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Executive Summary
The Borough of Riverton's audit report for the financial statements for the year ended December 31, 2022, reveals an unmodified opinion on the regulatory basis of accounting, indicating fair presentation in accordance with the Division of Local Government Services' guidelines. The audit, conducted by Inverso & Stewart, LLC, also included a report on internal control over financial reporting and compliance. The report identifies the various funds of the Borough, including the Current Fund, Trust Funds, and General Capital Fund, and the accounting practices employed. The audit was conducted in accordance with generally accepted auditing standards.
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--- Document: 2022 Riverton Borough Audit Report Document ---
BOROUGH OF RIVERTON
County of Burlington
Report of Audit of Financial Statements
For the Year Ended December 31, 2022
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
52
Schedule of Taxes Receivable and Analysis of Property Tax Levy
A-5
53
Schedule of Tax Title Liens
A-6
54
Schedule of Sewer Liens
A-7
54
Schedule of Revenue Accounts Receivable
A-8
55
Schedule of Sewer Rent Receivable
A-9
56
Schedule of Due State of New Jersey -
Senior Citizen and Veterans' Deductions
A-10
57
Statement of 2021 Appropriation Reserves and Reserve for Encumbrances
A-11
58
Schedule of Tax Overpayments
A-12
59
Schedule of Prepaid Taxes
A-13
59
Schedule of Sewer Rent Overpayments
A-14
60
Schedule of Due to State of NJ - UCC Fees
A-15
60
Schedule of County Taxes Payable
A-16
61
Schedule of Local District School Tax Payable
A-17
62
- a -
Part I (Continued):
Federal and State Grant Fund
Schedule of Federal and State Grants Receivable
A-18
63
Schedule of Reserve for Federal and State Grants - Unappropriated
A-19
64
Schedule of Reserve for Federal and State Grants - Appropriated
A-20
65
Trust Fund
Schedule of Cash - Treasurer
B-1
67
Schedule of Reserve for Animal Control Fund Expenditures
B-2
68
Statement of Due to the State of NJ - Marriage Licenses
B-3
69
Statement of Payroll Deductions Payable
B-4
69
Schedule of Tax Title Lien Payable
B-5
70
Schedule of Reserve for Unemployment Claims
B-6
70
Schedule of Reserve for Flexible Spending Benefits
B-7
70
Schedule of Reserve for Developer's Escrow Deposits
B-8
71
Schedule of Reserve for Tax Sale Premiums
B-9
71
Schedule of Reserve for Shade Tree Commission
B-10
72
Schedule of Reserve for Environmental Fund
B-11
72
Schedule of Reserve for Veteran Affairs
B-12
72
Schedule of Reserve for Public Defender
B-13
73
Schedule of Reserve for Police Forfeited Property
B-14
73
Schedule of Reserve for Compensated Absences
B-15
73
Schedule of Reserve for POAA Funds
B-16
74
Schedule of Reserve for Off-Duty Police
B-17
74
Schedule of Reserve for Dog Park
B-18
75
Schedule of Reserve for Uniform Fire Safety
B-19
75
General Capital Fund
Schedule of Cash - Treasurer
C-2
77
Analysis of General Capital Cash and Investments
C-3
78
Schedule of Deferred Charges to Future Taxation - Funded
C-4
79
Schedule of Deferred Charges to Future Taxation - Unfunded
C-5
80
Statement of Grants Receivable
C-6
81
Schedule of General Serial Bonds
C-7
82
Schedule of Bond Anticipation Notes
C-8
83
Schedule of Improvement Authorizations
C-9
84
Statement of Capital Improvement Fund
C-10
85
Statement of Bonds and Notes Authorized But Not Issued
C-11
86
Public Assistance Fund
Schedule of Cash - Treasurer
D-1
88
PART II
Schedule of Findings and Recommendations
Schedule of Findings and Questioned Costs
90
Schedule of Financial Statement Findings
91
Schedule of Federal Awards and State Financial Assistance Findings
92
Summary Schedule of Prior Year Audit Findings
93
Officials in Office and Surety Bonds
94
Acknowledgment
94
-b-
BOROUGH OF RIVERTON
PART I
Report of Audit of Financial Statements
For the Year Ended December 31, 2022
1
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 08077
Report on the Audit of the Financial Statements
Opinions
I have audited the accompanying statements of assets, liabilities, reserves and fund balance - regulatory basis of the
various funds of the Borough of Riverton, (“Borough”), County of Burlington, State of New Jersey, as of December 31,
2022 and 2021 and the related statements of operations and changes in fund balance - regulatory basis for the year then
ended, and the related statement of revenues-regulatory basis, statement of expenditures - regulatory basis, and the
statement of general fixed asset account group for the year ended December 31, 2022, and the related notes to the
financial statements, which collectively comprise the Borough’s basic financial statements as listed in the table of
contents.
Unmodified Opinions 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 as of December 31, 2022 and 2021 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 and expenditures - regulatory basis of the various funds, and general fixed asset group of
accounts - regulatory basis, for the year ended December 31, 2022, in conformity with accounting principles and
practices prescribed by the Division of Local Government Services (“Division”), Department of Community Affairs,
State of New Jersey as described in Note 1.
Adverse Opinion on Accounting Principles Generally Accepted in the United States of America
In my opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on Accounting Principles
Generally Accepted in the United States of America section of my report, the accompanying financial statements
referred to above do not present fairly the financial position of the Borough as of December 31, 2022 and 2021, or the
results of its operations and the changes in fund balance for the years then ended in accordance with accounting principles
generally accepted in the United States of America.
Basis for Opinions on Regulatory Basis of Accounting
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 prescribed by the Division. My responsibilities under
those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statement section of
my report. I am required to be independent of the Borough and to meet my other ethical responsibilities, in accordance
with the relevant ethical requirements relating to my audit. 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 Accounting Principles Generally Accepted in the United States of America
As described in Note 1 to the financial statements, the financial statements are prepared by the Borough on the basis of the
financial reporting provisions of the Division (regulatory basis), which is a basis of accounting other than accounting
principles generally accepted in the United States of America, to meet with 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 and pervasive.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with the
financial reporting provisions of the Division. 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.
In preparing the financial statements, management is required to evaluate whether there are conditions or events,
considered in aggregate, that raise substantial doubt about the Borough’s ability to continue as a going concern for twelve
months beyond the financial statement date, including any currently known information that may raise substantial doubt
shortly thereafter.
Auditor’s Responsibility for the Audit of the Financial Statements
My objectives are to obtain reasonable assurance about whether the financial statements - regulatory basis as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinions.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore not a guarantee that an audit
conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it
exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would
influence the judgement made by a reasonable user based on the financial statements.
In performing an audit in accordance with auditing standards generally accepted in the United States of America and
Government Auditing Standards, I:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Borough’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in my judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Borough’s ability to continue as a going concern for a reasonable period of time.
I am required to communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit, significant audit findings, and certain internal control-related matters that I identified during the
audit.
3
Supplementary Information
My audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the
Borough’s basic financial statements. The accompanying supplemental statements and schedules presented for the
various funds, as listed in the table of contents, are presented for purposes of additional analysis as required by the Division
and are not a part of the basic financial statements.
Such information is the responsibility of management and was derived from and relates directly to the underlying
accounting and other records used to prepare the basic financial statements. The 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 accompanying
supplemental statements and schedules, and schedules of expenditures of federal and state financial assistance is fairly
stated, in all material respects, in relation to the basic financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, I have also issued my report dated July 31, 2023, on my
consideration of the Borough’s internal control over financial reporting and on my tests of its compliance with certain
provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to
describe the scope of my testing of internal control over financial reporting and compliance and the results of that testing,
and not to provide an opinion on the effectiveness of internal control over financial reporting or on compliance. That
report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the
Borough’s internal control over financial reporting and compliance.
Respectfully submitted,
INVERSO & STEWART, LLC
Certified Public Accountants
Robert P. Inverso
Certified Public Accountant
Registered Municipal Accountant
Marlton, New Jersey
July 31, 2023
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 08077
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 (“Division”),
Department of Community Affairs, State of New Jersey, the financial statements prepared on a regulatory basis of
accounting prescribed by the Division, of the Borough of Riverton (“Borough”), in the County of Burlington, State of
New Jersey, as of and for the year ended December 31, 2022, 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 31, 2023.
That report indicated that the Borough’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.
Report on Internal Control Over Financial Reporting
In planning and performing my audit of the financial statements, I considered the Borough’s internal control over
financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for
the purpose of expressing 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, we do not express an opinion on the effectiveness of the
Borough’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or
employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements
on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there
is a reasonable possibility that a material misstatement of the 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
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Borough’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 financial statement. 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, and audit requirements as prescribed by the Division.
