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2021 Audit

BID #: N/A

ISSUED: 6/22/2022

DUE: TBD

VALUE: TBD

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Executive Summary

This document is an audit report for the Borough of Stockton in Hunterdon County, New Jersey, for the year ended December 31, 2021. The audit includes an examination of the financial statements of various funds, including the Current Fund, Trust Fund, General Capital Fund, Water Utility Fund, and Sewer Utility Fund. The report contains independent auditor's reports on the financial statements and internal control over financial reporting and compliance. It provides both adverse and unmodified opinions, with an adverse opinion regarding U.S. Generally Accepted Accounting Principles (GAAP) and an unmodified opinion on the regulatory basis of accounting. Supplementary schedules are also included for all funds.

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--- Document: 2021 Audit Document ---
Report of Audit
the
on
Financial Statements
of the
Borough of Stockton
in the
County of Hunterdon
New Jersey
for the
Year Ended
December 31, 2021




BOROUGH OF STOCKTON
I N D E X
PART I
Independent Auditor's Report
1-4
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
5-6
EXHIBITS
Financial Statements - Statutory Basis
Current Fund:
Balance Sheets - Regulatory Basis
Statements of Operations and Changes in Fund Balance - Regulatory Basis for the
Year Ended December 31, 2021
Statement of Revenues - Regulatory Basis for the Year Ended December 31, 2021
Statement of Expenditures - Regulatory Basis for the Year Ended December 31, 2021
A
A-1
A-2
A-3
Trust Fund:
Balance Sheets - Regulatory Basis
B
General Capital Fund:
Balance Sheets - Regulatory Basis
Statement of Fund Balance - Regulatory Basis
C
C-1
Water Utility Fund:
Balance Sheets - Regulatory Basis
Statements of Operations and Changes in Fund Balance - Operating Fund - Regulatory
Basis for the Year Ended December 31, 2021
Statement of Fund Balance - Capital Fund - Regulatory Basis
Statement of Revenues - Operating Fund - Regulatory Basis for the Year Ended
December 31, 2021
Statement of Expenditures - Operating Fund - Regulatory Basis for the Year Ended
December 31, 2021
D
D-1
D-2
D-3
D-4
Sewer Utility Fund:
Balance Sheets - Regulatory Basis
Statements of Operations and Changes in Fund Balance - Regulatory Basis for the
Year Ended December 31, 2021
Statement of Fund Balance - Capital Fund - Regulatory Basis
Statement of Revenues - Operating Fund - Regulatory Basis for the Year Ended
December 31, 2021
Statement of Expenditures - Operating Fund - Regulatory Basis for the Year Ended
December 31, 2021
E
E-1
E-2
E-3
E-4


BOROUGH OF STOCKTON
I N D E X (CONTINUED)
PAGES
General Fixed Assets Account Group:
Balance Sheets - Regulatory Basis
F
Notes to Financial Statements
7-33
EXHIBITS
Supplementary Schedules - All Funds
Current Fund:
Schedule of Cash-Treasurer
Schedule of Cash-Collector
Schedule of Due Current Fund - Grant Fund
Schedule of Taxes Receivable and Analysis of Property Tax Levy
Schedule of Due State of New Jersey Per Chapter 20, P.L. 1971
Schedule of Revenue Accounts Receivable
Schedule of Interfunds
Schedule of Petty Cash Funds
Schedule of Prior Year Appropriation Reserves
Schedule of County Taxes Payable
Schedule of Regional School Taxes Payable
Schedule of Reserve for Grants Unappropriated- Grant Fund
Schedule of Prepaid Taxes
Schedule of Tax Overpayments
Schedule of Reserve for Miscellaneous Reserves
Schedule of Reserve for Grants Appropriated - Grant Fund
Schedule of Reserve for Encumbrances
Schedule of Grants Receivable- Grant Fund
Schedule of Deferred Charges
A-4
A-5
A-6
A-7
A-8
A-9
A-10
A-11
A-12
A-13
A-14
A-15
A-16
A-17
A-18
A-19
A-20
A-21
A-22
Trust Fund:
Schedule of Cash-Treasurer
Schedule of Reserve for Animal Control Trust Fund Expenditures
Schedule of Due State of New Jersey - Animal Control Fund
Schedule of Various Reserves and Deposits
Schedule of Interfunds
B-1
B-2
B-3
B-4
B-5
General Capital Fund:
Schedule of Cash-Treasurer
Analysis of Cash
Schedule of Deferred Charges to Future Taxation - Funded
Schedule of Deferred Charges to Future Taxation - Unfunded
Schedule of Contracts Payable
C-2
C-3
C-4
C-5
C-6


BOROUGH OF STOCKTON
I N D E X (CONTINUED)
EXHIBITS
General Capital Fund (Continued):
Schedule of Improvement Authorizations
Schedule of Capital Improvement Fund
Schedule of Bonds and Notes Authorized But Not Issued
Schedule of Grants Receivable
Schedule of Green Acres Trust Loans Payable
Schedule of Reserve for Receivables
Schedule of Bond Anticipation Notes
Schedule of Various Reserves and Deposits
Schedule of New Jersey Environmental Trust Loans Payable
C-7
C-8
C-9
C-10
C-11
C-12
C-13
C-14
C-15
Water Utility Fund:
Schedule of Cash-Treasurer
Schedule of Consumer Accounts Receivable - Operating Fund
Schedule of Accrued Interest on Bonds, Notes and Loans - Operating Fund
Schedule of Prior Year Appropriation Reserves - Operating Fund
Schedule of Interfunds - Operating Fund
Schedule of Improvement Authorizations - Capital Fund
Schedule of Reserve for Deferred Amortization - Capital Fund
Schedule of Capital Improvement Fund - Capital Fund
Schedule of Reserve for Amortization - Capital Fund
Schedule of Fixed Capital - Capital Fund
Schedule of Fixed Capital Authorized and Uncompleted - Capital Fund
Schedule of Interfunds - Capital Fund
Schedule of Bond Anticipation Notes - Capital Fund
Schedule of Contracts Payable - Capital Fund
Schedule of Bonds and Notes Authorized But Not Issued - Capital Fund
Schedule of Reserve for Encumbrances- Operating Fund
Schedule of Rent Overpayments
Schedule of Deferred Charges
D-5
D-6
D-7
D-8
D-9
D-10
D-11
D-12
D-13
D-14
D-15
D-16
D-17
D-18
D-19
D-20
D-21
D-22
Sewer Utility Fund:
Schedule of Cash-Treasurer
Schedule of Accrued Interest - Operating Fund
Schedule of Consumer Accounts Receivable - Operating Fund
Schedule of Contracts Payable - Capital Fund
Schedule of Reserve for Encumbrances - Operating Fund
Schedule of Prior Year Appropriation Reserves
Schedule of Interfunds- Capital Fund
Schedule of Capital Improvement Fund - Capital Fund
Schedule of Fixed Capital Authorized and Uncompleted - Capital Fund
E-5
E-6
E-7
E-8
E-9
E-10
E-11
E-12
E-13


BOROUGH OF STOCKTON
I N D E X (CONTINUED)
EXHIBITS
Sewer Utility Fund (Continued):
Schedule of Schedule of Bonds and Notes Authorized But Not Issued - Capital Fund
Schedule of Improvement Authorizations - Capital Fund
Schedule of Fixed Capital - Capital Fund
Schedule of Reserve for Amortization - Capital Fund
Schedule of Reserve for Deferred Amortization - Capital Fund
Schedule of Reserve for Capital Improvements - Capital Fund
Schedule of Bond Anticipation Notes- Capital Fund
Schedule of Interfunds - Capital Fund
E-14
E-15
E-16
E-17
E-18
E-19
E-20
E-21
PAGES
PART II
Statistical Data
34-39
Officials in Office and Surety Bonds
40
General Comments and Recommendations
41-44


BOROUGH OF STOCKTON
PARTI
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
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020


SUPLEE, CLOONEY & COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
308 East Broad Street , Westfield , New Jersey 07090- 2122
Fax 908-789-8535
Telephone 908-789-9300
E-mail
info@scnco.com
INDEPENDENT AUDITOR’S REPORT
The Honorable Mayor and Members
of the Borough Council
Borough of Stockton
County of Hunterdon
Stockton, New Jersey 08559
Report on the Audit of the Financial Statements
Adverse and Unmodified Opinions
We have audited the accompanying balance sheets - regulatory basis of the various individual
funds and account group of the Borough of Stockton (the “Borough”), as of and for the years
ended December 31, 2021 and 2020, the related statements 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, 2021, and the related notes to the financial statements, which
collectively comprise the Borough’s regulatory financial statements as listed in the table of
contents.
Adverse Opinion on U.S. Generally Accepted Accounting Principles
In our opinion, because of the significance of the matter discussed in the “Matter Giving Rise to
Adverse Opinion" 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 as of December
31, 2021 and 2020, or the results of its operations and changes in fund balance for the years then
ended or the revenues or expenditures for the year ended December 31, 2021.
Unmodified 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 group
as of December 31, 2021 and 2020, 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, 2021 in accordance
with the basis of financial reporting prescribed by the Division of Local Government Services,
Department of Community Affairs, State of New Jersey (the “Division”) as described in Note 1.
1


SUPLEE, CLOONEY & COMPANY
Basis for Adverse and Unmodified Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United
States of America, the audit requirements prescribed by the Division, and the standards
applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Our responsibilities under those standards are further
described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our
report. We are required to be independent of the Borough and to meet our other ethical
responsibilities, in accordance with the relevant ethical requirements relating to our audit. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our adverse and unmodified audit opinions.
Matter Giving Rise to Adverse Opinion
As described in Note 1 of the regulatory financial statements, the regulatory financial statements
are prepared by the Borough on the basis of the financial reporting provisions prescribed by the
Division, 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.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the regulatory financial
statements in accordance with the regulatory basis of accounting prescribed by the Division, and
for the design, implementation, and maintenance of internal control relevant to the preparation
and fair presentation of regulatory financial statements that are free from material misstatement,
whether due to fraud or error. In preparing the regulatory financial statements, management is
required to evaluate whether there are conditions or events, considered in the aggregate, that
raise substantial doubt about the Borough's ability to continue as a going concern for twelve
months beyond the financial statement date, including any currently known information that may
raise substantial doubt shortly thereafter.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the regulatory financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor's report that includes our opinions. Reasonable assurance is a high level of
assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted
in accordance with GAAS, Government Auditing Standards and audit requirements prescribed by
the Division will always detect a material misstatement when it exists. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control. Misstatements are considered material if there is a substantial likelihood that,
individually or in the aggregate, they would influence the judgment made by a reasonable user
based on the financial statements.
2


SUPLEE, CLOONEY & COMPANY
In performing an audit in accordance with GAAS, Government Auditing Standards and audit
requirements prescribed by the Division, we:
•exercise professional judgment and maintain professional skepticism throughout the audit.
•identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
• obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Borough's internal control. Accordingly, no such opinion is
expressed.
•evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
•conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the Borough's ability to continue as a going concern for a
reasonable period of time.
We are required to communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit, significant audit findings, and certain internal
control-related matters that we identified during the audit.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively
comprise
the Borough's regulatory financial statements. The supplementary
information, and data listed in the table of contents as required by the Division are presented for
purposes of additional analysis and are not a required part of the basic financial statements.
Such information is the responsibility of management and was derived from and relates directly
to the underlying accounting and other records used to prepare the basic financial statements.
The information has been subjected to the auditing procedures applied in the audit of the basic
financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the basic
financial statements or to the basic financial statements themselves, and other additional
procedures in accordance with auditing standards generally accepted in the United States of
America. In our opinion, the supplemental information, and data listed in the table of contents, as
required by the Division are fairly stated, in all material respects, in relation to the regulatory
financial statements as a whole.
3


SUPLEE, CLOONEY & COMPANY
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June
22, 2022 on our consideration of the Borough'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 solely to describe the scope of our
testing of internal control over financial reporting and compliance and the results of that testing,
and not to provide an opinion on the effectiveness of the Borough's 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 Borough’s internal control over financial
reporting and compliance.
CERTIFIEDPUBLIC ACCOUNTANTS
7f*Qr
REGISTERED MUNICIPAL ACCOUNTANT NO. 439
June 22, 2022
4


SUPLEE , CLOONEY & COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
308 East Broad Street , Westfield , New Jersey 07090 - 2122
Fax 908-789-8535
Telephone 908- 789- 9300
E- mail
info@scnco.com
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED
IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
The Honorable Mayor and Members
of the Borough Council
Borough of Stockton
County of Hunterdon
Stockton, New Jersey 08559
We have audited, in accordance with the auditing standards generally accepted in the
United States of America, the audit requirements prescribed by the Division of Local Government
Services, Department of Community Affairs, State of New Jersey and the standards applicable to
financial audits contained in Government Auditing Standards issued by the Comptroller General
of the United States, the regulatory financial statements of the various individual funds and the
account group of the Borough of Stockton, as of and for the year ended December 31, 2021, and
the related notes to the financial statements, which collectively comprise the June 22, 2022.
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.
5


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.
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
Purpose of This Report
The purpose of this report is solely to describe the scope of our testing of internal control
and compliance and the results of that testing, and not to provide an opinion on the effectiveness
of the Borough of Stockton’s internal control or on compliance. This report is an integral part of
an audit performed in accordance with Government Auditing Standards in considering the
Borough of Stockton's internal control and compliance. Accordingly, this communication is not
suitable for any other purpose.
*
CERTIFIED PUBLIC ACCOUNTANT
REGISTERED MUNICIPAL ACCOUNTANT NO. 439
June 22, 2022
6


