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Executive Summary
The Borough of Stockton's audit report for the year ending December 31, 2020, reveals the financial standing of various funds, including the Current Fund, Trust Fund, General Capital Fund, Water Utility Fund, and Sewer Utility Fund. The report provides an independent auditor's assessment of the financial statements, supplementary schedules, and data. It includes details on fund balances, revenues, expenditures, assets, and liabilities for each fund, alongside relevant notes and statistical data. It also touches upon long-term debt, pension plans, and risk management strategies. Key issues identified include professional service contracts and interfund balances.
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--- Document: 2020 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, 2020
BOROUGH OF STOCKTON
I N D E X
PAGES
PART I
Independent Auditor's Report
1-3
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
4-5
EXHIBITS
Financial Statements - Statutory Basis
Current Fund:
Balance Sheets - Regulatory Basis
A
Statements of Operations and Changes in Fund Balance - Regulatory Basis for the
Year Ended December 31, 2020
A-1
Statement of Revenues - Regulatory Basis for the Year Ended December 31, 2020
A-2
Statement of Expenditures - Regulatory Basis for the Year Ended December 31, 2020
A-3
Trust Fund:
Balance Sheets - Regulatory Basis
B
General Capital Fund:
Balance Sheets - Regulatory Basis
C
Statement of Fund Balance - Regulatory Basis for the Year Ended December 31, 2020 C-1
Water Utility Fund:
Balance Sheets - Regulatory Basis
D
Statements of Operations and Changes in Fund Balance - Operating Fund - Regulatory
Basis for the Year Ended December 31, 2020
D-1
Statement of Fund Balance - Regulatory Basis as of December 31, 2020 - Capital Fund D-2
Statement of Revenues - Regulatory Basis - Operating Fund for the Year Ended
December 31, 2020
D-3
Statement of Expenditures - Regulatory Basis - Operating Fund for the Year Ended
December 31, 2020
D-4
Sewer Utility Fund:
Balance Sheets - Regulatory Basis
E
Statements of Operations and Changes in Fund Balance - Regulatory Basis for the
Year Ended December 31, 2020
E-1
Statement of Fund Balance - Regulatory Basis - Capital Fund for the Year Ended
December 31, 2020
E-2
Statement of Revenues - Regulatory Basis - Operating Fund for the Year Ended
December 31, 2020
E-3
Statement of Expenditures - Regulatory Basis - Operating Fund for the Year Ended
December 31, 2020
E-4
General Fixed Assets Account Group:
Balance Sheets - Regulatory Basis
F
BOROUGH OF STOCKTON
I N D E X (CONTINUED)
PAGES
Notes to Financial Statements
6-30
EXHIBITS
Supplementary Schedules - All Funds
Current Fund:
Schedule of Cash-Treasurer
A-4
Schedule of Cash-Collector
A-5
Schedule of Due Current Fund - Grant Fund
A-6
Schedule of Taxes Receivable and Analysis of Property Tax Levy
A-7
Schedule of Due State of New Jersey Per Chapter 20, P.L. 1971
A-8
Schedule of Revenue Accounts Receivable
A-9
Schedule of Interfunds
A-10
Schedule of Petty Cash Funds
A-11
Schedule of Prior Year Appropriation Reserves
A-12
Schedule of County Taxes Payable
A-13
Schedule of Regional School Taxes Payable
A-14
Schedule of Reserve for Grants Unappropriated - Grant Fund
A-15
Schedule of Prepaid Taxes
A-16
Schedule of Tax Overpayments
A-17
Schedule of Reserve for Miscellaneous Reserves
A-18
Schedule of Reserve for Grants Appropriated - Grant Fund
A-19
Schedule of Encumbrances Payable
A-20
Schedule of Grants Receivable - Grant Fund
A-21
Trust Fund:
Schedule of Cash-Treasurer
B-1
Schedule of Reserve for Animal Control Trust Fund Expenditures
B-2
Schedule of Due State of New Jersey - Animal Control Fund
B-3
Schedule of Various Reserves and Deposits
B-4
Schedule of Interfunds
B-5
General Capital Fund:
Schedule of Cash-Treasurer
C-2
Analysis of Cash
C-3
Schedule of Deferred Charges to Future Taxation - Funded
C-4
Schedule of Deferred Charges to Future Taxation - Unfunded
C-5
Schedule of Contracts Payable
C-6
Schedule of Improvement Authorizations
C-7
Schedule of Capital Improvement Fund
C-8
Schedule of Bonds and Notes Authorized But Not Issued
C-9
Schedule of Grants Receivable
C-10
Schedule of Green Acres Trust Loans Payable
C-11
Schedule of Reserve for Receivables
C-12
Schedule of Bond Anticipation Notes
C-13
Schedule of Various Reserves and Deposits
C-14
Schedule of N.J. Environmental Trust Loans Payable
C-15
Schedule of Interfunds
C-16
BOROUGH OF STOCKTON
I N D E X (CONTINUED)
EXHIBITS
Water Utility Fund:
Schedule of Cash-Treasurer
D-5
Schedule of Consumer Accounts Receivable - Operating Fund
D-6
Schedule of Accrued Interest on Bonds, Notes and Loans - Operating Fund
D-7
Schedule of Prior Year Appropriation Reserves - Operating Fund
D-8
Schedule of Interfunds - Operating Fund
D-9
Schedule of Improvement Authorizations - Capital Fund
D-10
Schedule of Reserve for Deferred Amortization - Capital Fund
D-11
Schedule of Capital Improvement Fund - Capital Fund
D-12
Schedule of Reserve for Amortization - Capital Fund
D-13
Schedule of Fixed Capital - Capital Fund
D-14
Schedule of Fixed Capital Authorized and Uncompleted - Capital Fund
D-15
Schedule of Interfunds - Capital Fund
D-16
Schedule of Bond Anticipation Notes - Capital Fund
D-17
Schedule of Contracts Payable - Capital Fund
D-18
Schedule of Bonds and Notes Authorized But Not Issued - Capital Fund
D-19
Schedule of Encumbrances Payable - Operating Fund
D-20
Sewer Utility Fund:
Schedule of Cash-Treasurer
E-5
Schedule of Accrued Interest - Operating Fund
E-6
Schedule of Consumer Accounts Receivable - Operating Fund
E-7
Schedule of Contracts Payable - Capital Fund
E-8
Schedule of Encumbrances Payable - Operating Fund
E-9
Schedule of Prior Year Appropriation Reserves - Operating Fund
E-10
Schedule of NJ Environmental Infrastructure Trust Loan Payable - Capital Fund
E-11
Schedule of Capital Improvement Fund - Capital Fund
E-12
Schedule of Fixed Capital Authorized and Uncompleted - Capital Fund
E-13
Schedule of Schedule of Bonds and Notes Authorized But Not Issued - Capital Fund
E-14
Schedule of Improvement Authorizations - Capital Fund
E-15
Schedule of Fixed Capital - Capital Fund
E-16
Schedule of Reserve for Amortization - Capital Fund
E-17
Schedule of Reserve for Deferred Amortization - Capital Fund
E-18
Schedule of Reserve for Capital Improvements - Capital Fund
E-19
Schedule of Bond Anticipation Notes - Capital Fund
E-20
Schedule of Interfunds - Operating Fund
E-21
Schedule of Interfunds - Capital Fund
E-22
PAGES
PART II
Statistical Data
31-36
Officials in Office and Surety Bonds
37
General Comments and Recommendations
38-41
BOROUGH OF STOCKTON
PART I
INDEPENDENT AUDITOR’S REPORT ON
AUDIT OF FINANCIAL STATEMENTS
AND SUPPLEMENTARY SCHEDULES AND DATA
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
FINANCIAL STATEMENTS - REGULATORY BASIS - ALL FUNDS
NOTES TO FINANCIAL STATEMENTS - REGULATORY BASIS
SUPPLEMENTARY SCHEDULES - ALL FUNDS
YEAR ENDED DECEMBER 31, 2020 AND 2019
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, 2020 and 2019, 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, 2020, 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.
SCC
SUPLEE, CLOONEY & COMPANY
C E R T I F I E D P U B L I C A C C O U N T A N T S
308 East Broad Street, Westfield, New Jersey 07090-2122
Telephone 908-789-9300
Fax 908-789-8535
E-mail info@scnco.com
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, 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, 2020 and
2019, 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, 2020.
Opinion on Regulatory Basis of Accounting
In our opinion, the regulatory financial statements referred to above present fairly, in all
material respects, the regulatory basis balances sheets of the various individual funds and
account groups as of December 31, 2020 and 2019, 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, 2020 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
supplemental information, schedules and data 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, schedules and data 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, schedules
and data
listed in the table of contents 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 September 13, 2021 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 PUfeLIC ACCOUNTANTS
REGISTERED MUNICIPAL ACCOUNTANT NO. 439
September 13, 2021
3
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, 2020, and
the related notes to the financial statements, which collectively comprise the September 13, 2021.
Borough’s regulatory financial statements, and have issued our report thereon dated 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.
SCC
SUPLEE, CLOONEY & COMPANY
C E R T I F I E D P U B L I C A C C O U N T A N T S
308 East Broad Street, Westfield, New Jersey 07090-2122
Telephone 908-789-9300 Fax 908-789-8535
E-mail info@scnco.com
4
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 II, 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.
IwA.tluy
CERTIFIED PUBLIC/ ACCOUNTANTS ’'
REGISTERED MUNICIPAL ACCOUNTANT NO. 439
September 13, 2021
5
CURRENT FUND
A
SHEET #1
BOROUGH OF STOCKTON
CURRENT FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
BALANCE
DECEMBER
DECEMBER
REF.
31, 2020
31, 2019
ASSETS
Cash-Treasurer
A-4
$
809,202.31
$
746,898.34
$
809,202.31
$
746,898.34
Receivables and other Assets with Full Reserves:
Delinquent Property Taxes Receivable
A-7
$
40,840.05
$
25,915.31
Interfunds Receivable
A-10
273.12
570.09
A
$
41,113.17
$
26,485.40
$
850,315.48
$
773,383.74
Grant Fund:
Due Current Fund
A-6
$
47,037.14
$
43,037.14
$
47,037.14
$
43,037.14
$
897,352.62
$
816,420.88
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, 2020
31, 2019
LIABILITIES, RESERVES AND FUND BALANCE
Liabilities:
Appropriation Reserves
A-3:A-12
$
96,668.26
$
66,001.90
Encumbrances Payable
A-20
10,236.01
15,179.99
Prepaid Taxes
A-16
8,255.74
8,955.33
Tax Overpayments
A-17
4,624.37
2,100.61
Interfunds Payable
A-10
69,871.83
43,047.39
County Taxes Payable
A-13
379.31
Miscellaneous Reserves
A-18
1,175.00
13,125.00
$
190,831.21
$
148,789.53
Reserve for Receivables and other Assets
A
41,113.17
26,485.40
Fund Balance
A-1
618,371.10
598,108.81
$
850,315.48
$
773,383.74
Grant Fund:
Reserve for Grants Appropriated
A-19
$
39,037.14
$
38,176.06
Reserve for Grants Unappropriated
A-15
8,000.00
4,861.08
$
47,037.14
$
43,037.14
$
897,352.62
$
816,420.88
The accompanying Notes to the Financial Statements are an integral part of this statement.
A-1
BOROUGH OF STOCKTON
CURRENT FUND
STATEMENTS OF OPERATIONS
AND CHANGES IN FUND BALANCE - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
REF.
2020
2019
REVENUE AND OTHER INCOME
Fund Balance Utilized
A-1:A-2
$
165,000.00
$
165,000.00
Miscellaneous Revenue Anticipated
A-2
145,186.62
145,612.21
Receipts from Delinquent Taxes
A-2
25,915.31
14,951.02
Receipts from Current Taxes
A-2
1,855,527.28
1,875,882.03
Non-Budget Revenue
A-2
8,013.61
22,916.89
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
A-12
53,717.41
58,954.15
Miscellaneous Reserves Canceled
A-18
12,300.00
Interfunds Returned
A-2
296.97
Total Income
$
2,265,957.20
$
2,283,316.30
EXPENDITURES
Budget Appropriations:
Operations within "CAPS":
Operating
A-3
$
451,033.00
$
430,700.00
Deferred Charges and Statutory Expenditures
A-3
39,497.12
75,190.00
Operations Excluded from "CAPS":
Operating
A-3
7,791.08
12,139.55
Capital Improvements
A-3
20,000.00
20,000.00
Municipal Debt Service
A-3
77,909.70
56,139.56
County Taxes
A-13
343,933.42
339,948.51
County Share of Added Taxes
A-13
379.31
Regional School Tax
A-14
1,129,373.00
1,135,807.00
Municipal Open Space Tax
A-7
9,150.00
9,210.25
Refund of Prior Year Revenue
A-4
1,563.73
75.00
Tax Overpayments Miscellaneous Adjustment
A-17
443.86
Interfunds Advanced
291.98
Total Expenditures
$
2,080,694.91
$
2,079,881.16
Statutory Excess to Fund Balance
$
185,262.29
$
203,435.14
Fund Balance
Balance, January 1
A
598,108.81
559,673.67
$
783,371.10
$
763,108.81
Decreased by:
Utilization as Anticipated Revenue
A-1:A-2
165,000.00
165,000.00
Fund Balance, December 31
A
$
618,371.10
$
598,108.81
The accompanying Notes to the Financial Statements are an integral part of this statement.
YEAR
A-2
SHEET #1
BOROUGH OF STOCKTON
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
EXCESS
OR
REF.
BUDGET
REALIZED
(DEFICIT)
Fund Balance Anticipated
A-1
$
165,000.00
$
165,000.00
$
Miscellaneous Revenues:
Licenses:
Alcoholic Beverages
A-9
$
3,824.00
$
3,824.00
$
Other
A-9
600.00
68.00
(532.00)
Fees and Permits:
Other
A-9
1,500.00
1,426.00
(74.00)
Fines:
Municipal Court
A-9
2,200.00
3,664.46
1,464.46
Interest and Costs on Taxes
A-9
4,300.00
7,397.50
3,097.50
Interest on Investments
A-9
5,000.00
8,335.28
3,335.28
Energy Receipts Tax
A-9
45,571.00
45,571.00
Garden State Trust Fund
A-9
9,487.00
6,150.00
(3,337.00)
Cell Tower Rental
A-9
48,000.00
46,537.40
(1,462.60)
Hotel and Motel Tax
A-9
5,000.00
21,351.90
16,351.90
Recycling Tonnage Grant
A-19
780.71
780.71
Alcohol Education & Rehabilitation Program
A-19
80.37
80.37
A-1
$
126,343.08
$
145,186.62
$
18,843.54
Receipts from Delinquent Taxes
A-1:A-7
25,000.00
25,915.31
915.31
Amount to be Raised by Taxation for Support
of Municipal Budget:
Local Tax for Municipal Purposes
A-2:A-7
416,268.12
506,070.86
89,802.74
Budget Totals
$
732,611.20
$
842,172.79
$
109,561.59
Non-Budget Revenue
A-1:A-2
8,013.61
8,013.61
$
732,611.20
$
850,186.40
$
117,575.20
REF.
A-3
The accompanying Notes to the Financial Statements are an integral part of this statement.
ANTICIPATED
A-2
SHEET #2
BOROUGH OF STOCKTON
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
REF.
Allocation of Current Tax Collections:
Collections Realized on a Cash Basis
A-1:A-7
$
1,855,527.28
Allocated to:
School and County Taxes
$
1,473,306.42
Municipal Open Space Trust Fund
9,150.00
1,482,456.42
Balance for Support of Municipal Budget Appropriations
373,070.86
Add: Appropriation-"Reserve for Uncollected Taxes"
A-3
133,000.00
Amount for Support of Municipal Budget Appropriations
A-2
$
506,070.86
Analysis of Non-Budget Revenues
Miscellaneous Revenue Not Anticipated:
Treasurer:
Cable Franchise Fee
$
2,108.46
Lease Agreement with AT&T
3,851.30
Miscellaneous
1,705.94
Administrative Fee - Senior Citizen and Veterans
90.00
A-4
7,755.70
Excess Animal Control Fees
A-10
257.91
$
8,013.61
Analysis of Interfunds Advanced/Returned
Net Interfund
2020
2019
Advanced (Returned)
Animal Control Fund
$
273.12
$
570.09
$
(296.97)
Totals
$
273.12
$
570.09
$
(296.97)
The accompanying Notes to the Financial Statements are an integral part of this statement.
