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Executive Summary
The Borough of Roosevelt's Comprehensive Annual Financial Report (CAFR) for the fiscal year ended December 31, 2014, includes financial statements, supplemental schedules, and auditor's comments and recommendations. The report is divided into four sections: Introductory, Financial, Statistical, and Auditor's Comments and Recommendations. The financial statements have been audited by Samuel Klein and Company, Certified Public Accountants, and the Independent Auditors' Report states that the regulatory basis financial statements are presented fairly. The financial report was issued on August 28, 2015, by George Lang, Chief Financial Officer.
Key financial highlights include the Current Fund's revenues and expenditures, and the Water-Sewer Utility Operating Fund's revenues and expenses. The governing body and administration are focused on maintaining stable tax rates and addressing water-sewer infrastructure problems. The Borough is actively involved in decisions impacting the operation of the Borough to provide efficient services to residents. In 2014, an emergency water line repair exceeded the bid threshold of $17,500.00 and should have been memorialized by resolution.
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Document Text
--- Document: 2014 - Audit Report Document ---
COMPREHENSIVE ANNUAL FINANCIAL REPORT OF THE
BOROUGH OF ROOSEVELT
33 North Rochdale Avenue
Roosevelt, New Jersey 08555
FOR THE FISCAL YEAR ENDED DECEMBER 31,2014
Presented by
George Lang
Chief Financial Officer
Borough of Roosevelt
BOROUGH OF ROOSEVELT
TABLE OF CONTENTS
YEAR ENDED DECEMBER 31,2014
INTRODUCTORY SECTION
Letter of Transmittal
Roster of Officials
Consultants and Advisors
FINANCIAL SECTION
Exhibit
Number
Independent Auditors' Report
Independent Auditors' Report on Internal Control Over Financial
Reporting and on Compliance and Other Matters Based on an
Audit of Financial Statements Performed in Accordance With
Government Auditing Standards
GENERAL PURPOSE FINANCIAL STATEMENTS
A-1
Combined Statement of Assets, Liabilities, Reserves and Fund
Balance -All Funds and Accounts - Regulatory Basis
A-2
Combined Statement of Revenues, Expenses and Changes in
Fund Balance - Regulatory Basis - Budget and Actual -
Current and Water-Sewer Utility Operating Funds
A-3
Statement of Change in Fund Balance - General Capital Fund -
Regulatory Basis
A-4
Statement of Change in Fund Balance - Water-Sewer Utility
Capital Fund - Regulatory Basis
Notes to Financial Statements
COMBINING AND INDIVIDUAL FUND AND ACCOUNTS
STATEMENTS
Current Fund:
B-1
Comparative Statement of Assets, Liabilities and Fund
Balance - Regulatory Basis
B-2
Comparative Statement of Operations and Changes in Fund
Balance - Regulatory Basis
B-3
Statement of Revenues - Regulatory Basis
B-4
Statement of Expenditures - Regulatory Basis
B-5
Statement of Taxes Receivable and Analysis of Property Tax
Levy
B-6
Statement of Deferred Charges
1-7
8
9
10-12
13-14
15-16
17-19
20
21
22-50
51-52
53-54
55
56-60
61-62
63
BOROUGH OF ROOSEVELT
TABLE OF CONTENTS (CONTINUED)
YEAR ENDED DECEMBER 31 I 2014
FINANCIAL SECTION (CONTINUED)
Exhibit
Number
B-7
B-8
B-9
B-10
B-11
C-1
C-2
C-3
C-4
D-1
D-2
D-3
D-4
D-5
D-6
D-7
D-8
E-1
E-2
E-3
E-4
E-5
E-6
E-7
COMBINING AND INDIVIDUAL FUND AND ACCOUNTS
STATEMENTS (CONTINUED)
Current Fund (Continued):
Statement of 2013 Appropriation Reserves
Statement of Local District School Taxes Payable
Statement of Grants Receivable - Grant Fund
Statement of Appropriated Reserves - Grant Fund
Statement of Unappropriated Reserves - Grant Fund
Trust and Agency Fund:
Combining Balance Sheets - Regulatory Basis
Statement of Reserve for Animal Control Expenditures
Statement of Reserve for Trust Deposits
Statement of Payroll Deductions
General Capital Fund:
Comparative Statement of Assets, Liabilities, Reserves and
Fund Balance - Regulatory Basis
Analysis of Cash and Cash Equivalents
Statement of Intergovernmental Accounts Receivable
Statement of Deferred Charges to Future Taxation, Unfunded
Statement of Improvement Authorizations
Statement of Capital Improvement Fund
Statement of Loans Payable - MCIA
Statement of Bonds and Notes Authorized but Not Issued
Water-Sewer Utility Operating Fund:
Comparative Statement of Assets, Liabilities, Reserves and
Fund Balance - Regulatory Basis
Comparative
Statement of Operations and
Change in
Operating Fund Balance - Regulatory Basis
Statement of Revenues - Regulatory Basis
Statement of Expenditures - Regulatory Basis
Statement of Consumer Accounts Receivable
Statement of 2013 Appropriation Reserves
Schedule of Accrued Interest on Loans
64-65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82-83
84
85
86
87
88
89
BOROUGH OF ROOSEVELT
TABLE OF CONTENTS (CONTINUED)
YEAR ENDED DECEMBER 31 I 2014
FINANCIAL SECTION (CONTINUED)
Exhibit
Number
COMBINING AND INDIVIDUAL FUND AND ACCOUNTS
STATEMENTS (CONTINUED)
Water-Sewer Utility Capital Fund:
F-1
Comparative Statement of Assets, Liabilities, Reserves and
Fund Balance - Regulatory Basis
F-2
Analysis of Cash and Cash Equivalents
F-3
Statement of Fixed Capital
F-4
Statement of Fixed Capital Authorized and Uncompleted
F-5
Statement of Loans Payable - MCIA
F-6
Statement of Loans Payable - NJEIT
F-7
Statement of Farmer's Home Administration Loans
F-8
Statement of Improvement Authorizations
F-9
Statement of Bonds and Notes Authorized But Not Issued
Capital Asset:
G-1
Comparative Statement of Capital Assets
STATISTICAL SECTION
H-1
H-2
H-3
H-4
H-5
H-6
H-7
H-8
H-9
H-10
H-11
H-12
H-13
Current Fund Expenditures by Function
Current Fund Revenues by Function
Water-Sewer Utility Operating Fund Expenditures by Function
Property Tax Rates Per $100 of Assessed Valuation
Municipal Property Tax Levies and Collections
Delinquent Taxes and Tax Title Liens
Assessed and Estimated Actual Value of Taxable Property
Schedule of Ten Largest Taxpayers
Computation of Legal Debt Margin
Ratio of Bonded Debt, Bond Anticipation Notes and Loans to
Equalized Value and Net Debt Per Capita
Calculation of "Self-Liquidating Purpose" Per N.J.S. 40A:2-45 -
Water-Sewer Utility Operating Fund
Demographic Statistics
Miscellaneous Statistics
90-91
92
93
94
95
96-97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
BOROUGH OF ROOSEVELT
TABLE OF CONTENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
AUDITOR'S COMMENTS AND RECOMMENDATIONS
General Comments:
Contracts and Agreements Required to be Advertised for N.J.S. 40A:11-4
Collection of Interest on Delinquent Taxes and Utility Charges
Delinquent Taxes and Tax Title Liens
Water-Sewer Utility Receivables
Cash Balances
Revenues
Expenditures
Payroll
Miscellaneous Comments
Surety Bond Coverage
Municipal Court
Minutes of Governing Body Meetings
I nterfund Receivable/Payable
Other Matters
Appreciation
Recommendations
115
116-117
117
117
117
118
118
118
118
118
118
118
119
119
119
119
INTRODUCTORY SECTION
Borough of Roosevelt
r;}e'Me!l rc7'ComeJtead rc7'UJto~ic Qut~ict
P.O. BOX 128 • 33 N. ROCHDALE AVENUE • ROOSEVELT, NEW JERSEY 08555
OFFICE: (609) 448-0539 • FAX: (609) 448-8716
August 28, 2015
TO:
The Honorable Mayor and Council Members
RE:
Comprehensive Annual Financial Report for the
Year Ended December 31, 2014
The Comprehensive Annual Financial Report for the Borough of Roosevelt, County of
Monmouth, State of New Jersey, is submitted herewith and includes financial statements and
supplemental schedules. I believe that it is accurate in all material respects; that it is presented
in a manner designed to set forth fairly the financial position and results of operations of the
Borough of Roosevelt as measured by the financial activity of its various funds and account
groups; and that all disclosures necessary to enable the reader to gain maximum understanding
of the Borough's financial affairs have been included.
The Comprehensive Annual Financial Report (CAFR) is presented in four (4) sections:
Introductory, Financial, Statistical and Auditor's Comments and Recommendations.
The
Introductory Section includes this transmittal letter, the Borough's Organizational Chart and a
Roster of Officials.
The Financial Section includes the annual financial statements and
individual fund financial schedules, as well as the Independent Auditors' Report. The Statistical
Section includes selected financial, economic and demographic information, generally
presented on a multi-year basis.
Responsibility for completeness and clarity of the report,
including disclosures, rests with the Chief Financial Officer and ultimately with the Mayor and
Council. The fourth and final section is prepared by the Independent Auditor and contains their
required annual comments and recommendations, if any, to the Mayor and Council. The Mayor
and Council are required to adopt a plan of action on the implementation of any audit
recommendations.
The financial statements have been audited by Gerard Stankiewicz, CPA, RMA of Samuel Klein
and Company, Certified Public Accountants, whose opinion is expressed in the Financial
Section.
Please note that the Independent Auditors' Report on the regulatory basis is
unqualified and states that the financial statements - regulatory basis, are presented fairly in
conformity with the basis of accounting as prescribed by the Division of Local Government
Services, Department of Community Affairs, State of New Jersey.
- 1 -
PRESENTANDFUTURECHALLENGES
During the 2014 calendar year, the Borough of Roosevelt has made progress in a number of
operational and financial areas; however, this administration is clearly aware of the issues and
problems that continue to demand our attention and improvement. While we take pride in the
accomplishments of the past year, we are mindful of the issues that continue to face us.
CURRENT FUND
In 2014, our Current Fund, which encompasses the general government functions of the
Borough had revenues, exclusive of fund balance utilized of $1,192,313.58 and expenditures of
$1,080,896.00 and an increase of $111,142.58 in fund balance at year-end. The Current Fund
total revenues increased approximately 7.50% or $101,302.03, compared to 2013 caused
primarily by increases in miscellaneous revenues and other credits.
lncrease/~Decrease~
2014
2013
Amount
Percent
Local Sources:
Fund Balance Utilized
$
259,873.15
$
199,618.00
$
60,255.15
30.19 %
Current Tax Revenue
710,478.82
702,009.25
8,469.57
1.21
Delinquent Tax Revenue
81,118.39
81,567.97
(449.58)
(0.55)
Miscellaneous Revenues Anticipated
62,326.85
4,872.29
57,454.56
NM
NonbudgetRevenues
53,112.87
87,036.73
(33,923.86)
(38.98)
Other Credits to Income
192,127.65
189,630.13
2,497.52
1.32
Total Revenues from Local Sources $ 1,359,037.73
$ 1,264,734.37
$
94,303.36
7.46 %
State Aid
81,849.00
81,848.88
0.12
0.00
Grants
11,300.00
4,301.45
6,998.55
162.70
Total Current Fund Revenues
$ 1 ,452, 186.73
$ 1,350,884.70
$
101,302.03
7.50%
1. Current and Delinquent Taxes - These are the collections on taxes levied on all property
owners residing in the Borough.
2. State Aid and Grants - This represents funds received from the State of New Jersey or the
Federal Government in the form of grants or direct aid.
3. Miscellaneous Revenues Anticipated - This represents all of the miscellaneous revenues of
the Borough including fees, fines, licenses, interest and other direct charges, except those
detailed separately above.
4. Nonbudget Revenue and Other Credits - These are items that are not budgeted as revenue
items, however, are included in the overall revenue.
- 2-
The increase in expenditures in 2014 compared to 2013 was approximately 10.21 %. This was
caused mostly by the fact that expenditures were incurred in 2012 for Superstorm/Hurricane
Sandy cleanup but not fully provided for until 2014. Below is a comparison of the Current Fund
expenditures:
I ncrease/~Decrease)
2014
2013
Amount
Percent
Within "CAPS":
General Government
$
272,921.00
$
271,919.00
$
1,002.00
0.37 %
Land Use
34,433.00
34,433.00
0.00
0.00
Insurance
46,500.00
49,668.00
(3,168.00)
(6.38)
Public Works
99,050.00
85,900.00
13,150.00
15.31
Health and Human Services
15,900.00
18,500.00
(2,600.00)
(14.05)
Parks and Recreation
26,792.00
19,792.00
7,000.00
35.37
Utilities
33,500.00
30,500.00
3,000.00
9.84
Other Common Functions
1,000.00
1,000.00
0.00
0.00
Public Safety
53,950.00
50,400.00
3,550.00
7.04
Sanitation
35,000.00
35,000.00
0.00
0.00
ucc
3,560.00
3,560.00
0.00
0.00
Deferred Charges and Statutory
Expenditures
84,755.00
90,719.00
(5,964.00)
(6.57)
Total Expenditures within "CAPS"
$
707,361.00
$
691,391.00
$
15,970.00
2.31 %
Outside "CAPS":
Public Safety
$
7,347.00
$
7,274.00
$
73.00
1.00 %
Sanitation
80,400.00
58,400.00
22,000.00
37.67
Insurance
0.00
632.00
(632.00)
(100.00)
Grants
11,300.00
4,301.45
6,998.55
162.70
Capital Improvements
40,000.00
20,000.00
20,000.00
100.00
Deferred Charges and Statutory
Expenditures
60,087.71
24,412.29
35,675.42
146.14
Debt Service
14,400.29
14,370.00
30.29
0.21
Total Expenditures outside 'CAPS"
$
213,535.00
$
129,389.74
$
84,145.26
65.03 %
Reserve for Uncollected Taxes
$
160,000.00
$
160,000.00
0.00
0.00
$
1 ,080,896.00
$
980,780.74
$
100,115.26
10.21 %
For the foreseeable future, our elected and appointed leaders will have to deal with the need to
maintain stable tax rates, and deal with serious water-sewer infrastructure problems.
The
governing body and the administration will have to introduce new ideas and creative solutions to
solve these problems.
The remainder of this transmittal letter will provide greater details relating to our progress during
2014 and some of our plans for the future.
- 3-
WATER-SEWER UTILITY FUND
Our Water-Sewer Utility Operating Fund generated operating revenues $814,122.38 and
incurred operating expenses of $814,122.38 or 10.24%. The increase in operating expenses
from 2014 to 2013 was $40,652.19 or 5.26%. The following schedule summarizes revenues
and expenses for 2014 and 2013.
lncrease/~Decrease~
2014
2013
Amount
Percent
Revenues
Rents
$
732,603.16
$
662,432.23
$
70,170.93
10.59 %
Cell Tower Fees
60,621.59
30,200.65
30,420.94
100.73
Water-Sewer Utility Capital
Fund Balance
1,622.78
(1,622.78)
(100.00)
Interest on Delinquent Rents
11,527.23
8,632.61
2,894.62
33.53
Deficit General Budget
9,266.86
35,379.49
(26, 112.63)
(73.81)
Nonbudgeted Revenue
103.54
202.43
~98.89~
~48.85~
$
814,122.38
$
738,470.19
$
75,652.19
10.24 %
Expenditures
Operating
$
527,810.00
494,959.94
$
32,850.06
6.64 %
Capital Improvements
0.00
12,000.00
(12,000.00)
(100.00)
Debt Service
230,547.38
229,353.03
1 '194.35
0.52
Deferred Charges and
Statutory Expenditures
55,765.00
37,157.22
18,607.78
50.08
$
814,122.38
$
773,470.19
$
40,652.19
5.26 %
STATUTORY AUTHORITY
The Borough is organized and administered in accordance with the provisions of New Jersey
State Law and consists of an elected Mayor and a six (6) member Council responsible for
providing all basic governmental services, except education, to its 882 local residents.
The Borough, pursuant to law, has the authority to levy taxes and issue debt.
In accordance with accounting principles generally accepted in the United States of America, as
prescribed by the Governmental Accounting Standards Board, the Borough, for reporting entity
determination purposes, is considered an independent government entity.
-4-
MAJOR ACTIVITIES AFFECTING BUDGET/FINANCIAL CONDITIONS
The Borough Council is actively involved in all decisions of the operation of the Borough and
has expressed a genuine concern for all residents.
The Governing Body is consistently
searching for new and innovative ways to provide cost efficient services to its residents.
The Borough maintains its own Water-Sewer Treatment Plant.
The Borough's Water-Sewer Utility Budget is always under review and evaluation of the user
charges to support the budget is done frequently in order for the utility to remain solvent. Major
repairs and upkeep are done after careful scrutiny and with great concern by the Borough's
Governing Body.
The Borough also annually appropriates funds for road reconstruction; however, the funding
mix usually includes NJDOT grants.
The Borough offers a recreation program for various activities. The Borough's summer camp
for children of the Borough is being provided by the Township of Millstone.
The Borough provides for emergency response dispatching through Monmouth County 911.
The Borough of Roosevelt is unique in that it was designated as a historic district by the State
of New Jersey since the forefathers of the town were part of a social experiment in the 1930's
post-depression era.
The Borough is trying to maintain the charming character of the
community as the millennium began.
The Borough is also known for many of its artistic
residents.
The Borough is a participant in the State of New Jersey Environmental Infrastructure Trust
(NJEIT), a low interest loan program which is utilized to do major repairs to the Borough water
tower. There is a project pending that was authorized in 2014 and another one was authorized
that is expected to be permanently financed in 2017.
CASH MANAGEMENT
Bank balances are insured up to $250,000.00 in the aggregate by the Federal Deposit
Insurance Corporation for each bank.
In addition, the State of New Jersey Unit Deposit
Protection Act insures the remaining balance of funds on deposit in registered depositories. At
December 31, 2014, all cash funds on deposit were in registered depositories and were
covered by these insurers.
The Borough invests all surplus funds for appropriate periods of time as determined by the
Chief Financial Officer. During 2014, idle funds were invested in a money market fund. The
Chief Financial Officer of the Borough monitors available cash balances for investment on an
ongoing basis in order to maximize earnings on invested cash. The Borough has not entered
into any compensating balance agreements.
- 5-
ACCOUNTING AND BUDGET INFORMATION
Accounting
The Borough maintains a computerized accounting system to record all financial transactions.
In developing and evaluating the Borough's accounting system, consideration is given to the
adequacy of internal accounting controls. Internal accounting controls are designed to provide
reasonable, but not absolute, assurance regarding: (1) the safeguarding of assets against loss
from unauthorized use or disposition; and (2) the reliability of financial records for preparing
financial statements and maintaining accountability for assets.
The concept of reasonable
assurance recognizes that (1) the cost of controls should not exceed the benefits expected to
be derived; and (2) the evaluation of costs and benefits requires estimates and judgment by
management.
Management of the Borough is responsible for establishing and maintaining an adequate
internal control structure.
Budget
The local budget law for the State of New Jersey requires every local unit to adopt an Operating
Budget in the form required by the Division of Local Government Services (the "Division"),
Department of Community Affairs of the State of New Jersey. Certain items of revenue and
appropriation are regulated by law and the proposed budget must be certified by the Director of
the Division prior to final adoption. The Budget Law requires each local unit to appropriate
sufficient funds for the payment of current debt service, and the Director is required to review
the adequacy of such appropriations, unless a specific amount is required by law. The review
function, focusing on anticipated revenues, serves to protect the solvency of all local units.
Section 5:30-4 of the New Jersey Administrative Code provides that every local unit that
proposes to spend $25,000.00 or more on capital equipment, construction or improvements
must prepare a Capital Budget.
If the Borough's population exceeds 10,000, the Capital
Program shall include by title all projects anticipated for the budget year and the five
succeeding years, with the estimated costs and the anticipated financing by sources and
amounts.
A Capital Budget Section included with the Annual Budget does not in itself confer any
authorization to raise or expend funds. Rather, it is a document used as part of the local unit's
planning and management program.
Specific authorization to expend funds for purposes
described in the Capital Budget must be granted separately, through the adoption of a bond
ordinance, by appropriating funds from the Capital Improvement Fund, or other lawful means.
The budget of the Borough is categorized into appropriations by function. Each appropriation
represents a service program or division within the Borough. Funds are appropriated to each of
the budget lines by the Mayor and Council in accordance with procedures prescribed by the
State of New Jersey Local Budget Law.
- 6-
Distinct appropriations are required for "salaries and wages" and for "other expenses". The
Borough delineates each appropriation into sub accounts by budget codes.
The Chief Financial Officer monitors expenditures throughout the fiscal year to ensure that
spending remains within the amounts of funds authorized. Budget modifications are processed
in the last two months of the year to transfer funds from one area to another as needed.
DEBT ADMINISTRATION
The authorized bonded indebtedness of municipalities in the State of New Jersey is limited by
statute to an amount equal to 3 1/2% of their equalized value. The equalized valuation basis of
the Borough is set by statute as the average for the last three years of the equalized value of all
taxable real property and improvements and certain railroad property within its boundaries as
annually determined by the State Board of Taxation.
The Borough has gross debt outstanding of $4,715,229.41 of which $4,352,979.41 is attributed
to the Water-Sewer Utility and $362,250.00 is attributed to the General Capital Fund.
