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Executive Summary
This document presents the Borough of Riverton's audit report for the fiscal year ending December 31, 2020. The audit, conducted by Inverso & Stewart, LLC, includes an independent auditor's report, reports on internal control over financial reporting and compliance, and financial statements for various funds, including the Current Fund, Trust Fund, General Capital Fund, and Public Assistance Fund. The audit expresses an adverse opinion on the Borough's financial statements when prepared in accordance with U.S. Generally Accepted Accounting Principles, but a fair presentation in accordance with the regulatory basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. The auditor's report is dated July 30, 2021.
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--- Document: 2020 Riverton Borough Audit Report Document ---
BOROUGH OF RIVERTON
County of Burlington
Report of Audit of Financial Statements
For the Year Ended December 31, 2020
BOROUGH OF RIVERTON
COUNTY OF BURLINGTON
TABLE OF CONTENTS
PART I
Exhibits
Page
Independent Auditor's Report
2
Report on Internal Control Over Financial Reporting and on Compliance and
Other Matters Based on an Audit of Financial Statements Performed
Accordance with Government Auditing Standards
5
Financial Statements
Current Fund:
Statement of Assets, Liabilities, Reserves and Fund Balance --
- Regulatory Basis
A
7
Statement of Operations and Changes in Fund Balance
- Regulatory Basis
A-1
9
Statement of Revenues - Regulatory Basis
A-2
10
Statement of Expenditures - Regulatory Basis
A-3
12
Trust Fund
Statement of Assets, Liabilities, Reserves and Fund Balance --
B
17
- Regulatory Basis
General Capital Fund
Statement of Assets, Liabilities, Reserves and Fund Balance --
- Regulatory Basis
C
18
Statement of Operations and Changes in Fund Balance --
C-1
19
- Regulatory Basis
Public Assistance Fund
Statement of Assets, Liabilities and Reserves and Fund Balance -
D
20
- Regulatory Basis
General Fixed Assets Account Group
Statement of General Fixed Assets Group of Accounts
E
21
Notes to Financial Statements
22
Current Fund
Statement of Cash - Collector/Treasurer
A-4
51
Schedule of Taxes Receivable and Analysis of Property Tax Levy
A-5
52
Schedule of Tax Title Liens
A-6
53
Schedule of Revenue Accounts Receivable
A-7
54
Schedule of Sewer Rent Receivable
A-8
55
Schedule of Due State of New Jersey -
Senior Citizen and Veterans' Deductions
A-9
56
Statement of 2019 Appropriation Reserves and Reserve for Encumbrances
A-10
57
Schedule of Tax Overpayments
A-11
58
Schedule of Prepaid Taxes
A-12
58
Schedule of Sewer Rent Overpayments
A-13
59
Schedule of Due to State of NJ - UCC Fees
A-14
59
Schedule of County Taxes Payable
A-15
60
Schedule of Local District School Tax Payable
A-16
61
- a -
Part I (Continued):
Federal and State Grant Fund
Schedule of Federal and State Grants Receivable
A-17
62
Schedule of Reserve for Federal and State Grants - Unappropriated
A-18
63
Schedule of Reserve for Federal and State Grants - Appropriated
A-19
64
Trust Fund
Schedule of Cash - Treasurer
B-1
66
Schedule of Reserve for Animal Control Fund Expenditures
B-2
67
Statement of Due to the State of NJ - Marriage Licenses
B-3
68
Statement of Payroll Deductions Payable
B-4
68
Schedule of Tax Title Lien Payable
B-5
69
Schedule of Reserve for Unemployment Claims
B-6
69
Schedule of Reserve for Flexible Spending Benefits
B-7
69
Schedule of Reserve for Developer's Escrow Deposits
B-8
70
Schedule of Reserve for Tax Sale Premiums
B-9
70
Schedule of Reserve for Shade Tree Commission
B-10
71
Schedule of Reserve for Environmental Fund
B-11
71
Schedule of Reserve for Veteran Affairs
B-12
71
Schedule of Reserve for Public Defender
B-13
72
Schedule of Reserve for Police Forfeited Property
B-14
72
Schedule of Reserve for Compensated Absences
B-15
72
Schedule of Reserve for POAA Funds
B-16
73
Schedule of Reserve for Outside Police
B-17
73
Schedule of Reserve for Dog Park
B-18
74
Schedule of Reserve for Uniform Fire Safety
B-19
74
General Capital Fund
Schedule of Cash - Treasurer
C-2
76
Analysis of General Capital Cash and Investments
C-3
77
Schedule of Deferred Charges to Future Taxation - Funded
C-4
78
Schedule of Deferred Charges to Future Taxation - Unfunded
C-5
79
Statement of Grants Receivable
C-6
80
Schedule of General Serial Bonds
C-7
81
Schedule of Improvement Authorizations
C-8
82
Statement of Capital Improvement Fund
C-9
84
Statement of Bonds and Notes Authorized But Not Issued
C-10
85
Public Assistance Fund
Schedule of Cash - Treasurer
D-1
87
PART II
Schedule of Findings and Recommendations
Schedule of Findings and Questioned Costs
89
Schedule of Financial Statement Findings
90
Schedule of Federal Awards and State Financial Assistance Findings
91
Summary Schedule of Prior Year Audit Findings
92
Officials in Office and Surety Bonds
93
Acknowledgment
93
-b-
BOROUGH OF RIVERTON
PART I
Report of Audit of Financial Statements
For the Year Ended December 31, 2020
INVERSO & STEWART, LLC
Certified Public Accountants
651 Route 73 North, Suite 402
-Member of-
Marlton, New Jersey 08053
American Institute of CPAs
(856) 983-2244
New Jersey Society of CPAs
Fax (856) 983-6674
E-Mail: rinverso@inversocpa.com
INDEPENDENT AUDITOR’S REPORT
The Honorable Mayor and
Members of the Borough Council
Borough of Riverton
County of Burlington
Riverton, New Jersey
Report on the Financial Statements
I have audited the accompanying statements of assets, liabilities, reserves and fund balance - regulatory basis of the
various funds of the Borough of Riverton, in the County of Burlington, State of New Jersey, as of December 31, 2020 and
2019, and the related statements of operations and changes in fund balance - regulatory basis for the years then ended, and
the related statement of revenues - regulatory basis, statement of expenditures - regulatory basis, and statement of general
fixed assets group of accounts for the year ended December 31, 2020 and the related notes to the financial statements,
which collectively comprise the Borough’s basic financial statements as listed in the table of contents.
Management’s Responsibility 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. 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 Responsibility
My responsibility is to express opinions on these financial statements based on my audit. I conducted my audit in
accordance with auditing standards generally accepted in the United States of America; the standards applicable to
financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and
in compliance with audit requirements as prescribed by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey. Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation and fair presentation of the financial statements 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 entity’s internal control. Accordingly, I express no such opinion. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinions.
2
Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles
As described in Note 1 of the financial statements, the financial statements are prepared by the Borough on the basis of
the financial reporting provisions of the Division of Local Government Services, Department of Community Affairs,
State of New Jersey, which is a basis of accounting other than accounting principles generally accepted in the United
States of America, to meet the requirements of the State 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.
Adverse Opinion on U.S. Generally Accepted Accounting Principles
In my opinion, because of the significance of the matter discussed in the “Basis for Adverse Opinion on U.S. Generally
Accepted Accounting Principles” paragraph, the 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 the
Borough of Riverton, in the County of Burlington, State of New Jersey, as of December 31, 2020 and 2019, or the results
of its operations and changes in fund balance for the years then ended.
Opinion on Regulatory Basis of Accounting
In my opinion, the financial statements referred to previously present fairly, in all material respects, the assets, liabilities,
reserves and fund balance - regulatory basis of the various funds of the Borough of Riverton, in the County of Burlington,
State of New Jersey, as of December 31, 2020 and 2019, and the results of its operations and changes in fund balance –
regulatory basis of such funds for the years then ended, and the revenues - regulatory basis, expenditures - regulatory
basis of the various funds, and general fixed assets, for the year ended December 31, 2020 in conformity with accounting
principles and practices prescribed by the Division of Local Government Services, Department of Community Affairs,
State of New Jersey as described in Note 1.
Other Information
My audits were conducted for the purpose of forming opinions on the financial statements that collectively comprise the
Borough’s basic financial statements. The supplemental financial statements presented for the various funds are
presented for purposes of additional analysis as required by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey, and are not a required part of the basic financial statements
The supplementary financial statements presented for the various funds are the responsibility of management and were
derived from and relate directly to the underlying accounting and other records used to prepare the financial statements.
Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and
certain additional procedures, including comparing and reconciling such information directly to the underlying accounting
and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other
additional procedures in accordance with auditing standards generally accepted in the United States of America. In my
opinion, the information described in the previous paragraph is fairly stated, in all material respects, in relation to the
basic financial statements taken as a whole.
3
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, I have also issued my report dated July 30, 2021 on my
consideration of the Borough of Riverton’s, in the County of Burlington, State of New Jersey, internal control over
financial reporting and my tests of its compliance with certain provisions of laws, regulations, contracts and grant
agreements and other matters. The purpose of that report is to describe the scope of my testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion on the 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 of Riverton’s internal control over financial reporting and
compliance.
Respectfully submitted,
INVERSO & STEWART, LLC
Certified Public Accountants
Robert P. Inverso
Certified Public Accountant
Registered Municipal Accountant
Marlton, New Jersey
July 30, 2021
4
INVERSO & STEWART, LLC
Certified Public Accountants
651 Route 73 North, Suite 402
-Member of-
Marlton, New Jersey 08053
American Institute of CPAs
(856) 983-2244
New Jersey Society of CPAs
Fax (856) 983-6674
E-Mail: rinverso@inversocpa.com
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 AUDITOR’S REPORT
The Honorable Mayor and
Members of the Borough Council
Borough of Riverton
County of Burlington
Riverton, New Jersey
I have audited, in accordance with the auditing standards generally accepted in the United States of America: the
standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General
of the United States; and the audit requirements as prescribed by the Division of Local Government Services, Department
of Community Affairs, State of New Jersey, the financial statements prepared on a regulatory basis of accounting
prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey of the
Borough of Riverton, in the County of Burlington, State of New Jersey, as of and for the year ended December 31, 2020,
and the related notes to the financial statements, which collectively comprise the Borough’s basic financial statements,
and have issued my report thereon dated July 30, 2021. That report indicated that the Borough of Riverton’s financial
statements were not prepared in accordance with accounting principles generally accepted in the United States of
America, but were prepared on a regulatory basis of accounting prescribed by the Division of Local Government
Services, Department of Community Affairs, State of New Jersey.
Internal Control Over Financial Reporting
In planning and performing my audit of the financial statements, I considered the Borough of Riverton’s internal control
over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for
the purpose of expressing my opinions on the financial statements, but not for the purpose of expressing an opinion on the
effectiveness of the Borough’s internal control. Accordingly, I do not express an opinion on the effectiveness of the
Borough of Riverton’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 combination of deficiencies, in internal control, such that there is a
reasonable possibility that a material misstatement of the entity’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.
My consideration of 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.
Given these limitations, during my audit I did not identify any deficiencies in internal control that I consider to be
material weaknesses. However, material weaknesses may exist that have not been identified.
5
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Borough of Riverton's financial statements are free from
material misstatement, I 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 determination of financial statement
amounts. However, providing an opinion on compliance with those provisions was not an objective of my audit and,
accordingly, I do not express such an opinion. The results of my tests disclosed no instances of noncompliance or other
matters that are required to be reported under Government Auditing Standards or audit requirements as prescribed by the
Division of Local Governments Services, Department of Community Affairs, State of New Jersey.
Purpose of this Report
The purpose of this report is solely to describe the scope of my testing of internal control and compliance and the results
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 and audit
requirements as prescribed by the Division of Local Government Services, Department of Community Affairs, State of
New Jersey in considering the Borough’s internal control and compliance. Accordingly, this communication is not
suitable for any other purpose.
Respectfully submitted,
INVERSO & STEWART, LLC
Certified Public Accountants
Robert P. Inverso
Certified Public Accountant
Registered Municipal Accountant
Marlton, New Jersey
July 30, 2021
6
EXHIBIT A
BOROUGH OF RIVERTON
Current Fund
Statement of Assets, Liabilities, Reserves and Fund Balance -- Regulatory Basis
For the Years Ended December 31, 2020 and 2019
Reference
2020
2019
ASSETS
Regular Fund:
Cash - Treasurer
A-4
3,051,812.99
$
3,172,963.23
$
Cash - Collector's Change Fund
120.00
120.00
Total
3,051,932.99
3,173,083.23
Receivables and Other Assets with Full Reserves:
Delinquent Property Taxes Receivable
A-5
122,665.19
160,083.36
Tax Title Liens Receivable
A-6
89,825.97
Revenue Accounts Receivable
A-7
3,099.80
3,356.89
Sewer Rent Receivable
A-8
23,957.28
26,546.06
Due from Animal Control Fund
B
97.22
2,478.25
Due from Trust Other Fund
B
38,336.85
38,180.71
Due from Capital Fund
C
11,688.23
Total
277,982.31
242,333.50
Deferred Charges;
Emergency Authorization (40A:4-47)
25,000.00
Total Regular Fund
3,329,915.30
3,440,416.73
Federal and State Grant Fund:
Cash - Treasurer
A-4
24,819.30
8,389.29
Federal and State Grants Receivable
A-17
23,479.59
67,248.00
Due from Current Fund
A
14,464.55
14,464.55
Due from Capital Fund
C
1,979.87
23,600.00
Total Federal and State Grant Fund
64,743.31
113,701.84
Total
3,394,658.61
$
3,554,118.57
$
(Continued)
7
EXHIBIT A
BOROUGH OF RIVERTON
Current Fund
Statement of Assets, Liabilities, Reserves and Fund Balance -- Regulatory Basis
For the Years Ended December 31, 2020 and 2019
Reference
2020
2019
LIABILITIES, RESERVES AND FUND BALANCE
Regular Fund:
Liabilities:
Appropriation Reserves
A-3
213,205.96
$
247,596.66
$
Reserve for Encumbrances
A-3
33,394.28
82,964.49
Tax Overpayments
A-11
19,789.66
26,973.59
Prepaid Taxes
A-12
58,629.66
67,976.88
Sewer Rent Overpayments
A-13
1,906.20
1,553.10
Prepaid Sewer Rents
A-4
1,731.20
2,801.78
Due to Federal and State Grant Fund
A
14,464.55
14,464.55
Due to Trust - Other Funds
B
30,000.00
Due to General Capital Fund
C
5,767.28
31,305.91
Due to State of NJ - Construction Code Fees
A-14
1,726.00
295.28
Due County for Added Taxes
A-15
6,181.75
1,655.55
Due to State of N.J. for Senior Citizen and
Veteran Deductions
A-9
750.00
750.00
Local District School Tax Payable
A-16
1,956,072.47
1,901,678.95
Total Liabilities
2,313,619.01
2,410,016.74
Reserve for Receivables and Other Assets
A
277,982.31
242,333.50
Fund Balance
A-1
738,313.98
788,066.49
Total Regular Fund
3,329,915.30
3,440,416.73
Federal and State Grant Fund:
Reserve for Encumbrances
A-19
-
1,480.76
Due to General Capital Fund
C
37,155.54
Unappropriated Reserves
A-18
-
7,156.27
Appropriated Reserves
A-19
64,743.31
67,909.27
Total Federal and State Grant Fund
64,743.31
113,701.84
Total
3,394,658.61
$
3,554,118.57
$
The accompanying Notes to Financial Statements are an integral part of this statement.
