2017 Audit

The Borough of Surf City's audit document for the year ended December 31, 2017, includes the Independent Auditor's Report and the Borough's financial statements. The audit was performed in accordance with Government Auditing Standards and audit requirements prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. However, the financial statements were not prepared in accordance with accounting principles generally accepted in the United States of America but rather prepared in accordance with the regulatory basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. The document includes statements of assets, liabilities, reserves, and fund balances for various funds, including the Current Fund, Trust Fund, General Capital Fund, and Water/Sewer Utility Fund. It also contains statements of operations and changes in fund balance, statements of revenues and expenditures, and other supplementary exhibits. The Independent Auditor's Report expresses an adverse opinion on the financial statements regarding accounting principles generally accepted in the United States of America and an unmodified opinion on the regulatory basis of accounting.