2023 Report of Audit

The Borough of Rockaway's 2023 audit report provides insights into the municipality's financial position and compliance with regulatory requirements. Key financial statements cover various funds, including the Current Fund, Trust Funds, General Capital Fund, and Water Utility Fund. The audit expresses unmodified opinions on the regulatory basis financial statements, indicating fair presentation in accordance with prescribed accounting practices. It also notes that the statements do not present fairly under U.S. Generally Accepted Accounting Principles. The report highlights revenue sources, expenditures, fund balances, and debt management, providing a comprehensive overview of the Borough's financial activities for the years ended December 31, 2023 and 2022. Several key areas were identified for attention including: reviewing grants receivable for collectability, reviewing debt management strategies and ensuring compliance with federal regulations for COVID-19 funding. The report commends the Borough for its compliance with various statutes regarding tax collection and contract advertising, and stresses the need for continued efforts to reduce delinquent taxes and tax title liens. A significant deficiency regarding segregation of duties was also noted and reiterated from a prior year.