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Executive Summary
This document is an audit report for the Borough of Tuckerton, New Jersey, covering the financial statements and supplementary schedules for the year ended December 31, 2020. The audit was conducted by Suplee, Clooney & Company, Certified Public Accountants. The report includes an independent auditor's report, financial statements on a regulatory basis for various funds (Current Fund, Trust Fund, General Capital Fund, and Water-Sewer Utility Fund), notes to the financial statements, and supplementary schedules for all funds. It also contains statistical data, a list of officials in office and their surety bonds, and comments and recommendations.
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--- Document: 2020-audit-report-tuckerton Document ---
Report of Audit
on the
Financial Statements
and Supplementary Schedules
of the
Borough of Tuckerton
in the
County of Ocean
New Jersey
for the
Year Ended
December 31, 2020
BOROUGH OF TUCKERTON
INDEX
PAGES
PART I
Independent Auditor’s Report
1-3
Independent Auditor’s Report on Internal Control Over Financial Reporting
and on Compliance and Other Matters Based on an Audit of Financial
Statements Performed in Accordance with Government Auditing Standards
4-5
EXHIBITS
Financial Statements - Regulatory Basis
Current Fund:
Balance Sheets - Regulatory Basis
"A"
Statement of Operations and Changes in Fund Balance - Regulatory Basis
“A-1”
Statement of Revenues - Regulatory Basis for the Year Ended December 31, 2020
“A-2”
Statement of Expenditures - Regulatory Basis for the Year Ended December 31, 2020 “A-3”
Trust Fund:
Balance Sheets - Regulatory Basis
“B”
General Capital Fund:
Balance Sheets - Regulatory Basis
“C”
Statement of Capital Fund Balance - Regulatory Basis
“C-1”
Water-Sewer Utility Fund:
Balance Sheets - Regulatory Basis
“D”
Statement of Operations and Changes in Operating Fund Balance - Regulatory Basis
“D-1”
Statement of Utility Capital Fund Balance - Regulatory Basis for the Year Ended
December 31, 2020
“D-2”
Statement of Revenues - Regulatory Basis for the Year Ended December 31, 2020
“D-3”
Statement of Expenditures - Regulatory Basis for the Year Ended December 31, 2020
“D-4”
General Fixed Assets Account Group:
Balance Sheets - Regulatory Basis
“E”
PAGES
Notes to Financial Statements
6-41
BOROUGH OF TUCKERTON
INDEX (CONTINUED)
EXHIBITS
Supplementary Schedules - All Funds
Current Fund:
Schedule of Cash
“A-4”
Schedule of Change Funds
“A-5”
Schedule of Taxes Receivable and Analysis of Property Tax Levy
“A-6”
Schedule of Tax Title Liens Receivable
“A-7”
Schedule of 6% Year End Penalty Receivable “A-8”
Schedule of Property Acquired for Taxes (at Assessed Valuation)
“A-9”
Schedule of Revenue Accounts Receivable
“A-10”
Schedule of Deferred Charges
“A-11”
Schedule of Due From/To State of New Jersey
“A-12”
Schedule of Tax Overpayments
“A-13”
Schedule of Prepaid Taxes
“A-14”
Schedule of Property Maintenance Liens
“A-15”
Schedule of County Taxes Payable
“A-16”
Schedule of Local District School Tax Payable
“A-17”
Schedule of Regional School District Taxes Payable
“A-18”
Schedule of Appropriation Reserves
“A-19”
Schedule of Reserve for Encumbrances
“A-20”
Schedule of Miscellaneous Reserves
“A-21”
Schedule of Interfunds
“A-22”
Schedule of Emergency Note Payable
“A-23”
Schedule of Accounts Payable
“A-24”
Schedule of Reserve for Covid-19 Expenditures
“A-25”
Schedule of Interfunds - Federal and State Grant Fund
“A-26”
Schedule of Grants Receivable - Federal and State Grant Fund
“A-27”
Schedule of Grants - Appropriated - Federal and State Grant Fund
“A-28”
Schedule of Grants - Unappropriated - Federal and State Grant Fund
“A-29”
Trust Fund:
Schedule of Cash
“B-1”
Schedule of Reserve for Animal Control Trust Fund Expenditures
“B-2”
Schedule of Due State of New Jersey
“B-3”
Schedule of Interfunds
“B-4”
Schedule of Reserve for Encumbrances
“B-5”
Schedule of Miscellaneous Reserves
“B-6”
General Capital Fund:
Schedule of Cash
“C-2”
Analysis of Cash
“C-3”
Schedule of Deferred Charges to Future Taxation - Unfunded
“C-4”
Schedule of Interfund - Current Fund
“C-5”
Schedule of Improvement Authorizations
“C-6”
Schedule of Reserve for Encumbrances
“C-7”
Schedule of Bond Anticipation Notes Payable
“C-8”
Schedule of Capital Improvement Fund
“C-9”
Schedule of Interfund - Grant Fund
“C-10”
Schedule of Miscellaneous Reserves
“C-11”
BOROUGH OF TUCKERTON
INDEX (CONTINUED)
EXHIBITS
Water-Sewer Utility Fund:
Schedule of Cash
“D-5”
Schedule of Change Funds “D-6”
Analysis of Cash - Capital Fund
“D-7”
Schedule of Water Rents Receivable - Operating Fund
“D-8”
Schedule of Sewer Rents Receivable - Operating Fund
“D-9”
Schedule of Water - Sewer Utility Liens Receivable - Operating Fund “D-10”
Schedule of Accounts Payable - Operating Fund
“D-11”
Schedule of Accrued Interest on Bonds, Notes and Loans - Operating Fund
“D-12”
Schedule of Interfunds - Operating Fund
“D-13”
Schedule of Appropriation Reserves - Operating Fund
“D-14”
Schedule of Reserve for Encumbrances
“D-15”
Schedule of Water - Sewer Overpayments - Operating Fund
“D-16”
Schedule of Fixed Capital - Capital Fund
“D-17”
Schedule of Fixed Capital Authorized and Uncompleted - Capital Fund
“D-18”
Schedule of Interfunds - Capital Fund
“D-19”
Schedule of Serial Bonds Payable - Capital Fund
“D-20”
Schedule of Bond Anticipation Notes Payable - Capital Fund
“D-21”
Schedule of New Jersey Environmental Infrastructure Trust/Fund Loans Payable
- Capital Fund
“D-22”
Schedule of Improvement Authorizations - Capital Fund
“D-23”
Schedule of Capital Improvement Fund - Capital Fund
“D-24”
Schedule of Reserve for Improvements to Water System - Capital Fund
“D-25”
Schedule of Reserve for Amortization - Capital Fund
“D-26”
Schedule of Deferred Reserve for Amortization - Capital Fund
“D-27”
Schedule of Bonds and Notes Authorized But Not Issued - Capital Fund
“D-28”
PAGES
PART II
Statistical Data
42-46
Officials in Office and Surety Bonds
47
Comments and Recommendations
48-52
BOROUGH OF TUCKERTON
PART I
INDEPENDENT AUDITOR’S REPORT ON
AUDIT OF FINANCIAL STATEMENTS
AND SUPPLEMENTARY SCHEDULES AND DATA
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL
OVER FINANCIAL REPORTING AND ON COMPLIANCE AND
OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL
STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
FINANCIAL STATEMENTS - REGULATORY BASIS - ALL FUNDS
NOTES TO FINANCIAL STATEMENTS - REGULATORY BASIS
SUPPLEMENTARY SCHEDULES - ALL FUNDS
YEAR ENDED DECEMBER 31, 2020
INDEPENDENT AUDITOR'S REPORT
The Honorable Mayor and Members
of the Borough Council
Borough of Tuckerton
County of Ocean
Tuckerton, New Jersey 08087
Report on the Financial Statements
We have audited the accompanying balance sheets - regulatory basis of the various
individual funds and account groups of the Borough of Tuckerton, as of December 31, 2020 and
2019, the related statements of operations and changes in fund balance - regulatory basis for the
years then ended, and the related statements of revenues - regulatory basis and statements of
expenditures - regulatory basis of the various individual funds for the year ended December 31,
2020, and the related notes to the financial statements, which collectively comprise the Borough’s
regulatory financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with the regulatory basis of accounting prescribed by the Division of
Local Government Services, Department of Community Affairs, State of New Jersey. Management
is also responsible for the design, implementation, and maintenance of internal control relevant to
the preparation and fair presentation of financial statements that are free from material
misstatements, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these regulatory financial statements based
on our audit. We conducted our audit in accordance with auditing standards generally accepted in
the United States of America, the audit requirements prescribed by the Division of Local
Government Services, Department of Community Affairs, State of New Jersey (the “Division”), and
the standards applicable to financial audits contained in Government Auditing Standards, issued by
the Comptroller General of the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement.
SCC
SUPLEE, CLOONEY & COMPANY
C E R T I F I E D P U B L I C A C C O U N T A N T S
308 East Broad Street, Westfield, New Jersey 07090-2122
Telephone 908-789-9300
Fax 908-789-8535
E-mail info@scnco.com
1
SUPLEE, CLOONEY & COMPANY
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the regulatory financial statements. The procedures selected depend on the
auditor’s judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the entity’s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly,
we express no such opinion. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of significant accounting estimates made by management,
as well as evaluating the overall presentation of the regulatory financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinions.
Basis for Adverse Opinion on U.S Generally Accepted Accounting Principles.
As described in Note 1 of the regulatory financial statements, the regulatory financial
statements are prepared by the Borough of Tuckerton on the basis of the financial reporting
provisions prescribed by the Division of Local Government Services, Department of Community
Affairs, State of New Jersey, which is a basis of accounting other than accounting principles
generally accepted in the United States of America, to meet the requirements of New Jersey.
The effects on the financial statements of the variances between the regulatory basis of
accounting described in Note 1 and accounting principles generally accepted in the United States
of America, although not reasonably determinable, are presumed to be material.
Adverse Opinion on U.S. Generally Accepted Accounting Principles
In our opinion, because of the significance of the matter discussed in the “Basis for Adverse
Opinion on U.S Generally Accepted Accounting Principles” paragraph, the financial statements
referred to above do not present fairly, in accordance with accounting principles generally accepted
in the United States of America, the financial position of the various individual funds and account
group of the Borough of Tuckerton as of December 31, 2020 and 2019, or the results of its
operations and changes in fund balance for the years then ended or the statements of revenues or
statements of expenditures for the year ended December 31, 2020.
Opinion on Regulatory Basis of Accounting
In our opinion, the regulatory financial statements referred to above present fairly, in all
material respects, the regulatory basis balances sheets of the various individual funds and account
group as of December 31, 2020 and 2019, the regulatory basis statements of operations and
changes in fund balance for the years then ended and the regulatory basis statements of revenues
and statements of expenditures for the year ended December 31, 2020 in accordance with the
basis of financial reporting prescribed by the Division of Local Government Services, Department
of Community Affairs, State of New Jersey as described in Note 1.
2
SUPLEE, CLOONEY & COMPANY
Other Matters
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements
that collectively comprise the Borough of Tuckerton’s regulatory financial statements.
The
supplementary information, schedules and data listed in the table of contents as required by the
Division of Local Government Services, Department of Community Affairs, State of New Jersey are
presented for purposes of additional analysis and are not a required part of the regulatory financial
statements.
The supplemental information, schedules and data listed above and also listed in the table
of contents are the responsibility of management and were derived from and relates directly to the
underlying accounting and other records used to prepare the regulatory financial statements. Such
information has been subjected to the auditing procedures applied in the audit of the regulatory
financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the regulatory
financial statements or to the regulatory financial statements themselves, and other additional
procedures in accordance with auditing standards generally accepted in the United States of
America. In our opinion, the supplemental information, schedules and data listed in the table of
contents are fairly stated, in all material respects, in relation to the regulatory financial statements
as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
September 30, 2021 on our consideration of the Borough of Tuckerton’s internal control over
financial reporting and on our tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements and other matters. The purpose of that report is to describe the
scope of our testing of internal control over financial reporting and compliance and the results of
that testing, and not to provide an opinion on internal control over financial reporting or on
compliance. That report is an integral part of an audit performed in accordance with Government
Auditing Standards in considering the Borough of Tuckerton’s internal control over financial
reporting and compliance.
CERTIFIED PUBLIC ACCOU
REGISTERED MUNICIPAL ACCOUNTANT NO. 439
September 30, 2021
3
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED
IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
The Honorable Mayor and Members
of the Borough Council
Borough of Tuckerton
County of Ocean
Tuckerton, New Jersey 08087
We have audited, in accordance with the auditing standards generally accepted in the United
States of America, the audit requirements prescribed by the Division of Local Government Services,
Department of Community Affairs, State of New Jersey and the standards applicable to financial
audits contained in Government Auditing Standards issued by the Comptroller General of the United
States, the regulatory financial statements of the various individual funds and the account groups of
the Borough of Tuckerton, as of and for the year ended December 31, 2020, and the related notes to
the financial statements, which collectively comprise the Borough’s regulatory financial statements,
and have issued our report thereon dated September 30, 2021. Our report disclosed that, as
described in Note 1 to the financial statements, the Borough of Tuckerton prepares its financial
statements on a basis of accounting prescribed by the Division of Local Government Services,
Department of Community Affairs, State of New Jersey, that demonstrates compliance with a
modified accrual basis and the budget laws of the State of New Jersey, which is a comprehensive
basis of accounting other than U.S. generally accepted accounting principles.
Internal Control Over Financial Reporting
In planning and performing our audit of the regulatory financial statements, we considered
the Borough’s control over financial reporting (internal control) to determine the audit procedures
that are appropriate in the circumstances for the purpose of expressing our opinions on the financial
statements but not for the purpose of expressing an opinion on the effectiveness of the Borough’s
internal control. Accordingly, we do not express an opinion on the effectiveness of Borough’s
internal control.
SCC
SUPLEE, CLOONEY & COMPANY
C E R T I F I E D P U B L I C A C C O U N T A N T S
308 East Broad Street, Westfield, New Jersey 07090-2122
Telephone 908-789-9300
Fax 908-789-8535
E-mail info@scnco.com
4
SUPLEE, CLOONEY & COMPANY
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent,
or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control, such that there is a reasonable possibility that a
material misstatement of the Borough of Tuckerton’s financial statements will not be prevented or
detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination
of deficiencies, in internal control that is less severe than a material weakness, yet important enough
to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal control that
might be material weaknesses or significant deficiencies. Given these limitations, during our audit
we did not identify any deficiencies in internal control that we consider to be material weaknesses.
However, material weaknesses may exist that have not been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Borough’s financial statements
are free from material misstatement, we performed tests of its compliance with certain provisions of
laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct
and material effect on the determination of financial statement amounts. However, providing an
opinion on compliance with those provisions was not an objective of our audit, and accordingly, we
do not express such an opinion. The results of our tests disclosed no instances of noncompliance or
other matters that are required to be reported under Government Auditing Standards.
Purpose of This Report
The purpose of this report is solely to describe the scope of our testing of internal control and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of the
Borough of Tuckerton’s internal control or on compliance. This report is an integral part of an audit
performed in accordance with Government Auditing Standards in considering the Borough of
Tuckerton’s internal control and compliance. Accordingly, this communication is not suitable for any
other purpose.
A
CERTIFIED PUB
REGISTERED MUNICIPAL ACCOUNTANT NO. 439
September 30, 2021
5
"A"
SHEET #1
BOROUGH OF TUCKERTON
CURRENT FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
BALANCE
DECEMBER
DECEMBER
REF.
31, 2020
31, 2019
Current Fund:
Cash and Cash Equivalents
A-4
$
1,802,503.96
$
984,121.68
Change Fund
A-5
225.00
175.00
1,802,728.96
984,296.68
Receivables with Full Reserves:
Taxes Receivable
A-6
183,103.14
205,984.98
Tax Title Liens Receivable
A-7
261,226.53
245,180.93
6% Year-End Penalty Receivable
A-8
3,824.56
5,060.36
Property Acquired for Taxes at Assessed
Valuation
A-9
330,250.00
330,250.00
Revenue Accounts Receivable
A-10
2,316.35
Property Maintenance Liens
A-15
10,697.90
7,203.56
Prepaid Regional School District Tax
A-18
10,092.52
Interfunds Receivable
A-22
10,190.17
141,662.68
Due from Magistrate
42.00
42.00
801,650.65
945,477.03
Deferred Charges:
Special Emergency Authorizations (40A:4-53)
A-11
60,000.00
90,000.00
60,000.00
90,000.00
2,664,379.61
2,019,773.71
Federal and State Grant Fund:
Cash
A-4
200,298.39
40,127.37
Interfunds Receivable
A-26
3,289.00
Grants Receivable
A-27
1,183,831.99
1,341,275.16
1,387,419.38
1,381,402.53
$
4,051,798.99
$ 3,401,176.24
ASSETS
The accompanying Notes to Financial Statements are an integral part of this statement.
"A"
SHEET #2
BOROUGH OF TUCKERTON
CURRENT FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
BALANCE
DECEMBER
DECEMBER
REF.
31, 2020
31, 2019
Current Fund:
Appropriation Reserves
A-3:A-19
$
254,464.35
$
159,771.15
Due to State of New Jersey (Ch. 20, P.L. 1971)
A-12
5,922.73
5,310.40
Due to State of New Jersey Other
A-12
1,580.00
6,793.47
Tax Overpayments
A-13
59,820.33
75,901.56
Prepaid Taxes
A-14
208,410.33
185,078.86
Due County - Added and Omitted Taxes
A-16
22,728.15
18,147.00
Local District School Tax Payable
A-17
122,325.15
1,487.38
Regional School District Taxes Payable
A-18
219,413.97
Accounts Payable
A-24
803.14
803.14
Reserve for:
Encumbrances
A-20
90,473.78
35,979.35
Miscellaneous Reserves
A-21
1,301.00
13,801.15
Interfunds Payable
A-22
171,771.06
29,850.00
Emergency Note Payable
A-23
60,000.00
90,000.00
1,219,013.99
622,923.46
Reserve for Receivables
801,650.65
945,477.03
Fund Balance
A-1
643,714.97
451,373.22
2,664,379.61
2,019,773.71
Federal and State Grant Fund:
Reserve for Encumbrances
A-20
12,774.91
595.55
Interfunds Payable
A-26
11,923.02
Grants - Appropriated
A-28
1,374,644.47
1,365,651.36
Grants - Unappropriated
A-29
3,232.60
1,387,419.38
1,381,402.53
$
4,051,798.99
$ 3,401,176.24
The accompanying Notes to Financial Statements are an integral part of this statement.
LIABILITIES, RESERVES AND FUND BALANCE
"A-1"
SHEET #1
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF OPERATIONS
AND CHANGES IN FUND BALANCE - REGULATORY BASIS
YEAR ENDED
YEAR ENDED
REF.
2020
2019
Fund Balance Utilized
A-2
$
361,268.22
$
546,350.00
Miscellaneous Revenue Anticipated
A-2
1,152,531.27
1,816,470.61
Receipts from Delinquent Taxes
A-2
205,623.77
248,252.16
Receipts from Current Taxes
A-2
10,869,032.90
10,704,489.68
Non-Budget Revenues
A-2
101,009.67
124,623.39
Other Credits to Income:
Interfunds Returned
A-22
11,923.02
Cancelled Grant Appropriated Reserves
A-22
240,300.00
Unexpended Balance of Appropriation Reserves
A-19
106,128.44
102,460.09
Cancelled Tax Overpayments
A-13
24,130.23
71.57
Prepaid School Taxes Returned
A
10,092.52
10,551.47
13,082,040.04
13,553,268.97
Budget Appropriations:
Salaries and Wages
2,040,800.00
1,943,400.00
Other Expenses
1,985,212.20
2,465,803.01
Capital Improvements
85,000.00
Municipal Debt Service
96,342.49
90,399.99
Deferred Charges and Statutory Expenditures
531,640.20
660,104.24
Judgments
184,000.00
A-3
4,837,994.89
5,244,707.24
County Taxes Payable
A-6:A-16
1,726,218.88
1,707,458.89
Added and Omitted County Taxes Payable
A-6:A-16
22,728.15
18,147.00
Local District School Tax Payable
A-17
3,013,059.15
3,128,073.00
Regional School District Taxes Payable
A-6:A-18
2,871,879.00
2,951,230.00
Cancelled Grant Receivables
A-22
240,300.00
Senior Citizen Deductions Disallowed
Prior Year Taxes
A-12
250.00
510.96
Interfund Advances
141,639.67
$
12,712,430.07
$
13,191,766.76
REVENUE AND OTHER INCOME
EXPENDITURES
Total Expenditures
The accompanying Notes to Financial Statements are an integral part of this statement.
Total Income
"A-1"
SHEET #2
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF OPERATIONS
AND CHANGES IN FUND BALANCE - REGULATORY BASIS
YEAR ENDED
YEAR ENDED
REF.
2020
2019
Excess/(Deficit) in Revenue
$
369,609.97
$
361,502.21
Adjustments to Income Before Fund Balance:
Emergency Authorizations Under N.J.S.A. 40A:4-47
Which Have Been Funded or Refunded Under
N.J.S.A. 40A:2-3 or 40A:2-51
A-11
184,000.00
Regulatory Excess to Fund Balance
553,609.97
361,502.21
Fund Balance
Balance, January 1
A
451,373.22
636,221.01
1,004,983.19
997,723.22
Decreased by:
Utilized as Anticipated Revenue
A-1
361,268.22
546,350.00
Fund Balance, December 31
A
$
643,714.97
$
451,373.22
The accompanying Notes to Financial Statements are an integral part of this statement.
EXPENDITURES (CONTINUED)
"A-2"
SHEET #1
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
ANTICIPATED
SPECIAL N.J.S.A.
EXCESS OR
REF.
BUDGET
40A:4-87
REALIZED
(DEFICIT)
Fund Balance Anticipated
A-1
$
361,268.22
$
$
361,268.22
$
Miscellaneous Revenues:
Licenses:
Alcoholic Beverages
A-10
10,365.00
10,440.00
75.00
Fines and Costs - Municipal Court
A-10
84,000.00
38,888.70
(45,111.30)
Interest and Costs on Taxes
A-10
63,000.00
59,214.95
(3,785.05)
Mobile Home Fees
A-10
16,500.00
18,441.28
1,941.28
Boat Stalls
A-10
9,700.00
10,625.00
925.00
Cable TV Franchise Fees
A-10
16,145.17
16,145.17
Energy Receipts Tax
A-10
324,612.00
324,612.00
Uniform Construction Code Fees
A-10
175,000.00
167,532.00
(7,468.00)
Interest on Investments and Deposits
A-10
4,000.00
2,120.33
(1,879.67)
Interfund Liquidation - Utility Operating Fund
A-10
129,739.56
119,549.49
(10,190.07)
Reserve for Payment of Debt
A-10
12,500.15
12,500.15
Alcohol Education and Rehabilitation Fund
A-26
2,834.03
2,834.03
Body Armor Replacement Fund
A-26
1,507.21
1,507.21
Clean Communities Program
A-26
8,524.36
8,524.36
DOT 2020 Kingfisher
A-26
350,000.00
350,000.00
Drunk Driving Enforcement Fund
A-26
2,443.60
2,443.60
Fish and Wildlife Fund
A-26
789.00
789.00
Recycling Tonnage Grant
A-26
6,364.00
6,364.00
A-1
$
1,206,665.69
$
11,358.39
$
1,152,531.27
$
(65,492.81)
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-2"
SHEET #2
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
ANTICIPATED
SPECIAL N.J.S.A.
EXCESS OR
REF.
BUDGET
40A:4-87
REALIZED
(DEFICIT)
Receipts from Delinquent Taxes
A-2
$
200,000.00
$
$
205,623.77
$
5,623.77
Amount to be Raised by Taxation for Support
of Municipal Budget
A-2
3,177,415.13
3,360,054.90
182,639.77
4,945,349.04
11,358.39
5,079,478.16
122,770.73
Non-Budget Revenues
A-1:A-2
101,009.67
101,009.67
$
4,945,349.04
$
11,358.39
$
5,180,487.83
$
223,780.40
REF.
A-3
A-3
Current Tax Collections
A-1:A-6
$
10,869,032.90
Appropriation "Reserve for Uncollected Taxes"
A-3
302,655.03
11,171,687.93
Less: Allocated to School and County Taxes
A-6
7,811,633.03
A-2
$
3,360,054.90
The accompanying Notes to Financial Statements are an integral part of this statement.
ANALYSIS OF REALIZED REVENUE
Budget Totals
"A-2"
SHEET #3
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
REF.
Delinquent Interest Collections
$
54,154.90
6% Year End Penalty Collections
A-8
5,060.05
A-2
$
59,214.95
Delinquent Tax Collections
A-6
$
195,050.31
Tax Title Liens
A-7
9,012.80
Property Maintenance Liens
A-4:A-15
1,560.66
A-1:A-2
$
205,623.77
Certified Property List
$
60.00
GOV Deals
3,472.17
Inspection Fines
200.00
Land Use Board Receipts
150.00
Lien Redemption
57,000.00
Miscellaneous
2,516.55
Municipal Clerk
2,033.00
NSF fees
20.00
Police Department
745.00
Polling Place
400.00
Recycling
4,893.45
Refund of Prior Year Expenditures
18,856.15
SC/Vets Administrative Fees
720.00
Tax Collector
9,943.35
A-1:A-2:A-4
$
101,009.67
The accompanying Notes to Financial Statements are an integral part of this statement.
INTEREST AND COSTS ON TAXES
RECEIPTS FROM DELINQUENT TAXES AND LIENS
ANALYSIS OF NON-BUDGET REVENUE
"A-3"
SHEET #1
APPROPRIATED
EXPENDED
UNEXPENDED
BUDGET AFTER
PAID OR
BALANCE
BUDGET
MODIFICATION
CHARGED
ENCUMBERED
RESERVED
CANCELED
OPERATIONS WITHIN CAPS
GENERAL GOVERNMENT
Mayor and Council
Salaries and Wages
$
26,000.00
$
26,000.00
$
24,715.38
$
$
1,284.62
$
Other Expenses
1,500.00
1,500.00
1,037.75
462.25
Administrative and Executive
Salaries and Wages
30,000.00
30,000.00
29,851.64
148.36
Municipal Clerk
Salaries and Wages
94,000.00
94,000.00
93,226.90
773.10
Other Expenses
25,000.00
26,500.00
24,974.93
105.53
1,419.54
Financial Administration (Treasury)
Salaries and Wages
75,000.00
71,200.00
55,304.21
15,895.79
Other Expenses
17,000.00
19,000.00
17,860.63
975.00
164.37
Audit Services
Other Expenses
29,500.00
23,500.00
21,500.00
2,000.00
Revenue Administration (Tax Collection)
Salaries and Wages
49,000.00
49,000.00
48,195.16
804.84
Other Expenses
12,000.00
13,500.00
9,710.27
3,331.99
457.74
Tax Assessment Administration
Other Expenses
1,500.00
1,500.00
872.77
35.00
592.23
Legal Services (Legal Department)
Other Expenses
34,000.00
32,825.00
31,137.13
1,687.87
Pending Matters
40,000.00
41,175.00
41,174.80
.20
Engineering Services
Other Expenses
20,000.00
21,000.00
20,999.99
.01
Economic Development Committee
Salaries and Wages
900.00
900.00
300.00
600.00
Other Expenses
6,000.00
6,000.00
5,920.00
80.00
Landmarks Commission (N.J.S.A. 40:55-10 et seq.)
