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Executive Summary
The Borough of Roosevelt's Comprehensive Annual Financial Report (ACFR) for the year ended December 31, 2021, includes financial statements and supplemental schedules. The report is structured into four sections: Introductory, Financial, Statistical, and Auditor's Comments and Recommendations. The financial statements have been audited by Samuel Klein and Company, LLP, who issued an unqualified opinion stating the statements are presented fairly in conformity with the basis of accounting as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. During 2021, the Current Fund encompassed the general government functions of the Borough, had revenues exclusive of fund balance utilized of $1,267,745.78 incurred expenditures of $1,223,614.76, resulting in a decrease of $47,718.79 in fund balance at year-end. The Water-Sewer Utility Operating Fund generated operating revenues exclusive of fund balance $951,223.31, expenditures of $872,744.74, resulting in an increase in fund balance of $78,478.57. There are no recommendations as a result of the audit.
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Document Text
--- Document: 2021 - Audit Report Document ---
ANNUAL COMPREHENSIVE FINANCIAL REPORT OF
BOROUGH OF ROOSEVELT
33 North Rochdale Avenue
Roosevelt, New Jersey 08555
FOR THE YEAR ENDED DECEMBER 31, 2021
Presented by
George Lang
Chief Financial Officer
Borough of Roosevelt
BOROUGH OF ROOSEVELT
TABLE OF CONTENTS
YEAR ENDED DECEMBER 31, 2021
Page
INTRODUCTORY SECTION
Letter of Transmittal
1-7
Roster of Officials
8
Consultants and Advisors
9
FINANCIAL SECTION
Independent Auditors' Report
10-13
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
14-15
Exhibit
Number
GENERAL PURPOSE FINANCIAL STATEMENTS
A
Combined Statement of Assets, Liabilities, Reserves and Fund
Balance - All Funds and Accounts - Regulatory Basis
16-17
A-1
Combined Statement of Revenues, Expenses and Changes in
Fund Balance - Regulatory Basis - Budget and Actual -
Current and Water-Sewer Utility Operating Funds
18-20
A-2
Statement of Change in Fund Balance - General Capital Fund -
Regulatory Basis
21
A-3
Statement of Change in Fund Balance – Water-Sewer Utility
Capital Fund – Regulatory Basis
22
Notes to Financial Statements
23-62
REQUIRED SUPPLEMENTARY INFORMATION
RSI-1
Schedule of Borough Contributions – Public Employees
Retirement System (PERS)
63
RSI-2
Schedule of Borough’s Proportionate Share of Net Pension
Liability – Public Employees Retirement System (PERS)
64
BOROUGH OF ROOSEVELT
TABLE OF CONTENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Page
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
65-66
B-1
Comparative Statement of Operations and Changes in Fund
Balance - Regulatory Basis
67-68
B-2
Statement of Revenues - Regulatory Basis
69
B-3
Statement of Expenditures - Regulatory Basis
70-74
B-4
Schedule of Cash – Treasurer
75
B-5
Statement of Taxes Receivable and Analysis of Property Tax
Levy
76-77
B-6
Statement of Foreclosed Property
78
B-7
Statement of 2020 Appropriation Reserves
79-80
B-8
Statement of Local District School Taxes Payable
81
B-9
Statement of Grants Receivable – Grant Fund
82
B-10
Statement of Appropriated Reserves – Grant Fund
83
B-11
Statement of Unappropriated Reserves – Grant Fund
84
Trust and Agency Fund:
C
Combining Balance Sheets - Regulatory Basis
85
C-1
Schedule of Trust Cash – Treasurer
86
C-2
Statement of Reserve for Animal Control Expenditures
87
C-3
Statement of Reserve for Trust Deposits
88
C-4
Statement of Payroll Deductions
89
General Capital Fund:
D
Comparative Statement of Assets, Liabilities, Reserves and
Fund Balance - Regulatory Basis
90
D-1
Analysis of Cash and Cash Equivalents
91
D-2
Schedule of General Capital Fund Cash – Treasurer
92
D-3
Statement of Intergovernmental Accounts Receivable
93
D-4
Statement of Deferred Charges to Future Taxation, Unfunded
94
D-5
Statement of Improvement Authorizations
95
D-6
Statement of Capital Improvement Fund
96
D-7
Statement of Bonds Payable
97
D-8
Statement of Bond Anticipation Note
98
D-9
Statement of Bonds and Notes Authorized but Not Issued
99
BOROUGH OF ROOSEVELT
TABLE OF CONTENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Page
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
100
E-1
Comparative Statement of Operations and Change in
Operating Fund Balance - Regulatory Basis
101
E-2
Statement of Revenues - Regulatory Basis
102
E-3
Statement of Expenditures - Regulatory Basis
103
E-4
Schedule of Utility Cash – Collector/Treasurer
104
E-4
Statement of Consumer Accounts Receivable
105
E-5
Statement of 2020 Appropriation Reserves
106
E-6
Schedule of Accrued Interest on Bonds, Loans and Notes
107
Water-Sewer Utility Capital Fund:
F
Comparative Statement of Assets, Liabilities, Reserves and
Fund Balance - Regulatory Basis
108-109
F-1
Analysis of Cash and Cash Equivalents
110
F-2
Schedule of Utility Capital – Cash
111
F-3
Statement of Fixed Capital
112
F-4
Statement of Fixed Capital Authorized and Uncompleted
113
F-5
Statement of Loan Payable – MCIA
114
F-6
Statement of Loans Payable - NJIBank
115-117
F-7
Statement of Farmer's Home Administration Loan
118
F-8
Statement of Bond Anticipation Notes
119
F-9
Statement of Improvement Authorizations
120
F-10
Statement of Bonds and Notes Authorized But Not Issued
121
Capital Asset:
G
Comparative Statement of Capital Assets
122
SUPPLEMENTARY & STATISTICAL DATA
Comparative Statement of Operations and Change in Fund Balance – Current
Fund
123
Comparative Statement of Operations and Change in Fund Balance – Water
and Sewer Utility Operating Fund
124
BOROUGH OF ROOSEVELT
TABLE OF CONTENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Page
Exhibit
Number
STATISTICAL SECTION
H-1
Current Fund Expenditures by Function
125
H-2
Current Fund Revenues by Function
126
H-3
Water-Sewer Utility Operating Fund Expenditures by Function
127
H-4
Property Tax Rates Per $100 of Assessed Valuation
128
H-5
Municipal Property Tax Levies and Collections
129
H-6
Delinquent Taxes and Tax Title Liens
130
H-7
Assessed and Estimated Actual Value of Taxable Property
131
H-8
Schedule of Ten Largest Taxpayers
132
H-9
Computation of Legal Debt Margin
133
H-10
Ratio of Bonded Debt, Bond Anticipation Notes and Loans to
Equalized Value and Net Debt Per Capita
134
H-11
Calculation of "Self-Liquidating Purpose" Per N.J.S. 40A:2-45 -
Water-Sewer Utility Operating Fund
135
H-12
Demographic Statistics
136
H-13
Miscellaneous Statistics
137
AUDITOR'S COMMENTS AND RECOMMENDATIONS
General Comments:
Contracts and Agreements Required to be Advertised for N.J.S. 40A:11-4
138
Collection of Interest on Delinquent Taxes and Utility Charges
139
Delinquent Taxes and Tax Title Liens
140
Water-Sewer Utility Receivables
140
Cash Balances
140
Revenues
140
Expenditures
141
Payroll
141
Miscellaneous Comments
141
Surety Bond Coverage
141
Municipal Court
141
Technical Directives – State of New Jersey
141
Capital Funds
142
Interfund Receivable/Payable
142
Other Matters
142
Appreciation
142
Following-up on Prior Year Recommendation
142
Recommendations
143
INTRODUCTORY SECTION
- 1 -
Borough of Roosevelt
Jersey Homestead Historic District
P.O. BOX 128 ● 33 N. ROCHDALE AVENUE ● ROOSEVELT, NEW JERSEY 08555
OFFICE: (609) 448-0539 ● FAX: (609) 448-8716
February 9, 2023
TO:
The Honorable Mayor and Council Members
RE:
Comprehensive Annual Financial Report for the
Year Ended December 31, 2021
The Comprehensive Annual Financial Report for the Borough of Roosevelt, County of
Monmouth, State of New Jersey, is submitted herewith and includes financial statements and
supplemental schedules. I believe that it is accurate in all material respects; that it is presented
in a manner designed to set forth fairly the financial position and results of operations of the
Borough of Roosevelt as measured by the financial activity of its various funds and account
groups; and that all disclosures necessary to enable the reader to gain maximum understanding
of the Borough's financial affairs have been included.
The Annual Comprehensive Financial Report (ACFR) 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, LLP, 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.
- 2 -
PRESENT AND FUTURE CHALLENGES
During the 2021 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 2021, our Current Fund, which encompasses the general government functions of the
Borough, had revenues exclusive of fund balance utilized of $1,267,745.78 incurred
expenditures of $1,223,614.76, resulting in a decrease of $47,718.79 in fund balance at year-
end. The Current Fund total revenues increased $135,173.95, or 8.98% compared to 2020
caused primarily by an increase in tax collections.
Increase/(Decrease)
2021
2020
Amount
Percent
Local Sources:
Fund Balance Utilized
$
373,135.73
$
396,100.93
$
(22,965.20)
(5.80) %
Current Tax Revenue
898,595.35
773,374.54
125,220.81
16.19
Delinquent Tax Revenue
84,534.06
56,970.26
27,563.80
48.38
Nonbudget Revenues
45,336.08
44,099.18
1,236.90
2.80
Other Credits to Income
152,089.26
148,210.58
3,878.68
2.62
Total Revenues from Local Sources
$
1,553,690.48
$ 1,418,755.49
$
134,934.99
9.51 %
State Aid
81,849.00
81,849.00
0.00
0.00
Grants
5,342.03
5,103.07
238.96
4.68
Total Current Fund Revenues
$
1,640,881.51
$ 1,505,707.56
$
135,173.95
8.98 %
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 to Income – These are items that are not budgeted
as revenue items, however, are included in the overall revenue.
- 3 -
The increase in expenditures in 2021 compared to 2020 was $38,373.76, or 3.28%. Below is a
comparison of the Current Fund expenditures:
2021
2020
Amount
Percent
Within "CAPS":
General Government
$
371,349.00
$
327,128.00
$
44,221.00
13.52 %
Land Use
27,300.00
23,500.00
3,800.00
16.17
Insurance
43,100.00
42,600.00
500.00
1.17
Public Works
158,773.00
193,890.00
(35,117.00)
(18.11)
Health and Human Services
13,200.00
13,200.00
0.00
0.00
Parks and Recreation
12,900.00
14,900.00
(2,000.00)
(13.42)
Utilities
28,500.00
28,300.00
200.00
0.71
Other Common Functions
2,500.00
2,500.00
0.00
0.00
Public Safety
16,600.00
31,600.00
(15,000.00)
(47.47)
Sanitation
37,000.00
35,500.00
1,500.00
4.23
Deferred Charges and Statutory
Expenditures
63,773.73
109,000.93
(45,227.20)
(41.49)
Total Expenditures within "CAPS"
$
774,995.73
$
822,118.93
$
(47,123.20)
(5.73) %
Outside "CAPS":
Public Safety
$
88,070.00
$
45,069.00
43,001.00
95.41
Sanitation
70,957.00
69,600.00
1,357.00
1.95
Grants
5,342.03
5,103.07
238.96
4.68
Capital Improvements
65,000.00
30,000.00
35,000.00
116.67
Debt Service
13,750.00
12,850.00
900.00
7.00
Total Expenditures outside 'CAPS"
$
243,119.03
$
162,622.07
$
80,496.96
49.50 %
Reserve for Uncollected Taxes
$
205,000.00
$
200,000.00
$
5,000.00
2.50
$
1,223,114.76
$
1,184,741.00
$
38,373.76
3.24 %
Increase/(Decrease)
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
2021 and some of our plans for the future.
- 4 -
WATER-SEWER UTILITY FUND
Our Water-Sewer Utility Operating Fund generated operating revenues exclusive of fund
balance $951,223.31, expenditures of $872,744.74, resulting in an increase in fund balance of
$78,478.57. The increase in operating expenses in 2021 compared to 2020 was $9,899.68, or
1.15%. The following schedule summarizes revenues and expenses for 2021 and 2020.
2021
2020
Amount
Percent
Revenues
Fund Balance Utilized
$
66,086.00
$
30,000.00
$
36,086.00
120.29 %
Rents
759,897.44
741,193.23
18,704.21
2.52
Cell Tower Fees
132,149.22
127,816.24
4,332.98
3.39
Interest on Delinquent Rents
1,078.15
7,537.68
(6,459.53)
(85.70)
Nonbudget Revenue
1,608.52
11,366.87
(9,758.35)
(85.85)
Other Credits to Income:
Unexpended Balance of
Appropriation Reserves
56,489.98
17,543.93
38,946.05
221.99
$
1,017,309.31
$
935,457.95
$
81,851.36
8.75 %
Expenditures
Operating
$
536,225.00
$
534,125.00
$
2,100.00
0.39 %
Capital Improvements
25,000.00
27,250.00
(2,250.00)
(8.26)
Debt Service
311,519.74
301,470.06
10,049.68
3.33
$
872,744.74
$
862,845.06
$
9,899.68
1.15 %
Increase/(Decrease)
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 808 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.
- 5 -
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 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, 2021, 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 2021, 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.
- 6 -
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.
- 7 -
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 3½% 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 $5,413,689.20, of which
$4,566,389.29 is attributed to the Water-Sewer Utility and $847,250.00 is attributed to the
General Capital Fund.
RISK MANAGEMENT
The Borough, like many other municipalities in the early '80's, was faced with an insurance
crisis. It was unable to obtain coverage at any price. The Borough banded together with other
municipalities to form the Monmouth County Municipal Joint Insurance and the New Jersey
Municipal Excess Liability Funds. These Funds procure insurance on a pooled basis, generally
self-insuring the initial level of loss for workers' compensation, property, general liability and
automobile. The Funds provide their members with risk management services, including the
defense of and settlement of claims and establish reasonable and necessary loss reduction and
prevention procedures to be followed by the members.
ACKNOWLEDGMENTS
The preparation of this report on a timely basis could not be accomplished without the efficient
and dedicated services of the entire staff of the Administration Department and the Finance
Department. I would also like to express my appreciation to Gerard Stankiewicz, CPA, RMA of
Samuel Klein and Company for his help and assistance in preparation of the Borough's ACFR.
Respectfully submitted,
George Lang
George Lang
Chief Financial Officer
- 8 -
BOROUGH OF ROOSEVELT
ROSTER OF OFFICIALS
DECEMBER 31, 2021
Governing Body
Peggy Malkin, Mayor
Michael Hamilton, Council President
Robert Atwood, Council Member [effective 4/19/2021]
Luke Dermody, Council Member [resigned 6/7/2021]
Louis Esakoff, Council Member
Constance Herrstrom [effective 6/21/2021]
Steven E. Macher, Council Member
Joseph Trammell, Council Member
Chad Vroman, Council Member [resigned 4/6/2021]
Other Officials
Kathleen Hart, Borough Clerk, Registrar of Vital Statistics’
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
- 9 -
BOROUGH OF ROOSEVELT
CONSULTANTS AND ADVISORS
DECEMBER 31, 2021
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
FINANCIAL SECTION
SA.lVHJEL KLEIN AND CONIPAL~Y, LLP
CERT IFIED PUBLIC ACCOUNTANTS
550 BROAD STREE'.l', 11TH FLOOR
NEWARK, N.J. 07102-9969
PHONE (973) 624-6100
FAX (973) 624-6101
INDEPENDENT AUDITORS' REPORT
The Honorable Mayor and Members
of the Borough Council
Borough of Roosevelt
County of Monmouth
State of New Jersey
To the Honorable Mayor and Members of the Borough Council:
Report on the Financial Statements
Opinions
36 WEST M AIN STREET, SUITE 303
FREEHOLD, N.J. 07728-2291
PHONE (732) 780-2600
FAX (732) 780-1030
We have audited the financial statements - regulatory basis of the various funds and account
groups of the Borough of Roosevelt, County of Monmouth, State of New Jersey as of December
31, 2021 , 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.
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,
2021 , and change in financial position thereof for the year then ended.
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 New 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.
MEMBERS AMER I CAN INSTIT UTE OF CERTIFIED PUB LI C AccOUN TANTS
www.samue lklein - cpa - rma .com
- 10 -
INDEPENDENT AUDITORS' REPORT (CONTINUED)
The effects on 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 New 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.
Opinion on Reaulatorv Basis of Accountina
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, 2021,
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, 2021 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.
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 Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements -
regulatory basis as a whole are free from material misstatements, whether due to fraud or error,
and to issue an auditor's report that includes our opinions. Reasonable assurance is a high
level of assurance but is not absolute assurance and therefore is not a guarantee that an audit
conducted in accordance with generally accepted auditing standards, Government Auditing
Standards and auditing standards prescribed by the Division of Local Government Services,
Department of Community Affairs, State of New Jersey will always detect a material
misstatement when it exists. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control. Misstatements are
considered material if there is a substantial likelihood that, individually or in the aggregate, they
would influence the judgment made by a reasonable user based on the financial statements.
- 11 -
INDEPENDENT AUDITORS' REPORT (CONTINUED)
In performing an audit in accordance with generally accepted auditing standards and
Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the
audit.
Identify and assess the risks of material misstatement of the financial statements -
regulatory basis, whether due to fraud or error, and design and perform audit
procedures responsive to those risks. Such procedures include examining, on a test
basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit 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 Borough of Roosevelt, State of New
Jersey's internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluate the
overall presentation of the financial statements - regulatory basis.
Conclude whether, in our judgment, there are conditions or events, considered in the
aggregate, that raise substantial doubt about the Borough of Roosevelt, State of New
Jersey's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit, significant audit findings, and certain internal
control-related matters that we identified during the audit.
Other Matters
Accounting principles generally accepted in the United States of America require that pension
plan information, including the Notes thereto, (Required Supplementary Information -
RSI
Schedules), 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.
