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Executive Summary
This document is an audit report 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, 2023. The audit includes an independent auditor's report, financial statements on a regulatory basis for various funds, and supplementary schedules. The report expresses an adverse opinion on U.S. Generally Accepted Accounting Principles (GAAP) and an unmodified opinion on the regulatory basis of accounting, which is in accordance with the requirements prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. The audit also covers internal control over financial reporting and compliance matters.
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--- Document: 2023-Audit-Report-Tuckerton Document ---
Report ojAudit
the
on
Financial Statements
and Supplementary Schedules
of the
Borough of Tucherton
in the
County of Ocean
New Jersey
for the
Year Ended
December 31, 2023
BOROUGH OF TUCKERTON
INDEX
PAGES
PART I
1-4
Independent Auditor’s Report
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
5-6
EXHIBITS
Financial Statements - Regulatory Basis
Current Fund:
"A"
Balance Sheets - Regulatory Basis
Statement of Operations and Changes in Fund Balance - Regulatory Basis
Statement of Revenues - Regulatory Basis for the Year Ended December 31, 2023
Statement of Expenditures - Regulatory Basis for the Year Ended December 31, 2023
“A-1”
“A-2”
“A-3”
Trust Fund:
“B"
Balance Sheets - Regulatory Basis
General Capital Fund:
“C"
Balance Sheets - Regulatory Basis
Statement of Capital Fund Balance - Regulatory Basis
“C-1”
Water-Sewer Utility Fund:
“D”
Balance Sheets - Regulatory Basis
Statement of Operations and Changes in Operating Fund Balance - Regulatory Basis
Statement of Utility Capital Fund Balance - Regulatory Basis for the Year Ended
December 31, 2023
Statement of Revenues - Regulatory Basis for the Year Ended December 31, 2023
Statement of Expenditures - Regulatory Basis for the Year Ended December 31, 2023
“D-1”
“D-2”
“D-3”
“D-4”
General Fixed Assets Account Group:
tt|—»
Balance Sheets - Regulatory Basis
PAGES
7-46
Notes to Financial Statements
BOROUGH OF TUCKERTON
INDEX (CONTINUED)
EXHIBITS
Supplementary Schedules - All Funds
Current Fund:
Schedule of Cash - Treasurer
Schedule of Cash - Tax Collector
Schedule of Change Funds
Schedule of Taxes Receivable and Analysis of Property Tax Levy
Schedule of Tax Title Liens Receivable
Schedule of 6% Year End Penalty Receivable
Schedule of Property Acquired for Taxes (at Assessed Valuation)
Schedule of Revenue Accounts Receivable
Schedule of Deferred Charges
Schedule of Due From/To State of New Jersey
Schedule of Tax Overpayments
Schedule of Prepaid Taxes
Schedule of Property Maintenance Liens
Schedule of County Taxes Payable
Schedule of Local District School Tax Payable
Schedule of Regional School District Taxes Payable
Schedule of Appropriation Reserves
Schedule of Reserve for Encumbrances
Schedule of Interfunds
Schedule of Accounts Payable
Schedule of Deferred Revenue - Municipal Relief Fund Aid
Schedule of Interfunds - Federal and State Grant Fund
Schedule of Grants Receivable - Federal and State Grant Fund
Schedule of Grants - Appropriated - Federal and State Grant Fund
Schedule of Grants - Unappropriated - Federal and State Grant Fund
“A-4”
“A-5”
“A-6”
“A-7”
“A-8”
“A-9”
“A-10”
“A-11”
“A-12”
“A-13”
“A-14”
“A-15”
“A-16”
“A-17”
“A-18”
“A-19”
“A-20”
“A-21”
“A-22”
“A-23”
“A-24”
“A-25”
“A-26”
“A-27”
“A-28”
Trust Fund:
Schedule of Cash
Schedule of Reserve for Animal Control Trust Fund Expenditures
Schedule of Due State of New Jersey
Schedule of Interfunds
Schedule of Reserve for Encumbrances
Schedule of Miscellaneous Reserves
“B-1”
“B-2”
“B-3”
“B-4”
“B-5”
“B-6”
BOROUGH OF TUCKERTON
INDEX (CONTINUED)
EXHIBITS
General Capital Fund:
Schedule of Cash
Analysis of Cash
Schedule of Deferred Charges to Future Taxation - Unfunded
Schedule of Interfunds
Schedule of Improvement Authorizations
Schedule of Reserve for Encumbrances
Schedule of Bond Anticipation Notes Payable
Schedule of Capital Improvement Fund
“C-2”
“C-3”
“C-4”
“C-5”
“C-6”
“C-7”
“C-8”
“C-9”
Water-Sewer Utility Fund:
Schedule of Cash
Schedule of Change Funds
Analysis of Cash - Capital Fund
Schedule of Water Rents Receivable - Operating Fund
Schedule of Sewer Rents Receivable - Operating Fund
Schedule of Water - Sewer Utility Liens Receivable - Operating Fund
Schedule of Accounts Payable - Operating Fund
Schedule of Accrued Interest on Bonds, Notes and Loans - Operating Fund
Schedule of Interfunds - Operating Fund
Schedule of Appropriation Reserves - Operating Fund
Schedule of Reserve for Encumbrances
Schedule of Fixed Capital - Capital Fund
Schedule of Fixed Capital Authorized and Uncompleted - Capital Fund
Schedule of Interfunds - Capital Fund
Schedule of Serial Bonds Payable - Capital Fund
Schedule of Bond Anticipation Notes Payable - Capital Fund
Schedule of New Jersey Infrastructure Trust/Fund Loans Payable - Capital Fund
Schedule of Improvement Authorizations - Capital Fund
Schedule of Capital Improvement Fund - Capital Fund
Schedule of Reserve for Improvements to Water System - Capital Fund
Schedule of Reserve for Amortization - Capital Fund
Schedule of Deferred Reserve for Amortization - Capital Fund
Schedule of NJEIT Interim Construction Note
Schedule of Bonds and Notes Authorized but Not Issued - Capital Fund
“D-5”
“D-6”
“D-7”
“D-8”
“D-9”
“D-10”
“D-11”
“D-12”
“D-13”
“D-14”
“D-15”
“D-16”
“D-17”
“D-18”
“D-19”
“D-20”
“D-21”
“D-22”
“D-23”
“D-24”
“D-25”
“D-26”
“D-27”
“D-28”
PAGES
PART II
Statistical Data
47-51
Officials in Office and Surety Bonds
52
Comments and Recommendations
53-58
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 31.2023
i
.
..
.
.
SUPLEE, CLOONEY & COMPANY LLC
CERTIFIED PUBLIC ACCOUNTANTS
308 East Broad Street, Westfield , New Jersey 07090- 2122
Fax 908-789-8535
Telephone 908-789-9300
E-mail
info@scnco.com
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 Audit of the Financial Statements
Adverse and Unmodified Opinions
We have audited the accompanying balance sheets - regulatory basis of the various
individual funds and account groups of the Borough of Tuckerton (the “Borough”), as of and for
the years ended December 31, 2023 and 2022, the related statements of operations and changes
in fund balance - regulatory basis for the years then ended, and the related statement of revenues
- regulatory basis and statement of expenditures - regulatory basis of the various individual funds
for the year ended December 31, 2023, and the related notes to the financial statements, which
collectively comprise the Borough’s regulatory financial statements as listed in the table of
contents.
Adverse Opinion on U.S. Generally Accepted Accounting Principles
In our opinion, because of the significance of the matter discussed in the “Matter Giving
Rise to Adverse Opinion” 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 groups of the Borough
as of December 31, 2023 and 2022, or the results of its operations and changes in fund balance
for the years then ended or the revenues or expenditures for the year ended December 31, 2023.
Unmodified Opinion on Regulatory Basis of Accounting
In our opinion, the regulatory basis financial statements referred to above present fairly,
in all material respects, the financial position of the various individual funds and account groups
of the Borough as of December 31, 2023 and 2022, the results of its operations and changes in
fund balance for the years then ended and the revenues and expenditures for the year ended
December 31, 2023 in accordance with the basis of financial reporting prescribed by the Division
of Local Government Services, Department of Community Affairs, State of New Jersey (the
“Division”) as described in Note 1.
1
SUPLEE, CLOONEY & COMPANY LLC
Basis for Adverse and Unmodified Opinions
We conducted our audit in accordance with auditing standards generally accepted in the
United States of America, the audit requirements prescribed by the Division, and the standards
applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Our responsibilities under those standards are further
described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our
report. We are required to be independent of the Borough and to meet our other ethical
responsibilities, in accordance with the relevant ethical requirements relating to our audit. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our adverse and unmodified audit opinions.
Matter Giving Rise to Adverse Opinion
As described in Note 1 of the regulatory financial statements, the regulatory financial
statements are prepared by the Borough on the basis of the financial reporting provisions
prescribed by the Division, 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.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the regulatory
financial statements in accordance with the regulatory basis of accounting prescribed by the
Division, and for the design, implementation, and maintenance of internal control relevant to the
preparation and fair presentation of regulatory financial statements that are free from material
misstatement, whether due to fraud or error. In preparing the regulatory financial statements,
management is required to evaluate whether there are conditions or events, considered in the
aggregate, that raise substantial doubt about the Borough's ability to continue as a going concern
for twelve months beyond the financial statement date, including any currently known information
that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the regulatory financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor's report that includes our opinions. Reasonable assurance is a high level of
assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted
in accordance with GAAS, Government Auditing Standards and audit requirements prescribed by
the Division will always detect a material misstatement when it exists. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control. Misstatements are considered material if there is a substantial likelihood that,
individually or in the aggregate, they would influence the judgment made by a reasonable user
based on the financial statements.
2
SUPLEE, CLOONEY & COMPANY LLC
In performing an audit in accordance with GAAS, Government Auditing Standards and
audit requirements prescribed by the Division, we:
•exercise professional judgment and maintain professional skepticism throughout the
audit.
• identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, and design and perform audit procedures responsive to
those risks. Such procedures include examining, on a test basis, evidence regarding the
amounts and disclosures in the financial statements.
