2024 Audit

The Borough of Stockton's audit report for the year ending December 31, 2024, includes an independent auditor's report, financial statements for various funds (Current, Trust, General Capital, and Water/Sewer Utility), and supplementary schedules. The audit provides both an adverse opinion on U.S. Generally Accepted Accounting Principles (GAAP) and an unmodified opinion on the regulatory basis of accounting prescribed by the New Jersey Division of Local Government Services. The financial statements cover the regulatory basis balance sheets, statements of operations and changes in fund balance, and statements of revenues and expenditures. The report also includes an independent auditor’s report on internal control over financial reporting and compliance, as well as statistical data, a list of officials in office and surety bonds, and general comments and recommendations. Key areas covered in the audit include cash management, long-term debt, short-term debt, pension plans, property taxes, and risk management. The report aims to ensure compliance with legal provisions, budgetary restrictions, and the stewardship of public funds. The report indicates the auditor evaluated subsequent events occurring after the financial statement date through August 7, 2025, which is the date the financial statements were available to be issued. There are no subsequent events to be disclosed.