- 12 -
INDEPENDENT AUDITORS' REPORT (CONTINUED)
Other Information
Our audit was performed for the purpose of forming an opinion on the financial statements of
the Borough of Roosevelt, County of Monmouth, New Jersey.
The information included
Combining and Individual Funds and Account Statements as listed in the table of contents, are
presented for purposes of additional analysis and are not a required part of the financial
statements of the Borough of Roosevelt, County of Monmouth, New Jersey. The information
included in the Combining and Individual Funds and Account Statements are the responsibility
of management and were derived from and related directly to the underlying accounting and
other records used to prepare the financial statements.
The information has been subjected to auditing procedures applied in the audit of the financial
statements -
regulatory basis and certain additional procedures, including comparing and
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 - regulatory basis taken as a whole.
The information contained in the Statistical Section have not been subjected to auditing
procedures applied in the audit of the financial statements - regulatory basis and, accordingly,
we do not express an opinion, or provide any assurance on them.
Other Reportina Reauired by Government Auditina Standards
In accordance with Government Auditing Standards, we have also issued our report dated
February 9, 2023, 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
February 9, 2023
A tYr~
Gerard Stankiewicz
Certified Public Accountant
Registered Municipal Accountant #431
µfv~
SAMUEL KLEIN AND COMPANY, LLP
- 13 -
SANIUEL KLEIN AND COMPANY, LLP
CERTIFIED P U BLIC ACC O UNTANTS
550 BROAD STREET, llTH FLOOR
NE1YARK, N.J. 07102-9969
PHONE (973) 624-6100
FAX (973) 624-6101
36 WEST MAIN STREET, SUITE 303
FREEHOLD, N.J. 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 , 2021 , and the related notes to the financial statements, which
collectively comprise the Borough's basic financial statements, and have issued our report thereon dated
February 9, 2023.
Internal Control Over Financial Reoortina
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 basi.s.
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 INST ITUTE OF CERTIFIED PUBLIC AccoUNTANTS
www.samuelklein-cpa-rma .c om
- 14 -
INDEPENDENT AUDITORS REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED
ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE
WITH GOVERNMENT AUDITING STANDARDS (CONTINUED)
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
February 9, 2023
").
I
/ ·"'
f,
/ i,A )t~
Gerard Stankiewicz
Certified Public Accountant
Registered Municipal Accountant #431
~fv~
SAMUEL KLEIN AND COMPANY, LLP
- 15 -
GENERAL-PURPOSE FINANCIAL STATEMENTS
ASSETS AND OTHER DEBITS
Cash and Cash Equivalents
Due From NJ Chapter 20 P. L. 1971
Intergovernmental Accounts Receivable
Receivables and Other Assets:
Delinquent Property Taxes Receivable
Foreclosed Property
Consumer Accounts Receivable
....>.
lnterfunds Receivable
(j)
Revenue Accounts Receivable
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 - REGULATORY BASIS
DECEMBER 31. 2021
.{WITH COMPARATIVE TOTALS FOR DECEMBER 31. 2020)
Governmental Funds
General
Trust and
Water-Sewer Utility
Capital Assets
Current
Capital
Agency
Operating
Capital
Account Group
$ 1,522,912.87
$
40,435.30
$ 37,803.61
$ 181,978.52 $
30,672.98
500.00
824,546.94
27,225.00
22,833.34
181,700.00
65,166.14
92,395.69
16,650.00
369.85
173,620.74
57, 162.10
847,250.00
8,935,247.35
$
2,451,472.98
1,195.15
62,374.40
$ 1,883,911.45
$ 1,728,882.24
$ 38, 173.46 $ 420,765.40 $
9,050,307.43
$
2,451,472.98
See Notes to Financial Statements.
$
Exhibit A
Sheet 1 of 2
Totals
Memorandum Only
2021
2020
1,813,803.28
$
2,007,358.86
500.00
250.00
851,771.94
851,771.94
22,833.34
84,534.06
181,700.00
181,700.00
65,166.14
85,967.23
340,198.38
217,325.86
18.52
847,250.00
857,250.00
8,935,247.35
8,925,247.35
2,451,472.98
2,451,472.98
1, 195.15
1, 195.15
62,374.40
13,358.13
$ 15,573,512.96
$ 15,677,450.08
LIABILITIES. RESERVES AND
FUND BALANCE
Liabilities and Reserves:
Appropriation Reserves
Other Liabilities and Reserves
Bond Anticipation Notes
Loans Payable
Improvement Authorizations
--"
lnterfunds Payable
-...J
Reserve for Amortization
Reserve for Receivables and Other Assets
Grant Fund:
Reserve for Encumbrances
App/Unapp 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. 2021
!WITH COMPARATIVE TOTALS FOR DECEMBER 31. 2020\
Governmental Funds
Current
$
151,132.82
499,613.67
119,906.35
296,929.03
550.00
63,019.55
$ 1,131,151.42
$
752,760.03
$
752,760.03
$ 1,883,911.45
$
General
Capital
639,736.33
405,000.00
75,000.00
515,131 .39
92,129.89
$ 1,726,997.61
$
1,884.63
$
1,884.63
$ 1,728,882.24
Trust and
Agency
$ 30,807.66
7,365.80
$ 38, 173.46
$ 38, 173.46
Water-Sewer Utility
Operating
Capital
$ 156,063.27
33,868.72 $
779,888.34
886,150.00
2,002,027.29
833,404.08
183,170.74
4,358,858.06
65, 166.14
$ 255,098.13 $
9,043,498.51
165,667.27
6,808.92
165,667.27 $
6,808.92
$ 420,765.40 $
9,050,307.43
See Notes to Financial Statements.
$
$
$
Capital Assets
Account Group
2,451,472.98
2,451,472.98
2,451,472.98
$
Exhibit A
Sheet 2 of 2
Totals
Memorandum Only
2021
2020
307,196.09
$
233,217.56
1,983,914.72
1,345,360.54
1,291, 150.00
1, 196, 150.00
2,077,027.29
2,490,786.56
1,348,535.47
2,536,428.90
402,572.78
230,683.99
4,358,858.06
3,925,098.79
362,095.17
357,336.33
550.00
245.74
63,019.55
14,307.54
$ 12,194,919.13
$ 12,329,615.95
$
2,451,472.98
$
2,451,472.98
927,120.85
896,361 .15
$
3,378,593.83
$
3,347,834.13
$ 15,573,512.96
$ 15,677,450.08
See Notes to Financial Statements.
......
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. 2021
Exhibit A-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":
Public Safety
Sanitation
Grants
Capital Improvements
Debt Service
Reserve for Uncollected Taxes
Total Budget Expenditures
$
Variance
Final
Favorable
Budget
Actual
(Unfavorable)
371,349.00
$
371,349.00
27,300.00
27,300.00
43,100.00
43,100.00
16,600.00
16,600.00
158,773.00
158,773.00
13,200.00
13,200.00
12,900.00
12,900.00
28,500.00
28,500.00
2,500.00
2,500.00
37,000.00
37,000.00
63,773.73
63,773.73
88,070.00
88,070.00
70,957.00
70,957.00
5,342.03
5,342.03
65,000.00
65,000.00
13,750.00
13,750.00
205,000.00
~000.00
1,223, 114.76
$
1,223,114.76
See Notes to Financial Statements.
$
$
Final
Budget
596,225.00
$
25,000.00
312,061.00
933,286.00
$
Actual
536,225.00
$
25,000.00
311 ,519.74
872,744.74
$
Variance
Favorable
(Unfavorable)
(60,000.00)
(541.26)
(60,541.26)
N
0
BOROUGH OF ROOSEVELT
Exhibit A-1
Sheet 3 of 3
COMBINED STATEMENT OF REVENUES. EXPENSES AND CHANGES IN FUND BALANCE - REGULATORY BASIS
BUDGET AND ACTUAL - CURRENT AND WATER-SEWER UTILITY OPERATING FUNDS
Expenditures (Continued):
County Taxes including County Added
and Omitted
Local District School Taxes
lnterfund Advanced
Prior Year Refund
Total Expenditures
Excess/(Deficit) in Revenues Over/(Under)
Expenditures
Fund Balance, January 1, 2021
Decreased By:
Utilization as Anticipated Revenue
Fund Balance, December 31, 2021
$
FOR THE FISCAL YEAR ENDED DECEMBER 31. 2021
Final
Budget
1,223, 114.76
$
$
$
Current Fund
Actual
242,638.57
1,752,059.00
92,129.89
220.00
3,310, 162.22
$
Variance
Favorable
(Unfavorable)
(242,638.57)
(1,752,059.00)
(92, 129.89)
(220.00)
$ (2,087,04746)
325,416.86
$
325,416.86
800,478.90
800,478.90
$
1,125,895.76
$
1,125,895.76
373,135.73
373,135.73
$
752,760.03
$
752,760.03
See Notes to Financial Statements.
$
Water-Sewer Utility Operating Fund
Final
Budget
933,286.00
$
$
$
Actual
872,744.74
$
144,564.57
$
87,188.70
87,188.70
66,086.00
Variance
Favorable
(Unfavorable)
(60,541.26)
23,482.05
(87, 188.70)
(87,188.70)
(66,086.00)
165,667.27
$
2,379.35
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF CHANGE IN FUND BALANCE -
REGULATORY BASIS
BALANCE. DECEMBER 31. 2020
BALANCE. DECEMBER 31. 2021
(There are no change during the year)
See Notes to Financial Statements.
- 21 -
Exhibit A-2
$
1,884.63
==:::::::::::::==
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF CHANGE IN FUND BALANCE -
REGULATORY BASIS
BALANCE, DECEMBER 31 . 2020
BALANCE. DECEMBER 31. 2021
(There was no change during the year.)
See Notes to Financial Statements.
- 22 -
Exhibit A-3
$
6,808.92
========
NOTES TO FINANCIAL STATEMENTS
- 23 -
23
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2021
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 2020 census, is 808.
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.
- 24 -
24
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
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".
- 25 -
25
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
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.
- 26 -
26
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
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.
Interfund Accounts Receivable - Interfund 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. Interfund Accounts Receivable of all other funds
are recorded as accrued and are not offset with reserve accounts. Interfund
Accounts Receivable of one fund are offset with Interfund 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.
- 27 -
27
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
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. Interfund eliminations have not been made in the
aggregation of this data.
- 28 -
28
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. Other Accounting Standards
•
GASB Statement 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. Earlier application is encouraged. The Borough
does not expect this Statement to impact its financial statement.
•
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 74 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, 2021.
•
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).
- 29 -
29
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. Other Accounting Standards (Continued)
•
GASB Statement 93. (Continued)
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.
•
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 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.
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.
- 30 -
30
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. Other Accounting Standards (Continued)
•
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 (OPEB) plans, and employee benefit plans other than
pension plans or OPEB 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 Board 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.
•
GASB Statement 99. Omnibus 2022. The objectives of this Statement are to
enhance comparability in accounting and financial reporting and to improve the
consistency of authoritative literature by addressing (1) practice issues that have
been identified during implementation and application of certain GASB Statements
and (2) accounting and financial reporting for financial guarantees. The practice
issues addressed by this Statement are as follows:
- 31 -
31
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. Other Accounting Standards (Continued)
•
GASB Statement 99. (Continued)
o Classification and reporting of derivative instruments within the scope of
Statement No. 53, Accounting and Financial Reporting for Derivative
Instruments.
o Clarification of provisions in Statement No. 87, Leases.
o Clarification of provisions in Statement No. 94, Public-Private and Public-Public
Partnerships and Availability Payment Arrangements.
o Clarification of provisions in Statement No. 96, Subscription-Based Information
Technology Arrangements
o Extension of the period during which the London Interbank Offered Rate (LIBOR)
is considered an appropriate benchmark interest rate for accounting for the
distribution benefits (SNAP)
o Disclosures related to nonmonetary transactions.
o Terminology updates related to certain provisions of Statement No. 63, Financial
Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources and
Net Position.
o Terminology used in Statement 53 to refer to resource flows statements.
Effective Date: The requirements of this Statement that are effective as follows:
o The requirements related to extension of the use of LIBOR, accounting for SNAP
distributions, disclosures of nonmonetary transactions, pledges of future
revenues by pledging governments, clarification of certain provisions in
Statement 34, as amended, and terminology updates related to Statement 53
and Statement 63 are effective upon issuance.
o The requirements related to leases, PPPSs, and SBITAs are effective for fiscal
years beginning after June 15, 2022 and all reporting periods thereafter.
o The requirements related to financial guarantees and the classification and
reporting of derivative instruments within the scope of Statement 53 are effective
for fiscal years beginning after June 15, 2023 and all reporting periods thereafter.
- 32 -
32
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
D. Other Accounting Standards (Continued)
•
GASB Statement 100. Accounting Changes and Error Corrections – An
Amendment of GASB Statement No. 62. The primary objective of this Statement is
to enhance accounting and financial reporting requirements for accounting changes
and error corrections to provide more understandable, reliable, relevant, consistent,
and comparable information for making decisions or assessing accountability.
This Statement defines accounting changes as changes in accounting principles,
changes in accounting estimates, and changes to or within the financial reporting
entity and describes the transactions or other events that constitute those changes.
Effective Date: The requirements of this Statement are effective for accounting
changes and error corrections made in fiscal years beginning after June 15, 2023
and all reporting periods thereafter. Earlier application is encouraged.
•
GASB Statement 101. Compensated Absences. The objective of this Statement
is to better meet the information needs of financial statement users by updating the
recognition and measurement guidance for compensated absences. The objective is
achieved by aligning the recognition and measurement guidance under a unified
model and by amending certain previously required disclosures.
Effective Date: The requirements of this Statement are effective for fiscal years
beginning after December 15, 2023 and all reporting periods thereafter. Earlier
application is encouraged.
E. Subsequent Events
Management has reviewed and evaluated all events and transactions from
December 31, 2021 through February 9, 2023, 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.
- 33 -
33
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 2.
CASH, CASH EQUIVALENTS AND INVESTMENTS
A. Cash and Cash Equivalents
New Jersey statutes permit the deposit of public funds in institutions located in
New Jersey, which are insured by the Federal Deposit Insurance Corporation
(FDIC) or any other agencies of the United States that insures deposits or the
State of New Jersey Cash Management Fund.
The State of New Jersey Cash Management Fund is authorized by statute and
regulations of the State Investment Council to invest in fixed income and debt
securities which mature or are redeemed within one year. Twenty-five percent of
the Fund may be invested in eligible securities which mature within two years
provided, however, the arbitrage maturity of all investments in the Fund shall not
exceed one year. Collateralization of Fund investments is generally not required.
In addition, by regulation of the Division of Local Government Services,
municipalities are allowed to deposit funds in the Municipal Bond Insurance
Association (MBIA) through their investment management company, the
Municipal Investors Service Corporation.
In accordance with the provisions of the Governmental Unit Deposit Protection
Act of New Jersey (“GUDPA”), public depositories are required to maintain
collateral for deposits of public funds that exceed insurance limits as follows:
The market value of the collateral must equal five percent of the average
daily balance of public funds or
If the public funds deposited exceed 75 percent of the capital funds of the
depository, the depository must provide collateral having a market value
equal to 100 percent of the amount exceeding 75 percent.
All collateral must be deposited with the Federal Reserve Bank, The Federal
Home Loan Bank Board or a banking institution that is a member of the Federal
Reserve System and has capital funds of not less than $25,000,000.00.
As of December 31, 2021, 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, 2021 was $1,797.704.52. These funds constitute
"deposits with financial institutions" as defined by GASB Statement No. 3 as
amended by GASB No. 40.
- 34 -
34
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 2.
CASH, CASH EQUIVALENTS AND INVESTMENTS
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.
- 35 -
35
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
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
2021
2020
2019
2018
2017
Tax Rate
$ 3.018
$ 3.074
$ 3.039
$ 2.902
$ 2.906
Apportionment of Tax Rate:
Municipal
0.795
0.755
0.755
0.755
0.756
County
0.270
0.300
0.299
0.304
0.300
Local School
1.953
2.019
1.985
1.843
1.850
- 36 -
36
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 3.
TAXES AND TAX TITLE LIENS RECEIVABLE (CONTINUED)
Assessed Valuation
2021
$
89,702,109.00
2020
87,023,022.00
2019
86,045,661.00
2018
85,814,213.00
2017
85,665,800.00
Comparison of Tax Levies and Collections
Percentage
Year
Tax Levy
Collections
of Collections
2021
$
2,711,126.26
$
2,688,292.92
99.16%
2020
2,675,989.24
2,591,455.18
96.84%
2019
2,615,898.71
2,558,928.45
97.82%
2018
2,495,277.40
2,455,350.41
98.40%
2017
2,488,921.44
2,422,377.95
97.33%
Delinquent Taxes and Tax Title Liens
Tax
Delinquent
Total
Percentage
Year
Title Liens
Taxes
Delinquent
of Tax Levy
2021
None
$
23,833.34
$
23,833.34
0.84%
2020
None
84,534.06
84,534.06
3.16%
2019
None
56,970.26
56,970.26
2.18%
2018
None
38,700.14
38,700.14
1.55%
2017
None
66,543.29
66,543.29
2.68%
Note 4.
PROPERTY ACQUIRED BY TAX TITLE LIEN LIQUIDATION
The value of property acquired by liquidation of tax title liens on December 31, on the
basis of the last assessed valuation of such properties, was as follows:
Year
Amount
2021
$
181,700.00
2020
181,700.00
2019
181,700.00
2018
181,700.00
2017
181,700.00
- 37 -
37
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
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 2021.
Billings and Collections
Year
Amount Levied
Collections*
2021
$
739,096.35
$
759,897.44
2020
739,171.59
741,193.23
2019
735,889.39
739,337.53
2018
736,671.28
750,750.73
2017
736,024.16
713,820.20
* May include amounts levied in prior years
Note 6.
DEFERRED SCHOOL TAXES
Regulations provide for the deferral of not more than 50% of the annual levy when
school taxes are raised for a school year and have not been requisitioned by the
school district.
The Borough of Roosevelt raises its share of Local District School Taxes on a school
year basis.
Balance
Balance
December 31,
December 31,
Increase/
2021
2020
(Decrease)
Balance of Tax *
$
875,685.00
$
877,979.00
$
(2,294.00)
Deferred Portion
491,850.50
491,850.50
None
Tax Payable
$
383,834.50
$
386,128.50
$
(2,294.00)
* Required for school operations for the six-month period following December 31st.