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 entity’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 and federal and state awarding agencies and pass-through entities, in
considering the entity’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 31, 2023
6
EXHIBIT A
BOROUGH OF RIVERTON
Current Fund
Statement of Assets, Liabilities, Reserves and Fund Balance -- Regulatory Basis
For the Years Ended December 31, 2022 and 2021
Reference
2022
2021
ASSETS
Regular Fund:
Cash - Treasurer
A-4
3,469,792.29
$
3,264,451.38
$
Cash - Change Fund
100.00
120.00
Total
3,469,892.29
3,264,571.38
Receivables and Other Assets with Full Reserves:
Delinquent Property Taxes Receivable
A-5
95,908.67
89,774.00
Tax Title Liens Receivable
A-6
-
114,765.28
Sewer Liens Receivable
A-7
-
600.00
Revenue Accounts Receivable
A-8
4,272.97
3,672.13
Sewer Rent Receivable
A-9
24,283.50
26,678.40
Due from Animal Control Fund
B
379.22
159.55
Due from Trust Other Fund
B
35,788.92
38,424.10
Due from General Capital Fund
C
18.04
Total
160,651.32
274,073.46
Total Regular Fund
3,630,543.61
3,538,644.84
Federal and State Grant Fund:
Cash - Treasurer
A-4
124,026.85
137,973.50
Federal and State Grants Receivable
A-18
63,785.99
32,039.19
Due from Current Fund
A
14,464.55
14,464.55
Due from Capital Fund
C
1,979.87
1,979.87
Total Federal and State Grant Fund
204,257.26
186,457.11
Total
3,834,800.87
$
3,725,101.95
$
(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, 2022 and 2021
Reference
2022
2021
LIABILITIES, RESERVES AND FUND BALANCE
Regular Fund:
Liabilities:
Appropriation Reserves
A-3
144,639.32
$
271,615.02
$
Reserve for Encumbrances
A-3
32,665.90
69,239.17
Accounts Payable
A-11
60,000.00
Tax Overpayments
A-12
17,258.14
28,947.85
Prepaid Taxes
A-13
54,105.40
84,026.64
Sewer Rent Overpayments
A-14
2,419.41
903.39
Due to Federal and State Grant Fund
A
14,464.55
14,464.55
Due to General Capital Fund
C
5,798.59
5,798.59
Due to State of NJ - Construction Code Fees
A-15
2,199.00
839.00
Due County for Added Taxes
A-16
14,775.55
2,619.10
Reserve for Municipal Property Tax Relief
12,027.80
Due to State of N.J. for Senior Citizen and
Veteran Deductions
A-10
2,000.00
750.00
Local District School Tax Payable
A-17
1,962,072.47
1,962,072.47
Total Liabilities
2,324,426.13
2,441,275.78
Reserve for Receivables and Other Assets
A
160,651.32
274,073.46
Fund Balance
A-1
1,145,466.16
823,295.60
Total Regular Fund
3,630,543.61
3,538,644.84
Federal and State Grant Fund:
Encumbrances Payable
A-20
13,081.67
Unappropriated Reserves
A-19
27,924.84
30,517.53
Appropriated Reserves
A-20
163,250.75
155,939.58
Total Federal and State Grant Fund
204,257.26
186,457.11
Total
3,834,800.87
$
3,725,101.95
$
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, 2022 and 2021
2022
2021
Revenue and Other Income Realized:
Fund Balance Utilized
270,000.00
$
205,000.00
$
Miscellaneous Revenue Anticipated
1,218,468.29
1,220,800.37
Receipts from Delinquent Taxes
216,655.02
118,574.44
Receipts from Current Taxes
8,848,046.13
8,747,019.04
Nonbudget Revenues
122,909.77
30,813.71
Other Credits to Income:
Interfunds Liquidated
97.22
Unexpended Prior Year Appropriation Reserves and Encumbrances Payable
80,783.86
116,895.03
Total Revenue and Other Income Realized
10,756,863.07
10,439,199.81
Expenditures
Operations Within "CAPS":
Salaries and Wages
1,142,871.00
1,118,566.00
Other Expenses
1,548,305.00
1,540,726.00
Deferred Charges and Statutory Expenditures Within "CAPS"
285,493.00
263,803.00
Operations Excluded from "CAPS":
Other Expenses
173,606.78
147,566.95
Capital Improvements
7,500.00
81,000.00
Municipal Debt Service Excluded from "CAPS"
222,545.94
224,549.03
Local District School Tax
5,621,675.00
5,621,675.00
County Taxes
1,145,333.31
1,148,463.11
Due County for Added Taxes
14,775.55
2,619.10
Prior Year Tax Overpayments Created
2,336.93
Prior Year Veteran/Senior Citizen
250.00
250.00
Total
10,164,692.51
10,149,218.19
Excess in Revenue
592,170.56
289,981.62
Adjustments to Income Before Surplus:
Expenditures Included Above which are by Statute Deferred
Charges to Budget of Succeeding Year
-
Excess in Revenue & Statutory Excess to Fund Balance
592,170.56
289,981.62
Fund Balance January 1
823,295.60
738,313.98
Total
1,415,466.16
1,028,295.60
Decreased by Utilization as Anticipated Revenue
270,000.00
205,000.00
Balance December 31
1,145,466.16
$
823,295.60
$
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, 2022
SPECIAL
EXCESS
BUDGET
NJS 40A:4-87
REALIZED
(DEFICIT)
Fund Balance Anticipated
270,000.00
$
-
$
270,000.00
$
-
$
Miscellaneous Revenues:
Licenses - Other
1,000.00
1,287.00
287.00
Fees and Permits - Other
750.00
2,769.00
2,019.00
Fines and Costs
Municipal Court
39,300.00
53,485.98
14,185.98
Interest and Costs on Taxes
25,000.00
65,743.54
40,743.54
Interest on Investments and Deposits
4,500.00
6,435.67
1,935.67
Cell Tower Rental Fees
34,000.00
36,226.50
2,226.50
Sewer Rent Fees
482,814.00
507,852.90
25,038.90
Payments in Lieu of Taxes
9,000.00
5,417.53
(3,582.47)
Comcast Fees
9,100.00
9,321.26
221.26
Park Fees
2,300.00
2,725.00
425.00
Energy Receipts Taxes
230,577.00
230,577.00
Uniform Construction Code Fees
49,265.00
66,356.00
17,091.00
Uniform Fire Safety Act
5,000.00
8,520.60
3,520.60
Reserve for Debt Service
30,000.00
30,000.00
American Rescue Plan
30,517.53
30,517.53
Miscellaneous Revenues Offset with Appropriations:
American Rescue Plan
115,000.00
115,000.00
NJUCF Stewardship Grant
28,400.00
28,400.00
NJDOT - Highway and Safety Grant
6,200.00
6,200.00
Recycling Tonnage Grant
3,571.65
3,571.65
Clean Communities
6,553.59
6,553.59
Alcohol Education Rehab
789.66
789.66
Body Armor
717.88
717.88
Total
1,096,523.53
17,832.78
1,218,468.29
104,111.98
Receipts from Delinquent Taxes
90,000.00
216,655.02
126,655.02
Amount to be Raised by Taxes for Support of
Municipal Budget - Local Tax for Municipal Purposes
2,088,744.36
2,249,037.16
160,292.80
Budget Totals
3,545,267.89
17,832.78
3,954,160.47
391,059.80
$
Nonbudget Revenues
122,909.77
Total
3,545,267.89
$
17,832.78
$
4,077,070.24
$
(Continued)
10
EXHIBIT A-2
BOROUGH OF RIVERTON
Current Fund
Statement of Revenues -- Regulatory Basis
For the Year Ended December 31, 2022
Analysis of Realized Revenue
Allocation of Current Tax Collections:
Revenue from Collections
8,848,046.13
$
Allocated to School and County Taxes
6,781,783.86
Balance for Support of Municipal Budget Appropriations
2,066,262.27
Add Appropriation - Reserve for Uncollected Taxes
182,774.89
Amount for Support of Municipal Budget Appropriations
2,249,037.16
$
Receipts from Delinquent Taxes:
Delinquent Tax Collections
216,655.02
$
Licenses - Other:
Registrar of Vital Statistics
1,287.00
$
Total
1,287.00
$
Miscellaneous Revenue Not Anticipated:
Recycling
210.00
$
Admin Fee - SC & Vet
360.00
Police Reports
838.00
Sewer Penalties
4,131.90
Administration Fee for Off-Duty Police
85,600.00
DMV Inspections
601.05
Other Refunds
9,751.82
Sale of Trash Cans
19,860.00
Miscellaneous
1,557.00
Total
122,909.77
$
The accompanying Notes to Financial Statements are an integral part of this statement.
11
EXHIBIT A-3
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
4,000.00
$
4,000.00
$
3,374.43
$
117.50
$
508.07
$
Borough Clerk
Salaries and Wages
86,290.00
86,290.00
86,286.93
3.07
Other Expenses
27,850.00
27,850.00
21,792.00
1,288.71
4,769.29
Financial Administration:
Salaries and Wages
41,500.00
40,285.00
38,839.04
1,445.96
Other Expenses
5,050.00
5,050.00
3,967.34
656.66
426.00
Audit Services
Other Expenses
27,800.00
27,800.00
27,800.00
-
Computerized Data Processing
Other Expenses
17,000.00
17,000.00
13,356.56
3,643.44
Collection of Taxes
Salaries and Wages
34,626.00
35,841.00
35,840.25
0.75
Other Expenses
5,635.00
5,635.00
2,663.44
2,971.56
Assessment of Taxes
Salaries and Wages
12,367.00
12,367.00
12,135.17
231.83
Other Expenses
2,455.00
2,455.00
2,288.96
166.04
Legal Services & Costs
Other Expenses
19,300.00
30,300.00
23,936.59
6,363.41
Engineer
Other Expenses
3,000.00
3,000.00
2,243.75
756.25
Economic Development
Other Expenses
10,363.00
10,363.00
9,348.97
869.78
144.25
Land Use Administration:
Planning Board:
Salaries and Wages
15,238.00
15,238.00
13,357.47
1,880.53
Other Expenses
8,300.00
15,000.00
11,745.00
3,255.00
(Continued)
For the Year Ended December 31, 2022
Statement of Expenditures -- Regulatory Basis
Current Fund
BOROUGH OF RIVERTON
12
EXHIBIT A-3
Expended
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
For the Year Ended December 31, 2022
Statement of Expenditures -- Regulatory Basis
Current Fund
BOROUGH OF RIVERTON
Operations Within "CAPS" (Continued)
General Government (Continued)
Insurance:
Liability Insurance
109,261.00
$
109,261.00
$
109,261.00
$
-
$
-
$
Worker Compensation
61,031.00
61,031.00
60,253.83
777.17
Employees Group Insurance
367,397.00
367,397.00
361,924.27
5,472.73
Public Safety:
Police:
Salaries and Wages
559,492.47
557,492.47
556,708.23
784.24
Salaries and Wages ARP Funds
30,517.53
30,517.53
30,517.53
-
Other Expenses
50,100.00
50,100.00
34,128.52
3,598.14
12,373.34
Office of Emergency Management
Other Expenses
250.00
250.00
-
250.00
Aid to Volunteer Ambulance Squad
Other Expenses
3,500.00
3,500.00
3,411.71
88.29
Fire Department
Other Expenses
25,000.00
24,000.00
22,081.13
1,405.00
513.87
Fire Official
Salaries and Wages
5,972.00
5,972.00
5,860.20
111.80
Other Expenses
2,100.00
2,550.00
2,532.34
17.66
Public Works:
Road Repairs and Maintenance
Salaries and Wages
221,511.00
206,011.00
201,050.14
4,960.86
Other Expenses
50,300.00
50,300.00
43,751.49
1,310.21
5,238.30
Shade Tree Commission
Other Expenses
46,000.00
46,000.00
43,160.85
2,838.73
0.42
Solid Waste Collection
Other Expenses
133,203.00
133,203.00
131,098.12
2,104.88
Public Buildings and Grounds
Other Expenses
26,250.00
26,250.00
22,206.29
626.44
3,417.27
Vehicle Maintenance
Other Expenses
40,000.00
43,000.00
38,424.47
2,891.18
1,684.35
(Continued)
13
EXHIBIT A-3
Expended
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
For the Year Ended December 31, 2022
Statement of Expenditures -- Regulatory Basis
Current Fund
BOROUGH OF RIVERTON
Registrar of Vital Statistics:
Salaries and Wages
5,505.00
5,505.00
3,338.60
2,166.40
Other Expenses
150.00
150.00
-
150.00
Operations Within "CAPS" (Continued)
General Government (Continued)
Animal Control
Other Expenses
3,500.00
$
3,500.00
$
3,063.00
$
200.00
$
237.00
-
$
Environmental Commission
Other Expenses
500.00
500.00
375.00
125.00
Parks and Recreation:
Recreation Services:
Other Expenses
23,600.00
23,600.00
19,822.67
300.00
3,477.33
Celebration of Public Events:
Other Expenses
600.00
600.00
300.00
300.00
Utilities:
Electricity
59,000.00
55,000.00
49,497.33
135.26
5,367.41
Street Lighting
45,000.00
54,500.00
50,708.47
3,791.53
Telephone
20,000.00
20,000.00
19,722.06
277.94
Water
4,500.00
4,500.00
3,993.02
506.98
Fire Hydrant Service
43,500.00
50,100.00
50,025.36
74.64
Sewerage Processing:
Salaries and Wages
113,961.00
114,851.00
114,846.09
4.91
Other Expenses
95,000.00
72,910.00
57,110.81
5,425.33
10,373.86
Gasoline
28,000.00
37,500.00
32,902.49
4,597.51
Landfill and Solid Waste Disposal Costs - Landfill Fees
108,000.00
112,000.00
99,796.05
11,002.96
1,200.99
Municipal Court:
Other Expenses
54,000.00
46,950.00
385.34
46,564.66
Public Defender (P.L. 1997, c 256)
Salaries and Wages
4,000.00
-
-
-
Construction Code Office:
Salaries and Wages
32,501.00
32,501.00
32,411.23
89.77
Other Expenses
1,200.00
1,200.00
1,089.00
111.00
Total Operations - Within "CAPS"
2,695,176.00
2,691,176.00
2,514,732.54
32,665.90
143,777.56
-
(Continued)
14
EXHIBIT A-3
Expended
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
For the Year Ended December 31, 2022
Statement of Expenditures -- Regulatory Basis
Current Fund
BOROUGH OF RIVERTON
Detail:
Salaries and Wages
1,163,481.00
1,142,871.00
1,131,190.88
-
11,680.12
-
Other Expenses
1,531,695.00
1,548,305.00
1,383,541.66
32,665.90
132,097.44
-
Municipal - Within "CAPS":
STATUTORY EXPENDITURES:
Contribution to:
Social Security System (O.A.S.I.)
