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Executive Summary
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.
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--- Document: 2017 Audit Document ---
BOROUGH OF SURF CITY
COUNTY OF OCEAN, NEW JERSEY
FOR THE YEAR ENDED DECEMBER 31, 2017
Exhibit
Page
Independent Auditor's Report
1
Independent Auditor's Report on Internal Control Over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements
Statements Performed in Accordance with Government Auditing Standards
5
Basic Financial Statements
Current Fund
Statements of Assets, Liabilities, Reserves and Fund Balance - Regulatory Basis
A
9
Statements of Operations and Changes in Fund Balance - Regulatory Basis
A-1
11
Statement of Revenues - Regulatory Basis
A-2
12
Statement of Expenditures - Regulatory Basis
A-3
14
Trust Fund
Statements of Assets, Liabilities, Reserves and Fund Balance - Regulatory Basis
B
21
General Capital Fund
Statements of Assets, Liabilities, Reserves and Fund Balance - Regulatory Basis
C
23
Statements of Fund Balance - Regulatory Basis
C-1
24
Water/Sewer Utility Fund
Statements of Assets, Liabilities, Reserves and Fund Balance - Regulatory Basis
D
25
Statements of Operations and Changes in Fund Balance - Regulatory Basis
D-1
26
Statement of Fund Balance - Regulatory Basis
D-1a
27
Statement of Revenues - Regulatory Basis
D-2
28
Statement of Expenditures - Regulatory Basis
D-3
29
General Fixed Assets Account Group
Statements of Assets, Liabilities, Reserves and Fund Balance - Regulatory Basis
E
31
Length of Service Awards Program Fund
Statements of Assets, Liabilities, Reserves and Fund Balance - Regulatory Basis
F
33
Notes to Financial Statements
37
Supplementary Exhibits:
Current Fund
Schedule of Cash - Collector/Treasurer
A-4
71
Schedule of Due From State of New Jersey - Senior Citizens' and Veterans' Deductions
A-5
72
Schedule of Taxes Receivable and Analysis of Property Tax Levy
A-6
73
Schedule of Tax Title Liens Receivable
A-7
74
Schedule of Revenue Accounts Receivable
A-8
75
Schedule of 2016 Appropriation Reserves
A-9
76
Schedule of Encumbrances Payable
A-10
79
Schedule of Accounts Payable
A-11
80
Schedule of Tax Overpayments
A-12
81
Schedule of Prepaid Taxes
A-13
82
Schedule of County Taxes Payable
A-14
83
Schedule of Local District School Taxes Payable
A-15
84
Schedule of Regional School Taxes Payable
A-16
85
Schedule of Various Reserves
A-17
86
Schedule of Federal and State Grants Receivable
A-18
87
Schedule of Reserve for Federal and State Grants – Appropriated
A-19
88
Schedule of Reserve for Federal and State Grants – Unappropriated
A-20
89
PART I
BOROUGH OF SURF CITY
COUNTY OF OCEAN, NEW JERSEY
TABLE OF CONTENTS
YEAR ENDED DECEMBER 31, 2017
Exhibit
Page
PART I
BOROUGH OF SURF CITY
COUNTY OF OCEAN, NEW JERSEY
TABLE OF CONTENTS
YEAR ENDED DECEMBER 31, 2017
Trust Fund
Schedule of Cash Receipts and Disbursements
B-1
93
Schedule of Due From Current Fund
B-2
94
Schedule of Due To/(From) Water Sewer Operating Fund
B-3
95
Schedule of Due to Current Fund - Dog License Fund
B-4
96
Schedule of Reserve for Dog Fund Expenditures
B-5
97
Schedule of Trust - Other Reserves
B-6
98
General Capital Fund
Schedule of Cash
C-2
101
Schedule of Analysis of Cash
C-3
102
Schedule of Due (From)/To Current Fund
C-4
103
Schedule of Deferred Charges To Future Taxation - Unfunded
C-5
104
Schedule of Improvement Authorizations
C-6
105
Schedule of Capital Improvement Fund
C-7
106
Schedule of Various Reserves
C-8
107
Schedule of Bonds and Notes Authorized but Not Issued
C-9
108
Water-Sewer Utility Fund
Schedule of Cash - Treasurer
D-4
111
Schedule of Analysis of Water/Sewer Utility Capital Fund Cash
D-5
112
Schedule of Water/Sewer Rents
D-6
113
Schedule of Fixed Capital
D-7
114
Schedule of Fixed Capital Authorized and Incomplete
D-8
115
Schedule of 2016 Appropriation Reserves
D-9
116
Schedule of Encumbrances Payable
D-10
117
Schedule of Prepaid Rents
D-11
118
Schedule of Accounts Payable
D-12
119
Schedule of Due From/(To) Water-Sewer Utility Capital Fund
D-13
120
Schedule of Bond Anticipation Notes
D-14
121
Schedule of Improvement Authorizations
D-15
122
Schedule of Capital Improvement Fund
D-16
123
Schedule of Reserve for Amortization
D-17
124
Schedule of Bonds and Notes Authorized but Not Issued
D-18
125
General Fixed Assets Account Group
Schedule of Changes in General Fixed Assets
E-1
129
Length of Service Awards Program Fund
Schedule of Investments in LOSAP - Unaudited
F-1
133
Schedule of Reserve for LOSAP - Unaudited
F-2
134
Schedule of Financial Statement Findings - Government Auditing Standards
Schedule of Financial Statement Findings
137
Summary Schedule of Prior Year Audit Findings and Questioned Costs as Prepared by Management
138
Letter of Comments and Recommendations - Regulatory Basis:
Officials in Office and Surety Bonds
141
General Comments & Findings
143
Acknowledgment
145
PART II
PART III
BOROUGH OF SURF CITY
PART I
INDEPENDENT AUDITOR’S REPORT
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
This page intentionally left blank
INDEPENDENT AUDITOR’S REPORT
Honorable Mayor and Members
of the Borough Council
Borough of Surf City
County of Ocean
Surf City, New Jersey
Report on the Financial Statements
We have audited the accompanying statements of assets, liabilities, reserves and fund balance - regulatory
basis of the various funds and account group of the Borough of Surf City as of December 31, 2017 and
2016, and the related statements of operations and changes in fund balance - regulatory basis for the years
then ended, the related statements of revenues - regulatory basis, and statements of expenditures -
regulatory basis for the year ended December 31, 2017 and the related notes to the financial statements,
which collectively comprise the Borough’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles and practices prescribed by the Division of Local Government
Services, Department of Community Affairs, State of New Jersey. Management is also responsible for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted
our audit in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States; and in compliance with audit requirements prescribed by the
Division of Local Government Services, Department of Community Affairs, State of New Jersey. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the Borough’s
preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating
1
the appropriateness of accounting policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
Opinions
Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of
America
As described in Note 1, the financial statements are prepared by the Borough of Surf City on the basis of
the financial reporting provisions of the Division of Local Government Services, Department of
Community Affairs, State of New Jersey, which is a basis of accounting other than accounting principles
generally accepted in the United States of America, to meet the requirements of the State of New Jersey.
The effects on the financial statements of the variances between the regulatory basis of accounting
described in Note 1 and accounting principles generally accepted in the United States of America,
although not reasonably determinable, are presumed to be material.
Adverse Opinion on Accounting Principles Generally Accepted in the United States of America
In our opinion, because of the significance of the matter discussed in the “Basis for Adverse Opinion on
U.S. Generally Accepted Accounting Principles” paragraph, the financial statements referred to above do
not present fairly, in accordance with accounting principles generally accepted in the United States of
America, the financial position of the Borough, as of December 31, 2017 and 2016, or the results of its
operations and changes in fund balance for the years then ended.
Basis for Disclaimer of Opinion on LOSAP Trust Fund
The Borough’s supporting documents related to the LOSAP Trust Fund have not been audited, and we
were not required by the Division of Local Government Services, Department of Community Affairs,
State of New Jersey, to audit nor were we engaged to audit the LOSAP Trust Fund as part of our audit of
the Borough’s basic financial statements as of December 31, 2017 and 2016.
Disclaimer of Opinion on LOSAP Trust Fund
Due to the fact that we were unable to audit the LOSAP Trust Fund for the year ending December 31,
2017and 2016, we do not express an opinion of the LOSAP Trust Fund financial statements.
Unmodified Opinions on Regulatory Basis of Accounting
In our opinion, the financial statements referred to above present fairly, in all material respects, the assets,
liabilities, reserves and fund balance - regulatory basis of the Current, State and Federal Grant Fund,
Trust, General Capital, Utility Operating Fund, and Utility Capital funds of the Borough, as of December
31, 2017 and 2016, and the results of its operations and changes in fund balance - regulatory basis of
such funds for the years then ended, and the statements of revenues - regulatory basis, statements of
expenditures - regulatory basis of the various funds, and general fixed assets group of accounts –
regulatory basis, for the year ended December 31, 2017 in conformity with accounting principles and
practices prescribed by the Division of Local Government Services, Department of Community Affairs,
State of New Jersey as described in Note 1.
2
Other Matters
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the Borough’s basic financial statements. The supplemental schedules presented for the various
funds are presented for purposes of additional analysis as required by the Division of Local Government
Services, Department of Community Affairs, State of New Jersey and are not a required part of the basic
financial statements.
The supplemental schedules presented for the various funds are the responsibility of management and was
derived from and relates directly to the underlying accounting and other records used to prepare the
financial statements. Such information has been subjected to the auditing procedures applied in the audit
of the financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the financial
statements or to the financial statements themselves, and other additional procedures in accordance with
auditing standards generally accepted in the United States of America. In our opinion, the information is
fairly stated in all material respects in relation to the financial statements of each of the respective
individual funds and account group taken as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 29, 2018
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 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 internal
control over financial reporting or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the Borough's internal control over
financial reporting and compliance.
Respectfully submitted,
HOLMAN FRENIA ALLISON, P.C.
Kevin P. Frenia
Certified Public Accountant
Registered Municipal Accountant
RMA No. 435
Toms River, New Jersey
June 29, 2018
3
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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
Honorable Mayor and Members
of the Borough Council
Borough of Surf City
County of Ocean
Surf City, New Jersey
We have audited, in accordance with the auditing standards generally accepted in the United States of
America, the standards applicable to financial audits contained in Government Auditing Standards issued
by the Comptroller General of the United States and audit requirements as prescribed by the Division of
Local Government Services, Department of Community Affairs, State of New Jersey, the financial
statements - regulatory basis of the Borough of Surf City, as of and for the year ended December 31,
2017, and the related notes to the financial statements, which collectively comprise the Borough's basic
financial statements, and have issued our report thereon dated June 29, 2018. Our report indicated that the
Borough’s 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.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Borough's internal
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 the Borough’s internal control.
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 entity’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
5
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 and audit requirements as prescribed by the Division of
Local Government Services, Department of Community Affairs, State of New Jersey.
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's internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards and audit requirements as prescribed by the Division of Local
Government Services, Department of Community Affairs, State of New Jersey in considering the
Borough’s internal control and compliance. Accordingly, this communication is not suitable for any other
purpose.
Respectfully Submitted,
HOLMAN FRENIA ALLISON, P.C.
Kevin P. Frenia
Certified Public Accountant
Registered Municipal Accountant
RMA No. 435
Toms River, New Jersey
June 29, 2018
6
BASIC FINANCIAL STATEMENTS
7
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8
EXHIBIT A
Assets
Reference
2017
2016
Cash - Treasurer
A-4
9,154,737.64
$
7,087,799.98
$
Cash - Change Funds
A
600.00
600.00
Investment - Bond Anticipation Notes
D
-
125,000.00
Due from State for Exemptions
A-5
457.25
832.25
9,155,794.89
7,214,232.23
Receivables With Full Reserves:
Taxes Receivable
A-6
154,897.77
155,902.39
Tax Title Liens Receivable
A-7
790.76
749.64
Property Acquired for Taxes - Assessed Value
A
4,725.00
4,725.00
Revenue Accounts Receivable
A-8
651.76
1,243.76
Due From Dog License Fund
B
186.04
302.29
Due from Capital Fund
C
596.36
-
Due from Water/Sewer Utility Fund
D
4,835.00
-
166,682.69
162,923.08
9,322,477.58
7,377,155.31
Federal and State Grant Fund:
Grant Receivable
A-18
251.12
-
Due From Current Fund
A
23,211.24
22,649.42
23,462.36
22,649.42
Total Assets
9,345,939.94
$
7,399,804.73
$
DECEMBER 31, 2017 AND 2016
BOROUGH OF SURF CITY
CURRENT FUND
STATEMENTS OF ASSETS, LIABILITIES, RESERVES AND
FUND BALANCE - REGULATORY BASIS
The accompanying Notes to Financial Statements are an integral part of this statement.
9
EXHIBIT A
Liabilities, Reserves and Fund Balance
Reference
2017
2016
Appropriation Reserves
A-3, A-9
1,100,020.50
$
1,180,917.88
$
Encumbrances Payable
A-10
102,492.23
80,133.64
Accounts Payable
A-11
4,250.90
4,250.90
Tax Overpayments
A-12
-
3,409.26
Prepaid Taxes
A-13
1,851,007.28
273,758.43
Local District School Tax Payable
A-15
218,522.73
187,894.73
Regional School Tax Payable
A-16
1,681,557.41
1,528,133.91
Due To:
Federal & State Grant Fund
A
23,211.24
22,649.42
Trust Other Fund
B
30,874.59
48,277.38
Capital Fund
C
-
32,759.42
Utility Operating Fund
D
-
24,627.38
County for Added Tax
A-14
64,926.08
46,348.31
Reserve for Prepaid Beach Badges
A-17
16,000.00
10,500.00
Reserve for Hurricane Expense
A-17
76,973.20
76,973.20
Reserve for Library Aid
A-17
14.00
14.00
5,169,850.16
3,520,647.86
Reserve for Receivables
A
166,682.69
162,923.08
Fund Balance
A-1
3,985,944.73
3,693,584.37
9,322,477.58
7,377,155.31
Federal and State Grant Fund:
Encumbrances Payable
A-19
910.00
960.50
Reserve for Grant Expenditures:
Appropriated
A-19
8,599.56
7,954.99
Unappropriated
A-20
13,952.80
13,733.93
23,462.36
22,649.42
Total Liabilities, Reserves and Fund Balance
9,345,939.94
$
7,399,804.73
$
DECEMBER 31, 2017 AND 2016
BOROUGH OF SURF CITY
CURRENT FUND
STATEMENTS OF ASSETS, LIABILITIES, RESERVES AND
FUND BALANCE - REGULATORY BASIS
The accompanying Notes to Financial Statements are an integral part of this statement.
10
EXHIBIT A-1
Reference
2017
2016
Revenue and Other Income Realized:
Fund Balance Utilized
A-2
1,569,000.00
$
1,332,500.00
$
Miscellaneous Revenue Anticipated
A-2
993,098.06
977,038.10
Receipts From Delinquent Taxes
A-2
156,484.91
182,973.31
Non-Budget Revenue
A-2
238,583.37
144,522.76
Receipts From Current Taxes
A-2, A-6
16,233,243.64
15,649,896.57
Other Credits To Income:
Unexpended Balance of Appropriation
Reserves
A-9
1,049,906.41
1,030,706.94
Collection on Prior Years Receivables
A-4
-
37,206.17
Prior Years Interfunds Returned
A-1
302.29
2,827.06
Total Revenues
20,240,618.68
19,357,670.91
Expenditures:
Budget Appropriations Within "CAPS":
Operations:
Salaries and Wages
A-3
2,813,535.00
2,720,500.00
Other Expenses
A-3
2,496,518.00
2,473,275.00
Deferred Charges and Statutory
Expenditures
A-3
512,740.00
482,400.00
Appropriations Excluded From "CAPS":
Other Expenses
A-3
89,214.26
108,318.28
Capital Improvements
A-3
260,000.00
125,000.00
Deferred Charges
A-3
202,857.91
213,270.96
County Taxes
A-14
6,997,633.07
6,808,191.45
County Share of Added Taxes
A-14
64,926.08
46,348.31
Local District School Tax
A-15
780,842.00
719,586.00
Regional High School Tax
A-16
4,155,532.00
3,980,424.00
Prior Year Senior Citizens & Veterans Deduction
A-6
625.00
-
Interfunds Advances
A
4,835.00
60.21
Total Expenditures
18,379,258.32
17,677,374.21
Statutory Excess To Fund Balance
1,861,360.36
1,680,296.70
Fund Balance, January 1
A
3,693,584.37
3,345,787.67
5,554,944.73
5,026,084.37
Decreased By:
Utilized as Anticipated Revenue
A-2
1,569,000.00
1,332,500.00
Fund Balance, December 31
A
3,985,944.73
$
3,693,584.37
$
REGULATORY BASIS
YEARS ENDED DECEMBER 31, 2017 AND 2016
BOROUGH OF SURF CITY
CURRENT FUND
STATEMENTS OF OPERATIONS AND CHANGES IN FUND BALANCE -
The accompanying Notes to Financial Statements are an integral part of this statement.
11
EXHIBIT A-2
SPECIAL
EXCESS/
BUDGET
N.J.S.A. 40:4-87
REALIZED
(DEFICIT)
Fund Balance Anticipated
1,569,000.00
$
-
$
1,569,000.00
$
-
$
Miscellaneous Revenues:
Licenses:
Alcohol Beverages
1,400.00
-
1,470.00
70.00
Fees & Permits
10,000.00
-
25,996.00
15,996.00
Interest & Costs on Taxes
23,631.19
-
38,180.02
14,548.83
Beach Badge Fees
450,000.00
-
657,902.00
207,902.00
Energy Receipts Taxes
164,430.00
-
164,430.00
-
Uniform Construction Code Fees
61,000.00
-
77,477.78
16,477.78
FY2017 966 Reimbursement Program
5,767.69
-
5,767.69
-
Clean Communities Program
13,733.93
-
13,733.93
-
Body Armor Replacement Fund
-
1,303.45
1,303.45
-
Recycling Tonnage Grant
1,837.19
-
1,837.19
-
Civic Donation - Lifeguards
5,000.00
-
5,000.00
-
736,800.00
1,303.45
993,098.06
254,994.61
Receipts From Delinquent Taxes
142,735.00
-
156,484.91
13,749.91
Amount to be Raised by Taxes for
Support of Municipal Budget:
Local Tax for Municipal Purposes
4,300,000.00
-
4,582,110.49
282,110.49
Budget Totals
6,748,535.00
1,303.45
7,300,693.46
550,855.01
Non-Budget Revenue
-
-
238,583.37
238,583.37
6,748,535.00
$
1,303.45
$
7,539,276.83
$
789,438.38
$
YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
The accompanying Notes to Financial Statements are an integral part of this statement.
12
EXHIBIT A-2
Analysis of Realized Revenue
Allocation of Current Tax Collection:
Revenue From Collections
16,233,243.64
$
Allocated To School and County Taxes
11,998,933.15
Balance for Support of Municipal Budget
4,234,310.49
Add:
Appropriation Reserve for Uncollected Taxes
347,800.00
Balance for Support of Municipal Budget
Appropriations
4,582,110.49
$
Delinquent Taxes:
Taxes Receivable
156,484.91
$
Analysis of Non-Budget Revenue
Miscellaneous revenue not anticipated:
Revenue Accounts Receivable:
Municipal Court Fines & Costs
29,617.81
$
29,617.81
$
Interst on Investments & Savings
28,997.74
Vendors' Licenses
6,045.00
T.V. Cable Franchise Fee
23,401.65
Zoning/Planning/Occupancy Fees
8,250.00
Land Use Board Reimbursement and Fees
5,128.89
Insurance Refunds & Claims
25,210.82
Auction Proceeds
27,270.26
Miscellaneous
72,722.31
Senior Citizen & Vets Admistrative Fees
607.50
Recycling Receipts
11,331.39
208,965.56
238,583.37
$
YEAR ENDED DECEMBER 31, 2017
STATEMENT OF REVENUES - REGULATORY BASIS
BOROUGH OF SURF CITY
CURRENT FUND
The accompanying Notes to Financial Statements are an integral part of this statement.
