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Executive Summary
The Borough of Stockton's audit report for the year ending December 31, 2013, presents the financial position and results of operations for various funds, including the Current Fund, Trust Fund, General Capital Fund, and Water and Sewer Utility Funds. It includes comparative balance sheets and statements of operations, providing insights into the Borough's financial activities and compliance with regulatory requirements. The audit also covers internal controls, compliance with laws, and grant agreements.
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--- Document: 2013 Audit Document ---
Report of Audit
on the
Financial Statements
of the
Borough of Stockton
in the
County of Hunterdon
New Jersey
for the
Year Ended
December 31, 2013
BOROUGH OF STOCKTON
SUMMARY OR SYNOPSIS OF AUDIT REPORT FOR PUBLICATION
SUMMARY OR SYNOPSIS OF 2013 AUDIT REPORT OF
BOROUGH OF STOCKTON AS REQUIRED BY N.J.S.A. 40A:5-7
COMBINED COMPARATIVE BALANCE SHEETS
ASSETS
Cash and Investments
Taxes, Assessments, Liens and Utility Charges Receivable
Accounts Receivable
Fixed Capital Authorized and Uncompleted-Utility
Fixed Capital-Utility
Deferred Charges to Future Taxation-General Capital
Deferred Charges to Revenue of Succeeding Years
TOTAL ASSETS
LIABILITIES, RESERVES AND FUND BALANCES
$
$
Bonds and Notes Payable
$
Improvement Authorizations
Other Liabilities and Special Funds
Amortization of Debt for Fixed Capital Acquired or Authorized
Reserve for Certain Assets Receivable and Inventory
Fund Balances
TOTAL LIABILITIES, RESERVES AND FUND BALANCES
$
DECEMBER
31,2013
1,372,706.30 $
45,736.41
233,687.45
250,000.00
3,282,033.41
1,200,029.60
5,784.96
6,389,978.13 $
1,447,177.25 $
371,988.17
887,890.96
2,836,716.48
56,737.14
789,468.13
6,389,978.13 $
DECEMBER
31, 2012
1,401,675.83
32,897.05
489,547.88
250,000.00
3,282,033.41
1 ,344,455.60
6,800,609.77
1,653,976.86
632,375.49
977,388.48
2, 755,391.67
39,343.78
742,133.49
6,800,609.77
BOROUGH OF STOCKTON
COMPARATIVE STATEMENTS OF OPERATIONS AND CHANGE
IN FUND BALANCE - CURRENT FUND
YEAR 2013
REVENUE AND OTHER INCOME REALIZED
Fund Balance Utilized
$
163,000.00 $
Miscellaneous - from other than Local Property Tax Levies
162,078.56
Collection of Delinquent Taxes and Tax Title Liens
12,572.61
Collection of Current Tax Levy
1,956,887.71
TOTAL INCOME
$
2,294,538.88 $
EXPENDITURES
Budget Expenditures:
Municipal Purposes
$
519,463. 12 $
County Taxes
338,332. 19
School Taxes
1,305,631.00
Other
4,695.48
TOTAL EXPENDITURES
$
2, 168, 121.79 $
Excess in Revenue
$
126,417.09 $
Adjustments to Income before Fund Balance:
Expenditures Included above which are by Statute
Deferred Charges to Budget of Succeeding Year
254.85
Statutory Excess to Fund Balance
$
126,671.94 $
Fund Balance, January 1
337,291.72
$
463,963.66 $
Less Utilization as Anticipated Revenue
163,000.00
Fund Balance, December 31
$
300,963.66 $
YEAR 2012
124,084.67
228,895.09
25,537.85
1,930,080.20
2,308,597.81
476, 173.88
327,594.90
1,292,778.89
23,319.22
2, 119,866.89
188,730.92
188,730.92
272,645.47
461,376.39
124,084.67
337,291.72
BOROUGH OF STOCKTON
COMPARATIVE STATEMENTS OF OPERATIONS AND CHANGE
IN FUND BALANCE-WATER UTILITY FUND
YEAR 2013
REVENUE AND OTHER INCOME REALIZED
Collection of Water Rents
$
83,916.30 $
Miscellaneous - from other than Water Rents
21,098.08
TOTAL INCOME
$
105,014.38 $
EXPENDITURES
Budget Expenditures:
Operating
$
68,066.00 $
Deferred Charges and Statutory Expenditures
1,224.00
Debt Service
6,200.00
Capital Improvements
4,500.00
TOTAL EXPENDITURES
$
79,990.00 $
Excess in Revenue
$
25,024.38 $
Fund Balance, January 1
113,553.07
Fund Balance, December 31
$
138,577.45 $
YEAR 2012
83,281.41
21,019.60
104,301.01
72,300.00
1,700.00
5,000.00
79,000.00
25,301.01
88,252.06
113,553.07
BOROUGH OF STOCKTON
COMPARATIVE STATEMENTS OF OPERATIONS AND CHANGE
IN FUND BALANCE-SEWER UTILITY FUND
YEAR 2013
REVENUE AND OTHER INCOME REALIZED
Collection of Sewer Rents
$
274,419.89 $
Miscellaneous - from other than Sewer Rents
69,372.10
TOTAL INCOME
$
343,791.99 $
EXPENDITURES
Budget Expenditures:
Operating
$
110,334.04 $
Deferred Charges and Statutory Expenditures
1,400.00
Debt Service
113,468.67
Capital Improvements
35,022.00
Other
TOTAL EXPENDITURES
$
260,224.71 $
Excess in Revenue
$
83,567.28 $
Adjustments to Income before Fund Balance:
Expenditures Included above which are by Statute
Deferred Charges to Budget of Succeeding Year
71.04
83,638.32
Fund Balance, January 1
157,779.88
Fund Balance, December 31
$
241,418.20 $
YEAR 2012
297,249.27
14,503.01
311,752.28
149,782.00
1,950.00
91,168.54
27,022.00
32,704.61
302,627.15
9, 125.13
9, 125.13
148,654.75
157,779.88
Report of Audit
on the
Financial Statements
of the
Borough of Stockton
in the
County of Hunterdon
New Jersey
for the
Year Ended
December 31, 2013
BOROUGH OF STOCKTON
IN DEX
PART!
Independent Auditor's Report
1-3
EXHIBITS
Financial Statements - Statutory Basis
Current Fund:
Balance Sheets - Regulatory Basis
"A"
Statements of Operations and Change in Fund Balance - Regulatory Basis for the
Year Ended December 31, 2013
"A-1"
Statement of Revenues - Regulatory Basis for the Year Ended December 31, 2013
"A-2"
Statement of Expenditures - Regulatory Basis forthe Year Ended December 31, 2013
"A-3"
Trust Fund:
Balance Sheets - Regulatory Basis
"B"
General Capital Fund:
Balance Sheets - Regulatory Basis
"C"
Statement of Fund Balance - Regulatory Basis
"C-1"
Water Utility Fund:
Balance Sheets - Regulatory Basis
"D"
Statements of Operations and Change in Fund Balance - Operating Fund - Regulatory
Basis for the Year Ended December 31, 2013
"D-1"
Statement of Revenues - Operating Fund - Regulatory Basis for the Year Ended
December 31, 2013
"D-2"
Statement of Expenditures - Operating Fund - Regulatory Basis for the Year Ended
December 31, 2013
"D-3"
Sewer Utility Fund:
Balance Sheets - Regulatory Basis
"E"
Statements of Operations and Change in Fund Balance - Regulatory Basis for the
Year Ended December 31, 2013
"E-1"
Statement of Fund Balance - Capital Fund - Regulatory Basis
"E-2"
Statement of Revenues - Operating Fund - Regulatory Basis for the Year Ended
December 31, 2013
"E-3"
Statement of Expenditures - Operating Fund - Regulatory Basis for the Year Ended
December31, 2013
"E-4"
PAGES
Notes to Financial Statements
4-22
BOROUGH OF STOCKTON
I N D EX (CONTINUED)
Supplementary Schedules - All Funds
Current Fund:
Schedule of Cash-Treasurer
Schedule of Cash-Collector
Schedule of Deferred Charges
Schedule of Taxes Receivable and Analysis of Property Tax Levy
Schedule of Due State of New Jersey Per Chapter 20, P.L. 1971
Schedule of Revenue Accounts Receivable
Schedule of lnterfunds
Schedule of Reserve for Grants-Unappropriated
Schedule of 2012 Appropriation Reserves
Schedule of County Taxes Payable
Schedule of Local District School Tax
Schedule of Regional High School Tax
Schedule of Prepaid Taxes
Schedule of Tax Overpayments
Schedule of Grants Receivable - Grant Fund
Schedule of Reserve for Grants Appropriated - Grant Fund
Schedule of Reserve for Miscellaneous Reserves
Schedule of Encumbrances Payable
Schedule of Due Current Fund - Grant Fund
Trust Fund:
Schedule of Cash-Treasurer
Schedule of Reserve for Animal Control Trust Fund Expenditures
Schedule of Due State of New Jersey - Animal Control Fund
Schedule of Various Reserves and Deposits
Schedule of Due Current Fund
General Capital Fund:
Schedule of Cash-Treasurer
Analysis of Cash
Schedule of Reserve for Miscellaneous Deposits
Schedule of Deferred Charges to Future Taxation-Unfunded
Schedule of Grants Receivable
Schedule of Improvement Authorizations
Schedule of Bond Anticipation Notes
Schedule of Capital Improvement Fund
Schedule of lnterfunds
Schedule of Deferred Charges to Future Taxation Funded
Schedule of Green Trust Loans Payable
Schedule of New Jersey Environmental Infrastructure Trust Loans Payable
Schedule of New Jersey Environmental Infrastructure Trust Loans Receivable
Schedule of Contracts Payable
Schedule of Bonds and Notes Authorized But Not Issued
EXHIBITS
"A-4"
"A-5"
"A-6"
"A-7"
"A-8"
"A-9"
"A-10"
"A-11"
"A-12"
"A-13"
"A-14"
"A-15"
"A-16"
"A-17"
"A-18"
"A-19"
"A-20"
"A-21"
"A-22"
"B-1"
"B-2"
"B-3"
"B-4"
"B-5"
"C-2"
"C-3"
"C-4"
"C-5"
"C-6"
"C-7"
"C-8"
"C-9"
"C-10"
"C-11"
"C-12"
"C-13"
"C-14"
"C-15"
"C-16"
BOROUGH OF STOCKTON
I N DEX (CONTINUED)
Water Utility Fund:
Schedule of Cash-Treasurer for the Year Ended December 31, 2013
Schedule of Encumbrances Payable- Operating Fund
Schedule of Consumer Accounts Receivable- Operating Fund
Schedule of Accrued Interest on Bonds, Notes and Loans
Schedule of Fixed Capital Authorized and Uncompleted- Capital Fund
Schedule of 2012 Appropriation Reserves-Operating Fund
Schedule of Improvement Authorizations-Capital Fund
Schedule of Reserve for Deferred Amortization-Capital Fund
Schedule of Capital Improvement Fund-Capital Fund
Schedule of Reserve for Amortization-Capital Fund
Schedule of Fixed Capital-Capital Fund
Schedule of lnterfunds-Operating Fund
Schedule of lnterfunds-Capital Fund
Schedule of Bond Anticipation Notes-Capital Fund
Schedule of Reserve for Miscellaneous Deposits - Capital Outlay
Schedule of Bonds and Notes Authorized-But Not Issued
Sewer Utility Fund:
Schedule of Cash-Treasurer for the Year Ended December 31, 2013
Schedule of Accrued Interest-Operating Fund
Schedule of Consumer Accounts Receivable-Operating Fund
Schedule of lnterfunds-Operating Fund
Schedule of Encumbrances Payable- Operating Fund
Schedule of 2012 Appropriation Reserves- Operating Fund
Schedule of New Jersey Environmental Infrastructure Loan Receivable-Capital Fund
Schedule of Capital Improvement Fund-Capital Fund
Schedule of Fixed Capital Authorized and Uncompleted-Capital Fund
Schedule of lnterfunds-Capital Fund
Schedule of Improvement Authorization-Capital Fund
Schedule of Fixed Capital-Capital Fund
Schedule of Reserve for Amortization-Capital Fund
Schedule of Reserve for Capital Improvement-Capital Fund
Schedule of Bonds Payable-Capital Fund
Schedule of New Jersey Environmental Infrastructure Trust Loan Payable-Capital Fund
Schedule of Bonds and Notes Authorized But Not Issued-Capital Fund
EXHIBITS
"D-4"
"D-5"
"D-6"
"D-7"
"D-8"
"D-9"
"D-10"
"D-11"
"D-12"
"D-13"
"D-14"
"D-15"
"D-16"
"D-17"
"D-18"
"D-19"
"E-5"
"E-6"
"E-7"
"E-8"
"E-9"
"E-10"
"E-11"
"E-12"
"E-13"
"E-14"
"E-15"
"E-16"
"E-17"
"E-18"
"E-19"
"E-20"
"E-21"
BOROUGH OF STOCKTON
I N D EX (CONTINUED)
PARTll
Independent Auditor's 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
Schedule of Expenditures of Federal Financial Awards - Year Ended
December 31, 2013
Schedule of Expenditures of State Financial Assistance - Year Ended
December 31, 2013
Notes to the Schedule of Expenditures of Federal Awards and
State Financial Assistance - Year Ended December 31, 2013
PARTlll
Statistical Data
Officials in Office and Surety Bonds
General Comments and Recommendations
PAGES
23-24
25
26
27-28
29-34
35
36-39
BOROUGH OF STOCKTON
PARTI
INDEPENDENT AUDITOR'S REPORT ON
AUDIT OF FINANCIAL STATEMENTS
AND SUPPLEMENTARY SCHEDULES AND DATA
FINANCIAL STATEMENTS - REGULATORY BASIS -ALL FUNDS
NOTES TO FINANCIAL STATEMENTS - REGULATORY BASIS
SUPPLEMENTARY SCHEDULES - ALL FUNDS
YEAR ENDED DECEMBER 31, 2013 AND 2012
SuPLEE, CLOONEY & CoMPANY
CERTIFIED PUBLIC ACCOUNTANTS
308 East Broad Street, Westfield, New Jersey 07090-2122
Telephone 908-789-9300
Fax 908-789-8535
E-mail info@scnco.com
INDEPENDENT AUDITOR'S REPORT
The Honorable Mayor and Members
of the Borough Council
Borough of Stockton
County of Hunterdon
Stockton, New Jersey 08559
Report on the Financial Statements
We have audited the accompanying balance sheets - regulatory basis of the various
individual funds of the Borough of Stockton, as of December 31, 2013 and 2012, the related
statement of operations and changes in fund balance - regulatory basis for the years then
ended, and the related statement of revenues - regulatory basis and statement of expenditures -
regulatory basis of the various individual funds for the year ended December 31, 2013, and the
related notes to the financial statements, which collectively comprise the Borough's regulatory
financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with the regulatory basis of accounting prescribed by the Division of
Local Government Services, Department of Community Affairs, State of New Jersey.
Management is also responsible for the design, implementation, and maintenance of internal
control relevant to the preparation and fair presentation of financial statements that are free from
material misstatements, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these regulatory financial statements
based on our audit. We conducted our audit in accordance with auditing standards generally
accepted in the United States of America, the audit requirements prescribed by the Division of
Local Government Services, Department of Community Affairs, State of New Jersey (the
"Division"), and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.
1
SuPLEE, CLOONEY & COMPANY
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the regulatory financial statements.
The procedures selected depend on the
auditor's judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error.
In making those risk assessments, the
auditor considers internal control relevant to the Borough of Stockton's preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the Borough of Stockton's internal control. Accordingly, we express no such opinion. An audit
also
includes evaluating the appropriateness of accounting
policies used and the
reasonableness of significant accounting estimates made by management, as well as
evaluating the overall presentation of the regulatory financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinions.
Basis for Adverse Opinion on U.S Generally Accepted Accounting Principles.
As described in Note 1 of the regulatory financial statements, except for the omission of
Statement of General Fixed Assets, the regulatory financial statements are prepared by the
Borough of Stockton on the basis of the financial reporting provisions prescribed by 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 New Jersey.
The effects on the financial statements of the variances between the regulatory basis of
accounting described in Note 1 and accounting principles generally accepted in the United
States of America, although not reasonably determinable, are presumed to be material.
Adverse Opinion on U.S. Generally Accepted Accounting Principles
In our opinion, because of the significance of the matter discussed in the "Basis for
Adverse Opinion on U.S 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 the various
individual funds and account group of the Borough of Stockton as of December 31, 2013 and
2012, or the results of its operations and changes in fund balance for the years then ended of
the revenues or expenditures for the year ended December 31, 2013.
Opinion on Regulatory Basis of Accounting
In our opinion, except for the effects of such adjustments, as described in the sixth
paragraph, if any, that might have been determined to be necessary had we been able to audit
the Statement of General Fixed Assets, the regulatory financial statements referred to above
present fairly, in all material respects, the regulatory basis balances sheets of the various
individual funds as of December 31, 2013 and 2012, the regulatory basis statement of
operations and changes in fund balance for the years then ended and the regulatory basis
statement of revenues and expenditures and changes in fund balance for the year ended
December 31, 2013 in accordance with the basis of financial reporting prescribed by the
Division of Local Government Services, Department of Community Affairs, State of New Jersey
as described in Note 1.
2
SuPLEE, CLOONEY & COMPANY
Other Matters
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements
that collectively comprise the Borough of Stockton's regulatory financial statements.
The
supplementary information and data and schedule of state financial assistance listed in the table
of contents as required by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey are presented for purposes of additional analysis and
are not a required part of the regulatory financial statements.
The supplemental information and schedules listed above and also listed in the table of
contents are the responsibility of management and were derived from and relates directly to the
underlying accounting and other records used to prepare the regulatory financial statements.
Such information has been subjected to the auditing procedures applied in the audit of the
regulatory financial statements and certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to
prepare the regulatory financial statements or to the regulatory financial statements themselves,
and other additional procedures in accordance with auditing standards generally accepted in the
United States of America. In our opinion, the supplemental information and data listed in the
table of contents, schedules of expenditures of federal awards and state financial assistance are
fairly stated, in all material respects, in relation to the regulatory financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report
dated July _, 2014 on our consideration of the Borough of Stockton'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 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 Stockton's internal control over
financial reporting and compliance.
CERTIFIED PUBLIC ACCOUNTANTS
REGISTERED MUNICIPAL ACCOUNTANT NO. 50
July_, 2014
3
CURRENT FUND
"A"
SHEET#1
BOROUGH OF STOCKTON
CURRENT FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
BALANCE
DECEMBER
DECEMBER
REF.