54,000.00
$
58,000.00
$
57,139.55
$
-
$
860.45
$
-
$
Police & Fireman's Retirement System
150,874.00
150,874.00
150,873.33
0.67
Public Employees' Retirement System
76,619.00
76,619.00
76,618.36
0.64
Total Deferred Charges and Statutory Expenditures -
Municipal Within "CAPS"
281,493.00
285,493.00
284,631.24
-
861.76
-
Total General Appropriations -
For Municipal Purposes Within "CAPS"
2,976,669.00
2,976,669.00
2,799,363.78
32,665.90
144,639.32
-
Operations Excluded from "CAPS":
Aid To Library (N.J.S.A.40:54-35)
9,000.00
9,000.00
9,000.00
-
Insurance
-
Employees Group Insurance
3,374.00
3,374.00
3,374.00
-
Public and Private Programs Offset By Revenues:
-
American Rescue Plan
-
Sewer Improvements
115,000.00
115,000.00
115,000.00
-
Body Armor Grant (C159 $717.88)
-
717.88
717.88
-
Recycling Tonnage Grant (C159 $3,571.65)
-
3,571.65
3,571.65
-
Alcohol Education Rehab (C159- $789.66
-
789.66
789.66
-
Clean Communities Grant (C159 $6,553.59)
-
6,553.59
6,553.59
-
NJ Department of Transportation (C159 $6,200.00)
-
6,200.00
6,200.00
-
NJUCF Stewardship Grant
28,400.00
28,400.00
28,400.00
-
Total Operations - Excluded From "CAPS"
155,774.00
173,606.78
173,606.78
-
-
-
(Continued)
15
EXHIBIT A-3
Expended
Unexpended
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
For the Year Ended December 31, 2022
Statement of Expenditures -- Regulatory Basis
Current Fund
BOROUGH OF RIVERTON
Detail:
Other Expenses
155,774.00
173,606.78
173,606.78
-
-
-
Capital Improvements - Excluded From "CAPS"
Capital Improvement Fund
7,500.00
7,500.00
7,500.00
-
Total Capital Improvements - Excluded From "CAPS"
7,500.00
7,500.00
7,500.00
-
-
-
Municipal Debt Service - Excluded From "CAPS"
Payment of Bond Principal
145,000.00
$
145,000.00
$
145,000.00
$
-
$
-
$
Interest on Bonds
77,550.00
77,550.00
77,545.94
4.06
Total Municipal Debt Service - Excluded From "CAPS"
222,550.00
222,550.00
222,545.94
-
-
4.06
Total General Appropriations for Municipal
Purposes Excluded From "CAPS"
385,824.00
403,656.78
403,652.72
-
-
4.06
Subtotal General Appropriations
3,362,493.00
3,380,325.78
3,203,016.50
32,665.90
144,639.32
4.06
Reserve for Uncollected Taxes
182,774.89
182,774.89
182,774.89
$
-
-
TOTAL GENERAL APPROPRIATIONS
3,545,267.89
$
3,563,100.67
$
3,385,791.39
$
32,665.90
$
144,639.32
$
4.06
$
Original Budget
3,545,267.89
$
Amended by NJS 40A:4-87
17,832.78
3,563,100.67
$
Expended - Paid or Charged:
Reserve for Federal and State Grants
161,232.78
Reserve for Uncollected Taxes
182,774.89
Disbursed
3,041,783.72
Total
3,385,791.39
$
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, 2022 and 2021
Reference
2022
2021
ASSETS
Animal Control Fund:
Cash - Treasurer
B-1
876.02
$
704.95
$
Other Funds:
Cash - Treasurer
B-1
290,637.42
386,600.48
Due from Current Fund
A
-
-
Total Other Funds
290,637.42
386,600.48
Total
291,513.44
$
387,305.43
$
LIABILITIES AND RESERVES
Dog License Fund:
Due to Current Fund
A
379.22
$
159.55
$
Due to State
6.40
6.60
Reserve for Dog Fund Expenditures
B-2
490.40
538.80
Total Dog License Fund
876.02
704.95
Other Funds:
Due State of New Jersey:
Marriage License Fees
B-3
25.00
225.00
Due to Current Fund
A
35,788.92
38,424.10
Payroll Deductions Payable
B-4
10,706.54
10,665.80
Tax Title Lien Redemption Payable
B-5
-
-
Reserve for Police Donations
B-1
173.41
-
Reserve for Unemployment Compensation Trust
B-6
23,785.65
21,692.65
Reserve for Flexible Spending Account
B-7
417.05
575.93
Reserve for Developers Escrow Fund
B-8
82,167.88
82,160.68
Reserve for Tax Sale Premiums
B-9
6,653.52
37,730.33
Reserve for Shade Tree Commission
B-10
8,098.73
6,109.73
Reserve for Environmental Fund
B-11
5,161.38
5,161.38
Reserve for Veterans Affairs Fund
B-12
1,225.12
1,225.12
Reserve for Public Defender
B-13
9,525.59
9,059.59
Reserve for Police Forfeited Property
B-14
6,055.67
2,114.92
Reserve for Compensated Absences
B-15
30,000.00
30,000.00
Reserve for POAA Funds
B-16
215.63
211.29
Reserve for Off Duty Police
B-17
64,367.62
134,974.25
Reserve for Dog Park
B-18
4,040.00
4,040.00
Reserve for Uniform Fire Safety
B-19
2,229.71
2,229.71
Total Other Funds
290,637.42
386,600.48
Total
291,513.44
$
387,305.43
$
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, 2022 and 2021
Reference
2022
2021
ASSETS
Cash
C-2, C-3
74,665.62
$
239,774.22
$
Due from Current Fund
A
5,798.59
5,798.59
Deferred Charges to Future Taxation:
Funded
C-4
1,445,000.00
1,590,000.00
Unfunded
C-5
1,052,049.00
871,549.00
Grants Receivable
C-6
10,500.00
10,500.00
Total
2,588,013.21
$
2,717,621.81
$
LIABILITIES, RESERVES
AND FUND BALANCE
Serial Bonds Payable
C-7
1,445,000.00
$
1,590,000.00
$
Bond Anticipation Notes Payable
C-8
595,549.00
-
Due to Current Fund
A
18.04
Due to Federal and State Grant Fund
A
1,979.87
1,979.87
Improvement Authorizations:
Funded
C-9
219,634.36
255,673.79
Unfunded
C-9
71,316.74
713,951.05
Encumbrances Payable
C-9
164,016.35
33,518.25
Capital Improvement Fund
C-10
11,860.76
13,860.76
Reserve for Debt
78,528.41
108,528.41
Fund Balance
C-1
109.68
109.68
Total
2,588,013.21
$
2,717,621.81
$
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, 2022
Balance December 31, 2021
109.68
$
Decreased by:
Appropriated to 2022 Budget Revenue
-
Balance December 31, 2022
109.68
$
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, 2022 and 2021
Reference
2022
2021
ASSETS
Cash
D-1
745.44
$
744.35
$
Total
745.44
$
744.35
$
LIABILITIES AND RESERVES
Reserve for Public Assistance
745.44
$
744.35
$
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, 2022
Balance
Balance
December 31,
December 31,
2021
Additions
Retirements
2022
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
817,854.70
24,796.92
-
842,651.62
Vehicles
2,447,493.14
-
-
2,447,493.14
Total General Fixed Assets
5,637,396.28
$
24,796.92
$
-
$
5,662,193.20
$
Total Investment in General
Fixed Assets
5,637,396.28
$
24,796.92
$
-
$
5,662,193.20
$
The accompanying Notes to Financial Statements are an integral part of this statement.
21
Borough of Riverton
Notes to Financial Statements
December 31, 2022
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, 2022
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, 2022
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 property, 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 represents the amount 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, 2022
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, 2021 and decreased by
the amount deferred at December 31, 2022.
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.
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, 2022
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.
Impact of Recently Issued Accounting Principles – During 2022, the Borough implemented GASB No. 87, Leases.
The Governmental Accounting Standards Board (GASB) has issued the following statements that have effective dates that
may affect future financial presentations:
Statement No. 96, Subscription-Based Information Technology Arrangements. This statement, which is effective for
periods beginning after June 15, 2022, and all reporting periods, thereafter, will not have any impact on the Borough’s
financial reporting, however it may have an impact on financial disclosures.
Statement No. 101, Compensated Absences. This statement, which is effective for periods beginning after June 15, 2023,
and all reporting periods, thereafter, will not have any impact on the Borough’s financial reporting, however it may have
an impact on financial disclosures.
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 $4,493,704 as of December 31, 2022, $250,000 was insured under FDIC and the
remaining balance of $4,243,704 was collateralized under GUDPA.
26
Borough of Riverton
Notes to Financial Statements
December 31, 2022
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
2022
2021
2020
2019
2018
Total Tax Rate without Business
Improvement District Tax Rate
3.646
$
3.651
$
3.653
$
3.590
$
3.549
$
Apportionment of Tax Rate:
Municipal
0.860
0.854
0.854
0.854
0.854
County
0.472
0.476
0.471
0.461
0.464
Local School
2.314
2.321
2.328
2.275
2.231
Assessed Valuation
2022
242,925,000
$
2021
242,127,000
2020
241,399,700
2019
241,706,486
2018
241,732,686
Percentage of
Year
Tax Levy
Collections
Collections
2022
8,972,501
$
8,848,046
$
98.61%
2021
8,860,158
8,747,019
98.72%
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%
Comparison of Tax Levies and Collections
Tax Title
Delinquent
Total
Percentage of
Year
Liens
Taxes
Delinquent
Tax Levy
2021
-
$
95,909
$
95,909
$
1.07%
2021
114,765
89,774
204,539
2.31%
2020
89,826
122,665
212,491
2.40%
2019
-
160,083
160,083
1.84%
2018
-
137,904
137,904
1.60%
Delinquent Taxes and Tax Title Liens
There were no tax title liens receivables on December 31, of the current year.
27
Borough of Riverton
Notes to Financial Statements
December 31, 2022
NOTE 4. 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
2022
26,678
$
-
$
504,858
$
531,536
$
507,053
$
95.39%
2021
23,957
-
514,059
538,016
510,565
94.90%
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%
Balance Beginning of Year
NOTE 5. 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
2022
1,145,486
$
310,000
$
27.06%
2021
823,296
270,000
32.80%
2020
738,314
205,000
27.77%
2019
788,066
225,000
28.55%
2018
758,732
200,000
26.36%
NOTE 6. 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, 2022:
Interfund
Interfund
Fund
Receivables
Payables
Current Fund
36,186
$
20,263
$
Federal and State Grant Fund
16,444
-
Trust Fund:
Animal Control Fund
-
379
Other Trust Funds
-
35,789
General Capital Fund
5,799
1,998
58,429
$
58,429
$
28
Borough of Riverton
Notes to Financial Statements
December 31, 2022
NOTE 7. 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
Police and Firemen’s Retirement System (PFRS)
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.