RISK MANAGEMENT
The Borough, like many other municipalities in the early '80's, was faced with an insurance
crisis. It was unable to obtain coverage at any price. The Borough banded together with other
municipalities to form the Monmouth County Municipal Joint Insurance and the New Jersey
Municipal Excess Liability Funds. These Funds procure insurance on a pooled basis, generally
self-insuring the initial level of loss for workers' compensation, property, general liability and
automobile. The Funds provide their members with risk management services, including the
defense of and settlement of claims and establish reasonable and necessary loss reduction and
prevention procedures to be followed by the members.
ACKNOWLEDGMENTS
The preparation of this report on a timely basis could not be accomplished without the efficient
and dedicated services of the entire staff of the Administration Department and the Finance
Department. I would also like to express my appreciation to Gerard Stankiewicz, CPA, RMA of
Samuel Klein and Company for his help and assistance in preparation of the Borough's CAFR.
Respectfully submitted,
George Lang
Chief Financial Officer
- 7-
BOROUGH OF ROOSEVELT
ROSTER OF OFFICIALS
DECEMBER 31, 2014
Governing Body
Elsbeth Sattel, Mayor
Michelle Hermelee, Council President
Thomas Curry, Councilman
Jeff Ellentuck, Councilman
Stuart Kaufman, Councilman
Peggy Malkin, Councilwoman
Michael Ticktin, Councilman
Other Officials
Debra Sopronyi, Borough Clerk [effective June 9, 2014]
Rebecca Barrett Ord, Acting Borough Clerk [approximately through June 8, 2014]
George J. Lang, Chief Financial Officer
Ana Debevec, Treasurer
Salvatore P. Cannizzaro, Tax Collector and Water-Sewer Collector
Donna Taylor, Tax Assessor
Roberts Engineering Group, LLC, Borough Engineer
Richard Shaklee, Borough Attorney
Thomas F. X. Foley, Municipal Court Judge
Diane Canzanella, Municipal Court Administrator
Michele Donato, Planning Board Attorney
- 8-
BOROUGH OF ROOSEVELT
CONSULTANTS AND ADVISORS
DECEMBER 31,2014
AUDIT FIRM
Gerard Stankiewicz, CPA, RMA, PSA
of the firm
Samuel Klein and Company
36 West Main Street
Suite 303
Freehold, New Jersey 07728
ATTORNEY
Richard J. Shaklee, Esq.
Mclaughlin, Stauffer, Shaklee, PC
4814 Outlook Drive, Suite 112
Wall, NJ 07753
BOND COUNSEL
Dilworth Paxson LLP
One River Centre
331 Newman Springs Road
Building 1 , Suite 136
Red Bank, NJ 07701
OFFICIAL DEPOSITORY
1st Constitution Bank
- 9-
FINANCIAL SECTION
SAMUEL KLEIN AND COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
550 BROAD STREET, 11TH FLOOR
N:r~WAHK, N.J. 07102-9969
PHONE (97:3) 624-6100
I'A.x (973) 624-6101
INDEPENDENT AUDITORS' REPORT
The Honorable Mayor and Members
of the Borough Council
Borough of Roosevelt
County of Monmouth
State of New Jersey
To the Honorable Mayor and Members of the Borough Council:
Report on the Financial Statements
36 WEST MAIN STREET, SUITE 303
FHEEHOLD, N.J. 07728-2291
PHONE (732) 780-2600
FAX (732) 780-1030
We have audited the financial statements - regulatory basis of the various funds and account
groups of the Borough of Roosevelt, County of Monmouth, State of New Jersey as of December
31, 2014, and the related statement of operations and change in fund balance - regulatory
basis for the year then ended, the related statement of revenues- regulatory basis, statement
of expenditures - regulatory basis, and the related notes to the financial statements for the year
then ended.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial
statements -
regulatory basis, in accordance with accounting principles and practices
prescribed by the Division of Local Government Services, Department of Community Affairs,
State of New Jersey; this includes the design, implementation and maintenance of internal
control relevant to the preparation and fair presentation of financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements - regulatory basis,
based on our audit. We conducted our audit in accordance with auditing standards generally
accepted in the United States of America and the standards applicable to financial audits
contained in Government Auditing Standards, issued by the Comptroller General of the United
States and auditing standards prescribed by the Division of Local Government Service,
Department of Community Affairs, State of New Jersey. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
www.samuelklein-cpa-rma.com
-10-
INDEPENDENT AUDITORS' REPORT (CONTINUED)
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements.
The procedures selected depend on the auditor's
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error.
In making those risk assessments, the auditor
considers internal control relevant to the entity's preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
entity's internal control.
Accordingly, we express no such opinion.
An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinions.
Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles
As described in Note 1 of the financial statements- regulatory basis, the financial statements
are prepared by the Borough on a basis of the financial reporting provisions of the regulatory
basis of the accounting and budget laws of the Division of Local Government Services,
Department of Community Affairs, State of Jersey which is a basis of accounting other than
accounting principles generally accepted in the United States of America, to meet the
requirements of the State of New Jersey.
The effects on the financial statements of the variances between the regulatory basis of
accounting described in Note 1 and accounting principles generally accepted in the United
States of America, although not reasonably determinable, are presumed to be material.
Adverse Opinion on U.S. Generally Accepted Accounting Principles
In our opinion, because of the significance of the matters discussed in the "Basis for Adverse
Opinion on the United States Generally Accepted Accounting Principles" paragraph, the
financial statements referred to above do not present fairly in accordance with accounting
principles generally accepted in the United States of America, the financial position of each fund
of the Borough of Roosevelt, County of Monmouth, State of New Jersey as of December 31,
2014, and change in financial position or cash flows thereof for the year then ended.
Opinion on Regulatory Basis of Accounting
In our opinion, the financial statements referred to above present fairly, in all material respects
the financial statements - regulatory basis of the various funds and account groups of the
Borough of Roosevelt, County of Monmouth, State of New Jersey, as of December 31, 2014,
and the results of its operations and change in fund balance of such funds- regulatory basis for
the year then ended, and the revenues - regulatory basis, expenditures - regulatory basis of
the various funds and account groups for the year ended December 31, 2014 in conformity with
accounting principles and practices prescribed by the Division of Local Government Services,
Department of Community Affairs, State of New Jersey as described in Note 1.
- 11 -
INDEPENDENT AUDITORS' REPORT (CONTINUED)
Other Matters
Report on Supplementary Information
Our audit was made for the purpose of forming an op1mon on the financial statements -
regulatory basis referred to in the first paragraph as a whole.
The supplemental financial
statements presented for the various funds are presented for purposes of additional analysis as
required by the Division of Local Government Services, Department of Community Affairs, State
of New Jersey and is not a required part of the above financial statements. Such information is
the responsibility of management and was derived from and relates directly to the underlying
accounting and other records used to prepare the financial statements. Such information has
been subjected to the auditing procedures applied in the audit of the financial statements and
certain additional procedures, including comparing the reconciling such information directly to
the underlying accounting and other records used to prepare the financial statements or to the
financial statements themselves, and other additional procedures in accordance with auditing
standards generally accepted in the United States of America. In our opinion, the information is
fairly stated in all material respects in relation to the financial statements of each of the
respective individual funds and account group taken as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
August 28, 2015, on our consideration of the Borough of Roosevelt's internal control over
financial reporting and on our tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements and other matters. The purpose of that report is to describe
the scope of our testing of internal control over financial reporting and compliance and the
results of that testing, and not to provide an opinion on the internal control over financial
reporting or on compliance. That report is an integral part of an audit performed in accordance
with Government Auditing Standards in considering the Borough of Roosevelt's internal control
over financial reporting and compliance.
Freehold, New Jersey
August 28, 2015
Gerard Stankiewicz
Certified Public Accountant
Registered Municipal Accountant #431
- 12-
S~IUEL KLEIN AND CoMPANY
CERTIFIED PUBLIC ACCOUNTANTS
550 BROAD STREET, 11TH FLOOR
NEWARK, N.J. 07102·9969
PHONE (97f3) 624~6100
FAX (97f3) 624-6101
36 WEST MAIN STREET, SUITE 303
FREEHOT-D, N.,J. 07728·2291
PHONE (732) 780·2600
FAX (732) 780·10f30
INDEPENDENT AUDITORS REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED
ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUDITING STANDARDS
The Honorable Mayor and Members
of the Borough Council
Borough of Roosevelt
County of Monmouth
State of New Jersey
To the Honorable Mayor and Members of the Borough Council:
We have audited, in accordance with the auditing standards generally accepted in the United
States of America, the standards applicable to financial audits contained in Government
Auditing Standards issued by the Comptroller General of the United States and audit
requirements as prescribed by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey, the financial statements - regulatory basis of the
Borough of Roosevelt (herein referred to as "the Borough"), as of and for the year ended
December 31, 2014, and the related notes to the financial statements, which collectively
comprise the Borough's basic financial statements, and have issued our report thereon dated
August 28, 2015.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements -
regulatory basis, we
considered the Borough's internal control over financial reporting (internal control) to determine
the audit procedures that are appropriate in the circumstances for the purpose of expressing our
opinions on the financial statements, but not for the purpose of expressing an opinion on the
effectiveness of the Borough's internal control. Accordingly, we do not express an opinion on
the effectiveness of the Borough's internal control.
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
www.samuelklein-cpa-rma.com
-13-
INDEPENDENT AUDITORS REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED
ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUDITING STANDARDS (CONTINUED)
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to
prevent, or detect and correct misstatements on a timely basis.
A material weakness is a
deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable
possibility that a material misstatement of the entity's financial statements will not be prevented,
or detected and corrected on a timely basis.
A significant deficiency is a deficiency, or a
combination of deficiencies, in internal control that is less severe than a material weakness, yet
important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph
of this section and was not designed to identify all deficiencies in internal control that might be
material weaknesses or significant deficiencies. Given these limitations, during our audit we did
not identify any deficiencies in internal control that we consider to be material weaknesses.
However, material weaknesses may exist that have not been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Borough's financial statements -
regulatory basis are free of material misstatement, we performed tests of its compliance with
certain provisions of laws, regulations, contracts and grants, noncompliance with which could
have a direct and material effect on the determination of financial statement amounts. However,
providing an opinion on compliance with those provisions was not an objective of our audit and,
accordingly, we do not express such an opinion. The results of our tests disclosed no instances
of noncompliance that are required to be reported under Government Auditing Standards.
However, we noted certain immaterial instances of non-compliance that we have reported to the
management of the Borough in the "General Comments and Recommendations" section of this
report.
This report is intended solely for the information of the governing body, management and the
Division of Local Government Services, Department of Community Affairs, State of New Jersey
and is not intended to be and should not be used by anyone other than these specified parties.
Freehold, New Jersey
August 28, 2015
)US}~
Gerard Stankiewicz
Certified Public Accountant
Registered Municipal Accountant #431
.
~
- 14-
GENERAL-PURPOSE FINANCIAL STATEMENTS
ASSETS AND OTHER DEBITS
Cash and Cash Equivalents
Intergovernmental Accounts Receivable
Receivables and Other Assets:
Delinquent Property Taxes Receivable
Foreclosed Property
Consumer Accounts Receivable
lnterfunds Receivable
Inventory
Revenue Accounts Receivable
.....
Deferred Charges
01
Fixed Capital
Fixed Assets
Grant Fund:
lnterfunds Receivable
Total Assets and Other Debits
BOROUGH OF ROOSEVELT
COMBINED STATEMENT OF ASSETS, LIABILITIES, RESERVES AND FUND BALANCE-
ALL FUNDS AND ACCOUNT GROUPS· REGULATORY BASIS
DECEMBER 31, 2014
(WITH COMPARATIVE TOTALS FOR DECEMBER 31, 2013!
Governmental Funds
General
Trust and
Water-Sewer Utili!i:
Capital Assets
Current
Capital
~
Operating
Capital
Account Group
$ 1,366,025.06
$
12,003.50
$ 75,889.90
$
20,899.64
$
387.65
321,424.14
55,520.54
181,700.00
98,569.19
160,262.05
175,201.64
147.04
362,250.00
7,100,433.31
$
2,451,472.98
39,666.64
$ 1,803,321.33
$ 695,677.64
$ 75,889.90
$ 294,670.47
$ 7,100,820.96
$
2,451,472.98
See Notes to Financial Statements.
$
$
Totals
Exhibit A-1
Sheet 1 of2
Memorandum Onl~
2014
2013
1,475,205.75
$
1,273,657.24
321,424.14
265,231.27
55,520.54
80,868.39
181,700.00
181,700.00
98,569.19
96,574.52
335,463.69
279,054.74
5,114.00
147.04
54.52
362,250.00
427,337.71
7,100,433.31
7,068,433.31
2,451,472.98
2,451,472.98
39,666.64
28,539.50
12,421,853.28
$ 12,158,038.18
LIABILITIES, RESERVES AND
FUND BALANCE
Liabilities and Reserves:
Appropriation Reserves
Other Liabilities and Reserves
Loans Payable
Improvement Authorizations
lnterfunds Payable
Reserve for Amortization
_,
Reserve for Receivables and
0)
Other Assets
Grant Fund:
Reserve for Encumbrances
Appropriated Reserves
Unappropriated Reserves
Total Liabilities and Reserves
Equity and Other Credits:
Investment in Capital Assets
Fund Balance
Total Equity and Other Credits
Total Liabilities, Reserves and
Fund Balance
BOROUGH OF ROOSEVELT
COMBINED STATEMENT OF ASSETS, LIABILITIES, RESERVES AND FUND BALANCE·
ALL FUNDS AND ACCOUNT GROUPS· REGULATORY BASIS
DECEMBER 31, 2014
(WITH COMPARATIVE TOTALS FOR DECEMBER 31, 2013)
Governmental Funds
General
Trust and
Water-Sewer Utili!}:
Capital Assets
Current
Capital
~
Operating
Capital
Account Group
$
167,102.83
$
16.80
$ 63,405.88
357,514.74
$ 192,526.65
75,873.10
63,489.68
$
566,800.00
2,678,829.41
501,295.02
840,556.72
39,666.64
69,205.72
266,257.97
2,747,453.90
397,629.63
98,569.19
2,510.00
36,906.64
250.00
$ 1,001,580.48
$ 693,821.67
$ 75,889.90
$ 294,670.47
$ 7,099,898.00
$
2,451,472.98
$
801,740.85
$
1,855.97
$
922.96
$
801L740.~5 $
1,855.97
$
922.96
$
2,451,472.98
$ 1,803,321.33
$ 695,677.64
$ 75,889.90
$ 294,670.47
$ 7,100,820.96
$
2.451,472.98
See Notes to Financial Statements.
$
$
$
$
$
Exhibit A-1
Sheet 2 of2
Totals
Memorandum Only
2014
2013
230,525.51
$
151,936.87
1,256,204.17
511,398.58
2,678,829.41
2,966,679.34
1,341,851.74
1,883,670.82
375,130.33
307,594.24
2,747,453.90
2,613,003.97
496,198.82
551,987.64
2,510.00
2,510.00
36,906.64
26,029.50
250.00
9,165,860.52
$
9,014,810.96
2,451,472.98
$
2,451,472.98
804,519.78
__
§~1.,754.24
3,255,992.76
$
3,143,227.22
12,421,853.28
$ 12,158,038.18
ExhibitA-2
Sheet 1 of3
BOROUGH OF ROOSEVELT
COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCE- REGULATORY BASIS
BUDGET AND ACTUAL - CURRENT AND WATER..SEWER UTILITY OPERATING FUNDS
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2014
Current Fund
Water-Sewer Utili~ Oeerating Fund
Variance
Variance
Final
Favorable
Final
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Revenues:
Fund Balance Anticipated
$
259,873.15
$
259,873.15
Water-Sewer Rents
$
722,000.00
$ 732,603.16
$
10,603.16
Miscellaneous Revenues
54,146.85
62,326.85
$
8,180.00
38,200.00
72,148.82
33,948.82
State Aid
81,849.00
81,849.00
Deficit (General Budget)
53,969.00
9,266.86
(44,702.14)
Grants
11,300.00
11,300.00
$
407,169.00
$
.....
415,349.00
$
8,180.00
$
814,169.00
$ 814,018.84
$
(150.16)
........
Receipts from Delinquent Taxes
60,000.00
81,118.39
21,118.39
Amount to be Raised by Taxes for Support
of Municipal Budget:
Local Tax for Municipal Purposes Including
Reserve for Uncollected Taxes
613,727.00
710.478.82
96,751.82
Budget Totals
$
1,080,896.00
$
1,206,946.21
$
126,050.21
$
814,169.00
$ 814,018.84
$
(150.16)
Nonbudgeted Revenues
53,112.87
53,112.87
103.54
103.54
Taxes Allocated to School and County
1,842,448.91
1,842,448.91
Other Credits to Income
192,127.65
192,127.65
Total Revenues
$
2,923,344.91
$
3,294,635.64
$
371,290.73
$
814,169.00
$ 814,122.38
$
(46.6;2)
See Notes to Financial Statements.
__..
(X)
BOROUGH OF ROOSEVELT
COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCE- REGULATORY BASIS
BUDGET AND ACTUAL- CURRENT AND WATER-SEWER UTILITY OPERATING FUNDS
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2014
ExhibitA-2
Sheet 2 of3
Current Fund
Water-Sewer Utili~ Oeerating Fund
Variance
Variance
Final
Favorable
Final
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Expenditures:
Current:
Within "CAPS":
General Government
$
272,921.00
$
272,921.00
Land Use
37,993.00
37,993.00
Insurance
46,500.00
46,500.00
Public Safety
53,950.00
53,950.00
Public Works
99,050.00
99,050.00
Health and Human Services
15,900.00
15,900.00
Parks and Recreation
26,792.00
26,792.00
Utilities
33,500.00
33,500.00
Other Common Functions
1,000.00
1,000.00
Sanitation
35,000.00
35,000.00
Deferred Charges and Statutory Expenditures
84,755.00
84,755.00
Excluded from "CAPS":
Sanitation
80,400.00
80,400.00
Public Safety
7,347.00
7,347.00
Grants
11,300.00
11,300.00
Operating
$
527,810.00
$ 527,810.00
Capital Improvements
40,000.00
40,000.00
Debt Service
14,400.29
14,400.29
230,594.00
230,547.38
$
46.62
Deferred Charges and Statutory Expenditures
60,087.71
60,087.71
55,765.00
55,765.00
Reserve for Uncollected Taxes
160,000.00
160,000.00
Total Budget Expenditures
$
1 ,080,896.00
$
1 ,080,896.00
$
814,169.00
$ 814,122.38
$
46.62
See Notes to Financial Statements.
.....
co
I
BOROUGH OF ROOSEVELT
COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCE- REGULATORY BASIS
BUDGET AND ACTUAL- CURRENT AND WATER-SEWER UTILITY OPERATING FUNDS
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2014
ExhibitA-2
Sheet 3 of 3
Current Fund
Water-Sewer Utili!Y Oeerating Fund
Variance
Variance
Final
Favorable
Final
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Expenditures (Continued):
County Taxes including County Added
and Omitted
$
250,680.91
$
250,680.91
Local District School Taxes
1,591,768.00
1 ,591 '768.00
Prior Year Deductions Miscellaneous
275.00
$
{275.00}
Total Expenditures
$ 2,923,344.91
$ 2,923,619.91
$
(275.00)
$ 814,169.00
$ 814,122.38
$
46.62
Excess/(Deficit) in Revenues Over/(Under)
Expenditures
$
371,015.73
$
371,015.73
Fund Balance, January 1, 2014
690,598.27
690,598.27
$
1,061,614.00
$
1,061,614.00
Decreased By:
Utilization as Anticipated Revenue
259,873.15
__
259,873.15
Fund Balance, December 31, 2014
$
801,740.85
$
801,740.85
See Notes to Financial Statements.
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF CHANGE IN FUND BALANCE -
REGULATORY BASIS
BALANCE. DECEMBER 31.2013
INCREASED BY
Cancellation of Funded Improvement Authorizations
BALANCE. DECEMBER 31. 2014
See Notes to Financial Statements.
-20-
Exhibit A-3
$
1,155.97
$ ___
70_0_.0_0_
$==1=,8=5=5.=97=
INCREASED BY:
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF CHANGE IN FUND BALANCE-
REGULATORY BASIS
Cancellation of Funded Improvement Authorizations
BALANCE. DECEMBER 31 I 2014
See Notes to Financial Statements.
- 21 -
Exhibit A-4
$ __
_.;;.92;;;,;;2;;.;.;.9;;..;;6_
$ ===9=2=2.=96=
NOTES TO FINANCIAL STATEMENTS
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31,2014
Note 1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Reporting Entity - The Borough of Roosevelt is located approximately forty-five
(45) miles southwest of the City of New York and fifty (50) miles northeast of the
City of Philadelphia. The population, according to the 2010 census, is 882.
The Borough of Roosevelt operates under the Borough form of government. The
governing body consists of a Mayor and six Council members. All action is
passed by a majority or, when required, a two-thirds (2/3) vote of the Council.
The Mayor votes only in the event of a tie. The Mayor has veto power over all
ordinances passed by the Borough Council. This veto can be overridden by a
two-thirds (2/3) vote of the Council.
B. Description of Funds - The Governmental Accounting Standards Board (GASB)
is the recognized standard setting body for establishing governmental accounting
and financial reporting principles. The GASB establishes funds to be used by
governmental units when reporting financial position and results of operations in
accordance with accounting principles generally accepted in the United States of
America (GAAP).
The financial statements of the Borough of Roosevelt contain all funds and
account groups in accordance with the "Requirements of Audit" as promulgated
by the State of New Jersey, Department of Community Affairs, Division of Local
Government Services. These principles are regulatory basis, which differs from
accounting principles generally accepted in the United States of America
("GAAP") for governmental entities. Such principles and practices are designed
primarily for determining compliance with legal provisions and budgetary
restrictions and as a means of reporting on the stewardship of public officials with
respect to public funds.