CURRENT FUND


A
SHEET #1
BOROUGH OF STOCKTON
CURRENT FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
DECEMBER
31. 2021
BALANCE
DECEMBER
31, 2020
REF.
ASSETS
$
891,314.41
$
809.202.31
Cash-Treasurer
A-4
$
891.314.41
$
809,20231
Receivables and other Assets with Full Reserves:
Delinquent Property Taxes Receivable
Interfunds Receivable
$
38,595.69
436.51
S
40,840.05
273.12
A-7
A-10
$
$
39,032.20
41,113.17
A
Deferred Charges:
Emergency Appropriation
$
$
40,000.00
A-22
$
$
40,000.00
$
$
850,315.48
970,346.61
Grant Fund:
Due Current Fund
$
73,536.13
$
47.037.14
A-6
73,536.13
47,037.14
$
$
897,352.62
$
$
1,043,882.74
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
DECEMBER
31.2021
BALANCE
DECEMBER
31.2020
REF.
LIABILITIES. RESERVES AND FUND BALANCE
Liabilities:
Appropriation Reserves
Reserve for Encumbrances
Prepaid Taxes
Tax Overpayments
Interfunds Payable
County Taxes Payable
Miscellaneous Reserves
$
$
96,668.26
10,236.01
8,255.74
4,624.37
69,871.83
88,391.16
41,759.10
7,696.15
10,940.18
139,816.08
A-3A-12
A-20
A-16
A-17
A-10
355.44
4,146.00
A-13
1,175.00
A-18
$
190,831.21
41,113.17
618,371.10
293,104.11
39,032.20
638,210.30
$
A
Reserve for Receivables and other Assets
Fund Balance
A-1
850,315.48
$
$
970,346.61
Grant Fund:
Reserve for Grants Appropriated
Reserve for Grants Unappropriated
39,037.14
8,000.00
$
$
42,740.98
30,795.15
A-19
A-15
47,037.14
$
$
73,536.13
$
897,352 62
1,043,882.74
$
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. 2021
YEAR
2020
2021
REF.
REVENUE AND OTHER INCOME
165,000.00
145,186.62
25,915.31
1.855,527.28
8,013.61
198.000.00
$
170.918.65
40,840.05
1.882.601.52
8,395.33
$
A-1:A-2
Fund Balance Utilized
Miscellaneous Revenue Anticipated
Receipts from Delinquent Taxes
Receipts from Current Taxes
Non-Budget Revenue
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
Tax Overpayments Canceled
Miscellaneous Reserves Canceled
Interfunds Returned
A-2
A-2
A-2
A-2
53.717.41
93,178.73
20.24
A-12
12,300.00
296.97
2,393,954.52
$
2,265,957.20
$
Total Income
EXPENDITURES
Budget Appropriations:
Operations within "CAPS":
Operating
Deferred Charges and Statutory Expenditures
Operations Excluded from "CAPS":
Operating
Capital Improvements
Municipal Debt Service
County Taxes
County Share of Added Taxes
Regional School Tax
Municipal Open Space Tax
Refund of Prior Year Revenue
Tax Overpayments Miscellaneous Adjustment
Interfunds Advanced
451,033.00
39,497.12
526,134.00
$
88,308.08
$
A-3
A-3
7.791.08
20.000.00
77,909.70
343,933.42
15,057.20
65,000.00
64,592.41
332.096.82
355.44
1.113,635.00
9,139.76
A-3
A-3
A-3
A-13
A-13
1,129.373.00
9,150.00
1,563.73
443.86
A-14
A-7
A-4
1,633.22
163.39
A-17
A-2
2,080.694.91
2,216,115.32
$
$
Total Expenditures
185,262.29
177,839.20
$
$
Excess in Revenue
Adjustments to Income before Fund Balance:
Expenditures Included above which are by Statute
Deferred Charges to the Budget of the Succeeding Year
40,000.00
A-22
185,262.29
217,839.20
$
$
Statutory Excess to Fund Balance
Fund Balance
598.108.81
618.371.10
A
Balance, January 1
783.371.10
836,210.30
$
$
Decreased by:
Utilization as Anticipated Revenue
165,000.00
198,000.00
A-1:A-2
618,371.10
638,210.30
$
$
A
Fund Balance, December 31
The accompanying Notes to the Financial Statements are an integral part of this statement.


A-2
SHEET #1
BOROUGH OF STOCKTON
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31.2021
EXCESS
ANTICIPATED
BUDGET
OR
REF.
(DEFICIT)
REALIZED
$
198,000.00
$
198,000.00
$
Fund Balance Anticipated
A-1
Miscellaneous Revenues:
Licenses:
Alcoholic Beverages
Fees and Permits:
Other
Fines:
Municipal Court
Interest and Costs on Taxes
Interest on Investments
Energy Receipts Tax
Garden State Trust Fund
Cell Tower Rental
Hotel and Motel Tax
Alcohol Education & Rehabilitation Program
Clean Communities Program
$
3,824.00
$
3,854.00
$
A-9
30.00
A-9
1,426.00
1,156.00
2,582.00
A-9
5,636.75
14,513.71
1,305.63
45,571.00
6,150.00
47,249.00
35,829.36
227.20
8,000.00
$
152,482.20
$
170,918.65
$
3,664.00
7,397.00
8,335.00
45,571.00
6,150.00
46,537.00
21,351.00
227.20
1,972.75
7,116.71
(7,029.37)
A-9
A-9
A-9
0.00
A-9
0.00
A-9
712.00
14,478.36
A-9
A-19
0.00
A-19
8,000.00
0.00
A-1
18,436.45
Receipts from Delinquent Taxes
A-1:A-7
40,840.00
0.05
40,840.05
Amount to be Raised by Taxation for Support
of Municipal Budget:
Local Tax for Municipal Purposes
Budget Totals
A-2:A-7
464,114.08
98,260.42
562,374.50
$
855,436.28
$
972,133.20
$
116,696.92
Non-Budget Revenue
A-1:A-2
8,395.33
8,395.33
$
855,436.28
$
980,528.53
$
125,092.25
REF.
A-3
The accompanying Notes to the Financial Statements are an integral part of this statement.


A-2
SHEET #2
BOROUGH OF STOCKTON
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31.2021
REF.
Allocation of Current Tax Collections:
Collections Realized on a Cash Basis
$
1,882,601.52
A-1:A-7
Allocated to:
School and County Taxes
Municipal Open Space Trust Fund
$
1,446,087.26
9,139.76
1,455,227.02
427,374.50
Balance for Support of Municipal Budget Appropriations
135,000.00
Add: Appropriation-HReserve for Uncollected Taxes”
A-3
$
562,374.50
Amount for Support of Municipal Budget Appropriations
A-2
Analysis of Non-Budget Revenues
Miscellaneous Revenue Not Anticipated:
Treasurer:
Cable Franchise Fee
Lease Agreement with AT&T
Miscellaneous
Borough Manage License Fees
Hunterdon County Covid Aid reimbursement
NJ Division of Fire fees
Administrative Fee - Senior Citizen and Veterans
$
2,029.19
3,966.83
93.71
42.00
1,000.00
1,000.00
85.00
8,216.73
178.60
A-4
A-10
Excess Animal Control Fees
$
8,395.33
A-2
Analysis of Interfunds Advanced/Returned
Net Interfund
Advanced (Returned)
Balance December 31,
2020
2021
273.12
$
$
436.51
$
163.39
Animal Control Fund
273.12
$
$
436.51
$
163.39
Totals
The accompanying Notes to the Financial Statements are an integral part of this statement.


A-3
SHEET #1
BOROUGH OF STOCKTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31. 2021
EXPENDED
APPROPRIATIONS
UNEXPENDED
BALANCE
CANCELED
BUDGET AFTER
MODIFICATION
PAID OR
CHARGED
BUDGET
RESERVED
OPERATIONS WITHIN "CAPS"
GENERAL GOVERNMENT
Governing Body:
Salaries and Wages
Other Expenses
Municipal Clerk:
Salaries and Wages
Other Expenses
Elections:
Other Expenses
Financial Administration
Salaries and Wages
Other Expenses
Audit Services
Computer Support:
Other Expenses
Administration & Executive:
Salaries and Wages
Collection of Taxes:
Salaries and Wages
Other Expenses
Assessment of Taxes:
Salaries and Wages
Other Expenses
Public Buildings & Grounds:
Other Expenses
Legal Services:
Other Expenses
Engineering Services:
Other Expenses
Planning Board:
Salaries and Wages
Other Expenses
Legal Fees
Planner Fees
Engineering Fees
Zoning Board:
Salaries and Wages
Other Expenses
Insurance (NJSA 40A:4-45 3(00)):
Liability Insurance
Worker Compensation Insurance
Flood Insurance
Employee Bonds
$
10,82088
$
557 00
29.12
$
293.00
10,850.00
$
850.00
10,850.00
850.00
$
41.73998
5.330.27
10.260.02
66973
52,000.00
6,00000
52,00000
6.000.00
300.00
300.00
300 00
200
20.810 00
1,000 00
21.000.00
20.808 00
44999
20.225 00
20.810.00
1,000 00
21.000 00
550.01
77500
16.100.00
14.903 36
1,196 64
14,500 00
7904
6.720 96
6,800 00
6,800 00
396
8.531 04
719.25
8,535 00
1,600.00
8.535.00
1,600.00
880.75
17.04
85.66
6,432.96
164 34
6.450 00
250.00
6,450.00
250.00
1.957 42
15.042.58
17,000.00
17,000.00
24,769 15
2.930 85
27.70000
18,000 00
4.687 50
16.800 00
12,112 50
26,500 00
34.08
392 30
4.968 00
2.934.40
2.500.00
3,565 92
607.70
2,822 00
7.065 60
3,60000
1.00000
11.000.00
10.000 00
4,000 00
3,600.00
1.000 00
7,790 00
10.000.00
2,500.00
5,683.92
16.08
100.00
5,700.00
100.00
5,700.00
100 00
3,57800
9,074.38
16.422.00
12,925.62
4,346.00
47500
20.000.00
22,000 00
4,350 00
1.200 00
20.000.00
22,000 00
4,350 00
1,200.00
4.00
72500
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. 2021
UNEXPENDED
BALANCE
CANCELLED
APPROPRIATIONS
EXPENDED
BUDGET AFTER
MODIFICATION
PAID OR
CHARGED
RESERVED
BUDGET
PUBLIC SAFETY
17,000.00
3.000.00
17,000.00
3,000 00
17,000 00
3.000.00
Aid to Volunteer Fire Company
Aid to Volunteer Rescue Squad
Municipal Prosecutor:
Salaries and Wages
28 88
2.150 00
2.121.12
2.150.00
PUBLIC WORKS
Street and Road Maintenance:
Other Expenses
Snow Removal-
Other Expenses
Solid Waste Collection
Other Expenses
Recycling:
Other Expenses
3,287 58
13.000 00
56,110.00
52.822 42
5.240.00
5.760.00
11,000.00
11,000.00
19,409.67
81.000.00
81.000.00
61,590.33
104.24
15,000.00
14,895.76
15.000.00
HEALTH AND HUMAN SERVICES
Animal Control Services:
Salaries and Wages
2 96
950.00
947.04
950.00
PARKS AND RECREATION
Recreation:
Other Expenses
1.650 00
14,000.00
12.350 00
14,000.00
MUNICIPAL COURT
Municipal Court:
Salaries and Wages
Other Expenses
1.243.92
2,171 50
3,256 08
8.328.50
4,500.00
10.500.00
4,500.00
10,500.00
UNCLASSIFIED
300.00
1,334.17
1.573.57
937.66
300.00
11,639 00
4,500.00
2,200.00
300.00
12,500.00
4.500.00
2,200.00
Electricity
Street Lighting
Telephone
Natural Gas
10.304.83
2,926.43
1,262.34
86,028 13
$
486,995.00
$
526,134.00
£
440,105.87
$
$
TOTAL OPERATIONS WITHIN ,,CAPS,,
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. 2021
APPROPRIATIONS
EXPENDED
UNEXPENDED
BALANCE
CANCELLED
PAID OR
CHARGED
BUDGETAFTER
MODIFICATION
BUDGET
RESERVED
DEFERRED CHARGES AND STATUTORY EXPENDITURES-
MUNICIPAL WITHIN "CAPS"
Statutory Expenditures:
Contribution to:
Public Employee's Retirement System
Social Security System
$
$
12,000.00
$
9,200.00
12,861.00
$
9,200.00
12.861.00
$
8,640.01
559 99
TOTAL DEFERRED CHARGES AND STATUTORY
EXPENDITURES-MUNtCIPAL. WITHIN "CAPS"
21,20000
$
22,061.00
$
21,50101
$
55999
$
$
TOTAL GENERAL APPROPRIATIONS FOR MUNICIPAL
PURPOSES WITHIN "CAPS"
86.588.12
$
$
508,195 00
$
548.195.00
$
461,606 88
$
OPERATIONS EXCLUDED FROM "CAPS"
1,600.00
$
4,400.00
$
2,800 00
$
Length of Service Award Program
4,400 00
$
$
1,600.00
$
4,40000
$
4,400.00
$
2,800.00
$
TOTAL OTHER OPERATIONS - EXCLUDED FROM "CAPS"
$
INTERLOCAL AGREEMENTS
Township of Delaware Building Inspector:
Salaries and Wages
Other Expenses
304
$
200.00
$
2.23000
$
200.00
2,230.00
$
200 00
2,226.96
$
2,430 00
$
2,226.96
$
203.04
$
TOTAL INTERLOCAL AGREEMENTS - EXCLUDED FROM XAPS"
2.430 00
$
$
STATE AND FEDERAL PROGRAMS OFF-SET BY REVENUES
Clean Communities Program (N J S A. 40A 4-87 )
Alcohol Education Rehabilitation Grant (N.J S.A 40A 4-87)
$
8,000.00
$
227 20
$
8,000.00
$
227 20
$
8.000.00
$
227.20
$
$
$
$
8,227 20
$
8,227 20
$
$
$
8.227.20
$
TOTAL PUBLIC AND PRIVATE PROGRAMS
15,057.20
$
13,254 16
$
1,803.04
$
TOTAL OPERATIONS - EXCLUDED FROM "CAPS"
15,057.20
$
$
CAPITAL IMPROVEMENTS-EXCLUPED FROM "CAPS"
$
65,000.00
$
65,000.00
$
65,000.00
$
Capital Improvement Fund
$
$
65,000.00
$
65,000.00
$
65,000.00
$
TOTAL CAPITAL IMPROVEMENTS EXCLUDED FROM "CAPS"
$
MUNICIPAL DEBT SERVICE-EXCLUDED FROM "CAPS"
$
15.79000
$
4.872 00
12,436.64
31.493 77
15,790.00
$
4.872.00
12,500 00
32,77500
15.790.00
$
4,872.00
12.50000
32,775.00
Payment of Bond Anticipation Notes and Capital Notes
Interest on Notes
Principal and Interest-Green Trust
Principal and Interest-NJ EIT
$
63.36
1,281 23
TOTAL MUNICIPAL DEBT SERVICE-
EXCLUDED FROM "CAPS"
1.344 59
$
65,937.00
$
65,937 00
$
64,59241
$
$
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. 2021
EXPENDED
UNEXPENDED
BALANCE
CANCELLED
APPROPRIATIONS
PAID OR
CHARGED
BUDGET AFTER
MODIFICATION
RESERVED
BUDGET
DEFERRED CHARGES-MUNICIPAL EXCLUDED FROM •'CAPS''
50,000.00
$
16,247 08
$
50,000.00
$
16,247 08
$
$
$
50,000 00
16,247.08
$
Ordinance 2012-08
Ordinance 2005-06
$
TOTAL DEFERRED CHARGES- MUNICIPAL
EXCLUDED FROM ,,CAPS"
S
66,247 08
$
66,24708
$
$
66,247.08
$
TOTAL GENERAL APPROPRIATIONS FOR MUNICIPAL
PURPOSES EXCLUDED FROM TAPS"
1,344 59
1,803.04
$
212,241.28
$
212,241.28
$
209,093.65
$
$
670,700.53
$
88,391.16
$
135,000 -00
1,344 59
720,436.28
$
135,000.00
760.436.28
$
135,000.00
$
SUB-TOTAL GENERAL APPROPRIATIONS
RESERVE FOR UNCOLLECTED TAXES
1,344.59
855,436.28
$
895,436.28
$
805,700.53
$
88,391.16
$
$
TOTAL GENERAL APPROPRIATIONS
A.A-1
A-3
A-1
REF
A-2
$
855,436.28
40,000.00
A-3
Budget
Emergency Authorizations
A-22
$
895,436.28
41.754.10
135.000.00
8,227 20
622,955.29
$
A-20
Encumbrances Payable
Reserve for Uncollected Taxes
Reserve for Grants Appropriated
Disbursements
A-2
A-19
A-4
807.936.59
2,236 06
A-4
Less: Refunds
$
805,700.53
The accompanying Notes to the Financial Statements are an integral part of this statement