29
Borough of Riverton
Notes to Financial Statements
December 31, 2022
NOTE 7. PENSION PLANS (CONTINUED)
Police and Firemen’s Retirement System (PFRS) (Continued)
The Borough’s contractually required contribution rate for the year ended December 31, 2022, was 36.23% 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 PFRS measurement date of June 30, 2022, the Borough’s contractually required contribution to
the pension plan for the year ended December 31, 2022, is $167,723 and is payable by April 1, 2023. 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, 2022, was 7.06% of the Borough’s covered payroll.
Based on the most recent PFRS measurement date of June 30, 2022, the State’s contractually required contribution, on-
behalf of the Borough, to the pension plan for the year ended December 31, 2022, is $32,706 and is payable by April 1,
2023. Based on the PFRS measurement date of June 30, 2021, the State’s contractually required contribution, on-behalf of
the Borough, to the pension plan for the year ended December 31, 2021, was $23,081, which was paid on April 1, 2022.
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
2022
45,569
$
100,101
$
4,966
$
237
$
150,873
$
2021
44,235
91,924
4,659
226
141,044
2020
38,641
75,843
5,530
202
120,216
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, 2022, the Borough’s proportionate share of pension expense is $30,310. 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, 2022
NOTE 7. PENSION PLANS (CONTINUED)
Police and Firemen’s Retirement System (PFRS) (Continued)
At December 31, 2022, the Borough proportionate share of the net pension liability is $1,476,154 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
66,815
$
5,845
$
Changes of assumptions
4,046
436,649
Net Difference between projected and actual earnings
on pension plan investments
135,172
Changes in proportion
185,184
119,336
Borough contributions subsequent to the measurement
date
167,723
Total
558,940
$
561,830
$
$167,723 included in deferred outflows of resources, will be included as a reduction of the net pension liability in the year
ending December 31, 2023.
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
2022
(179,386)
2023
(114,639)
2024
(109,206)
2025
228,114
2026
2,198
Thereafter
2,305
Total
(170,613)
$
31
Borough of Riverton
Notes to Financial Statements
December 31, 2022
NOTE 7. 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
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
-
June 30, 2021
-
6.17
June 30, 2022
6.22
-
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
June 30, 2021
6.17
-
June 30, 2022
-
6.22
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
-
June 30, 2021
5.00
-
June 30, 2022
5.00
-
Additional Information
Collective balances at June 30, 2022 and 2021 are as follows:
6/30/2022
6/30/2021
Collective deferred outflows of resources $ 2,163,793,985
$ 817,271,932
Collective deferred inflows of resources
$ 2,805,919,493
$ 6,875,738,520
Collective net pension liability
$ 13,483,472,009
$ 9,364,849,587
Borough’s Proportion
.0128962800%
.0129249775%
32
Borough of Riverton
Notes to Financial Statements
December 31, 2022
NOTE 7. PENSION PLANS (CONTINUED)
Police and Firemen’s Retirement System (PFRS) (Continued)
Actuarial assumptions – The total pension liability for the June 30, 2022 measurement date was determined by an actuarial
valuation as of July 1, 2021, which was rolled forward to June 30, 2022. 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-2021.
The actuarial assumptions used in the July 1, 2021 valuation were based on the results of an actuarial experience study for
the period July 1, 2018 to June 30, 2021.
Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of return on plan
investments (7.00% at June 30, 2022) 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, 2022 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%
4.00%
8.00%
7.00%
4.00%
4.00%
3.00%
8.12%
8.38%
10.33%
11.80%
7.60%
11.19%
4.95%
8.10%
3.38%
1.75%
1.75%
4.91%
100.00%
33
Borough of Riverton
Notes to Financial Statements
December 31, 2022
NOTE 7. 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, 2022. 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 100% 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,
2022, 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
2,025,443
$
1,476,154
$
1,018,868
$
State's proportionate share of the
net pension liability associated with the
Borough
305,719
262,712
226,892
2,331,162
$
1,738,866
$
1,245,760
$
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.
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
34
Borough of Riverton
Notes to Financial Statements
December 31, 2022
NOTE 7. PENSION PLANS (CONTINUED)
Public Employees' Retirement System (PERS) (Continued)
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 2022. 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, 2022 was 17.64% 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, 2022, the Borough’s contractually required contribution to
the pension plan for the fiscal year ended December 31, 2022 was $78,513 and is payable by April 1, 2023. Based on the
PERS measurement date of June 30, 2021, the Borough’s contractually required contribution to the pension plan for the
year ended December 31, 2021 was $75,952, which was paid by April 1, 2022. Employee contributions to the pension plan
during the year ended December 31, 2022 were $33,908.
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
2022
9,197
$
63,254
$
3,501
$
-
$
666
$
76,618
$
2021
8,004
58,714
3,389
-
535
70,642
2020
5,518
51,062
3,049
378
408
60,415
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, 2022, the Borough’s proportionate share of the PERS net pension liability was $939,591. The net pension
liability was measured as of June 30, 2022, and the total pension liability used to calculate the net pension liability was
determined by an actuarial valuation as of July 1, 2021. 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.
35
Borough of Riverton
Notes to Financial Statements
December 31, 2022
NOTE 7. PENSION PLANS (CONTINUED)
Public Employees' Retirement System (PERS) (Continued)
For the year ended December 31, 2022, the Borough’s proportionate share of the PERS pension expense, calculated by the
plan as of the June 30, 2021 measurement date is ($71,530). This expense is not recognized by the Borough because of the
regulatory basis of accounting as described in note 1.
At December 31, 2022, the Borough proportionate share of the PERS net pension liability was $939,591 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
6,782
$
5,980
$
Changes of assumptions
2,911
140,694
Net Difference between projected and actual earnings
on pension plan investments
38,889
-
Changes in proportion
66,598
61,859
Borough contributions subsequent to the measurement
date
78,513
-
Total
193,693
$
208,533
$
$78,513 included in deferred outflows of resources, will be included as a reduction of the net pension liability in the year
ending December 31, 2023. 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
2022
(76,703)
$
2023
(39,077)
2024
(19,057)
2025
41,576
2026
(91)
Total
(93,353)
$
36
Borough of Riverton
Notes to Financial Statements
December 31, 2022
NOTE 7. 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
-
June 30, 2021
-
5.13
June 30, 2022
-
5.04
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
June 30, 2021
5.13
-
June 30, 2022
-
5.04
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
-
June 30, 2021
5.00
-
June 30, 2022
5.00
-
Additional Information
Collective balances at June 30, 2022 and 2021 are as follows:
6/30/2022
6/30/2021
Collective deferred outflows of resources $ 1,660,772,008
$ 1,164,738,169
Collective deferred inflows of resources
$ 3,236,303,935
$ 8,339,123,762
Collective net pension liability
$ 15,219,184,920
$ 11,972,782,878
Borough’s Proportion
.0062260119%
. 0064854366%
Actuarial assumptions – The total pension liability for the June 30, 2022 measurement date was determined by an actuarial
valuation as of July 1, 2021, which was rolled forward to June 30, 2022.
37
Borough of Riverton
Notes to Financial Statements
December 31, 2022
NOTE 7. 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, 2021 valuation were based on the results of an actuarial experience study for
the period July 1, 2018 to June 30, 2021.
Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of return on plan
investments (7.00% at June 30, 2022) 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, 2022 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%
4.00%
8.00%
7.00%
4.00%
4.00%
3.00%
8.12%
8.38%
10.33%
11.80%
7.60%
11.19%
4.95%
8.10%
3.38%
1.75%
1.75%
4.91%
38
Borough of Riverton
Notes to Financial Statements
December 31, 2022
NOTE 7. 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, 2022. 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 100% of the actuarially determined contributions for the State employer and 100% of actuarially
determined contributions for the local employers. Based on those assumptions, the plan’s fiduciary net position was
projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term
expected rate of return on plan investments was applied 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, 2022,
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
1,207,099
$
939,591
$
711,931
$
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 was established in 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
by Empower on behalf of the Divisions of Pensions and Benefits. 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. Pursuant to the
provisions of Chapter 78 P.L. 2011, the active member contribution rate was increased to 6.5% plus an additional 1.0%
phased-in over seven years beginning in the first year. The phase-in of the additional incremental member contribution
amount will take place in July of each subsequent year. The State Treasurer has the right under the current law to make
temporary reductions in rates based on the existence of surplus pension assets in the retirement system; however, state
statute also requires the return to the normal rate when such surplus pension assets no longer exist. The employee
contributions along with the Borough’s contribution for each pay period are transmitted to Empower 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, 2022, 2021 and 2020.
39
Borough of Riverton
Notes to Financial Statements
December 31, 2022
NOTE 8. POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB)
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) Annual Comprehensive Financial Report (ACFR), 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.
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, 2022 and 2021
were $140,957 and $124,159 respectively, which equaled the required benefit contribution for each year. There were ten
retired participants eligible at December 31, 2022 and 2021.
40
Borough of Riverton
Notes to Financial Statements
December 31, 2022
NOTE 8. POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) (CONTINUED)
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,
2022 and June 30, 2021 were $3,343,774 and $4,774,982, 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, 2021 through June 30, 2022.
Components of net OPEB liability
The components of the collective net OPEB liability of the participating employers in the SHBP as of December 31, 2022
and 2021 were as follows:
2022
2021
Total OPEB liability
3,331,626
$
4,788,318
$
Plan fiduciary net position
(12,148)
13,336
Net OPEB liability
3,343,774
$
4,774,982
$
Plan fiduciary net position as a percentage of the
total OPEB liability
-0.36%
0.28%
Actuarial assumptions and other imputes - The total OPEB liability as of June 30, 2022 was determined by an actuarial
valuation as of July 1, 2021, which was rolled forward to June 30, 2022. 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 for all future years
2.75% to 6.55% based on years of service
Mortality:
PERS
Pub-2010 General classification headcount weighted mortality with fully
generational mortality improvement projections from the central year
using Scale MP-2021.
PFRS
Pub-2010 Safety classification headcount weighted mortality with fully
generational mortality improvement projections from the central year
using Scale MP-2021.
41
Borough of Riverton
Notes to Financial Statements
December 31, 2022
NOTE 8. POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) (CONTINUED)
Discount Rate - The discount rate for June 30, 2022 was 3.54%. This represents 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 June 30, 2022, 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
(2.54%)
(3.54%)
(4.54%)
Proportionate Share Attributable
to the Municipality
3,876,107
$
3,343,774
$
2,915,462
$
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, 2022, 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 rate:
Current
Healthcare cost
1% Decrease
trend rate
1% Increase
Proportionate Share Attributable
to the Municipality
2,836,624
$
3,343,774
$
3,993,290
$
42
Borough of Riverton
Notes to Financial Statements
December 31, 2022
NOTE 8. POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB) (CONTINUED)
At December 31, 2022 and 2021, the Municipality reported deferred outflows of resources and referred inflows of
resources related to OPEB from the following sources:
2022
2021
Deferred
Deferred
Deferred
Deferred
Outflows
Inflows
Outflows
Inflows
Net differences between projected
and actual investment earnings
on OPEB plan investments
880
$
-
$
2,283
$
-
$
Changes in proportion
253,042
-
305,002
Differences between expected and
actual experience
172,676
619,794
107,145
998,997
Changes of assumptions
446,240
1,141,166
686,895
844,034
Changes in proportion
-
1,444,049
429,122
Total
872,838
$
3,205,009
$
1,101,325
$
2,272,153
$
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:
2023
(619,221)
$
2024
(619,767)
2025
(489,421)
2026
(218,578)
2027
(49,005)
Thereafter
(336,179)
Total
(2,332,171)
$
43
Borough of Riverton
Notes to Financial Statements
December 31, 2022
NOTE 8. 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, 2022 and 2021 are as follows:
The municipality’s portion of the OPEB expense is ($183,654) for December 31, 2022 and is not recognized because of
the regulatory basis of accounting as described in note 1.
