2015 - Audit Report

The Comprehensive Annual Financial Report (CAFR) for the Borough of Roosevelt, NJ, as of December 31, 2015, includes financial statements and supplemental schedules. The financial statements have been audited by Gerard Stankiewicz, CPA, RMA of Samuel Klein and Company. The Independent Auditors' Report states that the financial statements 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. The Borough's Current Fund revenues, exclusive of fund balance utilized, totaled $1,185,725.34 with expenditures of $1,087,465.50. The Water-Sewer Utility Operating Fund generated operating revenues of $877,228.96 and incurred operating expenses of $816,169.87. The report includes details on present and future challenges, such as the need to maintain stable tax rates and address water-sewer infrastructure problems. The Borough is seeking innovative solutions to these issues.