2020 Synopsis of Audit

The document is a summary or synopsis of the 2020 audit report for the Borough of Rockaway, as required by N.J.S. 40A:5-7. It includes comparative balance sheets as of December 31, 2020, and 2019, detailing assets, liabilities, reserves, and fund balances for the Current Fund and Water Utility Operating Fund. It also presents comparative statements of operations and changes in fund balance for these funds. Recommendations from the audit include maintaining an adequate segregation of duties between recording and treasury functions. A corrective action plan outlining the Borough's actions to address these findings will be available for public inspection in the Municipal Clerk's office within 45 days of the notice.