NOTE 9. 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, 2022, accrued benefits for compensated absences are valued at $48,005.
The Borough has established a Compensated Absences Trust Fund to set aside funds for the future payments of
compensated absences. At December 31, 2022 the balance of the fund is $30,000.00.
NOTE 10. 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.
2022
2021
Service cost
796,654,029
$
846,075,674
$
Interest on total OPEB liability
401,372,615
413,837,061
Expected investment return
86,955
(2,381,937)
Administrative expense
12,334,441
11,334,383
Change of benefit terms
402,474,416
2,029,119
Current period recognition (amortization) of deferred
inflows/outflows of resources
(630,413,303)
(703,565,089)
Changes of assumptions
(835,585,441)
(375,284,907)
Differences between projected and actual
investment earnings on OPEB plan investments
4,032,008
4,971,262
Total OPEB expense
150,955,720
$
197,015,566
$
44
Borough of Riverton
Notes to Financial Statements
December 31, 2022
NOTE 10. DEFERRED COMPENSATION SALARY ACCOUNT (CONTINUED)
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 11. 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 12. 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
2022
84
$
2,051
$
42
$
23,786
$
2021
156
1,809
560
21,693
2020
362
1,890
221
20,288
NOTE 13. CAPITAL DEBT
Summary of Municipal Debt
Year 2022
Year 2021
Year 2020
Issued:
General Bonds and Notes
2,040,549
$
1,590,000
$
1,730,000
$
Loans
Total Issued
2,040,549
1,590,000
1,730,000
Authorized But Not Issued:
General Bonds and Notes
456,500
871,549
795,549
Net Debt
2,497,049
$
2,461,549
$
2,525,549
$
45
Borough of Riverton
Notes to Financial Statements
December 31, 2022
NOTE 13. 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 .814%.
Gross Debt
Deductions
Net Debt
Local School District Debt
-
$
-
$
-
$
General Debt
2,497,049
-
2,497,049
Total
2,497,049
$
-
$
2,497,049
$
Net Debt, $2,497,049, divided by Equalized Valuation Basis per N.J.S.A. 40A:2-2, as amended, $306,601,989 equals
.814%.
Equalized Valuation Basis:
2020
292,392,926
$
2021
303,037,422
2022
324,375,618
Average
306,601,989
$
Borrowing Power Under N.J.S.A. 40A:2-6
3.5% of Equalized Valuation Basis (Municipal)
10,731,070
$
Net Debt
2,497,049
Remaining Borrowing Power
8,234,021
$
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, 2022 consisted of the following issues:
Purpose
Date of Maturity
Interest Rate
Amount
General Obligation Bonds of 2018
08/01/2030
4.00-5.00%
$ 1,445,000
Total
$ 1,445,000
46
Borough of Riverton
Notes to Financial Statements
December 31, 2022
NOTE 13. 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
2023
$ 155,000
$ 70,300
$ 225,300
2024
160,000
62,550
222,550
2025
170,000
54,550
224,550
2026
180,000
46,050
226,050
2027
185,000
37,050
222,050
2028-2030
595,000
56,100
651,100
Total
$ 1,445,000
$ 326,600
$ 1,771,600
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, 2022, the Borough had the following outstanding bond anticipation notes.
Amount
Interest
Fund
Outstanding
Rate
Maturity Date
General Capital
General Capital
$ 370,025
225,524
.905%
.905%
March 22, 2023
March 22, 2023
Total
$ 595,549
NOTE 14. LEASES
The Borough, as lessee, has entered into the following lease agreements which meet the requirements of GASB 87:
Rental Space - On October 1, 1990, the Borough entered into a lease agreement with the Riverton Fire Company for the
rental of a fire engine room, police station, and storage space. The lease is perpetual and has no termination date. The
agreement has an incremental borrowing rate of 3.50%. The lease payment is $3,000 per quarter. The Borough paid the
lessee $12,000 for the year ended December 31, 2022.
Postage Meter – On June 25, 2021, the Borough entered into a 60-month lease agreement with Pitney Bowes for the rental
of a postage meter. The agreement has an incremental borrowing rate of 3.50%. The lease payment is $516 per quarter.
The Borough paid the lessee $2,063 for the year ended December 31, 2022.
47
Borough of Riverton
Notes to Financial Statements
December 31, 2022
NOTE 14. LEASES (CONTINUED)
The future minimum lease payments to be paid by the Borough are as follows:
Rental Space
Postage Meter
Year
Lease
Lease
Total
2023
12,000
$
2,063
$
14,063
$
2024
12,000
2,063
14,063
2025
12,000
2,063
14,063
2026
12,000
1,547
13,547
2027
12,000
-
12,000
2028-2032
60,000
-
60,000
As discussed in Note 1, the financial statements are prepared by the Borough on a basis of accounting prescribed by the
New Jersey Division of Local Government Services, Department of Community Affairs. This is a basis of accounting
other than Generally Accepted Accounting Principles (GAAP). As a result, the Borough does not recognize GASB
requirements for recognition of the lease receivable on the Statements of Assets, Liabilities, Reserves and Fund Balance –
Regulatory Basis.
NOTE 15. LEASE RECEIVABLE
The Borough, as lessor, has entered into the following lease agreement which meets the requirements of GASB 87:
Cell Tower Lease – On May 18, 2006, the Borough entered into a five-year lease agreement for the lease of a cell tower.
The lease includes the option of four (4) renewal terms of five (5) years each. Three of the renewal options have been
exercised, and it is likely that the remaining renewal option will also be exercised. The agreement has an incremental
borrowing rate of 3.50%. Under the terms of the lease, the Borough receives rent payments of $2,247 per month. There is
also a revenue sharing component based on a percentage of sublease revenue collected by the lessee. The lessee paid the
Borough $36,227 for the year ended December 31, 2022.
The future minimum lease payments to be received by the Borough, exclusive of revenue sharing, are as follows:
Cell Tower
Year
Lease
2023
26,960
$
2024
26,960
2025
26,960
2026
26,960
2027
26,960
2028-2031
107,840
As discussed in Note 1, the financial statements are prepared by the Borough on a basis of accounting prescribed by the
New Jersey Division of Local Government Services, Department of Community Affairs. This is a basis of accounting
other than Generally Accepted Accounting Principles (GAAP). As a result, the Borough does not recognize GASB
requirements for recognition of the lease receivable on the Statements of Assets, Liabilities, Reserves and Fund Balance –
Regulatory Basis.
48
Borough of Riverton
Notes to Financial Statements
December 31, 2022
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:
2022
2021
Balance of Tax
2,810,838
$
2,810,838
$
Deferred
848,766
848,766
School Tax Payable
1,962,072
$
1,962,072
$
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.
49
SUPPLEMENTAL EXHIBITS
50
CURRENT FUND
51
EXHIBIT A-4
BOROUGH OF RIVERTON
Current Fund
Statement of Cash - Collector/Treasurer
For the Year Ended December 31, 2022
FEDERAL AND STATE
CURRENT FUND
GRANT FUND
Balance December 31, 2021
3,264,451.38
$
137,973.50
$
Receipts:
Taxes Receivable
8,825,994.60
$
-
$
Taxes Title Liens Receivable
126,631.03
Sewer Rent Receivable
503,953.06
Sewer Liens Receivable
800.00
Revenue Accounts Receivable
561,410.41
Due from State of New Jersey - Senior Citizens
and Veterans Deductions
18,000.00
Prepaid 2023 Taxes
54,105.40
Tax Overpayments
2,622.43
Sewer Rent Overpayments
4,615.86
Federal and State Grants Receivable
157,410.82
Due to State of NJ - Construction Code Fees
4,801.00
Miscellaneous Revenue Not Anticipated
122,929.77
Contra
73,091.54
Total Receipts
10,298,955.10
157,410.82
Total Funds Available
13,563,406.48
295,384.32
Disbursements:
2022 Appropriations
3,041,783.72
2021 Appropriation Reserves
200,070.33
Due to State of NJ - Construction Code Fees
3,441.00
County Taxes Payable
1,147,952.41
Local District School Tax
5,621,675.00
Tax Overpayments
5,600.19
Contra
73,091.54
Due to Current Fund
30,517.53
Reserve for Federal and State Grant Funds -
Appropriated
140,839.94
Total Disbursements
10,093,614.19
171,357.47
Balance December 31, 2022
3,469,792.29
$
124,026.85
$
52
EXHIBIT A-5
BOROUGH OF RIVERTON
Current Fund
Schedule of Taxes Receivable and Analysis of Property Tax Levy
For the Year Ended December 31, 2022
State Share of
Senior Citizen
Balance
and Veterans
Transferred
Balance
December 31,
Added
Collections by Cash
Deductions
Over Payments
to
December 31,
Year
2021
Taxes
2022 Levy
2021
2022
Allowed
Applied
Tax Title Liens
Canceled
2022
2021
89,774.00
$
250.00
$
-
$
-
$
90,023.99
$
-
$
-
$
-
$
0.01
$
-
$
89,774.00
250.00
90,023.99
0.01
2022
8,972,500.69
84,026.64
8,735,970.61
17,000.00
11,048.88
11,865.75
16,680.14
95,908.67
Total
89,774.00
$
250.00
$
8,972,500.69
$
84,026.64
$
8,825,994.60
$
17,000.00
$
11,048.88
$
11,865.75
$
16,680.15
$
95,908.67
$
Tax Yield:
General Purpose Tax
8,839,045.51
$
Added Taxes
114,102.12
Senior Citizens and Veterans Deductions Allowed
Per Original Levy
18,000.00
Total
8,971,147.63
$
Tax Levy:
Local District School Tax (Abstract)
5,621,675.00
$
County Taxes:
Regular Tax (Abstract)
981,871.61
$
Library Tax (Abstract)
87,325.80
Open Space Preservation Tax (Abstract)
76,135.90
Amount Due County for Added Taxes
(54:4-63.1 et. Seq.)