•obtain an understanding of internal control relevant to the audit 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 Borough's internal control. Accordingly,
no such opinion is expressed.
• evaluate the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluate the overall
presentation of the financial statements.
• conclude whether, in our judgment, there are conditions or events, considered in the
aggregate, that raise substantial doubt about the Borough's ability to continue as a going
concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among
other matters, the planned scope and timing of the audit, significant audit findings, and certain
internal control-related matters that we identified during the audit.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements
that collectively comprise the Borough's regulatory financial statements. The supplementary
information, and data listed in the table of contents as required by the Division are presented for
purposes of additional analysis and are not a required part of the basic financial statements.
Such information is the responsibility of management and was derived from and relates
directly to the underlying accounting and other records used to prepare the basic financial
statements. The information has been subjected to the auditing procedures applied in the audit
of the basic financial statements and certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to
prepare the basic financial statements or to the basic 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, and data listed in the table of
contents, as required by the Division are fairly stated, in all material respects, in relation to the
regulatory financial statements as a whole.
3
SUPLEE, CLOONEY & COMPANY LLC
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
December 30, 2024, on our consideration of the Borough'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 solely 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 the effectiveness of the Borough's 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 Borough’s internal control over financial
reporting and compliance.
fLy J&yn ;
CERTIFIED PUBLlt ACCCfUNTAltfrtS
REGISTERED MUNICIPAL ACCOUNTANT NO. 439
December 30, 2024
4
SUPLEE, CLOONEY & COMPANY LLC
CERTIFIED PUBLIC ACCOUNTANTS
308 East Broad Street, Westfield , New Jersey 0 7 0 9 0 - 2 1 2 2
Fax 9 0 8 - 7 8 9 - 8 5 3 5
Telephone 9 0 8 - 789 - 9 3 0 0
E -mail
info@s c n c o .c o m
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, 2023, and the related notes to
the financial statements, which collectively comprise the Borough’s regulatory financial statements,
and have issued our report thereon dated December 30, 2024.
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.
5
SUPLEE, CLOONEY & COMPANY LLC
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. We noted other matters in
the internal control which are discussed in Part II, General Comments and Recommendations
section of the audit report.
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.
We noted
other matters in the compliance which are discussed in Part II, General Comments and
Recommendations section of the audit report.
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.
Jjim w Jurn,
CERTIFIED PUBLIC ACCOUNTANTS
KoU \jjJl
REGISTERED MUNICIPAL ACCOUNTANT NO. 439
December 30, 2024
6
THIS PAGE INTENTIONALLY LEFT BLANK
CURRENT FUND
"A"
SHEET #1
BOROUGH OF TUCKERTON
CURRENT FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
DECEMBER
31.2023
BALANCE
DECEMBER
31.2022
REF.
ASSETS
Current Fund:
Cash and Cash Equivalents
Change Fund
A-4
$
828,795.36
225.00
$
539,113.23
225.00
539,338.23
A-6
829,020.36
Receivables with Full Reserves:
Taxes Receivable
Tax Title Liens Receivable
6% Year-End Penalty Receivable
Property Acquired for Taxes at Assessed
Valuation
Revenue Accounts Receivable
Property Maintenance Liens
Interfunds Receivable
Due from Magistrate
A-7
216,971.19
323,534.38
4,653.27
337,084.25
272,572.23
3,270.29
A-8
A-9
A-10
331,450.00
1,921.21
143.80
141,042.17
42.00
331,450.00
1,895.59
14,914.29
354,978.56
42.00
A-11
A-16
A-22
1,019,758.02
1,316,207.21
Deferred Charges:
Operating Deficit
Overexpenditure of Appropriations
Expenditures without Appropriation
A-12
5,218.13
90,760.41
57,526.14
23,308.58
A-12
2,918.54
A-12
153,504.68
26,227.12
2,002,283.06
1,881,772.56
Federal and State Grant Fund:
Cash
Interfunds Receivable
Grants Receivable
3,406.81
30,000.00
1,250,175.90
5,100.91
A-4
A-25
970,960.77
A-26
976,061.68
1,283,582.71
$
3,285,865.77
$
2,857,834.24
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
DECEMBER
31.2023
BALANCE
DECEMBER
31.2022
REF -
LIABILITIES, RESERVES AND FUND BALANCE
Current Fund:
Appropriation Reserves
Due to State of New Jersey (Ch. 20, P.L. 1971)
Due to State of New Jersey Other
Tax Overpayments
Prepaid Taxes
Due County - Added and Omitted Taxes
Local District School Tax Payable
Accounts Payable
Reserve for:
Encumbrances
Interfunds Payable
Deferred Revenue - Municipal Relief Fund Aid
A-3:A-20
$
84,461.87
5,611.77
8,113.00
52,528.61
188,563.47
12,059.31
58,838.96
994.73
$
247,121.53
5,846.02
2,311.00
52,403.76
176,515.80
16,161.21
A-13
A-13
A-14
A-15
A-17
A-18
A-23
803.14
A-21
11.484.81
40,132.17
33.858.82
7,630.33
A-22
A-24
16,933.02
496.647.52
1,019,758.02
485.877.52
525,725.81
1,316,207.21
39,839.54
Reserve for Receivables
Fund Balance
A-1
2,002,283.06
1,881,772.56
Federal and State Grant Fund:
Reserve for Encumbrances
Interfunds Payable
Grants - Appropriated
Grants - Unappropriated
A-21
10,171.90
146,042.17
1,126,036.79
1,331.85
628.21
278,865.90
695,369.25
1,198.32
A-25
A-27
A-28
1,283,582.71
976,061.68
$
3,285,865.77
$
2,857,834.24
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-i"
SHEET #1
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF OPERATIONS
AND CHANGES IN FUND BALANCE - REGULATORY BASIS
YEAR ENDED
YEAR ENDED
2023
2022
REF.
REVENUE AND OTHER INCOME
18,830.55
$
1,416,170.83
341,221.19
12,215,294.15
23,430.00
$
Fund Balance Utilized
Miscellaneous Revenue Anticipated
Receipts from Delinquent Taxes
Receipts from Current Taxes
Non-Budget Revenues
Other Credits to Income:
Interfunds Returned (Net)
Unexpended Balance of Appropriation Reserves
Cancelled Tax Overpayments
Cancelled Reserve for Revaluation
A-2
129,430.62
1,121,449.16
183,883.00
11,202,644.74
229,267.54
A-2
A-2
A-2
A-2
A-11:A-22
159,823.73
16,280.15
A-20
49,425.80
18,659.20
1,301.00
Total Income
14,191,050.60
12,936,061.06
EXPENDITURES
Budget Appropriations:
Salaries and Wages
Other Expenses
Municipal Debt Service
Deferred Charges and Statutory Expenditures
2,146,256.00
2,079,267.92
329,212.89
677,810.99
2,296,050.00
1,708,891.63
178,488.25
661,479.38
5,232,547.80
1,202.16
2,035,244.60
12,059.31
3,382,522.00
3,070,516.00
79,600.61
4,844,909.26
A-3
Refund of Prior Year Revenue
County Taxes Payable
Added and Omitted County Taxes Payable
Local District School Tax Payable
Regional School District Taxes Payable
Cancelled Grant Receivables
Senior Citizen Deductions Disallowed
Prior Year Taxes
Interfund Advances
A-4
1,814,341.09
16,161.21
3,228,125.93
2,736,802.00
A-7:A-17
A-7:A-17
A-7:A-18
A-7:A-19
A-25:A-26
A-7
3,250.00
2,733.05
316,297.10
$
13,816,942.48
$
12,959,369.64
Total Expenditures
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-1"
SHEET #2
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF OPERATIONS
AND CHANGES IN FUND BALANCE - REGULATORY BASIS
YEAR ENDED
YEAR ENDED
REF.
2023
2022
EXPENDITURES (CONTINUED)
$
374,108.12
$
(23,308.58)
Excess in Revenue/(Deficit) in Operations
Adjustments to Income before Fund Balance:
Expenditures included above which are by Statute
Deferred Charges to Budget of Succeeding Year
Operating Deficit to be Raised in
Budget of Succeeding Year
Statutory Excess to Fund Balance
A-3
90,760.41
23,308.58
A
464,868.53
Fund Balance
169,270.16
Balance, January 1
A
39,839.54
504,708.07
169,270.16
Decreased by:
Utilized as Anticipated Revenue
129,430.62
18,830.55
A-1
$
485,877.52
$
39,839.54
Fund Balance, December 31
A
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-2"
SHEET #1
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31.2023
ANTICIPATED
SPECIAL N.J.SA.
40A:4-87
EXCESS OR
(DEFICIT)
REF-
BUDGET
REALIZED
Fund Balance Anticipated
$
$
A-1
18,830.55
$
$
18,830.55
Miscellaneous Revenues:
Licenses:
Alcoholic Beverages
Fines and Costs - Municipal Court
Interest and Costs on Taxes
Interest on Investments and Deposits
Mobile Home Fees
Boat Stalls
Cable TV Franchise Fees
Energy Receipts Tax
Municipal Relief Fund Aid
Uniform Construction Code Fees
General Capital Fund Balance
Interfund Liquidation - Trust Other Fund
Interfund Liquidation - Capital Fund
Reserve for Debt Service
Monopole Lease Agreement
Alcohol Education and Rehabilitation Fund
Body Armor Replacement Fund
Clean Communities Program
Community Development Block Grant
County of Ocean - ARP - Lanyard Lagoon Shoreline Project
DOT Bass Road and Kelly Avenue
Recycling Tonnage Grant
Stormwater Assistance Grant
A-11
10,751.00
26,012.00
44,210.00
15,913.00
21,168.00
10,625.00
18,416.64
326,856.00
16,933.02
130,523.00
12,594.00
31,699.92
54,684.17
96,439.24
21,168.00
11,050.00
18,416.64
326,855.82
16,933.02
143,649.00
1,843.00
5,687.92
10,474.17
80,526.24
A-11
A-11
A-11
A-11
A-11
425.00
A-11
A-11
(0.18)
A-11
A-11
13,126.00
A-11
5.01
5.01
A-11
24,112.66
30,000.00
1,944.64
31,518.72
24,112.66
30,000.00
1,944.64
34,801.08
3,374.66
1,198.32
10,891.89
35,000.00
184,016.25
334,830.00
7,506.51
15,000.00
$
1,416,170.83
A-11
A-11
A-11
3,282.36
A-25
3,374.66
A-25
1,198.32
A-25
10,891.89
35,000.00
184,016.25
A-25
A-25
A-25
334,830.00
7,506.51
A-25
A-25
15,000.00
$
248,282.80
$
1,052,523.52
A-1
$
115,364.51
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 31.2023
ANTICIPATED
SPECIAL N.J.S.A.