TRUST FUND


B
BOROUGH OF STOCKTON
TRUST FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
DECEMBER
31.2021
BALANCE
DECEMBER
31.2020
REF.
ASSETS
Animal Control Trust Fund:
Cash
Due From State of New Jersey
$
2,326.31
$
B-1
2,162.92
B-3
1.20
1.20
2,327.51
2,164.12
Other Funds:
Cash
Interfunds Receivable
$
36,821.73
$
216.29
B-1
30,447.42
9,851.27
B-5
$
37,038.02
$
40,298.69
$
39,365.53
$
42,462.81
LIABILITIES. RESERVES AND FUND BALANCES
Animal Control Trust Fund:
Interfunds Payable
Reserve for Animal Control Trust Fund Expenditures
B-5
$
436.51
$
1,891.00
273.12
1,891.00
B-2
2,327.51
2,164.12
Other Funds:
Various Reserves and Deposits
B-4
$
37,038.02
$
40,298.69
37,038.02
40,298.69
39,365.53
$
42,462.81
$
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
DECEMBER
31.2020
BALANCE
DECEMBER
31.2021
REF.
ASSETS
$
$
857,074.89
131,433.05
361,465.41
66,270.19
74,250.00
715,992.34
187,054.48
598,752.49
17,575.24
297,000.00
C-2:C-3
Cash
Deferred Charges to Future Taxation - Funded
Deferred Charges to Future Taxation - Unfunded
Interfunds Receivable
Grants Receivable
C-4
C-14
C-10
$
1,816,374.55
$
1,490,493.54
LIABILITIES. RESERVES AND FUND BALANCE
475,326.00
89,594.99
41,838.06
609,000.00
133,788.26
53,266.22
C-13
Bond Anticipation Notes
NJ Environmental Trust Loans Payable
Green Acres Trust Loans Payable
Improvement Authorizations:
Funded
Unfunded
Reserve for Receivables
Contracts Payable
Interfunds Payable
Capital Improvement Fund
Fund Balance
C-15
C-11
135,181.67
126,995.81
207,000.00
437,334.04
5,207.86
87,636.26
20,964.43
C-7
114,493.42
121,295.81
51,750.00
437,334.04
206.53
137,636.26
21,018.43
C-7
C-12
C-6
C-14
C-8
C-1
1,490,493.54
$
1,816,374.55
$
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 31.2021
REF.
Balance, December 31, 2020
C
$
20,964.43
Increased by:
Premium on Sale of Bonds and Notes
C-2
54.00
C
$
Balance, December 31, 2021
21,018.43
The accompanying Notes to the Financial Statements are an integral part of this statement.


WATER UTILITY FUND


D
BOROUGH OF STOCKTON
WATER UTILITY FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
DECEMBER
31.2021
BALANCE
DECEMBER
31.2020
REF.
ASSETS
Operating Fund:
Cash - Treasurer
Interfunds Receivable
$
D-5
63,479.11
$
6,914.64
70,393.75
$
89,693.37
23,307.89
D-9
$
113,001.26
Receivables and inventories with Full Reserves:
Consumer Accounts Receivable
D-6
$
3,525.29
$
3,525.29
$
3,784.19
$
D
3,784.19
Deferred Charges:
Emergency Authorization (40A:4-47)
D-22
4,000.00
4,000.00
Total Operating Fund
$
77,919.04
$
116,785.45
Capital Fund:
Cash- Treasurer
Fixed Capital
Fixed Capital Authorized and Uncompleted
D-5
$
25,659.42
$
729,166.05
55,000.00
71,503.84
729,166.05
15,000.00
D-14
D-15
Total Capital Fund
$
809,825.47
$
815,669.89
$
887,744.51
$
932,455.34
LIABILITIES. RESERVES AND FUND BALANCE
Operating Fund:
Liabilities:
Appropriation Reserves
Reseve for Encumbrances
Rent Overpayments
Accrued Interest on Bonds, Notes and Loans
D-4:D-8
$
11,623.21
$
13,078.38
3,071.09
300.13
28,072.81
$
3,525.29
46,320.94
22,584.72
8,828.21
D-20
D-21
D-7
372.30
$
31,785.23
3,784.19
81,216.03
Reserve for Receivables and Inventory
Fund Balance
D
D-1
Total Operating Fund
$
77,919.04
$
116,785.45
Capital Fund:
improvement Authorizations:
Funded
Capital Improvement Fund
Bond Anticipation Notes
Interfunds Payable
Reserve for:
Contracts Payable
Amortization
Deferred Amortization
Fund Balance
D-10
$
17,966.47
$
27,112.22
97,809.00
500.00
67,112.22
151,662.00
23,310.89
D-12
D-17
D-16
D-18
499.00
611,357.53
55,000.00
81.25
499.00
557,504.53
15,000.00
81.25
D-13
D-11
D-2
Total Capital Fund
809,825.47
$
$
815,669.89
$
887,744.51
$
932,455.34
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. 2021
YEAR ENDED
DECEMBER
31. 2021
YEAR ENDED
DECEMBER
31. 2020
REF.
REVENUE AND OTHER INCOME REALIZED
$
60,000.00
$
92,694.78
129,569.54
85,257.53
Fund Balance Utilized
Rents
Other Credits to Income:
Miscellaneous Revenue Not Anticipated
Unexpended Balance of Appropriation Reserves
D-1
D-3
2,562.98
8,769.79
D-3
421.01
17,173.83
D-8
$
170,289.62
$
226,159.84
TOTAL INCOME
EXPENDITURES
$
92,690.58
$
1,500.00
54,994.13
98,100.00
1,500.00
47,471.47
65,000.00
5,000.24
D-4
Operating
Statutory Expenditures and Deferred Charges
Debt Service
Capital Improvements
Refund of Prior Year Revenue
D-4
D-4
149,184.71
$
217,071.71
$
TOTAL EXPENDITURES
9,088.13
$
21,104.91
$
Excess in Revenue
Adjustments to Income before Surplus:
Expenditures included above which are by Statute
Deferred Charges to Budget of Succeeding Year
$
4,000.00
$
D-22
25,104.91
$
9,088.13
$
Statutory Excess to Fund Balance
Fund Balance
201,697.44
81,216.03
D
Balance, January 1
106,320.94
$
210,785.57
$
129,569.54
60,000.00
D-1
Utilization as Anticipated Revenue
81,216.03
46,320.94
$
$
D
Balance, December 31
The accompanying Notes to the Financial Statements are an integral part of this statement.


D-2
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
STATEMENT OF FUND BALANCE - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31. 2021
RDF.
$
D
81.25
Balance, December 31, 2020
$
81.25
Balance, December 31, 2021
D
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 31.2021
EXCESS
OR
(DEFICIT)
ANTICIPATED
REALIZED
REF.
60,000.00
$
92,694.78
421.01
$
60,000.00
$
85,267.00
Fund Balance Anticipated
Water Use Charges
Miscellaneous Revenue Not Anticipated
7,437.78
421.01
D-1:D-6
D-1:D-5
$
145,257.00
$
153,115.79
$
7,858.79
D-4
ANALYSIS OF MISCELLANEOUS REVENUES NOT ANTICIPATED
$
99.05
321.96
Miscellaneous-Collector
Interest on Delinquent Accounts
$
D-3
421.01
Total
The accompanying Notes to the Financial Statements are an integral part of this statement.


D-4
BOROUGH OF STOCKTON
WATER UTILITY OPERATING FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31. 2021
EXPENDED
UNEXPENDED
BALANCE
CANCELLED
APPROPRIATIONS
PAID OR
CHARGED
BUDGET AFTER
MODIFICATION
RESERVED
BUDGET
Operating:
Salaries and Wages
Other Expenses
27.11
$
11,555.59
19,100.00
$
73,590.58
19,072.89
$
62,034.99
$
19,100.00
$
69,590.58
11,582.70
$
88,690.58
$
92,690.58
$
81,107.88
$
$
Total Operating
Debt Services:
Payment of Bond Anticipation Notes
Interest on Notes
53,853.12
$
1,213.30
53,853.00
$
1,141.13
$
0.12
$
53,853.12
$
1,213.30
(0.00)
72.17
54,994.13
$
(0.00)
$
72.29
$
55,066.42
$
55,066.42
$
Total Debt Services
Statutory Expenditures:
Contributions to:
Social Security System (O.A.S.I.)
1,500.00
$
1,459.49
$
40.51
$
$
1,500.00
$
40.51
$
1,500.00
$
1,500.00
$
1,459.49
$
Total Statutory Expenditures
$
11,623.21
$
149,257.00
$
137,561.50
$
72.29
145,257.00
$
$
D:D-1
D-1
REF.
D-3
145,257.00
4,000.00
D-3
$
Budget
Emergency Authorization
D-22
$
149,257.00
$
125,655.99
12,703.38
1,141.13
D-5
Disbursements
Reserve for Encumbrances
Accrued Interest
D-20
D-7
$
139,500.50
1,939.00
D-5
Less: Refunds
137,561.50
$
The accompanying Notes to the Financial Statements are an integral part of this statement.


SEWER UTILITY FUND


E
SHEET #1
BOROUGH OF STOCKTON
SEWER UTILITY FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
DECEMBER
31.2021
BALANCE
DECEMBER
31.2020
ASSETS
REF.
Operating Fund:
Cash - Treasurer
Interfund Receivable
$
549,909.18
$
E-5
431,337.27
1,422.04
E-21
549,909.18
$
$
432,759.31
Receivables and Inventories with Full Reserves:
Consumer Accounts Receivable
$
11,917.22
$
11,917.22
$
E-7
21,911.39
$
21,911.39
Total Operating Fund
$
561,826.40
$
454,670.70
Capital Fund:
Cash - Treasurer
Fixed Capital
Fixed Capital Authorized and Uncompleted
interfunds Receivable
$
196,741.34
$
2,909,626.38
345,000.00
40,000.00
E-5
199,593.56
2,909,626.38
345,000.00
E-16
E-13
E-21
$
3,491,367.72
$
3,454,219.94
Total Capital Fund
$
4,053,194.12
$
3,908,890.64
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
DECEMBER
31.2021
BALANCE
DECEMBER
31.2020
LIABILITIES. RESERVES AND FUND BALANCE
REF.
Operating Fund:
Liabilities:
Appropriation Reserves
Reserve for Encumbrances
Interfunds Payable
Accrued Interest
$
106,072.25
$
1,681.50
46,914.64
70.94
154,739.33
$
11,917.22
395,169.85
E-4:E-10
78,515.76
31,229.52
E-9
E-21
E-6
70.94
$
109,816.22
21,911.39
322,943.09
Reserve for Receivables
Fund Balance
E
E-1
Total Operating Fund
$
561,826.40
$
454,670.70
Capital Fund:
Improvement Authorizations:
Funded
Unfunded
Contracts Payable
Interfunds Payable
Bond Anticipation Notes Payable
Reserve for:
Amortization
Deferred Amortization
Capital Improvements
Capital Improvement Fund
Fund Balance
$
13,385.03
$
143,274.40
96,700.00
E-15
110,119.25
145,289.40
E-15
E-8
E-11
803.00
28,900.00
E-20
27,825.00
E-17
2,909,626.38
192,175.00
3,000.00
104,140.10
1,241.81
2,909,626.38
191,100.00
3,000.00
64,140.10
1,241.81
E-18
E-19
E-12
E-2
Total Capital Fund
$
3,491,367.72
$
3,454,219.94
$
4,053,194.12
$
3,908,890.64
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 31.2021
YEAR
REF.
2021
2020
REVENUE AND OTHER INCOME REALIZED
$
20,000.00
$
282,793.77
2,017.73
Fund Balance Utilized
Sewer Service Charges
Miscellaneous
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
E-3
35,000.00
278,601.97
8,665.25
E-3
E-3
E-10
52,329.70
86,016.26
$
390,827.76
$
TOTAL INCOME
374,596.92
EXPENDITURES
Operating
Statutory Expenditures and Deferred Charges
Capital Improvement
Debt Service
E-4
$
245,286.00
$
1,500.00
50,508.00
1,307.00
219,700.00
23,620.48
23,050.00
38,031.64
E-4
E-4
E-4
TOTAL EXPENDITURES
$
298,601.00
$
304,402.12
Excess in Revenue
$
92,226.76
$
70,194.80
Fund Balance
E-1
287,748.29
Balance, January 1
322,943.09
$
357,943.09
415,169.85
$
Decreased by:
Utilization as Anticipated Revenue
35,000.00
E-1
20,000.00
$
395,169.85
$
322,943.09
Balance, December 31
E
The accompanying Notes to the Financial Statements are an integral part of this statement.


E-2
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
STATEMENT OF FUND BALANCE - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31. 2021
REF.
Balance, December 31, 2020
and December 31, 2021
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. 2021
EXCESS
OR
(DEFICIT)
ANTICIPATED
REALIZED
REF.
20,000.00
$
278,601.00
20,000.00
$
282,793.77
2,017.73
$
Fund Balance Utilized
Sewer Charges
Miscellaneous
E-1
4,192.77
2,017.73
E-1:E-7
E-1:E-3
304,811.50
$
6,210.50
$
298,601.00
$
E-4
ANALYSIS OF MISCELLANEOUS REVENUE
$
1,448.41
50.00
519.32
Interest on Delinquent Accounts
Miscellaneous
Interest on Investments
$
2,017.73
E-3:E-5
The accompanying Notes to the Financial Statements are an integral part of this statement.


E-4
BOROUGH OF STOCKTON
SEWER UTILITY OPERATING FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2021
EXPENDED
APPROPRIATIONS
BUDGET AFTER
MODIFICATION
PAID OR
CHARGED
RESERVED
BUDGET
Operating:
Salaries and Wages
Other Expenses
19,100.00
$
226,186.00
19,100.00
$
226,186.00
19,072.89
$
130,689.27
27.11
95,496.73
$
245,286.00
$
245,286.00
$
149,762.16
$
95,523.84
$
Total Operating
Capital Improvements:
Capital Improvement Fund
lambertville Sewerage Authority
40,000.00
$
10,508.00
40,000.00
$
$
40,000.00
$
10,508.00
10,508.00
50,508.00
$
50,508.00
$
40,000.00
$
10,508.00
$
Total Capital Improvements
Debt Service:
Payment of BANs & Capital Notes
Interest on BANs
$
1,075.00
$
232.00
1,075.00
S
232.00
1,075.00
$
232.00
1,307.00
$
1,307.00
$
1,307.00
$
$
Total Debt Service
Deferred Charges and Statutory Expenditures:
Contributions to:
Social Security System (O.A.S.I.)
1,459.59
$
1,500.00
$
1,500.00
$
40.41
S
1,500.00
$
1,500.00
$
1,459.59
$
40.41
S
Total Statutory Expenditures
192,528.75
$
106,072.25
298,601.00
$
298,601.00
$
$
E:E-1
E-3
E-1
REF.
$
150,615.25
1,681.50
40,000.00
232.00
E-5
Disbursements
Reserve for Encumbrances
Interfunds Payable
Accrued interest
E-9
E-21
E-6
$
192,528.75
The accompanying Notes to the Financial Statements are an integral part of this statement.