8
EXHIBIT A-1
BOROUGH OF RIVERTON
Current Fund
Statement of Operations and Changes in Fund Balance -- Regulatory Basis
For the Years Ended December 31, 2020 and 2019
2020
2019
Revenue and Other Income Realized:
Fund Balance Utilized
225,000.00
$
200,000.00
$
Miscellaneous Revenue Anticipated
947,456.00
995,312.06
Receipts from Delinquent Taxes
112,214.14
126,222.70
Receipts from Current Taxes
8,704,147.47
8,537,679.08
Nonbudget Revenues
24,633.82
24,080.03
Other Credits to Income:
Interfunds Liquidated
14,166.48
Unexpended Prior Year Appropriation Reserves and Encumbrances Payable
88,128.32
71,233.65
Total Revenue and Other Income Realized
10,115,746.23
9,954,527.52
Expenditures
Operations Within "CAPS":
Salaries and Wages
1,060,354.00
1,026,382.00
Other Expenses
1,614,673.00
1,571,579.00
Deferred Charges and Statutory Expenditures Within "CAPS"
257,748.00
227,564.00
Operations Excluded from "CAPS":
Other Expenses
23,964.22
25,533.49
Capital Improvements
-
59,475.00
Municipal Debt Service Excluded from "CAPS"
220,746.04
222,072.92
Local District School Tax
5,621,675.00
5,500,888.00
County Taxes
1,134,156.73
1,111,279.41
Due County for Added Taxes
6,181.75
1,655.55
Prior Year Veteran/Senior Citizen
1,000.00
500.00
Prior Year Overpayments Created
3,263.81
Interfund Loans Made
Total
9,940,498.74
9,750,193.18
Excess in Revenue
175,247.49
204,334.34
Adjustments to Income Before Surplus:
Expenditures Included Above which are by Statute Deferred
Charges to Budget of Succeeding Year
25,000.00
Excess in Revenue & Statutory Excess to Fund Balance
175,247.49
229,334.34
Fund Balance January 1
788,066.49
758,732.15
Total
963,313.98
988,066.49
Decreased by Utilization as Anticipated Revenue
225,000.00
200,000.00
Balance December 31
738,313.98
$
788,066.49
$
The accompanying Notes to Financial Statements are an integral part of this statement.
9
EXHIBIT A-2
BOROUGH OF RIVERTON
Current Fund
Statement of Revenues -- Regulatory Basis
For the Year Ended December 31, 2020
SPECIAL
EXCESS
BUDGET
NJS 40A:4-87
REALIZED
(DEFICIT)
Fund Balance Anticipated
225,000.00
$
-
$
225,000.00
$
-
$
Miscellaneous Revenues:
Licenses - Other
1,200.00
978.00
(222.00)
Fees and Permits - Other
900.00
750.00
(150.00)
Fines and Costs
Municipal Court
77,000.00
42,158.02
(34,841.98)
Interest and Costs on Taxes
35,000.00
25,426.06
(9,573.94)
Interest on Investments and Deposits
7,500.00
15,410.60
7,910.60
Cell Tower Rental Fees
31,000.00
33,049.29
2,049.29
Sewer Rent Fees
465,944.00
506,254.53
40,310.53
Payments in Lieu of Taxes
9,000.00
15,171.78
6,171.78
Comcast Fees
9,400.00
9,422.50
22.50
Park Fees
3,500.00
3,125.00
(375.00)
Energy Receipts Taxes
230,577.00
230,577.00
Uniform Construction Code Fees
30,000.00
24,231.00
(5,769.00)
Uniform Fire Safety Act
5,000.00
5,938.00
938.00
Reserve for Debt Service
20,000.00
20,000.00
Miscellaneous Revenues Offset with Appropriations:
Recycling Tonnage Grant
3,659.31
3,659.31
Bulletproof Vest
401.38
401.38
Drunk Driving Enforcement Grant
3,095.58
3,095.58
Clean Communities
6,137.51
6,137.51
Alcohol Education Rehab
666.83
666.83
Body Armor
1,003.61
1,003.61
Total
933,177.27
7,807.95
947,456.00
6,470.78
Receipts from Delinquent Taxes
131,000.00
112,214.14
(18,785.86)
Amount to be Raised by Taxes for Support of
Municipal Budget - Local Tax for Municipal Purposes
2,062,044.90
2,123,374.89
61,329.99
Budget Totals
3,351,222.17
7,807.95
3,408,045.03
49,014.91
$
Nonbudget Revenues
24,633.82
Total
3,351,222.17
$
7,807.95
$
3,432,678.85
$
(Continued)
10
EXHIBIT A-2
BOROUGH OF RIVERTON
Current Fund
Statement of Revenues -- Regulatory Basis
For the Year Ended December 31, 2020
Analysis of Realized Revenue
Allocation of Current Tax Collections:
Revenue from Collections
8,704,147.47
$
Allocated to School and County Taxes
6,762,013.48
Balance for Support of Municipal Budget Appropriations
1,942,133.99
Add Appropriation - Reserve for Uncollected Taxes
181,240.90
Amount for Support of Municipal Budget Appropriations
2,123,374.89
$
Receipts from Delinquent Taxes:
Delinquent Tax Collections
112,214.14
$
Licenses - Other:
Registrar of Vital Statistics
978.00
$
Total
978.00
$
Fees and Permits - Other:
Street Opening Permits
500.00
$
Vacant Property Registration Fees
250.00
Total
750.00
$
Miscellaneous Revenue Not Anticipated:
Application Fees
860.00
Zoning Variance Fees
350.00
Recycling
50.00
Food Truck Fee
400.00
Raffle
160.00
Fence/Sign Permits
1,397.00
Cat Licenses
35.00
Admin Fee - SC & Vet
430.00
Police Reports
766.55
Sewer Penalties
11,850.49
Insurance Dividend
7,033.03
DMV Inspections
400.00
Restitution
70.00
Snow Removal
172.50
Miscellaneous
659.25
Total
24,633.82
$
The accompanying Notes to Financial Statements are an integral part of this statement.
11
EXHIBIT A-3
BOROUGH OF RIVERTON
Current Fund
Statement of Expenditures -- Regulatory Basis
For the Year Ended December 31, 2020
Expended
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
GENERAL APPROPRIATIONS:
Operations Within "CAPS":
General Government
Mayor and Council
Other Expenses
2,500.00
$
2,500.00
$
2,164.47
$
-
$
335.53
$
-
$
Borough Clerk
Salaries and Wages
67,293.00
67,293.00
64,800.08
2,492.92
Other Expenses
26,550.00
24,550.00
17,297.43
807.27
6,445.30
Financial Administration:
Salaries and Wages
56,846.00
56,846.00
54,740.67
2,105.33
Other Expenses
5,850.00
5,850.00
5,311.99
111.81
426.20
Audit Services
Other Expenses
27,800.00
27,800.00
27,800.00
-
Computerized Data Processing
Other Expenses
15,000.00
15,000.00
14,474.90
525.10
Collection of Taxes
Salaries and Wages
30,728.00
27,728.00
25,852.09
1,875.91
Other Expenses
5,485.00
5,485.00
4,504.18
980.82
Assessment of Taxes
Salaries and Wages
11,771.00
11,771.00
11,333.28
437.72
Other Expenses
1,250.00
2,422.00
2,413.35
8.65
Legal Services & Costs
Other Expenses
20,000.00
21,000.00
19,437.44
1,562.56
Engineer
Other Expenses
3,000.00
4,600.00
2,355.00
2,245.00
Economic Development
Other Expenses
3,677.00
3,677.00
3,540.96
136.04
Land Use Administration:
Planning Board:
Salaries and Wages
12,042.00
12,042.00
11,777.32
264.68
Other Expenses
10,925.00
21,234.00
20,231.87
325.00
677.13
(Continued)
12
EXHIBIT A-3
BOROUGH OF RIVERTON
Current Fund
Statement of Expenditures -- Regulatory Basis
For the Year Ended December 31, 2020
Expended
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
Operations Within "CAPS" (Continued)
General Government (Continued)
Insurance:
Liability Insurance
95,940.00
$
96,430.00
$
96,430.00
$
-
$
-
$
-
$
Worker Compensation
61,802.00
61,802.00
61,011.19
790.81
Employees Group Insurance
347,751.00
351,751.00
348,753.09
2,997.91
Public Safety:
Police:
Salaries and Wages
552,330.00
538,330.00
514,515.86
23,814.14
Other Expenses
44,400.00
39,400.00
32,268.45
506.85
6,624.70
Office of Emergency Management
Other Expenses
250.00
250.00
-
250.00
Fire Department
Other Expenses
25,000.00
25,000.00
23,907.21
870.00
222.79
Fire Official
Salaries and Wages
5,684.00
5,684.00
5,357.89
326.11
Other Expenses
1,840.00
1,840.00
1,727.97
112.03
Public Works:
Road Repairs and Maintenance
Salaries and Wages
233,547.00
229,547.00
212,695.42
16,851.58
Other Expenses
50,200.00
43,700.00
36,656.99
3,600.44
3,442.57
Shade Tree Commission
Other Expenses
45,000.00
50,712.00
48,306.50
1,938.75
466.75
Solid Waste Collection
Other Expenses
126,176.00
135,616.00
122,166.50
10,449.50
3,000.00
Public Buildings and Grounds
Other Expenses
26,000.00
23,500.00
21,092.12
356.21
2,051.67
Vehicle Maintenance
Other Expenses
32,500.00
32,500.00
31,117.79
249.62
1,132.59
Registrar of Vital Statistics:
Salaries and Wages
5,140.00
5,140.00
4,949.94
190.06
Other Expenses
150.00
150.00
-
150.00
(Continued)
13
EXHIBIT A-3
BOROUGH OF RIVERTON
Current Fund
Statement of Expenditures -- Regulatory Basis
For the Year Ended December 31, 2020
Expended
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
Operations Within "CAPS" (Continued)
General Government (Continued)
Animal Control
Other Expenses
5,000.00
$
5,000.00
$
3,768.00
$
175.00
$
1,057.00
$
-
$
Parks and Recreation:
Recreation Services:
Other Expenses
18,000.00
15,500.00
15,078.59
309.55
111.86
Celebration of Public Events:
Other Expenses
1,800.00
1,800.00
473.65
1,326.35
Utilities:
Electricity
75,800.00
75,800.00
64,877.34
100.44
10,822.22
Street Lighting
45,000.00
45,000.00
40,244.70
4,755.30
Telephone
15,750.00
19,730.00
19,362.24
367.76
Water
4,750.00
4,856.00
4,421.79
173.94
260.27
Fire Hydrant Service
42,500.00
42,500.00
38,962.00
3,538.00
Sewerage Processing:
Salaries and Wages
36,000.00
67,375.00
65,180.46
2,194.54
Other Expenses
216,275.00
184,437.00
177,533.21
3,890.48
3,013.31
Gasoline
28,000.00
19,450.00
15,616.48
1,143.22
2,690.30
Landfill and Solid Waste Disposal Costs - Landfill Fees
102,000.00
120,000.00
106,721.67
8,386.20
4,892.13
Municipal Court:
Other Expenses
90,000.00
82,704.00
435.60
82,268.40
Public Defender (P.L. 1997, c 256)
Salaries and Wages
4,000.00
4,000.00
4,000.00
-
Construction Code Office:
Salaries and Wages
34,598.00
34,598.00
28,475.41
6,122.59
Other Expenses
1,127.00
1,127.00
323.00
804.00
Total Operations - Within "CAPS"
2,675,027.00
2,675,027.00
2,434,466.09
33,394.28
207,166.63
-
Detail:
Salaries and Wages
1,049,979.00
1,060,354.00
1,003,678.42
-
56,675.58
-
Other Expenses
1,625,048.00
1,614,673.00
1,430,787.67
33,394.28
150,491.05
-
(Continued)
14
EXHIBIT A-3
BOROUGH OF RIVERTON
Current Fund
Statement of Expenditures -- Regulatory Basis
For the Year Ended December 31, 2020
Expended
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
Municipal - Within "CAPS":
DEFERRED CHARGES
Emergency Authorizations
25,000.00
$
25,000.00
$
25,000.00
$
-
$
-
$
-
$
STATUTORY EXPENDITURES:
Contribution to:
Social Security System (O.A.S.I.)
52,116.00
52,116.00
46,077.72
-
6,038.28
-
Police & Fireman's Retirement System
120,217.00
120,217.00
120,216.40
0.60
Public Employees' Retirement System
60,415.00
60,415.00
60,414.55
0.45
Total Deferred Charges and Statutory Expenditures -
Municipal Within "CAPS"
257,748.00
257,748.00
251,708.67
-
6,039.33
-
Total General Appropriations -
For Municipal Purposes Within "CAPS"
2,932,775.00
2,932,775.00
2,686,174.76
33,394.28
213,205.96
-
Operations Excluded from "CAPS":
Aid To Library (N.J.S.A.40:54-35)
9,000.00
9,000.00
9,000.00
-
Public and Private Programs Offset By Revenues:
Body Armor Grant (C.159 $1,003.61)
-
1,003.61
1,003.61
-
Bullet Proof Vest
401.38
401.38
401.38
-
Recycling Tonnage Grant
3,659.31
3,659.31
3,659.31
-
Drunk Driving Enforcement Grant
3,095.58
3,095.58
3,095.58
-
Alcohol Education Rehab (C.159 $666.83)
-
666.83
666.83
-
Clean Communities Grant (C.159 $6,137.51)
-
6,137.51
6,137.51
-
Total Operations - Excluded From "CAPS"
16,156.27
23,964.22
23,964.22
-
-
-
Detail:
Other Expenses
16,156.27
23,964.22
23,964.22
-
-
-
Capital Improvements - Excluded From "CAPS"
Capital Improvement Fund
-
-
Total Capital Improvements - Excluded From "CAPS"
-
-
-
-
-
-
(Continued)
15
EXHIBIT A-3
BOROUGH OF RIVERTON
Current Fund
Statement of Expenditures -- Regulatory Basis
For the Year Ended December 31, 2020
Expended
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
Municipal Debt Service - Excluded From "CAPS"
Payment of Bond Principal
130,000.00
$
130,000.00
$
130,000.00
$
-
$
-
$
-
$
Interest on Bonds
91,050.00
91,050.00
90,746.04
-
303.96
Total Municipal Debt Service - Excluded From "CAPS"
221,050.00
221,050.00
220,746.04
-
-
303.96
Total General Appropriations for Municipal
Purposes Excluded From "CAPS"
237,206.27
245,014.22
244,710.26
-
-
303.96
Subtotal General Appropriations
3,169,981.27
3,177,789.22
2,930,885.02
33,394.28
213,205.96
303.96
Reserve for Uncollected Taxes
181,240.90
181,240.90
181,240.90
-
-
TOTAL GENERAL APPROPRIATIONS
3,351,222.17
$
3,359,030.12
$
3,112,125.92
$
33,394.28
$
213,205.96
$
303.96
$
Original Budget
3,351,222.17
$
Emrgency Appropriation
-
Amended by NJS 40A:4-87
7,807.95
3,359,030.12
$
Expended - Paid or Charged:
Reserve for State Grants
14,964.22
$
Reserve for Uncollected Taxes
181,240.90
Deferred Charges
25,000.00
Disbursed
2,890,920.80
Total
3,112,125.92
$
The accompanying Notes to Financial Statements are an integral part of this statement.
16
EXHIBIT B
BOROUGH OF RIVERTON
Trust Fund
Statement of Assets, Liabilities, Reserves and Fund Balance -- Regulatory Basis
For the Years Ended December 31, 2020 and 2019
Reference
2020
2019
ASSETS
Animal Control Fund:
Cash - Treasurer
B-1
610.82
$
2,894.45
$
Other Funds:
Cash - Treasurer
B-1
302,865.46
298,115.48
Due from Current Fund
A
-
30,000.00
Total Other Funds
302,865.46
328,115.48
Total
303,476.28
$
331,009.93
$
LIABILITIES AND RESERVES
Dog License Fund:
Due to Current Fund
A
97.22
$
2,478.25
$
Due to State
7.60
20.20
Reserve for Dog Fund Expenditures
B-2
506.00
396.00
Total Dog License Fund
610.82
2,894.45
Other Funds:
Due State of New Jersey:
Marriage License Fees
B-3
75.00
50.00
Due to Current Fund
A
38,336.85
38,180.71
Payroll Deductions Payable
B-4
582.07
162.40
Tax Title Lien Redemption Payable
B-5
-
-
Reserve for Unemployment Compensation Trust
B-6
20,287.79
18,256.59
Reserve for Flexible Spending Account
B-7
309.13
470.09
Reserve for Developers Escrow Fund
B-8
87,362.68
81,881.18
Reserve for Tax Sale Premiums
B-9
41,284.14
78,507.32
Reserve for Shade Tree Commission
B-10
4,763.79
763.79
Reserve for Environmental Fund
B-11
5,161.38
5,161.38
Reserve for Veterans Affairs Fund
B-12
1,075.12
1,075.12
Reserve for Public Defender
B-13
5,479.09
2,539.09
Reserve for Police Forfeited Property
B-14
2,311.94
9,138.88
Reserve for Compensated Absences
B-15
30,000.00
30,000.00
Reserve for POAA Funds
B-16
207.02
368.68
Reserve for Off Duty Police
B-17
59,359.75
58,688.75
Reserve for Dog Park
B-18
4,040.00
-
Reserve for Uniform Fire Safety
B-19
2,229.71
2,871.50
Total Other Funds
302,865.46
328,115.48
Total
303,476.28
$
331,009.93
$
The accompanying Notes to Financial Statements are an integral part of this statement.
