2020 Report of Audit

The Borough of Rockaway's 2020 audit report provides an overview of the municipality's financial position and operations for the fiscal year. The report includes financial statements for various funds, including the Current Fund, Trust Funds, General Capital Fund, and Water Utility Fund, prepared on a regulatory basis of accounting as prescribed by the New Jersey Division of Local Government Services. The audit assesses the Borough's compliance with legal provisions, budgetary restrictions, and stewardship of public funds. The audit report was issued on May 28, 2021. Key aspects covered in the audit include revenue and expenditure analysis, fund balance changes, debt management, and adherence to state regulations. It presents comparative balance sheets and statements of operations, revealing financial activities across different Borough functions. The audit also touches upon areas like school district taxes, pension plans, risk management, and fixed asset management. Finally, there are recommendations to improve internal controls and specific financial processes. The Borough’s prior year audit finding 2019-001 regarding segregation of duties has not been resolved due to budgetary constraints and is included as finding 2020-001.