31,2013
31.2012
ASSETS
Cash-Treasurer
A-4
$
424,445.04
$
413,287.48
Petty Cash
225.00
225.00
Due State of New Jersey-Chapter 20, PL 1971
A-8
2,779.76
2,779.76
$
427,449.80
$
416,292.24
Receivables and other Assets with Full Reserves:
Delinquent Property Taxes Receivable
A-7
$
26,910.35
$
15,780.04
Revenue Accounts Receivable
A-9
90.08
231.56
lnterfunds Receivable
A-10
10,910.65
6,215.17
A
$
37,911.08
$
22,226.77
Deferred Charges:
Overexpenditure of Appropriations
A-6
$
254.85
$
Overexpenditure of Appropriation Reserves
A-6
5,459.07
'
$
5,713.92
$
$
471,074.80
$
438,519.01
Grant Fund:
Due Current Fund
A-22
$
12,985.93
$
8,667.28
$
484,060.73
$
447,186.29
The accompanying Notes to the Financial Statements are an integral part of this statement.
"A"
SHEET#2
BOROUGH OF STOCKTON
CURRENT FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
BALANCE
DECEMBER
DECEMBER
REF.
31,2013
31,2012
LIABILITIES. RESERVES AND FUND BALANCE
Liabilities:
Appropriation Reserves
A-3:A-12
$
39,405.63
$
4,922.26
Encumbrances Payable
A-21
21,988.47
15,814.50
Prepaid Taxes
A-16
12,332.54
1,432.27
Tax Overpayments
A-17
18,478.15
18,510.58
lnterfunds Payable
A-10
39,995.27
37,816.58
County Taxes-Payable
A-13
504.33
$
132,200.06
$
79,000.52
Reserve for Receivables and other Assets
A
37,911.08
22,226.77
Fund Balance
A-1
300,963.66
337,291.72
$
471,074.80
$
438,519.01
Grant Fund:
Reserve for Grants Appropriated
A-19
$
8,577.82
$
4,129.94
Reserve for Grants Unappropriated
A-11
4,408.11
4,537.34
$
12,985.93
$
8,667.28
$
484,060.73
$
447,186.29
The accompanying Notes to the Financial Statements are an integral part of this statement.
BOROUGH OF STOCKTON
CURRENT FUND
STATEMENTS OF OPERATIONS
AND CHANGE IN FUND BALANCE - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31. 2013
REF.
YEAR2013
REVENUE AND OTHER INCOME
Fund Balance Utilized
A-1:A-2
$
163,000.00
Miscellaneous Revenue Anticipated
A-2
136,881.20
Receipts from Delinquent Taxes
A-2
12,572.61
Receipts from Current Taxes
A-2
1,956,887.71
Non-Budget Revenue
A-2
17,393.53
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
A-12
7,776.67
Tax Overpayments Canceled
A-17
27.16
Miscellaneous Reserves Canceled
Grants Canceled
lnterfunds Returned
Total Income
$
2,294,538.88
EXPENDITURES
Budget Appropriations:
Operations within "CAPS":
Operating
A-3
$
368,345.96
Deferred Charges and Statutory Expenditures
A-3
20,320.89
Operations Excluded from "CAPS":
Operating
A-3
26,287.34
Capital Improvements
A-3
43,000.00
Municipal Debt Service
A-3
61,508.93
Deferred Charges
County Taxes
A-13
338,332.19
County Share of Added Taxes
A-13
Local District School Tax
A-14
657,774.00
Regional High School Tax
A-15
647,857.00
Refund of Prior Year Revenue
lnterfunds Advanced
4,695.48
Total Expenditures
$
2, 168, 121.79
Excess in Revenue
$
126,417.09
Adjustments to Income before Fund Balance:
Expenditures Included above which are by Statute
Deferred Charges to the Budget of the Succeeding Year
254.85
Statutory Excess to Fund Balance
$
126,671.94
Fund Balance
Balance, January 1
A
337,291.72
$
463,963.66
Decreased by:
Utilization as Anticipated Revenue
A-1:A-2
163,000.00
Fund Balance, December 31
A
$
300,963.66
$
$
$
$
$
$
$
$
The accompanying Notes to the Financial Statements are an integral part of this statement.
YEAR 2012
124,084.67
121,442.09
25,537.85
1,930,080.20
11,936.59
44,324.19
2,347.74
2,929.20
41,200.88
4,714.40
2,308,597.81
329,097.00
24,204.75
22,631.94
23,459.00
46,781.19
30,000.00
327,090.57
504.33
664,284.00
628,494.89
23,319.22
2, 119,866.89
188,730.92
188,730.92
272,645.47
461,376.39
124,084.67
337,291.72
"A-2"
SHEET#1
BOROUGH OF STOCKTON
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31. 2013
ANTICIPATED
EXCESS
OR
REF.
BUDGET
REALIZED
(DEFICIT)
Fund Balance Anticipated
A-1
$
163,000.00
$
163,000.00
$
Miscellaneous Revenues:
Licenses:
Alcoholic Beverages
A-9
3,824.00
3,824.00
Fines:
Municipal Court
A-9
2,000.00
3,042.82
1,042.82
Interest and Costs on Taxes
A-9
3,800.00
5,052.20
1,252.20
Consolidated Municipal Property Tax Relief Act
A-9
1,507.00
1,507.00
Energy Receipts Tax
A-9
44,064.00
44,064.42
0.42
Cell Tower Rental
A-9
26,000.00
25,520.00
(480.00)
Capital Surplus
A-9
25,000.00
25,000.00
Hotel and Motel Tax
A-9
22,000.00
24,333.42
2,333.42
Recycling Tonnage Grant
A-18
537.34
537.34
Clean Communities Program
A-18
4,000.00
4,000.00
A-1
132,732.34
136,881.20
4, 148.86
Receipts from Delinquent Taxes
A-7
10,000.00
12,572.61
2,572.61
Amount to be Raised by Taxation for Support
of Municipal Budget:
Local Tax for Municipal Purposes
A-2:A-7
343,209.01
437,924.52
94,715.51
Budget Totals
$
648,941.35
$
750,378.33
$
101,436.98
Non-Budget Revenue
A-1:A-2
17,393.53
17,393.53
$
648,941.35
$
767,771.86
$
118830.51
REF.
A-3
The accompanying Notes to the Financial Statements are an integral part of this statement.
BOROUGH OF STOCKTON
CURRENT FUND
STATEMENT OF REVENUES- REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31. 2013
Allocation of Current Tax Collections:
Collections Realized on a Cash Basis
Allocated to:
School and County Taxes
Balance for Support of Municipal Budget Appropriations
Add: Appropriation-"Reserve for Uncollected Taxes"
Amount for Support of Municipal Budget Appropriations
Analysis of Non-Budget Revenues
Miscellaneous Revenue Not Anticipated:
Treasurer:
Borough Clerk
Interest on Investments
FEMA
Miscellaneous
Tax Collector
Refunds
REF.
A-1:A-7
A-3
A-2
A-4
A-5
A-4
A-2
$
$
$
$
$
$
The accompanying Notes to the Financial Statements are an integral part of this statement.
"A-2"
SHEET#2
1,956,887.71
1,643,963.19
312,924.52
125,000.00
437,924.52
6,722.60
269.30
4,795.24
6,282.68
18,069.82
115.69
18, 185.51
791.98
17,393.53
OPERATIONS WITHIN "CAPS"
GENERAL GOVERNMENT
Governing Body:
Salaries and Wages
Other Expenses
Municipal Clerk {Admin and Executive):
Salaries and Wages
Other Expenses
Elections:
Other Expenses
Financial Administration:
Salaries and Wages
Other Expenses
Computer Support
Administration:
Salaries and Wages
Audit Services
Tax Assessment Administration:
Salaries and Wages
Other Expenses
Revenue Administration:
Salaries and Wages
Other Expenses
Legal Services:
Other Expenses
Engineering Services:
Other Expenses
Municipal Land Use Law (NJSA 40:550-1)
Planning Board:
Salaries and Wages
Other Expenses
Legal Fees
Planner Fees
Engineering Fees
Zoning Board:
Salaries and Wages
Insurance (NJSA 40A:4-45.3(00)):
Liability Insurance
Worker Compensation Insurance
Flood Insurance
Employee Bonds
PUBLIC SAFETY
Police:
Salaries and Wages
Other Expenses
Aid to Volunteer Fire Company
Municipal Prosecutor:
Salaries and Wages
BOROUGH OF STOCKTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31. 2013
APPROPRIATIONS
BUDGET AFTER
PAID OR
BUDGET
MODIFICATION
CHARGED
$
9,284.00 $
9,484.00 $
9,305.50 $
1,200.00
1,200.00
1,198.00
38,862.00
40,862.00
40,848.31
5,500.00
3,000.00
2,911.59
800.00
800.00
403.26
17,146.00
16,996.00
16,979.28
500.00
500.00
497.30
2,500.00
7,710.00
7,678.40
7,310.00
5,610.00
5,599.95
10,000.00
17,200.00
17,200.00
5,466.00
5,466.00
5,412.00
2,050.00
550.00
116.04
7,881.00
7,881.00
7,748.68
3,825.00
1,325.00
725.06
12,900.00
3,900.00
2,773.60
15,000.00
12,000.00
11,870.07
4,517.00
6,317.00
6,534.96
1,200.00
200.00
184.59
2,500.00
1,000.00
434.00
1,750.00
550.00
108.00
500.00
2,800.00
2,800.00
5,000.00
14,200.00
14,188.00
25,000.00
18,000.00
17,998.00
3,000.00
3,008.00
3,008.00
750.00
1,450.00
1,449.00
4,707.00
4,707.00
4,225.38
150.00
150.00
17,000.00
17,000.00
17,000.00
1,785.00
1,785.00
1,784.28
RESERVED
178.50
2.00
13.69
88.41
396.74
16.72
2.70
31.60
10.05
54.00
433.96
132.32
599.94
1,126.40
129.93
15.41
566.00
442.00
2,800.00
12.00
2.00
1.00
481.62
150.00
0.72
The accompanying Notes to the Financial Statements are an integral part of this statement.
CANCELED
$
$
"A-3"
SHEET #1
OVEREXPENDED
217.96
PUBLIC WORKS
Street and Road Maintenance:
Other Expenses
Snow Removal:
Other Expenses
Solid Waste Collection:
Other Expenses
Building and Grounds:
Other Expenses
Recycling:
Other Expenses
Shade Tree Commission
Environmental Commission:
Salaries and Wages
Other Expenses
HEAL TH AND HUMAN SERVICES
Board of Health:
Other Expenses
Animal Control Services:
Salaries and Wages
Other Expenses
PARKS AND RECREATION
Recreation:
Other Expenses
MUNICIPAL COURT
Municipal Court:
Salaries and Wages
Other Expenses
Public Defender (P.L. 1997, c.256):
Other Expenses
STATE UNIFORM CONSTRUCTION CODE
(N.J.S.A.52:270-120 ET.SEQ.)
Building Inspector:
Salaries and Wages
Other Expenses
UNCLASSIFIED
Electricity
Street Lighting
Telephone
Natural Gas
TOTAL OPERATIONS WITHIN "CAPS"
BOROUGH OF STOCKTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31. 2013
APPROPRIATIONS
BUDGET AFTER
PAID OR
BUDGET
MODIFICATION
CHARGED
$
15,500.00 $
15,500.00 $
13,574.51 $
12,000.00
12,000.00
7,930.00
63,000.00
65,600.00
65,565.84
13,000.00
10,500.00
9,410.94
13,000.00
13,000.00
11,920.18
250.00
70.00
350.00
350.00
2,000.00
1,000.00
200.00
805.00
805.00
796.92
500.00
500.00
2,500.00
2,500.00
35.99
8,500.00
8,500.00
6,558.44
4,800.00
4,800.00
3,398.00
200.00
200.00
1,902.00
1,902.00
1,873.88
300.00
300.00
1,000.00
1,000.00
15,000.00
15,000.00
10,566.15
4,000.00
6,750.00
6,654.84
1,800.00
2,200.00
2,110.60
$
371,290.00 $
368,128.00 $
338,777.54 $
RESERVED
1,925.49
4,070.00
34.16
1,089.06
1,079.82
70.00
350.00
800.00
8.08
500.00
2,464.01
1,941.56
1,402.00
200.00
28.12
300.00
1,000.00
4,433.85
95.16
89.40
29,568.42
The accompanying Notes to the Financial Statements are an integral part of this statement.
CANCELLED
$
$
$
$
"A-3"
SHEET #2
OVER EXPENDED
217.96
BOROUGH OF STOCKTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31. 2013
APPROPRIATIONS
BUDGET AFTER
PAID OR
BUDGET
MODIFICATION
CHARGED
DEFERRED CHARGES AND STATUTORY EXPENDITURES-
MUNICIPAL WITHIN "CAPS"
Statutory Expenditures:
Contribution to:
Public Employee's Retirement System
$
11,834.00 $
11,834.00 $
11,834.00 $
Social Security System
8,200.00
8,200.00
8,236.89
Unemployment Insurance
250.00
250.00
120.00
TOTAL DEFERRED CHARGES AND STATUTORY
EXPENDITURES-MUNICIPAL WITHIN "CAPS"
$
20,284.00 $
20,284.00 $
20,190.89 $
TOTAL GENERAL APPROPRIATIONS FOR MUNICIPAL
PURPOSES WITHIN "CAPS"
$
391,574.00 $
388,412.00 $
358,968.43 $
OPERATIONS EXCLUDED FROM "CAPS"
Length of Service Award Program
$
19,000.00 $
21,550.00 $
21,397.50 $
Council on Affordable Housing
200.00
200.00
TOTAL OTHER OPERATIONS - EXCLUDED FROM "CAF $
19,200.00 $
21,750.00 $
21,397.50 $
ST ATE AND FEDERAL PROGRAMS OFF-SET BY REVENUES
Clean Communities Program
$
4,000.00 $
4,000.00 $
4,000.00 $
Recycling Tonnage Grant
537.34
537.34
537.34
TOTAL PUBLIC AND PRIVATE PROGRAMS
$
4,537.34 $
4,537.34 $
4,537.34 $
TOTAL OPERATIONS - EXCLUDED FROM "CAPS"
$
23,737.34 $
26,287.34 $
25,934.84 $
CAPITAL IMPROVEMENTS-EXCLUDED FROM "CAPS"
Capital Improvement Fund
$
18,000.00 $
18,000.00 $
18,000.00 $
Capital Improvement Fund - Lambertville Sewerage Authority
25,000.00
25,000.00
15,645.29
TOTAL CAPITAL IMPROVEMENTS EXCLUDED FROM"<$
43,000.00 $
43,000.00 $
33,645.29 $
MUNICIPAL DEBT SERVICE-EXCLUDED FROM "CAPS"
Interest on Notes
$
8,704.00 $
8,704.00 $
8,666.60 $
Payment of Bond Anticipation Notes and Capital Notes
2,105.26
2,105.26
2,105.26
Loan Repayments for Principal & Interest-Green Trust
12,436.64
12,436.64
12,436.64
Loan Repayments for Principal & Interest-NJ Environmental
42,384.11
42,996.11
38,300.43
TOTAL MUNICIPAL DEBT SERVICE-EXCLUDED FROM $
65,630.01 $
66,242.01 $
61,508.93 $
RESERVED
$
130.00
130.00 $
29,698.42 $
152.50 $
200.00
352.50 $
$
$
352.50 $
$
9,354.71
9,354.71 $
$
$
The accompanying Notes to the Financial Statements are an integral part of this statement.
CANCELLED
$
$
$
$
$
$
$
$
$
$
37.40
4,695.68
4,733.08 $
"A-3"
SHEET#3
OVER EXPENDED
36.89
36.89
254.85
BOROUGH OF STOCKTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31. 2013
APPROPRIATIONS
BUDGET AFTER
PAID OR
BUDGET
MODIFICATION
CHARGED
TOTAL GENERAL APPROPRIATIONS FOR MUNICIPAL
132,367.35
PURPOSES EXCLUDED FROM "CAPS"
$ -'-"-"'~~-
SUB-TOT AL GENERAL APPROPRIATIONS
RESERVE FOR UNCOLLECTED TAXES
TOTAL GENERAL APPROPRIATIONS
Encumbrances Payable
Reserve for Uncollected Taxes
Reserve for Grants Appropriated
Cash Disbursements
A-21
A-2
A-19
A-4
$
523,941.35
125,000.00
648,941.35
A-2
$
$
$
135,529.35
523,941.35
125,000.00
648,941.35
$
$
$
$
121,089.06
480,057.49
125,000.00
605,057.49
A-1
21,988.47
125,000.00
4,537.34
458,291.68
$
605,057.49
$
$
$
RESERVED
9,707.21
39.405.63
39.405.63
A:A-1
The accompanying Notes to the Financial Statements are an integral part of this statement.
CANCELLED
$
4,733.08 $
$
4,733.08 $
$
4,733.08 $
11A~3"
SHEET#4
OVER EXPENDED
254.85
254.85
A-6
TRUST FUND
"B"
BOROUGH OF STOCKTON
TRUST FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
BALANCE
DECEMBER
DECEMBER
REF.
31, 2013
31, 2012
ASSETS
Animal Control Trust Fund:
Cash
B-1
$
2,266.52
$
1,827.68
Other Funds:
Cash
B-1
29,464.86
27,351.79
$
31,731.38
$
29, 179.47
LIABILITIES, RESERVES AND FUND BALANCES
Animal Control Trust Fund:
Due Current Fund
B-5
$
193.52
$
193.28
Due State of New Jersey
B-3
44.60
44.60
Reserve for Animal Control Fund Expenditures
B-2
2,028.40
1,589.80
2,266.52
1,827.68
Other Funds:
Due Current Fund
B-5
4,235.19
4,235.19
Reserve For:
Various Reserves and Deposits
B-4
25,229.67
23, 116.60
29,464.86
27,351.79
$
31,731.38
$
29, 179.47
The accompanying Notes to the Financial Statements are an integral part of this statement.
GENERAL CAPITAL FUND
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
BALANCE
DECEMBER
DECEMBER
REF.