Balance December 31,
A-3
SHEET #1
BOROUGH OF STOCKTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
UNEXPENDED
BUDGET AFTER
PAID OR
BALANCE
BUDGET
MODIFICATION
CHARGED
RESERVED
CANCELED
OPERATIONS WITHIN "CAPS"
GENERAL GOVERNMENT
Governing Body:
Salaries and Wages
$
10,850.00
$
10,850.00
$
9,367.94
$
1,482.06
$
Other Expenses
850.00
850.00
557.00
293.00
Municipal Clerk:
Salaries and Wages
51,500.00
51,500.00
43,997.03
7,502.97
Other Expenses
4,600.00
4,600.00
4,434.73
165.27
Elections:
Other Expenses
500.00
500.00
240.70
259.30
Financial Administration:
Salaries and Wages
20,808.00
20,808.00
20,808.00
Other Expenses
1,500.00
1,500.00
1,037.32
462.68
Audit Services
21,000.00
21,000.00
18,225.00
2,775.00
Computer Support:
Other Expenses
11,000.00
11,000.00
10,878.72
121.28
Administration & Executive:
Salaries and Wages
6,750.00
6,750.00
6,720.97
29.03
Collection of Taxes:
Salaries and Wages
8,550.00
8,550.00
8,531.03
18.97
Other Expenses
1,600.00
1,600.00
1,204.50
395.50
Assessment of Taxes:
Salaries and Wages
6,450.00
6,450.00
6,432.97
17.03
Other Expenses
450.00
450.00
210.00
240.00
Public Buildings & Grounds:
Other Expenses
13,000.00
13,000.00
8,254.45
4,745.55
Legal Services:
Other Expenses
7,500.00
7,500.00
3,703.91
3,796.09
Engineering Services:
Other Expenses
28,000.00
28,000.00
7,583.40
20,416.60
Planning Board:
Salaries and Wages
3,600.00
3,600.00
3,565.94
34.06
Other Expenses
800.00
800.00
314.63
485.37
Legal Fees
1,100.00
1,100.00
577.50
522.50
Planner Fees
1,000.00
1,000.00
270.00
730.00
Engineering Fees
500.00
500.00
500.00
Zoning Board:
Salaries and Wages
5,700.00
5,700.00
5,683.94
16.06
Insurance (NJSA 40A:4-45.3(00)):
Liability Insurance
20,000.00
20,000.00
18,991.37
1,008.63
Worker Compensation Insurance
22,000.00
22,000.00
18,736.00
3,264.00
Flood Insurance
4,315.00
4,315.00
4,312.00
3.00
Employee Bonds
1,200.00
1,200.00
1,175.00
25.00
EXPENDED
APPROPRIATIONS
The accompanying Notes to the Financial Statements are an integral part of this statement.
A-3
SHEET #2
BOROUGH OF STOCKTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
UNEXPENDED
BUDGET AFTER
PAID OR
BALANCE
BUDGET
MODIFICATION
CHARGED
RESERVED
CANCELLED
PUBLIC SAFETY
Aid to Volunteer Fire Company
$
17,000.00 $
17,000.00 $
17,000.00 $
$
Aid to Volunteer Rescue Squad
3,000.00
3,000.00
3,000.00
Municipal Prosecutor:
Salaries and Wages
2,150.00
2,150.00
2,121.09
28.91
PUBLIC WORKS
Street and Road Maintenance:
Other Expenses
15,000.00
15,000.00
1,540.40
13,459.60
Snow Removal:
Other Expenses
12,000.00
12,000.00
12,000.00
Solid Waste Collection:
Other Expenses
81,000.00
81,000.00
61,590.36
19,409.64
Flood Insurance Program:
Other Expenses
1,000.00
1,000.00
1,000.00
Recycling:
Other Expenses
15,000.00
15,000.00
14,895.76
104.24
HEALTH AND HUMAN SERVICES
Board of Health:
Other Expenses
400.00
400.00
400.00
Animal Control Services:
Salaries and Wages
960.00
960.00
947.03
12.97
PARKS AND RECREATION
Recreation:
Other Expenses
13,000.00
13,000.00
10,559.60
2,440.40
MUNICIPAL COURT
Municipal Court:
Salaries and Wages
4,500.00
4,500.00
3,256.06
1,243.94
Other Expenses
10,000.00
10,000.00
9,881.00
119.00
Public Defender (P.L. 1997, c.256):
Other Expenses
200.00
200.00
200.00
UNCLASSIFIED
Electricity
300.00
300.00
300.00
Street Lighting
13,000.00
13,000.00
9,346.25
3,653.75
Telephone
5,000.00
5,000.00
2,872.01
2,127.99
Natural Gas
2,200.00
2,200.00
1,443.70
756.30
TOTAL OPERATIONS WITHIN "CAPS"
$
451,033.00
$
451,033.00
$
356,267.31
$
94,765.69
$
APPROPRIATIONS
EXPENDED
The accompanying Notes to the Financial Statements are an integral part of this statement.
A-3
SHEET #3
BOROUGH OF STOCKTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
UNEXPENDED
BUDGET AFTER
PAID OR
BALANCE
BUDGET
MODIFICATION
CHARGED
RESERVED
CANCELLED
DEFERRED CHARGES AND STATUTORY EXPENDITURES-
MUNICIPAL WITHIN "CAPS"
Statutory Expenditures:
Contribution to:
Public Employee's Retirement System
$
10,966.00
$
10,966.00
$
10,966.00
$
$
Social Security System
10,000.00
10,000.00
8,700.46
1,299.54
Unemployment Insurance
200.00
200.00
200.00
TOTAL DEFERRED CHARGES AND STATUTORY
EXPENDITURES-MUNICIPAL WITHIN "CAPS"
$
21,166.00
$
21,166.00
$
19,666.46
$
1,499.54
$
TOTAL GENERAL APPROPRIATIONS FOR MUNICIPAL
PURPOSES WITHIN "CAPS"
$
472,199.00
$
472,199.00
$
375,933.77
$
96,265.23
$
OPERATIONS EXCLUDED FROM "CAPS"
Length of Service Award Program
$
4,400.00
$
4,400.00
$
4,300.00
$
100.00
$
TOTAL OTHER OPERATIONS - EXCLUDED FROM "CAPS"
$
4,400.00
$
4,400.00
$
4,300.00
$
100.00
$
INTERLOCAL AGREEMENTS
Township of Delaware Building Inspector:
Salaries and Wages
$
2,230.00
$
2,230.00
$
2,226.97
$
3.03
$
Other Expenses
300.00
300.00
300.00
TOTAL INTERLOCAL AGREEMENTS - EXCLUDED FROM "CAPS"
$
2,530.00
$
2,530.00
$
2,226.97
$
303.03
$
STATE AND FEDERAL PROGRAMS OFF-SET BY REVENUES
Alcohol Education Rehabilitation Grant (N.J.S.A. 40A:4-87)
$
80.37
$
80.37
$
80.37
$
$
Recycling Tonnage Grant (N.J.S.A. 40A:4-87)
780.71
780.71
780.71
TOTAL PUBLIC AND PRIVATE PROGRAMS
$
861.08
$
861.08
$
861.08
$
$
TOTAL OPERATIONS - EXCLUDED FROM "CAPS"
$
7,791.08
$
7,791.08
$
7,388.05
$
403.03
$
CAPITAL IMPROVEMENTS-EXCLUDED FROM "CAPS"
Capital Improvement Fund
$
20,000.00
$
20,000.00
$
20,000.00
$
$
TOTAL CAPITAL IMPROVEMENTS EXCLUDED FROM "CAPS"
$
20,000.00
$
20,000.00
$
20,000.00
$
$
MUNICIPAL DEBT SERVICE-EXCLUDED FROM "CAPS"
Payment of Bond Anticipation Notes and Capital Notes
$
16,000.00
$
16,000.00
$
16,000.00
$
$
Interest on Notes
10,125.00
10,125.00
10,096.87
28.13
Principal and Interest-Green Trust
12,440.00
12,440.00
12,436.64
3.36
Principal and Interest-NJ EIT
42,725.00
42,725.00
39,376.19
3,348.81
TOTAL MUNICIPAL DEBT SERVICE-
EXCLUDED FROM "CAPS"
$
81,290.00
$
81,290.00
$
77,909.70
$
$
3,380.30
APPROPRIATIONS
EXPENDED
The accompanying Notes to the Financial Statements are an integral part of this statement.
A-3
SHEET #4
BOROUGH OF STOCKTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
UNEXPENDED
BUDGET AFTER
PAID OR
BALANCE
BUDGET
MODIFICATION
CHARGED
RESERVED
CANCELLED
DEFERRED CHARGES-MUNICIPAL EXCLUDED FROM "CAPS"
Ordinance 2005-06
$
18,331.12
$
18,331.12
$
18,331.12
$
$
TOTAL DEFERRED CHARGES- MUNICIPAL
EXCLUDED FROM "CAPS"
$
18,331.12
$
18,331.12
$
18,331.12
$
$
TOTAL GENERAL APPROPRIATIONS FOR MUNICIPAL
PURPOSES EXCLUDED FROM "CAPS"
$
127,412.20
$
127,412.20
$
123,628.87
$
403.03
$
3,380.30
SUB-TOTAL GENERAL APPROPRIATIONS
$
599,611.20
$
599,611.20
$
499,562.64
$
96,668.26
$
3,380.30
RESERVE FOR UNCOLLECTED TAXES
133,000.00
133,000.00
133,000.00
TOTAL GENERAL APPROPRIATIONS
$
732,611.20
$
732,611.20
$
632,562.64
$
96,668.26
$
3,380.30
REF.
A-2
A-3
A-1
A:A-1
Encumbrances Payable
A-20
$
10,236.01
Reserve for Uncollected Taxes
A-2
133,000.00
Miscellaneous Reserves
A-18
Reserve for Grants Appropriated
A-19
861.08
Disbursements
A-4
489,580.18
633,677.27
Less: Refunds
A-4
1,114.63
$
632,562.64
The accompanying Notes to the Financial Statements are an integral part of this statement.
EXPENDED
APPROPRIATIONS
TRUST FUND
B
BOROUGH OF STOCKTON
TRUST FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
BALANCE
DECEMBER
DECEMBER
REF.
31, 2020
31, 2019
ASSETS
Animal Control Trust Fund:
Cash
B-1
$
2,162.92
$
2,396.60
Due From State of New Jersey
B-3
1.20
1.20
2,164.12
2,397.80
Other Funds:
Cash
B-1
$
30,447.42
$
36,980.26
Interfunds Receivable
B-5
9,851.27
10.25
$
40,298.69
$
36,990.51
$
42,462.81
$
39,388.31
LIABILITIES, RESERVES AND FUND BALANCES
Animal Control Trust Fund:
Interfunds Payable
B-5
$
273.12
$
570.09
Reserve for Animal Control Trust Fund Expenditures
B-2
1,891.00
1,827.71
2,164.12
2,397.80
Other Funds:
Various Reserves and Deposits
B-4
$
40,298.69
$
36,990.51
40,298.69
36,990.51
$
42,462.81
$
39,388.31
The accompanying Notes to the Financial Statements are an integral part of this statement.
GENERAL CAPITAL FUND
C
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
BALANCE
DECEMBER
DECEMBER
REF.
31, 2020
31, 2019
ASSETS
Cash
C-2:C-3
$
715,992.34
$
748,481.71
Deferred Charges to Future Taxation - Funded
C-4
187,054.48
234,754.96
Deferred Charges to Future Taxation - Unfunded
C-5
598,752.49
633,083.61
Interfunds Receivable
C-16
17,575.24
0.00
Grants Receivable
C-10
297,000.00
324,652.15
$
1,816,374.55
$
1,940,972.43
LIABILITIES, RESERVES AND FUND BALANCE
Bond Anticipation Notes
C-13
609,000.00
625,000.00
NJ Environmental Trust Loans Payable
C-15
133,788.26
170,285.75
Green Acres Trust Loans Payable
C-11
53,266.22
64,469.21
Improvement Authorizations:
Funded
C-7
135,181.67
135,217.16
Unfunded
C-7
126,995.81
410,077.49
Various Reserves and Deposits
C-14
0.00
37,561.97
Reserve for Receivables
C-12
207,000.00
311,115.48
Contracts Payable
C-6
437,334.04
24,136.79
Interfunds Payable
C-9
5,207.86
0.00
Capital Improvement Fund
C-8
87,636.26
159,507.95
Fund Balance
C-1
20,964.43
3,600.63
$
1,816,374.55
$
1,940,972.43
The accompanying Notes to the Financial Statements are an integral part of this statement.
C-1
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
STATEMENT OF FUND BALANCE - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
REF.
Balance, December 31, 2019
C
$
3,600.63
Increased by:
Various Reserves and Deposits Canceled
C-14
20,900.47
Contracts Payable Canceled
C-6
10,000.00
30,900.47
34,501.10
Decreased by:
NJ Grants Receivable Canceled
C-10
13,536.67
Balance, December 31, 2020
C
$
20,964.43
The accompanying Notes to the Financial Statements are an integral part of this statement.
THIS PAGE INTENTIONALLY LEFT BLANK
WATER UTILITY FUND
D
BOROUGH OF STOCKTON
WATER UTILITY FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
BALANCE
DECEMBER
DECEMBER
REF.
31, 2020
31, 2019
ASSETS
Operating Fund:
Cash - Treasurer
D-5
$
89,693.37
$
200,997.31
Interfunds Receivable
D-9
23,307.89
23,307.15
$
113,001.26
$
224,304.46
Receivables and Inventories with Full Reserves:
Consumer Accounts Receivable
D-6
$
3,784.19
$
1,129.38
D
$
3,784.19
$
1,129.38
Total Operating Fund
$
116,785.45
$
225,433.84
Capital Fund:
Cash - Treasurer
D-5
$
71,503.84
$
20,400.10
Fixed Capital
D-14
729,166.05
629,376.93
Fixed Capital Authorized and Uncompleted
D-15
15,000.00
115,000.00
Total Capital Fund
$
815,669.89
$
764,777.03
$
932,455.34
$
990,210.87
LIABILITIES, RESERVES AND FUND BALANCE
Operating Fund:
Liabilities:
Appropriation Reserves
D-4:D-8
$
22,584.72
$
15,374.98
Encumbrances Payable
D-20
8,828.21
6,303.51
Accrued Interest on Bonds, Notes and Loans
D-7
372.30
928.53
$
31,785.23
$
22,607.02
Reserve for Receivables and Inventory
D
3,784.19
1,129.38
Fund Balance
D-1
81,216.03
201,697.44
Total Operating Fund
$
116,785.45
$
225,433.84
Capital Fund:
Improvement Authorizations:
Funded
D-10
$
500.00
$
629.15
Unfunded
D-10
81.73
Capital Improvement Fund
D-12
67,112.22
1,983.07
Bond Anticipation Notes
D-17
151,662.00
196,515.00
Interfunds Payable
D-16
23,310.89
23,307.15
Reserve for:
Contracts Payable
D-18
499.00
14,399.00
Amortization
D-13
557,504.53
475,456.93
Deferred Amortization
D-11
15,000.00
52,405.00
Fund Balance
D-2
81.25
Total Capital Fund
$
815,669.89
$
764,777.03
$
932,455.34
$
990,210.87
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 CHANGES IN FUND BALANCE - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
YEAR ENDED
YEAR ENDED
DECEMBER
DECEMBER
REF.
31, 2020
31, 2019
REVENUE AND OTHER INCOME REALIZED
Fund Balance Utilized
D-1
$
129,569.54
$
17,000.00
Rents
D-2
85,257.53
83,214.83
Other Credits to Income:
Miscellaneous Revenue Not Anticipated
D-2
2,562.98
7,231.12
Unexpended Balance of Appropriation Reserves
D-8
8,769.79
10,654.97
TOTAL INCOME
$
226,159.84
$
118,100.92
EXPENDITURES
Operating
D-3
$
98,100.00
$
90,833.00
Statutory Expenditures and Deferred Charges
D-3
1,500.00
1,545.00
Debt Service
D-3
47,471.47
8,968.08
Capital Improvements
D-3
65,000.00
3,000.00
Refund of Prior Year Revenue
D-5
5,000.24
TOTAL EXPENDITURES
$
217,071.71
$
104,346.08
Excess in Revenue
$
9,088.13
$
13,754.84
Fund Balance
Balance, January 1
D
201,697.44
204,942.60
$
210,785.57
$
218,697.44
Utilization as Anticipated Revenue
D-1
129,569.54
17,000.00
Balance, December 31
D
$
81,216.03
$
201,697.44
The accompanying Notes to the Financial Statements are an integral part of this statement.