13
EXHIBIT A-3
ORIGINAL
BUDGET AFTER
PAID OR
BUDGET
MODIFICATIONS
CHARGED
ENCUMBERED
RESERVED
CANCELLED
General Appropriations
Operations - Within "CAPS"
GENERAL GOVERNMENT
General Administration
Salaries & Wages
69,800.00
$
69,800.00
$
50,979.90
$
-
$
18,820.10
$
-
$
Other Expenses
20,000.00
20,000.00
7,884.16
29.00
12,086.84
-
Human Resources
Other Expenses
7,500.00
7,500.00
-
-
7,500.00
-
Mayor and Council
Salaries & Wages
50,200.00
50,200.00
50,132.00
-
68.00
-
Other Expenses
5,000.00
5,000.00
2,271.07
947.00
1,781.93
-
Municipal Clerk
Salaries & Wages
120,800.00
108,800.00
102,063.13
-
6,736.87
-
Other Expenses
14,000.00
14,000.00
8,996.86
518.86
4,484.28
-
Financial Administration
Salaries & Wages
97,200.00
97,200.00
65,265.62
-
31,934.38
-
Other Expenses
15,000.00
15,000.00
10,840.62
49.98
4,109.40
-
Audit Services
Other Expenses - Annual Audit
17,000.00
17,000.00
15,969.00
-
1,031.00
-
Collection of Taxes
Salaries & Wages
52,000.00
52,000.00
26,828.97
-
25,171.03
-
Other Expenses
21,500.00
21,500.00
11,899.24
118.45
9,482.31
-
Assessment of Taxes
Salaries & Wages
20,000.00
20,000.00
17,940.13
-
2,059.87
-
Other Expenses
10,975.00
10,975.00
2,262.68
1,636.24
7,076.08
-
Legal Services
Other Expenses
15,000.00
15,000.00
9,034.85
500.00
5,465.15
-
Engineering Services
Other Expensis
10,000.00
10,000.00
4,279.53
870.00
4,850.47
-
Municipal Court
Salaries & Wages
63,250.00
63,250.00
56,887.29
-
6,362.71
-
Other Expenses
8,500.00
8,500.00
4,611.84
108.00
3,780.16
-
Public Defender
Other Expenses
1,800.00
1,800.00
-
-
1,800.00
-
APPROPRIATIONS
EXPENDED
YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
The accompanying Notes to Financial Statements are an integral part of this statement.
14
EXHIBIT A-3
ORIGINAL
BUDGET AFTER
PAID OR
BUDGET
MODIFICATIONS
CHARGED
ENCUMBERED
RESERVED
CANCELLED
APPROPRIATIONS
EXPENDED
YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
Land Use Administration:
Lande Use Board
Salaries & Wages
7,100.00
8,900.00
7,804.86
-
1,095.14
-
Other Expenses
14,500.00
14,500.00
12,968.65
-
1,531.35
-
Code Enforcement & Administration:
Other Code Enforcement Functions
Salaries & Wages
15,000.00
14,000.00
7,171.87
-
6,828.13
-
Other Expenses
3,000.00
4,000.00
2,052.68
118.45
1,828.87
-
Insurance:
General Liability
77,000.00
75,000.00
68,831.54
-
6,168.46
-
Workers Compensation
110,000.00
110,000.00
88,341.14
-
21,658.86
-
Employee Group Health
1,035,000.00
1,037,000.00
994,185.50
27,074.28
15,740.22
-
Health Benefit Waiver
Salaries & Wages
25,000.00
26,100.00
26,083.44
-
16.56
-
Public Safety Functions:
Police Department
Salaries & Wages
1,359,500.00
1,358,400.00
1,103,019.46
-
255,380.54
-
Other Expenses
75,000.00
75,000.00
31,284.26
8,734.41
34,981.33
-
Police Dispatch/911
Other Expenses
52,000.00
52,000.00
50,000.00
-
2,000.00
-
Office of Emergency Management
Salaries & Wages
3,200.00
3,200.00
3,000.00
-
200.00
-
Other Expenses
6,000.00
6,000.00
476.76
-
5,523.24
-
Aid to Volunteer Fire Company
25,000.00
25,000.00
25,000.00
-
-
-
Fire Hydrant Service
100,000.00
100,000.00
100,000.00
-
-
-
Municipal Prosecutor's Office
Other Expenses
8,500.00
8,500.00
8,500.00
-
-
-
Public Work Functions:
Streets and Road Maintenance
Salaries & Wages
73,200.00
73,200.00
46,583.20
-
26,616.80
-
Other Expenses
35,000.00
35,000.00
21,830.80
1,012.34
12,156.86
-
Solid Waste Collection
Salaries & Wages
299,500.00
294,500.00
241,122.01
-
53,377.99
-
Other Expenses
27,000.00
32,000.00
25,048.22
665.00
6,286.78
-
The accompanying Notes to Financial Statements are an integral part of this statement.
15
EXHIBIT A-3
ORIGINAL
BUDGET AFTER
PAID OR
BUDGET
MODIFICATIONS
CHARGED
ENCUMBERED
RESERVED
CANCELLED
APPROPRIATIONS
EXPENDED
YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
Building and Grounds
Salaries & Wages
136,000.00
136,000.00
112,932.09
-
23,067.91
-
Other Expenses
63,000.00
63,000.00
36,467.23
3,149.32
23,383.45
-
Vehicle Maintenance (Incl. Police Vehicles)
Salaries & Wages
38,000.00
38,000.00
37,577.84
-
422.16
-
Other Expenses
93,168.00
93,168.00
56,274.49
6,515.86
30,377.65
-
Health & Human Services Functions:
Board of Health
Salaries & Wages
3,000.00
3,000.00
2,020.00
-
980.00
-
Other Expenses
65,000.00
65,000.00
60,495.24
-
4,504.76
-
Environmental Health Services
Salaries & Wages
5,400.00
5,400.00
2,029.76
-
3,370.24
-
Other Expenses
1,000.00
1,000.00
457.13
-
542.87
-
Animal Control Services
Other Expenses
9,200.00
9,200.00
7,392.00
-
1,808.00
-
Contributions to Social Servie Agencies
Senior Citizen Center (NJS 40:48-9.4)
5,000.00
5,000.00
5,000.00
-
-
-
Health Care Facilities (NJS 44:5-2)
100.00
100.00
-
-
100.00
-
Mental Health Facilities (NJS 40:48-9.4a)
100.00
100.00
-
-
100.00
-
Recreation of Services and Programs
Salaries & Wages
6,100.00
6,100.00
2,486.86
-
3,613.14
-
Other Expenses
2,000.00
2,000.00
1,400.00
-
600.00
-
Maintenance of Parks
Salaries & Wages
36,750.00
36,750.00
34,267.61
-
2,482.39
-
Other Expenses - Veterans' Memorial Park
3,000.00
3,000.00
968.95
-
2,031.05
-
Other Expenses - Other Facilities
4,000.00
4,000.00
3,509.08
-
490.92
-
Beach & Boardwalk Operations
Salaries & Wages
334,035.00
331,035.00
258,080.98
-
72,954.02
-
Other Expenses
56,000.00
56,000.00
52,500.96
300.00
3,199.04
-
Other Common Operating Functions (Unclassified)
Municipal Bus Service
Other Expenses
10,000.00
10,000.00
10,000.00
-
-
-
Accumulated Leave Compensation
Salaries & Wages
6,000.00
6,000.00
6,000.00
-
-
-
Celebration of Public Events
Other Expenses
1,000.00
1,000.00
491.73
-
508.27
-
The accompanying Notes to Financial Statements are an integral part of this statement.
16
EXHIBIT A-3
ORIGINAL
BUDGET AFTER
PAID OR
BUDGET
MODIFICATIONS
CHARGED
ENCUMBERED
RESERVED
CANCELLED
APPROPRIATIONS
EXPENDED
YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
Utility Expenses & Bulk Purchases
Electricity
30,000.00
30,000.00
15,448.72
-
14,551.28
-
Street Lighting
45,000.00
45,000.00
40,163.09
-
4,836.91
-
Telephone
31,000.00
31,000.00
29,434.04
150.10
1,415.86
-
Gas (natural or propane)
20,000.00
20,000.00
11,826.71
987.94
7,185.35
-
Telecommunications
4,675.00
4,675.00
2,693.18
114.03
1,867.79
-
Gasoline
76,000.00
76,000.00
30,405.02
976.06
44,618.92
-
Landfill/Solid Waste Disposal Costs:
Landfill/Solid Waste Disposal Costs
Other Expenses
180,000.00
180,000.00
123,167.32
1,599.78
55,232.90
-
Uniform Construction Code - Appropriations Offset
by Dedicated Revenues (N.J.A.C.5:23-4.17)
Salaries & Wages
10,500.00
11,700.00
11,520.30
-
179.70
-
Other Expenses
61,000.00
73,000.00
49,653.98
-
23,346.02
-
Contingent
4,000.00
4,000.00
-
-
4,000.00
-
Total Operations Including Contingent Within CAPS
5,310,053.00
5,310,053.00
4,316,115.59
56,175.10
937,762.31
-
Detail:
Salaries & Wages
2,831,535.00
2,813,535.00
2,271,797.32
-
541,737.68
-
Other Expenses
2,478,518.00
2,496,518.00
2,044,318.27
56,175.10
396,024.63
-
5,310,053.00
5,310,053.00
4,316,115.59
56,175.10
937,762.31
-
Deferred Charges & Statutory Expenditures - Within CAPS:
Statutory Expenditures:
Contribution to:
Public Employees' Retirement System
72,535.00
72,535.00
72,535.00
-
-
-
Social Security System (O.A.S.I)
216,700.00
216,700.00
151,683.28
-
65,016.72
-
Police and Firemen's System of NJ
211,260.00
211,260.00
211,260.00
-
-
-
Unemployment Insurance
10,000.00
10,000.00
2,814.00
-
7,186.00
-
Defined Contribution Retirement Program
2,245.00
2,245.00
-
-
2,245.00
-
Total Statutory Expenditures Within CAPS
512,740.00
512,740.00
438,292.28
-
74,447.72
-
Total General Appropriations Within CAPS
5,822,793.00
5,822,793.00
4,754,407.87
56,175.10
1,012,210.03
-
The accompanying Notes to Financial Statements are an integral part of this statement.
17
EXHIBIT A-3
ORIGINAL
BUDGET AFTER
PAID OR
BUDGET
MODIFICATIONS
CHARGED
ENCUMBERED
RESERVED
CANCELLED
APPROPRIATIONS
EXPENDED
YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
Operations Excluded from CAPS:
Length of Service Awards Program (L.O.S.A.P.)
Other Expenses
54,272.00
54,272.00
-
-
54,272.00
-
Recycling Tax (P.L. 2007, c. 311)
Other Expenses
7,300.00
7,300.00
5,248.53
-
2,051.47
-
Public & Private Programs Offset by Revenues:
Clean Communities Program
13,733.93
13,733.93
13,733.93
-
-
-
Body Armor Replacement Fund (C159 $1,301.99)
1,303.45
1,303.45
-
-
-
Recycling Tonnage Grant
1,837.19
1,837.19
1,837.19
-
-
-
Civic Donation-Lifeguard Equipment
5,000.00
5,000.00
5,000.00
-
-
-
FY2017 966 Reimbursement Program
5,767.69
5,767.69
5,767.69
-
-
State & Federal Programs - Local Match
2,173.28
2,173.28
-
-
-
2,173.28
Total Operations Excluded from CAPS
90,084.09
91,387.54
32,890.79
-
56,323.47
2,173.28
Detail:
Other Expenses
90,084.09
91,387.54
32,890.79
-
56,323.47
2,173.28
90,084.09
91,387.54
32,890.79
-
56,323.47
2,173.28
Capital Improvements - Excluded from CAPS:
Capital Improvement Fund
50,000.00
50,000.00
50,000.00
-
-
-
Rehabilitation of / Enhancement to Borough Property
50,000.00
50,000.00
4,200.00
24,313.00
21,487.00
-
Purchase of DPW & Beach Equipment
150,000.00
150,000.00
127,995.87
22,004.13
-
-
Purchase of Public Safety Equipment
10,000.00
10,000.00
-
-
10,000.00
-
Total Capital Improvements
260,000.00
260,000.00
182,195.87
46,317.13
31,487.00
-
Municipal Debt Service - Excluded from CAPS:
Interest of Notes
25,000.00
25,000.00
-
-
-
25,000.00
Total Municipal Debt Services
25,000.00
25,000.00
-
-
-
25,000.00
The accompanying Notes to Financial Statements are an integral part of this statement.
18
EXHIBIT A-3
ORIGINAL
BUDGET AFTER
PAID OR
BUDGET
MODIFICATIONS
CHARGED
ENCUMBERED
RESERVED
CANCELLED
APPROPRIATIONS
EXPENDED
YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
Deferred Charges - Municipal - Excluded from CAPS
Deferred Charges to Future Taxation - Unfunded:
Acquisition of Fire Apparatus & Related Equipment
200,000.00
200,000.00
200,000.00
-
-
-
Removal of Underground Diesel Storage Tank
2,857.91
2,857.91
2,857.91
-
-
-
Total Deferred Charges
202,857.91
202,857.91
202,857.91
-
-
-
Total General Appropriations Excluded from CAPS
577,942.00
579,245.45
417,944.57
46,317.13
87,810.47
27,173.28
Subtotal General Appropriations
6,400,735.00
6,402,038.45
5,172,352.44
102,492.23
1,100,020.50
27,173.28
Reserve for Uncollected Taxes
347,800.00
347,800.00
347,800.00
-
-
-
Total General Appropriations
6,748,535.00
$
6,749,838.45
$
5,520,152.44
$
102,492.23
$
1,100,020.50
$
27,173.28
$
Budget
6,748,535.00
$
C.159 (N.J.S. 40A:4-87)
1,303.45
6,749,838.45
$
Federal & State Grants
22,642.26
$
Due to Trust Fund
6,000.00
Reserve for Uncollected Taxes
347,800.00
Cash
5,143,710.18
5,520,152.44
$
The accompanying Notes to Financial Statements are an integral part of this statement.
19
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20
EXHIBIT B
Assets
Reference
2017
2016
Animal Control Fund:
Cash
B-1
549.04
$
641.29
$
549.04
641.29
Trust - Other Fund:
Cash
B-1
354,301.67
314,839.49
Due from Current Fund
B-2
30,874.59
48,277.38
385,176.26
363,116.87
Total Assets
385,725.30
$
363,758.16
$
Reserves
Animal Control Fund:
Due Current Fund
B-4
186.04
$
302.29
$
Reserve for Dog Fund Expendiures
B-5
363.00
339.00
549.04
641.29
Trust - Other Fund:
Due to Water/Sewer Operating Fund
B-3
1,324.46
26,801.56
Various Reserves
B-6
383,851.80
336,315.31
385,176.26
363,116.87
Total Reserves
385,725.30
$
363,758.16
$
FUND BALANCE - REGULATORY BASIS
DECEMBER 31, 2017 AND 2016
BOROUGH OF SURF CITY
TRUST FUND
STATEMENTS OF ASSETS, LIABILITIES, RESERVES AND
The accompanying Notes to Financial Statements are an integral part of this statement.
21
This page intentionally left blank
22
EXHIBIT C
Assets
Reference
2017
2016
Cash
C-2
1,775,502.81
$
1,366,109.40
$
Due From Current Fund
C-4
-
32,759.42
Deferred Charges To Future Taxation:
Unfunded
C-5
1,548,841.00
1,639,198.91
Total Assets
3,324,343.81
$
3,038,067.73
$
Liabilities, Reserves and Fund Balance
Improvement Authorizations:
Funded
C-6
877,751.57
$
731,055.56
$
Unfunded
C-6
1,451,427.38
1,343,693.67
Due To Current Fund
C-4
596.36
-
Capital Improvement Fund
C-7
867,932.50
836,682.50
Reserve for Debt Service
C-8
36,683.33
36,683.33
Reserve for Purchase of Lifeguard Boat
C-8
7,500.00
7,500.00
Capital Fund Balance
C-1
82,452.67
82,452.67
Total Liabilities, Reserves and Fund Balance
3,324,343.81
$
3,038,067.73
$
There were bonds and notes authorized but not issued on December 31, 2017 of $1,548,841.00 and
on December 31, 2016 was $1,639,198.91.
DECEMBER 31, 2017 AND 2016
BOROUGH OF SURF CITY
GENERAL CAPITAL FUND
STATEMENTS OF ASSETS, LIABILITIES, RESERVES AND
FUND BALANCE - REGULATORY BASIS
The accompanying Notes to Financial Statements are an integral part of this statement.
23
EXHIBIT C-1
82,452.67
$
Balance, December 31, 2017 and 2016
REGULATORY BASIS
YEARS ENDED DECEMBER 31, 2017 AND 2016
BOROUGH OF SURF CITY
GENERAL CAPITAL FUND
STATEMENT OF CAPITAL FUND BALANCE -
The accompanying Notes to Financial Statements are an integral part of this statement.
24
EXHIBIT D
Assets
Reference
2017
2016
Operating Fund:
Cash
D-4
1,453,920.42
$
1,516,363.09
$
Change Fund
D
250.00
250.00
Due from Current Fund
A
-
24,627.38
Due from Trust-Other Fund
B
1,324.46
26,801.56
Due from Utility Capital Fund
D-13
188.70
-
Subtotal
1,455,683.58
1,568,042.03
Water/Sewer Rents Receivable
D-6
42,746.77
46,272.03
Total Operating Fund
1,498,430.35
1,614,314.06
Capital Fund:
Cash
D-4
556,710.81
435,892.98
Due from Water/Sewer Operating Fund
D-13
-
71,409.63
Fixed Capital - Completed
D-7
7,496,996.01
7,372,514.80
Fixed Capital - Authorized and Uncompleted
D-8
634,480.13
660,260.63
Total Capital Fund
8,688,186.95
8,540,078.04
Total Assets
10,186,617.30
$
10,154,392.10
$
Liabilities, Reserves and Fund Balances
Operating Fund:
Accounts Payable
D-12
8,681.52
$
8,681.52
$
Encumbrances Payable
D-10
26,108.37
59,974.13
Appropriation Reserves
D-3
333,471.59
384,878.45
Due to Current Fund
A
4,835.00
-
Due to Utility Capital Fund
D-13
-
71,409.63
Prepaid Rents
D-11
14,890.68
14,168.35
Subtotal
387,987.16
539,112.08
Reserve for Water/Sewer Rents Receivables
42,746.77
46,272.03
Operating Fund Balance
D-1
1,067,696.42
1,028,929.95
Total Operating Fund
1,498,430.35
1,614,314.06
Capital Fund:
Bond Anticipation Notes
D-14
-
125,000.00
Due To Utility Operating Fund
D
188.70
-
Capital Improvement Fund
D-16
474,565.51
449,565.51
Improvement Authorizations:
Unfunded
D-15
634,480.13
660,260.63
Reserve for Amortization
D-17
7,571,476.14
7,297,775.43
Capital Fund Balance
D-1(a)
7,476.47
7,476.47
Total Capital Fund
8,688,186.95
8,540,078.04
Total Liabilities, Reserves and Fund Balances
10,186,617.30
$
10,154,392.10
$
There were bonds and notes authorized but not issued on December 31, 2017 of $560,000.00 and
on December 31, 2016 was $610,000.00.