31, 2013
31, 2012
ASSETS
Cash
C-2
$
351,234.79
$
625,398.94
Deferred Charges to Future Taxation - Funded
C-11
476,086.80
599,455.60
Deferred Charges to Future Taxation - Unfunded
C-5
723,942.80
745,000.00
lnterfunds Receivable
C-10
25,569.34
29, 149.30
N.J. Environmental Trust Loans Receivable
C-14
104,798.06
Grants Receivable
C-6
13,536.67
13,536.67
$
1,590,370.40
$
2, 117,338.57
LIABILITIES, RESERVES AND FUND BALANCE
Bond Anticipation Notes
C-8
$
317,894.00
$
320,000.00
Contracts Payable
C-15
27,286.89
11,958.40
lnterfunds Payable
C-10
11,226.10
152, 170.04
Green Acres Loan Payable
C-12
127,200.80
136,946.99
N.J. Environmental Trust Loans Payable
C-13
348,886.00
462,508.61
Improvement Authorizations:
Unfunded
C-7
302,019.77
559,407.09
Capital Improvement Fund
C-9
148,007.95
140,007.95
Reserve for:
Miscellaneous Reserves
C-4
200,581.88
202,461.88
Fund Balance
C-1
107,267.01
132,267.01
$
1,590,370.40
$
2, 117, 727.97
The accompanying Notes to the Financial Statements are an integral part of this statement.
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
STATEMENT OF FUND BALANCE - REGULATORY BASIS
Balance, December 31, 2012
c
$
132,267.01
Decreased by:
Payment to Current Fund as
Anticipated Revenue
C-2
25,000.00
Balance, December 31, 2013
c
$
107,267.01
The accompanying Notes to the Financial Statements are an integral part of this statement.
WATER UTILITY FUND
"D"
BOROUGH OF STOCKTON
WATER UTILITY FUND
BALANCE SHEETS- REGULATORY BASIS
BALANCE
BALANCE
DECEMBER
DECEMBER
REF.
31,2013
31,2012
ASSETS
Operating Fund:
Cash - Treasurer
D-4
$
206,468.13 $
52,442.77
lnterfunds Receivable
D-15
1,440.00
88,718.57
$
207,908.13 $
141,161.34
Receivables and Inventories with Full Reserves:
Consumer Accounts Receivable
D-6
$
2,784.52 $
3,627.02
D
$
2,784.52 $
3,627.02
Total Operating Fund
$
210,692.65 $
144,788.36
Capital Fund:
Fixed Capital
D-14
$
402,376.93 $
402,376.93
Fixed Capital Authorized and Uncompleted
D-8
230,000.00
230,000.00
lnterfunds Receivable
D-16
64,951.47
152,170.04
Total Capital Fund
$
697,328.40 $
784,546.97
$
908,021.05 $
929,335.33
LIABILITIES, RESERVES AND FUND BALANCE
Operating Fund:
Liabilities:
Appropriation Reserves
D-3:D-9
$
8,713.77 $
24,726.70
Encumbrances Payable
D-5
2,215.32
765.43
Accrued Interest on Bonds and Loans
D-7
1,440.00
lnterfunds Payable
D-15
56,961.59
2,116.14
$
69,330.68 $
27,608.27
Reserve for Receivables and Inventory
D
2,784.52
3,627.02
Fund Balance
D-1
138,577.45
113,553.07
Total Operating Fund
$
210,692.65 $
144,788.36
Capital Fund:
Improvement Authorizations:
Funded
D-10
$
20,997.30 $
23,997.30
Unfunded
D-10
28,971.10
28,971.10
Capital Improvement Fund
D-12
19,983.07
15,483.07
Bond Anticipation Notes
D-17
175,000.00
175,000.00
lnterfunds Payable
88,718.57
Reserve for:
Amortization
D-13
402,376.93
402,376.93
Deferred Amortization
D-11
35,000.00
35,000.00
Capital Outlay
D-18
15,000.00
15,000.00
Total Capital Fund
$
697,328.40 $
784,546.97
$
908,021.05 $
929,335.33
The accompanying Notes to the Financial Statements are an integral part of this statement.
"D-1"
BOROUGH OF STOCKTON
WATER UTILITY OPERATING FUND
STATEMENTS OF OPERATIONS
AND CHANGE IN FUND BALANCE - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2013
YEAR ENDED
YEAR ENDED
DECEMBER
DECEMBER
REF.
31, 2013
31, 2012
REVENUE AND OTHER INCOME REALIZED
Rents
D-2
$
83,916.30 $
83,281.41
Other Credits to Income:
Miscellaneous Revenue Not Anticipated
D-2
1,751.21
800.87
Overpayments Canceled
353.84
Unexpended Balance of Appropriation Reserves
D-9
19,346.87
19,864.89
TOTAL INCOME
$
105,014.38 $
104,301.01
EXPENDITURES
Operating
D-3
$
68,066.00 $
72,300.00
Statutory Expenditures and Deferred Charges
D-3
1,224.00
1,700.00
Debt Service
D-3
6,200.00
Capital Improvements
D-3
4,500.00
5,000.00
TOTAL EXPENDITURES
$
79,990.00 $
79,000.00
Excess in Revenue
$
25,024.38 $
25,301.01
Fund Balance
Balance, January 1
D
113,553.07
88,252.06
Balance, December 31
D
$
138,577.45 $
113,553.07
The accompanying Notes to the Financial Statements are an integral part of this statement.
BOROUGH OF STOCKTON
WATER UTILITY OPERATING FUND
STATEMENT OF REVENUES- REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31. 2013
REF.
Water Use Charges
D-1 :D-6
$
Miscellaneous Revenue Not Anticipated
D-1 :D-2
D-3
$
ANALYSIS OF REALIZED REVENUE
Water Use Charges:
Consumer Accounts Receivable:
Collected
D-6
Miscellaneous-Collector
Interest on Delinquent Accounts
D-2:0-4
ANTICIPATED
79,990.00
79,990.00
REALIZED
$
83,916.30
1,751.21
$
85,667.51
$
83,916.30
--------
$
83,916.30
$
1,267.16
484.05
$ ===1=7=5=1 =·2=1
$
$
The accompanying Notes to the Financial Statements are an integral part of this statement.
EXCESS
OR
<DEFICIT)
3,926.30
1,751.21
5 677.51
Operating:
Salaries and Wages
Other Expenses
Capital Improvements:
Capital Improvement Fund
Debt Services:
Interest on Notes
Statutory Expenditures:
Contributions to:
Total Operating
Total Capital Improvements
Total Debt Services
Social Security System (OAS.I.)
Cash Disbursements
Encumbrances Payable
Accrued Interest
Total Statutory Expenditures
BOROUGH OF STOCKTON
WATER UTILITY OPERATING FUND
STATEMENT OF EXPENDITURES- REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2013
APPROPRIATIONS
BUDGET AFTER
BUDGET
MODIFICATION
$
16,000.00 $
16,000.00 $
52,066.00
52,066.00
$
68,066.00 $
68,066.00 $
$
4,500.00 $
4,500.00 $
$
4,500.00 $
4,500.00 $
$
6,200.00
6,200.00
$
6,200.00 $
6,200.00 $
$
1,224.00 $
1,224.00
$
1,224.00 $
1,224.00 $
$
79,990.00 $
79,990.00 $
REF.
D-2
D-4
$
D-5
D-7
$
The accompanying Notes to the Financial Statements are an integral part of this statement.
"D-3"
EXPENDED
PAID OR
CHARGED
RESERVED
15,929.00 $
71.00
43,428.71
8,637.29
59,357.71 $
8,708.29
4,500.00
4,500.00 $
6,200.00
6,200.00
1,218.52 $
5.48
1,218.52 $
5.48
71,276.23 $
8,713.77
D:D-1
67,620.91
2,215.32
1,440.00
71,276.23
SEWER UTILITY FUND
"E"
SHEET#1
BOROUGH OF STOCKTON
SEWER UTILITY FUND
BALANCE SHEETS- REGULATORY BASIS
BALANCE
BALANCE
DECEMBER
DECEMBER
ASSETS
REF.
31.2013
31,2012
Operating Fund:
Cash - Treasurer
E-5
$
358,601.96 $
281, 142.17
lnterfund Receivable
E-8
3,236.22
2,116.14
$
361,838.18 $
283,258.31
Receivables and Inventories with Full Reserves:
Consumer Accounts Receivable
E:E-7
$
16,041.54 $
13,489.99
$
16,041.54 $
13,489.99
Deferred Charges:
Overexpenditure of 2013 Appropriations
E-4
$
71.04 $
$
71.04 $
Total Operating Fund
$
377,950.76 $
296,748.30
Capital Fund:
Fixed Capital
E-16
$
2,879,656.48 $
2,879,656.48
Fixed Capital Authorized and Uncompleted
E-13
20,000.00
20,000.00
N.J. Environmental Infrastructure Loan Receivable
E-11
30,482.30
34,061.39
lnterfunds Receivable
E-14
67,705.03
47,103.94
Total Capital Fund
$
2,997,843.81 $
2,980,821.81
$
3,375, 794.57 $
3,277,570.11
The accompanying Notes to the Financial Statements are an integral part of this statement.
"E"
SHEET#2
BOROUGH OF STOCKTON
SEWER UTILITY FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
BALANCE
DECEMBER
DECEMBER
LIABILITIES. RESERVES AND FUND BALANCE
REF.
31.2013
31.2012
Operating Fund:
Liabilities:
Budget Appropriations
E-4:E-10
$
23,635.45 $
67,428.83
Encumbrances Payable
E-9
16,898.31
lnterfunds Payable
E-8
74,186.97
48,890.64
Accrued Interest
E-6
5,770.29
9,158.96
$
120,491.02 $
125,478.43
Reserve for Receivables
E
16,041.54
13,489.99
Fund Balance
E-1
241,418.20
157,779.88
Total Operating Fund
$
377,950.76 $
296,748.30
Capital Fund:
Improvement Authorizations:
Unfunded
E-15
$
20,000.00 $
20,000.00
Serial Bonds Payable:
E-19
177,986.05
202,877.19
N.J. Environmental Infrastructure Loan Payable
E-20
300,210.40
356,644.07
Reserve for:
Amortization
E-17
2,399,339.55
2,318,014.74
Capital Improvements
E-18
3,000.00
3,000.00
Capital Improvement Fund
E-12
96,066.00
79,044.00
Fund Balance
E-2
1,241.81
1,241.81
Total Capital Fund
$
2,997,843.81 $
2,980,821.81
$
3,375, 794.57 $
3,277,570.11
The accompanying Notes to the Financial Statements are an integral part of this statement.
BOROUGH OF STOCKTON
SEWER UTILITY FUND
STATEMENTS OF OPERATIONS
AND CHANGE IN FUND BALANCE - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2013
REF.
YEAR 2013
REVENUE AND OTHER INCOME REALIZED
Sewer Service Charges
E-3
$
274,419.89
Miscellaneous
E-3
3,536.67
Other Credits to Income:
Accrued Interest Canceled
E-6
11,701.17
Unexpended Balance of Appropriation Reserves
E-10
54,134.26
TOTAL INCOME
$
343,791.99
EXPENDITURES
Operating
E-4
$
110,334.04
Statutory Expenditures and Deferred Charges
E-4
1,400.00
Capital Improvement
E-4
35,022.00
Debt Service
E-4
113,468.67
Refund of Prior Year Revenues
TOTAL EXPENDITURES
$
260,224.71
Excess in Revenue
$
83,567.28
Adjustments to Income before Fund Balance
Deferred Charges to the Budget of the Succeeding Year
E-4
71.04
Statutory Excess to Fund Balance
$
83,638.32
Fund Balance
Balance, January 1
E-1
157,779.88
Balance, December 31
E
$
241,418.20
$
$
$
$
$
$
$
The accompanying Notes to the Financial Statements are an integral part of this statement.
YEAR 2012
297,249.27
5,450.54
9,052.47
311,752.28
149,782.00
1,950.00
27,022.00
91, 168.54
32,704.61
302,627.15
9,125.13
9,125.13
148,654.75
157,779.88
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
STATEMENT OF FUND BALANCE - REGULATORY BASIS
Balance, December 31, 2012
and December31, 2013
E
$
1,241.81
=======
The accompanying Notes to the Financial Statements are an integral part of this statement.
BOROUGH OF STOCKTON
SEWER UTILITY OPERATING FUND
STATEMENT OF REVENUES- REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31 I 2013
Sewer Charges
Miscellaneous
ANALYSIS OF REALIZED REVENUE
Sewer Charges:
Collections
Miscellaneous:
Interest on Delinquent Accounts
Connection Fees
Interest on Investments
REF.
E-1 :E-3
$
E-1 :E-3
E-4
$
E-7
E-3
E-3:E-5
ANTICIPATED
REALIZED
261,922.00
$
274,419.89
3,536.67
261,922.00
$
277,956.56
$
274,419.89
$
274,419.89
$
1,703.15
1,800.00
33.52
$
3,536.67
EXCESS
OR
(DEFICIT)
$
12,497.89
3,536.67
$
16,034.56
The accompanying Notes to the Financial Statements are an integral part of this statement.
~E-4"
BOROUGH OF STOCKTON
SEWER UTILITY OPERATING FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31 2013
APPROPRIATIONS
EXPENDED
BUDGET AFTER
PAID OR
OVER-
BUDGET
MODIFICATION
CHARGED
RESERVED
CANCELLED
EXPENDED
Operating:
Salaries and Wages
$
17,500.00 $
17,500.00 $
17,571.04 $
$
71.04
Other Expenses
94,000.00
92,763.00
87, 183.41
5,579.59
Total Operating
$
111,500.00 $
110,263.00 $
104,754.45 $
5,579.59 $
$
71.04
Capital Improvements:
Capital Improvement Fund
$
17,022.00 $
17,022.00 $
17,022.00 $
$
Capital Outlay
18,000.00
18,000.00
18,000.00
Total Capital Improvements
$
35,022.00 $
35,022.00 $
17,022.00 $
18,000.00 $
$
Debt Service:
Payment of Bond Principal
$
25,000.00 $
25,000.00 $
24,891.14 $
$
108.86
Interest on Bonds
10,000.00
11,237.00
10, 143.86
1,093.14
New Jersey Environmental Infrastructure Loan:
Payment of Bond Principal
57,000.00
57,000.00
56,433.67
566.33
Interest on Bonds
22,000.00
22,000.00
22,000.00
Total Debt Service
$
114,000.00 $
115,237.00 $
113,468.67 $
$
1,768.33
$
Deferred Charges and Statutory Expenditures:
Social Security System (OAS.I.)
$
1,400.00 $
1,400.00 $
1,344.14 $
55.86 $
$
Total Statutorv Expenditures
$
1,400.00 $
1,400.00 $
1,344.14 $
55.86 $
$
$
261,922.00 $
261,922.00 $
236,589.26 $
23,635.45 $
1,768.33
$
71.04
REF.
E-3
E-1
E E-1
E
Cash Disbursements
E-5
$
211,378.45
Accounts Payable
E-9
16,898 31
Accrued Interest
E-6
8,312.50
$
236,589.26
NOTES TO FINANCIAL STATEMENTS
NOTE 1:
BOROUGH OF STOCKTON
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31 I 2013 AND 2012
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A.
Reporting Entity
The Borough of Stockton is an instrumentality of the State of New Jersey,
established to function as a municipality. The Borough Council consists
of elected officials and is responsible for the fiscal control of the Borough.
Except as noted below, the financial statements of the Borough of
Stockton include every board, body, officer or commission supported and
maintained wholly or in part by funds appropriated by the Borough of
Stockton, as required by N.J.S.A. 40A:5-5.
Accordingly, the financial
statements of the Borough of Stockton do not include the operations of
the local and regional school districts, inasmuch as their activities are
administered by separate boards.
B.
Description of Funds
The Governmental Accounting Standards Board (GASS) is the accepted
standard-setting body for establishing governmental accounting and
financial reporting principles.
GASS codification establishes the
presentation of basic financial statements into three fund types, the
governmental, proprietary and fiduciary funds, as well as government-
wide financial reporting that must be used by general purpose
governmental units when reporting financial position and results of
operations in accordance with U.S. Generally Accepted Accounting
Principles (GAAP).
The accounting policies of the Borough of Stockton conform to the
accounting principles applicable to municipalities which have been
prescribed by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey. 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 financial transactions and accounts of the
Borough of Stockton are organized on the basis of funds and an account
group which is different from the fund structure required by GAAP. A fund
or account group is an accounting entity with a separate set of self-
balancing accounts established to record the financial position and results
of operation of a specific government activity. As required by the Division
of Local Government Services, the Borough accounts for its financial
transactions through the following individual funds and account group:
4
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
B.
Description of Funds (Continued)
Current Fund - resources and expenditures for governmental operations
of a general nature, including federal and state grant funds
Trust Fund - receipts, custodianship and disbursement of funds in
accordance with the purpose for which each reserve was created
General Capital Fund - receipt and disbursement of funds for the
acquisition of general capital facilities, other than those acquired in the
Current Fund
Water Utility Operating and Capital Funds - account for the operations
and acquisition of capital facilities of the municipally owned Water Utility
Sewer Utility Operating and Capital Funds - account for the operations
and acquisition of capital facilities of the municipally owned Sewer Utility
General Fixed Assets Account Group - utilized to account for property,
land, buildings and equipment that have been acquired by other
governmental funds
C.
Basis of Accounting
The accounting principles and practices prescribed for municipalities by
the State of New Jersey differ in certain respects from generally accepted
accounting principles applicable to local government units.
The more
significant accounting policies and differences in the State of New Jersey
are as follows:
A modified accrual basis of accounting is followed with minor exceptions.
Revenues - are recorded when received in cash except for certain
amounts which are due from other governmental units.
All grants are
realized as revenues when anticipated in the Borough's budget.
Receivables for property taxes are recorded with offsetting reserves on the
balance sheet of the Borough's Current Fund; accordingly, such amounts
are not recorded as revenue until collected. Other amounts that are due
the Borough, which are susceptible to accrual, are also recorded as
receivables with offsetting reserves and recorded as revenues when
received.
GAAP requires revenues to be recognized in the accounting
period when they become susceptible to accrual, reduced by an allowance
for doubtful accounts.
5
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C.
Basis of Accounting (Continued)
Expenditures - are recorded on the "budgetary" basis of accounting.
Generally expenditures are recorded when an amount is encumbered for
goods or services through the issuance of a purchase order in
conjunction with the Encumbrance Accounting System.
Outstanding
encumbrances at December 31st are reported as a cash liability in the
financial statements and constitute part of the Borough's statutory
Appropriation Reserve balance.
Appropriation reserves covering unexpended appropriation balances are
automatically created at December 31st of each year and recorded as
liabilities, except for amounts which may be canceled by the governing
body. Appropriation reserves are available, until lapsed at the close of
the succeeding year, to meet specific claims, commitments or contracts
incurred during the preceding fiscal year. Lapsed appropriation reserves
are recorded as income.
Appropriations for principal payments on
outstanding general capital and utility bonds and notes are provided on
the cash basis, interest on general capital indebtedness is on the cash
basis, whereas interest on utility indebtedness is on the accrual basis.
Encumbrances - Contractual orders at December 31 are reported as
expenditures through the establishment of encumbrances payable.