D-2
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
STATEMENT OF FUND BALANCE - REGULATORY BASIS
AS OF DECEMBER 31, 2020
RDF.
Increased by:
Fully Funded Ordinance Cancelled
D-10
$
81.73
Decreased by:
Prior Year Adjustment
D-15
0.48
Balance, December 31, 2020
D
$
81.25
The accompanying Notes to the Financial Statements are an integral part of this statement.
D-3
BOROUGH OF STOCKTON
WATER UTILITY OPERATING FUND
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
EXCESS
OR
REF.
ANTICIPATED
REALIZED
(DEFICIT)
Fund Balance Anticipated
$
129,569.54
$
129,569.54
$
Water Use Charges
D-1:D-6
83,214.00
85,257.53
2,043.53
Miscellaneous Revenue Not Anticipated
D-1:D-2
2,562.98
2,562.98
D-3
$
212,783.54
$
217,390.05
$
4,606.51
ANALYSIS OF MISCELLANEOUS REVENUES NOT ANTICIPATED
Miscellaneous-Collector
$
2,022.25
Interest on Delinquent Accounts
540.73
Total
D-3
$
2,562.98
The accompanying Notes to the Financial Statements are an integral part of this statement.
D-4
APPROPRIATIONS
UNEXPENDED
BUDGET AFTER
PAID OR
BALANCE
BUDGET
MODIFICATION
CHARGED
RESERVED
CANCELLED
Operating:
Salaries and Wages
$
19,100.00
$
19,100.00
$
19,073.04
$
26.96
$
Other Expenses
79,000.00
79,000.00
56,482.12
22,517.88
Total Operating
$
98,100.00
$
98,100.00
$
75,555.16
$
22,544.84
$
Capital Improvements:
Capital Improvement Fund
$
65,000.00
$
65,000.00
$
65,000.00
$
$
Total Capital Improvements
$
65,000.00
$
65,000.00
$
65,000.00
$
$
Debt Services:
Payment of Bond Anticipation Notes
$
45,000.00
$
45,000.00
$
44,853.00
$
$
147.00
Interest on Notes
3,183.54
3,183.54
2,618.47
565.07
Total Debt Services
$
48,183.54
$
48,183.54
$
47,471.47
$
$
712.07
Statutory Expenditures:
Contributions to:
Social Security System (O.A.S.I.)
$
1,500.00
$
1,500.00
$
1,460.12
$
39.88
$
Total Statutory Expenditures
$
1,500.00
$
1,500.00
$
1,460.12
$
39.88
$
$
212,783.54
$
212,783.54
$
189,486.75
$
22,584.72
$
712.07
REF.
D-2
D-1
D:D-1
Disbursements
D-5
$
178,040.07
Encumbrances Payable
D-20
8,828.21
Accrued Interest
D-7
2,618.47
$
189,486.75
The accompanying Notes to the Financial Statements are an integral part of this statement.
BOROUGH OF STOCKTON
WATER UTILITY OPERATING FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
EXPENDED
SEWER UTILITY FUND
E
SHEET #1
BOROUGH OF STOCKTON
SEWER UTILITY FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
BALANCE
DECEMBER
DECEMBER
ASSETS
REF.
31, 2020
31, 2019
Operating Fund:
Cash - Treasurer
E-5
$
431,337.27
$
362,655.24
Interfund Receivable
E-21
1,422.04
$
432,759.31
$
362,655.24
Receivables and Inventories with Full Reserves:
Consumer Accounts Receivable
E-7
$
21,911.39
$
8,557.34
$
21,911.39
$
8,557.34
Total Operating Fund
$
454,670.70
$
371,212.58
Capital Fund:
Cash - Treasurer
E-5
$
199,593.56
$
165,220.08
Fixed Capital
E-16
2,909,626.38
2,879,656.48
Fixed Capital Authorized and Uncompleted
E-13
345,000.00
250,000.00
Total Capital Fund
$
3,454,219.94
$
3,294,876.56
$
3,908,890.64
$
3,666,089.14
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, 2020
31, 2019
Operating Fund:
Liabilities:
Budget Appropriations
E-4:E-10
$
78,515.76
$
54,003.70
Encumbrances Payable
E-9
31,229.52
19,886.50
Accrued Interest
E-6
70.94
1,016.75
$
109,816.22
$
74,906.95
Reserve for Receivables
E
21,911.39
8,557.34
Fund Balance
E-1
322,943.09
287,748.29
Total Operating Fund
$
454,670.70
$
371,212.58
Capital Fund:
Improvement Authorizations:
Funded
E-15
$
110,119.25
$
104,049.35
Unfunded
E-15
145,289.40
26,389.40
Contracts Payable
E-8
8,550.00
N.J. Environmental Infrastructure Trust Loan Payable
E-11
40,000.00
Interfunds Payable
E-22
803.00
Bond Anticipation Notes Payable
E-20
28,900.00
30,000.00
Reserve for:
Amortization
E-17
2,909,626.38
2,837,536.00
Deferred Amortization
E-18
191,100.00
200,000.00
Capital Improvements
E-19
3,000.00
3,000.00
Capital Improvement Fund
E-12
64,140.10
44,110.00
Fund Balance
E-2
1,241.81
1,241.81
Total Capital Fund
$
3,454,219.94
$
3,294,876.56
$
3,908,890.64
$
3,666,089.14
The accompanying Notes to the Financial Statements are an integral part of this statement.
E-1
BOROUGH OF STOCKTON
SEWER UTILITY FUND
STATEMENTS OF OPERATIONS
AND CHANGES IN FUND BALANCE - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
REF.
2020
2019
REVENUE AND OTHER INCOME REALIZED
Fund Balance Utilized
E-3
$
35,000.00
$
79,900.00
Sewer Service Charges
E-3
278,601.97
274,242.57
Miscellaneous
E-3
8,665.25
9,575.31
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
E-10
52,329.70
13,703.17
TOTAL INCOME
$
374,596.92
$
377,421.05
EXPENDITURES
Operating
E-4
$
219,700.00
$
222,724.51
Statutory Expenditures and Deferred Charges
E-4
23,620.48
18,799.67
Capital Improvement
E-4
23,050.00
44,500.00
Debt Service
E-4
38,031.64
68,222.00
TOTAL EXPENDITURES
$
304,402.12
$
354,246.18
Excess in Revenue
$
70,194.80
$
23,174.87
Fund Balance
Balance, January 1
E-1
287,748.29
344,473.42
$
357,943.09
$
367,648.29
Decreased by:
Utilization as Anticipated Revenue
E-1
35,000.00
79,900.00
Balance, December 31
E
$
322,943.09
$
287,748.29
The accompanying Notes to the Financial Statements are an integral part of this statement.
YEAR
E-2
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
STATEMENT OF FUND BALANCE - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
REF.
Balance, December 31, 2019
and December 31, 2020
E
$
1,241.81
The accompanying Notes to the Financial Statements are an integral part of this statement.
E-3
BOROUGH OF STOCKTON
SEWER UTILITY OPERATING FUND
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
EXCESS
OR
REF.
ANTICIPATED
REALIZED
(DEFICIT)
Fund Balance Utilized
E-1
$
35,000.00
$
35,000.00
$
Sewer Charges
E-1:E-7
274,210.48
278,601.97
4,391.49
Miscellaneous
E-1:E-3
8,665.25
8,665.25
E-4
$
309,210.48
$
322,267.22
$
13,056.74
ANALYSIS OF REALIZED REVENUE
Miscellaneous:
Interest on Delinquent Accounts
$
2,136.81
Connection Fees
3,600.00
Interest on Investments
2,928.44
E-3:E-5
$
8,665.25
The accompanying Notes to the Financial Statements are an integral part of this statement.
E-4
APPROPRIATIONS
EXPENDED
UNEXPENDED
BUDGET AFTER
PAID OR
BALANCE
BUDGET
MODIFICATION
CHARGED
RESERVED
CANCELLED
Operating:
Salaries and Wages
$
19,100.00
$
19,100.00
$
19,073.04
$
26.96
$
Other Expenses
202,100.00
200,600.00
122,163.36
78,436.64
Total Operating
$
221,200.00
$
219,700.00
$
141,236.40
$
78,463.60
$
Capital Improvements:
Capital Improvement Fund
$
20,000.00
$
20,000.00
$
20,000.00
$
$
Lambertville Sewerage Authority
3,050.00
3,050.00
3,037.72
12.28
Total Capital Improvements
$
23,050.00
$
23,050.00
$
23,037.72
$
12.28
$
Debt Service:
Payment of BANs & Capital Notes
$
1,100.00
$
1,100.00
$
1,100.00
$
$
Interest on BANs
490.00
490.00
413.84
76.16
New Jersey Environmental Infrastructure Loan:
Payment of Bond Principal
40,000.00
40,000.00
35,771.95
4,228.05
Interest on Loans
1,250.00
1,250.00
745.85
504.15
Total Debt Service
$
42,840.00
$
42,840.00
$
38,031.64
$
$
4,808.36
Deferred Charges and Statutory Expenditures:
Deferred Charges to Future Taxation Unfunded:
Repair and Improvement of Wastewater Collection Sys
$
2,120.48
$
2,120.48
$
2,120.48
$
$
Acquisition and Installation of Capital Equipment
20,000.00
20,000.00
20,000.00
Contributions to:
Social Security System (O.A.S.I.)
$
$
1,500.00
$
1,460.12
$
39.88
$
Total Statutory Expenditures
$
22,120.48
$
23,620.48
$
23,580.60
$
39.88
$
$
309,210.48
$
309,210.48
$
225,886.36
$
78,515.76
$
4,808.36
REF.
E-3
E-1
E:E-1
Disbursements
E-5
$
194,547.15
Encumbrances Payable
E-9
30,179.52
Accrued Interest
E-6
1,159.69
$
225,886.36
BOROUGH OF STOCKTON
SEWER UTILITY OPERATING FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
The accompanying Notes to the Financial Statements are an integral part of this statement.
THIS PAGE INTENTIONALLY LEFT BLANK
GENERAL FIXED ASSETS ACCOUNT GROUP
"F"
BOROUGH OF STOCKTON
GENERAL FIXED ASSETS ACCOUNT GROUP
BALANCE SHEETS - REGULATORY BASIS
DECEMBER
DECEMBER
31, 2020
31, 2019
General Fixed Assets:
Land
$
1,879,825.00
$
1,879,825.00
Buildings and Building Improvements
233,700.00
233,700.00
TOTAL GENERAL FIXED ASSETS
$
2,113,525.00
$
2,113,525.00
Investment in General Fixed Assets
$
2,113,525.00
$
2,113,525.00
The accompanying Notes to the Financial Statements are an integral part of this statement.
NOTES TO FINANCIAL STATEMENTS
BOROUGH OF STOCKTON
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2020 AND 2019
NOTE 1:
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 regional school
districts, inasmuch as their activities are administered by separate boards.
B.
Description of Funds
The Governmental Accounting Standards Board (GASB) is the accepted
standard-setting body for establishing governmental accounting and
financial reporting principles. GASB 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:
6
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.
7
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.
Interfunds - Interfund 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. Interfund receivables
in the other funds are not offset by reserves. GAAP does not require the
establishment of an offsetting reserve.
8
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.
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.
9
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.
Accounting and Financial Reporting for Pensions - The Governmental
Accounting Standards Board (GASB) approved Statement No. 68
Accounting and financial reporting for pensions administered by state
and local government employers. This Statement improves accounting
and financial reporting by state and local governments for pensions. It also
improves information provided by state and local government employers
about financial support for pensions that is provided by other entities. This
Statement results from a comprehensive review of the effectiveness of
existing standards of accounting and financial reporting for pensions with
regard to providing decision useful information, supporting assessments of
accountability and interperiod equity, and creating additional transparency.
This Statement replaces the requirement of Statement No. 27, Accounting
for Pension by State and Local Governmental Employers, as well as the
requirements of Statement No. 50, Pension Disclosures, as they relate to
pensions that are provided through pension plans administered as trusts or
equivalent arrangements that meet certain criteria. The requirements of
Statements 27 and 50 remain applicable for pensions that are not covered
by the scope of this Statement.
10
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C.
Basis of Accounting (Continued)
Accounting and Financial Reporting for Pensions (Continued) - GASB
approved Statement 71, Pension Transition for Contributions made
Subsequent to the Measurement Date-an amendment to GASB No. 68.
The objective of this Statement is to address an issue regarding application
of the transition provisions of Statement No. 68, Accounting and Financial
Reporting for Pensions. The issue relates to amounts associated with
contributions, if any, made by a state or local government employer or non-
employer contributing entity to a defined benefit pension plan after the
measurement date of the government's beginning net pension liability.
Statement 68 requires a state or local government employer (or non-
employer contributing entity in a special funding situation) to recognize a
net pension liability measured as of a date (the measurement date) no
earlier than the end of its prior fiscal year. If a state or local government
employer or non-employer contributing entity makes a contribution to a
defined benefit pension plan between the measurement date of the
reported net pension liability and the end of the government's reporting
period, Statement 68 requires that the government recognize its
contribution as a deferred outflow of resources.
In addition, Statement 68 requires recognition of deferred outflows of
resources and deferred inflows of resources for changes in the net pension
liability of a state or local government employer or non-employer
contributing entity that arise from other types of events.
At transition to Statement 68, if it is not practical for an employer or non-
employer contributing entity to determine the amounts of all deferred
outflows of resources and deferred inflows of resources related to
pensions, paragraph 137 of Statement 68 required that beginning balances
for deferred outflows of resources and deferred inflows of resources not be
reported. Consequently, if it is not practical to determine the amounts of all
deferred outflows of resources and deferred inflows of resources related to
pensions, contributions made after the measurement date of the beginning
net pension liability could not have been reported as deferred outflows of
resources at transition. This could have resulted in a significant
understatement of an employer or non-employer contributing entity's
beginning net position and expense in the initial period of implementation.
11
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C.
Basis of Accounting (Continued)
Accounting and Financial Reporting for Pensions (Continued) - This
Statement amends paragraph 137 of Statement 68 to require that, at
transition, a government recognize a beginning deferred outflow of
resources for its pension contributions, if any, made subsequent to the
measurement date of the beginning net pension liability. Statement 68, as
amended, continues to require that beginning balances for other deferred
outflows of resources and deferred inflows of resources related to pensions
be reported at transition only if it is practical to determine all such amounts.
Under GAAP, municipalities are required to recognize the pension liability
in Statements of Revenues, Expenses, Changes in Net Assets (balance
sheets) and Notes to the Financial Statements in accordance with
GASB 68. The liability required to be displayed by GASB 68 is displayed
as a separate line item in the Unrestricted Net Assets area of the balance
sheet.
New Jersey’s municipalities and counties do not follow GAAP accounting
principles and, as such, do not follow GASB requirements with respect to
recording the net pension liability as a liability on their balance sheets.
However, N.J.A.C. 5:30 6.1(c)(2) requires municipalities to disclose GASB
68 information in the Notes to the Financial Statements. The disclosure
must meet the requirements of GASB 68.
D.
Basic Financial Statements
The GASB codification also defines the financial statements of a
governmental unit to be presented in the basic 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.
E.
Restatement/Reclassifications of Prior Balances
Certain accounts have been restated in the prior year to conform to
categories established in the current fiscal year. None of these restated
accounts were material to the financial statements taken as a whole.
12
NOTE 2:
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, 2020:
Bank
Reconciling Items:
Reconciled
Fund Type
Balance
Additions
Deletions
Balance
Current Fund
$
815,968.18
$
-
$
6,765.87
$
809,202.31
Animal Control Fund
2,162.92
-
2,162.92
Other Trust Fund
33,094.40
-
2,646.98
30,447.42
General Capital Fund
715,992.34
-
-
715,992.34
Water Utility Operating Fund
91,908.42
-
2,215.05
89,693.37
Water Utility Capital Fund
71,503.84
-
-
71,503.84
Sewer Utility Operating Fund
434,737.46
-
3,400.19
431,337.27
Sewer Utility Capital Fund
199,593.56
-
-
199,593.56
TOTAL DECEMBER 31, 2020
$
2,364,961.12
$
-
$
15,028.09
$
2,349,933.03
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, 2020, 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 $2,114,961.12 was covered under the
provisions of NJGUDPA.
