improvements
09/14/17
09/07/23
06/05/24
4.75%
507,000.00
$
507,000.00
$
09/14/17
06/04/24
03/04/25
4.25%
365,000.00
$
365,000.00
$
09/13/18
09/07/23
06/05/24
4.75%
43,000.00
43,000.00
09/13/18
06/04/24
03/04/25
4.25%
35,000.00
35,000.00
13-17
Various Capital Improvements
09/14/17
09/07/23
06/05/24
4.75%
308,250.00
308,250.00
09/14/17
06/04/24
03/04/25
4.25%
187,080.00
187,080.00
09/09/21
09/07/23
06/05/24
4.75%
547,750.00
547,750.00
09/09/21
06/04/24
03/04/25
4.25%
518,920.00
518,920.00
07-20
Various Road Improvements
09/09/21
09/07/23
06/05/24
4.75%
800,000.00
800,000.00
09/09/21
06/04/24
03/04/25
4.25%
700,000.00
700,000.00
08-21
Various Capital Improvements
09/08/22
09/07/23
06/05/24
4.75%
400,100.00
400,100.00
09/08/22
06/04/24
03/04/25
4.25%
400,100.00
400,100.00
09/07/23
09/07/23
06/05/24
4.75%
261,461.00
261,461.00
09/07/23
06/04/24
03/04/25
4.25%
261,461.00
261,461.00
01-22
Replacement of the Retaining
09/08/22
09/07/23
06/05/24
4.75%
380,900.00
380,900.00
Wall at Independence Park
09/08/22
06/04/24
03/04/25
4.25%
380,900.00
380,900.00
02-22
Various Road Improvements
09/07/23
09/07/23
06/05/24
4.75%
1,300,000.00
1,300,000.00
09/07/23
06/04/24
03/04/25
4.25%
1,300,000.00
1,300,000.00
4,548,461.00
$
4,148,461.00
$
4,548,461.00
$
4,148,461.00
$
Ref.
C
C
Renewals
4,148,461.00
$
4,148,461.00
$
Paid by Budget Appropriation
400,000.00
4,148,461.00
$
4,548,461.00
$
C-7
C-8
BOROUGH OF RIVERDALE
GENERAL CAPITAL FUND
SCHEDULE OF SERIAL BONDS PAYABLE
YEAR ENDED DECEMBER 31, 2024
NOT APPLICABLE
C-9
BOROUGH OF RIVERDALE
GENERAL CAPITAL FUND
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
Ord.
Balance
Balance
No.
Improvement Description
Dec. 31, 2023
Dec. 31, 2024
11-04; 02-06;
04-10; 08-12;
05-13; 12-13
Various Capital Improvements
29,522.28
$
29,522.28
$
01-14
Purchase of Real Property
1,378,930.00
1,378,930.00
06-17
Various Road Improvements
3,750.00
3,750.00
08-21
Various Capital Improvements
609.55
609.55
1,412,811.83
$
1,412,811.83
$
BOROUGH OF RIVERDALE
COUNTY OF MORRIS
2024
WATER/SEWER UTILITY FUND
D-4
1 of 2
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY FUND
SCHEDULE OF CASH - TREASURER
Ref.
Operating
Assessment Trust
Capital
Balance December 31, 2023
D
621,343.67
$
421,527.60
$
2,007,234.45
$
Increased by Receipts:
Rents
1,822,704.82
$
Miscellaneous Revenue Not Anticipated
178,311.47
Assessment Trust Fund Balance Anticipated
as Current Year Revenue
106,778.10
Capital Fund Balance
84,097.03
Due to Other Trust Funds:
Reserve for Tax Sale Premiums
7,200.00
Water/Sewer Rent Overpayments
11,964.24
Due to/from Water/Sewer Utility Operating
Fund:
Deferred Charge:
2024 Budget Appropriation
7,064.59
$
Due to/from Water/Sewer Utility Assessment
Trust Fund:
Interfund Advanced
182,968.00
Settlement of Prior Year Interfund
17,234.50
Assessments Receivable
58.14
Accounts Payable
375.00
Assessments Receivable
105,835.73
$
Capital Fund Balance:
Premium on Bond Anticipation Notes
4,563.00
2,228,723.30
105,835.73
194,595.59
2,850,066.97
527,363.33
2,201,830.04
D-4
1 of 2
D-4
2 of 2
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY FUND
SCHEDULE OF CASH - TREASURER
(Continued)
Ref.
Operating
Assessment Trust
Capital
Decreased by Disbursements:
2024 Appropriation Expenditures
2,142,846.92
$
19,969.00
$
2023 Appropriation Reserves
2,027.74
Accrued Interest on Notes
165,226.17
Due to Current Fund:
Settlement of Prior Year Interfund
7,470.99
Due to/from Water/Sewer Utility Operating
Fund:
Settlement of Prior Year Interfund
17,234.50
Due to/from Water/Sewer Utility Capital
Fund:
Interfund Advanced
182,968.00
Fund Balance Anticipated as Current Year
Revenue
106,778.10
84,097.03
$
Improvement Authorization Expenditures
107,541.06
Refund of Prior Year Revenue
1,701.46
2,311,802.29
$
334,420.59
$
191,638.09
$
Balance December 31, 2024
D
538,264.68
$
192,942.74
$
2,010,191.95
$
D-4
2 of 2
D-5
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY CAPITAL FUND
ANALYSIS OF WATER/SEWER UTILITY CAPITAL CASH
Balance/
Receipts
Disbursements
Transfers
Balance/
(Deficit)
Budget
Improvement
(Deficit)
Dec. 31, 2023
Appropriation
Miscellaneous
Miscellaneous
Authorizations
From
To
Dec. 31, 2024
Capital Improvement Fund
118,845.00
$
118,845.00
$
Due to/(from):
Water/Sewer Utility Assessment Trust Fund
182,968.00
$
182,968.00
Reserve for Encumbrances
15,507.20
15,507.20
$
620,440.00
$
620,440.00
Fund Balance
193,871.47
4,563.00
84,097.03
$
114,337.44
Ord.
