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Executive Summary
The Comprehensive Annual Financial Report (CAFR) for the Borough of Roosevelt, New Jersey, for the year ended December 31, 2019, is a detailed financial overview presented in four sections: Introductory, Financial, Statistical, and Auditor's Comments and Recommendations. The report asserts accuracy in all material respects and adherence to financial reporting standards prescribed by the Division of Local Government Services. The report highlights progress in operational and financial areas during 2019, while acknowledging ongoing challenges requiring attention and improvement, including maintaining stable tax rates and addressing water-sewer infrastructure issues. The financial statements have been audited by Samuel Klein and Company, and note an unqualified opinion and conformity with accounting principles. The report was issued April 21, 2021.
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--- Document: 2019 - Audit Report Document ---
COMPREHENSIVE ANNUAL FINANCIAL REPORT OF
BOROUGH OF ROOSEVELT
33 North Rochdale Avenue
Roosevelt, New Jersey 08555
FOR THE YEAR ENDED DECEMBER 31, 2019
Presented by
George Lang
Chief Financial Officer
Borough of Roosevelt
BOROUGH OF ROOSEVELT
TABLE OF CONTENTS
YEAR ENDED DECEMBER 31 I 2019
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
Combined Statement of Assets, Liabilities, Reserves and Fund
Balance - All Funds and Accounts - Regulatory Basis
A-1
Combined Statement of Revenues, Expenses and Changes in
Fund Balance - Regulatory Basis - Budget and Actual -
Current and Water-Sewer Utility Operating Funds
A-2
Statement of Change in Fund Balance - General Capital Fund -
Regulatory Basis
A-3
Statement of Change in Fund Balance - Water-Sewer Utility
Capital Fund - Regulatory Basis
Notes to Financial Statements
REQUIRED SUPPLEMENTARY INFORMATION
RSl-1
Schedule of Borough Contributions -
Public Employees
Retirement System (PERS)
RSl-2
Schedule of Borough's Proportionate Share of Net Pension
Liability - Public Employees Retirement System (PERS)
1-7
8
9
10-12
13-14
15-16
17-19
20
21
22-65
66
67
BOROUGH OF ROOSEVELT
TABLE OF CONTENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
FINANCIAL SECTION (CONTINUED)
Exhibit
Number
COMBINING AND INDIVIDUAL FUND AND ACCOUNTS
STATEMENTS
Current Fund:
B
Comparative Statement of Assets, Liabilities and Fund
Balance - Regulatory Basis
B-1
Comparative Statement of Operations and Changes in Fund
Balance - Regulatory Basis
B-2
Statement of Revenues - Regulatory Basis
B-3
Statement of Expenditures - Regulatory Basis
B-4
Statement of Taxes Receivable and Analysis of Property Tax
Levy
B-5
Statement of Foreclosed Property
B-6
Statement of 2018 Appropriation Reserves
B-7
Statement of Local District School Taxes Payable
B-8
Statement of Grants Receivable - Grant Fund
B-9
Statement of Appropriated Reserves - Grant Fund
Trust and Agency Fund:
C
Combining Balance Sheets - Regulatory Basis
C-1
Statement of Reserve for Animal Control Expenditures
C-2
Statement of Reserve for Trust Deposits
C-3
Statement of Payroll Deductions
General Capital Fund:
D
Comparative Statement of Assets, Liabilities, Reserves and
Fund Balance - Regulatory Basis
D-1
Analysis of Cash and Cash Equivalents
D-2
Statement of Intergovernmental Accounts Receivable
D-3
Statement of Deferred Charges to Future Taxation, Unfunded
D-4
Statement of Improvement Authorizations
D-5
Statement of Capital Improvement Fund
D-6
Statement of Bonds Payable
D-7
Statement of Bonds and Notes Authorized but Not Issued
68-69
70-71
72
73-77
78-79
80
81-82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
BOROUGH OF ROOSEVELT
TABLE OF CONTENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
FINANCIAL SECTION (CONTINUED)
Exhibit
Number
COMBINING AND INDIVIDUAL FUND AND ACCOUNTS
STATEMENTS (CONTINUED)
Water-Sewer Utility Operating Fund:
E
Comparative Statement of Assets, Liabilities, and Reserves -
Regulatory Basis
E-1
Comparative Statement of Operations and
Change in
Operating Fund Balance - Regulatory Basis
E-2
Statement of Revenues - Regulatory Basis
E-3
Statement of Expenditures - Regulatory Basis
E-4
Statement of Consumer Accounts Receivable
E-5
Statement of 2018 Appropriation Reserves
E-6
Schedule of Accrued Interest on Bonds and Loans
Water-Sewer Utility Capital Fund:
F
Comparative Statement of Assets, Liabilities, Reserves and
Fund Balance - Regulatory Basis
F-1
Analysis of Cash and Cash Equivalents
F-2
Statement of Fixed Capital
F-3
Statement of Fixed Capital Authorized and Uncompleted
F-4
Statement of Loans Payable - MCIA
F-5
Statement of Loans Payable - NJIBank
F-6
Statement of Farmer's Home Administration Loan
F-7
Statement of Bond Anticipation Notes
F-8
Statement of Improvement Authorizations
F-9
Statement of Bonds and Notes Authorized But Not Issued
Capital Asset:
G
Comparative Statement of Capital Assets
STATISTICAL SECTION
H-1
Current Fund Expenditures by Function
H-2
Current Fund Revenues by Function
H-3
Water-Sewer Utility Operating Fund Expenditures by Function
H-4
Property Tax Rates Per $100 of Assessed Valuation
H-5
Municipal Property Tax Levies and Collections
98-99
100
101
102
103
104
105
106-107
108
109
110
111
112-114
115
116
117
118
119
120
121
122
123
124
Exhibit
Number
BOROUGH OF ROOSEVELT
TABLE OF CONTENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
STATISTICAL SECTION (CONTINUED)
H-6
H-7
H-8
H-9
H-10
H-11
H-12
H-13
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
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
lnterfund Receivable/Payable
Other Matters
Appreciation
Following-up on Prior Year Recommendation
Recommendations
125
126
127
128
129
130
131
132
133
134-135
135
135
135
135
136
136
136
136
136
137
137
137
137
138
INTRODUCTORY SECTION
Borough of Roosevelt
r;}eMey rc7CoHteJtea~ rc76Jto~ic QiJfzict
P.O. BOX 128 • 33 N. ROCHDALE AVENUE • ROOSEVELT, NEW JERSEY 08555
OFFICE: (609) 448-0539 • FAX: {609) 448-8716
April 21, 2021
TO:
The Honorable Mayor and Council Members
RE:
Comprehensive Annual Financial Report for the
Year Ended December 31, 2019
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 pf 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 -
PRESENT AND FUTURE CHALLENGES
During the 2019 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 2019, our Current Fund, which encompasses the general government functions of the
Borough, had revenues exclusive of fund balance utilized of $1, 170,831.97, expenditures of
$1,174,792.07, and a decrease of $12,133.33 in fund balance at year-end. The Current Fund
total revenues decreased approximately $175,550.75, or 10.12% compared to 2018 caused
primarily by decreases in other credits.
lncrease/~Decrease)
2019
2018
Amount
Percent
Local Sources:
Fund Balance Utilized
$
388,200.00
$
323,900.00
$
64,300.00
19.85 %
Current Tax Revenue
783,707.96
792,752.02
(9,044.06)
(1.14)
Delinquent Tax Revenue
36,048.37
66,543.49
(30,495.12)
(45.83)
Miscellaneous Revenues Anticipated
13,730.00
14,590.00
(860.00)
(5.89)
NonbudgetRevenues
42,990.24
43,915.29
(925.05)
(2.11)
Other Credits to Income
207,403.33
406,438.66
(199,035.33)
(48.97)
Total Revenues from Local Sources
$ 1,472,079.90
$ 1,648,139.46
$
(176,059.56)
(10.68) %
State Aid
81,849.00
81,849.00
0.00
0.00
Grants
5,103.07
4,594.26
508.81
11.07
Total Current Fund Revenues
$ 1,559,031.97
$ 1,734,582.72
$
(175,550. 75)
(10.12) %
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 2019 compared to 2018 was $49,362.55 or 4.39%. Below is a
comparison of the Current Fund expenditures:
I ncrease/~Decrease
~
2019
2018
Amount
Percent
Within "CAPS":
General Government
$
321,311.00
$
295,136.00
$
26,175.00
8.87
Land Use
23,900.00
30,200.00
(6,300.00)
(20.86)
Insurance
35,600.00
36,500.00
(900.00)
(2.47)
Public Works
165,950.00
169,450.00
(3,500.00)
(2.07)
Health and Human Services
15,000.00
14,800.00
200.00
1.35
Parks and Recreation
34,700.00
30,300.00
4,400.00
14.52
Utilities
28,300.00
29,800.00
(1,500.00)
(5.03)
Other Common Functions
2,500.00
2,200.00
300.00
13.64
Public Safety
36,600.00
36,600.00
0.00
0.00
Sanitation
33,000.00
32,000.00
1,000.00
3.13
Deferred Charges and Statutory
Expenditures
124,000.00
115,033.00
8,967.00
7.80
Total Expenditures within "CAPS"
$
820,861.00
$
792,019.00
$
28,842.00
3.64
Outside "CAPS":
Public Safety
$
37,421.00
$
37,421.00
0.00
0.00
Sanitation
68,257.00
66,945.26
1,311.74
1.96
Grants
5,103.07
4,594.26
508.81
11.07
Capital Improvements
40,000.00
30,000.00
10,000.00
33.33
Deferred Charges and Statutory
Expenditures
1,000.00
(1,000.00)
(100.00)
Debt Service
13,150.00
13,450.00
(300.00)
(2.23)
Total Expenditures outside 'CAPS"
$
163,931.07
$
153,410.52
$
10,520.55
6.86
Reserve for Uncollected Taxes
$
190,000.00
$
180,000.00
$
10,000.00
5.56
$
1, 174, 792.07
$
1, 125,429. 52
$
49,362.55
4.39
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
2019 and some of our plans for the future.
- 3 -
%
%
%
%
WATER-SEWER UTILITY FUND
Our Water-Sewer Utility Operating Fund generated operating revenues exclusive of fund
balance $845, 717.17 and incurred operating expenses of $801, 141. 36. The decrease in
operating expenses in 2019 compared to 2018 was 79,097.50 or 8.99%.
The following
schedule summarizes revenues and expenses for 2019 and 2018.
lncrease/(Decrease)
2019
2018
Amount
Percent
Revenues
Rents
$
739,337.53
$
750,750.73
$
(11,413.20)
(1.52)
Cell Tower Fees
90,525.01
84,574.66
5,950.35
7.04
Deficit General Budget
1,469.25
(1,469.25)
(100.00)
Interest on Delinquent Rents
15,105.74
13,979.32
1, 126.42
8.06
NonbudgetRevenue
748.89
533.21
215.68
40.45
Other Credits to Income:
Unexpended Balance of
Appropriation Reserves
28,931.69
(28,931.69)
(100.00)
$
845,717.17
$
880,238.86
$
(34,521.69)
(3.92) %
Expenditures
Operating
$
489,558.80
$
584, 139.00
$
(94,580.20)
(16.19) %
Debt Service
311,582.56
276,499.86
35,082.70
12.69
Deferred Charges and
Statutory Expenditures
19,600.00
(19,600.00)
(100.00)
$
801,141.36
$
880,238.86
$
(79,097.50)
(899) %
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 and 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 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 recently after much study and thought entered into a contract with an outside
service vendor to oversee the operation of the water and sewer utility. It is anticipated that
there will be operational efficiencies and savings.
The Borough is a participant in the State of New Jersey Infrastructure Trust, NJI Bank, a low
interest loan program which is utilized to do major repairs to the Borough water tower.
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, 2019, 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 2019, 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%% 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 authorized and outstanding of $5,205,780.51 of which
$4,489,630.51 is attributed to the Water-Sewer Utility and $716,150.00 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, 2019
Governing Body
Peggy Malkin, Mayor
Michael Hamilton, Council President
Steven Bowen, Council Member
Luke Dermody, Council Member
Louis Esakoff, Council Member
Joseph Trammell, Council Member
Cody Parker, Council Member [through February 25, 2019]
Chad Vroman, Council Member [effective March 25, 2019]
Other Officials
Kathleen Hart, Borough Clerk
George J. Lang, Chief Financial Officer
Ana Debevec, Treasurer
Salvatore P. Cannizzaro, Tax Collector and Water-Sewer Utility Collector
Donna Taylor, Tax Assessor
Carmela Roberts, Borough Utility Engineer
Gregory J. Cannon, Esq., Borough Attorney
Nicole Sonnenblick, Municipal Court Judge
Sonia K. Fernandez, Municipal Court Administrator
Michele Donato, Planning Board Attorney
- 8 -
BOROUGH OF ROOSEVELT
CONSULTANTS AND ADVISORS
DECEMBER 31 I 2019
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
Gregory J. Cannon, Esq.
Sobel Han & Cannon, LLP
105 Reids Hill Road
Aberdeen, NJ 07747
BOND COUNSEL
Gluck Walrath LLP
11 Wharf Avenue
Red Bank, NJ 07701
OFFICIAL DEPOSITORY
1st Constitution Bank
- 9 -
FINANCIAL SECTION
SAMUEL KLEIN AND COMP.ANY
CERTIFIED PUBLIC ACCOUNTANTS
550 BHOAD STREET, 11 TH FLOOH
N"EWAHK, N,J 07102-9969
PI-IONE (973) 624-6100
l'A..x (1)73) 624-CilOl
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 :30:3
FREEHOLD, NJ 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, 2019, 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.
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.
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
www.samuelklein-cpa-rma.com
- 10 -
INDEPENDENT AUDITORS' REPORT (CONTINUED)
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, 2019, 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, 2019, 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, 2019 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.
Other Information
Our audit was made for the purpose of forming an opinion 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.
- 11 -
INDEPENDENT AUDITORS' REPORT (CONTINUED)
Report on Required Supplementary Information
Accounting principles generally accepted in the United States of America require that pension plan
information, include the Notes thereto, (Required Supplementary Information), as listed in the table of
contents be presented to supplement the basic financial statements. Such information, although not a
part of the basic financial statements is required by the Governmental Accounting Standards Board, who
considers it to be an essential part of financial reporting for placing the basic financial statements in an
appropriate operational, economic, or historical context. We have applied certain limited procedures to
the required supplementary information in accordance with auditing standards generally accepted in the
United States of America, which management's responses to our inquiries, the basic financial statements,
and other knowledge we obtained during our audit of the basic financial statements. We do not express
an opinion or provide any assurance on the information because the limited procedures do not provide us
with sufficient evidence to express an opinion or provide any assurance.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated April 21, 2021,
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
April 21, 2021
Gerard Stankiewicz
Certified Public Accountant
Registered Municipal Accountant #431
SAMUEL KLEIN AND COMPANY
- 12 -
SAMUEL KLEIN AND COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
550 l3ROAD STREET, 11 TH FJ,OOH
NEWATUi:, N.J 07102-9969
PHONE (97~3) 624-6100
I~x (973) 624-6101
36 \VEST MAIN STHEET, SUITE 303
FHEEHOLD, NJ 07728-2291
PHONE (732) 780-2600
FAX (732) 780-1030
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, 2019, and the related notes to the financial statements, which
collectively comprise the Borough's basic financial statements, and have issued our report thereon dated
April 21, 2021.
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. 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.
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 (CONTINUE.DJ
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
April 21, 2021
flJSt~u~
Gerard Stankiewicz
Certified Public Accountant
Registered Municipal Accountant #431
SAMUEL KLEIN AND COMPANY
- 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
_..
Revenue Accounts Receivable
01
Deferred Charges
Fixed Capital
Fixed Assets
Grant Fund:
Grants Receivable
lnterfunds Receivable
Total Assets and Other Debits
BOROUGH OF ROOSEVELT
COMBINED STATEMENT OF ASSETS, LIABILITIES, RESERVES AND FUND BALANCE -
ALL FUNDS AND ACCOUNT GROUPS - REGULA TORY BASIS
DECEMBER 31, 2019
(WITH COMPARATIVE TOTALS FOR DECEMBER 31, 2018)
Governmental Funds
Current
$ 1,453, 171.53
56,970.26
181,700.00
8,148.23
18.52
1, 195.15
16,955.06
$ 1,718,158.75
$
General
Capital
118,910.38
560,000.00
716,250.00
$ 1,395, 160.38
Trust and
Agency
$ 42,593.44
$ 42,593.44
Water-Sewer Utility
Operating
Capital
$
27,132.74 $
1,983.60
27,225.00
87,988.87
110,040.55
8, 153,533.31
$ 225,162.16 $
8,182,741.91
See Notes to Financial Statements.
$
$
Capital Assets
Account Group
2,451,472.98
2,451,472.98
$
Exhibit A
Sheet 1 of 2
Totals
Memorandum Only
2019
2018
1,643,791.69
$
1,655,074.34
587,225.00
237,225.00
56,970.26
38,700.14
181,700.00
181,700.00
87,988.87
91,437.01
118,188.78
108,341.50
18.52
27.52
716,250.00
486,250.00
8, 153,533.31
8,153,533.31
2,451,472.98
2,451,472.98
1,195.15
2,893.19
16,955.06
18,982.71
$ 14,015,289.62
$ 13,425,637.70
LIABILITIES, RESERVES AND
FUND BALANCE
Liabilities and Reserves:
Appropriation Reserves
Other Liabilities and Reserves
Bond Anticipation Notes
Loans Payable
Improvement Authorizations
lnterfunds Payable
.....
Reserve for Amortization
(j)
Reserve for Receivables and
Other Assets
Grant Fund:
Reserve for Encumbrances
Appropriated 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 I 2019
(WITH COMPARATIVE TOTALS FOR DECEMBER 31, 2018)
Governmental Funds
Current
117,175.85
441,553.86
16,955.06
246,837.01
18, 150.21
840,671.99
877,486.76
877,486.76
$
General
Capital
612,333.18
780,971.23
$ 1,393,304.41
$
1,855.97
$
1,855.97
Trust and
Agency
$ 39,293.21
3,300.23
$ 42,593.44
Water-Sewer Utility
Operating
Capital
$
60,106.29
32,491.19 $
520,987.32
346,150.00
2,608,068.57
927,821.77
114,888.55
3,663,902.74
87,988.87
$ 180,586.35 $ ~818.95
44,575.81 $
922.96
44,575.81 $
922.96
$
$
Capital Assets
Account Group
2,451,472.98
2,451,472.98
$ 1,718,158.75
$ 1,395,160.38
$ 42,593.44 $ 225,162.16 $
8,182,741.91
$
2,451,472.98
See Notes to Financial Statements.