GENERAL FIXED ASSETS ACCOUNT GROUP


»pt»
BOROUGH OF STOCKTON
GENERAL FIXED ASSETS ACCOUNT GROUP
BALANCE SHEETS - REGULATORY BASIS
DECEMBER
31.2021
DECEMBER
31. 2020
General Fixed Assets:
Land
Buildings and Building Improvements
$
1,879,825.00
$
233,700.00
1,879,825.00
233,700.00
$
2,113,525.00
$
2,113,525.00
TOTAL GENERAL FIXED ASSETS
$
2.113,525.00
$
2,113,525.00
Investment in General Fixed Assets
The accompanying Notes to the Financial Statements are an integral part of this statement.


NOTES TO FINANCIAL STATEMENTS


BOROUGH OF STOCKTON
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31. 2021 AND 2020
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1:
A.
Reporting Entity
The Borough of Stockton (“Borough”) 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.
As defined by GAAP established by the GASB, the financial reporting entity
consists of the primary government, as well as component units, which are
legally separate organizations for which elected officials of the primary
government are financially accountable. The Borough is financially
accountable for an organization if the Borough appoints a voting majority
of the organization’s governing board and (1) the Borough is able to
significantly influence the programs or services performed or provided by
the organizations; or (2) the Borough is legally entitled to or can otherwise
access the organization’s resources; the Borough is legally obligated or
has otherwise assumed the responsibility to finance the deficits of, or
provide financial support to, the organization; or the Borough is obligated
for the debt of the organization. Except as noted below, the financial
statements
of the
Borough include every board, body,
officer
or
commission supported and maintained wholly or in part by
funds
appropriated
by
the
Borough,
as
required
by
N.J.S.A.
40A;5-5.
Accordingly, the financial statements of the Borough do not include the
operations of the local school district, first aid organization, volunteer fire
organization or library, inasmuch as their activities are administered by a
separate board.
Description of Funds
B.
The Governmental Accounting Standards Board (GASB) is the accepted
standard-setting body for establishing governmental accounting and
financial reporting principles. GASB codification establishes three
fund types and two account groups to 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).
7


SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NOTE 1:
Description of Funds (Continued)
B.
The accounting policies of the Borough 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 organizedon 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:
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
8


SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NOTE 1:
Basis of Accounting
C.
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.
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.
9


SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NOTE 1:
Basis of Accounting (Continued)
C.
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 areliquidated. Interfund receivables
in the other funds are not offset by reserves. GAAP does not require the
establishment of an offsetting reserve.
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
$5,000.00
or
more per unit.
("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.
Public domain
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.
10


SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NOTE 1:
Basis of Accounting (Continued)
C.
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.
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.
11


SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NOTE 1:
Basis of Accounting (Continued)
C.
Accounting and Financial Reporting for Pensions (Continued)
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.
The New Jersey Division of Local Government Services issued Local
Finance Notice 2021-10 which allows local units to disclose the most
recently available information as it relates to the New Jersey Division of
Pensions & Benefits’ reporting on GASB 68. As of the date of this report
the information for the period ended June 30, 2020 was not available,
therefore the information dated June 30, 2019 is disclosed.
Basic Financial Statements
D.
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


CASH AND CASH EQUIVALENTS
NOTE 2:
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, 2021:
Reconciled
Balance
Reconciling Items:
Bank
Balance
Deletions
Additions
Fund Type
5,593.04
$
225,094.13
$
722.71
640.12
891,314.41
2,326.31
36,821.73
857,074.89
63,479.11
25,659.42
549,909.18
196,741.34
$
1,110,815.50
$
3,049.02
37,461.85
868,716.98
73,632.75
26,981.13
568,812.81
196,749.70
Current Fund
Animal Control Fund
Other Trust Fund
General Capital Fund
Water Utility Operating Fund
Water Utility Capital Fund
Sewer Utility Operating Fund
Sewer Utility Capital Fund
11,642.09
10,155.35
1,321.71
30,811.13
1.71
11,907.50
8.36
TOTAL DECEMBER 31.2021
$
2,886,219.74
$
17,502.25
$
280,395.60
$
2,623,326.39
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, 2021, 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 $2,636,219.74was covered under the provisions
of NJGUDPA.
13


CASH AND CASH EQUIVALENTS (CONTINUED)
NOTE 2:
investments
B.
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:
Bonds or other obligations of the United States of America or
obligations guaranteed by the United States of America;
1.
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 1S40,” 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.
§ 27G.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.
2.
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;
3.
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.
4.
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;
5.
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.
6.
14


CASH AND CASH EQUIVALENTS (CONTINUED
NOTE 2:
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
7.
Agreements for the repurchase of fully collateralized securities if;
8.
the
underlying
securities
are
permitted
investments
pursuant to paragraphs (1) and (3) of this subsection;
a.
the custody of collateral is transferred to a third party;
b.
the maturity of the agreement is not more than 30 days;
c.
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
d.
a master repurchase agreement providing for the custody
and security of collateral is executed.
e.
The Borough of Stockton had no investments outstanding as of December
31, 2021.
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
2019
2020
2021
Issued:
General Capital
Bonds, Notes and Loans
Water Utility:
Bonds and Notes
Sewer Utility:
Bonds and Notes
796,054.48
$
859,754.96
$
606,759.05
$
196,515.00
97,809.00
151,662.00
28,900.00
70,000.00
27,825.00
976,616.48
$
732,393.05
$
1,126,269.96
$
Total Debt Issued
Authorized But Not Issued:
General Capital - Bonds and Notes
Water Capital - Bonds and Notes
Sewer Utility - Bonds and Notes
107,637.01
$
20,000.00
125,000,00
125,968.13
20,000.00
22,120.48
$
41,389.93
$
20,000.00
125,000.00
186,389.93
$
252,637.01
$
168,088.61
$
Total Authorized But Not Issued
Bonds and Notes
Issued and Authorized
But Not Issued
1,229,253.49
$
918,782,98
$
1,294,358.57
$
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 .536%.
DEDUCTIONS
NET DEBT
GROSS DEBT
Regional School District
Debt
Sewer Utility Debt
Water Utility Debt
General Debt
454,569.86
$
152,825.00
117,809.00
155,250.52
492,898.46
$
454,569.86
$
152,825.00
117,809.00
648,148.98
$
1,373,352.84
$
880,454.38
$
492,898.46
The Municipality's Net Debt of $492,898.46 divided by the equalized valuation
basis per N.J.S.A 40A:2-2 of $91,879,933 equals .536%
16


LONG-TERM DEBT (CONTINUED)
NOTE 3:
BORROWING POWER UNDER N.J.S.A. 40A:2-6 AS AMENDED
$91.879.932.67
Equalized Valuation Basis - December 31, 2021
$3,215,797.64
3-1/2% of Equalized Valuation Basis
492.898.46
Net Debt
Remaining Borrowing Power at December 31
2021
$2.722.899.18
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
$ 153,115.79
Deductions:
Operating and Maintenance Cost
$ 90,190.58
Debt Service Per Water Utility Account
55,066.42
145,257.00
$
7,858.79
Excess in Revenue
17


LONG-TERM DEBT (CONTINUED)
NOTE 3:
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
$ 304,811.50
Deductions:
Operating and Maintenance Cost
$ 246,786.00
1,307.00
Debt Service Per Sewer Utility Account
248,093.00
$
56,718.50
Excess in Revenue
General Capital
Green Acres Trust Loan:
$200,000.00 of 2005 Trust Loan due in annua)
installments of $6,156.74 to $12,131.23 through
January 2025 at an interest rate 2.00%.
$
41,838.06
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%.
89,594.99
$
18


LONG-TERM DEBT (CONTINUED)
NOTE 3:
Bonds and Notes Authorized But Not Issued
At December 31, 2021, the Borough has authorized but not issued bonds and
notes as follows:
Bonds and Notes Authorized But Not Issued:
$
41,389.93
General Capital Fund
$
20,000.00
Water Utility Capital Fund
$
125,000.00
Sewer Utility Capital Fund
SCHEDULE OF ANNUAL DEBT SERVICE FOR PRINCIPAL AND
INTEREST
Trust Loan
Calendar
Year
Total
Interest
Principal
778.76
$
544.44
305.41
61.57
12,436.64
12,436.64
12,436.64
6,218.32
11,657.88
$
11,892.20
12,131.23
6,156.75
$
2022
2023
2024
2025
1,690.18
$
43,528.24
$
41,838.06
$
Total
19


NOTE 3:
LONG-TERM DEBT (CONTINUED)
SCHEDULE OF ANNUAL DEBT SERVICE FOR PRINCIPAL AND INTEREST
FOR NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE LOANS
ISSUED AND OUTSTANDING DECEMBER 31. 2021
Calendar
Year
Trust Loan
Total
Principal
Interest
$
19,019.01
$
18,998.71
8,982.00
18,959.62
23,635.65
2,952.22
$
2,191.66
1,431.94
2,603.84
1,845.44
21,971.23
21,190.37
10,413.94
21,563.46
25,481.09
2022
2023
2024
2025
2026
$
89,594.99
$
11,025.10
$
100,620.09
Total
SHORT-TERM DEBT
In accordance with NJSA 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;
NOTE 4:
(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.
20


SHORT-TERM DEBT (CONTINUED)
NOTE 4:
Outstanding Bond Anticipation Notes are summarized as follows:
Original
Issue Date
Interest
Rate
Amount
General Capital
9/15/2017
$
9/12/2019
150,326.00
325,000.00
0.80%
0.80%
2016-08
2018-06
$
475,326.00
Water Capital
9/21/2012
$
9/19/2014
60,704.00
37,105.00
0.80%
0.80%
2012-04
2014-04
$
97,809.00
Sewer Capital
9/15/2018
$
27,825.00
0.80%
2016-09
In accordance with N.J.S.A. 4QA: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 2021.
21


FUND BALANCES APPROPRIATED
NOTE 5:
Fund balances at December 31, 2021 which were appropriated and included as
anticipated
revenue
in
their
own respective
funds
for
the
year ending
December 31, 2022 were as follows:
$161,998.95
$ 42,320.94
$ 10,000.00
Current Fund
Water Operating Fund
Sewer Operating Fund
PROPERTY TAXES
NOTE 6:
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
DECEMBER
31.2020
BALANCE
DECEMBER
31.2021
$8,255.74
$7,696,15
Prepaid Taxes
22


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.qov/treasury/pensions/annrprts.shtmI.
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
23


PENSION PLANS (CONTINUED)
NOTE 7:
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 2021, 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
2021,
PERS
provides
for
employee
contributions of 7.50% of employees' base salary.
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 2021,
$14,990.00 for 2020 and $13,741.00 for 2019.
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 reportedin 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.
24


PENSION PLANS (CONTINUED)
NOTE 7:
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.
25


PENSION PLANS (CONTINUED)
NOTE 7:
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
Inflow of
Resources
Deferred
Outflow of
Resources
$
3,491.00
$
678.00
Differences between expected and actual experience
Changes of assumptions
Net difference between projected and actual earnings
on pension plan investments
Changes in proportion and differences
between Borough contributions and
proportionate share of contributions
80,274.00
6,220.00
6,553.00
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
($31,858.00)
(29,734.00)
(20,335.00)
(12,870.00)
(8,896.00)
2021
2022
2023
2024
2025
($103,693.00)
26


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
Wage
2.75%
3.25%
Salary Increases
Through 2026
Thereafter
2.00-6.00%
3.00-7.00%
Based on
Years of Service
7.00%
Investment Rate of Return
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,
2018.
27


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 inthe following
table:
Long-Term
Expected Real
Rate of Return
Target
Allocation
Assets Class
7.71%
8.57%
10.23%
11.42%
9.73%
9.56%
5.95%
7.59%
2.67%
0.50%
1.94%
3.40%
27.00%
13.50%
5.50%
13.00%
3.00%
8.00%
2.00%
8.00%
8.00%
4.00%
5.00%
3.00%
US Equity
Non-U.S. Developed Market Equity
Emerging Market Equity
Private Equity
Real Assets
Real Estate
High Yield
Private Credit
Investment Grade Credit
Cash Equivalents
U.S. Treasury’s
Risk Mitigation Strategies
28


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
Discount Rate
7.00%
1%
Increase
8.00%
Decrease
6.00%
Borough's proportionate share
of the pension liability
$149,611.00
$191,718.00
$241,340.00
29


PENSION PLANS (CONTINUED)
NOTE 7:
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Public Employees Retirement System (PERS) (Continued)
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.ni.us/treasury/pensions.
COMPENSATED ABSENCES
NOTE 8:
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 2021.
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 2021 audit report. There were no findings and questioned
costs for 2021. In addition, these programs are also subject to compliance and
financial audits by the grantors or their representatives. As of December 31, 2021,
the Borough does not believe that any material liabilities will result from such
audits.
30


RISK MANAGEMENT
NOTE 12:
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.
INTERFUND RECEIVABLES AND PAYABLES
NOTE 13:
The following interfund balances remained on the balance sheets at December 31
2021:
INTERFUND
RECEIVABLE
INTERFUND
PAYABLE
FUND
$
436.51
$
139,816.08
73,536.13
Current
Grant
Animal Control
Trust Other
General Capital
Water Utility Operating
Sewer Utility Operating
Sewer Utility Capital
436.51
216.29
66,270.19
6,914.64
206.53
46,914.64
40,000.00
187,373.76
$
187,373.76
TOTAL
$
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 2021.
31


ACCOUNTING
AND FINANCIAL
REPORTING
FOR
POSTEMPLOYMENT
BENEFITS OTHER THAN PENSIONS- GASB 75
NOTE 15:
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.
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
2021.
NOTE 16:
FIXED ASSETS
Below is a summary of the General Fixed Assets Account Group for the year ended
December 31, 2021:
Balance,
December 31,
2020
$
1,879,825.00
$
233,700.00
Balance,
December 31,
2021
1,879,825.00
233,700.00
Land
Building and Improvements
$
2,113,525.00
$
2,113,525.00
Total
32