17
EXHIBIT C
BOROUGH OF RIVERTON
General Capital Fund
Statement of Assets, Liabilities, Reserves and Fund Balance -- Regulatory Basis
For the Years Ended December 31, 2020 and 2019
Reference
2020
2019
ASSETS
Cash
C-2, C-3
406,766.11
$
551,355.25
$
Due from Current Fund
A
5,767.28
31,305.91
Due from Federal and State Grant Fund
A
37,155.54
Deferred Charges to Future Taxation:
Funded
C-4
1,730,000.00
1,860,000.00
Unfunded
C-5
795,549.00
516,448.32
Grants Receivable
C-6
10,500.00
10,500.00
Total
2,948,582.39
$
3,006,765.02
$
LIABILITIES, RESERVES
AND FUND BALANCE
Serial Bonds Payable
C-7
1,730,000.00
$
1,860,000.00
$
Due to Current Fund
A
11,688.23
Due to Federal and State Grant Fund
A
1,979.87
23,600.00
Improvement Authorizations:
Funded
C-8
281,339.29
409,000.31
Unfunded
C-8
679,214.39
433,673.66
Encumbrances Payable
C-8
20,049.99
65,567.18
Capital Improvement Fund
C-9
17,860.76
40,256.76
Reserve for Debt
138,528.41
144,500.00
Fund Balance
C-1
79,609.68
18,478.88
Total
2,948,582.39
$
3,006,765.02
$
The accompanying Notes to Financial Statements are an integral part of this statement.
18
EXHIBIT C-1
BOROUGH OF RIVERTON
General Capital Fund
Statement of Operations and Changes in Fund Balance -- Regulatory Basis
For the Year Ended December 31, 2020
Balance December 31, 2019
18,478.88
$
Increased by:
Cancelation of Improvement Authorizations
61,130.80
Balance December 31, 2020
79,609.68
$
The accompanying Notes to Financial Statements are an integral part of this statement.
19
EXHIBIT D
BOROUGH OF RIVERTON
PUBLIC ASSISTANCE FUND
Statement of Assets, Liabilities, Reserve and Fund Balance -- Regulatory Basis
For the Years Ended December 31, 2020 and 2019
Reference
2020
2019
ASSETS
Cash
D-1
743.49
$
740.68
$
Total
743.49
$
740.68
$
LIABILITIES AND RESERVES
Reserve for Public Assistance
743.49
$
740.68
$
The accompanying Notes to Financial Statements are an integral part of this statement.
20
EXHIBIT E
BOROUGH OF RIVERTON
ACCOUNT GROUP
Statement of General Fixed Assets Group of Accounts
For the Year Ended December 31, 2020
Balance
Balance
December 31,
December 31,
2019
Additions
Retirements
2020
General Fixed Assets:
Land
147,405.00
$
-
$
-
$
147,405.00
$
Buildings
1,580,688.90
1,580,688.90
Land and Building Improvements
643,954.54
643,954.54
Equipment
680,644.70
137,210.00
817,854.70
Vehicles
2,399,993.14
47,500.00
2,447,493.14
Total General Fixed Assets
5,452,686.28
$
184,710.00
$
-
$
5,637,396.28
$
Total Investment in General
Fixed Assets
5,452,686.28
$
184,710.00
$
-
$
5,637,396.28
$
The accompanying Notes to Financial Statements are an integral part of this statement.
21
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Financial Reporting Entity - The Borough of Riverton (hereafter referred to as the “Borough”) is
located in the western portion of the County of Burlington, State of New Jersey. The present population according to the
2020 census is 2,686.
The Borough was incorporated in 1893 and is governed by a Mayor/Council form of government which consists of
seven members elected at large by the voters. The Mayor is elected by the voters to a four-year term and acts as the
Chief Executive Officer of the Borough. Each of the six members of the Borough Council is elected to serve three-year
terms that are staggered. The legislative powers rest with the Borough Council. The Borough Clerk, Borough Treasurer
and Borough Chief Financial Officer are appointed by the Borough Council and monitor the daily administrative and
financial responsibilities, including but not limited to, staffing and personnel issues and budget preparation and
implementation.
Component Units – GASB Statement No. 14, The Financial Reporting Entity and GASB Statement No. 39,
Determining Whether Certain Organizations are Component Unit, provide guidance that all entities associated with a
primary government are potential component units and should be evaluated for inclusion in the financial reporting entity.
A primary government is financially accountable not only for the organizations that make up its legal entity, but also for
legally separate organizations that meet the criteria established by GASB Statements No. 14 and No. 39. In addition,
GASB Statement No. 61, provides additional guidance for organizations that do not meet the financial accountability
criteria for inclusion as component units but that nevertheless should be included because the primary government’s
management determines that it would be misleading to exclude them. GASB Statement No. 80, Blending Requirements
for Certain Component Units - an Amendment of GASB Statement No. 14 amends the blending requirements for the
financial statement presentation of component units of all state and local governments. The additional criteria requires
the blending of a component unit incorporated as a not-for-profit corporation in which the primary government is the
sole corporate member. There were no additional entities required to be included in the reporting entity under the criteria
as described above. Furthermore, the Borough is not includable in any other reporting entity on the basis of such criteria.
Basis of Accounting, Measurement Focus and Basis of Presentation - The financial statements of the Borough
contain all funds and account groups in accordance with the "Requirements of Audit" as promulgated by the State of
New Jersey, Department of Community Affairs, Division of Local Government Services. The principles and practices
established by the “Requirements” 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.
Generally, the financial statements are presented using the flow of current financial resources measurement focus and
modified accrual basis of accounting with minor exceptions as mandated by these "Requirements". In addition, the
prescribed accounting principles previously referred to differ in certain respects from accounting principles generally
accepted in the United States of America applicable to local government units. The more significant differences are
explained in this Note.
In accordance with the "Requirements", the Borough accounts for its financial transactions through the use of separate
funds which are described as follows.
Current Fund - The Current Fund accounts for resources and expenditures for governmental operations of
a general nature, including Federal and State grant funds.
Trust Funds - The various Trust Funds account for receipts, custodianship and disbursement of funds in
accordance with the purpose for which each reserve was created.
General Capital Fund - The General Capital Fund accounts for receipt and disbursement of funds for the
acquisition of general capital facilities, other than those acquired in the Current Fund.
22
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Budgets and Budgetary Accounting - The Borough must adopt an annual budget for its current fund in accordance
with N.J.S.A. 40A:4 et seq. N.J.S.A. 40A:4-5 requires the governing body to introduce and approve the annual
municipal budget no later than February 10 of each year. At introduction, the governing body shall fix the time and
place for a public hearing on the budget and must advertise the time and place at least ten days prior to the hearing in a
newspaper published and circulating in the Borough. The public hearing must not be held less than twenty-eight days
after the date the budget was introduced. After the hearing has been held, the governing body may, by majority vote,
adopt the budget or may amend the budget in accordance with N.J.S.A. 40A:4-9. Amendments to the adopted budgets, if
any, are detailed in the statements of revenues and expenditures.
An extension of the statutory dates for introduction, approval and adoption of the municipal budget may be granted by
the Director of the Division of Local Government Services, with the permission of the Local Finance Board.
Budgets are adopted on the same basis of accounting utilized for the preparation of the Borough's financial statements.
Cash, Cash Equivalents and Investments - Cash and cash equivalents, for all funds, include petty cash, change funds,
cash on deposit with public depositories. All certificates of deposit are recorded as cash regardless of the date of
maturity. Investments are stated at cost. Consequently, unrealized gain or loss on investments has not been recorded in
accordance with Governmental Accounting Standards Board Statement No. 31. New Jersey municipal units are required
by N.J.S.A. 40A:5-14 to deposit public funds in a bank or trust company having its place of business in the State of New
Jersey and organized under the laws of the United States or of the State of New Jersey or in the New Jersey Cash
Management Fund. N.J.S.A. 40A:5-15.1 provides a list of investments which may be purchased by New Jersey
municipal units. In addition, other State statutes permit investments in obligations issued by local utilities and other state
agencies.
N.J.S.A. 17:9-41 et seq. establishes the requirements for the security of deposits of governmental units. The statute
requires that no governmental unit shall deposit public funds in a public depository unless such funds are secured in
accordance with the Governmental Unit Deposit Protection Act (“GUDPA”), a multiple financial institutional collateral
pool, which was enacted in 1970 to protect governmental units from a loss of funds on deposit with a failed banking
institution in New Jersey. Public depositories include State or federally chartered banks, savings banks or associations
located in or having a branch office in the State of New Jersey, the deposits of which are federally insured. All public
depositories must pledge collateral, having a market value at least equal to five percent of the average daily balance of
collected public funds, to secure the deposits of governmental units. If a public depository fails, the collateral it has
pledged, plus the collateral of all other public depositories, is available to pay the amount of their deposits to the
governmental units.
The cash management plan adopted by the Borough requires it to deposit funds in public depositories protected from loss
under the provisions of the Act.
Interfunds - Interfund receivables and payables that arise from transactions between funds are recorded by all funds
affected by such transactions in the period in which the transaction is executed. 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.
Inventories of Supplies - The costs of inventories of supplies for all funds are recorded as expenditures at the time
individual items are purchased. The costs of inventories are not included on the various statements of assets, liabilities,
reserves and fund balances.
23
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
General Fixed Assets - Accounting for Governmental Fixed Assets, as required by N.J.A.C. 5:30-5.6, differs in certain
respects from accounting principles generally accepted in the United States of America. In accordance with the
regulations, all local units, including municipalities, must maintain a general fixed assets reporting system that
establishes and maintains a physical inventory of nonexpendable, tangible property as defined and limited by the U.S.
Office of Management and Budget Circular A-87 (Attachment B, Section 19), except that the useful life of such property
is at least five years. The Borough has adopted a capitalization threshold of $5,000 the maximum amount allowed by the
Circular.
Generally, assets are valued at historical cost; however, assets acquired prior to December 31, 1985 are valued at actual
historical cost or estimated historical cost. Donated general fixed assets are recorded at their estimated fair market value
on the acquisition date. Donated general fixed assets are recorded at their estimated fair market value on the acquisition
date. Interest costs relative to the acquisition of general fixed assets are recorded as expenditures when paid. Public
domain ("infrastructure") general fixed assets consisting of certain improvements, such as roads, bridges, curbs and
gutters, streets and sidewalks and drainage systems are not capitalized. Expenditures for construction in progress are
recorded in the Capital Funds until such time as the construction is completed and put into operation. The Borough is
required to maintain a subsidiary ledger detailing fixed assets records to control additions, retirements and transfers of
fixed assets. In addition, a Statement of General Fixed Assets, reflecting the activity for the year, must be included in the
Borough’s basic financial statements.
The regulations require that general fixed assets, whether constructed or acquired through purchase, grant or gift be
included in the aforementioned inventory. In addition, property management standards must be maintained that includes
accurate records indicating asset description, source, ownership, acquisition cost and date, the percentage of Federal
participation (if any), and the location, use, and condition of the asset. Periodically, physical inventories must be taken
and reconciled with these records. Lastly, all fixed assets must be adequately controlled to safeguard against loss,
damage or theft. No depreciation of general fixed assets is recorded.
Foreclosed Property - Foreclosed property is recorded in the Current Fund at the assessed valuation when such property
was acquired and is fully reserved. Ordinarily it is the intention of the municipality to resell foreclosed property in order
to recover all or a portion of the delinquent taxes or assessments and to return the property to a taxpaying basis. For this
reason, the value of foreclosed property has not been included in the General Fixed Assets Account Group. If such
property is converted to a municipal use, it will be recorded in the General Fixed Assets Account Group.
Deferred Charges - The recognition of certain expenditures is deferred to future periods. These expenditures, or
deferred charges, are generally overexpenditures of legally adopted budget appropriations or emergency appropriations
made in accordance with N.J.S.A. 40A:4-46 et seq. Deferred charges are subsequently raised as items of appropriation
in budgets of succeeding years.
Liens Sold for Other Governmental Units - Liens sold on behalf of other governmental units are not recorded on the
records of the Borough until such liens are collected. Upon their collection, such liens are recorded as a liability due to
the governmental unit net of the costs of the initial sale. The related costs of sale are recognized as revenue when
received.
Fund Balance - Fund Balance included in the Current Fund represent amounts available for anticipation as revenue in
future years’ budgets, with certain restrictions.
Appropriation Reserves - Appropriation reserves covering unexpended appropriation balances are automatically
created at year end and recorded as liabilities, except for amounts which may be canceled 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.
24
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Compensated Absences and Postemployment Benefits - Compensated absences for vacation and sick leave are
recorded and provided for in the annual budget in the year in which they are paid, on a pay-as-you-go basis. Likewise,
no accrual is made for postemployment benefits, if any, which are also funded on a pay-as-you-go basis.
Revenues - Revenues are recorded when received in cash except for certain amounts which are due from other
governmental units. Revenue from Federal and State grants are realized when anticipated as such in the Borough's
budget. Receivables for property taxes are recorded with offsetting reserves on the statement of assets, liabilities,
reserves and fund balance of the Borough's Current Fund; accordingly, such amounts are not recorded as revenue until
collected. Other amounts that are due the Borough which are susceptible to accrual are also recorded as receivables with
offsetting reserves and recorded as revenue when received.
Property Tax Revenues - Property tax revenues are collected in quarterly installments due February 1, May 1, August
1, and November 1. The amount of tax levied includes not only the amount required in support of the Borough's annual
budget, but also the amounts required in support of the budgets of the Riverton Borough School District and the County
of Burlington. Unpaid property taxes are subject to tax sale in accordance with the statutes.
School Taxes - The Borough is responsible for levying, collecting and remitting school taxes for the Riverton Borough
School District. Operations is charged for the full amount required to be raised from taxation to operate the local school
district for the period from July 1 to June 30, increased by the amount deferred at December 31, 2019 and decreased by
the amount deferred at December 31, 2020.
County Taxes - The Borough is responsible for levying, collecting and remitting county taxes for the County of
Burlington. Operations is charged for the amount due the County for the year, based upon the ratables required to be
certified to the County Board of Taxation by January 10 of the current year. In addition, operations is charged for the
County share of Added and Omitted Taxes certified to the County Board of Taxation by October 10 of the current year
and due to be paid to the County by February 15 of the following year.
Reserve for Uncollected Taxes - The inclusion of the "Reserve for Uncollected Taxes" appropriation in the Borough's
annual budget protects the Borough from taxes not paid currently. The Reserve, the minimum amount of which is
determined on the percentage of collections experienced in the immediate preceding year, with certain exceptions, is
required to provide assurance that cash collected in the current year will provide sufficient cash flow to meet expected
obligations.
Expenditures - Expenditures are recorded on the "budgetary" basis of accounting. Generally, expenditures are recorded
when paid. However, for charges to amounts appropriated for “other expenses”, an amount is encumbered through the
issuance of a numerically controlled purchase order or when a contract is executed in accordance with N.J.A.C. 5:30-5.2.
When encumbered charges are paid, the amount encumbered is simultaneously liquidated in its original amount.
Outstanding encumbrances are offset by an account entitled "Reserve for Encumbrances". The reserve is classified as a
cash liability under New Jersey municipal accounting. At December 31, this reserve represents the portion of
appropriation reserves that has been encumbered and is subject to the same statutory provisions as appropriation
reserves.
Expenditures - Appropriations for principal payments on outstanding general capital bonds and notes are provided on
the cash basis; interest on general capital indebtedness is also on the cash basis.
Long-Term Debt - Long-Term Debt, relative to the acquisition of capital assets, is recorded as a liability in the General
Capital Fund. Where an improvement is a "local improvement", i.e. assessable upon completion, long-term debt
associated with that portion of the cost of the improvement to be funded by assessments is transferred to the Trust Fund
upon the confirmation of the assessments or when the improvement is fully and permanently funded.
25
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Interest on Delinquent Taxes – It is the policy of the Borough to collect interest for the nonpayment of taxes or
assessments on or before the date when they would become delinquent. The Tax Collector is authorized to charge eight
percent (8%) per annum on the first $1,500 of taxes becoming delinquent after due date and eighteen percent (18%) per
annum on any amount of taxes in excess of $1,500 becoming delinquent after the due date and if a delinquency is in
excess of $10,000 and remains in arrears beyond December 31st, an additional penalty of six percent (6%) shall be
charged against the delinquency. There is a ten (10) day grace period.