Under this method of accounting, the Borough of
Roosevelt accounts for its financial transactions through the following separate
funds which differs from the funds required by accounting principles generally
accepted in the United States of America (GAAP).
Current Fund - The Current Fund accounts for resources and expenditures
for governmental operations of a general nature, including Federal and State
grant funds.
Trust Funds - The various Trust Funds account for receipts, custodianship
and disbursement of funds in accordance with the purpose for which each
reserve was created.
The Trust Other Fund, Animal Control Fund and
Payroll Trust Fund are part of this Trust.
General Capital Fund - The General Capital Fund accounts for receipt and
disbursement of funds for the acquisition of general capital facilities, other
than those acquired in the Current Fund. General bonds and notes payable
are recorded in this fund and are offset by deferred charges to future taxation.
-22-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
Note 1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
B. Description of Funds (Continued)
Utility Fund - The Water-Sewer Utility maintains an Operating Fund and a
Capital Fund which reflect revenue, expenditures, stewardship, acquisitions
of utility infrastructure and other capital facilities, debt service, long-term debt
and other related activity.
Payroll Trust Fund - Net salaries, certain payroll deductions and social
security contributions of municipal and utility operations are deposited into
bank accounts of the Payroll Fund. Other deductions are retained by the
operating funds and paid directly there from. A Payroll Fund does not exist
under GAAP.
Capital Asset Accounts - These accounts reflect estimated valuations of land,
buildings and certain moveable fixed assets of the Borough as discussed
under the caption of "Basis of Accounting".
C. Basis of Accounting - The accounting principles and practices prescribed for
municipalities by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey, differ in certain respects from
accounting principles generally accepted in the United States of America
(GAAP). The accounting system is maintained on the modified accrual basis
with certain exceptions.
Significant accounting policies in New Jersey are
summarized as follows:
Property Taxes and Other Revenue- Property Taxes and other revenue are
realized when collected in cash or approved by regulation for accrual from
certain sources of the State of New Jersey and the Federal Government.
Accruals of taxes and other revenue are otherwise deferred as to realization
by the establishment of offsetting reserve accounts. GAAP requires such
revenue to be recognized in the accounting period when they become
susceptible to accrual, reduced by an allowance for doubtful accounts.
Grant Revenue - Federal and State grants, entitlements or shared revenue
received for purposes normally financed through the Current Fund are
recognized when anticipated in the Borough of Roosevelt's budget. GAAP
requires such revenue to be recognized in the accounting period when they
become susceptible to accrual.
Expenditures - Expenditures for general and utility operations are generally
recorded on the accrual basis. Unexpended appropriation balances, except
for amounts which may have been canceled by the governing body or by
statutory regulation, are automatically recorded as liabilities at December 31 51
of each year, under the title of "Appropriation Reserves".
-23-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
Note 1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. Basis of Accounting (Continued)
Expenditures (Continued)
Grant appropriations are charged upon budget adoption to create spending
reserves.
Budgeted transfers to the Capital Improvement Fund are recorded as
expenditures to the extent permitted by law.
Expenditures from Trust and Capital Funds are recorded upon occurrence
and charged to accounts statutorily established for specific purposes.
Budget Appropriations for interest on General Capital Long-Term Debt is
raised on the cash basis and is not accrued on the records; interest on Utility
Debt is raised on the accrual basis and so recorded.
GAAP requires expenditures to be recognized in the accounting period in
which the fund liability is incurred, if measurable, except for unmatured
interest on general long-term debt, which should be recognized when due.
Encumbrances - As of January 1, 1986 all local units were required by
Technical Accounting Directive No. 85-1, as promulgated by the Division of
Local Government Services, to maintain an encumbrance accounting system.
The directive states that contractual orders outstanding at December 31 are
reported as expenditures through the establishment of an encumbrance
payable. Encumbrances do not constitute expenditures under GAAP.
Appropriation Reserves - Appropriation reserves are available, until lapsed at
the close of the succeeding year, to meet specific claims, commitments or
contracts incurred during the preceding year. Lapsed appropriation reserves
are recorded as additions to income. Appropriation reserves do not exist
under GAAP.
Compensated Absences - Expenditures relating to obligations for unused
vested accumulated sick, vacation and compensatory pay are not recorded
until paid. GAAP requires that the amount that would normally be liquidated
with expendable available financial resources be recorded as an expenditure
in the operating funds and the remaining obligations be recorded as a long-
term obligation.
-24-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
Note 1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. Basis of Accounting (Continued)
Property Acquired for Taxes - Property Acquired for Taxes (Foreclosed
Property) is recorded in the Current Fund at the assessed valuation during
the year when such property was acquired by deed or foreclosure and is
offset by a corresponding reserve account. GAAP requires such property to
be recorded in the capital assets account group at market value on the date
of acquisition.
lnterfund Accounts Receivable - lnterfund Accounts Receivable in the Current
Fund are generally recorded with offsetting reserves which are established by
charges to operations. Collections are recognized as income in the year that
the receivables are realized. lnterfund Accounts Receivable of all other funds
are recorded as accrued and are not offset with reserve accounts. lnterfund
Accounts Receivable of one fund are offset with lnterfund Accounts Payable
of the opposite fund.
GAAP does not require the establishment of an
offsetting reserve.
Inventories of Supplies - Materials and supplies purchased by all funds are
recorded as expenditures.
An annual inventory of materials and supplies for the Water-Sewer Utility is
required, by regulation, to be prepared by Borough personnel for inclusion on
the Water-Sewer Utility Operating Fund balance sheet. Annual changes in
valuations, offset with a Reserve Account, are not considered as affecting
results of operations.
Materials and supplies of other funds are not
inventoried nor included on their respective balance sheets.
Capital Assets
General - In accordance with Technical Accounting Directive No. 85-2,
Accounting for Governmental Capital Assets, as promulgated by the
Division of Local Government Services, which differs in certain respects
from GAAP, the Borough of Roosevelt has developed a capital asset
accounting and reporting system.
GAAP requires that fixed assets be capitalized at historical or estimated
historical cost if actual historical cost is not available. Depreciation on
utility fixed assets should also be recorded.
Capital assets used in governmental operations (capital assets) are
accounted for in the Capital Asset Accounts.
Public domain
("infrastructure") capital assets consisting of certain improvements other
than buildings, such as roads, bridges, curbs and gutters, streets and
sidewalks and drainage systems are not capitalized.
-25-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
Note 1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C. Basis of Accounting (Continued)
Capital Assets (Continued)
General (Continued)
Acquisition of land, buildings, machinery, equipment and other capital
assets are recorded on a perpetual capital asset record.
Vehicles, furniture, equipment and other items are reflected at
replacement values at time of inventory preparation. Additions to the
established capital assets are valued at cost.
Depreciation of assets is not recorded as an operating expense of the
Borough.
Utilities - Capital acquisitions, including utility infrastructure costs of the
Water-Sewer Utility, are recorded at cost upon purchase or project
completion in the Fixed Capital account of the utilities. The Fixed Capital
Accounts are adjusted for dispositions or abandonments. The accounts
include moveable fixed assets of the Utility but are not specifically
identified.
Utility improvements that may have been constructed by developers are
not recorded as additions to Fixed Capital.
Fixed Capital of the Utilities are offset by accumulations in Amortization
Reserve Accounts.
The accumulations represent costs of fixed assets
purchased with budgeted funds or acquired by gift as well as grants,
developer contributions or liquidations of related bonded debt and other
liabilities incurred upon fixed asset acquisition.
The Fixed Capital Accounts reflected herein are recorded in the records of
the municipality and do not necessarily reflect the true condition of such Fixed
Capital. The records consist of a control account only.
Memorandum Only -
Total Columns - Total columns are captioned
"memorandum only" to indicate that they are presented only to facilitate
financial analysis. Data in these columns do not present financial position,
results of operations or changes in financial position in conformity with
generally accepted accounting principles. Neither are such data comparable
to a consolidation.
lnterfund eliminations have not been made in the
aggregation of this data.
-26-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2014
Note 1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. Other Accounting Standards
The Borough is currently reviewing the following for applicability and potential
impact on the financial statements:
•
GASB 67, Financial Reporting for Pension Plans, an Amendment of GASB
25, will be effective after June 15, 2013. The objective of this Statement is to
improve financial reporting by state and local governmental pension plans.
This Statement results from a comprehensive review of the effectiveness of
existing standards of accounting and financial reporting for pensions with
regard to providing decision-useful information, supporting assessments of
accountability and interperiod equity, and creating additional transparency.
This Statement replaces the requirements of Statements No. 25, Financial
Reporting for Defined Benefit Pension Plans and Note Disclosures for
Defined Contribution Plans and No. 50, Pension Disclosures, as they relate to
pension
plans
that are
administered through
trusts
or equivalent
arrangements that meet certain criteria. The Borough does not expect this
Statement to impact its financial statements.
•
GASB 68, Accounting and Financial Reporting for Pensions, will be effective
for fiscal year beginning after June 15, 2015. The objective of this Statement
is to improve accounting and financial reporting by state and local
governments for pensions. It also improves information provided by state
and local governmental employers about financial support for pensions that is
provided by other entities.
This Statement replaces the requirements of
Statement No. 27, Accounting for Pensions by State and Local Governmental
Employers, as well as the requirements of Statement No. 50, Pension
Disclosures, as they relate to pensions that are provided through pension
plans administered as trusts or equivalent arrangements that meet certain
criteria. The Borough does not expect this Statement to impact its financial
statements.
E. Subsequent Events
Management has reviewed and evaluated all events and transactions from
December 31, 2014 through August 28, 2015, the date that the financial
statements are issued for possible disclosure and recognition in the financial
statements, and no items have come to the attention of the Borough that would
require disclosure.
-27-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
Note 2.
CASH. CASH EQUIVALENTS AND INVESTMENTS
A Cash and Cash Equivalents
New Jersey statutes permit the deposit of public funds in institutions located in
New Jersey, which are insured by the Federal Deposit Insurance Corporation
(FDIC) or any other agencies of the United States that insures deposits or the
State of New Jersey Cash Management Fund.
The State of New Jersey Cash Management Fund is authorized by statute and
regulations of the State Investment Council to invest in fixed income and debt
securities which mature or are redeemed within one year. Twenty-five percent of
the Fund may be invested in eligible securities which mature within two years
provided, however, the arbitrage maturity of all investments in the Fund shall not
exceed one year. Collateralization of Fund investments is generally not required.
In addition, by regulation of the Division of Local Government Services,
municipalities are allowed to deposit funds in the Municipal Bond Insurance
Association (MBIA) through their investment management company, the
Municipal Investors Service Corporation.
In accordance with the provisions of the Governmental Unit Deposit Protection
Act of New Jersey ("GUDPA"), public depositories are required to maintain
collateral for deposits of public funds that exceed insurance limits as follows:
The market value of the collateral must equal five percent of the average
daily balance of public funds or
If the public funds deposited exceed 75 percent of the capital funds of the
depository, the depository must provide collateral having a market value
equal to 100 percent of the amount exceeding 75 percent.
All collateral must be deposited with the Federal Reserve Bank, The Federal
Home Loan Bank Board or a banking institution that is a member of the Federal
Reserve System and has capital funds of not less than $25,000,000.00.
As of December 31, 2014, the Borough had funds on deposit in interest bearing
checking accounts. The amount of the Borough's cash and cash equivalents on
deposits as of December 31, 2014 was $1 ,428,807.00. These funds constitute
"deposits with financial institutions" as defined by GASB Statement No. 3 as
amended by GASB No. 40.
-28-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
Note 2.
CASH. CASH EQUIVALENTS AND INVESTMENTS (CONTINUED)
B. Investments
New Jersey statutes permit the Borough to purchase the following types of
securities:
•
Bonds or other obligations of the United States of America or obligations
guaranteed by the United States of America. This includes instruments
such as Treasury bills, notes and bonds.
•
Government money market mutual funds.
•
Any federal agency or instrumentality obligation authorized by Congress
that matures within 397 days from the date of purchase, and has a fixed
rate of interest not dependent on any index or external factors.
•
Bonds or other obligations of the local unit or school districts of which the
local unit is a part.
•
Any other obligations with maturities not exceeding 397 days, as
permitted by the Division of Investments.
•
Local government investment pools, such as New Jersey CLASS and the
New Jersey Arbitrage Rebate Management Program.
•
New Jersey State Cash Management Fund.
•
Repurchase agreements of fully collateralized securities, subject to
special conditions.
In addition, a variety of State laws permit local governments to invest in a wide
range of obligations issued by State governments and its agencies.
C. Risk Category
The deposits of the Borough are covered by the FDIC and where applicable by
GUDPA and present minimal risk.
-29-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
Note 3.
TAXES AND TAX TITLE LIENS RECEIVABLE
Property assessments are determined on true values and taxes are assessed based
upon these values.
The residential tax bill includes the levies for the Borough,
County and School purposes.
Certified adopted budgets are submitted to the
County Board of Taxation by each taxing district. The tax rate is determined by the
Board upon the filing of these budgets.
The tax bills are mailed by the Tax Collector annually in June and are payable in four
quarterly installments due the first of August and November of the current year and a
preliminary billing due the first of February and May of the subsequent year. The
August and November billings represent the third and fourth quarter installments and
are calculated by taking the total year tax levy less the preliminary first and second
quarter installments due February and May. The preliminary levy is based on one-
half of the current year's total tax.
Tax installments not paid by the above due dates are subject to interest penalties
determined by a resolution of the governing body. The rate of interest in accordance
with the aforementioned resolution is 8% per annum on the first $1 ,500.00 of
delinquency and 18% on any delinquency in excess of $1 ,500.00. The governing
body may also fix a penalty to be charged to a taxpayer with a delinquency in excess
of $10,000.00 who fails to pay that delinquency as billed prior to the end of the fiscal
year. The penalty so fixed shall not exceed 6% of the amount of the delinquency
with respect to each most recent fiscal year only. The resolution also sets a grace
period of ten days before interest is calculated.
Taxes unpaid on the 11th day of the eleventh month in the fiscal year when the taxes
became in arrears are subject to the tax sale provisions of the New Jersey statutes.
The municipality may institute in rem foreclosure proceedings after six months from
the date of the sale if the lien has not been redeemed.
The following is a five-year comparison of certain statistical information relative to
property taxes and property tax collections for the current and previous four years.
-30-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
Note 3.
TAXES AND TAX TITLE LIENS RECEIVABLE (CONTINUED)
Comparative Schedule of Tax Rates
2014
2013
2012
2011
2010
Tax Rate
$ 2.996
$ 2.913
$ 2.841
$ 2.817
$ 2.770
Apportionment of Tax Rate:
Municipal
0.749
0.748
0.748
0.747
0.748
County
0.306
0.313
0.313
0.320
0.308
Local School
1.941
1.852
1.780
1.750
1.714
Assessed Valuation
2014
$
81,996,061.00
2013
84,211,290.00
2012
84,443,098.00
2011
84,206,586.00
2010
84,316,028.00
Comparison of Tax Levies and Collections
Year
Tax Levy
Collections
2014
$
2,457,517.51
$
2,392,927.73
2013
2,453,383.85
2,364,694.04
2012
2,399,625.97
2,318,058.00
2011
2,372,099.72
2,292,739.51
2010
2,338,055.07
2,269,420.62
Delinquent Taxes and Tax Title Liens
Tax
Delinquent
Total
Year
Title Liens
Taxes
Delinquent
2014
$
None
$ 55,520.54
$
55,520.54
2013
None
80,868.39
80,868.39
2012
None
81,567.97
81,567.97
2011
6,499.81
74,362.85
80,862.66
2010
None
63,374.22
63,374.22
- 31 -
Percentage
of Collections
97.37%
96.39%
96.60%
96.65%
97.06%
Percentage
of Tax Lew
2.26%
3.30%
3.40%
3.41%
2.71%
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
Note 4.
PROPERTY ACQUIRED BY TAX TITLE LIEN LIQUIDATION
The value of property acquired by liquidation of tax title liens on December 31, on the
basis of the last assessed valuation of such properties, was as follows:
2014
2013
2012
2011
2010
Note 5.
WATER-SEWER UTILITY
$
Amount
181,700.00
181,700.00
181,700.00
181,700.00
181,700.00
The Borough operates its own water treatment plant and sewerage treatment plant.
The water-sewer delinquent balances are subject to the same requirements of the
tax sale provision of the New Jersey Statutes in effect for taxes. Customers are
billed at a base rate plus consumption on a bi-monthly basis for 2014.
Billings and Collections
2014
2013
2012
2011
2010
Amount
Levied
$
735,597.83
667,925.70
623,737.65
626,734.91
699,457.16
* May include amounts levied in prior years
** Rate increase effective
-32-
Collections*
$ 732,603.16 **
662,432.23 **
608,002.73
633,186.70
698,639.55 **
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
Note 6.
DEFERRED SCHOOL TAXES
Regulations provide for the deferral of not more than 50% of the annual levy when
school taxes are raised for a school year and have not been requisitioned by the
school district.
The Borough of Roosevelt raises its share of Local District School Taxes on a school
year basis.
Balance
Balance
December 31,
December 31,
2014
2013
Increase
Balance of Tax *
$
795,534.02
$ 779,459.00
$ 16,075.02
Deferred Portion
491,850.50
491,850.50
None
Tax Payable
$
303,683.52
$ 287,608.50
$
16,075.02
* Required for school operations for the six-month period following December 31 51.
Note 7.
FUND BALANCES APPROPRIATED
The following schedule details the amount of fund balances available at the end of
each year and the amounts utilized in the subsequent year's budget.
Current Fund
2014
2013
2012
2011
2010
$
Balance
December 31
801,740.85
690,598.27
707,788.52
475,531.84
400,750.35
Water-Sewer Utility Operating Fund
2014
$
None
2013
None
2012
None
2011
17,473.47
2010
46,404.10
$
$
-33-
Utilized in Budget
of Succeeding Year
332,500.00
259,873.15
199,618.00
174,742.00
137,000.00
None
None
None
17,473.47
4,000.00
Percentage of Fund
Balance Used
41.47%
37.63%
28.20%
36.75%
34.19%
None
None
None
100.00%
8.62%
Note 8.
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2014
MUNICIPAL DEBT
The Local Bond Law governs the issuance of bonds and notes to finance general
capital expenditures. All bonds are retired in serial installments with the statutory
period of usefulness. Bonds issued by the Borough are general obligation bonds,
backed by the full faith and credit of the Borough. Bond anticipation notes, which are
issued to temporarily finance capital projects, must be paid off within ten years and
five months or required by the issuance of bonds.
Summary of Municipal Debt (Excluding Current and Operating Debt)
Year2014
Year2013
Year2012
Issued
General:
Notes
None
$
None
$
None
Loans
$
145,000.00
155,000.00
165,000.00
Water-Sewer Utility:
Notes
None
None
None
Loans
2,678,829.41
2,811,679.34
2,939,486.03
Debt Issued
$ 2,823,829.41
$ 2,966,679.34 $ 3,104,486.03
Authorized but Not Issued
General:
Bonds and Notes
$
217,250.00 $
177,250.00 $
222,250.00
Water-Sewer Utility:
Bonds and Notes
1,674,150.00
1,643,750.00
None
Total Authorized but Not Issued
$
1,891,400.00 $ 1,821,000.00 $
222,250.00
Net Bonds and Notes Issued and
Authorized but Not Issued
$ 4,715,229.41
$ 4,787,679.34
$ 3,326,736.03
-34-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
Note 8.
MUNICIPAL DEBT (CONTINUED)
Summary of Statutory Debt Condition. Annual Debt Statement
The summarized statement of debt condition that follows is prepared in accordance
with the required method of setting up the Annual Debt Statement and indicated a
statutory debt of 4.31 %.
Gross Debt
Deductions
Net Debt
Local School District Debt
$
844,156.00
$
844,156.00 $
None
Water-Sewer Utility Debt
4,352,979.41
4,352,979.41
None
General Capital Debt
362,250.00
None
362,250.00
$
5,559,385.41
$
5,197,135.41 $
362,250.00
Equalized Valuation basis per N.J.S. 40A:2-2 As Amended is $84,012,090.67. The
Annual Debt Statement as amended has been filed.
Borrowing Power Under N.J.S. 40A:2-6 As Amended
37S% of Equalized Valuation Basis (Municipal)
Net Debt
Remaining Borrowing Power
School Debt Deductions
$
2,940,423.18
362,250.00
$ ==2=,5=7=8=, 1==73=·=18=
School debt is deductible up to the extent of 3.0% of the Average Equalized
Assessed Valuations of real property for the Local School District.
-35-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
Note 8.
MUNICIPAL DEBT (CONTINUED)
Calculation of "Self-Liquidating Purpose". Water-Sewer Utility, Per N.J.S. 40A:2-45
Cash Receipts from Fees, Rents or
Other Charges for Year
Deductions:
Operating and Maintenance Cost
Debt Service
Excess in Revenue
$
548,575.00
230,547.38
$
814,122.38
779,122.38
$
35,000.00
There being a deficit in revenue for the Water-Sewer Utility, the fund was self-
liquidating and therefore, all the related debt is deductible for purposes of the annual
debt statement and resultant net debt calculation.
General Capital Fund
On December 4, 2012 the Borough permanently financed the remaining balance of
Bond Anticipation Notes of $165,000.00 and provided for related debt issuance costs
through the Monmouth County Improvement Authority ("MCIA"), with the proceeds
from the issuance of a $165,000.00 loan plus a premium of $12,872.75.
