2021 Report of Audit

The Borough of Rockaway's 2021 audit report, conducted by Nisivoccia LLP, presents the municipality's financial position and operations for the fiscal year ending December 31, 2021. The audit includes financial statements for various funds, including the Current Fund, Trust Funds, General Capital Fund, and Water Utility Fund, prepared on a regulatory basis as prescribed by the New Jersey Division of Local Government Services. The report also covers supplementary data such as schedules of cash, receivables, payables, and reserves. The report indicates a statutory net debt of .656%. Key issues identified within the report include a significant deficiency in the segregation of duties and a necessity to prioritize getting tax title liens back on a taxpaying basis. GASB 87, Leases, takes effect for year end 2022.