Comparative Data – Comparative total data for the prior year have been presented in the accompanying statements of
assets, liabilities, reserves and fund balance and statement of operations in order to provide an understanding of changes
in the Borough’s financial position. However, comparative (i.e., presentation of prior year totals by fund type) data have
not been presented in the statement of revenues – regulatory basis and the statement of expenditures – regulatory basis
since their inclusion would make the statements unduly complex and difficult to read.
NOTE 2. CASH AND CASH EQUIVALENTS
Custodial Credit Risk Related to Deposits – Custodial credit risk refers to the risk that, in the event of a bank failure,
the Municipality’s deposits may not be recovered. Although the Municipality does not have a formal policy regarding
custodial credit risk, N.J.S.A. 17:9-41 et seq. requires that governmental units shall deposit public funds in public
depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Unit. Under the Act,
the first $250,000 of governmental deposits in each insured depository is protected by the Federal Deposit Insurance
Corporation (FDIC). Public funds owned by the municipality in excess of FDIC insured amounts are protected by
GUDPA.
However, GUDPA does not protect intermingled trust funds such as salary withholdings or funds that may pass to the
Municipality relative to the happening of a future condition. Such funds are shown as uninsured and uncollateralized. Of
the Municipality’s amount on deposit of $3,807,915 as of December 31, 2020, $250,000 was insured under FDIC and the
remaining balance of $3,557,915 was collateralized under GUDPA.
NOTE 3. PROPERTY TAXES
The following is a comparison of certain statistical information relative to property taxes and property tax collections for
the current and previous four years ending December 31.
Comparative Schedule of Tax Rates
2020
2019
2018
2017
2016
Total Tax Rate without Business
Improvement District Tax Rate
3.653
$
3.590
$
3.549
$
3.478
$
3.338
$
Apportionment of Tax Rate:
Municipal
0.854
0.854
0.854
0.854
0.837
County
0.471
0.461
0.464
0.462
0.444
Local School
2.328
2.275
2.231
2.162
2.057
26
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 3. PROPERTY TAXES (CONTINUED)
Assessed Valuation
2020
241,399,700
$
2019
241,706,486
2018
241,732,686
2017
242,009,500
2016
242,142,400
Percentage of
Year
Tax Levy
Collections
Collections
2020
8,866,296
$
8,704,147
$
98.17%
2019
8,690,155
8,537,679
98.25%
2018
8,590,771
8,442,600
98.27%
2017
8,430,137
8,280,944
98.23%
2016
8,084,743
7,928,080
98.06%
Comparison of Tax Levies and Collections
Tax Title
Delinquent
Total
Percentage of
Year
Liens
Taxes
Delinquent
Tax Levy
2020
89,826
$
122,665
$
212,491
$
2.40%
2019
-
160,083
160,083
1.84%
2018
-
137,904
137,904
1.60%
2017
-
142,793
142,793
1.69%
2016
-
157,964
157,964
1.95%
Delinquent Taxes and Tax Title Liens
There were no tax title liens receivables on December 31, of the current year and previous four years.
NOTE 4. PROPERTY ACQUIRED BY TAX TITLE LIEN LIQUIDATION
The value of property acquired by liquidation of tax title liens on December 31, on the basis of the last assessed valuation
of such properties, for the current and previous four years was as follows:
Year
Amount
2020
-
$
2019
-
2018
-
2017
-
2016
-
27
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 5. SEWER UTILITY SERVICE CHARGES
The following is a five-year comparison of sewer utility service charges (rents) and collections for the current and
previous four years.
Cash
Year
Receivables
Liens
Levy
Total
Collections
Percentage
2020
26,546
$
-
$
503,666
$
530,212
$
506,255
$
95.48%
2019
30,492
-
498,583
529,075
502,529
94.98%
2018
26,974
-
443,898
470,872
440,380
93.52%
2017
45,594
-
449,456
495,050
468,076
94.55%
2016
29,817
-
445,300
475,117
429,524
90.40%
Balance Beginning of Year
NOTE 6. FUND BALANCES APPROPRIATED
The following schedule details the amount of fund balances available at the end of the current year and four previous
years and the amounts utilized in the subsequent year's budgets.
Utilized in Budget
Percentage of
Balance
of Succeeding
Fund Balance
Year
December 31,
Year
Used
Current Fund
2020
738,314
$
205,000
$
27.77%
2019
788,066
225,000
28.55%
2018
758,732
200,000
26.36%
2017
717,326
185,000
25.79%
2016
583,651
150,000
25.70%
NOTE 7. INTERFUND RECEIVABLES AND PAYABLES
The following interfund balances were recorded on the various statements of assets, liabilities, reserves and fund
balances as of December 31, 2020:
Interfund
Interfund
Fund
Receivables
Payables
Current Fund
38,434
$
20,232
$
Federal and State Grant Fund
16,445
-
Trust Fund:
Animal Control Fund
-
97
Other Trust Funds
-
38,337
General Capital Fund
5,767
1,980
60,646
$
60,646
$
28
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 8. PENSION PLANS
Substantially all of the Borough’s employees participate in one of the following pension plans which have been
established by State statute, and are administered by the New Jersey Division of Pensions and Benefits (Division): the
Police and Firemen’s Retirement System (PFRS), the Public Employees' Retirement System (PERS) or the Defined
Contribution Retirement Program (DCRP). Each plan has a Board of Trustees that is primarily responsible for its
administration. The Division issues a publicly available financial report that includes financial statements and required
supplementary information. That report may be obtained by writing to or at the following website: the State of New
Jersey,
Division
of
Pensions
and
Benefits.
P.O.
Box
295,
Trenton,
New
Jersey,
08625-0295,
https://www.state.nj.us/treasury/pensions/financial-reports.shtml
Plan Description - The Police and Firemen’s Retirement System is a cost sharing multiple-employer defined benefit
pension plan which was established as of July 1, 1944. The PFRS provides retirement, death and disability, and medical
benefits to certain qualified members. Membership in the PFRS is mandatory for substantially all full-time police and
firemen of the Borough.
Vesting and Benefit Provisions – The vesting and benefit provisions are set by N.J.S.A. 43:16A. PFRS provides
retirement, death and disability benefits. All benefits vest after ten years of service, except disability benefits, which vest
after four years of service.
The following represents the membership tiers for PFRS:
Tier
Definition
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
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 requirements of plan members are determined by N.J.S.A. 43:16A and requires
contributions by active members and contributing employers. Pursuant to the provisions of Chapter 78, P.L. 2011, the
active member contribution rate is 10.0%. Employers’ contributions are based on an actuarially determined amount,
which includes the normal cost and unfunded accrued liability.
Special Funding Situation Component - 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 is 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 specific financed amounts), there is no net pension
liability or deferred outflows or inflows to record in the government-wide financial statements or to disclose in the notes
to the financial statements of the local participating employer related to this legislation.
The Borough’s contractually required contribution rate for the year ended December 31, 2020, was 33.10% of the
Borough’s covered payroll. This amount was actuarially determined as the amount that, when combined with employee
contributions, is expected to finance the costs of benefits earned by employees during the year, including an additional
amount to finance any unfunded accrued liability.
29
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 8. PENSION PLANS (CONTINUED)
Police and Firemen’s Retirement System (PFRS) (Continued)
Based on the most recent PFRS measurement date of June 30, 2020, the Borough’s contractually required contribution to
the pension plan for the year ended December 31, 2020, is $140,818 and is payable by April 1, 2021. Due to the basis of
accounting described in Note 1, no liability has been recorded in the financial statements for this amount.
The amount of contractually required contribution for the State of New Jersey’s proportionate share, associated with the
Borough, for the year ended December 31, 2020, was 3.70% of the Borough’s covered payroll.
Based on the most recent PFRS measurement date of June 30, 2020, the State’s contractually required contribution, on-
behalf of the Borough, to the pension plan for the year ended December 31, 2020, is $19,450 and is payable by April 1,
2021. Based on the PFRS measurement date of June 30, 2019, the State’s contractually required contribution, on-behalf
of the Borough, to the pension plan for the year ended December 31, 2019, was $15,470, which was paid on April 1,
2020.
The Borough is billed annually for its normal contributions plus any accrued liability. These contributions, equal to the
required contributions are detailed below.
Total
Non
Liability
Fiscal
Normal
Accrued
Contributory
Employer
Paid by
Year
Contributions
Liability
Life
Retro
Borough
2020
38,641
$
75,843
$
5,530
$
202
$
120,216
$
2019
37,414
77,260
4,528
195
119,397
2018
20,556
42,793
2,668
-
66,017
Pension Liabilities, Pension Expense, and Deferred Outflow of Resources and Deferred Inflows of Resources Related to
Pensions – For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of
resources related to pensions, and pension expense, information about the fiduciary net position of the PFRS and
additions to/deductions from PFRS fiduciary net position have been determined on the same basis as they are reported by
PFRS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and
payable in accordance with the benefit terms. Investments are reported at fair value.
For the year ended December 31, 2020, the Borough’s proportionate share of pension expense is $28,646. This expense
is not recognized by the Borough because of the regulatory basis of accounting as described in Note 1.
30
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 8. PENSION PLANS (CONTINUED)
Police and Firemen’s Retirement System (PFRS) (Continued)
At December 31, 2020, the Borough proportionate share of the net pension liability is $1,628,716 and deferred outflows
of resources related to PFRS from the following sources:
Deferred
Deferred
Outflows of
Inflows of
Resources
Resources
Differences between expected and actual experience
16,420
$
5,845
$
Changes of assumptions
4,099
436,649
Net Difference between projected and actual earnings
on pension plan investments
95,499
Changes in proportion
451,012
119,336
Borough contributions subsequent to the measurement
date
140,818
Total
707,848
$
561,830
$
$140,818 included in deferred outflows of resources, will be included as a reduction of the net pension liability in the
year ending December 31, 2021.
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be
recognized in pension expense as follows:
Net Deferred
For the year
Outflows (Inflows)
ended:
of Resources
2021
(21,307)
$
2022
(50,974)
2023
113,819
2024
(32,874)
2025
(3,464)
Total
5,200
$
31
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 8. PENSION PLANS (CONTINUED)
Police and Firemen’s Retirement System (PFRS) (Continued)
The amortization of the above other deferred outflows of resources and deferred inflows of resources related to pensions
will be over the following number of years:
Deferred
Deferred
Outflows of
Inflows of
Resources
Resources
Differences between expected and actual experience
Year of Pension Plan Deferral:
June 30, 2015
-
5.53
June 30, 2016
-
5.58
June 30, 2017
5.59
June 30, 2018
5.73
June 30, 2019
-
5.92
June 30, 2020
5.90
Changes of assumptions
June 30, 2014
6.17
-
June 30, 2015
5.53
-
June 30, 2016
5.58
-
June 30, 2017
-
5.59
June 30, 2018
-
5.73
June 30, 2019
-
5.92
June 30, 2020
-
5.90
Differences between projected and actual investment
earnings on pension plan investments
June 30, 2016
5.00
-
June 30, 2017
5.00
-
June 30, 2018
5.00
-
June 30, 2019
5.00
-
June 30, 2020
5.00
-
Additional Information
Collective balances at June 30, 2020 and 2019 are as follows:
6/30/2020
6/30/2019
Collective deferred outflows of resources $ 1,601,195,880
$ 1,198,936,924
Collective deferred inflows of resources
$ 4,191,274,402
$ 4,874,748,912
Collective net pension liability
$ 14,926,648,722
$ 14,170,193,618
Borough’s Proportion
.0126048759%
.0118812732%
32
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 8. PENSION PLANS (CONTINUED)
Police and Firemen’s Retirement System (PFRS) (Continued)
Actuarial assumptions – The total pension liability for the June 30, 2020 measurement date was determined by an
actuarial valuation as of July 1, 2019, which was rolled forward to June 30, 2020. This actuarial valuation used the
following actuarial assumptions:
Inflation rate:
Price
2.75%
Wage
3.25%
Salary Increases:
Through all future years
3.25 – 15.25%
based on years of service
Investment Rate of Return: 7.00%
Additional Information
Pre-retirement mortality rates were based on the Pub-2010 Safety Employee mortality table with a 105.6% adjustment
for males and a 102.5% adjustment for females, and with future improvement from base year of 2010 on a generational
basis. For healthy annuitants, post-retirement mortality rates were based on the Pub-2010 Safety Retiree Below-Median
Income Weighted mortality table with a 96.7% adjustment for males and a 96.0% adjustment for females, and with
future improvement from the base year of 2010 on a generational basis. For beneficiaries, the Pub-2010 General Retiree
Below-Median Income Weighted mortality table was used, unadjusted, and with future improvement from base year of
2010 on a generational basis. Disability rates were based on the Pub-2010 Safety Disabled Retiree mortality table with a
152.0% adjustment for males and 109.3% adjustment for females, and with future improvement from the base year of
2010 on a generational basis. Mortality improvement is based on Scale MP-2020.
The actuarial assumptions used in the July 1, 2019 valuation were based on the results of an actuarial experience study
for the period July 1, 2013 to June 30, 2018.
Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of return on plan
investments (7.00% at June 30, 2020) 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’s target asset allocation as of
June 30, 2020 are summarized in the following table:
Asset Class
Target Allocation
Long-Term Expected
Real Rate of Return
US Equity
Non-U.S. Developed Market Equity
Emerging Market Equity
Private Equity
Real Assets
Real Estate
High Yield
Private Credit
Investment Grade Credit
Cash Equivalents
U.S. Treasuries
Risk Mitigation Strategies
27.00%
13.50%
5.50%
13.00%
3.00%
8.00%
2.00%
8.00%
8.00%
4.00%
5.00%
3.00%
7.71%
8.57%
10.23%
11.42%
9.73%
9.56%
5.95%
7.59%
2.67%
0.50%
1.94%
3.40%
100.00%
33
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 8. PENSION PLANS (CONTINUED)
Police and Firemen’s Retirement System (PFRS) (Continued)
Discount rate. The discount rate used to measure the State's total pension liability was 7.00% as of June 30, 2020. 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 on 78% of the actuarially determined contributions for the State employer and 100% of actuarially
determined contributions for 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.
Sensitivity of the Borough’s proportionate share of the net pension liability to changes in the discount rate. The
following presents the Borough’s and State’s proportionate share of the net pension liability measured as of June 30,
2020, calculated using the discount rate of 7.00%, 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 (6.00%) or 1 percentage
point higher (8.00%) than the current rate:
Current
1% Decrease
Discount Rate
1% Increase
(6.00% )
(7.00%)
(8.00% )
Borough's proportionate share of the
net pension liability
2,165,857
$
1,628,716
$
1,182,579
$
State's proportionate share of the
net pension liability associated with the
Borough
163,742
140,818
121,782
2,329,599
$
1,769,534
$
1,304,361
$
Public Employees' Retirement System (PERS)
Plan Description - The Public Employees' Retirement System is a cost-sharing multiple-employer defined benefit
pension plan which was established on January 1, 1955. The PERS provides retirement, death and disability, and
medical benefits to certain qualified members. Vesting Membership in the PERS is mandatory for substantially all full-
time employees of the Borough, provided the employee is not required to be a member of another state-administered
retirement system or other state pension fund or local jurisdiction’s pension fund. The PERS’s Board of Trustees is
primarily responsible for the administration of the PERS. For additional information about PERS, please refer to
Division’s annual financial statements, which can be found at http://www.state.nj.us/treasury/pensions/annual-
reports.shtml.
Vesting and Benefit Provisions – 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, except medical benefits, which vest
after 25 years of service or under the disability provisions of PERS.
34
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 8. PENSION PLANS (CONTINUED)
Public Employees' Retirement System (PERS) (Continued)
The following represents the membership tiers for PERS:
Tier
Definition
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
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 tier 5 members
upon reaching age 65. Early retirement benefits are available to tiers 1 and 2 members before reaching age 60, 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 their respective
tier.
Contributions - The contribution requirements of plan members are determined by N.J.S.A 43:15A and requires
contributions by active members and contributing employers. Members contribute at a uniform rate. The member
contribution rate was 7.50% in State fiscal year 2020. Employers’ contribution amounts are based on an actuarially
determined rate. The Authority’s contribution amounts are based on an actuarially determined rate which included the
normal cost and unfunded accrued liability.
The Borough’s contractually required contribution rate for the year ended December 31, 2020 was 14.50% of the
Borough’s covered payroll. This amount was actuarially determined as the amount that, when combined with employee
contributions, is expected to finance the costs of benefits earned by employees during the year, including an additional
amount to finance any unfunded accrued liability.