14,775.55
1,160,108.86
Local Tax for Municipal Purposes
2,088,744.36
Additional Tax Levies
100,619.41
2,189,363.77
Total
8,971,147.63
$
ANALYSIS OF PROPERTY TAX LEVY
53
EXHIBIT A-6
BOROUGH OF RIVERTON
Current Fund
Schedule of Tax Title Liens
For the Year Ended December 31, 2022
Balance December 31, 2021
114,765.28
$
Increased by:
Transfers from Taxes Receivable
11,865.75
126,631.03
Decreased by:
Collections
126,631.03
Balance December 31, 2022
-
$
EXHIBIT A-7
Schedule of Sewer Liens
For the Year Ended December 31, 2022
Balance December 31, 2021
600.00
$
Increased by:
Transfers from Sewer Receivable
200.00
800.00
Decreased by:
Collections
800.00
Balance December 31, 2022
-
$
54
EXHIBIT A-8
BOROUGH OF RIVERTON
Current Fund
Schedule of Revenue Accounts Receivable
For the Year Ended December 31, 2022
Balance
Balance
December 31,
Accrued
December 31,
2021
in 2022
Collected
2022
Remarks
Borough Clerk:
Registrar of Vital Statistics - Licenses
-
$
1,287.00
$
1,287.00
$
-
$
Fees and Permits
2,769.00
2,769.00
Cell Tower Fees
36,226.50
36,226.50
Park Fees
2,725.00
2,725.00
Municipal Court - Fines and Costs
3,672.13
54,086.82
53,485.98
4,272.97
Rec'd Jan 2023
Interest and Costs on Taxes
65,743.54
65,743.54
Fire Official - Uniform Fire Safety -
Fees and Permits
8,520.60
8,520.60
Construction Code Fees
66,356.00
66,356.00
Interest on Investments and
Bank Deposits
6,435.67
6,435.67
Energy Receipts Tax
230,577.00
230,577.00
Payments in Lieu of Taxes
5,417.53
5,417.53
Cable TV Franchise Fees
9,321.26
9,321.26
American Rescue Plan
30,517.53
30,517.53
Reserve for Municipal Property Tax Relief
12,027.80
12,027.80
Reserve for Debt Service
30,000.00
30,000.00
Total
3,672.13
$
562,011.25
$
561,410.41
$
4,272.97
$
55
EXHIBIT A-9
BOROUGH OF RIVERTON
Current Fund
Schedule of Sewer Rent Receivable
For the Year Ended December 31, 2022
Balance December 31, 2021
26,678.40
$
Increased by:
Sewer Rents Billed in 2022
504,858.00
Total
531,536.40
Decreased by:
Collections
503,953.06
$
Transfer ot Liens
200.00
Overpayments Applied
3,099.84
507,252.90
Balance December 31, 2022
24,283.50
$
56
EXHIBIT A-10
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, 2022
Balance December 31, 2021 (Due To)
(750.00)
$
Increased by:
Accrued in 2022:
Senior Citizens Deductions Per Billings
2,250.00
$
Veterans Deductions Per Billings
15,750.00
18,000.00
Add - Current Year Senior Citizen and Veteran Allowed by Collector
250.00
18,250.00
Less - Current Year Senior Citizen and Veteran Disallowed by Collector
1,250.00
Less - Prior Year Disallowed
250.00
16,750.00
16,000.00
Decreased by:
Cash Received
18,000.00
Balance December 31, 2022 (Due to)
(2,000.00)
$
57
EXHIBIT A-11
BOROUGH OF RIVERTON
CURRENT FUND
Statement of 2021 Appropriation Reserves and Reserve for Encumbrances
For The Year Ended December 31, 2022
Balance December 31, 2021
Balance
After
Paid or
Balance
Encumbered
Reserved
To
From
Transfers
Charged
Lapsed
Salaries and Wages:
Borough Clerk
-
$
1,281.27
$
200.00
$
-
$
1,481.27
$
1,358.79
$
122.48
$
Financial Administration
1,121.33
1,121.33
984.54
136.79
Collection of Taxes
606.02
606.02
605.68
0.34
Assessment of Taxes
231.75
231.75
231.75
-
Planning Board
265.87
265.87
265.87
-
Police
16,456.22
16,456.22
9,603.28
6,852.94
Fire Official
195.96
195.96
112.05
83.91
Road Repair and Maintenance
27,646.98
27,646.98
3,759.30
23,887.68
Registrar of Vital Statistics
-
-
Sewerage
3,132.38
3,132.38
2,229.78
902.60
Construction Code Office
6,122.75
6,122.75
597.50
5,525.25
Other Expenses:
Mayor and Council
3,845.00
10.55
3,855.55
3,855.00
0.55
Borough Clerk
1,846.31
4,183.78
400.00
5,630.09
4,415.05
1,215.04
Financial Administration
425.74
716.66
1,142.40
265.72
876.68
Computerizing Data Processing
48.00
48.00
48.00
Collection of Taxes
287.46
287.46
287.46
Assessment of Taxes
190.68
190.68
190.68
Legal Services and Costs
4,441.00
4,441.00
1,088.50
3,352.50
Engineer
495.70
495.70
495.70
Economic Development
3,313.43
116.15
3,429.58
3,385.91
43.67
Planning Board
1,268.65
71.00
1,339.65
1,339.49
0.16
Liability Insurance
6,437.13
16,355.76
2,110.00
24,902.89
24,902.40
0.49
Worker Compensation
-
-
Employees Group Insurance
4,118.08
1,941.00
2,177.08
2,177.08
Police
3,949.99
3,364.11
7,314.10
6,973.08
341.02
Office of Emergency Management
250.00
250.00
250.00
Aid to Volunteer Ambulance Squad
3,350.06
149.94
3,500.00
3,350.06
149.94
Fire
5,027.75
2,311.25
7,339.00
6,860.79
478.21
Fire Official
484.31
484.31
484.31
Road Repair and Maintenance
6,667.98
3,222.21
1,185.00
11,075.19
10,531.79
543.40
Shade Tree Commission
1,195.00
11.00
1,206.00
1,195.00
11.00
Solid Waste Collection
300.00
3,740.38
4,040.38
4,040.38
Public Buildings and Grounds
613.35
1,956.18
2,569.53
599.63
1,969.90
Vehicle Maintenance
1,038.73
4,490.49
3,366.00
2,163.22
362.55
1,800.67
Registrar of Vital Statistics
150.00
200.00
350.00
103.26
246.74
Animal Control
365.00
1,440.00
1,805.00
265.00
1,540.00
Environmental Commission
625.00
625.00
625.00
Recreation
1,942.62
899.97
2,842.59
1,496.00
1,346.59
Celebration of Public Events
556.00
556.00
556.00
Electricity
9,356.57
9,356.57
8,580.72
775.85
Street Lighting
9,748.31
9,748.31
9,078.15
670.16
Telephone
15.80
15.80
15.80
Water
467.86
467.86
467.86
Fire Hydrant Service
0.80
0.80
0.80
Sewerage Processing
12,921.08
9,922.35
22,843.43
18,704.86
4,138.57
Gasoline
4,677.22
4,677.22
3,321.68
1,355.54
Landfill and Solid Waste Disposal Costs
5,095.09
1,941.00
7,036.09
7,035.33
0.76
Municipal Court
58,449.41
58,449.41
46,151.07
12,298.34
Construction Code Office
427.00
427.00
427.00
Social Security System
460.75
460.75
460.75
Police & Fireman's Retirement System
0.06
0.06
0.06
Public Employees' Retirement System
0.96
0.96
0.96
53,239.17
211,566.02
5,707.00
5,707.00
264,805.19
184,070.33
80,734.86
Capital Inprovements- Excluded from CAPS
Purchase of Loader Bucket
16,000.00
16,000.00
16,000.00
Various Sewer Upgrades
60,000.00
60,000.00
60,000.00
Purchase of Fire Equipment
49.00
49.00
49.00
16,000.00
60,049.00
76,049.00
76,000.00
49.00
Total
69,239.17
$
271,615.02
$
5,707.00
$
5,707.00
$
340,854.19
$
260,070.33
$
80,783.86
$
Accounts Payable
60,000.00
$
Cash Disbursed
200,070.33
Total
260,070.33
$
58
EXHIBIT A-12
BOROUGH OF RIVERTON
Current Fund
Schedule of Tax Overpayments
For the Year Ended December 31, 2022
Balance December 31, 2021
28,947.85
$
Increased by:
Collected
2,622.43
$
Prior Year Overpayments Created
2,336.93
4,959.36
Subtotal
33,907.21
Decreased by:
Cash Disbursed
5,600.19
Overpayment Applied to 2022 Taxes
11,048.88
16,649.07
Balance December 31, 2022
17,258.14
$
EXHIBIT A-13
Schedule of Prepaid Taxes
For the Year Ended December 31, 2022
Balance December 31, 2021
84,026.64
$
Increased by:
Collected
54,105.40
Subtotal
138,132.04
Decreased by:
Applied to 2022 Taxes
84,026.64
Balance December 31, 2022
54,105.40
$
59
Exhibit A-14
BOROUGH OF RIVERTON
Current Fund
Schedule of Sewer Rent Overpayments
For the Year Ended December 31, 2022
Balance December 31, 2021
903.39
$
Increased by:
Collected
4,615.86
5,519.25
Decreased by:
Applied to 2022 Sewer Rents
3,099.84
Balance December 31, 2022
2,419.41
$
Exhibit A-15
Schedule of Due to State of NJ - UCC Fees
For the Year Ended December 31, 2022
Balance December 31, 2021
839.00
$
Increased by:
State Portion of UCC Fees
4,801.00
5,640.00
Decreased by:
Disbursements
3,441.00
Balance December 31, 2022
2,199.00
$
60
EXHIBIT A-16
BOROUGH OF RIVERTON
Current Fund
Schedule of County Taxes Payable
For the Year Ended December 31, 2022
Balance December 31, 2021
2,619.10
$
Increased by:
2022 Levy:
General County
981,871.61
$
County Library
87,325.80
County Open Space
76,135.90
Added and Omitted Taxes
14,775.55
1,160,108.86
Subtotal
1,162,727.96
Decreased by:
Payments
1,147,952.41
Balance December 31, 2022
14,775.55
$
61
EXHIBIT A-17
BOROUGH OF RIVERTON
Current Fund
Schedule of Local District School Tax Payable
For the Year Ended December 31, 2022
Balance December 31, 2021:
School Tax Payable
1,962,072.47
$
School Tax Deferred
848,766.00
2,810,838.47
$
Increased by:
Levy - School Year July 1, 2022 to June 30, 2023
5,621,675.00
Total
8,432,513.47
Decreased by:
Payments
5,621,675.00
Balance December 31, 2022:
School Tax Payable
1,962,072.47
School Tax Deferred
848,766.00
2,810,838.47
$
2022 Liability for Local District School Tax:
Tax Paid
5,621,675.00
$
Tax Payable December 31, 2022
1,962,072.47
Total
7,583,747.47
Less:
Tax Payable December 31, 2021
1,962,072.47
Amount Charged to 2022 Operations
5,621,675.00
$
62
EXHIBIT A-18
BOROUGH OF RIVERTON
Federal and State Grant Fund
Schedule of Federal and State Grants Receivable
For the Year Ended December 31, 2022
Transferred
Balance
to
Balance
December 31,
Unappropriated
December 31,
2021
Accrued
Received
Reserves
Canceled
2022
State Grants:
Clean Communities Grant
-
$
6,553.59
$
6,553.59
$
-
$
-
$
-
$
NJUCF Sewardship Grant
28,400.00
28,400.00
Alcohol Education Rehab
789.66
789.66
Body Armor Grant
717.88
1,540.18
822.30
Recycling Tonnage Grant
3,571.65
3,571.65
NJDOT Division of Highway and Traffic Safety
6,200.00
6,200.00
Burlington County Park Grant
12,841.59
12,841.59
Green Communities
1,390.00
1,390.00
Body Worn Cameras
8,559.60
2,853.20
5,706.40
Total State Grants
22,791.19
46,232.78
15,308.28
822.30
54,537.99
Federal Grants:
NJ Transportation Trust Fund
9,248.00
9,248.00
Bullet Proof Vest
1,585.00
1,585.00
American Rescue Plan
115,000.00
140,517.54
25,517.54
Total Federal Grants
9,248.00
115,000.00
142,102.54
27,102.54
9,248.00
Total Federal and State Grants
