Document Text
--- Document: 2020 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 2020 Audit report of the Borough of Rockaway as required by N.J.S. 40A:5-7.
COMBINED COMPARATIVE BALANCE SHEET
December 31,
ASSETS
2020
2019
Cash and Cash Equivalents
$ 14,132,961.95
$ 13,556,104.81
Taxes, Liens and Utilities Receivable
1,183,629.61
1,065,656.98
Property Acquired for Taxes - Assessed Value
961,500.00
961,500.00
Accounts Receivable
943,980.60
665,494.79
Deferred Charges to Future Taxation - General Capital
6,917,622.00
6,768,157.00
Fixed Capital - Water Utility
7,813,935.08
7,539,586.24
Fixed Capital Authorized and Uncomplete - Water Utility
6,726,287.57
5,096,287.57
General Fixed Assets
21,390,068.54
20,964,072.22
TOTAL ASSETS
$ 60,069,985.35
$ 56,616,859.61
LIABILITIES, RESERVES AND FUND BALANCES
Appropriation Reserves
$ 1,907,441.67
$ 1,526,427.66
Bonds, Notes and Loans Payable
11,507,739.00
11,160,885.00
Improvement Authorizations
7,854,212.24
6,621,829.48
Other Liabilities and Special Funds
4,094,278.45
3,519,257.86
Deferred Reserve for Amortization
329,241.15
329,241.15
Capital Improvement Fund
345,176.54
291,926.54
Reserve for Amortization
7,568,441.50
7,147,676.66
Investment in General Fixed Assets
21,390,068.54
20,964,072.22
Reserve for Receivables
2,554,455.56
2,378,562.77
Fund Balances
2,518,930.70
2,676,980.27
TOTAL LIABILITIES, RESERVES AND FUND BALANCES
$ 60,069,985.35
$ 56,616,859.61
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,
2020
2019
Revenue and Other Income Realized
Fund Balance Utilized
$775,000.00
$730,363.00
Miscellaneous Revenue Anticipated
1,731,283.68
1,804,257.18
Receipts from:
Delinquent Taxes
238,969.35
286,485.87
Current Taxes
24,502,020.79
23,914,613.94
Nonbudget Revenue
169,972.97
465,947.10
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
504,693.51
546,353.89
Interfunds Returned
555.19
744.99
Cancellation of Appropriated Grant Reserves
75.43
Decrease in Grants Receivable
55,243.65
Total Income
$27,922,495.49
$27,804,085.05
Expenditures
Budget and Emergency Appropriations
9,173,708.18
9,060,967.31
Local School District Taxes
9,155,878.00
8,539,307.00
County Taxes
2,148,686.04
2,147,161.22
County Share of Added Taxes
1,988.82
5,565.17
Regional School District Taxes
6,542,544.00
6,752,960.00
Refund of Prior Year Tax Revenue
922.76
Refund of Prior Year Revenue
100.02
Increase in Grants Receivable
176.52
Reserve for Tax Appeals
208,043.05
Interfunds Advanced
85,000.00
555.19
Total Expenditures
27,107,981.56
26,715,581.72
Statutory Excess to Fund Balance
814,513.93
1,088,503.33
Fund Balance
Balance January 1
1,965,184.67
1,607,044.34
2,779,698.60
2,695,547.67
Decreased by:
Utilized as Anticipated Revenue
775,000.00
$730,363.00
Balance December 31
$ 2,004,698.60
$ 1,965,184.67
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
2020
2019
Revenue and Other Income Realized
Fund Balance Utilized
$ 464,000.00
$ 464,000.00
Water Rents
1,634,916.79
1,707,202.28
Miscellaneous Revenue
54,743.40
24,826.10
Nonbudget Revenue
32,900.04
33,965.87
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
235,829.20
246,549.32
Total Income
2,422,389.43
2,476,543.57
Expenditures
Budget Expenditures:
Operating
1,610,655.65
1,614,750.00
Capital Improvements
214,000.00
269,000.00
Debt Service
252,212.28
196,161.76
Deferred Charges and Statutory Expenditures
79,085.00
78,720.00
Total Expenditures
2,155,952.93
2,158,631.76
Excess in Revenue
266,436.50
317,911.81
Fund Balance
Balance January 1
592,028.13
738,116.32
858,464.63
1,056,028.13
Decreased by:
Utilized as Anticipated Revenue
464,000.00
464,000.00
Balance December 31
$ 394,464.63
$ 592,028.13
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 2020. 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.
Kimberly Cuspilich, Borough Clerk