Based on the most recent PERS measurement date of June 30, 2020, the Borough’s contractually required contribution to
the pension plan for the fiscal year ended December 31, 2020 was $70,107 and is payable by April 1, 2021. Based on the
PERS measurement date of June 30, 2019, the Borough’s contractually required contribution to the pension plan for the
year ended December 31, 2019 was $59,629, which was paid by April 1, 2020. Employee contributions to the pension
plan during the year ended December 31, 2020 were $32,495.
The Borough is billed annually for its normal contributions plus any accrued liability. These contributions, equal to the
required contributions are detailed below.
Total
Non
Liability
Fiscal
Normal
Accrued
Contributory
Longterm
Employer
Paid by
Year
Contributions
Liability
Life
Disability
Retro
Borough
2020
5,518
$
51,062
$
3,049
$
378
$
408
$
60,415
$
2019
6,908
45,856
2,513
374
400
56,051
2018
7,854
48,907
2,908
1,143
-
60,812
35
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 8. PENSION PLANS (CONTINUED)
Public Employees' Retirement System (PERS) (Continued)
Pension Liabilities, Pension Expense, and Deferred Outflow of Resources and Deferred Inflows of Resources Related to
Pensions – For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of
resources related to pensions, and pension expense, information about the fiduciary net position of the PERS and
additions to/deductions from PERS fiduciary net position have been determined on the same basis as they are reported by
PERS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and
payable in accordance with the benefit terms. Investments are reported at fair value.
At December 31, 2020, the Borough’s proportionate share of the PERS net pension liability was $1,045,077. The net
pension liability was measured as of June 30, 2020, and the total pension liability used to calculate the net pension
liability was determined by an actuarial valuation as of July 1, 2019. The Borough’s proportion of the 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 employers, actuarially determined.
For the year ended December 31, 2020, the Borough’s proportionate share of the PERS pension expense, calculated by
the plan as of the June 30, 2019 measurement date is $2,459. This expense is not recognized by the Borough because of
the regulatory basis of accounting as described in note 1.
At December 31, 2020, the Borough proportionate share of the PERS net pension liability was $1,045,077 and deferred
outflows of resources related to PERS from the following sources:
Deferred
Deferred
Outflows of
Inflows of
Resources
Resources
Differences between expected and actual experience
19,029
$
3,696
$
Changes of assumptions
33,903
437,584
Net Difference between projected and actual earnings
on pension plan investments
35,722
Changes in proportion
132,790
105,748
Borough contributions subsequent to the measurement
date
32,495
Total
253,939
$
547,028
$
$32,495 included in deferred outflows of resources, will be included as a reduction of the net pension liability in the year
ending December 31, 2021. Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to pensions will be recognized in pension expense as follows:
Net Deferred
For the year
Outflows (Inflows)
ended:
of Resources
2021
(51,554)
$
2022
(127,980)
2023
(111,407)
2024
(28,508)
2025
(6,135)
Total
(325,584)
$
36
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 8. PENSION PLANS (CONTINUED)
Public Employees' Retirement System (PERS) (Continued)
The amortization of the above other deferred outflows of resources and deferred inflows of resources related to pensions
will be over the following number of years:
Deferred
Deferred
Outflows of
Inflows of
Resources
Resources
Differences between expected and actual experience
Year of Pension Plan Deferral:
June 30, 2015
5.72
-
June 30, 2016
5.57
-
June 30, 2017
5.48
-
June 30, 2018
-
5.63
June 30, 2019
5.21
-
June 30, 2020
5.16
-
Changes of assumptions
June 30, 2014
6.44
-
June 30, 2015
5.72
-
June 30, 2016
5.57
-
June 30, 2017
-
5.48
June 30, 2018
-
5.63
June 30, 2019
-
5.21
June 30, 2020
-
5.16
Differences between projected and actual investment
earnings on pension plan investments
June 30, 2016
5.00
-
June 30, 2017
5.00
-
June 30, 2018
5.00
-
June 30, 2019
5.00
-
June 30, 2020
5.00
-
Additional Information
Collective balances at June 30, 2020 and 2019 are as follows:
6/30/2020
6/30/2019
Collective deferred outflows of resources $ 2,347,583,337
$ 3,149,522,616
Collective deferred inflows of resources
$ 7,849,949,467
$ 7,645,087,574
Collective net pension liability
$ 16,435,616,426
$ 18,143,832,135
Borough’s Proportion
.0064086136%
. 0061302217%
Actuarial assumptions – The total pension liability for the June 30, 2020 measurement date was determined by an
actuarial valuation as of July 1, 2019, which was rolled forward to June 30, 2020.
37
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 8. PENSION PLANS (CONTINUED)
Public Employees' Retirement System (PERS) (Continued)
This actuarial valuation used the following actuarial assumptions, applied to all periods in the measurement:
Inflation rate:
Price
2.75%
Wage
3.25%
Salary Increases:
Through 2026: 2.00 – 6.00% based on years of service
Thereafter: 3.00 – 7.00% 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 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-2020.
The actuarial assumptions used in the July 1, 2019 valuation were based on the results of an actuarial experience study
for the period July 1, 2014 to June 30, 2018.
Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of return on plan
investments (7.00% at June 30, 2020) 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 rates of return for each major asset class included in PERS’s target asset allocation as of
June 30, 2020 are summarized in the following table:
Asset Class
Target Allocation
Long-Term Expected
Real Rate of Return
US Equity
Non-U.S. Developed Market Equity
Emerging Market Equity
Private Equity
Real Assets
Real Estate
High Yield
Private Credit
Investment Grade Credit
Cash Equivalents
U.S. Treasuries
Risk Mitigation Strategies
27.00%
13.50%
5.50%
13.00%
3.00%
8.00%
2.00%
8.00%
8.00%
4.00%
5.00%
3.00%
7.71%
8.57%
10.23%
11.42%
9.73%
9.56%
5.95%
7.59%
2.67%
0.50%
1.94%
3.40%
38
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 8. PENSION PLANS (CONTINUED)
Public Employees' Retirement System (PERS) (Continued)
Discount rate. The discount rate used to measure the State's total pension liability was 7.00% as of June 30, 2020. 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 nonemployer contributing entity will
be made based on 78% 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 all projected benefit payments to 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 net pension liability measured as of June 30, 2020,
calculated using the discount rate of 7.00%, 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 (6.00%) or 1 percentage point higher
(8.00%) that the current rate:
Current
1% Decrease
Discount Rate
1% Increase
(6.00% )
(7.00% )
(8.00% )
Borough's proportionate share of the
net pension liability
1,315,578
$
1,045,077
$
815,550
$
Pension Plan fiduciary net position. Detailed information about the pension plan’s fiduciary net position is available in
the separately issued State of New Jersey Division of Pensions and Benefits financial report.
Defined Contribution Retirement Program (DCRP)
The Defined Contribution Retirement Program is a cost-sharing multiple-employer defined contribution pension plan,
which was established on July 1, 2007, under the provisions of Chapter 92, P.L. 2007 and Chapter 103, P.L. 2007
(N.J.S.A.43:15C-1 et. seq), and expanded under the provisions of Chapter 89, P.L. 2008 and Chapter 1, P.L. 2010. The
Defined Contribution Retirement Program Board oversees the DCRP, which is administered for the Divisions of
Pensions and Benefits by Prudential Financial. The DCRP provides eligible members, and their beneficiaries, with a
tax-sheltered, defined contribution retirement benefit, along with life insurance and disability coverage. Vesting and
benefit provisions are established by N.J.S.A. 43:15C-1 et. seq.
The contribution requirements of plan members are determined by State statute. In accordance with Chapter 92, P.L.
2007 and Chapter 103, P.L. 2007, plan members are required to contribute 5.5% of their annual covered salary. In
addition to the employee contributions, the Borough’s contribution amounts for each pay period are transmitted to
Prudential Financial not later than the fifth business day after the date on which the employee is paid for that pay period.
There were no Borough employees enrolled in the DCRP for the years ended December 31, 2020, 2019 and 2018.
Related Party Investments – The Division of Pensions and Benefits does not invest in securities issued by the Borough.
39
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 9. POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB)
The New Jersey Division of Local Government Services issued Local Finance Notice 2021-10 which allows local units
to disclose the most recently available information as it relates to the New Jersey Division of Pension’s reporting on
GASBS No. 75, Accounting for Postemployment Benefits other than Pensions. As of the date of this report, the
information for the measurement period ended June 30, 2020, was not available; therefore, the information from the
measurement period ended June 30, 2019, is disclosed below.
Plan Description
The Borough contributes to the State Health Benefit Program (SHBP), a cost-sharing multiple-employer defined benefit
other postemployment benefit (OPEB) administered by the State of New Jersey Division of Pensions and Benefits. It
covers employees of local government employers that have adopted a resolution to participate in the Plan. The plan
meets the definition of an equivalent arrangement as defined in paragraph 4 of (GASB Statement No. 75), therefore,
assets are accumulated to pay associated benefits. For additional information about the Plan, please refer to the State of
New Jersey {the State), Division of Pensions and Benefits’ (the Division) Comprehensive Annual Financial Report
(CAFR), which can be found at https://www.state.nj.us/treasury/pensions/financial-reports.shtml.
The Plan provides medical and prescription drug to retirees and their covered dependents of the participating employers.
Under the provisions of Chapter 88, P.L 197 4 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.
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.
The Municipality has adopted a resolution to participate in the SHBP.
Funding policy - Participating employers are contractually required to contribute based on the amount of premiums
attributable to their retirees. Postretirement medical benefits under the plan have been funded on a pay-as-you-go basis
since 1994. Prior to 1994, medical benefits were funded on an actuarial basis.
40
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 9. POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) (CONTINUED)
Contributions to pay for the health premiums of participating retirees in the SHBP are billed to the Municipality
monthly. Premiums are funded entirely by the Municipality and are based on the type of coverage selected by the
employee. The Municipality’s contributions to the SHBP for post-retirement benefits for the years ended December 31,
2019 and 2018 were $114,216 and $191,203 respectively, which equaled the required benefit contribution for each year.
There were ten retired participants eligible at December 31, 2019 and 2018.
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 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. For the special funding situation and the nonspecial funding situation, the total OPEB liabilities for the year
ended June 30, 2019 and June 30, 2018 were $3,391,665 and $4,084,444, respectively. The nonspecial funding
situation’s net OPEB liability, deferred outflows of resources, deferred inflows of resources, and OPEB 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, 2018 through June 30, 2019.
Components of net OPEB liability
The components of the collective net OPEB liability of the participating employers in the SHBP as of December 31,
2019 and 2018 were as follows:
2019
2018
Total OPEB liability
3,460,062
$
4,166,433
$
Plan fiduciary net position
68,397
81,989
Net OPEB liability
3,391,665
$
4,084,444
$
Plan fiduciary net position as a percentage of the
total OPEB liability
1.98%
1.97%
Actuarial assumptions and other imputes - The total OPEB liability as of the June 30, 2019 was determined by an
actuarial valuation as of June 30, 2018, which was rolled forward to June 30, 2019. The actuarial assumptions vary for
each plan member depending on the pension plan the member enrolled in.
This actuarial valuation used the following actuarial assumptions, applied to all periods in the measurement:
Inflation
2.50%
Salary increases*
Rate through 2026
2.00% to 6.00%
Rate thereafter
3.00% to 7.00%
Mortality:
PERS
Pub-2010 General classification headcount weighted mortality with fully
generational mortality improvement projections from the central year
using Scale MP-2019.
PFRS
Pub-2010 Safety classification headcount weighted mortality with fully
generational mortality improvement projections from the central year
using Scale MP-2019.
41
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 9. POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) (CONTINUED)
Health Care Trend Assumptions - For pre-Medicare medical benefits, the trend rate is initially 5.7% and decreases to a
4.5% long-term trend rate after eight years. For post-65 medical benefits, the actually fully insured Medicare Advantage
trend rates for fiscal year 2020 are reflected. The assumed post-65 medical trend is 4.5% for all future years. For
prescription drug benefits, the initial trend rate is 7.5% and decreases to a 4.5% long-term trend rate after eight years.
Discount Rate - The discount rate for June 30, 2019 was 3.50%. This represent the municipal bond return 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.
Retirees’ Share of Benefit Related Costs - 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 retirees will be responsible will be determined based on the retiree’s
annual retirement benefit and level of coverage.
Sensitivity of the Net OPEB liability to changes in the discount rate - The following presents the net OPEB liability to
the Municipality as of December 31, 2019, calculated using a discount rate as disclosed above as well as what the net
OPEB liability to the Municipality would be if it was calculated using a discount rate that is 1-percentage point lower or
1-percentage point higher than the current discount rate:
Current
1% Decrease
Discount Rate
1% Increase
December 31, 2019
(2.50% )
(3.50% )
(4.50% )
Proportionate Share Attributable
to the Municipality
3,921,628
$
3,391,665
$
29,610
$
Sensitivity of the net OPEB liability to changes in the healthcare cost trend rates - The following presents the net OPEB
liability as of June 30, 2019, calculated using the healthcare trend rate as disclosed above as well as what the net OPEB
liability would be if it were calculated using healthcare cost trend rates that are 1-percentage point lower or 1-percentage
point higher than the current healthcare cost trend rates:
Healthcare cost
December 31, 2019
1% Decrease
trend rate
1% Increase
Proportionate Share Attributable
to the Municipality
2,862,147
$
3,391,665
$
4,067,154
$
42
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 9. POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) (CONTINUED)
At December 31, 2019 and 2018, the Municipality reported deferred outflows of resources and referred inflows of
resources related to OPEB from the following sources:
2019
2018
Deferred
Deferred
Deferred
Deferred
Outflows
Inflows
Outflows
Inflows
Net differences between projected
and actual investment earnings
on OPEB plan investments
2,794
$
-
$
2,158
$
-
$
Changes in proportion
Differences between expected and
actual experience
991,855
829,288
Changes of assumptions
1,201,931
1,036,073
Changes in proportion
550,310
408,412
Total
2,794
$
2,744,096
$
2,158
$
2,273,773
$
Amounts reported as deferred outflows of resources and deferred inflows of resources related to the OPEB will be
recognized in OPEB expense as follows:
For the year
ended:
2020
(446,470)
$
2021
(446,470)
2022
(446,745)
2023
(447,186)
2024
(447,592)
Thereafter
(506,839)
Total
(2,741,302)
$
43
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 9. POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) (CONTINUED)
The components of allocable plan OPEB expense, which exclude OPEB expense related to specific liabilities of
individual employers, and total OPEB expense for the year ended December 31, 2019 and 2018 are as follows:
2019
2018
Service cost
166,897
$
233,657
$
Interest on total OPEB liability
159,262
199,204
Expected investment return
(2,826)
(2,448)
Administrative expense
2,373
2,138
Change of benefit terms
(477)
Current period recognition (amortization) of deferred
inflows/outflows of resources
(155,087)
(116,147)
Changes of assumptions
(202,652)
(158,036)
Differences between projected and actual
investment earnings on OPEB plan investments
898
597
Total Allocable Plan OPEB expense
(31,612)
158,965
Net amortization of deferred amounts from
changes in proportion
(93,762)
(64,488)
Total OPEB expense
(125,374)
$
94,477
$
This expense is not recognized by the Borough because of the regulatory basis of accounting as described in note 1.
NOTE 10. COMPENSATED ABSENCES
Police officers hired prior to January 8, 2009 are entitled to thirty paid sick leave days each year and are permitted to
accumulate up to ten sick days per year with a maximum of seventy days. Officers hired after January 8, 2009 are
entitled to fifteen days of sick leave each year and are permitted to accumulate up to fifteen sick days per year with a
maximum of eighty-five days. Vacation days not used during the year may not be accumulated and carried forward. At
the time of an officer’s retirement, in accordance with the New Jersey Police and Firemen’s Pension System, the officer
will be paid fifty percent of all accumulated sick pay based on an eight-hour day at their current hourly rate.
All other Borough employees are not entitled to be compensated for accumulated unused sick leave days.
The Borough does not record accrued expenses related to compensated absences. However, it is estimated that, at
December 31, 2020, accrued benefits for compensated absences are valued at $37,649.
The Borough has established a Compensated Absences Trust Fund to set aside funds for the future payments of
compensated absences. At December 31, 2020 the balance of the fund is $30,000.00.
NOTE 11. DEFERRED COMPENSATION SALARY ACCOUNT
The Borough offers its employees a deferred compensation plan created in accordance with Internal Revenue Code
Section 457 and which have been approved by the Director of the Division of Local Government Services. The plan,
available to all full-time employees at their option, permits them to defer a portion of their salary to future years. The
deferred compensation is not available to the participants until termination, retirement, death, or an unforeseeable
emergency occurs.