- 38 -
38
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 7.
GENERAL FIXED ASSETS
During 2021 the following changes occurred in the fixed assets of the Borough:
December 31,
Increase/
December 31,
2020
(Decrease)
2021
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
$
2,451,472.98
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.
Balance
Utilized in Budget
Percentage of Fund
Year
December 31
of Succeeding Year
Balance Used
Current Fund
2021
$
752,760.03
$
356,000.00
47.29%
2020
800,478.90
373,135.33
46.61%
2019
877,486.76
396,100.93
45.14%
2018
889,620.09
388,200.00
43.64%
2017
604,366.83
323,900.00
53.59%
Water-Sewer Utility Operating Fund
2021
$
165,667.27
$
62,086.00
37.48%
2020
87,188.70
66,086.00
75.80%
2019
44,575.81
30,000.00
67.30%
2018
None
None
None
2017
None
None
None
- 39 -
39
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 9.
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)
Year 2021
Year 2020
Year 2019
Issued
General:
Notes
$
405,000.00
$
280,000.00
$
None
Loans
75,000.00
85,000.00
95,000.00
Water-Sewer Utility:
Notes
886,150.00
916,150.00
346,150.00
Loans
2,002,027.29
2,405,786.56
2,608,068.57
Debt Issued
$
3,368,177.29
$ 3,686,936.56
$
3,049,218.57
Authorized but Not Issued
General:
Bonds and Notes
$
367,250.00
$
492,250.00
$
621,250.00
Water-Sewer Utility:
Bonds and Notes
1,678,212.00
1,678,212.00
1,535,412.00
Total Authorized but Not Issued
$
2,045,462.00
$ 2,170,462.00
$
2,156,662.00
Net Bonds and Notes Issued and
Authorized but Not Issued
$
5,413,639.29
$ 5,857,398.56
$
5,205,880.57
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 .945%.
Gross Debt
Deductions
Net Debt
Local School District Debt
$
231,000.00
$
231,000.00
$
None
Water-Sewer Utility Debt
4,566,389.29
4,566,389.29
None
General Capital Debt
847,250.00
None
847,250.00
$
5,644,639.29
$
4,797,389.29
$
847,250.00
Equalized Valuation basis per N.J.S. 40A:2-2 As Amended is $89,382,040.57. The
Annual Debt Statement has been filed.
- 40 -
40
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 9.
MUNICIPAL DEBT (CONTINUED)
Borrowing Power Under N.J.S. 40A:2-6 As Amended
3½% of Equalized Valuation Basis (Municipal)
$
3,128,371.43
Net Debt
847,250.00
Remaining Borrowing Power
$
2,281,121.43
School Debt Deductions
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
As of December 31, 2021:
Cash Receipts from Fees, Rents or Other Charges for Year
$
960,804.93
Deductions:
Operating and Maintenance Cost
$
536,225.00
Debt Service
311,519.74
847,744.74
Excess in Revenue
$
113,060.19
There being an excess in revenue at December 31, 2021 for the Water-Sewer Utility,
the fund for 2021 was self-liquidating and therefore, all is utility debt deductible for
purposes of the annual debt statement and resultant net debt calculation.
Subsequent Event – As of December 31, 2022 [Unaudited]
Cash Receipts from Fees, Rents or Other Charges for Year
$
928,458.02
Deductions:
Operating and Maintenance Cost
$
546,225.00
Debt Service
282,918.00
829,143.00
Excess in Revenue
$
99,315.02
There being an excess in revenue at December 31, 2022 for the Water-Sewer Utility,
the fund for 2022 was self-liquidating and therefore, all is utility debt deductible for
purposes of the annual debt statement and resultant net debt calculation.
- 41 -
41
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 9.
MUNICIPAL DEBT (CONTINUED)
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 loans 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
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
2025
15,000.00
1,050.00
16,050.00
2026
15,000.00
600.00
15,600.00
60,000.00
6,600.00
66,600.00
2027
15,000.00
300.00
15,300.00
75,000.00
$
6,900.00
$
81,900.00
$
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.
- 42 -
42
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 9.
MUNICIPAL DEBT (CONTINUED)
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:
1992 Loan
Principal
Calender Year
and Interest
2022
9,000.00
$
Total
9,000.00
$
Detail:
Principal
7,212.65
$
Interest
1,837.35
9,050.00
$
Interest Rate:
Due Date:
Maturity:
Purpose:
5%
March 31, 2022
Improvements to the Water System
- 43 -
43
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
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
Calender Year
Principal
Interest
Total
2022
80,000.00
$
39,995.83
$
119,995.83
$
2023
80,000.00
40,300.00
120,300.00
2024
80,000.00
37,100.00
117,100.00
2025
85,000.00
33,900.00
118,900.00
2026
90,000.00
30,500.00
120,500.00
415,000.00
181,795.83
596,795.83
2027
95,000.00
26,000.00
121,000.00
2028
100,000.00
21,250.00
121,250.00
2029
100,000.00
16,250.00
116,250.00
2030
110,000.00
11,250.00
121,250.00
2031
115,000.00
5,750.00
120,750.00
520,000.00
80,500.00
600,500.00
Total
935,000.00
$
262,295.83
$
1,197,295.83
$
Calender Year
Principal
Interest
Total
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
2025
45,000.00
3,150.00
48,150.00
2026
45,000.00
1,800.00
46,800.00
215,000.00
21,900.00
236,900.00
2027
45,000.00
900.00
45,900.00
Total
260,000.00
$
22,800.00
$
282,800.00
$
MCIA Refunding Loan - 2011
MCIA Loan - 2012
- 44 -
44
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
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)
MCIA
Calender Year
2011
2012
Grand Total
2022
119,995.83
$
47,250.00
$
167,245.83
$
2023
120,300.00
45,650.00
165,950.00
2024
117,100.00
49,050.00
166,150.00
2025
118,900.00
48,150.00
167,050.00
2026
120,500.00
46,800.00
167,300.00
596,795.83
236,900.00
833,695.83
2027
121,000.00
45,900.00
166,900.00
2028
121,250.00
-
121,250.00
2029
116,250.00
-
116,250.00
2030
121,250.00
-
121,250.00
2031
120,750.00
-
120,750.00
600,500.00
45,900.00
646,400.00
Total
1,197,295.83
$
282,800.00
$
1,480,095.83
$
Combined MCIA Loans
- 45 -
45
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 9.
MUNICIPAL DEBT (CONTINUED)
Water-Sewer Utility Capital Fund – Loans Payable (Continued)
MCIA Refunding Loan – 2021
On December 30, 2021 the Borough refinanced the remaining balance of the MCIA
2011 Refunding Loan of $1,095,000.00 with the proceeds from the issuance of a
$935,000.00 loan plus a premium of $206,952.50. Of the 2011 remaining balance
$200,000.00 was paid off with loan proceeds and the balance refunded. The
refinancing was approved by the Local Finance Board and resulted in a net present
value savings of $151,279.74, or 13.81%.
The repayment of bonds issued by the MCIA on December 30,2021 will occur
through December 1, 2031 in principal amounts of ranging from $80,000.00 to
$115,000.00 and interest rates ranging from 4.0% to 5.0%.
Redemption
The MCIA Series 2021 Bonds (“Issuer”) are subject to optional redemption at
the discretion of the Issuer. Bonds maturing on or after December 1, 2031 will
be subject to redemption at 100% of par on or after December 1, 2030 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 -
46
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 9.
MUNICIPAL DEBT (CONTINUED)
New Jersey Infrastructure Bank “NJIBank”
State Portion
$135,000.00 NJIBANK -
2010 Winter Program - Annual maturities of $5,000.00
to $10,000.00 through August 1, 2029 at interest rates
ranging from 4.00% to 5.00%.
$
75,000.00 *
$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 2.00% to 5.00%.
155,000.00 **
$
230,000.00
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.
$
164,728.88
$604,588.00 NJIBANK -
2016 Spring Program - Annual maturities of $30,741.75 through
through February 1, 2035. There is no interest being charged on
this loan. The loan is not subject to early redemption or refunding.
405,068.75
$
569,797.63
$
799,797.63
Redemption:
*
The Series 2010 Winter Program Bonds of the NJIBank (“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 refunding
took place in 2021; however that does not preclude it from happening again.
** The Series 2016 Spring Program Bonds of the NJIBank (“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.
- 47 -
47
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 9.
MUNICIPAL DEBT (CONTINUED)
New Jersey Infrastructure Bank “NJIBank” (Continued)
Interest
Federal
State
State
Total
2022
20,593.21
$
10,000.00
$
3,000.00
$
33,593.21
$
2023
20,593.21
10,000.00
2,600.00
33,193.21
2024
20,593.21
10,000.00
2,200.00
32,793.21
2025
20,593.21
9,000.00
1,800.00
31,393.21
2026
20,593.21
9,000.00
1,440.00
31,033.21
102,966.05
48,000.00
11,040.00
162,006.05
2027
20,593.21
9,000.00
1,080.00
30,673.21
2028
20,593.21
9,000.00
720.00
30,313.21
2029
20,593.41
9,000.00
360.00
29,953.41
61,779.83
27,000.00
2,160.00
90,939.83
164,745.88
$
75,000.00
$
13,200.00
$
252,945.88
$
Interest
Federal
State
State
Total
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
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
153,708.75
50,000.00
20,612.50
224,321.25
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
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
153,708.75
50,000.00
11,512.50
215,221.25
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
2035
5,426.00
15,000.00
450.00
20,876.00
97,651.25
55,000.00
4,350.00
157,001.25
405,068.75
$
155,000.00
$
36,475.00
$
596,543.75
$
Principal
2010 Winter Program
Principal
2016 Spring Program
- 48 -
48
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 9.
MUNICIPAL DEBT (CONTINUED)
New Jersey Infrastructure Bank “NJIBank” (Continued)
Interest
Federal
State
State
Total
2022
51,334.96
$
20,000.00
$
8,062.50
$
79,397.46
$
2023
51,334.96
20,000.00
7,162.50
78,497.46
2024
51,334.96
20,000.00
6,262.50
77,597.46
2025
51,334.96
19,000.00
5,462.50
75,797.46
2026
51,334.96
19,000.00
4,702.50
75,037.46
256,674.80
98,000.00
31,652.50
386,327.30
2027
51,334.96
19,000.00
3,942.50
74,277.46
2028
51,334.96
19,000.00
3,182.50
73,517.46
2029
51,335.16
19,000.00
2,622.50
72,957.66
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
215,488.58
77,000.00
13,672.50
306,161.08
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
2035
5,426.00
15,000.00
450.00
20,876.00
97,651.25
55,000.00
4,350.00
157,001.25
569,814.63
$
230,000.00
$
49,675.00
$
849,489.63
$
Principal
Total NJIBank Programs
- 49 -
49
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 9.
MUNICIPAL DEBT (CONTINUED)
Combined Schedule of Water-Sewer Utility Capital Fund Indebtedness
Calendar
Year
FHA Loan
MCIA Loan
NJIBank
Total
2022
9,000.00
$
167,245.83
$
79,397.46
$
255,643.29
$
2023
-
165,950.00
78,497.46
244,447.46
2024
166,150.00
77,597.46
243,747.46
2025
-
167,050.00
75,797.46
242,847.46
2026
-
167,300.00
75,037.46
242,337.46
9,000.00
833,695.83
386,327.30
1,229,023.13
2027
-
166,900.00
74,277.46
241,177.46
2028
-
121,250.00
73,517.46
194,767.46
2029
-
116,250.00
72,957.66
189,207.66
2030
-
121,250.00
42,804.25
164,054.25
2031
-
120,750.00
42,604.25
163,354.25
-
646,400.00
306,161.08
952,561.08
2032
-
-
42,391.75
42,391.75
2033
-
-
47,091.75
47,091.75
2034
-
-
46,641.75
46,641.75
2035
-
-
20,876.00
20,876.00
-
-
157,001.25
157,001.25
Total
9,000.00
$
1,480,095.83
$
849,489.63
$
2,338,585.46
$
Bond Anticipation Notes (BAN)
Interest
Original
Amount
Rate
Issue Date
Outstanding
First
Final
General
0.34%
12/23/2020
$
280,000.00
2023
2031
General
0.34%
9/23/2021
125,000.00
2024
2032
$
405,000.00
Water-Sewer Utility
0.34%
12/23/2020
$
286,150.00
2023
2031
Water-Sewer Utility
0.34%
9/23/2021
600,000.00
2024
2032
$
886,150.00
Total
$
1,291,150.00
Payment Required
- 50 -
50
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 9.
MUNICIPAL DEBT (CONTINUED)
Subsequent Events
•
BAN’s
General Capital:
On September 23, 2022 the Borough issued a BAN for $1,055,000.00 which
consisted of a rollover of $405,000.00 and new money of $650,000.00. The BAN
matures on September 22, 2023 and is at an interest rate of 3.16%.
Water-Sewer Capital:
On September 23, 2022 the Borough issued a BAN for $993,750.00 which
consisted new money of $119,600.00 less a budgeted pay-down of $12,000.00.
The BAN matures on September 22, 2023 and is at an interest rate of 3.16%.
•
Improvement Authorizations
In 2022 the Borough adopted bond ordinances as follows:
General Capital:
Bond Ordinance #2022-02 providing for various roadway improvements to Pine
Drive, appropriating $420,000.00 and authorizing the issuance of $200,000.00
bonds and notes, utilizing a NJDOT grant of $180,000.00 and a capital
improvement fund contribution of $40,000.00.
Bond Ordinance #2022-05 providing for improvements to Tamara Drive between
Pine Drive and South Rochdale Avenue, appropriating $610,000.00 therefor and
authorizing the issuance of $436,300.00 bonds and notes and utilizing a NJDOT
grant of $173,700.00.
Water-Sewer Capital:
Bond Ordinance #2022-03 providing for various water utility improvements,
appropriating $345,000.00 and authorizing the issuance of $345,000.00 bonds
and notes.
- 51 -
51
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 9.
MUNICIPAL DEBT (CONTINUED)
•
Bonds and Notes Authorized but not Issued
At December 31, 2021, the Borough had notes authorized but not issued as
follows:
General Capital Fund
$
367,250.00
Water-Sewer Utility Capital Fund
1,678,212.00
$
2,045,462.00
Subsequent Event
At December 31, 2022 (unaudited) the Borough had Bonds and Notes Authorized
but Not Issued as follows:
General Capital Fund
$
353,550.00
Water-Sewer Utility Capital Fund
2,304,612.00
$
2,658,162.00
Summary of Debt
During 2021 the following changes occurred in the debt of the Borough:
Dec. 31, 2020
Issued
Retired
Dec. 31, 2021
General Capital:
MCIA Loan
85,000.00
$
10,000.00
$
75,000.00
$
BAN
280,000.00
125,000.00
$
405,000.00
365,000.00
$
125,000.00
$
10,000.00
$
480,000.00
$
Water-Sewer Utility Capital:
MCIA Loan
1,485,000.00
$
290,000.00
$
1,195,000.00
$
Bond Anticipation Notes
286,150.00
600,000.00
$
886,150.00
FHA Loan
24,320.97
17,108.31
7,212.66
NJIBank Loan
896,465.59
-
96,650.96
799,814.63
2,691,936.56
$
600,000.00
$
403,759.27
$
2,888,177.29
$
Total
3,056,936.56
$
725,000.00
$
413,759.27
$
3,368,177.29
$
Water-Sewer Utility
MCIA Loan – Includes reduction of $200,000.00 due to refinancing and a $90,000.00
budgeted pay-down.
NJIBank Loan – Includes a reduction of $30,518.00 due to refinancing and
$66,334.96 budgeted paydown.
- 52 -
52
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 10.
PENSION PLAN
Description of Systems
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.nj.gov/treasury/pensions/financial-reports.shtml.
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 1/55th 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 1/60th 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.
- 53 -
53
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
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 2021
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:
2021
2020
2019
Covered Payroll
$
119,480
$
112,401
$
108,513
Actuarial Contribution Requirements
17,741
16,782
23,308
Total Contributions Employer Share
17,741
16,782
23,308
Percent of Covered Employee - Payroll
14.85
%
14.93
%
21.48
%
Employee's Share
8,961
8,430
8,138
Percent of Covered Payroll
7.50 %
7.50 %
7.50 %
PERS
All contributions were equal to the required contributions for each of the three (3)
years, respectively.
- 54 -
54
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
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, 2022 would be needed
in the amount of $17,741.00 since the obligation relates to the period December 31,
2020 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, 2021 and June 30, 2020 Independent
Auditor’s Report dated July 21, 2022 and June 4, 2021, respectively.
The Borough’s reported liability of $179,460.00 and $250,167.00 for its proportionate
share of the net pension liability at December 31, 2021 and December 31, 2020,
respectively. The net pension liability was measured as of June 30, 2021 and June
30, 2020 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.
2021
2020
Local Group Share
11,972,782,878
$
16,435,316,426
$
Borough Proportionate Percentage
0.0015148795
%
0.0015340744
%
Difference - (Decrease)
(0.0000191949)
%
(Measurement Date )
June 30,
- 55 -
55
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 10.
PENSION PLAN (CONTINUED)
Public Employees Retirement System (PERS)
For the year ended December 31, 2021, the Borough’s recognizable pension benefit
of $54,100.00. At December 31, 2021, 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
935
$
63,889
$
Net difference between expected and actual experience
2,830
1,285
Net difference between projected and actual investment
earnings on pension plan investment
47,275
Changes in proportion
10,850
124,977
Borough Contribution:
Subsequent to Yearend
17,741
Total
32,356
$
237,426
$
The $17,741.00 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, 2021, the plan measurement date is June 30,
2021 will be recognized as a reduction of the net pension liability in the Borough year
ended December 31, 2022. 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,
Amount
2022
(41,448)
$
2023
(29,915)
2024
(20,397)
2025
(15,333)
2026
6
- 56 -
56
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 10.