The repayment of bonds issued by the MCIA on December 4, 2012 will occur
through December 1, 2027 at principal amounts of ranging from $10,000.00 to
$15,000.00 at interest rates ranging from 2.0% to 4.0%.
Redemption:
The MCIA ("Issuer'') Series 2012 Bonds are subject to optional redemption at
the discretion of the Issuer. Bonds maturing on or after December 1, 2022 will
be subject to redemption at 100% of par on or after December 1, 2021 in
accordance with the terms of the issuer's bond agreement.
An early
redemption and/or refunding would not affect the Borough's obligation to repay
the principal portion of the loan in accordance with the original terms.
-36-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS {CONTINUED}
YEAR ENDED DECEMBER 31,2014
Note 8.
MUNICIPAL DEBT (CONTINUED)
General Capital Fund (Continued)
Schedule of Annual Debt Service for Principal and Interest for Debt Issued and
Outstanding
Calender Year
Principal
Interest
Total
2015
$
10,000.00
$
4,200.00
$
14,200.00
2016
10,000.00
4,000.00
14,000.00
2017
10,000.00
3,750.00
13,750.00
2018
10,000.00
3,450.00
13,450.00
2019
10,000.00
3,150.00
13,150.00
50,000.00
18,550.00
68,550.00
2020
10,000.00
2,850.00
12,850.00
2021
10,000.00
2,450.00
12,450.00
2022
10,000.00
2,050.00
12,050.00
2023
10,000.00
1,650.00
11,650.00
2024
10,000.00
1,250.00
11,250.00
50,000.00
10,250.00
60,250.00
2025
15,000.00
1,050.00
16,050.00
2026
15,000.00
600.00
15,600.00
2027
15,000.00
300.00
15,300.00
45,000.00
1,950.00
46,950.00
$
145,000.00
$
30,750.00
$
175,750.00
-37-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
Note 8.
MUNICIPAL DEBT (CONTINUED)
Water-Sewer Utility Capital Fund
The tong-term debt of the Borough consists of the Farmer's Home Administration
("FHA") Loan.
Schedule of Annual Debt Service for Principal and Interest for Debt Issued and
Outstanding
Calender Year
2015
2016
2017
2018
2019
2020
2021
2022
Total
Detail:
Principal
Interest
Interest Rate:
Due Dates:
Maturity:
Purpose:
-38-
1992 Loan
Principal
and Interest
$
18,000.00
18,000.00
18,000.00
18,000.00
18,000.00
90,000.00
18,000.00
18,000.00
9,000.00
45,000.00
$
135,000.00
$
109,931.06
25,068.94
$
135,000.00
5%
March and September
March 31, 2022
Improvements to the Water System
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS {CONTINUED}
YEAR ENDED DECEMBER 31 I 2014
Note 8.
MUNICIPAL DEBT (CONTINUED)
Water-Sewer Utility Capital Fund (Continued)
Serial Bonds Payable
Schedule of Annual Debt Service for Principal and Interest for Debt Issued and
Outstanding
MCIA Refundin9 Loan - 2011
Calender Year
Principal
Interest
Total
2015
$
65,000.00
$
69,150.00
$
134,150.00
2016
70,000.00
65,900.00
135,900.00
2017
75,000.00
62,400.00
137,400.00
2018
75,000.00
58,650.00
133,650.00
2019
80,000.00
54,900.00
134,900.00
365,000.00
311,000.00
676,000.00
2020
85,000.00
50,900.00
135,900.00
2021
90,000.00
46,650.00
136,650.00
2022
95,000.00
42,150.00
137,150.00
2023
95,000.00
38,350.00
133,350.00
2024
100,000.00
34,550.00
134,550.00
465,000.00
212,600.00
677,600.00
2025
105,000.00
31,550.00
136,550.00
2026
105,000.00
28,400.00
133,400.00
2027
110,000.00
25,250.00
135,250.00
2028
115,000.00
21,950.00
136,950.00
2029
115,000.00
18,500.00
133,500.00
550,000.00
125,650.00
675,650.00
2030
125,000.00
12,750.00
137,750.00
2031
130,000.00
6,500.00
136,500.00
255,000.00
19,250.00
274,250.00
Total
$ 1,635,000.00
$
668,500.00
$ 2,303,500.00
-39-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS {CONTINUED}
YEAR ENDED DECEMBER 31,2014
Note 8.
MUNICIPAL DEBT (CONTINUED)
Water-Sewer Utility Capital Fund (Continued)
Serial Bonds Payable (Continued)
Schedule of Annual Debt Service for Principal and Interest for Debt Issued and
Outstanding (Continued)
MCIA Loan - 2012
Calender Year
Principal
Interest
Total
2015
$
35,000.00
$
14,975.00
$
49,975.00
2016
35,000.00
14,275.00
49,275.00
2017
35,000.00
13,400.00
48,400.00
2018
35,000.00
12,350.00
47,350.00
2019
35,000.00
11,300.00
46,300.00
175,000.00
66,300.00
241,300.00
2020
35,000.00
10,250.00
45,250.00
2021
40,000.00
8,850.00
48,850.00
2022
40,000.00
7,250.00
47,250.00
2023
40,000.00
5,650.00
45,650.00
2024
45,000.00
4,050.00
49,050.00
200,000.00
36,050.00
236,050.00
2025
45,000.00
3,150.00
48,150.00
2026
45,000.00
1,800.00
46,800.00
2027
45,000.00
900.00
45,900.00
135,000.00
5,850.00
140,850.00
Total
$
510,000.00
$
108,200.00
$
618,200.00
-40-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS {CONTINUED}
YEAR ENDED DECEMBER 31 I 2014
Note 8.
MUNICIPAL DEBT (CONTINUED)
Water-Sewer Utility Capital Fund (Continued)
Serial Bonds Payable (Continued)
Schedule of Annual Debt Service for Principal and Interest for Debt Issued and
Outstanding (Continued)
Combined MCIA Loans
Grand
Calender Year
2011
2012
Total
2015
$
134,150.00
$
49,975.00
$
184,125.00
2016
135,900.00
49,275.00
185,175.00
2017
137,400.00
48,400.00
185,800.00
2018
133,650.00
47,350.00
181,000.00
2019
134,900.00
46,300.00
181,200.00
676,000.00
241,300.00
917,300.00
2020
135,900.00
45,250.00
181,150.00
2021
136,650.00
48,850.00
185,500.00
2022
137,150.00
47,250.00
184,400.00
2023
133,350.00
45,650.00
179,000.00
2024
134,550.00
49,050.00
183,600.00
677,600.00
236,050.00
913,650.00
2025
136,550.00
48,150.00
184,700.00
2026
133,400.00
46,800.00
180,200.00
2027
135,250.00
45,900.00
181,150.00
2028
136,950.00
136,950.00
2029
133,500.00
133,500.00
675,650.00
140,850.00
816,500.00
2030
137,750.00
137,750.00
2031
136,500.00
136,500.00
274,250.00
274,250.00
Total
$ 2,303,500.00
$
618,200.00
$ 2,921,700.00
-41 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
Note 8.
MUNICIPAL DEBT (CONTINUED)
Water-Sewer Utility Capital Fund - Serial Bonds Payable (Continued)
MCIA Refunding Loan - 2011
On December 29, 2011 the Borough refinanced the remaining balance of the USDA
1992 Loan $1,983,362.01 through the Monmouth County Improvement Authority
("MCIA"), with the proceeds from the issuance of a $1,825,000.00 loan plus a
premium of $191,019.25. The refinancing was approved by the Local Finance Board
and resulted in a net present value savings of $616,240.61, or 31.44%.
The repayment of bonds issued by the MCIA on December 29, 2011 will occur
through December 1, 2031 at principal amounts of ranging from $65,000.00 to
$130,000.00 and interest rates ranging from 3.0% to 5.0%. The USDA 1992 Loan
was paid off on January 14, 2012 in accordance with the requirements.
Redemption
The MCIA Series 2011 Bonds ("Issuer") are subject to optional redemption at
the discretion of the Issuer. Bonds maturing on or after December 1, 2021 will
be subject to redemption at 1 00% of par on or after December 1, 2020 in
accordance with the terms of the issuer's bond agreement.
An early
redemption and/or refunding would not affect the Borough's obligation to repay
the principal portion of the bond in accordance with the original terms.
MCIA Loan - 2012
On December 4, 2012 the Borough permanently financed the remaining balance
Bond Anticipation Notes of $572,400.00 and provided for related debt issuance costs
through the Monmouth County Improvement Authority ("MCIA"), with the proceeds
from the issuance of a $570,000.00 loan plus a premium of $47,601.50.
The repayment of bonds issued by the MCIA on December 4, 2012 will occur
through December 1, 2027 at principal amounts ranging from $35,000.00 to
$45,000.00 and interest rates ranging from 2.0% to 4.0%.
Redemption
The MCIA Series 2012 Bonds ("Issuer'') are subject to optional redemption at
the discretion of the Issuer. Bonds maturing on or after December 1, 2022 will
be subject to redemption at 1 00% of par on or after December 1, 2021 in
accordance with the terms of the issuer's bond agreement.
An early
redemption and/or refunding would not affect the Borough's obligation to repay
the principal portion of the bond in accordance with the original terms.
-42-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2014
Note 8.
MUNICIPAL DEBT (CONTINUED)
State of New Jersey Environmental Infrastructure Trust Loans (NJEIT)
Water-Sewer Utility Capital Fund
State Portion:
$135,000.00 NJEIT -
2010 Winter Program -Annual maturities of
$5,000.00 to $10,000.00 through August 1, 2029
at interest rates ranging from 3.0% to 5.0%.
Federal Portion:
$405,000.00 NJEIT -
2010 Winter Program - Annual maturities of
$20,593.21 through August 1, 2029. There is no
interest being charged on this loan. The loan is
not subject to early redemption or refunding.
* Redemption:
$
115,000.00 *
$
308,898.35
The Series 2011 Winter Program Bonds of the NJEIT ("Issuer'') are
subject to optional redemption at the discretion of the Issuer.
Bonds
maturing on or after September 1, 2019 will be subject to redemption at
100% of par on or after September 1, 2018 in accordance with the terms
of the issuer's bond agreement. The Series 2011 Bonds of the Issuer are
also subject refunding; however, only on a parity basis subject to the
terms of issuer's bond agreement. An early redemption and/or refunding
would not affect the Borough's obligation to repay the principal portion of
the loan in accordance with the original terms.
-43-
Note 8.
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
MUNICIPAL DEBT (CONTINUED)
State of New Jersey Environmental Infrastructure Trust Loans (NJEIT) (Continued)
2010 Winter Program
Principal
Interest
Federal
State
State
Total
2015
$
20,593.21
$
5,000.00
$ 4,750.00
$
30,343.21
2016
20,593.21
5,000.00
4,500.00
30,093.21
2017
20,593.21
5,000.00
4,250.00
29,843.21
2018
20,593.21
5,000.00
4,000.00
29,593.21
2019
20,593.21
5,000.00
3,750.00
29,343.21
102,966.05
25,000.00
21,250.00
149,216.05
2020
20,593.21
5,000.00
3,550.00
29,143.21
2021
20,593.21
5,000.00
3,300.00
28,893.21
2022
20,593.21
10,000.00
3,150.00
33,743.21
2023
20,593.21
10,000.00
2,750.00
33,343.21
2024
20,593.21
10,000.00
2,350.00
32,943.21
102,966.05
40,000.00
15,100.00
158,066.05
2025
20,593.21
10,000.00
1,950.00
32,543.21
2026
20,593.21
10,000.00
1,550.00
32,143.21
2027
20,593.21
10,000.00
1,200.00
31,793.21
2028
20,593.21
10,000.00
800.00
31,393.21
2029
20,593.41
10,000.00
400.00
30,993.41
102,966.25
50,000.00
5,900.00
158,866.25
$ 308,898.35
$ 115,000.00
$ 42,250.00
$ 466,148.35
-44-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS {CONTINUED}
YEAR ENDED DECEMBER 31,2014
Note 8.
MUNICIPAL DEBT (CONTINUED)
Combined Schedule of Water-Sewer Utility Capital Fund Indebtedness
Calendar
Year
FHA Loan
MCIALoan
NJEIT Loan
Total
2015
$
18,000.00
$
184,125.00
$
30,343.21
$
232,468.21
2016
18,000.00
185,175.00
30,093.21
233,268.21
2017
18,000.00
185,800.00
29,843.21
233,643.21
2018
18,000.00
181,000.00
29,593.21
228,593.21
2019
18,000.00
181,200.00
29,343.21
228,543.21
90,000.00
917,300.00
149,216.05
1,156,516.05
2020
18,000.00
181,150.00
29,143.21
228,293.21
2021
18,000.00
185,500.00
28,893.21
232,393.21
2022
9,000.00
184,400.00
33,743.21
227,143.21
2023
179,000.00
33,343.21
212,343.21
2024
183,600.00
32,943.21
216,543.21
45,000.00
913,650.00
158,066.05
1,116,716.05
2025
184,700.00
32,543.21
217,243.21
2026
180,200.00
32,143.21
212,343.21
2027
181,150.00
31,793.21
212,943.21
2028
136,950.00
31,393.21
168,343.21
2029
133,500.00
30,993.41
164,493.41
816,500.00
158,866.25
975,366.25
2030
137,750.00
137,750.00
2031
136,500.00
136,500.00
274,250.00
274,250.00
Total
$ 135,000.00
$ 2,921,700.00
$ 466,148.35
$ 3,522,848.35
-45-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
Note 8.
MUNICIPAL DEBT (CONTINUED)
Bond Anticipation Notes
There were no Bond Anticipation Notes outstanding as of December 31, 2014.
Bonds and Notes Authorized but not Issued
At December 31, 2014, the Borough had notes authorized but not issued as follows:
Fund
General Capital
Water-Sewer Utility Capital
Subsequent Events
Improvement Authorization
Amount
$
217,250.00
1,674,150.00
$
1,891 ,400.00
Subsequent to yearend, the Borough introduced a bond ordinance totaling
$640,000.00 for various improvements with a contribution from the Capital
Improvement Fund of $58,600.00 and Bond and Notes Authorized of
$581,400.00.
A petition of the residents containing the required number of
signatures to force a vote in December of 2015 to approve the ordinance was
submitted, therefore, keeping final adoption in abeyance.
In addition, the Borough adopted a bond ordinance for road improvements
totaling $40,000.00, of which $30,000.00 is from the Capital Improvement Fund
and the balance $10,000.00 is Bonds and Notes Authorized.
NJEIT Loan
Subsequent to yearend, the Borough applied for participation in the 2016 NJEIT
financing for a wastewater project. The financing is expected to be loans of 75%
federal funds at no interest and 25% state funds at the prevailing interest rate.
The amount in total authorized in 2014 is $558,000.00 and expected to be repaid
in no more than twenty (20) years. There is a remote possibility that some of the
federal debt may be ultimately forgiven.
-46-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
Note 9.
PENSION PLAN
Plan Description
Substantially all of the Borough's employees participate in the Public Employees'
Retirement System (PERS). This system is sponsored and administered by the New
Jersey Division of Pensions and Benefits.
The Public Employees' Retirement
System is considered to be a cost sharing multiple-employer plan.
Public Employees' Retirement System
The Public Employees' Retirement System (PERS) was established January 1,
1955 under the provisions of N.J.S.A. 43:15A to provide coverage, including
post-retirement health care, to substantially all full-time employees of the State or
any county, municipality, school district or public agency provided the employee
is not a member of another State-administered retirement system. Membership
is mandatory for such employees and vesting occurs after eight to ten years of
service and twenty-five years for health care coverage. Members are eligible for
retirement at age sixty with an annual benefit generally determined to be 1/60th
of the average annual compensation for the highest three fiscal years'
compensation for each year of membership during years of creditable service.
Early retirement is available to those under age sixty with twenty-five or more
years of credited service. Pension benefits for members enrolled in the system
after May 21, 2010 would be based on 1/60th of the average annual
compensation for the last five (5) years of service or any five (5) fiscal years of
membership that provide the largest benefit to the member of the member's
beneficiary.
Anyone who retires early and is under age fifty-five receives
retirement benefits as calculated in the above-mentioned formula but at a
reduced rate (one quarter of one percent for each month the member lacks of
attaining age fifty-five).
Significant Legislation
P.L. 2011, c.78, effective June 28, 2011 made various changes to the manner in
which PERS operates and to the benefit provisions of that system.
This new legislation's provisions impacting employee pension and health benefits
include:
•
New members of PERS hired on or after June 28, 2011 (Tier 5
members), will need 30 years of creditable service and age 65 for receipt
of the early retirement benefit without a reduction of % to 1 percent for
each month that the member is under age 65.
•
The eligibility age to qualify for a service retirement in the PERS is
increased from age 62 to 65 for Tier 5 members.
-47-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
Note 9.
PENSION PLAN (CONTINUED)
Plan Description (Continued)
Significant Legislation (Continued)
•
The annual benefit under special retirement for new PERS members
enrolled after June 28, 2011 (Tier 3 members), will be 60 percent instead
of 65 percent of the member's final compensation plus 1 percent for each
year of creditable service over 25 years but not to exceed 30 years.
•
Active member contribution rates will increase.
PERS active member
rates increase from 5.5 percent of annual compensation to 6.5 percent
plus an additional 1 percent phased-in over 7 years. For fiscal year 2012,
the member contribution rates increased in October 2011. The phase-in
of the additional incremental member contributions for PERS members
will take place in July of each subsequent fiscal year.
•
The payment of automatic cost-of-living adjustment (COLA) additional
increases to current and future retirees and beneficiaries is suspended
until reactivated as permitted by this law.
In addition, this new legislation changes the method for amortizing the pension
systems' unfunded accrued liability (from a level percent of pay method to a level
dollar of pay).
Contributions Required to be Made
Employee contributions for 2014 were 6.78% through June 30, 2014 and 6.92%
thereafter of the employee's base wages for PERS. Employer's contributions are
actuarially determined annually by the Division of Pensions.
The Borough's
contributions to the plan for the past three (3) years are as follows:
PERS
Borou9h
Liabili~
Year
Normal
Accrued
GTL
Net Cost
Em12lo~ees
2014
$
5,601.00
$ 24,627.00
$
514.00
$ 30,742.00
$
8,421.30
2013
5,746.00
13,739.00
1,160.00
20,645.00
11,819.72
2012
7,592.00
12,184.00
1,451.00
19,776.00
12,099.84
All contributions were equal to the required contributions for each of the three years,
respectively.
-48-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
Note 10.
POST EMPLOYMENT HEALTH BENEFITS
The Borough presently does not provide for Post Employment Health Benefits upon
retirement.
Note 11.
DEFERRED COMPENSATION PLAN
The Borough of Roosevelt offers its employees a Deferred Compensation Plan
created in accordance with the provisions of N.J.S. 43:15B-1 et seq., and the Internal
Revenue Code, Section 457.
The Plan, available to all municipal employees,
permits them to defer a portion of their salary until future years.
The deferred
compensation is not available to employees until termination, retirement, death or
unforeseeable emergency.
The "Small Business Job Protective Act of 1996" modified several provisions of
Section 457 of the Internal Revenue Code. The most significant change in the law
related to the ownership of the fund.
All amounts of compensation deferred under the Plan, all property and rights
purchased with those amounts, and all income attributable to those amounts,
property or rights are (until paid or made available to the employee or other
beneficiary) solely the property and rights of the employees.
The Deferred
Compensation Plan is administered by the Equitable Life Assurance Company.
Note 12.
INTERFUNDS RECEIVABLE/PAYABLE
Note 13.
lnterfund receivable and payable balances at December 31, 2014 were as follows:
Due From
Due To
Current Fund
$
160,262.05
$
39,666.64
Grant Fund
39,666.64
Water-Sewer Utility Operating Fund
175,201.64
69,205.72
Water-Sewer Utility Capital Fund
266,257.97
$
375,130.33
$
375,130.33
RISK MANAGEMENT
The Borough, together with other governmental units, are members of the Monmouth
County Municipal Joint Insurance Fund (the "Fund"). The Fund, which is organized
and operated pursuant to the regulatory authority of the Departments of Insurance
and Community Affairs, State of New Jersey, provides for a pooling of risks, subject
to established limits and deductibles.
In addition, the Fund has obtained cost
effective reinsurance and excess liability coverages for participant local units.
-49-
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31,2014
Note 13.
RISK MANAGEMENT (CONTINUED)
For the year ending December 31, 2014, the Fund provided coverage for Property,
Boiler and Machinery, Automobile, General Liability, Workmen's Compensation and
Public Employee Blanket Bond.
The Borough has contracted with a private insurance carrier related to public
officials' surety bond coverage and public officials' liability insurance. The coverage
is subject to certain policy limits and deductible amounts. The coverage is designed
to minimize the impact of any potential losses to the Borough for matters which may
have been caused or related to the Borough or its employees.
The Borough's
employees are covered through the State of New Jersey Health Benefits Program.
Note 14.
CONTINGENT LIABILITIES
A. Litigation
There are no matters of litigation that would, in the result of an adverse opinion, have
a material impact on the financial condition of the Borough.
B. Grants
The Borough of Roosevelt participates in federally and state assisted grant
programs.
These programs are subject to program compliance audits by the
grantors or their representatives. The Borough is potentially liable for expenditures
which may be disallowed pursuant to the terms of these grant programs.
Management is not aware of any material items of noncompliance which would result
in the disallowance of program expenditures.
C. Compensated Absences
The Borough allows employees to carryover unused vacation days at the end of the
year. The amount of liability is minimal. Unused sick time does not accumulate and
therefore no liability exists as of December 31, 2014.