40A:4-87
EXCESS OR
(DEFICIT)
REF -
BUDGET
REALIZED
Receipts from Delinquent Taxes
$
243,769.97
A-2
$
$
341,221.19
$
97,451.22
Amount to be Raised by Taxation for Support
of Municipal Budget
A-2
3,929,837.96
4,065,897.54
136,059.58
Budget Totals
5,244,962.00
248,282.80
5,842,120.11
348,875.31
Non-Budget Revenues
A-1:A-2
23,430.00
23,430.00
$
5,244,962.00
$
248,282.80
$
5,865,550.11
$
372,305.31
REF.
A-3
A-3
ANALYSIS OF REALIZED REVENUE
Current Tax Collections
Appropriation "Reserve for Uncollected Taxes"
A-1:A-7
$
12,215,294.15
350,945.30
12,566,239.45
8,500,341.91
A-3
Less: Allocated to School and County Taxes
A-7
A-2
$
4,065,897.54
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-2"
SHEET #3
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2023
REF.
INTEREST AND COSTS ON TAXES
$
52,176.53
2,507.64
Delinquent Interest Collections
6% Year End Penalty Collections
A-9
$
54,684.17
A-2
RECEIPTS FROM DELINQUENT TAXES AND LIENS
$
326,450.70
14,770.49
A-7
Delinquent Tax Collections
Property Maintenance Liens
A-5:A-16
$
341,221.19
A-1:A-2
ANALYSIS OF NON-BUDGET REVENUE
$
250.00
10.00
860.00
2,205.00
6,055.68
400.00
9,442.00
629.66
120.00
25.00
3,432.66
Certified Property List
GIS Fees
Land Use Board Receipts
Municipal Clerk
Police Department
Polling Place
Recycling
SCA/ets Administrative Fees
Tax Collector
Wildlife Preservation
Unclassified
A-1:A-2:A-4
$
23,430.00
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-3"
SHEET #1
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31.2023
APPROPRIATED
EXPENDED
UNEXPENDED
BALANCE
CANCELED
BUDGET AFTER
MODIFICATION
PAID OR
CHARGED
OVER-
EXPENDED
OPERATIONS WITHIN CAPS
BUDGET
ENCUMBERED
RESERVED
GENERAL GOVERNMENT
Mayor and Council
Salaries and Wages
Other Expenses
Administrative and Executive
Salaries and Wages
Municipal Clerk
Salaries and Wages
Other Expenses
Financial Administration (Treasury)
Salaries and Wages
Other Expenses
Audit Services
Other Expenses
Revenue Administration (Tax Collection)
Salaries and Wages
Other Expenses
Tax Assessment Administration
Other Expenses
Legal Services (Legal Department)
Other Expenses
Engineering Services
Other Expenses
Economic Development Committee
Salaries and Wages
Other Expenses
Landmarks Commission (N.J.SA. 40:55-10 et seq.)
Salaries and Wages
LAND USE ADMDINISTRATION
Land Use Board
Salaries and Wages
Other Expenses
Environmental Commission
Salaries and Wages
Other Expenses
Zoning Board of Adjustment
Salaries and Wages
INSURANCE
General Liability
Workmen's Compensation
Employee Group Health
Health Benefit Waiver
PUBLIC SAFETY
Police Department
Salaries and Wages
Other Expenses
$
25,500.00
$
820.00
25,500.00
370.00
$
25,391.08
$
342.20
$
108.92
$
27.80
$
35,000.00
35,000.00
34,961.68
38.32
91,000.00
20,170.00
91,000.00
19,420.00
90,897.20
18,716.19
102.80
703.81
56,000.00
20,886.00
56,000.00
12,986.00
55,999.98
11,967.48
.02
1,018.52
14,000.00
14,000.00
14,000.00
25,000.00
10,904.00
25,000.00
9,904.00
24,998.13
9,122.60
1.87
781.40
950.00
950.00
950.00
20,680.00
38,655.00
36,457.59
2,197.41
4,889.00
4,889.00
4,887.54
1.46
525.00
1,935.00
525.00
1,935.00
525.00
1,435.00
500.00
900.00
900.00
900.00
12,000.00
3,130.00
12,000.00
3,130.00
12,000.00
2,620.00
510.00
900.00
200.00
900.00
200.00
400.00
500.00
200.00
13,500.00
13,000.00
12,997.76
2.24
48,270.00
26,155.00
395,329.02
9,000.00
48,270.00
26,155.00
395,479.02
9,000.00
48,270.00
26,155.00
486,239.43
7,760.75
90,760.41
1,239.25
976,801.00
41,000.00
931,951.00
52,000.00
948,366.86
39,962.55
28,434.14
701.35
336.10
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-3"
SHEET #2
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2023
APPROPRIATED
EXPENDED
UNEXPENDED
BALANCE
CANCELED
BUDGET AFTER
MODIFICATION
PAID OR
CHARGED
OVER-
EXPENDED
BUDGET
ENCUMBERED
RESERVED
PUBLIC SAFETY (CONINUED)
Office of Emergency Management
Other Expenses
Municipal Prosecutor’s Office
Municipal Court
Salaries and Wages
Other Expenses
Code Enforcement
Salaries and Wages
Other Expenses
PUBLIC WORKS
Streets and Road Maintenance
Salaries and Wages
Other Expenses
Solid Waste Collection
Salaries and Wages
Other Expenses
Public Buildings and Grounds
Salaries and Wages
Other Expenses
Vehicle Maintenance
Salaries and Wages
Other Expenses
HEALTH AND HUMAN SERVICES
Public Health Services (Board of Health)
Salaries and Wages
Animal Control Services
Other Expenses
RECREATION AND EDUCATION
Municipal Alliance - Local Supplement
$
2,133.00
$
9,000.00
$
1,733.00
9,000.00
1,733.00
$
8,250.00
$
$
$
750.00
95,000.00
2,300.00
95,000.00
2,300.00
94,900.12
1,703.49
99.88
596.51
25,000.00
1,075.00
25,000.00
775.00
25,000.00
775.00
225,700.00
14,476.00
225,700.00
7,476.00
225,671.27
7,469.24
28.73
6.76
53,500.00
120.00
52,100.00
120.00
51,485.70
614.30
118.12
1.88
25,000.00
23,900.00
25,000.00
9,400.00
25,000.00
8,369.64
1,030.36
59,000.00
61,050.00
54,600.00
61,050.00
54,499.94
54,994.40
100.06
120.69
5,934.91
37,500.00
2,675.00
2,663.54
11.46
8,235.00
8,235.00
7,535.00
700.00
9,200.00
9,200.00
8,832.69
367.31
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-3"
SHEET #3
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2023
APPROPRIATED
EXPENDED
UNEXPENDED
BALANCE
CANCELED
BUDGET AFTER
MODIFICATION
PAID OR
CHARGED
OVER-
EXPENDED
BUDGET
ENCUMBERED
RESERVED
RECREATION AND EDUCATION
Participation in Free County Library
Other Expenses
Celebration of Public Events
Other Expenses
Pride and Celebration Committee
Salaries and Wages
UNIFORM CONSTRUCTION CODE - APPROPRIATIONS
$
5,000.00
$
5,000.00
$
5,000.00
$
$
$
$
2,500.00
2,500.00
2,500.00
900.00
900.00
900.00
OFFSET BY DEDICATED REVENUES (N.J.A.C. 5:23-4.17)
Uniform Construction Code Enforcement Functions
Salaries and Wages
Other Expenses
UNCLASSIFIED
Electricity
Street Lighting
Telephone
Natural Gas and Fuel Oil
Telecommunications
Gasoline
Landfill/Solid Waste Disposal Costs
Total Operations within Caps
Detail:
144,655.00
3,760.00
144,655.00
3,610.00
144,183.00
3,586.00
472.00
24.00
45,725.00
48,750.00
37,200.00
8,246.24
20,000.00
30,000.00
160,000.00
20,725.00
48,750.00
41,463.00
10,246.24
25,295.00
23,442.00
181,000.00
14,965.83
44,692.16
41,462.94
7,515.99
25,292.26
17,330.53
181,000.00
597.47
322.88
5,161.70
3,734.96
.06
1,810.74
919.51
2.74
1,732.71
4,378.76
2,980,519.26
2,959,919.26
2,966,237.64
11,484.81
72,957.22
90,760.41
Salaries and Wages
Other Expenses
1,867,531.00
1,112,988.26
1,871,256.00
1,088,663.26
1,838,602.01
1,127,635.63
32,653.99
40,303.23
11,484.81
90,760.41
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-3"
SHEET #4
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31. 2023
EXPENDED
APPROPRIATED
UNEXPENDED
BALANCE
CANCELED
BUDGET AFTER
MODIFICATION
DEFERRED CHARGES AND STATUTORY EXPENDITURES
PAID OR
CHARGED
OVER-
EXPENDED
ENCUMBERED
RESERVED
BUDGET
WITHIN CAPS:
Deferred Charges:
Deficit in Operations
Expenditure without Appropriation
Statutory Expenditures:
Contribution to:
Public Employees Retirement System
Social Security System (OA.S.I.)
