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--- Document: Synopsis of 2024 Audit Report Document ---
SYNOPSIS OF AUDIT REPORT FOR PUBLICATION
Synopsis of 2024 Audit Report of Borough of Riverton, Burlington County
as required by NJS 40A:5-7
COMBINED COMPARATIVE BALANCE SHEET
December 31,
2024
2023
ASSETS
Cash and Investments
4,140,776.34
$
3,836,620.86
$
Taxes, Liens and Sewer Charges Receivable
155,024.76
123,054.00
Accounts Receivable
366,232.87
37,645.47
Deferred Charges
48,667.83
-
Deferred Charges to Future Taxation -
General Capital
2,352,949.00
2,342,049.00
General Fixed Assets
5,811,188.54
5,805,938.54
Total Assets
12,874,839.34
$
12,145,307.87
$
LIABILITIES, RESERVES AND FUND BALANCE
Bonds, Notes and Loans Payable
2,352,900.00
$
2,066,000.00
$
Improvement Authorizations
308,971.90
225,413.63
Other Liabilities and Special Funds
3,074,339.98
2,715,074.35
Reserve for Certain Receivable
209,319.89
164,691.09
Investment in Fixed Assets
5,811,188.54
5,805,938.54
Fund Balance
1,118,119.03
1,168,190.26
Total Liabilities, Reserves and Fund Balance
12,874,839.34
$
12,145,307.87
$
There was Deferred Liability of Local District School Taxes of $848,766.00 at December 31, 2024 and 2023.
There were Bonds and Notes Authorized but not issued in the amount of $49.00 at December 31, 2024
and $276,049.00 at December 31, 2023.
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGES IN FUND BALANCE -- STATUTORY BASIS
CURRENT FUND
YEAR 2024
YEAR 2023
REVENUE AND OTHER
INCOME REALIZED
Fund Balance Utilized
360,000.00
$
310,000.00
$
Miscellaneous - From Other Than
Local Purpose Tax Levies
1,453,575.21
1,106,019.88
Collection of Delinquent Taxes and Tax Title Liens
89,279.15
88,619.20
Collection of Current Tax Levy
9,477,238.50
9,150,436.21
Other Revenue
102,369.88
144,276.25
Total Income
11,482,462.74
10,799,351.54
EXPENDITURES
Budget Expenditures -
Municipal Purposes
3,950,546.54
3,410,510.04
County Taxes
1,262,620.71
1,177,854.40
Local School Taxes
5,995,573.00
5,878,013.00
Other Expenditures
12,461.55
250.00
Total Expenditures
11,221,201.80
10,466,627.44
Excess in Revenue
261,260.94
332,724.10
Adjustments to Income Before Surplus:
Expenditures Included Above which are by Statute Deferred
Charges to Budget of Succeeding Year
48,667.83
-
Excess in Revenue & Statutory Excess to Fund Balance
309,928.77
332,724.10
Fund Balance January 1
1,168,190.26
1,145,466.16
Total
1,478,119.03
1,478,190.26
Less Utilization as Anticipated Revenue
360,000.00
310,000.00
Fund Balance December 31
1,118,119.03
$
1,168,190.26
$
RECOMMENDATIONS
None
Status of Prior Year's Audit Findings and Recommendations
There were no prior year recommendations.
**********************
The above synopsis was prepared from the Report of Audit of the Borough of Riverton, County of Burlington, for the
year ended December 31, 2024, submitted by Robert P. Inverso, Registered Municipal Accountant, Certified Public
Accountant of Inverso & Stewart LLC, Certified Public Accountants. The information included therein is not intended
to represent complete financial information as presented in the Report of Audit. A copy of the Report of Audit is on
file at the Borough Clerk's office and may be inspected by any interested person.
Kelly Andrews
Municipal Clerk