44
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 11. DEFERRED COMPENSATION SALARY ACCOUNT
Amounts deferred under Section 457 plans must be held in trust for the exclusive benefit of participating employees and
not be accessible by the Borough or its creditors. Since the Borough does not have a fiduciary relationship with the Plan,
the balances and activities of the Plan are not reported in the Borough’s financial statements.
NOTE 12. 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; employee health and accident claims; and natural disasters.
Commercial Insurance Coverage - The Borough maintains commercial insurance coverage for property and general
liability, health benefits, boiler and machinery, surety bonds, crime, public officials’ liability, and excess liability
coverage for workers compensation and disability benefits.
NOTE 13. 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, employee contributions, reimbursements to the State for benefits
paid and the ending balance of the Borough's trust fund for the current and previous two years:
Fiscal
Interest
Employee
Amount
Ending
Year
Earnings
Contributions
Reimbursed
Balance
2020
362
$
1,890
$
221
$
20,288
$
2019
310
1,893
147
18,257
2018
201
1,872
48
16,201
NOTE 14. CAPITAL DEBT
Summary of Municipal Debt
Year 2020
Year 2019
Year 2018
Issued:
General Bonds and Notes
1,730,000
$
1,860,000
$
1,995,000
$
Loans
Total Issued
1,730,000
1,860,000
1,995,000
Authorized But Not Issued:
General Bonds and Notes
795,549
516,448
146,423
Net Debt
2,525,549
$
2,376,448
$
2,141,423
$
45
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 14. CAPITAL DEBT (CONTINUED)
Summary of Statutory Debt Condition - Annual Debt Statement
The summarized statement of debt condition which follows is prepared in accordance with required method of setting up
the Annual Debt Statement and indicates a statutory net debt of .882%.
Gross Debt
Deductions
Net Debt
Local School District Debt
-
$
-
$
-
$
General Debt
2,525,549
-
2,525,549
Total
2,525,549
$
-
$
2,525,549
$
Net Debt, $2,525,549, divided by Equalized Valuation Basis per N.J.S.A. 40A:2-2, as amended, $282,306,461 equals
.882%.
Equalized Valuation Basis:
2018
278,814,994
$
2019
287,711,463
2020
292,392,926
Average
286,306,461
$
Borrowing Power Under N.J.S.A. 40A:2-6
3% of Equalized Valuation Basis (Municipal)
8,589,194
$
Net Debt
2,525,549
Remaining Borrowing Power
6,063,645
$
The foregoing debt information is in agreement with the Annual Debt Statement filed by the Chief Financial Officer.
Serial Bonds Payable
Serial Bonds are authorized in accordance with State law. All bonds are retired in serial installments within the statutory
period of usefulness. Serial Bonds payable at December 31, 2020 consisted of the following issues:
Purpose
Date of Maturity
Interest Rate
Amount
General Obligation Bonds of 2018
08/01/2030
4.00-5.00%
$ 1,730,000
Total
$ 1,730,000
46
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 14. CAPITAL DEBT (CONTINUED)
Schedule of Annual Debt Service for Principal and Interest for Bonded Debt Issued and Outstanding
General Capital Serial Bonds Payable
Calendar
General
Year
Principal
Interest
Total
2021
$ 140,000
$ 84,550
$ 224,550
2022
145,000
77,550
222,550
2023
155,000
70,300
225,300
2024
160,000
62,550
222,550
2025
170,000
54,550
224,550
2026-2030
960,000
139,200
1,099,200
Total
$ 1,730,000
$ 488,700
$ 2,218,700
Bond Anticipation Notes Payable
The Borough issues bond anticipation notes to temporarily fund various capital projects prior to the issuance of serial
bonds. The term of the Notes cannot exceed one year from the date of issuance however the Notes may be renewed from
time to time for a period not to exceed one year. Generally, such Notes must be paid no later than the first day of the
fifth month following the close of the tenth fiscal year following the date of the original Notes. The State of New Jersey
also prescribes that on or before the third anniversary date of the original Note a payment of an amount at least equal to
the first legally payable installment of the bonds in anticipation of which such Notes were issued be paid or retired. A
second and third legal installment must be paid if the Notes are to be renewed beyond the fourth and fifth anniversary
date of the original issuance.
As of December 31, 2020, the Borough had no outstanding bond anticipation notes.
NOTE 15. OPERATING LEASES
At December 31, 2020 the Borough had operating lease agreements in effect for the rental of the fire engine room, police
station and storage space and a copier. All lease agreements are for an indefinite period of time. Rental payments under
the operating leases for the year ended December 31, 2020 were $12,000.
Future minimum rental payments under operating lease agreements are as follows:
Year
Total
2021
12,000
$
2022
12,000
Total
24,000
$
47
Borough of Riverton
Notes to Financial Statements
December 31, 2020
NOTE 16. SCHOOL TAXES
Local District School Tax has been raised and liabilities deferred by statute, resulting in the school taxes payable set
forth in the Current Fund Liabilities as follows:
2020
2019
Balance of Tax
2,804,838
$
2,750,445
$
Deferred
848,766
848,766
School Tax Payable
1,956,072
$
1,901,679
$
Local District School Tax
Balance December 31,
NOTE 17. CONTINGENCIES
The Borough participates in a number of state and federally assisted grant programs. The programs are subject to
compliance audits under the single audit approach. Such audits could lead to requests for reimbursement by the grantor
agency for expenditures disallowed under terms of the grants. Management believes that the amount from future audits,
if any, would not be material.
NOTE 18. SUBSEQUENT EVENTS
Subsequent to December 31, 2020, the Borough of Riverton authorized additional Bonds and Notes as follows:
Purpose
Date
Amount
Wastewater Sewer Tanks
Rehabilitation - Supplemental
5/10/2021
$ 76,000
48
SUPPLEMENTAL EXHIBITS
CURRENT FUND
EXHIBIT A-4
BOROUGH OF RIVERTON
Current Fund
Statement of Cash - Collector/Treasurer
For the Year Ended December 31, 2020
FEDERAL AND STATE
CURRENT FUND
GRANT FUND
Balance December 31, 2019
3,172,963.23
$
8,389.29
$
Receipts:
Taxes Receivable
8,714,055.65
$
-
$
Sewer Rent Receivable
502,344.65
Revenue Accounts Receivable
426,237.25
Due from State of New Jersey - Senior Citizens
and Veterans Deductions
21,500.00
Prepaid 2021 Taxes
58,629.66
Tax Overpayments
31,428.08
Sewer Overpayments
1,461.20
Prepaid Sewer Rents
1,731.20
Federal and State Grants Receivable
9,417.95
Due to State of NJ - Construction Code Fees
3,167.00
Miscellaneous Revenue Not Anticipated
24,633.82
Due from Animal Control Fund
2,478.25
Due from General Capital Fund
11,688.23
23,600.00
Contra
54,099.89
Total Receipts
9,853,454.88
33,017.95
Total Funds Available
13,026,418.11
41,407.24
Disbursements:
2020 Appropriations
2,890,920.80
2019 Appropriation Reserves
236,665.55
Due to State of NJ - Construction Code Fees
1,736.28
County Taxes Payable
1,135,812.28
Local District School Tax
5,567,281.48
Tax Overpayments
26,782.93
Due to Trust Fund
30,000.00
Due to General Capital Fund
31,305.91
Contra
54,099.89
Reserve for Federal and State Grant Funds -
Appropriated
16,587.94
Total Disbursements
9,974,605.12
16,587.94
Balance December 31, 2020
3,051,812.99
$
24,819.30
$
51
EXHIBIT A-5
BOROUGH OF RIVERTON
Current Fund
Schedule of Taxes Receivable and Analysis of Property Tax Levy
For the Year Ended December 31, 2020
State Share of
Senior Citizen
Balance
and Veterans
Transferred
Balance
December 31,
Added
Collections by Cash
Deductions
Over Payments
to
December 31,
Year
2019
Taxes
2020 Levy
2019
2020
Allowed
Applied
Tax Title Liens
Canceled
2020
2015
930.99
$
-
$
-
$
-
$
564.65
$
-
$
-
$
-
$
-
$
366.34
$
2018
11,249.94
11,249.94
-
2019
147,902.43
1,000.00
100,399.55
48,502.88
160,083.36
1,000.00
112,214.14
48,502.88
366.34
2020
8,866,296.48
67,976.88
8,601,841.51
22,500.00
11,829.08
24,392.26
15,457.90
122,298.85
Total
160,083.36
$
1,000.00
$
8,866,296.48
$
67,976.88
$
8,714,055.65
$
22,500.00
$
11,829.08
$
72,895.14
$
15,457.90
$
122,665.19
$
Tax Yield:
General Purpose Tax
8,795,831.58
$
Added Taxes
47,964.90
Senior Citizens and Veterans Deductions Allowed
Per Original Levy
22,500.00
Total
8,866,296.48
$
Tax Levy:
Local District School Tax (Abstract)
5,621,675.00
$
County Taxes:
Regular Tax (Abstract)
988,759.33
$
Library Tax (Abstract)
87,874.46
Open Space Preservation Tax (Abstract)
57,522.94
Amount Due County for Added Taxes
(54:4-63.1 et. Seq.)
6,181.75
1,140,338.48
Local Tax for Municipal Purposes
2,062,044.90
Additional Tax Levies
42,238.10
2,104,283.00
Total
8,866,296.48
$
ANALYSIS OF PROPERTY TAX LEVY
52
EXHIBIT A-6
BOROUGH OF RIVERTON
Current Fund
Schedule of Tax Title Liens
For the Year Ended December 31, 2020
Balance December 31, 2019
-
$
Increased by:
Transfers from Taxes Receivable
72,895.14
$
Interest and Costs from September 24, 2020 Tax Sale
16,930.83
89,825.97
Balance December 31, 2020
89,825.97
$
53
EXHIBIT A-7
BOROUGH OF RIVERTON
Current Fund
Schedule of Revenue Accounts Receivable
For the Year Ended December 31, 2020
Balance
Balance
December 31,
Accrued
December 31,
2019
in 2020
Collected
2020
Remarks
Borough Clerk:
Registrar of Vital Statistics - Licenses
-
$
978.00
$
978.00
$
-
$
Fees and Permits
750.00
750.00
Cell Tower Fees
33,049.29
33,049.29
Park Fees
3,125.00
3,125.00
Municipal Court - Fines and Costs
3,356.89
41,900.93
42,158.02
3,099.80
Rec'd Jan 2021
Interest and Costs on Taxes
25,426.06
25,426.06
Fire Official - Uniform Fire Safety -
Fees and Permits
5,938.00
5,938.00
Construction Code Fees
24,231.00
24,231.00
Interest on Investments and
Bank Deposits
15,410.60
15,410.60
Energy Receipts Tax
230,577.00
230,577.00
Payments in Lieu of Taxes
15,171.78
15,171.78
Cable TV Franchise Fees
9,422.50
9,422.50
Reserve for Debt Service
20,000.00
20,000.00
Total
3,356.89
$
425,980.16
$
426,237.25
$
3,099.80
$
54
EXHIBIT A-8
BOROUGH OF RIVERTON
Current Fund
Schedule of Sewer Rent Recievable
For the Year Ended December 31, 2020
Balance December 31, 2019
26,546.06
$
Increased by:
Sewer Rents Billed in 2020
503,665.75
Total
530,211.81
Decreased by:
Collections
502,344.65
$
Overpayments Applied
1,108.10
Prepayments Applied
2,801.78
506,254.53
Balance December 31, 2020
23,957.28
$
55
EXHIBIT A-9
BOROUGH OF RIVERTON
Current Fund
Schedule of Due (To)/From State of New Jersey-
Senior Citizen and Veterans' Deductions
For the Year Ended December 31, 2020
Balance December 31, 2019
(750.00)
$
Increased by:
Accrued in 2020:
Senior Citizens Deductions Per Billings
3,000.00
$
Veterans Deductions Per Billings
19,500.00
22,500.00
Add - Current Year Senior Citizen and Veteran Allowed by Collector
Less - Prior Year Disallowed
1,000.00
21,500.00
20,750.00
Decreased by:
Cash Received
21,500.00
Balance December 31, 2020 (Due to)
(750.00)
$
56
EXHIBIT A-10
BOROUGH OF RIVERTON
CURRENT FUND
Statement of 2019 Appropriation Reserves and Reserve for Encumbrances
For The Year Ended December 31, 2020
Balance December 31, 2019
Balance
After
Paid or
Balance
Encumbered
Reserved
Transfers
Charged
Lapsed
Salaries and Wages:
Borough Clerk
-
$
2,465.00
$
2,465.00
$
2,464.92
$
0.08
$
Financial Administration
2,133.54
2,133.54
2,133.06
0.48
Collection of Taxes
2,938.63
2,938.63
1,045.18
1,893.45
Assessment of Taxes
441.82
441.82
441.69
0.13
Planning Board
46.17
452.17
451.87
0.30
Police
47,893.50
47,893.50
19,575.75
28,317.75
Fire Official
213.47
213.47
213.30
0.17
Road Repair and Maintenance
13,825.81
13,825.81
8,965.69
4,860.12
Registrar of Vital Statistics
189.28
189.28
189.27
0.01
Sewerage
1,474.81
1,474.81
784.35
690.46
Construction Code Office
810.80
1,075.80
1,072.76
3.04
Other Expenses:
Mayor and Council
281.71
534.24
815.95
277.67
538.28
Borough Clerk
1,401.70
5,175.39
6,577.09
4,780.37
1,796.72
Financial Administration
834.12
834.12
37.50
796.62
Computerizing Data Processing
252.50
252.50
252.50
Collection of Taxes
723.74
723.74
723.74
Assessment of Taxes
227.20
227.20
31.96
195.24
Legal Services and Costs
1,535.00
1,535.00
1,535.00
Engineer
310.00
310.00
-
310.00
Economic Development
50.55
140.55
137.98
2.57
Planning Board
1,011.00
1,826.00
2,837.00
-
2,837.00
Affordable Housing Litigation
8,252.34
8,252.34
8,252.34
Liability Insurance
249.00
249.00
249.00
Employees Group Insurance
1,015.97
1,044.97
1,044.97
Police
2,765.04
6,300.56
9,065.60
3,474.31
5,591.29
Office of Emergency Management
499.43
499.43
499.43
Fire
2,228.19
1,667.94
3,896.13
2,252.11
1,644.02
Fire Official
259.69
259.69
-
259.69
Road Repair and Maintenance
2,090.32
12,840.86
14,931.18
7,736.47
7,194.71
Shade Tree Commission
5,144.68
1,589.87
6,734.55
6,039.68
694.87
Solid Waste Collection
9,571.60
144.40
9,716.00
9,661.20
54.80
Public Buildings and Grounds
589.00
2,060.10
2,649.10
688.29
1,960.81
Vehicle Maintenance
566.70
924.37
1,491.07
211.85
1,279.22
Registrar of Vital Statistics
150.00
150.00
-
150.00
Animal Control
370.00
1,302.00
882.00
175.00
707.00
Recreation
2,146.41
2,760.25
4,906.66
2,516.55
2,390.11
Celebration of Public Events
600.00
600.00
373.79
226.21
Electricity
6,479.36
4,632.11
12,521.47
12,519.66
1.81
Street Lighting
3,755.21
3,693.39
7,908.60
7,907.19
1.41
Telephone
679.78
679.78
189.99
489.79
Water
679.65
679.65
379.60
300.05
Fire Hydrant Service
5,570.73
3,700.73
3,542.00
158.73
Sewerage Processing
31,467.04
5,424.71
36,891.75
35,734.15
1,157.60
Gasoline
8,009.67
8,009.67
3,114.69
4,894.98
Landfill and Solid Waste Disposal Costs
9,646.53
1,012.84
10,338.37
8,978.53
1,359.84
Municipal Court
84,361.67
90,182.67
89,181.84
1,000.83
