2024 Report of Audit

The Borough of Rockaway's audit report for the year 2024 provides a detailed overview of the municipality's financial position and operations. The audit, conducted by Nisivoccia LLP, examined the financial statements of various funds and account groups, offering opinions on their presentation in accordance with regulatory accounting practices. Key areas covered include the Current Fund, Trust Funds, General Capital Fund, and Water Utility Fund. The report also includes supplementary data schedules and a schedule of expenditures for federal and state awards, as required by federal and state regulations. The report identifies a significant deficiency related to the segregation of duties within the Borough's financial operations. Due to budgetary constraints, addressing this issue has been deferred. The report emphasizes compliance with New Jersey statutes and regulations, including requirements for contracts, collection of delinquent taxes, and adherence to accounting standards. The audit also offers recommendations for improved grant management and oversight of COVID-19 federal funding. The audit report was issued on April 28, 2025.