D. State Tax Appeals
There was one state tax appeal pending at December 31, 2014. The outcome as of
the date of this report has not been determined; however, in the event of an adverse
ruling it is not expected to have a negative impact on the financial condition of the
Borough.
-50-
COMBINING AND INDIVIDUAL FUND AND
ACCOUNTS STATEMENTS
CURRENT FUND
BOROUGH OF ROOSEVELT
CURRENT FUND
Exhibit B-1
Sheet 1 of 2
COMPARATIVE STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCE-
REGULATORY BASIS
AS OF DECEMBER 31,2014 AND 2013
Balance
Balance
December 31,
December 31 ,
2014
2013
ASSETS
Cash and Cash Equivalents
$
1,366,025.06
$
1,164,110.54
Receivables and Other Assets with Full Reserves:
Delinquent Property Taxes
$
55,520.54
$
80,868.39
Foreclosed Property
181,700.00
181,700.00
Revenue Accounts Receivable
147.04
54.52
lnterfunds Receivable:
Due From Water-Sewer Operating Fund
69,205.72
96,619.88
Due From Water-Sewer Capital Fund
91,056.33
91,056.33
$
397,629.63
$
450,299.12
Deferred Charges
60,087.71
Total Current Fund
$
1,763,654.69
$
1,674,497.37
Grant Fund:
Due from Current Fund
$
39,666.64
$
28,539.50
Total Grant Fund
$
39,666.64
$
28,539.50
Total Assets
$
1 ,803,321.33
$
1,703,036.87
-51 -
BOROUGH OF ROOSEVELT
CURRENT FUND
Exhibit B-1
Sheet 2 of2
COMPARATIVE STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCE-
REGULATORY BASIS
AS OF DECEMBER 31, 2014 AND 2013
Balance
Balance
December 31,
December 31 ,
2014
2013
LIABILITIES. RESERVES AND FUND BALANCE
Current Fund:
Liabilities:
Appropriation Reserves
$
167,102.83
$
141,901.74
Reserve for Encumbrances
30,149.91
6,984.87
Prepaid Taxes
5,493.17
5,295.45
Tax Overpayments
7,819.56
Accounts Payable
3,900.00
3,900.00
Due to State of New Jersey -
Chapter 20 P.L. 1971
1,374.89
1,124.89
Various
25.00
Local District School Tax Payable
303,683.52
287,608.50
lnterfunds Payable:
Due to Grant Fund
39,666.64
28,539.50
Due County for Added and Omitted Taxes
93.69
33.18
Reserve for:
Cable Television, Appropriated
5,000.00
5,000.00
Hurricane Sandy FEMA Refunds, Unappropriated
53,186.85
Total Liabilities
$
564,284.21
$
533,599.98
Reserve for Receivables and Other Assets
$
397,629.63
$
450,299.12
Fund Balance
$
801,740.85
$
690,598.27
Total Current Fund
$
1,763,654.69
$
1,674,497.37
Grant Fund:
Appropriated Reserves
$
36,906.64
$
26,029.50
Unappropriated Reserves
250.00
Reserve for Encumbrances
2,510.00
2,510.00
Total Grant Fund
$
39,666.64
$
28,539.50
Total Liabilities, Reserves and Fund Balance
$
1,803,321.33
$
1,703,036.87
-52-
BOROUGH OF ROOSEVELT
CURRENT FUND
Exhibit B-2
Sheet 1 of 2
COMPARATIVE STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE-
REGULATORY BASIS
FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013
Revenues and Other Income Realized:
Fund Balance Utilized
Miscellaneous Revenues Anticipated
State Aid
Grants
Receipts from Delinquent Taxes
Receipts from Current Taxes
NonbudgetRevenues
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
Current Appropriations Cancelled
Prior Year lnterfunds Liquidated
2013 Appropriation Reserves:
Water-Sewer Utility Operating
Allocated to School and County Taxes
Total Income
Expenditures:
Budget Appropriations:
Within "CAPS":
General Government
Land Use
Insurance
Public Safety
ucc
Public Works
Health and Human Services
Parks and Recreation
Utilities
Other Common Functions
Sanitation
Deferred Charges and Statutory Expenditures
-53-
2014
$
259,873.15
62,326.85
81,849.00
11,300.00
81,118.39
710,478.82
53,112.87
115,878.79
44,702.43
27,414.16
4,132.27
1 ,842,448.91
$
3,294,635.64
$
272,921.00
34,433.00
46,500.00
53,950.00
3,560.00
99,050.00
15,900.00
26,792.00
33,500.00
1,000.00
35,000.00
84,755.00
2013
$
199,618.00
4,872.29
81,848.88
4,301.45
81,567.97
702,009.25
87,036.73
153,387.76
29,406.60
6,835.77
1,822,684.79
$
3,173,569.49
$
271,919.00
34,433.00
49,668.00
50,400.00
3,560.00
85,900.00
18,500.00
19,792.00
30,500.00
1,000.00
35,000.00
90,719.00
BOROUGH OF ROOSEVELT
CURRENT FUND
Exhibit B-2
Sheet 2 of2
COMPARATIVE STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE-
REGULATORY BASIS
FOR THE YEARS ENDED DECEMBER 31,2014 AND 2013
2014
Expenditures (Continued):
Budget Appropriations (Continued):
Excluded from "CAPS":
Insurance
$
632.00
Public Safety
$
7,347.00
7,274.00
Sanitation
80,400.00
58,400.00
Grant Programs
11,300.00
4,301.45
Capital Improvements
40,000.00
20,000.00
Debt Service
14,400.29
14,370.00
Deferred Charges and Statutory Expenditures
60,087.71
24,412.29
Reserve for Uncollected Taxes
160,000.00
160,000.00
Local District School Taxes
1,591,768.00
1,559,624.00
County Taxes
250,587.22
263,027.61
County Taxes - Added and Omitted
93.69
33.18
Prior Year Senior Citizen Deduction Disallowed
250.00
lnterfund Advanced
187,676.21
Refund of Prior Year Revenue
25.00
Total Expenditures
$
2,923,619.91
$
2,991,141.74
Excess in Revenue over Expenditures
$
371,015.73
$
182,427.75
Statutory Excess to Fund Balance
$
371,015.73
$
182,427.75
Fund Balance, January 1
690,598.27
707,788.52
$
1,061,614.00
$
890,216.27
Decreased By:
Utilized As Anticipated Revenue
259,873.15
199,618.00
Fund Balance, December 31
$
801,740.85
$
690,598.27
-54-
Exhibit B-3
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF REVENUES- REGULATORY BASIS
YEAR ENDED DECEMBER 31 I 2014
Budget
Excess
as
or
Modified
Realized
(Deficit)
Fund Balance Anticipated
$
259,873.15
$
259,873.15
State Aid Without Offsetting Appropriations:
Consolidated Municipal Property Tax Relief Aid
$
4,394.00
$
4,394.00
Energy Receipts Tax
77,455.00
77,455.00
$
81,849.00
$
81,849.00
Public and Private Programs Offset With Appropriations:
Clean Communities Program
$
4,000.00
$
4,000.00
Sustainable New Jersey Small Grant
2,000.00
2,000.00
Fund for Roosevelt
5,300.00
5,300.00
$
11,300.00
$
11,300.00
Other Special Items:
Hurricane Sandy FEMA Refunds
$
53,186.85
$
53,186.85
Recreation Fees
960.00
9,140.00
$
8,180.00
$
54,146.85
$
62,326.85
$
8,180.00
Receipts from Delinquent Taxes
$
60,000.00
$
81,118.39
$
21,118.39
Amount to be Raised by Taxation for Support of
Municipal Budget:
Local Tax for Municipal Purposes
$
613,727.00
$
710,478.82
$
96,751.82
Budget Totals
$ 1,080,896.00
$ 1,206,946.21
$ 126,050.21
Nonbudget Revenue
53,112.87
53,112.87
$ 1,080,896.00
$ 1,260,059.08
$ 179,163.08
-55-
Exhibit B-4
Sheet 1 of 5
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF EXPENDITURES· REGULATORY BASIS
YEAR ENDED DECEMBER 3.1. 2014
Budget After
Paid or
Budget
Modification
Charged
Encumbered
Reserved
Cancelled
GENERAL GOVERNMENT FUNCTIONS
General Administration:
Salaries and Wages
$
12,500.00
$
12,500.00
$
7,918.26
$
4,581.74
Data Processing
8,700.00
20,700.00
11,103.36
$
8,400.00
1,196.64
Other Expenses
14,800.00
14,800.00
11,256.48
168.97
3,374.55
Mayor and Council:
Other Expenses
600.00
600.00
565.40
34.60
Municipal Clerk:
Salaries and Wages
60,691.00
60,691.00
41,418.93
19,272.07
Other Expenses
9,000.00
9,000.00
5,295.66
566.44
3,137.90
Financial Administration:
Salaries and Wages
21,873.00
21,873.00
20,658.00
1,215.00
01
Other Expenses
4,650.00
4,650.00
2,277.80
2,372.20
0>
Audit Services:
Other Expenses
10,900.00
10,900.00
10,900.00
Revenue Administration:
Salaries and Wages
8,140.00
8,140.00
8,140.00
Other Expenses
9,300.00
9,300.00
3,731.87
311.18
5,256.95
Tax Assessment Administration:
Salaries and Wages
9,167.00
9,167.00
8,987.00
180.00
Other Expenses
3,600.00
3,900.00
2,622.60
871.56
405.84
Legal Services and Costs:
Other Expenses
80,000.00
68,700.00
49,816.65
4,010.22
14,873.13
Engineering Services and Costs:
Other Expenses
15,000.00
18,000.00
14,742.75
3,257.25
LAND USE ADMINISTRATION
Planning Board:
Salaries and Wages
4,100.00
4,100.00
2,374.05
1,725.95
Other Expenses
30,300.00
23,300.00
5,225.84
1,174.67
16,899.49
Zoning Officer:
Salaries and Wages
6,233.00
6,233.00
6,110.00
123.00
Other Expenses
800.00
800.00
110.00
111.48
578.52
Code Enforcement:
Salaries and Wages
1,112.00
1,112.00
1,100.00
12.00
Housing Inspection:
Salaries and Wages
2,448.00
2,448.00
1,500.00
948.00
Exhibit B-4
Sheet 2 of5
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF EXPENDITURES- REGULATORY BASIS
YEAR ENDED DECEMBER 31,2014
Budget After
Paid or
Budget
Modification
Charged
Encumbered
Reserved
Cancelled
INSURANCE
Purchase of Insurance:
Liability
$
14,000.00
$
14,000.00
$
12,750.54
$
1,249.46
Worker Compensation
17,000.00
17,000.00
15,465.20
1,534.80
Employee Group Plans
14,000.00
14,000.00
6,361.52
7,638.48
Unemployment Compensation Insurance
1,500.00
1,500.00
972.91
527.09
PUBLIC SAFETY FUNCTIONS
Office of Emergency Management:
Other Expenses
1,200.00
1,200.00
15.17
1,184.83
Aid to Volunteer First Aid:
01
Other Expenses
16,650.00
16,650.00
16,650.00
-...,J
Fire Department:
Other Expenses
18,000.00
18,000.00
6,813.52
$
7,706.00
3,480.48
School Crossing Guards:
Salaries and Wages
12,000.00
12,000.00
9,826.60
2,173.40
Municipal Court:
Other Expenses
6,000.00
6,000.00
6,000.00
Public Defender:
Other Expenses
100.00
100.00
100.00
PUBLIC WORKS FUNCTIONS
Streets and Road Maintenance:
Salaries and Wages
15,000.00
18,000.00
15,807.90
2,192.10
Other Expenses
32,150.00
32,150.00
25,995.49
6,154.51
Solid Waste Collection:
Other Expenses
18,500.00
18,500.00
13,200.00
1,200.00
4,100.00
Public Buildings and Grounds:
Other Expenses
29,000.00
29,000.00
26,670.44
812.85
1,516.71
Vehicle Maintenance:
Other Expenses
1,400.00
1,400.00
1,400.00
Exhibit B-4
Sheet 3 of 5
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF EXPENDITURES- REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2014
Budget After
Paid or
Budget
Modification
Charged
Encumbered
Reserved
Cancelled
HEALTH AND HUMAN SERVICES FUNCTIONS
Public Health Services:
Other Expenses
$
9,000.00
$
9,000.00
$
3,720.00
$
2,015.00
$
3,265.00
Environmental Commission:
Salaries and Wages
2,000.00
2,000.00
1,242.15
757.85
Other Expenses
3,900.00
3,900.00
603.84
3,296.16
Animal Control:
Other Expenses
1,000.00
1,000.00
1,000.00
PARK AND RECREATION FUNCTIONS
Recreation Services and Programs:
Salaries and Wages
14,792.00
14,792.00
14,685.75
106.25
I
Other Expenses
12,000.00
12,000.00
5,612.60
6,387.40
0'1
(X)
OTHER COMMON OPERATING FUNCTIONS
Celebration of Public Events:
Other Expenses
1,000.00
1,000.00
593.91
156.82
249.27
UTILITY EXPENSE AND BULK PURCHASES
Electricity
4,500.00
4,500.00
2,577.30
296.96
1,625.74
Street Lighting
12,000.00
12,000.00
7,160.15
779.43
4,060.42
Telephone
6,500.00
6,500.00
5,240.22
912.34
347.44
Gas (Natural and Propane)
8,000.00
8,000.00
5,742.63
655.99
1,601.38
Gasoline
2,500.00
2,500.00
1,614.88
885.12
LANDFILUSOLID WASTE DISPOSAL COSTS
Landfill Tipping Fees:
Other Expenses
35,000.00
35,000.00
23,316.23
11,683.77
Total Operations within "CAPS"
622,606.00
622,606.00
444,493.60
30,149.91
147,962.49
Total Operations Including Contingent- within "CAPS"
$
622,606.00
$
622,606.00
$
444,493.60
$
30,149.91
$
147,962.49
Detail:
Salaries and Wages
$
170,056.00
$
173,056.00
$
139,768.64
$
33,287.36
Other Expenses (Including Contingent}
452,550.00
449,550.00
304,724.96
$
30,149.91
114,675.13
Exhibit B-4
Sheet4 of 5
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF EXPENDITURES. REGULATORY BASIS
YEAR ENDED DECEMBER 3.1, 2014
Budget After
Paid or
Budget
Modification
Charged
Encumbered
Reserved
Cancelled
DEFERRED CHARGES AND STATUTORY EXPENDITURES-
MUNICIPAL WITHIN "CAPS"
Deferred Charges:
Anticipated Deficit Water-Sewer Utility
$
53,969.00
$
53,969.00
$
9,266.86
$ 44,702.14
Statutory Expenditures:
Contribution to:
Public Employees' Retirement System:
Other Expenses
11,086.00
11,086.00
10,497.00
$
589.00
Social Security System (O.A.S.I.)
14,700.00
14,700.00
10,667.72
4,032.28
Defined Contribution Benefit Plan
5,000.00
5,000.00
__
5,000.00
Total Deferred Charges and Statutory Expenditures.
I
Municipal within "CAPS"
84,755.00
84,755.00
30,431.58
9,621.28
44,702.14
0"1
----
(!)
Total General Appropriations for Municipal Purposes
within "CAPS"
$
707,361.00
$
707,361.00
$
474,925.18
$
30,149.91
$
157,583.77
$ 44,702.14
OPERATIONS- EXCLUDED FROM "CAPS"
Other Operations - Excluded from "CAPS":
Recycling Tax
$
1,400.00
$
1,400.00
$
1,111.92
$
288.08
Total Other Operations- Excluded from "CAPS"
1,400.00
1,400.00
1,111.92
288.08
Shared Service Agreements:
Solid Waste Collection( Borough of Hightstown)
Other Expenses
59,000.00
59,000.00
59,000.00
911 Communication Center (County of Monmouth)
Other Expenses
7,347.00
7,347.00
7,346.74
0.26
Solid Waste Collection( Borough of Hightstown)
Other Expenses
20,000.00
20,000.00
10,769.28
9,230.72
Total Shared Service Agreements
86,347.00
86,347.00
77,116.02
9,230.98
Public and Private Programs Offset by Revenues:
Clean Communities Program
4,000.00
4,000.00
4,000.00
Sustainable New Jersey Small Grant
2,000.00
2,000.00
2,000.00
Fund for Roosevelt
5,300.00
5,300.00
5,300.00
Total Public and Private Programs Offset by Revenues
$
11,300.00
$
11,300.00
$
11,300.00
Exhibit B-4
§.heet 5 of 5
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF EXPENDITURES· REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2014
Budget After
Paid or
Budget
Modification
Charged
Encumbered
Reserved
cancelled
Total Operations- Excluded from "CAPS"
$
99,047.00
$
99,047.00
$
89,527.94
$
9,519.06
Detail:
Other Expenses
$
99,047.00
$
99,047.00
$
89,527.94
$
9,519.06
CAPITAL IMPROVEMENTS- EXCLUDED FROM "CAPS"
Capital Improvement Fund
$
40,000.00
$
40,000.00
$
40,000.00
Total Capital Improvements Excluded from "CAPS"
40,000.00
40,000.00
40,000.00
Municipal Debt Service - Excluded From "CAPS"
0>
Payment of Bond Principal
10,000.00
10,000.00
10,000.00
0
Interest on Bonds
4,400.29
4,400.29
4,400.00
$
0.29
Total Municipal Debt Service Excluded from "CAPS"
$
14,400.29
$
14,400.29
$
14,400.00
0.29
Deferred Charges - Municipal - Excluded From "CAPS"
Emergency Authorizations -5 Years (N.J.S. 40A:4-55)
60,087.71
60,087.71
60,087.71
Total Def. Charges- Municipal- Excluded From "CAPS"
$
60,087.71
$
60,087.71
$
60,087.71
Total General Appropriations for Municipal Purposes
Excluded from "CAPS"
213,535.00
213,535.00
204,015.65
9,519.06
0.29
Total General Appropriations- Excluded from "CAPS"
$
213,535.00
$
213,535.00
$
204,015.65
$
9,519.06
$
0.29
Subtotal General Appropriations
$
920,896.00
$
920,896.00
$
678,940.83
$
30,149.91
$
167,102.83
$ 44,702.43
RESERVE FOR UNCOLLECTED TAXES
160,000.00
160,000.00
160,000.00
--
Total General Appropriations
$ 1,080,896.00
$
1,080,896.00
$
838,940.83
$
30,149.91
$
167,102.83
$ 44,702.43
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY
Exhibit B-5
Sheet 1 of 2
BOROUGH OF ROOSEVELT
CURRENT FUND
Exhibit 8-5
Sheet 2 of2
STATEMENT OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY
ANALYSIS OF 2014 PROPERTY TAX LEVY
Tax Yield
General Purpose Taxes
Tax Levy
Local District School Taxes
County Taxes:
County Taxes
County Library Tax
County Health Tax
County Open Space Tax
County Added and Omitted Taxes
Total County Taxes
Local Tax for Municipal Purpose
Add: Additional Tax Levy
Total Tax Levy
-62-
$
220,202.22
14,030.59
4,346.89
12,007.52
93.69
$
613,727.00
1,341.60
$
2,457,517.51
$
1 ,591 ,768.00
250,680.91
$
1 ,842,448.91
615,068.60
$
2,457,517.51
(j)
w
Date
11-19-12
Purpose
Special Emergency Authorization
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF DEFERRED CHARGES
1/5 of Amount
Amount
Authorized
Authorized
(N.J.S.A. 40A:4-53) - Hurricane Sandy
$
16,000.00
$
80,000.00
Exhibit B-6
Balance
December 31,
2014
2013
Budqet
$
60,087.71
$
60,087.71
Exhibit B-7
BOROUGH OF ROOSEVELT
Sheet 1 of2
CURRENT FUND
STATEMENT OF 2013 APPROPRIATION RESERVES
Balance
December 31, 2013
Balance
Appropriation
Reserve for
After
Paid or
Balance
Reserves
Encumbrances
Transfers
Charged
Lapsed
Salaries and Wages:
Operations - Within "CAPS":
General Administration
$
344.00
$
344.00
$
150.00
$
194.00
Municipal Clerk
1,223.98
1,223.98
1,210.55
13.43
Financial Administration
415.00
415.00
415.00
Tax Assessment Administration
180.00
180.00
180.00
Planning Board
2,607.95
2,607.95
183.75
2,424.20
Zoning Officer
123.00
123.00
123.00
School Crossing Guards
662.74
662.74
210.00
452.74
Streets and Road Maintenance
1,820.05
1,820.05
539.40
1,280.65
Environmental Commission
816.65
816.65
139.65
677.00
Recreation Services and Programs
192.00
192.00
192.00
Code Enforcement
12.00
12.00
12.00
Housing Inspection
948.00
948.00
948.00
0>
Total Salaries and Wages
$
9,345.37
9,345.37
$
2,433.35
$
6,912.02
~
I
Other Expenses:
Operations - Within "CAPS":
General Administration:
Data Processing
$
1,142.98
$
1,142.98
$
381.98
$
761.00
Other Expenses
3,546.60
$
218.68
3,765.28
1,323.96
2,441.32
Mayor and Council
141.00
141.00
141.00
Municipal Clerk
1,961.22
591.61
2,552.83
775.55
1,777.28
Financial Administration
3,470.24
3,470.24
3,470.24
Audit Services
175.00
175.00
175.00
Revenue Administration
4,793.52
132.00
4,925.52
132.00
4,793.52
Tax Assessment Administration
165.44
165.44
165.44
Legal Services and Costs
29,837.12
29,837.12
3,385.86
26,451.26
Engineering Services and Costs
11,169.25
11,169.25
11,169.25
Historical Sites Office
500.00
500.00
500.00
Planning Board
19,108.62
19,108.62
2,123.75
16,984.87
Zoning Officer
800.00
800.00
800.00
Purchase of Insurance:
Liability
2,101.97
2,101.97
2,101.97
Worker Compensation
897.36
897.36
897.36
Employee Group Plans
1,083.24
3,293.32
4,376.56
3,293.32
1,083.24
Unemployment Compensation Insurance
127.80
127.80
19.47
108.33
Exhibit B-7
BOROUGH OF ROOSEVELT
Sheet 2 of2
CURRENT FUND
STATEMENT OF 2013 APPROPRIATION RESERVES
Balance
December 31, 2013
Balance
Appropriation
Reserve for
After
Paid or
Balance
Reserves
Encumbrances
Transfers
Charged
Lapsed
Other Expenses(Continued):
Operations -Within "CAPS": (Continued)
Office of Emergency Management
$
1,200.00
$
1,200.00
$
1,200.00
Aid to Volunteer First Aid
1,200.00
1,200.00
1,200.00
Fire Department
1,638.67
1,638.67
1,580.00
$
58.67
Public Defender
100.00
100.00
100.00
Streets and Road Maintenance
3,398.60
3,398.60
3,206.96
191.64
Solid Waste Collection
4,100.00
4,100.00
4,100.00
Public Buildings and Grounds
2,400.60
$
865.00
3,265.60
1,746.56
1,519.04
Vehicle Maintenance
1,400.00
1,400.00
1,000.00
400.00
Public Health Services
2,455.00
2,455.00
1,860.00
595.00
Environmental Commission
6,617.50
6,617.50
6,617.50
Animal Control
1,000.00
1,000.00
1,000.00
Recreation Services and Programs
6,105.70
680.00
6,785.70
1,438.74
5,346.96
0>
Celebration of Public Events
145.34
145.34
145.34
01
Electricity
1,410.91
250.73
1,661.64
568.80
1,092.84
Street Lighting
2,927.81
823.53
3,751.34
1,636.73
2,114.61
Telephone
916.34
916.34
518.71
397.63
Gas (Natural and Propane)
3,014.68
3,014.68
1,041.83
1,972.85
Gasoline
112.98
130.00
242.98
130.00
112.98
Landfill Tipping Fees
8,913.66
8,913.66
1,824.10
7,089.56
Deferred Charges and Statutory Expenditures -
Municipal Within "CAPS":
Statutory Expenditures:
Contribution to:
Social Security System (O.A.S.I.)