Under GAAP, encumbrances outstanding at year end are reported as
reservations of fund balance because they do not constitute expenditures
or liabilities.
Foreclosed Property - Foreclosed property is recorded in the Current
Fund at the assessed valuation when such property was acquired and is
fully reserved.
GAAP requires such property to be recorded in the
General Fixed Assets Account Group at its market value.
Sale of Municipal Assets - The proceeds from the sale of municipal
assets can be held in a reserve until anticipated as revenue in a future
budget. GAAP requires such proceeds to be recorded as revenue in the
year of sale.
lnterfunds - lnterfund receivables in the Current Fund are recorded with
offsetting reserves which are created by charges to operations. Income is
recognized in the year the receivables are liquidated.
lnterfund
receivables in the other funds are not offset by reserves. GAAP does not
require the establishment of an offsetting reserve.
6
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C.
Basis of Accounting (Continued)
General Fixed Assets - N.J.A.C. 5:30-5.6, Accounting for Governmental
Fixed Assets, as promulgated by the Division of Local Government
Services, which differs in certain respects from generally accepted
accounting principles, requires the inclusion of a statement of general
fixed assets of the Borough as part of its basic financial statements.
General fixed assets are defined as nonexpendable personal and real
property having a physical existence, a useful life of more than one year
and an acquisition cost of $300.00 or more per unit.
Public domain
("infrastructure") general fixed assets consisting of certain improvements
other than buildings, such as roads, bridges, curbs and gutters, streets
and sidewalks and drainage systems are not capitalized.
General Fixed Assets that have been acquired and are utilized in a
governmental fund operation are accounted for in the General Fixed
Asset Account Group rather than in a governmental fund.
No
depreciation has been provided on General Fixed Assets or reported in
the financial statements.
The Borough has developed a fixed assets accounting and reporting
system based on an inspection and valuation prepared by an
independent appraisal firm.
Adjustments for assets acquired/sold
subsequent to this date have been recorded. Fixed assets are valued at
historical cost or estimated historical cost if actual historical cost is not
available. Buildings and land are stated at the assessed value contained
in the Borough's most recent property revaluation. The Borough has not
updated its Fixed Asset Ledger since 2006.
Expenditures for construction in progress are recorded in the Capital
Funds until such time as the construction is completed and put into
operation.
Fixed assets acquired through grants in aid or contributed capital has not
been accounted for separately.
Inventories of Supplies - The cost of inventories of supplies for all funds
are recorded as expenditures at the time individual items are purchased.
The cost of inventories is not included on the various balance sheets.
GAAP requires the cost of inventories to be reported as a current asset
and equally offset by a fund balance reserve.
7
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C.
Basis of Accounting (Continued)
Fixed Capital - Water Utility and Sewer Utility - Accounting for utility fund
"fixed capital" remains unchanged under the requirements of N.J.A.C.
5:30-5.6.
Property and equipment purchased by the Water Utility Fund and the
Sewer Utility Fund are recorded in the capital account at cost and are
adjusted for disposition and abandonment. The amounts shown do not
purport to represent reproduction costs or current value. The fixed capital
reported is as taken from the municipal records and does not necessarily
reflect the true condition of such fixed capital.
Contributions in aid of
construction are not capitalized.
The balance in the Reserve for
Amortization and Deferred Reserve for Amortization accounts in the utility
capital fund represents charges to operations for the cost of acquisition of
property, equipment and improvements.
The utility does not record
depreciation on fixed assets.
D.
Basic Financial Statements
The GASS codification also defines the financial statements of a
governmental unit to be presented in the general purpose financial
statements to be held in accordance with GAAP. The Borough presents
the financial statements listed in the table of contents of the
"Requirements of Audit and Accounting Revision of 1987" as prescribed
by the Division of Local Government Services, Department of Community
Affairs, State of New Jersey and which differ from the financial statements
required by GAAP.
8
NOTE 2:
Fund Type
Current Fund
Animal Control Fund
Other Trust Fund
General Capital Fund
CASH AND CASH EQUIVALENTS
The Borough considers petty cash, change funds, cash in banks and certificates
of deposit as cash and cash equivalents.
A
Deposits
New Jersey statutes permit the deposit of public funds in institutions
which are located in New Jersey and which meet the requirements of the
Governmental Unit Deposit Protection Act (GUDPA) or the State of New
Jersey Cash Management Fund. GUDPA requires a bank that accepts
public funds to be a public depository. A public depository is defined as a
state bank, a national bank, or a savings bank, which is located in the
State of New Jersey, the deposits of which are insured by the Federal
Deposit Insurance Corporation.
The statutes also require public
depositories to maintain collateral for deposits of public funds that exceed
certain insurance limits. All collateral must be deposited with the Federal
Reserve Bank 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.
The Borough of Stockton has the following cash and cash equivalents at
December 31, 2013:
Bank
Change
Reconcilin~ Items:
Reconciled
Balance
Funds
Total
Additions
Deletions
Balance
$
424,848.24
$ 225.00
$
425,073.24
$
221.80
$ 625.00
$ 424,670.04
2,266.52
2,266.52
2,266.52
34,169.28
1.90
4,706.32
29,464.86
351,234.79
351,234.79
Water Utility Operating Fund
Sewer Utility Operating Fund
34,169.28
351,234.79
204,761.38
360,310.99
204,761.38
360,310.99
1,709.03
2.28
206,468.13
1,709.03
358,601.96
TOTAL DECEMBER 31, 2013
$1,377,591.20
$ 225.00
$ 1,377,816.20
$
1,932.73
$7,042.63
$1,372, 706.30
Custodial Credit Risk - Deposits - Custodial credit risk is the risk that in
the event of a bank failure, the deposits may not be returned.
The
Borough does not have a specific deposit policy for custodial credit risk
other than those policies that adhere to the requirements of statute. As of
December 31, 2013, based upon the coverage provided by FDIC and
NJGUDPA, no amount of the bank balance was exposed to custodial
credit risk. Of the cash on balance in the bank, $250,000.00 was covered
by Federal Depository Insurance and $1, 127,591.20 was covered under
the provisions of NJGUDPA
9
NOTE 2:
CASH AND CASH EQUIVALENTS (CONTINUED)
B.
Investments
The purchase of investments by the Borough is strictly limited by the
express authority of the New Jersey Local Fiscal Affairs Law, N.J.S.A.
40A:5-15.1. Permitted investments include any of the following type of
securities:
1.
Bonds or other obligations of the United States of America or
obligations guaranteed by the United States of America;
2.
Government money market mutual funds which are purchased
from an investment company or investment trust which is
registered with the Securities and Exchange Commission under
the "Investment Company Act of 1940," 15 U.S.C. 80a-1 et seq.,
and operated in accordance with 17 C.F.R. § 270.2a-7 and which
portfolio is limited to U.S. Government securities that meet the
definition of an eligible security pursuant to 17 C.F.R. § 270.2a-7
and repurchase agreements that are collateralized by such U.S.
Government securities in which direct investment may be made
pursuant to paragraphs (1) and (3) of N.J.S.A. 5-15.1.
These
funds are also required to be rated by a nationally recognized
statistical rating organization.
3.
Any obligation that a federal agency or a federal instrumentality
has issued in accordance with an act of Congress, which security
has a maturity date not greater than 397 days from the date of
purchase, provided that such obligation bears a fixed rate of
interest not dependent on any index or other external factor;
4.
Bonds or other obligations of the Local Unit or bonds or other
obligations of school districts of which the Local Unit is a part or
within which the school district is located.
5.
Bonds or other obligations, having a maturity date not more than
397 days from date of purchase, approved by the Division of
Investment of the Department of Treasury for investment by Local
Units;
6.
Local government investment pools that are fully invested in U.S.
Government securities that meet the definition of eligible security
pursuant to 17 C.F.R. § 270a-7 and repurchase agreements that
are collateralized by such U.S. Government securities in which
direct investment may be made pursuant to paragraphs (1) and
(3) of N.J.S.A. 5-15.1. This type of investment is also required to
be rated in the highest category by a nationally recognized
statistical rating organization.
10
NOTE 2:
NOTE 3:
CASH AND CASH EQUIVALENTS (CONTINUED)
B.
Investments (Continued)
7.
Deposits with the State of New Jersey Cash Management Fund
established pursuant to section 1 of P.L. 1977, c.281 (c.52:18A-
90.4); or
8.
Agreements for the repurchase of fully collateralized securities if:
a.
the underlying
securities are permitted
investments
pursuant to paragraphs (1) and (3) of this subsection;
b.
the custody of collateral is transferred to a third party;
c.
the maturity of the agreement is not more than 30 days;
d.
the underlying securities are purchased through a public
depository as defined in section 1 of P.L. 1970, c.236
(c. 17:19-41); and
e.
a master repurchase agreement providing for the custody
and security of collateral is executed.
The Borough of Stockton had no investments outstanding as of
December 31, 2013.
Based upon the limitations set forth by New Jersey Statutes 40A:5-15.1
and existing investment practices, the Borough is generally not exposed
to credit risks, custodial credit risks, concentration of credit risks and
interest rate risk for its investments nor is it exposed to foreign currency
risk for its deposits and investments.
MUNICIPAL DEBT
The Local Bond Law, Chapter 40A:2, governs the issuance of bonds to finance
general municipal capital expenditures.
All bonds are retired in annual
installments within the statutory period of usefulness. All bonds issued by the
Borough are general obligation bonds, based by the full faith and credit of the
Borough.
Bond Anticipation Notes, which are issued to temporarily finance
capital projects, shall mature and be paid off within ten years if financed by the
issuance of bonds.
11
NOTE 3:
MUNICIPAL DEBT (CONTINUED)
SUMMARY OF MUNICIPAL DEBT
YEAR 2013
YEAR 2012
YEAR 2011
Issued:
General Capital
Bonds, Notes and Loans
$
793,980.80 $
919,455.60 $
672,549.18
Water Utility:
Bonds and Notes
175,000.00
175,000.00
Sewer Utility:
Bonds and Notes
478,196.45
559,521.26
740,501.80
Net Debt Issued
$ 1,447,177.25 $ 1,653,976.86 $ 1,413,050.98
Authorized But Not Issued:
General Capital - Bonds and Notes
$
406,048.80 $
425,000.00 $
280,000.00
Water Capital - Bonds and Notes
20,000.00
20,000.00
20,000.00
Sewer Utility - Bonds and Notes
22, 120.48
22, 120.48
24,376.00
Total Authorized But Not Issued
$
448,169.28 $
467,120.48 $
324,376.00
NET BONDS AND NOTES
ISSUED AND AUTHORIZED
BUT NOT ISSUED
$ 1,895,346.53 $ 2,121,097.34 $ 1,737,426.98
SUMMARY OF STATUTORY DEBT CONDITION (ANNUAL DEBT STATEMENT)
The summarized statement of debt condition which follows is prepared in
accordance with the required method of setting up the Annual Debt Statement
and indicates a statutory net debt of 1.161 %.
12
NOTE 3:
MUNICIPAL DEBT (CONTINUED)
GROSS DEBT
DEDUCTIONS
NET DEBT
Regional School District Debt
$
1,116,726.48 $
1,116,726.48 $
Sewer Utility Debt
500,316.93
500,316.93
Water Utility Debt
195,000.00
195,000.00
General Debt
1,200,029.60
127,243.88
1,072,785.72
$
3,012,073.01 $
1,939,287.29 $
1,072,785.72
NET DEBT $1,216,005.80 DIVIDED BY EQUALIZED VALUATION BASIS PER
N.J.S.A. 40A:2-2, $92,435,443.33 EQUALS 1.161 %.
BORROWING POWER UNDER N.J.S.A. 40A:2-6 AS AMENDED
Equalized Valuation Basis - December 31, 2013
$92,435,443.33
3-1/2% of Equalized Valuation Basis
$3,235,240.52
Net Debt
1,072)85.72
Remaining Borrowing Power at December 31, 2013
$2 162.454.80
Equalized Valuation basis is the average of the equalized valuation of Real
Estate, including improvements, and the assessed valuation of Class II Railroad
Property of the Borough for the last three (3) preceding years.
SCHOOL DEBT DEDUCTION
School debt is deductible up to the extent of 3% of the Average Equalized
Assessed Valuation of real property for the Local and Regional School Districts.
13
NOTE 3:
MUNICIPAL DEBT (CONTINUED)
CALCULATION OF "SELF-LIQUIDATING PURPOSE" WATER UTILITY
PER N.J.S.A. 40A:2-45
Cash Receipts from Fees, Rents of Other
Charges for Year and Anticipated Surplus
Deduction:
Operating and Maintenance Cost
Debt Service Per Water Utility Account
Excess (Deficit) in Revenue
$85,667.51
$69,290.00
6,200.00
75,490.00
$ 10, 177.51
CALCULATION OF "SELF-LIQUIDATING PURPOSE" SEWER UTILITY
PER N.J.S.A. 40A:2-45
Cash Receipts from Fees, Rents of Other
Charges for Year and Anticipated Surplus
Deduction:
Operating and Maintenance Cost
Debt Service Per Sewer Utility Account
Excess (Deficit) in Revenue
14
$277,956.56
$111,663.00
113,468.67
225,131.67
$ 52,824.89
NOTE 3:
MUNICIPAL DEBT (CONTINUED)
LONG TERM DEBT:
General Capital
Green Acres Trust Loan:
$200,000.00 of 2005 Trust Loan due in annual
installments of $6, 156.74 to $12, 131.23 through
January 2025 at an interest rate 2.00%.
New Jersey Environmental Infrastructure Trust Loans:
$300,000.00 of 2006 Trust Loan due in annual
installments of $15,000.00 to $25,000.00 through
August 2026 at variable interest rates of 4.00% to 5.00%.
$282,975.00 of 2006 Trust Loan due in annual
installments of $8,788.26 to $16,497.49 through
August 2021.
Sewer Utility Capital
New Jersey Environmental Infrastructure Loans:
$495,000.00 of 2000 Trust Loan due in annual
installments of $30,000.00 to $40,000.00 through
August 2020 at interest rates of 5.00% to 5.25%.
$488,624.00 of 2000 Trust Fund due in annual installments of
principal only $15,065.83 to $26,433.67 through August 2016.
Sewer Improvement Bonds:
$591,000.00 of 1979 Serial Bonds due in annual
installments of $26, 135. 70 to $33,569.82 through
December 2019 at a variable interest rate.
15
$
127,200.80
$
235,000.00
$
113,886.00
$
235,000.00
65,210.40
$
300,210.40
$
177,986.05
NOTE 3:
MUNICIPAL DEBT (CONTINUED)
Interest
Original
General Capital
Rate
Issue Date
Amount
2010-02
1.08%
9/23/2010 $
37,894.00
2011-01
1.08%
9/21/2012
280,000.00
$
317,894.00
Water Capital
2012-04
1.08%
9/21/2012 $
175,000.00
Bonds and Notes Authorized But Not Issued
At December 31, 2013, the Borough has authorized but not issued bonds and
notes as follows:
General Capital Fund
$406,048.80
Water Utility Capital Fund
$20,000.00
Sewer Utility Capital Fund
$22,120.48
SCHEDULE OF ANNUAL DEBT SERVICE FOR PRINCIPAL AND INTEREST
FOR BONDED DEBT ISSUED AND OUTSTANDING DECEMBER 31, 2013
SEWER UTILITY
Calendar
Year
Principal
Interest
Total
2014
$
26, 135.70 $
8,899.30 $
35,035.00
2015
27,442.48
7,592.52
35,035.00
2016
28,814.61
6,220.39
35,035.00
2017
30,255.34
4,779.66
35,035.00
2018
31,768.10
3,266.90
35,035.00
2019
33,569.82
1,678.49
35,248.31
Total
$
177,986.05 $
32,437.26 $
210,423.31
16
NOTE 3:
MUNICIPAL DEBT (CONTINUED)
SCHEDULE OF ANNUAL DEBT SERVICE FOR PRINCIPAL AND INTEREST
FOR NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE LOANS ISSUED AND
OUTSTANDING DECEMBER 31, 2013
Calendar
Year
2014
2015
2016
2017
2018
2019
2020
Total
SEWER UTILITY
Trust Loan
Principal
Interest
$
30,000.00 $
12,187.50
30,000.00
10,687.50
30,000.00
9,150.00
35,000.00
7,612.50
35,000.00
5,775.00
35,000.00
3,937.50
40,000.00
2, 100.00
235,000.00
$======= $
51,450.00
$
$
Fund Loan
Principal
25,526.08 $
24,618.49
15,065.83
67,713.58
65,305.99
54,215.83
42,612.50
40,775.00
38,937.50
42,100.00
65,210.40 $
351,660.40
======
SCHEDULE OF ANNUAL DEBT SERVICE FOR PRINCIPAL AND INTEREST
FOR NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE LOANS ISSUED AND
OUTSTANDING DECEMBER 31. 2013
Calendar
Trust Loan
Fund Loan
Year
Principal
Interest
Principal
Total
2014
$
15,000.00 $
10,262.50 $
15,899.59 $
41,162.09
2015
15,000.00
9,512.50
15,427.55
39,940.05
2016
15,000.00
8,762.50
14,955.52
38,718.02
2017
15,000.00
8,012.50
14,483.49
37,495.99
2018
15,000.00
7,412.50
14,105.87
36,518.37
2019
15,000.00
6,812.50
13,728.23
35,540.73
2020
20,000.00
6,212.50
16,497.49
42,709.99
2021
20,000.00
5,412.50
8,788.26
34,200.76
2022
20,000.00
4,587.50
24,587.50
2023
20,000.00
3,762.50
23,762.50
2024
20,000.00
2,912.50
22,912.50
2025
20,000.00
1,912.50
21,912.50
2026
25,000.00
1,062.50
26,062.50
Total
$
235,000.00 $
76,637.50 $
113,886.00 $
425,523.50
17
NOTE 3:
NOTE 4:
MUNICIPAL DEBT (CONTINUED)
SCHEDULE OF ANNUAL DEBT SERVICE FOR PRINCIPAL AND INTEREST
FOR GREEN TRUST LOANS ISSUED AND
OUTSTANDING DECEMBER 31, 2013
Calendar
Trust Loan
Year
Principal
Interest
Total
2014
$
9,942.08 $
2,494.56 $
12,436.64
2015
10,141.92
2,294.72
12,436.64
2016
10,345.77
2,090.87
12,436.64
2017
10,553.72
1,882.91
12,436.63
2018
10,765.86
1,670.78
12,436.64
2019
10,982.24
1,454.39
12,436.63
2020
11,202.99
1,233.65
12,436.64
2021
11,428.17
1,008.47
12,436.64
2022
11,657.88
778.76
12,436.64
2023
11,892.20
544.44
12,436.64
2024
12,131.23
305.41
12,436.64
2025
6, 156.74
61.57
6,218.31
Total
$
127,200.80 $
15,820.53 $
143,021.33
FUND BALANCES APPROPRIATED
Fund balances at December 31, 2013 which were appropriated and included as
anticipated revenue in their own respective funds for the year ending
December 31, 2014 were as follows:
Current Fund
Water Operating Fund
Sewer Operating Fund
18
$
163,000.00
$
None
$
None
NOTE 5:
NOTE 6:
NOTE 7:
PROPERTY TAXES
Property taxes attach as an enforceable lien on property as of January 1. Taxes
are levied based on the final adoption of the current year municipal budget, and
are payable in four installments on February 1, May 1, August 1 and
November 1. The Borough bills and collects its own property taxes and also
taxes for the County and local school district. The collections and remittance of
county and school taxes are accounted for in the Current Fund.