PENSION PLAN (CONTINUED)
Public Employees Retirement System (PERS) (Continued)
Additional Information:
Collective (local employers) balances are as follows:
June 30, 2021
June 30, 2020
Collective deferred outflows of resources
1,164,738,169
$
2,347,583,337
$
Collective deferred inflows of resources
8,339,123,762
7,849,949,467
Collective net pension liability
11,972,782,878
16,435,616,421
Collective net pension expense/(benefit)
(1,599,674,464)
407,705,399
Borough's proportion (of Local Group)
0.0037797273 %
0.0037620564 %
Actuarial Assumptions
The total pension liability for the June 30, 2021 measurement date was determined
by an actuarial valuation as of July 1, 2020, which rolled forward to June 30, 2021.
This actuarial valuation used the following assumptions:
Inflation Rate:
Price
Wage
2.75%
3.25%
Salary Increases:
Through 2026
2.00% – 6.00% (based on years of service)
Thereafter
3.00% – 7.00 % (based on years of service)
Investment Rate of Return
7.00 Percent
- 57 -
57
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
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 2010 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-2020.
The actuarial assumptions used in the July 1, 2020 valuation were based on the
results of an actuarial experience study for the period July 1, 2014 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, 2021) 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.
- 58 -
58
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
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, 2021 are summarized in the
following table:
Target
Long-term Expected
Asset Class
Allocation
Real Rate of Return
U.S. Equity
27.00 %
8.09 %
Non-U.S. Developed Markets Equity
13.50
8.71
Emerging Market Equities
5.50
0.96
Private Equity
13.00
11.30
Real Assets
3.00
7.40
Real Estate
8.00
9.15
High Yield
2.00
3.75
Private Credit
8.00
7.60
Investment Grade Credit
8.00
1.68
Cash Equivalents
4.00
0.50
U.S. Treasuries
5.00
0.95
Risk Mitigation Strategies
3.00
3.35
Discount Rate
The discount rate used to measure the total pension liability was 7.00% as of June
30, 2021. 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 and the nonemployer
contributing entity will be based on 100% of actuarially determined contributions for
the State employer and 100% of actuarially determined contributions for the local
employers. 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. Therefore, the long-term expected rate of return on plan investments was
applied to all projected benefit payments to determine the total pension liability.
- 59 -
59
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
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, 2021 and June 30, 2020, 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:
At Current
1% Decrease
Discount Rate
1% Increase
6.00%
7.00%
8.00%
Borough's proportionate share
of the pension liability
$
244,388
$
179,460
$
124,359
At Current
1% Decrease
Discount Rate
1% Increase
6.00%
7.00%
8.00%
Borough's proportionate share
of the pension liability
$
314,920
$
250,167
$
195,224
December 31, 2021
December 31, 2020
Pension Plan Fiduciary Net Position.
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 HEALTH BENEFITS
The Borough presently does not provide for Post-Employment Health Benefits upon
retirement.
- 60 -
60
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
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
Interfund receivable and payable balances at December 31, 2021 were as follows:
Fund
Due From
Due To
Current
$
92,395.69
$
119,906.35
Animal Control Trust
265.80
Grant
62,374.40
Trust Other
369.85
7,100.00
General Capital
16,650.00
92,129.89
Water-Sewer Utility Operating
173,620.74
Water-Sewer Utility Capital
57,162.10
183,170.74
$
402,572.78
$
402,572.78
- 61 -
61
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
Note 14.
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.
For the year ending December 31, 2021, 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.
Monmouth County Municipal Joint Insurance Fund (JIF)
At December 31, 2021, the Fund reported for all years combined, total assets of
$30,101,946.00 liabilities and reserves of $17,116,231.00, which includes loss
reserves of $14,144,066.00 and an unrestricted net position balance of
$12,985,715.00. This represents the latest available information.
The information was abstracted from the Annual Independent Financial Audit of the
JIF as of December 31, 2021, whose audit opinion was unmodified.
- 62 -
62
BOROUGH OF ROOSEVELT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
YEAR ENDED DECEMBER 31, 2021
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
grantors or their representatives. The Borough is potentially liable for expenditures
which may be disallowed pursuant to the terms of these grant programs.
Management is not aware of any material items of noncompliance which would result
in the disallowance of program expenditures.
C. Compensated Absences
The Borough allows employees to carryover unused vacation days at the end of the
year. The amount of liability is minimal. Unused sick time does not accumulate and
therefore no liability exists as of December 31, 2021.
D. State Tax Appeals
There are no tax appeals pending at December 31, 2021.
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, 2021 financial statements (audited). Financial impact in
2022 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.
REQUIRED SUPPLMENTARY INFORMATION
O>
w
Contractually
required
Year
contribution
2021
$
17,741
2020
16,782
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 EIGHT (8) FISCAL YEARS*
Contributions
in relation to
the
contractually
Contribution
required
deficiency
contribution
(excess)
$
17,741
None
$
16,782
None
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
119,480
14.85%
112,401
14.93%
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 eight (8) 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
CJ)
~
Year
2021
2020
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 EIGHT C8l 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
payroll
0.0015148795 %
$
179,460
$
119,480
147.69%
0.0015340744
250,167
112,401
222.57%
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
70.31%
58.32%
46.40%
48.10%
40.14%
47.92%
48.72%
52.08%
Note: Only the last eight (8) 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.
Notes to Required Supplementary Information:
Benefit Changes - There were none.
Changes of Assumptions - The discount rate of 7.00% as of June 30, 2020 did not change as of June 30, 2021.
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. 2021 AND 2020
Balance
Balance
December 31,
December 31,
2021
2020
ASSETS
Cash and Cash Equivalents
$
1,522,912.87
$
1,521,450.16
Due From State of NJ -Chapter 20 P.L. 1971
500.00
250.00
$
1,523,412.87
$
1,521,700.16
Receivables and Other Assets with Full Reserves:
Delinquent Property Taxes
$
22,833.34
$
84,534.06
Foreclosed Property
181,700.00
181,700.00
Revenue Accounts Receivable
18.52
lnterfunds Receivable:
Due from Animal Control Fund
265.80
62.80
Due from Payroll Fund
5,053.72
Due from General Capital Fund
92, 129.89
$
296,929.03
$
271,369.10
Total Current Fund
$
1,820,341.90
$
1,793,069.26
Grant Fund:
Due from Current Fund
$
62,374.40
$
13,358.13
Grants Receivable
1,195.15
1,195.15
Total Grant Fund
$
63,569.55
$
14,553.28
Total Assets
$
1,883,911.45
$
1,807,622.54
- 65 -
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. 2021 AND 2020
Balance
Balance
December 31 ,
December 31 ,
2021
2020
LIABILITIES. RESERVES AND FUND BALANCE
Current Fund:
Liabilities:
Appropriation Reserves
$
151, 132.82
$
159,590.96
Reserve for Encumbrances
63,578.86
44,709.63
Prepaid Taxes
21 ,340.67
8,515.38
Tax Overpayments
2,805.57
Accounts Payable
25,459.00
35,459.00
Due to State of NJ - Marriage Licenses
50.00
50.00
Local District School Tax Payable
383,834.50
386,128.50
lnterfunds Payable -
Due to Other Trust Fund
369.85
Due to Water-Sewer Utility Capital Fund
57,162.10
65,516.10
Due to Grant Fund
62,374.40
13,358.13
Due County for Added and Omitted Taxes
350.64
87.99
Reserve for:
Cable Television, Appropriated
5,000.00
5,000.00
Total Liabilities
$
770,652.84
$
721,221 .26
Reserve for Receivables and Other Assets
$
296,929.03
$
271,369.10
Fund Balance
$
752,760.03
$
800,478.90
Total Current Fund
$
1,820,341 .90
$
1,793,069.26
Grant Fund:
Appropriated Reserves
$
17,268.10
$
14,307.54
Unappropriated Reserves
45,751.45
Reserve for Encumbrances
550.00
245.74
Total Grant Fund
$
63,569.55
$
14,553.28
Total Liabilities, Reserves and Fund Balance
$
1,883,911.45
$
1,807,622.54
- 66 -
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. 2021 AND 2020
2021
2020
Revenues and Other Income Realized:
Fund Balance Utilized
$
373, 135.73
$
396,100.93
State Aid
81,849.00
81,849.00
Grants
5,342.03
5,103.07
Receipts from Delinquent Taxes
84,534.06
56,970.26
Receipts from Current Taxes
898,595.35
773,374.54
NonbudgetRevenue
45,336.08
44,099.18
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
136,701.54
88,362.58
Current Appropriations Cancelled
10,334.00
55,000.00
Prior Year lnterfunds Liquidated
5,053.72
4,848.00
Allocated to School and County Taxes
1,994,697.57
2,018,080.64
Total Income
$
3,635,579.08
$
3,523,788.20
Expenditures:
Budget Appropriations:
Within "CAPS":
General Government
$
371,349.00
$
327, 128.00
Land Use
27,300.00
23,500.00
Insurance
43,100.00
42,600.00
Public Safety
16,600.00
31,600.00
Public Works
158,773.00
193,890.00
Health and Human Services
13,200.00
13,200.00
Parks and Recreation
12,900.00
14,900.00
Utilities
28,500.00
28,300.00
Other Common Functions
2,500.00
2,500.00
Sanitation
37,000.00
35,500.00
Deferred Charges and Statutory Expenditures
63,773.73
109,000.93
- 67 -
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, 2021 AND 2020
Expenditures (Continued):
Budget Appropriations (Continued):
Excluded from "CAPS":
Public Safety
$
88,070.00
Sanitation
70,957.00
Grant Programs
5,342.03
Capital Improvements
65,000.00
Debt Service
13,750.00
Reserve for Uncollected Taxes
205,000.00
Local District School Taxes
1,752,059.00
County Taxes
242,287.93
County Taxes - Added and Omitted
350.64
Prior Year Refund
Grass Cutting Billing
220.00
lnterfund Advanced
92, 129.89
Total Expenditures
$
3,310, 162.22
Excess in Revenue over Expenditures
$
325,416.86
Fund Balance, January 1
800,478.90
$
1,1 25,895.76
Decreased By:
Utilized As Anticipated Revenue
373,135.73
Fund Balance, December 31
$
752,760.03
- 68 -
$
45,069.00
69,600.00
5,103.07
30,000.00
12,850.00
200,000.00
1,756,645.00
261,347.65
87.99
120.00
1,753.49
$
3,204,695.13
$
319,093.07
877,486.76
$
1, 196,579.83
396,100.93
$
800,478.90
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
YEAR ENDED DECEMBER 31. 2021
Budget
as
Modified
Realized
Fund Balance Anticipated
$
373,135.73
373,135.73
State Aid Without Offsetting Appropriations:
Energy Receipts Tax
$
81,849.00
81 ,849.00
Public and Private Programs Offset With Appropriations:
Clean Communities Program
$
4,000.00
4,000.00
Alcohol Education and Rehabilitation Fund
227.20
227.20
Recycling Tonnage Grant
1,114.83
1,114.83
$
5,342.03
$
5,342. 03
Receipts from Delinquent Taxes
$
50,000.00
84,534.06
Amount to be Raised by Taxation for Support of
Municipal Budget:
Local Tax for Municipal Purposes
$
712,788.00
898,595.35
Budget Totals
$ 1,223,114.76
$ 1,443,456.17
NonbudgetRevenue
45,336.08
$ 1,223, 114.76
$ 1,488,792.25
- 69 -
Exhibit B-2
Excess
or
(Deficit)
$
34,534.06
$ 185,807.35
$ 220,341.41
45,336.08
$ 265,677.49
Exhibit B-3
Sheet 1 of 5
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31. 2021
Budget After
Paid or
Budget
Modification
Charged
Encumbered
Reserved
Cancelled
GENERAL GOVERNMENT FUNCTIONS
General Administration:
Salaries and Wages
$
82,271 .00
$
82,271 .00
$
82,195.50
$
75.50
Data Processing
21 ,000.00
21,000.00
9,728.61
$
3,119.00
8,152.39
Other Expenses
18,350.00
18,350.00
12,872.31
236.50
5,241.19
Mayor and Council:
Other Expenses
1,800.00
1,800.00
1,135.14
664.86
Municipal Clerk:
Salaries and Wages
46,452.00
46,452.00
41,566.79
4,885.21
Other Expenses
13,600.00
13,600.00
7,842.67
5,757.33
Financial Administration:
Salaries and Wages
39,000.00
39,000.00
38,071.00
929.00
Other Expenses
4,400.00
4,400.00
1,067.20
3,332.80
Audit Services:
'1
Other Expenses
12,000.00
12,000.00
5,875.00
6,125.00
0
Revenue Administration:
Salaries and Wages
25,653.00
25,653.00
23,464.00
2,189.00
Other Expenses
5,750.00
5,750.00
1,466.52
334.00
3,949.48
Tax Assessment Administration:
Salaries and Wages
9,673.00
9,673.00
9,673.00
Other Expenses
7,400.00
7,400.00
6,889.43
510.57
Legal Services and Costs:
Other Expenses
50,000.00
50,000.00
26,588.93
23,411.07
Engineering Services and Costs:
Other Expenses
27,000.00
34,000.00
23,734.25
9,267.25
998.50
LAND USE ADMINISTRATION
Planning Board:
Salaries and Wages
4,200.00
4,200.00
419.75
3,780.25
Other Expenses
10,000.00
10,000.00
3,172.87
5,261 .00
1,566.13
Zoning Officer:
Salaries and Wages
8,900.00
8,900.00
6,038.50
2,861.50
Other Expenses
800.00
800.00
200.00
600.00
Code Enforcement:
Salaries and Wages
1,000.00
1,000.00
938.50
61.50
Housing Inspection:
Salaries and Wages
2,400.00
2,400.00
1,281.50
1, 118.50
Exhibit B-3
Sheet 2 of 5
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31. 2021
Budget After
Paid or
Budget
Modification
Charged
Encumbered
Reserved
Cancelled
INSURANCE
Purchase of Insurance:
Liability
$
11,000.00
$
11,000.00
$
9,389.01
$
1,610.99
Worker Compensation
21,000.00
21,000.00
15,845.00
5,155.00
Employee Group Plans
9,000.00
9,000.00
5,513.21
$
1,878.44
1,608.35
Unemployment Compensation Insurance
1,600.00
2,100.00
1,161.26
938.74
PUBLIC SAFETY FUNCTIONS
Office of Emergency Management:
Other Expenses
500.00
500.00
500.00
School Crossing Guards:
Salaries and Wages
10,000.00
10,000.00
6,122.82
3,877.18
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
42,000.00
42,000.00
31,712.64
10,287.36
Other Expenses
25,363.00
27,363.00
18,099.55
6,794.00
2,469.45
Solid Waste Collection:
Other Expenses
37,110.00
37,110.00
36,710.00
400.00
Public Buildings and Grounds:
Other Expenses
57,800.00
50,300.00
42,753.30
1,688.67
5,858.03
Vehicle Maintenance:
Other Expenses
2,000.00
2,000.00
1,090.82
909.18
HEAL TH AND HUMAN SERVICES FUNCTIONS
Public Health Services:
Other Expenses
8,000.00
8,000.00
6,045.00
1,955.00
Environmental Commission:
Salaries and Wages
2,200.00
2,200.00
655.50
1,544.50
Other Expenses
2,000.00
2,000.00
1,907.70
92.30
Animal Control:
Other Expenses
1,000.00
1,000.00
794.00
206,00
Exhibit B-3
Sheet 3 of 5
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31. 2021
Budget After
Paid or
Budget
Modification
Charged
Encumbered
Reserved
Cancelled
PARK AND RECREATION FUNCTIONS
Recreation Services and Programs:
Salaries and Wages
$
10,000.00
$
10,000.00
$
9,800.00
$
200.00
Other Expenses
4,900.00
2,900.00
2,900.00
OTHER COMMON OPERATING FUNCTIONS
Celebration of Public Events:
Other Expenses
2,500.00
2,500.00
697.30
1,802.70
UTILITY EXPENSE AND BULK PURCHASES
Electricity
6,000.00
6,000.00
2,209.48
3,790.52
Street Lighting
10,200.00
10,200.00
8,069.63
2,130.37
Telephone
6,000.00
6,000.00
5,415.29
584.71
Gas (Natural and Propane)
5,000.00
5,000.00
2,352.72
2,647.28
-...,]
Gasoline
1,300.00
1,300.00
1,104.59
195.41
N
LANDFILL/SOLID WASTE DISPOSAL COSTS
Landfill Tipping Fees:
Other Expenses
37,000.00
37,000.00
32,105.23
__
4,894.77
Total Operations within "CAPS"
711,222.00
711,222.00
549,775.52
$
28,578.86
$
132,867.62
Total Operations Including Contingent - within "CAPS"
$
711,222.00
$
711,222.00
$
549,775.52
$
28,578.86
$ ___Jlb867.62
Detail:
Salaries and Wages
$
283,749.00
$
283,749.00
$
251,939.50
$
31,809.50
Other Expenses (Including Contingent)
427,473.00
427,473.00
297,836.02
$
28,578.86
101,058.12
DEFERRED CHARGES AND STATUTORY EXPENDITURES - MUNICIPAL WITHIN "CAPS"
Deferred Charges:
Anticipated Deficit Water-Sewer Utility
$
10,000.00
$
10,000.00
$ 10,000.00
Statutory Expenditures:
Contribution to:
Public Employees' Retirement System
29,772.80
29,772.80
$
16,782.00
$
12,990.80
Social Security System (0.A.S.I.)
20,000.93
20,000.93
18,982.03
1,018.90
Defined Contribution Benefit Plan
4,000.00
4,000.00
__
4,000.00
Total Deferred Charges and Statutory Expenditures -
Municipal within "CAPS"
$
63,773.73
$
63,773.73
$
35,764.03
$
18,009.70
10,000.00
Exhibit B-3
Sheet 4 of 5
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31. 2021
Budget After
Paid or
Budget
Modification
Charged
Encumbered
Reserved
Cancelled
Total General Appropriations for Municipal Purposes
within "CAPS"
$
774,995.73
$
774,995.73
$
585,539.55
$
28,578.86
$
150,877.32
$ _J_Q,000.00
OPERATIONS- EXCLUDED FROM "CAPS"
Other Operations - Excluded from "CAPS":
Recycling Tax
$
1,400.00
$
1,400.00
$ __
1,144.50
$
255.50
Total Other Operations - Excluded from "CAPS"
1,400.00
1,400.00
__
1,144.50
255.50
Shared Service Agreements:
Solid Waste Collection( Borough of Hightstown)
Other Expenses
69,557.00
69,557.00
69,557.00
911 Communication Center (County of Monmouth)
Other Expenses
7,683.00
7,683.00
7,683.00
-.....J
Fire Protection Services( Millstone Fire District No. 1)
(,.)
