2020 Audit

The Borough of Surf City's audit report for the year ended December 31, 2020, reveals the financial standing of various funds and account groups. These include the Current Fund, Trust Funds, General Capital Fund, Water/Sewer Utility Fund, and General Fixed Asset Account Group. The report includes statements of assets, liabilities, reserves, fund balances, operations, changes in fund balance, revenues, and expenditures on a regulatory basis. Prepared to comply with the Division of Local Government Services, the financial statements adhere to accounting principles prescribed by the State of New Jersey, differing from generally accepted accounting principles in the United States of America. The audit also identified two material weaknesses: the improper maintenance of the general ledger within the Borough’s main financial reporting system (Edmunds) and the loss of accounting data due to hardware failure with the inability to recover this data. The report recommends establishing internal control policies and procedures to maintain a single general ledger system and to ensure regular, reliable data backups are performed. The audit report and related schedules were issued on May 3, 2022.