Salaries and Wages
900.00
900.00
900.00
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-3"
SHEET #2
APPROPRIATED
EXPENDED
UNEXPENDED
BUDGET AFTER
PAID OR
BALANCE
BUDGET
MODIFICATION
CHARGED
ENCUMBERED
RESERVED
CANCELED
LAND USE ADMDINISTRATION
Land Use Board
Salaries and Wages
$
12,000.00
$
12,000.00
$
12,000.00
$
$
$
Other Expenses
7,000.00
7,000.00
3,869.55
3,130.45
Environmental Commission
Salaries and Wages
900.00
900.00
900.00
Other Expenses
500.00
500.00
500.00
Zoning Board of Adjustment
Salaries and Wages
12,500.00
12,500.00
12,294.62
205.38
Other Expenses
500.00
500.00
500.00
INSURANCE
General Liability
45,000.00
45,000.00
41,137.70
3,862.30
Workmen's Compensation
30,000.00
30,000.00
23,576.40
6,423.60
Employee Group Health
477,000.00
477,000.00
416,914.13
60,085.87
Health Benefit Waiver
14,000.00
14,000.00
11,803.40
2,196.60
PUBLIC SAFETY
Police Department
Salaries and Wages
866,000.00
866,000.00
854,571.81
11,428.19
Other Expenses
76,500.00
76,500.00
68,722.48
2,832.85
4,944.67
Office of Emergency Management
Other Expenses
3,000.00
3,000.00
2,408.00
592.00
Aid to Volunteer Fire Company
60,000.00
60,000.00
60,000.00
First Aid Organization Contribution
10,000.00
10,000.00
10,000.00
Municipal Prosecutor's Office
7,500.00
7,500.00
5,000.00
2,500.00
Municipal Court
Salaries and Wages
78,000.00
78,000.00
75,336.06
2,663.94
Other Expenses
5,000.00
5,000.00
1,905.93
391.00
2,703.07
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-3"
SHEET #3
APPROPRIATED
EXPENDED
UNEXPENDED
BUDGET AFTER
PAID OR
BALANCE
BUDGET
MODIFICATION
CHARGED
ENCUMBERED
RESERVED
CANCELED
Code Enforcement
Salaries and Wages
$
25,000.00
$
25,000.00
$
24,999.04
$
$
.96
$
Other Expenses
1,000.00
1,000.00
77.39
73.08
849.53
PUBLIC WORKS
Streets and Road Maintenance
Salaries and Wages
203,000.00
203,000.00
198,824.39
4,175.61
Other Expenses
24,000.00
24,000.00
18,557.45
245.27
5,197.28
Snow Removal
Salaries and Wages
1,000.00
1,000.00
1,000.00
Other Expenses
2,000.00
2,000.00
510.00
1,490.00
Shade Tree Commission
Other Expenses
250.00
250.00
250.00
Solid Waste Collection
Salaries and Wages
47,000.00
47,000.00
46,525.00
475.00
Other Expenses
2,000.00
2,000.00
252.17
1,747.83
Public Buildings and Grounds
Salaries and Wages
23,000.00
23,000.00
23,000.00
Other Expenses
35,000.00
36,625.00
31,295.04
5,328.62
1.34
Building Supplies
10,000.00
8,375.00
961.72
7,413.28
Vehicle Maintenance
Salaries and Wages
70,000.00
70,300.00
70,013.14
286.86
Other Expenses
65,000.00
65,000.00
54,772.42
6,044.18
4,183.40
Recycling
Other Expenses
500.00
500.00
216.60
283.40
Condominium Community Cost
Other Expenses
10,000.00
10,000.00
1.44
9,998.56
HEALTH AND HUMAN SERVICES
Public Health Services (Board of Health)
Salaries and Wages
3,200.00
3,200.00
3,195.92
4.08
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-3"
SHEET #4
APPROPRIATED
EXPENDED
UNEXPENDED
BUDGET AFTER
PAID OR
BALANCE
BUDGET
MODIFICATION
CHARGED
ENCUMBERED
RESERVED
CANCELED
Public Health Services (Board of Health) (Continued)
Other Expenses
$
500.00
$
500.00
$
$
$
500.00
$
Vaccinations
500.00
500.00
500.00
Animal Control Services
Other Expenses
9,000.00
9,000.00
8,750.00
250.00
RECREATION AND EDUCATION
Municipal Alliance - Local Supplement
2,500.00
2,500.00
2,500.00
Participation in Free County Library
Other Expenses
5,000.00
5,000.00
5,000.00
Celebration of Public Events
Other Expenses
2,500.00
2,500.00
2,500.00
Pride and Celebration Committee
Salaries and Wages
900.00
900.00
225.00
675.00
Other Expenses
5,500.00
5,500.00
2,112.00
960.00
2,428.00
UNIFORM CONSTRUCTION CODE - APPROPRIATIONS OFFSET BY
DEDICATED REVENUES (N.J.A.C. 5:23-4.17)
Uniform Construction Code Enforcement Functions
Salaries and Wages
153,000.00
153,000.00
152,926.01
73.99
Other Expenses
4,000.00
4,000.00
2,696.07
1,303.93
UNCLASSIFIED
Electricity
62,000.00
62,000.00
56,841.08
4,537.74
621.18
Street Lighting
50,000.00
50,000.00
40,551.22
3,762.85
5,685.93
Telephone
45,000.00
45,000.00
29,844.37
2,112.56
13,043.07
Natural Gas and Fuel Oil
9,000.00
9,000.00
4,500.00
4,500.00
Telecommunications
23,000.00
23,000.00
22,382.44
617.56
Gasoline
33,000.00
33,000.00
22,024.01
189.66
10,786.33
Landfill/Solid Waste Disposal Costs
180,000.00
180,000.00
166,000.00
14,000.00
Total Operations within Caps
3,275,050.00
3,271,550.00
3,014,275.56
30,925.33
226,349.11
Detail:
Salaries and Wages
1,785,300.00
1,781,800.00
1,738,207.68
43,592.32
Other Expenses
1,489,750.00
1,489,750.00
1,276,067.88
30,925.33
182,756.79
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-3"
SHEET #5
APPROPRIATED
EXPENDED
UNEXPENDED
BUDGET AFTER
PAID OR
BALANCE
BUDGET
MODIFICATION
CHARGED
ENCUMBERED
RESERVED
CANCELED
DEFERRED CHARGES AND STATUTORY EXPENDITURES
WITHIN CAPS
Statutory Expenditures:
Contribution to:
Public Employees Retirement System
$
97,605.20
$
97,605.20
$
97,605.20
$
$
$
Social Security System (O.A.S.I.)
150,500.00
154,000.00
152,990.70
1,009.30
Police and Firemen's Retirement System of NJ
239,035.00
239,035.00
239,035.00
Defined Contribution Retirement Program
1,000.00
1,000.00
319.50
680.50
Unemployment and Disability Insurance
10,000.00
10,000.00
5,315.76
4,684.24
Total Deferred Charges and Statutory Expenditures within Caps
498,140.20
501,640.20
495,266.16
6,374.04
Judgements
184,000.00
184,000.00
Total Appropriations within Caps
3,773,190.20
3,957,190.20
3,693,541.72
30,925.33
232,723.15
OPERATIONS EXCLUDED FROM CAPS
911 Emergency Services
Salaries and Wages
259,000.00
259,000.00
237,258.80
21,741.20
Shared Services Agreements:
Dispatching Services - Little Egg Harbor Township
88,000.00
88,000.00
88,000.00
Tax Assessment - Lacey Township
35,000.00
35,000.00
17,500.00
17,500.00
PUBLIC AND PRIVATE PROGRAMS OFFSET BY REVENUES
Alcohol Education and Rehabilitation Fund (40A:4-87 + $2,834.03)
2,834.03
2,834.03
Body Armor Replacement Fund
1,507.21
1,507.21
1,507.21
Clean Communities Program (40:4-87 + $8,524.36)
8,524.36
8,524.36
DOT 2020 Kingfisher
350,000.00
350,000.00
350,000.00
Drunk Driving Enforcement
2,443.60
2,443.60
2,443.60
Fish and Wildlife Fund
789.00
789.00
789.00
Recycling Tonnage Grant
6,364.00
6,364.00
6,364.00
Total Operations Excluded from Caps
743,103.81
754,462.20
715,221.00
17,500.00
21,741.20
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-3"
SHEET #6
APPROPRIATED
EXPENDED
UNEXPENDED
BUDGET AFTER
PAID OR
BALANCE
BUDGET
MODIFICATION
CHARGED
ENCUMBERED
RESERVED
CANCELED
Detail:
Salaries and Wages
$
259,000.00
$
259,000.00
$
237,258.80
$
$
21,741.20
$
Other Expenses
484,103.81
495,462.20
477,962.20
17,500.00
MUNICIPAL DEBT SERVICE EXCLUDED FROM CAPS
Payment of Bond Anticipation Notes and Capital Notes
68,500.00
68,500.00
68,500.00
Interest on Notes
27,900.00
27,900.00
27,842.49
57.51
Total Municipal Debt Service Excluded from Caps
96,400.00
96,400.00
96,342.49
-
57.51
DEFERRED CHARGES - MUNICIPAL - EXCLUDED
FROM CAPS
DEFERRED CHARGES:
Special Emergency Authorizations
5 Years (N.J.S.A. 40A:4-55)
30,000.00
30,000.00
30,000.00
Total Deferred Charges - Municipal - Excluded from Caps
30,000.00
30,000.00
30,000.00
Total General Appropriations Excluded from Caps
869,503.81
880,862.20
841,563.49
17,500.00
21,741.20
57.51
Subtotal General Appropriations
4,642,694.01
4,838,052.40
4,535,105.21
48,425.33
254,464.35
57.51
Reserve for Uncollected Taxes
302,655.03
302,655.03
302,655.03
$
4,945,349.04
$
5,140,707.43
$
4,837,760.24
$
48,425.33
$
254,464.35
$
57.51
REF.
A-2:A-3
A-3
A1:A-3
A-1:A20
A, A-1
A-1
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
The accompanying Notes to Financial Statements are an integral part of this statement.
BOROUGH OF TUCKERTON
CURRENT FUND
"A-3"
SHEET #7
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
APPROPRIATED
BUDGET AFTER
REF.
MODIFICATION
Appropriation by 40A:4-87
A-2
$
11,358.39
Emergency Appropriation by 40A:4-47
A-11
184,000.00
Budget
A-3
4,945,349.04
$
5,140,707.43
EXPENDED
PAID OR
CHARGED
Reserve for Uncollected Taxes
A-2
$
302,655.03
Disbursements
A-4
3,948,643.01
Deferred Charges
A-11
30,000.00
Deferred Charges
A-11
184,000.00
Interfund - Federal and State Grant Fund
A-22:A-26
372,462.20
$
4,837,760.24
The accompanying Notes to Financial Statements are an integral part of this statement.
THIS PAGE INTENTIONALLY LEFT BLANK
"B"
BOROUGH OF TUCKERTON
TRUST FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
BALANCE
DECEMBER
DECEMBER
REF.
31, 2020
31, 2019
Animal Control Trust Fund:
Cash and Cash Equivalents
B-1
$
560.47
$
367.47
560.47
367.47
Trust - Other:
Cash and Cash Equivalents
B-1
465,548.07
641,152.61
465,548.07
641,152.61
$
466,108.54
$
641,520.08
Animal Control Trust Fund:
Reserve for Animal Control Trust Fund Expenditures
B-2
$
560.47
$
326.67
Due State of New Jersey
B-3
40.80
560.47
367.47
Trust - Other:
Reserve for Encumbrances
B-5
4,720.75
2,026.50
Miscellaneous Reserves
B-6
460,827.32
639,126.11
465,548.07
641,152.61
$
466,108.54
$
641,520.08
ASSETS
LIABILITIES, RESERVES AND FUND BALANCES
The accompanying Notes to Financial Statements are an integral part of this statement.
GENERAL CAPITAL FUND
"C"
BOROUGH OF TUCKERTON
GENERAL CAPITAL FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
BALANCE
DECEMBER
DECEMBER
REF.
31, 2020
31, 2019
Cash and Cash Equivalents
C-2
$
62,040.53
$
1,116,678.36
Deferred Charges to Future Taxation:
Unfunded
C-4
1,791,500.00
1,531,658.01
Interfund - Current Fund
C-5
168,482.06
29,850.00
$
2,022,022.59
$
2,678,186.37
Improvement Authorizations:
Funded
C-6
$
59,619.91
$
72,659.56
Unfunded
C-6
125,823.99
700,849.94
Reserve for Encumbrances
C-7
8,862.97
367,461.15
Bond Anticipation Notes Payable
C-8
1,791,500.00
1,501,000.00
Capital Improvement Fund
C-9
6,210.71
6,210.71
Miscellaneous Reserves
C-11
30,000.00
Fund Balance
C-1
30,005.01
5.01
$
2,022,022.59
$
2,678,186.37
There were no bonds and notes authorized but not issued on December 31, 2020
The accompanying Notes to Financial statements are an integral part of this statement.
ASSETS
LIABILITIES, RESERVES AND FUND BALANCE
"C-1"
REF.
Balance, December 31, 2019
C
$
5.01
Increased by:
Funded Miscellaneous Reserve Canceled
C-11
30,000.00
Balance, December 31, 2020
C
$
30,005.01
BOROUGH OF TUCKERTON
GENERAL CAPITAL FUND
STATEMENT OF CAPITAL FUND BALANCE - REGULATORY BASIS
The accompanying Notes to the Financial Statements are an integral part of this statement.
THIS PAGE INTENTIONALLY LEFT BLANK
WATER - SEWER UTILITY FUND
"D"
SHEET #1
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
BALANCE
DECEMBER
DECEMBER
REF.
31, 2020
31, 2019
Operating Fund:
Cash and Cash Equivalents
D-5
$
28,958.78
$
427,646.56
Change Fund
D-6
100.00
100.00
29,058.78
427,746.56
Receivables with Full Reserves:
Water Rents Receivable
D-8
450,184.69
427,700.66
Sewer Rents Receivable
D-9
837,213.14
794,785.14
Water - Sewer Utility Liens Receivable
D-10
5,571.03
3,823.21
1,292,968.86
1,226,309.01
Deferred Charges:
Deficit in Operations
D-11
183,627.48
183,627.48
1,505,655.12
1,654,055.57
Capital Fund:
Cash and Cash Equivalents
D-5
16,216.73
16,216.73
Fixed Capital
D-17
25,353,773.26
25,365,293.26
Fixed Capital Authorized and Uncompleted
D-18
347,999.97
2,094,299.03
25,717,989.96
27,475,809.02
$
27,223,645.08
$
29,129,864.59
The accompanying Notes to Financial Statements are an integral part of this statement.
ASSETS
Total Operating Fund
Total Capital Fund
"D"
SHEET #2
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
BALANCE
DECEMBER
DECEMBER
REF.
31, 2020
31, 2019
Operating Fund:
Appropriation Reserves
D-4:D-14
$
103,208.66
$
19,438.21
Water - Sewer Overpayments
D-16
2,957.79
8,566.60
Accounts Payable
D-11
300.00
Accrued Interest on Bonds, Notes and Loans
D-12
60,581.88
67,622.13
Interfunds Payable
D-13
10,190.17
129,739.66
Reserve for Encumbrances
D-15
35,397.76
42,134.96
212,636.26
267,501.56
Reserve for Receivables
1,292,968.86
1,226,309.01
Fund Balance
D-1
50.00
160,245.00
1,505,655.12
1,654,055.57
Capital Fund:
Reserve for Encumbrances
D-15
11,520.00
Serial Bonds Payable
D-20
2,930,000.00
3,340,000.00
Bond Anticipation Notes Payable
D-21
150,000.00
200,000.00
New Jersey Environmental Infrastructure Trust:
Loans Payable
D-22
4,502,279.86
4,799,507.57
Improvement Authorizations:
Funded
D-23
331,028.48
331,028.48
Unfunded
D-23
11,520.00
1,757,819.06
Capital Improvement Fund
D-24
22,572.87
22,572.87
Reserve for Improvements to Water System
D-25
5,451.49
5,451.49
Reserve for Amortization
D-26
17,428,085.46
16,670,857.75
Deferred Reserve for Amortization
D-27
336,479.97
336,479.97
Fund Balance
D-2
571.83
571.83
25,717,989.96
27,475,809.02
$
27,223,645.08
$
29,129,864.59
There were bonds and notes authorized but not issued on December 31, 2020 of
$354,927.94
(Schedule D-28).
The accompanying Notes to Financial Statements are an integral part of this statement.
Total Capital Fund
LIABILITIES, RESERVES AND FUND BALANCE
Total Operating Fund
"D-1"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY OPERATING FUND
STATEMENT OF OPERATIONS
AND CHANGES IN OPERATING FUND BALANCE - REGULATORY BASIS
YEAR ENDED
YEAR ENDED
DECEMBER
DECEMBER
REF.
31, 2020
31, 2019
REVENUE AND OTHER INCOME REALIZED
Fund Balance Utilized
D-3
$
160,195.00
$
167,092.43
Water Rents
D-3
812,462.75
850,197.73
Sewer Rents
D-3
1,505,565.37
1,588,210.03
Miscellaneous
D-3
57,596.08
84,041.64
Deficit (General Budget)
D-3
221,999.84
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
D-14
17,561.29
37,431.67
Canceled Accounts Payable
1,939.36
Canceled Water - Sewer Overpayments
3,271.21
2,553,380.49
2,954,183.91
EXPENDITURES
Operating
D-4
1,730,512.71
1,810,160.18
Debt Service
D-4
936,664.46
909,950.23
Deferred Charges
D-4
160,195.00
Statutory Expenditures
D-4
69,830.80
73,878.50
2,737,007.97
2,954,183.91
Deficit in Operations
D
183,627.48
Fund Balance January 1
D
160,245.00
327,337.43
160,245.00
327,337.43
Less: Utilized as Anticipated Revenue
D-1
160,195.00
167,092.43
Fund Balance December 31
D
$
50.00
$
160,245.00
The accompanying Notes to Financial Statements are an integral part of this statement.
TOTAL INCOME
"D-2"
REF.
Balance, December 31, 2019 and 2020
D
$
571.83
"D-3"
EXCESS OR
REF.
ANTICIPATED
REALIZED
(DEFICIT)
Fund Balance Anticipated
D-1
$
160,195.00
$
160,195.00
$
Rents - Water
D-1:D-8
875,447.94
812,462.75
(62,985.19)
Rents - Sewer
D-1:D-9
1,626,955.43
1,505,565.37
(121,390.06)
Miscellaneous
D-1:D-3
84,041.00
57,596.08
(26,444.92)
$ 2,746,639.37
$ 2,535,819.20
$ (210,820.17)
REF.
D-4
ANALYSIS OF REALIZED REVENUE:
Miscellaneous:
Connections
$
35,240.00
Interest on Delinquent User Charges
19,161.16
Interest on Investments
513.03
Unclassified
2,681.89
D-3:D-5
$
57,596.08
The accompanying Notes to Financial Statements are an integral part of this statement.
WATER - SEWER UTILITY OPERATING FUND
STATEMENT OF REVENUES - REGULATORY BASIS
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
STATEMENT OF UTILITY CAPITAL FUND BALANCE - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
FOR THE YEAR ENDED DECEMBER 31, 2020
"D-4"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY OPERATING FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2020
APPROPRIATONS
BUDGET
UNEXPENDED
2020
AFTER
PAID OR
BALANCE
BUDGET
MODIFICATION
CHARGED
ENCUMBERED
RESERVED
CANCELED
Operating:
Salaries and Wages
$
439,000.00
$
458,000.00
$
456,225.22 $
$
1,774.78
$
Other Expenses
430,012.71
400,562.71
265,426.88
35,397.76
99,738.07
Ocean County Utilities Authority
602,000.00
602,000.00
601,289.97
710.03
Group Insurance
160,000.00
160,000.00
160,000.00
Other Insurance
100,000.00
109,950.00
109,313.40
636.60
Debt Service:
Payment of Bond Principal
410,000.00
410,000.00
410,000.00
Payment of Bond Anticipation and Capital Notes
50,000.00
50,000.00
50,000.00
Interest on Bonds
123,350.00
123,350.00
123,350.00
Interest on Notes
3,500.00
3,500.00
3,500.00
NJ Environmental Infrastructure Trust Loan
Repayments for:
Principal
297,227.60
297,227.71
297,227.71
Interest
62,218.26
62,218.15
52,586.75
9,631.40
Statutory Expenditures:
Contribution to:
Public Employees Retirement System
41,830.80
41,830.80
41,830.80
Social Security System (O.A.S.I.)
25,500.00
26,000.00
25,650.82
349.18
Unemployment Compensation Insurance
2,000.00
2,000.00
2,000.00
$
2,746,639.37
$
2,746,639.37
$
2,598,401.55 $
35,397.76
$
103,208.66
$
9,631.40
REF.
D-3
D-3
D-1
D-1,15
D, D-1
D-1
Disbursements
D-5
$
2,418,964.80
Accrued Interest on Bonds, Notes and Loans
D-12
179,436.75
$
2,598,401.55
The accompanying Notes to Financial Statements are an integral part of this statement.
GENERAL FIXED ASSETS ACCOUNT GROUP
"E"
BOROUGH OF TUCKERTON
GENERAL FIXED ASSETS ACCOUNT GROUP
BALANCE SHEETS - REGULATORY BASIS
DECEMBER
DECEMBER
31, 2020
31, 2019
General Fixed Assets:
Land and Buildings
$
5,619,284.00
$
5,919,084.00
Office and Other Equipment
1,038,291.05
995,194.05
Vehicles
2,958,015.40
2,231,058.72
$
9,615,590.45
$
9,145,336.77
Investment in General Fixed Assets
$
9,615,590.45
$
9,145,336.77
The accompanying Notes to Financial Statements are an integral part of this statement.
TOTAL GENERAL FIXED ASSETS
NOTES TO FINANCIAL STATEMENTS
BOROUGH OF TUCKERTON
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31, 2020
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A.
Reporting Entity
The Borough of Tuckerton is an instrumentality of the State of New
Jersey established to function as a municipality. The Borough Council
consists of elected officials and is responsible for the fiscal control of the
Borough.
Except as noted below, the financial statements of the Borough of
Tuckerton include every board, body, office or commission supported and
maintained wholly or in part by funds appropriated by the Borough of
Tuckerton, as required by N.J.S.A. 40A:5-5. Accordingly, the financial
statements of the Borough of Tuckerton do not include the operations of
the municipal library, first aid organization, volunteer fire companies, the
local school district or the regional school district, in as much as their
activities are administered by separate boards.
B.
Description of Funds
The Governmental Accounting Standards Board (GASB) is the accepted
standard-setting body for establishing governmental accounting and
financial reporting principles. GASB codification establishes the
presentation of basic financial statements into three fund types, the
governmental, proprietary and fiduciary funds as well as government-wide
financial reporting that must be used by general purpose governmental
units when reporting financial position and results of operations in
accordance with U.S. Generally Accepted Accounting Principles, (GAAP).
The accounting policies of the Borough of Tuckerton conform to the
accounting principles applicable to municipalities which have been
prescribed by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey. Such principles and practices
are designed primarily for determining compliance with legal provisions
and budgetary restrictions and as a means of reporting on the
stewardship of public officials with respect to public funds. Under this
method of accounting, the financial transactions and accounts of the
Borough of Tuckerton are organized on the basis of funds and account
groups which is different from the fund structure required by GAAP. A
fund or account group is an accounting entity with a separate set of self-
balancing accounts established to record the financial position and results
of operation of a specific governmental activity. As required by the
Division of Local Government Services, the Borough accounts for its
financial transactions through the following individual funds and account
groups:
6
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
B.
Description of Funds (Continued)
Current Fund - resources and expenditures for governmental operations
of a general nature, including federal and state grant funds.
Trust Fund - receipts, custodianship and disbursements of funds in
accordance with the purpose for which each reserve was created.
General Capital Fund - receipt and disbursement of funds for the
acquisition of general capital facilities, other than those acquired in the
Current Fund.
Water - Sewer Operating and Capital Funds - account for the operations
and acquisition of capital facilities of the municipally - owned water -
sewer utility.
General Fixed Assets Account Group - utilized to account for property,
land, buildings and equipment that have been acquired by other
governmental funds.
C.
Basis of Accounting
The accounting principles and practices prescribed for municipalities by
the State of New Jersey differ in certain respects from generally accepted
accounting principles applicable to local governmental units. The more
significant accounting policies and differences in the State of New Jersey
are as follows:
A modified accrual basis of accounting is followed with minor exceptions.
Revenues - are recorded when received in cash except for certain
amounts which are due from other governmental units. Federal and state
grants are realized as revenue when anticipated in the Borough’s budget.
Receivables for property taxes are recorded with offsetting reserves on
the balance sheet of the Borough’s Current Fund; accordingly, such
amounts are not recorded as revenue until collected. Other amounts that
are due the Borough which are susceptible to accrual are also recorded
as receivables with offsetting reserves and recorded as revenue when
received. GAAP requires revenues to be recognized in the accounting
period when they become susceptible to accrual, reduced by an
allowance for doubtful accounts.
Expenditures - are recorded on the "budgetary" basis of accounting.
Generally, expenditures are recorded when an amount is encumbered for
goods or services through the issuance of a purchase order in
conjunction with the Encumbrance Accounting System.
7
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C.
Basis of Accounting (Continued)
Expenditures (Continued)
Outstanding encumbrances at December 31 are reported as a cash
liability in the financial statements and constitute part of the
Borough’s statutory Appropriation Reserve balance. Appropriation
reserves covering unexpended appropriation balances are automatically
created at December 31st of each year and recorded as liabilities except
for amounts which may be canceled by the governing body.
Appropriation reserves are available, until lapsed at the close of the
succeeding year, to meet specific claims, commitments, or contracts
incurred during the preceding fiscal year. Lapsed appropriation reserves
are recorded as income. Appropriations for principal payments on
outstanding general capital and utility bonds and notes are provided on
the cash basis; interest on general capital indebtedness is on the cash
basis, whereas interest on utility indebtedness is on the accrual basis.
Encumbrances - Contractual orders at December 31 are reported as
expenditures through the establishment of reserve for encumbrances.
Under GAAP, encumbrances outstanding at year end are reported as
reservations of fund balance because they do not constitute expenditures
or liabilities.
Foreclosed Property - is recorded in the Current Fund at the assessed
valuation when such property was acquired and is fully reserved. GAAP
requires such property to be recorded in the General Fixed Assets
Account Group at its market value.
Sale of Municipal Assets - The proceeds from the sale of municipal
assets can be held in a reserve until anticipated as revenue in a future
budget. GAAP requires such proceeds to be recorded as revenue in the
year of sale.
Interfunds - Interfund receivables in the Current Fund are recorded with
offsetting reserves which are created by charges to operations. Income is
recognized in the year the receivables are liquidated. Interfund
receivables in the other funds are not offset by reserves. GAAP does not
require the establishment of an offsetting reserve.
General Fixed Assets - N.J.A.C. 5:30-5.6, Accounting for Governmental
Fixed Assets, as promulgated by the Division of Local Government
Services, which differs in certain respects from generally accepted
accounting principles, requires the inclusion of a statement of general
fixed assets of the Borough as part of its basic financial statements.
