2015 Audit

The Borough of Stockton's audit report for the year ended December 31, 2015, presents the financial statements on a regulatory basis as prescribed by the New Jersey Division of Local Government Services. This basis differs from generally accepted accounting principles (GAAP) and focuses on compliance with legal provisions and budgetary restrictions. The report includes financial statements for the Current Fund, Trust Fund, General Capital Fund, Water Utility Fund, and Sewer Utility Fund. A key deviation from GAAP is the omission of a Statement of General Fixed Assets. The independent auditor's report expresses an adverse opinion on the financial statements' fairness in accordance with GAAP due to the noted variances in accounting principles.