Other Expenses
80,387.00
80,387.00
80,387.00
Total Shared Service Agreements
157,627.00
157,627.00
157,627.00
Public and Private Programs Offset by Revenues:
Clean Communities Program
4,000.00
4,000.00
4,000.00
Recycling Tonnage Grant
1,114.83
1, 114.83
1, 114.83
Municipal Alcohol Education and Rehabilitation Fund
227.20
227.20
227.20
Total Public and Private Programs Offset by Revenues
5,342.03
5,342.03
5,342.03
Total Operations - Excluded from "CAPS"
$
164,369.03
$
164,369.03
$ ~113.53
$
255.50
Detail:
Other Expenses
$
164,369.03
$
164,369.03
$
164, 113.53
$
255.50
CAPITAL IMPROVEMENTS- EXCLUDED FROM "CAPS"
Capital Improvement Fund
$
30,000.00
$
30,000.00
$
30,000.00
DPW Truck Purchase
35,000.00
35,000.00
$ ~000.00
Total Capital Improvements Excluded from "CAPS"
$
65,000.00
$
65.000.00
$
30,000.00
$
35,000.00
Municipal Debt Service - Excluded From "CAPS"
Payment of Bond Principal
Interest on Bonds
Interest on Bond Anticipation Notes
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
~
I
Total General Appropriations
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31. 2021
Budget
$
10,000.00
2,450.00
1,300.00
13,750.00
$
243,119.03
$
243, 119.03
$
1,018, 114. 76
205,000.00
$
1,223, 114.76
Cash Disbursement
Reserve for Uncollected Taxes
Transfer to Grant Fund
$
$
$
$
$
Budget After
Modification
10,000.00
2,450.00
1,300.00
13,750.00
243,119.03
243, 119.03
1,018,114.76
205,000.00
1,223,114.76
Cash Disbursed
RUT
Grant
Paid or
Charged
$
10,000.00
2,450.00
966.00
13,416.00
$
207,529.53
$
207,529.53
$
793,069.08
~000.00
$
998,069.08
$
787,727.05
205,000.00
5,342.03
$
998,069.08
Exhibit B-3
Sheet 5 of 5
Encumbered
Reserved
Cancelled
$
334.00
334.00
$ ~000 . 00
$
255.50
$
334.00
35,000.00
$
255.50
$
334.00
$
63,578.86
$
151,132.82
$ 10,334.00
$
63,578.86
$
151,132.82
$ 10,334.00
BOROUGH OF ROOSEVELT
CURRENT FUND
SCHEDULE OF CASH-TREASURER
Current Fund
Balance, December 31 , 2020
$
Increased by Receipts:
Taxes Receivable
$
2,760,311 .60
State Aid
81,849.00
Nonbudget Revenue
45,336.08
Prepaid Taxes
21,340.67
Due from State of N.J. (Ch. 20, P.L. 1971)
4,000.00
Miscellaneous
62.58
lnterfunds Due to:
Trust Other Fund - Payroll Fund
68.83
Payroll Fund
5,053.72
Water-Sewer Utility Capital Fund
57,162.10
Grant Fund
62,374.40
Due to State of New Jersey - Marriage Licenses
175.00
$
Decreased by Disbursements:
2020 Appropriation Reserves
$
67,599.05
2021 Appropriations
787,727.05
Accounts Payable
10,000.00
County Taxes
242,375.91
Local School District Tax
1,754,353.00
Tax Overpayments
2,805.57
Tax Refund
11.57
Miscellaneous
220.00
Due to State of New Jersey - Marriage Licenses
175.00
lnterfunds Due from:
Grant Fund
13,358.13
General Capital Fund
92,129.89
Water-Sewer Utility Capital Fund
65,516.10
Balance, December 31 , 2021
$
- 75 -
Exhibit B-4
1,521,450.16
3,037,733.98
4,559,184.14
3,036,271 .27
1,522,912.87
BOROUGH OF ROOSEVELT
CURRENT FUND
Exhibit B-5
Sheet 1 of 2
STATEMENT OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY
State Share
Senior Citizens'
Balance
and Veterans'
Balance
December 31 ,
Tax
Collections
Deductions
December 31 ,
Year
2020
Levy
2020
2021
Allowed
2021
2020 $
84,534.06
$
84,534.06
2021
$ 2,711 , 126.26
$
8,515.38
2,675,777.54
$
4,000.00
$
22,833.34
$
84,534.06
$ 2,711 ,126.26
$
8,515.38
$ 2,760,311 .60
$
4,000.00
$
22,833.34
Detail of Amount to be Raised by Taxation - Municipal Purposes:
Cash Received
$ 2,675,777.54
Senior Citizen and Veterans Deductions
4,000.00
Prepaid Taxes
8,515.38
$ 2,688,292.92
Less Allocated to:
Local School District Taxes
1,752,059.00
County Taxes
242,638.57
Add: Reserve for Uncollected Taxes
205,000.00
Amount to be Raised by Taxation -
Municipal Purposes
$
898,595.35
- 76 -
BOROUGH OF ROOSEVELT
CURRENT FUND
Exhibit B-5
Sheet 2 of 2
STATEMENT OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY
ANALYSIS OF 2021 PROPERTY TAX LEVY
Tax Yield
General Purpose Taxes
Added Taxes (54:4-63.1et. Seq.)
Tax Levy
Local District School Taxes
County Taxes:
County Taxes
County Library Tax
County Health Tax
County Open Space Tax
County Added and Omitted Taxes
Total County Taxes
Local Tax for Municipal Purpose
Add: Additional Tax Levy
Total Tax Levy
- 77 -
$
$
$
2,707,209.58
3,916.68
$
2,711,126.26
$
1,752,059.00
199,294.17
14,958.64
4,080.28
23,954.84
350.64
242,638.57
$
1,994,697.57
712,788.00
3,640.69
716,428.69
$
2,711 ,126.26
BOROUGH OF ROOSEVELT
CURRENT FUND
STATEMENT OF FORELOSED PROPERTY
BALANCE. DECEMBER 31. 2020
BALANCE. DECEMBER 31. 2021
(There was no change during the year.)
- 78 -
Exhibit B-6
$
181.700.00
Exhibit B-7
BOROUGH OF ROOSEVELT
Sheet 1 of 2
CURRENT FUND
STATEMENT OF 2020 APPROPRIATION RESERVES
Balance
December 31. 2020
Balance
Appropriation
Reserve for
After
Paid or
Balance
Reserves
Encumbrances
Transfers
Charged
Lapsed
Salaries and Wages:
Operations - Within "CAPS":
General Administration
$
255.04
$
255.04
$
255.04
Municipal Clerk
673.17
673.17
673.17
Financial Administration
719.04
719.04
$
68.75
650.29
Revenue Administration
32.25
32.25
32.25
Tax Assessment Administration
183.00
183.00
183.00
Planning Board
1,798.75
1,798.75
1,798.75
Zoning Officer
3,196.33
3,196.33
3,196.33
School Crossing Guards
1,236.39
1,236.39
549.00
687.39
Streets and Road Maintenance
12,567.11
12,567.11
630.00
11,937.11
Environmental Commission
16.00
16.00
16.00
Recreation Services and Programs
200.00
200.00
200.00
Code Enforcement
391.67
391 .67
391.67
-...J
Housing Inspection
1,190.00
1,190.00
1,190.00
co
Total Salaries and Wages
$
22,458.75
$
22,458.75
$
1,247.75
$
21,211.00
Other Expenses:
Operations - Within "CAPS":
General Administration:
Data Processing
$
4,034.64
$
325.45
$
4,360.09
$
295.45
$
4,064.64
Other Expenses
5,337.38
87.93
5,425.31
825.19
4,600.12
Mayor and Council
1,213.81
1,213.81
1,213.81
Municipal Clerk
1,363.79
172.29
1,536.08
303.24
1,232.84
Financial Administration
1,655.02
50.00
1,705.02
650.00
1,055.02
Audit Services
11,500.00
11,500.00
11,500.00
Revenue Administration
1,826.53
1,826.53
1,826.53
Tax Assessment Administration
1,868.80
1,868.80
663.00
1,205.80
Legal Services and Costs
12,897.25
12,897.25
7,522.40
5,374.85
Engineering Services and Costs
3,646.75
3,956.25
7,603.00
2,495.00
5,108.00
Planning Board
1,961 .51
14.40
1,975.91
291.69
1,684.22
Zoning Officer
141.66
141.66
141.66
Purchase of Insurance:
Liability
3,274.39
3,274.39
3,274.39
Worker Compensation
4,136.00
4,136.00
4,136.00
Employee Group Plans
1,383.02
1,844.32
3,227.34
1,844.32
1,383.02
Unemployment Compensation Insurance
418.72
418.72
301.02
117.70
Office of Emergency Management
500.00
500.00
500.00
Aid to Volunteer First Aid
20,000.00
20,000.00
20,000.00
Exhibit B-7
BOROUGH OF ROOSEVELT
Sheet 2 of 2
CURRENT FUND
STATEMENT OF 2020 APPROPRIATION RESERVES
Balance
December 31. 2020
Balance
Appropriation
Reserve for
After
Paid or
Balance
Reserves
Encumbrances
Transfers
Charged
Lapsed
Other Expenses(Continued):
Operations - Within "CAPS": (Continued)
Public Defender
$
100.00
$
100.00
$
100.00
Streets and Road Maintenance
21,570.68
$
3,766.55
25,337.23
$
3,921.55
21,415.68
Solid Waste Collection
400.00
400.00
400.00
Public Buildings and Grounds
4,189.98
29,160.36
33,350.34
29,350.40
3,999.94
Vehicle Maintenance
1,813.18
1,813.18
1,813.18
Public Health Services
1,490.00
1,860.00
3,350.00
1,860.00
1,490.00
Environmental Commission
1,024.67
168.00
1,192.67
168.00
1,024.67
Animal Control
206.00
32.00
238.00
99.00
139.00
Recreation Services and Programs
4,670.00
4,670.00
4,670.00
Celebration of Public Events
2,284.37
2,284.37
2,284.37
Electricity
3,580.71
3,580.71
179.27
3,401.44
Street Lighting
2,228.48
2,228.48
719.50
1,508.98
co
Telephone
1,650.63
1,650.63
1,650.63
0
Gas (Natural and Propane)
2,167.61
397.63
2,565.24
397.63
2,167.61
Gasoline
411.00
411.00
411.00
Landfill Tipping Fees
394.84
2,773.71
3,168.55
2,773.71
394.84
Deferred Charges and Statutory Expenditures -
Municipal Within "CAPS":
Statutory Expenditures:
Contribution to:
Public Employees' Retirement System
6,692.00
6,692.00
6,692.00
Social Security System (OAS.I.)
951.47
951.47
90.19
861.28
Defined Contribution Benefit Plan
4,000.00
4,000.00
4,000.00
Operations - Excluded from "CAPS":
Recycling Tax
140.54
100.74
241.28
100.74
140.54
Shared Services:
911 Communications Center (County of Monmouth)
Solid Waste Collection( Borough of Hightstown)
6.78
6.78
6.78
Total Other Expenses
$
137,132.21
$
44,709.63
$
181,841.84
$
66,351.30
$
115,490.54
Grand Total
$
159,590.96
$
44,709.63
$
204,300.59
$
67,599.05
$
136,701 .54
BOROUGH OF ROOSEVELT
CURRENT FUND
Exhibit B-8
STATEMENT OF LOCAL DISTRICT SCHOOL TAXES PAYABLE
BALANCE. DECEMBER 31. 2020
School Tax Payable
$
386,128.50
School Tax Deferred
491,850.50
$
877,979.00
INCREASED BY
Levy - School Year July 1, 2021 to
June 30, 2022
1,752,059.00
$
2,630,038.00
DECREASED BY
Payments
1,754,353.00
BALANCE. DECEMBER 31. 2021
$
875,685.00
ANALYSIS OF BALANCE
School Tax Payable
$
383,834.50
School Tax Deferred
491,850.50
$
875,685.00
2021 LIABILITY FOR LOCAL SCHOOL TAX
Tax Paid
$
1,754,353.00
Less: Tax Payable, December 31, 2020
386, 128.50
$
1,368,224.50
Add: Tax Payable, December 31, 2021
383,834.50
AMOUNT CHARGED TO OPERATIONS
$
1,752,059.00
- 81 -
Grant
Federal:
Recreational Trails Grant
State:
Clean Communities Program
.BOROUGH OF ROOSEVELT
GRANT FUND
STATEMENT OF GRANTS RECEIVABLE
2021
Revenue Realized
Balance
December 31,
As
2020
Adopted
$
1, 195.15
$
4,000.00
Municipal Alcohol Education and Rehabilitation Fund
227.20
Recycling Tonnage Grant
1,114.83
$
1,195.15
$
5,342.03
- 82 -
Exhibit B-9
Decreased
Balance
by Cash
December31,
Receipt
2021
$
1,195.15
$
4,000.00
227.20
1,114.83
$
5,342.03
$
1, 195.15
Grant
State:
NJ DEP:
Recycling Tonnage Grants
Clean Communities Programs
Sustainable NJ Small Grants
Municipal Alcohol Education
and Rehabilitation Funds
Federal:
Recreational Trails Grant
Local:
Fund for Roosevelt
JIF Safety Grant
.BOROUGH OF ROOSEVELT
GRANT FUND
STATEMENT OF APPROPRIATED RESERVES
2021
Budget
Balance
A1212ro12riations
December 31 ,
As
2020
Adopted
$
11,749.86
$
1,114.83
654.10
4,000.00
10.89
266.81
227.20
1,039.38
336.50
250.00
$
14,307.54
$
5,342.03
$
Detail:
Cash Disbursed
$
Reserve for Encumbrances
$
- 83 -
Exhibit B-10
Decreased by
Balance
December 31,
Disbursed
2021
200.00
$
12,664.69
2,181.47
2,472.63
10.89
494.01
1,039.38
336.50
250.00
2,381.47
$
17,268.10
1,831.47
550.00
2,381.47
BOROUGH OF ROOSEVELT
GRANT FUND
STATEMENT OF UNAPPROPRIATED RESERVES
Increased b~
Cash
Received
Federal:
American Rescue Plan -APA
$
43,751.45
State:
Sustainable NJ
2,000.00
$
45,751.45
- 84 -
Exhibit B-11
Balance
December 31 ,
2021
$
43,751.45
2,000.00
$
45,751.45
TRUST AND AGENCY FUND
ASSETS
Cash and Cash Equivalents
Receivables and Other Assets:
lnterfund Receivable - Due from
Current Fund
I
CX>
01
Total Assets and Other Debits
LIABILITIES AND RESERVES
Liabilities and Reserves:
lnterfund Payable -
Due to Current Fund
Due to Water-Sewer Operating
Due to Current Fund
Due to State of New Jersey
Payroll Deductions Payable
Reserves
Total Liabilities and Reserves
BOROUGH OF ROOSEVELT
TRUST AND AGENCY FUND
COMBINING BALANCE SHEETS- REGULATORY BASIS
AS OF DECEMBER 31. 2021 AND 2020
Expendable Trust
Agency
Animal Control
Trust Other
Pal'.roll
2021
2020
2021
2020
2021
2020
$ 1,135.80 $
955.80
$ 34,394.55
$
35,097.84
$ 2,273.26
$
8,082.93
369.85
$ 1,135.80 $
955.80
$ 34,394.55
$
35,097.84
$
2,643.11
$
8,082.93
$
5,053.72
$
7,100.00
$
6,100.00
$
265.80
$
62.80
3.00
3.00
$ 2,643.11
3,029.21
867.00
890.00
27,294.55
28,997.84
$ 1,135.80 $
955.80
$ 34,394.55
$
35,097.84
$ 2,643.11
$
8,082.93
Exhibit C
Totals
2021
2020
$ 37,803.61
$
44,136.57
369.85
$ 38,173.46
$
44, 136.57
$
5,053.72
$
7,100.00
6,100.00
265.80
62.80
3.00
3.00
2,643.11
3,029.21
28, 161.55
29,887.84
$ 38, 173.46
$
44,136.57
Balance, December 31 , 2020
Increased by Receipts:
Due to State of New Jersey
$
Reserve for Animal Control
Payroll Deductions
Miscellaneous Trust Funds
Decreased by Disbursements:
N.J. State Dept. of Health
$
Expenditures Per R.S. 4:19-15.11
CX>
Payroll Deductions
(j)
Miscellaneous Trust Funds
lnterfund Due to - Current Fund
Balance, December 31, 2021
BOROUGH OF ROOSEVELT
TRUST FUND
.SCHEDULE OF TRUST CASH - TREASURER
Animal Control
Other Trust
$
955.80
$
82.20
699.00
$
7,950.00
781.20
$
1,737.00
$
82.20
519.00
$
8,653.29
601 .20
$
1,135.80
$
Exhibit C-1
Payroll
35,097.84
$
8,082.93
$
94,814.09
7,950.00
94,814.09
43,047.84
$
102,897.02
$
95,200.19
5,423.57
8,653.29
100,623.76
34,394.55
$
2,273.26
BOROUGH OF ROOSEVELT
TRUST FUND
Exhibit C-2
STATEMENT OF RESERVE FOR ANIMAL CONTROL EXPENDITURES
BALANCE. DECEMBER 31. 2020
INCREASED BY
Dog License Fees
Potentially Dangerous Dogs
Late Fees/Miscellaneous
DECREASED BY
Expenditures
Statutory Excess Due to Current Fund
BALANCE. DECEMBER 31. 2021
BOROUGH LICENSE FEES COLLECTED
2019
2020
AUDITOR'S NOTE:
R.S. 4:19-15.11
$
Amount
445.00
422.00
$
867.00
$
890.00
$
392.00
300.00
7.00
699.00
$
1,589.00
$
519.00
203.00
722.00
$
867.00
"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
Decreased
2020
By Receipts
By Disbursed
Parking Offense
$
11.00
Historical Commission Donations
315.00
Recreation Donations
350.00
$
300.00
Fire Department Donations
100.00
Escrow Funds
18,650.55
7,650.00
$
7,439.00
Tax Sale Premiums
8,000.00
1,000.00
Public Defender - Millstone Township
357.00
Woodland Trail Memorial Fund
1,214.29
1,214.29
$
28,997.84
$
7,950.00
$
9,653.29
Due to Water-Sewer Operating
1,000.00
Disbursred
8,653.29
9,653.29
- 88-
Exhibit C-3
Balance
December 31 ,
2021
$
11.00
315.00
650.00
100.00
18,861 .55
7,000.00
357.00
$
27,294.55
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
Leave/Disability
Health Insurance Deductions
Deferred Compensation
$
Detail:
Payroll Deductions
Social Security:
Current Fund
Unemployment/Disability Taxes:
Current Fund
Current Fund-Appropriation Reserves
Balance
December 31,
2020
1,129.79
74.67
(0.11)
901.55
249.77
173.54
500.00
3,029.21
$
$
$
$
- 89 -
Increased
by Payroll
Deductions
19,821 .00
8,961 .08
597.42
38,144.13
8,846.08
1,531.76
1,190.07
1,081 .08
7,641.47
7,000.00
94,814.09
74,660.79
18,982.03
1,081 .08
90.19
94,814.09
$
$
Decreased
by Cash
Disbursed
19,821 .00
8,994.05
599.61
38, 144.15
8,878.60
1,476.25
1,063.98
1,081 .08
7,641.47
7,500.00
95,200.19
Exhibit C4
Balance
December 31,
2021
$
1,096.82
72.48
(0.13)
869.03
305.28
299.63
$
2,643.11
GENERAL CAPITAL FUND
Exhibit D
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
COMPARATIVE STATEMENT OF ASSETS. LIABILITIES, RESERVES
AND FUND BALANCE - REGULATORY BASIS
AS OF DECEMBER 31. 2021 AND 2020
Balance
Balance
December 31,
December 31 ,
2021
2020
ASSETS
Cash and Cash Equivalents
$
40,435.30
$
312,697.96
Intergovernmental Accounts Receivable
$
824,546.94
$
824,546.94
lnterfunds Receivable:
Due from Water-Sewer Utility Capital Fund
$
16,650.00
Deferred Charges to Future Taxation -
Funded
$
75,000.00
$
85,000.00
Unfunded
772,250.00
772,250.00
$
847,250.00
$
857,250.00
Total Assets
$
1,728,882.24
$
1,994,494.90
LIABILITIES. RESERVES AND FUND BALANCE
MCIA Loans
$
75,000.00
$
85,000.00
Bond Anticipation Note
$
405,000.00
280,000.00
Other Liabilities and Reserves:
Capital Improvement Fund
$
51,603.15
$
21,603.15
Reserve for Building Improvements
3,588.72
5,592.07
Reserve for Encumbrances
584,544.46
622,704.33
$
639,736.33
$
649,899.55
lnterfunds Payable:
Due to Current Fund
$
92, 129.89
Improvement Authorizations:
Funded
$
28, 195.77
$
486,994.67
Unfunded
486,935.62
490,716.05
$
515,131.39
$
977,710.72
Fund Balance
$
1,884.63
$
1,884.63
Total Liabilities, Reserves and Fund Balance
$
1,728,882.24
$
1,994,494.90
There were $367,250.00 Bonds and Notes Authorized but not Issued at December 31, 2021.