$
Exhibit A
Sheet 2 of 2
Totals
Memorandum Only
2019
2018
177,282.14
$
176,468.37
1,646,658.76
640,766.57
346,150.00
376,150.00
2,608,068.57
2,909,904.79
1,708,793.00
2,042,635.47
135,143.84
127,324.21
3,663,902.74
3,437,066.52
334,825.88
349,573.87
18,150.21
21,875.90
$ 10,638,975.14
$ 10,081,765.70
2,451,472.98
$
2,451,472.98
$
924,841.50
892,399.02
$
3,376,314.48
$
3,343,872.00
$ 14,015,289.62
$ 13,425,637.70
-"
""""
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, 2019
Exhibit A-1
Sheet 1 of 3
Current Fund
Water-Sewer Utili!z'. O~erating Fund
Variance
Variance
Final
Favorable
Final
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
(Unfavorable)
Revenues:
Fund Balance Anticipated
$
388,200.00
$
388,200.00
Water-Sewer Rents
$
725,000.00
$
739,337.53
$
14,337.53
Miscellaneous Revenues
12,000.00
13,730.00
$
1,730.00
89,254.80
105,630.75
16,375.95
State Aid
81,849.00
81,849.00
Deficit (General Budget)
70,000.00
(70,000.00)
Grants
5,103.07
5,103.07
$
487,152.07
$
488,882.07
$
1,730.00
$
884,254.80
$
844,968.28
$
(39,286.52)
Receipts from Delinquent Taxes
38,000.00
36,048.37
(1,951.63)
Amount to be Raised by Taxes for Support
of Municipal Budget:
Local Tax for Municipal Purposes Including
Reserve for Uncollected Taxes
649,640.00
~707.96
134,067.96
Budget Totals
$
1, 174,792.07
$
1,308,638.40
$
133,846.33
$
884,254.80
$
844,968.28
$
(39,286.52)
NonbudgetRevenue
42,990.24
42,990.24
748.89
748.89
Taxes Allocated to School and County
1,965,220.49
1,965,220.49
Other Credits to Income
~403.33
207,403.33
Total Revenues
$
1,174,792.07
$
3,524,252.46
$
2,349,460.39
$
884,254.80
$
845,717.17
$
(38,537.63)
See Notes to Financial Statements.
~
CX>
BOROUGH OF ROOSEVELT
COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND BALANCE- REGULATORY BASIS
BUDGET AND ACTUAL - CURRENT AND WATER-SEWER UTILITY OPERA TING FUNDS
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2019
ExhibitA-1
Sheet 2 of 3
Current Fund
Water-Sewer Utility Operating Fund
Expenditures:
Current:
Within "CAPS":
General Government
$
Land Use
Insurance
Public Safety
Public Works
Health and Human Services
Parks and Recreation
Utilities
Other Common Functions
Sanitation
Deferred Charges and Statutory Expenditures
Excluded from "CAPS":
Sanitation
Public Safety
Sanitation
Grants
General Government
Operating
Capital Improvements
Debt Service
Reserve for Uncollected Taxes
Total Budget Expenditures
$
Final
Budget
Actual
321,311.00
$
321,311.00
23,900.00
23,900.00
35,600.00
35,600.00
36,600.00
36,600.00
165,950.00
165,950.00
15,000.00
15,000.00
34,700.00
34,700.00
28,300.00
28,300.00
2,500.00
2,500.00
33,000.00
33,000.00
124,000.00
124,000.00
37,421.00
37,421.00
68,257.00
68,257.00
5,103.07
5,103.07
40,000.00
40,000.00
13,150.00
13,150.00
190,000.00
~000.00
1,174,792.07
$
1,174,792.07
See Notes to Financial Statements.
Variance
Favorable
(Unfavorable)
Final
Budget
$
569,558.80
314,696.00
$
884,254.80
Actual
$
489,558.80
311,582.56
$
801,141.36
$
$
Variance
Favorable
(Unfavorable)
80,000.00
3, 113.44
83,113.44
I
->.
co
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, 2019
ExhibitA-1
Sheet 3 of 3
Current Fund
Water-Sewer Utili!Y O~erating Fund
Variance
Variance
Final
Favorable
Final
Favorable
Budget
Actual
(Unfavorable)
Budget
Actual
<Unfavorable)
Expenditures (Continued):
County Taxes including County Added
and Omitted
$
257,056.49
$
(257,056.49)
Local District School Taxes
1,708,164.00
(1,708,164.00)
lnterfund Advanced
8,148.23
(8,148.23)
Prior Year Refund
25.00
{25.00}
Total Expenditures
$
1,174,792.07
$
3,148,185.79
$ (1,973,393.72)
$
884,254.80
$
801,141.36
$
83,113.44
Excess/(Deficit) in Revenues Over/(Under)
Expenditures
$
376,066.67
$
376,066.67
$
44,575.81
$
44,575.81
Fund Balance, January 1, 2019
889,620.09
889,620.09
$
1,265,686.76
$
1,265,686. 76
Decreased By:
Utilization as Anticipated Revenue
388,200.00
388,200.00
Fund Balance, December31, 2019
$
877,486.76
$
877,486.76
$
44,575.81
$
44,575.81
See Notes to Financial Statements.
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF CHANGE IN FUND BALANCE -
REGULATORY BASIS
BALANCE. DECEMBER 31. 2018
BALANCE. DECEMBER 31. 2019
(There was no change during the year.)
See Notes to Financial Statements.
- 20 -
Exhibit A-2
$
1,855.97
=======
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF CHANGE IN FUND BALANCE -
REGULATORY BASIS
BALANCE. DECEMBER 31 I 2018
BALANCE. DECEMBER 31. 2019
(There was no change during the year.)
See Notes to Financial Statements.
- 21 -
Exhibit A-3
$
922.96
=====
NOTES TO FINANCIAL STATEMENTS
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2019
Note 1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Reporting Entity - The Borough of Roosevelt is located in Western Monmouth
County approximately forty-five (45) miles southwest of the City of New York and
fifty (50) miles northeast of the City of Philadelphia and twenty-three (23) miles
east of Trenton. 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, 2019
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 31st
of each year, under the title of "Appropriation Reserves".
- 23 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
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 I 2019
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, 2019
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, 2019
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:
•
GASS Statement No. 83.
Certain Asset Retirement Obligations.
This
Statement addresses accounting and financial reporting for certain asset
retirement obligations (AROs).
An ARO is a legally enforceable liability
associated with the retirement of a tangible capital asset. A government that has
legal obligations to perform future asset retirement activities related to its tangible
capital assets should recognize a liability based on the guidance in this
Statement.
Effective Date: The requirements of this Statement are effective for reporting
periods beginning after June 15, 2019.
The Borough does not expect this
Statement to impact its financial statements.
•
GASS Statement No. 84.
Fiduciary Activities.
This objective of this
Statement is to improve guidance regarding the identification of fiduciary
activities for accounting and financial reporting purposes and how those activities
should be reported. This Statement establishes criteria for identifying fiduciary
activities of all state and local governments. The focus of the criteria generally is
on (1) whether a government is controlling the assets of the fiduciary activity and
(2) the beneficiaries with whom a fiduciary relationship exists. Separate criteria
are included to identify component units and postemployment benefit
arrangements that are fiduciary activities.
Effective Date: The requirements of this Statement are effective for reporting
periods beginning after December 15, 2019. The Borough does not expect this
Statement to impact its financial statements.
- 27 -
Note 1.
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. Other Accounting Standards (Continued)
•
GASS Statement No. 87.
Leases.
The objective of this Statement is to
better meet the information needs of financial statement users by improving
accounting and financial reporting for leases by governments. This Statement
increases the usefulness of governments' financial statements by requiring
recognition of certain lease assets and liabilities for leases that previously were
classified as operating leases and recognized as inflows of resources or outflows
of resources based on the payment provisions of the contract.
Effective Date: The requirements of this Statement are effective for reporting
periods beginning after June 15, 2021.
The Borough does not expect this
Statement to impact its financial statements.
•
GASS Statement No. 88.
Certain Disclosure Related to Debt, including
Direct Borrowings and Direct Placements.
The primary objective of this
Statement is to improve the information that is disclosed in notes to government
financial statements related to debt, including direct borrowings and direct
placements. It also clarifies which liabilities governments should include when
disclosing information related to debt.
This Statement requires that additional essential information related to debt be
disclosed in notes to financial statements, including unused lines of credit; assets
pledged as collateral for the debt; and terms specified in debt agreements related
to significant events of default with finance related consequences, significant
termination events with finance-related consequences, and significant subjective
acceleration clauses.
Effective Date: The requirements of this Statement are effective for reporting
periods beginning after June 15, 2019.
The Borough does not expect this
Statement to impact its financial statements.
•
GASS Statement No. 89. Accounting for Interest Cost Incurred before the
End of a Construction Period.
The objectives of this Statement are (1) to
enhance the relevance and comparability of information about capital assets and
the cost of borrowing for a reporting period and (2) to simplify accounting for
interest cost incurred before the end of a construction period.
Effective Date: The requirements of this Statement are effective for reporting
periods beginning after December 15, 2020. Earlier application is encourage.
The requirements of this Statement should be applied prospectively.
The
Borough does not expect this Statement to impact its financial statements.
- 28 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. Other Accounting Standards (Continued)
•
GASB Statement No. 90.
Majority Equity Interests -
an Amendment of
GASB Statements No. 14 and No. 61. The primary objectives of this Statement
are to improve the consistency and comparability of reporting a government's
majority equity interest in a legally separate organization and to improve the
relevance of financial statement information for certain component units. It
defines a majority equity interest and specifies that a majority equity interest in a
legally separate organization should be reported as an investment if a
government's holding of the equity interest meets the definition of an investment.
A majority equity interest that meets the definition of an investment should be
measured using the equity method, unless it is held by a special purpose
government engaged only in fiduciary activities, a fiduciary fund, or an
endowment (including permanent and term endowments) or permanent fund.
Those governments and funds should measure the majority equity interest at fair
value.
Effective Date: The requirements of this Statement are effective for reporting
periods beginning after December 15, 2019. Earlier application is encouraged.
The requirements should be applied retroactively, except for the provisions
related to (1) reporting a majority equity interest in a component unit and (2)
reporting a component unit if the government acquires a 100 percent equity
interest.
Those provisions should be applied on a prospective basis.
The
Borough does not expect this Statement to impact its financial statements.
•
GASB Statement No. 91. Conduit Debt Obligations. The primary objectives
of this Statement are to provide a single method of reporting conduit debt
obligations by issuers and eliminate diversity in practice associated with (1)
commitments extended by issuers, (2) arrangements associated with conduit
debt obligations, and (3) related note disclosures.
Effective Date: The requirements of this Statement are effective for reporting
periods beginning after December 15, 2021. The Borough does not expect this
Statement to impact its financial statements.
- 29 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. Other Accounting Standards (Continued)
•
GASB Statement 92. Omnibus 2020. The objectives of this Statement are to
enhance comparability in accounting and financial reporting and to improve the
consistency of authoritative literature by addressing practice issues that have
been identified during implementation and application of certain GASB
Statements.
Effective Date: The requirements of this Statement are effective as follows:
(a) The requirements related to the effective
date of Statement 87 and
Implementation Guide 2019-3, reinsurance recoveries, and terminology used to
refer to derivative instruments are effective upon issuance.
(b) The requirements related to intra-entity transfers of assets and those
related to the applicability of Statements 73 and 7 4 are effective for fiscal years
beginning after June 15, 2021.
(c)
The
requirements
related
to
application
of Statement
84
to
postemployment benefit arrangements and those related to nonrecurring fair
value measurements of assets or liabilities are effective for reporting periods
beginning after June 15, 2021.
(d) The requirements related to the measurement of liabilities (and assets, if
any) associated with AROs in a government acquisition are effective for
government acquisitions occurring in reporting periods beginning after June 15,
2020.
Implementation has been postponed to June 15, 2021. The Borough
does not expect this Statement to impact its financial statement.
•
GASB Statement 93.
Replacement of Interbank Offered Rates.
The
objective of this Statement is to address those and other accounting and financial
reporting implications that result from the replacement of an IBOR.
Some
governments have entered into agreements in which variable payments made or
received depend on an interbank offered rate (IBOR) - most notably, the London
Interbank Offered Rate (LIBOR).
Effective Date: The removal of LIBOR as an appropriate benchmark interest rate
is effective for reporting periods ending after December 31, 2021.
All other
requirements of this Statement are effective for reporting periods beginning after
June 15, 2021. Earlier application is encouraged. The Borough does not expect
this Statement to impact its financial statement.
- 30 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES {CONTINUED)
D. Other Accounting Standards (Continued)
•
GASB Statement 94.
Public-Private and Public-Public Partnerships and
Availability Payment Arrangements. The primary objective of this Statement is to
improve financial reporting by addressing issues related to public-private and
public-public partnership arrangements (PPPs).
Effective Date: The requirements of this Statement are effective for fiscal years
beginning after June 15, 2022 and all PPPs should be recognized and measured
using the facts and circumstances that exist at the beginning of the period of
implementation (or if applicable to earlier periods, the beginning of the earliest
period restated). Implementation has been postponed to June 15, 2021.
The
Borough does not expect this Statement to impact its financial statement.
•
GASB Statement 95.
Postponement of the Effective Dates of Certain
Authoritative Guidance. The primary objective of this Statement is to provide
temporary relief to governments and other stakeholders in light of the COVID-19
pandemic. That objective is accomplished by postponing the effective dates of
certain provisions in Statements and Implementation Guides that first became
effective or are scheduled to become effective for periods beginning after June
15, 2019 and later.
Effective Date: The requirements of this Statement are effective immediately.
The Borough does not expect this Statement to impact its financial statement.
•
GASB
Statement
96.
Subscription-Based
Information
Technology
Arrangements.
This Statement provides guidance on the accounting and
financial reporting for subscription-based information technology arrangements
(SBITAs) for government end users (governments). This Statement (1) defines a
SBITA; (2) establishes that a SBITA results in a right-to-use subscription asset -
an intangible asset - and a corresponding subscription liability; (3) provides the
capitalization criteria for outlays other than subscription payments, including
implementation costs of a SBITA; and (4) requires note disclosures regarding a
SBITA.
To the extent relevant, the standards for SBITAs are based on the
standards established in Statement No. 87, Leases, as amended.
- 31 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. Other Accounting Standards (Continued)
Effective Date: The requirements of this Statement are effective for fiscal years
beginning after June 15, 2022, and all reporting periods thereafter.
Earlier
application is encouraged. Assets and liabilities resulting from SBITAs should be
recognized and measured using the facts and circumstances that existed at the
beginning of the fiscal year in which this Statement is implemented.
Governments are permitted, but are not required, to include in the measurement
of the subscription asset capitalizable outlays associated with the initial
implementation stage and the operation and additional implementation stage
incurred prior to the implementation of this Station ..
•
GASB Statement 97. Certain Component Unit Criteria and Accounting and
Financial Reporting for Internal Revenue Code Section 457 Deferred
Compensation Plans - an Amendment of GASB Statements No. 14 and No. 84,
and a Supersession of GASB Statement No. 32. The primary objectives of this
Statement are to (1) increase consistency and comparability related to the
reporting of fiduciary component units in circumstances in which a potential
component unit does not have a governing board and the primary government
performs the duties that a governing board typically would performs; (2) mitigate
costs associated with the reporting of certain defined contribution pension plans,
defined contribution other postemployment benefit (OPES) plans, and employee
benefit plans other than pension plans or OPES plans (other employee benefit
plans) as fiduciary component units in fiduciary fund financial statements; and (3)
enhance the relevance, consistency, and comparability of the accounting and
financial reporting for Internal Revenue Code (IRC) Section 457 deferred
compensation plans (Section 457 plans) that meet the definition of a pension
plan and for benefits provided through those plans.
Effective Date: The requirements of this Statement that are related to the
accounting and financial reporting for Section 457 plans are effective for fiscal
years beginning after June 15, 2021. For purposes of determining whether a
primary government is financially accountable for a potential component unit, the
requirements of this Statement that provide that for all other arrangements, the
absence of a governing board be treated the same as the appointment of voting
majority of a governing board if the primary government performs the duties that
a governing board typically would perform, are effective for reporting periods
beginning after June 15, 2021.
Earlier application of those requirements is
encouraged and permitted by requirement as specified within this Statement.
The Borough considered the effective dates for the requirements of this
Statement in light of the COVID-19 pandemic and in concert with Statement No.
95, Postponement of the Effective Dates of Certain Authoritative Guidance.
- 32 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
E. Subsequent Events
Management has reviewed and evaluated all events and transactions from
December 31, 2019 through April 21, 2021, 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.
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.
- 33 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 2.
CASH, CASH EQUIVALENTS AND INVESTMENTS
A. Cash and Cash Equivalents (Continued)
As of December 31, 2019, 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, 2019 was $1,634,888.54. These funds constitute
"deposits with financial institutions" as defined by GASB Statement No. 3 as
amended by GASB No. 40.
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.
- 34 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
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.
Comparative Schedule of Tax Rates
2019
2018
2017
2016
2015
Tax Rate
$ 3.039
$ 2.902
$ 2.906
$ 2.868
$ 2.919
Apportionment of Tax Rate:
Municipal
0.755
0.755
0.756
0.728
0.728
County
0.299
0.304
0.300
0.292
0.312
Local School
1.985
1.843
1.850
1.848
1.879
- 35 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 3.
TAXES AND TAX TITLE LIENS RECEIVABLE (CONTINUED)
Assessed Valuation
2019
2018
2017
2016
2015
$
86,045,661.00
85,814,213.00
85,665,800.00
85,344, 7 49.00
85,837,215.00
Comparison of Tax Levies and Collections
Year
Tax Levy
Collections
2019
$
2,615,898.71
$
2,558,928.45
2018
2,495,277.40
2,455,350.41
2017
2,488,921.44
2,422,377.95
2016
2,444,490.38
2,401,459. 77
2015
2,508,575.69
2,460, 128.19
Delinquent Taxes and Tax Title Liens
Tax
Delinquent
Total
Year
Title Liens
Taxes
Delinquent
2019
None
$
56,970.26
$
56,970.26
2018
None
38,700.14
38,700.14
2017
None
66,543.29
66,543.29
2016
$
9,094.47
39,809.83
48,904.30
2015
5,873.74
43,107.26
48,981.00
Note 4.