No.
Improvement Authorizations
11-04;
02-06;
04-10
Installation of Water Mains
(7,064.59)
7,064.59
$
11-04;
Purchase of Sewer Meters, Installation of
02-06;
Sewer Mains/Extensions and Construction
04-10
of a Pumping Station
(33,492.23)
(33,492.23)
03-06;
Purchase of Sewer Allocations, Installation of
07-17;
Sewers and a Special Assessment for the
12-17
Sewer Installations
1,663,462.87
98,796.06
$
620,000.65
15,067.85
959,734.01
14-17
Various Water/Sewer Improvements
56,104.73
8,745.00
439.35
439.35
47,359.73
2,007,234.45
$
7,064.59
$
187,531.00
$
84,097.03
$
107,541.06
$
635,947.20
$
635,947.20
$
2,010,191.95
$
D-5
D-5A
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY ASSESSMENT TRUST FUND
ANALYSIS OF WATER/SEWER UTILITY ASSESSMENT TRUST CASH
Receipts
Disbursements
Transfers
Balance
Assessments
Assessment
Balance
Dec. 31, 2023
and Liens
Notes
Miscellaneous
From
To
Dec. 31, 2024
Fund Balance
106,778.10
$
106,778.10
$
Due Current Fund
7,470.99
7,470.99
Due Water/Sewer Utility Operating Fund
17,234.50
17,234.50
58.14
$
(58.14)
$
Due Water/Sewer Utility Capital Fund
182,968.00
$
(182,968.00)
Assessment Bond Anticipation Notes:
Purchase of Sewer Allocations, Installation of
Sewers and a Special Assessment for the
Sewer Installations
290,044.01
105,835.73
$
19,969.00
58.14
$
375,968.88
421,527.60
$
105,835.73
$
202,937.00
$
131,483.59
$
58.14
$
58.14
$
192,942.74
$
D-5A
D-6
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY FUND
SCHEDULE OF CASH - WATER/SEWER COLLECTOR
NOT APPLICABLE
YEAR ENDED DECEMBER 31, 2024
D-7
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY OPERATING FUND
SCHEDULE OF CONSUMER ACCOUNTS RECEIVABLE
Ref.
Balance December 31, 2023
D
47,266.54
$
Increased by:
Water/Sewer Rents Levied
1,854,303.36
1,901,569.90
Decreased by:
Water/Sewer Rent Collections
1,822,704.82
$
Overpayments Applied
19,927.17
1,842,631.99
Balance December 31, 2024
D
58,937.91
$
D-7A
WATER/SEWER UTILITY OPERATING FUND
SCHEDULE OF SEWER LIENS RECEIVABLE
Ref.
Balance December 31, 2023
D
24,587.83
$
Balance December 31, 2024
D
24,587.83
$
D-8
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY ASSESSMENT TRUST FUND
SCHEDULE OF ASSESSMENTS AND LIENS RECEIVABLE
Balance
Pledged to
Date of
Quarterly
Balance
Assessments
Balance
Assessment
Improvement Description
Confirmation
Installments
Dec. 31, 2023
Collected
Canceled
Dec. 31, 2024
Notes
Purchase of Sewer Allocations, Installation of
Sewers and a Special Assessment for the
Sewer Installations:
Phase I
06/12/19
80
117,564.94
$
21,336.02
$
2.96
$
96,225.96
$
96,225.96
$
Phase II
12/30/19
80
260,386.10
42,686.37
0.40
217,699.33
217,699.33
Phase III/IV
09/14/22
80
520,902.80
41,813.34
54.78
479,034.68
479,034.68
898,853.84
$
105,835.73
$
58.14
$
792,959.97
$
792,959.97
$
Ref.
D
D
D-8
D-9
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL
Balance
Balance
Dec. 31, 2023
Dec. 31, 2024
Distribution Mains and Accessories
218,912.68
$
218,912.68
$
Utility System Improvements
1,880,103.50
1,880,103.50
Acquisitions of Sewage Treatment Capacity
1,426,584.58
1,426,584.58
Service Pipes and Stops
10,975.42
10,975.42
Meter, Meter Boxes and Vaults
42,774.04
42,774.04
Fire Hydrants
13,204.76
13,204.76
Water Department Share of Municipal Building
71,288.50
71,288.50
Easement
1,687.79
1,687.79
Pumping Station
79,558.94
79,558.94
Storage Tank
121,061.87
121,061.87
Wells
67,991.89
67,991.89
Truck
20,108.23
20,108.23
General Equipment and Trucks
16,069.22
16,069.22
Chlorine Systems Improvements
8,850.00
8,850.00
Miscellaneous
7,247.62
7,247.62
Dump Truck
29,534.28
29,534.28
4,015,953.32
$
4,015,953.32
$
Ref.