General fixed assets are defined as nonexpendable personal property
having a physical existence, a useful life of more than one year and an
acquisition cost of $5,000.00 or more per unit.
8
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C.
Basis of Accounting (Continued)
General Fixed Assets (Continued)
Public domain ("infrastructure") general fixed assets consisting of certain
improvements other than buildings, such as roads, bridges, curbs and
gutters, streets and sidewalks and drainage systems are not capitalized.
No depreciation has been provided on general fixed assets or reported in
the financial statements.
The Borough has developed a fixed assets accounting and reporting
system based upon an inspection and historical cost analysis except for
land and buildings acquired prior to December 31, 1985 which are stated
at current replacement values as permitted by N.J.A.C. 5:30-5.6. Except
for land and buildings, fixed assets are valued at historical cost or
estimated historical cost if actual historical cost is not available. General
Fixed Assets that have been acquired and are utilized in a governmental
fund operation are accounted for in the General Fixed Assets Account
Group rather than in a governmental fund.
Expenditures for construction in progress are recorded in the Capital
Funds until such time as the construction is completed and put into
operation.
Fixed assets acquired through grants in aid or contributed capitals have
not been accounted for separately.
Inventories of Supplies - the cost of inventories of supplies for all funds
are recorded as expenditures at the time individual items are purchased.
The cost of inventories is not included on the various balance sheets.
GAAP requires the cost of inventories to be reported as a current asset
and equally offset by a fund balance reserve.
Fixed Capital - Water - Sewer Utility
Accounting for utility fund "fixed capital" remains unchanged under the
requirements of N.J.A.C. 5:30-5.6.
Property and equipment purchased by the Water - Sewer Utility Fund are
recorded in the capital account at cost and are adjusted for disposition
and abandonment. The amounts shown do not purport to represent
reproduction costs or current value. The fixed capital reported is as taken
from the municipal records and does not necessarily reflect the true
condition of such fixed capital. Contributions in aid of construction are not
capitalized. The balance in the Reserve for Amortization account in the
utility capital fund represents charges to operations for the cost of
acquisitions of property, equipment and improvements. The utility does
not record depreciation on fixed assets.
9
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C.
Basis of Accounting (Continued)
Accounting and Financial Reporting for Pensions
Under the provisions of Governmental Accounting Standards Board
(GASB) Statement No. 68 “Accounting and Financial Reporting for
Pensions” and GASB Statement No. 71, “Pension Transition for
Contributions Made Subsequent to the Measurement Date” (an
amendment of GASB Statement No. 68), local government employers
(or non-employer contributing entity in a special funding situation) are
required to recognize a net pension liability measured as of a date (the
measurement date) no earlier than the end of its prior fiscal year. If a
state or local government employer or non-employer contributing entity
makes a contribution to a defined benefit pension plan between the
measurement date of the reported net pension liability and the end of the
government's reporting period, Statement 68 requires that the
government recognize its contribution as a deferred outflow of resources.
In addition, Statement 68 requires recognition of deferred outflows of
resources and deferred inflows of resources for changes in the net
pension liability of a state or local government employer or non-employer
contributing entity that arise from other types of events.
Under GAAP, municipalities are required to recognize their proportionate
share of net pension liability, deferred outflows of resources, deferred
inflows of resources on the Statement of Net Position and the
proportionate share of the pension related expense on the Statement of
Activities.
New Jersey’s municipalities and counties do not follow GAAP accounting
principles and, as such, do not follow GASB requirements with respect to
recording the net pension liability as a liability on their balance sheets.
However, N.J.A.C. 5:30 6.1(c)(2) requires municipalities to disclose
GASB 68 information in the Notes to the Financial Statements. The
disclosure must meet the requirements of GASB 68.
Accounting and Financial Reporting for Postemployment Benefits Other
Than Pensions (OPEB)
The Governmental Accounting Standards Board (GASB) has issued
Statement
No.
75,
“Accounting
and
Financial
Reporting
for
Postemployment Benefits Other Than Pensions”. This statement
establishes standards for measuring and recognizing liabilities, deferred
outflows and inflows of resources, and expenses for postemployment
benefits other than pensions. It also requires the State of New Jersey to
calculate and allocate to each participating member, for note disclosure
purposes only, the OPEB net liability of New Jersey Health Benefits Local
Government Retiree Plan (the Plan). The statement does not alter the
amount of funds that must be budgeted for OPEB payment under existing
state law.
10
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C.
Basis of Accounting (Continued)
Accounting and Financial Reporting for Postemployment Benefits Other
Than Pensions (OPEB) (Continued)
Under GAAP, municipalities are required to recognize the OPEB liability
in Statements of Revenues, Expenses, Changes in Net Position (balance
sheets) and Notes to the Financial Statements in accordance with GASB
75. The liability required to be displayed by GASB 75 is displayed as a
separate line item in the Unrestricted Net Position area of the balance
sheet.
New Jersey’s municipalities and counties do not follow GAAP accounting
principles and, as such, do not follow GASB requirements with respect to
recording the OPEB liability as a liability on their balance sheets.
However, N.J.A.C. 5:30 6.1(c) (2) requires municipalities to disclose
GASB 75 information in the Notes to the Financial Statements. The
disclosure must meet the requirements of GASB 75.
In May of 2021, the New Jersey Division of Local Government Services
issued Local Finance Notice 2021-10 which allows local units to disclose
the most recently available information as it relates to the New Jersey
Division of Pension and Benefits reporting on GASB 75. As of the date of
this report the information for the period ended June 30, 2020 was not
available, therefore the information dated June 30, 2019 is disclosed.
D.
Basic Financial Statements
The GASB codification also defines the financial statements of a
governmental unit to be presented in the general purpose financial
statements to be held in accordance with GAAP. The Borough presents
the financial statements listed in the table of contents of the
"Requirements of Audit and Accounting Revision of 1987" as prescribed
by the Division of Local Government Services, Department of Community
Affairs, State of New Jersey and which differ from the financial statements
required by GAAP.
11
NOTE 2:
CASH AND CASH EQUIVALENTS
The Borough considers petty cash, change funds, cash in banks, deposits in the
New Jersey Cash Management Fund and certificates of deposit as cash and
cash equivalents.
A.
Deposits
New Jersey statutes permit the deposit of public funds in institutions
which are located in New Jersey and which meet the requirements of the
Governmental Unit Deposit Protection Act (GUDPA) or the State of New
Jersey Cash Management Fund. GUDPA requires a bank that accepts
public funds to be a public depository. A public depository is defined as a
state bank, a national bank, or a savings bank, which is located in the
State of New Jersey, the deposits of which are insured by the Federal
Deposit Insurance Corporation. The statutes also require public
depositories to maintain collateral for deposits of public funds that exceed
certain insurance limits. All collateral must be deposited with the Federal
Reserve Bank or a banking institution that is a member of the Federal
Reserve System and has capital funds of not less than $25,000,000.00.
The Borough of Tuckerton had the following cash and cash equivalents at
December 31, 2020:
CHANGE
CASH ON
DEPOSITS
OUTSTANDING
BOOK
FUND
DEPOSIT
IN TRANSIT
CHECKS
BALANCE
Current Fund
$225.00
$1,331,112.07
$582,244.72
$110,852.83
$1,802,728.96
Grant Fund
200,398.39
100.00
200,298.39
Animal Control Trust Fund
570.67
10.20
560.47
Trust Other Fund
525,698.52
$148.00
60,298.45
465,548.07
General Capital Fund
62,040.53
62,040.53
Water-Sewer Operating Fund
100.00
29,654.45
1,601.94
2,297.61
29,058.78
Water-Sewer Capital Fund
16,216.73
16,216.73
$325.00
$2,165,691.36
$583,994.66
$173,559.09
$2,576,451.93
Custodial Credit Risk - Deposits - Custodial credit risk is the risk that in
the event of a bank failure, the deposits may not be returned. The
Borough does not have a specific deposit policy for custodial credit risk
other than those policies that adhere to the requirements of statute. As of
December 31, 2020, based upon the coverage provided by FDIC and NJ
GUDPA, no amount of the bank balance was exposed to custodial credit
risk. Of the cash on deposit in the bank, $250,000.00 was covered by
Federal Depository Insurance and $1,759,306.80 was covered by NJ
GUDPA. An amount of $156,384.56 was on deposit in the name of
various developers for escrow and is insured by FDIC insurance or
uninsured depending upon the deposits of the individual developer in the
escrow depository.
12
NOTE 2:
CASH AND CASH EQUIVALENTS (CONTINUED)
B.
Investments
The purchase of investments by the Borough is strictly limited by the
express authority of the New Jersey Local Fiscal Affairs Law, N.J.S.A.
40A:5-15.1. Permitted investments include any of the following type of
securities:
1.
Bonds or other obligations of the United States of America or
obligations guaranteed by the United States of America;
2.
Government money market mutual funds which are purchased
from an investment company or investment trust which is
registered with the Securities and Exchange Commission under
the “Investment Company Act of 1940,” 15 U.S.C. 80a-1 et seq.,
and operated in accordance with 17 C.F.R. § 270.2a-7 and which
portfolio is limited to U.S. Government securities that meet the
definition of an eligible security pursuant to 17 C.F.R. § 270.2a-7
and repurchase agreements that are collateralized by such U.S.
Government securities in which direct investment may be made
pursuant to paragraphs (1) and (3) of N.J.S.A. 5-15.1. These
funds are also required to be rated by a nationally recognized
statistical rating organization.
3.
Any obligation that a federal agency or a federal instrumentality
has issued in accordance with an act of Congress, which security
has a maturity date not greater than 397 days from the date of
purchase, provided that such obligation bears a fixed rate of
interest not dependent on any index or other external factor;
4.
Bonds or other obligations of the Local Unit or bonds or other
obligations of school districts of which the Local Unit is a part or
within which the school district is located.
5.
Bonds or other obligations, having a maturity date not more than
397 days from date of purchase, approved by the Division of
Investment of the Department of Treasury for investment by Local
Units;
6.
Local government investment pools that are fully invested in U.S.
Government securities that meet the definition of eligible security
pursuant to 17 C.F.R. § 270a-7 and repurchase agreements that
are collateralized by such U.S. Government securities in which
direct investment may be made pursuant to paragraphs (1) and
(3) of N.J.S.A. 5-15.1. This type of investment is also required to
be rated in the highest category by a nationally recognized
statistical rating organization.
7.
Deposits with the State of New Jersey Cash Management Fund
established pursuant to section 1 of P.L. 1977, c.281
(C. 52:18A-90.4); or
13
NOTE 2:
CASH AND CASH EQUIVALENTS (CONTINUED)
B.
Investments
8.
Agreements for the repurchase of fully collateralized securities if:
a.
the underlying securities are permitted investments
pursuant to paragraphs (1) and (3) of this subsection;
b.
the custody of collateral is transferred to a third party;
c.
the maturity of the agreement is not more than 30 days;
d.
the underlying securities are purchased through a public
depository as defined in section 1 of P.L. 1970, c.236
(C. 17:19-41); and
e.
a master repurchase agreement providing for the custody
and security of collateral is executed.
Other than cash equivalents that would otherwise qualify as investments,
except for their maturity or the withdrawal provisions of their deposit, the
Borough of Tuckerton had no investments in qualified securities at
December 31, 2020.
NOTE 3:
MUNICIPAL DEBT
The Local Bond Law, Title 40A:2, governs the issuance of bonds to finance
general municipal capital expenditures. All bonds are retired in annual
installments within the statutory period of usefulness. All bonds issued by the
Borough are general obligation bonds, backed by the full faith and credit of the
Borough. Bond Anticipation Notes, which are issued to temporarily finance
capital projects, shall mature and be paid off within ten years or financed by the
issuance of bonds.
SUMMARY OF STATUTORY DEBT CONDITION ANNUAL DEBT STATEMENT
The summarized statement of debt condition which follows is prepared in
accordance with the required method of setting up the Annual Debt Statement
and indicates a statutory net debt of 1.681%:
GROSS DEBT
DEDUCTIONS
NET DEBT
Local School District Debt
$
3,564,884.00 $
3,564,884.00 $
Regional School District Debt
7,016,773.41
7,016,773.41
Water - Sewer Utility Debt
7,937,207.80
2,386,167.60
5,551,040.20
General Debt
1,791,500.00
184,000.00
1,607,500.00
$
20,310,365.21 $
13,151,825.01 $
7,158,540.20
Net debt of $7,158,540.20 divided by equalized valuation basis per N.J.S. 40A:2-
2, as amended, of $425,737,474.33 equals 1.681%.
14
NOTE 3:
MUNICIPAL DEBT (CONTINUED)
SUMMARY OF MUNICIPAL DEBT
YEAR 2020
YEAR 2019
YEAR 2018
Issued:
General:
Bonds, Notes and Loans
$
1,791,500.00
$
1,501,000.00
$
610,000.00
Water - Sewer Utility:
Bonds, Notes and Loans
7,582,279.86
8,339,507.57
9,223,905.57
Total Issued
$
9,373,779.86
$
9,840,507.57
$
9,833,905.57
Authorized But Not Issued:
General:
Bonds, Notes and Loans
$
$
30,658.01
$
30,658.01
Water - Sewer Utility:
Bonds, Notes and Loans
354,927.94
2,112,747.00
2,370,914.00
Total Authorized But Not Issued
$
354,927.94
$
2,143,405.01
$
2,401,572.01
Net Bonds and Notes Issued and
Authorized But Not Issued
$
9,728,707.80
$
11,983,912.58
$
12,235,477.58
BORROWING POWER UNDER N.J.S.A. 40A:2-6 AS AMENDED
Equalized Valuation Basis* - December 31, 2020
$
425,737,474.33
3-1/2 of Equalized Valuation Basis (Municipal)
$
14,900,811.60
Net Debt
7,158,540.20
Remaining Borrowing Power
$
7,742,271.40
*Equalized Valuation Basis is the average of the equalized valuation of real
estate, including improvements, and the assessed valuation of Class II Railroad
Property of the Borough of Tuckerton for the last three (3) preceding years.
15
NOTE 3:
MUNICIPAL DEBT (CONTINUED)
CALCULATION OF “SELF-LIQUIDATING PURPOSE” WATER-SEWER UTILITY
PER N.J.S. 40A:2-45
Revenue from Fees, Rents, and Other Charges for
Year and Fund Balance
$
2,459,455.96
Deductions:
Operating and Maintenance Cost
$
1,800,343.51
Debt Service per Water - Sewer Account
936,664.46
Total Deductions
2,737,007.97
Deficit in Revenue - Not Self Liquidating
$
(277,552.01)
LONG - TERM DEBT OBLIGATIONS:
Water - Sewer Utility Capital Fund:
Various % Refunding Bonds Series 2015
issued December 30, 2015, installment maturities to
March 1, 2038
$2,930,000.00
$2,930,000.00
The Water-Sewer Utility Capital Fund bonds Mature serially in installments to the
year 2038. Aggregate debt service requirements during the next five fiscal years
and thereafter are as follows:
YEAR
PRINCIPAL
INTEREST
2021
$
380,000.00
$
109,600.00
2022
345,000.00
95,100.00
2023
360,000.00
81,000.00
2024
360,000.00
66,600.00
2025
140,000.00
56,600.00
2026-30
635,000.00
200,900.00
2031-35
535,000.00
84,500.00
2036-38
175,000.00
9,500.00
Total
$
2,930,000.00
$
703,800.00
16
NOTE 3:
MUNICIPAL DEBT (CONTINUED)
LONG - TERM DEBT OBLIGATIONS (CONTINUED):
Water - Sewer Utility Capital Fund (Continued)
New Jersey Environmental Infrastructure Trust Water Supply Well and an
Additional Filter Loan:
The Borough received a $632,164 low interest loan (variable rate) under the New
Jersey Environmental Infrastructure Trust Loan Program. The balance
December 31, 2020 was $82,135.89. Loan payments are due semi - annually to
the year 2022.
New Jersey Environmental Infrastructure Trust Renovations to Existing Pump
Stations Loan:
The Borough received a $1,179,000 low interest loan (variable rate) under the
New Jersey Environmental Infrastructure Trust Loan Program. The balance
December 31, 2020 was $344,074.05. Loan payments are due semi - annually
to the year 2025.
New Jersey Environmental Infrastructure Trust Water Main Replacement, Sewer
Main Replacement and Water Main Replacement/Water Tower Loans:
The Borough received a $490,000, a $1,577,600 and a $1,116,051 low interest
loan (variable rate) under the New Jersey Environmental Infrastructure Trust
Loan Program. The balances December 31, 2020 were $390,678.03,
$1,242,152.63 and $792,397.60 respectively. Loan payments are due semi -
annually to the year 2035.
New Jersey Environmental Infrastructure Trust Heron Road Water and Sewer
Main Replacement Loans:
The Borough received a $608,145, a $200,000, a $990,141 and a $335,000 low
interest loans (variable rate) under the New Jersey Environmental Infrastructure
Trust Loan Program. The balances December 31, 2020 after accounting for
forgiveness of principal were $191,326.53, $195,000.00, $934,515.13 and
$330,000.00 respectively. Loan payments are due semi - annually to the year
2048.
17
NOTE 3:
MUNICIPAL DEBT (CONTINUED)
LONG - TERM DEBT OBLIGATIONS (CONTINUED):
Water - Sewer Utility Capital Fund (Continued)
Debt Service requirements during the next five fiscal years and thereafter are
as follows:
YEAR
PRINCIPAL
INTEREST
2021
$
311,173.56
$
57,448.33
2022
309,160.91
52,267.13
2023
277,259.90
47,137.20
2024
288,737.06
42,665.82
2025
287,358.01
37,767.82
2026-30
1,117,479.50
140,675.10
2031-35
1,078,398.26
83,937.56
2036-40
311,043.00
40,650.00
2041-45
326,043.00
22,500.00
2044-48
195,626.66
4,500.00
Total
$
4,502,279.86
$
529,548.96
SHORT - TERM DEBT OBLIGATIONS:
Outstanding Special Emergency Notes and Bond Anticipation Notes are
summarized as follows:
Current Fund:
DATE OF
ORIGINAL
DATE
OF
DATE OF
INTEREST
ISSUE
ISSUE
MATURITY
RATE
AMOUNT
11/01/17
10/29/20
10/29/21
.43%
$ 60,000.00
18
NOTE 3:
MUNICIPAL DEBT (CONTINUED)
SHORT - TERM DEBT OBLIGATIONS:
General Capital Fund:
DATE OF
ORDINANCE ORIGINAL DATE OF
DATE OF
INTEREST
NUMBER
ISSUE
ISSUE
MATURITY
RATE
AMOUNT
02-17
11/01/17
10/29/20
10/29/21
.43%
$ 91,658.00
03-17
11/01/17
10/29/20
10/29/21
.43%
266,000.00
01-19
10/30/19
10/29/20
10/29/21
.43%
959,500.00
08-18
10/29/20
10/29/20
10/29/21
.43%
115,342.00
06-20
10/29/20
10/29/20
10/29/21
.43%
175,000.00
07-20
10/29/20
10/29/20
10/29/21
.43%
184,000.00
$ 1,791,500.00
SHORT - TERM DEBT OBLIGATIONS:
Water - Sewer Utility Capital Fund:
DATE OF
ORDINANCE ORIGINAL DATE OF
DATE OF
INTEREST
NUMBER
ISSUE
ISSUE
MATURITY
RATE
AMOUNT
10-13
12/06/13
10/29/20
10/29/21
.43%
$ 150,000.00
BONDS AND NOTES AUTHORIZED BUT NOT ISSUED:
At December 31, 2020, the Borough has authorized but not issued bonds and
notes as follows:
Water - Sewer Utility Capital Fund
$ 354,927.94
NOTE 4:
COMPENSATED ABSENCES
Under the terms of various contracts, Borough employees are allowed to
accumulate unused vacation and sick pay over the life or their working careers
which may be taken as time off or paid at a later date. It is estimated that the
current cost of such unpaid compensation would approximate $503,935. Under
accounting principles and practices prescribed by the Division of Local
Government Services, Department of Community affairs, State of New Jersey,
the accumulated cost of such unpaid compensation is not required to be reported
in the financial statements as presented and any amounts required to be paid are
raised in that year’s budget and no liability is accrued on December 31, 2020.
The Borough has accumulated $5,214 for this purpose in the Trust Other Fund
and has budgeted nothing in 2021. The Borough must budget funds to provide
for these liabilities as they arise.
19
NOTE 5:
FUND BALANCES APPROPRIATED
Fund balances at December 31, 2020 which were appropriated and included as
anticipated revenue in their own respective funds for the year ending
December 31, 2021, were as follows:
Current Fund
$ 479,751.29
Water-Sewer Utility Fund
$ -0-
NOTE 6:
PROPERTY TAXES
Property taxes attach as an enforceable lien on property as of January 1. Taxes
are levied based on the final adoption of the current year municipal budget, and
are payable in four installments on February 1, May 1, August 1 and
November 1. The Borough bills and collects its own property taxes and also the
taxes for the County, the Local School District and the Regional School District.
The collections and remittance of county and school taxes are accounted for in
the Current Fund. Borough property tax revenues are recognized when collected
in cash and any receivables are recorded with offsetting reserves on the balance
sheet of the Borough's Current Fund.
NOTE 7:
TAXES AND WATER-SEWER CHARGES COLLECTED IN ADVANCE
Taxes and water-sewer charges collected in advance and recorded as cash
liabilities in the financial statements are as follows:
BALANCE
BALANCE
DECEMBER
DECEMBER
31, 2020
31, 2019
Prepaid Taxes
$ 208,410
$ 185,079
NOTE 8:
DEFERRED CHARGES TO BE RAISED IN SUCCEEDING BUDGETS
Certain expenditures are required to be deferred to budgets of succeeding years.
At December 31, 2020, the following deferred charges are shown on the balance
sheets of the various funds:
BALANCE TO
BALANCE
2021
BUDGETS OF
DECEMBER
BUDGET
SUCCEEDING
31, 2020
APPROPRIATION
YEARS
Current Fund:
Revaluation/
Reassessment
$
60,000.00
$
30,000.00
$
30,000.00
Utility Operating Fund:
Deficit in Operations
$
183,627.48
$
$
183,627.48
20
NOTE 9:
CONTINGENT LIABILITIES
The Borough participates in several federal and state financial assistance grant
programs. Entitlement to the funds is generally conditional upon compliance with
terms and conditions of the grant agreements and applicable regulations,
including the expenditures of funds for eligible purposes. These programs are
subject to compliance and financial audits by the grantors or their
representatives. As of December 31, 2020, the Borough does not believe that
any material liabilities will result from such audits.
NOTE 10:
LITIGATION
The Borough is a member of the Ocean County Municipal Joint Insurance Fund,
and any and all claims for damages under the New Jersey Tort Claims Act are
covered by the self-insurance pool provided by the Fund. There is no anticipated
or pending tort claim litigation which will result in any direct and uninsured liability
of the Borough. Rather, all matters of tort claim have adequate insurance
protection.
It is the opinion of the Borough officials that other than the item discussed
below, there is no litigation threatened, or pending that would materially affect
the financial position of the Borough or adversely affect the Borough’s ability
to levy, collect and enforce the collection of taxes or other revenue for the
payment of its bonds or other obligations.
Riley & Riley and Corporal Justin M. Cherry v. Borough of Tuckerton et al. By
Order of the Court, Plaintiff was granted judgment awarding the fees for his
defense to Plaintiff’s counsel’s firm amounting to $154,465.80 but denied the
request for reinstatement and backpay. The Borough authorized, by resolution
adopted May 18, 2020, an emergency appropriation for the purpose of providing
sufficient funds to pay the judgment for attorney’s fees which would be funded
through the issuance of bonds or notes in the aggregate principal amount of up
to $184,000.00 inclusive of costs of issuance and other reasonable fees
associated with the borrowing. The decision to deny reinstatement and backpay
is under appeal and if successful could result in backpay estimated at over
$400,000.00 being due and payable. The Borough seeks dismissal of all claims.
NOTE 11:
RISK MANAGEMENT
The Borough is exposed to various risks of loss related to torts; theft of, damage
to, and destruction of assets; errors and omissions; injuries to employees; and
natural disasters. The Borough is a member of the Ocean County Municipal
Joint Insurance Fund, and the Municipal Excess Liability Fund, public entity risk
pools currently operating as a common risk management and insurance program
for municipalities within the State. Management believes such coverage is
sufficient to preclude any significant uninsured losses to the Borough. Settled
claims have not exceeded insurance coverage in any of the past three fiscal
years.
New Jersey Unemployment Compensation Insurance - The Borough has elected
to fund its New Jersey Unemployment Compensation Insurance under the
“Contributory Method”. Under this plan, the Borough is required to remit an
employer’s match to the New Jersey Unemployment Trust Fund for benefits paid
to its former employees and charged to its account with the State.
21
NOTE 12:
INTERFUND RECEIVABLES AND PAYABLES
The following interfund balances remained on the balance sheet at
December 31, 2020:
INTERFUNDS
INTERFUNDS
FUND
RECEIVABLE
PAYABLE
Current Fund
$
10,190.17
$
171,771.06
Federal and State Grant Fund
3,289.00
General Capital Fund
168,482.06
Water - Sewer Utility Operating Fund
10,190.17
$
181,961.23
$
181,961.23
All balances resulted from the time lag between the dates that short-term loans
were disbursed and payments between funds were received.
NOTE 13:
PENSION PLANS
Substantially all eligible employees participate in the Public Employees'
Retirement System (PERS), or the Police, Firemen's Retirement System (PFRS)
or the Defined Contribution Retirement System (DCRP), which have been
established by state statute and are administered by the New Jersey Division of
Pensions and Benefits. The Division issues a publicly available financial report
that includes the financial statements and required supplementary information for
the Public Employees Retirement System, Police and Firemen's Retirement
System and Consolidated Police and Firemen’s Pension Fund. These reports
may be obtained by writing to the Division of Pensions and Benefits, P.O.
Box
295,
Trenton, New
Jersey,
08625
or
are available
online
at
www.nj.gov/treasury/pensions/annrprts.shtml.
Public Employees' Retirement System (PERS) - The Public Employees'
Retirement System (PERS) was established as of January 1, 1955, under the
provisions of N.J.S.A. 43:15A, to provide retirement, death, disability and medical
benefits to certain qualified members. The PERS is a cost-sharing multiple
employer plan. Membership is mandatory for substantially, all full-time
employees of the State of New Jersey or any county, municipality, school district
or public agency, provided the employee is not required to be a member of
another state-administered retirement system or other state pension fund or local
jurisdiction's pension fund.
Police and Firemen's Retirement System (PFRS) - The Police and Firemen's
Retirement System (PFRS) was established as of July 1, 1944, under the
provisions of N.J.S.A. 43:16A. to provide retirement, death, and disability benefits
to its members. The PFRS is a cost-sharing multiple-employer plan. Membership
is mandatory for substantially, all full-time county and municipal police or firemen
or officer employees with police powers appointed after June 30, 1944.
Defined Contribution Retirement Program (DCRP) - The Defined Contribution
Retirement Program (DCRP) was established July 1, 2007, under the provisions
of Chapter 92, P.L. 2007 and Chapter 103, P.L 2007, and was expanded under
the provisions of Chapter 89, P.L. 2009. The DCRP provides eligible employees
and their beneficiaries with a tax-sheltered, defined contribution retirement
benefit, along with life insurance coverage and disability coverage.