PROPERTY ACQUIRED BY TAX TITLE LIEN LIQUIDATION
Percentage
of Collections
97.82%
98.40%
97.33%
98.24%
98.07%
Percentage
of Tax Levy
2.18%
1.55%
2.68%
2.00%
2.12%
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:
Year
Amount
2019
$
181,700.00
2018
181,700.00
2017
181,700.00
2016
181,700.00
2015
181,700.00
- 36 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 5.
WATER-SEWER UTILITY
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 for a minimum usage plus a factor for excess consumption on a
bi-monthly basis for 2019.
Billings and Collections
2019
2018
2017
2016
2015
Amount Levied
$
735,889.39
736,671.28
736,024.16
737,919.21
736,973.28
* May include amounts levied in prior years
Note 6.
DEFERRED SCHOOL TAXES
Collections*
$ 739,337.53
750,750.73
713,820.20
743,887.34
746,261.82
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,
Increase/
2019
2018
(Decrease)
Balance of Tax *
$
853,738.00
$
790,515.00
$ 63,223.00
Deferred Portion
491,850.50
491,850.50
None
Tax Payable
$
361,887.50
$
298,664.50
$ 63,223.00
*Required for school operations for the six-month period following December 31 51.
- 37 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 7.
GENERAL FIXED ASSETS
During 2019 the following changes occurred in the fixed assets of the Borough:
Balance
Balance
December 31,
Increase/
December 31,
2018
(Decrease)
2019
Land and Buildings
$
2,357,400.00
$
2,357,400.00
Machinery and Equipment
94,072.98
94,072.98
$
2,451,472.98
None
$
2,263,327.02
Note 8.
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
2019
2018
2017
2016
2015
$
Balance
December 31
877,486.76
889,620.06
604,366.83
439,105.14
805,633.55
Water-Sewer Utility Operating Fund
2019
$
44,475.81
2018
None
2017
None
2016
21,975.11
2015
61,059.09
- 38 -
Utilized in Budget
of Succeeding Year
$
396,100.93
388,200.00
323,900.00
345,000.00
391,000.00
$
30,000.00
None
None
21,975.11
61,059.09
Percentage of Fund
Balance Used
45.14%
43.64%
53.59%
78.57%
48.53%
67.45%
None
None
100.00%
100.00%
Note 9.
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
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)
Year2019
Year2018
Year2017
Issued
General:
Notes
$
None
$
None
$
None
Loans
95,000.00
105,000.00
115,000.00
Water-Sewer Utility:
Notes
346,150.00
376, 150.00
376,150.00
Loans
2,608,068.57
2,804,904.79
2,990,956.40
Debt Issued
$
3,049,218.57
$ 3,286,054.79
$ 3,482, 106.40
Authorized but Not Issued
General:
Bonds and Notes
$
621,250.00 $
381,250.00
$
72,250.00
Water-Sewer Utility:
Bonds and Notes
1,535,412.00
1,535,412.00
820,412.00
Total Authorized but Not Issued
$
2,156,662.00
$ 1,916,662.00 $
892,662.00
Net Bonds and Notes Issued and
Authorized but Not Issued
$
5,205,880.57 $ 5,202,716.79
$ 4,374,768.40
- 39 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 9.
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 .803%.
Gross Debt
Deductions
Net Debt
Local School District Debt
$
336,000.00
$
336,000.00 $
None
Water-Sewer Utility Debt
4,489,630.57
4,489,630.57
None
General Capital Debt
716,250.00
None
716,250.00
$
5,541,880.57
$
4,825,630.57 $
716,250.00
Equalized Valuation basis per N.J.S. 40A:2-2 As Amended is $89, 154, 145.33. The
Annual Debt Statement has been filed.
Borrowing Power Under N.J.S. 40A:2-6 As Amended
3Yi% of Equalized Valuation Basis (Municipal)
Net Debt
Remaining Borrowing Power
School Debt Deductions
$
3, 120,395.08
716,250.00
$ =====2,=4=04='=14=5=. 0=8=
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.
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/(Deficit) in Revenue
- 40 -
$
845,717.17
$
324,290.83
311,582.56
635,873.39
$
209,843.78
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 9.
MUNICIPAL DEBT (CONTINUED)
Calculation of "Self-Liquidating Purpose". Water-Sewer Utility. Per N.J.S. 40A:2-45
(Continued)
There being an excess in revenue at December 31, 2019 for the Water-Sewer Utility,
the fund for 2019 was self-liquidating and therefore, all is deductible for purposes of
the annual debt statement and resultant net debt calculation.
Subsequent Event - Self Liquidating
The Water-Sewer Utility Fund for 2020 was self-liquidating and as a result the debt is
deductible for the purpose of the self-liquidating 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%.
Schedule of Annual Debt Service for Principal and Interest for Debt Issued and
Outstanding:
Calender Year
Principal
Interest
Total
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
$
95,000.00
$
12,200.00
$
107,200.00
- 41 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 9.
MUNICIPAL DEBT (CONTINUED)
General Capital Fund (Continued)
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.
Water-Sewer Utility Capital Fund
The long-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
2020
2021
2022
Total
Detail:
Principal
Interest
Interest Rate:
Due Dates:
Maturity:
Purpose:
$
$
$
1992 Loan
Principal
and Interest
18,000.00
18,000.00
9,000.00
45,000.00
40,266.02
4,733.98
$
45,000.00
5%
March and September
March 31, 2022
Improvements to the Water System
- 42 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS {CONTINUED}
YEAR ENDED DECEMBER 31, 2019
Note 9.
MUNICIPAL DEBT (CONTINUED)
Water-Sewer Utility Capital Fund (Continued)
Loans Payable
Schedule of Annual Debt Service for Principal and Interest for Debt Issued and
Outstanding
MCIA Refunding Loan - 2011
Calender Year
Principal
Interest
Total
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
$ 1,270,000.00
$
357,500.00
$ 1,627,500.00
- 43 -
Note 8.
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
MUNICIPAL DEBT (CONTINUED)
Water-Sewer Utility Capital Fund (Continued)
Loans 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
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
$
335,000.00
$
41,900.00
$
376,900.00
-44 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS {CONTINUED}
YEAR ENDED DECEMBER 31, 2019
Note 8.
MUNICIPAL DEBT (CONTINUED)
Water-Sewer Utility Capital Fund (Continued)
Loans Payable (Continued)
Schedule of Annual Debt Service consisting of Principal and Interest for Debt Issued
and Outstanding (Continued)
Combined MCIA Loans
MCIA
Calender Year
2011
2012
Grand Total
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
$ 1,627,500.00
$
376,900.00
$ 2,004,400.00
- 45 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 9.
MUNICIPAL DEBT (CONTINUED)
Water-Sewer Utility Capital Fund - Loans 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 $80,000.00 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 100% 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 at 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 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 bond in accordance with the original terms.
- 46 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31 I 2019
Note 9.
MUNICIPAL DEBT (CONTINUED)
State of New Jersey Infrastructure Bank "NJ I Bank" (Formerly NJEID
State Portion
$135,000.00 NJIBANK -
201 O 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%.
$195,000.00 NJIBANK -
2016 Spring Program - Annual maturities of
$10,000.00 to $15,000.00 through August 1, 2029
at interest rates ranging from 2.0% to 5.0%.
Federal Portion
$405,000.00 NJIBANK -
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.
$604,588.00 NJIBANK -
2016 Spring Program - Annual maturities of
$30,741.75 through August 1, 2035. There is no
interest being charged on this loan. The loan is
not subject to early redemption or refunding.
- 47 -
$
90,000.00 *
175,000.00 **
$
265,000.00
$
205,932.30
491,868.25
$
697,800.55
$
962,800.55
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 9.
MUNICIPAL DEBT (CONTINUED)
State of New Jersey Infrastructure Bank "NJIBank" (Formerly NJEID
(Continued)
Redemption:
*
The Series 2010 Winter Program Bonds of the NJ I Bank (formerly
NJE/1) ("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
2010 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.
** The Series 2016 Spring Program Bonds of the NJIBank (formerly
NJE/1) ("Issuer'') are subject to optional redemption at the discretion of
the Issuer.
Bonds maturing on or after September 1, 2025 will be
subject to redemption at 100% of par on or after September 1, 2024 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.
-48 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS {CONTINUED}
YEAR ENDED DECEMBER 31, 2019
Note 9.
MUNICIPAL DEBT (CONTINUED)
State of New Jerse~ Infrastructure Bank "NJ I Bank" (Formerl'f.. NJE!n
{Continued)
2010 Winter Program
Princieal
Interest
Federal
State
State
Total
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
$ 205,932.30
$ 90,000.00
$ 21,000.00
$
316,932.30
-49 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS {CONTINUED}
YEAR ENDED DECEMBER 31, 2019
Note 9.
MUNICIPAL DEBT (CONTINUED)
State of New Jersey Infrastructure Bank "NJIBank" {Formerly_ NJEJn
(Continued)
2016 Spring Program
Principal
Interest
Federal
State
State
Total
2020
$
30,741.75
$ 10,000.00
$
6,062.50
$
46,804.25
2021
30,741.75
10,000.00
5,562.50
46,304.25
2022
30,741.75
10,000.00
5,062.50
45,804.25
2023
30,741.75
10,000.00
4,562.50
45,304.25
2024
30,741.75
10,000.00
4,062.50
44,804.25
153,708.75
50,000.00
25,312.50
229,021.25
2025
30,741.75
10,000.00
3,662.50
44,404.25
2026
30,741.75
10,000.00
3,262.50
44,004.25
2027
30,741.75
10,000.00
2,862.50
43,604.25
2028
30,741.75
10,000.00
2,462.50
43,204.25
2029
30,741.75
10,000.00
2,262.50
43,004.25
153,708.75
50,000.00
14,512.50
218,221.25
2030
30,741.75
10,000.00
2,062.50
42,804.25
2031
30,741.75
10,000.00
1,862.50
42,604.25
2032
30,741.75
10,000.00
1,650.00
42,391.75
2033
30,741.75
15,000.00
1,350.00
47,091.75
2034
30,741.75
15,000.00
900.00
46,641.75
153,708.75
60,000.00
7,825.00
221,533.75
2035
30,742.00
15,000.00
450.00
46, 192.00
$ 491,868.25
$ 175,000.00
$ 48,100.00
$
714,968.25
- 50 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS {CONTINUED}
YEAR ENDED DECEMBER 31, 2019
Note 9.
MUNICIPAL DEBT (CONTINUED)
State of New Jersey Infrastructure Bank "NJ I Bank" (FormerlY.. NJEIT)
(Continued)
Total NJEIT Programs
Princi~al
Interest
Federal
State
State
Total
2020
$
51,334.96
$ 15,000.00
$
9,612.50
$
75,947.46
2021
51,334.96
15,000.00
8,862.50
75, 197.46
2022
51,334.96
20,000.00
8,212.50
79,547.46
2023
51,334.96
20,000.00
7,312.50
78,647.46
2024
51,334.96
20,000.00
6,412.50
77,747.46
256,674.80
90,000.00
40,412.50
387,087.30
2025
51,334.96
20,000.00
5,612.50
76,947.46
2026
51,334.96
20,000.00
4,812.50
76,147.46
2027
51,334.96
20,000.00
4,062.50
75,397.46
2028
51,334.96
20,000.00
3,262.50
74,597.46
2029
51,335.16
20,000.00
2,662.50
73,997.66
256,675.00
100,000.00
20,412.50
377,087.50
2030
30,741.75
10,000.00
2,062.50
42,804.25
2031
30,741.75
10,000.00
1,862.50
42,604.25
2032
30,741.75
10,000.00
1,650.00
42,391.75
2033
30,741.75
15,000.00
1,350.00
47,091.75
2034
30,741.75
15,000.00
900.00
46,641.75
153,708.75
60,000.00
7,825.00
221,533.75
2035
30,742.00
15,000.00
450.00
46, 192.00
$ 697,800.55
$ 265,000.00
$ 69,100.00
$ 1,031,900.55
- 51 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS {CONTINUED}
YEAR ENDED DECEMBER 31, 2019
Note 9.
MUNICIPAL DEBT (CONTINUED)
Combined Schedule of Water-Sewer Utility Capital Fund Indebtedness
Calendar
(formerly NJEIT)
Year
FHA Loan
MCIA Loan
NJ I Bank
Total
2020
$
18,000.00
$
181,150.00
$
75,947.46
$
275,097.46
2021
18,000.00
185,500.00
75,197.46
278,697.46
2022
9,000.00
184,400.00
79,547.46
272,947.46
2023
179,000.00
78,647.46
257,647.46
2024
183,600.00
77,747.46
261,347.46
45,000.00
913,650.00
387,087.30
1,345,737.30
2025
184,700.00
76,947.46
261,647.46
2026
180,200.00
76, 147.46
256,347.46
2027
181, 150.00
75,397.46
256,547.46
2028
136,950.00
74,597.46
211,547.46
2029
133,500.00
73,997.66
207,497.66
816,500.00
377,087.50
1,193,587.50
2030
137,750.00
42,804.25
180,554.25
2031
136,500.00
42,604.25
179,104.25
2032
42,391.75
42,391.75
2033
47,091.75
47,091.75
2034
46,641.75
46,641.75
274,250.00
221,533.75
495,783.75
2035
46,192.00
46,192.00
Total
$
45,000.00
$ 2,004,400.00
$ 1,031, 900.55
$ 3,081,300.55
- 52 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 9.
MUNICIPAL DEBT (CONTINUED)
Bond Anticipation Notes (BAN)
Interest
Rate
Original
Issue Date
Payment Required
Amount
First
Final
Water-Sewer Utility Fund
1.45%
12/27/2017
$
346,150.00
2020
2031
Subsequent Event - BAN
The Borough rolled over the BAN through December 22, 2021 which included a
budgeted pay-down of $30,000.00 and new money of $880,000.00 for a total of
$1, 196, 150.00 at an interest rate of .46%.
Bonds and Notes Authorized but not Issued
At December 31, 2019, the Borough had notes authorized but not issued as follows:
Fund
General Capital
Water-Sewer Utility Capital
Subsequent Event
Amount
$
716,250.00
1,535,412.00
$
2,251,662.00
General Capital Fund -
the Borough adopted a Bond Ordinance (#20-03) for
$725,000.00 which authorized Bonds and Notes of $160,000.00 and NJDOT Grant
of $495,000.00 and a Capital Improvement Fund contribution of $70,000.00 for
repairs to Farm Lane and School Lane.
Water-Sewer Capital Fund - the Borough adopted Bond Ordinances (#20-06 and
#20-14) that authorized debt of $730,000.00 for repairs the water mains and
improvements along Farm Lane and School Lane. The project will be financed by
the NJl-Bank in the amount of $695,200.00 and Capital Improvement Fund of
$34,800.00.
Water Capital Fund - the Borough adopted a Bond Ordinance (#20-14) for trickling
filters, phosphate remediation and treatment plant upgrade $50,000.00, of that
authorized debt of $47,600.00 and Capital Improvement Fund of $2,400.00.
- 53 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 9.
MUNICIPAL DEBT (CONTINUED)
Summary of Debt
During 2019 the following changes occurred in the debt of the Borough:
Balance
Dec. 31, 2018
Retired
General Capital Fund:
MCIA Loan
$
105,000.00
$
10,000.00
$
Water-Sewer Utility Capital Fund:
MCIA Loan
1,720,000.00
115,000.00
Bond Anticipation Notes *
376,150.00
30,000.00
FHA Loan
55,769.28
15,501.26
NJIBank Loan
1,029, 135.51
66,334.96
$
3,286,054. 79
$
236,836.22
$
Note 10.
PENSION PLAN
Description of Systems
Balance
Dec. 31 2019
95,000.00
1,605,000.00
346,150.00
40,268.02
962,800.55
3,049,218.57
Substantially all of the Borough's full-time employees participate in the contributory
defined benefit public employee retirement system which had been established by
State statute: the Public Employees' Retirement System (PERS).
Public Employees' Retirement System
The State of New Jersey, Public Employees' Retirement System (PERS) is a
cost-sharing multiple-employer defined benefit pension plan administered by the
State of New Jersey, Division of Pensions and Benefits (the Division). For
additional information about PERS, please refer to Division's Comprehensive
Annual
Financial
Report
(CAFR),
which
can
be
found
at
http://www. n j. gov /treasury/pensions/financial-reports. shtm I.
- 54 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 10.
PENSION PLAN (CONTINUED)
Description of Systems (Continued)
Public Employees' Retirement System (Continued)
The vesting and benefit provisions are set by N.J.S.A. 43: 15A. PERS provides
retirement, death and disability benefits. All benefits vest after ten years of
service, except for medical benefits, which vest after twenty-five (25) years of
service or under the disability provisions of PERS.
Tier
Definition
1
Members who were enrolled prior to July 1, 2007
2
Members who were eligible to enroll on or after July 1, 2007 and
prior to November 2, 2008
3
Members who were eligible to enroll on or after November 2, 2008
and prior to May 22, 2010
4
Members who were eligible to enroll on or after May 22, 2010 and
prior to June 28, 2011
5
Members who were eligible to enroll on or after June 28, 2011
Service retirement benefits of 1/551h of final average salary for each year of
service credit is available to tiers 1 and 2 members upon reaching age 60 and to
tier 3 members upon reaching age 62. Service retirement benefits of 1/601h of
final average salary for each year of service credit is available to tier 4 members
upon reaching age 62 and tier 5 members upon reaching age 65.
Early
retirement benefits are available to tiers 1 and 2 members before reaching age
60, tiers 3 and 4 with 25 or more years of service credit before age 62 and tier 5
with 30 or more years of service credit before age 65. Benefits are reduced by a
fraction of a percent for each month that a member retires prior to the age at
which a member can receive full early retirement benefits in accordance with
their respective tier. Tier 1 members can receive an unreduced benefit from age
55 to age 60 if they have at least 25 years of service. Deferred retirement is
available to members who have at least 10 years of service credit and have not
reached the service retirement age for the respective tier.