13
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 Local
Government Services of the Department of Community Affairs 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.
14
NOTE 2:
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, 2020.
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.
NOTE 3:
LONG-TERM 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.
15
NOTE 3:
LONG-TERM DEBT (CONTINUED)
SUMMARY OF MUNICIPAL DEBT
YEAR 2020
YEAR 2019
YEAR 2018
Issued:
General Capital
Bonds, Notes and Loans
$
796,054.48 $
859,754.96 $
697,161.43
Water Utility:
Bonds and Notes
151,662.00
196,515.00
200,368.00
Sewer Utility:
Bonds and Notes
28,900.00
70,000.00
138,569.82
Net Debt Issued
$
976,616.48 $
1,126,269.96 $
1,036,099.25
Authorized But Not Issued:
General Capital - Bonds and Notes
$
107,637.01 $
125,968.13 $
500,968.13
Water Capital - Bonds and Notes
20,000.00
20,000.00
20,000.00
Sewer Utility - Bonds and Notes
125,000.00
22,120.48
22,120.48
Total Authorized But Not Issued
$
252,637.01 $
168,088.61 $
543,088.61
Net Bonds and Notes Issued
and Authorized But Not Issued
$
1,229,253.49 $
1,294,358.57 $
1,579,187.86
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 .890%.
GROSS DEBT
DEDUCTIONS
NET DEBT
Regional School District Debt
$
549,030.96 $
549,030.96 $
Sewer Utility Debt
153,900.00
153,900.00
Water Utility Debt
171,662.00
171,662.00
General Debt
903,691.49
101,884.52
801,806.97
$
1,778,284.45 $
976,477.48 $
801,806.97
The Municipality's Net Debt of $801,806.97 divided by the equalized valuation basis
per N.J.S.A 40A:2-2 of $90,120,723 equals .890%.
16
NOTE 3:
LONG-TERM DEBT (CONTINUED)
BORROWING POWER UNDER N.J.S.A. 40A:2-6 AS AMENDED
Equalized Valuation Basis - December 31, 2020
$90,120,723.00
3-1/2% of Equalized Valuation Basis
$3,154,225.31
Net Debt
801,806.97
Remaining Borrowing Power at December 31, 2020
$2,352,418.34
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 Regional School District.
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
$217,243.18
Deduction:
Operating and Maintenance Cost
$164,600.00
Debt Service Per Water Utility Account
6,367.08
170,967.08
Excess in Revenue
$46,276.10
17
NOTE 3:
LONG-TERM DEBT (CONTINUED)
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
$322,345.98
Deduction:
Operating and Maintenance Cost
$244,250.00
Debt Service Per Sewer Utility Account
64,960.00
309,210.00
Excess in Revenue
$13,135.98
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%.
$
53,266.22
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%.
$
125,000.00
$282,975.00 of 2006 Trust Loan due in annual
installments of $8,788.26 to $16,497.49 through
August 2021.
$
8,788.26
18
NOTE 3:
LONG-TERM DEBT (CONTINUED)
Bonds and Notes Authorized But Not Issued
At December 31, 2020, the Borough has authorized but not issued bonds and
notes as follows:
Bonds and Notes Authorized But Not Issued:
General Capital Fund
$
107,637.01
Water Utility Capital Fund
$
20,000.00
Sewer Utility Capital Fund
$
125,000.00
SCHEDULE OF ANNUAL DEBT SERVICE FOR PRINCIPAL AND INTEREST
FOR GREEN TRUST LOANS ISSUED AND
OUTSTANDING DECEMBER 31, 2020
Calendar
Trust Loan
Year
Principal
Interest
Total
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
$
53,266.22
$
2,698.65
$
55,964.87
SCHEDULE OF ANNUAL DEBT SERVICE FOR PRINCIPAL AND INTEREST
FOR NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE LOANS ISSUED AND
OUTSTANDING DECEMBER 31, 2020
Calendar
Trust Loan
Fund Loan
Year
Principal
Interest
Principal
Total
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
$
125,000.00
$
19,650.00 $
8,788.26 $
153,438.26
19
NOTE 4:
SHORT-TERM DEBT
In accordance with N.J.S.A. 40A:2-8.1, a local unit may, in anticipation of the
issuance of bonds, borrow money and issue notes if the bond ordinance or
subsequent resolution so provides. Any such note shall be designated as a "bond
anticipation note" and shall be subject to the following provisions:
(1) every note shall contain a recital that it is issued for a period not exceeding one
year and may be renewed from time to time for additional periods, none of
which shall exceed one year;
(2) all such notes, including renewals, shall mature and be paid not later than the
first day of the fifth month following the close of the tenth fiscal year next
following the date of the original notes; and
(3) no such notes shall be renewed beyond the third anniversary date of the
original notes unless an amount of such notes, at least equal to the first legally
payable installment of the bonds in anticipation of which those notes are
issued, is paid and retired on or before each subsequent anniversary date
beyond which such notes are renewed from funds other than the proceeds of
obligations.
Outstanding Bond Anticipation Notes are summarized as follows:
Interest
Original
General Capital
Rate
Issue Date
Amount
2016-08
0.80%
9/15/2017
$
284,000.00
2018-06
0.80%
9/12/2019
325,000.00
$
609,000.00
Water Capital
2012-04
0.80%
9/21/2012
$
110,704.00
2014-04
0.80%
9/19/2014
40,958.00
$
151,662.00
Sewer Capital
2016-09
0.80%
9/15/2018
$
28,900.00
In accordance with N.J.S.A. 40A:4 sections 64 through 73, in any fiscal year, in
anticipation of the collection of taxes for such year, whether levied in such year, or
in anticipation of other revenue for such year, the Borough may, by resolution,
borrow money and issue its negotiable notes, each of which shall be designated
by the fiscal year to which it pertains. The proceeds may be used to pay
outstanding previous notes of same purpose, or for purposes provided for in the
budget or for which taxes are levied or to be levied for in such year. The amount
outstanding shall not exceed an amount certified as the gross borrowing power,
and no such notes shall be authorized in excess of an amount certified as the net
borrowing power. Tax anticipation notes may be renewed from time to time, but
any note shall mature within 120 days after the beginning of the succeeding fiscal
year, and bear an interest rate that does not exceed 6%. The Borough did not
have any Tax Anticipation Notes in 2020.
20
NOTE 5:
FUND BALANCES APPROPRIATED
Fund balances at December 31, 2020 which were appropriated and included as
anticipated revenue in their own respective funds for the year ending
December 31, 2021 were as follows:
Current Fund
$198,000.00
Water Operating Fund
$ 60,000.00
Sewer Operating Fund
$ 20,000.00
NOTE 6:
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:
BALANCE
BALANCE
DECEMBER
DECEMBER
31, 2020
31, 2019
Prepaid Taxes
$8,255.74
$8,955.33
NOTE 7:
PENSION PLANS
Plan Descriptions
Substantially all eligible employees participate in the Public Employees'
Retirement System (PERS), or the Police, Firemen's Retirement System (PFRS)
or the Defined Contribution Retirement System (DCRP), which have been
established by state statute and are administered by the New Jersey Division of
Pensions and Benefits. The Division issues a publicly available financial report
that includes the financial statements and required supplementary information for
the Public Employees Retirement System, Police and Firemen's Retirement
System and Consolidated Police and Firemen’s Pension Fund. These reports may
be obtained by writing to the Division of Pensions and Benefits, P.O. Box
295,
Trenton,
New
Jersey,
08625
or
are
available
online
at
www.nj.gov/treasury/pensions/annrprts.shtml.
21
NOTE 7:
PENSION PLANS (CONTINUED)
Public Employees' Retirement System (PERS) - The Public Employees'
Retirement System (PERS) was established as of January 1, 1955, under the
provisions of N.J.S.A. 43:15A, to provide retirement, death, disability and medical
benefits to certain qualified members. The PERS is a cost-sharing multiple
employer plan. Membership is mandatory for substantially, all full-time employees
of the State of New Jersey or any county, municipality, school district or public
agency, provided the employee is not required to be a member of another state-
administered retirement system or other state pension fund or local jurisdiction's
pension fund.
Defined Contribution Retirement Program (DCRP) - The Defined Contribution
Retirement Program (DCRP) was established July 1, 2007, under the provisions
of Chapter 92, P.L. 2007 and Chapter 103, P.L 2007, and was expanded under
the provisions of Chapter 89, P.L. 2009. The DCRP provides eligible employees
and their beneficiaries with a tax-sheltered, defined contribution retirement benefit,
along with life insurance coverage and disability coverage.
Vesting and Benefit Provisions
The vesting and benefit provisions for PERS are set by N.J.S.A. 43:15A and 43:36.
All benefits vest after ten years of service, except for medical benefits, which vest
after 25 years of service. Members may seek early retirement after achieving 25
years of service credit or they may elect deferred retirement after achieving ten
years of service credit, in which case, benefits would begin the first day of the
month after the member attains normal retirement age.
Newly elected or appointed officials that have an existing DCRP account, or are a
member of another State-administered retirement system are immediately
invested in the DCRP. For newly elected or appointed officials that do not qualify
for immediate vesting in the DCRP. employee and employer contributions are held
during the initial year of membership. Upon commencing the second year of DCRP
membership, the member is fully invested. However, if a member is not eligible to
continue in the DCRP for a second year of membership, the member may apply
for a refund of the employee contributions from the DCRP, while the employer
contributions will revert back to the employer. Employees are required to contribute
5.5% of their base salary and employers contribute 3.0%.
Funding Policy
The contribution policy for PERS is set by N.J.S.A. 43:15A and requires
contributions by active members and contributing employers. State legislation has
modified the amount that is contributed by the State. The State’s pension
contribution is based on an actuarially determined amount, which includes the
employer portion of the normal cost and an amortization of the unfunded accrued
liability. Funding for noncontributory group life insurance benefits is based on
actual claims paid. For fiscal year 2020, the State’s pension contribution was less
than the actuarial determined amount. The local employers’ contribution amounts
are based on an actuarially determined rate, which includes the normal cost and
unfunded accrued liability. During 2020, PERS provides for employee
contributions of 7.50% of employees' base salary.
22
NOTE 7:
PENSION PLANS (CONTINUED)
Funding Policy (Continued)
Certain Borough employees are also covered by the Federal Insurance
Contribution Act. The Borough's share of pension costs, which is based upon the
annual billings received from the State, amounted to $10,966.00 for 2020,
$14,990.00 for 2019 and $13,741.00 for 2018.
Accounting and Financial Reporting for Pensions – GASB #68
The Governmental Accounting Standards Board (GASB) has issued Statement
No. 68 “Accounting and Financial Reporting for Public Employees Pensions” which
requires the State of New Jersey to calculate and allocate, for note disclosure
purposes only, the unfunded net pension liability of Public Employees Retirement
System (PERS) of the participating municipality as of December 31, 2020. The
statement does not alter the amounts of funds that must be budgeted for pension
payments under existing state law.
Under accounting principles and practices prescribed by the Division of Local
Government Services, Department of Community Affairs, State of New Jersey, any
unfunded net pension liability of the municipality, allocated by the State of New
Jersey, is not required to be reported in the financial statements as presented and
any pension contributions required to be paid are raised in that year’s budget and
no liability is accrued at December 31, 2020.
Public Employees Retirement System (PERS)
At June 30, 2020, the State reported a net pension liability of $191,718.00 for the
Borough of Stockton’s proportionate share of the total net pension liability. The
total pension liability for the June 30, 2020 measurement date was determined by
an actuarial valuation as of July 1, 2019, which was rolled forward to June 30,
2020. The Borough's proportion of the net pension liability was based on a
projection of the Borough’s long-term share of contributions to the pension plan
relative to the projected contributions of all participating employers, actuarially
determined. At June 30, 2020, the Borough’s proportion was 0.0011756484
percent, which was an increase of 0.000382773 percent from its proportion
measured as of June 30, 2019.
For the year ended June 30, 2020, the State recognized an actuarially determined
pension benefit of $11,930.00 for the Borough of Stockton’s proportionate share
of the total pension expense. The pension expense recognized in the Borough’s
financial statement based on the April 1, 2020 billing was $10,966.00.
23
NOTE 7:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Public Employees Retirement System (PERS) (Continued)
At June 30, 2020, the State reported deferred outflows of resources and deferred
inflows of resources related to PERS from the following sources:
Deferred
Deferred
Outflow of
Inflow of
Resources
Resources
Differences between expected and actual
experience
$
3,491.00 $
678.00
Changes of assumptions
6,220.00
80,274.00
Net difference between projected and
actual earnings on pension plan
investments
6,553.00
Changes in proportion and differences
between Borough contributions and
proportionate share of contributions
13,979.00
52,984.00
$
30,243.00 $
133,936.00
Other local amounts reported by the State as the Borough’s proportionate share
of deferred outflows of resources and deferred inflows of resources related to
pensions will be recognized in the State’s actuarially calculated pension expense
as follows:
Year Ended
June 30,
Amount
2021
($31,858.00)
2022
(29,734.00)
2023
(20,335.00)
2024
(12,870.00)
2025
(8,896.00)
($103,693.00)
24
NOTE 7:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Public Employees Retirement System (PERS) (Continued)
Actuarial Assumptions
The total pension liability for the June 30, 2020 measurement date was determined
by an actuarial valuation as of July 1, 2019, which rolled forward to June 30, 2020.
These actuarial valuations used the following assumptions:
June 30, 2020
Inflation
Price
2.75%
Wage
3.25%
Salary Increases
Through 2026
2.00-6.00%
Thereafter
3.00-7.00%
Based on
Years of Service
Investment Rate of Return
7.00%
Pre-retirement mortality rates were based on the Pub-2010 General Below-Median
Income Employee mortality table with an 82.2% adjustment for males and 101.4%
adjustment for females, and with future improvement from the base year of 2010
on a generational basis. Post-retirement mortality rates were based on the Pub-
2010 General Below-Median Income Healthy Retiree mortality table with a 91.4%
adjustment for males and 99.7% adjustment for females, and with future
improvement from the base year of 2010 on a generational basis. Disability
retirement rates used to value disabled retirees were based on the Pub-2010 Non-
Safety Disabled Retiree mortality table with a 127.7% adjustment for males and
117.2% adjustment for females, and with future improvement from the base year
of 2010 on a generational basis. Mortality improvement is based on Scale MP-
2020.
The actuarial assumptions used in the July 1, 2019 valuation were based on the
results of an actuarial experience study for the period July 1, 2014 to June 30,
2019.
25
NOTE 7:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Public Employees Retirement System (PERS) (Continued)
Long-Term Rate of Return
In accordance with State statute, the long-term expected rate of return on plan
investments (7.00% at both June 30, 2020 and June 30, 2019) is determined by
the State Treasurer, after consultation with the Directors of the Division of
Investment and Division of Pensions and Benefits, the board of trustees and the
actuaries. The long-term expected rate of return was determined using a building
block method in which best-estimate ranges of expected future real rates of return
(expected returns, net of pension plan investment expense and inflation) are
developed for each major asset class. These ranges are combined to produce the
long-term expected rate of return by weighting the expected future real rates of
return by the target asset allocation percentage and by adding expected inflation.
