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Synopsis of 2024 Audit

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Executive Summary

This document is a synopsis of the 2024 Audit Report for the Borough of Rumson, as required by N.J.S.40A:5-7. It presents a combined comparative balance sheet in condensed form, showing assets, liabilities, reserves, and fund balance for both 2024 and 2023.

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--- Document: Synopsis of 2024 Audit Document ---
           
ASSETS
2024
2023
Cash & Investments
39,465,420.25
$         
35,242,290.74
$          
Taxes and Liens Receivable
380,464.78
                
415,626.27
                 
Sewer Receivable
34,431.85
                  
34,675.89
                   
Other Receivables and Assets
3,135,117.51
             
84,022.78
                   
Accounts Receivable/Treasurer Cash
28,175.00
                  
2,906.78
                     
Due from NJDOT
-
                             
133,519.75
                 
Due from Current
185,821.14
                
239,235.20
                 
Grants Receivable
84,439.04
                  
117,439.04
                 
Deferred Charges
9,342,640.60
             
10,374,700.90
            
General Fixed Assets
19,194,508.72
           
18,708,285.22
            
    Total
71,851,018.89
$         
65,352,702.57
$          
LIABILITIES RESERVES & FUND BALANCE
Other Liabilities & Special Funds
25,860,383.46
$         
26,387,265.92
$          
Reserve for Certain Assets Receivable
3,578,188.14
             
537,230.72
                 
Bonds, Loans and Notes Payable
12,329,545.25
           
7,374,833.90
              
Due to Grant
185,821.14
                
239,235.20
                 
Grant Encumbrances
24,938.22
                  
0.20
                            
Grants Apropriated/Unappropriated
245,321.96
                
355,774.04
                 
Improvement Authorizations
3,935,587.33
             
3,497,385.07
              
Fund Balance
6,496,724.67
             
8,252,692.30
              
Investment in Fixed Assets
19,194,508.72
           
18,708,285.22
            
    Total
71,851,018.89
$         
65,352,702.57
$          
SYNOPSIS OF AUDIT REPORT FOR PUBLICATION
Synopsis of 2024 Audit report of the Borough of Rumson as required by N.J.S.40A:5-7.
COMBINED COMPARATIVE BALANCE SHEET
(Condensed-Form)