- 55 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 10.
PENSION PLAN (CONTINUED)
Contributions Required to be Made
The contribution policy for PERS is set by N.J.S.A. 43:15A and requires contributions
by active members and contributing employers. Employee contributions for 2019
were seven and 50/100th percent (7.50%) of the employee's base wages.
Employer's contributions are actuarially determined annually by the Division of
Pension.
The local employers' contribution amounts are based on an actuarially determined
rate, which includes the normal cost and unfunded accrued liability. Chapter 19, P.L
2009 an option for local employers of PERS to contribute 50% of the normal and
accrued liability contribution amounts certified for payments due in State fiscal year
2009. Such employers will be credited with the full payment and any such amounts
will not be included in their unfunded liability. The actuaries will determine the
unfunded liability of those retirement systems, by employer, for the reduced normal
and accrued liability contributions provided under this law. This unfunded liability will
be paid by the employer in level annual payments over a period of 15 years
beginning with the payments due in the fiscal year ended June 30, 2012 and will be
adjusted by the rate of return on the actuarial value of assets.
The Borough's contributions to the plan for the past three (3) years are as follows:
PERS
2019
2018
2017
Covered Payroll
$
108,513 $
135,646 $
170,056
Actuarial Contribution Requirements
23,308
22,416
16,602
Total Contributions Employer Share
23,308
22,416
16,602
Percent of Covered Employee - Payroll
21.48
16.53
9.76 %
Employee's Share
8,138
10,037
12,363
Percent of Covered Payroll
7.50 %
7.40 %
7.27 %
All contributions were equal to the required contributions for each of the three (3)
years, respectively.
- 56 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 10.
PENSION PLAN (CONTINUED)
Pension (PERS) Accrual
The Borough is required to report on its financial statements on an "Other
Comprehensive Basis of Accounting" (OCBOA) Regulatory Basis, which does not
require an accrual for its obligations inclusive of pension.
If the Borough were
required to reflect the obligation under Generally Accepted Accounting Principles
(GAAP) then an accrual for the PERS obligation due April 1, 2020 would be needed
in the amount of $23,308.00 since the obligation relates to the period December 31,
2018 and prior. The accrual (under GAAP) would affect the fund balance at yearend.
The information for PERS was abstracted from State of New Jersey Public
Employees' Retirement System Schedules of Employer Allocations and Schedules of
Pension Amounts by Employer as of June 30, 2019 and June 30, 2018 Independent
Auditor's Report dated June 5, 2020 and May 15, 2019, respectively.
The Borough's reported liability of $431,759.00 and $477,413.00 for its proportionate
share of the net pension liability at December 31, 2019 and December 31, 2018,
respectively. The net pension liability was measured as of June 30, 2019 and June
30, 2018 and the total pension liability used to calculate the net pension liability was
determined by an actuarial valuation as of those dates. The Borough's proportion of
the net pension liability was based on a projection of the Borough's long-term share
of contributions to the pension plan relative to the projected contributions of all
participating entities, actuarially determined.
Local Group Share
Borough Proportionate Percentage
Difference - Decrease
June 30,
(Measurement Date)
$ 18,143,832,135
$ 19,689,501,539
0.0023962033 %
0.0024247069 %
(0.0000285036) %
- 57 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 10.
PENSION PLAN (CONTINUED)
Public Employees Retirement System (PERS)
For the year ended December 31, 2019, the Borough's recognizable pension benefit
of $50,080.00. At December 31, 2019, the Borough reported deferred outflows of
resources and deferred inflows of resources related to PERS from the following
sources:
Deferred
Deferred
Outflows of
Inflows of
Resources
Resources
Changes in assumptions
$
43, 113
$ 149,862
Net difference between expected and actual experience
7,750
1,907
Net difference between projected and actual investment
earnings on pension plan investment
6,815
Changes in proportion
70,789
48,210
Borough Contribution:
Subsequent to Yearend
23,308
Total
$
144,960
$ 206,794
The $23,308.00 reported as deferred outflows of resources related to pensions
resulting from entities contributions subsequent to the measurement date (i.e. for the
Borough year ending December 31, 2019, the plan measurement date is June 30,
2019) will be recognized as a reduction of the net pension liability in the Borough
year ended December 31, 2019. Other amounts reported as deferred outflows of
resources and deferred inflows of resources related to pensions will be recognized in
pension expense based on local share is as follows:
Year Ended
December 31,
2020
2021
2022
2023
2024
- 58 -
$
Amount
(12,380)
(40, 161)
(35,861)
(16,838)
(1,729)
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS {CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 10.
PENSION PLAN (CONTINUED)
Public Employees Retirement System (PERS) (Continued)
Additional Information:
Collective (local employers) balances are as follows:
Collective deferred outflows of resources
Collective deferred inflows of resources
Collective net pension liability
Collective pension expense
Borough's proportion (of Local Group)
Actuarial Assumptions
June 30, 2019
$ 3, 149,522,616
7,645,087,574
18, 143,832, 135
97 4,471,686
0.0023962033 %
June 30, 2018
$
4,684,362,302
7 ,696, 736,226
19,689,501,539
1, 099, 708, 157
0.0024247069 %
The total pension liability for the June 30, 2019 measurement date was determined
by an actuarial valuation as of July 1, 2018, which rolled forward to June 30, 2019.
This actuarial valuation used the following assumptions:
Inflation
Salary Increases:
Through 2026
Thereafter
Investment Rate of Return
- 59 -
2. 75 Percent
2.00 - 6.00 Percent (based on years of
service)
3.00 - 7.00 Percent (based on years of
service)
7. 00 Percent
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 10.
PENSION PLAN (CONTINUED)
Public Employees Retirement System (PERS) (Continued)
Mortality Rates
Pre-retirement mortality rates were based on the Pub-2000 General Below-Median
Income Employee mortality table with an 82.2% adjustment for males and 101.4%
adjustment for females, and with future improvement from the base year of 2010 on
a generational basis. Post-retirement mortality rates were based on the Pub-2010
General Below-Median Income Healthy Retiree mortality table with a 91.4%
adjustment for males and 99. 7% adjustment for females, and with future
improvement from the base year of 201 O on a generational basis.
Disability
retirement rates used to value disabled retirees were based on the Pub-2010 Non-
Safety Disabled Retiree mortality table with a 127.7% adjustment for males and
117 .2% adjustment for females, and with future improvement from the base year of
2010 on a generational basis. Mortality improvement is based on Scale MP-2019.
The actuarial assumptions used in the July 1, 2018 valuation were based on the
results of an actuarial experience study for the period July 1, 2017 to June 30, 2018.
It is likely that future experience will not exactly conform to these assumptions. To
the extent that actual experience deviates from these assumptions, the emerging
liabilities may be higher or lower than anticipated.
The more the experience
deviates; the larger the impact on future financial statements.
Long-Term Rate of Return
In accordance with State statute, the long-term expected rate of return on plan
investments (7.00% at June 30, 2019) is determined by the State Treasurer, after
consultation with the Directors of the Division of Investments and Division of
Pensions and Benefits, the board of trustees and the actuaries. The long-term
expected rate of return was determined using a building block method in which best-
estimate ranges of expected future real rates of return (expected returns, net of
pension plan investment expense and inflation) are developed for each major asset
class. These ranges are combined to produce the long-term expected rate of return
by weighting the expected future real rates of return by the target asset allocation
percentage and by adding expected inflation.
- 60 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 10.
PENSION PLAN (CONTINUED)
Public Employees Retirement System (PERS) (Continued)
Long-Term Rate of Return (Continued)
Best estimates of arithmetic real rates of return for each major asset class included
in PERS's target asset allocation as of June 30, 2019 are summarized in the
following table:
Asset Class
Risk Mitigation/ Strategies
Cash Equivalents
U.S. Treasuries
Investment Grade Credit
High Yield
Real Estate
Real Assets
Private Credit
Private Equity
U.S. Equity
Non-U.S. Developed Markets Equity
Emerging Market Equities
Discount Rate
Target
Allocation
3.00 %
5.00
5.00
10.00
2.00
7.50
2.50
6.00
12.00
28.00
12.50
6.50
Long-term Expected
Real Rate of Return
4.67 %
2.00
2.68
4.25
5.37
8.33
9.31
10.85
9.00
8.26
9.01
11.37
The discount rate used to measure the total pension liability was 6.28% as of June
30, 2019. This single blended discount rate was based on the long-term expected
rate of return on pension plan investments of 7.00%, and a municipal bond rate of
3.50% as of June 30, 2019 based on the Bond Buyer GO 20-Bond Municipal Bond
Index which includes tax-exempt general obligation municipal bonds with an average
rating of AA/Aa or higher. The projection of cash flows used to determine the
discount rate assumed that contributions from plan members will be made at the
current member contribution rates and that contributions from employers will be
made based on the contribution rate in the most recent fiscal year. The local
employers contributed 100% of their actuarially determined contributions. Based on
those assumptions, the plan's fiduciary net position was projected to be available to
make projected future benefit payments of current plan members through 2057.
Therefore, the long-term expected rate of return on plan investments was applied to
projected benefit payments through 2057, and the municipal bond rate was applied
to projected benefit payments after that date in determining the total pension liability.
- 61 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 10.
PENSION PLAN (CONTINUED)
Sensitivity of The Collective Net Pension Liability to Changes in the Discount Rate
The following presents the collective net pension liability of the participating
employers as of (measurement dates) June 30, 2019 and June 30, 2018, calculated
using the discount rate as disclosed above as well as what the collective net pension
liability would be if it was calculated using a discount rate that is 1 -percentage point
lower or 1- percentage-point higher than the current rate:
Borough's proportionate share
of the pension liability
$
1% Decrease
5.28%
545,261
1% Decrease
Borough's proportionate share
of the pension liability
$
Pension Plan Fiduciary Net Position.
4.66%
600,297
December 31, 2019
At Current
Discount Rate
1% Increase
6.28%
7.28%
$
431,759
$
335,985
December 31, 2018
At Current
Discount Rate
1% Increase
5.66%
6.66%
$
477,413
$
374,325
Detailed information about the pension plan's fiduciary net position is available in the
separately issued Financial Report for the State of New Jersey Public Employees
Retirement System (PERS) or by visiting their website at:
www.state.nj.us/treasury/pensions.
Note 11.
POST EMPLOYMENT HEAL TH BENEFITS
The Borough presently does not provide for Post-Employment Health Benefits upon
retirement.
- 62 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 12.
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 13.
INTERFUNDS RECEIVABLE/PAYABLE
Note 14.
I nterfund receivable and payable balances at December 31, 2019 were as follows:
Fund
Due From
Due To
Current
$
8,148.23
$
16,955.06
Grant
16,955.06
Trust Other - Payroll Agency
3,300.23
Water-Sewer Utility Operating
110,040.55
Water-Sewer Utility Capital
114,888.55
$
135,143.84
$
135,143.84
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.
- 63 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 14.
RISK MANAGEMENT (CONTINUED)
For the year ending December 31, 2019, 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 15.
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
granters 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, 2019.
D. State Tax Appeals
There are no tax appeals pending at December 31, 2019.
- 64 -
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2019
Note 16.
SUBSEQUENT EVENT: COVID-19 CORONAVIRUS PANDEMIC
The COVID-19 Coronavirus outbreak in the United States has caused the Governor
of the State of New Jersey to mandate closures and a curfew for all nonessential
citizens and businesses. The management of the Borough (which is essential) has
evaluated the impact of the situation and has determined that there is no adverse
impact on its December 31, 2019 financial statements (audited) and December 31,
2020 financial statements (unaudited). Financial impact in 2020 is uncertain at this
time. A significant portion of the revenue to support Borough operations is tax levy
and utility rents; however, certain other miscellaneous revenues may be impacted
due to the economic effect of the closures and curfew. It is not known at this time if
there are any federal or state funds available for impact relief.
- 65 -
REQUIRED SUPPLMENTARY INFORMATION
en
en
Contractually
required
Year
contribution
2019
$
23,308
2018
22,416
2017
16,602
2016
13,655
2015
20,809
2014
30,742
BOROUGH OF ROOSEVELT
COUNTY OF MONMOUTH
SCHEDULE OF BOROUGH CONTRIBUTIONS
PUBLIC EMPLOYEES RETIREMENT SYSTEM (PERS)
LAST SIX (6) FISCAL YEARS*
Contributions
in relation to
the
contractually
Contribution
required
deficiency
contribution
(excess)
$
23,308
None
$
22,416
None
16,602
None
13,655
None
20,809
None
30,742
None
Exhibit RSl-1
Borough's
Contributions as a
covered-
percentage of
employee
covered-employee
payroll
payroll
108,513
21.48%
135,646
16.53%
170,056
9.76%
167,640
8.15%
142,960
14.56%
123,077
24.98%
Note: Only the last six (6) years of information are presented as GASB 68 was implemented during fiscal year ended June 30, 2015.
Eventually a full ten (10) years schedule will be compiled.
I
())
-....J
Year
2019
2018
2017
2016
2015
2014
BOROUGH OF ROOSEVELT
COUNTY OF MONMOUTH
SCHEDULE OF REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF THE BOROUGH'S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
PUBLIC EMPLOYEES RETIREMENT SYSTEM (PERS)
LAST SIX (6) FISCAL YEARS*
Borough's
proportionate
share of the net
Borough's
pension liability
Borough's
proportionate
(asset) as a
proportion of the
share of the net
Borough's
percentage of its
net pension liability
pension liability
covered-
covered-employee
(asset)
(asset)
employee payroll
12ayroll
0.0023962033 %
$
431,759
$
108,513
$
397.89%
0.0024247069
477,413
135,646
351.95%
0.0024197069
563,269
170,056
331.30%
0.0018687829
553,480
167,640
313.70%
0. 0015882600
356,638
142,960
249.47%
0.0025241829
472,596
123,077
383.98%
Exhibit RSl-2
Plan fiduciary
net position as
a percentage
of the total
pension
liability
46.40%
48.10%
40.14%
47.92%
48.72%
52.08%
Note: Only the last six (6) years of information are presented as GASS 68 was implemented during fiscal year ended June 30, 2015. Eventually
a full ten (10) years schedule will be compiled.
Notes to Required Supplementary Information:
Benefit Changes - There were none.
Changes of Assumptions - The discount rate changed from 5.66% as of June 30, 2018 to 6.28% as of June 30, 2019.
