2024 Report of Audit

The Borough of Rockaway's 2024 Audit Report presents a comprehensive financial overview, including an independent auditor's report with unmodified opinions on the regulatory basis financial statements. While the Borough's financial statements do not align with U.S. Generally Accepted Accounting Principles due to the basis of accounting, the report provides detail on the financial position of various funds, such as the Current Fund, Trust Funds, General Capital Fund, and Water Utility Fund. Supplementary data and schedules of expenditures for federal and state awards are also included for additional analysis. Several key areas are highlighted, including long-term debt, pension plans (PERS, PFRS, and DCRP), and other postemployment benefits. The audit report also provides analysis of tax levies, cash and cash equivalents, and risk management practices. The audit identified a significant deficiency in internal controls, related to segregation of duties. This report was issued on April 28, 2025.