2021 Audit

The Borough of Surf City's 2021 audit reveals the financial status of various funds, including the Current Fund, Trust Funds, General Capital Fund, and Water/Sewer Utility Fund. The Independent Auditor's Report expresses an unmodified opinion on the regulatory basis financial statements and an adverse opinion on U.S. Generally Accepted Accounting Principles (GAAP) due to the use of a regulatory basis of accounting as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. A material weakness was identified in internal controls regarding the maintenance of a complete and accurate general ledger system. The audit also includes supplementary information like cash schedules, tax receivables analyses, and schedules of various reserves, providing a comprehensive financial overview.