D
D
D-10
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED
Ord.
Balance
Balance
No.
Date
Improvement Description
Dec. 31, 2023
Dec. 31, 2024
11-04;
05/03/04;
02-06;
02/06/06;
04-10
03/15/10
Installation of Water Mains
500,000.00
$
500,000.00
$
11-04;
05/03/04;
Purchase of Sewer Meters, Installation of
02-06;
02/06/06;
Sewer Mains/Extensions and Construction
04-10
03/15/10
of a Pumping Station
1,200,000.00
1,200,000.00
03-06;
02/06/06;
Purchase of Sewer Allocations, Installation of
07-17;
05/10/17;
Sewers and a Special Assessment for the
12-17
08/16/17
Sewer Installations
6,300,000.00
6,300,000.00
14-17
08/16/17
Various Water/Sewer Improvements
175,000.00
175,000.00
8,175,000.00
$
8,175,000.00
$
Ref.
D
D
D-11
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY OPERATING FUND
SCHEDULE OF 2023 APPROPRIATION RESERVES
YEAR ENDED DECEMBER 31, 2024
Balance
Balance
After
Paid or
Balance
Dec. 31, 2023
Modification
Charged
Lapsed
Operating:
Other Expenses
2,155.10
$
2,155.10
$
2,027.74
$
127.36
$
Deferred Charges and Statutory Expenditures:
Statutory Expenditures:
Contribution to:
Unemployment Compensation Insurance
(N.J.S.A. 43:21-3 et. seq.)
5,000.00
5,000.00
5,000.00
7,155.10
$
7,155.10
$
2,027.74
$
5,127.36
$
Ref.
Analysis of Balance December 31, 2023
Unencumbered
D
5,782.33
$
Encumbered
D
1,372.77
7,155.10
$
D-12
Prior Year
Ord.
Ordinance
Balance Dec. 31, 2023
Encumbrances
Paid or
Balance Dec. 31, 2024
No.
Improvement Description
Date
Amount
Funded
Unfunded
Returned
Charged
Funded
Unfunded
11-04;
05/03/04;
02-06;
02/06/06;
04-10
Installation of Water Mains
03/15/10
500,000.00
$
201,329.71
$
201,329.71
$
11-04;
Purchase of Sewer Meters, Installation of
05/03/04;
02-06;
Sewer Mains/Extensions and Construction
02/06/06;
04-10
of a Pumping Station
03/15/10
1,200,000.00
206,607.77
206,607.77
03-06;
Purchase of Sewer Allocations, Installation of
02/06/06;
07-17;
Sewers and a Special Assessment for the
05/10/17;
12-17
Sewer Installations
08/16/17
6,300,000.00
1,663,471.87
15,067.85
$
718,796.71
$
959,743.01
14-17
Various Water/Sewer Improvements
08/16/17
175,000.00
56,104.73
$
66,250.00
439.35
9,184.35
47,359.73
$
66,250.00
56,104.73
$
2,137,659.35
$
15,507.20
$
727,981.06
$
47,359.73
$
1,433,930.49
$
Ref.
D
D
D
D
D
Ref.
Cash Disbursed
107,541.06
$
Encumbrances
D
620,440.00
727,981.06
$
D
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
D-12
D-13
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
Ref.
Balance December 31, 2023
D
118,845.00
$
Balance December 31, 2024
D
118,845.00
$
D-14
WATER/SEWER UTILITY CAPITAL FUND
SCHEDULE OF RESERVE FOR AMORTIZATION
Ref.
Balance December 31, 2023
D
4,015,953.32
$
Balance December 31, 2024
D
4,015,953.32
$
D-15
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY CAPITAL FUND
SCHEDULE OF DEFERRED RESERVE FOR AMORTIZATION
Notes Paid
Funded by
Ord.
Ord.
Balance
by Budget
Budget
Balance
No.
Improvement Description
Date
Dec. 31, 2023
Appropriation
Appropriation
Dec. 31, 2024
11-04;
05/03/04;
02-06;
02/06/06;
04-10
Installation of Water Mains
03/15/10
192,955.70
$
7,064.59
$
200,020.29
$
11-04;
Purchase of Sewer Meters, Installation of
05/03/04;
02-06;
Sewer Mains/Extensions and Construction
02/06/06;
04-10
of a Pumping Station
03/15/10
1,058,550.00
1,058,550.00
03-06;
Purchase of Sewer Allocations, Installation of
02/06/06;
07-17;
Sewers and a Special Assessment for the
05/10/17;
12-17
Sewer Installations
08/16/17
2,836,667.00
179,044.00
$
3,015,711.00
14-17
Various Water/Sewer Improvements
08/16/17
108,750.00
108,750.00
4,196,922.70
$
179,044.00
$
7,064.59
$
4,383,031.29
$
Ref.
D
D
D-16
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY CAPITAL FUND
SCHEDULE OF BOND ANTICIPATION NOTES PAYABLE
Date of
Issue of
Ord.
Original
Interest
Balance
Balance
Improvement Description
No.