2,201.41
2,201.41
186.15
2,015.26
Operations - Excluded from "CAPS":
Recycling Tax
275.81
275.81
275.81
Total Other Expenses
$
132,556.37
$
6,984.87
$
139,541.24
$
30,574.47
$
108,966.77
Grand Total
$
141,901.74
$
6,984.87
$
148,886.61
$
33,007.82
$
115,878.79
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF LOCAL DISTRICT SCHOOL TAXES PAYABLE
BALANCE, DECEMBER 31,2013
School Tax Payable
$
287,608.50
School Tax Deferred
491,850.50
$
INCREASED BY
Levy- School Year July 1, 2014 to
June 30, 2015
DECREASED BY
Payments
BALANCE, DECEMBER 31, 2014
$
ANALYSIS OF BALANCE
School Tax Payable
$
303,683.52
School Tax Deferred
491,850.50
$
795,534.02
2014 LIABILITY FOR LOCAL SCHOOL TAX
Tax Paid
$
Less: Tax Payable, December 31,2013
Add: Tax Payable, December 31, 2014
AMOUNT CHARGED TO OPERATIONS
$
-66-
Exhibit B-8
779,459.00
1,591 ,768.00
2,371,227.00
1,575,692.98
795,534.02
1,575,692.98
287,608.50
1,288,084.48
303,683.52
1,591,768.00
BOROUGH OF ROOSEVELT
GRANT FUND
STATEMENT OF GRANTS RECEIVABLE
State:
Clean Communities Program
Sustainable New Jersey Small Grant
Fund for Roosevelt
$
2014 Revenue Realized
Added by
N.J.S.A.
As Adopted
40A:4-87
4,000.00
2,000.00
5,300.00
$
11,300.00
-67-
Exhibit B-9
Decreased
b~
Cash
Receipt
$
4,000.00
2,000.00
5,300.00
$
11,300.00
BOROUGH OF ROOSEVELT
GRANT FUND
STATEMENT OF APPROPRIATED RESERVES
2014
Balance
Budget
December 31,
Appropriation
Grant
2013
As Adopted
State:
NJ DEP:
Recycling Tonnage Grant
$
10,116.81
Clean Communities Program
15,645.88
$
4,000.00
$
Sustainable New Jersey Small Grant
2,000.00
Municipal Alcohol Education and
Rehabilitation Fund
266.81
26,029.50
6,000.00
Local:
Fund for Roosevelt
5,300.00
$
26,029.50
$
11,300.00
$
-68-
Exhibit B-1 0
Decreased
Balance
by
December 31,
Disbursed
2014
$
10,116.81
422.86
19,223.02
2,000.00
266.81
422.86
31,606.64
5,300.00
422.86
$
36,906.64
Local:
JIF Funds
BOROUGH OF ROOSEVELT
GRANT FUND
Exhibit B-11
STATEMENT OF UNAPPROPRIATED RESERVES
Increased by
$
250.00
=====
-69-
Balance
December 31,
2014
$ ====2=5=0.=00=
TRUST AND AGENCY FUND
Exhibit C-1
BOROUGH OF ROOSEVELT
TRUST AND AGENCY FUND
COMBINING BALANCE SHEETS- REGULATORY BASIS
AS OF DECEMBER 31, 2014 AND 2013
Expendable Trust
Agency
Totals
Animal Control
Trust Other
Pa~roll
2014
2013
2014
2013
2014
2013
2014
2013
ASSETS
Cash and Cash Equivalents
$
387.20 $
865.00
$ 75,502.70 $
50,095.20
$ 75,889.90
$ 50,960.20
I
Total Assets and Other Debits
$
387.20 $
865.00
$ 75,502.70
$
50,095.20
$ 75,889.90
$ 50,960.20
-...J
0
I
LIABILITIES AND RESERVES
Due to State of New Jersey
$
16.80 $
11.40
$
16.80
$
11.40
Accounts Payable
600.00
600.00
Reserves
370.40
253.60
$ 75,502.70 $
50,095.20
75,873.10
50,348.80
Total Liabilities and Reserves
$
387.20 $
865.00
$ 75,502.70 $
50,095.20
$ 75,889.90
$ 50,960.20
BOROUGH OF ROOSEVELT
TRUST FUND
Exhibit C-2
STATEMENT OF RESERVE FOR ANIMAL CONTROL EXPENDITURES
BALANCE, DECEMBER 31, 2013
INCREASED BY
Dog License Fees
Late Fees/Miscellaneous
DECREASED BY
Expenditures
BALANCE, DECEMBER 31, 2014
BOROUGH LICENSE FEES COLLECTED
Year
Amount
2012
392.00
2013
512.80
$
904.80
AUDITOR'S NOTE:
R.S. 4:19-15.11
$
406.00
12.00
$
253.60
418.00
$
671.60
301.20
$==3=7=0.=40=
"There shall be transferred from such special account to the general funds of the
Municipality any amounts then in such account which is in excess of the total amount paid
into such special account during the last two fiscal years next preceding."
- 71 -
Parking Offense
Historical Commission Donations
Recreation Donations
Fire Department Donations
Escrow Funds
I
Third Party Lien Redemption
-...j
I\)
Tax Sale Premiums
Public Defender- Millstone Township
BOROUGH OF ROOSEVELT
TRUST OTHER FUND
STATEMENT OF RESERVE FOR TRUST DEPOSITS
Balance
December 31,
Increased
2013
By Receipts
$
11.00
315.00
350.00
100.00
16,062.20
$
4,000.00
$
74,298.40
33,100.00
23,000.00
157.00
255.00
$
50,095.20
$
101,553.40
$
Exhibit C-3
Balance
Decreased
December 31,
.!2v Disbursed
2014
$
11.00
315.00
350.00
100.00
1,592.50
18,469.70
74,298.40
56,100.00
255.00
157.00
76,145.90
$
75,502.70
BOROUGH OF ROOSEVELT
TRUST OTHER FUND
STATEMENT OF PAYROLL DEDUCTIONS
Federal Withholding Tax
Public Employees Retirement System:
Regular
Loan
Contributory Insurance
Social Security and Medicare Taxes
State Income Tax
New Jersey Unemployment Tax
New Jersey Disability Tax
New Jersey Family Leave Insurance
Health Insurance Deductions
Deferred Compensation
Payroll Deductions
Social Security:
Current Fund
Water-Sewer Utility Operating Fund
Unemployment Taxes:
Current Fund
Water-Sewer Utility Operating Fund
-73-
Increased
by Payroll
Deductions
$
19,873.00
8,421.30
743.71
615.52
40,388.89
6,591.09
2,415.85
1,030.77
214.76
4,974.91
1,200.00
$
86,469.80
$
64,557.25
10,853.87
9,340.44
1,145.71
572.54
$
86,469.81
Exhibit C-4
Decreased
by Cash
Disbursed
$
19,873.00
8,421.30
743.71
615.52
40,388.89
6,591.09
2,415.85
1,030.77
214.76
4,974.91
1,200.00
$
86,469.80
GENERAL CAPITAL FUND
Exhibit D-1
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
COMPARATIVE STATEMENT OF ASSETS1 LIABILITIES1 RESERVES
AND FUND BALANCE - REGULATORY BASIS
AS OF DECEMBER 31 1 2014 AND 2013
Balance
Balance
December 31,
December 31 ,
2014
2013
ASSETS
Cash and Cash Equivalents
$
12,003.50
$
41,728.61
Intergovernmental Accounts Receivable
$
321,424.14
$
265,231.27
Deferred Charges to Future Taxation-
Funded
$
145,000.00
$
155,000.00
Unfunded
217,250.00
177,250.00
$
362,250.00
$
332,250.00
Total Assets
$
695,677.64
$
639,209.88
LIABILITIES, RESERVES AND
FUND BALANCE
Loans Payable
$
145,000.00
$
155,000.00
Other Liabilities and Reserves:
Capital Improvement Fund
$
33,603.15
$
23,603.15
Reserve for Ambulance Purchase
10,100.00
10,100.00
Reserve for Encumbrances
3,823.50
937.32
$
47,526.65
$
34,640.47
Improvement Authorizations:
Funded
$
284,045.02
$
271,163.44
Unfunded
217,250.00
177,250.00
$
501,295.02
$
448,413.44
Fund Balance
$
1,855.97
$
1,155.97
Total Liabilities, Reserves and Fund Balance
$
695,677.64
$
639,209.88
There were $217,250.00 Bonds and Notes Authorized but not Issued at December 31, 2014.
-74-
Exhibit D-2
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
ANALYSIS OF CASH AND CASH EQUIVALENTS
Balance
Balance
December 31,
Cash
Cash
Transfers
December 31,
2013
Receipts
Disbursed
From
To
2014
Fund Balance
$
1,155.97
$
700.00
$
1,855.97
Capital Improvement Fund
23,603.15
$
40,000.00
$
30,000.00
33,603.15
Due from NJ DOT
(265,231.27)
153,807.13
210,000.00
(321,424.14)
Reserve for Encumbrances
937.32
$
937.32
3,823.50
3,823.50
Reserve for Ambulance Purchase
10,100.00
10,100.00
Improvement Authorizations:
I
Ordinance
...._J
Number
Improvement Description
c.n
I
227
Reconstruction of Pine Dr and Maple Ct.
700.00
700.00
228
Reconstruct Manholes
11,842.68
11,842.68
231
Reconstruction of Pine Drive Storm Sewers
8,409.82
8,409.82
234
Soil Removal
7,943.27
7,943.27
252
Improvements to Oscar Drive
38,204.99
130.50
38,074.49
260
Road Improvements to Nurko Road
204,062.68
198,821.17
5,241.51
264
Road Improvements to South Valley Road
23,643.25
3,823.50
240,000.00
212,533.25
$
41,728.61
$ 193,807.13
$ 223,532.24
$ 244,523.50 $
244,523.50
$
12,003.50
-....J
0>
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF INTERGOVERNMENTAL ACCOUNTS RECEIVABLE
New Jersey
New Jersey
New Jersey
Department of
Department of
Department of
Transportation -
Transportation -
Transportation -
Ordinance #252
Ordinance #260
Ordinance #264
BALANCE, DECEMBER 31.2013
$
80,231.27
$
185,000.00
INCREASED BY
Grants Awarded
$ ~210,000.0~
-------------~---------
----------···-····----········------
$
80,231.27
$
185,000.00
210,000.00
DECREASED BY
Cash Received
34,397.28
119,409.85
BALANCE, DECEMBER 31. 2014
$
. 45,833.99
$
65,590.15
$
210,000.00
Exhibit D-3
Total
$
265,231.27
- ?1 0,000.00
475,231.27
153,807.13
$
321,424.14
Ordinance
Number
231
I
252
-....1
-....1
I
260
264
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF DEFERRED CHARGES TO FUTURE TAXATION- UNFUNDED
Balance
Balance
December 31,
Authorized
December 31,
Improvement Description
2013
2014
2014
Reconstruction of Pine Drive Storm Sewers
$
62,250.00
$
62,250.00
Road Improvements to Oscar Drive
70,000.00
70,000.00
Road Improvements to Nurko Road
45,000.00
45,000.00
Road Improvements to South Valley Road
$
40,000.00
40,000.00
$
177,250.00
$
40,000.00
$ 217,250.00
Exhibit D-4
Anal~sis of Balance
Unexpended
Balance of
Improvement
Authorizations
$
62,250.00
70,000.00
45,000.00
40,000.00
$
217,250.00
ExhibH D-5
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF IMPROVEMENT AUTHORIZATIONS
2014 Authorizations
Balance
Capital
Def. Charges
Balance
Ordinance
Ordinance
December 31,2013
Improvement
NJDOT
to Future
Paid or
December 31 , 2014
Number_
Trtle
Date
Amount
Funded
Unfunded
__E!!ruL
Receivable
Taxation
Cancellation
Charged
Funded
Unfunded
227
Reconstruction of
Pine Dr. and Maple Ct.
8/27/2007
$
75,000.00
$
700.00
$
700.00
228
Reconstruct Manholes
8/27/2007
12,000.00
11,842.68
$
11,842.68
231
Reconstruction of
Pine Dr. Storm Sewers
2/25/2008
175,000.00
8,409.82
$
62,250.00
8,409.82
$
62,250.00
234
Soil Removal
8/11/2008
18,000.00
7,943.27
7,943.27
252
Improvements to Oscar
-...J
Drive
8/13/2012
310,000.00
38,204.99
70,000.00
$
130.50
38,074.49
70,000.00
CX>
260
Improvements to Nurko
Road
11/25/2013
250,000.00
204,062.68
45,000.00
198,821.17
5,241.51
45,000.00
264
Improvements to South
Valley Road
6/23/2014
280,000.00
$
30,000.00 $ 210,000.00
$
40,000.00
27,466.75
212,533.25
_iQ.OOO.OO
$ 271,163.44
$
177,250.00 $
30,000.00 $ 210,000.00
$
40,000.00 $
700.00
$ 226,418.42
$ 284,045.02
$ 217,250.00
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF CAPITAL IMPROVEMENT FUND
BALANCE, DECEMBER 31, 2013
INCREASED BY
2014 Budget Appropriation
DECREASED BY
Appropriated to Finance Improvement Authorizations
BALANCE, DECEMBER 31, 2014
-79-
Exhibit D-6
$
23,603.15
40,000.00
$
63,603.15
30,000.00
$
33,603.15
co
0
Purpose
Monmouth County Improvement Authority
Pooled Loan Revenue (Refunding) Bonds
Serial Bonds
Date of
Original
Issue
12/4/2012 $
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF BONDS PAYABLE
Amount of
Original
Issue
Date
Amount
165,000.00
12/1/2015 $
10,000.00
12/1/2016
10,000.00
12/1/2017
10,000.00
12/1/2018
10,000.00
12/1/2019
10,000.00
12/1/2020
10,000.00
12/1/2021
10,000.00
12/1/2022
10,000.00
12/1/2023
10,000.00
12/1/2024
10,000.00
12/1/2025
15,000.00
12/1/2026
15,000.00
12/1/2027
15,000.00
Exhibit D-7
Balance
Balance
Interest
December 31,
December 31,
Rate
2013
Decreased
2014
2.00%
$
155,000.00 $ 10,000.00 $
145,000.00
2.50%
3.00%
3.00%
3.00%
4.00%
4.00%
4.00%
4.00%
2.00%
3.00%
2.00%
2.00%
$
155,000.00
10,000.00 $
145,000.00
Ordinance
Number
231
I
264
(X)
.....
252
260
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
Balance
December 31,
2014
Description
2013
Authorization
Reconstruction of Pine Drive Storm Sewers
$
62,250.00
Improvements to South Valley Road
$
40,000.00
Road Improvement to Oscar Drive
70,000.00
Road Improvements to Nurko Road
45,000.00
$
177,250.00
$
40,000.00
Exhibit D-8
Balance
December 31,
2014
$
62,250.00
40,000.00
70,000.00
45,000.00
$
217,250.00
WATER-SEWER UTILITY OPERATING FUND
BOROUGH OF ROOSEVELT
Exhibit E-1
Sheet 1 of 2
WATER-SEWER UTILITY OPERATING FUND
COMPARATIVE STATEMENT OF ASSETS, LIABILITIES, RESERVES
AND FUND BALANCE- REGULATORY BASIS
AS OF DECEMBER 31, 2014 AND 2013
Balance
Balance
December 31,
December 31,
2014
2013
ASSETS
Cash and Cash Equivalents
$
20,899.64
$
16,153.05
lnterfunds Receivable:
Due from Water-Sewer Utility Capital Fund
$
175,201.64
$
91,378.53
Receivables and Other Assets:
Consumer Accounts Receivable
$
98,569.19
$
96,574.52
Inventory
5,114.00
$
98,569.19
$
101,688.52
Deferred Charges:
Emergency Authorization
$
35,000.00
Total Assets
$
294,670.47
$
244,220.10
-82-
BOROUGH OF ROOSEVELT
Exhibit E-1
Sheet 2 of 2
WATER-SEWER UTILITY OPERATING FUND
COMPARATIVE STATEMENT OF ASSETS, LIABILITIES, RESERVES
AND FUND BALANCE- REGULATORY BASIS
AS OF DECEMBER 31, 2014 AND 2013
Balance
Balance
December 31,
December 31,
2014
2013
LIABILITIES, RESERVES AND
FUND BALANCE
Liabilities:
Appropriation Reserves
$
63,405.88
$
10,035.13
Other Liabilities and Reserves:
Reserve for Encumbrances
$
47,620.62
$
23,318.78
Prepaid Rents
4,710.41
1,448.31
Rent Overpayments
420.00
Accrued Interest on Bonds and Loans
10,738.65
11,109.48
lnterfund Payable:
Due to Current Fund
69,205.72
96,619.88
$
132,695.40
$
132,496.45
Reserve for Receivables and Inventory
$
98,569.19
$
101,688.52
Total Liabilities, Reserves and Fund Balance
$
294,670.47
$
244,220.10
-83-
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND
COMPARATIVE STATEMENT OF OPERATIONS AND CHANGE IN
OPERATING FUND BALANCE- REGULATORY BASIS
FOR THE YEARS ENDED DECEMBER 31,2014 AND 2013
Revenue and Other Income Realized:
Rents
Cell Tower Fees
Water-Sewer Capital Fund Balance
Interest on Delinquent Rents
Deficit (General Budget)
NonbudgetRevenue
Total Income
Expenditures:
Operating
Capital Improvements
Debt Service
Deferred Charges and Statutory Expenditures
Total Expenditures
Excess/(Deficit) in Revenue
Adjustment to Income Before Fund Balance:
2014
$
732,603.16
60,621.59
11,527.23
9,266.86
103.54
$
814,122.38
$
527,810.00
230,547.38
55,765.00
$
814,122.38
$
$
$
$
$
Exhibit E-2
2013
662,432.23
30,200.65
1,622.78
8,632.61
35,379.49
202.43
738,470.19
494,959.94
12,000.00
229,353.03
37,157.22
773,470.19
(35,000.00)
Expenditures included above which are by Statute
Deferred Charges to Budget of Succeeding Year
$ _
___;;,3..;;,:5,~00;;,.;;0;.:..:.0;...;:0_
Fund Balance, January 1
Decreased by:
Water-Sewer Utility Operating Budget
Fund Balance, December 31
-84-
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND
STATEMENT OF REVENUES- REGULATORY BASIS
YEAR ENDED DECEMBER 31,2014
Rents
Cell Tower Fees
Interest on Delinquent Rents
Deficit (General Budget)
Nonbudget Revenue
ANALYSIS OF NON BUDGET REVENUE
Interest on Investments:
Received by Water-Sewer Utility
Operating Fund
Anticipated
$ 722,000.00
30,200.00
8,000.00
53,969.00
$ 814,169.00
$ 814,169.00
-85-
Realized
$ 732,603.16
60,621.59
11,527.23
9,266.86
$ 814,018.84
103.54
$ 814,122.38
$ =====1 =03=.5=4=
Exhibit E-3
Excess
or
(Deficit)
$
10,603.16
30,421.59
3,527.23
( 44,702.14)
$
(150.16)
103.54
$
{46.62}
Exhibit E-4
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND
STATEMENT OF EXPENDITURES- REGULATORY BASIS
YEAR ENDED DECEMBER 31,2014
Budget After
Paid or
Budget
Modification
Charoed
Encumbered
Reserved
Cancelled
OPERATING
Salaries and Wages
$
133,735.00
$
133,735.00
$
125,307.15
$
8,427.85
Other Expenses
394,075.00
394,075.00
292,885.08
$
47,620.62
53,569.30
Total Operating
$
527,810.00
$
527,810.00
$
418,192.23
$
47,620.62
$
61,997.15
DEBT SERVICE
Payment of Bond Principal
$
95,000.00
$
95,000.00
$
95,000.00
Interest on Bonds
87,100.00
87,100.00
87,058.33
$
41.67
Principal and Interest on 1982 Farmers Home
():)
Administration Loan
18,000.00
18,000.00
18,000.00
0>
NJEIT 2010 Loan
30,494.00
30,494.00
30,489.05
4.95
Total Debt Service
$ ~594.00 $
230,594.00
$
230,547.38
$
46.62
DEFERRED CHARGES AND STATUTORY EXPENDITURES
Deferred Charges:
Emergency Authorizations
$
35,000.00
$
35,000.00
$
35,000.00
Statutory Expenditures:
Contribution to:
Public Employees' Retirement System
9,615.00
9,615.00
9,615.00
Social Security System (O.A.S.I.)