Best estimates of arithmetic rates of return for each major asset class included in
PERS's target asset allocation as of June 30, 2020 are summarized in the following
table:
Long-Term
Target
Expected Real
Assets Class
Allocation
Rate of Return
US Equity
27.00%
7.71%
Non-U.S. Developed Market Equity
13.50%
8.57%
Emerging Market Equity
5.50%
10.23%
Private Equity
13.00%
11.42%
Real Assets
3.00%
9.73%
Real Estate
8.00%
9.56%
High Yield
2.00%
5.95%
Private Credit
8.00%
7.59%
Investment Grade Credit
8.00%
2.67%
Cash Equivalents
4.00%
0.50%
U.S. Treasury’s
5.00%
1.94%
Risk Mitigation Strategies
3.00%
3.40%
26
NOTE 7:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Public Employees Retirement System (PERS) (Continued)
Discount Rate
The discount rate used to measure the total pension liability was 7.00% and 6.28%
as of June 30, 2020 and June 30, 2019, respectively. The projection of cash flows
used to determine the discount rate assumed that contributions from plan
members will be made at the current member contribution rates and that
contributions from employers and the nonemployer contributing entity will be based
on 78% of the actuarially determined contributions for the State employer and
100% of actuarially determined contributions for the local employers. Based on
those assumptions, the plan's fiduciary net position was projected to be available
to make all projected future benefit payments of current plan members. Therefore,
the long-term expected rate of return on plan investments was applied to all
projected benefit payments to determine the total pension liability.
Sensitivity of the Borough’s proportionate share of net pension liability to changes
in the discount rate
The following presents the Borough’s proportionate share of the net pension
liability of the participating employers as of June 30, 2020 respectively, calculated
using the discount rate as disclosed above as well as what the collective net
pension liability would be if it was calculated using a discount rate that is
1-percentage point lower or 1-percentage point higher than the current rate:
June 30, 2020
1%
At Current
1%
Decrease
Discount Rate
Increase
6.00%
7.00%
8.00%
Borough's proportionate share
of the pension liability
$241,340.00
$191,718.00
$149,611.00
Pension Plan Fiduciary Net Position
Detailed information about the pension plan’s fiduciary net position is available in
the separately issued Financial Report for the State of New Jersey Public
Employees Retirement System (PERS). The report may be obtained at State of
New Jersey Division of Pensions and Benefits P.O. Box 295 Trenton, New Jersey
08625-0295 http://www.state.nj.us/treasury/pensions.
27
NOTE 8:
COMPENSATED ABSENCES
The Borough does not have a policy which allows employees to accrue unused
vacation and sick pay.
NOTE 9:
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.
NOTE 10:
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 2020. 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.A. 40A:2-51.
NOTE 11:
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 2020 audit report. There were no findings and questioned
costs for 2020. In addition, these programs are also subject to compliance and
financial audits by the grantors or their representatives. As of December 31, 2020,
the Borough does not believe that any material liabilities will result from such
audits.
NOTE 12:
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.
28
NOTE 13:
INTERFUND RECEIVABLES AND PAYABLES
The following interfund balances remained on the balance sheets at December 31,
2020:
INTERFUND
INTERFUND
FUND
RECEIVABLE
PAYABLE
Current
$
273.12
$
69,871.83
Grant
47,037.14
Animal Control
273.12
Trust Other
9,851.27
General Capital
17,575.24
5,207.86
Water Utility Operating
23,307.89
Water Utility Capital
23,310.89
Sewer Utility Operating
1,422.04
Sewer Utility Capital
803.00
TOTAL
$
99,466.70
$
99,466.70
All balances resulted from the time lag between the dates that short-term loans
were disbursed and payments between funds were made. All interfund balances
are to be liquidated within one year.
NOTE 14:
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 $400.00 for 2020.
NOTE 15:
ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENT
BENEFITS OTHER THAN PENSIONS – GASB 75
The Governmental Accounting Standards Board (GASB) has issued Statement
No. 75, “Accounting and Financial Reporting for Postemployment Benefits Other
Than Pensions”. This statement establishes standards for measuring and
recognizing liabilities, deferred outflows and inflows of resources, and expenses
for postemployment benefits other than pensions. OPEB obligations are non-
pension benefits that the municipality has contractually or otherwise agreed to
provide employees once they have retired and, in most instances, will be for
retirement health, prescription and dental insurance coverage.
29
NOTE 15:
ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENT
BENEFITS OTHER THAN PENSIONS – GASB 75 (CONTINUED)
Under current New Jersey budget and financial reporting requirements, the
municipality is not required to fund any amounts in excess of their current costs on
a pay-as-you-go basis or to accrue funds, create a trust or issue debt to finance
their other post-employment benefit liability. Additionally, the municipality is not
required to recognize any long-term obligations resulting from OPEB on their
financial statements.
The Borough does not have an OPEB liability or a special funding situation for
2020.
NOTE 16:
SUBSEQUENT EVENTS
The Borough has evaluated subsequent events occurring after the financial
statement date through September 13, 2021 which is the date the financial
statements were available to be issued. Based on this evaluation, the Borough has
determined there are no subsequent events to be disclosed
30
BOROUGH OF STOCKTON
SUPPLEMENTARY SCHEDULES - ALL FUNDS
YEAR ENDED DECEMBER 31, 2020
A-4
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF CASH-TREASURER
FEDERAL AND STATE
REF.
CURRENT FUND
GRANT FUND
Balance, December 31, 2019
A
$
746,898.34
$
-0-
Increased by Receipts:
Collector
A-5
$
1,885,720.40
$
Petty Cash Fund
A-11
100.00
State of New Jersey-Chapter 20, P.L. 1971
A-8
4,500.00
Revenue Accounts Receivable
A-9
136,928.04
Miscellaneous Revenue Not Anticipated
A-2
7,755.70
Current Year Budget Refunds
A-3
1,114.63
Interfunds Received
A-10
28,961.21
Reserve for Grants Receivable
A-21
Miscellaneous Reserves
A-18
1,000.00
Reserve for Grants - Unappropriated
A-15
4,000.00
2,066,079.98
4,000.00
$
2,812,978.32
$
4,000.00
Decreased by Disbursements:
Currrent Year Budget Appropriations
A-3
$
489,580.18
$
Prior Year Appropriation Reserves
A-12
27,464.48
Petty Cash Fund
A-11
100.00
Interfunds Disbursed
A-10:A-6
10,731.89
4,000.00
County Taxes
A-13
344,312.73
Regional High School Tax
A-14
1,129,373.00
Miscellaneous Reserves
A-18
650.00
Refund of Prior Year Revenues
A-1
1,563.73
2,003,776.01
4,000.00
Balance, December 31, 2020
A
$
809,202.31
$
-0-
A-5
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF CASH-COLLECTOR
REF.
Increased by Receipts:
Interest on Delinquent Taxes
A-9
$
7,397.50
Taxes Receivable
A-7
1,865,442.79
Subsequent Year's Taxes Prepaid
A-16
8,255.74
Tax Overpayments
A-17
4,624.37
$
1,885,720.40
Decreased by Disbursements:
Payments to Treasurer
A-4
$
1,885,720.40
A-6
REF.
Balance, December 31, 2019
A
$
43,037.14
Increased by:
Disbursements
A-4
4,000.00
Balance, December 31, 2020
A
$
47,037.14
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF DUE CURRENT FUND - GRANT FUND
A-7
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY
BALANCE
BALANCE
DECEMBER
LEVY
COLLECTED IN
OVERPAYMENTS
DECEMBER
YEAR
31, 2019
2020
2019
2020
APPLIED
CANCELED
31, 2020
2019
$
25,915.31
$
$
$
25,915.31
$
$
$
2020
1,899,280.52
8,955.33
1,844,027.48
2,544.47
2,913.19
40,840.05
$
25,915.31
$
1,899,280.52
$
8,955.33
$
1,869,942.79
$
2,544.47
$
2,913.19
$
40,840.05
REF.
A
Below
A-2:A-16
A-2
A-2:A-17
A
REF.
Collector
A-5
$
1,865,442.79
State of New Jersey
A-8
4,500.00
$
1,869,942.79
TAX YIELD
General Purpose Tax
$
1,899,280.52
TAX LEVY
Regional High School Tax (Abstract)
A-14
$
1,129,373.00
County Taxes:
County Tax
A-13
$
288,123.78
County Library Tax
A-13
28,292.65
County Open Space Preservation Tax
A-13
27,516.99
343,933.42
Local Tax for Municipal Purposes (Abstract)
A-2
$
416,268.12
Municipal Open Space Tax (Including Added)
A-1;A-2;A-10
9,150.00
Add: Additional Tax Levied
555.98
Local Tax for Municipal Purposes Levied
425,974.10
$
1,899,280.52
ANALYSIS OF CURRENT YEAR PROPERTY TAX LEVY
A-8
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF DUE STATE OF NEW JERSEY
PER CHAPTER 20, P.L. 1971
REF.
Increased by:
Deductions Per Tax Duplicate:
Veterans
$
4,250.00
Allowed by Collector
250.00
$
4,500.00
Decreased by:
Received From State of New Jersey
A-4
$
4,500.00
SUMMARY OF CURRENT YEAR EXEMPTIONS
Senior Citizens and Veterans Deductions
Per Tax Billings
$
4,250.00
Allowed by Collector
250.00
A-7
$
4,500.00
A-9
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF REVENUE ACCOUNTS RECEIVABLE
ACCRUED IN
REF.
2020
COLLECTOR
TREASURER
Clerk:
Alcoholic Beverage Licenses
A-2
$
3,824.00
$
$
3,824.00
Other Licenses
A-2
68.00
68.00
Fees and Permits
A-2
1,426.00
1,426.00
Municipal Court:
Fines and Costs
A-2
3,664.46
3,664.46
Interest and Costs on Taxes
A-2
7,397.50
7,397.50
Interest on Investments
A-2
8,335.28
8,335.28
Energy Receipts Tax
A-2
45,571.00
45,571.00
Garden State Preservation Trust Fund
A-2
6,150.00
6,150.00
Hotel and Motel Tax
A-2
21,351.90
21,351.90
Cell Tower Rental
A-2
46,537.40
46,537.40
$
144,325.54
$
7,397.50
$
136,928.04
REF.
A-5
A-4
COLLECTED BY
A-10
ANIMAL
TRUST
GENERAL
GRANT
CONTROL
OTHER
CAPITAL
REF.
TOTAL
FUND
FUND
FUND
FUND
Balance, December 31, 2019:
Due From
A
$
570.09
$
$
570.09
$
$
Due To
A
43,047.39
43,037.14
10.25
Receipts
A-4
28,961.21
4,000.00
570.09
6,060.00
18,331.12
Open Space Tax Levy
A-7
9,150.00
9,150.00
Disbursements
A-4
10,731.89
15.21
9,169.10
1,547.58
Excess Animal Control Reserve
A-2
257.91
257.91
Contracts Issued
Due From
A
$
273.12
$
$
273.12
$
$
Due To
A
69,871.83
47,037.14
6,051.15
16,783.54
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF INTERFUNDS
A-11
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF PETTY CASH FUNDS
REF.
Increased by:
Disbursements
A-4
$
100.00
Decreased by:
Receipts
A-4
$
100.00
A-12
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF PRIOR YEAR APPROPRIATION RESERVES
BALANCE
BALANCE
DECEMBER
AFTER
PAID OR
BALANCE
31, 2019
TRANSFERS
CHARGED
LAPSED
SALARIES AND WAGES
Governing Body
$
418.93
$
418.93
$
$
418.93
Municipal Clerk
1,650.00
1,650.00
1,650.00
Financial Administration
20.00
20.00
20.00
Assessment of Taxes
0.27
0.27
0.27
Administration
1.03
1.03
1.03
Planning Board
0.14
0.14
0.14
Zoning Board
0.17
0.17
0.17
Municipal Prosecutor
0.86
0.86
0.86
Municipal Court
1,007.71
1,007.71
1,007.71
Animal Control Services
0.41
0.41
0.41
Building Inspector
0.45
0.45
0.45
OTHER EXPENSES
Governing Body
673.00
673.00
673.00
Municipal Clerk
538.26
617.44
79.18
538.26
Elections
91.42
91.42
91.42
Financial Administration:
Other Expenses
1,195.01
1,195.01
1,195.01
Audit Services
2,950.00
4,075.00
4,075.00
Computer Support
805.52
805.52
547.54
257.98
Assessment of Taxes
68.82
240.66
181.18
59.48
Revenue Administration
479.10
479.10
479.10
Building and Grounds
91.51
1,854.51
1,763.00
91.51
Legal Services and Costs
753.26
1,590.26
837.00
753.26
Engineering Services
3,505.25
6,505.25
2,248.00
4,257.25
Planning Board:
Other Expenses
776.32
776.32
776.32
Legal Fees
223.50
423.50
423.50
Planner Fees
120.20
120.20
120.20
Engineering Fees
700.00
700.00
700.00
Insurance:
Workers Comp.
68.00
68.00
68.00
Other Insurance
201.00
201.00
201.00
Liability Insurance
63.00
63.00
63.00
Flood
26.00
26.00
26.00
Streets and Road Maintenance
7,550.00
7,550.00
7,550.00
Snow Removal
4,645.00
4,645.00
1,440.00
3,205.00
Solid Waste Collection
23,042.17
28,174.70
10,265.06
17,909.64
Flood Inurance Program
3,500.00
1,775.00
1,775.00
Recycling
637.22
2,470.20
2,465.96
4.24
Board of Health
600.00
600.00
600.00
Recreation
3.18
1,343.65
1,340.47
3.18
Municipal Court
64.50
64.50
64.50
Public Defender
200.00
200.00
200.00
Electricity
11.63
160.96
149.33
11.63
Street Lighting
4,843.75
5,633.45
1,588.80
4,044.65
Telephone
2,131.72
2,368.25
236.53
2,131.72
Natural Gas
651.68
899.11
247.43
651.68
Social Security System
1,105.91
1,105.91
1,105.91
Unemployment Insurance
300.00
300.00
300.00
Length of Service Award Program
100.00
100.00
100.00
Building Inspector
185.00
185.00
185.00
$
66,001.90
$
81,181.89
$
27,464.48
$
53,717.41
REF.
A
A-4
A-1
Balance, December 31, 2019
A-12
$
66,001.90
Encumbrances Payable
A-20
15,179.99
$
81,181.89
A-13
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF COUNTY TAXES PAYABLE
REF.
Balance, December 31, 2019
A
$
379.31
Current Year Tax Levy:
County Taxes
A-7
$
288,123.78
County Open Space
A-7
27,516.99
County Library
A-7
28,292.65
A-1
343,933.42
344,312.73
Decreased by:
Disbursements
A-4
$
344,312.73
A-14
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF REGIONAL SCHOOL TAXES PAYABLE
REF.
Increased by:
Levy
A-1:A-7
$
1,129,373.00
Decreased by:
Disbursements
A-4
$
1,129,373.00
A-15
GRANT FUND
Balance, December 31, 2019
A
$
4,861.08
Increased by:
Receipts
A-4
4,000.00
8,861.08
Decreased by:
Applied to Grants Receivable
A-21
861.08
Balance, December 31, 2020
A
$
8,000.00
Detail of Balance at December 31, 2020
Clean Communities Program
$
8,000.00
$
8,000.00
SCHEDULE OF RESERVE FOR GRANTS UNAPPROPRIATED
A-16
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF PREPAID TAXES
REF.
Balance, December 31, 2019 (2020 Taxes)
A
$
8,955.33
Increased by:
Collection of Subsequent Year Taxes
A-5
8,255.74
$
17,211.07
Decreased by:
Application to Current Year Taxes Receivable
A-7
8,955.33
Balance, December 31, 2020 (2021 Taxes)
A
$
8,255.74
A-17
SCHEDULE OF TAX OVERPAYMENTS
Balance, December 31, 2019
A
$
2,100.61
Increased by:
Receipts
A-5
4,624.37
Miscellaneous Adjustment
A-1
443.86
5,068.23
$
7,168.84
Decreased by:
Application to Current Year Taxes Receivable
2,544.47
Balance, December 31, 2020
A
$
4,624.37
A-18
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF RESERVE FOR MISCELLANEOUS RESERVES
BALANCE
BALANCE
DECEMBER 31,
CASH
TRANSFERRED
CASH
DECEMBER 31,
2019
RECEIPTS
FROM BUDGET
DISBURSEMENTS
CANCELED
2020
Due to State and County
$
825.00
$
1,000.00
$
$
650.00
$
$
1,175.00
State Aid Unappropriated-Prior Years
12,300.00
12,300.00
Revaluation
$
13,125.00
$
1,000.00
$
$
650.00
$
12,300.00
$
1,175.00
REF.
