2018 Audit

The audit report for the Borough of Surf City, New Jersey, for the year ended December 31, 2018, includes the independent auditor's report on the financial statements of the various funds and account groups. The report expresses an adverse opinion on the financial statements' presentation in accordance with accounting principles generally accepted in the United States of America (GAAP) due to the Borough's adherence to the regulatory basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. The report also includes an unmodified opinion on the regulatory basis of accounting, along with a disclaimer of opinion on the LOSAP Trust Fund. Additionally, the report covers internal control over financial reporting and compliance with laws, regulations, contracts, and grant agreements.