22
NOTE 13:
PENSION PLANS (CONTINUED)
Vesting and Benefit Provisions
The vesting and benefit provisions for PERS are set by N.J.S.A. 43:15A and
43:3B. All benefits vest after ten years of service, except for medical benefits,
which vest after 25 years of service. Members may seek early retirement after
achieving 25 years of service credit or they may elect deferred retirement after
achieving ten years of service credit, in which case, benefits would begin the first
day of the month after the member attains normal retirement age.
The vesting and benefit provisions for PFRS are set by N.J.S.A. 43:16A and
43:3B. All benefits vest after ten years of service, except for disability benefits,
which vest after four years of service. Retirement benefits for age and service are
available at age 55. Members may seek special retirement after achieving 25
years of creditable service or they may elect deferred retirement after achieving
ten years of service.
Newly elected or appointed officials that have an existing DCRP account or are a
member of another State-administered retirement system are immediately vested
in the DCRP. For newly elected or appointed officials that do not qualify for
immediate vesting in the DCRP, employee and employer contributions are held
during the initial year of membership. Upon commencing the second year of
DCRP membership, the member is fully vested. However, if a member is not
eligible to continue in the DCRP for a second year of membership, the member
may apply for a refund of the employee contributions from the DCRP, while the
employer contributions will revert back to the employer. Employees are required
to contribute 5.5% of their base salary and employers contribute 3.0%.
Funding Policy
The contribution policy for PERS is set by N.J.S.A. 43:15A and requires
contributions by active members and contributing employers. State legislation
has modified the amount that is contributed by the State. The State’s pension
contribution is based on an actuarially determined amount, which includes the
employer portion of the normal cost and an amortization of the unfunded accrued
liability. Funding for noncontributory group life insurance benefits is based on
actual claims paid. For fiscal year 2020, the State’s pension contribution was less
than the actuarial determined amount. The local employers’ contribution amounts
are based on an actuarially determined rate, which includes the normal cost and
unfunded accrued liability. During 2020, PERS provides for employee
contributions of 7.50% of employees' base salary.
The contribution policy for PFRS is set by N.J.S.A. 43:16A and requires
contributions by active members and contributing employers. State legislation
has modified the amount that is contributed by the State. The State’s contribution
amount is based on an actuarially determined rate, which includes the normal
cost and unfunded accrued liability. The local employers’ contribution amounts
are based on an actuarially determined rate, which includes the normal cost and
unfunded accrued liability. For the fiscal year 2020, the State contributed an
amount less than the actuarially determined amount. During 2020, PFRS
provides for employee contributions of 10.00% of employees' base salary.
23
NOTE 13:
PENSION PLANS (CONTINUED)
Funding Policy (Continued)
The Borough's share of pension, which is based upon the annual billings
received from the state, amounted to $377,564.00 for 2020, $358,000.00 for
2019 and $300,705.00 for 2018.
Certain Borough employees are also covered by the Federal Insurance
Contribution Act.
Accounting and Financial Reporting for Pensions – GASB 68
The Governmental Accounting Standards Board (GASB) has issued Statement
No. 68 “Accounting and Financial Reporting for Public Employees Pensions”
which requires the State of New Jersey to calculate and allocate, for note
disclosure purposes only, the unfunded net pension liability of Public Employees
Retirement System (PERS) and the Police and Firemen’s Retirement System
(PFRS) of the participating municipality as of December 31, 2020. The
statement does not alter the amounts of funds that must be budgeted for pension
payments under existing state law.
Under accounting principles and practices prescribed by the Division of Local
Government Services, Department of Community Affairs, State of New Jersey,
any unfunded net pension liability of the municipality, allocated by the State of
New Jersey, is not required to be reported in the financial statements as
presented and any pension contributions required to be paid are raised in that
year’s budget and no liability is accrued at December 31, 2020.
Public Employees Retirement System (PERS)
At June 30, 2020, the State reported a net pension liability of $2,582,529.00 for
the Borough ’s proportionate share of the total net pension liability. The total
pension liability for the June 30, 2020 measurement date was determined by an
actuarial valuation as of July 1, 2019, which was rolled forward to June 30, 2020.
The Borough's proportion of the net pension liability was based on a projection of
the Borough’s long-term share of contributions to the pension plan relative to the
projected contributions of all participating employers, actuarially determined. At
June 30, 2020, the Borough’s proportion was 0.0158365619 percent, which was
an increase of 0.0015949431 percent from its proportion measured as of
June 30, 2019.
For the year ended June 30, 2020, the State recognized an actuarially
determined pension expense of $198,615.00 for the Borough ’s proportionate
share of the total pension expense. The pension expense recognized in the
Borough’s financial statements based on the April 1, 2020 billing was
$138,529.00.
24
NOTE 13:
PENSION PLANS (CONTINUED)
Public Employees Retirement System (PERS)(Continued)
At June 30, 2020, the State reported deferred outflows of resources and deferred
inflows of resources related to PERS from the following sources:
Deferred
Deferred
Outflow of
Inflow of
Resources
Resources
Differences between expected and actual experience
$
47,024.00 $
9,133.00
Changes of assumptions
83,780.00
1,081,329.00
Net difference between projected and actual
earnings on pension plan investments
88,273.00
Changes in proportion and differences
between Borough contributions and
proportionate share of contributions
586,238.00
27,775.00
$
805,315.00 $
1,118,237.00
Other local amounts reported by the State as the Borough’s proportionate share
of deferred outflows of resources and deferred inflows of resources related to
pensions will be recognized in the State’s actuarially calculated pension expense
as follows:
Year Ended
June 30,
Amount
2021
($212,367.40)
2022
(183,751.40)
2023
(57,146.40)
2024
43,416.60
2025
96,926.60
($312,922.00)
25
NOTE 13:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Public Employees Retirement System (PERS) (Continued)
Actuarial Assumptions
The total pension liability for the June 30, 2020 measurement date was
determined by an actuarial valuation as of July 1, 2019, which rolled forward to
June 30, 2020. These actuarial valuations used the following assumptions:
June 30, 2020
Inflation
Price
2.75%
Wage
3.25%
Salary Increases
Through 2026
2.00-6.00%
Thereafter
3.00-7.00%
Based on
Years of Service
Investment Rate of Return
7.00%
Pre-retirement mortality rates were based on the Pub-2010 General Below-
Median Income Employee mortality table with an 82.2% adjustment for males
and 101.4% adjustment for females, and with future improvement from the base
year of 2010 on a generational basis. Post-retirement mortality rates were based
on the Pub-2010 General Below-Median Income Healthy Retiree mortality table
with a 91.4% adjustment for males and 99.7% adjustment for females, and with
future improvement from the base year of 2010 on a generational basis.
Disability retirement rates used to value disabled retirees were based on the
Pub-2010 Non-Safety Disabled Retiree mortality table with a 127.7% adjustment
for males and 117.2% adjustment for females, and with future improvement from
the base year of 2010 on a generational basis. Mortality improvement is based
on Scale MP-2020.
The actuarial assumptions used in the July 1, 2019 valuation were based on the
results of an actuarial experience study for the period July 1, 2014 to June 30,
2018.
26
NOTE 13:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Public Employees Retirement System (PERS) (Continued)
Long-Term Rate of Return
In accordance with State statute, the long-term expected rate of return on plan
investments (7.00% at both June 30, 2020 and June 30, 2019) is determined by
the State Treasurer, after consultation with the Directors of the Division of
Investment and Division of Pensions and Benefits, the board of trustees and the
actuaries. The long-term expected rate of return was determined using a building
block method in which best-estimate ranges of expected future real rates of
return (expected returns, net of pension plan investment expense and inflation)
are developed for each major asset class. These ranges are combined to
produce the long-term expected rate of return by weighting the expected future
real rates of return by the target asset allocation percentage and by adding
expected inflation. Best estimates of arithmetic rates of return for each major
asset class included in PERS’s target asset allocation as of June 30, 2020 are
summarized in the following table:
Long-Term
Target
Expected Real
Assets Class
Allocation
Rate of Return
US Equity
27.00%
7.71%
Non-U.S. Developed Market Equity
13.50%
8.57%
Emerging Market Equity
5.50%
10.23%
Private Equity
13.00%
11.42%
Real Assets
3.00%
9.73%
Real Estate
8.00%
9.56%
High Yield
2.00%
5.95%
Private Credit
8.00%
7.59%
Investment Grade Credit
8.00%
2.67%
Cash Equivalents
4.00%
0.50%
U.S. Treasury’s
5.00%
1.94%
Risk Mitigation Strategies
3.00%
3.40%
Discount Rate
The discount rate used to measure the total pension liability was 7.00% and
6.28% as of June 30, 2020 and June 30, 2019, respectively. The projection of
cash flows used to determine the discount rate assumed that contributions from
plan members will be made at the current member contribution rates and that
contributions from employers and the nonemployer contributing entity will be
based on 78% of the actuarially determined contributions for the State employer
and 100% of actuarially determined contributions for the local employers. Based
on those assumptions, the plan's fiduciary net position was projected to be
available to make all projected future benefit payments of current plan members.
Therefore, the long-term expected rate of return on plan investments was applied
to all projected benefit payments to determine the total pension liability.
27
NOTE 13:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Public Employees Retirement System (PERS) (Continued)
Sensitivity of the Borough’s proportionate share of net pension liability to
changes in the discount rate
The following presents the Borough’s proportionate share of the net pension
liability of the participating employers as of June 30, 2020 respectively,
calculated using the discount rate as disclosed above as well as what the
Borough’s proportionate share of the net pension liability would be if it
was calculated using a discount rate that is 1-percentage point lower
or 1- percentage point higher than the current rate:
June 30, 2020
1%
At Current
1%
Decrease
Discount Rate
Increase
6.00%
7.00%
8.00%
Borough's proportionate share
of the pension liability
$3,250,973.00
$2,582,529.00
$2,015,336.00
Pension plan fiduciary net position
Detailed information about the pension plan’s fiduciary net position is available in
the separately issued Financial Report for the State of New Jersey Public
Employees Retirement System (PERS). The report may be obtained at State of
New Jersey Division of Pensions and Benefits P.O. Box 295 Trenton, New
Jersey 08625-0295 http://www.state.nj.us/treasury/pensions.
Police and Firemen’s Retirement System (PFRS)
At June 30, 2020, the State reported a net pension liability of $3,233,201.00 for
the Borough ’s proportionate share of the total PFRS net pension liability. The
total pension liability for the June 30, 2020 measurement date was determined by
an actuarial valuation as of July 1, 2019, which was rolled forward to June 30,
2020. The Borough's proportion of the net pension liability was based on a
projection of the Borough's long-term share of contributions to the pension plan
relative to the projected contributions of all participating employers, actuarially
determined.
28
NOTE 13:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Police and Firemen’s Retirement System (PFRS) (Continued)
At June 30, 2020, the Borough’s proportion was 0.0250222246 percent, which
was an increase of 0.0013579842 percent from its proportion measured as of
June 30, 2019.
For the year ended June 30, 2020, the State recognized an actuarially
determined pension expense of $388,422.00. The pension expense recognized
in the Borough’s financial statements based on the April 1, 2020 billing was
$239,035.00.
At June 30, 2020, the State reported deferred outflows of resources and deferred
inflows of resources related to PFRS from the following sources:
Deferred
Deferred
Outflow of
Inflow of
Resources
Resources
Differences between expected and actual experience
$
32,596.00 $
11,604.00
Changes of assumptions
8,136.00
866,802.00
Net difference between projected and actual
earnings on pension plan investments
189,578.00
Changes in proportion and differences
between Borough contributions and
proportionate share of contributions
575,124.00
$
805,434.00 $
878,406.00
Other amounts reported as deferred outflows of resources and deferred inflows
of resources related to pensions will be recognized in pension expense as
follows:
Year Ended
June 30
Amount
2021
$
(187,419.20)
2022
(89,088.20)
2023
31,928.80
2024
83,633.80
2025
87,972.80
$
(72,972.00)
29
NOTE 13:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Police and Firemen’s Retirement System (PFRS) (Continued)
Actuarial Assumptions
The total pension liability for the June 30, 2020 measurement date was
determined by an actuarial valuation as of July 1, 2019, which rolled forward to
June 30, 2020. This actuarial valuation used the following assumptions:
June 30, 2020
Inflation:
Price
2.75%
Wage
3.25%
Salary Increases
Through All Future Years
3.25-15.25%
Based on Years of
Service
Investment Rate of Return
7.00%
Pre-retirement mortality rates were based on the Pub-2010 Safety Employee
mortality table with a 105.6% adjustment for males and 102.5% adjustment for
females, and with future improvement from the base year of 2010 on a
generational basis. For healthy annuitants, post-retirement mortality rates were
based on the Pub-2010 Safety Retiree Below-Median Income Weighted mortality
table with a 96.7% adjustment for males and 96.0% adjustment for females, and
with future improvement from the base year of 2010 on a generational basis. For
beneficiaries, the Pub-2010 General Retiree Below-Median Income Weighted
mortality table was used, unadjusted, and with future improvement from the base
year of 2010 on a generational basis. Disability rates were based on the Pub-
2010 Safety Disabled Retiree mortality table with a 152.0% adjustment for males
and 109.3% adjustment for females, and with future improvement from the base
year of 2010 on a generational basis. Mortality improvement is based on Scale
MP-2020.
The actuarial assumptions used in the July 1, 2019 valuation were based on the
results of an actuarial experience study for the period July 1, 2013 to June 30,
2018.
30
NOTE 13:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Police and Firemen’s Retirement System (PFRS) (Continued)
Long-Term Rate of Return
In accordance with State statute, the long-term expected rate of return on plan
investments (7.00 percent at June 30, 2020 and June 30, 2019) is determined by
the State Treasurer, after consultation with the Directors of the Division of
Investment and Division of Pensions and Benefits, the board of trustees and the
actuaries. The long-term expected rate of return was determined using a building
block method in which best-estimate ranges of expected future real rates of
return (expected returns, net of pension plan investment expense and inflation)
are developed for each major asset class. These ranges are combined to
produce the long-term expected rate of return by weighting the expected future
real rates of return by the target asset allocation percentage and by adding
expected inflation. Best estimates of arithmetic rates of return for each major
asset class included in PFRS’s target asset allocation as of June 30, 2020 are
summarized in the following table:
Long-Term
Target
Expected Real
Assets Class
Allocation
Rate of Return
US Equity
27.00%
7.71%
Non-U.S. Developed Market Equity
13.50%
8.57%
Emerging Market Equity
5.50%
10.23%
Private Equity
13.00%
11.42%
Real Assets
3.00%
9.73%
Real Estate
8.00%
9.56%
High Yield
2.00%
5.95%
Private Credit
8.00%
7.59%
Investment Grade Credit
8.00%
2.67%
Cash Equivalents
4.00%
0.50%
U.S. Treasury’s
5.00%
1.94%
Risk Mitigation Strategies
3.00%
3.40%
31
NOTE 13:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Police and Firemen’s Retirement System (PFRS) (Continued)
Discount Rate
The discount rate used to measure the total pension liability was 7.00% and
6.85% as of June 30, 2020 and June 30, 2019, respectively. The projection of
cash flows used to determine the discount rate assumed that contributions from
plan members will be made at the current member contribution rates and that
contributions from employers and the nonemployer contributing entity will be
based on 78% of the actuarially determined contributions for the State employer
and 100% of actuarially determined contributions for the local employers. Based
on those assumptions, the plan's fiduciary net position was projected to be
available to make all projected future benefit payments of current plan members.
Therefore, the long-term expected rate of return on plan investments was applied
to all projected benefit payments to determine the total pension liability.
Sensitivity of the Borough’s proportionate share of the net pension liability to
changes in the discount rate
The following presents the Borough’s proportionate share of the net pension
liability of the participating employers as of June 30, 2020 respectively,
calculated using the discount rate as disclosed above as well as what the
Borough’s proportionate share of the net pension liability would be if it
was calculated using a discount rate that is 1-percentage point lower
or 1-percentage point higher than the current rate:
June 30, 2020
1%
At Current
1%
Decrease
Discount Rate
Increase
6.00%
7.00%
8.00%
Borough's proportionate share
of the PFRS pension liability
$4,299,492.00
$3,233,201.00
$2,347,565.00
32
NOTE 13:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Police and Firemen’s Retirement System (PFRS) (Continued)
Special Funding Situation
In accordance with N.J.S.A. 43:16A-15, local participating employers are
responsible for their own contributions based on actuarially determined amounts,
except where legislation was passed which legally obligated the State if certain
circumstances occurred. The legislation which legally obligates the State is as
follows: Chapter 8, P.L. 2000, Chapter 318, P.c. 2001, Chapter 86, P.L. 2001,
Chapter 511, P.L. 1991, Chapter 109, P.c. 1979, Chapter 247, P.L. 1993 and
Chapter 201, P.L. 2001. The amounts contributed by the State on behalf of the
Borough under this legislation is considered to be a special funding situation as
defined by GASB Statement No. 68, and the State is treated as a nonemployer
contributing entity. Since the Borough does not contribute under this legislation
directly to the plan (except for employer specific financed amounts), there is no
net pension liability or deferred outflows or inflows to disclose in the notes to the
financial statements of the Borough related to this legislation.
At June 30, 2020 and 2019, the State's proportionate share of the net pension
liability attributable to the Borough for the PFRS special funding situation is
$501,778.00 and $457,282.00, respectively.
At June 30, 2020, the Borough's and State of New Jersey's proportionate share
of the PFRS net pension liability were as follows:
Borough's Proportionate Share of Net Pension Liability
$3,233,201.00
State of New Jersey Proportionate Share of
Net Pension Liability Associated with the Borough
501,778.00
$3,734,979.00
Pension plan fiduciary net position
Detailed information about the pension plan’s fiduciary net position is available in
the separately issued Financial Report for the State of New Jersey Police and
Firemen’s Retirement System (PFRS). The report may be obtained at State of
New Jersey Division of Pensions and Benefits P.O. Box 295 Trenton, New
Jersey 08625-0295 http://www.state.nj.us/treasury/pensions.
33
NOTE 14:
ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENT
BENEFITS OTHER THAN PENSIONS – GASB 75
The Governmental Accounting Standards Board (GASB) has issued Statement
No. 75, “Accounting and Financial Reporting for Postemployment Benefits Other
Than Pensions”. This statement establishes standards for measuring and
recognizing liabilities, deferred outflows and inflows of resources, and expenses
for postemployment benefits other than pensions. OPEB obligations are non-
pension benefits that the municipality has contractually or otherwise agreed to
provide employees once they have retired and, in most instances, will be for
retirement health, prescription and dental insurance coverage.
Under current New Jersey budget and financial reporting requirements, the
municipality is not required to fund any amounts in excess of their current costs
on a pay-as-you-go basis or to accrue funds, create a trust or issue debt to
finance their other post-employment benefit liability. Additionally, the municipality
is not required to recognize any long-term obligations resulting from OPEB on
their financial statements.
Plan Description and Benefits Provided
The State Health Benefit Local Government Retired Employees Plan (the Plan) is
a cost-sharing multiple-employer defined benefit other postemployment benefit
(OPEB) plan with a special funding situation. It covers employees of local
government employers that have adopted a resolution to participate in the Plan.
The Plan meets the definition of an equivalent arrangement as defined in
paragraph 4 of GASB Statement No. 75, Accounting and Financial Reporting for
the Postemployment Benefits Other Than Pensions; therefore, assets are
accumulated to pay associated benefits.
The Plan provides medical and prescription drug coverage to retirees and their
covered dependents of the employers. Under the provisions of Chapter 88, P.L
1974 and Chapter 48, P.L. 1999, local government employers electing to provide
postretirement medical coverage to their employees must file a resolution with
the Division. Under Chapter 88, local employers elect to provide benefit coverage
based on the eligibility rules and regulations promulgated by the State Health
Benefits Commission. Chapter 48 allows local employers to establish their own
age and service eligibility for employer paid health benefits coverage for retired
employees.
34
NOTE 14:
ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENT
BENEFITS OTHER THAN PENSIONS – GASB 75 (CONTINUED)
Plan Description and Benefits Provided (Continued)
Under Chapter 48, the employer may assume the cost of postretirement medical
coverage for employees and their dependents who: 1) retired on a disability
pension; or 2) retired with 25 or more years of service credit in a State or locally
administered retirement system and a period of service of up to 25 years with the
employer at the time of retirement as established by the employer; or 3) retired
and reached the age of 65 with 25 or more years of service credit in a State or
locally administered retirement system and a period of service of up to 25 years
with the employer at the time of retirement as established by the employer; or 4)
retired and reached age 62 with at least 15 years of service with the employer.
Further, the law provides that the employer paid obligations for retiree coverage
may be determined by means of a collective negotiations’ agreement.
In accordance with Chapter 330, P.L. 1997, which is codified in N.J.S.A 52: 14-
17.32i, the State provides medical and prescription coverage to local police
officers and firefighters, who retire with 25 years of service or on a disability from
an employer who does not provide postretirement medical coverage. Local
employers were required to file a resolution with the Division in order for their
employees to qualify for State-paid retiree health benefits coverage under
Chapter 330.
The State also provides funding for retiree health benefits to survivors of local
police officers and firefighters who die in the line of duty under Chapter 271,
P.L.1989.
Pursuant to Chapter 78, P.L, 2011, future retirees eligible for postretirement
medical coverage who have less than 20 years of creditable service on June 28,
2011 will be required to pay a percentage of the cost of their health care
coverage in retirement provided they retire with 25 or more years of pension
service credit. The percentage of the premium for which the retiree will be
responsible will be determined based on the retiree's annual retirement benefit
and level of coverage.
Contributions
The Borough’s annual contributions to the Plan for retirees were $87,462 for
2019, $143,619 for 2018 and $122,354 for 2017 which equaled the required
contributions for that year.
35
NOTE 14:
ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENT
BENEFITS OTHER THAN PENSIONS – GASB 75 (CONTINUED)
Total Net OPEB Liability
At June 30, 2019, the Plan reported a liability of $3,633,869.00 for the Borough’s
proportionate share of the collective net OPEB liability. The total Net OPEB
Liability measured as of June 30, 2019 was determined by an actuarial valuation
as of June 30, 2018, which was rolled forward to June 30, 2019. The Borough's
proportion of the Net OPEB Liability was based on the ratio of the plan members
of an individual employer to the total members of the Plan's nonspecial funding
situation during the measurement period July 1, 2018 through June 30, 2019.
At June 30, 2019, the Borough's proportion was 0.026826 percent, which was an
increase of 0.001721 percent from its proportion measured as of June 30, 2018.
For the year ended June 30, 2019, the State reported an OPEB benefit of
$168,675.00. This OPEB benefit was based on the OPEB plans June 30, 2019
measurement date. At June 30, 2019, the State reported deferred outflows of
resources and deferred inflows of resources related to OPEB from the following
sources:
Deferred
Deferred
Outflow of
Inflow of
Resources
Resources
Differences between expected and
actual experience
-
$1,062,685
Changes of assumptions
-
1,287,762
Net difference between projected and
actual earnings on OPEB plan
investments
$2,993
-
Changes in proportion
-
928,437
$2,993
$3,278,884
36
NOTE 14:
ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENT
BENEFITS OTHER THAN PENSIONS – GASB 75 (CONTINUED)
Other local amounts reported by the State as the Borough’s proportionate share
of deferred outflows of resources and deferred inflows of resources related to
OPEB will be recognized in the State’s actuarially calculated pension
(benefit)/expense as follows:
Year Ended
June 30,
Amount
2020
($568,012)
2021
(568,012)
2022
(568,246)
2023
(568,625)
2024
(568,972)
Total Thereafter
(434,022)
($3,275,891)
Actuarial Assumptions and Other Inputs
The actuarial assumptions vary for each plan member depending on the pension
plan the member is enrolled in. This actuarial valuation used the following
actuarial assumptions, applied to all periods in the measurement:
2019
2018
Inflation Rate
2.50%
2.50%
Salary Increases:
Public Employees Retirement System (PERS):
Initial Fiscal Year Applied
Rate Through 2026
2.00% to 6.00%
Rate Thereafter
3.00% to 7.00%
Police and Firemen’s Retirement System (PFRS):
Rate for All Future Years
3.25% to 15.25%
All Pensions:
Rate Through 2026
1.65% to 8.98%
Rate Thereafter
2.65% to 9.98%
37
NOTE 14:
ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENT
BENEFITS OTHER THAN PENSIONS – GASB 75 (CONTINUED)
Actuarial Assumptions and Other Inputs (Continued)
Mortality:
PERS
Pub-2010 General classification headcount weighted
mortality with fully generational mortality improvement
projections from the central year using scale MP-2019
PFRS
Pub-2010 Safety classification headcount weighted
mortality with fully generational mortality improvement
projections from the central year using scale MP-2019
*Salary increases are based on the defined benefit plan that the member is
enrolled in and his or her age.
Actuarial assumptions used in the July 1, 2018 valuation were based on the
results of the PFRS and PERS experience studies prepared for July 1, 2013 to
June 30, 2018 and July 1, 2014 to June 30, 2018, respectively.
100% of active members are considered to participate in the Plan upon
retirement.
Health Care Trend Assumptions
For pre-Medicare medical benefits, the trend is initially 5.7% and decreases to a
4.5% long-term trend rate after eight years. For post-65 medical benefits, the
actual fully insured Medicare Advantage trend rates for fiscal year 2020 are
reflected. The assumed post-65 medical trend is 4.5% for all future years. For
prescription drug benefits, the initial trend rate is 7.5% and decreases to a 4.5%
long-term trend rate after eight years.
Discount Rate
The discount rate for June 30, 2019 and 2018 was 3.50% and 3.87%,
respectively. This represents the municipal bond return rate as chosen by the
State. The source is the Bond Buyer Go 20-Bond Municipal Bond Index, which
includes tax-exempt general obligation municipal bonds with an average rating of
AA/Aa or higher. As the long-term rate of return is less than the municipal bond
rate, it is not considered in the calculation of the discount rate, rather the discount
rate is set at the municipal bond rate.
38
NOTE 14:
ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENT
BENEFITS OTHER THAN PENSIONS – GASB 75 (CONTINUED)
Sensitivity of the Borough’s Proportionate Share of the Net OPEB Liability to
Changes in the Discount Rate
The following presents the Net OPEB Liability associated with the Borough as of
June 30, 2019, calculated using the discount rate as disclosed above as well as
what the Net OPEB Liability would be if it was calculated using a discount rate
that is 1-percentage point lower or 1-percentage point higher than the current
rate:
June 30, 2019
1.00%
At Discount
1.00%
Decrease (2.50%) Rate (3.50%) Increase (4.50%)
Borough’s proportionate
share of the Net OPEB
Liability
$4,201,677
$3,633,869
$3,172,450
Sensitivity of the Borough’s Proportionate Share of the Net OPEB Liability to
Changes in Healthcare Trends
The following presents the total Net OPEB Liability associated with the Borough
as of June 30, 2019, calculated using the healthcare trend rate as disclosed
above as well as what the Net OPEB Liability would be if it was calculated using
a healthcare trend rate that is 1-percentage point lower or 1-percentage point
higher than the current rate:
June 30, 2019
1.00%
Healthcare Cost
1.00%
Decrease Trend Rate Increase
Borough’s proportionate
share of the Net OPEB
Liability
$3,066,538 $3,633,869 $4,357,596
39
NOTE 14:
ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENT
BENEFITS OTHER THAN PENSIONS – GASB 75 (CONTINUED)
Special Funding Situation
The Borough, by resolution of the governing body, has elected to provide
postretirement medical coverage to certain employees under the provisions of
Chapter 330, P.L. 1997.