- 90 -
Exhibit D-1
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
ANALYSIS OF CASH AND CASH EQUIVALENTS
Balance
Balance
December 31 ,
Cash
Cash
Transfers
December 31,
2020
Receipts
Disbursed
From
To
2021
Fund Balance
$
1,884.63
$
1,884.63
Capital Improvement Fund
21 ,603.15
$
30,000.00
51 ,603.15
Due to Current Fund
92,129.89
92,129.89
Due from NJ DOT
(824,546.94)
(824,546.94)
Due from Water-Sewer Utility Capital Fund
$
16,650.00
(16,650.00)
Reserve for Encumbrances
622,704.33
$
622,704.33
$
584,544.46
584,544.46
Reserve for Building Improvements
5,592.07
2,255.25
251.90
3,588.72
Improvement Authorizations:
Ordinance
co
Number
Improvement Description
.......
I
228
Reconstruct Manholes
11 ,842.68
11 ,842.68
231
Reconstruction of Pine Drive Storm Sewers
8,409.82
8,409.82
234
Soil Removal
7,943.27
7,943.27
2018-005
Road Improvements to
Homestead Lane & Cedar Court
67,066.80
64,550.94
123,046.33
125,562.19
2019-003
Nurko Rd., Elm Court and
Parking Lot Improvements
(68,600.75)
125,000.00
41 4,605.32
8,190.10
431 ,998.35
65,602.18
2020-05
Farm Lane and School Lane Improvements
458,798.90
21 ,331 .04
576,354.36
67,407.75
(71,478. 75}
$
31 2,697.96
$ 247,129.89
$ 519,392.55
$ 1,207 ,248. 79
$ 1,207,248.79
$
40,435.30
Bracketed amounts denote deficit.
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
SCHEDULE OF GENERAL CAPITAL FUND CASH-TREASURER
Balance, December 31 , 2020
$
Increased by Receipts:
Current Fund Appropriation -
Capital Improvement Fund
$
30,000.00
lnterfunds:
Due to Current Fund
92, 129.89
Bond Anticipation Notes
405,000.00
$
Decreased by Disbursements:
Improvement Authorizations
$
500,487.30
Bond Anticipation Notes
280,000.00
Various Reserves
2,255.25
lnterfunds:
Due from Water-Sewer Utility Capital Fund
16,650.00
Balance, December 31 , 2021
$
- 92 -
Exhibit D-2
312,697.96
527, 129.89
839,827.85
799,392.55
40,435.30
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF INTERGOVERNMENTAL ACCOUNTS RECEIVABLE
Exhibit D-3
New Jersey Department of Transportation -
Ordinance
Ordinance
Ordinance
Total
2018-005
2019-003
2020-005
BALANCE. DECEMBER 31. 2020
$
824,546.94
$
210,000.00
$
119,546.94
$
495,000.00
BALANCE. DECEMBER 31, 2021
$
824,546.94
$
210,000.00
$
119,546.94
$
495,000.00
- 93 -
Exhibit D-4
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF DEFERRED CHARGES TO FUTURE TAXATION - UNFUNDED
Anali'.sis of Balance
Unexpended
Balance
Balance
Bond
Balance of
Ordinance
December 31,
December 31,
Anticipation
Improvement
Number
lmorovement Descriotion
2020
2021
Notes
Expenditures
Authorizations
231
Reconstruction of Pine Drive Storm Sewers
$
62,250.00
$
62,250.00
$
62,250.00
2018-005
Road Improvements to Homestead Lane
and Cedar Court
310,000.00
310,000.00
$
280,000.00
30,000.00
<O
~
2019-003
Nurko Road, Elm Court and
Parking Lot Improvements
240,000.00
240,000.00
125,000.00
115,000.00
2020-05
Farm Lane and School Lane Improvements
160,000.00
160,000.00
$
71,478.75
88,521.25
$
772,250.00
$
772,250.00
$
405,000.00
$
71,478.75 $
295,771.25
Ordinance
Number
228
231
234
2018-005
<D
01
2019-003
2020-05
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF IMPROVEMENT AUTHORIZATIONS
Balance
Prior
Ordinance
December 31, 2020
Year
Paid or
Title
Date
Amount
Funded
Unfunded
Encumbrances
Charged
Reconstruct Manholes
8/27/2007
$
12,000.00 $
11,842.68
Reconstruction of Pine Drive
Storm Sewers
2/25/2008
175,000.00
8,409.82 $
62,250.00
Soil Removal
8/11/2008
18,000.00
7,943.27
Road Improvements to Homestead
Lane and Cedar Court
(NJDOT $210,000)
8/13/2018
520,000.00
97,066.80
$ 123,046.33 $
64,550.94
Nurko Rd., Elm Court and
Parking Lot Improvements
(NJDOT $350,000)
5/28/2019
655,000.00
171,399.25
431,998.35
422,795.42
Farm Lane and School
Lane Improvements
(NJDOT $495,000)
6/8/2020
725,000.00
458,798.90
160,000.00
67,407.75
597,685.40
$ 486,994.67 $ 490,716.05
$ 622,452.43 $ 1,085,031.76
Exhibit D-5
Balance
December 31, 2021
Funded
Unfunded
$
11,842.68
8,409.82 $
62,250.00
7,943.27
155,562.19
180,602.18
88,521.25
$
28,195.77 $ 486,935.62
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF CAPITAL IMPROVEMENT FUND
BALANCE, DECEMBER 31 . 2020
INCREASED BY
2021 Budget Appropriation
BALANCE. DECEMBER 31 . 2021
- 96 -
Exhibit D-6
$
21,603.15
30,000.00
$
51,603.15
= =======
CD
-.....J
Purpose
Date of
Original
Issue
.BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF LOAN PAYABLE CMCIA)
Amount of
Original
Issue
Date
Amount
Monmouth County Improvement Authority
12/4/2012
$ 165,000.00
12/1/2022 $
10,000.00
Pooled Loan Revenue (Refunding) Bonds
12/1/2023
10,000.00
Serial Bonds
12/1/2024
10,000.00
12/1/2025
15,000.00
12/1/2026
15,000.00
12/1/2027
15,000.00
Interest
Rate
4.00%
$
4.00%
2.00%
3.00%
2.00%
2.00%
$
Balance
December 31,
2020
Decreased
85,000.00
$ 10,000.00
$
85,000.00
$ 10,000.00
$
Exhibit D-7
Balance
December 31,
2021
75,000.00
75,000.00
<D
CX>
Ordinance
Number
Description
2018-005
Road Improvements to Homestead
Lane and Cedar Court
2019-003
Nurko Rd., Elm Court
& Parking Lot Improvements
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF BOND ANTICIPATION NOTES
Date of
Original
Issue
Date of
Issue
Date of
Maturity
Interest
Rate
Balance
December 31 ,
2020
Increased
Decreased
Exhibit D-8
Balance
December 31,
2021
12/23/20
09/23/21
09/23/22
0.340%
$ 280,000.00 $
280,000.00 $ 280,000.00 $
280,000.00
09/23/21
09/23/21
09/23/22
0.340%
125,000.00
125,000.00
$ 280,000.00 $
405,000.00 $ 280,000.00 $
405,000.00
Ordinance
Number
231
2018-005
2019-003
(.()
(.()
2020-05
BOROUGH OF ROOSEVELT
GENERAL CAPITAL FUND
STATEMENT OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
Balance
Bond Anticipation
December 31 ,
Notes
Description
2020
Issued
Reconstruction of Pine Drive Storm Sewers
$
62,250.00
Road Improvements to Homestead Lane and Cedar Court
30,000.00
Nurko Road, Elm Court and Parking Lot Improvements
240,000.00
$
125,000.00
Farm Lane and School Lane Improvements
160,000.00
$
492,250.00
$
125,000.00
Exhibit D-9
Balance
December 31 ,
2021
$
62,250.00
30,000.00
115,000.00
160,000.00
$
367,250.00
WATER-SEWER UTILITY OPERATING FUND
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND
COMPARATIVE STATEMENT OF ASSETS. LIABILITIES, RESERVES
AND FUND BALANCE - REGULATORY BASIS
AS OF DECEMBER 31, 2021 AND 2020
Balance
Exhibit E
Balance
December 31 ,
December 31 ,
2021
2020
ASSETS
Cash and Cash Equivalents
$
181 ,978.52
$
78,488.18
lnterfunds Receivable:
Due from Water-Sewer Utility Capital Fund
$
166,520.74
$
140,593.24
Due from Other Trust Fund
7, 100.00
6,100.00
$
173,620.74
$
146,693.24
Receivables and Other Assets:
Consumer Accounts Receivable
$
65,166.14
$
85,967.23
Total Assets
$
420,765.40
$
311, 148.65
LIABILITIES. RESERVES AND
FUND BALANCE
Liabilities:
Appropriation Reserves
$
156,063.27
$
73,626.60
Other Liabilities and Reserves:
Reserve for Encumbrances
$
16,021.67
$
52,967.30
Prepaid Rents
7,311.00
13.86
Rent Overpayments
2,069.43
2,685.03
Accrued Interest on Loans and Notes
8,466.62
8,699.93
$
33,868.72
$
64,366.12
Reserve for Receivables and Other Assets
$
65,166.14
$
85,967.23
Fund Balance
$
165,667.27
$
87, 188.70
Total Liabilities, Reserves and Fund Balance
$
420,765.40
$
311,148.65
- 100 -
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. 2021 AND 2020
2021
2020
Revenue and Other Income Realized:
Fund Balance Utilized
$
66,086.00
$
30,000.00
Rents
759,897.44
741,193.23
Cell Tower Fees
132, 149.22
127,816.24
Interest on Delinquent Rents
1,078.15
7,537.68
NonbudgetRevenue
1,608.52
11,366.87
Other Credits to Income -
Unexpended Balance of Appropriation Reserves
56,489.98
17,543.93
Total Income
$
1,017,309.31
$
935,457.95
Expenditures:
Operating
$
536,225.00
$
534,125.00
Capital Improvements
25,000.00
27,250.00
Debt Service
311 ,519.74
301 ,470.06
Total Expenditures
$
872,744.74
$
862,845.06
Excess in Revenue
144,564.57
72,612.89
Excess to Fund Balance
144,564.57
72,612.89
Fund Balance, January 1
$
87,188.70
44,575.81
231 ,753.27
117,188.70
Decreased by:
Water-Sewer Utility Operating Budget
66,086.00
30,000.00
Fund Balance, December 31
$
165,667.27
$
87, 188.70
- 101 -
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND
STATEMENT OF REVENUES - REGULATORY BASIS
YEAR ENDED DECEMBER 31, 2021
Fund Balance Anticipated
$
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
NSF fees
Anticipated
66,086.00
730,000.00
119,700.00
7,500.00
10,000.00
933,286.00
933,286.00
- 102 -
$
$
$
$
Realized
66,086.00
759,897.44
132,149.22
1,078.15
959,210.81
1,608.52
960,819.33
231.34
1,362.18
15.00
$
1,608.52
Exhibit E-2
Excess
or
(Deficit)
$
29,897.44
12,449.22
(6,421 .85)
(10,000.00)
$
25,924.81
1,608.52
$
27,533.33
Exhibit E-3
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
YEAR ENDED DECEMBER 31. 2021
Budget After
Paid or
Budget
Modification
Charqed
Encumbered
Reserved
Cancelled
OPERATING
Other Expenses
$
596,225.00
$
596,225.00
$
364,140.06
$
16,021 .67
$
156,063.27
$
60,000.00
Total Operating
$
596,225.00
$
596,225.00
$
364,140.06
$
16,021.67
$
156,063.27
$
60,000.00
CAPITAL IMPROVEMENTS
Capital Improvement Fund
$
25,000.00
$
25,000.00
$
25,000.00
Total Capital Improvements
$
25,000.00
$
25,000.00
$
25,000.00
_,,
0
DEBT SERVICE
w
Payment of Bond Principal
$
130,000.00
$
130,000.00
$
130,000.00
Payment of Bond Anticipation Notes
30,000.00
30,000.00
30,000.00
Interest on Bonds
55,000.00
55,000.00
54,991 .60
$
8.40
Interest on Notes
4,300.00
4,300.00
3,933.33
366.67
Principal and Interest on 1982 Farmers Home
Administration Loan
18,000.00
18,000.00
17,835.74
164.26
NJIBank 2010 Loan
46,092.00
46,092.00
46,091.75
0.25
NJIBank 2016 Loan
28,669.00
28,669.00
28,667.32
$
1.68
Total Debt Service
$
312,061 .00
$
312,061.00
$
311,519.74
$
541 .26
Total Water-Sewer Utility Appropriations
$
933,286.00
$
933,286.00
$
700,659.80
$
16,021 .67
$
156,063.27
$
60,541.26
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND
SCHEDULE OF UTILITY CASH - COLLECTOR/TREASURER
Ba~nce, December31,2020
Increased by Receipts:
Consumer Accounts Receivable - Rents
$
757,212.41
Miscellaneous Revenue:
Cell Tower Fees
132, 149.22
Interest on Delinquent Accounts
1,078.15
Nonbudget Reveneue
1,608.52
Prepaid Rents
7,297.14
Rent Overpayments
2,069.43
Decreased by Disbursements:
Budget Appropriations
$
632,583.33
Appropriation Reserves
70,103.92
lnterfunds Due from:
Water-Sewer Capital Fund
25,927.50
Other Trust
1,000.00
Accrued Interest on Bonds, Loans and Notes
68,309.78
Balance, December 31, 2021
- 104 -
Exhibit E-4
$
78,488.18
901,414.87
$
979,903.05
797,924.53
$
181,978.52
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND
STATEMENT OF CONSUMER ACCOUNTS RECEIVABLE
BALANCE. DECEMBER 31. 2020
$
INCREASED BY
Water-Sewer Rents Levied
DECREASED BY
Collections
$
757,212.41
Overpayments Applied
2,685.03
BALANCE. DECEMBER 31. 2021
$
- 105 -
Exhibit E-5
85,967.23
739,096.35
825,063.58
759,897.44
65,166.14
Operating:
Other Expenses
$
$
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND
.STATEMENT OF 2020 APPROPRIATION RESERVES
Balance
December 31, 2020
Balance
Appropriation
Reserve for
After
Paid or
Reserves
Encumbrance
Transfers
Charged
73,626.60
$
52,967.30
$
126,593.90
$ 70,103.92
73,626.60
$
52,967.30
$
126,593.90
$ 70, 103.92
- 106 -
Exhibit E-6
Balance
Lapsed
$
56,489.98
$
56,489.98
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND
SCHEDULE OF ACCRUED INTEREST ON LOANS AND NOTES
BALANCE. DECEMBER 31, 2020
INCREASED BY:
Budget Appropriations:
Interest on BAN's
$
3,933.33
Interest on MCIA Loan
54,991.60
Interest on NJIBank Loan
8,424.11
Interest on USDA Loan
727.43
DECREASED BY:
Cash Disbursed
BALANCE. DECEMBER 31. 2021
ANALYSIS OF ACCRUED INTEREST - DECEMBER 31. 2021
Outstanding
December 31,
Interest
2021
Rate
From
To
Period
Loan - NJIBank
$
230,000.00
various
08/01/21
12/31 /21
5 months
Bond Anticipation Notes
886, 150.00
0.34%
09/23/21
12/31/21
99 days
Loan - USDA
7,212.66
5.00%
10/01/21
12/31/21
3 months
Loan - MCIA
1, 195,000.00
various
12/01/21
12/31/21
1 month
- 107 -
Exhibit E-7
$
8,699.93
68,076.47
76,776.40
68,309.78
$
8,466.62
Amount
$
3,359.38
874.97
115.60
4,116.67
$
8,466.62
WATER·SEWER UTILITY CAPITAL FUND
BOROUGH OF ROOSEVELT
Exhibit F
Sheet 1 of 2
WATER-SEWER UTILITY CAPITAL FUND
COMPARATIVE STATEMENT OF ASSETS. LIABILITIES. RESERVES
AND FUND BALANCE - REGULATORY BASIS
AS OF DECEMBER 31. 2021 AND 2020
ASSETS
Cash and Cash Equivalents
Due From Current Fund
NJIBank Loan Receivable
Fixed Capital
Fixed Capital Authorized and Uncompleted
Total Assets
LIABILITIES. RESERVES AND
.FUND BALANCE
Bond Anticipation Notes
Loans Payable:
Farmer's Home Administration Loan
NJIBank Loan
MCIA Loan
Other Liabilities and Reserves:
Reserve for Encumbrances
Capital Improvement Fund
Various Reserves
$
$
$
$
- 108 -
Balance
December 31,
2021
30,672.98
57,162.10
27,225.00
5,440,147.35
3,495, 100.00
8,935,247.35
9,050,307.43
886, 150.00
7,212.66
799,814.63
1,195,000.00
2,002,027.29
738,468.25
25,000.00
16,420.09
779,888.34
Balance
December 31,
2020
$
50,585.99
65,516.10
27,225.00
5,440, 147.35
3,485, 100.00
8,925,247.35
$
9,068,574.44
$
916,150.00
$
24,320.97
896,465.59
1,485,000.00
2,405,786.56
115,418.75
115,418.75
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. 2021 AND 2020
LIABILITIES. RESERVES AND
FUND BALANCE (CONTINUED)
lnterfunds Payable:
Due to Water-Sewer Utility Operating Fund
Due to General Capital Fund
Improvement Authorizations:
Unfunded
Reserve for Amortization
Deferred Reserve for Amortization
Fund Balance
Total Liabilities, Reserves and Fund Balance
$
$
$
$
Balance
December 31,
2021
166,520.74
16,650.00
183, 170.74
833,404.08
4,060,994.02
297,864.04
4,358,858.06
6,808.92
9,050,307.43
$
$
$
$
Balance
December 31 ,
2020
140,593.24
140,593.24
1,556,318.18
3,817,234.75
107,864.04
3,925,098.79
6,808.92
9,068,574.44
There were Bonds and Notes Authorized but not Issued at December 31, 2021 of $1 ,678,212.00.