FUND BALANCE - REGULATORY BASIS
DECEMBER 31, 2017 AND 2016
BOROUGH OF SURF CITY
WATER/SEWER UTILITY FUND
STATEMENTS OF ASSETS, LIABILITIES, RESERVES AND
The accompanying Notes to Financial Statements are an integral part of this statement.
25
EXHIBIT D-1
Reference
2017
2016
Revenue and Other Income Realized:
Fund Balance Anticipated
D-2
760,705.00
$
720,600.00
$
Water/Sewer Rents
D-2
1,725,625.43
1,671,762.66
Fire Hydrant Service
D-2
118,400.00
118,400.00
Miscellaneous Revenues Not Anticipated
D-2
94,085.52
85,136.14
Other Credits to Income:
Appropriation Reserves Lapsed
D-9
384,160.52
446,864.07
Total Revenues
3,082,976.47
3,042,762.87
Expenditures:
Budget Appropriations:
Operating
D-3
1,925,000.00
1,891,200.00
Capital Improvements
D-3
100,000.00
100,000.00
Debt Service
D-3
125,000.00
125,000.00
Deferred Charges and
Statutory Expenditures
D-3
133,505.00
127,200.00
Refund of Prior Year Revenue
D-4
-
11,319.90
Total Expenditures
2,283,505.00
2,254,719.90
Excess in Revenue
799,471.47
788,042.97
Fund Balance, January 1
D
1,028,929.95
961,486.98
1,828,401.42
1,749,529.95
Decreased By:
Utilized as Anticipated Revenue
D-1
760,705.00
720,600.00
Fund Balance, December 31
D
1,067,696.42
$
1,028,929.95
$
BOROUGH OF SURF CITY
YEARS ENDED DECEMBER 31, 2017 AND 2016
REGULATORY BASIS
STATEMENTS OF OPERATIONS AND CHANGES IN FUND BALANCE
WATER/SEWER UTILITY OPERATING FUND
The accompanying Notes to Financial Statements are an integral part of this statement.
26
EXHIBIT D-1(a)
7,476.47
$
Balance, December 31, 2017 and 2016
YEARS ENDED DECEMBER 31, 2017 AND 2016
BOROUGH OF SURF CITY
WATER/SEWER UTILITY CAPITAL FUND
STATEMENT OF FUND BALANCE -
REGULATORY BASIS
The accompanying Notes to Financial Statements are an integral part of this statement.
27
EXHIBIT D-2
EXCESS/
ANTICIPATED
REALIZED
(DEFICIT)
Surplus Anticipated
760,705.00
$
760,705.00
$
-
$
Water Rents
750,000.00
949,589.17
199,589.17
Sewer Rents
750,000.00
776,036.26
26,036.26
Fire Hydrant Service
47,800.00
118,400.00
70,600.00
2,308,505.00
$
2,604,730.43
$
296,225.43
$
Analysis of Miscellaneous Revenue Not Anticipated
Miscellaneous
75,567.88
$
Shut-Off Fees
7,300.00
Tap Fees
3,300.00
Interest on Delinquents
4,800.40
Interest on Investments
1,520.89
92,489.17
Interest Earned in Utility Capital Fund
1,596.35
Total Miscellaneous Revenue Not Anticipated
94,085.52
$
BOROUGH OF SURF CITY
YEAR ENDED DECEMBER 31, 2017
STATEMENT OF REVENUES - REGULATORY BASIS
WATER/SEWER UTILITY OPERATING FUND
The accompanying Notes to Financial Statements are an integral part of this statement.
28
EXHIBIT D-3
ORIGINAL
BUDGET AFTER
PAID OR
BUDGET
MODIFICATION
CHARGED
ENCUMBERED
RESERVED
CANCELLED
Operating:
Salaries and Wages
465,000.00
$
465,000.00
$
388,313.08
$
-
$
76,686.92
$
-
$
Other Expenses
1,460,000.00
1,460,000.00
1,219,956.14
18,773.66
221,270.20
-
Total Operating
1,925,000.00
1,925,000.00
1,608,269.22
18,773.66
297,957.12
-
Capital Improvements:
Capital Improvement Fund
25,000.00
25,000.00
25,000.00
-
-
-
Capital Outlay
75,000.00
75,000.00
48,050.00
7,334.71
19,615.29
-
Total Capital Improvements
100,000.00
100,000.00
73,050.00
7,334.71
19,615.29
-
Debt Service:
Payment of Bond Anticipation Notes
125,000.00
125,000.00
125,000.00
-
-
-
Interest on Notes
25,000.00
25,000.00
-
-
-
25,000.00
Total Debt Service
150,000.00
150,000.00
125,000.00
-
-
25,000.00
Deferred Charges & Statutory Expenditures:
Deferred Charges:
Costs of Improvements Authorized:
Improvements to Water/Sewer System
50,000.00
50,000.00
50,000.00
-
-
-
Total Deferred Charges
50,000.00
50,000.00
50,000.00
-
-
-
Statutory Expenditures:
Contribution To:
Public Employees' Retirement System
43,519.00
43,519.00
43,519.00
-
-
-
Social Security System (O.A.S.I.)
35,000.00
35,000.00
22,675.98
-
12,324.02
-
Defined Contribution Retirement Plan
786.00
786.00
-
-
786.00
-
Unemployment Compensation Insurance
4,200.00
4,200.00
1,410.84
-
2,789.16
-
Total Statutory Expenditures
83,505.00
83,505.00
67,605.82
-
15,899.18
-
Total Water/Sewer Utility Fund Appropriations
2,308,505.00
$
2,308,505.00
$
1,923,925.04
$
26,108.37
$
333,471.59
$
25,000.00
$
APPROPRIATIONS
YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
WATER/SEWER UTILITY OPERATING FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
The accompanying Notes to Financial Statements are an integral part of this statement.
29
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30
EXHIBIT E
BALANCE
BALANCE
DECEMBER 31,
DECEMBER 31,
Reference
2017
2016
Land
E-1
748,506.36
$
748,506.36
$
Buildings
E-1
912,822.91
839,927.80
Equipment
E-1
599,692.72
578,888.59
Motor Vehicles
E-1
2,700,604.07
2,783,618.10
Total General Fixed Assets
4,961,626.06
$
4,950,940.85
$
Investment in General Fixed Assets
E
4,961,626.06
$
4,950,940.85
$
BOROUGH OF SURF CITY
DECEMBER 31, 2017 AND 2016
REGULATORY BASIS
STATEMENTS OF GENERAL FIXED ASSETS -
GENERAL FIXED ASSETS ACCOUNT GROUP
The accompanying Notes to Financial Statements are an integral part of this statement.
31
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32
EXHIBIT F
Assets
Reference
2017
2016
Length of Service Award Program
Fund ("LOSAP") - Unaudited:
Investments
F-1
759,103.52
$
673,103.33
$
Total Assets
759,103.52
$
673,103.33
$
Reserves
Length of Service Award Program
Fund ("LOSAP") - Unaudited:
Miscellaneous Reserves
F-2
759,103.52
$
673,103.33
$
Total Reserves
759,103.52
$
673,103.33
$
FUND BALANCE - REGULATORY BASIS
DECEMBER 31, 2017 AND 2016
(UNAUDITED)
BOROUGH OF SURF CITY
LENGTH OF SERVICE AWARDS PROGRAM FUND
STATEMENTS OF ASSETS, LIABILITIES, RESERVES AND
The accompanying Notes to Financial Statements are an integral part of this statement.
33
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34
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
COUNTY OF OCEAN, NEW JERSEY
35
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36
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 1. Summary of Significant Accounting Policies
Description of Financial Reporting Entity
The Borough of Surf City, County of Ocean, New Jersey (hereafter referred to as the “Borough") is
incorporated under the laws of the State of New Jersey. The financial statements of the reporting entity
include those of the Borough of Surf City only.
Component Units - GASB Statement 14, as amended by GASB Statements 39, 61 and 80, establishes
criteria to be used in determining the component units, which should be included in the financial
statements of a primary government. The financial statements of the Borough are not presented in
accordance with GAAP (as discussed below). Therefore, the Borough had no component units as defined
by GASB Statement No. 14, as amended by GASB Statements 39, 61 and 80.
Basis of Accounting, Measurement Focus and Basis of Presentation - The financial statements of the
Borough contain all funds and account groups in accordance with the “Requirements of Audit” as
promulgated by the State of New Jersey, Department of Community Affairs, Division of Local
Government Services. The principles and practices established by the Requirements of Audit 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. Generally, the
financial statements are presented using the flow of current financial resources measurement focus and
modified accrual basis of accounting with minor exceptions as mandated by these “Requirements”. In
addition, the prescribed accounting principles previously referred to differ in certain respects from
accounting principles generally accepted in the United State of America applicable to local government
units. The more significant differences are explained further in this note.
In accordance with the “Requirements”, the Borough accounts for its financial transactions through the
use of separate funds, which are described as follows:
Current Fund – This fund accounts for revenues and expenditures for governmental operations
of a general nature, including federal and state grant funds.
Trust Funds – These funds account for receipts, custodianship and disbursement of funds in
accordance with the purpose for which each reserve was created.
General Capital Fund – This fund accounts for receipt and disbursement of funds for the
acquisition of general capital facilities, other than those acquired in the Current Fund.
Utility Operating and Capital Funds – These funds accounts for utility operations that are
financed through user fees. The funds are operated on a basis similar to private business
enterprises where the intent is that the costs of providing the utility to the general public be
financed through user fees. Operations relating to the acquisition of capital facilities for utility
purposes are recorded in the Utility Capital Fund.
General Fixed Asset Account Group – The Fixed Asset Account Group of accounts is utilized
to account for property, land, buildings, and equipment that have been acquired by other funds of
the Borough.
LOSAP Fund – This fund accounts for the receipts and disbursements of the Length of Service
Awards Program Fund. This Fund is not an audited opinion unit.
37
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 1. Summary of Significant Accounting Policies (continued)
Budgets and Budgetary Accounting - The Borough must adopt an annual budget for its Current and
Utility Fund in accordance with N.J.S.A.40A:4 et seq. N.J.S.A.40A:4-5 requires the governing body to
introduce and approve the annual municipal budget no later than February 10th of each year. At
introduction, the governing body must fix the time and place for a public hearing on the budget and must
advertise the time and place at least ten days prior to the hearing in a newspaper published and circulating
in the municipality. The public hearing must not be held less than twenty-eight days after the date the
budget was introduced. After the hearing has been held, the governing body may, by majority vote, adopt
the budget or may amend the budget in accordance with N.J.S.A.40A:4-9. Amendments to adopted
budgets, if any are detailed in the statements of revenues and expenditures.
An extension of the statutory dates for introduction, approval and adoption of the municipal budget may
be granted by the Director of Local Government Services, with the permission of the Local Finance
Board. Budgets are adopted on the same basis of accounting utilized for the preparation of the Borough’s
financial statements. Once a budget is approved it may be amended after November 1, by a resolution
adopted by the governing body.
Cash, Cash Equivalents and Investments - Cash and Cash equivalents include petty cash, change funds
and cash on deposit with public depositories. All certificates of deposit are recorded as cash regardless of
the date of maturity. Under GAAP, investments are reported at fair value but under regulatory basis of
accounting, investments are stated at cost with the exception of LOSAP investments which are reported at
fair value. Therefore unrealized gains or losses on investments have not been recorded.
New Jersey municipal units are required by N.J.S.A.40A:5-14 to deposit public funds in a bank or trust
company having its place of business in the State of New Jersey and organized under the laws of the
United States or of the State of New Jersey or in the New Jersey Cash Management Fund. N.J.S.A.40A:5-
15.1 provides a list of investments, which may be purchased by New Jersey municipal units. In addition,
other State statutes permit investments in obligations issued by local utilities and other state agencies.
N.J.S.A.17:9-41 et seq. establishes the requirements for the security of deposits of governmental units.
The statute requires that no governmental unit shall deposit public funds in a public depository unless
such funds are secured in accordance with the Governmental Unit Deposit Protection Act, which was
enacted in 1970 to protect governmental units from a loss of funds on deposit with a failed banking
institution in New Jersey. Public depositories include State or federally chartered banks savings banks or
associations located in or having a branch office in the State of New Jersey, the deposits of which are
federally insured. All public depositories must pledge collateral, having a market value at least equal to
five percent of the average daily balance of collected public funds, to secure the deposits of Governmental
Units. If a public depository fails, the collateral it has pledged, plus the collateral of all other public
depositories, is available to pay the amount of their deposits to the Governmental Units.
The cash management plan adopted by the Borough requires it to deposit funds in public depositories
protected from loss under the provisions of the Act.
Interfunds - Interfund receivables and payables that arise from transactions between funds are recorded
by all funds affected by such transactions in the period in which the transaction is executed. Interfund
receivables in the Current Fund are recorded with offsetting reserves, which are created by charges to
operations. Income is recognized in the year the receivables are liquidated. Interfund receivables in the
other funds are not offset by reserves.
38
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 1. Summary of Significant Accounting Policies (continued)
Inventories and Supplies - The cost of inventories of supplies for all funds are recorded as expenditures
at the time individual items are purchased. The costs of inventories are not included on the various
statements of assets, liabilities, reserves and fund balance.
General Fixed Assets – Accounting for governmental fixed assets, as required by N.J.A.C.5:30-5.6,
differs in certain respects from accounting principles generally accepted in the United States of America.
In accordance with the regulations, all local units, including municipalities, must maintain a general fixed
assets reporting system that establishes and maintains a physical inventory of nonexpendable, tangible
property as defined and limited by the U.S. Office of Management and Budget Circular A-87 (Attachment
B, Section 19), except that the useful life of such property is at least five years. The Borough has adopted
a capitalization threshold of $5,000.00, the maximum amount allowed by the Circular. Generally, assets
are valued at historical cost; however, assets acquired prior to December 31, 1985 are valued at actual
historical cost or estimated historical cost. In some instances, assets are valued at the assessed valuation of
the property at the time of acquisition, which approximates fair value. No depreciation of general fixed
assets is recorded. Donated general fixed assets are recorded at their acquisition value as of the date of
the transaction. Interest costs relative to the acquisition of general fixed assets are recorded as
expenditures when paid. Public domain ("infrastructure") general fixed assets consisting of certain
improvements such as roads, bridges, curbs and gutters, streets and sidewalks and drainage systems are
not capitalized. Expenditures for construction in progress are recorded in the capital funds until such time
as the construction is completed and put into operation. The Borough is required to maintain a subsidiary
ledger detailing fixed assets records to control additions, retirements, and transfers of fixed assets. In
addition, a statement of general fixed assets, reflecting the activity for the year, must be included in the
Borough's basic financial statements.
The regulations require that general fixed assets, whether constructed or acquired through purchase, grant
or gift be included in the aforementioned inventory. In addition, property management standards must be
maintained that includes accurate records indicating asset description, source, ownership, acquisition cost
and date, the percentage of federal participation (if any), and the location, use, and condition of the asset.
Periodically, physical inventories must be taken and reconciled with these records. All fixed assets must
be adequately controlled to safeguard against loss, damage, or theft.
Utility Fixed Assets – Property and equipment purchases by a utility fund are recorded in the utility
capital account at cost and are adjusted for disposition. The amounts shown do not represent replacement
cost or current value. The reserve for amortization and deferred reserve for amortization in the utility
capital fund represent the cost of the utility fixed assets reduced by the outstanding balances of bonds,
loans, notes, or other borrowings that are attributable to the acquisition, construction or improvement of
those assets.
Foreclosed property – Foreclosed Property or “Property Acquired for Taxes” is recorded in the Current
Fund at the assessed valuation when such property was acquired and is fully reserved. Ordinarily it is the
intention of the Borough to resell foreclosed property in order to recover all or a portion of the delinquent
taxes or assessments and to return the property to a taxpaying basis. For this reason the value of
foreclosed property has not been included in the General Fixed Assets Account Group. If such property
is converted to a municipal use, it will be recorded in the General Fixed Assets Account Group.
Deferred Charges – The recognition of certain expenditures is deferred to future periods. These
expenditures or deferred charges are generally overexpenditures of legally adopted budget appropriations
or emergency appropriations made in accordance with N.J.S.A.40A:4-46 et seq. Deferred charges are
subsequently raised as items of appropriation in budgets of succeeding years.
39
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 1. Summary of Significant Accounting Policies (continued)
Fund Balance – Fund Balance included in the Current and Utility Operating Fund represent the amount
available for anticipation as revenue in future year’s budgets, with certain restrictions.
Revenues – are recorded when received in cash except for certain amounts, which are due from other
governmental units. Revenue from Federal and State grants are realized when anticipated as such in the
Borough’s budget. Receivables for property taxes are recorded with offsetting reserves on the statement
of assets, liabilities, reserves and fund balance 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.
Utility Revenues – Utility charges are billed quarterly based upon a flat service charge and if applicable,
an excess consumption or usage charge. Revenues from these sources are recognized on a cash basis.
Receivables that are susceptible to accrual are recorded with offsetting reserves on the balance sheet of
the Boroughs utility operating fund.
Property Tax Revenues – are collected in quarterly installments due February 1, May 1, August 1 and
November 1. The amount of tax levied includes not only the amount required in support of the Borough’s
annual budget, but also the amounts required in support of the budgets of the County of Ocean, Long
Beach Island Consolidated School District and Southern Regional School District. Unpaid property taxes
are subject to tax sale in accordance with statutes.
County Taxes – The municipality is responsible for levying, collecting and remitting County taxes for
the County of Ocean. Operations is charged for the amount due the County for the year, based upon the
ratables required to be certified to the County Board of Taxation by January 10th of the current year. In
addition, operations is charged for the County share of Added and Omitted Taxes certified to the County
Board of Taxation by October 10th of the current year and due to be paid to the County by February 15th
of the following year.
School Taxes – The municipality is responsible for levying, collecting and remitting school taxes for the
Long Beach Island Consolidated School District and Southern Regional School District. Operations are
charged for the full amount required to be raised from taxation to operate the local and regional school
district July 1 to June 30.
Deferred School Taxes – School taxes raised in advance in the Current Fund for a school fiscal year
(July I to June 30) which remain unpaid at December 31 of the calendar year levied may be deferred to
fund balance to the extent of not more than 50% of the annual levy providing no requisition has been
made by the school district for such amount.
Reserve for Uncollected Taxes – The inclusion of the “Reserve for Uncollected Taxes” appropriation in
the Borough’s annual budget protects the Borough from taxes not paid currently. The Reserve, the
minimum amount of which is determined on the percentage of collections experienced in the immediate
preceding year, with certain exceptions, is required to provide assurance that cash collected in the current
year will provide sufficient cash flow to meet expected obligations.
Expenditures – are recorded on the “budgetary” basis of accounting. Generally, expenditures are
recorded when an amount is encumbered through the issuance of a numerically controlled purchase order
or when a contract is executed as required by Technical Accounting Directive No. 85-1. When an
expenditure is paid, the amount encumbered is simultaneously liquidated in its original amount.
40
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 1. Summary of Significant Accounting Policies (continued)
Encumbrances are offset by an account entitled reserve for encumbrances. The reserve is classified as a
cash liability under New Jersey municipal accounting. At December 31, this reserve represents the
portion of appropriation reserves that has been encumbered and is subject to the same statutory provisions
as appropriation reserves. Appropriations for interest payments on outstanding general capital bonds and
notes are provided on the cash basis. Appropriations for interest payments on outstanding utility capital
bonds and notes are provided on the accrual basis.