Note
Issue
Maturity
Rate
Dec. 31, 2023
Issued
Matured
Dec. 31, 2024
Purchase of Sewer Allocations, Installation of
03-06;
09/16/15
09/07/23
06/05/24
4.75%
989,051.00
$
989,051.00
$
Sewers and a Special Assessment for the
07-17;
09/16/15
06/04/24
03/04/25
4.25%
843,187.00
$
843,187.00
$
Sewer Installations
12-17
09/14/17
09/07/23
06/05/24
4.75%
873,752.00
873,752.00
09/14/17
06/04/24
03/04/25
4.25%
861,092.00
861,092.00
09/09/21
09/07/23
06/05/24
4.75%
1,600,521.00
1,600,521.00
09/09/21
06/04/24
03/04/25
4.25%
1,580,001.00
1,580,001.00
3,463,324.00
$
3,284,280.00
$
3,463,324.00
$
3,284,280.00
$
Ref.
D
D
Renewals
3,284,280.00
$
3,284,280.00
$
Paid by Budget Appropriation:
179,044.00
3,284,280.00
$
3,463,324.00
$
D-16
D-16A
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY ASSESSMENT TRUST FUND
SCHEDULE OF BOND ANTICIPATION NOTES PAYABLE
Date of
Issue of
Ord.
Original
Interest
Balance
Balance
Improvement Description
No.
Note
Issue
Maturity
Rate
Dec. 31, 2023
Issued
Matured
Dec. 31, 2024
Purchase of Sewer Allocations, Installation of
03-06;
09/14/17
09/07/23
06/05/24
4.75%
153,539.00
$
153,539.00
$
Sewers and a Special Assessment for the
07-17;
09/14/17
06/04/24
03/04/25
4.25%
147,357.00
$
147,357.00
$
Sewer Installations
12-17
09/13/18
09/07/23
06/05/24
4.75%
78,997.00
78,997.00
09/13/18
06/04/24
03/04/25
4.25%
77,731.00
77,731.00
09/11/19
09/07/23
06/05/24
4.75%
345,570.00
345,570.00
09/11/19
06/04/24
03/04/25
4.25%
341,140.00
341,140.00
09/09/21
09/07/23
06/05/24
4.75%
631,109.00
631,109.00
09/09/21
06/04/24
03/04/25
4.25%
623,018.00
623,018.00
1,209,215.00
$
1,189,246.00
$
1,209,215.00
$
1,189,246.00
$
Ref.
D
D
Renewals
1,189,246.00
$
1,189,246.00
$
Paid by Budget Appropriation:
19,969.00
1,189,246.00
$
1,209,215.00
$
D-16A
D-17
NOT APPLICABLE
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY CAPITAL FUND
SCHEDULE OF SERIAL BONDS PAYABLE
YEAR ENDED DECEMBER 31, 2024
D-18
BOROUGH OF RIVERDALE
WATER/SEWER UTILITY CAPITAL FUND
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
Funded by
Ord.
Balance
Budget
Balance
No.
Date
Improvement Description
Dec. 31, 2023
Appropriation
Dec. 31, 2024
11-04;
05/03/04;
02-06;
02/06/06;
04-10
03/15/10
Installation of Water Mains
208,394.30
$
7,064.59
$
201,329.71
$
11-04;
05/03/04;
Purchase of Sewer Meters, Installation of
02-06;
02/06/06;
Sewer Mains/Extensions and Construction
04-10
03/15/10
of a Pumping Station
240,100.00
240,100.00
03-06;
02/06/06;
Purchase of Sewer Allocations, Installation of
07-17;
05/10/17;
Sewers and a Special Assessment for the
12-17
08/16/17
Sewer Installations
9.00
9.00
14-17
08/16/17
Various Water/Sewer Improvements
66,250.00
66,250.00
514,753.30
$
7,064.59
$
507,688.71
$
BOROUGH OF RIVERDALE
COUNTY OF MORRIS
2024
PUBLIC ASSISTANCE FUND
E-1
BOROUGH OF RIVERDALE
PUBLIC ASSISTANCE FUND
SCHEDULE OF CASH
Ref.