COMBINING AND INDIVIDUAL FUND AND
ACCOUNTS STATEMENTS
CURRENT FUND
BOROUGH OF ROOSEVELT
CURRENT FUND
Exhibit B
Sheet 1 of 2
COMPARATIVE STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCE-
REGULATORY BASIS
AS OF DECEMBER 31 I 2019 AND 2018
ASSETS
Cash and Cash Equivalents
Receivables and Other Assets with Full Reserves:
Delinquent Property Taxes
Foreclosed Property
Revenue Accounts Receivable
lnterfunds Receivable:
Due from Water-Sewer Operating Fund
Due from Payroll Fund
Due from Water-Sewer Capital Fund
Total Current Fund
Grant Fund:
Due from Current Fund
Grants Receivable
Total Grant Fund
Total Assets
- 68 -
$
$
$
$
$
$
$
$
Balance
December 31,
2019
1,453, 171.53
1,453, 171.53
56,970.26
181,700.00
18.52
3,300.23
4,848.00
246,837.01
1,700,008.54
16,955.06
1,195.15
18,150.21
1,718,158.75
Balance
December 31 ,
2018
$
1,408,647.67
$
1,408,647.67
$
38,700.14
181,700.00
27.52
37,709.20
$
258,136.86
$
1,666,784.53
$
18,982.71
2,893.19
$
21,875.90
$
1,688,660.43
BOROUGH OF ROOSEVELT
CURRENT FUND
Exhibit B
Sheet 2 of 2
COMPARATIVE STATEMENT OF ASSETS, LIABILITIES AND FUND BALANCE-
REGULATORY BASIS
AS OF DECEMBER 31, 2019 AND 2018
LIABILITIES. RESERVES AND FUND BALANCE
Current Fund:
Liabilities:
Appropriation Reserves
Reserve for Encumbrances
Prepaid Taxes
Accounts Payable
Various
Local District School Tax Payable
lnterfunds Payable -
Due to Grant Fund
Due County for Added and Omitted Taxes
Reserve for:
Cable Television, Appropriated
Total Liabilities
Reserve for Receivables and Other Assets
Fund Balance
Total Current Fund
Grant Fund:
Appropriated Reserves
Total Grant Fund
Total Liabilities, Reserves and Fund Balance
- 69 -
Balance
December 31,
2019
$
117,175.85
32,746.30
15,030.52
26,769.00
25.00
361,887.50
16,955.06
95.54
5,000.00
$
575,684.77
$
246,837.01
$
877,486. 76
$
1,700,008.54
$
18,150.21
-------
$
18,150.21
-------
$
1,718,158.75
Balance
December 31,
2018
$
114,933.74
35,022.19
17,457.07
28,399.00
50.00
298,664.50
18,982.71
518.37
5,000.00
$
519,027.58
$
258, 136.86
$
889,620.09
$
1,666,784.53
$
21,875.90
--------
$
21,875.90
-----
$
1,688,660.43
BOROUGH OF ROOSEVELT
CURRENT FUND
Exhibit B-1
Sheet 1 of 2
COMPARATIVE STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE·
REGULATORY BASIS
FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018
Revenues and Other Income Realized:
Fund Balance Utilized
State Aid
Other Special Items
Grants
Receipts from Delinquent Taxes
Receipts from Current Taxes
NonbudgetRevenue
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
Current Appropriations Cancelled
Prior Year lnterfunds Liquidated
2017 Appropriation Reserves - Deficit:
Water-Sewer Utility Operating
Allocated to School and County Taxes
Total Income
Expenditures:
Budget Appropriations:
Within "CAPS":
General Government
Land Use
Insurance
Public Safety
Public Works
Health and Human Services
Parks and Recreation
Utilities
Other Common Functions
Sanitation
Deferred Charges and Statutory Expenditures
- 70 -
2019
$
388,200.00
81,849.00
13,730.00
5,103.07
36,048.37
783,707.96
42,990.24
99,694.13
70,000.00
37,709.20
1,965,220.49
$
3,524,252.46
$
321,311.00
23,900.00
35,600.00
36,600.00
165,950.00
15,000.00
34,700.00
28,300.00
2,500.00
33,000.00
124,000.00
2018
$
323,900.00
81,849.00
14,590.00
4,594.26
66,543.49
792,752.02
43,915.29
153,939.12
80,563.75
151,703.91
20,231.88
1,842,598.39
$
3,577,181.11
$
295,136.00
30,200.00
36,500.00
36,600.00
169,450.00
14,800.00
30,300.00
29,800.00
2,200.00
32,000.00
115,033.00
BOROUGH OF ROOSEVELT
CURRENT FUND
Exhibit B-1
Sheet 2 of 2
COMPARATIVE STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE·
REGULATORY BASIS
FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018
2019
Expenditures (Continued):
Budget Appropriations (Continued):
Excluded from "CAPS":
Public Safety
$
37,421.00
Sanitation
68,257.00
Grant Programs
5,103.07
Capital Improvements
40,000.00
Debt Service
13,150.00
Deferred Charges and Statutory Expenditures
Reserve for Uncollected Taxes
190,000.00
Local District School Taxes
1,708,164.00
County Taxes
256,960.95
County Taxes -Added and Omitted
95.54
Prior Year Refund
25.00
lnterfund Advanced
8,148.23
Total Expenditures
$
3,148,185.79
Excess in Revenue over Expenditures
$
376,066.67
Fund Balance, January 1
889,620.09
$
1,265,686.76
Decreased By:
Utilized As Anticipated Revenue
388,200.00
Fund Balance, December 31
$
877,486.76
- 71 -
$
37,421.00
$
$
$
$
66,945.20
4,594.26
30,000.00
13,450.00
1,000.00
180,000.00
1,581,719.00
260,361.02
518.37
2,968,027.85
609,153.26
604,366.83
1,213,520.09
323,900.00
889,620.09
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF REVENUES- REGULATORY BASIS
YEAR ENDED DECEMBER 31 I 2019
Budget
as
Modified
Realized
Fund Balance Anticipated
$
388,200.00
$
388,200.00
State Aid Without Offsetting Appropriations:
Energy Receipts Tax
$
81,849.00
$
81,849.00
$
81,849.00
$
81,849.00
Public and Private Programs Offset With Appropriations:
Clean Communities Program
$
4,000.00
$
4,000.00
Recycling Tonnage Grant
1,103.07
1,103.07
$
5,103.07
$
5,103.07
Other Special Items:
Recreation Fees
$
12,000.00
13,730.00
Receipts from Delinquent Taxes
$
38,000.00
$
36,048.37
Amount to be Raised by Taxation for Support of
Municipal Budget:
Local Tax for Municipal Purposes
$
649,640.00
$
783,707.96
Budget Totals
$ 1,174,792.07
$ 1,308,638.40
NonbudgetRevenue
42,990.24
$ 1,174,792.07
$ 1,351,628.64
Detail:
Original Budget
$ 1,170,792.07
Added by N.J.S.A. 40A:4-87
4,000.00
$ 1,174,792.07
- 72 -
Exhibit B-2
Excess
or
(Deficit)
$
1,730.00
$
(1,951.63)
$ 134,067.96
$ 133,846.33
42,990.24
$ 176,836.57
Exhibit B-3
Sheet 1of5
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2019
Budget After
Paid or
Budget
Modification
Charged
Encumbered
Reserved
Cancelled
GENERAL GOVERNMENT FUNCTIONS
General Administration:
Salaries and Wages
$
73,956.00
$
73,956.00
$
73,940.00
$
16.00
Data Processing
12,000.00
18,000.00
16,216.36
$
728.80
1,054.84
Other Expenses
18,000.00
17,000.00
13,151.60
2,594.73
1,253.67
Mayor and Council:
Other Expenses
1,800.00
1,800.00
834.20
659.65
306.15
Municipal Clerk:
Salaries and Wages
45, 150.00
45,650.00
45,244.00
406.00
Other Expenses
9,600.00
7,600.00
3,881.09
62.91
3,656.00
Financial Administration:
Salaries and Wages
36,588.00
36,588.00
35,373.00
1,215.00
Other Expenses
4,400.00
4,400.00
1,476.03
63.40
2,860.57
Audit Services:
-....J
Other Expenses
11,500.00
11,500.00
11,500.00
(.V
Revenue Administration:
Salaries and Wages
21,000.00
23,000.00
21,525.00
1,475.00
Other Expenses
5,750.00
5,750.00
1,992.34
737.80
3,019.86
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
3,772.95
127.05
Legal Services and Costs:
Other Expenses
50,000.00
47,000.00
31,602.02
15,397.98
Engineering Services and Costs:
Other Expenses
16,000.00
16,000.00
12,367.00
65.00
3,568.00
LAND USE ADMINISTRATION
Planning Board:
Salaries and Wages
4,100.00
4,100.00
2,996.00
1,104.00
Other Expenses
13,000.00
6,700.00
1,978.26
9.09
4,712.65
Zoning Officer:
Salaries and Wages
8,900.00
8,900.00
5,610.00
3,290.00
Other Expenses
800.00
800.00
30.46
769.54
Code Enforcement:
Salaries and Wages
1,000.00
1,000.00
500.00
500.00
Housing Inspection:
Salaries and Wages
2,400.00
2,400.00
1,190.00
1,210.00
Exhibit B-3
Sheet 2 of 5
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2019
Budget After
Paid or
Budget
Modification
Charged
Encumbered
Reserved
Cancelled
INSURANCE
Purchase of Insurance:
Liability
$
11,000.00
$
11,000.00
$
10,619.22
$
380.78
Worker Compensation
14,000.00
14,000.00
13,315.00
685.00
Employee Group Plans
9,000.00
9,000.00
5,731.58
$
1,926.58
1,341.84
Unemployment Compensation Insurance
1,600.00
1,600.00
1,551.39
48.61
PUBLIC SAFETY FUNCTIONS
Office of Emergency Management:
Other Expenses
500.00
500.00
500.00
Aid to Volunteer First Aid:
Other Expenses
20,000.00
20,000.00
10,000.00
10,000.00
School Crossing Guards:
Salaries and Wages
10,000.00
10,000.00
8,032.80
1,967.20
---.!
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
45,000.00
45,000.00
41,893.75
3, 106.25
Other Expenses
35,750.00
35,750.00
30,613.25
1,158.90
3,977.85
Solid Waste Collection:
Other Expenses
25,600.00
25,600.00
25,166.93
200.00
233.07
Public Buildings and Grounds:
Other Expenses
55,600.00
57,600.00
50,697.97
6,035.34
866.69
Vehicle Maintenance:
Other Expenses
2,000.00
2,000.00
1,300.87
699.13
HEAL TH AND HUMAN SERVICES FUNCTIONS
Public Health Services:
Other Expenses
9,000.00
9,000.00
6,045.00
1,860.00
1,095.00
Environmental Commission:
Salaries and Wages
3,000.00
3,000.00
2,359.35
640.65
Other Expenses
2,000.00
2,000.00
1,251.93
9.10
738.97
Animal Control:
Other Expenses
1,000.00
1,000.00
664.84
335.16
Exhibit B-3
Sheet 3 of 5
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2019
Budget After
Paid or
Budget
Modification
Charged
Encumbered
Reserved
Cancelled
PARK AND RECREATION FUNCTIONS
Recreation Services and Programs:
Salaries and Wages
$
23,000.00
$
25,500.00
$
25,341.14
$
158.86
Other Expenses
10,200.00
9,200.00
8,369.13
$
484.32
346.55
OTHER COMMON OPERATING FUNCTIONS
Celebration of Public Events:
Other Expenses
2,500.00
2,500.00
2,446.22
53.78
UTILITY EXPENSE AND BULK PURCHASES
Electricity
6,000.00
6,000.00
2,771.71
263.59
2,964.70
Street Lighting
10,200.00
10,200.00
7,364.81
739.61
2,095.58
Telephone
6,000.00
6,000.00
3,110.18
392.40
2,497.42
Gas (Natural and Propane)
5,000.00
5,000.00
1,690.13
304.96
3,004.91
-....J
Gasoline
1,100.00
1,100.00
526.00
46.00
528.00
c.n
LANDFILUSOLID WASTE DISPOSAL COSTS
Landfill Tipping Fees:
Other Expenses
33,000.00
33,000.00
27,706.77
4,249.77
1,043.46
Total Operations within "CAPS"
696,861.00
696,861.00
567,237.28
32,591.95
97,031.77
Total Operations Including Contingent - within "CAPS"
$
696,861.00
$
696,861.00
$
567,237.28
$
32,591.95
$
97,031.77
Detail:
Salaries and Wages
$
283,261.00
$
288,261.00
$
272,992.04
$
15,268.96
Other Expenses (Including Contingent)
413,600.00
408,600.00
294,245.24
$
32,591.95
81,762.81
DEFERRED CHARGES AND STATUTORY EXPENDITURES -
MUNICIPAL WITHIN "CAPS"
Deferred Charges:
Anticipated Deficit Water-Sewer Utility
$
70,000.00
$
70,000.00
$ 70,000.00
Statutory Expenditures:
Contribution to:
Public Employees' Retirement System:
Other Expenses
30,000.00
30,000.00
$
24,118.00
$
5,882.00
Social Security System {OAS.I.)
20,000.00
20,000.00
19,990.05
9.95
Defined Contribution Benefit Plan
4,000.00
4,000.00
4,000.00
Total Deferred Charges and Statutory Expenditures -
Municipal within "CAPS"
$
124,000.00
$
124,000.00
$
44,108.05
$
9,891.95
70,000.00
Exhibit B-3
Sheet 4 of 5
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2019
Budget After
Paid or
Budget
Modification
Charged
Encumbered
Reserved
Cancelled
Total General Appropriations for Municipal Purposes
within "CAPS"
$
820,861.00
$
820,861.00
$ ~345.33
$
32,591.95
$
106,923.72
$ 70,000.00
OPERATIONS- EXCLUDED FROM "CAPS"
Other Operations - Excluded from "CAPS":
Recycling Tax
$
1,400.00
$
1,400.00
$
995.22
$
154.35
$
250.43
Total Other Operations - Excluded from "CAPS"
1,400.00
1,400.00
995.22
154.35
250.43
Shared Service Agreements:
Solid Waste Collection( Borough of Hightstown)
Other Expenses
66,857.00
66,857.00
66,856.10
0.90
911 Communication Center (County of Monmouth)
Other Expenses
7,421.00
7,421.00
7,420.20
0.80
-....J
Fire Protection Services( Millstone Fire District No. 1)
CJ)
Other Expenses
30,000.00
30,000.00
~000.00
Total Shared Service Agreements
104,278.00
104,278.00
--1.Q1,276.30
1.70
Public and Private Programs Offset by Revenues:
Clean Communities Program
4,000.00
4,000.00
Recycling Tonnage Grant
1,103.07
1,103.07
__
1,103.07
Total Public and Private Programs Offset by Revenues
1,103.07
5,103.07
5, 103.07
Total Operations - Excluded from "CAPS"
$
106,781.07
$
110,781.07
$ ~374.59
$
154.35
$
252.13
Detail:
Other Expenses
$
106,781.07
$
110,781.07
$
110,374.59
$
154.35
$
252.13
CAPITAL IMPROVEMENTS- EXCLUDED FROM "CAPS"
Capital Improvement Fund
$
30,000.00
$
30,000.00
$
30,000.00
Municipal Building Improvements
10,000.00
10,000.00
$ __!Q,000.00
Total Capital Improvements Excluded from "CAPS"
$
40,000.00
$
40,000.00
$
30,000.00
10,000.00
Municipal Debt Service - Excluded From "CAPS"
Payment of Bond Principal
Interest on Bonds
Total Municipal Debt Service Excluded from "CAPS"
Total General Appropriations for Municipal Purposes
Excluded from "CAPS"
Total General Appropriations - Excluded from "CAPS"
Subtotal General Appropriations
I
-...J
RESERVE FOR UNCOLLECTED TAXES
-...J
I
Total General Appropriations
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF EXPENDITURES- REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2019
Budget
$
10,000.00
3,150.00
13,150.00
$
159,931.07
$
159,931.07
$
980,792.07
190,000.00
$
1,170,792.07
Budget as Adopted
Added by NJSA 40A:4-87
$
$
$
$
$
$
$
Budget After
Modification
10,000.00
3, 150.00
13,150.00
163,931.07
163,931.07
984,792.07
190,000.00
1, 174,792.07
1, 170, 792.07
4,000.00
1, 174,792.07
Cash Disbursed
RUT
Grant
Paid or
Charged
$
10,000.00
__
3,150.00
13, 150.00
$
153,524.59
$
153,524.59
$
764,869.92
190,000.00
$
954,869.92
$
759,766.85
190,000.00
5,103.07
$
954,869.92
Exhibit B-3
Sheet 5 of 5
Encumbered
Reserved
Cancelled
$
154.35
$ ___j.Q.,252.13
154.35
$
10,252.13
$
32,746.30
$
117,175.85
$ 70,000.00
$
32,746.30
$
117,175.85
$ 70,000.00
Year
2018
2019
I
-..!
CX>
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY
Balance
December 31,
Tax
Added
Collections
2018
Levy
Taxes
2018
2019
$
38,700.14
$
36,048.37
$ 2,615,898.71
$
17,457.07
2,537,721.38
$
38,700.14
$ 2,615,898.71
$
17,457.07
$ 2,573,769.75
Detail of Amount to be Raised by Taxation - Municipal Purposes:
Cash Received
Senior Citizen and Veterans Deductions
Prepaid Taxes
Less Allocated to:
Local School District Taxes
County Taxes
Add: Reserve for Uncollected Taxes
Amount to be Raised by Taxation - Municipal Purposes
$ 2,537,721.38
3,750.00
17,457.07
$ 2,558,928.45
1,708, 164.00
257,056.49
190,000.00
$
783,707.96
State Share
Senior Citizens'
and Veterans'
Deductions
Allowed
$ __
3,750.00
$
3,750.00
Cancellation
__
2,651.77
$
$
$
2,651.77
$
Exhibit B-4
Sheet 1 of 2
Balance
December 31,
2019
56,970.26
56,970.26
BOROUGH OF ROOSEVELT
CURRENT FUND
Exhibit 8-4
Sheet 2 of 2
STATEMENT OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY
ANALYSIS OF 2019 PROPERTY TAX LEW
Tax Yield
General Purpose Taxes
Added Taxes (54:4-63.1et. Seq.)
Tax Lew
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
- 79 -
$
$
$
2,614,927.75
970.96
$
2,615,898.71
$
1,708,164.00
212,879.02
15,228.33
4,287.08
24,566.52
95.54
257,056.49
$
1,965,220.49
649,640.00
1,038.22
650,678.22
$
2,615,898.71
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF FORELOSED PROPERTY
BALANCE. DECEMBER 31, 2018
BALANCE. DECEMBER 31 I 2019
(There was no change during the year.)
- 80 -
Exhibit B-5
$
181,700.00
Exhibit B-6
Sheet 1of2
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF 2018 APPROPRIATION RESERVES
Balance
December 31, 2018
Balance
Appropriation
Reserve for
After
Paid or
Balance
Reserves
Encumbrances
Transfers
Charged
Lapsed
Salaries and Wages:
Operations - Within "CAPS":
General Administration
$
166.44
$
166.44
$
166.44
Municipal Clerk
4,240.00
4,240.00
$
440.00
3,800.00
Financial Administration
1,215.00
1,215.00
1,215.00
Tax Assessment Administration
180.00
180.00
180.00
Planning Board
3,700.00
3,700.00
160.00
3,540.00
Zoning Officer
3,273.75
3,273.75
3,273.75
School Crossing Guards
1,573.13
1,573.13
162.00
1,411.13
Streets and Road Maintenance
2,720.00
2,720.00
506.25
2,213.75
Environmental Commission
345.10
345.10
345.10
CX>
Recreation Services and Programs
36.75
36.75
36.75
->.
Code Enforcement
520.84
520.84
520.84
Housing Inspection
1, 104.57
1,104.57
1,104.57
Total Salaries and Wages
$
19,075.58
$
19,075.58
$
1,268.25
$
17,807.33
Other Expenses:
Operations - Within "CAPS":
General Administration:
Data Processing
$
8,585.20
$
8,585.20
$
8,585.20
Other Expenses
4,938.46
$
3,861.11
8,799.57
$
4,111.39
4,688.18
Mayor and Council
149.02
92.39
241.41
92.39
149.02
Municipal Clerk
7,147.41
496.11
7,643.52
4,666.81
2,976.71
Financial Administration
837.07
162.01
999.08
162.01
837.07
Audit Services
200.00
200.00
200.00
Revenue Administration
2,552.24
307.99
2,860.23
364.90
2,495.33
Tax Assessment Administration
1,744.28
1,744.28
1,744.28
Legal Services and Costs
14,468.83
70.00
14,538.83
5,775.00
8,763.83
Engineering Services and Costs
2,433.75
351.25
2,785.00
864.16
1,920.84
Planning Board
10,771.49
878.00
11,549.49
793.00
10,756.49
Zoning Officer
601.19
601.19
601.19
Purchase of Insurance:
Liability
2,722.00
2,722.00
766.00
1,956.00
Worker Compensation
346.42
346.42
346.42
Employee Group Plans
1,638.91
1,870.50
3,509.41
1,870.50
1,638.91
Unemployment Compensation Insurance
181.92
181.92
181.92
Exhibit B-6
Sheet 2 of 2
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF 2018 APPROPRIATION RESERVES
Balance
December 31, 2018
Balance
Appropriation
Reserve for
After
Paid or
Balance
Reserves
Encumbrances
Transfers
Charged
Lapsed
Other Expenses(Continued):
Operations - Within "CAPS": (Continued)
Office of Emergency Management
$
500.00
$
500.00
$
500.00
Public Defender
100.00
100.00
100.00
Streets and Road Maintenance
12,514.76
$
1,312.54
13,827.30
$
1,312.54
12,514.76
Solid Waste Collection
346.90
200.00
546.90
200.00
346.90
Public Buildings and Grounds
733.97
17,933.73
18,667.70
18,472.28
195.42
Vehicle Maintenance
1,021.60
1,021.60
1,021.60
Public Health Services
1,250.00
2,015.00
3,265.00
2,015.00
1,250.00
Environmental Commission
720.82
720.82
720.82
Animal Control
400.00
400.00
400.00
()'.)
