2022 Report of Audit

The Borough of Rockaway's 2022 audit report offers insights into the municipality's financial standing and compliance. Conducted by Nisivoccia LLP, the audit provides opinions on the financial statements, prepared on a regulatory basis prescribed by the Division of Local Government Services, and highlights adherence to budgetary restrictions. The report details the financial position of various funds, including the Current Fund, Trust Funds, General Capital Fund, and Water Utility Funds. Significant points within the report include findings related to segregation of duties, which identified concentration of responsibilities within a limited number of individuals, particularly regarding recording and treasury functions. The report also provides details on long-term debt, fund balances, pension plans, tax information, cash management, risk management, and postemployment benefits. The report emphasizes the importance of utilizing statutory methods to liquidate tax title liens and recommends the continued review of federal and state grants receivable for potential cancellation.