Fund Total
P.A.T.F. I
Balance December 31, 2023
E
2,822.28
$
2,822.28
$
Increased by Receipts:
Interest Earned
76.46
76.46
Balance December 31, 2024
E
2,898.74
$
2,898.74
$
BOROUGH OF RIVERDALE
PART II – SINGLE AUDIT
YEAR ENDED DECEMBER 31, 2024
1
BOROUGH OF RIVERDALE
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
YEAR ENDED DECEMBER 31, 2024
Assistance
State Grant
Grant
Amount
Amounts
Name of Federal
Listing
Account
Grant Period
Award
Amount
of
Cumulative
Provided to
Agency or Department
Name of Program
Number
Number
From
To
Amount
Received
Expenditures
Expenditures
Subrecipients
US Department of Justice
Bulletproof Vest Partnership Program
16.607
N/A
01/01/21
12/31/24
1,426.62
$
280.24
$
1,426.62
$
01/01/24
12/31/25
2,292.76
2,292.76
$
Total US Department of Justice
2,292.76
280.24
1,426.62
- 0 -
$
US Department of Treasury:
Passed through NJ Department of
COVID-19 American Rescue Plan Act -
21.027
100-022-8030-
Community Affairs
Coronavirus State and Local Fiscal
687-046010
Recovery Funds
03/03/21
12/31/24
432,804.47
332,804.47
432,804.47
COVID-19 American Rescue Plan Act
Firefighters Grant
21.027
N/A
01/01/23
12/31/25
55,000.00
18,962.40
18,962.40
Passed through NJ Department of
Agriculture
Spotted Lanternfly Grant
21.027
N/A
01/01/23
12/31/25
35,000.00
796.72
796.72
Total US Department of Treasury
352,563.59
452,563.59
- 0 -
TOTAL FEDERAL AWARDS
2,292.76
$
352,843.83
$
453,990.21
$
- 0 -
$
N/A - Not Applicable
SEE ACCOMPANYING NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AND STATE AWARDS
1
2
BOROUGH OF RIVERDALE
SCHEDULE OF EXPENDITURES OF STATE AWARDS
YEAR ENDED DECEMBER 31, 2024
New Jersey
State Grant
Grant Period
Grant
Amount
Amount of
Cumulative
Agency or Department
Name of Program
Award Number
From
To
Award
Received
Expenditures
Expenditures
Department of Law and Public Safety
Body Armor Replacement Fund
718-066-1020-
1/1/17
12/31/24
1,105.56
$
1,105.56
$
1,105.56
$
001-90160
1/1/20
12/31/24
1,926.89
1,926.89
1,926.89
1/1/22
12/31/25
1,543.51
126.45
126.45
1/1/24
12/31/25
1,641.07
1,641.07
$
Total Department of Law and Public Safety
1,641.07
3,158.90
3,158.90
Department of Health
Alcohol Education and Rehabilitation
760-098-9735-
1/1/17
12/31/25
3,082.00
600.00
2,746.26
Fund
001-060000
1/1/18
12/31/25
1,608.50
1,200.00
1,200.00
1/1/24
12/31/25
1,103.25
1,103.25
Total Department of Health
1,103.25
1,800.00
3,946.26
Department of Environmental Protection Clean Communities Program
765-042-4900-
1/1/23
12/31/25
10,460.82
1,589.00
7,396.74
004-178910
1/1/24
12/31/25
11,881.69
11,881.69
11,881.69
1,589.00
7,396.74
Recycling Tonnage Grant
100-042-4900-
1/1/21
12/31/25
30,407.64
3,041.50
22,142.68
224-178840
1/1/24
12/31/25
21,673.78
21,673.78
21,673.78
3,041.50
22,142.68
Total Department of Environmental Protection
33,555.47
4,630.50
29,539.42
TOTAL STATE AWARDS
36,299.79
$
9,589.40
$
36,644.58
$
SEE ACCOMPANYING NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AND STATE AWARDS
2
3
BOROUGH OF RIVERDALE
NOTES TO SCHEDULES OF EXPENDITURES OF FEDERAL AND STATE AWARDS
YEAR ENDED DECEMBER 31, 2024
A.
BASIS OF PRESENTATION
The accompanying Schedules of Expenditures of Federal and State Awards (the "Schedules") includes the
federal and state grant activity of the Borough of Riverdale under programs of the federal and state governments
for the year ended December 31, 2024. The information in these schedules is presented in accordance with the
requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements,
Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”) and New Jersey's OMB
Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Because the
schedules present only a selected portion of the operations of the Borough of Riverdale, they are not intended
to and do not present the financial position, changes in fund balance or cash flows of the Borough of Riverdale.
B.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the accompanying Schedules of Expenditures of Federal and State Awards are
reported on the cash basis of accounting. Such expenditures are recognized following the cost principles
contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as
to reimbursement. Negative amounts, if any, shown on the Schedules represent adjustments or credits made in
the normal course of business to amounts reported as expenditures in prior years. Pass-through identifying
numbers are presented where available. The Borough has elected not to use the 10 percent de minimis indirect
cost rate as allowed under the Uniform Guidance.
C.
RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
Amounts reported in the accompanying schedules agree with the amounts reported in the related federal and
state financial reports.
Report on Internal Control Over Financial Reporting
and on Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards
Independent Auditors' Report
The Honorable Mayor and Members
of the Borough Council
Borough of Riverdale
Riverdale, New Jersey
We have audited in accordance with auditing standards generally accepted in the United States of America, audit
requirements prescribed by the Division of Local Government Services, Department of Community Affairs, State of
New Jersey (the "Division"), and the standards applicable to financial audits contained in Government Auditing
Standards issued by the Comptroller General of the United States, the financial statements - regulatory basis - of the
various funds of the Borough of Riverdale, in the County of Morris (the "Borough") as of and for the years ended
December 31, 2024 and 2023, and the related notes to the financial statements and have issued our report thereon dated
June 10, 2025. These financial statements have been prepared in accordance with accounting practices prescribed or
permitted by the Division to demonstrate compliance with the Division's regulatory basis of accounting, and the budget
laws of New Jersey, which is a basis of accounting other than accounting principles generally accepted in the United
States of America.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Borough’s internal control over
financial reporting (internal control) as a basis for designing 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 Borough’s internal control. Accordingly, we do not express an opinion on the effectiveness
of the Borough’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 Borough’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 weakness, yet important enough to merit attention by those charged
with governance.
Our consideration of the 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 weaknesses or significant
deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified. Given
these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material
weaknesses. We identified a certain deficiency in internal control, described in the accompanying Schedule of Findings
and Responses as Finding 2024-001 that we consider to be a significant deficiency.