Recreation Services and Programs
1,805.82
875.00
2,680.82
1,104.47
1,576.35
l\J
Celebration of Public Events
227.54
227.54
227.54
Electricity
2,737.55
2,737.55
268.75
2,468.80
Street Lighting
1,780.31
1,780.31
749.03
1,031.28
Telephone
1,701.77
265.79
1,967.56
265.79
1,701.77
Gas (Natural and Propane)
4,113.98
4,113.98
529.82
3,584.16
Gasoline
504.52
504.52
504.52
Landfill Tipping Fees
1,672.57
4,172.52
5,845.09
4,172.52
1,672.57
Deferred Charges and Statutory Expenditures -
Municipal Within "CAPS":
Statutory Expenditures:
Contribution to:
Public Employees' Retirement System
66.00
66.00
66.00
Social Security System (OAS.I.)
55.89
155.89
97.02
58.87
Defined Contribution Benefit Plan
4,000.00
4,000.00
4,000.00
Operations - Excluded from "CAPS":
Recycling Tax
285.17
158.25
443.42
158.25
285.17
Shared Services:
911 Communications Center (County of Monmouth)
0.80
0.80
0.80
Total Other Expenses
$
95,858.16
$
35,022.19
$
130,880.35
$ ~993.55
$
81,886.80
Grand Total
$
114,933.74
$
35,022.19
$
149,955.93
$
50,261.80
$
99,694.13
BOROUGH OF ROOSEVELT
CURRENT FUND
Exhibit B-7
STATEMENT OF LOCAL DISTRICT SCHOOL TAXES PAYABLE
BALANCE, DECEMBER 31, 2018
School Tax Payable
$
298,664.50
School Tax Deferred
491,850.50
$
790,515.00
INCREASED BY
Levy - School Year July 1, 2019 to
June 30, 2020
1,708, 164.00
$
2,498,679.00
DECREASED BY
Payments
1,644,941.00
BALANCE, DECEMBER 31, 2019
$
853,738.00
ANALYSIS OF BALANCE
School Tax Payable
$
361,887.50
School Tax Deferred
491,850.50
$
853,738.00
2019 LIABILITY FOR LOCAL SCHOOL TAX
Tax Paid
$
1,644,941.00
Less: Tax Payable, December 31, 2018
298,664.50
$
1,346,276.50
Add: Tax Payable, December 31, 2019
361,887.50
AMOUNT CHARGED TO OPERATIONS
$
1,708,164.00
- 83 -
Grant
Federal:
Recreational Trails Grant
$
State:
Clean Communities Program
Recycling Tonnage Grant
$
BOROUGH OF ROOSEVELT
GRANT FUND
STATEMENT OF GRANTS RECEIVABLE
2019 Revenue Realized
Balance
Added by
December 31,
As
N.J.S.A.
2018
Adopted
40A:4-87
2,893.19
$
4,000.00
$
1,103.07
2,893.19 $
1,103.07
$
4,000.00
- 84 -
Exhibit B-8
Decreased
Balance
by Cash
December 31 ,
Receipt
2019
$
1,698.04
$
1,195.15
4,000.00
1, 103.07
$
6,801.11
$
1,195.15
Grant
State:
NJ DEP:
Recycling Tonnage Grant
$
Clean Communities Program
Sustainable NJ Small Grant
Recreational Trails Grant
Fund for Roosevelt
Municipal Alcohol Education
and Rehabilitation Fund
JIF Safety Grant
$
BOROUGH OF ROOSEVELT
GRANT FUND
STATEMENT OF APPROPRIATED RESERVES
2019
Budget Aeeroeriations
Balance
Added by
December 31,
As
N.J.S.A.
2018
Adopted
40A:4-87
9,943.72
$
1,103.07
10,028.60
$
4,000.00
10.89
1,039.38
336.50
266.81
250.00
21,875.90
$
1, 103.07
$
4,000.00
- 85 -
Exhibit B-9
Decreased by
Balance
December 31,
Disbursed
2019
$
11,046.79
$
8,828.76
5, 199.84
10.89
1,039.38
336.50
266.81
250.00
$
8,828.76
$
18,150.21
TRUST AND AGENCY FUND
Exhibit C
BOROUGH OF ROOSEVELT
TRUST AND AGENCY FUND
COMBINING BALANCE SHEETS • REGULA TORY BASIS
AS OF DECEMBER 31, 2019 AND 2018
Expendable Trust
Agency
Totals
Animal Control
Trust Other
Payroll
2019
2018
2019
2018
2019
2018
2019
2018
ASSETS
Cash and Cash Equivalents
$
920.80
$
985.80
$ 35,847.84
$
33,797.84
$ 5,824.80
$ 2,072.02
$ 42,593.44
$ ~855.66
Total Assets and Other Debits
$
920.80
$
985.80
$ 35,847.84
$
33,797.84
$ 5,824.80
$ 2,072.02
$ 42,593.44
$
36,855.66
I
CX>
())
LIABILITIES AND RESERVES
Liabilities and Reserves:
lnterfund Payable -
Due to Current Fund
$ 3,300.23
$
3,300.23
Payroll Deductions Payable
2,524.57
$ 2,072.02
2,524.57
$
2,072.02
Reserves
$
920.80
$
985.80
$ 35,847.84
$
33,797.84
36,768.64
34,783.64
Total Liabilities and Reserves
$
920.80
$
985.80
$ 35,847.84
$
33,797.84
$ 5,824.80
2,072.02
$ 42,593.44
$
36,855.66
BOROUGH OF ROOSEVELT
TRUST FUND
Exhibit C-1
STATEMENT OF RESERVE FOR ANIMAL CONTROL EXPENDITURES
BALANCE. DECEMBER 31 I 2018
INCREASED BY
Dog License Fees
Late Fees/Miscellaneous
DECREASED BY
Expenditures
BALANCE, DECEMBER 31. 2019
BOROUGH LICENSE FEES COLLECTED
Year
Amount
2017
484.00
2018
445.00
$
929.00
AUDITOR'S NOTE:
R.S. 4:19-15.11
$
434.00
11.00
$
985.80
445.00
$
1,430.80
510.00
$
920.80
=====
"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."
- 87 -
BOROUGH OF ROOSEVELT
TRUST OTHER FUND
STATEMENT OF RESERVE FOR TRUST DEPOSITS
Balance
December 31,
Increased
2018
By Receipts
Parking Offense
$
11.00
Historical Commission Donations
315.00
Recreation Donations
350.00
Fire Department Donations
100.00
Escrow Funds
18,650.55
$
750.00
Tax Sale Premiums
13,000.00
1,100.00
Public Defender - Millstone Township
157.00
200.00
Woodland Trail Memorial Fund
1,214.29
$
33,797.84
$
2,050.00
- 88 -
Exhibit C-2
Balance
December 31,
2019
$
11.00
315.00
350.00
100.00
19,400.55
14, 100.00
357.00
1,214.29
$
35,847.84
BOROUGH OF ROOSEVELT
TRUST OTHER FUND
STATEMENT OF PAYROLL DEDUCTIONS
Federal Withholding Tax
Public Employees Retirement System:
Regular
Contributory Insurance
Social Security and Medicare Taxes
State Income Tax
New Jersey Unemployment/Family Leave
New Jersey Disability Tax
Employer Share Unemployment/Family
Leave/Disability
Health Insurance Deductions
Deferred Compensation
Payroll Deductions
Social Security:
Current Fund
Unemployment/Disability Taxes:
Current Fund
Balance
December 31,
2018
$
$
928.58
61.14
(0.15)
769.40
228.68
84.37
$ 2,072.02 $
$
$
- 89 -
Increased
by Payroll
Deductions
18,471.00
8, 138.46
542.64
41,364.94
8,494.97
1,122.09
377.92
1,442.11
3,901.32
4,800.00
88,655.45
66,531.27
20,682.07
1,442.11
88,655.45
$
$
Decreased
by Cash
Disbursed
18,471.00
8,076.06
538.40
41,364.91
8,439.15
1,178.99
390.96
1,442.11
3,901.32
4,400.00
88,202.90
$
$
Exhibit C-3
Balance
December 31,
2019
990.98
65.38
(0.12)
825.22
171.78
71.33
400.00
2,524.57
GENERAL CAPITAL FUND
Exhibit D
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
COMPARATIVE STATEMENT OF ASSETS 1 LIABILITIES 1 RESERVES
AND FUND BALANCE - REGULATORY BASIS
AS OF DECEMBER 31 1 2019 AND 2018
Balance
Balance
December 31,
December 31,
2019
2018
ASSETS
Cash and Cash Equivalents
$
118,910.38
$
134,829.75
Intergovernmental Accounts Receivable
New Jersey Department of Transportation
Grants Receivable
$
560,000.00
$
210,000.00
Deferred Charges to Future Taxation -
Funded
95,000.00
$
105,000.00
Unfunded
621,250.00
381 ,250.00
$
716,250.00
$
486,250.00
Total Assets
$
1,395,160.38
$
831,079.75
LIABILITIES. RESERVES AND FUND BALANCE
Other Liabilities and Reserves:
Bonds Payable
$
95,000.00
$
105,000.00
Capital Improvement Fund
61,603.15
96,603.15
Reserve for Building Improvements
5,843.97
18.495.50
Reserve for Encumbrances
449,886.06
54,297.50
$
612,333.18
$
274,396.15
Improvement Authorizations:
Funded
$
372,654.43
$
173,577.63
Unfunded
408,316.80
381,250.00
$
780,971.23
$
554,827.63
Fund Balance
$
1,855.97
$
1,855.97
Total Liabilities, Reserves and Fund Balance
$
1,395, 160.38
$
831,079.75
There were $621,250.00 Bonds and Notes Authorized but not Issued at December 31, 2019.
- 90 -
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
Exhibit D-2
STATEMENT OF INTERGOVERNMENTAL ACCOUNTS RECEIVABLE
New Jersey
New Jersey
Department of
Department of
Transportation -
Transportation -
Ordinance
Ordinance
Total
2018-005
2019-003
BALANCE. DECEMBER 31, 2018
$ 210,000.00
$
210,000.00
INCREASED BY
Grants Awarded
350,000.00
$
350,000.00
BALANCE, DECEMBER 31, 2019
$ 560,000.00
$
210,000.00
$
350,000.00
- 92 -
Exhibit D-3
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF DEFERRED CHARGES TO FUTURE TAXATION - UNFUNDED
Anal}'.sis of Balance
Unexpended
Balance
Balance
Balance of
Ordinance
December 31,
Authorized
December 31,
Improvement
Number
Improvement Description
2018
2019
2019
Expenditures
Authorizations
231
Reconstruction of Pine Drive
Storm Sewers
$
62,250.00
$
62,250.00
$
62,250.00
2015-006
Road Improvements to Windsor Road
9,000.00
9,000.00
9,000.00
I
co
2018-005
Road Improvements to
c..v
Homestead Lane & Cedar Court
310,000.00
310,000.00
$
212,933.20
97,066.80
2019-003
Nurko Road, Elm Court and
Parking Lot Improvements
$
240,000.00
240,000.00
240,000.00
$
381,250.00
$
240,000.00
$
621,250.00
$
212,933.20
$
408,316.80
Exhibit D-4
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF IMPROVEMENT AUTHORIZATIONS
2019 Authorizations
Balance
Capital
Def. Charges
Balance
Ordinance
Ordinance
December 31, 2018
Improvement
NJ DOT
to Future
Paid or
December 31, 2019
Number
Title
Date
Amount
Funded
Unfunded
Fund
Receivable
Taxation
Charged
Funded
Unfunded
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
15-006
Improvements to
co
Windsor Road
8/10/2015
40,000.00
28.66
9,000.00
28.66
9,000.00
~
2018-005
Road Improvements to
Homestead Lane and
Cedar Court
8/13/2018
520,000.00
145,353.20
310,000.00
$ 358,286.40
97,066.80
2019-003
Nurko Rd., Elm Court and
Parking Lot Improvements
5/28/2019
655,000.00
$ 65,000.00 $ 350,000.00 $ 240,000.00
70,570.00
344,430.00
240,000.00
$ 173,577.63 $ 381,250.00 $ 65,000.00 $ 350,000.00 $ 240,000.00 $ 428,856.40 $ 372,654.43 $ 408,316.80
Encumbered
$ 428,856.40
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF CAPITAL IMPROVEMENT FUND
BALANCE. DECEMBER 31 I 2018
INCREASED BY
2019 Budget Appropriation
DECREASED BY
Appropriated to Finance Improvement Authorizations
BALANCE, DECEMBER 31, 2019
- 95 -
Exhibit D-5
$
96,603.15
30,000.00
$
126,603.15
65,000.00
$
61 ,603.15
<.O
Q)
Date of
Original
Purpose
Issue
Monmouth County Improvement Authority
12/4/2012
Pooled Loan Revenue (Refunding) Bonds
Serial Bonds
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF BONDS PAYABLE
Amount of
Original
Issue
$ 165,000.00
Date
12/1/2020 $
12/1/2021
12/1/2022
12/1/2023
12/1/2024
12/1/2025
12/1/2026
12/1/2027
Amount
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
15,000.00
15,000.00
15,000.00
Balance
Interest
December 31,
Rate
2018
4.00%
$
105,000.00
4.00%
4.00%
4.00%
2.00%
3.00%
2.00%
2.00%
$
105,000.00
Decreased
$ 10,000.00
$
$ 10,000.00
$
Exhibit D-6
Balance
December 31,
2019
95,000.00
95,000.00
Ordinance
Number
231
2015-006
co
-....J
2018-005
2019-003
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
Balance
December 31,
2019
Description
2018
Authorization
Reconstruction of Pine Drive Storm Sewers
$
62,250.00
Road Improvements to Windsor Road
9,000.00
Road Improvements to
Homestead Lane & Cedar Court
310,000.00
Nurko Rd., Elm Court
& Parking Lot Improvements
$
240,000.00
$
381,250.00
$
240,000.00
Exhibit D-7
Balance
December 31,
2019
$
62,250.00
9,000.00
310,000.00
~.000.00
$
621,250.00
WATER-SEWER UTILITY OPERATING FUND
BOROUGH OF ROOSEVELT
Exhibit E
Sheet 1 of 2
WATER-SEWER UTILITY OPERATING FUND
COMPARATIVE STATEMENT OF ASSETS, LIABILITIES, RESERVES
AND FUND BALANCE-REGULATORY BASIS
AS OF DECEMBER 31, 2019 AND 2018
ASSETS
Cash and Cash Equivalents
lnterfunds Receivable:
Due from Water-Sewer Utility Capital Fund
Receivables and Other Assets:
Consumer Accounts Receivable
Total Assets
- 98 -
$
$
$
$
$
$
Balance
December 31,
2019
27,132.74
110,040.55
110,040.55
87,988.87
87,988.87
225, 162.16
$
$
$
$
$
$
Balance
December 31,
2018
68,795.16
70,632.30
70,632.30
91,437.01
91,437.01
230,864.47
BOROUGH OF ROOSEVELT
Exhibit E
Sheet 2 of 2
WATER-SEWER UTILITY OPERATING FUND
COMPARATIVE STATEMENT OF ASSETS, LIABILITIES, RESERVES
AND FUND BALANCE - REGULATORY BASIS
AS OF DECEMBER 31, 2019 AND 2018
Balance
Balance
December 31,
December 31,
2019
2018
LIABILITIES, RESERVES AND
FUND BALANCE
Liabilities:
Appropriation Reserves
$
25,161.68
$
61,534.63
Other Liabilities and Reserves:
Reserve for Encumbrances
$
60,106.29
$
27,416.63
Prepaid Rents
1, 118.00
Rent Overpayments
922.07
Accrued Interest on Bonds and Loans
7,329.51
10,726.93
67,435.80
40,183.63
lnterfund Payable:
Due to Current Fund
37,709.20
$
37,709.20
Reserve for Receivables and Inventory
$
87,988.87
$
91,437.01
Fund Balance
44,575.81
Total Liabilities, Reserves and Fund Balance
$
225, 162.16
$
230,864.47
- 99 -
Exhibit E-1
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, 2019 AND 2018
2019
2018
Revenue and Other Income Realized:
Rents
$
739,337.53
$
750,750.73
Cell Tower Fees
90,525.01
84,574.66
Interest on Delinquent Rents
15,105.74
13,979.32
Deficit (General Budget)
1,469.25
NonbudgetRevenue
748.89
533.21
Other Credits to Income -
Unexpended Balance of Appropriation Reserves
28,931.69
Total Income
$
845,717.17
$
880,238.86
Expenditures:
Operating
$
489,558.80
$
584,139.00
Debt Service
311,582.56
276,499.86
Deferred Charges and Statutory Expenditures
19,600.00
Total Expenditures
$
801,141.36
$
880,238.86
Excess/(Deficit) in Revenue
$
44,575.81
Statutory Excess to Fund Balance
44,575.81
Fund Balance, January 1
Fund Balance, December 31
$
44,575.81
- 100 -
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND
STATEMENT OF REVENUES-REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2019
Rents
$
Cell Tower Fees
Interest on Delinquent Rents
Deficit (General Budget)
$
NonbudgetRevenue
$
ANALYSIS OF NON BUDGET REVENUE
Interest on Investments:
Received from Water-Sewer Utility
Capital Fund
Received by Water-Sewer Utility
Operating Fund
Anticipated
725,000.00
79,000.80
10,254.00
70,000.00
884,254.80
884,254.80
- 101 -
Realized
$
739,337.53
90,525.01
15,105.74
$
844,968.28
748.89
$
845,717.17
$
25.38
723.51
$
748.89
Exhibit E-2
Excess
or
(Deficit)
$
14,337.53
11,524.21
4,851.74
(70,000.00)
$
(39,286.52)
748.89
$
{38,537.63}
Exhibit E-3
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2019
Budget After
Paid or
Budget
Modification
Charqed
Encumbered
Reserved
Cancelled
OPERATING
Other Expenses
$
569,558.80
$
569,558.80
$
404,290.83
$
60,106.29
$
25,161.68
$
80,000.00
Total Operating
$
569,558.80
$
569,558.80
$
404,290.83
$
60,106.29
$
25, 161.68
$
80,000.00
DEBT SERVICE
Payment of Bond Principal
$
115,000.00
$
115,000.00
$
115,000.00
Payment of Bond Anticipation Notes
30,000.00
30,000.00
30,000.00
->.