Appropriation Reserves – Appropriation reserves covering unexpended appropriation balances are
automatically created at year-end and recorded as liabilities, except for amounts, which may be cancelled
by the governing body. Appropriation reserves and reserve for encumbrances at current year end are
available until December 31st of the succeeding year to meet specific claims, commitments or contracts
incurred during the preceding year. Any unspent balances at this time are lapsed appropriation reserves
and recorded as income.
Long-Term Debt - Long-Term Debt relative to the acquisition of capital assets, is recorded as a liability
in the General and Utility Capital Fund. Where an improvement is a “local improvement”, i.e. assessable
upon completion, long-term debt associated with that portion of the cost of the improvement to be funded
by assessments is transferred to the Trust Fund upon the confirmation of the assessments or when the
improvement is fully and permanently funded.
Compensated Absences – Expenditures relating to obligations for unused vested accumulated vacation
and sick leave are not recorded until paid; however, municipalities may establish and budget reserve
funds subject to NJSA 40A:4-39 for the future payment of compensated absences.
Recent Accounting Pronouncements – The Governmental Accounting Standards Board (GASB) is the
accepted standard-setting body for establishing governmental accounting and financial reporting
principles. GASB has recently adopted accounting statements to be used by governmental units when
reporting financial position and results of operations in accordance with accounting principles generally
accepted in the United States of America. (GAAP). The municipalities in the State of New Jersey do not
prepare financial statements in accordance with GAAP and thus do not comply with all of the GASB
pronouncements; and there have been no GASB pronouncements effective for the current year that have a
significant impact of the Borough’s financial statements.
Note 2. Deposits and Investments
The Borough is governed by the deposit and investment limitations of New Jersey state law.
Deposits
Custodial Credit Risk Related to Deposits - Custodial credit risk is the risk that, in the event of a bank
failure, the Borough’s deposits may not be returned. Although the Borough does not have a formal policy
regarding custodial credit risk, NJSA 17:9-41 et seq. requires that the governmental units shall deposit
public funds in public depositories protected from loss under the provisions of the Governmental Unit
Deposit Protection Act (GUDPA). GUDPA is a supplemental insurance program set forth by the New
Jersey Legislature to protect the deposits of local governmental agencies. The program is administered by
the Commissioner of the New Jersey Department of Banking and Insurance. Under the Act, the first
$250,000 of governmental deposits in each insured depository is protected by FDIC. Public funds owned
by the Borough in excess of FDIC insured amounts are protected by GUDPA. However, GUDPA does
not protect intermingled trust funds such as salary withholdings, bail funds or funds that may pass to the
41
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 2. Deposits and Investments (continued)
Borough relative to the happening of a future condition. Such funds are shown as Uninsured and
Uncollateralized in the schedule below.
As of December 31, 2017, the Borough’s bank balance of $12,686,043.02 was insured or collateralized as
follows:
Insured under FDIC and GUDPA
12,403,692.56
$
NJ Cash Management Fund
129,524.04
Uninsured and Uncollateralized
152,826.42
12,686,043.02
$
Investments
Fair Value Measurement – The fair value measurements of investments are required to be reported based
on the hierarchy established by generally accepted accounting principles. Under GAAP, investments are
required to be categorized based on the fair value of inputs of Levels 1, 2 and 3. Under Level 1 inputs,
investments are required to be categorized based on quoted market prices in active markets for identical
investments. Level 2 inputs are based primarily on using observable measurement criteria, including
quoted market prices of similar investments in active and inactive markets and other observable
corroborated factors. Level 3 inputs are assets measured at fair value on a recurring basis using
significant unobservable measurement criteria based on the best information available.
Under regulatory basis of accounting, investments are measured at cost in the Borough’s financial
statements. However, had the financial statements been prepared in accordance with GAAP, the
Borough’s fair value, hierarchy level and maturities of its investments at December 31, 2017 would be as
followed:
Carrying
Less Than
Value
Level 1
Total
1 Year
Investment type
Money Markets
759,103.52
$
759,103.52
$
759,103.52
$
759,103.52
$
759,103.52
$
759,103.52
$
759,103.52
$
759,103.52
$
Fund
LOSAP Fund
759,103.52
$
759,103.52
$
759,103.52
$
759,103.52
$
759,103.52
$
759,103.52
$
759,103.52
$
759,103.52
$
Investment
Maturities (in
Years)
Fair Value as of December 31, 2017
Custodial credit risk related to Investments - This is the risk that in the event of the failure of the
counterparty (e.g., broker-dealer) to a transaction, the Borough will not be able to recover the value of its
investment or collateral securities that are in the possession of another party. Other than the rules and
42
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 2. Deposits and Investments (continued)
regulations promulgated by N.J.S.A. 40A:5-15.1, the Borough has no investment policy to limit exposure
to custodial credit risk.
Interest rate risk - This is the risk that changes in interest rates will adversely affect the fair value of an
investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value
to changes in market interest rates. Other than the rules and regulations promulgated by N.J.S.A. 40A:5-
15.1, the Borough does not have a formal investment policy that limits investment maturities as a means
of managing its exposure to fair value losses arising from increasing interest rates.
Credit risk - Credit risk is the risk that an issuer to an investment will not fulfill its obligation to the holder
of the investment. This is measured by assignment of a rating by a nationally recognized rating
organization. U.S. Government securities or obligations explicitly guaranteed by the U.S. government are
not considered to have credit risk exposure. As of December 31, 2017, the Borough’s investments had the
following ratings:
Standard &
Investment Type:
Poors
Moody's
Money Market Funds
AAA
Aaa
Concentration of Credit Risk – Concentration of credit risk is the risk of loss attributed to the magnitude
of a government’s investment in a single issuer. Other than the rules and regulations promulgated by
N.J.S.A. 40A; 5-15.1, the Borough’s investment policies place no limit in the amount the Borough may
invest in any one issuer. More than 5% of the Borough’s investments are in money market funds. These
investments represent 100% of the Borough’s total investments.
Note 3. Property Taxes
The following is a three-year comparison of certain statistical information relative to property taxes and
property tax collections for the current and previous two years.
Comparison Schedule of Tax Rates
2017
2016
2015
Tax Rate
1.028
$
1.003
$
0.962
$
Apportionment of Tax Rate:
Municipal
0.272
0.267
0.260
County
0.444
0.435
0.428
Local School
0.049
0.046
0.040
Regional School
0.263
0.255
0.234
43
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 3. Property Taxes (continued):
Year
Amount
2017
1,580,468,416.00
$
2016
1,566,248,177.00
2015
1,557,657,082.00
Assessed Valuation
Comparison of Tax Levies and Collections
Cash
Percentage Of
Year
Tax Levy
Collections
Collection
2017
16,397,492.97
$
16,233,243.64
$
98.99%
2016
15,808,132.00
15,649,897.00
98.99%
2015
15,041,725.00
14,852,747.00
98.74%
Delinquent Taxes and Tax Title Liens
Tax Title
Delinquent
Total
Percentage Of
Year
Liens
Taxes
Delinquent
Tax Levy
2017
790.76
$
154,897.77
$
155,688.53
$
0.95%
2016
749.64
155,902.39
156,652.03
0.99%
2015
708.52
176,868.97
177,577.49
1.18%
Year
Number
2017
1
2016
1
2015
1
Number of Tax Title Liens
The last tax sale was held on October 20, 2017.
44
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 4. Property Acquired By Tax Title Lien Liquidation
The value of properties acquired by liquidation of tax title liens based on the last assessed valuation of
such properties as of December 31, was as follows:
Year
Amount
2017
4,725.00
$
2016
4,725.00
2015
4,725.00
Note 5. Water/Sewer Utility Service Charges
The following is a three-year comparison of water/sewer utility charges (rents) and collections for the
current and previous two years.
Cash
Percentage Of
Year
Beginning Balance
Billings
Total
Collections
Collection
2017
46,272.03
$
1,722,100.17
$
1,768,372.20
$
1,725,625.43
$
97.58%
2016
32,589.15
1,685,445.54
1,718,034.69
1,671,762.66
97.30%
2015
36,216.90
1,653,236.50
1,689,453.40
1,656,864.25
98.07%
Note 6. Fund Balances Appropriated
The following schedule details the amount of fund balances available at the end of the current year and
four previous years and the amounts utilized in the subsequent year’s budgets:
Utilized in
Percentage
Balance
Budget of
of Fund
Year
December 31,
Succeeding Year
Balance Used
Current Fund:
2017
3,985,944.73
$
1,560,000.00
$
39.14%
2016
3,693,584.37
1,569,000.00
42.48%
2015
3,345,787.67
1,332,500.00
39.83%
Utility Operating Fund:
2017
1,067,696.42
$
812,000.00
$
76.05%
2016
1,028,929.95
760,705.00
73.93%
2015
961,486.98
720,600.00
74.95%
45
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 7. Disaggregated Receivable and Payable Balances
There are no significant components of receivable and payable balances reported in the financial
statements.
Note 8. Interfund Receivables, Payables and Transfers
The following interfund balances were recorded in the various statements of assets liabilities, reserves and
fund balances at December 31, 2017:
Interfund
Interfund
Fund
Receivable
Payable
Current Fund
5,617.40
$
54,085.83
$
State and Federal Grant Fund
23,211.24
-
Animal Control Trust
-
186.04
Trust Other Fund
30,874.59
1,324.46
Capital Fund
-
596.36
Utility Operating Fund
1513.16
4,835.00
Utility Capital Fund
-
188.70
61,216.39
$
61,216.39
$
The interfund receivables and payables above predominately resulted from payment made by certain
funds on behalf of other funds. All interfund balances are expected to be repaid within one year.
A summary of interfund transfers is as follows:
Transfers
Transfers
Fund
In
Out
Current Fund
864.11
$
80,406.99
$
State and Federal Grant Fund
-
561.82
Animal Control Trust
186.04
302.29
Trust Other Fund
17,402.79
25,477.10
Capital Fund
33,355.78
-
Utility Operating Fund
54,939.48
71,598.33
Utility Capital Fund
71,598.33
-
178,346.53
$
178,346.53
$
Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to
the fund that statute or budget requires to expend them (i.e. interest earning), (2) provide cash flow to
other funds to temporary finance expenditures that are on a reimbursable basis (i.e. grants), (3) when no
bank account exists for a fund, and (4) utilizing surplus or fund balance from one fund as budgeted
revenue in another.
46
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 9. Fixed Assets
The following is a summary of changes in the General Fixed Assets Account Group for the year ended
December 31, 2017.
Balance
Balance
December 31,
December 31,
2016
Additions
Deletions
2017
Land
748,506.36
$
-
$
-
$
748,506.36
$
Buildings
839,927.80
72,895.11
-
912,822.91
Equipment
578,888.59
22,004.13
(1,200.00)
599,692.72
Motor Vehicles
2,783,618.10
154,386.97
(237,401.00)
2,700,604.07
4,950,940.85
$
249,286.21
$
(238,601.00)
$
4,961,626.06
$
Note 10. Pension Obligations
A. Public Employees’ Retirement System (PERS)
Plan Description - The State of New Jersey, Public Employees' Retirement System (PERS) is a cost-
sharing multiple-employer defined benefit pension plan administered by the State of New Jersey,
Division of Pensions and Benefits (the Division). For additional information about PERS, please refer to
Division's
Comprehensive
Annual
Financial
Report
(CAFR)
which
can
be
found
at
http://www.nj.gov/treasury/pensions/financial-reports.shtml.
The vesting and benefit provisions are set by N.J.S.A. 43:15A. PERS provides retirement, death and
disability benefits. All benefits vest after ten years of service, except for medical benefits, which vest after
25 years of service or under the disability provisions of PERS.
The following represents the membership tiers for PERS:
Tier
Definition
1
Members who were enrolled prior to July 1, 2007
2
Members who were eligible to enroll on or after July 1, 2007 and prior to November 2, 2008
3
Members who were eligible to enroll on or after November 2, 2008 and prior to May 22, 2010
4
Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011
5
Members who were eligible to enroll on or after June 28, 2011
Service retirement benefits of 1/55th of final average salary for each year of service credit is available to
tiers 1 and 2 members upon reaching age 60 and to tier 3 members upon reaching age 62. Service
retirement benefits of 1/60th of final average salary for each year of service credit is available to tier 4
members upon reaching age 62 and tier 5 members upon reaching age 65. Early retirement benefits are
available to tiers 1 and 2 members before reaching age 60, tiers 3 and 4 with 25 or more years of service
credit before age 62 and tier 5 with 30 or more years of service credit before age 65. Benefits are reduced
by a fraction of a percent for each month that a member retires prior to the age at which a member can
receive full early retirement benefits in accordance with their respective tier. Tier 1 members can receive
an unreduced benefit from age 55 to age 60 if they have at least 25 years of service. Deferred retirement is
available to members who have at least 10 years of service credit and have not reached the service
retirement age for the respective tier.
47
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 10. Pension Obligations (continued)
Basis of Presentation - The schedules of employer allocations and the schedules of pension amounts by
employer (collectively, the Schedules) present amounts that are considered elements of the financial
statements of PERS or its participating employers. Accordingly, they do not purport to be a complete
presentation of the financial position or changes in financial position of PERS or the participating
employers. The accompanying Schedules were prepared in accordance with U.S. generally accepted
accounting principles. Such preparation requires management of PERS to make a number of estimates
and assumptions relating to the reported amounts. Due to the inherent nature of these estimates, actual
results could differ from those estimates.
Contributions - 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 insurance benefits is based on actual claims paid. For the fiscal year
2017, 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. Chapter 19, P.L. 2009 provided an option for local employers of
PERS to contribute 50% of the normal and accrued liability contribution amounts certified for payments
due in State fiscal year 2009. Such employers will be credited with the full payment and any such
amounts will not be included in their unfunded liability. The actuaries will determine the unfunded
liability of those retirement systems, by employer, for the reduced normal and accrued liability
contributions provided under this law. This unfunded liability will be paid by the employer in level
annual payments over a period of 15 years beginning with the payments due in the fiscal year ended June
30, 2012 and will be adjusted by the rate of return on the actuarial value of assets. For the year ended
December 31, 2017, the Borough’s contractually required contribution to PERS plan was $129,152.
Components of Net Pension Liability - At December 31, 2017, the Borough’s proportionate share of the
PERS net pension liability was $3,245,331. The net pension liability was measured as of June 30, 2017.
The total pension liability used to calculate the net pension liability was determined using update
procedures to roll forward the total pension liability from an actuarial valuation as of July 1, 2016, which
was rolled forward to June 30, 2017. The Borough’s proportion of the net pension liability was based on
the Borough’s actual contributions to the plan relative to the total of all participating employers’
contributions for the year ended June 30, 2017. The Borough’s proportion measured as of June 30, 2017,
was 0.0139413804% which was an increase of 0.0009293522% from its proportion measured as of June
30, 2016.
12/31/2017
12/30/2016
Actuarial valuation date (including roll forward)
June 30, 2017
June 30, 2016
Deferred Outflows of Resources
1,105,010
$
1,256,337
$
Deferred Inflows of Resources
675,959
33,655
Net Pension Liability
3,245,331
3,853,790
Borough's portion of the Plan's total net pension Liability
0.01394%
0.01301%
Collective Balances at December 31, 2017 and December 31, 2016
48
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 10. Pension Obligations (continued)
Pension Expense and Deferred Outflows/Inflows of Resources - At December 31, 2017, the Borough’s
proportionate share of the PERS expense, calculated by the plan as of the June 30, 2017 measurement
date is $314,322. This expense is not recognized by the Borough because of the regulatory basis of
accounting as described in Note 1, but as previously mentioned the Borough contributed $129,152 to the
plan in 2017.
At December 31, 2017, the Borough reported deferred outflows of resources and deferred inflows of
resources related to PERS from the following sources:
Deferred Outflows
Deferred Inflows
of Resources
of Resources
Differences between Expected
and Actual Experience
76,416
$
-
$
Changes of Assumptions
653,822
651,425
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
22,099
-
Changes in Proportion and Differences
between Borough Contributions and
Proportionate Share of Contributions
352,673
24,534
1,105,010
$
675,959
$
The Borough will amortize the above sources of deferred outflows and inflows related to PERS over the
following number of years:
49
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 10. Pension Obligations (continued)
Deferred
Deferred
Outflow of
Inflow of
Resources
Resources
Differences between Expected
and Actual Experience
Year of Pension Plan Deferral:
June 30, 2014
-
-
June 30, 2015
5.72
-
June 30, 2016
5.57
-
June 30, 2017
5.48
-
Changes of Assumptions
Year of Pension Plan Deferral:
June 30, 2014
6.44
-
June 30, 2015
5.72
-
June 30, 2016
5.57
-
June 30, 2017
-
5.48
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
Year of Pension Plan Deferral:
June 30, 2014
-
5.00
June 30, 2015
-
5.00
June 30, 2016
5.00
-
June 30, 2017
5.00
-
Changes in Proportion and Differences
between Contributions and
Proportionate Share of Contributions
Year of Pension Plan Deferral:
June 30, 2014
6.44
6.44
June 30, 2015
5.72
5.72
June 30, 2016
5.57
5.57
June 30, 2017
5.48
5.48
The following is a summary of the deferred outflows of resources and deferred inflows of resources
related to PERS that will be recognized in future periods:
50
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 10. Pension Obligations (continued)
Year Ending
Dec 31,
Amount
2018
135,203
$
2019
168,077
2020
133,142
2021
34,268
2022
(41,639)
429,051
$
Actuarial Assumptions - The total pension asset/(liability) as of the measurement date was determined
by using an actuarial valuation as noted in the table below, with update procedures used to roll forward
the total pension liability to the measurement date. The actuarial valuations used the following actuarial
assumptions:
Inflation
2.25%
Salary Increases:
Through 2026
1.65% - 4.15% Based on Age
Thereafter
2.65% - 5.15% Based on Age
Investment Rate of Return
7.00%
Mortality Rate Table
RP-2000
Period of Actuarial Experience
Study upon which Actuarial
Assumptions were Based
July 1, 2011 - June 30, 2014
Pre-retirement mortality rates were based on the RP-2000 Employee Preretirement Mortality Table for
male and female active participants. For State employees, mortality tables are set back 4 years for males
and females. For local employees, mortality tables are set back 2 years for males and 7 years for females.
In addition, the tables provide for future improvements in mortality from the base year of 2013 using a
generational approach based on the plan actuary’s modified MP-2014 projection scale. Post-retirement
mortality rate were based on the RP-2000 Combined Healthy Male and Female Mortality Tables (setback
1 year for males and females) for service retirements and beneficiaries of former members and a one-year
static projection based on the mortality improvement Scale AA. In addition, the tables for service
retirements and beneficiaries of former members provide for future improvements in mortality from the
base year of 2013 using a generational approach based on the plan actuary’s modified MP-2014
projection scales. Disability retirement rates used to value disabled retirees were based on the RP-2000
Disabled Mortality Table (set back 3 years for males and set forward 1 year for females).
51
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 10. Pension Obligations (continued)
The actuarial assumptions used in the July 1, 2016 valuation were based on the results of an actuarial
experience study for the period July 1, 2011 to June 30, 2014. It is likely that future experience will not
exactly conform to these assumptions. To the extent that actual experience deviates from these
assumptions, the emerging liabilities may be higher or lower than anticipated. The more the experience
deviates, the larger the impact on future financial statements.
Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of
return on plan investments (7.00% at June 30, 2017) is determined by the State Treasurer, after
consultation with the Directors of the Division of Investments 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, 2017 are summarized in the following table:
Long-Term
Target
Expected Real
Asset Class
Allocation
Rate of Return
Absolute Return/Risk Mitigation
5.00%
5.51%
Cash
5.50%
1.00%
U.S. Treasuries
3.00%
1.87%
Investment grade credit
10.00%
3.78%
Public High Yield
2.50%
6.82%
Global Diversified Credit
5.00%
7.10%
Credit Oriented Hedge Funds
1.00%
6.60%
Debt Related Private Equity
2.00%
10.63%
Debt Related Real Estate
1.00%
6.61%
Private Real Asset
2.50%
11.83%
Equity Related Real Estate
6.25%
9.23%
U.S. Equity
30.00%
8.19%
Non-U.S. Developed Markets Equity
11.50%
9.00%
Emerging Markets Equity
6.50%
11.64%
Buyouts/Venture Capital
8.25%
13.08%
100.00%
Discount Rate - The discount rate used to measure the total pension liability was 5.00% as of June 30,
2017. The single blended discount rate was based on long-term expected rate of return on pension plan
investments of 7.00%, and a municipal bond rate of 3.58% as of June 30, 2017 based on the Bond Buyer
Go 20-Bond Municipal Bond Index, which includes tax-exempt general obligation municipals bonds with
an average rating of AA/Aa or higher. The projection of cash flows used to determine the discount rate
52
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 10. Pension Obligations (continued)
assumed that contributions from plan members will be made at the current member contribution rates and
that contributions from employers will be made based on the contribution rate in the most recent fiscal
year. The State employer contributed 40% of the actuarially determined contributions and the local
employers contributed 100% of their actuarially determined contributions. Based on those assumptions,
the plan’s fiduciary net position was projected to be available to make projected future benefit payments
of current plan members through 2040. Therefore, the long-term expected rate of return on plan
investments was applied to projected benefit payments through 2040 and the municipal bond rate was
applied to projected benefit payments after that date in determining the total pension liability.
Sensitivity of the Borough’s proportionate share of the Net Pension Liability to Changes in the
Discount Rate - The following presents the Borough’s proportionate share of the net pension liability
calculated using the discount rate as disclosed above, as well as what the Borough’s proportionate share
of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point
lower (4.00%) or 1-percentage-point higher (6.00%) than the current rate:
1%
Current
1%
Decrease
Discount Rate
Increase
(4.00%)
(5.00%)
(6.00%)
Borough's Proportionate Share
of the Net Pension Liability
4,026,053
$
3,245,331
$
2,594,892
$
B. Police and Firemen’s Retirement System (PFRS)
Plan Description – The State of New Jersey, Police and Firemen’s Retirement System (PFRS) is a cost-
sharing multiple-employer defined benefit pension plan administered by the State of New Jersey,
Division of Pensions and Benefits (the Division). For additional information about PFRS, please refer to
the Division’s Comprehensive Annual Financial Report (CAFR) which can be found at
http://www.nj.gov/treasury/pensions/financial-reports.shtml.
The vesting and benefit provisions are set by N.J.S.A. 43:16A. PFRS provides retirement as well as death
and disability benefits. All benefits vest after ten years of service, except disability benefits which vest
after four years of service.
The following represents the membership tiers for PFRS:
Tier
Definition
1
Members who were enrolled prior to May 22, 2010.
2
Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011
3
Members who were eligible to enroll on or after June 28, 2011
Service retirement benefits are available at age 55 and are generally determined to be 2% of final
compensation for each year of creditable service, as defined, up to 30 years plus 1% for each year of
service in excess of 30 years. Members may seek special retirement after achieving 25 years of creditable
service, in which benefits would equal 65% (tiers 1 and 2 members) and 60% (tier 3 members) of final
53
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 10. Pension Obligations (continued)
compensation plus 1 % for each year if creditable service over 25 years but not to exceed 30 years.
Members may elect deferred retirement benefits after achieving ten years of service, in which case
benefits would begin at age 55 equal to 2% of final compensation for each year of service.
Basis of Presentation - The schedules of employer allocations and the schedules of pension amounts by
employer (collectively, the Schedules) present amounts that are considered elements of the financial
statements of PFRS or its participating employers. Accordingly, they do not purport to be a complete
presentation of the financial position or changes in financial position of PFRS or the participating
employers. The accompanying Schedules were prepared in accordance with U.S. generally accepted
accounting principles. Such preparation requires management of PFRS to make a number of estimates and
assumptions relating to the reported amounts. Due to the inherent nature of these estimates, actual results
could differ from those estimates.
Contributions - The contribution policy for PFRS is set by N.J.S.A. 43:16A and requires contributions by
active members and contributing employers. State legislation has modified the amount that is contributed
by the State. The State's contribution amount is based on an actuarially determined rate which includes
the normal cost and unfunded accrued liability. For fiscal year 2017, the State contributed an amount less
than the actuarially determined amount. The Local employers’ contribution amounts are based on an
actuarially determined rate which includes the normal cost and unfunded accrued liability. Chapter 19,
P.L. 2009 provided an option for local employers of PFRS to contribute 50% of the normal and accrued
liability contribution amounts certified for payments due in State fiscal year 2009. Such employers will be
credited with the full payment and any such amounts will not be included in their unfunded liability. The
actuaries will determine the unfunded liability of those retirement systems, by employer, for the reduced
normal and accrued liability contributions provided under this law. This unfunded liability will be paid by
the employer in level annual payments over a period of 15 years beginning with the payments due in the
fiscal year ended June 30, 2012 and will be adjusted by the rate of return on the actuarial value of assets.
For the year ended December 31, 2017, the Borough’s contractually required contributions to PFRS plan
was $220,437.
The employee contributions for PFRS are 10.00% of employees’ annual compensation, as defined.
Net Pension Liability and Pension Expense - At December 31, 2017 the Borough’s proportionate share
of the PFRS net pension liability was $3,845,254. The net pension liability was measured as of June 30,
2017. The total pension liability used to calculate the net pension liability was determined using update
procedures to roll forward the total pension liability from an actuarial valuation as of July 1, 2016, to the
measurement date of June 30, 2017. The Borough’s proportion of the net pension liability was based on
the Borough’s actual contributions to the plan relative to the total of all participating employers’
contributions for the year ended June 30, 2017. The Borough’s proportion measured as of June 30, 2017,
was 0.0249076161%, which was a decrease of 0.001030281% from its proportion measured as of June
30, 2016.
54
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 10. Pension Obligations (continued)
12/31/2017
12/31/2016
Actuarial valuation date (including roll forward)
June 30, 2017
June 30, 2016
Deferred Outflows of Resources
859,343
$
1,420,842
$
Deferred Inflows of Resources
777,852
32,445
Net Pension Liability
3,845,254
4,949,596
Borough's portion of the Plan's total net pension Liability
0.02491%
0.02591%
Collective Balances at December 31, 2017 and December 31, 2016
Pension Expense and Deferred Outflows/Inflows of Resources – At December 31, 2017, the
Borough’s proportionate share of the PFRS expense, calculated by the plan as of the June 30, 2017
measurement date was $424,530. This expense is not recognized by the Borough because of the
regulatory basis of accounting as described in Note 1, but as previously mentioned the Borough
contributed $220,437 to the plan in 2017.
At December 31, 2017, the Borough had deferred outflows of resources and deferred inflows of resources
related to PFRS from the following sources:
Deferred Outflows
Deferred Inflows
of Resources
of Resources
Differences between Expected
and Actual Experience
24,946
$
22,568
$
Changes of Assumptions
474,163
629,740
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
73,376
-
Changes in Proportion and Differences
between Borough Contributions and
Proportionate Share of Contributions
286,858
125,544
859,343
$
777,852
$
The Borough will amortize the above sources of deferred outflows and inflows related to PFRS over the
following number of years:
55
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 10. Pension Obligations (continued)
Deferred
Deferred
Outflow of
Inflow of
Resources
Resources
Differences between Expected
and Actual Experience
Year of Pension Plan Deferral:
June 30, 2014
-
-
June 30, 2015
-
5.53
June 30, 2016
-
5.58
June 30, 2017
5.59
-
Changes of Assumptions
Year of Pension Plan Deferral:
June 30, 2014
6.17
-
June 30, 2015
5.53
-
June 30, 2016
5.58
-
June 30, 2017
-
5.59
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
Year of Pension Plan Deferral:
June 30, 2014
-
5.00
June 30, 2015
-
5.00
June 30, 2016
5.00
-
June 30, 2017
5.00
-
Changes in Proportion and Differences
between Contributions and
Proportionate Share of Contributions
Year of Pension Plan Deferral:
June 30, 2014
6.17
6.17
June 30, 2015
5.53
5.53
June 30, 2016
5.58
5.58
June 30, 2017
5.59
5.59
The following is a summary of the deferred outflows of resources and deferred inflows of resources
related to PERS that will be recognized in future periods:
56
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 10. Pension Obligations (continued)
Year Ending
Dec 31,
Amount
2018
(193,676)
$
2019
556,594
2020
232,207
2021
(419,756)
2022
(93,878)
81,491
$
Special Funding Situation – Under N.J.S.A. 43:16A-15, local participating employers are responsible
for their own contributions based on actuarially determined amounts, except where legislation was passed
which legally obligated the State if certain circumstances occurred. The legislation which legally
obligates the state is as follows: Chapter 8, P.L. 2000, Chapter 318, P.L. 2001, Chapter 86, P.L. 2001,
Chapter 511, P.L, 1991, Chapter 109, P.L. 1979, Chapter 247, P.L. 1993 and Chapter 201, P.L. 2001. The
amounts contributed on behalf of the local participating employers under this legislation is considered to
be a special funding situation as defined by GASB Statement No. 68 and the State is treated as a non-
employer contributing entity. Since the local participating employers do not contribute under this
legislation directly to the plan (except for employer specific financed amounts), there is no net pension
liability to report in the financial statements of the local participating employers related to this legislation.
Additionally, the State’s proportionate share of the PFRS net pension liability attributable to the Borough
is $430,701 as of December 31, 2017. The net pension liability was measured as of June 30, 2017. The
total pension liability used to calculate the net pension liability was determined using update procedures
to roll forward the total pension liability from an actuarial valuation as of July 1, 2016, to the
measurement date of June 30, 2017. The State’s proportion of the net pension liability associated with the
Borough 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 members, actuarially determined. The State’s
proportion measured as of June 30, 2017 was 0.0249076161%, which was a decrease of 0.0010030281%
from its proportion measured as of June 30, 2016, which is the same proportion as the Borough’s. At
December 31, 2017, the Borough’s and the State of New Jersey’s proportionate share of the PFRS net
pension liability were as follows:
Borough's Proportionate Share of Net Pension Liability
3,845,254
$
State of New Jersey's Proportionate Share of Net Pension
Liability Associated with the Borough
430,701
4,275,955
$
At December 31, 2017, the State’s proportionate share of the PFRS expense, associated with the Borough,
calculated by the plan as of the June 30, 2017 measurement date was $52,684.
57
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 10. Pension Obligations (continued)
Actuarial Assumptions - The total pension asset/(liability) as of the measurement date was determined
by using an actuarial valuation as noted in the table below, with update procedures used to roll forward
the total pension liability to the measurement date. The actuarial valuations used the following actuarial
assumptions:
Inflation
2.25%
Salary Increases:
Through 2026
2.10% - 8.98% Based on Age
Thereafter
3.10% - 9.98% Based on Age
Investment Rate of Return
7.00%
Mortality Rate Table
RP-2000
Period of Actuarial Experience
Study upon which Actuarial
Assumptions were Based
July 1, 2010 - June 30, 2013
Pre-retirement mortality rates were based on the RP-2000 Employee Preretirement Mortality Table for
male and female active participants. For State employees, mortality tables are set back 4 years for males
and females. For local employees, mortality tables are set back 2 years for males and 7 years for females.
In addition, the tables provide for future improvements in mortality from the base year of 2013 using a
generational approach based on the plan actuary’s modified MP-2014 projection scale. Post-retirement
mortality rate were based on the RP-2000 Combined Healthy Male and Female Mortality Tables (setback
1 year for males and females) for service retirements and beneficiaries of former members and a one-year
static projection based on the mortality improvement Scale AA. In addition, the tables for service
retirements and beneficiaries of former members provide for future improvements in mortality from the
base year of 2013 using a generational approach based on the plan actuary’s modified MP-2014
projection scales. Disability retirement rates used to value disabled retirees were based on the RP-2000
Disabled Mortality Table (set back 3 years for males and set forward 1 year for females).
The actuarial assumptions used in the July 1, 2016 valuation were based on the results of an actuarial
experience study for the period July 1, 2010 to June 30, 2013.
Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of
return on plan investments (7.00% at June 30, 2017) is determined by the State Treasurer, after
consultation with the Directors of the Division of Investments 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 PFRS’s target asset allocation as of June
30, 2017 are summarized in the following table:
58
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 10. Pension Obligations (continued)
Long-Term
Target
Expected Real
Asset Class
Allocation
Rate of Return
Absolute Return/Risk Mitigation
5.00%
5.51%
Cash
5.50%
1.00%
U.S. Treasuries
3.00%
1.87%
Investment grade credit
10.00%
3.78%
Public High Yield
2.50%
6.82%
Global Diversified Credit
5.00%
7.10%
Credit Oriented Hedge Funds
1.00%
6.60%
Debt Related Private Equity
2.00%
10.63%
Debt Related Real Estate
1.00%
6.61%
Private Real Asset
2.50%
11.83%
Equity Related Real Estate
6.25%
9.23%
U.S. Equity
30.00%
8.19%
Non-U.S. Developed Markets Equity
11.50%
9.00%
Emerging Markets Equity
6.50%
11.64%
Buyouts/Venture Capital
8.25%
13.08%
100.00%
Discount Rate - The discount rate used to measure the total pension liability was 6.14% as of June 30,
2017. The single blended discount rate was based on long-term expected rate of return on pension plan
investments of 7.00%, and a municipal bond rate of 3.58% as of June 30, 2017 based on the Bond Buyer
Go 20-Bond Municipal Bond Index, which includes tax-exempt general obligation municipals bonds with
an average rating of AA/Aa or higher. 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 will be made based on the contribution rate in the most recent fiscal
year. The State employer contributed 40% of the actuarially determined contributions and the local
employers contributed 100% of their actuarially determined contributions. Based on those assumptions,
the plan’s fiduciary net position was projected to be available to make projected future benefit payments
of current plan members through 2057. Therefore, the long-term expected rate of return on plan
investments was applied to projected benefit payments through 2057 and the municipal bond rate was
applied to projected benefit payments after that date in determining the total pension liability.
Sensitivity of the Borough’s proportionate share of the Net Pension Liability to Changes in the
Discount Rate - The following presents the Borough’s proportionate share of the net pension liability
calculated using the discount rate as disclosed above, as well as what the Borough’s proportionate share
of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point
lower (5.14%) or 1-percentage-point higher (7.14%) than the current rate:
59
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 10. Pension Obligations (continued)
1%
Current
1%
Decrease
Discount Rate
Increase
(5.14%)
(6.14%)
(7.14%)
Borough's Proportionate Share
of the Net Pension Liability
5,066,439
$
3,845,254
$
2,841,912
$
State of New Jersey's Proportionate
Share of Net Pension Liability
associated with the Borough
567,484
430,701
318,318
5,633,923
$
4,275,955
$
3,160,230
$
Related Party Investments - The Division of Pensions and Benefits does not invest in securities issued
by the Borough.
Note 11. Municipal Debt
The following schedule represents the Borough’s summary of debt, as filed in the Borough’s Annual Debt
Statement required by the Local Bond Law of New Jersey for the current and two previous years:
2017
2016
2015
Issued:
General:
Bonds, Notes and Loans
-
$
-
$
-
$
Utility:
Bonds, Notes and Loans
-
125,000.00
250,000.00
Total Debt Issued
-
125,000.00
250,000.00
Authorized but not issued:
General:
Bonds, Notes and Loans
1,548,841.00
1,639,198.91
1,705,470.00
Utility:
Bonds, Notes and Loans
560,000.00
610,000.00
660,000.00
Total Authorized But Not Issued
2,108,841.00
2,249,198.91
2,365,470.00
Total Gross Debt
2,108,841.00
$
2,374,198.91
$
2,615,470.00
$
Deductions:
General:
Funds on Hand For Payment of Bonds and Notes:
Reserve for Debt Service
36,683.33
36,683.33
36,683.00
Utility:
Self Liquidating Debt
560,000.00
$
735,000.00
$
910,000.00
$
Total Deductions
596,683.33
771,683.33
946,683.00
Total Net Debt
1,512,157.67
$
1,602,515.58
$
1,668,787.00
$
60
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 11. Municipal Debt (continued)
Summary of Statutory Debt Condition - Annual Debt Statement
The following schedule is a summary of the previous schedule and is prepared in accordance with the
required method of setting up the Annual Debt Statement:
Gross Debt
Deductions
Net Debt
Local School Debt
-
$
-
$
-
$
Regional School Debt
-
-
-
General Debt
1,548,841.00
36,683.33
1,512,157.67
Utility Debt
560,000.00
560,000.00
-
2,108,841.00
$
596,683.33
$
1,512,157.67
$
Net Debt $1,512,157.67 divided by the average Equalized Valuation Basis per N.J.S.A 40A:2-2 as
amended, $1,706,710,982.33, equals 0.089%. New Jersey statute 40A:2-6, as amended, limits the debt of
a Municipality to 3.5% of the last three preceding year’s average equalized valuations of real estate,
including improvements and the assessed valuation of Class II Railroad Property. The remaining
borrowing power in dollars at December 31, 2017 is calculated as follows:
Borrowing Power Under N.J.S. 40A:2-6 as Amended
3 1/2% of Equalized Valuation Basis (Municipal)
59,734,884.38
$
Net Debt
1,512,157.67
Remaining Borrowing Power
58,222,726.71
$
Self-Liquidating Utility Calculation per N.J.S.A. 40A:2-46
Cash Receipts From Fees, Rents
or Other Charges for the Year
2,698,815.95
$
Deductions:
Operating and Maintenance Costs
2,008,505.00
$
Debt Service
125,000.00
Total Deductions
2,133,505.00
Excess/(Deficit) in Revenue
565,310.95
$
*If Excess in Revenues all Utility Debt is Deducted
61
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 11. Municipal Debt (continued)
General Debt
A. Serial Bonds Payable
The Borough had no serial bonds payable outstanding in the General Capital Fund at December 31, 2017.
B. Bond Anticipation Notes Payable – Short Term Debt
The Borough had no bond anticipation notes outstanding in the General Capital Fund at December 31,
2017.
C. Bonds and Notes Authorized But Not Issued
As of December 31, 2017, the Borough had $1,548,841.00 in various General Capital bonds and notes
authorized but not issued.
Water/Sewer Utility Debt
A. Serial Bonds Payable
The Borough had no serial bonds payable outstanding in the Water/Sewer Utility Capital Fund at
December 31, 2017.
B. Bond Anticipation Notes Payable – Short Term Debt
The Borough had no bond anticipation notes outstanding in the Utility Capital Fund at December 31,
2017.
C. Bonds and Notes Authorized But Not Issued
As of December 31, 2017 the Borough had $560,000.00 in various Utility bonds and notes authorized but
not issued.
