2017 - Audit Report

The Borough of Roosevelt's Comprehensive Annual Financial Report (CAFR) for the year ended December 31, 2017, includes financial statements, supplemental schedules, and an independent auditor's report. 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, who issued an unqualified opinion stating the financial statements are presented fairly in conformity with the basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. During 2017, the Borough of Roosevelt experienced both progress and challenges in operational and financial areas. The Current Fund revenues, excluding fund balance utilized, totaled $1,308,744.08, with expenditures of $1,132,431.89. The Water-Sewer Utility Operating Fund generated operating revenues, excluding fund balance, of $840,654.71 and incurred operating expenses of $862,629.82. The Borough Council is actively seeking new and innovative ways to provide cost-efficient services to its residents, such as the contract with an outside service vendor to oversee the operation of the water and sewer utility, in hopes of achieving efficiencies and savings. The transmittal letter is dated August 31, 2018.