Police and Firemen's Retirement System of NJ
Defined Contribution Retirement Program
Unemployment and Disability Insurance
Total Deferred Charges and Statutory Expenditures within Caps
18,090.45
$
2,918.54
18,090.45
$
2,918.54
$
$
$
$
18,090.45
$
2,918.54
133,870.00
182,616.00
335,557.00
188.00
4,571,00
133,870.00
179,941.68
335,553.10
176.00
2,850.54
133,870.00
162,016.00
335,557.00
188.00
2,674.32
3.90
12.00
1,720.46
4,571,00
677,810,99
673,400.31
4,410.68
657,210.99
11,484.81
77,367,90
90,760,41
3,637,730.25
3,637,730.25
3,639,637.95
Total Appropriations within Caps
OPERATIONS EXCLUDED FROM CAPS
911 Emergency Services
Salaries and Wages
One Year Appropriation CAP Exclusions Approved by the
Local Finance Board (LFN 2023-19):
Workers Compensation
Public Employees Retirement System
Police and Firemen's Retirement System of NJ
Shared Services Agreements:
Dispatching Services - Little Egg Harbor Township
Lacey Township
Tax Assessment Services
Tax Collector Services
Fire Protection Services
Parkertown Fire Company
West Tuckerton Fire Company
EMS Services - Great Bay EMS
275,000.00
274,655.94
344.06
275,000.00
8,845.00
9,433.00
48,482.00
8,845.00
9,433.00
48,482.00
8,845.00
9,433.00
48,482.00
97,100.00
97,016.87
83.13
97,100.00
33,500.00
35,000.00
33,500.00
35,000.00
33,500.00
35,000.00
35,333.31
35,333.31
5,000.00
31,999.94
31,999.94
4,999.96
3,333.37
3,333.37
35,333.31
35,333.31
5,000.00
.04
PUBLIC AND PRIVATE PROGRAMS OFFSET BY REVENUES
3,374.66
1,198.32
10,891.89
35,000.00
334,830.00
15,000.00
184,016.25
7,506.51
3,374.66
1,198.32
10,891.89
35,000.00
334,830.00
15,000.00
184,016.25
7,506.51
Alcohol Education and Rehabilitation Fund (40A:4-87 + 3,374.66)
Body Armor Replacement Fund
Clean Communities Program (40A:4-87 + 10,891.89)
Community Development Block Grant (40A:4-87 + 35,000.00)
DOT Bass Road and Kelly Avenue
Stormwater Assistance Grant (40A:4-87 + 15,000.00)
American Rescue Plan - Lanyard Lagoon Shoreline Project (40A:4-87 + 184,016.25)
Recycling Tonnage Grant
1,198.32
334,830.00
7,506.51
1,167,750.28
7,093.97
926,561,45
1,174,844.25
Total Operations Excluded from Caps
The accompanying Notes to Financial Statements are an integral part of this statement.
"A-3"
SHEET #5
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2023
APPROPRIATED
EXPENDED
UNEXPENDED
BALANCE
CANCELED
BUDGET AFTER
MODIFICATION
PAID OR
CHARGED
OVER-
EXPENDED
BUDGET
ENCUMBERED
RESERVED
Detail:
$
275,000.00
651,561.45
$
$
274,655.94
893,094.34
$
$
344.06
$
6,749.91
$
275,000.00
899,844.25
Salaries and Wages
Other Expenses
MUNICIPAL DEBT SERVICE EXCLUDED FROM CAPS
178,000.00
151,212.89
178,250.00
151,475.00
178,250.00
151,475.00
250.00
262.11
Payment of Bond Anticipation Notes and Capital Notes
Interest on Notes
Total Municipal Debt Service Excluded from Caps
329,725.00
329,212.89
512.11
329,725.00
1,256,286.45
1,504,569.25
1,496,963.17
7,093.97
512.11
Total General Appropriations Excluded from Caps
5,142,299.50
350,945.30
5,136,601.12
350,945.30
11,484.81
84,461.87
512.11
90,760.41
4,894,016.70
350,945.30
Subtotal General Appropriations
Reserve for Uncollected Taxes
$
5,244,962.00
$
$
5,487,546.42
$
11,484.81
$
84,461.87
$
512.11
$
90,760.41
5,493,244.80
A1:A-3
A-1:A21
A, A-1
A-1
A-1:A-12
A-2:A-3
A-3
REF.
"A-3"
SHEET #6
BOROUGH OF TUCKERTON
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31,2023
APPROPRIATED
BUDGET AFTER
MODIFICATION
REF.
$
Appropriation by 40A:4-87
Budget
A-2
248,282.80
5,244,962.00
A-3
$
5,493,244.80
EXPENDED
PAID OR
CHARGED
$
Reserve for Uncollected Taxes
Disbursements
Deferred Charges
Interfund - Federal and State Grant Fund
A-2
350,945.30
4,523,774.50
21,008.99
591,817.63
A-4
A-3
A-22A-25
$
5,487,546.42
The accompanying Notes to Financial Statements are an integral part of this statement.
TRUST FUND
"B"
BOROUGH OF TUCKERTON
TRUST FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
DECEMBER
31, 2023
BALANCE
DECEMBER
31, 2022
REF.
ASSETS
Animal Control Trust Fund:
Cash and Cash Equivalents
$
B-1
$
845.18
747.18
845.18
747.18
Trust - Other:
Cash and Cash Equivalents
Interfund Receivable
B-1
656,718.83
2,942.13
924,035.90
B-4
659,660.96
924,035.90
$
660,506.14
$
924,783.08
LIABILITIES. RESERVES AND FUND BALANCES
Animal Control Trust Fund:
Reserve for Animal Control Trust Fund Expenditures
Due State of New Jersey
Reserve for Encumbrances
$
$
B-2
761.08
738.18
B-3
9.60
9.00
B-5
74.50
845.18
747.18
Trust - Other:
Interfunds
Reserve for Encumbrances
Miscellaneous Reserves
B-4
24,112.66
427.90
B-5
2,217.81
657,443.15
B-6
899,495.34
659,660.96
924,035.90
$
660,506.14
$
924,783.08
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
DECEMBER
31, 2023
BALANCE
DECEMBER
31, 2022
REF.
ASSETS
$
1,053,957.91
$
2,117,038.63
Cash and Cash Equivalents
Deferred Charges to Future Taxation:
Unfunded
Interfunds Receivable
C-2
C-4
3,972,000.00
10,721.03
4,150,000.00
175,750.00
C-5
$
5,036,678.94
$
6,442,788.63
LIABILITIES. RESERVES AND FUND BALANCE
Improvement Authorizations:
Funded
Unfunded
Reserve for Encumbrances
Bond Anticipation Notes Payable
Capital Improvement Fund
Interfunds Payable
Reserve for Retirement of Debt
Fund Balance
$
$
C-6
13,782.28
984,520.25
16,745.02
3,972,000.00
6,960.71
30,000.00
28,193.19
2,225,685.08
C-6
C-7
4,150,000.00
6,960.71
30,000.00
C-8
C-9
C-5
C-2
1,944.64
5.01
C-1
12,670.68
$
6,442,788.63
$
5,036,678.94
There were no bonds and notes authorized but not issued on December 31, 2023 or on December
31, 2022.
The accompanying Notes to Financial statements are an integral part of this statement.
"C-1"
BOROUGH OF TUCKERTON
GENERAL CAPITAL FUND
STATEMENT OF CAPITAL FUND BALANCE - REGULATORY BASIS
REF.
Balance, December 31, 2022
C
$
5.01
Increased by:
Premium on Sale of Bond Anticipation Notes
C-2
12,670.68
12,675.69
Decreased by:
Payment to Current Fund as Anticipated Revenue
C-2
5.01
Balance, December 31, 2023
C
$
12,670.68
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
DECEMBER
31, 2023
BALANCE
DECEMBER
31, 2022
REF.
ASSETS
Operating Fund:
Cash and Cash Equivalents
Change Fund
Interfunds Receivable
$
$
D-5
277,196.44
100.00
107,115.73
100.00
D-6
D-13
31,469.01
17,872.38
308,765.45
125,088.11
Receivables with Full Reserves:
Water Rents Receivable
Sewer Rents Receivable
Water - Sewer Utility Liens Receivable
D-8
586,984.96
1,000,994.97
11,267.01
479,514.17
903,946.52
7,753.01
D-9
D-10
1,599,246.94
1,391,213.70
Deferred Charges:
Special Emergency - 5 Years
Covid-19 Related Operating Deficit
Deficit in Operations
Emergency Authorizations (40A:4-47)
110,176.48
146,901.98
51,010.42
D-1
D-4
120,000.00
230,176.48
197,912.40
Total Operating Fund
2,138,188.87
1,714,214.21
Capital Fund:
Cash and Cash Equivalents
Fixed Capital
Fixed Capital Authorized and Uncompleted
Interfunds Receivable
D-5
25,383.52
28,481,097.09
2,385,676.14
7,000.00
2,942.17
28,253,665.82
2,613,107.41
D-16
D-17
D-18
Total Capital Fund
30,899,156.75
30,869,715.40
$
33,037,345.62
$
32,583,929.61
The accompanying Notes to Financial Statements are an integral part of this statement.
"D"
SHEET #2
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY FUND
BALANCE SHEETS - REGULATORY BASIS
BALANCE
DECEMBER
31.2023
BALANCE
DECEMBER
31. 2022
REF.
LIABILITIES. RESERVES AND FUND BALANCE
Operating Fund:
Appropriation Reserves
Accounts Payable
Accrued Interest on Bonds, Notes and Loans
Interfunds Payable
Reserve for Encumbrances
D-4:D-14
$
$
72,264.91
300.00
73,237.89
300.00
D-11
D-12
64,877.43
7,000.00
49,004.42
49,078.39
175,750.00
13,926.39
D-13
D-15
193,446.76
1,599,246.94
345,495.17
312,292.67
1,391,213.70
10,707.84
Reserve for Receivables
Fund Balance
D-1
Total Operating Fund
2,138,188.87
1,714,214.21
Capital Fund:
Reserve for Encumbrances
Interfunds Payable
Serial Bonds Payable
Bond Anticipation Notes Payable
New Jersey Environmental Infrastructure Trust:
Loans Payable
Interim Construction Note
Improvement Authorizations:
Funded
Unfunded
Capital Improvement Fund
Reserve for Improvements to Water System
Reserve for Amortization
Deferred Reserve for Amortization
Total Capital Fund
D-15
67,946.00
D-18
39,872.38
2,205,000.00
50,000.00
D-19
1,845,000.00
D-20
D-21
5,832,486.28
221,799.00
6,136,132.39
D-27
D-22
467,363.40
1,912,861.25
22,572.87
5,451.49
20,050,861.57
472,814.89
467,363.40
2,140,292.52
22,572.87
5,451.49
19,330,215.46
472,814.89
D-22
D-23
D-24
D-25
D-26
30,899,156.75
30,869,715.40
$
33,037,345.62
$
32,583,929.61
There were bonds and notes authorized but not issued on December 31, 2023 of
and on December 31, 2022 of $2,672,610.49 (Schedule D-28).