32,039.19
$
161,232.78
$
157,410.82
$
27,924.84
$
-
$
63,785.99
$
Cash Received
157,410.82
$
63
EXHIBIT A-19
BOROUGH OF RIVERTON
Federal and State Grant Fund
Schedule of Reserve for Federal and State Grants - Unappropriated
For the Year Ended December 31, 2022
Transfer From
Balance
Federal and
Balance
December 31,
State Grant
Realized
December 31,
2021
Receivable
as Revenue
2022
Federal Grants:
Bulletproof Vest Program
-
$
1,585.00
$
-
$
1,585.00
$
American Rescue Plan -2021
30,517.53
30,517.53
American Rescue Plan - 2022
115,000.00
140,517.54
25,517.54
Total Federal Grants
30,517.53
116,585.00
171,035.07
27,102.54
State Grants:
Body Armor Grant
822.30
822.30
Total State Grants
-
822.30
-
822.30
Total Federal and State Grants
30,517.53
$
117,407.30
$
171,035.07
$
27,924.84
$
64
EXHIBIT A-20
BOROUGH OF RIVERTON
Federal and State Grant Fund
Schedule of Reserve for Federal and State Grants - Appropriated
For the Year ended December 31, 2022
Transferred
Transferred
Balance
from
from
Balance
December 31,
2022 Budget
2022 Budget
Prior Year
December 31,
2021
Appropriation
40A:4-87
Encumbrances
Expended
Canceled
2022
State Grants:
Clean Communities Grant
10,697.53
$
-
$
6,553.59
$
-
$
7,656.89
$
-
$
9,594.23
$
NJUCF Stewardship Grant
28,400.00
18,000.00
10,400.00
NJDOT Division of Highway and Traffic Safety
6,200.00
6,200.00
Recycling Tonnage Grant
6,412.74
3,571.65
7,599.31
2,385.08
Drunk Driving Enforcement Fund
5,291.67
523.02
4,768.65
Community Steward Incentive
325.00
325.00
Alcohol Education Rehabilitation
4,058.66
789.66
3,578.88
1,269.44
Green Communities
3,885.00
3,885.00
Body Armor Grant
6,350.02
717.88
3,531.16
3,536.74
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
8,811.46
8,811.46
Body Worn Cameras
14,266.00
2,500.00
11,766.00
Total State Grants
65,063.80
28,400.00
17,832.78
-
49,589.26
-
61,707.32
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
1,350.84
1,350.84
American Rescue Plan
71,250.00
115,000.00
102,981.51
83,268.49
Total Federal Grants
90,875.78
115,000.00
-
-
104,332.35
-
101,543.43
Total Federal and State Grants
155,939.58
$
143,400.00
$
17,832.78
$
-
$
153,921.61
$
-
$
163,250.75
$
Cash Disbursed
140,839.94
$
Encumbrances Payable
13,081.67
153,921.61
$
65
TRUST FUND
66
EXHIBIT B-1
BOROUGH OF RIVERTON
Trust Fund
Schedule of Cash - Treasurer
For the Year Ended December 31, 2022
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, 2021
704.95
$
386,600.48
$
314.99
$
1,359.27
$
28,483.23
$
210,135.80
$
37,730.33
$
2,114.92
$
211.29
$
9,149.86
$
8,550.75
$
60,378.34
$
28,171.70
$
Receipts:
Dog License Fees:
Municipal Licenses
170.00
State Registration Fees
52.80
Late Fees
-
Marriage Licenses Issued
100.00
100.00
Employee Contributions
999.96
999.96
Premiums
-
Redemption
173,894.05
173,894.05
Escrow
19,720.80
19,720.80
Shade Tree
2,714.00
2,714.00
Police Outside Service
275,063.37
275,063.37
Police Donations
2,825.00
2,825.00
Forfeited Property
3,932.40
3,932.40
Parking Offenses Adjudication Act
4.00
4.00
Public Defender Fees
866.00
866.00
Payment In Lieu of Construction
1,064.50
1,064.50
Payroll Deductions Payable
471,427.09
1,973.81
469,453.28
Net Payroll
1,003,122.97
1,003,122.97
Interest Earned
1.27
627.99
0.20
1.79
84.25
334.59
23.19
8.35
0.34
13.93
12.79
88.13
60.43
Total Receipts
224.07
1,956,362.13
100.20
1,001.75
2,058.06
475,616.31
23.19
3,940.75
4.34
879.93
12.79
88.13
1,472,636.68
Disbursements:
Expenditures Under RS4:19-15.11
-
State Registration Fees
53.00
Employee Claims
1,200.84
1,158.84
42.00
Redemption
173,894.05
173,894.05
Escrow
16,069.60
16,069.60
Shade Tree
725.00
725.00
Police Outside Service
345,670.00
345,670.00
Police Donations
2,651.59
2,651.59
Premiums
31,100.00
31,100.00
Public Defender Fees
400.00
400.00
Payment In Lieu of Construction
4,708.50
4,708.50
Payroll Deductions Payable
469,335.60
469,335.60
Net Payroll
1,003,122.97
1,003,122.97
Due to State of NJ
300.00
300.00
Due to Current Fund
-
3,147.04
3,097.98
49.06
Total Disbursements
53.00
2,052,325.19
300.00
1,158.84
42.00
542,108.22
31,100.00
-
-
400.00
-
4,708.50
1,472,507.63
Balance December 31, 2022
876.02
$
290,637.42
$
115.19
$
1,202.18
$
30,499.29
$
143,643.89
$
6,653.52
$
6,055.67
$
215.63
$
9,629.79
$
8,563.54
$
55,757.97
$
28,300.75
$
67
EXHIBIT B-2
BOROUGH OF RIVERTON
Dog License Fund
Schedule of Reserve for Animal Control Fund Expenditures
For the Year Ended December 31, 2022
Balance December 31, 2021
538.80
$
Increased by:
2022 Dog License Fees Collected
170.00
Subtotal
708.80
Decreased by:
Expenditures Under RS4:19-15.11
-
$
Due to Current Fund
218.40
218.40
Balance December 31, 2022
490.40
$
License Fees Collected
Year:
2020
248.80
$
2021
241.60
Total
490.40
$
68
EXHIBIT B-3
BOROUGH OF RIVERTON
Trust - Other Funds
Schedule of Due to State of New Jersey
For the Year Ended December 31, 2022
Balance December 31, 2021
225.00
$
Increased by:
Marriage Licenses Issued
100.00
Subtotal
325.00
Decreased by:
Cash Disbursed to State of New Jersey
300.00
Balance December 31, 2022
25.00
$
EXHIBIT B-4
Schedule of Payroll Deductions Payable
For the Year Ended December 31, 2022
Balance December 31, 2021
10,665.80
$
Increased by:
Payroll Deductions Received
469,376.34
Total
480,042.14
Decreased by:
Payroll Deductions Disbursed
469,335.60
Balance December 31, 2022
10,706.54
$
69
EXHIBIT B-5
BOROUGH OF RIVERTON
Trust - Other Funds
Schedule of Tax Title Lien Payable
For the Year Ended December 31, 2022
Balance December 31, 2021
-
$
Increased by:
Tax Redemptions
173,894.05
Subtotal
173,894.05
Decreased by:
Disbursements
173,894.05
Balance December 31, 2022
-
$
EXHIBIT B-6
Schedule of Reserve For Payment of Unemployment Claims
For the Year Ended December 31, 2022
Balance December 31, 2021
21,692.65
$
Increased by:
Employee Withholdings
2,050.75
$
Interest Earned
84.25
2,135.00
Subtotal
23,827.65
Decreased by:
Disbursements
42.00
Balance December 31, 2022
23,785.65
$
EXHIBIT B-7
Schedule of Reserve For Flexible Spending Benefits
For the Year Ended December 31, 2022
Balance December 31, 2021
575.93
$
Increased by:
Employee Withholdings
999.96
Subtotal
1,575.89
Decreased by:
Payment of Flexible Spending Benefits
1,158.84
Balance December 31, 2022
417.05
$
70
EXHIBIT B-8
Balance December 31, 2021
82,160.68
$
Increased by:
Cash Receipts
21,849.80
Subtotal
104,010.48
Decreased by:
Cash Disbursed
21,842.60
Balance December 31, 2022
82,167.88
$
EXHIBIT B-9
Balance December 31, 2021
37,730.33
$
Increased by:
Premiums Collected
-
$
Interest Earned
23.19
23.19
Subtotal
37,753.52
Decreased by:
Payment of Premiums
31,100.00
Balance December 31, 2022
6,653.52
$
Schedule of Reserve For Tax Sale Premiums
For the Year Ended December 31, 2022
BOROUGH OF RIVERTON
Trust - Other Funds
Schedule of Reserve For Developer's Escrow Deposits
For the Year Ended December 31, 2022
71
EXHIBIT B-10
Balance December 31, 2021
6,109.73
$
Increased by:
Receipts
2,714.00
Subtotal
8,823.73
Decreased by:
Disbursements
725.00
Balance December 31, 2022
8,098.73
$
EXHIBIT B-11
Balance December 31, 2022 and 2021
5,161.38
$
EXHIBIT B-12
Balance December 31, 2022 and 2021
1,225.12
$
Schedule of Reserve For Veteran Affairs
For the Year Ended December 31, 2022
BOROUGH OF RIVERTON
Trust - Other Funds
Schedule of Reserve For Shade Tree Commission
For the Year Ended December 31, 2022
Schedule of Reserve For Environmental Fund
For the Year Ended December 31, 2022
72
EXHIBIT B-13
Balance December 31, 2021
9,059.59
$
Increased by:
Receipts from Municipal Court
866.00
Subtotal
9,925.59
Decreased by:
Disbursements
400.00
Balance December 31, 2022
9,525.59
$
EXHIBIT B-14
Balance December 31, 2021
2,114.92
$
Increased by:
Forfeited Property
3,932.40
$
Interest Earned
8.35
3,940.75
Subtotal
6,055.67
Decreased by:
Disbursements
Balance December 31, 2022
6,055.67
$
EXHIBIT B-15
Balance December 31, 2022 and 2021
30,000.00
$
Schedule of Reserve For Compensated Absences
For the Year Ended December 31, 2022
Schedule of Reserve For Public Defender
For the Year Ended December 31, 2022
BOROUGH OF RIVERTON
Trust - Other Funds
Schedule of Reserve For Police Forfeited Property
For the Year Ended December 31, 2022
73
EXHIBIT B-16
Balance December 31, 2021
211.29
$
Increased by:
Receipts from Municipal Court
4.00
$
Interest Earned
0.34
4.34
Subtotal
215.63
Decreased by:
Disbursements
-
Balance December 31, 2022
215.63
$
EXHIBIT B-17
Balance December 31, 2021
134,974.25
$
Increased by:
Receipts
275,063.37
Subtotal
410,037.62
Decreased by:
Disbursements
345,670.00
Balance December 31, 2022
64,367.62
$
Schedule of Reserve For Off Duty Police
For the Year Ended December 31, 2022
Schedule of Reserve For POAA Funds
For the Year Ended December 31, 2022
BOROUGH OF RIVERTON
Trust - Other Funds
74
EXHIBIT B-18
Balance December 31, 2022 and 2021
4,040.00
$
EXHIBIT B-19
Balance December 31, 2022 and 2021
2,229.71
$
Schedule of Reserve For Uniform Fire Safety
For the Year Ended December 31, 2022
BOROUGH OF RIVERTON
Trust - Other Funds
Schedule of Reserve For Dog Park
For the Year Ended December 31, 2022
75
GENERAL CAPITAL FUND
76
EXHIBIT C-2
BOROUGH OF RIVERTON
General Capital Fund
Schedule of Cash - Treasurer
For the Year Ended December 31, 2022
Balance December 31, 2021
239,774.22
$
Receipts:
Bond Anticipation Notes
595,549.00
$
Budget Appropriation - Capital Improvement Fund
7,500.00
Due from Current Fund
434.45
603,483.45
Total
843,257.67
Disbursements:
Improvement Authorizations
738,175.64
Budget Appropriation - Reserve for Debt
30,000.00
Due to Current Fund
416.41