Interest on Bonds
65,780.00
65,780.00
65,775.19
$
4.81
0
Interest on Notes
9,700.00
9,700.00
9,397.19
302.81
I\.)
Principal and Interest on 1982 Farmers Home
Administration Loan
18,000.00
18,000.00
17,821.56
178.44
NJEIT 2010 Loan
29,114.00
29, 114.00
29,087.43
26.57
NJEIT 2016 Loan
47,102.00
47,102.00
~501.19
$
2,600.81
Total Debt Service
$
314,696.00
$
314,696.00
$
311,582.56
$
3,113.44
Total Water-Sewer Utility Appropriations
$
884,254.80
$
884,254.80
$
715,873.39
$
60, 106.29
$
25,161.68
$
83,113.44
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND
STATEMENT OF CONSUMER ACCOUNTS RECEIVABLE
BALANCE, DECEMBER 31 I 2018
$
INCREASED BY
Water-Sewer Rents Levied
DECREASED BY
Collections
$
737,297.46
Overpayments Applied
922.07
Prepaid Rents Applied
1,118.00
BALANCE, DECEMBER 31, 2019
$
- 103 -
Exhibit E-4
91.437.01
735,889.39
827,326.40
739,337.53
87,988.87
Exhibit E-5
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND
STATEMENT OF 2018 APPROPRIATION RESERVES
Balance
December 31, 2018
Balance
Appropriation
Reserve for
After
Paid or
Balance
Reserves
Encumbrance
Transfers
Charged
Lapsed
Operating:
Salaries and Wages
$
4,086.80
$
86.80
$
86.80
Other Expenses
22,257.77
$
61,534.63
88,692.40
$
87,963.98
728.42
Deferred Charges and Statutory Expenditures:
~
Statutory Expenditures:
0
~
Contribution:
Public Employees' Retirement System
18.00
18.00
18.00
Social Security System (OAS.I.)
964.66
64.66
64.66
Unemployment Compensation Insurance
(N.J.S.A. 43:21-3 et. seq.)
89.40
89.40
89.40
$
27,416.63
$
61,534.63
$
88,951.26
$
87,963.98
$
987.28
Lapsed to Current Fund
$
987.28
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND
SCHEDULE OF ACCRUED INTEREST ON BONDS AND LOANS
BALANCE. DECEMBER 31. 2018
INCREASED BY:
Budget Appropriations:
Interest on BAN's
Interest on Bonds
Interest on NJIBank Loan
Interest on USDA Loan
DECREASED BY:
Cash Disbursed
BALANCE, DECEMBER 31. 2019
ANALYSIS OF ACCRUED INTEREST- DECEMBER 31, 2019
Outstanding
December 31,
Interest
2019
Rate
From
Loan - NJIBank
$
265,000.00
various
08/01/19
Bond Anticipation Note:
346,150.00
1.45%
12/27/19
Loan - USDA
40,268.02
5.00%
10/01/19
Bonds
1,605,000.00
various
12/01/19
* credits applied
- 105 -
$
9,397.19
65,775.19
7,253.66
2,320.30
To
12/31/19
12/31/19
12/31/19
12/31/19
Period
5 months*
5 days
3 months
1 month
Exhibit E-6
$
10,726.93
84,746.34
95,473.27
88, 143.76
$
7,329.51
Amount
$
1,416.67
55.77
761.23
5,095.84
$
7,329.51
WATER-SEWER UTILITY CAPITAL FUND
Exhibit F
Sheet 1 of 2
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
COMPARATIVE STATEMENT OF ASSETS 1 LIABILITIES 1 RESERVES
AND FUND BALANCE - REGULATORY BASIS
AS OF DECEMBER 31 1 2019 AND 2018
Balance
Balance
December 31,
December 31,
2019
2018
ASSETS
Cash and Cash Equivalents
$
1,983.60
$
5,946.10
NJEIT Loans Receivable
$
27,225.00
$
27,225.00
Fixed Capital
$
5,234,793.06
$
5,234,793.06
Fixed Capital Authorized and Uncompleted
2,918, 7 40.25
2,918,740.25
8, 153,533.31
8, 153,533.31
Total Assets
$
8,182,741.91
$
8, 186,704.41
LIABILITIES, RESERVES AND
FUND BALANCE
Bond Anticipation Notes
$
346,150.00
$
376,150.00
Loans Payable:
Farmer's Home Administration Loan
$
40,268.02
$
55,769.28
NJEIT Loan
962,800.55
1,029,135.51
MCIA Loan
1,605,000.00
1,720,000.00
2,608,068.57
2,804,904.79
Other Liabilities and Reserves:
Reserve for Encumbrances
513,437.32
1,670.00
Capital Improvement Fund
7,550.00
7,550.00
520,987.32
9,220.00
lnterfunds Payable:
Due to Water-Sewer Utility Operating Fund
110,040.55
70,632.30
Due to Current Fund
4,848.00
$
114,888.55
$
70,632.30
- 106 -
BOROUGH OF ROOSEVELT
Exhibit F
Sheet 2 of 2
WATER-SEWER UTILITY CAPITAL FUND
COMPARATIVE STATEMENT OF ASSETS, LIABILITIES, RESERVES
AND FUND BALANCE-REGULATORY BASIS
AS OF DECEMBER 31, 2019 AND 2018
LIABILITIES, RESERVES AND
FUND BALANCE (CONTINUED)
Improvement Authorizations:
Funded
Unfunded
Reserve for Amortization
Deferred Reserve for Amortization
Fund Balance
Total Liabilities, Reserves and Fund Balance
$
$
Balance
December 31,
2019
16,172.21
911,649.56
927,821.77
3,614,952.74
48,950.00
3,663,902. 7 4
922.96
8, 182,741.91
$
$
Balance
December 31,
2018
3,640.25
1,484,167.59
1,487,807.84
3,418,116.52
18,950.00
3,437,066.52
922.96
8,186,704.41
There were Bonds and Notes Authorized but not Issued at December 31, 2019 of $1,535,412.00
- 107 -
Exhibit F-1
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
ANALYSIS OF CASH AND CASH EQUIVALENTS
Receiets
Receiets
Disbursements
Disbursements
Transfer
Balance
Balance
December 31,
Budget
Improvement
December 31,
2018
Appropriation
Miscellaneous
Authorizations
Miscellaneous
From
To
2019
Capital Improvement Fund
$
7,550.00
$
7,550.00
Due to Water-Sewer Utility Operating Fund
70,632.30
$
1,000.00
$
38,408.25
110,040.55
Due to Current Fund
4,848.00
4,848.00
Reserve for Encumbrances
1,670.00
$
1,670.00
513,437.32
513,437.32
Fund Balance
922.96
922.96
Ordinance
Improvement
Number
Authorizations
221
Maple Ct.IN. Rochdale Improvements
3,640.25
3,640.25
......
0
247/256
Acquisition and Installation of an
(X)
Automatic Bar Screen and Inter
Weir Replacement
4,645.71
$ 23,750.00
23,750.00
4,645.71
257/261
Various Water-Sewer Improvement
(128,402.62)
(128,402.62)
265
Improvements to Lake Drive
Pump Station
4, 123.00
6,250.00
24,150.00
30,400.00
4,123.00
2016-03
Rehabilitation of Elevated Water Tower
32,036.25
200,000.00
200,000.00
32,036.25
2016-18
Various Water Sewer Improvements
9,698.25
122,000.00
122,000.00
9,698.25
2018-006
Replacement of Water Mains
(570.00)
$
3,292.50
$
556,693.57
(560,556.07)
$
5,946.10 $
30,000.00 $
347,150.00 $
3,292.50 $
377,820.00 $
556,693.57
$ 556,693.57
$
1,983.60
Bracketed amount ( ) denotes deficit.
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF FIXED CAPITAL
BALANCE, DECEMBER 31, 2018
BALANCE. DECEMBER 31, 2019
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
Upgrades to Water Treatment Plant and Rehabilitation of Water Storage Tank
- 109 -
Exhibit F-2
$ 5,234,793.06
$
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
565,000.00
$ 5,234,793.06
Ordinance
Number
221
247/256
257/261
_...
_...
0
I
2016-03
2016-18
2018-006
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED
Balance
Date
December 31,
Description
Authorized
2018
Maple Court I N. Rochdale Improvements
07/10/06
$
3,640.25
Upgrades Water Treatment Plant and
Rehab. Water Storage Tank
07/13/09
210,000.00
Acquisition and Installation of an Automatic
05/23/11
Bar Screen and Inlet Weir Replacement
03/27/13
1,620,000.00
Rehabilitation of Elevated Water Tower
02/22/16
210,000.00
Various Water Sewer Improvements
09/12/16
128, 100.00
Replacement of Water Mains
10/09/18
715,000.00
$ 2,918, 7 40.25
Exhibit F-3
Balance
December 31,
2019
$
3,640.25
210,000.00
1,620,000.00
210,000.00
128, 100.00
715,000.00
$ 2,918,740.25
_....
_....
.....
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF LOANS PAYABLE· MONMOUTH COUNTY IMPROVEMENT AUTHORITY
Date of
Amount of
Balance
Original
Original
Interest
December 31,
Purpose
Issue
Issue
Date
Amount
Rate
2018
Monmouth County Improvement Authority
12/29/2011
$ 1,125,000
12/1/2020 $
85,000.00
5.00%
$ 1,350,000.00
Pooled Loan Revenue (Refunding) Bonds
12/1/2021
90,000.00
5.00%
Serial Bonds
12/1/2022
95,000.00
4.00%
12/1/2023
95,000.00
4.00%
12/1/2024
100,000.00
3.00%
12/1/2025
105,000.00
3.00%
12/1/2026
105,000.00
3.00%
Term Bonds
12/29/2011
700,000
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
12/1/2020
35,000.00
4.00%
370,000.00
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%
$ 1,720,000.00
Exhibit F-4
Balance
December 31,
Decreased
2019
$
80,000.00 $ 1,270,000.00
35,000.00
335,000.00
$ 115,000.00 $ 1,605,000.00
Exhibit F-5
Sheet 1of3
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF LOANS PAYABLE
NEW JERSEY INFRASTRUCTURE BANK "NJIBANK" fFORMERL Y NJEITJ
Maturities of
Amount of
Loan Outstanding
Balance
Balance
Date
Original
December 31, 2019
Interest
December 31,
Decreased
December 31,
Purpose
Of Issue
Issue
Date
Amount
Rate
2018
fu
2019
NJIBANK - STATE
2010 Winter Program:
03/01/10
$ 135,000.00
08/01/20
$
5,000.00
5.000 %
$
95,000.00
$
5,000.00
$
90,000.00
Water-Sewer System Improvements -
08/01/21
5,000.00
3.000
State Portion Ord #10-237
08/01/22
10,000.00
4.000
08/01/23
10,000.00
4.000
08/01/24
10,000.00
4.000
08/01/25
10,000.00
4.000
08/01/26
10,000.00
3.500
08/01/27
10,000.00
4.000
08/01/28
10,000.00
4.000
08/01/29
10,000.00
4.000
....>.
....>.
2016 A-1 Series:
05/26/16
$ 195,000.00
08/01/20
10,000.00
5.000 %
$
185,000.00
$
10,000.00
$
175,000.00
N
Water-Sewer System Improvements -
08/01/21
10,000.00
5.000
State Portion Ord #257/261
08/01/22
10,000.00
5.000
08/01/23
10,000.00
5.000
08/01/24
10,000.00
4.000
08/01/25
10,000.00
4.000
08/01/26
10,000.00
4.000
08/01/27
10,000.00
4.000
08/01/28
10,000.00
2.000
08/01/29
10,000.00
2.000
08/01/30
10,000.00
2.000
08/01/31
10,000.00
2.125
08/01/32
10,000.00
3.000
08/01/33
15,000.00
3.000
08/01/34
15,000.00
3.000
08/01/35
15,000.00
3.000
Total NJIBANK- State
$
280,000.00
$
15,000.00
$
265,000.00
Purpose
NJIBANK - FEDERAL
Water-Sewer System Improvements -
Federal Portion Ord #10-237
......
_,.
(..V
Water-Sewer System Improvements -
Federal Portion Ord #257/261
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF LOANS PAYABLE
NEW JERSEY INFRASTRUCTURE BANK "NJIBANK" [FORMERLY NJEIT}
Maturities of
Amount of
Loan Outstanding
Balance
Date
Original
December 31, 2019
Interest
December 31,
Of Issue
Issue
Date
Amount
Rate
2018
03/01/10
$ 405,000.00
02/01/20
$
6,864.40
0.00 %
$
226,525.51
08/01/20
13,728.81
02/01/21
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
02/01/24
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
05/26/16
$ 604,588.00
02/01/20
10,247.25
0.00 %
$
522,610.00
08/01/20
20,494.50
02/01/21
10,247.25
08/01/21
20,494.50
02/01/22
10,247.25
08/01/22
20,494.50
02/01/23
10,247.25
08/01/23
20,494.50
02/01/24
10,247.25
08/01/24
20,494.50
02/01/25
10,247.25
08/01/25
20,494.50
02/01/26
10,247.25
08/01/26
20,494.50
02/01/27
10,247.25
08/01/27
20,494.50
02/01/28
10,247.25
Decreased
fu
$
20,593.21
$
$
30,741.75
$
Exhibit F-5
Sheet 2 of3
Balance
December 31,
2019
205,932.30
491,868.25
->.
->.
~
Purpose
Water-Sewer System Improvements -
Federal Portion Ord #257/261
(Continued)
Total NJIBANK - Federal
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF LOANS PAYABLE
Exhibit F-5
Sheet 3 of 3
NEW JERSEY INFRASTRUCTURE BANK "NJIBANK" £FORMERLY NJEIT}
Date
Of Issue
Amount of
Original
Issue
Maturities of
Loan Outstanding
December 31, 2019
Date
Amount
08/01/28
$
20,494.50
02/01/29
10,247.25
08/01/29
20,494.50
02/01/30
10,247.25
08/01/30
20,494.50
02/01/31
10,247.25
08/01/31
20,494.50
02/01/32
10,247.25
08/01/32
20,494.50
02/01/33
10,247.25
08/01/33
20,494.50
02/01/34
10,247.25
08/01/34
20,494.50
02/01/35
10,247.25
08/01/35
20,494.75
Interest
Rate
Balance
December 31,
2018
Decreased
fu'.
Balance
December 31,
2019
$
749, 135.51
$
51,334.96
$
697,800.55
$ 1,029,135.51
$
66,334.96
$
962,800.55
Interest
Rate
1982
Farmer's Home
Administration Loan
5.00%
->.
->.
Ul
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF FARMER'S HOME ADMINISTRATION LOANS
Annual
Balance
Due
Principal and
Final
December 31,
Date
Interest Due
Maturitv
2018
3/31 and 9/30 $
18,000.00
2022
$
55,769.28
$
55,769.28
Exhibit F-6
Balance
December 31,
Decreased
2019
$
15,501.26
$
40,268.02
$
15,501.26
$
40,268.02
Exhibit F-7
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF BOND ANTICIPATION NOTES
Date of
Balance
Balance
Ordinance
Original
Date of
Date of
Interest
December 31,
December 31 ,
Number
Description
Issue
Issue
Maturity
Rate
2018
Increased
Decreased
2019
247/256
Acquisition and Installation of an
12/29/17
12/28/18
12/27/19
2.500%
$
23,750.00
$
23,750.00
Automatic Bar Screen and
Inlet Weir Replacement
2016-03
Improvements to Lake Drive Pump Station
12/29/17
12/27/19
12/23/20
1.450%
30,400.00
$
24,150.00
30,400.00
$
24,150.00
2016-03
Rehabilitation of Elevated Water-Tower
12/29/17
12/27/19
12/23/20
1.450%
200,000.00
200,000.00
200,000.00
200,000.00
I
....>.
....>.
(j)
2016-18
Various Water Sewer Improvements
12/29/17
12/27/19
12/23/20
1.450%
122,000.00
122,000.00
122,000.00
122,000.00
$ 376,150.00
$ 346,150.00
$ 376,150.00
$
346,150.00
Ordinance
Number
Tille
221
Maple Court I N. Rochdale
Improvements
247/256
Acquisition and Installation of an
Automatic Bar Screen and Inlet
Weir Replacement
__,.
257/261
Various Water-Sewer Improvements
__,.
.......
I
265
Improvements to Lake Drive
Pump Station
2016-03
Rehabilitation of Elevated Water Tower
2016-18
Various Water Sewer Improvements
2018-006
Replacement of Water Mains
Detail:
Disbursed
Reserve for Encumbrances
Due to Current Fund
Due to Water-Sewer Utility Operating Fund
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF IMPROVEMENT AUTHORIZATIONS
Balance,
Ordinance
December 31, 2018
Date
Amount
Funded
Unfunded
7/10/2006
$
45,000.00
$
3,640.25
5/23/2011
185,000.00
$
4,645.71
3/27/2013
25,000.00
3/27/2013
215,000.00
719,234.38
12/9/2013
1,405,000.00
6/23/2014
32,000.00
4,123.00
2/22/2016
210,000.00
32,036.25
9/12/2016
128,100.00
9,698.25
10/9/2018
715,000.00
714,430.00
$
3,640.25
$
1,484, 167.59
Exhibit F-8
Balance
December 31,
Paid or
2019
Charged
Funded
Unfunded
$
3,640.25
4,645.71
$
719,234.38
4,123.00
7,886.25
24, 150.00
9,698.25
$
559,986.07
---1§1,443.93
$
559,986.07
16, 172.21
$
911,649.56
$
3,292.50
513,437.32
4,848.00
38,408.25
$
559,986.07
Ordinance
Number
257/261
2018-006
I
->.
->.