NOTE 18:
DEFERRED CHARGES TO BE RAISED IN SUCCEEDING BUDGETS
At December 31, 2021, the Borough had the following deferred charges shown on
the balance sheet:
BALANCE
DECEMBER
31, 2021
2022
BALANCE TO
SUCCEEDING
BUDGETS
BUDGET
APPROPRIATION
Current Fund:
$
40,000.00
$
40,000.00
$
0.00
Emergency Appropriation
Water Operating Fund:
Emergency Appropriation
0.00
4,000.00
4,000.00
44,000.00
$
$
44,000.00
$
0.00
Totals
NOTE 19:
SUBSEQUENT EVENTS
The Borough has evaluated subsequent events occurring after the financial
statement date through June 22, 2022, 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
33


BOROUGH OF STOCKTON
SUPPLEMENTARY SCHEDULES - ALL FUNDS
FOR THE YEAR ENDED DECEMBER 31, 2021


A-4
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF CASH-TREASURER
FEDERAL AND STATE
GRANT FUND
CURRENT FUND
REF.
$
809,202.31
$
-0-
A
Balance, December 31, 2020
Increased by Receipts:
Collector
Petty Cash Fund
State of New Jersey-Chapter 20, P.L. 1971
Revenue Accounts Receivable
Miscellaneous Revenue Not Anticipated
Current Year Budget Refunds
Interfunds Received
Reserve for Grants Receivable
Miscellaneous Reserves
Reserve for Grants - Unappropriated
$
$
1,938,098.52
100.00
4,000.00
148.177.74
8,216.73
2,236.06
98,887.89
A-5
A-11
A-8
A-9
A-2
A-3
4,523.36
227.20
A-10
A-21
A-18
4,971.00
30,795.15
A-15
2,204,687.94
35,545.71
3,013,890.25
$
35,545.71
$
Decreased by Disbursements:
Currrent Year Budget Appropriations
Prior Year Appropriation Reserves
Petty Cash Fund
Interfunds Disbursed
County Taxes
Regional High School Tax
Miscellaneous Reserves
Reserve for Grants - Appropriated
$
$
A-3
622,955.29
13,720.54
100.00
38,068.19
332,096.82
1,113,635.00
2,000.00
A-12
A-11
A-10:A-6
31,022.35
A-13
A-14
A-18
A-19
4,523.36
2,122,575.84
35,545.71
$
891,314.41
$
-0-
Balance, December 31, 2021
A


A-5
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF CASH-COLLECTOR
REF.
increased by Receipts:
interest on Delinquent Taxes
Taxes Receivable
Subsequent Year’s Taxes Prepaid
Tax Overpayments
$
A-9
14,513.71
1,904,948.48
7,696.15
10,940.18
A-7
A-16
A-17
$
1,938,098.52
Decreased by Disbursements:
Payments to Treasurer
$
A-4
1,938,098.52


A-6
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF DUE CURRENT FUND - GRANT FUND
REF.
47,037.14
A
$
Balance, December 31, 2020
Increased by:
Received In Current Fund:
Reserve for Grants - Unappropriated
Grants Receivable
$
30,795.15
227.20
A-15
A-21
A-4
31,022.35
$
78,059.49
Decreased by:
Expended in Current Fund:
Reserve for Grants - Appropriated
4,523.36
A-19
$
73,536.13
A
Balance, December 31, 2021


A-7
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY
BALANCE
DECEMBER
312021
BALANCE
DECEMBER
312020
OVERPAYMENTS
APPLIED
COLLECTED IN
LEVY
CANCELED
2021
2021
2020
YEAR
$
$
$
40,840.05
$
$
40,840.05
$
$
2020
38,595.69
1,868,108.43
23.41
6,237.35
1,921,220.62
8,255.74
2021
6,237.35
$
23.41
$
1,908,948.48
$
38,595.69
1,921,220.62
$
8,255.74
$
$
40,840.05
$
A
A-2:A-16
A-2
A-2:A-17
Below
A
REF.
REF.
A-5
$
1,904,948.48
4,000.00
Collector
State of New Jersey
A-8
$
1,908,948.48
ANALYSIS OF CURRENT YEAR PROPERTY TAX LEVY
TAX YIELD
General Purpose Tax
$
1,921,220.62
TAX LEVY
Regional High School Tax (Abstract)
County Taxes:
County Tax
County Library Tax
County Open Space Preservation Tax
$
1,113,635.00
A-14
$
278,208.89
27,319.07
26,568.86
A-13
A-13
A-13
332,452.26
A-2
$
464,114.08
9,139.76
1,879.52
Local Tax for Municipal Purposes (Abstract)
Municipal Open Space Tax (Including Added)
Add: Additional Tax Levied
Local Tax for Municipal Purposes Levied
A-1A-10
475,133.36
$
1,921,220.62


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
Decreased by:
Received From State of New Jersey
Disallowed by Collector - Current Year Taxes
A-4
$
4,000.00
250.00
$
4,250.00
Received From State of New Jersey
A-4
SUMMARY OF CURRENT YEAR EXEMPTIONS
Senior Citizens and Veterans Deductions
Per Tax Billings
4,250.00
$
$
4,250.00
Disallowed by Collector:
Current Year Taxes
250.00
4,000.00
$
A-7


A-9
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF REVENUE ACCOUNTS RECEIVABLE
ACCRUED IN
COLLECTED BY
2021
COLLECTOR
TREASURER
REF.
Clerk:
Alcoholic Beverage Licenses
Fees and Permits
Municipal Court:
Fines and Costs
Interest and Costs on Taxes
Interest on Investments
Energy Receipts Tax
Garden State Preservation Trust Fund
Hotel and Motel Tax
Cel! Tower Rental
A-2
$
3,854.00
$
2,582.00
$
3,854.00
2,582.00
A-2
A-2
5,636.75
14,513.71
1,305.63
45,571.00
6,150.00
35,829.36
47,249.00
5,636.75
14,513.71
A-2
A-2
1,305.63
45,571.00
6,150.00
35,829.36
47,249.00
A-2
A-2
A-2
A-2
162,691.45
$
$
14,513.71
$
148,177.74
REF.
A-5
A-4


A-10
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF INTERFUNDS
TRUST
OTHER
FUND
ANIMAL
CONTROL
FUND
GENERAL
CAPITAL
FUND
GRANT
FUND
REF-
TOTAL
Balance, December 31, 2020
Due From
Due To
273.12
$
$
$
273.12
$
69,871.83
$
A
16,783.54
A
47,037.14
6,051.15
31,022.35
15.21
8.85
67,841.48
98,887.89
9,139.76
Receipts
Open Space Tax Levy
A-4
9,139.76
A-7
15,190.00
4,523.36
18,354.83
A-4
38,068.19
178.60
Disbursements
Excess Animal Control Reserve
178.60
A-2
Balance, December 31, 2021
Due From
Due To
$
436.51
$
139,816.08
$
436.51
$
$
A
9.76
66,270.19
A
73,536.13


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
Sheet 1
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF PRIOR YEAR APPROPRIATION RESERVES
BALANCE
AFTER
TRANSFERS
BALANCE
DECEMBER
31, 2020
BALANCE
LAPSED
PAID OR
CHARGED
SALARIES AND WAGES
$
1,482.06
$
7,502.97
17.03
18.97
29.03
34.06
16.06
28.91
1,243.94
12.97
1,482.06
7,502.97
17.03
18.97
29.03
34.06
16.06
28.91
1,243.94
12.97
$
1,482.06
$
7,502.97
17.03
18.97
29.03
34.06
16.06
28.91
1,243.94
12.97
Governing Body
Municipal Clerk
Assessment of Taxes
Tax Collection
Administration
Planning Board
Zoning Board
Municipal Prosecutor
Municipal Court
Animal Control Services
Building Inspector
3.03
3.03
3.03
OTHER EXPENSES
293.00
135.51
259.30
293.00
165.27
259.30
293.00
1,452.44
259.30
Governing Body
Municipal Clerk
Elections
Financial Administration:
Other Expenses
Audit Services
Computer Support
Assessment of Taxes
Tax Collection
Building and Grounds
Legal Services and Costs
Engineering Services
Planning Board:
Other Expenses
Legal Fees
Planner Fees
Engineering Fees
Zoning Board
Insurance:
Workers Comp.
Other Insurance
Liability Insurance
Flood
Streets and Road Maintenance
Snow Removal
Solid Waste Collection
Flood Inurance Program
Recycling
1,316.93
127.24
2,775.00
121.28
240.00
273.61
4,748.78
2,633.59
19,930.60
335.44
462.68
2,775.00
121.28
240.00
395.50
4,745.55
3,796.09
20,416.60
462.68
2,775.00
836.28
240.00
395.50
5,014.67
4,478.09
21,303.60
715.00
121.89
265.89
1,844.50
1,373.00
485.37
522.50
662.50
500.00
200.00
21.48
485.37
522.50
730.00
500.00
200.00
506.85
522.50
730.00
500.00
200.00
67.50
3,264.00
25.00
1,008.63
3,264.00
25.00
1,008.63
3,264.00
25.00
1,008.63
3.00
3.00
3.00
12,953.70
946.30
4,590.00
13,900.00
4,590.00
19,409.64
1,000.00
104.24
13,459.60
19,409.64
1,000.00
104.24
19,409.64
1,000.00
104.24


A-12
Sheet 2
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF PRIOR YEAR APPROPRIATION RESERVES
BALANCE
AFTER
TRANSFERS
BALANCE
DECEMBER
31, 2020
PAID OR
CHARGED
BALANCE
LAPSED
400.00
2,440.40
119.00
200.00
300.00
2.869.98
2.127.99
756.30
1,299.54
200.00
100.00
300.00
$
400.00
$
2,440.40
119.00
200.00
300.00
4,537.83
2,369.00
975.05
1,299.54
200.00
100.00
300.00
$
400.00
$
2,440.40
119.00
200.00
300.00
3,653.75
2,127.99
756.30
1,299.54
200.00
100.00
300.00
Board of Health
Recreation
Municipal Court
Public Defender
Electricity
Street Lighting
Telephone
Natural Gas
Social Security System
Unemployment Insurance
Length of Service Award Program
Building Inspector
1,667.85
241.01
218.75
93,178.73
106,904.27
$
13,725.54
$
96,668.26
$
$
A-1
REF.
A
96,668.26
10,236.01
$
$
Balance, December 31, 2020
Encumbrances Payable
Cash Disbursements
A-12
5.00
A-20
13,720.54
A-4
$
106,904.27
$
13,725.54


A-13
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF COUNTY TAXES PAYABLE
REF.
Current Year Tax Levy:
County Taxes
County Open Space
County Library
County Share of Added Taxes
$
278,208.89
26,568.86
27,319.07
355.44
A-7
A-7
A-7
A-7
332,452.26
A-1
332,452.26
Decreased by:
Disbursements
332,096.82
A-4
$
355.44
Balance, December 31, 2021
A


A-14
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF REGIONAL SCHOOL TAXES PAYABLE
REF.
Increased by:
Levy
$
1,113,635.00
A-1:A-7
Decreased by:
Disbursements
$
1,113,635.00
A-4
A-15
GRANT FUND
SCHEDULE OF RESERVE FOR GRANTS UNAPPROPRIATED
$
8,000.00
A
Balance, December 31, 2020
Increased by:
Receipts in Current Fund
30,795.15
A-6
38,795.15
Decreased by:
Applied to Grants Receivable
8,000.00
A-21
$
30,795.15
A
Balance, December 31, 2021
Detail of Balance at December 31, 2021
$
4,000.00
26,795.15
Clean Communities Program
2021 Covid ARP
$
30,795.15


A-16
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF PREPAID TAXES
REF.
Balance, December 31, 2020 (2021 Taxes)
A
$
8,255.74
Increased by:
Collection of Subsequent Year Taxes
A-5
7,696.15
$
15,951.89
Decreased by:
Application to Current Year Taxes Receivable
A-7
8,255.74
Balance, December 31, 2021 (2022 Taxes)
$
A
7,696.15
A-17
SCHEDULE OF TAX OVERPAYMENTS
Balance, December 31, 2020
$
A
4,624.37
Increased by:
Receipts
Miscellaneous Adjustment
$
A-5
10,940.18
1,633.22
A-1
12,573.40
$
17,197.77
Decreased by:
Application to Current Year Taxes Receivable
Canceled
A-7
6,237.35
20.24
A-1
6,257.59
Balance, December 31, 2021
$
A
10,940.18


A-18
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF RESERVE FOR MISCELLANEOUS RESERVES
BALANCE
DECEMBER 31,
BALANCE
DECEMBER 31,
CASH
RECEIPTS
CASH
DISBURSEMENTS
2020
2021
Due to State and County
Reserve for Garden State Preservation Trust
$
1,175,00
$
1,650.00
$
3.321.00
2,000.00
$
825.00
3,321.00
$
1,175.00
$
4,971.00
$
2,000.00
$
4,146.00
REF.
A
A-4
A-4
A


A-19
BOROUGH OF STOCKTON
GRANT FUND
SCHEDULE OF RESERVE FOR GRANTS APPROPRIATED
BALANCE
DECEMBER
31.2020
2021
BALANCE
DECEMBER
31.2021
BUDGET
APPROPRIATIONS
CASH
DISBURSEMENTS
Clean Communities Program
Alcohol Education and Rehabilitation Fund
Recycling Tonnage Grant
$
31,910.54
$
332.19
6,794.41
8,000.00
$
227.20
4,523.36
$
35,387.18
559.39
6,794.41
$
39,037.14
$
8,227.20
$
4,523.36
$
42,740.98
REF.
A
A-3
A-4:A-6
A


A-20
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF RESERVE FOR ENCUMBRANCES
REF.
Balance, December 31, 2020
$
A
10,236.01
Increased by:
Charges to Appropriations
Charges to Appropriation Reserves
$
41,754.10
A-3
A-12
5.00
41,759.10
$
51,995.11
Decreased by:
Transferred to Appropriation Reserves
A-12
10,236.01
$
Balance, December 31, 2021
A
41,759.10


A-21
BOROUGH OF STOCKTON
GRANT FUND
SCHEDULE OF GRANTS RECEIVABLE
ACCRUED
UNAPPROPRIATED
APPLIED
CASH
RECEIPTS
2021
BUDGET
8,000.00
8,000.00
$
227.20
$
$
Clean Communities Program
Alcohol Education and Rehabilitation Fund
227.20
8,227.20
$
227.20
$
8,000.00
$
A-15
A-2
A-4:A-6
REF.


