2019 Report of Audit

The Borough of Rockaway's audit report for the year ended December 31, 2019, reveals the financial status of various Borough funds. Prepared in accordance with accounting practices prescribed by the Division of Local Government Services, the report includes financial statements for the Current Fund, Trust Funds, General Capital Fund, and Water Utility Operating and Capital Funds, as well as a General Fixed Assets Account Group. The report highlights financial activities and compliance with regulatory and budgetary requirements, along with comments and recommendations for improvement. The audit also ensures compliance with federal and state grant expenditure reporting requirements, although expenditures did not exceed the single audit threshold. The report contains one notable finding regarding segregation of duties within the Borough's financial operations, particularly concerning the concentration of responsibility for recording and treasury functions within a limited number of personnel due to budgetary constraints. Recommendations include a review of grant receivables to assess collectibility and cancellation of outdated grants, as well as continued monitoring of interfund balances for timely liquidation. A formal recommendation regarding the Police Outside Duty trust account is not deemed necessary, as controls and procedures currently in place are functioning effectively.