A
A-4
A-3
A-4
A-1
A
A-19
BOROUGH OF STOCKTON
GRANT FUND
SCHEDULE OF RESERVE FOR GRANTS APPROPRIATED
BALANCE
2020
BALANCE
DECEMBER
BUDGET
DECEMBER
31, 2019
APPROPRIATIONS
31, 2020
Clean Communities Program
$
31,910.54
$
$
31,910.54
Alcohol Education and Rehabilitation Fund
251.82
80.37
332.19
Recycling Tonnage Grant
6,013.70
780.71
6,794.41
$
38,176.06
$
861.08
$
39,037.14
REF.
A
A-3
A
A-20
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF ENCUMBRANCES PAYABLE
REF.
Balance, December 31, 2019
A
$
15,179.99
Increased by:
Charges to Appropriations
A-3
10,236.01
$
25,416.00
Decreased by:
Transferred to Appropriation Reserves
A-12
15,179.99
Balance, December 31, 2020
A
$
10,236.01
A-21
ACCRUED
2020
UNAPPROPRIATED
BUDGET
APPLIED
Alcohol Education and Rehabilitation Fund
$
780.71
$
780.71
Recycling Tonnage Grant
80.37
80.37
$
861.08
$
861.08
REF.
A-2
A-15
BOROUGH OF STOCKTON
GRANT FUND
SCHEDULE OF GRANTS RECEIVABLE
B-1
BOROUGH OF STOCKTON
TRUST FUND
SCHEDULE OF CASH-TREASURER
ANIMAL CONTROL
TRUST OTHER
REF.
Balance, December 31, 2019
B
$
2,396.60
$
36,980.26
Increased by Receipts:
Dog License Fees
B-2
$
955.20
$
Due from State of New Jersey
B-3
64.80
Various Reserves and Deposits
B-4
191,500.92
Due Current Fund
B-5
15.21
6,673.72
1,035.21
198,174.64
$
3,431.81
$
235,154.90
Decreased by Disbursements:
Expenditures under R.S.4:19-15.11
B-2
$
634.00
$
Due from State of New Jersey
B-3
64.80
Various Reserves and Deposits
B-4
191,992.86
Due Current Fund
B-5
570.09
12,714.62
1,268.89
204,707.48
Balance, December 31, 2020
B
$
2,162.92
$
30,447.42
B-2
BOROUGH OF STOCKTON
TRUST FUND
SCHEDULE OF RESERVE FOR ANIMAL CONTROL TRUST FUND EXPENDITURES
REF.
Balance, December 31, 2019
B
$
1,827.71
Increased by:
Animal Control Fees Collected
B-1
955.20
$
2,782.91
Decreased by:
Expenditures under R.S.4:19-15.11:
Disbursements
B-1
$
634.00
Statutory Excess Due Current Fund
B-5
257.91
891.91
Balance, December 31, 2020
B
$
1,891.00
LICENSE FEES COLLECTED
YEAR
AMOUNT
2020
$
955.20
2019
935.80
$
1,891.00
B-3
SCHEDULE OF DUE STATE OF NEW JERSEY -
ANIMAL CONTROL FUND
Balance, December 31, 2019 (Due From)
B
$
1.20
Increased by:
Disbursements
B-1
64.80
$
66.00
Decreased by:
Receipts
B-1
64.80
Balance, December 31, 2020 (Due From)
B
$
1.20
B-4
BOROUGH OF STOCKTON
TRUST FUND
SCHEDULE OF VARIOUS RESERVES AND DEPOSITS
BALANCE
BALANCE
DECEMBER
DECEMBER
31, 2019
RECEIPTS
DISBURSEMENTS
31, 2020
State Unemployment Insurance
$
13,529.14
$
502.39
$
$
14,031.53
Town Holiday Decorations
3,800.12
3,800.12
Storm Trust
7,334.32
6,135.46
13,469.78
Payroll Agency
1,141.68
163,425.99
163,425.74
1,141.93
Planning Board Escrow
5,775.12
12,287.00
12,702.25
5,359.87
Municipal Open Space Trust
9,210.25
9,150.08
15,864.87
2,495.46
$
36,990.51
$
195,301.04
$
191,992.86
$
40,298.69
REF.
B
Below
B-1
B
Cash Receipts
B-1
$
191,500.92
Due General Capital Fund
B-5
3,800.12
$
195,301.04
B-5
TRUST
ANIMAL
GENERAL
REF.
TOTAL
OTHER
CONTROL
CAPITAL
Balance, December 31, 2019:
Due From
B
$
10.25
$
10.25
$
$
Due To
B
570.09
570.09
Increased by:
Receipts
B-1
6,688.93
6,673.72
15.21
Excess Reserve
B-2
257.91
257.91
7,516.93
6,673.72
843.21
Decreased by:
Disbursements
B-1
13,284.71
12,714.62
570.09
Other Trust Fund reserves
B-4
3,800.12
3,800.12
17,084.83
12,714.62
570.09
3,800.12
Balance, December 31, 2020:
Due From
B
9,851.27
6,051.15
3,800.12
Due To
B
$
273.12
$
$
273.12
$
CURRENT FUND
BOROUGH OF STOCKTON
TRUST FUND
SCHEDULE OF INTERFUNDS
C-2
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF CASH - TREASURER
REF.
Balance, December 31, 2019
C
$
748,481.71
Increased by Receipts:
Budget Appropriation:
Capital Improvement Fund
C-8
$
20,000.00
Deferred Charges- Unfunded
C-5
18,331.12
Interfunds
C-16
2,955.32
Various Reserves and Deposits
C-14
3,972.15
Bond Anticipation Notes
C-13
609,000.00
654,258.59
$
1,402,740.30
Decreased by Disbursements:
Contracts Payable
C-6
$
53,453.11
Bond Anticipation Notes
C-13
609,000.00
Various Reserves and Deposits
C-14
5,172.03
Interfunds
C-16
19,122.82
686,747.96
Balance, December 31, 2020
C:C-3
$
715,992.34
C-3
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
ANALYSIS OF CASH
BALANCE
DECEMBER
31, 2020
Capital Improvement Fund
$
87,636.26
Fund Balance
20,964.43
Contracts Payable
437,334.04
Unexpended Proceeds of Bond Anticipation Notes on "C-5"
126,995.81
Cash on Hand to Pay Notes "C-5"
117,884.52
Improvement Authorizations:
Funded Improvements Listed on "C-7"
135,181.67
Improvements Expended Set Forth on "C-5"
(107,637.01)
Reserve for Receivables
207,000.00
Interfunds
(12,367.38)
Grants Receivable
(297,000.00)
$
715,992.34
REF.
C:C-2
C-4
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - FUNDED
REF.
Balance, December 31, 2019
C
$
234,754.96
Decreased by:
Current Year Budget Appropriation to Pay:
Green Trust Loan Principal
C-11
$
11,202.99
Environmental Infrastructure Loan Principal
C-15
36,497.49
47,700.48
Balance, December 31, 2020
C
$
187,054.48
C-5
BALANCE
FUNDED BY
BALANCE
BOND
ORDINANCE
DECEMBER 31,
PAID
NOTE
DECEMBER 31,
ANTICIPATION
NUMBER
2019
BY BUDGET
PAYMENTS
2020
NOTES
EXPENDITURES
General Improvements:
05-06
Reconstruction of Mill Street
$
34,578.20
$
18,331.12
$
$
16,247.08
$
$
16,247.08
12-08
Road and Drainage Improvements - Wilson Drive
91,389.93
91,389.93
91,389.93
16-08
Reconstruction of Glenwood Lane
182,115.48
16,000.00
166,115.48
166,115.48
18-06
Improvements to Hilltop Drive and Moore Street
325,000.00
325,000.00
325,000.00
$
633,083.61
$
18,331.12
$
16,000.00
$
598,752.49
$
491,115.48
$
107,637.01
REF.
C
C-2:C-9
C-13
C
Below
C-3
Bond Anticipation Notes
C-13
$
609,000.00
Less: Cash on Hand to Pay Notes
C-3
117,884.52
$
491,115.48
ANLYSIS OF BALANCE
DECEMBER 31, 2020
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION-UNFUNDED
C-6
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF CONTRACTS PAYABLE
REF.
Balance, December 31, 2019
C
$
24,136.79
Increased by:
Contracts Issued
C-7
476,650.36
500,787.15
Decreased by:
Disbursements
C-2
$
53,453.11
Canceled
C-1
10,000.00
63,453.11
Balance, December 31, 2020
C
$
437,334.04
C-7
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
BALANCE
BALANCE
ORDINANCE
ORDINANCE
DECEMBER 31, 2019
2020
PAID OR
DECEMBER 31, 2020
NUMBER
IMPROVEMENT DESCRIPTION
DATE
AMOUNT
FUNDED
UNFUNDED
AUTHORIZATIONS
CHARGED
CANCELED
FUNDED
UNFUNDED
15-05
Purchase and Installation of Drainex Equipment
08/10/15
$
20,000.00
$
327.06
$
0.00
$
0.00
$
0.00
$
327.06
$
0.00
$
15-06
Authorize Section 20 Costs
08/10/15
6,000.00
1,139.75
0.00
0.00
0.00
1,139.75
0.00
16-05
Stabilization of Worman Road
07/11/16
20,000.00
6,747.50
0.00
0.00
0.00
0.00
6,747.50
16-07
Preparation of an Open Space/Recreation Plan
07/11/16
8,500.00
1,205.25
0.00
0.00
0.00
0.00
1,205.25
16-08
Reconstruction of Glenwood Lane
10/10/16
300,000.00
0.00
126,995.81
0.00
0.00
0.00
0.00
126,995.81
18-06
Improvements to Hilltop Drive and Moore Street
09/10/18
325,000.00
0.00
283,081.68
0.00
283,081.68
0.00
0.00
0.00
18-08
Stockton Park Improvements
11/19/18
20,000.00
14,297.60
0.00
0.00
14,297.60
0.00
0.00
0.00
19-09
Purchase and Installation of Road Materials
11/11/19
100,000.00
91,500.00
0.00
0.00
91,500.00
0.00
0.00
0.00
19-07
Purchase and Installation of Fire Co Equipment
11/11/19
20,000.00
20,000.00
0.00
0.00
19,872.51
0.00
127.49
20-05
Installation of Road Materials for the Impr of Streets
06/08/20
20,000.00
0.00
0.00
20,000.00
6,500.00
0.00
13,500.00
20-06
Hilltop Drive and Moore Street Road Improvements Project
08/17/20
175,000.00
0.00
0.00
175,000.00
61,398.57
0.00
113,601.43
0.00
$
135,217.16
$
410,077.49
$
195,000.00
$
476,650.36
$
1,466.81
$
135,181.67
$
126,995.81
REF.
C
C
Below
C-6
C-8
C:C-3
C:C-5
Grants Receivable
C-10
90,000.00
Capital Improvement Fund
C-8
105,000.00
$
195,000.00
C-8
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
REF.
Balance, December 31, 2019
C
$
159,507.95
Increased by:
Current Year Budget Appropriation
C-2
$
20,000.00
Improvement Authorizations Canceled
C-7
1,466.81
Reserve Balances Canceled
C-14
11,661.50
33,128.31
$
192,636.26
Decreased by:
Appropriation to Finance
Improvement Authorizations
C-7
105,000.00
Balance, December 31, 2020
C
$
87,636.26
C-9
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
BALANCE
BALANCE
ORDINANCE
DECEMBER
DECEMBER
NUMBER
IMPROVEMENT DESCRIPTION
31, 2019
DECREASED
31, 2020
05-06
Reconstruction of Mill Street
$
34,578.20
$
18,331.12
$
16,247.08
12-08
Road and Drainage Improvements - Wilson Drive
91,389.93
91,389.93
$
125,968.13
$
18,331.12
$
107,637.01
Ref.
C
C-5
C
C-10
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF GRANTS RECEIVABLE
REF.
Balance, December 31, 2019
C
$
324,652.15
Increased by:
Grants Awarded- Unfunded Projects
C-7
90,000.00
$
414,652.15
Decreased by:
Canceled Without Reserve
C-1
$
13,536.67
Canceled With Reserve
C-12
104,115.48
117,652.15
.
Balance, December 31, 2020
C
$
297,000.00
ANALYSIS OF BALANCE
2018-06 - Improvements to Hilltop Dr. and Moore St.
$
207,000.00
2020-06 Hilltop Dr. and Moore St.
90,000.00
$
297,000.00
C-11
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF GREEN ACRES TRUST LOANS PAYABLE
DATE OF
AMOUNT OF
OUTSTANDING
BALANCE
BALANCE
ORIGINAL
ORIGINAL
DECEMBER 31, 2020
INTEREST
DECEMBER
DECEMBER
IMPROVEMENT DESCRIPTION
ISSUE
ISSUE
DATE
AMOUNT
RATE
31, 2019
DECREASED
31, 2020
Open Space Acquisition
1/7/2005
$
200,000.00
2021
$
11,428.17
2.000%
2022
11,657.88
2.000%
2023
11,892.20
2.000%
2024
12,131.23
2.000%
2025
6,156.74
2.000%
$
64,469.21
$
11,202.99
$
53,266.22
$
64,469.21
$
11,202.99
$
53,266.22
REF.
C
C-4
C
C-12
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF RESERVE FOR RECEIVABLES
REF.
Balance, December 31, 2019
C
$
311,115.48
Decreased by:
Grants Receivable with Reserve Canceled
C-10
104,115.48
Balance, December 31, 2020
C
$
207,000.00
C-13
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF BOND ANTICIPATION NOTES
DATE OF
ISSUE
BALANCE
BALANCE
OF ORIGINAL
DATE OF
DATE OF
INTEREST
DECEMBER
DECEMBER
ORDINANCE
IMPROVEMENT DESCRIPTION
NOTE
ISSUE
MATURITY
RATE
31, 2019
INCREASED
DECREASED
31, 2020
16-08
Reconstruction of Glenwood Lane
09/15/17
09/12/19
09/11/20
1.620%
$
300,000.00
$
$
300,000.00
$
18-06
Improvements to Hilltop Drive
09/12/19
09/12/19
09/11/20
1.620%
325,000.00
325,000.00
16-08
Reconstruction of Glenwood Lane
09/15/17
09/10/20
09/10/21
0.800%
284,000.00
284,000.00
18-06
Improvements to Hilltop Drive
09/12/19
09/10/20
09/10/21
0.800%
325,000.00
325,000.00
$
625,000.00
$
609,000.00
$
625,000.00
$
609,000.00
REF.
C
C-2
C:C-5
Funded by Budget
C-5
$
16,000.00
Paid by Cash on Hand
C-2
609,000.00
$
625,000.00
C-14
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF VARIOUS RESERVES AND DEPOSITS
BALANCE
DECEMBER
31, 2019
INCREASED
DECREASED
Reserve for Town Holiday Decorations
$
5,000.00
$
3,972.15
$
8,972.15
Reserve for Recreation Equipment
2,215.00
2,215.00
Debt Service (BANS)
4,697.24
4,697.24
State Aid - Bridge Street
16,003.23
16,003.23
Purchase of Public Safety Equipment
6,635.50
6,635.50
Master Plan Revisions
2,811.00
2,811.00
Prallsville Road Improvements
200.00
200.00
$
37,561.97
$
3,972.15
$
41,534.12
REF.
C
C-2
Below
REF.
Disbursements
C-2
$
5,172.03
Balance Canceled:
Fund Balance
C-1
20,900.47
Capital Improvement Fund
C-8
11,661.50
Interfund-Other Trust Fund
C-16
3,800.12
$
41,534.12
C-15
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF NEW JERSEY ENVIRONMENTAL TRUST LOANS PAYABLE
DATE OF
AMOUNT OF
OUTSTANDING
BALANCE
BALANCE
ORIGINAL
ORIGINAL
DECEMBER 31, 2020
INTEREST
DECEMBER
DECEMBER
IMPROVEMENT DESCRIPTION
ISSUE
ISSUE
DATE
AMOUNT
RATE
31, 2019
DECREASED
31, 2020
Mill Street
11/09/2006
$
300,000.00
08/01/21-22
$
20,000.00
4.125%
$
$
$
08/01/23
20,000.00
4.250%
08/01/24
20,000.00
5.000%
08/01/25
20,000.00
4.250%
08/01/26
25,000.00
4.250%
145,000.00
20,000.00
125,000.00
Mill Street
11/09/2006
282,975.00
2021
8,788.26
25,285.75
16,497.49
8,788.26
$
170,285.75
$
36,497.49
$
133,788.26
REF.