$2,443,811.49
The accompanying Notes to Financial Statements are an integral part of this statement.
"D-1"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY OPERATING FUND
STATEMENT OF OPERATIONS
AND CHANGES IN OPERATING FUND BALANCE - REGULATORY BASIS
YEAR ENDED
DECEMBER
31, 2023
YEAR ENDED
DECEMBER
31, 2022
REF.
REVENUE AND OTHER INCOME REALIZED
Fund Balance Utilized
Water Rents
Sewer Rents
Miscellaneous
Utility Capital Fund Balance
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
$
D-3
$
10,707.84
1,135,606.69
1,943,493.41
89,455.50
D-3
853,125.54
1,562,694.33
55,371.82
571.83
D-3
D-3
D-14
22,750.09
54,838.90
TOTAL INCOME
3,202,013.53
2,526,602.42
EXPENDITURES
Operating
Debt Service
Deferred Charges:
Special Emergency - 5 Years
Cost of Improvements Authorized
Deficit in Operations
Statutory Expenditures
D-4
1,869,130.10
896,757.35
1,588,487.00
844,550.99
D-4
D-4
36,725.50
7,000.00
51,010.42
111,116.86
36,725.50
7,699.45
D-4
D-4
D-4
100,149.90
D-4
2,971,740.23
2,577,612.84
Refund of Prior Year Revenue
D-5
4,778.13
2,976,518.36
2,577,612.84
Excess/(Deficit) in Operations
Adjustments to Income before Fund Balance:
Expenditures Included Above Which are by Statute
Deferred Charges to Budget of Succeeding Year
Excess in Revenue
Operating Deficit to be Raised in
Budget of Succeeding Year
Statutory Excess to Fund Balance
225,495.17
(51,010.42)
D-4
120,000.00
345,495.17
D
51,010.42
345,495.17
Fund Balance January 1
D
10,707.84
10,707.84
356,203.01
10,707.84
Less: Utilized as Anticipated Revenue
D-1
10,707.84
Fund Balance December 31
$
345,495.17
$
D
10,707.84
The accompanying Notes to Financial Statements are an integral part of this statement.
"D-2"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
STATEMENT OF UTILITY CAPITAL FUND BALANCE - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31. 2023
REF.
Balance December 31, 2022 and 2023
D
$
0.00
" D-3"
WATER - SEWER UTILITY OPERATING FUND
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31. 2023
EXCESS OR
(DEFICIT)
REF.
ANTICIPATED
REALIZED
Fund Balance Anticipated
$
10,707.84
D-1
$
10,707.84
$
Rents - Water
Rents - Sewer
Miscellaneous
D-1:D-8
D-1:D-9
D-1:D-3
1,023,480.88
1,762,180.65
55,371.82
1,135,606.69
1,943,493.41
89,455.50
112,125.81
181,312.76
34,083.68
$
2,851,741.19
$
3,179,263.44
$
327,522.25
REF.
D-4
ANALYSIS OF REALIZED REVENUE:
Miscellaneous:
Connections
Interest on Delinquent User Charges
Interest on Investments
Unclassified
$
8,000.00
26,581.96
14,935.74
39,937.80
$
89,455.50
D-3:D-5
The accompanying Notes to Financial Statements are an integral part of this statement.
"D-4"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY OPERATING FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2023
APPROPRIATONS
BUDGET
UNEXPENDED
BALANCE
CANCELED
2023
BUDGET
AFTER
MODIFICATION
PAID OR
CHARGED
ENCUMBERED
RESERVED
Operating:
Salaries and Wages
Other Expenses (Emergency $70,000.00)
Ocean County Utilities Authority (Emergency $50,000.00)
Group Insurance
Other Insurance
Debt Service:
Payment of Bond Principal
Payment of Bond Anticipation and Capital Notes
Interest on Bonds
Interest on Notes
NJ Environmental Infrastructure Trust Loan
Repayments for:
Principal
Interest
Deferred Charges:
Special Emergency - 5 Years
Cost of Improvements Authorized:
Ordinance #'s 3, 4 and 5 of 2014
Deficit in Operations
Statutory Expenditures:
Contribution to:
Public Employees Retirement System
Social Security System (O.A.S.I.)
Unemployment Compensation Insurance
$
538,000.00
317,000.00
585,655.00
180,516.10
143,759.00
$
523,630.00
385,570.00
635,655.00
180,516.10
143,759.00
$
$
520,604.60
287,182.62
632,677.04
180,516.10
128,293.00
$
3,025.40
$
49,382.96
2,977.96
49,004.42
15,466.00
360,000.00
50,000.00
81,000.00
1,825.00
360,000.00
50,000.00
76,200.00
1,787.11
360,000.00
50,000.00
76,200.00
1,787.11
303,646.11
84,487.20
303,646.11
105,125.09
303,646.11
105,124.13
0.96
36,725.50
36,725.50
36,725.50
7,000.00
51,010.42
7,000.00
51,010.42
7,000.00
51,010.42
64,383.00
44,733.86
2,000.00
64,383.00
44,733.86
2,000,00
64,383.00
44,323.68
997.59
410.18
1,002.41
$
2,851,741.19
$
2,971,741.19
$
2,850,470.90
$
49,004.42
$
72,264.91
$
0.96
REF.
D-3
D-1
D-1,15
D, D-1
D-1
Adopted Budget
Emergency Authorizations (40A:4-47)
D-3
$
2,851,741.19
120,000.00
D
$
2,971,741.19
Disbursements
Accrued Interest on Bonds, Notes and Loans
Deferred Charges
D-5
$
2,579,623.74
183,111.24
87,735.92
D-12
D
$
2,850,470.90
The accompanying Notes to Financial Statements are an integral part of this statement.
GENERAL FIXED ASSETS ACCOUNT GROUP
Il^
ll
BOROUGH OF TUCKERTON
GENERAL FIXED ASSETS ACCOUNT GROUP
BALANCE SHEETS - REGULATORY BASIS
DECEMBER
31, 2023
DECEMBER
31, 2022
General Fixed Assets:
Land and Buildings
Office and Other Equipment
Vehicles
$
5,584,684.00
1,172,795.81
3,383,594.60
$
5,637,984.00
1,139,726.94
3,351,594.60
$ 10,141,074.41
$ 10,129,305.54
TOTAL GENERAL FIXED ASSETS
$ 10,141,074.41
$ 10,129,305.54
Investment in General Fixed Assets
The accompanying Notes to Financial Statements are an integral part of this statement.
NOTES TO FINANCIAL STATEMENTS
BOROUGH OF TUCKERTON
NOTES TO FINANCIAL STATEMENTS
YEAR ENDED DECEMBER 31. 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 1:
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.
As defined by GAAP established by the GASB, the financial reporting
entity consists of the primary government, as well as component units,
which are legally separate organizations for which elected officials of the
primary
government
are
financially
accountable.
The
Borough
is
financially accountable for an organization if the Borough appoints a
voting majority of the organization’s governing board and (1) the Borough
is able to significantly influence the programs or services performed or
provided by the organizations; or (2) the Borough is legally entitled to or
can otherwise access the organization’s resources; the Borough is legally
obligated or has otherwise assumed the responsibility to finance the
deficits of, or provide financial support to, the organization; or the
Borough is obligated for the debt of the organization. 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 any libraries, first aid
organizations, volunteer fire companies, the consolidated school district
or the regional school district, in as much as their activities are
administered by separate boards.
Description of Funds
B.
The Governmental Accounting Standards Board (GASB) is the accepted
standard-setting body for establishing governmental accounting and
financial
reporting
principles,
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).
GASB
codification
establishes
the
7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NOTE 1:
Description of Funds (Continued)
B.
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:
Current Fund - resources and expenditures for governmental operations
of a general nature, including federal and state grant funds.
Trust Fund - receipts, custodianship and disbursement 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.
8
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C.
Basis of Accounting (Continued)
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.
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,
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.
Appropriation
reserves
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.
9
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NOTE 1:
C.
Basis of Accounting (Continued)
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,
receivables in the other funds are not offset by reserves. GAAP does not
require the establishment of an offsetting reserve.
Interfund
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.
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.
10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NOTE 1:
C.
Basis of Accounting (Continued)
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.
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.
11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
NOTE 1:
Basis of Accounting (Continued)
C.
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 post-employment
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.
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.
Leases
Under GAAP, lease receivables are measured at the present value of the
lease payments expected to be received during the lease term. Payments
are recorded as an inflow of resources in the period the payment is
received. The deferred inflow of resources is recorded at the initiation of
the lease in an amount equal to the initial recording of the lease
receivable. The deferred inflow of resources is amortized in a systematic
and rational manner over the lease term.
Lease liabilities represent obligations to make lease payments arising
from the lease. Lease liabilities are recognized at the commencement
date based on the present value of the expected lease payments over the
lease term, less any lease incentives. Interest expense is recognized
ratably over the contract term. The lease term may include options to
extend or terminate the lease when it is reasonably certain that the option
will be exercised. Payments for short-term leases with a term of 12
months or less are expensed as incurred and these leases are not
included as lease liabilities or right-to-use assets on the statements of net
position.
12
NOTE 1:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
C.
Basis of Accounting (Continued)
Leases (Continued)
New Jersey’s municipalities do not follow GAAP accounting principles
and, as such, do not follow GASB requirements with respect to recording
lease receivables, deferred outflows, lease liabilities or deferred inflows
on their balance sheets.