Borough
property tax revenues are recognized when collected in cash and any
receivables are recorded with offsetting reserves on the balance sheet of the
Borough's Current Fund.
Taxes collected in advance - Taxes collected in advance and recorded as cash
liabilities in the financial statements are as follows:
Prepaid Taxes
PENSION PLANS
BALANCE
DECEMBER
31,2013
$12,332.54
BALANCE
DECEMBER
31.2012
$1,432.27
Borough employees, who are eligible for a pension plan, are enrolled in one of
two pension systems administered by the Division of Pensions, Treasury
Department of the State of New Jersey. The plans are: the Public Employees
Retirement System and the Police and Firemen's Retirement System.
The
Division annually charges participating government units for their respective
contributions to the plans based upon actuarial methods. Certain portions of the
costs are contributed by the employees. The Borough's share of pension costs,
which is based upon the annual billings received from the State, amounted to
$12,591.00 for 2011. $12,859.00 for 2012 and $11,834.00 for 2013.
Information as to the comparison of the actuarially computed value of vested
benefits with the system's assets is not available from the State Retirement
System and, therefore, is not presented.
COMPENSATED ABSENCES
The Borough does not have a policy which allows employees to accrue unused
vacation and sick pay.
19
NOTE 8:
NOTE 9:
NOTE 10:
NOTE 11:
LITIGATION
The Borough Attorney's letter did not indicate any litigation, claims or contingent
liabilities that are either not covered by the Borough's insurance carrier or would
have a material financial impact on the Borough.
TAX APPEALS
There are tax appeals filed with the County and State Tax Court of New Jersey
requesting a reduction of assessments for the year 2013.
Any reduction in
assessed valuation will result in a refund of prior years' taxes in the year of
settlement, which may be funded from tax revenues through the establishment of
a reserve or by the issuance of refunding bonds per N.J.S.40A:2-51.
CONTINGENT LIABILITIES
The Borough participates in several federal and state financial assistance grant
programs. Entitlement to the funds is generally conditional upon compliance with
terms and conditions of the grant agreements and applicable regulations,
including the expenditure of funds for eligible purposes.
Findings and
questioned costs, if any, relative to federal and state financial assistance
programs will be discussed in detail in Part II of the 2013 audit report.
In
addition, these programs are also subject to compliance and financial audits by
the granters or their representatives. As of December 31, 2013, the Borough
does not believe that any material liabilities will result from such audits.
RISK MANAGEMENT
The Borough is exposed to various risks of loss related to torts; theft of, damage
to, and destruction of assets; errors and omissions, injuries to employees; and
natural disasters.
The Borough maintains commercial insurance coverage
covering each of those risks of loss. Management believes such coverage is
sufficient to preclude any significant uninsured losses to the Borough. Settled
claims have not exceeded this commercial coverage in any of the past three
fiscal years.
20
NOTE 12:
INTERFUND RECEIVABLES AND PAYABLES
The following interfund balances remained on the balance sheets at December 31,
2013:
Current
Grant
Animal Control
Trust Other
General Capital
Water Utility Operating
Water Utility Capital
Sewer Utility Operating
Sewer Utility Capital
TOTAL
INTERFUND
RECEIVABLE
$10,910.65
12,985.93
25,569.34
1,440.00
64,951.47
3,236.22
67,705.03
$186, 798.64
INTERFUND
PAYABLE
$39,995.27
193.52
4,235.19
11,226.10
56,961.59
74, 186.97
$186,798.64
All balances resulted from the time lag between the dates that short-term loans
were disbursed and payments between funds were made.
NOTE 13:
LENGTH OF SERVICE AWARDS PROGRAM
The Borough approved a Voluntary Length of Service Awards Program (LOSAP)
on November 4, 2003.
Under the program, a fixed amount of funds may be
contributed on behalf of those volunteer fire and medical personnel which meet the
eligibility criteria adopted by the governing body of the Borough. The Borough's
sponsoring agency is Lincoln National, with the maximum contribution per
volunteer set at $380.00 for 2013.
NOTE 14:
GASS 45: OTHER POST-EMPLOYMENT BENEFITS
The Borough is required to implement the note disclosure prov1s1on of GASS
Statement 45, "Accounting and Financial Reporting by Employers for Post
Employment Benefits Other Than Pension." This statement which was adopted
during 2004 by the Government Accounting Standard Board (GASS) requires the
Borough to disclose in the notes of the financial statements the future cost of the
other post employment benefits (OPES) on a present value basis instead of the
present pay as you go method. OPEB obligations are non-pension benefits that
the Borough has contractually agreed to provide employees once they have
retired. The Borough does not provide post retirement benefits other than pension
to its employees which is provided through the New Jersey pension system.
21
NOTE 15:
DEFERRED CHARGES TO BE RAISED IN SUCCEEDING BUDGETS
Certain expenditures are required to be deferred to budgets of succeeding years.
At December 31, 2013, the following deferred charges are shown:
Balance
Balance
Deferred to
December
Raised in
Succeeding
311 2013
2014 Bud9et
Years
Current Fund:
Overexpenditure of
2013 Appropriations
$254.85
$254.85
-0-
Overexpenditure of
Appropriation Reserves
5,459.07
5,459.07
-0-
Sewer Utility Fund:
Overexpenditure of 2013
71.04
71.04
-0-
$5,784.96
$5,784.96
-0-
The appropriations in the 2014 Budget are not less than that required by statute.
22
BOROUGH OF STOCKTON
SUPPLEMENTARY SCHEDULES - ALL FUNDS
YEAR ENDED DECEMBER 31 I 2013
Balance, December 31, 2012
Increased by Receipts:
Collector
State of New Jersey-Chapter 20, P L. 1971
Revenue Accounts Receivable
Miscellaneous Revenue Not Anticipated
lnterfunds Received
Reserve for Grants - Unappropriated
Decreased by Disbursements:
2013 Appropriations
2012 Appropriation Reserves
lnterfunds Disbursed
County Taxes
Local District School Tax
Regional High School Tax
Tax Overpayments
Grants Appropriated
Miscellaneous Reserves
Refund of Current Years Revenue
Balance, December 31, 2013
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF CASH-TREASURER
REF.
CURRENT FUND
A
$
413,287.48
A-5
$
2,056,913.59
A-8
6,750.00
A-9
127,291.66
A-2
18,069.82
A-10:A-22
6,310.11
A-11
2,220,095.18
$
2,633,382.66
A-3
$
458,291.68
A-12
18,419.16
A-10:A-22
8,826.90
A-13
338,836.52
A-14
657,774.00
A-15
647,857.00
A-17
970.88
A-19
A-20
77,169.50
A-2
791.98
--
2,208,937.62
A
$
424,445.04
"A-4"
FEDERAL AND STATE
GRANT FUND
$
$
89.46
4,408.11
4,497.57
$
4,497.57
$
4,408.11
89.46
4,497.57
$
-0-
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF CASH-COLLECTOR
Received:
Interest on Delinquent Taxes
A-9
$
5,052.20
Taxes Receivable
A-7
1,959,386.41
2014 Taxes Prepaid
A-16
12,332.54
Tax Overpayments
A-17
2,607.25
Outside Liens
A-20
77,169.50
Senior Citizen Deductions Disallowed
A-8
250.00
Miscellaneous Revenue Not Anticipated
A-2
115.69
$
2,056,913.59
Decreased by Disbursements:
Payments to Treasurer
A-4
$
2,056,913.59
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF DEFERRED CHARGES
Overexpenditure of Appropriation
Overexpenditure of Appropriation Reserves
REF.
$
$
ADDED IN
2013
254.85
5,459.07
5,713.92
A-3:A-12
BALANCE
DECEMBER
31,2013
$
254.85
5,459.07
$
5,713.92
A
YEAR
2012
2013
Collector
State of New Jersey
ANALYSIS OF 2013 PROPERTY TAX LEVY
TAX YIELD
General Purpose Tax
TAX LEVY
Regional High School Tax (Abstract)
Local District School Tax (Abstract)
County Taxes:
County Tax (Abstract)
Local Tax for Municipal Purposes (Abstract)
Add: Additional Tax Levied
REF.
A-5
A-8
A-15
A-14
A-13
A-2
$
$
$
$
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY
BALANCE
DECEMBER
COLLECTED
31 2012
2013 LEVY
IN 2012
IN 2013
15,780.04
$
$
$
12,572.61
15,780.04
$
$
$
12,572.61
1,987,173.10
1,432.27
1,953,813.80
15,780.04
$
1,987,173.10
$
1,432.27
$
1,966,386.41
A
A-2:A-16
A-2
$
1,959,386.41
7,000.00
$
1,966,386.41
$
1,987,173.10
$
647,857.00
657,774.00
338,332.19
343,209.01
0.90
343,209.91
$
1,987,173.10
"A-7"
BALANCE
OVERPAYMENTS
DECEMBER
APPLIED
CANCELED
31,2013
$
$
24.38
$
3,183.05
$
$
24.38
$
3,183.05
1,641.64
6,558.09
23,727.30
$
1,641.64
$
6,582.47
$
26,910.35
A-2
A
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF DUE STATE OF NEW JERSEY
PER CHAPTER 20. P.L. 1971
Ba~nce, December31,2012
Increased by:
Deductions Per Tax Duplicate:
Senior Citizens
Veterans
Decreased by:
Received From State of New Jersey
Disallowed by Collector - 2012 Taxes
Balance, December 31, 2013
SUMMARY OF 2013 EXEMPTIONS
Senior Citizens and Veterans Deductions
Per Tax Billings
REF.
A
$
250.00
6,750.00
A-4
$
6,750.00
A-5
250.00
A
A-7
$
2,779.76
7,000.00
$
9,779.76
7,000.00
$
2,779.76
$
7,000.00
"A-9"
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF REVENUE ACCOUNTS RECEIVABLE
BALANCE
BALANCE
DECEMBER
ACCRUED
COLLECTED BY
COLLECTED BY
DECEMBER
REF.
31, 2012
IN 2013
COLLECTOR
TREASURER
31,2013
Clerk:
Alcoholic Beverage Licenses
A-2
$
$
3,824.00
$
$
3,824.00
$
Municipal Court:
Fines and Costs
A-2
231.56
2,901.34
3,042.82
90.08
Interest and Costs on Taxes
A-2
5,052.20
5,052.20
Consolidated Municipal Property Tax Relief Act
A-2
1,507.00
1,507.00
Energy Receipts Tax
A-2
44,064.42
44,064.42
Hotel and Motel Tax
A-2
24,333.42
24,333.42
Cell Tower Rental
A-2
25,520.00
25,520.00
Capital Fund Surplus
A-2
25,000.00
25,000.00
$
231.56
$
132,202.38
$
5,052.20
$
127,291.66
$
90.08
REF.
A
A-5
A-4
A
"A-10"
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF INTERFUND§
WATER
SEWER
ANIMAL
TRUST
GENERAL
UTILITY
UTILITY
GRANT
CONTROL
OTHER
CAPITAL
OPERATING
OPERATING
REF.
TOTAL
FUND
FUND
FUND
FUND
FUND
FUND
Balance, December 31, 2012:
Due From
A
$
6,215.17
$
$
193.28
$
4,235.19
$
$
$
1,786.70
Due To
A
37,816.58
8,667.28
29, 149.30
Cash Receipts
A-4
6,310.11
4,408.11
462.00
1,440.00
Cash Disbursements
A-4
8,826.90
89.46
0.24
4,041.96
4,695.24
Balance, December 31, 2013:
Due From
A
$
10,910.65
$
$
193.52
$
4,235.19
$
$
$
6,481.94
Due To
A
39,995.27
12,985.93
25,569.34
1,440.00
"A-11"
BOROUGH OF STOCKTON
GRANT FUND
SCHEDULE OF RESERVE FOR GRANTS-UNAPPROPRIATED
BALANCE
BALANCE
DECEMBER
CASH
APPLIED TO
DECEMBER
31, 2012
RECEIPTS
RECEIVABLE
31, 2013
Clean Communities
$
4,000.00
$
4,000.00
$
4,000.00
$
4,000.00
Recycling Tonnage Grant
537.34
408.11
537.34
408.11
$
4,537.34
$
4,408.11
$
4,537.34
$
4,408.11
REF.
A
A-4
A-18
A
SALARIES ANO WAGES
Governing Body
Municipal Clerk
Financial Administration
Assessment of Taxes
Revenue Administration
Administration
Planning Board
Zoning Board
Police
Municipal Prosecutor
Animal Control Services
Environmental Commission
Building Inspector
OTHER EXPENSES
Governing Body
Municipal Clerk
Elections
Financial Administration
Assessment of Taxes
Revenue Administration
Legal Services and Costs
Engineering Services
Planning Board
Other Expenses
Legal Fees
Planning Fees
Insurance
liability Insurance
Employee Bonds
Police
Environmental Commission
Public Defender
Streets and Road Maintenance
Snow Removal
Solid Waste Collection
Recycling
Shade Tree
Building and Grounds
Animal Control
Board of Health
Building Inspector
Street Lighting
Electricity
Telephone
Natural Gas
Municipal Court
Social Security System
Unemployment Insurance
Length of Service Award Program
Capital Improvement Fund Lambertville Sewerage Authority
Council on Affordable Housing
Balance, December 31, 2012
Encumbrances Payable
REF
A-12
A-21
BOROUGH OF STOCKTO!\
CURRENT FUND
SCHEQl,JLE OF 2012 APPROPRIATION RESERVES
BALANCE
BALANCE
DECEMBER
ENCUMBR
AFTER
31~
PAYABLE
TRANSFERS
0.73 $
s
0.73 $
0.56
0.56
0.60
0_60
0.10
0.10
69.23
69.23
0.84
0.84
5.20
5.20
0.54
0.54
92.00
92.00
285.50
285.50
0.68
0.68
311.00
311.00
200.00
200.00
232.00
232.00
0.80
0.80
0.06
0.06
0.96
0 96
0.76
0.76
0.50
1,632.00
1,632.50
0.60
3,313.10
3,313.70
0.50
0.50
915.00
915.00
24000
240.00
546.00
150.00
696.00
101.00
464.00
565.00
75.00
75.00
80.00
80.00
200.00
200.00
0.12
618.03
618.15
098
5,460.82
5,461.80
599.82
1,036.38
1.636.20
0.23
2,235.00
2,235.23
300.00
300.00
500.00
500.00
0.80
0.80
6.57
6.57
1.39
1.39
0.41
303.57
303.98
42.12
42.12
0.40
129.60
130.00
0.07
0.07
380,18
380.18
0.65
0.65
0.36
036
200.00
200.00
4,922.26 $
15,814.50 $
20,736.76 $
A
$
4,922.26
15,814.50
20,736.76
"A·12'
CASH
PAID OR
BALANCE
OVER·
CASH
ADJUSTMENTS
CHARGED
LAPSED
EXPENDED
$
$
$
0.73
0.56
0.60
0.10
69.23
0.84
5.20
0.54
92 00
28550
0.68
311.00
200.00
232.00
42.35
(42.35)
0.80
80.00
BO.DO
80.00
346.40
(346.40)
0.06
30.00
30 00
29.04
0.76
434.00
434.00
1,198.50
1,506.10
1,506.10
1,807.60
0.50
325.50
325.50
589.50
60.00
60 00
180.00
696.00
565.00
75.00
80.00
200.00
618.03
618 03
0.12
1,760.00
1,760.00
1,760.00
5,460.82
5,460.82
0.98
2.072.76
2,072.76
436.56
4,164.42
4,164.42
1,929.19
300.00
200.00
200.00
300.00
0.80
1,020.26
1,020.26
1,013.69
15.35
15.35
13.96
303.57
303.57
0.41
238.75
238.75
196.63
129.60
129.60
0.40
0.07
380.18
0.65
0.36
200.00
18,807.91 $
(388.75) $
18,419.16 $
7,776.67 $
5,459.07
A-4
A-1
A-6
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF COUNTY TAXES PAYABLE
REF.
Balance, December 31, 2012
A
$
504.33
2013 Tax Levy:
County Taxes
A-1 :A-7
$
282,059.88
County Open Space
A-1 :A-7
28,069.82
County Library
A-1 :A-7
28,202.49
338,332.19
$
338,836.52
Decreased by:
Cash Disbursements
A-4
$
338,836.52
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF LOCAL DISTRICT SCHOOL TAX
REF.
Increased by:
Levy
A-1 :A-7
$
657,774.00
Decreased by:
Cash Disbursements
A-4
$
657,774.00
SCHEDULE OF REGIONAL HIGH SCHOOL TAX
Increased by:
Levy
A-1 :A-7
$
647,857.00
Decreased by:
Cash Disbursements
A-4
$
647,857.00
=======
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF PREPAID TAXES
REF.
Balance, December 31, 2012 (2013 Taxes)
A
$
1,432.27
Increased by:
Collection of 2014 Taxes
A-5
12,332.54
$
13,764.81
Decreased by:
Application to 2013 Taxes Receivable
A-7
1,432.27
Balance, December 31, 2013 (2014 Taxes)
A
$
12,332.54
"A-17"
SCHEDULE OF TAX OVERPAYMENTS
Balance, December 31, 2012
A
$
18,510.58
Increased by:
Cash Receipts
A-5
2,607.25
$
21,117.83
Decreased by:
Cash Disbursements
A-4
$
970.88
Applied
A-7
1,641.64
Canceled
A-1
27.16
2,639.68
Balance, December 31, 2013
A
$
18,478.15
Clean Communities Program
Recycling Tonnage Grant
BOROUGH OF STOCKTON
GRANT FUND
SCHEDULE OF GRANTS RECEIVABLE
ACCRUED
2013
BUDGET
$
4,000.00
537.34
$
4,537.34
REF.
