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--- Document: 2022 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 2022 Audit report of the Borough of Rockaway as required by N.J.S. 40A:5-7.
COMBINED COMPARATIVE BALANCE SHEET
December 31,
ASSETS
2022
2021
Cash and Cash Equivalents
$ 14,099,127.59
$ 13,880,161.09
Taxes, Liens and Utilities Receivable
1,588,372.63
1,414,880.35
Property Acquired for Taxes - Assessed Value
961,500.00
961,500.00
Accounts Receivable
778,706.61
919,571.31
Deferred Charges to Future Taxation - General Capital
5,218,227.00
5,513,227.00
Fixed Capital - Water Utility
9,202,066.83
8,526,995.83
Fixed Capital Authorized and Uncomplete - Water Utility
4,784,725.42
5,093,046.42
Federal and State Grants Receivable
64,570.93
General Fixed Assets
22,124,782.91
21,568,313.27
TOTAL ASSETS
$ 58,822,079.92
$ 57,877,695.27
LIABILITIES, RESERVES AND FUND BALANCES
Appropriation Reserves
$ 1,334,114.42
$ 1,437,677.99
Bonds, Notes and Loans Payable
9,653,227.00
10,148,227.00
Improvement Authorizations
3,777,492.57
4,667,293.39
Other Liabilities and Special Funds
4,796,258.26
4,377,816.41
Deferred Reserve for Amortization
360,000.00
Capital Improvement Fund
763,374.18
604,432.54
Reserve for Amortization
9,191,792.25
8,985,042.25
Investment in General Fixed Assets
22,124,782.91
21,568,313.27
Reserve for Receivables
2,860,188.86
2,759,689.10
Fund Balances
3,960,849.47
3,329,203.32
TOTAL LIABILITIES, RESERVES AND FUND BALANCES
$ 58,822,079.92
$ 57,877,695.27
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,
2022
2021
Revenue and Other Income Realized
Fund Balance Utilized
$ 550,000.00
$ 775,000.00
Miscellaneous Revenue Anticipated
2,093,101.05
2,111,703.78
Receipts from:
Delinquent Taxes
201,011.04
185,201.32
Current Taxes
25,223,881.99
24,972,995.34
Nonbudget Revenue
434,117.50
286,046.60
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
420,227.65
695,013.77
Interfund Returned
85,000.00
Decrease in Grants Receivable
25,105.48
Cancellation of Appropriated Grant Reserves
8,529.78
Total Income
28,955,974.49
29,110,960.81
Expenditures
Budget and Emergency Appropriations:
Municipal Purposes
9,422,527.40
9,572,588.06
Local School District Taxes
9,385,515.00
9,285,367.00
County Taxes
2,228,716.66
2,220,575.87
County Share of Added Taxes
4,848.26
3,880.51
Regional School District Taxes
6,710,059.00
6,696,794.00
Cancellation of Grants Recievable
11,682.84
Interfund Advanced
24,084.75
Total Expenditures
27,763,349.16
27,803,290.19
Excess in Revenue/Statutory Excess to Fund Balance
1,192,625.33
1,307,670.62
Fund Balance
Balance January 1
2,537,369.22
2,004,698.60
3,729,994.55
3,312,369.22
Decreased by:
Utilized as Anticipated Revenue
550,000.00
775,000.00
Balance December 31
$ 3,179,994.55
$ 2,537,369.22
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,
2022
2021
Revenue and Other Income Realized
Fund Balance Utilized
$ 250,000.00
$ 203,500.00
Water Rents
2,258,807.45
2,011,443.13
Miscellaneous
20,838.98
51,923.41
Nonbudget Revenue
13,571.66
24,660.17
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
41,256.31
353,794.73
Total Income
2,584,474.40
2,645,321.44
Expenditures
Budget Expenditures:
Operating
1,587,945.00
1,685,000.00
Capital Improvements
283,000.00
240,000.00
Debt Service
344,679.33
351,936.16
Deferred Charges and Statutory Expenditures
91,500.00
88,500.00
Total Expenditures
2,307,124.33
2,365,436.16
Excess in Revenue
277,350.07
279,885.28
Fund Balance
Balance January 1
470,849.91
394,464.63
748,199.98
674,349.91
Decreased by:
Utilized by Water Utility Operating Budget
250,000.00
203,500.00
Balance December 31
$ 498,199.98
$ 470,849.91
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 2022. 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.
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MUNICIPAL CLERK