4
5
The Honorable Mayor and Members
of the Borough Council
Borough of Riverdale
Page 2
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Borough’s financial statements are free of 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 financial statements. However,
providing an opinion on compliance with those provisions was not an objective 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
required to be reported under Government Auditing Standards.
The Borough’s Response to the Finding
Government Auditing Standards require the auditor to perform limited procedures on the Borough’s response to the
finding identified in our audit and described in the accompanying Schedule of Findings and Responses. The Borough’s
response was not subjected to the other auditing procedures applied in the audit of the financial statements and,
accordingly, we express no opinion on the response.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the result
of that testing, and not to provide an opinion on the effectiveness of the Borough’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 Borough’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
Mount Arlington, New Jersey
NISIVOCCIA LLP
June 10, 2025
Heidi A. Wohlleb
Registered Municipal Accountant No. 481
Certified Public Accountant
6
BOROUGH OF RIVERDALE
SCHEDULE OF FINDINGS AND RESPONSES
YEAR ENDED DECEMBER 31, 2024
Summary of Auditors' Results:
-
The Independent Auditors’ Report expresses an unmodified opinion on the Borough’s financial statements,
prepared in accordance with accounting practices prescribed or permitted by the Division of Local Government
Services, Department of Community Affairs, State of New Jersey to demonstrate compliance with the Division's
regulatory basis of accounting and the budget laws of New Jersey.
-
A significant deficiency disclosed during the audit of the financial statements is reported in the Independent
Auditors’ Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on
an Audit of Financial Statements Performed in Accordance with Government Auditing Standards. No material
weaknesses are reported.
-
No instances of noncompliance material to the financial statements of the Borough which would be required to be
reported in accordance with Government Auditing Standards, were disclosed during the audit.
-
The Borough was not subject to the single audit provisions of the Uniform Guidance and New Jersey’s OMB
Circular 15-08 for the year ended December 31, 2024 as both state and federal grant expenditures were less than
the single audit thresholds of $750,000 identified in the Uniform Guidance and NJOMB 15-08.
Findings Relating to the Financial Statements which are required to be Reported in Accordance with Generally Accepted
Government Auditing Standards:
-
The audit disclosed the following significant deficiency required to be reported under Generally Accepted
Government Auditing Standards:
Finding 2024-001
Segregation of Duties
Criteria
Concentration of duties and responsibilities in a limited number of individuals is not desired from a control
point of view.
Condition
The Borough does not maintain an adequate segregation of duties with respect to the recording and treasury
functions. The various departments/offices of the Borough are responsible for the issuance of permits and
licenses, utility charges and permit and license fees, and recording of collections. Also, the Chief Financial
Officer is responsible for payroll processing, the maintenance of the general ledger and certain bank
reconciliations with limited oversight review.
Cause
This is due, in part, to the limited number of personnel of the Borough and the decentralized nature of
governmental collection procedures. While this is not unusual in operations the size of the Borough,
management and the Borough Council should be aware of this situation and realize that the concentration
of duties and responsibilities in a limited number of individuals is not desirable from a control point of
view.
7
BOROUGH OF RIVERDALE
SCHEDULE OF FINDINGS AND RESPONSES
YEAR ENDED DECEMBER 31, 2024
(Continued)
Findings Relating to the Financial Statements which are required to be Reported in Accordance with Generally
Accepted Government Auditing Standards (Cont’d)
Finding 2024-001 (Cont’d)
Effect or Potential Effect
Segregation of duties refers to separating those functions that place too much control over a transaction or
class of transactions that would enable a person to misappropriate funds and prevent detection within a
reasonable period of time.
Recommendation
It is recommended that an adequate segregation of duties be maintained with respect to the recording and
treasury functions.
Management’s Response
The finding was evaluated; however, due to budgetary constraints no resolution can be made at this time.
Findings and Questioned Costs for Federal Awards:
-
Not applicable – Federal award expenditures are less than the single audit threshold.
Findings and Questioned Costs for State Awards:
-
Not applicable – State award expenditures are less than the single audit threshold.
8
BOROUGH OF RIVERDALE
SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS
FOR THE YEAR ENDED DECEMBER 31, 2024
The Borough’s prior year finding 2023-001 regarding segregation of duties was not resolved in 2024 due to budgetary
constraints and is included as current year finding 2024-001 on the Schedule of Findings and Responses.
BOROUGH OF RIVERDALE
PART III
COMMENTS AND RECOMMENDATIONS
YEAR ENDED DECEMBER 31, 2024
9
BOROUGH OF RIVERDALE
COMMENTS AND RECOMMENDATIONS
Contracts and Agreements Required to be Advertised for N.J.S.A. 40A:11-4
N.J.S.A. 40A:11-3 states:
a. " When the cost or price of any contract awarded by the contracting agent in the aggregate does not exceed in a
contract year the total sum of $17,500, the contract may be awarded by a purchasing agent when so authorized by
ordinance or resolution, as appropriate to the contracting unit, of the governing body of the contracting unit without
public advertising for bids, except that the governing body of any contracting unit may adopt an ordinance or resolution
to set a lower threshold for the receipt of public bids or the solicitation of competitive quotations. If the purchasing
agent is qualified pursuant to Subsection b. of Section 9 of P.L. 1971, C.198 (N.J.S.A. 40A:11-9), the governing body
of the contracting unit may establish that the bid threshold may be up to $25,000. Such authorization may be granted
for each contract or by a general delegation of the power to negotiate and award such contracts pursuant to this section.
b. Any contract made pursuant to this section may be awarded for a period of 24 consecutive months, except that
contracts for professional services pursuant to subparagraph (i) of paragraph (a) of subsection (1) of section 5 of P.L.