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.
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.
Deposits
A.
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 (FDIC).
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.
13
NOTE 2:
CASH AND CASH EQUIVALENTS (CONTINUED)
A.
Deposits (Continued)
The Borough of Tuckerton had the following cash and cash equivalents at
December 31, 2023:
CHANGE
CASH ON
DEPOSIT
DEPOSITS
OUTSTANDING
IN TRANSIT
CHECKS
BOOK
BALANCE
FUND
$225.00
$755,379.89
4,060.38
848.20
662,236.31
1,057,472.60
268,658.41
25,513.76
Current Fund
Grant Fund
Animal Control Trust Fund
Trust Other Fund
General Capital Fund
Water-Sewer Operating Fund
Water-Sewer Capital Fund
$120,469.19
$47,053.72
653.57
$829,020.36
3,406.81
845.18
656,718.83
1,053,957.91
277,296.44
25,383.52
3.02
5,517.48
3,514.69
12,929.61
130.24
100.00
21,467.64
$325.00
$2,774,169.55
$141,936.83
$69,802.33
$2,846,629.05
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, 2023, 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 $2,315,785.40 was covered by NJ
GUDPA.
An amount of $208,384.15 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.
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.
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.
2.
14
NOTE 2:
CASH AND CASH EQUIVALENTS (CONTINUED)
B.
Investments (Continued)
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
8.
Agreements for the repurchase of fully collateralized securities if:
the
underlying
securities
are
permitted
investments
pursuant to paragraphs (1) and (3) of this subsection.
a.
b.
the custody of collateral is transferred to a third party.
the maturity of the agreement is not more than 30 days.
c.
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
a master repurchase agreement providing for the custody
and security of collateral is executed.
e.
15
CASH AND CASH EQUIVALENTS (CONTINUED)
NOTE 2:
B.
Investments (Continued)
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
outstanding
as
of
December 31, 2023.
Based upon the limitations set forth by New Jersey Statutes 40A:5-15.1
and existing investment practices, the Borough is generally not exposed
to credit risks, custodial credit risks, concentration of credit risks and
interest rate risk for its investments nor is it exposed to foreign currency
risk for its deposits and investments.
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 0.711%.
GROSS DEBT
DEDUCTIONS
NET DEBT
$
2,670,000.00
$
2,670,000.00
$
6,298,427.74
6,298,427.74
10,343,096.77
10,343,096.77
3,972,000.00
Local School District Debt
Regional School District Debt
Water - Sewer Utility Debt
General Debt
3,972,000.00
$
23,283,524.51
$
19,311,524.51
$
3,972,000.00
Net debt of $3,972,000.00 divided by equalized valuation basis per N.J.S. 40A:2-
2, as amended, of $558,824,249.67 equals 0.711%.
16
NOTE 3:
MUNICIPAL DEBT (CONTINUED)
SUMMARY OF MUNICIPAL DEBT
YEAR 2023
YEAR 2022
YEAR 2021
Issued:
General:
Bonds, Notes and Loans
Water - Sewer Utility:
Bonds, Notes and Loans
$
3,972,000.00
$
4,150,000.00
$
2,123,750.00
7,899,285.28
8,391,132.39
7,778,856.30
Total Issued
$
11,871,285.28
$
12,541,132.39
$
<^
902,606.30
Authorized But Not Issued:
General:
Bonds, Notes and Loans
Water - Sewer Utility:
Bonds, Notes and Loans
$
$
$
2,200,000.00
2,443,811.49
2,672,610.49
4,332,177.94
Total Authorized But Not Issued
$
2,443,811.49
$
2,672,610.49
$
6,532,177.94
Net Bonds and Notes Issued and
Authorized But Not Issued
$
14,315,096.77
$
15,213,742.88
$
16,434,784.24
BORROWING POWER UNDER N.J.S.A. 40A:2-6 AS AMENDED
Equalized Valuation Basis* - December 31, 2023
$
558,824,249.67
3-1/2 of Equalized Valuation Basis (Municipal)
$
19,558,848.74
Net Debt
3,972,000.00
Remaining Borrowing Power
$
15,586,848.74
‘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.
17
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
$
3,179,263.44
Deductions:
Operating and Maintenance Cost
Debt Service per Water - Sewer Account
Total Deductions
$
2,031,257.38
896,757.35
2,928,014.73
Deficit in Revenue - Not Self Liquidating
$
251,248.71
LONG - TERM DEBT OBLIGATIONS:
Water - Sewer Utility Capital Fund:
Various % Refunding Bonds Series 2015
issued December 30, 2015, installment maturities to
March 1, 2038
$1,845,000.00
$1.845.000.00
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
2024
$
360,000.00
140,000.00
145,000.00
150,000.00
125,000.00
565,000.00
360,000.00
$
66,600.00
56,600.00
50,900.00
45,000.00
39,500.00
129,700.00
29,800.00
2025
2026
2027
2028
2029-33
2034-38
Total
$
1,845,000.00
$
418,100.00
18
NOTE 3:
MUNICIPAL DEBT (CONTINUED)
LONG - TERM DEBT OBLIGATIONS (CONTINUED):
Water - Sewer Utility Capital Fund (Continued)
The Borough has also entered into the following New Jersey Environmental
Infrastructure Trust/Fund low interest variable rate loans:
Renovations to Existing Pump Stations Loan:
The Borough received a loan of $1,179,000.00. The balance at December 31,
2023 was $143,103.27.
Loan payments are due semi - annually to the year
2025.
Water
Main
Replacement,
Sewer
Main
Replacement
and
Water
Main
Replacement/Water Tower Loans:
The
Borough
received
loans
of
$490,000.00,
a
$1,577,600.00
and
$1,116,051.00.
The balances at December 31, 2023 were $322,542.48,
$1,014,722.18 and $629,101.70 respectively.
Loan payments are due semi -
annually to the year 2035.
Heron Road Water and Sewer Main Replacement Loans:
The Borough received loans of $608,145.00, $200,000.00, $990,141.00 and
$335,000.00.
The balances at December 31, 2023 after accounting for
forgiveness of principal were $170,827.29, $180,000.00, $834,388.57, and
$310,000.00 respectively.
Loan payments are due semi-annually to the year
2048.
Curlew/Kingfisher/Bass Sewer and Water Improvements:
The Borough received loans of $1,783,565.00 and $1,056,053.00. The balances
at December 31, 2023 were $1,762,698.38 and $465,102.41 respectively. Loan
payments are due semi - annually to the year 2052.
19
MUNICIPAL DEBT (CONTINUED)
NOTE 3:
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:
INTEREST
PRINCIPAL
YEAR
$
96,665.82
90,767.82
84,875.02
81,475.02
78,075.02
339,650.08
252,187.52
188,250.00
113,500.00
33,000.00
$
348,316.37
346,937.32
281,075.21
281,075.21
281,075.21
1,465,376.05
912,432.91
728,939.55
773,940.41
413,318.04
2024
2025
2026
2027
2028
2029-33
2034-38
2039-43
2044-48
2049-52
$
1,358,446.30
$
5,832,486.28
Total
SHORT - TERM DEBT OBLIGATIONS:
Outstanding and Bond Anticipation Notes are summarized as follows:
General Capital Fund:
DATE OF
ORIGINAL
ISSUE
INTEREST
RATE
DATE OF
ISSUE
DATE OF
MATURITY
ORDINANCE
NUMBER
AMOUNT
$
34,158.00
178,000.00
858,000.00
76,342.00
164,250.00
460,750.00
2.200,000.00
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
4.75%
10/25/24
10/25/24
10/25/24
10/25/24
10/25/24
10/25/24
10/25/24
11/01/17
11/01/17
10/30/19
10/29/20
10/29/20
10/28//21
10/27/22
10/26/23
10/26/23
10/26/23
10/26/23
10/26/23
10/26/23
10/26/23
02-17
03-17
01-19
08-18
06-20
10-21
13-21
$
3.972.000.00
20
NOTE 3:
MUNICIPAL DEBT (CONTINUED)
SHORT - TERM DEBT OBLIGATIONS (CONTINUED):
Water - Sewer Utility Capital Fund:
Interim Construction Note:
During the period under audit, the Borough was approved for
1-Bank Loan
Financing in the amount of $250,000.00 for the Refurbishing of Wells #3 and #4.
The project
is in the interim construction phase and through 12/31/23,
$221,799.00 has been drawn down from the l-Bank at zero (-0-) percent interest.
Upon the loan going to permanent financing, it is anticipated that principal
forgiveness will be granted by the l-Bank for the full amount borrowed.
BONDS AND NOTES AUTHORIZED BUT NOT ISSUED:
At December 31, 2023, the Borough has authorized but not issued bonds and
notes as follows:
$
0.00
General Capital Fund
Water - Sewer Utility Capital Fund
$ 2,443,811.49
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 be approximately $715,474.00.
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, 2023.
The Borough currently has no funds accumulated for this purpose in the Trust Other
Fund and has budgeted $20,000.00 in 2024. The Borough must budget funds to provide
for these liabilities as they arise and/or build up a Trust Reserve.
FUND BALANCES APPROPRIATED
NOTE 5:
Fund balances at December 31, 2023 which were appropriated and included as
anticipated
revenue
in
their
own
respective
funds
for
the
year
ending
December 31, 2024, were as follows:
$330,000.00
Current Fund
$ 86,267.36
Water-Sewer Utility Fund
21
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
DECEMBER
31, 2023
BALANCE
DECEMBER
31, 2022
Prepaid Taxes
Tax Overpayments
$ 188,563
52,529
$ 176,516
52,404
22
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, 2023, the following deferred charges are shown on the balance
sheets of the various funds:
BALANCE TO
BUDGETS OF
SUCCEEDING
YEARS
BALANCE
DECEMBER
31, 2023
2024
BUDGET
APPROPRIATION
Current Fund:
$
5,218.13
$
5,218.13
$
Operating Deficit
Overexpenditure
of Appropriations
Expenditures
Without Appropriation
0.00
90,760.41
0.00
90,760.41
57,526.14
0.00
57,526.14
$
153,504.68
$
153,504.68
$
0.00
Utility Operating Fund:
Special Emergency -
5 Years
Emer. Auth. (40A4-47)
$
110,176.48
$
120,000.00
36,725.50
$
73,450.98
120,000.00
0.00
156,725.50
$
73,450.98
$
230,176.48
$
CONTINGENT LIABILITIES
NOTE 9:
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, 2023, 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 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.
