2019 Audit

The Borough of Surf City's 2019 audit, conducted by Holman Frenia Allison, P.C., examined the financial statements prepared on a regulatory basis, as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. The audit included the review of various funds including the Current Fund, Trust Funds, General Capital Fund, Utility Operating and Capital Funds, and the General Fixed Asset Account Group. The Independent Auditor's Report, issued September 1, 2020, expresses an adverse opinion regarding the financial statements' adherence to generally accepted accounting principles (GAAP) in the United States of America. However, an unmodified opinion was issued on the regulatory basis of accounting, stating the financial statements fairly present the assets, liabilities, reserves, and fund balance of the various funds as of December 31, 2019.