())
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
Balance
December 31,
Description
2018
Various Water-Sewer Improvements
$
820,412.00
Replacement of Water Mains
715,000.00
$
1,535,412.00
Exhibit F-9
Balance
December 31,
2019
$
820,412.00
715,000.00
$
1,535,412.00
CAPITAL ASSETS
Capital Assets:
BOROUGH OF ROOSEVELT
CAPITAL ASSETS ACCOUNT
COMPARATIVE STATEMENT OF CAPITAL ASSETS
AS OF DECEMBER 31, 2019 AND 2018
Balance
December 31,
2019
Land and Buildings
$
2,357,400.00
$
Machinery and Equipment
94,072.98
$
2,451,472.98
$
Exhibit G
Balance
December 31,
2018
2,357,400.00
94,072.98
2,451,472.98
Investment in Capital Assets
$
2,451,472.98
$
2,451,472.98
- 119 -
STATISTICAL SECTION
(UNAUDITED)
Exhibtt H-1
BOROUGH OF ROOSEVELT
CURRENT FUND EXPENDITURES BY FUNCTION
FOR THE LAST TEN 1101 FISCAL YEARS
!UNAUDITED!
Fiscal Year
Function
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
General Government
$
321,311.00
$
295,136.00
$
359,486.00
$
362,587.00
$
333,785.00
$
272,921.00
$
271,919.00
$
268,518.00
$
314,118.00
$
309,472.00
Land Use
23,900.00
30,200.00
30,700.00
30,693.00
23,093.00
37,993.00
34,789.00
35,233.00
57,343.00
60,810.00
Insurance
35,600.00
36,500.00
58,500.00
41,500.00
40,500.00
46,500.00
50,300.00
48,800.00
50,100.00
47,400.00
Public Works
165,950.00
169,450.00
123,250.00
150,170.00
139,650.00
99,050.00
85,900.00
155,250.00
72,250.00
76,833.00
Health and Human Services
15,000.00
14,800.00
16,200.00
16,700.00
19,000.00
15,900.00
18,500.00
18,500.00
18,000.00
15,500.00
Parks and Recreation
34,700.00
30,300.00
29,200.00
28,442.00
26,392.00
26,792.00
19,792.00
19,792.00
19,792.00
19,000.00
Utiltties
28,300.00
29,800.00
29,500.00
37,200.00
35,000.00
33,500.00
30,500.00
30,200.00
28,500.00
27,500.00
Other Common Functions
2,500.00
2,200.00
1,500.00
2,000.00
1,000.00
1,000.00
1,000.00
5,000.00
1,000.00
1,000.00
Public Safety
74,021.00
68,600.00
64,771.00
60,171.00
64,471.00
61,297.00
50,400.00
44,400.00
42,400.00
33,300.00
Sanitation
101,257.00
104,366.20
97,660.00
95,400.00
97,400.00
115,400.00
93,400.00
36,400.00
39,400.00
42,000.00
Uniform Construction Code
3,560.00
3,460.00
3,000.00
Deferred Charges and
Statutory Expendttures
124,000.00
116,033.00
93,377.24
60,724.50
144,842.71
115,131.29
123,460.00
26,768.00
32,240.00
lnterlocal Service Agreement
85,336.46
61,379.00
59,917.00
65,218.00
Grant Programs
5,103.07
4,594.26
4,537.65
17,000.00
4,250.00
11,300.00
4,301.45
11,441.68
4,732.52
4,050.27
...>.
Debt Service
13,150.00
13,450.00
13,750.00
14,000.00
14,200.00
14,400.29
14,370.00
9,640.00
7,700.00
4,200.00
N
Capital Improvements
40,000.00
30,000.00
30,000.00
45,000.00
58,000.00
40,000.00
20,000.00
20,000.00
20,000.00
20,000.00
0
Reserve for Uncollected Taxes
190,000.00
180,000.00
180,000.00
180,000.00
170,000.00
160,000.00
160,000.00
150,000.00
150,000.00
~000.00
Total Current Fund Expendttures
$ 1,174.792.07
$ 1, 125,429.46
$ 1,132,431.89
$ 1,166,199.46
$ 1,087.465.50
$ 1,080,896.00
$
970,302.74
$ 1,041,573.68
$
915,480.52
$
901,523.27
Exhibtt H-2
BOROUGH OF ROOSEVELT
CURRENT FUND REVENUES BY FUNCTION
FOR THE LAST TEN (10} FISCAL YEARS
(UNAUDITED}
Fiscal Year
Function
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
Local Sources:
Fund Balance Utilized
$
388,200.00 $
323,900.00 $
345,000.00 $
391,000.00 $
322,500.00
$
259,873.15 $
199,618.00
$
174,742.00
$
138,100.00
$
120,999.18
Current Tax Revenue
783,707.96
792,752.02
762,496.52
755,772.78
749,830.74
710,478.82
702,009.25
701,598.58
700,064.81
704,930.53
Delinquent Tax Revenue
36,048.37
66,543.49
48,904.30
45,169.46
53,207.77
81,118.39
81,567.97
80,862.46
62,607.04
67,140.59
Miscellaneous Revenues Anticipated
13,730.00
14,590.00
15,085.00
10,136.50
62,326.85
4,872.29
1,100.00
1,605.00
1,660.00
NonbudgetRevenues
42,990.24
43,915.29
43,869.53
39,422.11
47,323.11
53,112.87
87,036.73
113,304.91
101,252.42
58,570.25
Other Credtts to Income
207,403.33
406,438.66
367,087.08
118,075.88
249,128.22
192,127.65
189,630.13
204,173.73
81,584.12
80,708.10
State Aid
81,849.00
81,849.00
81,849.00
81,849.00
81,849.00
81,849.00
81,848.88
81,849.00
81,849.00
82,930.82
Grants
5,103.07
4,594.26
4,537.65
17,000.00
4,250.00
11,300.00
4,301.45
11441.68
4,732.52
__
4,050.27
Total Current Fund Revenues
$ 1,559,031.97 $ 1,734.582.72 $ 1.653,744.08 $ 1,463,374.23
$ 1,518,225.34
$ 1,452,186.73 $ 1,350,884.70
$ 1,369,072.36
$ 1,171,794.91
$
1,120,989.74
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!\..)
Function
Operating
Caprtal Improvements
Debt Service
Deferred Charges and Statutory Expendrtures
2019
$ 489,558.80
311,582.56
$ 801.141.36
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND EXPENDITURES BY FUNCTION
FOR THE LAST TEN (10) FISCAL YEARS
(UNAUDITED)
Fiscal Year
2018
2017
2016
2015
2014
$ 584, 139.00
$ 601,349.33
$ 612,456.00
$ 562,635.00
$ 527,810.00
14,500.00
276,499.86
273,709.49
257,782.43
232,034.87
230,547.38
19,600.00
22,571.00
23,700.00
21,500.00
55,765.00
$ 880,238.86
$ 897,629.82
$ 908,438.43
$ 816,169.87
$ 814,122.38
Exhibrt H-3
2013
2012
2011
2010
$ 494,959.94
$ 455,939.33
$ 437,540.00
$ 433,937.00
12,000.00
229,353.03
307,785.00
248,653.00
238,953.05
37,157.22
22,793.00
22,707.00
20 429.00
$ 773,470.19
$ 786,517.33
$ 708,900.00
$ 693,319.05
Assessment
Year
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
BOROUGH OF ROOSEVELT
PROPERTY TAX RATES
PER $100 OF ASSESSED VALUATION
FOR THE LAST TEN (10) FISCAL YEARS
(UNAUDITED)
Local
School
Borough
District
County
$ 0.755
$ 1.985
$ 0.299
0.755
1.843
0.304
0.756
1.850
0.300
0.728
1.848
0.292
0.728
1.879
0.312
0.749
1.941
0.306
0.748
1.852
0.313
0.748
1.780
0.313
0.747
1.750
0.320
0.748
1.714
0.308
Source: Tax Collector.
- 123 -
Exhibit H-4
Total
$ 3.039
2.902
2.906
2.868
2.919
2.996
2.913
2.841
2.817
2.770
Year Ended
December 31,
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
BOROUGH OF ROOSEVELT
MUNICIPAL PROPERTY TAX LEVIES AND COLLECTIONS
FOR THE LAST TEN (10) FISCAL YEARS
(UNAUDITED)
Total
Current Tax
Tax Levy
Collections
$
2,615,898.71
$
2,558,928.45
2,495,277.46
2,455,350.41
2,488,921.44
2,422,377.95
2,444,490.38
2,401,459.77
2,508,575.69
2,460, 128.19
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
- 124 -
Exhibit H-5
Tax Levy
Collected
97.82%
98.40%
97.33%
98.24%
98.07%
97.37%
96.39%
96.60%
96.65%
97.06%
Year Ended
December 31,
2019
$
2018
2017
2016
2015
2014
2013
2012
2011
2010
BOROUGH OF ROOSEVELT
DELINQUENT TAXES AND TAX TITLE LIENS
FOR THE LAST TEN (10) FISCAL YEARS
(UNAUDITED)
Amount of
Amount of
Delinquent
Total
Tax Title Liens
Taxes
Delinquent
None
$ 56,970.26
$
56,970.26
None
38,700.14
38,700.14
None
66,543.29
66,543.29
9,094.47
39,809.83
48,904.30
5,873.74
43, 107.26
48,981.00
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
74,362.85
None
63,374.22
63,374.22
- 125 -
Exhibit H-6
Percentage
of Tax Levy
2.17%
1.55%
2.67%
2.00%
1.95%
2.26%
3.30%
3.40%
3.13%
2.71%
Exhibit H-7
BOROUGH OF ROOSEVELT
ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
FOR THE LAST TEN (10) FISCAL YEARS
(UNAUDITED)
Percentage of
Net Assessed
Net
Estimated
to Estimated
Year Ended
Assessed
Full Cash
Full Cash
December 31,
Valuations
Valuations
Valuations
2019
$
85,927,400
$
91,247,106
94.17%
2018
85,814,213
89,220,302
96.18%
2017
85,781,888
86,995,208
98.61%
2016
85,362,800
85,912,641
99.36%
2015
85,725,600
85,507,544
100.26%
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%
Source: Table of Equalized Valuations, State of New Jersey, Division of Taxation.
* Revaluation Effective
- 126 -
BOROUGH OF ROOSEVELT
SCHEDULE OF TEN LARGEST TAXPAYERS
YEAR ENDED DECEMBER 31 I 2019
(UNAUDITED)
Assessed
Taxpayer
Value - 2019
Gade, Sreenivasa and Kanigiri
$
1,748,500
Roosevelt Sr Ct H S C/O LSM of NJ
1,365, 100
Sattel, Elsbeth G
1,075,900
Wojnicki, John
883,900
Ticktin, Joshua M
577,300
Petrillo, John
529, 100
Stinson, Arthur
526,500
Ticktin, Michael & Marilyn
514,400
Gerling, Paul & Peg
486,200
Marko, Neil & Joy & E. Marder
483, 100
$
8,190,000
- 127 -
Exhibit H-8
As a Percent
of Net Assessed
Valuation Taxable
2.05%
1.60%
1.26%
1.03%
0.68%
0.66%
0.61%
0.60%
0.57%
0.57%
9.59%
BOROUGH OF ROOSEVELT
COMPUTATION OF LEGAL DEBT MARGIN
FOR THE YEAR ENDED DECEMBER 31, 2019
(UNAUDITED)
2019
2018
2017
Average Equalized Valuation of Taxable Property
Municipal Borrowing Margin - 3~% of $89, 154, 145.33
Gross Debt
Deductions
Net Municipal Debt as of December 31, 2019
Municipal Borrowing Margin Available
$
5,541,880.57
4,825,630.57
MUNICIPAL OVERLAPPING DEBT TOTAL
Borough Net Debt
Overlapping Debt Apportioned to Borough:
County of Monmouth:
.069585587% of $512, 159, 169.67 <2>
Exhibit H-9
Equalized
Valuation
Basis <1>
$
91,247, 106.00
89,220,302.00
86,995,028.00
$
267 ,462,436.00
$
89, 154, 145.33
$
3, 120,395.09
716,250.00
$
2,404, 145.09
$
716,250.00
356,388.96
$ ==1='=07=2=,6=3=8.=96=
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 2019, 2018 and
2017.
(2) County of Monmouth Chief Financial Officer - Annual Debt Statement.
- 128 -
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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
(UNAUDITED)
Net
Year Ended
Borough
Equalized
Debt
December 31.
Population (1)
Valuation (2)
Issued (3)
2019
882
$ 91,247,106.00
$ 5,205,880.57
2018
882
$ 89,220,302.00
$ 5,202,716.79
2017
882
86,995,028.00
4,37 4, 768.40
2016
882
85,912,641.00
4,609,978.94
2015
882
82,507,544.00
4,506,779.28
2014
882
85,758,772.00
4,715,229.41
2013
882
81,480, 136.00
4,787,679.34
2012
882
84,797,364.00
3,404,736.03
2011
882
88,548,537 .00
3,841,793.33
2010
882
94,029,385.00
3,923,602.09
(1) U.S. Bureau of the Census, Population Division for 2010-2020
(2) Per the State of New Jersey
(3) Includes Water-Sewer Utility Debt only
Less
Self-
Liquidating
Debt
$ 4,489,630.57
$ 4,108,447.99
3,450,397.00
4,317,609.34
4,214,529.28
4,352,979.41
4,325,393. 7 4
2,444, 106.03
3,520,293.33
3,688, 102.09
$
Net
Debt
716,250.00
1,094,268.80
924,371.40
292,369.60
292,250.00
362,250.00
462,285.60
960,630.00
321,500.00
235,500.00
Exhibit H-10
Ratio of
Net
Debt to
Net
Assessed
Debt Per
Value
Capita
0.78%
$
812.07
1.22%
1,240.67
1.06%
1,048.04
0.34%
331.48
0.35%
331.35
0.42%
410.71
0.56%
524.13
1.13%
1,089.15
0.36%
364.51
0.25%
267.01
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, 2019
(UNAUDITED)
Cash Receipts from Fees, Rents or
Other Charges for Year
Deductions:
Operating and Maintenance Cost
Debt Service
Total Deductions
Excess in Revenue
$
324,290.83
311,582.56
- 130 -
$
845,717.17
635,873.39
$
209,843.78
Year Ended
December 31,
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
BOROUGH OF ROOSEVELT
DEMOGRAPHIC STATISTICS
FOR THE LAST TEN (10) FISCAL YEARS
(UNAUDITED)
Unemployment
Per Capita
Rate
(1)
Income
(2)
2.7%
$
33,863.00
3.2%
33,863.00
4.3%
33,863.00
5.6%
33,863.00
5.4%
33,863.00
5.7%
33,863.00
7.6%
33,863.00
8.3%
33,863.00
8.0%
24,892.00
7.9%
24,892.00
Exhibit H-12
Borough
Population (3)
882
882
882
882
882
882
882
882
882
882
Source:
(1) New Jersey Department of Labor, Bureau of Labor Force Statistics.
(2) Based on Census of 2010 for year 2012-2019 and census of
2000 for Years 2010-2011.
(3) County of Monmouth
- 131 -
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, 2019
Full Time
1
1
2
- 132 -
6
9
Exhibit H-13
Incorporated - 1942
1.69 sq. miles
Part Time
1
1
2
1
2
7 *
AUDITOR'S COMMENTS AND RECOMMENDATIONS
GENERAL COMMENTS
DECEMBER 31 I 2019
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 Homestead Lane,
Cedar Court and Elm Court
Curbside Recycling Services
Maintenance of Public Lands
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.
The Borough utilizes several vendors to perform various repair services on Borough owned
equipment. One vendor in total exceeded the amount in which services/products should be
bind in accordance with the Local Public Contracts Law ("Bid Threshold') of $17,500.00. The
expenditures were mostly from repairs and were the result of accumulation of several individual
purchases; none of which were in excess of the bid threshold. When the trend over several
years of expenditures in a particular category exceeds the bid threshold, then consideration
should be given to preparing for specifications for the purpose of bidding in accordance with the
Local Public Contracts Law.
- 133 -
GENERAL COMMENTS (CONTINUED)
DECEMBER 31, 2019
Collection of Interest on Delinquent Taxes and Utility Charges
The governing body, on January 2, 2019, 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 (10)
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%).
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:
-134 -
GENERAL COMMENTS (CONTINUED)
DECEMBER 31 I 2019
Collection of Interest on Delinquent Taxes and Utility Charges (Continued)
0.0067% per month interest on delinquencies up to one thousand five hundred
dollars and one cent ($1,500.01);
0.0150% 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
(10) 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 2019 is being properly carried in the Tax Collector's records.
An abstract taken from these records as at December 31, 2019 covering all unpaid charges on
that date was verified with the accounting control figures shown in this report.
There was no tax sale in 2019.
There were no tax title liens receivable as of December 31, 2019.
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, 2019. Supplemental bank reconciliations as of December 31,
2020 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.
Revenues
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.
- 135 -
Expenditures
GENERAL COMMENTS (CONTINUED)
DECEMBER 31 I 2019
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. Our examination of
expenditures revealed for the most part, compliance with procedures and requirements have
been adhered to.
Payroll
An examination was made of the employees' compensation records for the year 2019 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, 2019 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.
Technical Directives - State of New Jersey
•
The general ledger was maintained in accordance with acceptable accounting control
standards.
•
A complete encumbrance system for budgetary purposes was maintained.
•
A fixed assets detail was maintained.
- 136 -
Capital Fund
GENERAL COMMENTS (CONTINUED)
DECEMBER 31, 2019
General Capital Fund Improvement Authorization #2018-005 - The General Capital Fund cash
and cash equivalents exhibit C-1 reflects an overdraft of the improvement authorization #2018-
005 for various road improvements in the amount of $212,933.50.
The overdraft will be
resolved when the Borough conducts its annual bond anticipation sale in 2021.
Water-Sewer Utility Capital Fund - cash and cash equivalent exhibit reflected an overdraft of
improvement authorized #2018-006 for water-sewer utility improvements in the amount of
$550,556.17. The overdraft will be reduced in 2020 or 2021 when the NBl-Bank loan closes or
the bond anticipation note related to this occurs.
I nterfund Receivable/Payable
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
permanent or temporary 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.
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.
Following up on Prior Year Recommendation
None.
- 137 -
RECOMMENDATIONS
DECEMBER 31, 2019
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 contact me.
Very truly yours,
Gerard Stankiewicz
Certified Public Accountant
Registered Municipal Accountant #431
For The Firm
SAMUEL KLEIN AND COMPANY
- 138 -
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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 lnterfund Receivable/Payable Other Matters Appreciation Following-up on Prior Year Recommendation Recommendations 125..."
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George Lang
Chief Financial Officer · Finance Department
Kathleen Hart
Borough Clerk
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First Discovered
Apr 2, 2026
Last Info Update
Apr 2, 2026
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