1971, C.198 (N.J.S.A. 40A:11-5) may be awarded for a period not exceeding 12 consecutive months. The Division of
Local Government Services shall adopt and promulgate rules and regulations concerning the methods of accounting for
all contracts that do not coincide with the contracting unit’s fiscal year.
c. The Governor, in consultation with the Department of the Treasury, shall, no later than March 1 of every fifth year
beginning in the fifth year after the year in which P.L. 1999, C.440 takes effect, adjust the threshold amount and the
higher threshold amount which the governing body is permitted to establish, as set forth in subsection a. of this section,
or the threshold amount resulting from any adjustment under this subsection, in direct proportion to the rise or fall of
the index rate as that term is defined in section 2 of P.L. 1971, C.198 (N.J.S.A. 40A:11-2), and shall round the adjustment
to the nearest $1,000. The Governor shall, no later than June 1 of every fifth year, notify each governing body of the
adjustment. The adjustment shall become effective on July 1 of the year in which it is made.”
N.J.S.A. 40A: 11-4 states: “Every 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. The governing body of a
contracting unit may, by resolution approved by a majority of the governing body and subject to subsections b. and c.
of this section, disqualify a bidder who would otherwise be determined to be the lowest responsible bidder, if the
governing body finds that it has had prior negative experience with the bidder.”
Effective July 1, 2020 and thereafter the bid threshold in accordance with N.J.S.A. 40A:11-3 and 40A:11-4 (as amended)
is $17,500 for a contracting unit without a qualified purchasing agent and $44,000 for a contracting unit with a qualified
purchasing agent.
The governing body of the municipality has the responsibility of determining whether the expenditures in any category
will exceed the bid threshold within the fiscal year. Where questions arise as to whether any contract or agreement
might result in violation of the statute, the Borough Counsel's opinion should be sought before a commitment is made.
The minutes indicated that bids were requested by public advertising per N.J.S.A. 40A:11-4. The minutes also indicated
that resolutions were adopted and advertised authorizing the awarding of contracts for "Professional Services" and
“Extraordinary Unspecifiable Services” per N.J.S.A. 40A:11-5.
Inasmuch as the system of records did not provide for an accumulation of payments for categories for the performance
of any work or the furnishing 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. None were noted.
10
BOROUGH OF RIVERDALE
COMMENTS AND RECOMMENDATIONS
(Continued)
Collection of Interest on Delinquent Taxes and Water/Sewer Rents
The statute provides the method for authorizing interest and the maximum rate to be charged for the nonpayment of
taxes, utility charges or assessments on or before the date when they would become delinquent.
The following resolution was adopted in 2024:
BE IT RESOLVED by the Borough Council of the Borough of Riverdale, NJ pursuant to R.S. 54:4-67, as
amended and supplemented, that the rate of interest to be charged for the non-payment of taxes or assessments
on or after the date when they become delinquent shall be as follows:
1. No interest shall be charged if payment of any installment so due is made within ten (10) days of the date the
same shall be payable; and
2. Upon expiration of the ten (10) day period as aforesaid, the rate of interest shall be eight (8) percent on the
first $1,500.00 of the delinquency and eighteen (18) percent thereafter on any amount in excess of $1,500;
and
FURTHER, BE IT RESOLVED that
3. This delinquency is to be calculated on a sum of all taxes from year to year and not to be calculated on an
individual yearly basis.
The following code is applicable for delinquent user fees:
BE IT RESOLVED by the Borough Council of the Borough of Riverdale, NJ pursuant to Code §136-26, if
water/sewer user fees are not paid within 30 days of the date they are rendered, they shall be deemed delinquent
and shall bear interest on the delinquent amount at a rate as established by the Borough for delinquent real estate
taxes. Amounts due on the delinquent bills shall become a lien upon the real estate connected until paid, and the
Borough shall have the same remedies for the collection thereof with interest, costs and penalties as it has by
law for collection of taxes upon real estate.
It appears from our testing that interest was charged in accordance with the above resolutions.
Delinquent Taxes and Tax Title Liens/Water/Sewer Liens
The last tax sale was held on December 13, 2024, and was complete with respect to all items eligible for sale.
The following comparison is made of the number of sewer and tax title liens receivable on December 31, of the last
three years.
Year
Number of Liens
2024
22
2023
22
2022
24
It is essential to good management that all means provided by statute be utilized to liquidate tax title liens and the sewer
lien in order to get such properties back on a taxpaying basis.
