2020 Report of Audit

The Borough of Rockaway's 2020 audit report presents a comprehensive review of the municipality's financial activities, adherence to regulatory standards, and internal controls. It encompasses the financial statements of various funds, including the Current Fund, Trust Fund, General Capital Fund, and Water Utility Fund, and offers insights into the Borough's financial position as of December 31, 2020 and 2019. The report further examines compliance with laws, regulations, contracts, and grant agreements and discusses internal control considerations related to financial reporting. Key aspects covered in the audit include an analysis of revenues, expenditures, assets, liabilities, and fund balances across different municipal operations. Additionally, the report addresses long-term debt obligations, pension plans, risk management practices, and selected tax information. A noteworthy observation highlighted is the lack of segregation of duties with respect to recording and treasury functions due to budgetary constraints, a recurring finding from the prior year's audit. The report also provides recommendations for improvements in areas such as internal controls, grant management, and sick/vacation leave policies.