Document Text
--- Document: 2021 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 2021 Audit report of the Borough of Rockaway as required by N.J.S. 40A:5-7.
COMBINED COMPARATIVE BALANCE SHEET
December 31,
ASSETS
2021
2020
Cash and Cash Equivalents
$ 13,880,161.09
$ 14,132,961.95
Taxes, Liens and Utilities Receivable
1,414,880.35
1,183,629.61
Property Acquired for Taxes - Assessed Value
961,500.00
961,500.00
Accounts Receivable
919,571.31
943,980.60
Deferred Charges to Future Taxation - General
Capital
5,513,227.00
6,917,622.00
Fixed Capital - Water Utility
8,526,995.83
7,813,935.08
Fixed Capital Authorized and Uncomplete -
Water Utility
5,093,046.42
6,726,287.57
General Fixed Assets
21,568,313.27
21,390,068.54
TOTAL ASSETS
$ 57,877,695.27
$ 60,069,985.35
LIABILITIES, RESERVES AND FUND BALANCES
Appropriation Reserves
$ 1,437,677.99
$ 1,907,441.67
Bonds, Notes and Loans Payable
10,148,227.00
11,507,739.00
Improvement Authorizations
4,667,293.39
7,854,212.24
Other Liabilities and Special Funds
4,377,816.41
4,094,278.45
Deferred Reserve for Amortization
329,241.15
Capital Improvement Fund
604,432.54
345,176.54
Reserve for Amortization
8,985,042.25
7,568,441.50
Investment in General Fixed Assets
21,568,313.27
21,390,068.54
Reserve for Receivables
2,759,689.10
2,554,455.56
Fund Balances
3,329,203.32
2,518,930.70
TOTAL LIABILITIES, RESERVES AND FUND BALANCES
$ 57,877,695.27
$ 60,069,985.35
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,
2021
2020
Revenue and Other Income Realized
Fund Balance Utilized
$ 775,000.00
$ 775,000.00
Miscellaneous Revenue Anticipated
2,111,703.78
1,731,283.68
Receipts from:
Delinquent Taxes
185,201.32
238,969.35
Current Taxes
24,972,995.34
24,502,020.79
Nonbudget Revenue
286,046.60
169,972.97
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
695,013.77
504,693.51
Interfund Returned
85,000.00
555.19
Total Income
29,110,960.81
27,922,495.49
Expenditures
Budget and Emergency Appropriations:
Municipal Purposes
9,572,588.06
9,173,708.18
Local School District Taxes
9,285,367.00
9,155,878.00
County Taxes
2,220,575.87
2,148,686.04
County Share of Added Taxes
3,880.51
1,988.82
Regional School District Taxes
6,696,794.00
6,542,544.00
Increase in Grants Receivable
24,084.75
176.52
Interfund Advanced
85,000.00
Total Expenditures
27,803,290.19
27,107,981.56
Excess in Revenue/Statutory Excess to Fund Balance
1,307,670.62
814,513.93
Fund Balance
Balance January 1
2,004,698.60
1,965,184.67
3,312,369.22
2,779,698.60
Decreased by:
Utilized as Anticipated Revenue
775,000.00
775,000.00
Balance December 31
$ 2,537,369.22
$ 2,004,698.60
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,
2021
2020
Revenue and Other Income Realized
Fund Balance Utilized
$ 203,500.00
$ 464,000.00
Water Rents
2,011,443.13
1,634,916.79
Miscellaneous
51,923.41
54,743.40
Nonbudget Revenue
24,660.17
32,900.04
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
353,794.73
235,829.20
Total Income
2,645,321.44
2,422,389.43
Expenditures
Budget Expenditures:
Operating
1,685,000.00
1,610,655.65
Capital Improvements
240,000.00
214,000.00
Debt Service
351,936.16
252,212.28
Deferred Charges and Statutory Expenditures
88,500.00
79,085.00
Total Expenditures
2,365,436.16
2,155,952.93
Excess in Revenue
279,885.28
266,436.50
Fund Balance
Balance January 1
394,464.63
592,028.13
674,349.91
858,464.63
Decreased by:
Utilized by Water Utility Operating Budget
203,500.00
464,000.00
Balance December 31
$ 470,849.91
$ 394,464.63
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 2021. 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