A-22
BOROUGH OF STOCKTON
CURRENT FUND
SCHEDULE OF DEFERRED CHARGES
REF.
Increased by:
Emergency Appropriation
40,000.00
$
A-1:A-3
$
40,000.00
A
Balance, December 31, 2021


B-1
BOROUGH OF STOCKTON
TRUST FUND
SCHEDULE OF CASH-TREASURER
ANIMAL CONTROL
TRUST OTHER
REF.
Balance, December 31, 2020
B
$
$
2,162.92
30,447.42
Increased by Receipts:
Dog License Fees
Due from State of New Jersey
Various Reserves and Deposits
Interfunds
8-2
$
$
898.60
68.40
B-3
B-4
191,624.36
6,060.00
B-5
967.00
197,684.36
$
228,131.78
$
3,129.92
Decreased by Disbursements:
Expenditures under R.S.4:19-15.11
Due from State of New Jersey
Various Reserves and Deposits
Interfunds
B-2
$
720.00
68.40
$
B-3
B-4
191,301.20
B-5
15.21
8.85
803.61
191,310.05
Balance, December 31, 2021
$
B
2,326.31
$
36,821.73


B-2
BOROUGH OF STOCKTON
TRUST FUND
SCHEDULE OF RESERVE FOR ANIMAL CONTROL TRUST FUND EXPENDITURES
REF.
Balance, December 31, 2020
B
$
1,891.00
Increased by:
Animal Control Fees Collected
B-1
898.60
$
2,789.60
Decreased by:
Expenditures under R.S.4:19-15.11:
Disbursements
Statutory Excess Due Current Fund
$
720.00
178.60
B-1
B-5
898.60
Balance, December 31, 2021
B
$
1,891.00
LICENSE FEES COLLECTED
YEAR
AMOUNT
$
2020
955.20
935.80
2019
$
1,891.00
B-3
SCHEDULE OF DUE STATE OF NEW JERSEY -
ANIMAL CONTROL FUND
Balance, December 31, 2020 (Due From)
B
$
1.20
Increased by:
Disbursements
68.40
B-1
69.60
$
Decreased by:
Receipts
68.40
B-1
$
1.20
Balance, December 31, 2021 (Due From)
B


B-4
BOROUGH OF STOCKTON
TRUST FUND
SCHEDULE OF VARIOUS RESERVES AND DEPOSITS
BALANCE
DECEMBER
31, 2020
BALANCE
DECEMBER
31. 2021
RECEIPTS
DISBURSEMENTS
State Unemployment Insurance
Town Holiday Decorations
Storm Trust
Payroll Agency
Planning Board Escrow
Municipal Open Space Trust
$
14,031.53
$
3,800.12
13,469.78
1,141.93
5,359.87
2,495.46
439.85
$
100.00
12.21
162,559.73
12,500.00
16,132.58
$
14,471.38
206.53
2,231.99
1,141.93
15,834.37
3,151.82
3,693.59
11,250.00
162,559.73
2,025.50
15,476.22
$
40,298.69
$
191,744.37
$
195,005.04
$
37,038.02
REF.
Below
B
Below
B
Cash Receipts
Cash Disbursements
Intrafund Transfers
Interfunds
B-1
$
191,624.36
$
B-1
191,301.20
10.25
3,693.59
Res
10.25
109.76
B-5
$
191,744.37
$
195,005.04


B-5
BOROUGH OF STOCKTON
TRUST FUND
SCHEDULE OF INTERFUNDS
CURRENT FUND
TRUST
OTHER
ANIMAL
CONTROL
GENERAL
CAPITAL
REF.
TOTAL
Balance, December 31, 2020:
Due From
Due To
$
B
9,851.27
$
273.12
6,051.15
$
$
3,800.12
B
273.12
Credits:
Receipts
Excess Reserve
Other Trust Fund reserves
B-1
6,060.00
178.60
3,693.59
6,060.00
B-2
178.60
B-4
3,693.59
6,511.72
6,060.00
451.72
0.00
Debits:
Disbursements
Other Trust Fund reserves
B-1
24.06
109.76
8.85
15.21
B-4
9.76
100.00
133.82
18.61
15.21
100.00
Balance, December 31, 2021:
Due From
Due To
B
216.29
436.51
$
9.76
206.53
$
B
$
436.51
$


C-2
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF CASH - TREASURER
REF.
Balance, December 31, 2020
C
$
715,992.34
Increased by Receipts:
Budget Appropriation:
Capital Improvement Fund
Deferred Charges- Unfunded
Premium on Sale of Bonds and Notes
Grants Receivable
Interfunds
C-8
$
65,000.00
66,247.08
54.00
222,750.00
19,246.53
0.00
C-1
C-10
C-14
373,297.61
$
1,089,289.95
Decreased by Disbursements:
Contracts Payable
Bond Anticipation Notes
Interfunds
C-6
$
41,388.25
117,884.00
72,942.81
C-13
C-14
232,215.06
Balance, December 31, 2021
C:C-3
$
857,074.89


C-3
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
ANALYSIS OF CASH
BALANCE
DECEMBER
31. 2021
$
137,636.26
21,018.43
437,334.04
121,295.81
155,250.52
Capital Improvement Fund
Fund Balance
Contracts Payable
Unexpended Proceeds of Bond Anticipation Notes on "C-5"
Cash on Hand to Pay Notes "C-5"
Improvement Authorizations:
Funded Improvements Listed on "C-7"
Improvements Expended Set Forth on "C-5"
Reserve for Receivables
Interfunds
Grants Receivable
114,493.42
(41,389.93)
51,750.00
(66,063.66)
(74,250.00)
$
857,074.89
REF.
C:C-2


C-4
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - FUNDED
REF.
Balance, December 31, 2020
C
$
187,054.48
Decreased by:
Current Year Budget Appropriation to Pay:
Green Trust Loan Principal
Environmental Infrastructure Loan Principal
C-11
$
11,428.16
44,193.27
C-15
55,621.43
Balance, December 31, 2021
C
$
131,433.05


C-5
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION-UNFUNDED
ANLYSIS OF BALANCE
DECEMBER 31, 2021
GRANT
PROCEEDS
APPLIED
BALANCE
DECEMBER 31,
FUNDED BY
NOTE
PAYMENTS
BOND
ANTICIPATION
NOTES
BALANCE
UNEXPENDED
BALANCE
ORDINANCE
NUMBER
DECEMBER 31,
PAID
EXPENDITURES
BY BUDGET
2021
2020
General Improvements:
Reconstruction of Mill Street
Road and Drainage Improvements - Wilson Drive
Reconstruction of Gienwood Lane
Improvements to Hilltop Drive and Moore Street
$
$
$
$
16,247.08
$
50,000.00
$
$
16,247.08
$
91,389.93
166,115.48
325,000.00
05-06
12-08
16-08
18-06
41,389.93
41,389.93
150,325.48
169,750.00
150,325.48
169,750.00
15,790.00
155,250.00
155,250.00
$
361,465.41
$
320,075.48
$
41,389.93
$
66,247.08
$
15,790.00
$
$
598,752.49
$
C-3
C-2; C-9
C-12
C
REF.
C-13
Below
C
$
C-13
475,326.00
155,250.52
Bond Anticipation Notes
Less: Cash on Hand to Pay Notes
C-3
$
320,075.48
$
121,295.81
121,295.81
Improvement Authorizations - Unfunded
LessUnexpended Proceeds of Bond Anticipation Notes
C-7
C-3


C-6
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF CONTRACTS PAYABLE
REF.
Balance, December 31, 2020
C
$
437,334.04
Increased by:
Contracts Issued
C-7
41,388.25
478,722.29
Decreased by:
Disbursements
C-2
41,388.25
Balance, December 31, 2021
C
$
437,334.04


C-7
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
BALANCE
DECEMBER 31, 2021
BALANCE
DECEMBER 31, 2020
2021
PAID OR
CHARGED
ORDINANCE
ORDINANCE
NUMBER
UNFUNDED
FUNDED
UNFUNDED
AUTHORIZATIONS
FUNDED
DATE
AMOUNT
IMPROVEMENT DESCRIPTION
6,747.50
6,747.50
1,205.25
07/11/16
07/11/16
10/10/16
11/11/19
06/08/20
08/17/20
02/08/21
20,000.00
8,500.00
300,000.00
20,000.00
20,000.00
175,000.00
15,000.00
Stabilization of Worman Road
Preparation of an Open Space/Recreation Plan
Reconstruction of Glenwood Lane
Purchase and Installation of Fire Co Equipment
Installation of Road Materials for the Impr of Streets
Hilltop Drive and Moore Street Road Improvements Project
Stockton School Preliminary Expenses
16-05
16-07
16-08
19-07
20-05
20-06
21-02
1,205.25
5,700.00
121,295.81
126,995.81
127.49
700.00
91,918.43
15,000.00
127.49
13,500.00
113,601.43
12,600.00
21,683.00
15,000.00
41,388.25
$
114,493.42
$
121,295.81
$
135,181.67
$
126,995.81
$
15,000.00
$
C:C-5
C-6
C:C-3
C
C
Below
REF.
15,000.00
C-8
Capital Improvement Fund
$
15,000.00


C-8
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
REF.
Balance, December 31, 2020
C
$
87,636.26
Increased by:
Current Year Budget Appropriation
C-2
65,000.00
$
152,636.26
Decreased by:
Appropriation to Finance
Improvement Authorizations
C-7
15,000.00
Balance, December 31, 2021
C
$
137,636.26


C-9
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
BALANCE
DECEMBER
31.2020
BALANCE
DECEMBER
31.2021
ORDINANCE
NUMBER
IMPROVEMENT DESCRIPTION
DECREASED
Reconstruction of Mil! Street
Road and Drainage Improvements - Wilson Drive
$
05-06
12-08
16,247.08
$
91,389.93
16,247.08
$
50,000.00
41,389.93
$
107,637.01
$
66,247.08
$
41,389.93
Ref.
C
C
0


C-10
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF GRANTS RECEIVABLE
REF.
Balance, December 31, 2020
C
$
297,000.00
Decreased by:
Receipts
C-2
222,750.00
Balance, December 31, 2021
C
$
74,250.00
ANALYSIS OF BALANCE
2018-06 - Improvements to Hilltop Dr. and Moore St.
2020-06 Hilltop Dr. and Moore St.
$
51,750.00
22,500.00
$
74,250.00


C-11
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF GREEN ACRES TRUST LOANS PAYABLE
OUTSTANDING
DECEMBER 31, 2021
BALANCE
DECEMBER
31.2020
BALANCE
DECEMBER
31. 2021
DATE OF
ORIGINAL
ISSUE
AMOUNT OF
ORIGINAL
ISSUE
INTEREST
RATE
DATE
AMOUNT
DECREASED
IMPROVEMENT DESCRIPTION
$
200,000.00
$
11,657.88
11,892.20
12,131.23
6,156.75
2.000%
2.000%
2.000%
2.000%
Open Space Acquisition
1/7/2005
2022
2023
2024
$
53,266.22
$
11,428.16
$
41,838.06
2025
53,266.22
$
11,428.16
$
$
41,838.06
C
C-4
REF.
C


C-12
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF RESERVE FOR RECEIVABLES
REF.
Balance, December 31, 2020
C
$
207,000.00
Decreased by:
Grants Received With Reserve
155,250.00
Balance, December 31, 2021
C
$
51,750.00


C-13
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF BOND ANTICIPATION NOTES
DATE OF
ISSUE
OF ORIGINAL
NOTE
BALANCE
DECEMBER
31.2021
BALANCE
DECEMBER
31. 2020
DATE OF
INTEREST
MATURITY
RATE
DATE OF
ISSUE
INCREASED
DECREASED
IMPROVEMENT DESCRIPTION
ORDINANCE
$
284,000.00
$
325,000.00
0.800%
0.800%
1.000%
1.000%
$
284,000.00
325,000.00
$
09/10/20
09/10/20
09/09/21
09/09/21
Reconstruction of Glenwood Lane
Improvements to Hilltop Drive
Reconstruction of Glenwood Lane
Improvements to Hilltop Drive
09/15/17
09/12/19
09/15/17
09/12/19
09/10/21
09/10/21
09/09/22
09/09/22
16-08
18-06
16-08
18-06
150,326.00
325,000.00
150,326.00
325,000.00
$
609,000.00
$
475,326.00
$
609,000.00
$
475,326.00
C:C-5
C
REF.
$
15,790.00
475,326.00
475,326.00
117,884.00
475,326.00
$
609,000.00
C-5
Funded by Budget
Reissue
Paid by Cash on Hand
C-2


C-14
BOROUGH OF STOCKTON
GENERAL CAPITAL FUND
SCHEDULE OF INTERFUNDS
SEWER
CAPITAL
FUND
WATER
CAPITAL
FUND
SEWER
OPERATING
FUND
TRUST
OTHER
FUND
CURRENT
FUND
TOTAL
REF.
Balance, December 31, 2020:
Due From
Due To
788.70
$
17,575.24
$
5,207.86
$
3.00
$
$
C
16,783.54
$
$
$
1,407.74
$
$
$
3,800.12
$
C
Credits:
Receipts
3.00
$
$
19,246.53
$
18,354.83
$
788.70
$
C-2
$
100.00
Debits:
Disbursements
$
67,841.48
1,407.74
3,693.59
C-2
72,94281
Balance, December 31, 2021:
Due From
Due To
66,270.19
$
206.53
66,270.19
$
C
$
206.53
C


C-15
BOROUGH OF STOCKTON
GENERAL CAPiTAL FUND
SCHEDULE OF NEW JERSEY ENVIRONMENTAL TRUST LOANS PAYABLE
BALANCE
DECEMBER
31.2021
BALANCE
DECEMBER
31.2020
AMOUNT OF
ORIGINAL
ISSUE
OUTSTANDING
DECEMBER 31, 2021
DATE OF
ORIGINAL
ISSUE
INTEREST
RATE
DECREASED
DATE
AMOUNT
IMPROVEMENT DESCRIPTION
4.125%
$
4.250%
5.000%
4.250%
4.250%
$
08/01/22
08/01/23
08/01/24
08/01/25
08/01/26
19,019.01
18,998.71
8,982.00
18,959.62
23,635.65
$
11/09/2006
$
300,000.00
$
Mill Street
89,594.99
125,000.00
35,405.01
8.788.26
8,788.26
282.975.00
11/09/2006
Mill Street
133,788.26
$
44,193.27
$
$
89,594.99
C
C
C-4
REF.
27,822.44
16,370.83
Paid by Budget Appropriation
Loan Foregiveness
44,193.27


D-5
BOROUGH OF STOCKTON
WATER UTILITY FUND
SCHEDULE OF CASH - TREASURER
OPERATING
CAPITAL
REF.
$
$
71,503.84
89,693.37
Balance, December 31, 2020
D
Increased by Receipts:
Collections
Interfunds
Bond Anticipation Notes
Rent Overpayments
Miscellaneous Revenue Not Anticipated
Budget Appropriations Refunds
$
$
92,694.78
41,757.89
D-6
D-9
97,809.00
D-17
D-21
3,071.09
421.01
1,939.00
D-3
D-4
97,809.00
139,883.77
$
$
229,577.14
169,312.84
Decreased by Disbursements:
Current Year Appropriations
Prior Year Appropriation Reserves
Accrued Interest
Contracts Payable
Bond Anticipation Notes
Interfunds
125,655.99
13,864.10
1,213.30
$
$
D-4
D-8
D-7
22,533.53
97,809.00
23,310.89
D-18
D-17
25,364.64
D-9:D-16
143,653.42
166,098.03
$
$
63,479.11
25,659.42
Balance, December 31, 2021
D