11
BOROUGH OF RIVERDALE
COMMENTS AND RECOMMENDATIONS
(Continued)
Verification of Delinquent Taxes and Other Charges
A test verification of delinquent 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 2025 Taxes
20
Payments of 2024 Taxes
20
Payments of Water/Sewer Utility Charges
20
Delinquent Taxes
15
Delinquent Water/Sewer Utility Charges
15
Water/Sewer and Tax Title Liens
3
Municipal Court
A summary of Municipal Court transactions for the year 2024 is as follows:
RECEIPTS AND DISBURSEMENTS FOR THE YEAR ENDED DECEMBER 31, 2024
Balance
Balance
Dec. 31, 2023
Receipts
Disbursements
Dec. 31, 2024
State of New Jersey
7,249.51
$
124,266.24
$
123,061.74
$
8,454.01
$
County
6,033.51
87,883.48
88,003.49
5,913.50
Municipality:
Fines and Fees
12,799.81
194,289.66
191,014.61
16,074.86
Parking Offense Adjudication Act
4.00
4.00
Public Defender
1,280.00
19,101.00
18,831.00
1,550.00
Conditional Discharge
75.00
2,094.00
1,722.00
447.00
Weights and Measures
10,650.00
71,300.00
69,150.00
12,800.00
Restitution
332.46
332.46
Cash Bail
510.00
36,075.00
34,135.00
2,450.00
38,597.83
$
535,345.84
$
526,254.30
$
47,689.37
$
12
BOROUGH OF RIVERDALE
COMMENTS AND RECOMMENDATIONS
(Continued)
New Jersey Administrative Code Accounting Requirements
The Division of Local Government Services has established three (3) accounting requirements which are prescribed
in the New Jersey Administrative Code. They are as follows:
1. Maintenance of an encumbrance accounting system.
2. Fixed asset accounting and reporting system.
3. General ledger accounting system.
The Borough is in compliance with the above accounting requirements.
Tax Collector’s Records
A review of the tax collector’s records revealed that a register of foreclosed properties is not maintained.
Recommendation
It is recommended that a foreclosed property register is maintained.
Management’s Response
A foreclosed property register will be maintained.
Outside Departments
While monthly reports are prepared by the outside departments, a formal detailed cashbook is not maintained for all of
the outside departments. It is recommended that a formal detailed cashbook be maintained for all of the outside
departments.
Management’s Response
A formal detailed cashbook will be maintained for all outside departments.
General Capital and Water/Sewer Utility Capital Funds
There is one General Capital ordinance and one Water/Sewer Utility Capital ordinance over five years old with deficit
cash balances at December 31, 2024. Management is aware of this situation and is in the process of funding the deficits.
Purchase Order Process
During our review of the purchase orders processed during the year we noted that certain purchase orders were not
placed prior to the order of the related goods or services.
Recommendation
It is recommended that a purchase order is placed prior to the order of goods or services.
Management’s Response
Every effort will be made to ensure that a purchase order is placed prior to the order of goods or services.
13
BOROUGH OF RIVERDALE
COMMENTS AND RECOMMENDATIONS
(Continued)
Management Suggestions
Older Federal and State Grant Reserves and Receivables
There are various appropriated reserves and receivable balances in the Federal and State Grant Fund which have been
on the Borough's records for several years. It is suggested that these older grant appropriated reserve and receivable
balances be reviewed for possible cancellation.
Payroll Agency Balances
There are a number of Borough’s payroll agency withholding balances which should be reviewed for validity.
Bank Reconciling Items
The older bank reconciling items should be reviewed for cancellation.
Tax Overpayments
The tax overpayments balance includes tax overpayments from tax years 2020-2022. The older tax overpayments
should be reviewed and either applied to a subsequent tax year or refunded.
Dedication by Rider
It is suggested that a dedication by rider by obtained for the Reserve for Fire Prevention before the related funds are
expended.
COVID-19 Federal Funding
It is possible that the Borough will undergo some review of its COVID-19 funding by the federal government. We
strongly suggest that the Borough ensures that these funds are utilized in accordance with the applicable federal
requirements especially with respect to procurement. Additionally, we strongly suggest that the Borough ensures that
these funds are separately accounted for in the Borough’s accounting records and that any applicable Borough policies
are current with respect to federal grant requirements.
Because of the nature of these funds, being new programs, generally of a significant dollar amount, and some of which
may be expended over a period of years, they may be subject to federal or state audit several years from now. It is
important that the grant files maintained by local governments be complete, self-explanatory, and fully document the
program(s) undertaken as part of the funding.
Status of Prior Year Recommendations
The prior year audit recommendations with respect to segregation of duties, the maintenance of a foreclosed property
register, and purchase orders process were not resolved and are included as current year recommendations. The prior
year recommendation regarding Police Department collections not being deposited within 48 hours of receipt was
resolved during 2024.
14
BOROUGH OF RIVERDALE
SUMMARY OF RECOMMENDATIONS
It is recommended that:
1. An adequate segregation of duties be maintained with respect to the recording and treasury functions.
2. A foreclosed property register is maintained.
3. A formal detailed cashbook be maintained for all of the outside departments.
4. A purchase order is placed prior to the order of goods or services.
* * * * * * * *
Protected Document Content
Start your free trial to view the raw municipal bid documents and web text.
Unlock Full AccessDetailed Risk Breakdown
local preference
No Flags Found
performance bond
Evidence Detected
"...Balance Sheet – Regulatory Basis F Page Notes to Financial Statements 1-28 Schedule Supplementary Data Officials in Office and Surety Bonds 1 Current Fund Schedule of Cash – Treasurer A-4 Schedule of Cash – Collector A-5 Schedule of Cash – Federal and State Grant Fund (Not..."
liquidated damages
No Flags Found
Quick Actions
Explore More
Timeline
First Discovered
Apr 5, 2026
Last Info Update
Apr 5, 2026
Start your 7-day free trial
Get instant notifications and full bid analysis. Existing users will be logged in automatically.
Start Free Trial