Construction Code Office
3,450.00
530.00
3,980.00
3,450.00
530.00
Social Security System
7,233.76
1,733.76
1,702.61
31.15
Matching Funds for Grants
1,250.00
1,250.00
1,250.00
Total
82,964.49
$
247,596.66
$
330,561.15
$
242,432.83
$
88,128.32
$
Cash Disbursed
236,665.55
$
Due to Capital
5,767.28
242,432.83
$
57
EXHIBIT A-11
BOROUGH OF RIVERTON
Current Fund
Schedule of Tax Overpayments
For the Year Ended December 31, 2020
Balance December 31, 2019
26,973.59
$
Increased by:
Collected
31,428.08
Subtotal
58,401.67
Decreased by:
Cash Disbursed
26,782.93
$
Overpayment Applied to 2020 Taxes
11,829.08
38,612.01
Balance December 31, 2020
19,789.66
$
EXHIBIT A-12
Schedule of Prepaid Taxes
For the Year Ended December 31, 2020
Balance December 31, 2019
67,976.88
$
Increased by:
Collected
58,629.66
Subtotal
126,606.54
Decreased by:
Applied to 2020 Taxes
67,976.88
Balance December 31, 2020
58,629.66
$
58
Exhibit A-13
BOROUGH OF RIVERTON
Current Fund
Schedule of Sewer Rent Overpayments
For the Year Ended December 31, 2020
Balance December 31, 2019
1,553.10
$
Increased by:
Prior Year Overpayments Created
1,041.20
$
Collected
420.00
1,461.20
3,014.30
Decreased by:
Applied to 2020 Sewer Rents
1,108.10
Balance December 31, 2020
1,906.20
$
Exhibit A-14
Schedule of Due to State of NJ - UCC Fees
For the Year Ended December 31, 2020
Balance December 31, 2019
295.28
$
Increased by:
State Portion of UCC Fees
3,167.00
3,462.28
Decreased by:
Disbursements
1,736.28
Balance December 31, 2020
1,726.00
$
59
EXHIBIT A-15
BOROUGH OF RIVERTON
Current Fund
Schedule of County Taxes Payable
For the Year Ended December 31, 2020
Balance December 31, 2019
1,655.55
$
Increased by:
2020 Levy:
General County
988,759.33
$
County Library
87,874.46
County Open Space
57,522.94
Added and Omitted Taxes
6,181.75
1,140,338.48
Subtotal
1,141,994.03
Decreased by:
Payments
1,135,812.28
Balance December 31, 2020
6,181.75
$
60
EXHIBIT A-16
BOROUGH OF RIVERTON
Current Fund
Schedule of Local District School Tax Payable
For the Year Ended December 31, 2020
Balance December 31, 2019:
School Tax Payable
1,901,678.95
$
School Tax Deferred
848,766.00
2,750,444.95
$
Increased by:
Levy - School Year July 1, 2020 to June 30, 2021
5,621,675.00
Total
8,372,119.95
Decreased by:
Payments
5,567,281.48
Balance December 31, 2020:
School Tax Payable
1,956,072.47
School Tax Deferred
848,766.00
2,804,838.47
$
2020 Liability for Local District School Tax:
Tax Paid
5,567,281.48
$
Tax Payable December 31, 2020
1,956,072.47
Total
7,523,353.95
Less:
Tax Payable December 31, 2019
1,901,678.95
Amount Charged to 2020 Operations
5,621,675.00
$
61
EXHIBIT A-17
BOROUGH OF RIVERTON
Federal and State Grant Fund
Schedule of Federal and State Grants Receivable
For the Year Ended December 31, 2020
Transferred
Balance
From
Transferred
Balance
December 31,
Unappropriated
To
December 31,
2019
Accrued
Received
Reserves
Unappropriated
Canceled
2020
State Grants:
Clean Communities Grant
-
$
6,137.51
$
6,137.51
$
-
$
-
$
-
$
Alcohol Education Rehab
666.83
666.83
Recycling Tonnage Grant
3,659.31
3,659.31
Body Armor Grant
1,003.61
1,003.61
Drunk Driving Enforcement Grant
3,095.58
3,095.58
Burlington County Park Grant
55,000.00
42,158.41
12,841.59
Green Communities
3,000.00
1,610.00
1,390.00
Total State Grants
58,000.00
14,562.84
51,576.36
6,754.89
14,231.59
Federal Grants:
NJ Transportation Trust Fund
9,248.00
9,248.00
Bullet Proof Vest
401.38
401.38
Total Federal Grants
9,248.00
401.38
401.38
9,248.00
Total Federal and State Grants
67,248.00
$
14,964.22
$
51,576.36
$
7,156.27
$
-
$
-
$
23,479.59
$
Cash Received
9,417.95
$
Due from General capital Fund
42,158.41
Total
51,576.36
$
62
EXHIBIT A-18
BOROUGH OF RIVERTON
Federal and State Grant Fund
Schedule of Reserve for Federal and State Grants - Unappropriated
For the Year Ended December 31, 2020
Transfer From
Balance
Federal and
Realized
Balance
December 31,
State Grant
as Revenue
December 31,
2019
Receivable
2020
2020
Federal Grants:
Bullet Proof Vest
401.38
$
401.38
$
-
$
Total Federal Grants
401.38
-
401.38
-
State Grants:
Drunk Driving Enforcement Grant
3,095.58
3,095.58
-
Recycling Tonnage Grant
3,659.31
3,659.31
-
Total State Grants
6,754.89
-
6,754.89
-
Total Federal and State Grants
7,156.27
$
-
$
7,156.27
$
-
$
63
EXHIBIT A-19
BOROUGH OF RIVERTON
Federal and State Grant Fund
Schedule of Reserve for Federal and State Grants - Appropriated
For the Year ended December 31, 2020
Transferred
Transferred
Balance
from
from
Balance
December 31,
2020 Budget
2020 Budget
Prior Year
December 31,
2019
Appropriation
40A:4-87
Encumbrance
Expended
Canceled
2020
State Grants:
Clean Communities Grant
5,307.43
$
-
$
6,137.51
$
-
$
3,154.80
$
-
$
8,290.14
$
Recycling Tonnage Grant
2,433.65
3,659.31
1,480.76
3,609.16
3,964.56
Drunk Driving Enforcement Fund
3,543.59
3,095.58
717.00
5,922.17
Community Steward Incentive
325.00
325.00
Alcohol Education Rehabilitation
4,005.39
666.83
255.00
4,417.22
Green Communities
3,885.00
3,885.00
Body Armor Grant
6,847.67
1,003.61
2,369.56
5,481.72
Stormwater Grant
3,875.97
3,875.97
N.J. State Forestry Grant
129.12
129.12
Emergency Management Grant
823.59
823.59
Domestic Violence
137.04
137.04
Burlington County Park Improvement
17,844.46
9,033.00
8,811.46
Total State Grants
49,157.91
6,754.89
7,807.95
1,480.76
19,138.52
-
46,062.99
Federal Grants:
NJ Transportation Trust Fund
10,198.00
10,198.00
Motor Veh. Aggressive Driver Crack Down
8,076.94
8,076.94
Bullet Proof Vest Program
476.42
401.38
472.42
405.38
Total Federal Grants
18,751.36
401.38
-
-
472.42
-
18,680.32
Total Federal and State Grants
67,909.27
$
7,156.27
$
7,807.95
$
1,480.76
$
19,610.94
$
-
$
64,743.31
$
Cash Disbursed
16,587.94
$
Due to General Capital Fund
3,023.00
Encumbrances Payable
-
Total
19,610.94
$
64
TRUST FUND
EXHIBIT B-1
BOROUGH OF RIVERTON
Trust Fund
Schedule of Cash - Treasurer
For the Year Ended December 31, 2020
Total
Payment In
Animal
Other Trust
Registrar of
Flexible
Unemployment
Trust
Trust
Police Forfeited
Public
Development
Lieu of
Control
Funds
Vital Statistics
Spending
Compensation
Other
Premium
Property (MLETA)
POAA
Defender
Fees
Construction
Payroll
Balance December 31, 2019
2,894.45
$
298,115.48
$
139.24
$
1,246.96
$
25,104.51
$
98,301.89
$
74,907.32
$
9,138.88
$
368.68
$
2,613.14
$
8,508.06
$
60,076.89
$
17,709.91
$
Receipts:
Dog License Fees:
Municipal Licenses
195.00
State Registration Fees
52.80
Late Fees
1.00
Marriage Licenses Issued
250.00
250.00
Employee Contributions
999.96
999.96
Premiums
7,600.00
7,600.00
Redemption
79,241.85
79,241.85
Escrow
14,138.50
14,138.50
Shade Tree
4,000.00
4,000.00
Police Outside Service
3,876.00
3,876.00
Dog Park
47,110.00
47,110.00
Forfeited Property
1,084.67
1,084.67
Parking Offenses Adjudication Act
2.00
2.00
Public Defender Fees
1,640.00
1,640.00
Payroll Deductions Payable
378,154.95
1,804.43
376,350.52
Net Payroll
714,166.26
714,166.26
Compensated Absences
30,000.00
30,000.00
Due to Current
5,518.36
1,518.36
4,000.00
Interest Earned
11.22
1,349.26
0.59
5.06
361.99
501.95
176.82
29.39
1.34
9.34
32.59
230.19
Total Receipts
260.02
1,289,131.81
250.59
1,005.02
2,166.42
180,386.66
7,776.82
1,114.06
3.34
5,649.34
32.59
230.19
1,090,516.78
Disbursements:
Expenditures Under RS4:19-15.11
-
State Registration Fees
65.40
Employee Claims
1,382.12
1,160.92
221.20
Redemption
79,241.85
79,241.85
Escrow
8,657.00
8,657.00
Dog Park
43,070.00
43,070.00
Forfeited Property
7,941.00
7,941.00
Parking Offenses Adjudication Act
165.00
165.00
Uniform Fire Safety
641.79
641.79
Premiums
45,000.00
3,600.00
41,400.00
Public Defender Fees
2,700.00
2,700.00
Payroll Deductions Payable
379,049.87
3,205.00
375,844.87
Net Payroll
714,166.26
714,166.26
Due to State of NJ
225.00
225.00
Due to Current Fund
2,478.25
2,141.94
2,043.92
98.02
Total Disbursements
2,543.65
1,284,381.83
225.00
1,160.92
221.20
140,459.56
41,400.00
7,941.00
165.00
2,700.00
-
-
1,090,109.15
Balance December 31, 2020
610.82
$
302,865.46
$
164.83
$
1,091.06
$
27,049.73
$
138,228.99
$
41,284.14
$
2,311.94
$
207.02
$
5,562.48
$
8,540.65
$
60,307.08
$
18,117.54
$
66
EXHIBIT B-2
BOROUGH OF RIVERTON
Dog License Fund
Schedule of Reserve for Animal Control Fund Expenditures
For the Year Ended December 31, 2020
Balance December 31, 2019
396.00
$
Increased by:
2020 Dog License Fees Collected
195.00
$
Late Fees
1.00
196.00
Subtotal
592.00
Decreased by:
Expenditures Under RS4:19-15.11
-
Due to Current Fund
86.00
86.00
Balance December 31, 2020
506.00
$
License Fees Collected
Year:
2018
216.00
$
2019
290.00
Total
506.00
$
67
EXHIBIT B-3
BOROUGH OF RIVERTON
Trust - Other Funds
Schedule of Due to State of New Jersey
For the Year Ended December 31, 2020
Balance December 31, 2019
50.00
$
Increased by:
Marriage Licenses Issued
250.00
Subtotal
300.00
Decreased by:
Cash Disbursed to State of New Jersey
225.00
Balance December 31, 2020
75.00
$
EXHIBIT B-4
Schedule of Payroll Deductions Payable
For the Year Ended December 31, 2020
Balance December 31, 2019
162.40
$
Increased by:
Payroll Deductions Received
376,264.54
Total
376,426.94
Decreased by:
Payroll Deductions Disbursed
375,844.87
Balance December 31, 2020
582.07
$
68
EXHIBIT B-5
BOROUGH OF RIVERTON
Trust - Other Funds
Schedule of Tax Title Lien Payable
For the Year Ended December 31, 2020
Balance December 31, 2019
-
$
Increased by:
Tax Redemptions
79,241.85
Subtotal
79,241.85
Decreased by:
Disbursements
79,241.85
Balance December 31, 2020
-
$
EXHIBIT B-6
Schedule of Reserve For Payment of Unemployment Claims
For the Year Ended December 31, 2020
Balance December 31, 2019
18,256.59
$
Increased by:
Employee Withholdings
1,890.41
$
Interest Earned
361.99
2,252.40
Subtotal
20,508.99
Decreased by:
Disbursements
221.20
Balance December 31, 2020
20,287.79
$
EXHIBIT B-7
Schedule of Reserve For Flexible Spending Benefits
For the Year Ended December 31, 2020
Balance December 31, 2019
470.09
$
Increased by:
Employee Withholdings
999.96
Subtotal
1,470.05
Decreased by:
Payment of Flexible Spending Benefits
1,160.92
Balance December 31, 2020
309.13
$
69
EXHIBIT B-8
Balance December 31, 2019
81,881.18
$
Increased by:
Cash Receipts
14,138.50
Subtotal
96,019.68
Decreased by:
Cash Disbursed
8,657.00
Balance December 31, 2020
87,362.68
$
EXHIBIT B-9
Balance December 31, 2019
78,507.32
$
Increased by:
Premiums Collected
7,600.00
$
Interest Earned
176.82
7,776.82
Subtotal
86,284.14
Decreased by:
Payment of Premiums
45,000.00
Balance December 31, 2020
41,284.14
$
Schedule of Reserve For Tax Sale Premiums
For the Year Ended December 31, 2020
BOROUGH OF RIVERTON
Trust - Other Funds
Schedule of Reserve For Developer's Escrow Deposits
For the Year Ended December 31, 2020
70
EXHIBIT B-10
Balance December 31, 2019
763.79
$
Increased by:
Receipts
4,000.00
Balance December 31, 2020
4,763.79
$
EXHIBIT B-11
Balance December 31, 2020 and 2019
5,161.38
$
EXHIBIT B-12
Balance December 31, 2020 and 2019
1,075.12
$
Schedule of Reserve For Veteran Affairs
For the Year Ended December 31, 2020
BOROUGH OF RIVERTON
Trust - Other Funds
Schedule of Reserve For Shade Tree Commission
For the Year Ended December 31, 2020
Schedule of Reserve For Environmental Fund
For the Year Ended December 31, 2020
71
EXHIBIT B-13
Balance December 31, 2019
2,539.09
$
Increased by:
Receipts from Municipal Court
5,640.00
Subtotal
8,179.09
Decreased by:
Disbursements
2,700.00
Balance December 31, 2020
5,479.09
$
EXHIBIT B-14
Balance December 31, 2019
9,138.88
$
Increased by:
Forfeited Property
1,084.67
$
Interest Earned
29.39
1,114.06
Subtotal
10,252.94
Decreased by:
Disbursements
7,941.00
Balance December 31, 2020
2,311.94
$
EXHIBIT B-15
Balance December 31, 2020 and 2019
30,000.00
$
Schedule of Reserve For Compensated Absences
For the Year Ended December 31, 2020
Schedule of Reserve For Public Defender
For the Year Ended December 31, 2020
BOROUGH OF RIVERTON
Trust - Other Funds
Schedule of Reserve For Police Forfeited Property
For the Year Ended December 31, 2020
72
EXHIBIT B-16
Balance December 31, 2019
368.68
$
Increased by:
Receipts from Municipal Court
-
$
Interest Earned
3.34
3.34
Subtotal
372.02
Decreased by:
Disbursements
165.00
Balance December 31, 2020
207.02
$
EXHIBIT B-17
Balance December 31, 2019
58,688.75
$
Increased by:
Receipts
3,876.00
Subtotal
62,564.75
Decreased by:
Disbursements
3,205.00
Balance December 31, 2020
59,359.75
$
Schedule of Reserve For Off Duty Police
For the Year Ended December 31, 2020
Schedule of Reserve For POAA Funds
For the Year Ended December 31, 2020
BOROUGH OF RIVERTON
Trust - Other Funds
73
EXHIBIT B-18
Balance December 31, 2019
-
$
Increased by:
Contributions
47,110.00
Subtotal
47,110.00
Decreased by:
Payments
43,070.00
Balance December 31, 2020
4,040.00
$
EXHIBIT B-19
Balance December 31, 2019
2,871.50
$
Increased by:
Receipts
-
Subtotal
2,871.50
Decreased by:
Payments made
641.79
Balance December 31, 2020
2,229.71
$
Schedule of Reserve For Uniform Fire Safety
For the Year Ended December 31, 2020
BOROUGH OF RIVERTON
Trust - Other Funds
Schedule of Reserve For Dog Park
For the Year Ended December 31, 2020
74
GENERAL CAPITAL FUND
EXHIBIT C-2
BOROUGH OF RIVERTON
General Capital Fund
Schedule of Cash - Treasurer
For the Year Ended December 31, 2020
Balance December 31, 2019
551,355.25
$
Receipts:
Reserve for Debt Service
14,028.41
$
Due from Current Fund
31,305.91
Due to Federal and State Grant Fund
42,158.41
Due to Current Fund
1,766.92
89,259.65
Total
640,614.90
Disbursements:
Improvement Authorizations
168,003.36
Budget Appropriation - Reserve for Debt
20,000.00
Due from Current Fund
5,565.00
Due from Federal and State Grant Fund
3,023.00