10,500.00
10,500.00
9,247.99
$
1,252.01
Unemployment Compensation Insurance
(N.J.S.A. 43:21-3 et. seq.)
650.00
650.00
493.28
156.72
Total Deferred Charges and Statutory Expenditures
$
55,765.00
$
55,765.00
$
54,356.27
$
1,408.73
Total Water-Sewer Utility Appropriations
$
814,169.00
$
814,169.00
$
703,095.88
$
47,620.62
$
63,405.88
$
46.62
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND
STATEMENT OF CONSUMER ACCOUNTS RECEIVABLE
BALANCE, DECEMBER 31, 2013
$
INCREASED BY
Water-Sewer Rents Levied
$
DECREASED BY
Collections
$
731,154.85
Prepaid Rents Applied
1,448.31
$
BALANCE, DECEMBER 31, 2014
$
-87-
Exhibit E-5
95,574.52
735,597.83
831 '172.35
732,603.16
98,569.19
I
co
co
Operating:
Salaries and Wages
Other Expenses
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND
STATEMENT OF 2013 APPROPRIATION RESERVES
Balance
December 31,2013
Balance
Appropriation
Reserve for
After
Reserves
Encumbrance
Transfers
$
2,381.67
$
2,381.67
7,112.15
$
23,318.78
30.430.93
Deferred Charges and Statutory Expenditures:
Statutory Expenditures:
Contribution:
Social Security System (O.A.S.I.)
527.85
527.85
Unemployment Compensation Insurance
13.46
13.46
$
10,035.13
$
23,318.78
$
33,353.91
Exhibit E-6
Balance
Paid or
Lapsed to
Charged
Current Fund
$
1,208.43
$
1,173.24
27,911.09
2,519.84
92.45
435.40
9.67
3.79
$ 29,221.64
$
4,132.27
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND
SCHEDULE OF ACCRUED INTEREST ON BONDS AND LOANS
BALANCE, DECEMBER 31. 2013
INCREASED BY:
Budget Appropriations:
Interest on Bonds
Interest on NJEIT Loan
Interest on USDA Loan
DECREASED BY:
Cash Disbursed
BALANCE, DECEMBER 31, 2014
ANALYSIS OF ACCRUED INTEREST- DECEMBER 31, 2014
Outstanding
December 31,
Interest
2014
Rate
From
Loan- NJEIT
$
115,000.00
various
08/01/14
Loan- USDA
109,931.06
5.00%
10/01/14
Bonds
2,145,000.00
various
12/01/14
-89-
$
87,058.33
4,895.84
5,743.28
To
12/31/14
12/31/14
12/31/14
Period
5 months
3 months
1 month
Exhibit E-7
$
11,109.48
97,697.45
108,806.93
98,068.28
$
10,738.65
Amount
$
1,979.17
1,749.06
7,010.42
$
10,738.65
WATER-SEWER UTILITY CAPITAL FUND
BOROUGH OF ROOSEVELT
Exhibit F-1
Sheet 1 of 2
WATER-SEWER UTILITY CAPITAL FUND
COMPARATIVE STATEMENT OF ASSETS, LIABILITIES, RESERVES
AND FUND BALANCE- REGULATORY BASIS
AS OF DECEMBER 31,2014 AND 2013
Balance
Balance
December 31 ,
December 31 ,
2014
2013
ASSETS
Cash and Cash Equivalents
$
387.65
$
704.84
Fixed Capital
5,234,017.43
4,628,433.31
Fixed Capital Authorized and Uncompleted
1 ,866,415.88
2,440,000.00
7,100,433.31
7,068,433.31
Total Assets
$
7,100,820.96
$
7,069,138.15
LIABILITIES, RESERVES AND
FUND BALANCE
Loans Payable:
Farmer's Home Administration Loan
$
109,931.06
$
122,187.78
NJEIT Loan
423,898.35
449,491.56
MCIA Loan
2,145,000.00
2,240,000.00
2,678,829.41
2,811,679.34
Other Liabilities and Reserves:
Reserve for Bond Issuance Costs
165.00
Reserve for Encumbrances
557,650.00
15,847.60
Capital Improvement Fund
9,150.00
10,750.00
566,800.00
26,762.60
lnterfunds Payable:
Due to Water-Sewer Utility Operating Fund
175,201.64
91,378.53
Due to Current Fund
91,056.33
91,056.33
$
266,257.97
$
182,434.86
-90-
BOROUGH OF ROOSEVELT
Exhibit F-1
Sheet 2 of 2
WATER-SEWER UTILITY CAPITAL FUND
COMPARATIVE STATEMENT OF ASSETS, LIABILITIES, RESERVES
AND FUND BALANCE- REGULATORY BASIS
AS OF DECEMBER 31, 2014 AND 2013
Balance
Balance
December 31,
December 31,
2014
2013
LIABILITIES, RESERVES AND
FUND BALANCE (CONTINUED)
Improvement Authorizations:
Funded
$
6,213.76
$
9,167.72
Unfunded
834,342.96
1,426,089.66
840,556.72
1,435,257.38
Reserve for Amortization
2,7 44,603.90
2,611,753.97
Deferred Reserve for Amortization
2,850.00
1,250.00
2,747,453.90
2,613,003.97
Fund Balance
922.96
Total Liabilities, Reserves and Fund Balance
$
7,100,820.96
$
7,069,138.15
There were Bonds and Notes Authorized but not Issued at December 31, 2014 of $1,674,150.00
-91 -
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF FIXED CAPITAL
BALANCE, DECEMBER 31.2013
INCREASED BY
Transferred from Fixed Capital Authorized
and Uncompleted
BALANCE, DECEMBER 31 I 2014
Detail:
Improvements to the Water-Sewer Treatment Plant
Capital Outlay - 1990
Capital Outlay - 1989 - Appropriation Reserves
Capital Outlay - 1991
Capital Outlay - 1990 - Appropriation Reserves
Capital Outlay - 1992
Capital Outlay - 1991 - Appropriation Reserves
Installation of Fire Suppression System in Chemical Building
Sludge Removal - Imhoff
Expansion of Water-Sewer Treatment Plant and Rehabilitation
of Sanitary Sewers
Capital Outlay - 1992 - Appropriation Reserves
Capital Outlay - 1993 - Appropriation Reserves
Capital Outlay - 1994
Capital Outlay - 1994 - Appropriation Reserves
Capital Outlay - 1995
Capital Outlay - 1995 - Appropriation Reserves
Capital Outlay - 1996
Capital Outlay - 1996 Appropriation Reserves
Capital Outlay - 1997
Improvements to the Water System- 1980
Other Adjustments
Capital Outlay - 1998
Capital Outlay - 1999
Capital Outlay - 2000
Capital Outlay - 2001
Rehabilitation to Well #3
Capital Outlay - 2003
Installation of Water Meters
Water-Sewer Improvements - Ord. 195
Water-Sewer Improvements- Ord. 219
Water-Sewer Improvements- Ord. 225
Maple Ct/North Rochdale Improvements
Upgardes to Water Treatment Plant and Rehabilitation of Water Storage Tank
-93-
Exhibit F-3
$ 4,628,433.31
605,584.12
$ 5,234,017.43
$
775,000.00
52,466.86
41,394.85
21,252.65
10,791.33
102,443.93
93,051.58
55,000.00
45,000.00
2,000,000.00
84,479.07
46,901.43
26,827.67
2,840.95
34,463.77
5,536.23
37,397.00
720.00
35,641.90
515,164.32
32,616.38
31,497.00
32,655.39
12,714.00
4,545.00
50,000.00
14,032.00
125,000.00
100,000.00
85,000.00
154,000.00
41,359.75
564,224.37
$ 5,234,017.43
Ordinance
Number
221
237
co
.t:>.
247/256
257/261
265
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED
Balance
Date
December 31,
2014
Description
Authorized
2013
Authorizations
Maple Ct./ N. Rochdale Improvements
07/10/06
$
45,000.00
Upgrades Water Treatment Plant
and Rehab. Water Storage Tank
07/13/09
565,000.00
Acquisition and Installation of an Automatic
05/23/11
Bar Screen and Inlet Weir Replacement
03/27/13
210,000.00
Various Water-Sewer Improvements
03/27/13
12/09/13
1,620,000.00
Improvements to Lake Drive Pump Station
06/23/14
$
32,000.00
$ 2,440,000.00
$
32,000.00
Exhibit F-4
Transferred
Balance
to Fixed
December 31,
Capital
2014
$
41,359.75
$
3,640.25
564,224.37
775.63
210,000.00
1,620,000.00
32,000.00
$
605,584.12
$ 1,866,415.88
Exhibit F-5
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF LOANS PAYABLE- MONMOUTH COUNTY IMPROVEMENT AUTHORITY
Date of
Amount of
Balance
Balance
Original
Original
Interest
December 31,
December 31 ,
Purpose
Issue
Issue
Date
Amount
Rate
2013
Increased
Decreased
2014
Monmouth County Improvement Authority
12/29/2011
$ 1,125,000
12/1/2015 $ 65,000.00
5.00%
$ 1,700,000.00
$
65,000.00 $ 1,635,000.00
Pooled Loan Revenue (Refunding) Bonds
12/1/2016
70,000.00
5.00%
Serial Bonds
12/1/2017
75,000.00
5.00%
12/1/2018
75,000.00
5.00%
12/1/2019
80,000.00
5.00%
12/1/2020
85,000.00
5.00%
12/1/2021
90,000.00
5.00%
12/1/2022
95,000.00
4.00%
12/1/2023
95,000.00
4.00%
12/1/2024
100,000.00
3.00%
<0
12/1/2025
105,000.00
3.00%
01
Term Bonds
12/29/2011
700,000
12/1/2026
105,000.00
3.00%
12/1/2027
110,000.00
3.00%
12/1/2028
115,000.00
3.00%
12/1/2029
115,000.00
5.00%
12/1/2030
125,000.00
5.00%
12/1/2031
130,000.00
5.00%
Monmouth County Improvement Authority
12/4/2012
570,000
12/1/2015
35,000.00
2.00%
540,000.00
30,000.00
510,000.00
12/1/2016
35,000.00
2.50%
12/1/2017
35,000.00
3.00%
12/1/2018
35,000.00
3.00%
12/1/2019
35,000.00
3.00%
12/1/2020
35,000.00
4.00%
12/1/2021
40,000.00
4.00%
12/1/2022
40,000.00
4.00%
12/1/2023
40,000.00
4.00%
12/1/2024
45,000.00
2.00%
12/1/2025
45,000.00
3.00%
12/1/2026
45,000.00
2.00%
12/1/2027
45,000.00
2.00%
$ 2,240,000.00
$
0.00
$
95,000.00 $ 2,145,000.00
Exhibit F-6
Sheet 1 of2
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF LOANS PAYABLE
NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
Maturities of
Amount of
Loan Outstanding
Balance
Balance
Date
Original
December 31, 2014
Interest
December 31,
Decreased
December 31,
Purpose
Of Issue
Issue
Date
Amount
Rate
2013
fu
2014
NJEIT- STATE
2010 Winter Program:
03/01/10
$ 135,000.00
08/01/15
$
5,000.00
5.00 %
$ 120,000.00
$
5,000.00
$
115,000.00
Water-Sewer System Improvements -
08/01/16
5,000.00
5.00
State Portion Ord #1 0-237
08/01/17
5,000.00
5.00
08/01/18
5,000.00
5.00
08/01/19
5,000.00
4.00
08/01/20
5,000.00
5.00
08/01/21
5,000.00
3.00
08/01/22
10,000.00
4.00
08/01/23
10,000.00
4.00
08/01/24
10,000.00
4.00
(0
08/01/25
10,000.00
4.00
0)
08/01/26
10,000.00
3.50
08/01/27
10,000.00
4.00
08/01/28
10,000.00
4.00
08/01/29
10,000.00
4.00
Total NJEIT- State
$ 120,000.00
$
5,000.00
$
115,000.00
Exhibit F-6
Sheet2 of2
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF LOANS PAYABLE
NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
Maturities of
Amount of
Loan Outstanding
Balance
Balance
Date
Original
December31, 2014
Interest
December 31,
Decreased
December 31,
Purpose
Of Issue
Issue
Date
Amount
Rate
2013
~
2014
NJEIT- FEDERAL
Water-Sewer System Improvements -
03/01/10
$ 405,000.00
02/01/15
$
6,864.40
0.00%
$ 329,491.56
$
20,593.21
$
308,898.35
Federal Portion Ord #1 0-237
08/01/15
13,728.81
02/01/16
6,864.40
08/01/16
13,728.81
02/01/17
6,864.40
08/01/17
13,728.81
02/01/18
6,864.40
08/01/18
13,728.81
02101/19
6,864.40
08/01/19
13,728.81
co
02/01/20
6,864.40
-...!
08/01/20
13,728.81
02101/21
6,864.40
08/01/21
13,728.81
02/01/22
6,864.40
08/01/22
13,728.81
02/01/23
6,864.40
08/01/23
13,728.81
02101/24
6,864.40
08/01/24
13,728.81
02/01/25
6,864.40
08/01/25
13,728.81
02/01/26
6,864.40
08/01/26
13,728.81
02/01/27
6,864.40
08/01/27
13,728.81
02/01/28
6,864.40
08/01/28
13,728.81
02/01/29
6,864.40
08/01/29
13,729.01
Total NJEIT- Federal
$ 329.491.56
$
20,593.21
$
308,898.35
$ 449,491.56
$
25,593.21
$
423,898.35
Interest
Rate
1982
Farmer's Home
Administration Loan
5.00%
I
co
CXl
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF FARMER'S HOME ADMINISTRATION LOANS
Annual
Balance
Due
Principal and
Final
December 31,
Date
lnterest_Due
Maturity
2013
3/31 and 9/30 $
18,000.00
2022
$
122,187.78
$
122,187.78
Exhibit F-7
Balance
December 31,
Decreased
2014
$
12,256.72
$
109,931.06
$
12,256.72
$
109,931.06
Ordinance
Ordinance
Number
~
Date
8!nQ.y.Dt
207
Various Water- Sewer
Improvements
6/14/2004
$
100,000.00
$
221
Maple Court I N. Rochdale
7110/2006
45,000.00
Improvements
237
Upgrades to Water Treatment
Plant and Rehabilitation of
Water Storage Tank
7/13/2009
565,000.00
247/256
Acquisition and Installation of an
Automatic Bar Screen and Inlet
5/23/2011
185,000.00
Weir Replacement
3/27/2013
25,000.00
co
co
249
Refunding Bond Ordinance 1992
Farmers Home Loan
11/14/2011
2,250,000.00
257/261
Various Water-Sewer
3/27/2013
215,000.00
Improvements
12/9/2013
1,405,000.00
265
Improvements to Lake Drive
Pump Station
6/23/2014
32,000.00
$
Detail:
Disbursed
Reserve for Encumbrances
Due to Water-Sewer Utility Operating Fund
BOROUGH QF RQO§EVEL T
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF IMPRQVEMENT AUTHORIZATIQNS
2014
Balance
Authorjzatioos
December 31,
Capital
Deferred
2013
Improvement
Charges to
Funded
Unfunded
.E!!O!!
Future Revenue
3,993.88
3,640.25
775.63
$
12,432.88
757.96
1,413,656.78
$
1 600.00
$
30400.00
9,167.72 $
1,426,089.56
$
1,600.00
$
30,400.00
Qancellation
$
757.96
$
757.96
Paid or
Qharged
$
3,796.00
7,787.17
614,359.53
$
625,942.70
$
317.19
557,650.00
67,975.51
$
625,942.70
$
$
Exhibjt F-8
Balance
December31,
2014
Funded
Unfunded
197.88
3,640.25
775.63
$
4,645.71
799,297.25
1,600.00
30,400.00
6,213.76 $
834,342.96
Ordinance
Number
247/256
257/261
265
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
Balance
December 31,
2014
Description
2013
Authorization
Acquisition and Installation of an
23,750.00
Automatic Bar Screen and Inlet Weir
Replacement
Various Water-Sewer Improvements
1,620,000.00
Improvements to Lake Drive Pump Station
$
30,400.00
1,643,750.00
$
30,400.00
-100-
Exhibit F-9
Balance
December 31,
2014
$
23,750.00
1,620,000.00
30,400.00
$ 1,674,150.00
CAPITAL ASSET
Capital Assets:
BOROUGH OF ROOSEVELT
CAPITAL ASSET ACCOUNT
COMPARATIVE STATEMENT OF CAPITAL ASSETS
AS OF DECEMBER 31, 2014 AND 2013
Balance
December 31,
2014
Land and Buildings
$
2,357,400.00
$
Machinery and Equipment
94,072.98
$
2,451 ,472.98
$
Exhibit G-1
Balance
December 31,
2013
2,357,400.00
94,072.98
2,451,472.98
Investment in Capital Assets
$
2,451,472.98
$
2,451,472.98
- 101 -
STATISTICAL SECTION
(UNAUDITED)
Exhibtt H-1
BOROUGH OF ROOSEVELT
CURRENT FUND EXPENDITURES BY FUNCTION
FOR THE LAST TEN (101 FISCAL YEARS
!ABSTRACTED FROM ANNUAL AUDIT OF BOROUGH RECORDS)
Fiscal Year
Function
2014
2013
2012
2011
2010
2009
2.Qlli!
2007
2006
2005
General Government
$
272,921.00
$
271,919.00
$
268,518.00
$
314,118.00
$
309,472.00
$
443,959.00
$
353,002.00
$ 364,890.00
$ 213,510.00
$ 213,235.00
Land Use
34,433.00
34,433.00
35,233.00
57,343.00
60,810.00
61,100.00
43,700.00
81,600.00
30,025.00
28,095.00
Insurance
46,500.00
50,300.00
48,800.00
50,100.00
47,400.00
43,900.00
39,400.00
42,900.00
43,900.00
42,900.00
Public Works
99,050.00
85,900.00
155,250.00
72,250.00
76,833.00
129,042.00
115,550.00
117,750.00
128,025.00
119,950.00
Hea~h and Human Services
15,900.00
18,500.00
18,500.00
18,000.00
15,500.00
16,600.00
15,309.00
11,685.00
15,010.00
13,210.00
Parks and Recreation
26,792.00
19,792.00
19,792.00
19,792.00
19,000.00
19,600.00
17,200.00
20,300.00
22,750.00
35,050.00
~ilities
33,500.00
30,500.00
30,200.00
28,500.00
27,500.00
27,500.00
27,500.00
26,300.00
25,200.00
23,100.00
Other Common Functions
1,000.00
1,000.00
5,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
1,000.00
950.00
Public Safety
61,297.00
50,400.00
44,400.00
42,400.00
33,300.00
34,850.00
34,650.00
35,350.00
57,150.00
41,650.00
Sanitation
115,400.00
93,400.00
36,400.00
39,400.00
42,000.00
40,600.00
40,600.00
40,500.00
37,000.00
35,000.00
Uniform Construction Code
3,560.00
3,560.00
3,560.00
3,460.00
3,000.00
Contingent
1,000.00
1,000.00
Deferred Charges and
Statutory Expenditures
144,842.71
115,131.29
123,460.00
26,768.00
32,240.00
30,167.00
143,830.00
33,360.00
19,975.00
12,700.00
.....
lntertocal Service Agreement
61,379.00
59,917.00
65,218.00
7,000.00
13,000.00
0
Grant Programs
11,300.00
4,301.45
11,441.68
4,732.52
4,050.27
4,534.52
4,542.20
4,333.86
9,523.25
4,000.00
N
Debt Service
14,400.29
14,370.00
9,640.00
7,700.00
4,200.00
8,830.00
2,601.00
Capital improvements
40,000.00
20,000.00
20,000.00
20,000.00
20,000.00
20,000.00
20,000.00
30,000.00
26,000.00
76,000.00
Reserve for Uncollected Taxes
160,000.00
160,000.00
150,000.00
150,000.00
140,000.00
130.000.00
130,000.00
130,000.00
120,000.00
120,000.00
Total Current Fund Expenditures
$ .1,Q~Q.896.00
$ __jl{':l,5()6. 7 4
$ _1.941 ,573.68
$_ 915,480.52
$ __ 9()1 ,523.27
$ _1,()11,682.52
$
99MM.20
$ 952,968.86
$ 750,068.25
$ 766.840.00
-->.