C
C-4
C
C-16
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF INTERFUNDS
WATER
SEWER
SEWER
TRUST
CURRENT
CAPITAL
CAPITAL
OPERATING
OTHER
REF.
TOTAL
FUND
FUND
FUND
FUND
FUND
Credits:
Receipts
C-2
$
2,955.32
$
1,547.58
$
$
$
1,407.74
$
Reserve Balances Canceled
C-14
3,800.12
3,800.12
Debits:
Disbursements
C-2
19,122.82
18,331.12
3.00
788.70
Balance, December 31, 2020:
Due From
D
$
17,575.24
$
16,783.54
$
3.00
$
788.70
$
$
Due To
D
5,207.86
1,407.74
3,800.12
D-5
BOROUGH OF STOCKTON
WATER UTILITY FUND
SCHEDULE OF CASH - TREASURER
REF.
OPERATING
CAPITAL
Balance, December 31, 2019
D
$
200,997.31
$
20,400.10
Increased by Receipts:
Collections
D-6
$
85,257.53
$
Capital Improvement Fund
D-12
65,000.00
Interfunds
D-16
23,307.15
23,310.89
Bond Anticipation Notes
D-17
151,662.00
Miscellaneous Revenue Not Anticipated
D-3
2,562.98
111,127.66
239,972.89
$
312,124.97
$
260,372.99
Decreased by Disbursements:
Current Year Appropriations
D-4
$
178,040.07
$
Prior Year Appropriation Reserves
D-8
12,908.70
Accrued Interest
D-7
3,174.70
Contracts Payable
D-18
13,900.00
Bond Anticipation Notes
D-17
151,662.00
Interfunds
D-9:D-16
23,307.89
23,307.15
Refund of Prior Year Revenue
D-1
5,000.24
222,431.60
188,869.15
Balance, December 31, 2020
D
$
89,693.37
$
71,503.84
D-6
BOROUGH OF STOCKTON
WATER UTILITY OPERATING FUND
SCHEDULE OF CONSUMER ACCOUNTS RECEIVABLE
REF.
Balance, December 31, 2019
D
$
1,129.38
Increased by:
Water Rents Levied - Net
87,912.34
$
89,041.72
Decreased by:
Collection
D-2:D-5
85,257.53
Balance, December 31, 2020
D
$
3,784.19
D-7
SCHEDULE OF ACCRUED INTEREST ON BONDS, NOTES AND LOANS
Balance, December 31, 2019
D
$
928.53
Increased by:
Charges to Budget Appropriations
D-4
2,618.47
$
3,547.00
Decreased by:
Disbursements
D-5
3,174.70
Balance, December 31, 2020
D
$
372.30
D-8
BOROUGH OF STOCKTON
WATER UTILITY OPERATING FUND
SCHEDULE OF PRIOR YEAR APPROPRIATION RESERVES
BALANCE
BALANCE
DECEMBER
AFTER
PAID OR
BALANCE
31, 2019
TRANSFERS
CHARGED
LAPSED
Operating:
Salaries and Wages
$
1,901.35
$
1,901.35
$
$
1,901.35
Other Expenses
13,359.92
19,663.43
12,908.70
6,754.73
Contributions to:
Social Security System (O.A.S.I.)
113.71
113.71
113.71
$
15,374.98
$
21,678.49
$
12,908.70
$
8,769.79
REF.
D
D-5
D-1
Balance, December 31, 2019
D-8
$
15,374.98
Encumbrances Payable
D-20
6,303.51
$
21,678.49
D-9
BOROUGH OF STOCKTON
WATER UTILITY OPERATING FUND
SCHEDULE OF INTERFUNDS
WATER
CAPITAL
REF.
TOTAL
FUND
Balance, December 31, 2019:
Due from
D
$
23,307.15
$
23,307.15
Increased by:
Receipts
D-5
23,307.15
23,307.15
Decreased by:
Disbursements
D-5
23,307.89
23,307.89
Balance, December 31, 2020:
Due From
D
$
23,307.89
$
23,307.89
D-10
BALANCE
ORDINANCE
ORDINANCE
DECEMBER 31, 2020
NUMBER
IMPROVEMENT DESCRIPTION
DATE
AMOUNT
FUNDED
UNFUNDED
CANCELED
FUNDED
General Improvements:
2007-11
Purchase and Installation of Equipment
10/29/2007
$
10,000.00
$
0.30
$
0.30
$
2008-11
Acquisition and Installation of Capital Equipment
11/10/2008
20,000.00
0.48
0.48
2011-05
Acquisition and Installation of Capital Equipment
11/14/2011
15,000.00
500.00
500.00
2014-04
Improvements to Water Utility
08/11/2014
50,000.00
81.73
81.73
2015-07
Purchase and Installation of Equipment
09/14/2015
10,000.00
78.63
78.63
2018-03
Purchase and Installation of Equipment
04/10/2018
10,000.00
49.74
49.74
$
629.15
$
81.73
$
210.88
$
500.00
REF.
D
D
Below
D
Capital Fund Balance
D-2
$
81.73
Capital Improvement Fund
D-12
129.15
$
210.88
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
DECEMBER 31, 2019
BALANCE
D-11
TO RESERVE
BALANCE
NOTES
AUTHORI-
FOR AMORT-
BALANCE
ORDINANCE
DATE OF
DECEMBER
PAID BY
ZATIONS
IZATION FIXED
DECEMBER
NUMBER
IMPROVEMENT DESCRIPTION
ORDINANCE
31, 2019
BUDGET
CANCELED
CAPITAL
31, 2020
General Improvements:
2007-11
Purchase and Installation of Equipment
10/29/2007
$
10,000.00
$
$
0.30
$
9,999.70
$
2011-05
Purchase and Installation of Equipment
11/14/2011
15,000.00
15,000.00
2014-04
Improvements to Water Utility
08/11/2014
7,405.00
1,637.00
81.73
8,960.27
2015-07
Purchase and Installation of Equipment
09/14/2015
10,000.00
78.63
9,921.37
2018-03
Purchase and Installation of Equipment
04/10/2018
10,000.00
49.74
9,950.26
$
52,405.00
$
1,637.00
$
210.40
$
38,831.60
$
15,000.00
REF.
D
D-17
D-15
D-13
D
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
SCHEDULE OF RESERVE FOR DEFERRED AMORTIZATION
INCREASED BY
D-12
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
REF.
Balance, December 31, 2019
D
$
1,983.07
Increased by:
Current Year Budget Appropriation
D-5
$
65,000.00
Improvement Authorizations Canceled
D-10
129.15
65,129.15
Balance, December 31, 2020
D
$
67,112.22
D-13
Balance, December 31, 2019
D
$
475,456.93
Increased by:
Notes Paid for Funded Projects
D-17
$
43,216.00
Transfer from Reserve for Deferred Amortization
D-11
38,831.60
82,047.60
Balance, December 31, 2020
D
$
557,504.53
SCHEDULE OF RESERVE FOR AMORTIZATION
D-14
BALANCE
BALANCE
ORDINANCE
DECEMBER
DECEMBER
ACCOUNT
NUMBER
31, 2019
ADDITIONS
31, 2020
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
Pump Station Repairs
2012-04
175,000.00
175,000.00
Purchase and Installation of Water Meters/Equipment
2016-10
15,000.00
15,000.00
Purchase and Installation of Water Meters/Equipment
2018-07
15,000.00
15,000.00
Purchase and Installation of Water Meters/Equipment
2019-10
12,000.00
12,000.00
Purchase and Installation of Equipment
2006-21
10,000.00
10,000.00
Water Tank repairs, New Water Service at Broad St
and Bridge St, Corrosion Control Plan
2007-11; 2008-11
29,999.22
29,999.22
Contaminent Remediation Project
2014-04
49,918.27
49,918.27
Valve Replacements at Main St and Well # 3
2015-07
9,921.37
9,921.37
Pump House Roof replacement
2018-03
9,950.26
9,950.26
$
629,376.93
$
99,789.12
$
729,166.05
REF.
D
D-15
D
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL
D-15
BALANCE
TRANSFER
BALANCE
ORDINANCE
ORDINANCE
DECEMBER
TO FIXED
DECEMBER
NUMBER
IMPROVEMENT DESCRIPTION
DATE
AMOUNT
31, 2019
CAPITAL
CANCELED
31, 2020
General Improvements:
2007-11
Purchase and Installation of Equipment
10/29/2007
$
10,000.00
$
10,000.00
$
9,999.70
0.30
$
2008-11
Acquisition and Installation of Capital Equipment
11/10/2008
20,000.00
20,000.00
19,999.52
0.48
2011-05
Acquisition and Installation of Capital Equipment
11/14/2011
15,000.00
15,000.00
15,000.00
2014-04
Improvements to Water Utility
08/11/2014
50,000.00
50,000.00
49,918.27
81.73
2015-07
Purchase and Installation of Equipment
09/14/2015
10,000.00
10,000.00
9,921.37
78.63
2018-03
Purchase and Installation of Equipment
04/10/2018
10,000.00
10,000.00
9,950.26
49.74
$
115,000.00
$
99,789.12
$
210.88
$
15,000.00
REF.
D
D-14
Below
D
Deferred Reserve for Amortization
D-11
$
210.40
Fund Balance
D-2
0.48
$
210.88
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED
D-16
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
SCHEDULE OF INTERFUNDS
GENERAL
WATER
CAPITAL
OPERATING
REF.
TOTAL
FUND
FUND
Balance, December 31, 2019:
Due To
D
$
23,307.15
$
23,307.15
Decreased by:
Receipts
D-5
23,310.89
3.00
23,307.89
Increased by:
Disbursements
D-5
23,307.15
$
23,307.15
Balance, December 31, 2020:
Due To
D
$
23,310.89
$
3.00
$
23,307.89
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, 2019
INCREASED
DECREASED
31, 2020
2012-04
Pump Station Repairs
9/21/2012
9/10/2020
9/10/2021
0.80%
$
$
110,704.00
$
$
110,704.00
9/12/2019
9/11/2020
1.62%
153,920.00
153,920.00
2014-04
Improvements to Water Utility
9/19/2014
9/10/2020
9/10/2021
0.80%
40,958.00
40,958.00
9/12/2019
9/11/2020
1.62%
42,595.00
42,595.00
$
196,515.00
$
151,662.00
$
196,515.00
$
151,662.00
REF.
D
D-5
Below
D
Paid by Budget:
Funded
D-11
$
1,637.00
Unfunded
D-13
43,216.00
Disbursements
D-5
151,662.00
$
196,515.00
D-18
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
REF.
Balance, December 31, 2019
D
$
14,399.00
Decreased by:
Disbursements
D-5
13,900.00
Balance, December 31, 2020
D
$
499.00
D-19
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
BALANCE
DECEMBER
IMPROVEMENT DESCRIPTION
31, 2020
Acquisition and Installation of Capital Equipment
$
20,000.00
$
20,000.00
SCHEDULE OF CONTRACTS PAYABLE
D-20
BOROUGH OF STOCKTON
WATER UTILITY OPERATING FUND
SCHEDULE OF ENCUMBRANCES PAYABLE
REF.
Balance, December 31, 2019
D
$
6,303.51
Increased by:
Transferred from Current Year Appropriations
D-4
8,828.21
$
15,131.72
Decreased by:
Transferred to Appropriation Reserves
D-8
6,303.51
Balance, December 31, 2020
D
$
8,828.21
E-5
BOROUGH OF STOCKTON
SEWER UTILITY FUND
SCHEDULE OF CASH - TREASURER
REF.
OPERATING
CAPITAL
Balance, December 31, 2019
E
$
362,655.24
$
165,220.08
Increased by Receipts:
Consumer Accounts Receivable
E-7
$
278,601.97
$
Miscellaneous
E-3
8,665.25
Interfunds
E-22
803.00
Debt Raised in Current Year Budget
E-17
22,120.48
Bond Anticipation Notes
E-20
28,900.00
Capital Improvement Fund
E-12
20,000.00
287,267.22
71,823.48
$
649,922.46
$
237,043.56
Decreased by Disbursements:
Current Year Budget Appropriations
E-4
$
194,547.15
$
Prior Year Appropriation Reserves
E-10
20,510.50
Interfunds
E-21
1,422.04
Contracts Payable
E-8
8,550.00
Accrued Interest
E-6
2,105.50
BANS Payable
E-20
28,900.00
218,585.19
37,450.00
Balance, December 31, 2020
E
$
431,337.27
$
199,593.56
E-6
BOROUGH OF STOCKTON
SEWER UTILITY OPERATING FUND
SCHEDULE OF ACCRUED INTEREST
REF.
Balance, December 31, 2019
E
$
1,016.75
Increased by:
Charges to Current Year Budget
E-4
1,159.69
$
2,176.44
Decreased by:
Disbursements
E-5
2,105.50
Balance, December 31, 2020
E
$
70.94
Accrued Interest on Bonds
$
70.94
E-6
$
70.94
ANALYSIS OF BALANCE
E-7
BOROUGH OF STOCKTON
SEWER UTILITY OPERATING FUND
SCHEDULE OF CONSUMER ACCOUNTS RECEIVABLE
REF.
Balance, December 31, 2019
E
$
8,557.34
Increased by:
Sewer Use Charges Levied - Net
291,956.02
$
300,513.36
Decreased by:
Collections
E-5
278,601.97
Balance, December 31, 2020
E
$
21,911.39
E-8
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
REF.
Balance, December 31, 2019
E
$
8,550.00
Decreased by:
Disbursements
E-5
$
8,550.00
SCHEDULE OF CONTRACTS PAYABLE
E-9
BOROUGH OF STOCKTON
SEWER UTILITY OPERATING FUND
SCHEDULE OF ENCUMBRANCES PAYABLE
REF.
Balance, December 31, 2019
E
$
19,886.50
Increased by:
Transfer from Current Year Appropriations
E-4
$
30,179.52
Transfer from Appropriation Reserves
E-10
1,050.00
31,229.52
51,116.02
Decreased by:
Transfer to Appropriation Reserves
E-10
19,886.50
Balance, December 31, 2020
E
$
31,229.52
E-10
BOROUGH OF STOCKTON
SEWER UTILITY OPERATING FUND
SCHEDULE OF PRIOR YEAR APPROPRIATION RESERVES
BALANCE
BALANCE
DECEMBER
AFTER
PAID OR
BALANCE
31, 2019
TRANSFERS
CHARGED
LAPSED
Operating:
Salaries and Wages
$
1,901.35
$
1,901.35
$
$
1,901.35
Other Expenses
45,437.14
65,323.64
21,560.50
43,763.14
Capital Outlay
5,000.00
5,000.00
5,000.00
Lambertville Sewerage Authority
1,551.50
1,551.50
1,551.50
Contributions to:
Social Security
113.71
113.71
113.71
$
54,003.70
$
73,890.20
$
21,560.50
$
52,329.70
REF.
E
Below
Below
E-1
Balance, December 31, 2019
E-10
$
54,003.70
Encumbrances Payable
E-9
19,886.50
$
1,050.00
Cash Disbursed
E-5
20,510.50
$
73,890.20
$
21,560.50
E-11
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF NJ ENVIRONMENTAL INFRASTRUCTURE TRUST LOAN PAYABLE
DATE OF
AMOUNT OF
OUTSTANDING
BALANCE
ORIGINAL
ORIGINAL
INTEREST
DECEMBER 31, 2020
DECEMBER
IMPROVEMENT DESCRIPTION
ISSUE
ISSUE
RATE
DATE
AMOUNT
31, 2019
DECREASED
N.J. Environmental Infrastructure Trust Loan
10/15/2000
$
495,000.00
$
40,000.00
$
40,000.00
REF.
E
E-17
Disbursements
$
35,771.95
Savings Credit-Balance Reduction
4,228.05
$
40,000.00
E-12
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
REF.