A-2
UNAPPROPRIATED
APPLIED
$
4,000.00
537.34
$
4,537.34
A-11
Clean Communities Program
Recycling Tonnage Grant
REF.
BOROUGH OF STOCKTON
GRANT FUND
SCHEDULE OF RESERVE FOR GRANTS APPROPRIATED
BALANCE
2013
DECEMBER
BUDGET
31, 2012
APPROPRIATIONS
$
4,000.00
$
4,000.00
129.94
537.34
--
$
4,129.94
$
4,537.34
A
A-3
"A-19"
BALANCE
CASH
DECEMBER
DISBURSEMENTS
31,2013
$
89.46
$
7,910.54
667.28
$
89.46
$
8,577.82
A-4
A
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF RESERVE FOR MISCELLANEOUS RESERVES
CASH
CASH
RECEIPTS
DISBURSEMENTS
Outside Liens
$
77, 169.50 $
77, 169.50
$
77,169.50 $
77, 169.50
REF.
A-5
A-4
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF ENCUMBRANCES PAYABLE
REF.
Balance, December 31, 2012
A
$
15,814.50
Increased by:
Charges to Appropriations
A-3
21,988.47
$
37,802.97
Decreased by:
Transferred to Appropriation Reserves
A-12
15,814.50
Balance, December 31, 2013
A
$
21,988.47
SCHEDULE OF DUE CURRENT FUND - GRANT FUND
Balance, December 31, 2012
A
$
8,667.28
Increased by:
Cash Disbursements
A-4:A-10
4,408.11
$
13,075.39
Decreased by:
Cash Receipts
A-4:A-10
89.46
Ba~nce, December31,2013
A
$
12,985.93
BOROUGH OF STOCKTON
TRUST FUND
SCHEDULE OF CASH-TREASURER
REF.
ANIMAL CONTROL
TRUST OTHER
Balance, December 31, 2012
B
$
1,827.68
$
27,351.79
Increased by Receipts:
Dog License Fees
B-2
$
982.60
$
Due from State of New Jersey
B-3
80.40
Various Reserves and Deposits
B-4
194,359.62
Due Current Fund
B-5
0.24
1,063.24
194,359.62
$
2,890.92
$
221,711.41
Decreased by Disbursements:
Expenditures under R.S.4:19-15.11
B-2
$
544.00
$
Due from State of New Jersey
B-3
80.40
Various Reserves and Deposits
B-4
192,246.55
624.40
192,246.55
Balance, December 31, 2013
B
$
2 266.52
$
29 464.86
BOROUGH OF STOCKTON
TRUST FUND
SCHEDULE OF RESERVE FOR ANIMAL CONTROL TRUST FUND EXPENDITURES
Balance, December 31, 2012
Increased by:
Animal Control Fees Collected
Decreased by:
Expenditures under R.S.4: 19-15.11:
Cash Disbursements
Balance, December 31, 2013
B
B-1
B-1
B
LICENSE FEES COLLECTED
YEAR
AMOUNT
2012
2011
$
1,099.00
947.60
$
2,046.60
SCHEDULE OF DUE STATE OF NEW JERSEY -
ANIMAL CONTROL FUND
Balance, December 31, 2012
B
Increased by:
Cash Receipts
B-1
Decreased by:
Cash Disbursements
B-1
Balance, December 31, 2013
B
$
1,589.80
982.60
$
2,572.40
544.00
$
2,028.40
======
$
44.60
80.40
$
125.00
80.40
$
44.60
BOROUGH OF STOCKTON
TRUST FUND
SCHEDULE OF VARIOUS RESERVES AND DEPOSITS
BALANCE
BALANCE
DECEMBER
CASH
DECEMBER
31,2012
RECEIPTS
EXPENDED
31,2013
State Unemployment Insurance
$
14,277.93 $
271 .95 $
34.50 $
14,515.38
Stockton Park Auxiliary
906.64
906.64
Payroll Agency
3,468.24
164,725.67
165,796.05
2,397.86
Planning Board Escrow
4,463.79
29,362.00
26,416.00
7,409.79
$
23 116.60 $
194 359.62 $
192 246.55 $
25,229.67
REF.
B
B-1
B-1
B
BOROUGH OF STOCKTON
TRUST FUND
SCHEDULE OF DUE CURRENT FUND
TRUST
ANIMAL
REF.
TOTAL
OTHER
CONTROL
Balance, December 31, 2012:
Due to
B
$
4,428.47 $
4,235.19 $
193.28
Increased by:
Cash Receipts
B-1
0.24
0.24
Balance, December 31, 2013:
Due to
B
$
4,428.71
$
4,235.19 $
193.52
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF CASH - TREASURER
REF.
Balance, December 31, 2012
c
$
625,398.94
Increased by Receipts:
Budget Appropriations:
Capital Improvement Fund
C-9
$
18,000.00
Deferred Unfunded
123,750.00
lnterfunds
C-10
179,041.96
Bond Anticipation Notes
C-8
317,894.00
Refund of Improvement Authorizations
C-7
150.00
$
638,835.96
1,264,234.90
Decreased by Disbursements:
Bond Anticipation Notes
C-8
$
317,894.74
Fund Balance
C-1
25,000.00
Contracts Payable
C-15
251,819.43
Miscellaneous Deposits
C-4
1,880.00
lnterfunds
C-10
316,405.94
913,000.11
Balance, December 31, 2013
c
$
351,234.79
Capital Improvement Fund
Contracts Payable
Grants Receivable
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
ANALYSIS OF CASH
Improvement Authorizations Expended as set forth on "C-5"
lnterfunds Receivable
lnterfunds Payable
Miscellaneous Reserves
Capital Fund Balance
Unexpended Proceeds of Bond Anticipation Notes Issued as set forth on "C-5"
$
$
REF.
BALANCE
DECEMBER
31. 2013
148,007.95
27,286.89
(13,536.67)
(249,080.38)
(25,569.34)
11,226.10
200,581.88
107,267.01
145,051.35
351 234.79
C-2
"C-4"
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF RESERVE FOR MISCELLANEOUS DEPOSITS
BALANCE
BALANCE
DECEMBER
CASH
DECEMBER
31, 2012
DISBURSEMENTS
fil., 2013
Purchase of Recreation Equipment
$
2,215.00 $
$
2,215.00
Debt SeNice
2,975.00
2,975.00
State Aid
35,000.00
35,000.00
Purchase of Fire Equipment
21,500.00
21,500.00
Purchase of OEM Equipment
817.00
817.00
Purchase of Public Safety Equipment
10,000.00
1,063.00
8,937.00
Master Plan Revisions
5,486.00
5,486.00
Prallsville Road lmprovments
200.00
200.00
N.J. DOT - Prallsville Road Improvements
124,268.88
124,268.88
$
202,461.88 $
1,880.00 $
200,581.88
REF.
c
C-2
c
ORDINANCE
NUMBER
2005-06
2010-02
2011-01
2012-08
"C-5"
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - UNFUNDED
IMPROVEMENT DESCRIPTION
Reconstruction of Mill Street
Improvements to Woolverton Road
Improvements to Old Prallsville Road
Road and Drainage Improvements - Wilson Drive
Improvement Authorizations-Unfunded
Less: Unexpended Proceeds of Bond
Anticipation Notes - 2010-02
REF.
C-7
C-3
$
$
BALANCE
DECEMBER
31,2013
104,798.06 $
37,894.74
280,000.00
301,250.00
723 942.80 $
c
ANALYSIS OF BALANCE, DECEMBER 31, 2013
BOND
UNEXPENDED
ANTICIPATION
IMPROVEMENT
NOTES
EXPENDITURES
AUTHORIZATIONS
$
104, 798.06 $
37,894.00
0.74
280,000.00
144,282.32
156,967.68
317 894.00 $
249 080.38 $
156 968.42
C-8
C-3
$
302,019.77
145,051.35
$
156,968.42
Balance, December 31, 2012 and
December 31, 2013
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF GRANTS RECEIVABLE
c
$
13,536.67
=======
ORDINANCE
NUMBER
2010-02
2011-01
2012-08
2013-02
IMPROVEMENT DESCRIPTION
General Improvements:
Woolverton Road
Old Prallsville Road
Road and Drainage Improvements - Wilson Drive
Codification of Land Use Ordinances
Capital Improvement Fund
Contracts Payable
Less: Refunds
DATE
02/08/10
04/11/11
12/10/12
07/08/13
"C-7"
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
ORDINANCE
AMOUNT
$
140,000.00
280,000.00
425,000.00
10,000.00
REF.
C-9
C-5
C-2
$
$
BALANCE
DECEMBER 31, 2012
2013
PAID OR
FUNDED
UNFUNDED
AUTHORIZATIONS
CHARGED
$
3,342.47 $
143,503.62
412,561.00
$
10,000.00
1,794.00 $
255,593.32
10,000.00
BALANCE
DECEMBER 31, 2013
FUNDED
UNFUNDED
$
1,548.47
143,503.62
156,967.68
$
559,407.09
$
10,000.00
$
267,387.32
$
$
302,019.77
====
( ;
C:C-3
C:C-5
__
10_,000.00
$
10,000.00
$
$
267,537.32
150.00
267,387.32
DATE OF
ISSUE OF
ORIGINAL
ORDINANCE
IMPROVEMENT DESCRIPTION
NOTE
2010-02
Improvements to Woolverton Street
09/23/10
2011-01
Improvements to Old Prallsville Road
09/21/12
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF BOND ANTICIPATION NOTES
DATE OF
ISSUE
09/22/12
9/20/13
09/21/12
9/20/13
DATE OF
INTEREST
MATURITY
09/20/13
9/19/14
09/20/13
9/19/14
Disbursement
Paid by Budget
RATE
2.72%
1.08%
2.72%
1.80%
BALANCE
DECEMBER
31,2012
$
40,000.00 $
280,000.00
$
320,000.00 $
REF.
c
C-2
INCREASED
DECREASED
$
40,000.00 $
37,894.00
280,000.00
280,000.00
317 894.00 $
320 000.00 $
C-2
C-2
317,894.74
_;105.26
320,000.00
"C-8"
BALANCE
DECEMBER
31,2013
37,894.00
280,000.00
317,894.00
C:C-5
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
REF.
Balance, December 31, 2012
c
$
140,007.95
Increased by:
2013 Budget Appropriation
C-2
18,000.00
$
158,007.95
Decreased by:
Appropriation to Finance
Improvement Authorizations
C-7
10,000.00
Balance, December 31, 2013
c
$
148 007.95
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF INTERFUNDS
WATER
CURRENT
CAPITAL
REF.
TOTAL
FUND
FUND
Balance, December 31, 2012:
Due from
c
$
29, 149.30 $
29, 149.30 $
Due to
c
152, 170.04
152, 170.04
Receipts
C-2
179,041.96
4,041.96
175,000.00
Disbursements
C-2
316,405.94
462.00
315,943.94
Balance, December31, 2013:
Due from
c
$
25,569.34 $
25,569.34 $
Due to
c
11,226.10
11,226.10
Balance, December 31, 2012
Decreased by:
Bonds Paid by Budget
Loans Paid by Budget
Canceled
Balance, December31, 2013
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHARGES
TO FUTURE TAXATION FUNDED
REF.
c
C-13
$
C-12
C-13
c
$
599,455.60
31,371.61
9,746.19
82,251.00
123,368.80
$
476,086.80
"C-12"
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF GREEN TRUST LOANS PAYABLE
DATE OF
AMOUNT OF
OUTSTANDING
BALANCE
BALANCE
ORIGINAL
ORIGINAL
DECEMBER 31, 2013
INTEREST
DECEMBER
DECEMBER
IMPROVEMENT DESCRIPTION
ISSUE
ISSUE
DATE
AMOUNT
RATE
31, 2012
DECREASED
31,2013
Open Space Acquisition
01/07/05
$
200,000.00
2014
9,942.08
2015
10,141.92
2016
10,345.77
2017
10,553.72
2018
10,765.86
2019
10,982.24
2020
11,202.99
2021
11,428.17
2022
11,657.88
2023
11,892.20
2024
12,131.23
2025
6,156.74
2.00%
$
136,946.99 $
9,746.19 $
127,200.80
REF.
c
C-11
c
IMPROVEMENT DESCRIPTION
Mill Street
Mill Street
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST LOANS PAYABLE
DATE OF
ORIGINAL
ISSUE
11 /09/06
11/09/06
$
AMOUNT OF
ORIGINAL
ISSUE
300,000.00
282,975.00
OUTSTANDING
DECEMBER 31, 2013
DATE
AMOUNT
08/01/14-16
$
15,000.00
08/01 /17-19
15,000.00
08/01/20
20,000.00
08/01/21-22
20,000.00
08/01/23
20,000.00
08/01/24
20,000.00
08/01/25
20,000.00
08/01/26
25,000.00
2014
15,899.59
2015
15,427.55
2016
14,955.52
2017
14,48349
2018
14, 105.87
2019
13,728.23
2020
16,49749
2021
8,788.26
Loans Paid by Budget
Canceled
INTEREST
RATE
5.000%
$
4.000%
4.000%
4.125%
4.250%
5.000%
4.250%
4.250%
REF.
C-11
"C-13"
BALANCE
BALANCE
DECEMBER
DECEMBER
31,2012
DECREASED
31 2013
$
$
250,000.00
15,000.00
235,000.00
212,508.61
98,622.61
~88600
$
462,508.61
$
113,622.61 $
348,886.00
c
C-11
c
31,371.61
82,251.00
113,622.61
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF NEW JERSEY ENVIRONMENTAL TRUST LOANS RECEIVABLE
Balance, December 31, 2012
c
$
104,798.06
Decreased by:
Canceled
$
104,798.06
======
SCHEDULE OF CONTRACTS PAYABLE
Balance, December 31, 2012
c
$
11,569.00
Increased by:
Charges to Improvement Authorizations
C-7
267,537.32
$
279, 106.32
Decreased by:
Cash Disbursements
C-2
251,819.43
Balance, December 31, 2013
c
$
27,286.89
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
ORDINANCE
NUMBER
2005-06
2010-02
2012-08
IMPROVEMENT DESCRIPTION
Reconstruction of Mill Street
Improvements to Woolverton Street
Road and Drainage Improvements - Wilson Drive
$
BALANCE
DECEMBER
31, 2013
104,798.06
0.74
301,250.00
$
406,048.80
Balance, December 31, 2012
Increased by Receipts:
Capital Improvement Fund
Collections
lnterfunds
Bond Anticipation Notes
Miscellaneous Revenue Not Anticipated
Decreased by Disbursements:
2013 Appropriations
2012 Appropriation Reserves
Improvement Authorizations
Bond Anticipation Notes
lnterfunds
Balance, December 31, 2013
BOROUGH OF STOCKTON
WATER UTILITY FUND
SCHEDULE OF CASH - TREASURER
FOR THE YEAR ENDED DECEMBER 31, 2013
REF.
OPERATING
D
$
52,442.77
D-14
$
D-6
83,916.30
D-15:0-16
146,638.16
D-17
D-2
1,751.21
232,305.67
$
284,748.44
D-3
$
67,620.91
D-9
6,145.26
D-10
D-17
D-15:D-16
4,514.14
78,280.31
D
$
206,468.13
"D-4"
CAPITAL
$
$
4,500.00
143,943.94
175,000.00
323,443.94
$
323,443.94
$
3,000.00
175,000.00
145,443.94
323,443.94
$
BOROUGH OF STOCKTON
WATER UTILITY OPERATING FUND
SCHEDULE OF ENCUMBRANCES PAYABLE
REF.
Balance, December 31, 2012
D
$
765.43
Increased by:
Transferred from Budget
D-3
2,215.32
$
2,980.75
Decreased by:
Transferred to Appropriation Reserves
D-9
765.43
Balance, December 31, 2013
D
$
2,215.32
BOROUGH OF STOCKTON
WATER UTILITY OPERATING FUND
SCHEDULE OF CONSUMER ACCOUNTS RECEIVABLE
Balance, December 31, 2012
D
$
3,627.02
Increased by:
Water Rents Levied - Net
83,073.80
$
86,700.82
Decreased by:
Collection
D-2:D-4
83,916.30
Balance, December 31, 2013
D
$ ===2=, 7=8=4=.5=2
SCHEDULE OF ACCRUED INTEREST ON BONDS. NOTES AND LOANS
Increased by:
Charges to Budget Appropriations
D-3
$
1,440.00
--------
Balance, December 31, 2013
D
$
1,440.00
======
"D-8"
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED
BALANCE
BALANCE
ORDINANCE
ORDINANCE
DECEMBER
DECEMBER
NUMBER
IMPROVEMENT DESCRIPTION
DATE
AMOUNT
31, 2012
31, 2013
General Improvements:
2006-21
Purchase and Installation of Equipment
12/01/06
10,000.00
10,000.00
10,000.00
2007-11
Purchase and Installation of Equipment
10/29/07
10,000.00
10,000.00
10,000.00
2008-11
Acquisition and Installation of Capital Equipment
11/10/08
20,000.00
20,000.00
20,000.00
2011-05
Acquisition and Installation of Capital Equipment
11/14/11
15,000.00
15,000.00
15,000.00
2012-04
Pump Station Repairs
03/12/12
175,000.00
175,000.00
175,000.00
$
230,000.00 $
230,000.00
REF.
D
D
"D-9"
BOROUGH OF STOCKTON
WATER UTILITY OPERATING FUND
SCHEDULE OF 2012 APPROPRIATION RESERVES
BALANCE
BALANCE
DECEMBER
AFTER
PAID OR
BALANCE
31, 2012
ENCUMBRANCES
TRANSFERS
CASH
REFUNDS
CHARGED
LAPSED
Operating:
Salaries and Wages
$
7,899.96 $
$
7,899.96 $
$
$
$
7,899.96
Other Expenses
16,317.24
765.43
17,082.67
6,145.26
6,145.26
10,937.41
Contributions to:
Social Security System (OAS.I.)
509.50
509.50
509.50
$
24,726.70 $
765.43 $
25,492. 13
6, 145.26
$
6,145.26 $
19,346.87
REF.
D
D-4
D-1
Balance, December 31, 2012
D-9
$
24,726.70 $
Encumbrances Payable
D-5
765.43
$
25,492.13
ORDINANCE
NUMBER
2006-21
2007-11
2008-11
2011-05
2012-04
IMPROVEMENT DESCRIPTION
General Improvements:
Purchase and Installation of Equipment
Purchase and Installation of Equipment
Acquisition and Installation of Capital Equipment
Acquisition and Installation of Capital Equipment
Pump Station Repairs
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS.