D-6
BOROUGH OF STOCKTON
WATER UTILITY OPERATING FUND
SCHEDULE OF CONSUMER ACCOUNTS RECEIVABLE
REF.
$
3,784.19
Balance, December 31, 2020
D
Increased by:
Water Rents Levied - Net
92,435.88
Reserve
$
96,220.07
Decreased by:
Collection
D-3:D-5
92,694.78
$
3,525.29
Balance, December 31, 2021
D
D-7
SCHEDULE OF ACCRUED INTEREST ON BONDS. NOTES AND LOANS
$
372.30
D
Balance, December 31, 2020
Increased by:
Charges to Budget Appropriations
1,141.13
D-4
$
1,513.43
Decreased by:
Disbursements
1,213.30
D-5
$
300.13
D
Balance, December 31, 2021


D-8
BOROUGH OF STOCKTON
WATER UTILITY OPERATING FUND
SCHEDULE OF PRIOR YEAR APPROPRIATION RESERVES
BALANCE
AFTER
TRANSFERS
BALANCE
DECEMBER
31.2020
BALANCE
LAPSED
PAID OR
CHARGED
Operating:
Salaries and Wages
Other Expenses
Contributions to:
Social Security System (O.A.S.I.)
$
26.96
17,106.99
26.96
$
22,517.88
26.96
$
31,346.09
$
14,239.10
39.88
39.88
39.88
14,239.10
$
17,173.83
31,412.93
$
$
22,584.72
$
D~1
D-5
REF.
D
$
22,584.72
8,828.21
Balance, December 31, 2020
Reserve for Encumbrances
D-8
D-20
$
31,412.93
$
13,864.10
375.00
D-5
Disbursements
Reserve for Encumbrances
D-20
14,239.10
$


D-9
BOROUGH OF STOCKTON
WATER UTILITY OPERATING FUND
SCHEDULE OF INTERFUNDS
SEWER
OPERATING
FUND
WATER
CAPITAL
FUND
REF.
TOTAL
Balance, December 31, 2020:
Due from
$
23,307.89
$
D
$
23,307.89
Increased by:
Receipts
D-5
41,757.89
41,757.89
65,065.78
65,065.78
Decreased by:
Disbursements
25.364.64
6,914.64
18,450.00
D-5
Balance, December 31. 2021:
Due From
$
6,914.64
$
D
6,914.64
$


D-10
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
BALANCE
DECEMBER 31, 2020
BALANCE
DECEMBER 31, 2021
PAID OR
AUTHORIZATION
CHARGED
ORDINANCE
ORDINANCE
NUMBER
2021
IMPROVEMENT DESCRIPTION
DATE
AMOUNT
FUNDED
FUNDED
500.00
$
$
$
2011-05
Acquisition and Installation of Capital Equipment
11/14/2011
15,000.00
$
500.00
2021-03
Water Utility Capital Improvements (Corrosion Control)
3/8/2021
40,000.00
40,000.00
22,533.53
17,466.47
$
500.00
$
40,000.00
$
22,533.53
$
17,966.47
REF.
D
D-12
D-18
D


D-11
BOROUGH OF STOCKTON
WATER UTILITY CAFiTAL FUND
SCHEDULE OF RESERVE FOR DEFERRED AMORTIZATION
INCREASED BY
BALANCE
DECEMBER
31. 2020
FIXED
CAPITAL
AUTHORIZED
BALANCE
DECEMBER
31.2021
DATE OF
ORDINANCE
ORDINANCE
NUMBER
IMPROVEMENT DESCRIPTION
General Improvements:
$
15,000.00
$
11/14/2011
15,000.00
Purchase and Installation of Equipment
2011-05
Water Utility Capital Improvements (Corrosion Control)
3/8/2021
40,000.00
40,000.00
2021-03
$
15,000.00
$
40,000.00
$
55,000.00
REF.
D
D-15
D


D-12
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
REF.
Balance, December 31, 2020
D
$
67,112.22
Decreased by:
Appropriation to Finance
improvement Authorizations
D-10
40,000.00
Balance, December 31, 2021
D
$
27,112.22
D-13
SCHEDULE OF RESERVE FOR AMORTIZATION
$
Balance, December 31, 2020
D
557,504.53
Increased by:
Notes Paid by Budget Appropriation
53,853.00
D-17
$
Balance, December 31, 2021
D
611,357.53


D-14
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL
BALANCE
DECEMBER
31, 2020
BALANCE
DECEMBER
31, 2021
ORDINANCE
NUMBER
ACCOUNT
Unallocated Balance of 1938 and Prior
Fire Hydrants
Pumping Equipment
Spring and Wells
Storage Tanks
Distribution Mains and Accessories
Purification System
General Equipment
General Construction Expenditures
Meters
Generator
Thermal Coil Meter Pits
Touch Reader
Painting of Various Buildings
Roof Replacements
Purchase and Installation of Water Meters (Ord. 11/12/73)
Repairs and Construction of a Cover for the Reservoir of
the Water System (Ord 11/12/73)
Improvement to the Water Supply System (12/11/74)
Construction of a Water Main Extension (Ord. 04/28/86)
Water Line on Route 523 and Broad Street
Water Tower Pipe Extension
Water Tank Painting
Replacement of Water Line on Ferry Street
Water Line Construction
Water Main Construction on Mill Street
Water Tank Renovations
Well House Renovations
Capital Outlay
Construction of New Water Services on Broad and Bridge Street
Painting of the Water Tank
Authorizing New Services on Railroad Avenue and Main Street
Preparation of EPA Application
Pump Station Repairs
Purchase and Installation of Water Meters/Equipment
Purchase and Installation of Water Meters/Equipment
Purchase and Installation of Water Meters/Equipment
Purchase and Installation of Equipment
Water Tank repairs, New Water Service at Broad St
and Bridge St,Corrosion Control Plan
Contaminent Remediation Project
Valve Replacements at Main St and Well # 3
Pump House Roof replacement
$
7,523.00
$
15,167.00
32,948.00
3,998.00
12,574.00
27,136.00
1,766.00
8,915.00
3,674.00
1,145.00
10,843.00
1,781.00
400.00
1,455.00
1,050.00
13,877.00
7,523.00
15,167.00
32,948.00
3,998.00
12,574.00
27,136.00
1,766.00
8,915.00
3,674.00
1,145.00
10,843.00
1,781.00
400.00
1,455.00
1,050.00
13,877.00
10,100.00
2,283.00
49,650.00
35,048.00
1,185.00
2,227.00
56,000.00
4,630.00
1,390.00
1,152.00
2,423.00
11,575.00
10,163.00
57,035.00
6,500.00
6,763.93
175,000.00
15,000.00
15,000.00
12,000.00
10,000.00
9,999.70
19,999.52
49,918.27
9,921.37
9,950.26
10,100.00
2,283.00
49,650.00
35,048.00
1,185.00
2,227.00
56,000.00
4,630.00
1,390.00
1,152.00
2,423.00
11,575.00
10,163.00
57,035.00
6,500.00
6,763.93
175,000.00
15,000.00
15,000.00
12,000.00
10,000.00
9,999.70
19,999.52
49,918.27
9,921.37
9,950.26
2012-04
2016-10
2018-07
2019-10
2006-21
2007-11; 2008-11
2014-04
2015-07
2018-03
$
729,166.05
$
729,166.05
REF.
D
D


D-15
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED
BALANCE
DECEMBER
31, 2020
BALANCE
DECEMBER
31.2021
ORDINANCE
NUMBER
ORDINANCE
AMOUNT
IMPROVEMENT DESCRIPTION
DATE
AUTHORIZED
General Improvements:
11/14/2011
$
15,000.00
$
Acquisition and Installation of Capital Equipment
15,000.00
$
15,000.00
2011-05
Water Utility Capital Improvements (Corrosion Control)
3/8/2021
2021-03
40,000.00
40,000.00
40,000.00
$
15,000.00
$
40,000.00
$
55,000.00
REF.
D-11
D
D


D-16
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
SCHEDULE OF INTERFUNDS
GENERAL
CAPITAL
FUND
WATER
OPERATING
FUND
REF.
TOTAL
Balance, December 31, 2020:
Due To
$
D
23,310.89
3.00
$
23,307.89
Debits:
Disbursements
23,310.89
$
D-5
3.00
23,307.89


D-17
BOROUGH OF STOCKTON
WATER CAPITAL FUND
SCHEDULE OF BOND ANTICIPATION NOTES
DATE OF
ISSUE OF
ORIGINAL
NOTE
BALANCE
DECEMBER
31.2020
BALANCE
DECEMBER
31.2021
DATE OF
INTEREST
MATURITY
RATE
DATE OF
ISSUE
IMPROVEMENT DESCRIPTION
INCREASED
DECREASED
ORDINANCE
2012-04
Pump Station Repairs
9/21/2012
9/9/2021
9/10/2020
9/9/2022
9/10/2021
1.00%
0.80%
$
$
60,704.00
$
$
60,704.00
110,704.00
110,704.00
9/9/2022
9/10/2021
1.00%
0.80%
Improvements to Water Utility
9/19/2014
9/9/2021
9/10/2020
37,105.00
2014-04
37,105.00
40,958.00
40,958.00
$
151,662.00
$
97,809.00
$
151,662.00
$
97,809.00
REF.
D
D-5
Below
D
Paid by Budget:
Unfunded
Disbursements
D-13
53,853.00
97,809.00
D-5
$
151,662.00


D-18
BOROUGH OF STOCKTON
WATER UTILITY CAPITAL FUND
SCHEDULE OF CONTRACTS PAYABLE
REF.
$
499.00
D
Balance, December 31, 2020
Increased by:
Contracts Issued
22,533.53
D-10
$
23,032.53
Decreased by:
Disbursements
D-5
22,533.53
$
Balance, December 31, 2021
D
499.00
D-19
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
BALANCE
DECEMBER
31. 2020
BALANCE
DECEMBER
31. 2021
IMPROVEMENT DESCRIPTION
20,000.00
$
Acquisition and Installation of Capital Equipment
20,000.00
20,000.00
$
20,000.00


D-20
BOROUGH OF STOCKTON
WATER UTILITY OPERATING FUND
SCHEDULE OF RESERVE FOR ENCUMBRANCES
REF.
$
Balance, December 31, 2020
D
8,828.21
Increased by:
Transferred from Current Year Appropriations
Transferred from Appropriation Reserves
D-4
12,703.38
375.00
D-8
13,078.38
$
21,906.59
Decreased by:
Transferred to Appropriation Reserves
D-8
8,828.21
$
Balance, December 31, 2021
D
13,078.38
D-21
SCHEDULE OF RENT OVERPAYMENTS
REF.
Increased by:
Receipts
D-5
3,071.09
D
$
3,071.09
Balance, December 31, 2021


D-22
BOROUGH OF STOCKTON
WATER UTILITY OPERATING FUND
SCHEDULE OF DEFERRED CHARGES
REF.
Increased by:
Emergency Appropriation
$
4,000.00
D-4
4,000.00
$
D
Balance, December 31, 2021


E-5
BOROUGH OF STOCKTON
SEWER UTILITY FUND
SCHEDULE OF CASH - TREASURER
OPERATING
CAPITAL
REF.
$
$
E
431,337.27
199,593.56
Balance, December 31, 2020
Increased by Receipts:
Consumer Accounts Receivable
Miscellaneous
Interfunds
Bond Anticipation Notes
$
$
E-7
282,793.77
2,017.73
8,336.68
E-3
E-21
27,825.00
E-20
293,148.18
27,825.00
S
$
724,485.45
227,418.56
Decreased by Disbursements:
Current Year Budget Appropriations
Prior Year Appropriation Reserves
Interfunds
Contracts Payable
Accrued Interest
BANS Payable
$
$
150,615.25
23,729.02
E-4
E-10
803.00
2,049.22
E-11
E-8
232.00
E-6
E-20
27,825.00
174,576.27
30,677.22
S
196,741.34
$
549,909.18
E
Balance, December 31, 2021


E-6
BOROUGH OF STOCKTON
SEWER UTILITY OPERATING FUND
SCHEDULE OF ACCRUED INTEREST
REF.
Balance, December 31, 2020
$
E
70.94
Increased by:
Charges to Current Year Budget
E-4
232.00
$
302.94
Decreased by:
Disbursements
E-5
232.00
Balance, December 31, 2021
E
$
70.94
ANALYSIS OF BALANCE
Accrued Interest on Bonds
$
70.94
E-6
$
70.94


E-7
BOROUGH OF STOCKTON
SEWER UTILITY OPERATING FUND
SCHEDULE OF CONSUMER ACCOUNTS RECEIVABLE
Balance, December 31, 2020
E
$
21,911.39
Increased by:
Sewer Use Charges Levied - Net
272,799.60
$
294,710.99
Decreased by:
Collections
E-5
282,793.77
Balance, December 31, 2021
E
$
11,917.22


E-8
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF CONTRACTS PAYABLE
REF.
Increased by:
Contracts Issued
E-15
98,749.22
$
98,749.22
Decreased by:
Disbursements
E-5
2,049.22
Balance, December 31, 2021
E
$
96,700.00


E-9
BOROUGH OF STOCKTON
SEWER UTILITY OPERATING FUND
SCHEDULE OF RESERVE FOR ENCUMBRANCES
REF.
Balance, December 31, 2020
E
$
31,229.52
Increased by:
Transfer from Current Year Appropriations
E-4
1,681.50
32,911.02
Decreased by:
Transfer to Appropriation Reserves
E-10
31,229.52
Balance, December 31, 2021
E
$
1,681.50


E-10
BOROUGH OF STOCKTON
SEWER UTILITY OPERATING FUND
SCHEDULE OF PRIOR YEAR APPROPRIATION RESERVES
BALANCE
AFTER
TRANSFERS
BALANCE
DECEMBER
31.2020
BALANCE
LAPSED
PAID OR
CHARGED
Operating:
Salaries and Wages
Other Expenses
Lambertville Sewerage Authority
Contributions to:
Social Security
26.96
$
109,666.16
12.28
$
26.96
$
78,436.64
12.28
26.96
85,937.14
12.28
$
23,729.02
39.88
39.88
39.88
$
78,515.76
$
109,745.28
$
23,729.02
$
86,016.26
E-5
E-1
E
Below
REF.
$
78,515.76
31,229.52
Balance, December 31, 2020
Reserve for Encumbrances
E-10
E-9
$
109,745.28


E-11
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF INTERFUNDS
GENERAL
CAPITAL
FUND
SEWER
OPERATING
FUND
TOTAL
REF.
Balance, December 31, 2020:
Due To
$
788.70
$
E
803.00
$
14.30
Capital Improvement Fund
40,000.00
E-12
40,000.00
Disbursements
E-5
803.00
$
788.70
14.30
Balance, December 31, 2021:
Due from
E
$
$
40,000.00
40,000.00


E-12
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
REF.
64,140.10
$
E
Balance, December 31, 2020
Increased by:
Interfunds
40,000.00
E-11
$
104,140,10
E
Balance, December 31, 2021


