2018 - Audit Report

This is a Comprehensive Annual Financial Report (CAFR) for the Borough of Roosevelt, New Jersey, for the year ended December 31, 2018. The report includes financial statements and supplemental schedules, and is presented in four sections: Introductory, Financial, Statistical, and Auditor's Comments and Recommendations. The financial statements were audited by Samuel Klein and Company, and their report expresses an unqualified opinion on the regulatory basis, stating that the financial statements are presented fairly in conformity with the accounting principles prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. The Current Fund had revenues of $1,410,682.72 and expenditures of $1,125,429.41 in 2018, resulting in an increase in fund balance of $285,253.26. The Water-Sewer Utility Operating Fund generated operating revenues of $880,238.86 and incurred operating expenses of $880,238.86. The Borough is actively involved in decisions regarding the operation of the Borough and is searching for new and innovative ways to provide cost-efficient services to its residents, and entered into a contract with an outside service vendor to oversee the operation of the water and sewer utility in order to improve operational efficiencies and savings. The Borough has gross debt authorized and outstanding of $5,202,716.79, with $4,716,466.79 attributed to the Water-Sewer Utility and $486,250.00 to the General Capital Fund.