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--- Document: 2023 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 2023 Audit report of the Borough of Rockaway as required by N.J.S. 40A:5-7.
COMBINED COMPARATIVE BALANCE SHEET
December 31,
ASSETS
2023
2022
Cash and Cash Equivalents
$ 14,256,234.33
$ 14,099,127.59
Taxes, Liens and Utilities Receivable
1,660,198.60
1,588,372.63
Property Acquired for Taxes - Assessed Value
961,500.00
961,500.00
Accounts Receivable
487,898.65
778,706.61
Deferred Charges to Future Taxation - General Capital
5,433,202.00
5,218,227.00
Fixed Capital - Water Utility
9,208,947.42
9,202,066.83
Fixed Capital Authorized and Uncomplete - Water Utility
5,577,125.42
4,784,725.42
Federal and State Grants Receivable
48,329.53
64,570.93
General Fixed Assets
22,917,733.40
22,124,782.91
TOTAL ASSETS
$ 60,551,169.35
$ 58,822,079.92
LIABILITIES, RESERVES AND FUND BALANCES
Appropriation Reserves
$ 1,354,508.35
$ 1,334,114.42
Bonds, Notes and Loans Payable
9,668,202.00
9,653,227.00
Improvement Authorizations
3,734,267.06
3,777,492.57
Other Liabilities and Special Funds
4,708,913.81
4,796,258.26
Deferred Reserve for Amortization
1,152,400.00
360,000.00
Capital Improvement Fund
398,840.43
763,374.18
Reserve for Amortization
9,398,672.84
9,191,792.25
Investment in General Fixed Assets
22,917,733.40
22,124,782.91
Reserve for Receivables
2,909,515.83
2,860,188.86
Fund Balances
4,308,115.63
3,960,849.47
TOTAL LIABILITIES, RESERVES AND FUND BALANCES
$ 60,551,169.35
$ 58,822,079.92
BOROUGH OF ROCKAWAY
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,
2023
2022
Revenue and Other Income Realized
Fund Balance Utilized
$ 575,000.00
$ 550,000.00
Miscellaneous Revenue Anticipated
2,163,333.17
2,093,101.05
Receipts from:
Delinquent Taxes
239,831.14
201,011.04
Current Taxes
25,435,151.30
25,223,881.99
Nonbudget Revenue
360,152.76
434,117.50
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
375,060.72
420,227.65
Decrease in Grants Receivable
16,241.40
25,105.48
Cancellation of Appropriated Grant Reserves
8,529.78
Total Income
29,164,770.49
28,955,974.49
Expenditures
Budget and Emergency Appropriations:
Municipal Purposes
9,579,990.13
9,422,527.40
Local School District Taxes
9,255,675.00
9,385,515.00
County Taxes
2,337,348.54
2,228,716.66
County Share of Added Taxes
817.96
4,848.26
Regional School District Taxes
6,790,887.00
6,710,059.00
Cancellation of Grants Receivable
11,682.84
Reserve for Tax Appeals
172,428.26
Total Expenditures
28,137,146.89
27,763,349.16
Excess in Revenue/Statutory Excess to Fund Balance
1,027,623.60
1,192,625.33
Fund Balance
Balance January 1
3,179,994.55
2,537,369.22
4,207,618.15
3,729,994.55
Decreased by:
Utilized as Anticipated Revenue
575,000.00
550,000.00
Balance December 31
$ 3,632,618.15
$ 3,179,994.55
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,
2023
2022
Revenue and Other Income Realized
Fund Balance Utilized
$ 250,000.00
$ 250,000.00
Water Rents
2,248,175.36
2,258,807.45
Miscellaneous
20,266.45
20,838.98
Nonbudget Revenue
13,751.67
13,571.66
Reserve for Carbon Filter Replacement
60,000.00
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
29,409.49
41,256.31
Total Income
2,621,602.97
2,584,474.40
Expenditures
Budget Expenditures:
Operating
1,688,011.00
1,587,945.00
Capital Improvements
204,000.00
283,000.00
Debt Service
339,499.41
344,679.33
Deferred Charges and Statutory Expenditures
93,780.00
91,500.00
Total Expenditures
2,325,290.41
2,307,124.33
Excess in Revenue
296,312.56
277,350.07
Fund Balance
Balance January 1
498,199.98
470,849.91
794,512.54
748,199.98
Decreased by:
Utilized by Water Utility Operating Budget
250,000.00
250,000.00
Balance December 31
$ 544,512.54
$ 498,199.98
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 2023. This report of audit, submitted by Kathryn L. Mantell, Registered
Municipal Accountant, of Nisivoccia, is on file at the Borough Clerk's office and may be inspected by any
interested person.
____________________________________
MUNICIPAL CLERK