- 109 -
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 ,
2020
Appropriation
Miscellaneous
Authorizations
Miscellaneous
From
To
2021
Due from NJIBank
$
(27,225.00)
$
(27,225.00)
Due to Water-Sewer Utility Operating Fund
140,593.24
$
25,927.50
166,520.74
Due to Current Fund
(65,516.10)
8,253.71
(57,262.39)
Capital Improvement Fund
25,000.00
25,000.00
Reserve for Encumbrances
115,418.75
$
115,418.75
$
738,468.25
738,468.25
Due to General Capital Fund
16,650.00
16,650.00
Reserve for Bond Issuance Costs
10,005.25
10,005.25
Settlement PSE&G Markou!
6,414.84
6,414.84
Fund Balance
6,808.92
6,808.92
....>.
Ordinance
Improvement
....>.
Number
Authorizations
0
I
257/261
Various Water-Sewer Improvement
(124,677.62)
$
23,500.00
23,500.00
(124,677.62)
265
Improvements to Lake Drive
Pump Station
3,823.00 $
4,150.00
$
4,150.00
3,823.00
2016-03
Rehabilitation of Elevated Water Tower
1,536.25
19,850.00
174,150.00
30,465.87
194,000.00
30,000.00
1,070.38
2016-18
Various Water Sewer Improvements
4,168.25
6,000.00
112,000.00
118,000.00
4,168.25
2018-006
Replacement of Water Mains
18,597.40
$
23,541 .07
600,000.00 $
983.25
4,918.75
(601 ,008.17)
2020-006
Water Main Replacement Farm/School
(25,341.10)
600,000.00
19,965.77
706,571 .50
57,000.00
(94,878.37)
2020-014
Trickling FilterfTreatment Plant Upgrades
2,400.00
14,691 .60
30,913.50
(43,205.10)
$
50,585.99 $
55,000.00 $
953,401.30 $
112,164.31 $
916,150.00 $
853,887.00
$
853,887.00
$
30,672.98
Bracketed amount ( ) denotes deficit.
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
SCHEDULE OF UTILITY CAPITAL-CASH
Balance, December 31, 2020
Increased by Receipts:
Budget Appropriations:
Capital Improvement Fund
$
25,000.00
Bond Anticipation Note - Paydown
30,000.00
Due to Current Fund
34, 181.21
lnterfund Due from - General Capital Fund
16,650.00
Reserve for Bond Issuance Costs
10,005.25
Reserve for PSE&G Markout
6,414.84
Bond Anticipation Notes
886,150.00
Decreased by Disbursements:
Improvement Authorizations
$
112,164.31
Bond Anticipation Notes
916,150.00
Balance, December 31, 2021
- 111 -
Exhibit F-2
$
50,585.99
1,008,401.30
$ 1,058,987.29
1,028,314.31
$
30,672.98
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF FIXED CAPITAL
BALANCE. DECEMBER 31. 2020
.BALANCE. DECEMBER 31 . 2021
Detail:
Improvements to the Water-Sewer Treatment Plant
Capital Outlay - 1990
Capital Outlay - 1989 - Appropriation Reserves
Capital Outlay - 1991
Capital Outlay - 1990 - Appropriation ReseNes
Capital Outlay - 1992
Capital Outlay - 1991 -Appropriation ReseNes
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 ReseNes
Capital Outlay - 1993 - Appropriation ReseNes
Capital Outlay - 1994
Capital Outlay - 1994 - Appropriation ReseNes
Capital Outlay - 1995
Capital Outlay - 1995 - Appropriation Reserves
Capital Outlay - 1996
Capital Outlay - 1996 Appropriation ReseNes
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
- 112 -
Exhibit F-3
$
5,440, 147.35
$
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
770,354.29
$
5,440, 147.35
Ordinance
Number
257/261
2016-03
2016-18
I
-->.
2018-006
-->.
w
2020-006
2020-014
2021-10
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED
Balance
Date
December 31,
2021
Description
Authorized
2020
Authorizations
Refunded
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
Water Main Replacement Farm/School
06/08/20
730,000.00
Trickling Filter and Treatment Plant Upgrades
12/28/20
50,000.00
Refunding Bonds
11/15/21
$ 1,135,000.00
$ 1,095,000.00
$
3,485, 100.00
$ 1,135,000.00
$ 1,095,000.00
Exhibit F-4
Balance
December 31,
Canceled
2021
$
1,620,000.00
210,000.00
128,100.00
715,000.00
730,000.00
50,000.00
$
40,000.00
$
40,000.00
$
3,485, 100.00
Purpose
Monmouth County Improvement Authority
Pooled Loan Revenue (Refunding) Bonds
Serial Bonds
Monmouth County Improvement Authority
.....>.
.....>.
~
I
Monmouth County Improvement Authority
General Obligation Refunding Bonds
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,
Issue
Issue
Date
Amount
Rate
2020
Increased
12/29/2011 $ 1, 125,000
$ 1, 185,000.00
12/4/2012
570,000
12/1/2022
40,000.00
4.00%
300,000.00
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%
12/14/2021
935,000
12/1/2022
80,000.00
4.00%
$ 935,000.00
12/1/2023
80,000.00
4.00%
12/1/2024
80,000.00
4.00%
12/1/2025
85,000.00
4.00%
12/1/2026
90,000.00
5.00%
12/1/2027
95,000.00
5.00%
12/1/2028
100,000.00
5.00%
12/1/2029
100,000.00
5.00%
12/1/2030
110,000.00
5.00%
12/1/2031
115,000.00
5.00%
$ 1,485,000.00
$ 935,000.00
Exhibit F-5
Balance
December 31,
Decreased
2021
$ 1,185,000.00
40,000.00 $
260,000.00
935,000.00
$ 1,225,000.00 $ 1, 195,000.00
Exhibit F-6
Sheet 1 of 3
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF LOANS PAYABLE
NEW JERSEY INFRASTRUCTURE BANK "NJIBANK"
Maturities of
Amount of
Loan Outstanding
Balance
Balance
Date
Original
December 31 . 2021
Interest
December 31 ,
Decreased
December 31 ,
Purpose
Of Issue
Issue
Date
Amount
Rate
2020
fu
2021
NJIBANK - STATE
2010 Winter Program:
03/01/10
$ 135,000.00
08/01/22
$
10,000.00
4.000 %
$
85,000.00
$
10,000.00
$
75,000.00
Water-Sewer System Improvements -
08/01/23
10,000.00
4.000
State Portion Ord #10-237
08/01/24
10,000.00
4.000
08/01/25
9,000.00
4.000
08/01/26
9,000.00
3.500
08/01/27
9,000.00
4.000
08/01/28
9,000.00
4.000
08/01/29
9,000.00
4.000
-"
-"
01
2016 A-1 Series:
05/26/16
$ 195,000.00
08/01/22
10,000.00
5.000 %
$
165,000.00
$
10,000.00
$
155,000.00
Water-Sewer System Improvements -
08/01/23
10,000.00
5.000
State Portion Ord #257/261
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
$
250,000.00
$
20,000.00
$
230,000.00
--"'
--"'
Q)
Purpose
NJIBANK- FEDERAL
Water-Sewer System Improvements -
Federal Portion Ord #10-237
Date
Of Issue
03/01/10
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF LOANS PAYABLE
NEW JERSEY INFRASTRUCTURE BANK "NJIBANK"
Amount of
Original
Issue
$ 405,000.00
Maturities of
Loan Outstanding
December 31, 2021
Date
Amount
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
Interest
Rate
0.00 %
$
Balance
December 31,
2020
185,339.09
$
Decreased
fu
20,593.21
$
Exhibit F-6
Sheet 2 of 3
Balance
December 31,
2021
164,745.88
Water-Sewer System Improvements -
05/26/16
$ 604,588.00
02/01/22
08/01/22
02/01/23
08/01/23
02/01/24
08/01/24
02/01/25
08/01/25
02/01/26
08/01/26
02/01/27
08/01/27
02/01/28
08/01/28
10,247.25
20,494.50
10,247.25
20,494.50
10,247.25
20,494.50
10,247.25
20,494.50
10,247.25
20,494.50
10,247.25
20,494.50
10,247.25
20,494.50
0.00 %
$
461,126.50
$
56,057.75
$
405,068.75
Federal Portion Ord #257/261
->.
->.
-....,J
Purpose
Date
Of Issue
NJIBANK - FEDERAL !CONTINUED)
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
NEW JERSEY INFRASTRUCTURE BANK "NJIBANK"
Maturities of
Amount of
Loan Outstanding
Original
December 31 , 2021
Interest
Issue
Date
Amount
Rate
02/01/29
$
10,247.25
0.00 %
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
5,426.00
$
$
Cancelled:
Fund - Loan
Trust - Loan
Budgeted Paydown
Exhibit F-6
Sheet 3 of 3
Balance
Balance
December 31,
Decreased
December 31,
2020
fu:
2021
646,465.59
$
76,650.96
$
569,814.63
896,465.59
$
96,650.96
$
799,814.63
$
25,316.00
5,000.00
66,334.96
$
96,650.96
.......
.......
CX>
1982
Farmer's Home
Administration Loan
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF FARMER'S HOME ADMINISTRATION LOANS
Annual
Balance
Interest
Due
Principal and
Final
December 31,
Rate
Date
Interest Due
Maturitv
2020
5.00%
3/31
$
18,000.00
2022
$
24,320.97
$
24,320.97
Exhibit F-7
Balance
December 31,
Decreased
2021
$
17,108.31
$
7,212.66
$
17, 108.31
$
7,212.66
Exhibit F-8
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
2020
Increased
Decreased
2021
265
Improvements to Lake Drive Pump Station
12/29/17
12/23/20
12/22/21
0.460%
$
4,150.00
$
4,150.00
2016-03
Rehabilitation of Elevated Water-Tower
12/29/17
09/23/21
09/23/22
0.340%
194,000.00
$ 174,150.00
194,000.00
$
174,150.00
2016-18
Various Water-Sewer Improvements
12/29/17
09/23/21
09/23/22
0.340%
118,000.00
112,000.00
118,000.00
112,000.00
2018-006
Replacement of Water Mains
12/23/20
12/23/20
->.
12/22/21
0.460%
600,000.00
600,000.00
->.
<O
2020-006
Water Main Replacement Farm/School
09/23/21
09/23/21
09/23/22
0.340%
600,000.00
600,000.00
$
916,150.00
$ 886,150.00
$ 916,150.00
$
886,150.00
Exhibit F-9
BOROUGH OF ROOS EV EL T
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF IMPROVEMENT AUTHORIZATIONS
2021
Authorizations
Balance
Balance,
Deferred
December 31,
Ordinance
Ordinance
December 31, 2020
Charges to
2020
Paid or
2021
Number
Title
Date
Amount
Funded
Unfunded
Future Revenue
Encumbrances
Cancellation
Charged
Funded
Unfunded
257/261
Various Water-Sewer
3/27/2013
$
215,000.00
$
695,734.38
$
23,500.00
$
23,500.00
$
695,734.38
Improvements
12/9/2013
1,405,000.00
265
Improvements to Lake Drive
Pump Station
6/23/2014
32,000.00
3,823.00
3,823.00
2016-03
Rehabilitation of Elevated
Water Tower
2/22/2016
210,000.00
1,536.25
30,000.00
30,465.87
1,070.38
--"
2016-18
Various Water-Sewer
N
Improvements
9/12/2016
128,100.00
4,168.25
100.29
4,067.96
0
2018-006
Replacement of Water Mains
10/9/2018
715,000,00
133,597.40
4,918.75
24,524.32
113,991.83
2020-006
Water Main Replacement
Farm/School
6/8/2020
730,000.00
669,858.90
57,000.00
726,537.27
321 ,63
2020-014
Trickling Filter & Treatment
Plant Upgrades
12/28/2020
50,000.00
$
2,400.00
47,600.00
45,605.10
4,394.90
2021-10
Refunding Bonds
11/15/2021
1, 135,000 00
$ 1, 135,000.00
$
40,000.00
1,095,000.00
$
2,400.00
$
1,556,318.18
$ 1,135,000.00
$
115,418.75
$
40,000.00
$
1,945,732.85
$
823,404.08
Ordinance
Number
257/261
2018-006
2020-006
........
2020-14
N
........
I
2021-10
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY CAPITAL FUND
STATEMENT OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
Balance
December 31,
2021
Refunding
Description
2020
Authorization
Bonds
Cancelled
Various Water-Sewer Improvements
$
820,412.00
Replacement of Water Mains
115,000.00
Water Main Replacement Farm/School
695,200.00
Replace Trickling Filters and
Treatment Plant Upgrade
47,600.00
Refunding Bonds
$
1,135,000.00
$
1,095,000.00
$
40,000.00
$
1,678,212.00
$
1,135,000.00
$
1,095,000.00
$
40,000.00
Exhibit F-10
Bond
Balance
Anticipation
December 31,
Note Issued
2021
$
820,412.00
$
(600,000.00)
715,000.00
600,000.00
95,200.00
47,600.00
$
1,678,212.00
CAPITAL ASSETS
Capital Assets:
BOROUGH OF ROOSEVELT
CAPITAL ASSETS ACCOUNT
COMPARATIVE STATEMENT OF CAPITAL ASSETS
AS OF DECEMBER 31. 2021 AND 2020
Balance
December 31,
2021
Land and Buildings
$
2,357,400.00
$
Machinery and Equipment
94,072.98
$
2,451,472.98
$
Exhibit G
Balance
December 31,
2020
2,357,400.00
94,072.98
2,451,472.98
Investment in Capital Assets
$
2,451,472.98
$
2,451,472.98
- 122 -
SUPPLEMENTARY ANO STATISTICAL DATA
BOROUGH OF ROOSEVELT
COMPARATIVE STATEMENT OF OPERATIONS AND CHANGE IN FUND BALANCE
CURRENT FUND
Balance
Balance
December 31,
December 31,
2021
Percent
2020
Percent
Revenue and Other Income Realized
Fund Balance Utilized
$
373, 135.73
10.26%
$
396,100.93
11 .24%
Miscellaneous - from other than Local
Property Tax Levies
87,191.03
2.40%
86,952.07
2.47%
Other Credits to Income
152,089.26
4.18%
148,210.58
4.21%
Nonbudget Revenue
45,336.08
1.25%
44,099.18
1.25%
Collection of Delinquent Taxes and Tax Title Liens
84,534.06
2.33%
56,970.26
1.62%
Collection of Current Tax Levy
898,595.35
24.72%
773,374.54
21 .95%
Tax Collection Allocated to School & County
1,994,697.57
54.87%
2,018,080.64
57.27%
Total Income
$
3,635,579.08
100.00%
$
3,523,788.20
100.00%
Expenditures
Budget Expenditures - Municipal Purposes
$
1,223, 114.76
36.94%
$
1, 184,641.00
36.96%
County Taxes
242,638.57
7.33%
261,435.64
8.16%
Local School Taxes
1,752,059.00
52.93%
1,756,645.00
54.81%
Other Expenditures
92,349.89
2.79%
1,973.49
0.06%
Total Expenditures
$
3,310,162.22
100.00%
$
3,204,695.13
100.00%
Excess of Revenue over Expenditures
$
325,416.86
$
319,093.07
Fund Balance, January 1
800,478.90
877,486.76
1,125,895.76
1,196,579.83
Less: Utilized as Anticipated Revenue
373,135.73
396,100.93
Fund Balance, December 31
$
752,760.03
$
800,478.90
- 123 -
BOROUGH OF ROOSEVELT
COMPARATIVE STATEMENT OF OPERATIONS AND CHANGE IN FUND BALANCE
WATER AND SEWER UTILITY OPERATING FUND
Balance
Balance
December 31,
December 31,
2021
Percent
2020
Percent
Revenue and Other Income Realized
Fund Balance Utilized
$
66,086.00
6.50%
$
30,000.00
3.21%
Collection of Water and Sewer Rents
759,897.44
74.70%
741,193.23
79.23%
Nonbudgeted Revenue
1,608.52
0.16%
11,366.57
1.22%
Other Credits to Income
56,489.98
5.55%
17,543.93
1.88%
Miscellaneous - from other than Water & Sewer Rents
133,227.37
13.10%
135,353.92
14.46%
Total Income
$
1,017,309.31
100.00%
$
935,457.65
100.00%
Expenditures
Budget Expenditures:
Operating
$
536,225.00
61.44%
$
534, 125.00
61 .90%
Capital Improvements
25,000.00
2.87%
27,250.00
3.16%
Debt Service
311,519.74
35.69%
301,470.06
34.94%
Total Expenditures
$
872,744.74
100.00%
$
862,845.06
100.00%
Excess of Revenue over Expenditures
$
144,564.57
$
72,612.59
Fund Balance, January 1
87,188.40
44,575.81
231 ,752.97
117, 188.40
Less:
Utilized as Anticipated Revenue
66,086.00
30,000.00
Fund Balance, December 31
$
165,666.97
$
87, 188.40
- 124 -
STATISTICAL SECTION
(UNAUDITED)
Exhibit H-1
BOROUGH OF ROOSEVELT
CURRENT FUND EXPENDITURES BY FUNCTION
FOR THE LAST TEN (10) FISCAL YEARS
!UNAUDITED!