Under Chapter 330, P.L. 1997, the State shall pay the premium or periodic
charges for the qualified local police and firefighter retirees and dependents
equal to 80 percent of the premium or periodic charge for the category of
coverage elected by the qualified retiree under the State managed care plan or a
health maintenance organization participating in the program providing the lowest
premium or periodic charge.
The State also provides funding for retiree health benefits to survivors of local
police officers and firefighters who die in the line of duty under Chapter 271,
P.L.1989.
Therefore, these employers are considered to be in a special funding situation as
defined by GASB Statement No 75 and the State is treated as a non-employer
contributing entity. Since the local participating employers do not contribute
under this legislation directly to the plan, there is no Net OPEB Liability, deferred
outflows of resources or deferred inflows of resources to report in the financial
statements of the local participating employers related to this legislation.
At June 30, 2019 and 2018, the State's proportionate share of the net OPEB
liability attributable to the Borough for the special funding situation is
$2,409,600.00 and $2,902,114.00 respectively.
At June 30, 2019, the Borough's and State of New Jersey's proportionate share
of the Net OPEB Liability were as follows:
Borough’s proportionate share
of the Net OPEB Liability
$3,633,869
State of New Jersey’s proportionate
share of Net OPEB Liability associated
with the Borough
2,409,600
$6,043,469
OPEB Plan Fiduciary Net Position
Detailed information about the OPEB plan’s fiduciary net position is available in
the separately issued Financial Report for the State of New Jersey State Health
Benefits Local Government Retired Employees Plan. The report may be obtained
at State of New Jersey Division of Pensions and Benefits P.O. Box 295 Trenton,
New Jersey 08625-0295 http://www.state.nj.us/treasury/pensions.
40
NOTE 15:
SCHOOL TAXES
Local District School Taxes have been raised and liabilities deferred by statute
resulting in the school taxes payable as set forth in the Current Fund liabilities as
follows:
LOCAL DISTRICT SCHOOL TAX
BALANCE
BALANCE
DEC. 31, 2020
DEC. 31, 2019
Balance of Tax
$
1,717,728.65
$
1,419,143.03
Deferred
1,595,403.50
1,417,655.65
Tax Payable
$
122,325.15
$
1,487.38
NOTE 16:
SUBSEQUENT EVENTS
The Borough has evaluated subsequent events occurring after the financial
statement date through September 30, 2021 which is the date the financial
statements were available to be issued. Based upon this evaluation, the Borough
has determined that the following subsequent events require disclosure:
Debt Authorized
The Borough authorized the following debt as of September 30, 2021:
PROJECT
AMOUNT
General Capital:
Public Works Vehicles and Equipment $ 460,750.00
Maintenance Dredging
2,200,000.00
Utility Capital:
Drinking Water Improvements $1,675,000.00
Clean Water Sewer Improvements 3,240,000.00
41
THIS PAGE INTENTIONALLY LEFT BLANK
BOROUGH OF TUCKERTON
SUPPLEMENTARY SCHEDULES – ALL FUNDS
YEAR ENDED DECEMBER 31, 2020
"A-4"
FEDERAL
AND STATE
CURRENT
GRANT
REF.
FUND
FUND
Balance, December 31, 2019
A
$
984,121.68
$
40,127.37
Increased by Receipts:
Miscellaneous Revenue Not Anticipated
A-2
101,009.67
Taxes Receivable
A-6
10,808,218.63
Tax Title Liens Receivable
A-7
9,012.80
Revenue Accounts Receivable
A-10
648,019.43
Due From/To State of New Jersey
A-12
41,512.00
Tax Overpayments
A-13
51,010.01
Prepaid Taxes
A-14
208,410.33
Property Maintenance Liens
A-15
1,560.66
Interfunds - Current Fund
A-22
312,927.42
Reserve for Covid-19 Expenditures
A-25
42,048.45
Interfunds - Grant Fund
A-26
156,402.97
Grants Receivable
A-27
286,372.77
12,223,729.40
442,775.74
13,207,851.08
482,903.11
Decreased by Disbursements:
Budget Appropriations
A-3
3,948,643.01
Change Funds
A-5
50.00
Due From/To State of New Jersey
A-12
10,725.47
Tax Overpayments
A-13
7,812.96
County Taxes Payable
A-16
1,744,365.88
Local District School Taxes Payable
A-17
2,892,221.38
Regional School District Taxes Payable
A-18
2,642,372.51
Appropriation Reserves
A-19
89,622.06
Interfunds - Current Fund
A-22
39,533.85
Emergency Note Payable
A-23
30,000.00
Interfunds - Grant Fund
A-26
171,614.99
Grants Appropriated
A-28
110,989.73
11,405,347.12
282,604.72
Balance, December 31, 2020
A
$
1,802,503.96
$
200,298.39
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF CASH
"A-5"
BOROUGH OF TUCKERTON - COUNTY OF OCEAN
CURRENT FUND
SCHEDULE OF CHANGE FUNDS
REF.
Balance December 31, 2019
A
$
175.00
Increased by:
Disbursements
A-4
50.00
Balance, December 31, 2020
A
$
225.00
Analysis of Balance
Court
$
100.00
Tax
100.00
Police
25.00
$
225.00
"A-6"
DUE FROM
STATE OF
BALANCE
NEW JERSEY
TRANSFER
BALANCE
DECEMBER
ADDED
OVERPAYMENTS
CH. 20,
TO TAX
DECEMBER
YEAR
31, 2019
2020 LEVY
TAXES
2020
2019
APPLIED
CANCELED
P.L. 1971
TITLE LIENS
31, 2020
2019
$
205,984.98
$
$
250.00
$
195,050.31
$
$
$
4,527.75
$
$
6,168.79
$
488.13
205,984.98
250.00
195,050.31
4,527.75
6,168.79
2020
11,113,681.64
10,613,168.32
185,078.85
35,148.06
43,144.12
35,637.67
18,889.61
182,615.01
$
205,984.98
$
11,113,681.64
$
250.00
$
10,808,218.63
$
185,078.85
$
35,148.06
$
47,671.87
$
35,637.67
$
25,058.40
$
183,103.14
REF.
A
A-6
A-4
A-14
A-13
A-12
A-7
A
REF.
Analysis of 2020 Property Tax Levy
Tax Yield:
General Purpose Tax
$
10,969,491.98
Added Taxes
144,189.66
A-6
$
11,113,681.64
Tax Levy:
Local District School Tax (Abstract)
A-17
$
3,190,807.00
Regional School Tax (Abstract)
A-1, 18
2,871,879.00
County Tax (Abstract)
$
1,444,554.61
County Library Tax (Abstract)
159,206.20
County Health Tax (Abstract)
71,019.35
County Open Space Preservation (Abstract)
51,438.72
Due County Added Taxes
22,728.15
A-1, 16
1,748,947.03
Total School and County Taxes
7,811,633.03
Local Tax for Municipal Purposes
A-2
3,177,415.13
Added Taxes
124,633.48
3,302,048.61
A-6
$
11,113,681.64
COLLECTED
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY
"A-7"
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF TAX TITLE LIENS RECEIVABLE
REF
Balance, December 31, 2019
A
$
245,180.93
Increased by:
Transfer from Taxes Receivable
A-6
25,058.40
270,239.33
Decreased by:
Received
A-4
9,012.80
Balance, December 31, 2020
A
$
261,226.53
"A-8"
SCHEDULE OF 6% YEAR-END PENALTY RECEIVABLE
Balance December 31, 2019
A
$
5,060.36
Increased by:
6% Year End Penalty Levied
3,824.25
8,884.61
Decreased by:
Transferred to Interest and Costs on Taxes
A-2
5,060.05
Balance December 31, 2020
A
$
3,824.56
"A-9"
SCHEDULE OF PROPERTY ACQUIRED FOR TAXES
(AT ASSESSED VALUATION)
Balance, December 31, 2019 and 2020
A
$
330,250.00
"A-10"
BOROUGH OF TUCKERTON - COUNTY OF OCEAN
CURRENT FUND
SCHEDULE OF REVENUE ACCOUNTS RECEIVABLE
BALANCE
BALANCE
DECEMBER
ACCRUED
DECEMBER
31, 2019
IN 2020
COLLECTED
31, 2020
Licenses:
Alcoholic Beverages
$
$
10,440.00
$
10,440.00
$
Fines and Costs - Municipal Court
41,205.05
38,888.70
2,316.35
Interest and Costs on Taxes
59,214.95
59,214.95
Interest on Investments and Deposits
2,120.33
2,120.33
Mobile Home Fees
18,441.28
18,441.28
Boat Stalls
10,625.00
10,625.00
Cable TV Franchise Fees
16,145.17
16,145.17
Energy Receipts Tax
324,612.00
324,612.00
Uniform Construction Code Fees
167,532.00
167,532.00
Interfund Liquidation - W/S Utility Operating Fund
119,549.49
119,549.49
Reserve for Debt Service
12,500.15
12,500.15
$
$
782,385.42
$
780,069.07
$
2,316.35
REF.
A
A
Reserve for Receivables
A
$
119,549.49
Reserve for Debt Service
A-21
12,500.15
Receipts
A-4
648,019.43
$
780,069.07
"A-11"
RAISED BY
1/5 OF
BALANCE
ORDINANCE OR
BALANCE
DATE
NET AMOUNT
NET AMOUNT
DECEMBER
ADDED
IN 2020
DECEMBER
AUTHORIZED
AUTHORIZED
AUTHORIZED
31, 2019
IN 2020
BUDGET
31, 2020
05/13/20
Emergency Authorizations (40A:4-47)
$
184,000.00
$
N/A
$
$ 184,000.00
$
184,000.00
$
N.J.S. 40A:4-53 SPECIAL EMERGENCY
08/07/17
Revaluation/Reassessment
150,000.00
30,000.00
90,000.00
30,000.00
60,000.00
$
90,000.00
$
184,000.00
$
214,000.00
$
60,000.00
REF.
A
A-3
A
Budget Appropriation
A-3
$
30,000.00
Raised by Ordinance
A-3
184,000.00
$
214,000.00
BOROUGH OF TUCKERTON - COUNTY OF OCEAN
CURRENT FUND
SCHEDULE OF DEFERRED CHARGES
PURPOSE
"A-12"
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF DUE FROM/TO STATE OF NEW JERSEY
UNIFORM
CONSTRUCTION
MARRIAGE
CH. 20,
REF.
TOTAL
CODE
LICENSES
P.L. 1971
Balance, December 31, 2019 - Due From/(Due To)
A
$
(12,103.87)
$
(6,693.47)
$
(100.00)
$
(5,310.40)
Increased/Decreased by:
Deductions:
Per Billings
35,750.00
35,750.00
Allowed/Disallowed by Tax Collector (Net)
(112.33)
(112.33)
A-6
35,637.67
35,637.67
Disbursements
A-4
10,725.47
10,625.47
100.00
Total Increases/Decreases
46,363.14
10,625.47
100.00
35,637.67
Total Increases/Decreases and Balances
34,259.27
3,932.00
30,327.27
Decreased/Increased by:
Disallowed by Tax Collector - Prior Taxes
A-1
250.00
250.00
Receipts
A-4
41,512.00
5,112.00
400.00
36,000.00
Total Decreases/Increases
41,762.00
5,112.00
400.00
36,250.00
Balance, December 31, 2020 - Due From/(Due To)
A
$
(7,502.73)
$
(1,180.00)
$
(400.00)
$
(5,922.73)
"A-13"
BOROUGH OF TUCKERTON - COUNTY OF OCEAN
CURRENT FUND
SCHEDULE OF TAX OVERPAYMENTS
REF.
Balance December 31, 2019
A
$
75,901.56
Increased by:
Receipts
A-4
$
51,010.01
Transferred from Prepaid Taxes
A-14
.01
51,010.02
126,911.58
Decreased by:
Applied to 2020 Taxes
A-6
35,148.06
Disbursements
A-4
7,812.96
Canceled
A-1
24,130.23
67,091.25
Balance December 31, 2020
A
$
59,820.33
"A-14"
Balance, December 31, 2019
A
$
185,078.86
Increased by:
Collections
A-4
208,410.33
393,489.19
Decreased by:
Transferred to Tax Overpayments
A-13
$
.01
Applied to 2020 Taxes
A-6
185,078.85
185,078.86
Balance, December 31, 2020
A
$
208,410.33
SCHEDULE OF PREPAID TAXES
"A-15"
REF.
Balance December 31, 2019
A
$
7,203.56
Increased by:
Property Maintenance Liens Levied
5,055.00
12,258.56
Decreased by:
Receipts
A-4
1,560.66
Balance December 31, 2020
A
$
10,697.90
"A-16"
Balance, December 31, 2019
A
$
18,147.00
Increased by:
General County Tax
A-6
$
1,444,554.61
County Library Tax
A-6
159,206.20
County Health Tax
A-6
71,019.35
County Open Space Preservation Tax
A-6
51,438.72
Added and Omitted Taxes
A-6
22,728.15
A-6
1,748,947.03
1,767,094.03
Decreased by:
Payments
A-4
1,744,365.88
Balance, December 31, 2020
A
$
22,728.15
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF PROPERTY MAINTENANCE LIENS
SCHEDULE OF COUNTY TAXES PAYABLE
"A-17"
REF.
Balance, December 31, 2019:
School Tax Payable
A
$
1,487.38
School Tax Deferred
1,417,655.65
$
1,419,143.03
Increased by:
Levy School Year - July 1, 2020 to
June 30, 2021
A-6
3,190,807.00
4,609,950.03
Decreased by:
Payments
A-4
2,892,221.38
Balance, December 31, 2020:
School Tax Payable
A
$
122,325.15
School Tax Deferred
1,595,403.50
$
1,717,728.65
2020 Liability for Local District School Tax:
Tax Paid
$
2,892,221.38
Tax Payable December 31, 2020
122,325.15
3,014,546.53
Less: Tax Payable December 31, 2019
1,487.38
Amount Charged to 2020 Operations
A-1
$
3,013,059.15
"A-18"
SCHEDULE OF REGIONAL SCHOOL DISTRICT TAXES PAYABLE
Balance, December 31, 2019:
School Tax Payable (Prepaid)
A
$
(10,092.52)
Increased by:
Levy Calendar Year 2020
A-6
2,871,879.00
2,861,786.48
Decreased by:
Payments
A-4
2,642,372.51
Balance, December 31, 2020:
School Tax Payable
A
$
219,413.97
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF LOCAL DISTRICT SCHOOL TAX PAYABLE
"A-19"
SHEET #1
BALANCE
BALANCE
DECEMBER
AFTER
PAID OR
BALANCE
31, 2019
TRANSFER
CHARGED
LAPSED
OPERATIONS WITHIN CAPS
Mayor and Council:
Salaries and Wages
$
693.32
$
693.32
$
$
693.32
Other Expenses
400.00
400.00
400.00
Administrative and Executive:
Salaries and Wages
17.36
17.36
17.36
Municipal Clerk:
Salaries and Wages
14.73
14.73
14.73
Other Expenses
1,776.52
1,776.52
1,759.89
16.63
Financial Administration (Treasury):
Salaries and Wages
1,164.18
1,164.18
1,164.18
Other Expenses
2,210.64
2,210.64
659.77
1,550.87
Audit Services:
Other Expenses
3,000.00
3,000.00
2,750.00
250.00
Revenue Administration (Tax Collection):
Salaries and Wages
49.90
49.90
49.90
Other Expenses
1,675.85
1,675.85
1,101.05
574.80
Tax Assessment Administration:
Salaries and Wages
0.02
0.02
0.02
Other Expenses
611.39
611.39
29.65
581.74
Legal Services (Legal Department):
Other Expenses
6,703.09
6,703.09
6,703.09
Engineering Services:
Other Expenses
3,574.16
3,574.16
360.00
3,214.16
Economic Development Committee:
Salaries and Wages
225.00
225.00
225.00
Other Expenses
80.00
80.00
80.00
Landmarks Commission (N.J.S.A. 40:55-10 et seq.):
Other Expenses
825.00
825.00
825.00
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF APPROPRIATION RESERVES
"A-19"
SHEET #2
BALANCE
BALANCE
DECEMBER
AFTER
PAID OR
BALANCE
31, 2019
TRANSFER
CHARGED
LAPSED
OPERATIONS WITHIN CAPS (CONTINUED)
Land Use Board:
Other Expenses
$
4,519.50
$
4,519.50
$
1,077.00
$
3,442.50
Environmental Commission:
Salaries and Wages
150.00
150.00
150.00
Other Expenses
500.00
500.00
500.00
Waterways Commission:
Salaries and Wages
150.00
150.00
150.00
Other Expenses
500.00
500.00
500.00
Zoning Board of Adjustment:
Salaries and Wages
168.70
168.70
168.70
Other Expenses
500.00
500.00
500.00
Insurance:
Employee Group Health
37,307.20
37,307.20
37,307.20
Health Benefit Waiver
5,873.59
5,873.59
5,873.59
Police Department:
Salaries and Wages
3,006.72
3,006.72
3,006.72
Other Expenses
1,707.00
1,707.00
1,707.00
Office of Emergency Management
Other Expenses
500.00
500.00
500.00
Municipal Prosecutor's Office
1,500.00
1,500.00
1,500.00
Municipal Court:
Salaries and Wages
127.64
127.64
127.64
Other Expenses
675.00
675.00
675.00
Public Employees Occupational Safety and Health Act
Other Expenses
500.00
500.00
500.00
Code Enforcement:
Other Expenses
1,000.00
1,000.00
1,000.00
Streets and Road Maintenance:
Salaries and Wages
1,345.87
1,345.87
1,345.87
Other Expenses
6,655.57
6,655.57
677.32
5,978.25
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF APPROPRIATION RESERVES
"A-19"
SHEET #3
BALANCE
BALANCE
DECEMBER
AFTER
PAID OR
BALANCE
31, 2019
TRANSFER
CHARGED
LAPSED
OPERATIONS WITHIN CAPS (CONTINUED)
Snow Removal:
Salaries and Wages
$
428.86
$
428.86
$
$
428.86
Other Expenses
1,322.00
1,322.00
1,322.00
Shade Tree Commission
Other Expenses
250.00
250.00
250.00
Solid Waste Collection:
Salaries and Wages
83.93
83.93
83.93
Public Buildings and Grounds:
Other Expenses
5,061.01
5,061.01
2,083.81
2,977.20
Building Supplies
5,944.96
5,944.96
11.00
5,933.96
Vehicle Maintenance:
Salaries and Wages
17.02
17.02
17.02
Other Expenses
7,654.93
7,654.93
3,869.66
3,785.27
Recycling:
Other Expenses
245.50
245.50
245.50
Condominium Community Cost:
Other Expenses
10,000.00
10,000.00
10,000.00
Public Health Services (Board of Health)
Salaries and Wages
56.96
56.96
56.96
Other Expenses
500.00
500.00
500.00
Vaccinations
500.00
500.00
500.00
Animal Control Services:
Other Expenses
2,610.00
2,610.00
2,610.00
Municipal Alliance - Local Supplement
300.00
300.00
300.00
Pride and Celebration Committee:
Salaries and Wages
150.00
150.00
75.00
75.00
Committee
1,167.75
1,167.75
59.04
1,108.71
Uniform Construction Code Enforcement Functions:
Salaries and Wages
2,814.94
2,814.94
2,814.94
Other Expenses
3,658.39
3,658.39
53.66
3,604.73
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF APPROPRIATION RESERVES
"A-19"
SHEET #4
BALANCE
BALANCE
DECEMBER
AFTER
PAID OR
BALANCE
31, 2019
TRANSFER
CHARGED
LAPSED
OPERATIONS WITHIN CAPS (CONTINUED)
Unclassified:
Electricity
$
7,376.71
$
7,376.71
$
1,841.08
$
5,535.63
Street Lighting
9,352.16
9,352.16
6,486.64
2,865.52
Telephone
14,835.89
14,835.89
1,572.08
13,263.81
Natural Gas and Fuel Oil
6,604.11
6,604.11
6,604.11
Telecommunications
7,366.25
7,366.25
1,976.00
Gasoline
7,835.34
7,835.34
3,893.26
3,942.08
Landfill/Solid Waste Disposal Costs
6,407.87
6,407.87
248.36
6,159.51
Contribution to:
Social Security System (O.A.S.I.)
329.17
329.17
329.17
Defined Contribution Retirement Program
609.50
609.50
35.50
574.00
Unemployment and Disability Insurance
2,396.64
2,396.64
2,396.64
Total Appropriations within Caps
195,587.84
195,587.84
89,622.06
105,965.78
OPERATIONS EXCLUDED FROM CAPS
911 Emergency Services:
Salaries and Wages
162.66
162.66
162.66
Total Appropriations excluded from Caps
162.66
162.66
162.66
$
195,750.50
$
195,750.50
$
89,622.06
$
106,128.44
REF.
A-4
A-1
Appropriation Reserves - 2019
A
$
159,771.15
Reserve for Encumbrances
A-20
35,979.35
$
195,750.50
CURRENT FUND
SCHEDULE OF APPROPRIATION RESERVES
BOROUGH OF TUCKERTON
"A-20"
FEDERAL AND
TOTAL
CURRENT
STATE GRANT
REF.
(MEMO ONLY)
FUND
FUND
Balance, December 31, 2019
A
$
36,574.90
$
35,979.35
$
595.55
Increased by:
2020 Budget Appropriations
A-3
48,425.33
48,425.33
Reserve for Covid-19 Expenditures
A-25
42,048.45
42,048.45
Grant Appropriated Reserves
A-28
12,774.91
12,774.91
Total Increases
103,248.69
90,473.78
12,774.91
Total Increases and Balances
139,823.59
126,453.13
13,370.46
Decreased by:
2019 Appropriation Reserves
A-19
35,979.35
35,979.35
Grant Appropriated Reserves
A-28
595.55
595.55
Total Decreases
36,574.90
35,979.35
595.55
Balance, December 31, 2020
A
$
103,248.69
$
90,473.78
$
12,774.91
"A-21"
BALANCE
BALANCE
DECEMBER
DECEMBER
31, 2019
INCREASE
DECREASE
31, 2020
Debt Service
$
12,500.15
$
$
12,500.15
$
Revaluation/Reassessment
1,301.00
1,301.00
$
13,801.15
$
$
12,500.15
$
1,301.00
REF.
A
A-10
A
SCHEDULE OF MISCELLANEOUS RESERVES
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF RESERVE FOR ENCUMBRANCES
"A-22"
FEDERAL
AND
WATER - SEWER
STATE
TRUST
GENERAL
UTILITY
GRANT
OTHER
CAPITAL
OPERATING
REF.
TOTAL
FUND
FUND
FUND
FUND
Balance, December 31, 2019 - Due From/(Due To)
A
$
111,812.68
$
11,923.02
$
$
(29,850.00)
$
129,739.66
Increased/Decreased by:
Disbursements
A-4
39,533.85
1,402.97
1,013.66
37,117.22
Canceled Grants - Appropriated
A-1:A-26
240,300.00
240,300.00
2020 Budget Appropriations
A-3:A-26
372,462.20
372,462.20
Total Increases/Decreases
652,296.05
614,165.17
1,013.66
37,117.22
Total Increases/Decreases and Balances
764,108.73
626,088.19
1,013.66
7,267.22
129,739.66
Decreased/Increased by:
Receipts
A-4
312,927.42
16,614.99
1,013.66
175,749.28
119,549.49
Cancelled Grant Receivables
A-1:A-26
240,300.00
240,300.00
2020 Budget Revenues Realized
A-2:A-26
372,462.20
372,462.20
Total Decreases/Increases
925,689.62
629,377.19
1,013.66
175,749.28
119,549.49
Balance, December 31, 2020 - Due From/(Due To)
A
$
(161,580.89)
$
(3,289.00)
$
$
(168,482.06)
$
10,190.17
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF INTERFUNDS
"A-23"
DATE OF
BALANCE
BALANCE
ORIGINAL
DATE OF
DATE OF
INTEREST
DECEMBER
DECEMBER
PURPOSE
ISSUE
ISSUE
MATURITY
RATE
31, 2019
INCREASED
DECREASED
31, 2020
Revaluation/Reassessment
11/01/17
10/30/19
10/30/20
1.75%
$
90,000.00
$
$
90,000.00
$
11/01/17
10/29/20
10/29/21
0.43%
60,000.00
60,000.00
$
90,000.00
$
60,000.00
$
90,000.00
$
60,000.00
REF.
A
A
Contra
$
60,000.00
$
60,000.00
Disbursements
A-4
30,000.00
$
60,000.00
$
90,000.00
BOROUGH OF TUCKERTON
SCHEDULE OF EMERGENCY NOTE PAYABLE
CURRENT FUND
"A-24"
REF.
Balance December 31, 2019 and 2020
A
$
803.14
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF ACCOUNTS PAYABLE
"A-25"
REF.
Increased by:
Receipts
A-4
$
42,048.45
Decreased by:
Reserve for Encumbrances
A-20
$
42,048.45
SCHEDULE OF RESERVE FOR COVID-19 EXPENDITURES
BOROUGH OF TUCKERTON - COUNTY OF OCEAN
CURRENT FUND
"A-26"
WATER -
GENERAL
SEWER
TOTAL
CURRENT
CAPITAL
OPERATING
REF.
(MEMO ONLY)
FUND
FUND
FUND
Balance, December 31, 2019 - Due From/(Due To)
A
$
(11,923.02)
$
(11,923.02)
$
$
Increased/Decreased by:
Disbursements
A-4
171,614.99
16,614.99
130,000.00
25,000.00
Canceled Grant Receivables
A-22:A-27
240,300.00
240,300.00
2020 Budget Revenues Realized
A-2:A-27
372,462.20
372,462.20
Total Increases/Decreases
784,377.19
629,377.19
130,000.00
25,000.00
Total Increases/Decreases and Balances
772,454.17
617,454.17
130,000.00
25,000.00
Decreased/Increased by:
Receipts
A-4
156,402.97
1,402.97
130,000.00
25,000.00
Canceled Grants - Appropriated
A-22:A-28
240,300.00
240,300.00
2020 Budget Appropriations
A-3:A-28
372,462.20
372,462.20
Total Decreases/Increases
769,165.17
614,165.17
130,000.00
25,000.00
Balance, December 31, 2020 - Due From/(Due To)
A
$
3,289.00
$
3,289.00
$
$
BOROUGH OF TUCKERTON
FEDERAL AND STATE GRANT FUND
SCHEDULE OF INTERFUNDS
"A-27"
BALANCE
2020 BUDGET
UNAPPROPRIATED
BALANCE
DECEMBER
REVENUE
RESERVE
DECEMBER
31, 2019
REALIZED
RECEIPTS
APPLIED
CANCELED
31, 2020
Alcohol Education and Rehabilitation Fund
$
$
2,834.03
$
2,834.03
$
$
$
Body Armor Replacement Fund
1,507.21
1,507.21
Clean Communities Program
8,524.36
8,524.36
Community Development Block Grant
34,000.00
34,000.00
Community Facilities Grant Program
20,300.00
20,300.00
DCA Post Sandy
798.45
798.45
DOT 2015 Heron Road
116,707.78
107,054.03
9,653.75
DOT 2016 Heron Road
108,798.70
105,789.14
3,009.56
DOT 2017 & 2018 Curlew Road
166,962.43
166,962.43
DOT 2019 Second Avenue
284,666.00
284,666.00
DOT 2020 Kingfisher
350,000.00
350,000.00
Drunk Driving Enforcement Fund
2,443.60
2,443.60
Fish and Wildlife Fund
789.00
789.00
Hazard Mitigation Grant Program
13,798.05
13,798.05
NJ DEP Living Shorelines Project
350,000.00
350,000.00
NJDEP Tuckerton Stone Revetment Project
240,300.00
240,300.00
OEM - 966
4,943.75
4,943.75
Recycling Tonnage Grant
6,364.00
6,364.00
$ 1,341,275.16
$
372,462.20
$
286,372.77
$
3,232.60
$
240,300.00
$ 1,183,831.99
REF.