E-13
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED
BALANCE
DECEMBER
31.2020
BALANCE
DECEMBER
312021
ORDINANCE
NUMBER
ORDINANCE
IMPROVEMENT DESCRIPTION
DATE
AMOUNT
02/09/2015
$
10,000.00
$
10,000.00
$
2015-01
Acquisition and Installation of Capital Equipment
10,000.00
2016-09
Sewer / Pump Station Emergency Repair
10/10/2016
30,000.00
30,000.00
30,000.00
0.00
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
$
345,000.00
$
345,000.00
REF.
E
E


E-14
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
BALANCE
DECEMBER
31.2020
BALANCE
DECEMBER
31. 2021
ORDINANCE
NUMBER
IMPROVEMENT DESCRIPTION
Equipment Replacement and Wet Well
Cleaning for the Sewer pump Station
2020-07
125,000.00
$
125,000.00
$
$
125,000.00
$
125,000.00


E-15
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
BALANCE
DECEMBER 31, 2021
BALANCE
DECEMBER 31, 2020
PAID OR
CHARGED
ORDINANCE
ORDINANCE
NUMBER
UNFUNDED
FUNDED
UNFUNDED
FUNDED
DATE
AMOUNT
IMPROVEMENT DESCRIPTION
6,100.00
$
20,000.00
$
6,100.00
$
$
$
Acquisition and Installation of Capital Equipment
11/10/2008
$
2008-12
450.75
34.22
416.53
02/9/2015
10,000.00
Acquisition and Installation of Capital Equipment
2015-01
18,744.40
1,545.00
10/10/2016
30,000.00
20,289.40
Sewer / Pump Station Emergency Repair
2016-09
3,568.50
3,568.50
Purchase & Install of New/Replace Equip/Materials
80,000.00
2/11/2020
2019-01
100,000.00
3,300.00
Purchase & Install of New/Replace Equip/Materials
100,000.00
96,700.00
5/13/2020
2019-04
Equipment Replacement and Wet Well
Cleaning for the Sewer pump Station
2020-07
124,530.00
470.00
09/14/2020
125,000.00
125,000.00
98,749.22
$
13,385.03
$
143,274.40
$
110,119.25
$
145,289.40
$
E
E-8
E
REF.
E
E


E-16
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL
BALANCE
DECEMBER
31.2020
BALANCE
DECEMBER
31, 2021
ACCOUNT
Miscellaneous Equipment
Improvement Authorizations:
Construction of Sanitary Sewer System:
1974
1975
1977
1979
Safety Equipment
Engineering Studies
Pump Station Stairways and Landings
Chemical Tank
Comminutor
Repair and Improvements to the
Wastewater Collection System
Sewer Pump Improvements
Repair and Improvements to the
Wastewater Collection System
$
4,612.00
$
4,612.00
1,200,000.00
165,000.00
362,900.00
157,100.00
4,387.00
19,600.00
18,929.00
4,400.00
13,094.00
1,200,000.00
165,000.00
362,900.00
157,100.00
4,387.00
19,600.00
18,929.00
4,400.00
13,094.00
929,634.48
9,969.90
929,634.48
9,969.90
20,000.00
20,000.00
$
2,909,626.38
$
2,909,626.38
REF.
E
E


E-17
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF RESERVE FOR AMORTIZATION
REF.
Balance, December 31, 2020
E
$
2,909,626.38
Balance, December 31, 2021
E
$
2,909,626.38


E-18
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF RESERVE FOR DEFERRED AMORTIZATION
INCREASED BY
NOTES
PAID BY
BUDGET
BALANCE
DECEMBER
31. 2021
BALANCE
DECEMBER
31.2020
DATE OF
ORDINANCE
ORDINANCE
NUMBER
IMPROVEMENT DESCRIPTION
General Improvements:
$
10,000.00
$
10,000.00
02/9/2015
$
2015-01
Acquisition and Installation of Capital Equipment
2,175.00
10/10/2016
1,100.00
1,075.00
2016-09
Sewer / Pump Station Emergency Repair
80,000.00
2019-01
Purchase & Install of New/Replace Equip/Materials
2/11/2020
80,000.00
100,000.00
100,000.00
2019-04
Purchase & Install of New/Replace Equip/Materials
5/13/2020
1,075.00
$
192,175.00
$
191,100.00
$
E
E-20
E
REF.


E-19
BOROUGH OF STOCKTON
SEWER UTILITY CAPITAL FUND
SCHEDULE OF RESERVE FOR CAPITAL IMPROVEMENTS
Balance, December 31, 2020
and December 31, 2021
$
3,000.00
E


E-20
BOROUGH OF STOCKTON
SEWER CAPiTAL FUND
SCHEDULE OF BOND ANTICIPATION NOTES
DATE OF
ISSUE OF
ORIGINAL
NOTE
BALANCE
DECEMBER
31.2021
BALANCE
DECEMBER
31.2020
DATE OF
MATURITY
INTEREST
RATE
DATE OF
ISSUE
DECREASED
INCREASED
IMPROVEMENT DESCRIPTION
ORDINANCE
28,900.00
$
$
28,900.00
$
9/10/2021
9/9/2022
0.80%
1.00%
$
09/15/2019
9/10/2020
9/9/2021
Pump Station Repairs
2016-09
27,825-00
27,825.00
27,825.00
$
28,900.00
$
27,825.00
28,900.00
$
$
Below
E
REF.
E
E-5
$
1,075.00
27,825.00
Paid by Budget
Reissue amount paid
E-18
E-5
$
28,900.00


E-21
BOROUGH OF STOCKTON
SEWER UTILITY OPERATING FUND
SCHEDULE OF INTERFUNDS
GENERAL
CAPITAL
FUND
SEWER
CAPITAL
FUND
WATER
OPERATING
FUND
REF.
TOTAL
Balance, December 31, 2020:
Due from
1,407.74
$
E
$
1,422.04
$
14.30
$
Credits:
Receipts
Budget Appropriation
8,336.68
$
40,000.00
E-5
1,407.74
14.30
40,000.00
6,914.64
E-4
Balance, December 31, 2021:
Due to
$
$
40,000.00
$
6,914.64
E
46,914.64


PART II
BOROUGH OF STOCKTON
STATISTICAL DATA
LIST OF OFFICIALS
COMMENTS AND RECOMMENDATIONS
FOR THE YEAR ENDED DECEMBER 31. 2021


COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGE IN FUND BALANCE - CURRENT FUND
YEAR
2020
2021
%
%
AMOUNT
AMOUNT
REVENUE AND OTHER INCOME REALIZED
8.27%
$
165,000 00
7 28%
$
198,000.00
Fund Balance Utilized
Misceilaneous-from other than Local Property
Tax Levies
Collection of Delinquent Taxes and Tax Title Liens
Collection of Current Tax Levy
9.69%
1.14%
81.89%
11.38%
1.71%
78.64%
219.51461
25,915.31
1,855,527.28
272,512.95
40,840.05
1,882,601.52
100.00%
100.00%
$
2,265,957.20
$
2,393,954.52
TOTAL INCOME
EXPENDITURES
Budget Expenditures:
Municipal Purposes
County Taxes
School Taxes
Other
34.25%
$
15.00%
50.25%
0.49%
28.66%
16.53%
54.28%
0.54%
596.230.90
343,933 42
1,129,37300
11,157.59
$
759,091.69
332,452.26
1,113,635.00
10,936.37
100 00%
100.00%
$
2,080,694.91
$
2,216,115 32
TOTAL EXPENDITURES
$
185,262.29
$
217,839.20
Statutory Excess of Fund Balance
598,108.81
618,371.10
Fund Balance, January 1
$
783,371.10
836,210.30
$
165,000.00
198,000.00
Less. Utilization as Anticipated Revenue
$
618,371.10
$
638,210.30
Fund Balance, December 31
34


COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGES IN FUND BALANCE-WATER UTILITY FUND
YEAR
2020
2021
%
%
AMOUNT
AMOUNT
REVENUE AND OTHER INCOME REALIZED
57.29%
37.70%
5.01%
35.23%
$
54.44%
10.33%
129,569.54
85,257.53
11,332.77
Fund Balance Utilized
Collection of Water Rents
Miscellaneous-from other than Water Rents
60,000.00
92,694.78
17,594.84
100.00%
$
226,159.84
100.00%
$
TOTAL INCOME
170,289.62
EXPENDITURES
Budget Expenditures:
Operating
Deferred Charges and Statutory Expenditures
Debt Service
Capital Improvements
Other
62.13%
$
1.01%
36.86%
98,100.00
1,500.00
47.471.47
65,000.00
5,000.24
45.20%
0.69%
21.87%
29.94%
2.30%
$
92,690.58
1,500.00
54,994.13
100.00%
$
100.00%
217,071.71
TOTAL EXPENDITURES
$
149,184.71
$
21,104.91
9,088.13
Excess in Revenue to Fund Balance
$
Adjustments to Income before Fund Balance:
Expenditures Included Above which are by Statute
Deferred Charges to Budget of Succeeding Year
4,000.00
$
9,088.13
$
25,104.91
Statutory Excess of Fund Balance
201,697.44
81,216.03
Fund Balance, January 1
$
210,785.57
106,320.94
$
129,569.54
60,000.00
Utilization as Anticipated Revenue
81,216.03
46,320.94
$
Fund Balance, December 31
$
35


COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGES IN FUND BALANCE-SEWER UTILITY FUND
YEAR
2020
2021
%
AMOUNT
%
AMOUNT
REVENUE AND OTHER INCOME REALIZED
5.12%
$
72.36%
22.52%
35,000.00
278,601.97
60,994.95
9.34%
74.38%
16.28%
$
20,000.00
282,793.77
88,033.99
Fund Balance Utilized
Collection of Sewer Rents
Miscellaneous - from other than Sewer Rents
100.00%
$
100.00%
374,596.92
TOTAL INCOME
S
390,827.76
EXPENDITURES
Budget Expenditures:
Operating
Deferred Charges and Statutory Expenditures
Debt Service
Capital Improvements
82.15%
$
0.50%
16.91%
0.44%
72.18%
7.76%
7.57%
12.49%
219,700.00
23,620.48
23,050.00
38,031.64
$
245.286.00
1.500.00
50,508.00
1,307.00
100.00%
100.00%
$
$
298,601.00
304,402.12
TOTAL EXPENDITURES
$
$
92.226.76
70,194.80
Statutory Excess to Fund Balance
322,943.09
287,748.29
Fund Balance, January 1
$
357.943.09
$
415,169.85
35.000.00
20.000.00
Utilization as Anticipated Revenue
$
322,943.09
$
395,169.85
Fund Balance, December 31
36


COMPARATIVE SCHEDULE OF TAX RATE INFORMATION
2019
2021
2020
$2,076
$2,102
$2,070
Tax Rate
Appointment of Tax Rate:
Municipal
$0,455
$0,455
$0,508
$0,010
Municipal Open Space
0.010
0.010
County
0.314
0.309
0.305
0.030
0.031
0.031
County Library
County Open Space
0.031
0.030
0.029
1.235
1.235
1.220
Regional School
Assessed Valuations:
$
91,302,000,00
2021
$
91,487,500.00
2020
$
91,982,900.00
2019
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
Percentage of
Collection
Cash
Collections
Year
Levy
97.99%
97.70%
98.41%
$
1,882,601.52
1,855,527.28
1,875,882.03
$
1,921,220.62
1,899,280.52
1,906,168.13
2021
2020
2019
37


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
TAXES
PERCENTAGE
OF TAX LEVY
TOTAL
DELINQUENT
YEAR
38,595.69
$
40,840.05
25,915.31
2.01%
2.15%
1.36%
$
38,595.69
40,840.05
25,915.31
2021
2020
2019
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
COLLECTIONS *
YEAR
LEVY
92,435.88
$
87,912.34
83,746.90
$
92,694.78
85,257.53
83,214.83
2021
2020
2019
*
Includes Collection of Prior Year Levies
COMPARISON OF SEWER UTILITY LEVIES
CASH
COLLECTIONS *
YEAR
LEVY
272,799.60
$
291,956.02
274,640.38
282,793.77
278,601.97
274,242.57
2021
$
2020
2019
*
Includes Collection of Prior Year Levies
38


COMPARATIVE SCHEDULE OF FUND BALANCES
UTILIZED
IN BUDGET OF
SUCCEEDING YEAR
BALANCE
DECEMBER 31
YEAR
Current Fund
638,210.30
$
618,371.10
598,108.81
559,673.67
267,885.92
161,998.95
198,000.00
165,000.00
165,000.00
165,000.00
$
2021
2020
2019
2018
2017
Water Utility Operating Fund
46,320.94
$
81,216.03
201,697.44
204,942.60
194,333.34
42,320.94
60,000.00
129,569.54
17,000.00
17,000.00
$
2021
2020
2019
2018
2017
Sewer Utility Operating Fund
$
395,169.85
$
322,943.09
287,748.29
344,473.42
350,308.48
10,000.00
20,000.00
35,000.00
79,900.00
52,800.00
2021
2020
2019
2018
2017
39


OFFICIALS IN OFFICE AND SURETY BONDS
The following officials were in office during the period under audit:
AMOUNT
OF BOND
NAME OF SURETY
NAME
TITLE
Timothy Nemeth
Mayor
Nic Messina
Council President
Donald Vandegrift
Councilperson
Aaron Lipsen
Councilperson
Councilperson
Rebecca Flendricks
Councilperson
Adam Juncosa
Councilperson
Michael Mann
Statewide Insurance Fund
Deputy Clerk/Utility Collector
(To 9/30/21)
Christine Rosikiewicz
Borough Clerk/Administrator,
Registrar of Vital Statistics
Michele Flovan
Statewide Insurance Fund
CMFO, Tax Collector
Utility Collector (From 10/1/21)
Diane McDaniel
Michele Trivigno
Assessor
Magistrate
Edward Martin
Court Administrator
Jennifer Budrewicz
*The Statewide Insurance Fund carries $1,000,000.00 of coverage.
All bonds were examined and were properly executed, except as noted below:
40


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.
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 2021 for the following professional
services:
Borough Auditor
Borough Engineer
Borough Attorney
Planning Board Attorney
Bond Counsel
41


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 2021 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.
The Tax Collector and Water and Sewer Clerk are hereby authorized and
directedto 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.
1.
BE IT FURTHER RESOLVED that these interest rates be effective for the
year 2021.
2.
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 2021.
The following comparison is made of the number of tax title liens receivable on December
31st of the last three years:
NUMBER OF LIENS
YEAR
None
2021
None
2020
None
2019
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.
42


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.
43


RECOMMENDATIONS
None
44

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"...pital Fund Schedule of Interfunds - Capital Fund E-14 E-15 E-16 E-17 E-18 E-19 E-20 E-21 PAGES PART II Statistical Data 34-39 Officials in Office and Surety Bonds 40 General Comments and Recommendations 41-44 BOROUGH OF STOCKTON PARTI INDEPENDENT AUDITOR'S REPORT ON AUDIT OF FINANCIAL STATEMENTS AND SUPPLEME..."

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2021 Audit Document

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Apr 2, 2026

Last Info Update

Apr 2, 2026

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