Note 12. Deferred School Taxes
School taxes have been raised and the liability deferred by statutes. The balance of unpaid local and
regional school taxes levied, amount deferred and the amount reported as a liability (payable) at
December 31, are as follows:
Local Taxes
2017
2016
Total Balance of Local Tax
390,422.00
$
359,794.00
$
Deferred Taxes
171,899.27
171,899.27
Local Tax Payable
218,522.73
$
187,894.73
$
Balance, December 31,
62
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 12. Deferred School Taxes (continued)
Regional Tax
2017
2016
Total Balance of Regional Tax
2,077,765.89
$
1,924,342.39
$
Deferred Taxes
396,208.48
396,208.48
Regional Tax Payable
1,681,557.41
$
1,528,133.91
$
Balance, December 31,
Note 13. Accrued Sick, Vacation and Compensation Time
As discussed in Note 1 and in accordance with accounting principles prescribed by the State of New
Jersey, the cash basis of accounting is followed for recording the Borough’s liability related to unused
vacation, sick pay and compensation time. The Borough permits certain employees within limits to
accumulate unused vacation, sick pay and compensation time, which may be taken as time off or paid at a
later date at an agreed upon rate. In accordance with New Jersey accounting principles, this unused
accumulated absences amount is not reported as a liability in the accompanying financial statements. It is
estimated that accrued benefits for compensated absences are valued at $112,800.81 at December 31,
2017.
The Borough has established a Trust Fund in accordance with NJSA 40A:4-39 to set aside funds for
future payments of compensated absences. As of December 31, 2017, the Borough has reserved in the
Other Trust Fund $107,676.82 to fund compensated absences in accordance with NJSA 40A:4-39.
Note 14. Risk Management
The Borough is exposed to various risks of loss related to torts; theft of, damage to and destruction of
assets; errors and omissions; injuries to employees; and natural disasters.
Joint Insurance Pool
The Borough is a member of the Ocean County Municipal Joint Insurance Fund. The Fund provides the
Borough with the following primary coverage and limits:
Crime
$50,000
Commercial General Liability
$300,000
63
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 14. Risk Management (continued)
The following “excess” coverage and limits are provided to the Fund’s member local units by their
membership in the Municipal Excess Liability Joint Insurance Fund (MEL):
Worker’s Compensation
$2,000,000
Commercial General Liability
$300,000
Auto Liability
$300,000
Crime
$1,000,000
Contributions to the Funds are payable in two installments and are based on actuarial assumptions
determined by the Funds’ actuaries. The Fund publishes its own financial report for the year ended
December 31, 2017 which can be obtained on the Fund’s website.
Note 15. Contingencies
Grantor Agencies
The Borough receives financial assistance from the State of New Jersey and the U.S. government in the
form of grants. Entitlement to the funds is generally conditional upon compliance with terms and
conditions of the grant agreements and applicable regulations, including the expenditure of the funds for
eligible purposes. Substantially all grants, entitlements and cost reimbursements are subject to financial
and compliance audits by grantors. As a result of these audits, costs previously reimbursed could be
disallowed and require repayment to the grantor agency. As of December 31, 2017 the Borough estimates
that no material liabilities will result from such audits.
Litigation
The Borough is a defendant in several legal proceedings that are in various stages of litigation. It is
believed that the outcome, or exposure to the Borough, from such litigation is either unknown or potential
losses, if any, would not be material to the financial statements.
Tax Appeals
Losses arising from tax appeals are recognized at the time a decision is rendered by an administrative or
judicial body; however, municipalities may establish reserves transferred from tax collections or by
budget appropriation for future payments of tax appeal losses. There are no significant pending tax
appeals as of December 31, 2017.
Note 16. Length of Service Awards Program
The Borough’s length of service awards program (“LOSAP”) is reported in the Borough’s trust fund
Statement of Assets, Liabilities, Reserves and Fund Balance - Regulatory Basis. The LOSAP provides tax
deferred income benefits to active volunteer firefighters and emergency medical personnel.
The tax deferred income benefits for the active volunteer firefighters and emergency medical personnel
serving the residents the of the Borough come from contributions made solely by the governing body of
the Borough, on behalf of those volunteers who meet the criteria of a plan created by that governing body.
Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions.
64
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 16. Length of Service Awards Program (continued)
Contributions - If an active member meets the year of active service requirement, a length of service
awards program must provide a benefit between the minimum contribution of $100 and a maximum
contribution of $1,150.00 per year. While the maximum amount is established by statute, it is subject to
periodic increases that are related to the consumer price index (N.J.S.A. 40A:14-185(f)). The Division of
Local Government Services of the State of New Jersey will issue the permitted maximum annually. The
Borough elected to contribute between $126.00 and $1,150.00 for the year ended December 31, 2017 per
eligible volunteer, into the Plan, depending on how many years the volunteer has served. During the
year ended December 31, 2017, the Borough contributed a total of $51,750.00 to the plan. Participants
direct the investment of the contributions into various investment options offered by the Plan. The
Borough has no authorization to direct investment contributions on behalf of eligible volunteers nor has
the ability to purchase or sell investment options offered by the Plan. The types of investment options,
and the administering of such investments, rests solely with the plan administrator.
Participant Accounts - Each participant’s account is credited with the Borough’s contribution and Plan
earnings, and charged with administrative expenses. The benefit to which a participant is entitled is the
benefit that can be provided from the participant’s vested account. The Borough has placed the amounts
deferred, including earnings, in a trust maintained by a third-party administrator for the exclusive benefit
of the plan participants and their beneficiaries. Such funds, although subject to the claims of the
Borough’s creditors until distributed as benefit payments, are not available for funding the operations of
the Borough. The funds may also be used to pay the administrative fees charged by the Plan
Administrator. Lincoln Financial Group (“Plan Administrator”), an approved Length of Service Awards
Program provider, is the administrator of the Plan. The Borough’s practical involvement in administering
the Plan is essentially limited to verifying the eligibility of each participant and remitting the funds to the
Plan Administrator.
Vesting - Benefits, plus actual earnings thereon, are one hundred percent (100%) vested after five (5)
years of service.
Payment of Benefits - Upon retirement or disability, participants may select various payout options,
which include lump sum, periodic, or annuity payments. In the case of death, with certain exceptions, any
amount invested under the participant's account is paid to the beneficiary or the participant's estate. In the
event of an unforeseeable emergency, as outlined in the Plan document, a participant or a beneficiary
entitled to vested accumulated deferrals may request the local plan administrator to payout a portion of
vested accumulated deferrals. During the year ended December 31, 2017 payouts of $58,861.86 were
made to vested participants.
Forfeited Accounts – During the year ended December 31, 2017, no accounts were forfeited.
Plan Information - Additional information about the Borough’s length of service awards program can be
obtained by contacting the Plan Administrator.
Note 17. Subsequent Events
The Borough has evaluated subsequent events through June 29, 2018, the date the financial statements
were available to be issued. The Borough has noted the following:
Authorization of Debt – Subsequent to December 31, 2017, Borough of Surf City authorized additional
Bonds and Notes as follows:
65
BOROUGH OF SURF CITY
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 17. Subsequent Events (continued)
Purpose
Date
Amount
Acquisition of Trash Truck
3/14/2018
190,000.00
$
Removal of Underground Storage Tank
3/14/2018
118,750.00
$
66
SUPPLEMENTARY EXHIBITS
67
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68
CURRENT FUND
69
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70
EXHIBIT A-4
7,087,799.98
$
Increased By:
Interest & Costs on Taxes
38,180.02
$
Miscellaneous Revenue Not Anticipated
208,965.56
Due from State for Exemptions
28,625.00
Taxes Receivable
16,083,685.86
Revenue Accounts Receivable
951,393.59
Prepaid Taxes
1,851,007.28
Grants Receivable
7,353.76
Reserve for Grants Unappropriated
15,256.25
Due from Animal Control Fund
302.29
Investment in Bond Anticipation Notes
125,000.00
Various Reserves
16,000.00
19,325,769.61
26,413,569.59
Decreased By:
2017 Budget Appropriations
5,143,710.18
2016 Appropriation Reserves
211,145.11
County Taxes
7,043,981.38
Local District School Tax
750,214.00
Regional High School Tax
4,002,108.50
Reserve for Grants Appropriated
22,048.19
Due from Trust Other Fund
23,402.79
Due to General Capital Fund
32,759.42
Due from Utility Operating Fund
29,462.38
17,258,831.95
9,154,737.64
$
Balance, December 31, 2016
Balance, December 31, 2017
YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
COUNTY OF OCEAN, NEW JERSEY
CURRENT FUND
SCHEDULE OF CASH - COLLECTOR/TREASURER
71
EXHIBIT A-5
832.25
$
Increased By:
Senior Citizens' Deductions per Tax Billings
1,500.00
$
Veterans' Deductions per Tax Billing
28,750.00
Deductions Allowed By Collector:
Senior Citizens' & Veterans - Current Year
250.00
30,500.00
31,332.25
Decreased By:
Deductions Disallowed By Collector:
Senior Citizens' & Veterans - Current Year
1,625.00
Senior Citizens' & Veterans - Prior Year
625.00
Cash Receipts
28,625.00
30,875.00
457.25
$
Balance, December 31, 2017
SENIOR CITIZENS' AND VETERANS' DEDUCTIONS
YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
CURRENT FUND
SCHEDULE OF DUE FROM STATE OF NEW JERSEY -
Balance, December 31, 2016
72
EXHIBIT A-6
SENIOR CITIZENS'
AND VETERANS'
BALANCE
DEDUCTIONS
TRANSFER
BALANCE
DECEMBER 31,
2017
ALLOWED/
TO TAX
ADJUSTMENTS/
DECEMBER 31,
YEAR
2016
LEVY
2016
2017
(DISALLOWED)
TITLE LIENS
(CANCELLED)
2017
2015
125.00
$
-
$
-
$
125.00
$
-
$
-
$
-
$
-
$
2016
155,777.39
-
-
156,359.91
(625.00)
-
(42.48)
-
2017
-
16,397,492.97
273,758.43
15,930,610.21
28,875.00
41.12
(9,310.44)
154,897.77
155,902.39
$
16,397,492.97
$
273,758.43
$
16,087,095.12
$
28,250.00
$
41.12
$
(9,352.92)
$
154,897.77
$
Cash Receipts
16,083,685.86
$
Overpayments Applied
3,409.26
Total
16,087,095.12
$
Analysis of Property Tax Levy
Tax Yield:
General Purpose Tax
16,247,215.22
$
Added and Omitted Taxes (N.J.S.A 54:4-63.1 et seq)
150,277.75
16,397,492.97
$
Tax Levy:
Local School Taxes
780,842.00
$
Regional School Taxes
4,155,532.00
County Taxes
6,997,633.07
$
Due To County for Added
and Omitted Taxes
64,926.08
7,062,559.15
Local Tax for Municipal
Purposes
4,300,000.00
Additional Tax Levied
98,559.82
4,398,559.82
Total
16,397,492.97
$
COLLECTIONS
CURRENT FUND
BOROUGH OF SURF CITY
YEAR ENDED DECEMBER 31, 2017
SCHEDULE OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY
73
EXHIBIT A-7
749.64
$
Increased By:
Transfers From Taxes Receivable
41.12
790.76
$
Balance, December 31, 2016
Balance, December 31, 2017
YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
CURRENT FUND
SCHEDULE OF TAX TITLE LIENS RECEIVABLE
74
EXHIBIT A-8
BALANCE
BALANCE
DECEMBER 31,
ACCRUED IN
DECEMBER 31,
2016
2017
COLLECTED
2017
Liquor License
-
$
1,470.00
$
1,470.00
$
-
$
Other Fees & Permits
-
25,996.00
25,996.00
-
Municipal Court Fines & Costs
1,243.76
29,025.81
29,617.81
651.76
Beach Badge Fees
-
657,902.00
657,902.00
-
Energy Receipts Taxes
-
164,430.00
164,430.00
-
Uniform Construction Code Fees
-
77,477.78
77,477.78
-
Civic Donation - Lifeguards
-
5,000.00
5,000.00
-
1,243.76
$
961,301.59
$
961,893.59
$
651.76
$
Cash Receipts
951,393.59
$
Prior Year Prepaid Beach Badges
10,500.00
961,893.59
$
BOROUGH OF SURF CITY
CURRENT FUND
SCHEDULE OF REVENUE ACCOUNTS RECEIVABLE
YEAR ENDED DECEMBER 31, 2017
75
EXHIBIT A-9
BALANCE
BALANCE
DECEMBER 31,
AFTER
PAID OR
BALANCE
2016
TRANSFER
CHARGED
LAPSED
GENERAL GOVERNMENT
General Administration
Salaries & Wages
13,454.59
$
13,454.59
$
-
$
13,454.59
$
Other Expenses
10,285.40
10,285.40
283.79
10,001.61
Human Resources
Other Expenses
7,500.00
7,500.00
-
7,500.00
Mayor and Council
Salaries & Wages
1,690.50
1,690.50
-
1,690.50
Other Expenses
1,635.54
1,635.54
-
1,635.54
Municipal Clerk
Salaries & Wages
8,337.93
8,337.93
-
8,337.93
Other Expenses
2,701.25
2,701.25
625.16
2,076.09
Financial Administration
Salaries & Wages
17,135.88
17,135.88
-
17,135.88
Other Expenses
5,353.78
5,353.78
355.44
4,998.34
Audit Services
Other Expenses
1,400.00
1,400.00
-
1,400.00
Collection of Taxes
Salaries & Wages
33,952.65
33,952.65
-
33,952.65
Other Expenses
15,878.45
15,878.45
12,868.92
3,009.53
Assessment of Taxes
Salaries & Wages
7,701.60
7,701.60
-
7,701.60
Other Expenses
17,607.34
17,607.34
2,720.92
14,886.42
Legal Services
Other Expenses
8,799.29
8,799.29
1,271.00
7,528.29
Engineering Services
Other Expensis
3,558.28
3,558.28
3,558.28
-
Municipal Court
Salaries & Wages
6,138.78
6,138.78
-
6,138.78
Other Expenses
2,412.71
2,412.71
288.39
2,124.32
Public Defender
Other Expenses
1,437.75
1,437.75
-
1,437.75
Land Use Administration:
Lande Use Board
Salaries & Wages
558.84
558.84
-
558.84
Other Expenses
12,605.05
12,605.05
77.98
12,527.07
Code Enforcement & Administration:
Other Code Enforcement Functions
Salaries & Wages
1,192.72
1,192.72
-
1,192.72
Other Expenses
3,000.00
3,000.00
-
3,000.00
Insurance:
General Liability
5,290.32
5,290.32
-
5,290.32
Workers Compensation
7,766.66
7,766.66
-
7,766.66
Employee Group Health
48,983.58
48,983.58
200.00
48,783.58
Health Benefit Waiver
Salaries & Wages
6,250.00
6,250.00
-
6,250.00
BOROUGH OF SURF CITY
CURRENT FUND
SCHEDULE OF 2016 APPROPRIATION RESERVES
YEAR ENDED DECEMBER 31, 2017
76
EXHIBIT A-9
BALANCE
BALANCE
DECEMBER 31,
AFTER
PAID OR
BALANCE
2016
TRANSFER
CHARGED
LAPSED
BOROUGH OF SURF CITY
CURRENT FUND
SCHEDULE OF 2016 APPROPRIATION RESERVES
YEAR ENDED DECEMBER 31, 2017
Public Safety Functions:
Police Department
Salaries & Wages
182,490.58
182,490.58
-
182,490.58
Other Expenses
70,034.77
70,034.77
41,500.07
28,534.70
Police Dispatch/911
Other Expenses
52,000.00
52,000.00
25,000.00
27,000.00
Office of Emergency Management
Salaries & Wages
18.23
18.23
-
18.23
Other Expenses
4,541.16
4,541.16
-
4,541.16
Municipal Prosecutor's Office
Other Expenses
708.37
708.37
708.37
-
Public Work Functions:
Streets and Road Maintenance
Salaries & Wages
19,990.27
19,990.27
-
19,990.27
Other Expenses
17,511.55
17,511.55
2,455.27
15,056.28
Solid Waste Collection
Salaries & Wages
36,010.80
36,010.80
-
36,010.80
Other Expenses
8,428.11
8,428.11
3,402.25
5,025.86
Building and Grounds
Salaries & Wages
35,561.45
35,561.45
-
35,561.45
Other Expenses
32,595.87
32,595.87
4,893.05
27,702.82
Vehicle Maintenance (Incl. Police Vehicles)
Salaries & Wages
5,273.99
5,273.99
-
5,273.99
Other Expenses
55,073.12
55,073.12
15,286.47
39,786.65
Health & Human Services Functions:
Board of Health
Salaries & Wages
680.00
680.00
-
680.00
Other Expenses
1,658.40
1,658.40
-
1,658.40
Environmental Health Services
Salaries & Wages
5,360.00
5,360.00
-
5,360.00
Other Expenses
1,000.00
1,000.00
-
1,000.00
Animal Control Services
Other Expenses
2,480.00
2,480.00
1,344.00
1,136.00
Contributions to Social Servie Agencies
Senior Citizen Center (NJS 40:48-9.4)
5,000.00
5,000.00
5,000.00
-
Health Care Facilities (NJS 44:5-2)
100.00
100.00
-
100.00
Mental Health Facilities (NJS 40:48-9.4a)
100.00
100.00
-
100.00
Recreation of Services and Programs
Salaries & Wages
6,060.00
6,060.00
-
6,060.00
Other Expenses
2,000.00
2,000.00
-
2,000.00
Maintenance of Parks
Salaries & Wages
9,752.84
9,752.84
-
9,752.84
Other Expenses - Veterans' Memorial Park
1,712.98
1,712.98
-
1,712.98
Other Expenses - Other Facilities
1,322.20
1,322.20
-
1,322.20
Beach & Boardwalk Operations
Salaries & Wages
70,965.96
70,965.96
-
70,965.96
Other Expenses
19,587.17
19,587.17
7,397.00
12,190.17
77
EXHIBIT A-9
BALANCE
BALANCE
DECEMBER 31,
AFTER
PAID OR
BALANCE
2016
TRANSFER
CHARGED
LAPSED
BOROUGH OF SURF CITY
CURRENT FUND
SCHEDULE OF 2016 APPROPRIATION RESERVES
YEAR ENDED DECEMBER 31, 2017
Other Common Operating Functions (Unclassified)
Celebration of Public Events
Other Expenses
975.12
975.12
-
975.12
Utility Expenses & Bulk Purchases
Electricity
12,371.22
12,371.22
-
12,371.22
Street Lighting
6,397.17
6,397.17
-
6,397.17
Telephone
3,668.51
3,668.51
788.07
2,880.44
Gas (natural or propane)
10,719.73
10,719.73
-
10,719.73
Telecommunications
2,558.54
2,558.54
114.03
2,444.51
Gasoline
47,938.67
47,938.67
1,814.25
46,124.42
Landfill/Solid Waste Disposal Costs:
Other Expenses
31,695.12
31,695.12
823.22
30,871.90
Uniform Construction Code:
Salaries & Wages
2,582.69
2,582.69
-
2,582.69
Other Expenses
28,721.90
28,721.90
27,352.65
1,369.25
Contingent
4,000.00
4,000.00
-
4,000.00
Statutory Expenditures:
Contribution to:
Social Security System (O.A.S.I.)
57,642.78
57,642.78
-
57,642.78
Unemployment
7,491.41
7,491.41
-
7,491.41
Defined Contribution Retirement Program
2,141.64
2,141.64
-
2,141.64
-
-
-
Insurance
-
-
-
Employee Group Health
12,600.00
12,600.00
12,600.00
Length of Service Awards Program (L.O.S.A.P.)