A
A-26
A-4
A-29
A-26
A
BOROUGH OF TUCKERTON
CURRENT FUND
FEDERAL AND STATE GRANT FUND
SCHEDULE OF GRANTS RECEIVABLE
"A-28"
BALANCE
BALANCE
DECEMBER
2020 BUDGET
PAID OR
DECEMBER
31, 2019
APPROPRIATION
CHARGED
CANCELED
31, 2020
Alcohol Education and Rehabilitation Fund
$
3,976.41
$
2,834.03
$
$
$
6,810.44
Body Armor Replacement Fund
3,332.64
1,507.21
2,615.40
2,224.45
Clean Communities Program
10,441.37
8,524.36
100.00
18,865.73
Community Development Block Grant
29,139.17
29,139.17
DCA Post Sandy
1,268.64
1,268.64
DOT 2015 Heron Road
358.99
358.99
DOT 2016 Heron Road
75.29
75.29
DOT 2017 & 2018 Curlew Road
403,466.59
160.00
403,306.59
DOT 2019 Second Avenue
284,666.00
33,400.63
251,265.37
DOT 2020 Kingfisher
350,000.00
15,450.29
334,549.71
Drunk Driving Enforcement Fund
6,052.68
2,443.60
478.00
8,018.28
EDA/NCR Grant - South Green Street
118.18
118.18
Fish and Wildlife Fund
789.00
789.00
Local History
6,121.00
6,121.00
Municipal Alliance on Alcoholism and Drug Abuse
7,544.34
4,850.00
2,694.34
NJ DEP Living Shorelines Project
350,000.00
18,868.25
331,131.75
NJDEP Tuckerton Stone Revetment Project
233,151.00
(7,149.00)
240,300.00
OEM - 966
1,337.87
1,337.87
Recycling Revenue Sharing
2,230.93
2,230.93
Recycling Tonnage Grant
22,370.26
6,364.00
24,467.35
4,266.91
$ 1,365,651.36
$
372,462.20
$
123,169.09
$
240,300.00
$ 1,374,644.47
REF.
A
A-26
A-26
A
Disbursements
A-4
$
110,989.73
Reserve for Encumbrances
A-20
12,774.91
Reserve for Encumbrances
A-20
(595.55)
$
123,169.09
BOROUGH OF TUCKERTON
CURRENT FUND
FEDERAL AND STATE GRANT FUND
SCHEDULE OF GRANTS - APPROPRIATED
"A-29"
BALANCE
APPLICATION
DECEMBER
TO GRANTS
31, 2019
RECEIVABLE
Drunk Driving Enforcement Fund
$
2,443.60
$
2,443.60
Fish and Wildlife Fund
789.00
789.00
$
3,232.60
$
3,232.60
REF.
A
A-27
BOROUGH OF TUCKERTON
CURRENT FUND
FEDERAL AND STATE GRANT FUND
SCHEDULE OF GRANTS - UNAPPROPRIATED
"B-1"
BOROUGH OF TUCKERTON
TRUST FUND
SCHEDULE OF CASH
ANIMAL
CONTROL
TRUST
TRUST
OTHER
REF.
FUND
FUND
Balance, December 31, 2019
B
$
367.47
$
641,152.61
Increased by Receipts:
Animal Control License Fees
B-2
1,029.80
State Registration Fees
B-3
283.20
Interfunds
B-4
1,013.66
Miscellaneous Reserves
B-6
3,710,455.64
Total Receipts
1,313.00
3,711,469.30
Total Receipts and Balances
1,680.47
4,352,621.91
Decreased by Disbursements:
Animal Control Expenditures
B-2
796.00
State Registration Fees
B-3
324.00
Interfunds
B-4
1,013.66
Miscellaneous Reserves
B-6
3,886,060.18
Total Disbursements
1,120.00
3,887,073.84
Balance, December 31, 2020
B
$
560.47
$
465,548.07
"B-2"
BOROUGH OF TUCKERTON
TRUST FUND
SCHEDULE OF RESERVE FOR ANIMAL CONTROL
TRUST FUND EXPENDITURES
REF.
Balance, December 31, 2019
B
$
326.67
Increased by:
Animal Control License Fees Collected
B-1
1,029.80
1,356.47
Decreased by:
Expenditures Under R.S. 4:19-15.11:
Cash
B-1
796.00
Balance, December 31, 2020
B
$
560.47
License Fees Collected
Year
Amount
2019
$
1,208.40
2018
978.60
$
2,187.00
"B-3"
Balance, December 31, 2019
B
$
40.80
Increased by:
Receipts - State Registration Fees
B-1
283.20
324.00
Decreased by:
Disbursements - State Registration Fees
B-1
$
324.00
SCHEDULE OF DUE STATE OF NEW JERSEY
"B-4"
BOROUGH OF TUCKERTON
TRUST FUND
SCHEDULE OF INTERFUNDS
CURRENT
REF.
FUND
Increased/Decreased by:
Receipts
B-1
$
1,013.66
Decreased/Increased by:
Disbursements
B-1
$
1,013.66
"B-5"
BOROUGH OF TUCKERTON
TRUST FUND
SCHEDULE OF RESERVE FOR ENCUMBRANCES
TRUST
OTHER
REF.
FUND
Balance, December 31, 2019
B
$
2,026.50
Increased by:
Transfer from Miscellaneous Reserves
B-6
4,720.75
6,747.25
Decreased by:
Transfer to Miscellaneous Reserves
B-6
2,026.50
Balance, December 31, 2020
B
$
4,720.75
"B-6"
BOROUGH OF TUCKERTON
TRUST FUND
SCHEDULE OF MISCELLANEOUS RESERVES
BALANCE
BALANCE
DECEMBER
DECEMBER
31, 2019
INCREASE
DECREASE
31, 2020
All Wars Memorial Ballfield
$
1,012.05
$
$
$
1,012.05
Memorial Day Bows
100.00
100.00
Tax Sale Premiums.
204,300.00
66,500.00
160,200.00
110,600.00
Tourist Maps (EDC)
792.21
792.21
Youth Council
396.84
396.84
Public Records Preservation
76.00
76.00
Compensated Absences
5,213.50
5,213.50
Economic Development Committee
403.50
403.50
Fourth of July Fund
200.00
200.00
Park Benches
525.00
525.00
Escrow
161,409.48
9,225.58
14,250.50
156,384.56
Tuckerton Food Pantry
54,654.91
63,907.14
18,645.41
99,916.64
Police (DARE)
325.00
325.00
Law Enforcement
6,125.36
356.00
3,672.50
2,808.86
Municipal Alliance - Program Income
468.16
468.16
P.O.A.A.
92.00
2.00
94.00
Payroll and Payroll Agency
48,462.22
3,114,933.82
3,117,104.02
46,292.02
Public Defender
13,961.84
1,302.00
4,400.00
10,863.84
T.T.L. Redemptions
128,990.41
442,086.60
568,737.00
2,340.01
New Team Donations (Formerly Dare)
1,972.99
500.00
2,472.99
K-9 Fund
1,861.02
1,745.00
116.02
Public Events:
Trolley
159.94
159.94
Pride and Celebration
483.80
375.00
858.80
Developer Safety Sidewalks
10,217.50
10,217.50
South Green Street Improvements
1,026.88
1,026.88
Hurricane Sandy Donations
5,863.00
5,863.00
Uniform Fire Safety Act
250.00
1,050.00
1,300.00
$
639,126.11
$
3,710,455.64
$
3,888,754.43
$
460,827.32
REF.
B
B-1
B
Disbursements
B-1
$
3,886,060.18
Reserve for Encumbrances
B-5
4,720.75
Reserve for Encumbrances
B-5
(2,026.50)
$
-
$
3,888,754.43
"C-2"
BOROUGH OF TUCKERTON
GENERAL CAPITAL FUND
SCHEDULE OF CASH
REF.
Balance, December 31, 2019
C
$
1,116,678.36
Increased by:
Interfund - Current Fund
C-5
$
37,117.22
Bond Anticipation Notes Payable
C-8
1,791,500.00
Interfund - Grant Fund
C-10
130,000.00
C-3
1,958,617.22
3,075,295.58
Decreased by:
Interfund - Current Fund
C-5
175,749.28
Improvement Authorizations
C-6
1,275,005.77
Bond Anticipation Notes Payable
C-8
1,432,500.00
Interfund - Grant Fund
C-10
130,000.00
C-3
3,013,255.05
Balance, December 31, 2020
C
$
62,040.53
"C-3"
BALANCE
BALANCE
DECEMBER
TRANSFERS
DECEMBER
31, 2019
RECEIPTS
DISBURSEMENTS
TO
FROM
31, 2020
Fund Balance
$
5.01
$
$
$
30,000.00
$
$
30,005.01
Miscellaneous Reserves
30,000.00
30,000.00
Interfund - Grant Fund
130,000.00
130,000.00
Capital Improvement Fund
6,210.71
6,210.71
Reserve for Encumbrances
367,461.15
8,862.97
367,461.15
8,862.97
Interfund - Current Fund
(29,850.00)
37,117.22
175,749.28
(168,482.06)
Improvement Authorizations:
ORDINANCE
NUMBER
IMPROVEMENT DESCRIPTION
01-07
Various General Improvements
4,176.68
4,176.68
10-11
Phase III of the Maple, Bartlett and Western Avenues
Reconstruction Project
1,443.13
1,443.13
09-16
Software and Hardware Upgrades
67,039.75
14,835.69
14,835.69
8,862.97
58,176.78
02-17
Acquisition of a Garbage Truck for
the Department of Public Works
9,462.39
91,658.00
91,658.00
9,462.39
03-17
Supplemental Funding - Municipal
Building Improvements
266,000.00
266,000.00
03-18
Trash Cans and Other Equipment
3,355.00
115,342.00
118,697.00
01-19
Purchase of Fire Truck
657,374.54
959,500.00
1,908,009.40
352,625.46
61,490.60
06-20
Stone Revetment
175,000.00
120,129.00
54,871.00
07-20
Refunding Note Funding Emergency Appropriation
184,000.00
184,000.00
$
1,116,678.36
$
1,958,617.22
$
3,013,255.05
$
406,324.12
$
406,324.12
$
62,040.53
REF.
C
C-2
C-2
C
BOROUGH OF TUCKERTON
GENERAL CAPITAL FUND
ANALYSIS OF CASH
"C-4"
BALANCE
NOTES PAID
BALANCE
BOND
UNEXPENDED
ORDINANCE
DECEMBER
2020
BY CURRENT
DECEMBER
ANTICIPATION
IMPROVEMENT
NUMBER
IMPROVEMENT DESCRIPTION
31, 2019
AUTHORIZATIONS
FUND
CANCELED
31, 2020
NOTES
EXPENDITURES
AUTHORIZATIONS
05-89
Acquisition of Fire Truck
$
13,933.26
$
$
$
13,933.26
$
$
$
$
17-91
Utility Truck with Plow
3,500.00
3,500.00
05-98
Equipment and Installation OEM Tower
4,167.00
4,167.00
04-99
Acquisition of Trash Truck
2,623.16
2,623.16
12(2)-00
Repair Municipal Docks
6,434.59
6,434.59
02-17
Acquisition of a Garbage Truck for
the Department of Public Works
237,500.00
(115,342.00)
30,500.00
91,658.00
91,658.00
03-17
Supplemental Funding - Municipal
Building Improvements
304,000.00
38,000.00
266,000.00
266,000.00
01-19
Purchase of Fire Truck
959,500.00
959,500.00
959,500.00
08-18
Trash Cans and Other Equipment
115,342.00
115,342.00
115,342.00
06-20
Stone Revetment
175,000.00
175,000.00
175,000.00
07-20
Refunding Note Funding Emergency Appropriation
184,000.00
184,000.00
184,000.00
$
1,531,658.01
$
359,000.00
$
68,500.00
$
30,658.01
$ 1,791,500.00
$ 1,791,500.00
$
$
REF.
C
C-6
C-8
C-6
C
C-8
Improvement Authorizations - Unfunded
C-6
$
125,823.99
Less: Unexpended Proceeds of Bond Anticipation Notes Issued:
Ordinance
Number
Improvement Description
02-17
Acquisition of a Garbage Truck for
the Department of Public Works
$
9,462.39
01-19
Purchase of Fire Truck
61,490.60
06-20
Stone Revetment
54,871.00
125,823.99
$
ANALYSIS OF BALANCE
DECEMBER 31, 2020
BOROUGH OF TUCKERTON
GENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - UNFUNDED
"C-5"
BOROUGH OF TUCKERTON
GENERAL CAPITAL FUND
REF.
Balance, December 31, 2019 - Due From/(Due To)
C
$
29,850.00
Increased by:
Disbursements
C-2
175,749.28
205,599.28
Decreased by:
Receipts
C-2
37,117.22
Balance, December 31, 2020 - Due From/(Due To)
C
$
168,482.06
SCHEDULE OF INTERFUND - CURRENT FUND
"C-6"
ORD.
ORDINANCE
DECEMBER 31, 2019
2020
PAID OR
DECEMBER 31, 2020
NUMBER
DATE
AMOUNT
FUNDED
UNFUNDED
AUTHORIZATIONS
CHARGED
CANCELED
FUNDED
UNFUNDED
05-89
Acquisition of Fire Truck
05/01/89
$
210,000.00
$
$
13,933.26
$
$
$
13,933.26
$
$
17-91
Utility Truck with Plow
11/04/91
30,000.00
3,500.00
3,500.00
05-98
Equipment and Installation OEM Tower
04/06/98
20,000.00
4,167.00
4,167.00
04-99
Acquisition of Trash Truck
04/19/99
140,000.00
2,623.16
2,623.16
12(2)-00
Repair Municipal Docks
08/07/00
20,000.00
6,434.59
6,434.59
01-07
Various General Improvements
04/02/07
240,000.00
4,176.68
4,176.68
10-11
Phase III of the Maple, Bartlett and Western Avenues
Reconstruction Project
06/16/11
165,000.00
1,443.13
1,443.13
09-16
Software and Hardware Upgrades
05/12/16
166,047.51
67,039.75
8,862.97
58,176.78
02-17
Acquisition of a Garbage Truck for
the Department of Public Works
05/19/17
312,500.00
9,462.39
9,462.39
03-18
Trash Cans and Other Equipment
04/16/18
115,342.00
3,355.00
3,355.00
01-19
Purchase of Fire Truck
02/19/19
1,010,000.00
657,374.54
595,883.94
61,490.60
06-20
Stone Revetment
05/04/20
175,000.00
175,000.00
120,129.00
54,871.00
07-20
Refunding Note Funding Emergency Appropriation
06/15/20
184,000.00
184,000.00
184,000.00
$
72,659.56
$ 700,849.94
$
359,000.00
$
916,407.59 $
30,658.01 $
59,619.91
$
125,823.99
REF.
C
C
C-4
C-4
C
C
Disbursements
C-2
$
1,275,005.77
Reserve for Encumbrances
C-7
8,862.97
Reserve for Encumbrances
C-7
(367,461.15)
$
916,407.59
IMPROVEMENT DESCRIPTION
BALANCE
BALANCE
BOROUGH OF TUCKERTON
GENERAL CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
"C-7"
REF.
Balance, December 31, 2019
C
$
367,461.15
Increased by:
Transfer from Improvement Authorizations
C-6
8,862.97
376,324.12
Decreased by:
Transfer to Improvement Authorizations
C-6
367,461.15
Balance, December 31, 2020
C
$
8,862.97
BOROUGH OF TUCKERTON
GENERAL CAPITAL FUND
SCHEDULE OF RESERVE FOR ENCUMBRANCES
"C-8"
DATE OF
ISSUE OF
BALANCE
BALANCE
ORIGINAL
DATE OF
DATE OF
INTEREST
DECEMBER
DECEMBER
ORDINANCE
NOTE
ISSUE
MATURITY
RATE
31, 2019
INCREASED
DECREASED
31, 2020
02-17
Acquisition of a Garbage Truck for
the Department of Public Works
11/01/17
10/30/19
10/30/20
1.75%
$
237,500.00
$
$
237,500.00
$
11/01/17
10/29/20
10/29/21
0.43%
91,658.00
91,658.00
03-17
Supplemental Funding - Municipal
Building Improvements
11/01/17
10/30/19
10/30/20
1.75%
304,000.00
304,000.00
11/01/17
10/29/20
10/29/21
0.43%
266,000.00
266,000.00
01-19
Purchase of Fire Truck
10/30/19
10/30/19
10/30/20
1.75%
959,500.00
959,500.00
10/30/19
10/29/20
10/29/21
0.43%
959,500.00
959,500.00
08-18
Trash Cans and Other Equipment
10/29/20
10/29/20
10/29/21
0.43%
115,342.00
115,342.00
06-20
Stone Revetment
10/29/20
10/29/20
10/29/21
0.43%
175,000.00
175,000.00
07-20
Refunding Note Funding Emergency Appropriation
10/29/20
12/21/20
10/29/21
0.43%
184,000.00
184,000.00
$ 1,501,000.00
$ 1,791,500.00
$ 1,501,000.00
$ 1,791,500.00
REF.
C
C-2
C
Disbursements
C-2
$ 1,432,500.00
Paid by Budget Appropriation
C-4
68,500.00
$ 1,501,000.00
BOROUGH OF TUCKERTON
GENERAL CAPITAL FUND
SCHEDULE OF BOND ANTICIPATION NOTES PAYABLE
IMPROVEMENT DESCRIPTION
"C-9"
REF.
Balance, December 31, 2019 and 2020
C
$
6,210.71
"C-10"
Increased by:
Receipts
C-2
$
130,000.00
Decreased by:
Disbursements
C-2
$
130,000.00
"C-11"
BALANCE
CANCELED TO
DECEMBER
FUND
IMPROVEMENT DESCRIPTION
31, 2019
BALANCE
Procurement of Land
$
30,000.00
$
30,000.00
REF.
C
C-1
SCHEDULE OF MISCELLANEOUS RESERVES
BOROUGH OF TUCKERTON
GENERAL CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
SCHEDULE OF INTERFUND - GRANT FUND
"D-5"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY FUND
SCHEDULE OF CASH
REF.
OPERATING
CAPITAL
Balance, December 31, 2019
D
$
427,646.56
$
16,216.73
Increased by Receipts:
Water - Sewer Miscellaneous
D-3
57,596.08
Water Rents Receivable
D-8
811,843.19
Sewer Rents Receivable
D-9
1,503,790.55
Water - Sewer Overpayments
D-16
2,785.69
Interfunds
D-13;D-19
25,031.18
31.18
Bond Anticipation Notes Payable
D-21
150,000.00
Total Receipts
2,401,046.69
150,031.18
Total Receipts and Balances
2,828,693.25
166,247.91
Decreased by Disbursements:
Budget Appropriations
D-4
2,418,964.80
Accrued Interest on Bonds, Notes and Loans
D-12
186,477.00
Interfunds
D-13;D-19
144,580.67
31.18
Appropriation Reserves
D-14
43,711.88
Water - Sewer Overpayments
D-16
6,000.12
Bond Anticipation Notes Payable
D-21
150,000.00
Total Disbursements
2,799,734.47
150,031.18
Balance, December 31, 2020
D
$
28,958.78
$
16,216.73
"D-6"
BOROUGH OF TUCKERTON - COUNTY OF OCEAN
WATER - SEWER UTILITY OPERATING FUND
SCHEDULE OF CHANGE FUNDS
REF.
Balance December 31, 2019 and 2020
D
$
100.00
"D-7"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
ANALYSIS OF CASH
BALANCE
BALANCE
DECEMBER
TRANSFERS
DECEMBER
31, 2019
RECEIPTS
DISBURSEMENTS
TO
FROM
31, 2020
Fund Balance
$
571.83
$
$
$
$
$
571.83
Reserve for Improvements to Water System
5,451.49
5,451.49
Capital Improvement Fund
22,572.87
22,572.87
Interfunds
31.18
31.18
Bond Anticipation Notes (Contra)
150,000.00
150,000.00
Reserve for Encumbrances
11,520.00
11,520.00
Improvement Authorizations:
ORDINANCE
NUMBER
IMPROVEMENT DESCRIPTION
14-01
Acquire and Install Computers
and Related Equipment
928.16
928.16
04-03
Anchor Avenue Project
7,898.64
7,898.64
19-04
Acquire Two Wellhead Shelters
3,188.92
3,188.92
07-05
Acquisition of Equipment for Stormwater
Regulation Compliance
10,363.84
10,363.84
07-11
Various Water - Sewer Capital Projects
266.69
266.69
03-14
Replacement of Water Mains
224,965.84
224,965.84
04-14
Replacement of Sewer Mains
(15,196.55)
(15,196.55)
05-14
Repainting of the Water Tank
(231,468.74)
(231,468.74)
10-15
Various Water System Improvements
83,416.39
83,416.39
06-17
Heron Road Sewer Main Replacement
(75,432.42)
11,520.00
(63,912.42)
07-17
Heron Road Water Main Replacement
(32,830.23)
(32,830.23)
$
16,216.73
$
150,031.18
$
150,031.18
$
11,520.00
$
11,520.00
$
16,216.73
REF.
D
D-5
D-5
D
"D-8"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY OPERATING FUND
SCHEDULE OF WATER RENTS RECEIVABLE
REF.
Balance, December 31, 2019
D
$
427,700.66
Increased by:
Water Rents Levied
840,864.74
1,268,565.40
Decreased by:
Receipts
D-5
$
811,843.19
Overpayment Applied
D-16
619.56
D-3
812,462.75
Remitted, Abated or Cancelled
5,917.96
818,380.71
Balance, December 31, 2020
D
$
450,184.69
"D-9"
Balance, December 31, 2019
D
$
794,785.14
Increased by:
Sewer Rents Levied
1,564,417.48
2,359,202.62
Decreased by:
Receipts
D-5
$
1,503,790.55
Overpayment Applied
D-16
1,774.82
D-3
1,505,565.37
Remitted, Abated or Cancelled
16,424.11
1,521,989.48
Balance, December 31, 2020
D
$
837,213.14
SCHEDULE OF SEWER RENTS RECEIVABLE
"D-10"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY OPERATING FUND
SCHEDULE OF WATER - SEWER UTILITY LIENS RECEIVABLE
REF.
Balance, December 31, 2019
D
$
3,823.21
Increased by:
Prior Period Adjustment
1,747.82
Balance, December 31, 2020
D
$
5,571.03
"D-11"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY OPERATING FUND
SCHEDULE OF ACCOUNTS PAYABLE
REF.
Increased by:
Transferred from Reserve for Encumbrances
D-15
$
300.00
Balance, December 31, 2020
D
$
300.00
"D-12"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY OPERATING FUND
SCHEDULE OF ACCRUED INTEREST ON BONDS, NOTES AND LOANS
REF.
Balance, December 31, 2019
D
$
67,622.13
Increased by:
Budget Appropriations for:
Interest on Bonds
$
123,350.00
Interest on Notes
3,500.00
Interest on Loans
52,586.75
D-4
179,436.75
247,058.88
Decreased by:
Disbirsements
D-5
186,477.00
Balance, December 31, 2020
D
$
60,581.88
"D-13"
SCHEDULE OF INTERFUNDS
TOTAL
CURRENT
GRANT
WATER-SEWER
(MEMO ONLY)
FUND
FUND
CAPITAL FUND
Balance, December 31, 2019 - Due From/(Due To)
D
$
(129,739.66)
$
(129,739.66)
$
$
Increased by:
Disbursements
D-5
144,580.67
119,549.49
25,000.00
31.18
14,841.01
(10,190.17)
25,000.00
31.18
Decreased by:
Receipts
D-5
25,031.18
25,000.00
31.18
Balance, December 31, 2020 - Due From/(Due To)
D
$
(10,190.17)
$
(10,190.17)
$
$
"D-14"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY OPERATING FUND
SCHEDULE OF APPROPRIATION RESERVES
BALANCE
BALANCE
DECEMBER
AFTER
PAID OR
BALANCE
31, 2019
TRANSFERS
CHARGED
LAPSED
Operations
Salaries and Wages
$
6,712.35
$
6,712.35
$
$
6,712.35
Other Expenses
49,429.78
49,429.78
43,711.88
5,717.90
Group Insurance
4,901.68
4,901.68
4,901.68
Statutory Expenditures
Contribution to:
Unemployment Compensation Insurance
229.36
229.36
229.36
$
61,273.17
$
61,273.17
$
43,711.88
$
17,561.29
REF.
D-5
D-1
Appropriation Reserves - 2019
D
$
19,438.21
Reserve for Encumbrances
D-15
41,834.96
$
61,273.17
"D-15"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY FUND
SCHEDULE OF RESERVE FOR ENCUMBRANCES
REF.
OPERATING
CAPITAL
Balance, December 31, 2019
D
$
42,134.96
$
11,520.00
Increased by:
Transfer from 2020 Budget Appropriations
D-4
35,397.76
35,397.76
77,532.72
11,520.00
Decreased by:
Transfer to Accounts Payable
D-11
300.00
Transfer to Appropriation Reserves
D-14
41,834.96
Transfer to Improvement Authorizations
D-23
11,520.00
Total Decreases
42,134.96
11,520.00
Balance, December 31, 2020
D
$
35,397.76
$
"D-16"
REF.
