2023 Audit

The Borough of Surf City's audit for the year ended December 31, 2023, 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 of accounting, indicating fair presentation of assets, liabilities, reserves, and fund balance. However, an adverse opinion is noted regarding U.S. Generally Accepted Accounting Principles (GAAP) due to variances between the regulatory basis and GAAP. Certain financial reporting practices are established by the 'Requirements of Audit' as promulgated by the State of New Jersey, Department of Community Affairs, Division of Local Government Services.