-
-
Other Expenses
61,440.00
61,440.00
48,128.00
13,312.00
Recycling Tax (P.L. 2007, c. 311):
-
-
Other Expenses
2,121.31
2,121.31
2,121.31
Public & Private Programs
-
-
-
Civic Donation- Lifeguard & Emergency Services
339.00
339.00
-
339.00
Capital Improvements:
-
-
Rehabilitation of Borough Property
50,000.00
50,000.00
2,888.53
47,111.47
Purchase of Public Safety Equipment
15,000.00
15,000.00
-
15,000.00
1,261,051.52
$
1,261,051.52
$
211,145.11
$
1,049,906.41
$
Appropriation Reserves
1,180,917.88
$
Encumbrances Payable
80,133.64
1,261,051.52
$
Cash Disbursed
211,145.11
$
211,145.11
$
78
EXHIBIT A-10
80,133.64
$
Increased By:
Current Appropriations
102,492.23
182,625.87
Decreased By:
Transferred To Appropriation Reserves
80,133.64
102,492.23
$
Balance, December 31, 2016
Balance, December 31, 2017
YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
CURRENT FUND
SCHEDULE OF ENCUMBRANCES PAYABLE
79
EXHIBIT A-11
4,250.90
$
Balance, December 31, 2016 and 2017
BOROUGH OF SURF CITY
CURRENT FUND
SCHEDULE OF ACCOUNTS PAYABLE
YEAR ENDED DECEMBER 31, 2017
80
EXHIBIT A-12
3,409.26
$
Decreased By:
Applied to Current Year Taxes
3,409.26
-
$
Balance, December 31, 2016
Balance, December 31, 2017
YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
CURRENT FUND
SCHEDULE OF TAX OVERPAYMENTS
81
EXHIBIT A-13
273,758.43
$
Increased By:
Prepaid Taxes Collected
1,851,007.28
2,124,765.71
Decreased By:
Applied To Taxes Receivable
273,758.43
1,851,007.28
$
Balance, December 31, 2016
Balance, December 31, 2017
YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
CURRENT FUND
SCHEDULE OF PREPAID TAXES
82
EXHIBIT A-14
46,348.31
$
Increased By:
2017 Tax Levy:
County Taxes
6,128,492.25
$
County Library Taxes
660,251.54
County Open Space Taxes
208,889.28
Due To County for Added and Omitted Taxes
64,926.08
7,062,559.15
7,108,907.46
Decreased By:
Cash Disbursements
7,043,981.38
64,926.08
$
Balance, December 31, 2016
Balance, December 31, 2017
YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
CURRENT FUND
SCHEDULE OF COUNTY TAXES PAYABLE
83
EXHIBIT A-15
School Tax Payable
187,894.73
$
School Tax Deferred
171,899.27
359,794.00
$
Increased By:
780,842.00
1,140,636.00
Decreased By:
Cash Disbursements
750,214.00
School Tax Payable
218,522.73
School Tax Deferred
171,899.27
390,422.00
$
Tax Payable, December 31, 2017
218,522.73
$
Tax Paid
750,214.00
968,736.73
Less:
187,894.73
Amount Charged to 2017 Operations
780,842.00
$
Balance, December 31, 2016:
BALANCE, DECEMBER 31, 2017
BOROUGH OF SURF CITY
CURRENT FUND
SCHEDULE OF LOCAL DISTRICT SCHOOL TAXES
Balance, December 31, 2017:
Levy - July 1, 2017 to June 30, 2018
Tax Payable, December 31, 2016
2017 Liability for Regional High School Tax
84
EXHIBIT A-16
School Tax Payable
1,528,133.91
$
School Tax Deferred
396,208.48
1,924,342.39
$
4,155,532.00
6,079,874.39
Cash Disbursements
4,002,108.50
School Tax Payable
1,681,557.41
School Tax Deferred
396,208.48
2,077,765.89
$
Tax Payable, December 31, 2017
1,681,557.41
$
Tax Paid
4,002,108.50
5,683,665.91
Less:
1,528,133.91
Amount Charged to 2017 Operations
4,155,532.00
$
BALANCE, DECEMBER 31, 2017
BOROUGH OF SURF CITY
CURRENT FUND
SCHEDULE OF REGIONAL SCHOOL TAXES
Tax Payable, December 31, 2016
Balance, December 31, 2016:
Increased By:
Decreased By:
Balance, December 31, 2017:
2017 Liability for Regional High School Tax
Levy - July 1, 2017 to June 30, 2018
85
EXHIBIT A-17
BALANCE
BALANCE
DECEMBER 31,
CASH
DECEMBER 31,
2016
RECEIPTS
DECREASED
2017
Library Aid
14.00
$
-
$
-
$
14.00
$
Hurricane Expense (Special Emergency)
76,973.20
-
-
76,973.20
Prepaid Beach Badges
10,500.00
16,000.00
10,500.00
16,000.00
87,487.20
$
16,000.00
$
10,500.00
$
92,987.20
$
Anticipated as Revenue
10,500.00
$
10,500.00
$
BOROUGH OF SURF CITY
CURRENT FUND
SCHEDULE OF VARIOUS RESERVES
BALANCE DECEMBER 31, 2017
86
EXHIBIT A-18
BALANCE
REVENUE
TRANSFERRED
BALANCE
AS OF
ANTICIPATED
2017
FROM
AS OF
DECEMBER 31, 2016
2017
RECEIVED
UNAPPROPRIATED
DECEMBER 31, 2017
State Grants:
Body Armor Replacement Fund
-
$
1,303.45
$
-
$
1,303.45
$
-
$
Recycling Tonnage Grant
-
1,837.19
1,837.19
-
-
966 Reimbursement Program - 2017
-
5,767.69
5,516.57
-
251.12
Clean Communities
-
13,733.93
-
13,733.93
-
-
$
22,642.26
$
7,353.76
$
15,037.38
$
251.12
$
Original Budget
21,338.81
$
Ch. 159 Amendment
1,303.45
22,642.26
$
Program
BOROUGH OF SURF CITY
FEDERAL AND STATE GRANT FUND
SCHEDULE OF GRANTS RECEIVABLE
BALANCE DECEMBER, 31, 2017
87
EXHIBIT A-19
BALANCE
TRANSFERRED
TRANSFERRED
BALANCE
DECEMBER 31,
FROM
FROM
DECEMBER 31,
Program
2016
BUDGET
ENCUMBRANCES
EXPENDED
2017
Federal Grants:
Municipal Public Access Plan Grant
7,613.50
$
-
$
-
$
-
$
7,613.50
$
State Grants:
Clean Communities Program
-
13,733.93
-
13,733.93
-
Body Armor Replacement
341.49
1,303.45
960.50
1,870.50
734.94
Recycling Tonnage Grant
-
1,837.19
-
1,837.19
-
966 Reimbursement Program
-
5,767.69
-
5,516.57
251.12
7,954.99
$
22,642.26
$
960.50
$
22,958.19
$
8,599.56
$
Original Budget
21,338.81
$
Ch. 159 Amendment
1,303.45
22,642.26
$
Paid by Current Fund
22,048.19
$
Encumbrances Payable
910.00
Total Expended
22,958.19
$
BOROUGH OF SURF CITY
FEDERAL AND STATE GRANT FUND
SCHEDULE OF RESERVE FOR GRANT EXPENDITURES - APPROPRIATED
BALANCE DECEMBER 31, 2017
88
EXHIBIT A-20
BALANCE
TRANSFERRED
BALANCE
DECEMBER 31,
CASH
TO GRANTS
DECEMBER 31,
2016
RECEIPTS
RECEIVABLE
2017
Body Armor Replacement Fund
-
$
1,303.45
$
1,303.45
$
-
$
Clean Communities Program
13,733.93
11,667.84
13,733.93
11,667.84
Recycling Tonnage Grant
-
2,284.96
-
2,284.96
.
13,733.93
$
15,256.25
$
15,037.38
$
13,952.80
$
Program
BOROUGH OF SURF CITY
FEDERAL AND STATE GRANT FUND
SCHEDULE OF RESERVE FOR GRANT EXPENDITURES - UNAPPROPRIATED
BALANCE DECEMBER 31, 2017
89
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90
TRUST FUND
91
This page intentionally left blank
92
EXHIBIT B-1
ANIMAL
TRUST-
CONTROL
OTHER
641.29
$
314,839.49
$
Increased By Receipts:
Dog License Fees Collected
207.00
-
State Registration Fees
97.80
-
Interest Earned
3.04
-
Due to Water/Sewer Operating Fund
-
1,324.46
Various Reserves
-
3,637,402.17
307.84
3,638,726.63
949.13
3,953,566.12
Decreased By Disbursements:
State Registration Fees
97.80
-
Due to Current Fund
302.29
-
Due to Water/Sewer Operating Fund
-
26,801.56
Various Reserves
-
3,572,462.89
400.09
3,599,264.45
549.04
$
354,301.67
$
Balance, December 31, 2016
Balance, December 31, 2017
BOROUGH OF SURF CITY
YEAR ENDED DECEMBER 31, 2017
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
TRUST FUND
93
EXHIBIT B-2
Balance, December 31, 2016
48,277.38
$
Increased By:
Reserve for Accumulated Absences
6,000.00
$
6,000.00
54,277.38
Decreased By:
Cash Disbursed by Current Fund
23,402.79
23,402.79
Balance, December 31, 2017
30,874.59
$
YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
SCHEDULE OF DUE FROM CURRENT FUND
TRUST - OTHER FUND
94
EXHIBIT B-3
Balance, December 31, 2016
(26,801.56)
$
Increased By:
Cash Disbursements
26,801.56
-
Decreased By:
Cash Receipts
1,324.46
Balance, December 31, 2017
(1,324.46)
$
BOROUGH OF SURF CITY
SCHEDULE OF DUE (TO)/FROM WATER SEWER OPERATING FUND
TRUST - OTHER FUND
YEAR ENDED DECEMBER 31, 2017
95
EXHIBIT B-4
Balance, December 31, 2016
302.29
$
Increased By:
Interest Earned
3.04
$
Statutory Excess Due To Current Fund
183.00
186.04
488.33
Decreased By:
Cash Disbursement
302.29
Balance, December 31, 2017
186.04
$
BOROUGH OF SURF CITY
YEAR ENDED DECEMBER 31, 2017
SCHEDULE OF DUE TO CURRENT FUND
TRUST - OTHER FUND
DOG LICENSE FUND
96
EXHIBIT B-5
339.00
$
Increased By:
Dog License Fees Collected
207.00
546.00
Decreased By:
Statutory Excess Due Current Fund
183.00
363.00
$
Year
Amount
2016
177.00
$
2015
186.00
363.00
$
YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
ANIMAL CONTROL FUND
SCHEDULE OF RESERVE FOR DOG FUND EXPENDITURES
Balance, December 31, 2017
Balance, December 31, 2016
97
EXHIBIT B-6
BALANCE
BALANCE
DECEMBER 31,
DECEMBER
2016
INCREASES
DECREASES
2017
Tax Certificate
12,500.00
$
124,735.08
$
75,777.69
$
61,457.39
$
Cash Bonds & Escrowed Fees
100,202.41
258,402.25
236,613.79
121,990.87
P.O.A.A.
625.05
286.00
-
911.05
Veterans' Memorial Park
19,885.92
665.00
4,366.00
16,184.92
Beach Wheels
2,955.50
510.00
3,070.25
395.25
Memorial Benches
6,575.41
2,500.00
1,551.72
7,523.69
Accumulated Absences
109,676.82
6,000.00
8,000.00
107,676.82
Payroll Deductions
59,223.03
3,188,192.62
3,200,625.42
46,790.23
Construction Inspection Fees
24,671.17
62,111.22
65,860.81
20,921.58
336,315.31
$
3,643,402.17
$
3,595,865.68
$
383,851.80
$
Cash Receipts
3,637,402.17
$
Due From Current Fund
6,000.00
3,643,402.17
$
Cash Disbursements
3,572,462.89
$
Due To Current Fund
23,402.79
3,595,865.68
$
BOROUGH OF SURF CITY
TRUST - OTHER FUND
SCHEDULE OF TRUST - OTHER RESERVES
YEAR ENDED DECEMBER 31, 2017
98
GENERAL CAPITAL FUND
99
This page intentionally left blank
100
EXHIBIT C-2
1,366,109.40
$
Increased By:
Interest Earnings Due To Current Fund
5,086.31
$
Capital Improvement Fund
50,000.00
Deferred Charges Raised by Budget Appropriation
202,857.91
Grant Receipts
243,750.00
Due From Current Fund
32,759.42
534,453.64
1,900,563.04
Decreased By:
Improvement Authorizations
120,570.28
Due To Current Fund
4,489.95
125,060.23
1,775,502.81
$
Balance, December 31, 2016
Balance, December 31, 2017
BOROUGH OF SURF CITY
YEAR ENDED DECEMBER 31, 2017
SCHEDULE OF CASH
GENERAL CAPITAL FUND
101
EXHIBIT C-3
BALANCE
DECEMBER 31,
2017
Capital Improvement Fund
867,932.50
$
Reserve for Debt Service
36,683.33
Reserve for Purchase of Lifeguard Boat
7,500.00
Due (From)/To Current Fund
596.36
Capital Fund Balance
82,452.67
Ordinance
Date
Improvement Authorizations
11/30/06
Beach Replenshiment
17,360.00
09/10/14
Acquisition of Fire Apparatus & Related Equipment
(92,647.33)
03/11/15
Replacement/Repair of Various Bulkheads
24,632.62
03/11/15
Rehabilitation of DPW Facilities
334,147.33
03/11/15
Resurfacing of Various Roads
213,996.60
10/14/15
Reconstruction/Resurfacing of Various Streets
258,134.15
12/09/15
Removal of Underground Storage Tank/Monitoring
27,595.07
06/08/16
Reconstruction/Resurfacing of Various Streets
(4,766.29)
07/12/17
Reconstruction/Resurfacing of Various Streets
1,885.80
1,775,502.81
$
BOROUGH OF SURF CITY
YEAR ENDED DECEMBER 31, 2017
SCHEDULE OF ANALYSIS OF CASH
GENERAL CAPITAL FUND
102
EXHIBIT C-4
32,759.42
$
Increased by:
Cash Disbursed to Current Fund
4,489.95
37,249.37
Decreased By:
Cash Received from Current
32,759.42
Interest Due Current
5,086.31
37,845.73
(596.36)
$
Balance, December 31, 2016
Balance, December 31, 2017
YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
GENERAL CAPITAL FUND
SCHEDULE OF DUE FROM/(TO) CURRENT FUND
103
EXHIBIT C-5
BALANCE
FUNDED BY
BALANCE
UNEXPENDED
Ordinance
DECEMBER 31,
2017
BUDGET
GRANT
DECEMBER 31,
IMPROVEMENT
Date
2016
AUTHORIZED
APPROPRIATION
RECEIPTS
2017
EXPENDITURES
AUTHORIZATIONS
06-03 Beach Replenishment
03/31/06
147,862.64
$
-
$
-
$
-
$
147,862.64
$
-
$
147,862.64
$
06-15 Beach Replenishment
11/30/06
332,500.00
-
-
-
332,500.00
-
332,500.00
11-03 Acquisition of Trash Truck
05/11/11
32,000.00
-
-
-
32,000.00
-
32,000.00
12-06 Removal of Underground Storage Tank
10/31/12
2,857.91
-
2,857.91
-
-
-
-
13-05 Acquisition of Trash Truck
10/09/13
29,231.00
-
-
-
29,231.00
-
29,231.00
13-06 Acquisition of a Beach Rake
10/09/13
13,997.36
-
-
-
13,997.36
-
13,997.36
14-05 Acquisition of Fire Apparatus & Related Equipment
09/10/14
330,000.00
-
200,000.00
-
130,000.00
92,647.33
37,352.67
15-03 Replacement/Repair of Various Bulkheads
03/11/15
62,000.00
-
-
-
62,000.00
-
62,000.00
15-08 Reconstruction/Resurfacing of Various Streets
10/14/15
403,750.00
-
-
243,750.00
160,000.00
-
160,000.00
16-06 Reconstruction/Resurfacing of Various Streets
06/08/16
285,000.00
-
-
-
285,000.00
4,766.29
280,233.71
17-07 Reconstruction/Resurfacing of Various Streets
07/12/17
-
356,250.00
-
-
356,250.00
-
356,250.00
1,639,198.91
$
356,250.00
$
202,857.91
$
243,750.00
$
1,548,841.00
$
97,413.62
$
1,451,427.38
$
Improvement Authorizations
YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
GENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - UNFUNDED
Analysis of Balance
104
EXHIBIT C-6
Ordinance
Ordinance
2017
Improvement Authorizations
Date
Amount
Funded
Unfunded
Authorizations
Expended
Funded
Unfunded
06-03 Beach Replenishment
03/31/06
500,000.00
$
-
$
147,862.64
$
-
$
-
$
-
$
147,862.64
$
06-15 Beach Replenishment
11/30/06
350,000.00
17,360.00
332,500.00
-
-
17,360.00
332,500.00
11-03 Acquisition of Trash Truck
05/11/11
200,000.00
-
32,000.00
-
-
-
32,000.00
13-05 Acquisition of Trash Truck
10/09/13
200,000.00
-
29,231.00
-
-
-
29,231.00
13-06 Acquisition of a Beach Rake
10/09/13
65,000.00
-
13,997.36
-
-
-
13,997.36
14-05 Acquisition of Fire Apparatus & Related Equipment
09/10/14
800,000.00
-
37,352.67
-
-
-
37,352.67
15-03 Replacement/Repair of Various Bulkheads
03/11/15
100,000.00
28,536.02
62,000.00
-
3,903.40
24,632.62
62,000.00
15-04 Rehabilitation of DPW Facilities
03/11/15
450,000.00
344,072.92
-
-
9,925.59
334,147.33
-
15-05 Resurfacing of Various Roads
03/11/15
300,000.00
258,378.71
-
-
44,382.11
213,996.60
-
15-08 Reconstruction/Resurfacing of Various Streets
10/14/15
425,000.00
21,250.00
403,750.00
-
6,865.85
258,134.15
160,000.00
15-09 Removal of Underground Storage Tank/Monitoring
12/09/15
50,000.00
46,457.91
-
-
18,862.84
27,595.07
-
16-06 Reconstruction/Resurfacing of Various Streets
06/08/16
300,000.00
15,000.00
285,000.00
-
19,766.29
-
280,233.71
17-07 Reconstruction/Resfurfacing of Various Streets
07/12/17
375,000.00
-
-
375,000.00
16,864.20
1,885.80
356,250.00
731,055.56
$
1,343,693.67
$
375,000.00
$
120,570.28
$
877,751.57
$
1,451,427.38
$
Deferred Charges - Unfunded
356,250.00
$
Capital Improvement Fund
18,750.00
375,000.00
$
BOROUGH OF SURF CITY
GENERAL CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
December 31, 2016
Balance
YEAR ENDED DECEMBER 31, 2017
December 31, 2017
Balance
105
EXHIBIT C-7
836,682.50
$
Increased By:
2017 Budget Appropriation
50,000.00
886,682.50
Decreased By:
Utilized To Finance Improvement Authorizations
18,750.00
867,932.50
$
Balance, December 31, 2017
YEAR ENDED DECEMBER 31, 2017
GENERAL CAPITAL FUND
BOROUGH OF SURF CITY
SCHEDULE OF CAPITAL IMPROVEMENT FUND
Balance, December 31, 2016
106
EXHIBIT C-8
BALANCE
DECEMBER 31,
2017 and 2016
Reserve for Debt Service
36,683.33
$
Reserve for Purchase of Lifeguard Boat
7,500.00
44,183.33
$
YEAR ENDED DECEMBER 31, 2017
GENERAL CAPITAL FUND
BOROUGH OF SURF CITY
SCHEDULE OF VARIOUS RESERVES
107
EXHIBIT C-9
BALANCE
BALANCE
Ordinance
DECEMBER 31,
2017
DECEMBER 31,
Date
Improvement Authorizations
2016
AUTHORIZATIONS
DECREASED
2017
03/31/06
Beach Replenishment
147,862.64
$
-
$
-
$
147,862.64
$
11/30/06
Beach Replenishment
332,500.00
-
-
332,500.00
05/11/11
Acquisition of Trash Truck
32,000.00
-
-
32,000.00
10/31/12
Removal of Underground Diesel Storage Tank
2,857.91
-
2,857.91
-
10/09/13
Acquisition of Trash Truck
29,231.00
-
-
29,231.00
10/09/13
Acquisition of a Beach Rake
13,997.36
-
-
13,997.36
09/10/14
Acquisition of Fire Apparatus & Related Equipment
330,000.00
-
200,000.00
130,000.00
03/11/15
Replacement/Repair of Various Bulkheads
62,000.00
-
-
62,000.00
10/14/15
Reconstruction/Resurfacing of Various Streets
403,750.00
-
243,750.00
160,000.00
06/08/16
Reconstruction/Resurfacing of Various Streets
285,000.00
-
-
285,000.00
07/12/17