Balance, December 31, 2019
D
$
8,566.60
Increased by:
Receipts
D-5
2,785.69
11,352.29
Decreased by:
Disbursements
D-5
$
6,000.12
Applied to Rents Receivable
D-8:D-9
2,394.38
8,394.50
Balance, December 31, 2020
D
$
2,957.79
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY OPERATING FUND
SCHEDULE OF WATER - SEWER OVERPAYMENTS
"D-17"
SHEET #1
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL
COSTS TO
FIXED
BALANCE
CAPITAL
BALANCE
DECEMBER
AUTHORIZED AND
DECEMBER
31, 2019
UNCOMPLETED
31, 2020
Transmission Lines
$
3,846,859.00
$
$
3,846,859.00
Water Meters
265,581.00
265,581.00
Plant, Building and Equipment
460,293.00
460,293.00
Water Tank
564,672.00
564,672.00
Water Wells
279,816.89
279,816.89
Equipment
27,350.00
27,350.00
Land
5,500.00
5,500.00
Backhoe
17,672.00
17,672.00
Anchor Avenue Project
75,000.00
75,000.00
Water System Improvement Project:
Ordinance #07-92
1,800,430.00
1,800,430.00
Water Lines - Phase I:
Ordinance #06-97
300,000.00
300,000.00
Acquire and Install Computers and Related
Equipment:
Ordinance #14-01
7,071.84
7,071.84
Anchor Avenue Project:
Ordinance #04-03
22,101.36
22,101.36
Capital Outlay:
By Operating Budget of 2006
5,000.00
5,000.00
Replace Alarm - Main:
Ordinance #05-00
180,000.00
180,000.00
Construction of a Water Supply Well and an
Additional Filter:
Ordinance #10-02
653,000.00
653,000.00
Water System Improvement Projects:
Ordinance #01-04
35,000.00
35,000.00
Various Water System Improvements:
Ordinance #03-04
550,000.00
550,000.00
Acquire and Install Water Meters:
Ordinance #18-04
1,264.53
1,264.53
Closing of Well #1 and Well #2:
Ordinance #03-07
318,735.47
318,735.47
Acquire Two Wellhead Shelters:
Ordinance #19-04
116,811.08
116,811.08
Water Service Along Angler and Tarpon Roads:
Ordinance #20-04
245,000.00
245,000.00
Water Service Along Angler and Tarpon Roads:
Ordinance #06-07
80,000.00
80,000.00
Acquisition and Installation of Carroll
Avenue Fire Hydrants:
Ordinance #11-09
16,950.00
16,950.00
Sewer Collection System
2,669,427.19
2,669,427.19
Sewer Jetter
64,988.00
64,988.00
Sewer Equipment
41,023.00
41,023.00
Backhoe
17,847.50
17,847.50
"D-17"
SHEET #2
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL
COSTS TO
FIXED
BALANCE
CAPITAL
BALANCE
DECEMBER
AUTHORIZED AND
DECEMBER
31, 2019
UNCOMPLETED
31, 2020
Land
$
8,250.00
$
$
8,250.00
Improvements to Sewer Utility:
Ordinance #02-91
334,902.55
334,902.55
Purchase of Utility Truck:
Ordinance #18-91
16,000.00
16,000.00
Sewer System Improvements:
Ordinance #08-92
2,409,534.16
2,409,534.16
Anchor Avenue Project:
Ordinance #20-01
25,000.00
25,000.00
Western and Maple Avenues Sewer Improvements:
Ordinance #14-98 and Community Development
Block Grant
250,996.07
250,996.07
Sewer System Improvements:
Ordinance #09-00
100,505.98
100,505.98
Acquisition of Computer Equipment:
Ordinance #15-01
7,314.84
7,314.84
Capital Outlay:
By Operating Budget of 2006
7,348.10
7,348.10
Fairway Pumping Station and Related Expenses:
Ordinance #15-02
400,000.00
400,000.00
Sewer System Improvements:
Ordinance #05-03
30,000.00
30,000.00
Restoration of the Boroughs Main Sewer Line:
Ordinance #09-04
39,743.54
39,743.54
Sewer Service Along Angler and Tarpon Roads:
Ordinance #21-04
342,000.00
342,000.00
Acquisition of Emergency Equipment for the Borough
Sewer System:
Ordinance #23-04
78,347.70
78,347.70
Acquisition of a Utility Truck:
Ordinance #26-04
52,000.00
52,000.00
Acquisition of Equipment for Stormwater Regulation
Compliance:
Ordinance #07-05
159,636.16
159,636.16
Renovations to Existing Pump Stations:
Ordinance #10-05
1,200,000.00
1,200,000.00
Renovations to Existing Pump Stations:
Ordinance #04-06
70,000.00
70,000.00
Sewer Service Along Angler and Tarpon Roads:
Ordinance #07-07
98,871.89
98,871.89
Preliminary Expenses - East Main Street Sewer Main:
Resolution #76-08
23,500.00
23,500.00
Replace Sewer Main at East Main Street and Tip
Seaman:
Ordinance #04-08
235,509.94
235,509.94
"D-17"
SHEET #3
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL
COSTS TO
FIXED
BALANCE
CAPITAL
BALANCE
DECEMBER
AUTHORIZED AND
DECEMBER
31, 2019
UNCOMPLETED
31, 2020
Various Water - Sewer Capital Projects
Ordinance #07-11
$
64,223.37
$
$
64,223.37
Improvements to the Sewer Utility System
Ordinance #10-13
500,000.00
500,000.00
Replacement of Water Mains
Ordinance #03-14
910,674.16
910,674.16
Replacement of Sewer Mains
Ordinance #04-14
1,975,196.55
1,975,196.55
Repainting of the Water Tank
Ordinance #05-14
1,105,120.74
1,105,120.74
Heron Road Sewer Main Replacement
Ordinance #06-17
1,409,533.42
(11,520.00)
1,398,013.42
Heron Road Water Main Replacement
Ordinance #07-17
843,690.23
843,690.23
$
25,365,293.26
$
(11,520.00)
$
25,353,773.26
REF.
D
D-18
D
"D-18"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED
BALANCE
COSTS FROM
BALANCE
ORDINANCE
DECEMBER
FIXED
AUTHORIZATIONS
DECEMBER
NUMBER
IMPROVEMENT DESCRIPTION
DATE
AMOUNT
31, 2019
CAPITAL
CANCELLED
31, 2020
14-01
Acquire and Install Computers and Related
Equipment
07/16/01
$
8,000.00
$
928.16
$
$
$
928.16
04-03
Anchor Avenue Project
06/02/03
30,000.00
7,898.64
7,898.64
19-04
Acquire Two Wellhead Shelters
09/08/04
120,000.00
3,188.92
3,188.92
18-91
Purchase Utility Truck
11/04/91
23,000.00
7,000.00
7,000.00
07-05
Acquisition of Equipment for Stormwater
Regulation Compliance
05/02/05
170,000.00
10,363.84
10,363.84
07-11
Various Water - Sewer Capital Projects
05/02/11
64,490.06
266.69
266.69
2011
Reserve for Improvements to Water System
2011
5,451.49
5,451.49
5,451.49
03-14
Replacement of Water Mains
06/17/14
1,260,000.00
349,325.84
124,360.00
224,965.84
04-14
Replacement of Sewer Mains
06/17/14
1,985,000.00
9,803.45
9,803.45
05-14
Repainting of the Water Tank
06/17/14
1,280,000.00
174,879.26
174,879.26
10-15
Various Water System Improvements
07/06/15
83,416.39
83,416.39
83,416.39
06-17
Heron Road Sewer Main Replacement
12/18/17
2,025,000.00
615,466.58
11,520.00
615,466.58
11,520.00
07-17
Heron Road Water Main Replacement
12/18/17
1,670,000.00
826,309.77
826,309.77
$ 2,094,299.03
$
11,520.00
$
1,757,819.06
$
347,999.97
REF.
D
D-17
D-23
D
ORDINANCE
"D-19"
WATER-SEWER
REF.
OPERATING FUND
Decreased by:
Receipts
D-5
$
31.18
(31.18)
Increased by:
Disbursements
D-5
$
31.18
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF INTERFUNDS
D-20
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF SERIAL BONDS PAYABLE
MATURITIES OF BONDS
BALANCE
BALANCE
DATE OF
ORIGINAL
OUTSTANDING DEC. 31, 2020
INTEREST
DECEMBER
DECEMBER
PURPOSE
ISSUE
ISSUE
DATE
AMOUNT
RATE
31, 2019
DECREASED
31, 2020
Refunding Bonds Series 2015
12/30/15
$
4,150,000.00
03/01/21
$
380,000.00
4.00%
$
$
$
03/01/22
345,000.00
4.00%
03/01/23-24
360,000.00
4.00%
03/01/25
140,000.00
4.00%
03/01/26
145,000.00
4.00%
03/01/27
150,000.00
4.00%
03/01/28
125,000.00
4.00%
03/01/29
105,000.00
4.00%
03/01/30
110,000.00
4.00%
03/01/31
115,000.00
4.00%
03/01/32
120,000.00
4.00%
03/01/33
115,000.00
4.00%
03/01/34
120,000.00
4.00%
03/01/35-36
65,000.00
4.00%
03/01/37
70,000.00
4.00%
03/01/38
40,000.00
4.00%
3,340,000.00
410,000.00
2,930,000.00
$
3,340,000.00
$
410,000.00
$
2,930,000.00
REF
D
D-26
D
"D-21"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF BOND ANTICIPATION NOTES PAYABLE
DATE OF
ISSUE OF
BALANCE
BALANCE
ORIGINAL
DATE OF
DATE OF
INTEREST
DECEMBER
DECEMBER
ORDINANCE
IMPROVEMENT DESCRIPTION
NOTE
ISSUE
MATURITY
RATE
31, 2019
INCREASED
DECREASED
31, 2020
10-13
Improvements to the Sewer Utility System
12/05/14
10/30/19
10/30/20
1.75%
$
200,000.00
$
$
200,000.00
$
12/05/14
10/29/20
10/29/21
0.43%
150,000.00
150,000.00
$
200,000.00
$
150,000.00
$
200,000.00
$
150,000.00
REF.
D
D-5
D
Paid from Cash
D-5
$
150,000.00
Paid by Budget Appropriation
D-26
50,000.00
$
200,000.00
"D-22"
SHEET #1
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST/FUND LOANS PAYABLE
MATURITIES OF LOANS
OUTSTANDING
BALANCE
BALANCE
DATE OF
DECEMBER 31, 2020
INTEREST
DECEMBER
DECEMBER
PURPOSE
ISSUE
DATE
AMOUNT
RATE
31, 2019
DECREASED
31, 2020
New Jersey Environmental
Infrastructure Trust - Well and Filter
N/A
See D-22 - Sheet 2
Various
$
116,251.58
$
34,115.69
$
82,135.89
New Jersey Environmental
Infrastructure Trust - Pump Stations
N/A
See D-22 - Sheet 3
Various
405,690.17
61,616.12
344,074.05
New Jersey Environmental
Infrastructure Trust - Water Mains
N/A
See D-22 - Sheet 4
Various
413,389.88
22,711.85
390,678.03
New Jersey Environmental
Infrastructure Trust - Sewer Mains
N/A
See D-22 - Sheet 5
Various
1,317,962.78
75,810.15
1,242,152.63
New Jersey Environmental
Infrastructure Trust - Water Mains/Tower
N/A
See D-22 - Sheet 6
Various
845,162.90
52,765.30
792,397.60
New Jersey Environmental
Infrastructure Fund - Heron Rd. Water Mains
N/A
See D-22 - Sheet 7
Various
198,159.61
6,833.08
191,326.53
New Jersey Environmental
Infrastructure Trust - Heron Rd. Water Mains
N/A
See D-22 - Sheet 8
Various
200,000.00
5,000.00
195,000.00
New Jersey Environmental
Infrastructure Fund - Heron Rd. Sewer Mains
N/A
See D-22 - Sheet 9
Various
967,890.65
33,375.52
934,515.13
New Jersey Environmental
Infrastructure Trust - Heron Rd. Sewer Mains
N/A
See D-22 - Sheet 10
Various
335,000.00
5,000.00
330,000.00
$
4,799,507.57
$ 297,227.71
$
4,502,279.86
REF.
D
D-26
D
"D-22"
SHEET #2
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
MATURITY SCHEDULE - CONSTRUCTION OF A WATER SUPPLY
WELL AND AN ADDITIONAL FILTER
$632,164 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
LOAN
DUE
BALANCE
PRINCIPAL
INTEREST
PAYMENT
02/01/21
$
82,135.89
$
784.66
$
1,177.71
$
1,962.37
08/01/21
81,351.23
40,680.78
1,176.72
41,857.50
02/01/22
40,670.45
382.27
576.87
959.14
08/01/22
40,288.16
40,288.18
576.86
40,865.04
TOTAL
$
82,135.89
$
3,508.16
$
85,644.05
"D-22"
SHEET #3
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
MATURITY SCHEDULE - RENOVATIONS TO EXISTING
$1,179,000 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
LOAN
DUE
BALANCE
PRINCIPAL
INTEREST
PAYMENT
02/01/21
$
344,074.05
$
2,913.82
$
3,859.44
$
6,773.26
08/01/21
341,160.23
65,298.40
3,859.44
69,157.84
02/01/22
275,861.83
2,358.81
3,119.19
5,478.00
08/01/22
273,503.02
64,635.75
3,119.19
67,754.94
02/01/23
208,867.27
1,803.79
2,381.09
4,184.88
08/01/23
207,063.48
63,960.21
2,381.09
66,341.30
02/01/24
143,103.27
1,248.78
1,645.40
2,894.18
08/01/24
141,854.49
70,992.38
1,645.40
72,637.78
02/01/25
70,862.11
624.39
821.40
1,445.79
08/01/25
70,237.72
70,237.72
821.40
71,059.12
TOTAL
$
344,074.05
$
23,653.04
$
367,727.09
PUMP STATIONS
"D-22"
SHEET #4
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
$490,000 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
LOAN
DUE
BALANCE
PRINCIPAL
INTEREST
PAYMENT
02/01/21
$
390,678.03
$
4,237.28
$
3,537.50
$
7,774.78
08/01/21
386,440.75
18,474.57
3,537.50
22,012.07
02/01/22
367,966.18
4,237.28
3,287.50
7,524.78
08/01/22
363,728.90
18,474.57
3,287.50
21,762.07
02/01/23
345,254.33
4,237.28
3,037.50
7,274.78
08/01/23
341,017.05
18,474.57
3,037.50
21,512.07
02/01/24
322,542.48
4,237.28
2,787.50
7,024.78
08/01/24
318,305.20
18,474.57
2,787.50
21,262.07
02/01/25
299,830.63
4,237.28
2,537.50
6,774.78
08/01/25
295,593.35
18,474.57
2,537.50
21,012.07
02/01/26
277,118.78
4,237.28
2,287.50
6,524.78
08/01/26
272,881.50
23,474.57
2,287.50
25,762.07
02/01/27
249,406.93
4,237.28
2,062.50
6,299.78
08/01/27
245,169.65
23,474.57
2,062.50
25,537.07
02/01/28
221,695.08
4,237.28
1,837.50
6,074.78
08/01/28
217,457.80
23,474.57
1,837.50
25,312.07
02/01/29
193,983.23
4,237.28
1,612.50
5,849.78
08/01/29
189,745.95
23,474.57
1,612.50
25,087.07
02/01/30
166,271.38
4,237.28
1,387.50
5,624.78
08/01/30
162,034.10
23,474.57
1,387.50
24,862.07
02/01/31
138,559.53
4,237.28
1,162.50
5,399.78
08/01/31
134,322.25
23,474.57
1,162.50
24,637.07
02/01/32
110,847.68
4,237.28
937.50
5,174.78
08/01/32
106,610.40
23,474.57
937.50
24,412.07
02/01/33
83,135.83
4,237.28
712.50
4,949.78
08/01/33
78,898.55
23,474.57
712.50
24,187.07
02/01/34
55,423.98
4,237.28
478.13
4,715.41
08/01/34
51,186.70
23,474.57
478.13
23,952.70
02/01/35
27,712.13
4,237.28
243.75
4,481.03
08/01/35
23,474.85
23,474.85
243.75
23,718.60
TOTAL
$
390,678.03
$
55,818.76
$
446,496.79
MATURITY SCHEDULE - WATER MAIN REPLACEMENT
"D-22"
SHEET #5
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
$1,577,600 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
LOAN
DUE
BALANCE
PRINCIPAL
INTEREST
PAYMENT
02/01/21
$
1,242,152.63
$
18,603.38
$
7,259.38
$
25,862.76
08/01/21
1,223,549.25
57,206.77
7,259.38
64,466.15
02/01/22
1,166,342.48
18,603.38
6,759.38
25,362.76
08/01/22
1,147,739.10
57,206.77
6,759.38
63,966.15
02/01/23
1,090,532.33
18,603.38
6,259.38
24,862.76
08/01/23
1,071,928.95
57,206.77
6,259.38
63,466.15
02/01/24
1,014,722.18
18,603.38
5,759.38
24,362.76
08/01/24
996,118.80
62,206.77
5,759.38
67,966.15
02/01/25
933,912.03
18,603.38
5,134.38
23,737.76
08/01/25
915,308.65
62,206.77
5,134.38
67,341.15
02/01/26
853,101.88
18,603.38
4,509.38
23,112.76
08/01/26
834,498.50
62,206.77
4,509.38
66,716.15
02/01/27
772,291.73
18,603.38
4,134.38
22,737.76
08/01/27
753,688.35
62,206.77
4,134.38
66,341.15
02/01/28
691,481.58
18,603.38
3,759.38
22,362.76
08/01/28
672,878.20
62,206.77
3,759.38
65,966.15
02/01/29
610,671.43
18,603.38
3,384.38
21,987.76
08/01/29
592,068.05
67,206.77
3,384.38
70,591.15
02/01/30
524,861.28
18,603.38
2,934.38
21,537.76
08/01/30
506,257.90
67,206.77
2,934.38
70,141.15
02/01/31
439,051.13
18,603.38
2,484.38
21,087.76
08/01/31
420,447.75
67,206.77
2,484.38
69,691.15
02/01/32
353,240.98
18,603.38
2,034.38
20,637.76
08/01/32
334,637.60
67,206.77
2,034.38
69,241.15
02/01/33
267,430.83
18,603.38
1,584.38
20,187.76
08/01/33
248,827.45
67,206.77
1,584.38
68,791.15
02/01/34
181,620.68
18,603.38
1,115.63
19,719.01
08/01/34
163,017.30
72,206.77
1,115.63
73,322.40
02/01/35
90,810.53
18,603.38
568.75
19,172.13
08/01/35
72,207.15
72,207.15
568.75
72,775.90
TOTAL
$
1,242,152.63
$
115,362.64
$
1,357,515.27
MATURITY SCHEDULE - SEWER MAIN REPLACEMENT
"D-22"
SHEET #6
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
$1,116,051 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
LOAN
DUE
BALANCE
PRINCIPAL
INTEREST
PAYMENT
02/01/21
$
792,397.60
$
14,255.10
$
4,225.00
$
18,480.10
08/01/21
778,142.50
38,510.20
4,225.00
42,735.20
02/01/22
739,632.30
14,255.10
3,975.00
18,230.10
08/01/22
725,377.20
38,510.20
3,975.00
42,485.20
02/01/23
686,867.00
14,255.10
3,725.00
17,980.10
08/01/23
672,611.90
43,510.20
3,725.00
47,235.20
02/01/24
629,101.70
14,255.10
3,350.00
17,605.10
08/01/24
614,846.60
43,510.20
3,350.00
46,860.20
02/01/25
571,336.40
14,255.10
2,975.00
17,230.10
08/01/25
557,081.30
43,510.20
2,975.00
46,485.20
02/01/26
513,571.10
14,255.10
2,600.00
16,855.10
08/01/26
499,316.00
43,510.20
2,600.00
46,110.20
02/01/27
455,805.80
14,255.10
2,375.00
16,630.10
08/01/27
441,550.70
43,510.20
2,375.00
45,885.20
02/01/28
398,040.50
14,255.10
2,150.00
16,405.10
08/01/28
383,785.40
43,510.20
2,150.00
45,660.20
02/01/29
340,275.20
14,255.10
1,925.00
16,180.10
08/01/29
326,020.10
43,510.20
1,925.00
45,435.20
02/01/30
282,509.90
14,255.10
1,700.00
15,955.10
08/01/30
268,254.80
43,510.20
1,700.00
45,210.20
02/01/31
224,744.60
14,255.10
1,475.00
15,730.10
08/01/31
210,489.50
43,510.20
1,475.00
44,985.20
02/01/32
166,979.30
14,255.10
1,250.00
15,505.10
08/01/32
152,724.20
48,510.20
1,250.00
49,760.20
02/01/33
104,214.00
14,255.10
950.00
15,205.10
08/01/33
89,958.90
48,510.20
950.00
49,460.20
02/01/34
41,448.70
14,255.10
637.50
14,892.60
08/01/34
27,193.60
27,193.60
637.50
27,831.10
TOTAL
$
792,397.60
$
66,625.00
$
859,022.60
MATURITY SCHEDULE - WATER MAIN REPLACEMENT AND WATER TOWER
"D-22"
SHEET #7
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
$202,715 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE FUND
LOAN
DUE
BALANCE
PRINCIPAL
INTEREST
PAYMENT
02/01/21
$
191,326.53
$
2,277.69
$
$
2,277.69
08/01/21
189,048.84
4,555.39
4,555.39
02/01/22
184,493.45
2,277.69
2,277.69
08/01/22
182,215.76
4,555.39
4,555.39
02/01/23
177,660.37
2,277.69
2,277.69
08/01/23
175,382.68
4,555.39
4,555.39
02/01/24
170,827.29
2,277.69
2,277.69
08/01/24
168,549.60
4,555.39
4,555.39
02/01/25
163,994.21
2,277.69
2,277.69
08/01/25
161,716.52
4,555.39
4,555.39
02/01/26
157,161.13
2,277.69
2,277.69
08/01/26
154,883.44
4,555.39
4,555.39
02/01/27
150,328.05
2,277.69
2,277.69
08/01/27
148,050.36
4,555.39
4,555.39
02/01/28
143,494.97
2,277.69
2,277.69
08/01/28
141,217.28
4,555.39
4,555.39
02/01/29
136,661.89
2,277.69
2,277.69
08/01/29
134,384.20
4,555.39
4,555.39
02/01/30
129,828.81
2,277.69
2,277.69
08/01/30
127,551.12
4,555.39
4,555.39
02/01/31
122,995.73
2,277.69
2,277.69
08/01/31
120,718.04
4,555.39
4,555.39
02/01/32
116,162.65
2,277.69
2,277.69
08/01/32
113,884.96
4,555.39
4,555.39
02/01/33
109,329.57
2,277.69
2,277.69
08/01/33
107,051.88
4,555.39
4,555.39
02/01/34
102,496.49
2,277.69
2,277.69
08/01/34
100,218.80
4,555.39
4,555.39
02/01/35
95,663.41
2,277.69
2,277.69
08/01/35
93,385.72
4,555.39
4,555.39
02/01/36
88,830.33
2,277.69
2,277.69
08/01/36
86,552.64
4,555.39
4,555.39
02/01/37
81,997.25
2,277.69
2,277.69
08/01/37
79,719.56
4,555.39
4,555.39
02/01/38
75,164.17
2,277.69
2,277.69
MATURITY SCHEDULE - HERON ROAD WATER MAIN REPLACEMENT
"D-22"
SHEET #7.1
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
$202,715 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE FUND
LOAN
DUE
BALANCE
PRINCIPAL
INTEREST
PAYMENT
08/01/38
$
72,886.48
$
4,555.39
$
$
4,555.39
02/01/39
68,331.09
2,277.69
2,277.69
08/01/39
66,053.40
4,555.39
4,555.39
02/01/40
61,498.01
2,277.69
2,277.69
08/01/40
59,220.32
4,555.39
4,555.39
02/01/41
54,664.93
2,277.69
2,277.69
08/01/41
52,387.24
4,555.39
4,555.39
02/01/42
47,831.85
2,277.69
2,277.69
08/01/42
45,554.16
4,555.39
4,555.39
02/01/43
40,998.77
2,277.69
2,277.69
08/01/43
38,721.08
4,555.39
4,555.39
02/01/44
34,165.69
2,277.69
2,277.69
08/01/44
31,888.00
4,555.39
4,555.39
02/01/45
27,332.61
2,277.69
2,277.69
08/01/45
25,054.92
4,555.39
4,555.39
02/01/46
20,499.53
2,277.69
2,277.69
08/01/46
18,221.84
4,555.39
4,555.39
02/01/47
13,666.45
2,277.69
2,277.69
08/01/47
11,388.76
4,555.39
4,555.39
02/01/48
6,833.37
2,277.69
2,277.69
08/01/48
4,555.68
4,555.68
4,555.68
TOTAL
$
191,326.53
$
$
191,326.53
MATURITY SCHEDULE - HERON ROAD WATER MAIN REPLACEMENT
"D-22"
SHEET #8
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
$200,000.00 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
LOAN
DUE
BALANCE
PRINCIPAL
INTEREST
PAYMENT
02/01/21
$
195,000.00
$
$
3,221.88
3,221.88
08/01/21
195,000.00
5,000.00
3,221.88
8,221.88
02/01/22
190,000.00
3,096.88
3,096.88
08/01/22
190,000.00
5,000.00
3,096.88
8,096.88
02/01/23
185,000.00
2,971.88
2,971.88
08/01/23
185,000.00
5,000.00
2,971.88
7,971.88
02/01/24
180,000.00
2,846.88
2,846.88
08/01/24
180,000.00
5,000.00
2,846.88
7,846.88
02/01/25
175,000.00
2,721.88
2,721.88
08/01/25
175,000.00
5,000.00
2,721.88
7,721.88
02/01/26
170,000.00
2,596.88
2,596.88
08/01/26
170,000.00
5,000.00
2,596.88
7,596.88
02/01/27
165,000.00
2,471.88
2,471.88
08/01/27
165,000.00
5,000.00
2,471.88
7,471.88
02/01/28
160,000.00
2,346.88
2,346.88
08/01/28
160,000.00
5,000.00
2,346.88
7,346.88
02/01/29
155,000.00
2,221.88
2,221.88
08/01/29
155,000.00
5,000.00
2,221.88
7,221.88
02/01/30
150,000.00
2,171.88
2,171.88
08/01/30
150,000.00
5,000.00
2,171.88
7,171.88
02/01/31
145,000.00
2,121.88
2,121.88
08/01/31
145,000.00
5,000.00
2,121.88
7,121.88
02/01/32
140,000.00
2,068.75
2,068.75
08/01/32
140,000.00
5,000.00
2,068.75
7,068.75
02/01/33
135,000.00
2,012.50
2,012.50
08/01/33
135,000.00
5,000.00
2,012.50
7,012.50
02/01/34
130,000.00
1,950.00
1,950.00
08/01/34
130,000.00
5,000.00
1,950.00
6,950.00
02/01/35
125,000.00
1,875.00
1,875.00
08/01/35
125,000.00
5,000.00
1,875.00
6,875.00
02/01/36
120,000.00
1,800.00
1,800.00
08/01/36
120,000.00
5,000.00
1,800.00
6,800.00
02/01/37
115,000.00
1,725.00
1,725.00
08/01/37
115,000.00
5,000.00
1,725.00
6,725.00
02/01/38
110,000.00
1,650.00
1,650.00
08/01/38
110,000.00
10,000.00
1,650.00
11,650.00
MATURITY SCHEDULE - HERON ROAD WATER MAIN REPLACEMENT
"D-22"
SHEET #8.1
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
$200,000.00 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
LOAN
DUE
BALANCE
PRINCIPAL
INTEREST
PAYMENT
02/01/39
$
100,000.00
$
$
1,500.00
$
1,500.00
08/01/39
100,000.00
10,000.00
1,500.00
11,500.00
02/01/40
90,000.00
1,350.00
1,350.00
08/01/40
90,000.00
10,000.00
1,350.00
11,350.00
02/01/41
80,000.00
1,200.00
1,200.00
08/01/41
80,000.00
10,000.00
1,200.00
11,200.00
02/01/42
70,000.00
1,050.00
1,050.00
08/01/42
70,000.00
10,000.00
1,050.00
11,050.00
02/01/43
60,000.00
900.00
900.00
08/01/43
60,000.00
10,000.00
900.00
10,900.00
02/01/44
50,000.00
750.00
750.00
08/01/44
50,000.00
10,000.00
750.00
10,750.00
02/01/45
40,000.00
600.00
600.00
08/01/45
40,000.00
10,000.00
600.00
10,600.00
02/01/46
30,000.00
450.00
450.00
08/01/46
30,000.00
10,000.00
450.00
10,450.00
02/01/47
20,000.00
300.00
300.00
08/01/47
20,000.00
10,000.00
300.00
10,300.00
02/01/48
10,000.00
150.00
150.00
08/01/48
10,000.00
10,000.00
150.00
10,150.00
TOTAL
$
195,000.00
$
100,243.86
$
295,243.86
MATURITY SCHEDULE - HERON ROAD WATER MAIN REPLACEMENT
"D-22"
SHEET #9
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
$990,141.00 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE FUND
LOAN
DUE
BALANCE
PRINCIPAL
INTEREST
PAYMENT
02/01/21
$
934,515.13
$
11,125.17
$
$
11,125.17
08/01/21
923,389.96
22,250.35
22,250.35
02/01/22
901,139.61
11,125.17
11,125.17
08/01/22
890,014.44
22,250.35
22,250.35
02/01/23
867,764.09
11,125.17
11,125.17
08/01/23
856,638.92
22,250.35
22,250.35
02/01/24
834,388.57
11,125.17
11,125.17
08/01/24
823,263.40
22,250.35
22,250.35
02/01/25
801,013.05
11,125.17
11,125.17
08/01/25
789,887.88
22,250.35
22,250.35
02/01/26
767,637.53
11,125.17
11,125.17
08/01/26
756,512.36
22,250.35
22,250.35
02/01/27
734,262.01
11,125.17
11,125.17
08/01/27
723,136.84
22,250.35
22,250.35
02/01/28
700,886.49
11,125.17
11,125.17
08/01/28
689,761.32
22,250.35
22,250.35
02/01/29
667,510.97