Due to Current Fund
13,657.43
Due to Federal and State Grant Fund
23,600.00
233,848.79
Balance December 31, 2020
406,766.11
$
76
EXHIBIT C-3
BOROUGH OF RIVERTON
General Capital Fund
Analysis of General Capital Cash and Investments
For the Year Ended December 31, 2020
Fund Balance
79,609.68
$
Capital Improvement Fund
17,860.76
Due from Current Fund
(5,767.28)
Due to Federal and State Grant Fund
1,979.87
Reserve for Debt
138,528.41
Improvement Authorizations:
Ordinance
Number
2015-2
Multi-purpose:
Improvements to Riverton park
(9,537.00)
Road Improvements
46,098.22
Acquisition of Street Signs
10,000.00
Acquisition of Public Works Equipment
187.00
Sewer System-Wide Improvements
1,753.61
2016-4
Multi-purpose:
Acquisition of Computer Hardware
1,099.27
Acquisition of Fire Equipment
16,740.00
2017-06
Multi-purpose:
Acquisition of Street Safety Signs
6,828.49
Road Improvements
137,584.98
Acquisition of Emergency Back-up Generator
1,207.26
Acquisition of Fire Equipment
349.71
2018-03
Multi-purpose:
Road Program - Beachwood/Homewood
8,390.23
Acquisition of Police Equipment
1,121.00
Acquisition of Sewer Equipment
31,734.56
Acquisition of Fire Equipment
48.96
2019-05
Multi-purpose:
Heating System at Public Works Garage
(5,125.00)
Police Vehicle and Software
(70,258.00)
Sewer Tank Housing Panel
(10,024.10)
Acquisition of Fire Equipment
(7,391.66)
2020-04
Multi-purpose:
Acquisition of Public Works Equipment
3,315.00
Road Program
598.00
Aqusition of a Security Cameras
233.00
Acqusition of Police Equipment
200.00
Acqusition of Sewer Equipment
17,000.00
Acqusition of Fire Equipment
(7,598.86)
Total
406,766.11
$
77
EXHIBIT C-4
BOROUGH OF RIVERTON
General Capital Fund
Schedule of Deferred Charges to Future Taxation - Funded
For the Year Ended December 31, 2020
Balance December 31, 2019
1,860,000.00
$
Decreased by:
Serial Bond Principal Payment
130,000.00
Balance December 31, 2020
1,730,000.00
$
78
EXHIBIT C-5
BOROUGH OF RIVERTON
General Capital Fund
Schedule of Deferred Charges to Future Taxation - Unfunded
For the Year Ended December 31, 2020
Analysis of Balance
December 31, 2020
Financed by
Balance
Balance
Bond
Unexpended
Ordinance
December 31,
2020
Paid by
December 31,
Aniticpation
Improvement
Number
Improvement Description
2019
Authorizations
Budget
Cancelled
2020
Notes
Expenditures
Authorization
2009-5
2009 Road Program
65,636.32
$
-
$
-
$
65,636.32
$
-
$
-
$
-
$
-
$
2010-4
Various Capital Improvements
57,312.00
57,312.00
-
2013-5
Various Capital Improvements
23,475.00
23,475.00
-
2019-05
Various Capital Improvements
370,025.00
370,025.00
92,798.76
277,226.24
2020-04
Various Capital Improvements
425,524.00
425,524.00
23,735.85
401,788.15
516,448.32
$
425,524.00
$
-
$
146,423.32
$
795,549.00
$
-
$
116,534.61
$
679,014.39
$
Improvement Authorizations - Unfunded
679,014.39
$
Less - Unexpended Proceeds from Bond Anticipation Notes
NONE
-
Total
679,014.39
$
79
EXHIBIT C-6
BOROUGH OF RIVERTON
General Capital Fund
Statement of Grants Receivable
For the Year Ended December 31, 2020
Balance December 31, 2019 and 2020
10,500.00
$
Analysis of Balance
Burlington County Park Development Grant - Memorial Park
10,500.00
$
10,500.00
$
80
EXHIBIT C-7
BOROUGH OF RIVERTON
General Capital Fund
Schedule of General Serial Bonds
For the Year Ended December 31, 2020
Amount
Maturities of
of
Bonds Outstanding
Balance
Balance
Date of
Original
December 31, 2020
Interest
December 31,
December 31,
Purpose
Issue
Bonds
Date
Amount
Rate
2019
Issued
Decreased
2020
General Bonds of 2018
8/23/2018
1,995,000
$
8/1/2021
140,000.00
$
5.00%
1,860,000.00
$
-
$
130,000.00
$
1,730,000.00
$
8/1/2022
145,000.00
5.00%
8/1/2023
155,000.00
5.00%
8/1/2024
160,000.00
5.00%
8/1/2025
170,000.00
5.00%
8/1/2026
180,000.00
5.00%
8/1/2027
185,000.00
5.00%
8/1/2028
195,000.00
5.00%
8/1/2029
195,000.00
4.00%
8/1/2030
205,000.00
5.00%
Total
1,860,000.00
$
-
$
130,000.00
$
1,730,000.00
$
81
EXHIBIT C-8
BOROUGH OF RIVERTON
General Capital Fund
Schedule of Improvement Authorizations
For the Year Ended December 31, 2020
2020 Authorizations
Deferred
Charges
Balance
Capital
To Future
Paid
Balance
Ordinance
Ordinance
December 31, 2019
Improvement
Grant
Taxation
or
December 31, 2020
Number
Improvement Description
Date
Amount
Funded
Unfunded
Fund
Receivable
Unfunded
Charged
Canceled
Funded
Unfunded
2002-4
Multi-purpose:
07/11/02
c. Repairs to Seawall
16,000.00
$
1,211.66
$
-
$
-
$
-
$
-
$
-
$
1,211.66
$
-
$
-
$
2007-3
Multi-purpose:
05/21/07
153,800.00
a. Purchase of Police Equipment
591.17
591.17
b. 2007 Road Program
18,316.79
18,316.79
d. Office Equipment
3,681.51
3,681.51
2009-5
2009 Road Program
12/12/09
200,000.00
65,636.32
65,636.32
2010-4
Multi-purpose:
07/14/10
c. Improvements to Park
201,875.00
57,312.00
57,312.00
2011-8
Multi-purpose:
06/08/11
c. 2011 Road Program
50,000.00
29,780.00
29,780.00
2013-5
Multi-purpose:
05/08/13
a. Purchase of Loader Bucket
15,500.00
215.79
1.36
217.15
b. Imps and Upgrades to WW Treatment Tank
30,000.00
23,189.97
23,189.97
c. Acq. of Equipment for Public Works Dept.
15,000.00
283.67
283.67
2014-8
Multi-purpose:
06/11/14
a. Police Vehicles
68,000.00
471.30
471.30
b. Borough Roof and Police Remodeling
38,000.00
501.05
501.05
e. Acquisition of Public Works Equipment
43,620.00
4,574.53
4,574.53
f. Acquisition of Fire Truck
450,000.00
1,787.00
1,787.00
Forward
61,130.80
$
146,423.32
$
-
$
-
$
-
$
-
$
207,554.12
$
-
$
-
$
82
EXHIBIT C-8
BOROUGH OF RIVERTON
General Capital Fund
Schedule of Improvement Authorizations
For the Year Ended December 31, 2020
2020 Authorizations
Deferred
Charges
Balance
Capital
To Future
Prior
Paid
Balance
Ordinance
Ordinance
December 31, 2019
Improvement
Grant
Taxation
Year
or
December 31, 2020
Number
Improvement Description
Date
Amount
Funded
Unfunded
Fund
Receivable
Unfunded
Encumbrances
Charged
Canceled
Funded
Unfunded
Continued
61,130.80
$
146,423.32
$
-
$
-
$
-
$
-
$
-
$
207,554.12
$
-
$
-
$
2015-2
Multi-purpose:
05/06/15
b. Improvements to Riverton Park
287,500.00
$
963.00
963.00
c. Road Improvements
366,675.00
46,098.22
46,098.22
d. Acquisition of Street Signs
10,000.00
10,000.00
10,000.00
e. Acquisition of Public Works Equipment
210,500.00
187.00
187.00
f. Sewer System-Wide Improvements
50,000.00
1,753.61
1,753.61
2016-4
Multi-purpose:
06/08/16
b. Acquisition of Computer Hardware
6,000.00
1,099.27
1,099.27
e. Acqusition of Fire Equipment
100,000.00
16,740.00
16,740.00
2017-06
Multi-purpose:
7/12/2017
a. Acquisition of Street Safety Signs
11,000.00
6,828.49
6,828.49
b. Road Improvements
444,050.00
137,604.98
20.00
137,584.98
d. Acqusition of Emergency Back-Up Generator
45,500.00
1,207.26
1,207.26
e. Acqusition of Fire Equipment
12,500.00
349.71
349.71
2018-03
Multi-purpose:
07/17/18
a. Acquisition of Public Works Equipment
20,200.00
b. Road Program - Beachwood/Homewood
2,847,505.00
8,390.23
4,861.75
4,861.75
8,390.23
c. Aqusition of a Police Equipment
10,392.00
1,121.00
1,121.00
d. Acqusition of Sewer Equipment
212,450.00
103,065.78
4,350.77
75,681.99
31,734.56
e. Acqusition of Fire Equipment
15,000.00
48.96
48.96
2019-05
Multi-purpose:
a. Heating System at Public Works Garage
06/16/19
15,000.00
8,875.00
8,875.00
b. Police Vehicle and Software
74,500.00
242.00
47,500.00
47,500.00
242.00
c. Sewer Tank Housing Panel
292,000.00
13,375.00
278,025.00
23,399.10
268,000.90
d. Acqusition of Fire Equipment
8,000.00
108.34
7,891.66
7,891.66
108.34
2020-04
Multi-purpose:
a. Acquisition of Public Works Equipment
06/16/20
79,305.00
3,965.00
75,340.00
4,953.86
74,351.14
b. Road Program
11,950.00
598.00
11,352.00
11,950.00
c. Aqusition of a Security Cameras
4,665.00
233.00
4,432.00
233.00
4,432.00
d. Acqusition of Police Equipment
4,000.00
200.00
3,800.00
3,796.13
203.87
e. Acqusition of Sewer Equipment
340,000.00
17,000.00
323,000.00
17,000.00
323,000.00
f. Acqusition of Fire Equipment
8,000.00
400.00
7,600.00
7,998.86
1.14
Total
409,000.31
$
433,673.66
$
22,396.00
$
-
$
425,524.00
$
65,567.18
$
188,053.35
$
207,554.12
$
281,339.29
$
679,214.39
$
Encumbrances Payable
20,049.99
$
Cash Disbursed
168,003.36
Total
188,053.35
$
Fund Balance
61,130.80
$
Deferred Charges for Future Taxation - Unfunded
146,423.32
Total
207,554.12
$
83
EXHIBIT C-9
BOROUGH OF RIVERTON
General Capital Fund
Statement of Capital Improvement Fund
For the Year Ended December 31, 2020
Balance December 31, 2019
40,256.76
$
Increased by:
2020 Budget Appropriation
40,256.76
Decreased by:
Appropriated to Finance Improvement Authorization
22,396.00
Balance December 31, 2020
17,860.76
$
84
EXHIBIT C-10
BOROUGH OF RIVERTON
General Capital Fund
Statement of Bonds and Notes Authorized but not Issued
For the Year Ended December 31, 2020
Bond
Balance
Anticipation
Balance
Ordinance
December 31,
2020
Notes
December 31,
Number
Improvement Description
2019
Authorizations
Issued
2020
2009-5
2009 Road Program
65,636.32
$
-
$
65,636.32
$
-
$
2010-4
Multi-Purpose
57,312.00
57,312.00
-
2013-5
Multi-Purpose
23,475.00
23,475.00
-
2019-5
Multi-Purpose
370,025.00
370,025.00
2020-4
Multi-Purpose
425,524.00
425,524.00
Total
516,448.32
$
425,524.00
$
146,423.32
$
795,549.00
$
85
PUBLIC ASSISTANCE FUND
EXHIBIT D-1
BOROUGH OF RIVERTON
PUBLIC ASSISTANCE FUND
Schedule of Cash - Treasurer
For the Year Ended December 31, 2020
P.A.T.F.
I
Balance December 31, 2019
740.68
$
Increased by Receipts:
Interest Earned
2.81
Total
743.49
Decreased by Disbursements
Balance December 31, 2020
743.49
$
87
BOROUGH OF RIVERTON
PART II
Schedule of Findings and Recommendations
For the Year Ended December 31, 2020
BOROUGH OF RIVERTON
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE YEAR ENDED DECEMBER 31, 2020
Section 1 -- Summary of Auditor's Results
Financial Statement Section
Type of auditor's report issued:
Unmodified
Internal control over financial reporting:
1) Material weaknesses identified?
yes
X
no
2) Were reportable conditions identified that were
not considered to be material weaknesses?
yes
X
none reported
Noncompliance material to financial statements noted?
yes
X
no
Federal Awards
A Federal Single Audit was not required
State Awards
A State Single Audit was not required
89
BOROUGH OF RIVERTON
Schedule of Findings and Questioned Costs
For the Year Ended December 31, 2020
Schedule of Financial Statement Findings
This section identifies the reportable conditions, material weaknesses, and instances of noncompliance related to the
financial statements that are required to be reported in accordance with Government Auditing Standards and with
requirements as prescribed by the Division of Local Government Services, Department of Community Affairs, State of
New Jersey.
No Findings Identified.
90
BOROUGH OF RIVERTON
Schedule of Findings and Questioned Costs
For the Year Ended December 31, 2020
Schedule of Federal Awards and State Financial Assistance
Findings and Questioned Costs
This section identifies the significant deficiencies, material weaknesses and instances of noncompliance, including
questioned costs, related to the audit of major federal and state programs, 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 Circular 15-08-OMB.
FEDERAL AWARDS
A federal single audit was not required.
STATE AWARDS
A state single audit was not required.
91
BOROUGH OF RIVERTON
Summary Schedule of Prior Year Audit Findings
And Recommendations as Prepared by Management
This section identifies the status of prior year findings related to the financial statements and federal and state grant
awards that are required to be reported in accordance with Government Auditing Standards and New Jersey OMB's
Circular 15-08.
FINANCIAL STATEMENT FINDINGS
There were no financial statement findings in the prior year.
FEDERAL AWARDS
A Federal Single Audit was not required.
STATE AWARDS
A State Single Audit was not required.
92
OFFICIALS IN OFFICE AND SURETY BONDS
The following officials were in office at December 31, 2020:
Name of
Amount of
Corporate
Name
Title
Term expires
Bond
Surety
Suzanne Cairns Wells
Mayor
12/31/2023
William Corbi
President of Council
12/31/2021
Kirk Fullerton
Councilperson
12/31/2022
Craig Greenwood
Councilperson
12/31/2020
Laura Major
Councilperson
12/31/2022
Julie Scott
Councilperson
12/31/2021
James Quinn
Councilperson
12/31/2020
Michelle Hack
Borough Clerk and Registrar of
Vital Statistics
$
35,000
(C)
Dawn Bass
Chief Financial Officer
200,000
(B)
Dolores Rosso
Tax Collector
175,000
(B)
Nicole Chicone-Shively
Finance Clerk, Treasurer, and Deputy Registrar
175,000
(B)
Roger Fort
Construction Code Official
10,000
(A)
Pete Clifford
Code Enforcement and Zoning Official
10,000
(A)
James Duda
Assessor
Alaimo Associates
Engineer
Tom Coleman
Solicitor
All Bonds were examined and properly executed.
(A) Selective Insurance Company - Employee Dishonesty Coverage
(B) Selective Insurance Company - Separate Surety Bond.
(C) Penn National Insurance Company - Separate Surety Bond.
ACKNOWLEDGMENT
I express my appreciation for the assistance and courtesies extended to the audit team by the Borough Officials
during the course of our audit.
Respectfully submitted,
INVERSO & STEWART, LLC
Certified Public Accountant
Robert P. Inverso
Certified Public Accountant
Registered Municipal Accountant
93
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"...gs 90 Schedule of Federal Awards and State Financial Assistance Findings 91 Summary Schedule of Prior Year Audit Findings 92 Officials in Office and Surety Bonds 93 Acknowledgment 93 -b- BOROUGH OF RIVERTON PART I Report of Audit of Financial Statements For the Year Ended December 31, 2020 INVERSO & STEWA..."
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