Document Text
--- Document: 2019 Synopsis of Audit Document ---
BOROUGH OF ROCKAWAY
SUMMARY OR SYNOPSIS OF AUDIT REPORT FOR PUBLICATION
Attention is directed to the fact that a Summary or Synopsis of the Audit Report together with the
recommendations is the minimum required to be published pursuant to N.J.S. 40A:5-7.
Summary or Synopsis of 2019 Audit report of the Borough of Rockaway as required by N.J.S. 40A:5-7.
COMBINED COMPARATIVE BALANCE SHEET
December 31,
ASSETS
2019
2018
Cash and Cash Equivalents
$ 13,556,104.81
$ 12,601,505.59
Taxes, Liens and Utilities Receivable
1,065,656.98
983,118.72
Property Acquired for Taxes - Assessed Value
961,500.00
961,500.00
Accounts Receivable
665,494.79
1,139,297.69
Deferred Charges to Future Taxation - General Capital
6,768,157.00
6,939,159.00
Fixed Capital - Water Utility
7,539,586.24
7,426,425.74
Fixed Capital Authorized and Uncomplete - Water Utility
5,096,287.57
3,943,287.57
General Fixed Assets
20,964,072.22
20,648,722.30
TOTAL ASSETS
$ 56,616,859.61
$ 54,643,016.61
LIABILITIES, RESERVES AND FUND BALANCES
Appropriation Reserves
$ 1,526,427.66
$ 1,569,890.48
Bonds, Notes and Loans Payable
11,160,885.00
9,690,851.00
Improvement Authorizations
6,621,829.48
6,473,446.41
Other Liabilities and Special Funds
3,519,257.86
4,057,406.45
Deferred Reserve for Amortization
329,241.15
247,241.15
Capital Improvement Fund
291,926.54
235,416.54
Reserve for Amortization
7,147,676.66
6,910,844.16
Investment in General Fixed Assets
20,964,072.22
20,648,722.30
Reserve for Receivables
2,378,562.77
2,344,270.30
Fund Balances
2,676,980.27
2,464,927.82
TOTAL LIABILITIES, RESERVES AND FUND BALANCES
$ 56,616,859.61
$ 54,643,016.61
CURRENT FUND
COMPARATIVE STATEMENT OF OPERATIONS AND CHANGE IN FUND BALANCE
Comparative Schedule of Operations and Change in Fund Balance - Current Fund
Year Ended December 31,
2019
2018
Revenue and Other Income Realized
Fund Balance Utilized
$730,363.00
$541,500.00
Miscellaneous Revenue Anticipated
1,804,257.18
1,921,711.66
Receipts from:
Delinquent Taxes
286,485.87
330,790.58
Current Taxes
23,914,613.94
23,581,503.41
Nonbudget Revenue
465,947.10
238,352.67
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
546,353.89
237,940.39
Interfunds Returned
744.99
41,916.09
Cancellation of Appropriated Grant Reserves
75.43
50,927.55
Cancellation of Unappropriated Grant Reserves
23,472.35
Decrease in Grants Receivable
55,243.65
Total Income
$27,804,085.05
$26,968,114.70
Expenditures
Budget and Emergency Appropriations
9,060,967.31
8,528,157.56
Local School District Taxes
8,539,307.00
8,273,487.00
County Taxes
2,147,161.22
2,207,808.94
County Share of Added Taxes
5,565.17
6,837.71
Regional School District Taxes
6,752,960.00
6,722,499.00
Refund of Prior Year Tax Revenue
922.76
Refund of Prior Year Revenue
100.02
2,406.25
Increase in Grants Receivable
61,872.76
Reserve for Tax Appeals
208,043.05
266,506.34
Interfunds Advanced
555.19
744.99
Total Expenditures
26,715,581.72
26,070,320.55
Statutory Excess to Fund Balance
1,088,503.33
897,794.15
Fund Balance
Balance January 1
1,607,044.34
1,250,750.19
2,695,547.67
2,148,544.34
Decreased by:
Utilized as Anticipated Revenue
730,363.00
$541,500.00
Balance December 31
$ 1,965,184.67
$ 1,607,044.34
BOROUGH OF ROCKAWAY
WATER UTILITY OPERATING FUND
COMPARATIVE STATEMENT OF OPERATIONS AND CHANGE IN FUND BALANCE
Comparative Schedule of Operations and Change in Fund Balance - Water Utility
Year Ended December 31
2019
2018
Revenue and Other Income Realized
Fund Balance Utilized
$ 464,000.00
$ 301,000.00
Water Rents
1,707,202.28
1,706,740.78
Miscellaneous Revenue
24,826.10
50,442.23
Nonbudget Revenue
33,965.87
101,066.86
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
246,549.32
281,548.61
Total Income
2,476,543.57
2,440,798.48
Expenditures
Budget Expenditures:
Operating
1,614,750.00
1,503,965.00
Capital Improvements
269,000.00
250,700.00
Debt Service
196,161.76
156,244.42
Deferred Charges and Statutory Expenditures
78,720.00
82,838.00
Total Expenditures
2,158,631.76
1,993,747.42
Excess in Revenue
317,911.81
447,051.06
Fund Balance
Balance January 1
738,116.32
592,065.26
1,056,028.13
1,039,116.32
Decreased by:
Utilized as Anticipated Revenue
464,000.00
301,000.00
Balance December 31
$ 592,028.13
$ 738,116.32
BOROUGH OF ROCKAWAY
SUMMARY OR SYNOPSIS OF AUDIT REPORT FOR PUBLICATION
(Continued)
RECOMMENDATIONS
It is recommended that:
1. An adequate segregation of duties be maintained with respect to the recording and treasury
functions.
* * * * * * * *
A Corrective Action Plan, which outlines actions the Borough of Rockaway will take to correct the
findings listed above, will be prepared in accordance with federal and state guidelines. A copy of the plan
will be on file and available for public inspection in the office of the Municipal Clerk in the Borough of
Rockaway within 45 days of this notice.
The above summary or synopsis was prepared from the report of audit of the Borough of Rockaway,
County of Morris, for the calendar year 2019. This report of audit, submitted by Kathryn L. Mantell,
Registered Municipal Accountant, of Nisivoccia LLP, is on file at the Borough Clerk's office and may be
inspected by any interested person.
Kimberly Cuspilich, Acting Borough Clerk