11,125.17
11,125.17
08/01/29
656,385.80
22,250.35
22,250.35
02/01/30
634,135.45
11,125.17
11,125.17
08/01/30
623,010.28
22,250.35
22,250.35
02/01/31
600,759.93
11,125.17
11,125.17
08/01/31
589,634.76
22,250.35
22,250.35
02/01/32
567,384.41
11,125.17
11,125.17
08/01/32
556,259.24
22,250.35
22,250.35
02/01/33
534,008.89
11,125.17
11,125.17
08/01/33
522,883.72
22,250.35
22,250.35
02/01/34
500,633.37
11,125.17
11,125.17
08/01/34
489,508.20
22,250.35
22,250.35
02/01/35
467,257.85
11,125.17
11,125.17
08/01/35
456,132.68
22,250.35
22,250.35
02/01/36
433,882.33
11,125.17
11,125.17
08/01/36
422,757.16
22,250.35
22,250.35
02/01/37
400,506.81
11,125.17
11,125.17
08/01/37
389,381.64
22,250.35
22,250.35
02/01/38
367,131.29
11,125.17
11,125.17
MATURITY SCHEDULE - HERON ROAD SEWER MAIN REPLACEMENT
"D-22"
SHEET #9.1
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
$990,141.00 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE FUND
LOAN
DUE
BALANCE
PRINCIPAL
INTEREST
PAYMENT
08/01/38
$
356,006.12
$
22,250.35
$
$
22,250.35
02/01/39
333,755.77
11,125.17
11,125.17
08/01/39
322,630.60
22,250.35
22,250.35
02/01/40
300,380.25
11,125.17
11,125.17
08/01/40
289,255.08
22,250.35
22,250.35
02/01/41
267,004.73
11,125.17
11,125.17
08/01/41
255,879.56
22,250.35
22,250.35
02/01/42
233,629.21
11,125.17
11,125.17
08/01/42
222,504.04
22,250.35
22,250.35
02/01/43
200,253.69
11,125.17
11,125.17
08/01/43
189,128.52
22,250.35
22,250.35
02/01/44
166,878.17
11,125.17
11,125.17
08/01/44
155,753.00
22,250.35
22,250.35
02/01/45
133,502.65
11,125.17
11,125.17
08/01/45
122,377.48
22,250.35
22,250.35
02/01/46
100,127.13
11,125.17
11,125.17
08/01/46
89,001.96
22,250.35
22,250.35
02/01/47
66,751.61
11,125.17
11,125.17
08/01/47
55,626.44
22,250.35
22,250.35
02/01/48
33,376.09
11,125.17
11,125.17
08/01/48
22,250.92
22,250.92
22,250.92
TOTAL
$
934,515.13
$
$
934,515.13
MATURITY SCHEDULE - HERON ROAD SEWER MAIN REPLACEMENT
"D-22"
SHEET #10
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
$335,000.00 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
LOAN
DUE
BALANCE
PRINCIPAL
INTEREST
PAYMENT
02/01/21
$
330,000.00
$
$
5,443.75
$
5,443.75
08/01/21
330,000.00
5,000.00
5,443.75
10,443.75
02/01/22
325,000.00
5,318.75
5,318.75
08/01/22
325,000.00
5,000.00
5,318.75
10,318.75
02/01/23
320,000.00
5,193.75
5,193.75
08/01/23
320,000.00
10,000.00
5,193.75
15,193.75
02/01/24
310,000.00
4,943.75
4,943.75
08/01/24
310,000.00
10,000.00
4,943.75
14,943.75
02/01/25
300,000.00
4,693.75
4,693.75
08/01/25
300,000.00
10,000.00
4,693.75
14,693.75
02/01/26
290,000.00
4,443.75
4,443.75
08/01/26
290,000.00
10,000.00
4,443.75
14,443.75
02/01/27
280,000.00
4,193.75
4,193.75
08/01/27
280,000.00
10,000.00
4,193.75
14,193.75
02/01/28
270,000.00
3,943.75
3,943.75
08/01/28
270,000.00
10,000.00
3,943.75
13,943.75
02/01/29
260,000.00
3,693.75
3,693.75
08/01/29
260,000.00
10,000.00
3,693.75
13,693.75
02/01/30
250,000.00
3,593.75
3,593.75
08/01/30
250,000.00
10,000.00
3,593.75
13,593.75
02/01/31
240,000.00
3,493.75
3,493.75
08/01/31
240,000.00
10,000.00
3,493.75
13,493.75
02/01/32
230,000.00
3,387.50
3,387.50
08/01/32
230,000.00
10,000.00
3,387.50
13,387.50
02/01/33
220,000.00
3,275.00
3,275.00
08/01/33
220,000.00
10,000.00
3,275.00
13,275.00
02/01/34
210,000.00
3,150.00
3,150.00
08/01/34
210,000.00
10,000.00
3,150.00
13,150.00
02/01/35
200,000.00
3,000.00
3,000.00
08/01/35
200,000.00
10,000.00
3,000.00
13,000.00
02/01/36
190,000.00
2,850.00
2,850.00
08/01/36
190,000.00
10,000.00
2,850.00
12,850.00
02/01/37
180,000.00
2,700.00
2,700.00
08/01/37
180,000.00
15,000.00
2,700.00
17,700.00
02/01/38
165,000.00
2,475.00
2,475.00
08/01/38
165,000.00
15,000.00
2,475.00
17,475.00
MATURITY SCHEDULE - HERON ROAD SEWER MAIN REPLACEMENT
"D-22"
SHEET #10.1
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
$335,000.00 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
LOAN
DUE
BALANCE
PRINCIPAL
INTEREST
PAYMENT
02/01/39
$
150,000.00
$
$
2,250.00
$
2,250.00
08/01/39
150,000.00
15,000.00
2,250.00
17,250.00
02/01/40
135,000.00
2,025.00
2,025.00
08/01/40
135,000.00
15,000.00
2,025.00
17,025.00
02/01/41
120,000.00
1,800.00
1,800.00
08/01/41
120,000.00
15,000.00
1,800.00
16,800.00
02/01/42
105,000.00
1,575.00
1,575.00
08/01/42
105,000.00
15,000.00
1,575.00
16,575.00
02/01/43
90,000.00
1,350.00
1,350.00
08/01/43
90,000.00
15,000.00
1,350.00
16,350.00
02/01/44
75,000.00
1,125.00
1,125.00
08/01/44
75,000.00
15,000.00
1,125.00
16,125.00
02/01/45
60,000.00
900.00
900.00
08/01/45
60,000.00
15,000.00
900.00
15,900.00
02/01/46
45,000.00
675.00
675.00
08/01/46
45,000.00
15,000.00
675.00
15,675.00
02/01/47
30,000.00
450.00
450.00
08/01/47
30,000.00
15,000.00
450.00
15,450.00
02/01/48
15,000.00
225.00
225.00
08/01/48
15,000.00
15,000.00
225.00
15,225.00
TOTAL
$
330,000.00
$
164,337.50
$
494,337.50
MATURITY SCHEDULE - HERON ROAD SEWER MAIN REPLACEMENT
"D-23"
BOROUGH OF TUCKERTON
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
ORDINANCE
PAID OR
NUMBER
IMPROVEMENT DESCRIPTION
DATE
AMOUNT
FUNDED
UNFUNDED
CHARGED
CANCELED
FUNDED
UNFUNDED
14-01
Acquire and Install Computers and Related
Equipment
07/16/01
$
8,000.00 $
928.16 $
$
$
$
928.16 $
04-03
Anchor Avenue Project
06/02/03
30,000.00
7,898.64
7,898.64
19-04
Acquire Two Wellhead Shelters
09/08/04
120,000.00
3,188.92
3,188.92
18-91
Purchase Utility Truck
11/04/91
23,000.00
7,000.00
7,000.00
07-05
Acquisition of Equipment for Stormwater
Regulation Compliance
05/02/05
170,000.00
10,363.84
10,363.84
07-11
Various Water - Sewer Capital Projects
05/02/11
64,490.06
266.69
266.69
03-14
Replacement of Water Mains
06/17/14
1,260,000.00
224,965.84
124,360.00
124,360.00
224,965.84
04-14
Replacement of Sewer Mains
06/17/14
1,985,000.00
9,803.45
9,803.45
05-14
Repainting of the Water Tank
06/17/14
1,280,000.00
174,879.26
174,879.26
10-15
Various Water System Improvements
07/06/15
83,416.39
83,416.39
83,416.39
06-17
Heron Road Sewer Main Replacement
12/18/17
2,025,000.00
615,466.58
11,520.00
615,466.58
11,520.00
07-17
Heron Road Water Main Replacement
12/18/17
1,670,000.00
826,309.77
826,309.77
$
331,028.48 $
1,757,819.06
$
11,520.00 $
1,757,819.06 $
331,028.48 $
11,520.00
REF.
D
D
D-15
D-18
D
D
WATER - SEWER UTILITY CAPITAL FUND
DECEMBER 31, 2019
DECEMBER 31, 2020
ORDINANCE
BALANCE
BALANCE
"D-24"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
REF.
Balance, December 31, 2019 and 2020
D
$
22,572.87
"D-25"
SCHEDULE OF RESERVE FOR IMPROVEMENTS
TO WATER SYSTEM
Balance, December 31, 2019 and 2020
D
$
5,451.49
"D-26"
SCHEDULE OF RESERVE FOR AMORTIZATION
Balance, December 31, 2019
D
$
16,670,857.75
Increased by:
Serial Bonds Paid by Operating Budget
D-20
$
410,000.00
Bond Anticipation Notes Paid by Operating Budget
D-21
50,000.00
NJ EIT Loans Paid by Operating Budget
D-22
297,227.71
757,227.71
Balance, December 31, 2020
D
$
17,428,085.46
"D-27"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF DEFERRED RESERVE FOR AMORTIZATION
BALANCE
ORDINANCE
DATE OF
DECEMBER
NUMBER
IMPROVEMENT DESCRIPTION
ORDINANCE
31, 2019 & 2020
14-01
Acquire and Install Computers and
Related Equipment
07/16/01
$
928.16
04-03
Anchor Avenue Project
06/02/03
7,898.64
19-04
Acquire Two Wellhead Shelters
09/08/04
3,188.92
07-05
Acquisition of Equipment for Stormwater
Regulation Compliance
05/02/05
10,363.84
07-11
Various Water - Sewer Capital Projects
05/02/11
266.69
2011
Reserve for Improvements to Water System
2011
5,451.49
03-14
Replacement of Water Mains
06/17/14
224,965.84
10-15
Various Water System Improvements
07/06/15
83,416.39
$
336,479.97
REF.
D
"D-28"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
BALANCE
ORDINANCE
DECEMBER
NUMBER
IMPROVEMENT DESCRIPTION
31, 2020
04-14
Replacement of Sewer Mains
$
15,196.55
05-14
Repainting of the Water Tank
231,468.74
06-17
Heron Road Sewer Main Replacement
75,432.42
07-17
Heron Road Water Main Replacement
32,830.23
$
354,927.94
REF.
D
BOROUGH OF TUCKERTON
PART II
STATISTICAL DATA
OFFICIALS IN OFFICE AND SURETY BONDS
COMMENTS AND RECOMMENDATIONS
YEAR ENDED DECEMBER 31, 2020
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGES IN FUND BALANCE - CURRENT FUND
AMOUNT
%
AMOUNT
%
REVENUE AND OTHER INCOME REALIZED
Fund Balance Utilized
$
361,268.22
2.77%
$
546,350.00
4.04%
Miscellaneous-From Other Than Local
Property Tax Levies
1,646,115.15
12.58%
2,054,177.13
15.16%
Collection of Delinquent Taxes and
Tax Title Liens
205,623.77
1.57%
248,252.16
1.83%
Collection of Current Tax Levy
10,869,032.90
83.08%
10,704,489.68
78.98%
TOTAL INCOME
$
13,082,040.04
100.00%
$
13,553,268.97
100.00%
EXPENDITURES
Budget Expenditures:
Municipal Purposes
$
4,837,994.89
38.06%
$
5,244,707.24
39.76%
County Taxes
1,748,947.03
13.76%
1,725,605.89
13.08%
Local District School Taxes
3,013,059.15
23.70%
3,128,073.00
23.71%
Regional School District Taxes
2,871,879.00
22.59%
2,951,230.00
22.37%
Other Expenditures
240,550.00
1.89%
142,150.63
1.08%
TOTAL EXPENDITURES
$
12,712,430.07
100.00%
$
13,191,766.76
100.00%
Excess/Deficit in Revenue
$
369,609.97
$
361,502.21
Adjustments to Income before Fund Balance:
Emergency Authorizations Under N.J.S.A.
40A:4-47 Which Have Been Funded or Re-
funded Under N.J.S.A. 40A:2-3 or 40A:2-51
184,000.00
Regulatory Excess in Fund Balance
553,609.97
361,502.21
Fund Balance, January 1
451,373.22
636,221.01
1,004,983.19
997,723.22
Less: Utilization as Anticipated Revenue
361,268.22
546,350.00
Fund Balance, December 31
$
643,714.97
$
451,373.22
YEAR 2020
YEAR 2019
42
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGES IN FUND BALANCE - WATER - SEWER UTILITY FUND
AMOUNT
%
AMOUNT
%
REVENUE AND OTHER INCOME REALIZED
Fund Balance Utilized
$
160,195.00
6.27%
$
167,092.43
5.66%
Collection of Water - Sewer Rents
2,318,028.12
90.77%
2,438,407.76
82.54%
Miscellaneous - Other Than Water -
Sewer Rents
75,157.37
2.94%
348,683.72
11.80%
TOTAL INCOME
$ 2,553,380.49
100.00%
$ 2,954,183.91
100.00%
EXPENDITURES
Budget Expenditures:
Operating
$ 1,730,512.71
63.23%
$ 1,810,160.18
61.27%
Debt Service
936,664.46
34.22%
909,950.23
30.80%
Deferred Charges and Statutory
Expenditures
69,830.80
2.55%
234,073.50
7.92%
TOTAL EXPENDITURES
$ 2,737,007.97
100.00%
$ 2,954,183.91
100.00%
Deficit in Operations
$
(183,627.48)
$
Fund Balance, January 1
160,245.00
327,337.43
160,245.00
327,337.43
Less: Utilization as Anticipated Revenue
160,195.00
167,092.43
Fund Balance, December 31
$
50.00
$
160,245.00
YEAR 2020
YEAR 2019
43
COMPARATIVE SCHEDULE OF TAX RATE INFORMATION
2020
2019
2018
Tax Rate
$
2.620
$
2.615
$
2.551
Appointment of Tax Rate:
Municipal
.759
.737
.698
County
.413
.412
.411
Local School
.762
.754
.751
Regional School
.686
.712
.691
Assessed Valuation:
Year 2020
$
418,682,900.00
Year 2019
$
414,731,900.00
Year 2018
$
407,199,800.00
COMPARISON OF TAX LEVIES AND COLLECTION CURRENTLY
A study of this tabulation could indicate a possible trend in future tax levies. A decrease
in the percentage of current collection could be an indication of a probable increase in future tax
levies.
C U R R E N T L Y
PERCENTAGE
CASH
OF
YEAR
TAX LEVY
COLLECTIONS
COLLECTION
2020
$11,113,681.64
$10,869,032.90
97.79%
2019
10,960,277.81
10,704,489.68
97.66%
2018
10,431,234.28
10,140,776.29
97.22%
44
DELINQUENT TAXES AND TAX TITLE LIENS
This tabulation includes a comparison, expressed in percentage, of the total of
delinquent taxes and tax title liens, in relation to the tax levies of the last three years.
AMOUNT OF AMOUNT OF PERCENTAGE
DECEMBER TAX TITLE DELINQUENT TOTAL OF TAX
31, YEAR LIENS TAXES DELINQUENT LEVY
2020
$261,226.53
$183,103.14
$444,329.67
3.99%
2019
245,180.93 205,984.98
451,165.91
4.12%
2018
229,125.15 243,526.58
472,651.73
4.53%
PROPERTY ACQUIRED BY TAX TITLE LIEN LIQUIDATION
The value of property acquired by liquidation of tax title liens on December 31st on the
basis of the last assessed valuation of such properties was as follows:
YEAR
AMOUNT
2020
$330,250.00
2019
330,250.00
2018
330,250.00
COMPARISON OF WATER UTILITY LEVIES
CASH
YEAR
LEVY
COLLECTION
2020
$ 840,865
$812,463
2019
1,191,735
849,905
2018
811,130 810,648
COMPARISON OF SEWER UTILITY LEVIES
CASH
YEAR
LEVY
COLLECTION
2020
$1,564,417
$1,505,565
2019 2,214,554
1,587,697
2018
1,519,811
1,495,405
45
COMPARATIVE SCHEDULE OF FUND BALANCES
UTILIZED IN
BUDGET
BALANCE
OF SUCCEEDING
YEAR
DECEMBER 31
YEAR
Current Fund
2020
$
643,714.97 $
479,751.29
2019
451,373.22
361,268.22
2018
636,146.01
546,350.00
2017
574,744.69
273,991.46
2016
657,641.00
654,000.00
Water-Sewer Utility Operating Fund
2020
$
50.00 $
0.00
2019
160,245.00
160,195.00
2018
327,337.43
167,092.43
2017
236,254.89
236,254.89
2016
374,469.00
296,480.00
EQUALIZED VALUATIONS – REAL PROPERTY
YEAR
AMOUNT
2020
$
435,991,773.00
2019
422,333,910.00
2018
418,886,740.00
46
OFFICIALS IN OFFICE AND SURETY BONDS
The following officials were in office during the period under audit:
AMOUNT
NAME
OF
NAME
TITLE
OF BOND
SURETY
Susan R. Marshall
Mayor
*
Samuel C. Colangelo
Council President
*
Frank D'Amore
Councilman
*
Brian Martin
Councilman
*
Ron Peterson
Councilman
*
Susan Taylor
Councilwoman
*
Keith Vreeland
Councilman
*
Jenny Gleghorn
Clerk/Assessment Search Officer
Borough Administrator
$
1,000,000.00
JIF/MEL
Garrett K. Loesch
Chief Financial Officer
1,000,000.00
JIF/MEL
Laura Cohen
Tax Collector/Tax Search Officer
1,000,000.00
JIF/MEL
Jennifer L. Docherty
Water-Sewer Utility Collector/Deputy Tax
Collector
1,000,000.00
JIF/MEL
Damian G. Murray
Municipal Court Judge
1,000,000.00
JIF/MEL
Katie E. Lange
Municipal Court Administrator
1,000,000.00
JIF/MEL
Christopher J. Connors
Attorney
Frank J. Little, Jr.
Engineer
*Borough employees, other than the Chief Financial Officer, Tax/Utility Collectors, Judge and
Court Administrator, were covered by a blanket bond of the Joint Insurance Fund in the amount
of $1,000,000.00.
47
THIS PAGE INTENTIONALLY LEFT BLANK
COMMENTS AND RECOMMENDATIONS
GENERAL COMMENTS
CONTRACTS AND AGREEMENTS REQUIRED TO BE ADVERTISED PER N.J.S.A. 40A:11-4
Every contract or agreement for the performance of any work or the furnishing or hiring
of any materials or supplies, the cost or the contract price whereof is to be paid with or out of
public funds, not included within the terms of Section 3 of this act, shall be made or awarded
only by the governing body of the contracting unit after public advertising for bids and bidding
therefor, except as is provided otherwise in this act or specifically by any other law. No work,
materials or supplies shall be undertaken, acquired or furnished for a sum exceeding in the
aggregate, the amount set forth in or the amount calculated by the Governor pursuant to
Section 3 of P.L. 1971 Ch. 198 (40A:11-3), except by contract or agreement.
Effective July 1, 2020, the bid threshold in accordance with N.J.S.A. 40A:11-3 is
$17,500.00 or up to $44,000.00 if the entity has a Qualified Purchasing Agent. The Borough
does not have a qualified Purchasing Agent and therefore, its bid threshold is $17,500.00.
The governing body of the municipality has the responsibility of determining whether the
expenditures in any category will exceed the $17,500.00 within the fiscal year. Where question
arises as to whether any contract or agreement might result in violation of the statute the
Borough Counsel’s opinion should be sought before a commitment is made.
The minutes indicate that bids were requested by public advertising for the following
items:
Falcon Hot Patcher Dump Trailer
Road Reconstruction Improvement Project
Emergency Water and Sewer Repairs
Emergency Repair of Electrical Facilities and Pump Station Maintenance/Inspection
Inasmuch as the system of records did not provide for an accumulation of payments for
categories for the performance of any work or furnishing or hiring of any materials or supplies,
the results of such an accumulation could not reasonably be ascertained. Disbursements were
reviewed, however, to determine whether any clear-cut violation existed.
Our examination of expenditures did not reveal any individual payments or contracts or
agreements in excess of $17,500.00 for the performance of any work or the furnishing or hiring
of any materials or supplies, other than those where bids had been previously sought by public
advertisement or where a resolution had been previously adopted under the provisions of
N.J.S.A. 40A:11-4.
The minutes indicate that resolutions were adopted authorizing the awarding of contracts
or agreements for “Professional Services” as required by N.J.S.A. 40A:11-5:
Attorneys
Auditor
Bond Counsel
Consultant Services
Engineers
Financial Advisor
Information Technology Support
Municipal Prosecutor
Public Defender
48
CHANGE ORDERS PURSUANT TO N.J.A.C. 5:30-11.9 ET SEQ.
None
CONTRACTS OR AGREEMENTS NOT REQUIRED TO BE ADVERTISED PER N.J.S.A.
40A:11-6.1
N.J.S.A. 40A:11-6.1 states “ For all contracts that in the aggregate are less than the bid
threshold but 15 percent or more of the amount, and for those contracts that are for subject
matter enumerated in subsection (1) of Section 5 of P.L. 1971, c.198 (C.40A:11-5), except for
paragraph (a) of that subsection concerning professional services and paragraph (b) of that
subsection concerning work by employees of the contracting unit, the contracting agent shall
award the contract after soliciting at least two competitive quotations, if practicable. The award
shall be made to a vendor whose response is most advantageous, price and other factors
considered. The contracting agent shall retain the record of the quotation solicitation and shall
include a copy of the record with the voucher used to pay the vendor.
We conducted a compliance review of the procedures and policies for securing
quotations for purchases referred to above which indicated that the procedures were
implemented to ensure statutory compliance and that quotes had been solicited as required by
the statute.
COLLECTION OF INTEREST ON DELINQUENT TAXES AND WATER-SEWER RENTS
The Statute provides the method for authorizing interest and the maximum rate to be
charged for the non-payment of taxes, assessments or water-sewer rents on or before the date
when they would become delinquent.
The governing body on January 1, 2020 adopted the following resolution authorizing
interest to be charged on delinquent taxes, assessments and water-sewer rents:
“BE IT RESOLVED that the governing body of the Borough of Tuckerton set the
Rate of interest to be charged on delinquent water and sewer accounts and
delinquent taxes at 8% per annum on the first $ 1,500 of the delinquency and
18% per annum on any amount in excess of $ 1,500 and 6% to be collected
against a delinquency in excess of $10,000 on properties that fail to pay the
delinquency prior to the end of the calendar year. A 10 day grace period shall be
permitted as provided by N.J.S.A. 54:4-67.”
It appears from an examination of the Collector’s records that interest was collected in
accordance with the foregoing resolution.
49
DELINQUENT TAXES AND TAX TITLE LIENS
The following is a comparison of the number of tax title liens receivable on December
31st of the last three years:
YEAR
NUMBER OF LIENS
2020
30
2019
30
2018
31
It is essential to good management that all means provided by statute be utilized to
liquidate tax title liens in order to get such properties back on a taxpaying basis.
VERIFICATION OF DELINQUENT TAXES AND OTHER CHARGES
A test verification of delinquent charges and current payments was made in accordance
with the regulations of the Division of Local Government Services, consisting of the mailing of
verification notices as follows:
TYPE
NUMBER MAILED
Payment of 2020 Taxes
50
Payment of 2020 Water - Sewer Utility Rents
25
Delinquent Taxes
50
Delinquent Water - Sewer Utility Rents
25
The results of the test are not yet known, but a separate report will be issued if any
irregularities are developed. For those verification notices which were not returned by taxpayers,
we examined subsequent cash collections as an alternative procedure where possible.
MISCELLANEOUS
All sums of outstanding checks, reflected in cash reconciliations herein, are in
agreement with the records of the Chief Financial Officer, as well as with independent lists
made part of this audit.
A report summarizing collections of Dog License Fees and remittance of State
Registration Fees has been prepared and filed with the New Jersey Department of Health and
the Division of Local Government Services.
A statutory report on the operations of the Municipal Court has been prepared and
copies filed with the New Jersey Administrative Office of the Courts, the Division of Local
Government Services, the Municipal Court and the Borough Clerk.
50
MISCELLANEOUS (CONTINUED)
Individual payments of the Local, Regional and/or Consolidated School District Taxes by
the municipality were confirmed as received by the Secretaries of the Boards of Education for
year 2020.
In our verification of expenditures, no attempt was made to establish proof of rendition,
character or extent of services nor quantities, nature, propriety of prices or receipt of materials,
these elements being left necessarily to internal review in connection with approval of claims.
The propriety of deductions from individual employee salaries for pensions, withholding tax,
social security and other purposes was not verified as part of this examination. Remittances to
authorized agencies, however, were ascertained.
A summary or synopsis of this report was prepared for publication and filed with the
Borough Clerk.
FOLLOW–UP OF PRIOR YEAR FINDINGS
In accordance with Government Auditing Standards, our procedures included a review of
all prior year findings.
A corrective action plan addressing the 2019 audit recommendations was adopted by
resolution of the Governing Body on August 17, 2020.
OTHER COMMENTS
None
51
RECOMMENDATIONS
None
52
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Apr 2, 2026
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