Fiscal Year
Function
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
General Government
$
371,349.00 $
327, 128.00
$
321,311 .00
$
295,136.00
$
359,486.00
$
362,587.00
$
333,785.00
$
272,921 .00
$
271,919.00
$
268,518.00
Land Use
27,300.00
23,500.00
23,900.00
30,200.00
30,700.00
30,693.00
23,093.00
37,993.00
34,789,00
35,233.00
Insurance
43,100.00
42,600.00
35,600.00
36,500.00
58,500.00
41,500.00
40,500.00
46,500.00
50,300.00
48,800.00
Public Works
158,773.00
193,890.00
165,950.00
169,450.00
123,250.00
150,170.00
139,650.00
99,050.00
85,900.00
155,250.00
Health and Human Services
13,200.00
13,200.00
15,000.00
14,800.00
16,200.00
16,700.00
19,000.00
15,900.00
18,500.00
18,500.00
Parks and Recreation
12,900.00
14,900.00
34,700.00
30,300.00
29,200.00
28,442.00
26,392.00
26,792.00
19,792.00
19,792.00
Utilities
28,500.00
28,300.00
28,300.00
29,800.00
29,500.00
37,200.00
35,000.00
33,500.00
30,500.00
30,200.00
Other Common Functions
2,500.00
2,500.00
2,500.00
2,200,00
1,500.00
2,000.00
1,000.00
1,000.00
1,000.00
5,000.00
Public Safety
104,670.00
76,669.00
74,021 .00
68,600.00
64,771 .00
60,171.00
64,471 .00
61,297.00
50,400.00
44,400.00
Sanitation
107,957.00
105,100.00
101,257.00
104,366.20
97,660.00
95,400.00
97,400.00
115,400.00
93,400.00
36,400.00
Uniform Construction Code
3,560.00
Deferred Charges and
Statutory Expenditures
63,773.73
109,000.93
124,000 00
116,033.00
93,377.24
60,724.50
144,842.71
115,131.29
123,460.00
lnterlocal Service Agreement
85,336.46
61,379.00
__,,,
Grant Programs
5,342.03
5, 103.07
5,103.07
4,594.26
4,537.65
17,000.00
4,250.00
11,300.00
4,301.45
11,441.68
N
01
Debt Service
13,750.00
12,850.00
13,150.00
13,450.00
13,750.00
14,000.00
14,200.00
14,400.29
14,370.00
9,640.00
Capital Improvements
65,000.00
30,000.00
40,000.00
30,000.00
30,000.00
45,000.00
58,000.00
40,000.00
20,000.00
20,000.00
Reserve for Uncollected Taxes
205,000.00
200,000.00
190,000.00
180,000.00
180,000.00
180,000.00
170,000.00
160,000.00
160,000.00
~000.00
Total Current Fund Expenditures
$ 1,223,114.76 $ 1,184,741 .00
$ 1,174,792.07
$ 1, 125.429.46
$ 1,132,431.89
$ 1.166,199.46
s 1,087,465.50
$ 1,080,896.00
$
970,302.74
$ 1,041,573.68
_..
N
CJ)
Function
Local Sources:
Fund Balance Utilized
Current Tax Revenue
Delinquent Tax Revenue
Miscellaneous Revenues Anticipated
Nonbudget Revenues
Other Credits to Income
State Aid
Grants
Total Current Fund Revenues
2021
2020
$
373,135.73
$
396, 100.93
898,595.35
773,374.54
84,534.06
56,970.26
45,336.08
44,099.18
152,089.26
148,210.58
81,849.00
81,849.00
5,342.03
5,103.07
$ 1,640,881 .51
$ 1,505,707.56
BOROUGH OF ROOSEVELT
CURRENT FUND REVENUES BY FUNCTION
FOR THE LAST TEN 110) FISCAL YEARS
(UNAUDITED)
Fiscal Year
2019
2018
2017
2016
$
388,200.00 $
323,900.00 $
345,000.00
$
391 ,000.00
783,707.96
792,752.02
762,496.52
755,772.78
36,048.37
66,543.49
48,904.30
45, 169.46
13,730.00
14,590.00
15,085.00
42,990.24
43,915.29
43,869.53
39,422.11
207,403.33
406,438.66
367,087.08
118,075.88
81,849.00
81 ,849.00
81,849.00
81 ,849.00
5,103.07
4,594.26
4,537.65
17,000.00
$ 1,559,031 .97
$ 1,734,582.72
$ 1,653, 7 44.08
$ 1,463,374.23
Exhibit H-2
2015
2014
2013
2012
$
322,500.00 $
259,873.15
$
199,618.00
$
174,742.00
749,830.74
710,478.82
702,009.25
701 ,598.58
53,207.77
81 ,118.39
81 ,567.97
80,862.46
10, 136.50
62,326.85
4,872.29
1,100.00
47,323.11
53,112.87
87,036.73
113,304.91
249, 128.22
192,127.65
189,630.13
204, 173.73
81,849.00
81,849.00
81,848.88
81 ,849.00
4,250.00
11,300.00
4,301.45
__
1_1,441 .68
$ 1,518,225.34
$ 1,452, 186.73
$ 1,350,884.70
$ 1,369,072.36
--"
N
--...J
Function
Operating
Capital Improvements
Debt Service
Deferred Charges and Statutory Expendrtures
2021
$ 536,225.00
25,000.00
311,519.74
$ 872,744.74
BOROUGH OF ROOSEVELT
WATER-SEWER UTILITY OPERATING FUND EXPENDITURES BY FUNCTION
FOR THE LAST TEN 110\ FISCAL YEARS
(UNAUDITED!
Fiscal Year
2020
2019
2018
2017
2016
$ 534, 125.00
$ 489,558.80
$ 584, 139.00
$ 601,349.33
$ 612,456,00
27,250.00
14,500.00
301,470.06
311,582.56
276,499.86
273,709.49
257,782.43
19 600.00
22,571.00
23,700.00
$ 862,845.06
$ 801, 141 .36
$ 880,238.86
$ 897,629.82
$ 908.438.43
Exhibrt H-3
2015
2014
2013
2012
$ 562,635.00
$ 527,810.00
$ 494,959.94
$ 455,939.33
12,000 00
232,034.87
230,547.38
229,353.03
307,785.00
21,500.00
55,765.00
37,157.22
~793.00
$ 816,169.87
s 814.122.38
$ 773.470.19
$ 786,517.33
Assessment
Year
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
BOROUGH OF ROOSEVELT
PROPERTY TAX RATES
PER $100 OF ASSESSED VALUATION
FOR THE LAST TEN (10) FISCAL YEARS
(UNAUDITED)
Local
School
Borough
District
County
$ 0.795
$ 1.953
$ 0.270
0.755
2.019
0.300
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
Source: Tax Collector.
- 128 -
Exhibit H-4
Total
$ 3.018
3.074
3.039
2.902
2.906
2.868
2.919
2.996
2.913
2.841
Year Ended
December 31,
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
BOROUGH OF ROOSEVELT
MUNICIPAL PROPERTY TAX LEVIES AND COLLECTIONS
FOR THE LAST TEN (10) FISCAL YEARS
(UNAUDITED)
Total
Current Tax
Tax Levy
Collections
$
2,711,126.26
$
2,688,292.92
2,675,989.24
2,591,455.18
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
- 129 -
Exhibit H-5
Tax Levy
Collected
99.16%
96.84%
97.82%
98.40%
97.33%
98.24%
98.07%
97.37%
96.39%
96.60%
Year Ended
December 31.
2021
$
2020
2019
2018
2017
2016
2015
2014
2013
2012
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
$ 22,833.34
$
22,833.34
None
84,534.06
84,534.06
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
- 130 -
Exhibit H-6
Percentage
of Tax Levy
0.84%
3.16%
2.17%
1.55%
2.67%
2.00%
1.95%
2.26%
3.30%
3.40%
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
2021
$
89,582,500
$
90,159,521
99.36%
2020
86,904,300
86,739,495
100.19%
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%
Source: Table of Equalized Valuations, State of New Jersey, Division of Taxation.
- 131 -
BOROUGH OF ROOSEVELT
SCHEDULE OF TEN LARGEST TAXPAYERS
YEAR ENDED DECEMBER 31. 2021
(UNAUDITED)
Assessed
Taxpayer
Value - 2021
Gade, Sreenivasa and Kanigiri
$
1,758,500
Sattel, Elsbeth G
1,081,900
Wojnicki, John
883,900
Ticktin, Joshua M
585,200
Petrillo, John
534,800
Stinson, Arthur
532,000
Ticktin, Michael & Marilyn
519,200
Gerling, Paul & Peg
490,600
Marko, Neil & Joy & E. Marder
486,500
Block
462,000
$
7,334,600
- 132 -
Exhibit H-8
As a Percent
of Net Assessed
Valuation Taxable
1.96%
1.21%
0.99%
0.65%
0.60%
0.59%
0.58%
0.55%
0.54%
0.51%
8.18%
BOROUGH OF ROOSEVELT
COMPUTATION OF LEGAL DEBT MARGIN
FOR THE YEAR ENDED DECEMBER 31. 2021
(UNAUDITED)
2021
2020
2019
Average Equalized Valuation of Taxable Property
Municipal Borrowing Margin - 3%% of $89,744,569.00
Gross Debt
Deductions
Net Municipal Debt as of December 31, 2021
Municipal Borrowing Margin Available
$
5,644,639.29
4,797,389.29
MUNICIPAL OVERLAPPING DEBT TOTAL
Borough Net Debt
Overlapping Debt Apportioned to Borough:
County of Monmouth:
.063919% of$469,997,108.48 <2>
Exhibit H-9
Equalized
Valuation
Basis <1>
$
91,247, 106.00
86, 739,495.00
91,247, 106.00
$
269,233,707.00
$
89,744,569.00
$
3,141,059.92
847,250.00
$
2,293,809.92
$
847,250.00
300,417.45
$ ==1=, =14=7=,6=67=.4=5=
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 2021, 2020 and
2019.
(2) County of Monmouth Chief Financial Officer - Annual Debt Statement.
- 133 -
.......
w
~
BOROUGH OF ROOSEVELT
RATIO OF BONDED DEBT. BOND ANTICIPATION NOTES AND LOANS TO
EQUALIZED VALUE AND NET DEBT PER CAPITA
FOR THE LAST TEN C10l FISCAL YEARS
(UNAUDITED)
Less
Net
Self-
Year Ended
Borough
Equalized
Debt
Liquidating
December 31,
Population ( 1)
Valuation (2)
Issued (3)
Debt
2021
808
$ 91,247,106.00
$ 5,413,639.29
$ 4,566,389.29
2020
808
86,739,495.00
5,857,398.56
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
4,374,768.40
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
3,326,736.03
(1) U.S. Census 2020 for 2020-2021 and U.S. Census 2010 for 2012 through 2019.
(2) Per the State of New Jersey
(3) Includes Water-Sewer Utility Debt only
5,000,148.56
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
2,366, 106.03
$
Net
Debt
847,250.00
857,250.00
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
Exhibit H-10
Ratio of
Net
Debt to
Net
Assessed
Debt Per
Value
Capita
0.92%
$ 1,048.58
0.98%
1,060.95
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
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. 2021
(UNAUDITED)
Cash Receipts from Fees, Rents or
Other Charges for Year
Deductions:
Operating and Maintenance Cost
Debt Service
Total Deductions
Excess in Revenue
$
536,225.00
311,519.74
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$
960,804.93
847,744.74
$
113,060.19
Year Ended
December 31,
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
BOROUGH OF ROOSEVELT
DEMOGRAPHIC STATISTICS
FOR THE LAST TEN (10) FISCAL YEARS
(UNAUDITED)
Unemployment
Per Capita
Rate
(1)
Income
(2)
5.4%
$
42,869.00
8.6%
42,869.00
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
Exhibit H-12
Borough
Population (2)
808
808
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 years 2012-2019 and Census of
2020 for years 2020-2021.
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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. 2021
Full Time
1
1
2
--
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Exhibit H-13
Incorporated - 1942
1.69 sq. miles
Part Time
1
2
2
7
--
6
--
9
--
AUDITOR'S COMMENTS AND RECOMMENDATIONS
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138
GENERAL COMMENTS
DECEMBER 31, 2021
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 Farm Lane
Sodium Hypochlorite
In addition, the following item was purchased under State Contract or Cooperative Purchasing
Agreement:
2021 Ford F350 4x4 Pickup
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.
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139
GENERAL COMMENTS (CONTINUED)
DECEMBER 31, 2021
Collection of Interest on Delinquent Taxes and Utility Charges
The governing body, on January 4, 2021, 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:
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140
GENERAL COMMENTS (CONTINUED)
DECEMBER 31, 2021
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 2021 is being properly carried on the Tax Collector's records.
An abstract taken from these records as at December 31, 2021 covering all unpaid charges on
that date was verified with the accounting control figures on the Statement of Taxes Receivable
and Analysis of Property Tax Levy(Exhibit B-5) shown in this report.
There was no tax sale in 2021.
There were no tax title liens receivable as of December 31, 2021.
Water-Sewer Utility Receivables
The details of the Consumer Accounts Receivable (Exhibit E-5) 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, 2021. Supplemental bank reconciliations 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.
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141
GENERAL COMMENTS (CONTINUED)
DECEMBER 31, 2021
Expenditures
The vouchers for all funds were examined to the extent deemed necessary to determine that
they carried the properly executed certifications as required by statute. 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 2021 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, 2021 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 Interlocal 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
N.J.A.C. 5:30-5.7 – General Ledger Accounting System
The general ledger for 2021 was maintained in accordance with acceptable accounting
control standards.
N.J.A.C. 5:30-5.6 – Accounting for Governmental Fixed Assets
A fixed assets detail was maintained in 2021.
N.J.A.C. 5:30–5.2 – Encumbrance Accounting
A complete encumbrance system for budgetary purposes was maintained during 2021.
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142
GENERAL COMMENTS (CONTINUED)
DECEMBER 31, 2021
Capital Funds
General Capital Fund – Analysis of cash and cash equivalents (Exhibit D-1) reflects an overdraft
of Improvement Authorization #2020-05 Farm Lane and School Road Improvements in the
amount of $71,478.75. The overdraft will be resolved when the Borough conducts its annual
bond anticipation sale in 2022.
Water-Sewer Utility Capital Fund – Analysis of cash and cash equivalent (Exhibit F-1) reflects
overdrafts of Improvement Authorizations #257/261 Various Water-Sewer Improvements of
$124,677.62, #2018-006 Replacement of Water Mains of $601,008.17, #2020-006 Water Main
Replacement Farm Road/School Road of $94,878.37 and #2020-014 Trickling Filter/Treatment
Plant Upgrades of $43,205.10. The overdrafts will be reduced in 2022 or later when the related
NJIBank loan closes or the annual bond anticipation note sale related to this occurs.
Interfund Receivable/Payable
There are interfunds that were caused by expenditures paid on behalf of the fund by other funds
which are pending receipt. The other interfund represents amounts due to the Grant Fund
which does not have a checking account. The interfunds are expected to be liquidated in the
current year.
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.
The financial records need to be presented for audit in a more timely fashion.
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.
RECOMMENDATIONS
DECEMBER 31, 2021
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, LLP
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"...le Liens 140 Water-Sewer Utility Receivables 140 Cash Balances 140 Revenues 140 Expenditures 141 Payroll 141 Miscellaneous Comments 141 Surety Bond Coverage 141 Municipal Court 141 Technical Directives – State of New Jersey 141 Capital Funds 142 Interfund Receivable/Payable 142 Other Ma..."
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Contacts
George Lang
Chief Financial Officer · Finance Department
Kathleen Hart
Borough Clerk, Registrar of Vital Statistics’
Salvatore P. Cannizzaro
Tax Collector and Water-Sewer Utility Collector
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First Discovered
Apr 2, 2026
Last Info Update
Apr 2, 2026
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