Balance, December 31, 2019
E
$
44,110.00
Increased by:
Receipts-Current Year Budget Appropriation
E-5
$
20,000.00
Improvement Authorization Balances Canceled
E-15
30.10
20,030.10
Balance, December 31, 2020
E
$
64,140.10
E-13
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED
BALANCE
TRANSFER
BALANCE
ORDINANCE
ORDINANCE
DECEMBER
TO FIXED
DECEMBER
NUMBER
IMPROVEMENT DESCRIPTION
DATE
AMOUNT
31, 2019
AUTHORIZED
CAPITAL
CANCELED
31, 2020
2008-12
Acquisition and Installation of Capital Equipment
11/10/2008
$
20,000.00
$
20,000.00
$
$
20,000.00
$
$
2015-01
Acquisition and Installation of Capital Equipment
02/09/2015
10,000.00
10,000.00
10,000.00
2015-08
Acquisition and Installation of Capital Equipment
09/14/2015
10,000.00
10,000.00
9,969.90
30.10
0.00
2016-09
Sewer / Pump Station Emergency Repair
10/10/2016
30,000.00
30,000.00
30,000.00
2019-01
Purchase & Install of New/Replace Equip/Materials
2/11/2020
80,000.00
80,000.00
80,000.00
2019-04
Purchase & Install of New/Replace Equip/Materials
5/13/2020
100,000.00
100,000.00
100,000.00
2020-07
Equipment Replacement and Wet Well
Cleaning for the Sewer pump Station
09/14/2020
125,000.00
125,000.00
125,000.00
$
250,000.00
$
125,000.00
$
29,969.90
$
30.10
$
345,000.00
REF.
E
E-14
E-16
E-15
E
E-14
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
BALANCE
BALANCE
ORDINANCE
DECEMBER
DECEMBER
NUMBER
IMPROVEMENT DESCRIPTION
31, 2019
INCREASED
DECREASED
31, 2020
Repair and Improvement of the Wastewater Collection System
$
2,120.48
$
$
2,120.48
$
-
2008-12
Acquisition and Installation of Capital Equipment
20,000.00
20,000.00
-
2020-07
Equipment Replacement and Wet Well
Cleaning for the Sewer pump Station
125,000.00
125,000.00
$
22,120.48
$
125,000.00
$
22,120.48
$
125,000.00
Ref.
D
E-15
E-17
D
E-15
ORDINANCE
2020
NUMBER
IMPROVEMENT DESCRIPTION
DATE
AMOUNT
FUNDED
UNFUNDED
AUTHORIZATIONS
CANCELLED
FUNDED
UNFUNDED
2008-12
Acquisition and Installation of Capital Equipment
11/10/2008
$
20,000.00
$
$
6,100.00
$
$
$
6,100.00
$
2015-01
Acquisition and Installation of Capital Equipment
02/9/2015
10,000.00
450.75
450.75
2015-08
Acquisition and Installation of Capital Equipment
09/14/2015
10,000.00
30.10
30.10
2016-09
Sewer / Pump Station Emergency Repair
10/10/2016
30,000.00
20,289.40
20,289.40
2019-01
Purchase & Install of New/Replace Equip/Materials
2/11/2020
80,000.00
3,568.50
3,568.50
2019-04
Purchase & Install of New/Replace Equip/Materials
5/13/2020
100,000.00
100,000.00
100,000.00
2020-07
Equipment Replacement and Wet Well
Cleaning for the Sewer pump Station
09/14/2020
125,000.00
125,000.00
125,000.00
$
104,049.35
$
26,389.40
$
125,000.00
$
30.10
$
110,119.25
$
145,289.40
REF.
E
E
E-14
E-12
E
E
ORDINANCE
DECEMBER 31, 2019
DECEMBER 31, 2020
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
BALANCE
BALANCE
E-16
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL
BALANCE
BALANCE
DECEMBER
DECEMBER
ACCOUNT
31, 2019
ADDITIONS
31, 2020
Miscellaneous Equipment
$
4,612.00
$
$
4,612.00
Improvement Authorizations:
Construction of Sanitary Sewer System:
1974
1,200,000.00
1,200,000.00
1975
165,000.00
165,000.00
1977
362,900.00
362,900.00
1979
157,100.00
157,100.00
Safety Equipment
4,387.00
4,387.00
Engineering Studies
19,600.00
19,600.00
Pump Station Stairways and Landings
18,929.00
18,929.00
Chemical Tank
4,400.00
4,400.00
Comminutor
13,094.00
13,094.00
Repair and Improvements to the
Wastewater Collection System
929,634.48
929,634.48
Sewer Pump Improvements
9,969.90
9,969.90
Repair and Improvements to the
Wastewater Collection System
20,000.00
20,000.00
$
2,879,656.48
$
29,969.90
$
2,909,626.38
REF.
E
E-13
E
E-17
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF RESERVE FOR AMORTIZATION
REF.
Balance, December 31, 2019
E
$
2,837,536.00
Increased by:
Debt Funded by Budget
E-5
$
22,120.48
Loans Paid by Budget
E-11
40,000.00
Transfer from Reserve for
Deferred Amortization
E-18
9,969.90
72,090.38
Balance, December 31, 2020
E
$
2,909,626.38
E-18
TO RESERVE
BALANCE
NOTES
FOR AMORT-
BALANCE
ORDINANCE
DATE OF
DECEMBER
PAID BY
IZATION FIXED
DECEMBER
NUMBER
IMPROVEMENT DESCRIPTION
ORDINANCE
31, 2019
BUDGET
CAPITAL
CANCELED
31, 2020
General Improvements:
2015-01
Acquisition and Installation of Capital Equipment
02/9/2015
$
10,000.00
$
$
$
$
10,000.00
2015-08
Acquisition and Installation of Capital Equipment
09/14/2015
10,000.00
9,969.90
30.10
0.00
2016-09
Sewer / Pump Station Emergency Repair
10/10/2016
1,100.00
1,100.00
2019-01
Purchase & Install of New/Replace Equip/Materials
2/11/2020
80,000.00
80,000.00
2019-04
Purchase & Install of New/Replace Equip/Materials
5/13/2020
100,000.00
100,000.00
$
200,000.00
$
1,100.00
$
9,969.90
$
30.10
$
191,100.00
REF.
E
E-20
E-17
E-15
E
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF RESERVE FOR DEFERRED AMORTIZATION
INCREASED BY
E-19
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
Balance, December 31, 2019
and December 31, 2020
E
$
3,000.00
SCHEDULE OF RESERVE FOR CAPITAL IMPROVEMENTS
E-20
BOROUGH OF STOCKTON
SEWER 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, 2019
INCREASED
DECREASED
31, 2020
2016-09
Pump Station Repairs
09/15/2019
9/12/2019
9/11/2020
1.62%
$
30,000.00
$
$
30,000.00
$
9/10/2020
9/10/2021
0.80%
28,900.00
28,900.00
$
30,000.00
$
28,900.00
$
30,000.00
$
28,900.00
REF.
E
E-5
Below
E
Paid by Budget
E-4
$
1,100.00
Reissue amount paid
E-5
28,900.00
$
30,000.00
E-21
BOROUGH OF STOCKTON
SEWER UTILITY OPERATING FUND
SCHEDULE OF INTERFUNDS
GENERAL
SEWER
CAPITAL
CAPITAL
REF.
TOTAL
FUND
FUND
Disbursements
E-5
$
1,422.04
1,407.74
$
14.30
Balance, December 31, 2020:
Due from
E
$
1,422.04
$
1,407.74
$
14.30
E-22
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF INTERFUNDS
GENERAL
SEWER
CAPITAL
OPERATING
REF.
TOTAL
FUND
FUND
Receipts
E-5
$
803.00
$
788.70
$
14.30
Balance, December 31, 2020:
Due To
E
$
803.00
$
788.70
$
14.30
THIS PAGE INTENTIONALLY LEFT BLANK
PART II
BOROUGH OF STOCKTON
STATISTICAL DATA
LIST OF OFFICIALS
COMMENTS AND RECOMMENDATIONS
YEAR ENDED DECEMBER 31, 2020
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGE IN FUND BALANCE - CURRENT FUND
2020
2019
AMOUNT
%
AMOUNT
%
REVENUE AND OTHER INCOME REALIZED
Fund Balance Utilized
$
165,000.00
7.28%
$
165,000.00
7.23%
Miscellaneous-from other than Local Property
Tax Levies
219,514.61
9.69%
227,483.25
9.96%
Collection of Delinquent Taxes and Tax Title Liens
25,915.31
1.14%
14,951.02
0.65%
Collection of Current Tax Levy
1,855,527.28
81.89%
1,875,882.03
82.16%
TOTAL INCOME
$
2,265,957.20
100.00%
$
2,283,316.30
100.00%
EXPENDITURES
Budget Expenditures:
Municipal Purposes
$
596,230.90
28.66%
$
594,169.11
28.57%
County Taxes
343,933.42
16.53%
340,327.82
16.36%
School Taxes
1,129,373.00
54.27%
1,135,807.00
54.61%
Other
11,157.59
0.54%
9,577.23
0.46%
TOTAL EXPENDITURES
$
2,080,694.91
100.00%
$
2,079,881.16
100.00%
Statutory Excess of Fund Balance
$
185,262.29
$
203,435.14
Fund Balance, January 1
598,108.81
559,673.67
$
783,371.10
$
763,108.81
Less: Utilization as Anticipated Revenue
165,000.00
165,000.00
Fund Balance, December 31
$
618,371.10
$
598,108.81
YEAR
31
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGES IN FUND BALANCE-WATER UTILITY FUND
2020
2019
AMOUNT
%
AMOUNT
%
REVENUE AND OTHER INCOME REALIZED
Fund Balance Utilized
$
129,569.54
57.29%
$
17,000.00
14.39%
Collection of Water Rents
85,257.53
37.70%
83,214.83
70.47%
Miscellaneous-from other than Water Rents
11,332.77
5.01%
17,886.09
15.14%
TOTAL INCOME
$
226,159.84
100.00%
$
118,100.92
100.00%
EXPENDITURES
Budget Expenditures:
Operating
$
98,100.00
45.20%
$
90,833.00
87.05%
Deferred Charges and Statutory Expenditures
1,500.00
0.69%
1,545.00
1.48%
Debt Service
47,471.47
21.87%
8,968.08
8.59%
Capital Improvements
65,000.00
29.94%
3,000.00
2.88%
Other
5,000.24
2.30%
TOTAL EXPENDITURES
$
217,071.71
100.00%
$
104,346.08
100.00%
Excess in Revenue to Fund Balance
$
9,088.13
$
13,754.84
Fund Balance, January 1
201,697.44
204,942.60
$
210,785.57
$
218,697.44
Utilization as Anticipated Revenue
129,569.54
17,000.00
Fund Balance, December 31
$
81,216.03
$
201,697.44
YEAR
32
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGES IN FUND BALANCE-SEWER UTILITY FUND
2020
2019
AMOUNT
%
AMOUNT
%
REVENUE AND OTHER INCOME REALIZED
Fund Balance Utilized
$
35,000.00
9.34%
$
79,900.00
21.17%
Collection of Sewer Rents
278,601.97
74.38%
274,242.57
72.66%
Miscellaneous - from other than Sewer Rents
60,994.95
16.28%
23,278.48
6.17%
TOTAL INCOME
$
374,596.92
100.00%
$
377,421.05
100.00%
EXPENDITURES
Budget Expenditures:
Operating
$
219,700.00
72.18%
$
222,724.51
62.87%
Deferred Charges and Statutory Expenditures
23,620.48
7.76%
18,799.67
5.31%
Debt Service
23,050.00
7.57%
44,500.00
12.56%
Capital Improvements
38,031.64
12.49%
68,222.00
19.26%
TOTAL EXPENDITURES
$
304,402.12
100.00%
$
354,246.18
100.00%
Statutory Excess to Fund Balance
$
70,194.80
$
23,174.87
Fund Balance, January 1
287,748.29
344,473.42
$
357,943.09
$
367,648.29
Utilization as Anticipated Revenue
35,000.00
79,900.00
Fund Balance, December 31
$
322,943.09
$
287,748.29
YEAR
33
COMPARATIVE SCHEDULE OF TAX RATE INFORMATION
2020
2019
2018
Tax Rate
$2.076
$2.070
$2.078
Appointment of Tax Rate:
Municipal
$0.455
$0.455
$0.452
Municipal Open Space
0.010
$0.010
County
0.314
0.309
0.308
County Open Space
0.031
0.030
0.030
County Library
0.031
0.031
0.031
Regional School
1.235
1.235
1.257
Assessed Valuations:
2020
$
91,487,500.00
2019
$
91,982,900.00
2018
$
92,127,200.00
COMPARISON OF TAX LEVIES AND COLLECTION CURRENTLY
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
2020
$
1,899,280.52 $
1,855,527.28
97.70%
2019
1,906,168.13
1,875,882.03
98.41%
2018
1,917,804.55
1,902,691.75
99.21%
34
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
2020
$
40,840.05 $
40,840.05
2.15%
2019
25,915.31 $
25,915.31
1.36%
2018
14,951.02
14,951.02
0.78%
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
2020
$
87,912.34 $
85,257.53
2019
83,746.90
83,214.83
2018
87,087.11
87,615.67
* Includes Collection of Prior Year Levies
COMPARISON OF SEWER UTILITY LEVIES
CASH
YEAR
LEVY
COLLECTIONS
2020
$
291,956.02 $
278,601.97
2019
274,640.38
274,242.57
2018
281,731.20
281,180.07
*
Includes Collection of Prior Year Levies
35
COMPARATIVE SCHEDULE OF FUND BALANCES
UTILIZED
BALANCE
IN BUDGET OF
YEAR
DECEMBER
31
SUCCEEDING
YEAR
Current Fund
2020
$
618,371.10 $
198,000.00
2019
598,108.81
165,000.00
2018
559,673.67
165,000.00
2017
267,885.92
165,000.00
2016
432,382.12
165,000.00
Water Utility Operating Fund
2020
$
81,216.03 $
60,000.00
2019
201,697.44
129,569.54
2018
204,942.60
17,000.00
2017
194,333.34
17,000.00
2016
176,513.20
13,000.00
Sewer Utility Operating Fund
2020
$
322,943.09 $
20,000.00
2019
287,748.29
35,000.00
2018
344,473.42
79,900.00
2017
350,308.48
52,800.00
2016
311,649.60
22,800.00
36
OFFICIALS IN OFFICE AND SURETY BONDS
The following officials were in office during the period under audit:
AMOUNT
NAME
TITLE
OF BOND
NAME OF SURETY
Timothy Nemeth
Mayor
Nic Messina
Council President
Donald Vandegrift
Councilperson
Aaron Lipsen
Councilperson
Paul Bergquist
Councilperson
Adam Juncosa
Councilperson
Michael Mann
Councilperson
Christine Rosikiewicz
Deputy Clerk/Utility Collector
*
Selective Insurance
Company
Michele Hovan
Borough Clerk/Administrator,
Registrar of Vital Statistics
Diane McDaniel
CMFO, Tax Collector
$250,000.00
Selective Insurance
Company
Michele Trivigno
Assessor
Edward Martin
Magistrate
A
Jennifer
Budrewicz
Court Administrator
A
A - The magistrate and court administrator were properly covered by the Employee Dishonesty Faithful
Performance Coverage of $35,035.00
All bonds were examined and were properly executed, except as noted below:
* The Utility Collector was not bonded as per the requirements of N.J.A.C. 5:30-8.3
37
GENERAL COMMENTS AND RECOMMENDATIONS
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 July 1, 2020, the bid threshold in accordance with N.J.S.A. 40A:11-3 was
increased to $44,000.00 by resolution of the governing body.
The governing body of the Municipality has the responsibility of determining whether the
expenditures in any category will exceed $44,000.00 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.
Hilltop Drive and Moore Street 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
$44,000.00 “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 2020 for the following professional
services:
Borough Auditor
Borough Engineer
Borough Attorney
Planning Board Attorney
Bond Counsel
Our audit discovered The Borough does not always award professional service contracts
with not to exceed amounts.
38
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 in 2020 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 2020.
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 2020.
The following comparison is made of the number of tax title liens receivable on December
31st of the last three years:
YEAR
NUMBER OF LIENS
2020
None
2019
None
2018
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.
39
OTHER COMMENTS
Interfunds
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.
Segregation of Duties
Consideration should be given to provide more adequate segregation of duties with
respect to the recording and treasury functions.
40
RECOMMENDATIONS
None
41
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"...ng Fund E-21 Schedule of Interfunds - Capital Fund E-22 PAGES PART II Statistical Data 31-36 Officials in Office and Surety Bonds 37 General Comments and Recommendations 38-41 BOROUGH OF STOCKTON PART I INDEPENDENT AUDITOR’S REP..."
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First Discovered
Apr 2, 2026
Last Info Update
Apr 3, 2026
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