768,592.05
Balance December 31, 2022
74,665.62
$
77
EXHIBIT C-3
BOROUGH OF RIVERTON
General Capital Fund
Analysis of General Capital Cash and Investments
For the Year Ended December 31, 2022
Fund Balance
109.68
$
Capital Improvement Fund
11,860.76
Due from Current Fund
(5,780.55)
Due to Federal and State Grant Fund
1,979.87
Reserve for Debt
78,528.41
Improvement Authorizations:
Ordinance
Number
2015-2
Multi-purpose:
Improvements to Riverton park
(9,537.00)
Road Improvements
42,498.22
Acquisition of Street Signs
3,113.74
Acquisition of Public Works Equipment
187.00
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
7,892.73
Acquisition of Police Equipment
1,121.00
Acquisition of Sewer Equipment
Acquisition of Fire Equipment
48.96
2019-05
Multi-purpose:
Heating System at Public Works Garage
8,875.00
Police Vehicle and Software
242.00
Sewer Tank Housing Panel
4,255.11
Acquisition of Fire Equipment
108.34
2020-04/
Multi-purpose:
2021-06
Acquisition of Public Works Equipment
57,926.84
Road Program
Aqusition of a Security Cameras
1,015.00
Acqusition of Police Equipment
378.87
Acqusition of Sewer Equipment
(274,939.66)
Acqusition of Fire Equipment
1.14
2022-06
Multi-purpose:
Public Works Vehicles and Equipment
(14,859.79)
Police Vehicles and Equipment
567.24
Purchase of Fire Equipment
(4,737.00)
Total
74,665.62
$
78
EXHIBIT C-4
BOROUGH OF RIVERTON
General Capital Fund
Schedule of Deferred Charges to Future Taxation - Funded
For the Year Ended December 31, 2022
Balance December 31, 2021
1,590,000.00
$
Decreased by:
Serial Bond Principal Payment
145,000.00
Balance December 31, 2022
1,445,000.00
$
79
BOROUGH OF RIVERTON
General Capital Fund
Schedule of Deferred Charges to Future Taxation - Unfunded
For the Year Ended December 31, 2022
Analysis of Balance
December 31, 2022
Financed by
Balance
Balance
Bond
Unexpended
Ordinance
December 31,
2022
Paid by
December 31,
Aniticpation
Improvement
Number
Improvement Description
2021
Authorizations
Budget
Cancelled
2022
Notes
Expenditures
Authorization
2019-05
Various Capital Improvements
370,025.00
$
-
$
-
$
-
$
370,025.00
$
370,025.00
$
-
$
-
$
2020-04/
2021-06
Various Capital Improvements
501,524.00
501,524.00
225,524.00
215,617.81
60,382.19
2022-06
Various Capital Improvements
180,500.00
180,500.00
178,790.79
1,709.21
871,549.00
$
180,500.00
$
-
$
-
$
1,052,049.00
$
595,549.00
$
394,408.60
$
62,091.40
$
Improvement Authorizations - Unfunded
71,316.74
$
Less - Unexpended Proceeds from Bond Anticipation Notes:
Ordinance Number
2019-05
9,225.34
9,225.34
Total
62,091.40
$
80
EXHIBIT C-6
BOROUGH OF RIVERTON
General Capital Fund
Statement of Grants Receivable
For the Year Ended December 31, 2022
Balance December 31, 2022 and 2021
10,500.00
$
Analysis of Balance
Burlington County Park Development Grant - Memorial Park
10,500.00
$
10,500.00
$
81
EXHIBIT C-7
BOROUGH OF RIVERTON
General Capital Fund
Schedule of General Serial Bonds
For the Year Ended December 31, 2022
Amount
Maturities of
of
Bonds Outstanding
Balance
Balance
Date of
Original
December 31, 2022
Interest
December 31,
December 31,
Purpose
Issue
Bonds
Date
Amount
Rate
2021
Issued
Decreased
2022
General Bonds of 2018
8/23/2018
1,995,000
$
8/1/2023
155,000.00
$
5.00%
1,590,000.00
$
-
$
145,000.00
$
1,445,000.00
$
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
1,590,000.00
$
-
$
145,000.00
$
1,445,000.00
$
82
EXHIBIT C-8
BOROUGH OF RIVERTON
General Captial Fund
Schedule of Bond Anticipation Notes
For the Year Ended December 31, 2022
Date of
Issue of
Balance
Balance
Ordinance
Original
Date of
Date of
Interest
December 31,
December 31,
Number
Improvement Description
Note
Issue
Maturity
Rate
2021
Increased
Decreased
2022
2019-05
Various Capital Improvements
3/23/22
3/23/22
3/22/23
0.905%
-
$
370,025.00
$
-
$
370,025.00
$
2017-06
Various Capital Improvements
3/23/22
3/23/22
3/22/23
0.905%
-
225,524.00
-
225,524.00
-
$
595,549.00
$
-
$
595,549.00
$
Issued for Cash
595,549.00
$
-
$
Paid by Budget
-
-
595,549.00
$
-
$
83
EXHIBIT C-9
BOROUGH OF RIVERTON
General Capital Fund
Schedule of Improvement Authorizations
For the Year Ended December 31, 2022
2022 Authorizations
Deferred
Charges
Balance
Capital
To Future
Prior
Paid
Balance
Ordinance
Ordinance
December 31, 2021
Improvement
Grant
Taxation
Year
or
December 31, 2022
Number
Improvement Description
Date
Amount
Funded
Unfunded
Fund
Receivable
Unfunded
Encumbrances
Charged
Canceled
Funded
Unfunded
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
3,600.00
42,498.22
d. Acquisition of Street Signs
10,000.00
2,635.00
7,365.00
6,886.26
3,113.74
e. Acquisition of Public Works Equipment
210,500.00
187.00
187.00
f. Sewer System-Wide Improvements
50,000.00
1,183.61
1,183.61
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
137,584.98
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
7,892.73
7,892.73
c. Aqusition of a Police Equipment
10,392.00
1,121.00
1,121.00
d. Acqusition of Sewer Equipment
212,450.00
31,734.56
31,734.56
e. Acqusition of Fire Equipment
15,000.00
48.96
48.96
2019-05
Multi-purpose:
06/16/19
a. Heating System at Public Works Garage
15,000.00
8,875.00
8,875.00
b. Police Vehicle and Software
74,500.00
242.00
242.00
c. Sewer Tank Housing Panel
292,000.00
235,400.00
26,153.25
261,553.25
d. Acqusition of Fire Equipment
8,000.00
108.34
108.34
2020-04/
Multi-purpose:
06/16/20
2021-06
05/24/21
a. Various Improvements to Riverton Park
79,305.00
69,426.84
11,500.00
57,926.84
b. Various Upgrades to the Public Works Building
11,950.00
c. Aqusition of a Security Cameras
4,665.00
1,015.00
1,015.00
d. Acqusition of Police Equipment
4,000.00
378.87
378.87
e. Various Sewer System Improvements
420,000.00
398,503.86
397,443.52
1,060.34
f. Acqusition of Fire Equipment
8,000.00
1.14
1.14
2022-06
Multi-purpose:
a. Public works vehicles and equipment
83,000.00
4,150.00
78,850.00
81,303.79
1,696.21
b. Police vehicles and equipment
102,000.00
5,100.00
96,900.00
102,000.00
c. Purchase of Fire Equipment
5,000.00
250.00
4,750.00
4,987.00
13.00
Total
255,673.79
$
713,951.05
$
9,500.00
$
-
$
180,500.00
$
33,518.25
$
902,191.99
$
-
$
219,634.36
$
71,316.74
$
Encumbrances Payable
164,016.35
$
Cash Disbursed
738,175.64
Total
902,191.99
$
84
EXHIBIT C-10
BOROUGH OF RIVERTON
General Capital Fund
Statement of Capital Improvement Fund
For the Year Ended December 31, 2022
Balance December 31, 2021
13,860.76
$
Increased by:
2022 Budget Appropriation
7,500.00
21,360.76
Decreased by:
Appropriated to Finance Improvement Authorization
9,500.00
Balance December 31, 2022
11,860.76
$
85
EXHIBIT C-11
BOROUGH OF RIVERTON
General Capital Fund
Statement of Bonds and Notes Authorized but not Issued
For the Year Ended December 31, 2022
Bond
Balance
Anticipation
Balance
Ordinance
December 31,
2022
Notes
December 31,
Number
Improvement Description
2021
Authorizations
Issued
2022
2019-5
Multi-Purpose
370,025.00
$
-
$
370,025.00
$
-
$
2020-4/2021-06
Multi-Purpose
501,524.00
-
225,524.00
276,000.00
2022-06
Multi-Purpose
180,500.00
-
180,500.00
Total
871,549.00
$
180,500.00
$
595,549.00
$
456,500.00
$
86
PUBLIC ASSISTANCE FUND
87
EXHIBIT D-1
BOROUGH OF RIVERTON
PUBLIC ASSISTANCE FUND
Schedule of Cash - Treasurer
For the Year Ended December 31, 2022
P.A.T.F.
I
Balance December 31, 2021
744.35
$
Increased by Receipts:
Interest Earned
1.09
Total
745.44
Decreased by Disbursements
-
Balance December 31, 2022
745.44
$
88
BOROUGH OF RIVERTON
PART II
Schedule of Findings and Recommendations
For the Year Ended December 31, 2022
89
BOROUGH OF RIVERTON
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE YEAR ENDED DECEMBER 31, 2022
Section 1 -- Summary of Auditor's Results
Financial Statement Section
Type of auditor's report issued:
Regulatory Basis
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
90
BOROUGH OF RIVERTON
Schedule of Findings and Questioned Costs
For the Year Ended December 31, 2022
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.
91
BOROUGH OF RIVERTON
Schedule of Findings and Questioned Costs
For the Year Ended December 31, 2022
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.
92
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.
93
OFFICIALS IN OFFICE AND SURETY BONDS
The following officials were in office at December 31, 2022:
Name of
Amount of
Corporate
Name
Title
Term expires
Bond
Surety
Suzanne Cairns Wells
Mayor
12/31/2023
William Corbi
President of Council
12/31/2024
Kirk Fullerton
Councilperson
12/31/2022
Laura Major
Councilperson
12/31/2022
James Quinn
Councilperson
12/31/2023
Julie Scott
Councilperson
12/31/2024
Edgar Wilburn
Councilperson
12/31/2023
Michelle Hack
Borough Clerk and Registrar of Vital Statistics
35,000
(C)
Julia Edmondson
Chief Financial Officer
200,000
(B)
Nicole Chicone-Shively
Tax Collector, Treasurer, and Deputy Registrar
175,000
(B)
Catherine R. Smyth
Data Control Clerk Construction/Admin Assistant
35,000
(B)
Roger Fort
Construction Code Official
10,000
(A)
Pete Clifford
Code Enforcement and Zoning Official
10,000
(A)
James Duda
Assessor
10,000
(A)
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
BOROUGH OF RIVERTON
94
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"...gs 91 Schedule of Federal Awards and State Financial Assistance Findings 92 Summary Schedule of Prior Year Audit Findings 93 Officials in Office and Surety Bonds 94 Acknowledgment 94 -b- BOROUGH OF RIVERTON PART I Report of Audit of Financial Statements For the Year Ended December 31, 2022 1 INVERSO & S..."
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