23
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.
NOTE 12:
INTERFUND RECEIVABLES AND PAYABLES
The following interfund balances remained on the balance sheets of the various
funds at December 31, 2023:
INTERFUNDS
RECEIVABLE
INTERFUNDS
PAYABLE
FUND
Current Fund
Federal and State Grant Fund
Trust Other Fund
General Capital Fund
Water - Sewer Utility Operating Fund
Water - Sewer Utility Capital Fund
$
$
141,042.17
30,000.00
2,942.13
10,721.03
31,469.01
7,000.00
40,132.17
146,042.17
30,000.00
7,000.00
$
223,174.34
$
223,174.34
All balances resulted from the time lag between the dates that short-term loans
were disbursed and payments between funds were received.
24
NOTE 13:
PENSION PLANS
Substantially
all
eligible
employees
participate
in
the
Public
Employees'
Retirement System (PERS), the Police and 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, the Police and
Firemen's Retirement System and the 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.ni.gov/treasurv/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.
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.
25
NOTE 13:
PENSION PLANS (CONTINUED)
Vesting and Benefit Provisions (Continued)
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 2023, 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
2023,
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 2023, the State contributed an
amount less than the actuarially determined amount. During 2023, PFRS
provides for employee contributions of 10.00% of employees' base salary.
The Borough's share of pension, which is based upon the annual billings
received from the state, amounted to $591,725.00 for 2023, $509,275.00 for
2022 and $452,785.00 for 2021.
Certain
Borough employees
are
also
covered
by
the Federal Insurance
Contribution Act.
26
NOTE 13:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions- GASB 68
The Governmental Accounting Standards Board (GASB) Statement No. 68
“Accounting and Financial Reporting for Public Employees Pensions” 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, 2023. 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, 2023
Public Employees Retirement System (PERS)
At June 30, 2023, the State reported a net pension liability of $2,420,830.00 for
the Borough’s proportionate share of the total net pension liability. The total
pension liability for the June 30, 2023 measurement date was determined by an
actuarial valuation as of July 1, 2022, which was rolled forward to June 30, 2023.
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, 2023, the Borough’s proportion was 0.0167133890 percent, which was
an increase of 0.0002440717 percent from its proportion measured as of June
30, 2022.
For the year ended June 30, 2023, the State recognized an actuarially
determined pension expense of $131,975.00 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,
2023
billing was
$207,686.00.
27
NOTE 13:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Public Employees Retirement System (PERS) (Continued)
At June 30, 2023, the State reported deferred outflows of resources and deferred
inflows of resources related to PERS from the following sources:
Deferred
Outflow of
Resources
Deferred
Inflow of
Resources
Differences between expected and actual experience
$
23,146.00 $
9,896.00
Changes of assumptions
Net difference between projected and actual
earnings on pension plan investments
Changes in proportion and differences
between Borough contributions and
proportionate share of contributions
5,318.00
146,713.00
11,148.00
192,861.00
3,091.00
$
232,473.00 $
159,700.00
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
($89,857.00)
(33,385.00)
137,646.00
20,113.00
38,256.00
2024
2025
2026
2027
2028
$72,773.00
28
NOTE 13:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Public Employees Retirement System (PERS) (Continued
1)
Actuarial Assumptions
The collective total pension liability for the June 30, 2023 measurement date was
determined by an actuarial valuation as of July 1, 2022, which rolled forward to
June 30, 2023. These actuarial valuations used the following assumptions:
Inflation
Price
Wage
2.75%
3.25%
2.75-6.55%
Based on
Years of Service
Salary Increases
7.00%
Investment Rate of Return
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-2021.
The actuarial assumptions used in the July 1, 2022 valuation were based on the
results of an actuarial experience study for the period July 1, 2018 to June 30,
2021.
29
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 June 30, 2023) 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 assets class included in
PERS’s target assets allocation as of June 30, 2023 asset are summarized in the
following table:
Long-Term
Expected Real
Rate of Return
Target
Allocation
Assets Class
8.98%
9.22%
9.22%
11.13%
12.50%
8.58%
8.40%
6.97%
9.20%
5.19%
3.31%
3.31%
6.21%
28.00%
12.75%
1.25%
5.50%
13.00%
8.00%
3.00%
4.50%
8.00%
7.00%
2.00%
4.00%
3.00%
US Equity
Non-U.S. Developed Market Equity
International Small Cap Equity
Emerging Market Equity
Private Equity
Real Estate
Real Assets
High Yield
Private Credit
Investment Grade Credit
Cash Equivalents
U.S. Treasury's
Risk Mitigation Strategies
Discount Rate
The discount rate used to measure the total pension liability was 7.00% as of
June 30, 2023. 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 non-
employer contributing entity will be based on 100% 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
in determining the total pension liability.
30
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, 2023 respectively,
calculated using the discount rate as disclosed above as well as what the
Borough’s proportionate share of the collective 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, 2023
1%
1%
At Current
Discount Rate
7.00%
Increase
8.00%
Decrease
6.00%
Borough’s proportionate share
of the pension liability
$1,799,013.00
$3,151,405.00
$2,420,830.00
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. For PERS, the legislation which legally obligates the
State is found in Chapter 133, P.L. 2001. This special funding situation is due to
the State paying the additional normal cost related to benefit improvements from
Chapter 133. Previously, this additional normal cost was paid from the Benefit
Enhancement Fund (BEF). As of June 30, 2023, there is no net pension liability
associated with this special funding situation as there was no accumulated
difference between the annual additional normal cost under the special funding
situation and the actual State contribution through the valuation date.
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 non-employer 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.
31
NOTE 13:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Public Employees Retirement System (PERS) (Continued)
Special Funding Situation (Continued)
The non-employer contributing entities’ total proportionate share of the non-
employer contribution that is associated with the Borough as of June 30, 2023
was 0.0167768448% which was an increase of 0.0167768448 percent from its
proportion measured as of June 30, 2022. The non-employer contributing
entities’ contribution and employer pension expense and related revenue for the
years ended June 30, 2023 and June 30, 2022 was $7,550.00 and $0.00,
respectively.
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, 2023, the State reported a net pension liability of $3,400,171.00 for
the Borough’s proportionate share of the total PFRS net pension liability. The
total pension liability for the June 30, 2023 measurement date was determined by
an actuarial valuation as of July 1, 2022, which was rolled forward to June 30,
2023. 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, 2023, the Borough’s proportion was 0.0307741600 percent, which
was an increase of 0.0012452700 percent from its proportion measured as of
June 30, 2022.
32
NOTE 13:
PENSION PLANS (CONTINUED)
Accounting and Financial Reporting for Pensions - GASB 68 (Continued)
Police and Firemen’s Retirement System (PFRS) (Continued)
For the year ended June 30, 2023, the State recognized an actuarially
determined pension expense of $412,723.00. The pension expense recognized
in the Borough’s financial statements based on the April 1, 2023, billing was
$384,039.00.
At June 30, 2023, the State reported deferred outflows of resources and deferred
inflows of resources related to PFRS from the following sources:
Deferred
Inflow of
Resources
Deferred
Outflow of
Resources
$
145,588.00 $
162,158.00
Differences between expected and actual experience
Changes of assumptions
Net difference between projected and actual
earnings on pension plan investments
Changes in proportion and differences
between Borough contributions and
proportionate share of contributions
229,593.00
7,339.00
173,164.00
602,320.00
$
928,411,00 $
391,751.00
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
$
(11,859.00)
(6,523.00)
324,773.00
102,892.00
126,736.00
641.00
2024
2025
2026
2027
2028
Thereafter
$
536,660.00
33
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, 2023 measurement date was
determined by an actuarial valuation as of July 1, 2022, which rolled forward to
June 30, 2023. This actuarial valuation used the following assumptions:
Inflation
Price
Wage
2.75%
3.25%
All future years
3.25-16.25%
Based on years of
Service
Salary Increases
7.00%
Investment Rate of Return
Employee mortality rates were based on the Pubs-2010 amount-weighted
mortality table with a 105.6% adjustment for males and 102.5% adjustment for
females. For healthy annuitants, mortality rates were based on the Pubs-2010
amount-weighted mortality table with a 96.7% adjustment for males and 96.0%
adjustment for females. Disability rates were based on the PubS-2010 amount-
weighted mortality table with a 152.0% adjustment for males and 109.3%
adjustment for females. Mortality improvement is based on scale MP-2021.
The actuarial assumptions used in the July 1, 2022 valuation were based on the
results of an actuarial experience study for the period July 1, 2018 to June 30,
2021.
34
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, 2023) 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, 2023 are summarized in the
following table:
Long-Term
Expected Real
Rate of Return
Target
Allocation
Assets Class
8.98%
9.22%
9.22%
11.13%
12.50%
8.58%
8.40%
6.97%
9.20%
5.19%
3.31%
3.31%
6.21%
28.00%
12.75%
1.25%
5.50%
13.00%
8.00%
3.00%
4.50%
8.00%
7.00%
2.00%
4.00%
3.00%
US Equity
Non-U.S. Developed Market Equity
International Small Cap Equity
Emerging Market Equity
Private Equity
Real Estate
Real Assets
High Yield
Private Credit
Investment Grade Credit
Cash Equivalents
U.S. Treasury’s
Risk Mitigation Strategies
35
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% as of
both June 30, 2023. 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 non-
employer contributing entity will be based on 100% 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, 2023, 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, 2023
1%
At Current
1%
Increase
8.00%
Discount Rate
7.00%
Decrease
6.00%
Borough's proportionate share
of the PFRS pension liability
$2,286,459.00
$4,737,542.00
$3,400,171.00
36
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 non-employer
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.