ORDINANCE
DATE
AMOUNT
12/01/06
10,000.00
10/29/07
10,000.00
11/10/08
20,000.00
11/14/11
15,000.00
03/12/12
175,000.00
REF
$
BALANCE
DECEMBER 31, 2012
FUNDED
UNFUNDED
4,125.00
4,872.30
17,745.00
15,000.00
11,226.10
23,997.30 $
28,971.10
D
D
$
PAID OR
CHARGED
3,000.00
3,000.00 $
0-4
'.:Q:l.Q'.'.
BALANCE
DECEMBER 31, 2013
FUNDED
UNFUNDED
1,125.00
4,872.30
17,745.00
15,000.00
11,226.10
20,997.30 $ -
28,971.10
D
D
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
SCHEDULE OF RESERVE FOR DEFERRED AMORTIZATION
IMPROVEMENT DESCRIPTION
General Improvements:
Ord. 2006-21 Purchase and Installation of Equipment
Ord. 2007-11 Purchase and Installation of Equipment
Ord. 2011-05 Purchase and Installation of Equipment
REF.
DATE OF
ORDINANCE
12/01 /06
10/29/07
11/14/11
$
BALANCE
DECEMBER
31, 2012
10,000.00
10,000.00
15,000.00
"D-11"
BALANCE
DECEMBER
31,2013
10,000.00
10,000.00
15,000.00
35,000.00 $
35,000.00
D
D
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
REF.
Balance, December 31, 2012
D
Increased by:
2013 Budget Appropriation
D-4
Balance, December 31, 2013
D
SCHEDULE OF RESERVE FOR AMORTIZATION
Balance, December 31, 2012 and
December 31, 2013
D
$
15,483.07
4,500.00
$
19,983.07
$
402,376.93
======
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL
BALANCE
BALANCE
DECEMBER
DECEMBER
ACCOUNT
31,2012
31, 2013
Unallocated Balance of 1938 and Prior
$
7,523.00 $
7,523.00
Fire Hydrants
15, 167.00
15, 167.00
Pumping Equipment
32,948.00
32,948.00
Spring and Wells
3,998.00
3,998.00
Storage Tanks
12,574.00
12,574.00
Distribution Mains and Accessories
27,136.00
27,136.00
Purification System
1,766.00
1,766.00
General Equipment
8,915.00
8,915.00
General Construction Expenditures
3,674.00
3,674.00
Meters
1, 145.00
1,145.00
Generator
10,843.00
10,843.00
Thermal Coil Meter Pits
1,781.00
1,781.00
Touch Reader
400.00
400.00
Painting of Various Buildings
1,455.00
1,455.00
Roof Replacements
1,050.00
1,050.00
Purchase and Installation of Water Meters (Ord. 11/12/73)
13,877.00
13,877.00
Repairs and Construction of a Cover for the Reservoir of
the Water System (Ord 11/12/73)
10, 100.00
10, 100.00
Improvement to the Water Supply System (12/11/74)
2,283.00
2,283.00
Construction of a Water Main Extension (Ord. 04/28/86)
49,650.00
49,650.00
Water Line on Route 523 and Broad Street
35,048.00
35,048.00
Water Tower Pipe Extension
1,185.00
1,185.00
Water Tank Painting
2,227.00
2,227.00
Replacement of Water Line on Ferry Street
56,000.00
56,000.00
Water Line Construction
4,630.00
4,630.00
Water Main Construction on Mill Street
1,390.00
1,390.00
Water Tank Renovations
1, 152.00
1,152.00
Well House Renovations
2,423.00
2,423.00
Capital Outlay
11,575.00
11,575.00
Construction of New Water Services on Broad and Bridge Street
10,163.00
10,163.00
Painting of the Water Tank
57,035.00
57,035.00
Authorizing New Services on Railroad Avenue and Main Street
6,500.00
6,500.00
Preparation of EPA Application
6,763.93
6,763.93
$
402,376.93 $
402,376.93
REF.
D
D
"D-15"
BOROUGH OF STOCKTON
WATER UTILITY OPERATING FUND
SCHEDULE OF INTERFUNDS
SEWER
WATER
CURRENT
OPERATING
CAPITAL
REF.
TOTAL
FUND
FUND
FUND
Balance, December 31, 2012:
Due from
D
$
88,718.57 $
$
$
88,718.57
Due to
D
2,116.14
2,116.14
Increased by:
Cash Receipts
D-4
146,638.16
1,194.22
145,443.94
Decreased by:
Cash Disbursements
D-4
4,514.14
1,440.00
74.14
3,000.00
Balance, December 31, 2013:
Due from
D
$
1,440.00 $
1,440.00 $
$
Due to
D
56,961.59
3,236.22
53,725.37
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
SCHEDULE OF INTERFUNDS
GENERAL
WATER
CAPITAL
OPERATING
REF.
TOTAL
FUND
FUND
Balance, December 31, 2012:
Due from
D
$
152,170.04 $
152,170.04 $
Due to
D
88,718.57
88,718.57
Increased by:
Cash Receipts
D-4
143,943.94
140,943.94
3,000.00
Decreased by:
Cash Disbursements
D-4
145,443.94
145,443.94
Balance, December 31, 2013:
Due from
D
$
64,951.47 $
11,226.10 $
53,725.37
"D-17"
BOROUGH OF STOCKTON
WATER CAPITAL FUND
SCHEDULE OF BOND ANTICIPATION NOTES
DATE OF
ISSUE OF
BALANCE
BALANCE
ORIGINAL
DATE OF
DATE OF
INTEREST
DECEMBER
DECEMBER
ORDINANCE
IMPROVEMENT DESCRIPTION
NOTE
ISSUE
MATURITY
RATE
31 2012
INCREASED
DECREASED
31, 2013
2012-04
Pump Station Repairs
09/21/12
09/21/12
09/20/13
2.72%
$
175,000.00 $
$
175,000.00 $
09/21/12
09/20/13
09/19/14
1.08%
175,000.00
175,000.00
$
175,000.00 $
175,000.00 $
175,000.00 $
175,000.00
REF.
D
D-4
D-4
D
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
SCHEDULE OF RESERVE FOR MISCELLANEOUS DEPOSITS - CAPITAL OUTLAY
CAPITAL OUTLAY
$
$
BALANCE
DECEMBER
31,2012
BALANCE
DECEMBER
31, 2013
15,000.00 $
15,000.00
-----'----
15,000.00 $
15,000.00
=======
D
D
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
IMPROVEMENT DESCRIPTION
Acquisition and Installation of Capital Equipment
BALANCE
DECEMBER
31, 2013
$
20,000.00
-----'---
$
20,000.00
Operating:
Salaries and Wages
Other Expenses
Total Operating
Capital Improvements:
Capital Improvement Fund
Capital Outlay
Total Capital Improvements
Debt Service:
Payment of Bond Principal
Interest on Bonds
New Jersey Environmental Infrastructure Loan:
Payment of Bond Principal
Interest on Bonds
Total Debt Service
Deferred Charges and Statutory Expenditures:
Social Security System (O.A.S.1.)
Total Statutory Expenditures
Cash Disbursements
Accounts Payable
Accrued Interest
BOROUGH OF STOCKTON
SEWER UTILITY OPERATING FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2013
APPROPRIATIONS
EXPENDED
BUDGET AFTER
PAID OR
BUDGET
MODIFICATION
CHARGED
RESERVED
$
17,500.00 $
17,500.00 $
17,571.04 $
$
94,000.00
92,763.00
87, 183.41
5,579.59
$
111,500.00 $
110,263.00 $
104,754.45 $
5,579.59 $
$
17,022.00 $
17,022.00 $
17,022.00 $
$
18,000.00
18,000.00
18,000.00
$
35,022.00 $
35,022.00 $
17,022.00 $
18,000.00 $
$
25,000.00 $
25,000.00 $
24,891.14 $
$
10,000.00
11,237.00
10, 143.86
57,000.00
57,000.00
56,433.67
22,000.00
22,000.00
22,000.00
$
114,000.00 $
115,237.00 $
113,468.67 $
$
$
1,400.00 $
1,400.00 $
1,344.14 $
55.86 $
$
1,400.00 $
1,400.00 $
1,344.14 $
55.86 $
$
261,922.00 $
261,922.00 $
236,589.26 $
23,635.45 $
REF.
E-3
E-1
E:E-1
E-5
$
211,378.45
E-9
16,898.31
E-6
8,312.50
$
236,589.26
"E-4"
OVER-
CANCELLED
EXPENDED
71.04
$
71.04
$
108.86
1,093.14
566.33
1,768.33 $
$
$
1,768.33 $
71.04
E
Balance, December 31, 2012
Increased by Receipts:
Consumer Accounts Receivable
Miscellaneous
lnterfunds
N.J. Infrastructure Loan Receivable
Capital Improvement Fund
Decreased by Disbursements:
2013 Appropriations
2012 Appropriation Reserves
lnterfunds
Balance, December 31, 2013
BOROUGH OF STOCKTON
SEWER UTILITY FUND
SCHEDULE OF CASH - TREASURER
FOR THE YEAR ENDED DECEMBER 31 I 2013
REF.
OPERATING
E
$
281,142.17
E-7
$
274,419.89
E-3
3,536.67
E-8
33,459.65
E-11
E-12
311,416.21
$
592,558.38
E-4
$
211,378.45
E-10
13,294.57
E-8:E-14
9,283.40
233,956.42
E
$
358,601.96
"E-5"
CAPITAL
$
-0-
$
3,579.09
17,022.00
20,601.09
$
20,601.09
$
20,601.09
20,601.09
$
-0-
"E-6"
BOROUGH OF STOCKTON
SEWER UTILITY OPERATING FUND
SCHEDULE OF ACCRUED INTEREST
REF.
Balance, December 31, 2012
E
$
9,158.96
Increased by:
Charges to 2013 Budget
E-4
8,312.50
$
17,471.46
Decreased by:
Canceled
E-1
11,701.17
Balance, December 31, 2013
E
$
5,770.29
SCHEDULE OF CONSUMER ACCOUNTS RECEIVABLE
Balance, December 31, 2012
E
$
13,489.99
increased by:
Sewer Use Charges Levied - Net
276,971.44
$
290,461.43
Decreased by:
Collections
E-5
274,419.89
Balance, December 31, 2013
E
$
16,041.54
BOROUGH OF STOCKTON
SEWER UTILITY OPERATING FUND
SCHEDULE OF INTERFUNDS
SEWER
WATER
CURRENT
CAPITAL
OPERATING
REF.
TOTAL
FUND
FUND
FUND
Balance, December 31, 2012:
Due from
E
$
2,116.14 $
$
$
2,116.14
Due to
E
48,890.64
1,786.70
47,103.94
Receipts
E-5
33,459.65
12,784.42
20,601.09
74.14
Disbursements
E-5
9,283.40
8,089.18
1,194.22
Balance, December 31, 2013:
Due from
E
$
3,236.22 $
$
$
3,236.22
Due to
E
74,186.97
6,481.94
67,705.03
BOROUGH OF STOCKTON
SEWER UTILITY OPERATING FUND
SCHEDULE OF ENCUMBRANCES PAYABLE
Increased by:
Transfer from 2013 Appropriations
E-4
$
16,898.31
$
16,898.31
=========
Balance, December 31, 2013
E
BOROUGH OF STOCKTON
SEWER UTILITY OPERATING FUND
SCHEDULE OF 2012 APPROPRIATION RESERVES
BALANCE
DECEMBER
PAID OR
BALANCE
31.2012
CHARGED
LAPSED
Operating:
Salaries and Wages
$
7,885.32 $
$
7,885.32
Other Expenses
48,901.96
13,294.57
35,607.39
Capital Outlay
10,000.00
10,000.00
Social Security
641.55
641.55
$
67,428.83 $
13,294.57 $
54, 134.26
REF.
E
E-5
E-1
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE LOAN RECEIVABLE
REF.
Balance, December 31, 2012
E
$
34,061.39
Decreased by:
Cash Receipts
E-5
3,579.09
Balance, December 31, 2013
E
$
30,482.30
SCHEDULE OF CAPITAL IMPROVEMENT FUND
Balance, December 31, 2012
E
$
79,044.00
Increased by:
Cash Receipts
E-5
17,022.00
Balance, December 31, 2013
E
$
96,066.00
========
ORDINANCE
NUMBER
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED
ORDINANCE
IMPROVEMENT DESCRIPTION
DATE
AMOUNT
BALANCE
DECEMBER 31,
2012 AND 2013
2008-12
Acquisition and Installation of Capital Equipment
11/10/08
$
20,000.00 $
20,000.00
------
$ ===2=0=,o=o=o=.o=o
E
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF INTERFUNDS
SEWER
OPERATING
REF.
TOTAL
FUND
Balance, December 31, 2012:
Due from
E
$
47,103.94 $
47,103.94
Disbursements
E-5
20,601.09
20,601.09
Balance, December 31, 2013:
Due from
E
$
67,705.03 $
67,705.03
ORDINANCE
NUMBER
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
ORDINANCE
IMPROVEMENT DESCRIPTION
DATE
AMOUNT
2008-12
Acquisition and Installation of Capital Equipment
11/10/08
$
20,000.00 $ $
$ $
REF.
"E-15"
BALANCE
DECEMBER 31,
2012 AND 2013
FUNDED
UNFUNDED
$
20,000.00
------
$
20,000.00
=====
E
E
Miscellaneous Equipment
Improvement Authorizations:
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL
ACCOUNT
Construction of Sanitary Sewer System:
1974
1975
1977
1979
Safety Equipment
Engineering Studies
Pump Station Stairways and Landings
Chemical Tank
Comminutor
Repair and Improvements to the Wastewater
Collection System
REF.
BALANCE
DECEMBER 31,
2012 AND 2013
$
4,612.00
1,200,000.00
165,000.00
362,900.00
157,100.00
4,387.00
19,600.00
18,929.00
4,400.00
13,094.00
929,634.48
$
2,879,656.48
E
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF RESERVE FOR AMORTIZATION
Balance, December 31, 2012
E
$
2,318,014.74
Increased by:
Bonds Paid by Budget
E-19
$
24,891.14
Loans Paid by Budget
E-20
56,433.67
81,324.81
Balance, December 31, 2013
E
$
2,399,339.55
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF RESERVE FOR CAPITAL IMPROVEMENTS
Balance, December 31, 2012 and
December 31, 2013
E
$
3,000.00
=======
"E-19"
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF BONDS PAYABLE
DATE OF
AMOUNT OF
OUTSTANDING
BALANCE
BALANCE
ORIGINAL
ORIGINAL
DECEMBER 31, 2013
DECEMBER
DECEMBER
IMPROVEMENT DESCRIPTION
ISSUE
ISSUE
DATE
AMOUNT
31,2012
DECREASED
31,2013
Sewer Improvements
1979
$
591,000.00
12/02/14
$
26,135.70
12/02/15
27,442.48
12/02/16
28,814.61
12/02/17
30,255.34
12/02/18
31,768.10
12/02/19
33,569.82
$
202,877.19 $
24,891.14 $
177,986.05
REF.
E
E-17
E
"E-20"
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST LOAN PAYABLE
DATE OF
AMOUNT OF
OUTSTANDING
BALANCE
BALANCE
ORIGINAL
ORIGINAL
INTEREST
DECEMBER 31, 2013
DECEMBER
DECEMBER
IMPROVEMENT DESCRIPTION
ISSUE
ISSUE
RATE
DATE
AMOUNT
31, 2012
DECREASED
31, 2013
N.J. Environmental Infrastructure Trust Loan
10/15/00
$
495,000 00
5.00%
08/01/14
$
30,000.00
$
$
$
5.13%
08/01/15
30,000.00
5.13%
08/01/16
30,000.00
5.25%
08/01/17
35,000.00
5.25%
08/01/18
35,000.00
5.25%
08/01/19
35,000.00
5.25%
08/01/20
40,000.00
265,000.00
30,000.00
235,000.00
N.J. Environmental Infrastructure Fund Loan
10/15/00
488,624.00
0.00%
08/01/14
25,526.08
08/01/15
24,618.49
08/01/16
15,065.83
91,644.07
26,433.67
65,210.40
$
356,644.07
$
56,433.67
$
300,210.40
REF.
E
E-17
E
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
IMPROVEMENT DESCRIPTION
Repair and Improvement of the Wastewater Collection System
Acquisition and Installation of Capital Equipment
$
BALANCE
DECEMBER
31, 2013
2, 120.48
20,000.00
$
22,120.48
BOROUGH OF STOCKTON
PART II
INDEPENDENT AUDITOR'S 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
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
AND STATE FINANCIAL ASSISTANCE
NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL
AWARDS AND STATE FINANCIAL ASSISTANCE
SuPLEE, CLOONEY & CoMPANY
CERTIFIED PUBLIC ACCOUNTANTS
308 East Broad Street, Westfield, New Jersey 07090-2122
Telephone 908-789-9300
Fax 908-789-8535
E-mail info@scnco.com
INDEPENDENT AUDITOR'S 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 Stockton
County of Hunterdon
Stockton, New Jersey 08559
We have audited, in accordance with the auditing standards generally accepted in the
United States of America, the audit requirements prescribed by the Division of Local
Government Services, Department of Community Affairs, State of New Jersey and the
standards applicable to financial audits contained in Government Auditing Standards issued by
the Comptroller General of the United States, the regulatory financial statements of the various
individual funds and the account group of the Borough of Stockton, as of and for the year ended
December 31, 2013, and the related notes to the financial statements, which collectively
comprise the Borough's regulatory financial statements, and have issued our report thereon
dated July _, 2014.
Our report disclosed that, as described in Note 1 to the financial
statements, the Borough of Stockton prepares its financial statements on a basis of accounting
prescribed by the Division of Local Government Services, Department of Community Affairs,
State of New Jersey, that demonstrates compliance with a modified accrual basis and the
budget laws of the State of New Jersey, which is a comprehensive basis of accounting other
than U.S. generally accepted accounting principles.
Internal Control Over Financial Reporting
In planning and performing our audit of the regulatory financial statements, we
considered the Borough's 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 Borough's internal control.
23
SuPLEE, CLOONEY & CoMPANY
A deficiency in internal control exists when the design or operation of a control does not
allow management or employees, in the normal course of performing their assigned functions,
to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a
deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable
possibility that a material misstatement of the Borough of Stockton'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.
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. However,
we noted certain immaterial matters involving internal control that we have reported to the
Borough of Stockton in the General Comments and Recommendations Section of the audit
report.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Borough's financial
statements are free from material misstatement, we performed tests of its compliance with
certain provisions of laws, regulations, contracts, and grant agreements, 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 or other matters that are required to be reported
under Government Auditing Standards.
However, there were immaterial instances of
noncompliance which are discussed in Part 111, General Comments and Recommendations
Section of the audit report.
