2023 Report of Audit

The Borough of Rockaway's 2023 Audit Report presents the financial position of its various funds and account groups as of December 31, 2023 and 2022. The audit expresses unmodified opinions on the regulatory basis financial statements, indicating fair presentation in accordance with accounting practices prescribed by the Division of Local Government Services. An adverse opinion is given regarding U.S. Generally Accepted Accounting Principles due to the Borough's adherence to the Division's regulatory basis of accounting. Key financial areas covered include the Current Fund, Trust Funds, General Capital Fund, Water Utility Fund (Operating and Capital), and the General Fixed Assets Account Group. The report includes detailed schedules of assets, liabilities, fund balances, revenues, and expenditures for each fund. The audit also assesses compliance with laws, regulations, contracts, and grant agreements, with no material instances of noncompliance noted. However, a significant deficiency was noted in the segregation of duties within the recording and treasury functions. The report was issued on May 13, 2024.