Reconstruction/Resurfacing of Various Streets
-
356,250.00
-
356,250.00
1,639,198.91
$
356,250.00
$
446,607.91
$
1,548,841.00
$
Grants Received
243,750.00
$
Funded By Budget Appropriations
202,857.91
446,607.91
$
BOROUGH OF SURF CITY
YEAR ENDED DECEMBER 31, 2017
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
GENERAL CAPITAL FUND
108
WATER/SEWER UTILITY FUND
109
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110
EXHIBIT D-4
1,516,363.09
$
435,892.98
$
Increased By Receipts:
Miscellaneous Revenue Not Anticipated
92,489.17
$
-
$
Fire Hydrant Service
118,400.00
-
Water/Sewer Rents Receivable
1,711,457.08
-
Prepaid Rents
14,890.68
-
Capital Improvement Fund
-
25,000.00
Budget Appropriations - Deferred Charges
-
50,000.00
Due To/From Current Fund
29,462.38
-
Due From Trust - Other Fund
26,801.56
-
Due From Utility Capital Fund
1,407.65
-
Due To/From Utility Operating Fund
-
73,005.98
1,994,908.52
148,005.98
3,511,271.61
583,898.96
Decreased By Disbursements:
2017 Budget Appropriations
1,923,925.04
-
2016 Appropriation Reserves
60,692.06
-
Due From Trust - Other Fund
1,324.46
-
Due To Utility Capital Fund
71,409.63
-
Due To Utility Operating Fund
-
1,407.65
Improvement Authorization
-
25,780.50
2,057,351.19
27,188.15
1,453,920.42
$
556,710.81
$
BOROUGH OF SURF CITY
Balance, December 31, 2016
Balance, December 31, 2017
YEAR ENDED DECEMBER 31, 2017
SCHEDULE OF CASH - TREASURER
WATER/SEWER UTILITY OPERATING FUND
OPERATING
CAPITAL
111
EXHIBIT D-5
BALANCE
DECEMBER 31, 2017
Capital Improvement Fund
474,565.51
$
Due To Utility Operating Fund
188.70
Fund Balance
7,476.47
Ordinance
Number
Improvement Authorizations
09-07
Improvements to Water/Sewer System
74,480.13
556,710.81
$
BOROUGH OF SURF CITY
WATER/SEWER UTILITY CAPITAL FUND
SCHEDULE OF ANALYSIS OF WATER/SEWER UTILITY CAPITAL FUND CASH
YEAR ENDED DECEMBER 31, 2017
112
EXHIBIT D-6
46,272.03
$
Increased By:
2017 Billings
1,722,100.17
1,768,372.20
Decreased By:
Cash Collections
1,711,457.08
$
Prepaid Rents Applied
14,168.35
1,725,625.43
42,746.77
$
Balance, December 31, 2016
Balance, December 31, 2017
BOROUGH OF SURF CITY
YEAR ENDED DECEMBER 31, 2017
SCHEDULE OF WATER/SEWER RENTS
WATER/SEWER UTILITY OPERATING FUND
113
EXHIBIT D-7
Balance,
Balance,
December 31,
December 31,
2016
Additions
2017
Water Fund:
Land
5,623.38
$
-
$
5,623.38
$
Springs and Wells
1,144,757.56
25,780.50
1,170,538.06
Pumping Station & Equipment
169,915.01
-
169,915.01
Distribution Mains & Accessories
898,285.92
23,050.00
921,335.92
Meters & Accessories
96,475.00
-
96,475.00
Garage & Storage Building
72,384.87
-
72,384.87
Tower, Standpipe & Storage Tanks
2,296,164.07
25,000.00
2,321,164.07
Fire Hydrants
49,213.51
-
49,213.51
Trucks & Other Equipment
137,923.47
43,316.00
181,239.47
Water Plant & Equipment
578,742.57
-
578,742.57
Office Facilities
13,938.13
-
13,938.13
Computer System
8,973.23
-
8,973.23
Sewer Fund:
Collection System
1,600,045.63
-
1,600,045.63
Landscaping
2,774.20
-
2,774.20
Meters & Accessories
6,573.45
-
6,573.45
Trucks & Other Equipment
194,081.11
7,334.71
201,415.82
Garage & Storage Building
74,202.32
-
74,202.32
Office Facilities
13,938.12
-
13,938.12
Computer System
8,503.25
-
8,503.25
7,372,514.80
$
124,481.21
$
7,496,996.01
$
Transfer from Fixed Capital Authorized & Uncompleted
25,780.50
$
Transfer from Capital Outlay
98,700.71
124,481.21
$
BOROUGH OF SURF CITY
SCHEDULE OF FIXED CAPITAL
YEAR ENDED DECEMBER 31, 2017
114
EXHIBIT D-8
BALANCE
TRANSFERRED
BALANCE
Ordinance
DECEMBER 31,
TO FIXED
DECEMBER 31,
Number
DATE
AMOUNT
2016
CAPITAL
2017
09-07
Improvements to Water/Sewer System
8/31/09
700,000.00
$
660,260.63
$
25,780.50
$
634,480.13
$
660,260.63
$
25,780.50
$
634,480.13
$
Purpose
ORDINANCE
BOROUGH OF SURF CITY
WATER/SEWER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED
YEAR ENDED DECEMBER 31, 2017
115
EXHIBIT D-9
BALANCE
BALANCE
DECEMBER 31,
AFTER
BALANCE
2016
TRANSFERS
EXPENDED
LAPSED
Operating:
Salaries and Wages
75,754.47
$
75,754.47
$
-
$
75,754.47
$
Other Expenses
265,752.49
282,410.62
17,376.06
265,034.56
Capital Improvements:
Capital Outlay
26,684.00
70,000.00
43,316.00
26,684.00
Statutory Expenditures:
Contribution To:
Social Security System (O.A.S.I.)
12,955.78
12,955.78
-
12,955.78
Defined Contribution Retirement Plan
786.00
786.00
-
786.00
Unemployment Compensation Insurance
2,945.71
2,945.71
-
2,945.71
384,878.45
$
444,852.58
$
60,692.06
$
384,160.52
$
Appropriation Reserves
384,878.45
$
Encumbrances Payable
59,974.13
444,852.58
$
Cash Disbursements
60,692.06
$
60,692.06
$
Appropriation
BOROUGH OF SURF CITY
WATER/SEWER UTILITY OPERATING FUND
SCHEDULE OF 2016 APPROPRIATION RESERVES
YEAR ENDED DECEMBER 31, 2017
116
EXHIBIT D-10
59,974.13
$
26,108.37
86,082.50
Transferred To Appropriation Reserves
59,974.13
26,108.37
$
Increased By:
Current Appropriations
Decreased By:
Balance, December 31, 2017
BOROUGH OF SURF CITY
WATER/SEWER UTILITY OPERATING FUND
SCHEDULE OF ENCUMBRANCES PAYABLE
YEAR ENDED DECEMBER 31, 2017
Balance, December 31, 2016
117
EXHIBIT D-11
14,168.35
$
Increased By:
Cash Receipts
14,890.68
29,059.03
Decreased By:
Applied To Rents Receivable
14,168.35
14,890.68
$
Balance, December 31, 2017
BOROUGH OF SURF CITY
WATER/SEWER UTILITY OPERATING FUND
SCHEDULE OF PREPAID RENTS
YEAR ENDED DECEMBER 31, 2017
Balance, December 31, 2016
118
EXHIBIT D-12
8,681.52
$
BOROUGH OF SURF CITY
WATER/SEWER UTILITY OPERATING FUND
SCHEDULE OF ACCOUNTS PAYABLE
YEAR ENDED DECEMBER 31, 2017
Balance, December 31, 2016 and 2017
119
EXHIBIT D-13
(71,409.63)
$
Interest Earned in Water/Sewer Utility Capital Fund
1,596.35
$
71,409.63
73,005.98
1,596.35
Cash Receipts
1,407.65
188.70
$
Balance, December 31, 2016
BOROUGH OF SURF CITY
WATER/SEWER UTILITY OPERATING FUND
SCHEDULE OF DUE FROM/(TO) WATER/SEWER UTILITY CAPITAL FUND
YEAR ENDED DECEMBER 31, 2017
Increased By:
Decreased By:
Balance, December 31, 2017
Cash Disbursements
120
EXHIBIT D-14
ORIGINAL
BALANCE
BALANCE
ISSUE
DATE OF
DATE OF
INTEREST
DECEMBER 31,
DECEMBER 31,
Ordinance
Improvement Description
DATE
ISSUE
MATURITY
RATE*
2016
INCREASED
DECREASED
2017
2009-05
* Improvements to Water & Sewer System
05/15/12
05/15/16
05/15/17
0.00%
125,000.00
$
-
$
125,000.00
$
-
$
125,000.00
$
-
$
125,000.00
$
-
$
* - Purchased by Municipality
BOROUGH OF SURF CITY
WATER/SEWER UTILITY CAPITAL FUND
SCHEDULE OF BOND ANTICIPATION NOTES
YEAR ENDED DECEMBER 31, 2017
121
EXHIBIT D-15
Ordinance
Paid or
Number
Purpose
Date
Amount
Funded
Unfunded
Charged
Funded
Unfunded
09-07
Improvements to Water/Sewer System
08/31/09
700,000.00
$
-
$
660,260.63
$
25,780.50
$
-
$
634,480.13
$
Ordinance
BOROUGH OF SURF CITY
WATER/SEWER UTILITY CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
YEAR ENDED DECEMBER 31, 2017
December 31, 2017
Balance
Balance
December 31, 2016
122
EXHIBIT D-16
Balance, December 31, 2016
449,565.51
$
Increased By:
2017 Budget Appropriations
25,000.00
474,565.51
$
Balance, December 31, 2017
BOROUGH OF SURF CITY
YEAR ENDED DECEMBER 31, 2017
SCHEDULE OF CAPITAL IMPROVEMENT FUND
WATER/SEWER UTILITY CAPITAL FUND
123
EXHIBIT D-17
7,297,775.43
$
Increased By:
Bond Anticipation Notes Paid
125,000.00
$
Capital Outlay in Operating
Fund Budget
98,700.71
Funding of Costs of Improvements Authorized
By Budget
50,000.00
273,700.71
7,571,476.14
$
Balance, December 31, 2017
BOROUGH OF SURF CITY
WATER/SEWER UTILITY CAPITAL FUND
SCHEDULE OF RESERVE FOR AMORTIZATION
YEAR ENDED DECEMBER 31, 2017
Balance, December 31, 2016
124
EXHIBIT D-18
BALANCE
BALANCE
Ordinance
DECEMBER 31,
DECEMBER 31,
Number
2016
DECREASED
2017
2009-07
Improvements to Water & Sewer System
610,000.00
$
50,000.00
$
560,000.00
$
610,000.00
$
50,000.00
$
560,000.00
$
Purpose
YEAR ENDED DECEMBER 31, 2017
BOROUGH OF SURF CITY
WATER/SEWER UTILITY CAPITAL FUND
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
125
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126
GENERAL FIXED ASSETS ACCOUNT GROUP
127
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128
EXHIBIT E-1
BALANCE
BALANCE
DECEMBER 31,
DECEMBER 31,
2016
ADDITIONS
DELETIONS
2017
Land
748,506.36
$
-
$
-
$
748,506.36
$
Buildings
839,927.80
72,895.11
-
912,822.91
Equipment
578,888.59
22,004.13
1,200.00
599,692.72
Motor Vehicles
2,783,618.10
154,386.97
237,401.00
2,700,604.07
4,950,940.85
$
249,286.21
$
238,601.00
$
4,961,626.06
$
BOROUGH OF SURF CITY
YEAR ENDED DECEMBER 31, 2017
SCHEDULE OF GENERAL FIXED ASSETS
GENERAL FIXED ASSETS ACCOUNT GROUP
129
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130
LENGTH OF SERVICE AWARDS PROGRAM FUND
131
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132
EXHIBIT F-1
673,103.33
$
Increased By:
Borough Contributions
51,750.00
$
Appreciation on Investments
94,907.60
146,657.60
819,760.93
Decreased By:
Withdrawals
58,861.86
Accounting Charges
1,795.55
60,657.41
759,103.52
$
Balance, December 31, 2017
BOROUGH OF SURF CITY
LENGTH OF SERVICE AWARDS PROGRAM FUND ("LOSAP")
SCHEDULE OF INVESTMENTS
YEAR ENDED DECEMBER31, 2017
Balance, December 31, 2016
(Unaudited)
133
EXHIBIT F-2
673,103.33
$
Increased By:
Borough Contributions
51,750.00
$
Appreciation on Investments
94,907.60
146,657.60
819,760.93
Decreased By:
Withdrawals
58,861.86
Accounting Charges
1,795.55
60,657.41
759,103.52
$
Balance, December 31, 2017
BOROUGH OF SURF CITY
LENGTH OF SERVICE AWARDS PROGRAM FUND ("LOSAP")
SCHEDULE OF MISCELLANEOUS RESERVES
YEAR ENDED DECEMBER31, 2017
Balance, December 31, 2016
(Unaudited)
134
BOROUGH OF SURF CITY
PART II
SCHEDULE OF FINANCIAL STATEMENT FINDINGS -
GOVERNMENT AUDITING STANDARDS
FOR THE YEAR ENDED DECEMBER 31, 2017
135
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136
BOROUGH OF SURF CITY
SCHEDULE OF FINANCIAL STATEMENT FINDINGS
FOR THE YEAR ENDED DECEMBER 31, 2017
This section identifies the significant deficiencies, material weaknesses and instances of noncompliance
related to the basic financial statements that are required to be reported in accordance with Government
Auditing Standards and with audit requirements prescribed by the Division of Local Government
Services, Department of Community Affairs, State of New Jersey.
None.
137
BOROUGH OF SURF CITY
SUMMARY SCHEDULE OF PRIOR YEAR AUDIT FINDINGS
FOR THE YEAR ENDED DECEMBER 31, 2017
This section identifies the status of prior year findings related to the financial statements, federal awards
and state financial assistance that are required to be reported in accordance with Government Auditing
Standards, Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principals, and Audit Requirements for Federal Awards (Uniform Guidance), and
New Jersey OMB’s Circular 15-08.
Financial Statement Findings
No Prior Year Findings.
FEDERAL AWARDS
N/A – No Federal Single Audit in prior year.
STATE FINANCIAL ASSISTANCE
N/A – No State Single Audit in prior year.
138
BOROUGH OF SURF CITY
PART III
LETTER OF COMMENTS AND RECOMMENDATIONS – REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2017
139
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140
OFFICIALS IN OFFICE AND SURETY BONDS
The following officials were in office at December 31, 2017:
Name
Title
Francis R. Hodgson, Sr.
Mayor
John H. Klose
Councilmember
John G. Hadash III
Councilmember
William D. Hodgson
Councilmember
Peter M. Hartney
Councilmember
James B. Russell
Councilmember
Jacqueline Siciliano
Councilmember
Mary P. Madonna
Borough Administrator
Municipal Clerk
Assessment Search Officer
Registrar of Vital Statistics
Michael Gross
Chief Financial Officer
Treasurer of Water/Sewer Rents
James A. Liguori
Municipal Court Judge
Constance Motter
Court Administrator
Walter R. Higgins, Jr.
Assessor
Christopher J. Connors, Esq.
Solicitor
Frank Little
Engineer
All employees are covered by a Blanket Bond of $1,000,000, of which $950,000 is provided as part of the
Ocean County Joint Insurance Fund and $50,000 through the Municipal Excess Liability Joint Insurance
Fund.
141
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142
Honorable Mayor and Members
of the Borough Council
Borough of Surf City
County of Ocean
Surf City, New Jersey
In accordance with requirements prescribed by the Division of Local Government Services, Department
of Community Affairs, State of New Jersey, the following are the General Comments and
Recommendations for the year ended December 31, 2017.
GENERAL COMMENTS:
Contracts and Agreements required to be advertised by (N.J.S.A.40A:11-4)
N.J.S.A.40A:11-4 states every contract or agreement, for the performance of any work or 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 therefore, 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 bid threshold, except by
contract or agreement.
The bid threshold in accordance with N.J.S.A. 40A:11-4 was $40,000 for the year ended December 31, 2017.
It is pointed out that the governing body of the municipality has the responsibility of determining whether
the expenditures in any category will exceed the statutory minimum 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 examination of expenditures did not reveal any individual payments or contracts in excess of the bid
threshold “for the performance of any work, or the furnishing of any materials, supplies or labor” 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.
143
Collection of Interest on Delinquent Taxes and Assessments
N.J.S.54:4-67, provides the method for authorizing interest and the maximum rates to be charged for the
nonpayment of taxes or assessments on or before the date when they would become delinquent.
The governing body on January 3, 2017 adopted the following resolution authorizing interest to be
charged on delinquent taxes:
NOW THEREFORE, BE IT RESOLVED, that if said taxes are deemed to be delinquent for non-
payment of taxes, the Tax Collector shall charge eight (8%) percent per annum on the first
$1,500.00 of the delinquency, and eighteen (18%) percent per annum on any amount in excess of
$1,500.00; and
BE IT FURTHER RESOLVED, by the Borough Council of the Borough of Surf City, that the Tax
Collector shall allow that no interest will be charged on payments received and made by the tenth
calendar day following the date upon which the same became payable; and
BE IT FURTHER RESOLVED, by the Borough Council of the Borough of Surf City, that the Tax
Collector shall charge, in addition to the interest for delinquent taxes, as noted above, a penalty
of six (6%) percent of the amount of the delinquency in taxes in excess of $10,000.00 to a
taxpayer who fails to pay the delinquency prior to the end of the calendar year.
It appears from an examination of the Collector's record that interest was collected in accordance with the
foregoing resolution.
OTHER COMMENTS (FINDINGS):
None.
RECOMMENDATIONS:
None.
144
Appreciation
We express our appreciation for the assistance and courtesies extended to the members of the audit team.
Respectfully submitted,
HOLMAN FRENIA ALLISON, P. C.
Kevin P. Frenia
Certified Public Accountant
Registered Municipal Accountant
RMA No. 435
Toms River, New Jersey
June 29, 2018
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"...Audit Findings and Questioned Costs as Prepared by Management 138 Letter of Comments and Recommendations - Regulatory Basis: Officials in Office and Surety Bonds 141 General Comments & Findings 143 Acknowledgment 145 PART II PART III BOROUGH OF SURF CITY PART I..."
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