Purpose of This Report
The purpose of this report is solely to describe the scope of our testing of internal control
and compliance and the results of that testing, and not to provide an opinion on the
effectiveness of the Borough of Stockton's internal control or on compliance. This report is an
integral part of an audit performed in accordance with Government Auditing Standards in
considering the Borough of Stockton's internal control and compliance. Accordingly, this
communication is not suitable for any other purpose.
CERTIFIED PUBLIC ACCOUNTANTS
REGISTERED MUNICIPAL ACCOUNTANT NO. 50
July_, 2014
24
N
()1
FEDERAL GRANTOR/PASS THROUGH
GRANTOR/PROGRAM TITLE
Department of Homeland Security
Public Assistance for Presidentially Declared
Disasters - Passed Through the New Jersey Office
of Emergency Management
FEDERAL
CFDA
NUMBER
97.036
BOROUGH OF STOCKTON
SCHEDULE OF EXPENDITURES OF FEDERAL FINANCIAL AWARDS
YEAR ENDED DECEMBER 31 2013
STATE
ACCOUNT
NUMBER
GRANT PERIOD
FROM
TO
GRANT
AWARD
AMOUNT
NIA
01/01/13
12/31/13
$
4,795.24 $
$
2013
FUNDS
RECEIVED
4,795.24 $
4,795.24
$
2013
EXPENDITURES
4,795.24 $
SCHEDULE 1
CUMULATIVE
EXPENDITURES
DECEMBER
31 2013
4,795.24
4,795.24
$
4,795.24
N
0)
STATE GRANTOR/PROGRAM TITLE
Department of Environmental Protection
Clean Communities Program
Clean Communities Program
Clean Communities Program
Recycling Tonnage Grant
Recycling Tonnage Grant
Recycling Tonnage Grant
Total
Department of Transportation
Improvements to Wilson Drive
Improvements to Old Prallsville Road
GRAND TOTAL
BOROUGH OF STOCKTON
SCHEDULE OF EXPENDITURES OF STATE FINANCIAL AWARDS
YEAR ENDED DECEMBER 31. 2013
STATE ACCOUNT NUMBER
4900-765-042-4900-004-V42Y-6020
4900-765-042-4 900-004-V 42Y-6020
4900-765-042-4900-004-V42Y-6020
4900-752-042-4900-001-V42Y-6020
4900-752-042-4900-001-V42Y-6020
4900-7 52-042-4900-001-V42Y-6020
11-480-078-6320-001-AK3-6010
GRANT PERIOD
FROM
TO
Continuous
Continuous
Unappropriated
Unappropriated
Continuous
Continuous
Continuous
Continuous
$
GRANT
AWARD
AMOUNT
4,000.00 $
4,000.00
4,000.00
408.11
537.34
129.94
$
165,000.00 $
155,937.00
$
$
SCHEDULE 2
CUMULATIVE
2013
EXPENDITURES
FUNDS
2013
DECEMBER
RECEIVED
EXPENDITURES
31 2013
$
89.46 $
89.46
4,000.00
408.11
4,408.11 $
89.46 $
89.46
123,750.00 $
123,750.00 $
123,750.00
124,268.88
123,750.00 $
123,750.00 $
248,018.88
128,158.11 $
123,839.46 $
248,108.34
BOROUGH OF STOCKTON
NOTES TO THE SCHEDULE OF EXPENDITURES OF
FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE
YEAR ENDED DECEMBER 31, 2013
NOTE 1. GENERAL
The accompanying schedules of expenditures of federal awards and state financial assistance
presents the activity of all federal and state financial award programs of the Borough of
Stockton, County of Hunterdon, New Jersey. All federal and state financial awards received
directly from state agencies, as well as federal financial awards passed through other
government agencies, is included on the Schedules of Expenditures of Federal Awards and
State Financial Assistance.
NOTE 2. BASIS OF ACCOUNTING
The accompanying schedules of expenditures of federal awards and state financial assistance
is presented on the prescribed basis of accounting, modified accrual basis with certain
exceptions, prescribed by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey, that demonstrates compliance with the budget laws of
New Jersey, which is a comprehensive basis of accounting, other then generally accepted
accounting principles. The basis of accounting, with exception, is described in Note 1 to the
Borough's financial statements - regulatory basis.
NOTE 3. RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
Amounts reported in the accompanying schedules agree with the amounts reported in the
related state financial reports.
NOTE 4. RELATIONSHIP TO FINANCIAL STATEMENTS - REGULATORY BASIS
Amounts reported in the accompanying schedules
agree with amounts reported in the
Borough's regulatory basis financial statements. These amounts are reported in the Current
Fund, Grant Fund, General Capital Fund or Trust Other Fund. Reconciliations of revenues and
expenses are presented on the following page.
27
NOTE 4. RELATIONSHIP TO FINANCIAL STATEMENTS - REGULATORY BASIS (CONTINUED)
Revenues:
State
Federal
Total
Grant Fund
$
4,408.11
$
$
4,408.11
General Capital Fund
123,750.00
4,795.24
128,545.24
$
128, 158.11
$
4,795.24
$
132,953.35
Expenditures:
State
Federal
Total
Current Fund
$
89.46
$
$
General Capital Fund
123,750.00
4,795.24
128,545.24
$
123,839.46
$
4,795.24
$
128,545.24
NOTE 5. OTHER
Matching contributions expended by the Borough in accordance with terms of the various grants
are not reported in the accompanying schedule.
28
GENERAL COMMENTS AND RECOMMENDATIONS
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGE IN FUND BALANCE - CURRENT FUND
YEAR 2013
YEAR 2012
AMOUNT
%
AMOUNT
%
REVENUE AND OTHER INCOME REALIZED
Fund Balance Utilized
$
163,000.00
7.10% $
124,084.67
5.37%
Miscellaneous-from other than Local Property
Tax Levies
162,078.56
7.06%
228,895.09
9.91%
Collection of Delinquent Taxes and Tax Title Liens
12,572.61
0.55%
25,537.85
1.11%
Collection of Current Tax Levy
1,956,887.71
85.28%
1,930,080.20
83.60%
TOTAL INCOME
$
2,294,538.88
100.00% $
2,308,597.81
100.00%
EXPENDITURES
Budget Expenditures:
Municipal Purposes
$
519,463.12
23.96% $
476, 173.88
22.46%
County Taxes
338,332.19
15.60%
327,594.90
15.45%
School Taxes
1,305,631.00
60.22%
1,292,778.89
60.98%
Other
4,695.48
0.22%
23,319.22
1.10%
TOTAL EXPENDITURES
$
2, 168, 121.79
100.00% $
2, 119,866.89
100.00%
Excess in Revenue
$
126,417.09
$
188,730.92
Adjustments to Income before Fund Balance:
Expenditures Included above which are by Statute
Deferred Charges to Budget of Succeeding Year
254.85
Statutory Excess of Fund Balance
$
126,671.94
$
188,730.92
Fund Balance, January 1
337,291.72
272,645.47
$
463,963.66
$
461,376.39
Less: Utilization as Anticipated Revenue
163,000.00
124,084.67
Fund Balance, December 31
$
300,963.66
$
337,291.72
29
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGE JN FUND BALANCE-WATER UTILITY FUND
YEAR 2013
YEAR 2012
AMOUNT
%
AMOUNT
%
REVENUE AND OTHER INCOME REALIZED
Collection of Water Rents
$
83,916.30
79.91% $
83,281.41
79.85%
Miscellaneous-from other than Water Rents
21,098.08
20.10%
21,019.60
20.16%
TOTAL INCOME
$
105,014.38
100.00% $
104,301.01
100.00%
EXPENDITURES
Budget Expenditures:
Operating
$
68,066.00
85.09% $
72,300.00
91.52%
Deferred Charges and Statutory Expenditures
1,224.00
1.53%
1,700.00
2.15%
Debt Service
6,200.00
7.75%
Capital Improvements
4,500.00
5.63%
5,000.00
6.33%
TOTAL EXPENDITURES
$
79,990.00
100.00% $
79,000.00
100.00%
Excess in Revenue to Fund Balance
$
25,024.38
$
25,301.01
Fund Balance, January 1
113,553.07
88,252.06
Fund Balance, December 31
$
138,577.45
$
113,553.07
30
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGE IN FUND BALANCE-SEWER UTILITY FUND
YEAR 2013
YEAR 2012
AMOUNT
%
AMOUNT
%
REVENUE AND OTHER INCOME REALIZED
Collection of Sewer Rents
$
274,419.89
79.82% $
297,249.27
95.35%
Miscellaneous - from other than Sewer Rents
69,372.10
20.18%
14,503.01
4.65%
TOTAL INCOME
$
343,791.99
100.00% $
311,752.28
100.00%
EXPENDITURES
Budget Expenditures:
Operating
$
110,334.04
42.40% $
149,782.00
49.49%
Deferred Charges and Statutory Expenditures
1,400.00
0.54%
1,950.00
0.64%
Debt Service
113,468.67
43.60%
91, 168.54
30.13%
Capital Improvements
35,022.00
13.46%
27,022.00
8.93%
Other
32,704.61
10.81%
TOTAL EXPENDITURES
$
260,224.71
100.00% $
302,627.15
100.00%
Excess Revenue
$
83,567.28
$
9,125.13
Adjustments to Income before Fund Balance:
Expenditures Included Above which are by Statute
Deferred Charges to Budget of Succeeding Year
71.04
$
83,638.32
$
9,125.13
Fund Balance, January 1
157,779.88
148,654.75
Fund Balance, December 31
$
241,418.20
$
157,779.88
31
COMPARATIVE SCHEDULE OF TAX RATE INFORMATION
Tax Rate
Appointment of Tax Rate:
Municipal
County
County Open Space
County Library
District School
Regional School
Assessed Valuations:
2013
2012
2011
$
2013
$2.122
$0.366
0.302
0.030
0.031
0.702
0.691
93,646,236.00
$
94,024,961.00
2012
$2.075
$0.351
0.290
0.030
0.029
0.707
0.668
$
94, 178,900.00
COMPARISON OF TAX LEVIES AND COLLECTION CURRENTLY
2011
$1.968
$0.334
0.288
0.031
0.025
0.687
0.603
A study of this tabulation could indicate a possible trend in future tax levies. A decrease
in the percentage of current collection could be an indication of a probable increase in future tax
levies.
Currently
Cash
Percentage of
Year
Tax Levy
Collections
Collection
2013
$
1,987,173.10
$
1,956,887. 71
98.47%
2012
1,954,037.87
1,930,080.20
98.77%
2011
1,855,975.61
1,828,388.06
98.51%
32
DELINQUENT TAXES AND TAX TITLE LIENS
This tabulation includes a comparison expressed in percentage of the total delinquent
taxes, in relation to the tax levies of the last three years:
AMOUNT OF
DELINQUENT
TOTAL
PERCENTAGE
YEAR
TAXES
DELINQUENT
OF TAX LEVY
2013
$26,910.35
$26,910.35
1.35%
2012
$15,780.04
$15,780.04
0.81%
2011
$25,543.30
$25,543.30
1.38%
PROPERTY ACQUIRED BY TAX TITLE LIEN LIQUIDATION
The Borough has no property acquired by foreclosure or deed as a result of liquidation of
outstanding tax title liens.
COMPARISON OF WATER UTILITY LEVIES
CASH
YEAR
LEVY
COLLECTIONS
2013
$
83,073.80
$
83,916.30
2012
81,637.04
83,281.41
2011
108,815.66
110, 122.42
COMPARISON OF SEWER UTILITY LEVIES
CASH
YEAR
LEVY
COLLECTIONS
2013
$
277,088.60
$
274,419.89
2012
282,425.22
297,249.27
2011
301,532.66
300, 108.00
33
COMPARATIVE SCHEDULE OF FUND BALANCES
UTILIZED
BALANCE
IN BUDGET OF
YEAR
DECEMBER 31
SUCCEEDING YEAR
2013
$
300,963.66
$
163,000.00
2012
337,291.72
163,000.00
Current Fund
2011
272,645.47
124,084.67
2010
147,779.28
83,444.00
2009
119,782.55
81,444.00
2013
$
138,577.45
$
-0-
2012
113,553.07
-0-
Water Utility Operating Fund
2011
88,252.06
-0-
2010
34,513.78
-0-
2009
27,873.71
-0-
2013
$
241,418.20
$
-0-
2012
157,779.88
-0-
Sewer Utility Operating Fund
2011
148,654.75
-0-
2010
112,868.52
-0-
2009
13,670.82
-0-
34
OFFICIALS IN OFFICE AND SURETY BONDS
The following officials were in office during the period under audit:
NAME
TITLE
Stephen Giocondo
Mayor
Michael Hagerty
Council President
Nie Messina
Councilman
Aaron Lipsen
Councilman
Neal Esposito
Councilman
Timothy Nemeth
Councilman
Kate Steffanelli
Councilwoman
Donna Griffiths
Tax Collector, Deputy Clerk
Michele Hovan
Borough Clerk
Judie McGrorey
CFO
John Bennett
Counsel
Michelle Trivigno
Assessor
Edward Martin
Magistrate
Cindy Hooven
Court Administrator
All bonds were examined and were properly executed.
AMOUNT
OF BOND
$80,000.00
$250,000.00
NAME OF SURETY
Selective Insurance Company
Selective Insurance Company
The Borough does not maintain blanket bond coverage for individuals not specifically covered by a separate bond.
35
PART Ill
BOROUGH OF STOCKTON
STATISTICAL DATA
LIST OF OFFICIALS
COMMENTS AND RECOMMENDATIONS
YEAR ENDED DECEMBER 31, 2013
GENERAL COMMENTS
CONTRACTS AND AGREEMENTS REQUIRED TO BE ADVERTISED FOR (N.J.S.A. 40A:11-4)
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 by
the governing body of the contracting unit after public advertising for bids and bidding therefor,
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 the
amount set forth in or the amount calculated by the Governor pursuant to Section 3 of P.L. 1971
c.198 (C.40A: 11-3), except by contract or agreement.
Effective January 1, 2011, the bid threshold in accordance with N.J.S.A. 40A: 11-4 is
$17,500.00. In accordance with N.J.S.A. 40A:11-3 and authorized by a resolution dated October
30, 2006 of the governing body, the bid threshold for all purchases made by the Borough's
qualified purchasing agent is $29,000.00.
The governing body of the Municipality has the responsibility of determining whether the
expenditures in any category will exceed $29,000.00 within the fiscal year.
Where question
arises as to whether any contract or agreement might result in violation of the statute, the
Solicitor's opinion should be sought before a commitment is made.
The minutes indicate that bid were requested by public advertising for the following items:
Wilson Drive Road Improvements
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 audit of expenditures did not reveal any individual payments, contracts or agreements in
excess of $29,000.00 "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 provisions of N.J.S.A. 40A: 11-6".
The minutes indicate that resolution authorizing contracts or agreements for "Professional
Services" per N.J.S.A. 40A:11-5 was advertised during 2013 for the following professional
services:
Borough Auditor
Borough Engineer
Borough Attorney
Planning Board Attorney
Bond Counsel
36
COLLECTION OF INTEREST ON DELINQUENT TAXES AND ASSESSMENTS
The statute provides the method for authorizing interest and the maximum rate to be
charged for the non-payment of taxes or assessments on or before the date when they would
become delinquent.
The governing body on January 2, 2013 adopted the following resolution authorizing
interest to be charged on delinquent taxes.
WHEREAS, N.J.S.A. 54:4-67 permits the governing body of each municipality to fix the
rate of interest to be charged for non-payment of taxes or assessments subject to any
abatement or discount for the late payment of taxes as provided by law; and
WHEREAS, N.J.S.A. 54:4-67 has been amended to permit the fixing of said rate of 8%
per annum on the first $1,500.00 of delinquency and 18% per annum on any amount in excess
of $1,500.00 and allows an additional penalty of 6% be collected against a delinquency in
excess of $10,000.00 on properties that fail to pay the delinquency prior to the end of the
calendar year.
1.
The Tax Collector and Water and Sewer Clerk are hereby authorized and
directed to charge 8% per annum on the first $1,500.00 of delinquency
after the due date and 18% per annum on any delinquencies in excess of
$1,500.00 becoming delinquent after the due date and if a delinquency is
in excess of $10,000.00 and remains in arrears beyond December 31 an
additional penalty of 6% shall be charged against the delinquency.
2.
BE IT FURTHER RESOLVED that these interest rates be effective for the
year 2013.
It appears from an examination of the records that interest was collected in accordance
with the forgoing resolution.
DELINQUENT TAXES AND TAX TITLE LIENS
No tax sale was held in 2013.
The following comparison is made of the number of tax title liens receivable on
December 31st of the last three years:
NUMBER OF LIENS
2013
None
2012
None
2011
None
It is essential to good management that all means provided by statute be utilized to
liquidate tax title liens in order to get such properties back on a tax paying basis
37
OTHER COMMENTS
lnterfunds
Transactions invariably occur in one fund which requires a corresponding entry to be
made in another fund, thus creating interfund balances. References to the various balance
sheets show the interfund balances remaining at year end. As a general rule all interfund
balances should be closed out as of the end of the year.
It is the Borough's policy to review and liquidate all interfund balances on a periodic
basis.
OTHER
Fixed Assets
The General Fixed Assets Ledger has not been updated since 2006.
Other Fund Vouchers
During the course of our audit we noted several purchase orders that were processed
as confirming orders. This is where goods have been received or services have been rendered
prior to the issuance of a purchase order.
The Borough has not maintained a complete encumbrance accounting system in
accordance with the minimum requirements as promulgated by the Division of Local
Government Services. We noted that several purchase orders are processed as confirming
orders. This is where goods have been received or services have been rendered prior to the
issuance of a purchase order.
In effect, the controls that minimize the possibility of
overexpenditures and unauthorized purchases are not in operation.
Budget
Funds were committed in excess of balances remaining in 2013 appropriations and the
2012 appropriation reserves in the Current Fund and the 2013 appropriation for the Sewer Utility
Fund. In accordance with N.J.S.A. 40A:4-57, no expenditures of funds for any purpose can be
made for which no appropriation is provided or in excess of the amount appropriated for such
purpose.
As a result of the Borough committing funds in excess of amounts appropriated
deferred charges in the total amount of $5,784.96 will have to be raised in the 2014 budget.
We noted that the Borough did not file IRS Form 1099 for all unincorporated vendors
receiving payments in excess of $600.00.
38
RECOMMENDATIONS
*That the Fixed Assets Ledger be updated for all additions and deletions.
That the Borough issue a purchase order prior to the purchase of any goods or
services.
That sufficient appropriation balances be available prior to the commitment or
expenditure of funds.
That the Borough file IRS Form 1099 for all eligible vendors.
*Prior Year Recommendations
39
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