0
VJ
Function
Local Sources:
Fund Balance Utilized
Current Tax Revenue
Delinquent Tax Revenue
Miscellaneous Revenues Anticipated
Non-Budget Revenues
Other Credits to Income
lnterlocal Service Agreement
State Aid
Grants
Total Current Fund Revenues
BOROUGH OF ROOSEVELT
CURRENT FUND REVENUES BY FUNCTION
FOR THE LAST TEN {101 FISCAL YEARS
{ABSTRACTED FROM ANNUAL AUDIT OF BOROUGH RECORDS}
Fiscal Year
2014
2013
2012
2011
2010
2009
2008
$
259,873.15 $
199,618.00 $
174,742.00 $
138,100.00 $
120,999.18
$
225,000.00 $
275,000.00
710,478.82
702,009.25
701,598.58
700,064.81
704,930.53
673,527.30
589,044.08
81,118.39
81,567.97
80,862.46
62,607.04
67,140.59
49,134.13
84,423.42
62,326.85
4,872.29
1,100.00
1,605.00
1,660.00
26,114.00
1,550.00
53,112.87
87,036.73
113,304.91
101,252.42
58,570.25
31,887.94
36,872.99
192,127.65
189,630.13
204,173.73
81,584.12
80,708.10
34,522.69
4,608.20
81,849.00
81,848.88
81,849.00
81,849.00
82,930.82
104,119.50
136,906.38
11,300.00
4 301.45
11 441.68
4,732.52
4 050.27
4,534.52
4,542.20
$ 1,452,186.73 $ 1,350,884.70 $ 1,369,072.36 $ 1,171,794.91
$ 1,120,989.74
$ 1,148,840.08 $ 1,132,947.27
Exhibit H-2
2007
2006
2005
$
245,000.00
$
302,800.00
$
326,000.00
469,779.55
352,021.24
323,964.37
48,655.92
47,380.91
28,688.44
1,645.00
3,945.00
5,440.00
44,758.90
58,654.09
63,164.62
135,426.00
101,689.10
131,985.51
3,514.50
123,313.08
121,150.75
121,276.54
4,333.86
9,523.25
___i..OOO.OO
$ 1,076.426.81
$
997,164.34
$ 1,004,519.48
......
0
.j:l..
Function
Operating
Capital Improvements
Debt Service
Deferred Charges and Statutory Expenditures
2014
$ 527,810.00
230,547.38
55,765.00
$ 814,122.38
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND EXPENDITURES BY FUNCTION
FOR THE LAST TEN 1101 FISCAL YEARS
(ABSTRACTED FROM ANNUAL AUDIT OF BOROUGH RECORDS)
Fiscal Year
2013
2012
2011
2010
2009
$ 494,959.94
$ 455,939.33
$ 437,540.00
$ 433,937.00
$ 426,337.00
12,000.00
229,353.03
307,785.00
248,653.00
238,953.05
215,280.63
37,157.22
22,793.00
22,707.00
20,429.00
19,049.00
$ 773,470.19
$ 786,517.33
$ 708,900.00
$ 693,319.05
$ 660,666.63
Exhibit H-3
2008
2007
2006
2005
$ 404,100.69
$ 394,624.00
$ 409,042.00
$ 391 ,225.00
7,400.00
10,000.00
208,514.00
197,914.00
210,014.00
210,014.00
37,285.31
44,662.00
11,700.00
_!Q,_261.00
$ 649,900.00
$ 644,600.00
$ 630,756.00
$ 621,500.00
BOROUGH OF ROOSEVELT
PROPERTY TAX RATES
PER $100 OF ASSESSED VALUATION
FOR THE LAST TEN (10) FISCAL YEARS
Local
Assessment
School
Year
Borough
District
County
2014
$ 0.749
$ 1.941
$ 0.306
2013
0.748
1.852
0.313
2012
0.748
1.780
0.313
2011
0.747
1.750
0.320
2010
0.748
1.714
0.308
2009
0.634
1.425
0.268
2008
*
0.530
1.371
0.242
2007
0.442
1.325
0.256
2006
0.766
3.374
0.640
2005
0.697
3.373
0.620
Source: Tax Collector.
* Revaluation Effective
- 105-
Exhibit H-4
Total
$ 2.996
2.913
2.841
2.817
2.770
2.327
2.143
2.023
4.780
4.690
Year Ended
December 31,
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
BOROUGH OF ROOSEVELT
MUNICIPAL PROPERTY TAX LEVIES AND COLLECTIONS
FOR THE LAST TEN (1 0) FISCAL YEARS
Total
Current Tax
Tax Levy
Collections
$
2,457,517.51
$
2,392,927.73
2,453,383.85
2,364,694.04
2,399,625.97
2,318,058.00
2,372,099.72
2,292,739.51
2,338,055.07
2,269,420.62
2,234,179.82
2,167,288.73
2,065,395.22
2,013,071.59
1,940,971.15
1,856,797.73
1,740,005.09
1 ,691,599.17
1,676,734.77
1 ,629,353.86
- 106-
Exhibit H-5
Tax Levy
Collected
97.37%
96.39%
96.60%
96.65%
97.06%
97.01%
97.47%
95.66%
97.22%
97.16%
Year Ended
December 31,
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
BOROUGH OF ROOSEVELT
DELINQUENT TAXES AND TAX TITLE LIENS
FOR THE LAST TEN (1 0) FISCAL YEARS
Amount of
Amount of
Delinquent
Total
Tax Title Liens
Taxes
Delinquent
$
None
$ 55,520.54
$
55,520.54
None
80,868.39
80,868.39
None
81,567.97
81,567.97
6,499.81
74,362.85
80,862.66
None
63,374.22
63,374.22
None
66,891.09
66,891.09
None
49,134.13
49,134.13
None
84,173.42
84,173.42
None
48,405.92
48,405.92
None
47,380.91
47,380.91
- 107-
Exhibit H-6
Percentage
of Tax Levy
2.26%
3.30%
3.40%
3.41%
2.71%
2.99%
2.38%
4.34%
2.78%
2.83%
Exhibit H-7
BOROUGH OF ROOSEVELT
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
FOR THE LAST TEN (10) FISCAL YEARS
Percentage of
Net Assessed
Net
Estimated
to Estimated
Year Ended
Assessed
Full Cash
Full Cash
December 31 ,
Valuations
Valuations
Valuations
2014
$
81,873,900
$
85,758,772
95.47%
2013
84,087,500
81,480,136
103.20%
2012
84,280,100
84,797,364
99.39%
2011
84,103,400
88,548,357
94.98%
2010
84,156,300
94,029,385
89.50%
2009
95,806,200
94,149,175
101.76%
2008
*
96,270,800
98,225,487
98.01%
2007
95,836,500
89,291,438
107.33%
2006
36,308,910
89,123,490
40.74%
2005
35,635,110
75,466,137
47.22%
Source: Table of Equalized Valuations, State of New Jersey, Division of Taxation.
* Revaluation Effective
- 108-
BOROUGH OF ROOSEVELT
SCHEDULE OF TEN LARGEST TAXPAYERS
YEAR ENDED DECEMBER 31, 2014
Assessed
Taxpayer
Value- 2014
Gade, Sreenivasa and Kanigiri
$
1,587,000
Sattel, Elsbeth G
1,060,000
Wojnicki, John
1,006,400
Wong, Wallace and Arlene
642,700
Gerling, Paul and Peggy
486,000
Dexheimer, W. Kim
533,600
Prestopino, Paul
499,400
Marko, Neil & Joy E. Marder
508,000
Herman Richard
470,500
Arthur Stinson
475,600
$
7,269,200
- 109-
Exhibit H-8
As a Percent
of Net Assessed
Valuation Taxable
1.94%
1.29%
1.23%
0.78%
0.59%
0.65%
0.61%
0.62%
0.57%
0.58%
8.88%
BOROUGH OF ROOSEVELT
COMPUTATION OF LEGAL DEBT MARGIN
FOR THE YEAR ENDED DECEMBER 31,2014
UNAUDITED
2014
2013
2012
Average Equalized Valuation of Taxable Property
Municipal Borrowing Margin- 3%% of $84,012,090.67
Gross Debt
Deductions
Net Municipal Debt as of December 31, 2014
Municipal Borrowing Margin Available
$
4,715,229.41
4,352,979.41
MUNICIPAL OVERLAPPING DEBT TOTAL
Borough Net Debt
Overlapping Debt Apportioned to Borough:
County of Monmouth:
.072429 of $428,759,489.85 <2>
Exhibit H-9
Equalized
Valuation
Basis <1>
$
85,758,772.00
81,480,136.00
84,797,364.00
$
252,036,272.00
$
84,012,090.67
$
2,940,423.17
362,250.00
$ ==2=,5=7=8=, 1=73=·=17=
$
362,250.00
310,546.87
$ ==6=7=2=,
7=96=.8=7=
Source: (1) Equalized Valuation Basis were provided by the Annual Report of the State of
New Jersey, Department of the Treasury, Division of Taxation for 2014, 2013 and
2012.
(2) County of Monmouth Chief Financial Officer.
- 110-
......
......
......
BOROUGH OF ROOSEVELT
RATIO OF BONDED DEBT, BOND ANTICIPATION NOTES AND LOANS TO
EQUALIZED VALUE AND NET DEBT PER CAPITA
FOR THE LAST TEN (10) FISCAL YEARS
Net
Year Ended
Borough
Equalized
Debt
December 31.
Population (1)
Valuation (2)
Issued (3)
2014
882
$ 85,758,772.00
$ 4,715,229.41
2013
882
81,480,136.00
2012
882
84,797,364.00
2011
882
88,548,537.00
2010
882
94,029,385.00
2009
937
94,149,175.00
2008
937
98,225,487.00
2007
933
89,291 ,438.00
2006
933
89,123,490.00
2005
933
75,466,137.00
(1) U.S. Bureau of the Census, Population Division for 2010.
(2) Per the State of New Jersey.
(3) Includes Water-Sewer Utility Debt only.
4, 787,679.34
3,404,736.03
3,841,793.33
3,923,602.09
3,763,075.67
2,963,887.25
2,851 '176.21
2,683,309.83
2,610,411.46
Less
Self-
Liquidating
Debt
$ 4,352,979.41
4,325,393. 7 4
2,444,106.03
3,520,293.33
3,688,1 02.09
3,478,403.87
2,726,387.25
2,779,926.21
1,476,091.43
2,610,411.46
$
Net
Debt
362,250.00
462,285.60
960,630.00
321,500.00
235,500.00
284,671.80
237,500.00
71,250.00
1,207,218.40
None
Exhibit H-1 0
Ratio of
Net
Debt to
Net
Assessed
Debt Per
Value
Capita
0.42%
$
410.71
0.56%
524.13
1.13%
1,089.15
0.36%
364.51
0.25%
267.01
0.30%
303.81
Exhibit H-11
BOROUGH OF ROOSEVELT
CALCULATION OF "SELF-LIQUIDATING PURPOSE" PER N.J.S. 40A:2-45
WATER-SEWER UTILITY OPERATING FUND
FOR THE YEAR ENDED DECEMBER 31, 2014
Cash Receipts from Fees, Rents or
Other Charges for Year
$
814,122.38
Deductions:
Operating and Maintenance Cost
$
548,575.00
Debt Service
230,547.38
Total Deductions
779,122.38
Excess in Revenue
$
35,000.00
- 112-
Year Ended
December 31,
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
BOROUGH OF ROOSEVELT
DEMOGRAPHIC STATISTICS
FOR THE LAST TEN (1 0) FISCAL YEARS
Unemployment
Per Capita
Rate
(1)
Income
(2)
5.5%
$
33,863.00
7.9%
33,863.00
8.3%
33,863.00
8.0%
54,801.00
7.9%
54,801.00
7.8%
54,801.00
4.7%
54,801.00
3.7%
54,801.00
4.0%
51,437.00
4.1%
47,694.00
Exhibit H-12
Borough
Population (3)
882
882
882
882
882
907
907
913
923
931
Source:
(1) New Jersey Department of Labor, Bureau of Labor Force Statistics.
(2) County of Monmouth.
(3) Based on Census of 2010 for year 2010-2014 and census of
2000 for Years 2005-2009.
- 113-
Date Established - 1937
Area
Employees:
Administrative
Public Works
Finance
Recreation
Water-Sewer
Volunteer Firemen
Volunteer First Aid
Source: Borough Records.
BOROUGH OF ROOSEVELT
MISCELLANEOUS STATISTICS
DECEMBER 31, 2014
Full Time
1
1
2 *
- 114-
6
9
Exhibit H-13
Incorporated - 1942
1.69 sq. miles
Part Time
1
3
1
2
7 *
AUDITOR'S COMMENTS AND RECOMMENDATIONS
GENERAL COMMENTS
DECEMBER 31, 2014
Contracts And Agreements Required To Be Advertised For N.J.S. 40A:11-4
N.J.S. 40A:11-4 states "Every contract or agreement, for the performance of any work or the
furnishing or hiring of any materials or supplies, the cost or the contract price whereof is to be
paid with or out of public funds not included within the terms of Section 3 of this act, shall be
made or awarded only after public advertising for bids and bidding therefore, except as is
provided otherwise in this act or specifically by any other law. No work, materials or supplies
shall be undertaken, acquired or furnished for a sum exceeding in the aggregate of $17,500.00
in the absence of a Qualified Purchasing Agent ("QPA"), except by contract or agreement."
The governing body of the Municipality has the responsibility of determining whether the
expenditures in any category will exceed $17,500.00 within the fiscal year. Where questions
arise as to whether any contract or agreement might result in violation of the statute, the
Borough Attorney's opinion should be sought before a commitment is made.
The minutes indicate that bids were requested by public advertising for the year as follows:
Improvements to Nurko Road
Water Treatment Plant I Improvements
The minutes indicate that resolutions were adopted and advertised authorizing the awarding of
contracts or agreements for "Professional Services" per N.J.S. 40A:11-5.
Inasmuch as the system of records did not provide for an accumulation of payments for
categories for the performance of any work or the furnishing or hiring of any materials or
supplies, the results of such an accumulation could not reasonably be ascertained.
Disbursements were reviewed, however, to determine whether any clear-cut violations existed.
Our examination of expenditures did not reveal any individual payments, contracts or
agreements in excess of $17,500.00 "for the performance of any work or the furnishing or hiring
of any materials or supplies" other than those where bids had been previously sought by public
advertisement or where a resolution had been previously adopted under the provision of N.J.S.
40A: 11-6, with the exception of the following:
There was an emergency water line repair that was made during the year the final cost of which
was in excess of the $17,500.00 bid threshold. It is our opinion that the condition should have
been memorialized as an "Emergent Condition Contract Award'' by resolution at the next
subsequent meeting of the governing body. It should be noted that all contracts awarded in
excess of the $17,500.00 bid threshold should be acknowledged and an award memoralized by
resolution which states why the award was not bid. No recommendation is required inasmuch
as this is an infrequent event and that it was clear to all member of the governing body that the
conditions existed.
- 115-
GENERAL COMMENTS (CONTINUED)
DECEMBER 31, 2014
Collection of Interest on Delinquent Taxes and Utility Charges
The governing body, on January 4, 2014, adopted the following resolution authorizing interest to
be charged on delinquent taxes, water-sewer charges and assessments:
WHEREAS, the Mayor and Council of the Borough of Roosevelt are empowered, pursuant
to N.J.S.A. 54:4-67, to fix the rate of interest to be charged for nonpayment of taxes and
other municipal charges; and
WHEREAS, the Mayor and Council of the Borough of Roosevelt find the assessment of
interest against delinquent municipal taxes and other charges will encourage prompt
payment of the same by property owners, resulting in more efficient collection of
revenues by the Borough of Roosevelt; and
WHEREAS, the Mayor and Council of the Borough of Roosevelt find that it is in the best
interest of the citizens of the Borough of Roosevelt to assess such interest.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the Borough of
Roosevelt, in the County of Monmouth and State of New Jersey, that the Tax Collector is
hereby authorized to charge the maximum legal rate of interest allowed pursuant to
N.J.S.A. 54:4-67 for delinquencies as defined therein, as may be amended and
supplemented from time to time, which rates presently are as follows:
Eight percent (8%) interest on delinquencies up to one thousand five hundred
dollars ($1 ,500.00);
Eighteen percent (18%) interest on delinquencies equal to or greater than one
thousand five hundred dollars and one cent ($1 ,500.01)
provided that no interest shall be charged on payment if any installment is made ten (1 0)
calendar days following the date upon when the installment becomes payable.
BE IT FURTHER RESOLVED that where any delinquency as defined in N.J.S.A. 54:4-
67, is in excess of ten thousand dollars ($10,000.00), the Borough of Roosevelt Tax
Collector is hereby authorized to impose the penalty thereon at a minimum legal rate of
interest allowed pursuant to N.J.S.A. 54:4, as may be amended and supplemented from
time to time, which penalty is presently six percent (6%).
- 116-
GENERAL COMMENTS (CONTINUED)
DECEMBER 31, 2014
Collection of Interest on Delinquent Taxes and Utility Charges (Continued)
BE IT FURTHER RESOLVED that the Borough of Roosevelt Water-Sewer Collector is
hereby authorized to charge the maximum rate of interest allowed by law for the water-
sewer delinquencies, as may be amended and supplemented from time to time, which
rates are presently as follows:
.0067% per month interest on delinquencies up to one thousand five hundred
dollars and one cent ($1 ,500.01 );
.015% per month on delinquencies equal to or greater than one thousand five
hundred dollars and one cent ($1 ,500.01)
provided that no interest be charged if payment of any installments were made within ten
(1 0) calendar days following the date upon when payable.
It appears, from an examination of the Tax Collector and the Water-Sewer Collector records,
that interest was collected in accordance with the foregoing resolution.
Delinquent Taxes and Tax Title Liens
The detail of all unpaid taxes for 2014 is being properly carried in the Tax Collector's records.
An abstract taken from these records as at December 31, 2014 covering all unpaid charges on
that date was verified with the accounting control figures shown in this report.
There was no tax sale required in 2014.
There were no tax title liens receivable as of December 31, 2014.
Water-Sewer Utility Receivables
The details of the Consumer Accounts Receivable Account as reflected on the Balance Sheet
(Exhibit E-1) have been proven to the detail on file in the Water-Sewer Utility Collector's office.
Cash Balances
The cash balances in all funds were verified by independent certifications obtained from the
depositories as at December 31, 2014. Supplemental bank reconciliations as of July 31, 2015
have also been prepared.
Cash counts were made on various dates in all departments of the Borough and bank balances
were independently reconciled from the books and records to such schedules of receipts and
disbursements provided for audit.
- 117-
Revenues
GENERAL COMMENTS
DECEMBER 31, 2014
Receipts from licenses, fees, fines and costs, etc., for all departments, including the Municipal
Court, were checked to the records maintained to the extent deemed necessary.
Expenditures
The vouchers for all funds were examined to the extent deemed necessary to determine that
they carried the properly executed certifications as required by statute.
There was some
difficulty in locating certain groups of invoices that were paid during the year. This matter is
under review for corrective action.
Payroll
An examination was made of the employees' compensation records for the year 2014 to
determine that salaries were paid in conformity with the amounts of salaries and wages
authorized by ordinance. Overtime and part-time wages were checked and found to be properly
authorized.
Miscellaneous Comments
The confirmation sent to the Local Board of Education verified that the school taxes payable at
December 31, 2014 was correct.
Surety Bond Coverage
It appears as though the surety bond coverage for the Tax Collector, Water-Sewer Collector and
Chief Financial Officer, Treasurer and Municipal Court are adequate.
Municipal Court
The Borough of Roosevelt has an lnterlocal Services Agreement with the Township of Millstone
to provide Municipal Court administration services. The Township of Millstone Court personnel
handle all operations of the Borough of Roosevelt Municipal Court. A separate report has been
issued on the Borough of Roosevelt's portion of their operation.
Minutes of Governing Body Meetings
During 2014 due to a long term illness of the Borough Clerk, the minutes of the governing body
meetings for the months of January, February, March and April were not prepared. Resolution
and ordinance books were maintained in the normal courses of Borough business. We have
been advised that subsequent to the yearend, the minutes were in the process of being
prepared for governing body approval.
- 118-
lnterfund Receivable/Payable
GENERAL COMMENTS
DECEMBER 31,2014
(CONTINUED)
There are interfunds that relate to the water-sewer utility capital fund that were caused by
expenditures paid on behalf of the fund by other funds which are pending receipt of the NJEIT
permanent financing. The other interfund represents amounts due to the Grant Fund which
does not have a checking account. The interfunds are expected to be liquidated once the
NJEIT loan is closed.
Other Matters
The contents of this audit report have been discussed at an exit conference, with the
appropriate Borough Officials, in accordance with the auditing standards general accepted in
the United States of America for governmental audits.
Appreciation
I desire to express my appreciation for the cooperation received from the Borough officials and
employees and the courtesies extended during the course of the audit.
RECOMMENDATIONS
DECEMBER 31, 2014
None.
The problems and weaknesses noted in my audit were not of such magnitude that they would
affect my ability to express an opinion on the financial statements taken as a whole.
Should any questions arise as to my comments, please do not hesitate to call me.
Gerard Stankiewicz
Certified Public Accountant
Registered Municipal Accountant #431
For The Firm
SAMUEL KLEIN AND COMPANY
- 119-
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"...arges Delinquent Taxes and Tax Title Liens Water-Sewer Utility Receivables Cash Balances Revenues Expenditures Payroll Miscellaneous Comments Surety Bond Coverage Municipal Court Minutes of Governing Body Meetings I nterfund Receivable/Payable Other Matters Appreciation Recommendations 115 116-..."
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George Lang
Chief Financial Officer
Debra Sopronyi
Borough Clerk
Rebecca Barrett Ord
Acting Borough Clerk
Salvatore P. Cannizzaro
Tax Collector and Water-Sewer Collector
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