The non-employer contributing entities’ total proportionate share of the collective
net pension liability that is associated with the Borough as of December 31, 2023
and
2022
is 0.0307742200%
and 0.0295290800% respectively, the non-
employer contributing entities’ contribution for the year ended June 30, 2023 and
2022 was $71,650.00 and $74,889.00, respectively and the employer pension
expense and related revenue for the year ended June 30, 2023 and 2022 was
$71,265.00 and $69,402.00, respectively.
At June 30, 2023 and 2022, the State's proportionate share of the net pension
liability attributable to the Borough for the PFRS special funding situation is
$626,521.00 and $601,538.00, respectively.
At June 30, 2023, 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
$3,400,171.00
State of New Jersey Proportionate Share of
Net Pension Liability Associated with the Borough
626,521.00
$4,026,692.00
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.ni.us/treasurv/pensions.
37
ACCOUNTING
AND
FINANCIAL
REPORTING
FOR
POSTEMPLOYMENT
BENEFITS OTHER THAN PENSIONS- GASB 75
NOTE 14:
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 Borough is
not required to recognize any long-term obligations resulting from OPEB on its
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.
38
ACCOUNTING
AND
FINANCIAL
REPORTING
FOR
POSTEMPLOYMENT
BENEFITS OTHER THAN PENSIONS - GASB 75 (CONTINUED)
NOTE 14:
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 contributions to SHBP for the years ended December 30, 2023
2022 and 2021 were $103,209.12, $102,235.92 and $88,411.84 respectively
which equaled the required contributions for each year.
39
ACCOUNTING
AND
FINANCIAL
REPORTING
FOR
POSTEMPLOYMENT
BENEFITS OTHER THAN PENSIONS- GASB 75 (CONTINUED)
NOTE 14:
Total Net OPEB Liability
At June 30, 2023, the Plan reported a Liability of $5,922,181.00 for the Borough’s
proportionate share of the collective Net OPEB liability. The total Net OPEB
Liability measured as of June 30, 2023, was determined by an actuarial valuation
as of June 30, 2022, which was rolled forward to June 30, 2023.
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, 2022,
through June 30, 2023.
At June 30, 2023, the Borough’s proportion was 0.039464 percent, which was a
decrease of 0.001005 percent from its proportion measured as of June 30, 2022.
For the year ended June 30, 2023, the State reported OPEB expense of
$32,211.00. This OPEB expense was based on the OPEB plans June 30, 2023,
measurement date.
At June 30, 2023, the State reported deferred outflows of resources and deferred
inflows of resources related to OPEB from the following sources:
Deferred
Inflow of
Resources
Deferred
Outflow of
Resources
Differences between expected and
actual experience
Changes of assumptions
Net difference between projected and actual
earnings on OPEB plan investments
Changes in proportion
$1,608,271.00
$273,100.00
1,674,011.00
767,145.00
977.00
579,312.00
1,845,110.00
$3,862,571.00
$2,885,355.00
40
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
OPEB
(benefit)/expense as follows:
Year Ended
June 30,
Amount
($418,708.40)
(297,142.40)
(44.544.40)
113,606.60
(28.534.40)
(301,893.00)
2024
2025
2026
2027
2028
Thereafter
($977,216.00)
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:
Salary Increases:
Public Employees Retirement System (PERS):
Initial fiscal year applied
Rate for all future years
2.75% to 6.55%
Police and Firemen’s Retirement System (PFRS):
Rate for all future years
3.25% to 16.25%
41
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-2021
PFRS
Pub-2010
Safety
classification
headcount
weighted
mortality with fully generational mortality improvement
projections from the central year using scale MP-2021
*Salary increases are based on years of service within the respective plan.
Actuarial assumptions used in the July 1, 2022, valuation were based on the
results of the PFRS and PERS experience studies prepared for July 1, 2018 to
June 30, 2021.
100% of active members are considered to participate in the Plan upon
retirement.
Discount Rate
The discount rate for June 30, 2023, was 3.65%. 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.
Health Care Trend Assumptions
For Pre-Medicare medical benefits, the trend rate is initially 6.50% and
decreases to a 4.50% long-term trend rate after nine years. For post-65 medical
benefits PPO, the trend rate is increasing to 14.8% in fiscal year 2026 and
decreases to 4.50% in fiscal year 2033. For HMO, the trend rate is increasing to
17.4% in fiscal year 2026 and decreases to 4.50% in fiscal year 2033. For
prescription drug benefits, the initial trend rate is 9.5% and decreases to a 4.50%
long-term trend rate after seven years. For the Medicare Part B reimbursement,
the trend rate is 5.00%.
42
ACCOUNTING
AND
FINANCIAL
REPORTING
FOR
POSTEMPLOYMENT
BENEFITS OTHER THAN PENSIONS - GASB 75 (CONTINUED)
NOTE 14:
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, 2023, 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, 2023
1.00%
Increase (4.65%)
1.00%
Decrease (2.65%)
At Discount
Rate (3.65%)
Borough's proportionate share
of the Net OPEB Liability
$5,922,181.00
$5,168,030.00
$6,859,770.00
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, 2023, 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, 2023
1.00%
Increase
Healthcare Cost
Trend Rate
1.00%
Decrease
Borough's proportionate share
of the Net OPEB Liability
$7,060,400.00
$5,033,160.00
$5,922,181.00
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.
43
NOTE 14:
ACCOUNTING
AND
FINANCIAL
REPORTING
FOR
POSTEMPLOYMENT
BENEFITS OTHER THAN PENSIONS - GASB 75 (CONTINUED)
Special Funding Situation (Continued)
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.
The non-employer contributing entities’ total proportionate share of the collective
net pension liability that is associated with the Borough as of December 31,
2023, and 2022 is 0.010158% and 0.012165% respectively, and the employer
pension benefit and related revenue for the year ended June 30, 2023 and 2022
was $64,264.00 and $67,318.00, respectively.
At June 30, 2023 and 2022, the State's proportionate share of the net OPEB
liability attributable to the Borough for the special funding situation is $354,422.00
and $410,424.00 respectively.
At June 30, 2023, 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
State of New Jersey's proportionate
share of Net OPEB Liability associated
with the Borough
$5,922,181.00
354,422.00
$6,276,603.00
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.ni.us/treasury/pensions
44
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
DEC. 31, 2022
BALANCE
DEC. 31, 2023
$
1,691,560.96
$
1,632,722.00
1,632,722.00
1,632,722.00
Balance of Tax
Deferred
$
58,838.96
$
Tax Payable
NOTE 16:
FIXED ASSETS
Below is a summary of the General Fixed Assets Account Group for the year
ended December 31, 2023:
Balance
December
31, 2023
Balance
December
31, 2022
Additions
(Disposals)
Land and
Buildings
Office and
Other
Equipment
Vehicles
$
5,637,984.00
$
(53,300.00)
$
5,584,684.00
33,068.87
32,000.00
1,172,795.81
3,383,594.60
1,139,726.94
3,351,594.60
$ 10,129,305.54
$
11,768.87
$ 10,141,074.41
NOTE 17:
LEASES
The Borough has entered into several lease agreements as follows:
Postage Machine and Software; this was a 63-month lease with payments during
the period under audit of $852.00. The Borough has not exercised it’s option to
purchase this asset.
Two (2) Copiers; these were both 60-month leases with payments during the
period under audit totaling $6,512.11. The Borough has not exercised its’ option
to purchase these assets.
Hot Patch Dump Trailer; this was a 60-month lease with payments during the
period under audit of $7,852.42.
The Borough has exercised its’ option to
purchase this asset.
Two (2) Police Interceptors; these were both 60-month leases with payments
during the period under audit totaling $18,675.94.
The Borough has exercised
its’ option to purchase these assets.
45
NOTE 18:
SUBSEQUENT EVENTS
The Borough has evaluated subsequent events occurring after the financial
statement date through December 30, 2024, which is the date the financial
statements were available to be issued.
Based upon this evaluation, the
Borough has determined that there
are
no
subsequent events requiring
disclosure.
46
THIS PAGE INTENTIONALLY LEFT BLANK
BOROUGH OF TUCKERTON
SUPPLEMENTARY SCHEDULES - ALL FUNDS
YEAR ENDED DECEMBER 31. 2023
"A-4"
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF CASH - TREASURER
FEDERAL
AND STATE
GRANT
FUND
CURRENT
FUND
REF.
$
539,113.23
$
Balance, December 31, 2022
A
5,100.91
Increased by Receipts:
Miscellaneous Revenue Not Anticipated
Tax Collector
Revenue Accounts Receivable
Due From/To State of New Jersey
Interfunds - Current Fund
Deferred Revenue - Municipal Relief Fund Aid
Interfunds - Grant Fund
Grants Receivable
Grants Unappropriated
A-2
23,430.00
12,588,154.91
715,556.37
37,809.87
1,072,750.21
33,858.82
A-5
A-11
A-13
A-22
A-24
A-25
256,974.63
231,803.57
1,331.85
A-26
A-28
14,471,560.18
490,110.05
15,010,673.41
495,210.96
Decreased by Disbursements:
Refund of Prior Year Revenue
Budget Appropriations
Deferred Charge - Expenditure without Appropriations
Due From/To State of New Jersey
County Taxes Payable
Local District School Taxes Payable
Regional School District Taxes Payable
Appropriation Reserves
Interfunds - Current Fund
Deferred Revenue - Municipal Relief Fund Aid
Interfunds - Grant Fund
Grants Appropriated
A-1
1,202.16
4,523,774.50
57,526.14
275.00
2,051,405.81
3,323,683.04
3,070,516.00
238,280.12
898,282.26
16,933.02
A-3
A-12
A-13
A-17
A-18
A-19
A-20
A-22
A-24
A-25
340,197.75
151,606.40
A-27
14,181,878.05
491,804.15
$
Balance, December 31, 2023
$
828,795.36
A
3,406.81
BOROUGH OF TUCKERTON - COUNTY OF OCEAN
CURRENT FUND
"A-S"
SCHEDULE OF CASH - TAX COLLECTOR
REF.
Increased by Receipts:
Taxes Receivable
Interest and Costs on Taxes
Tax Overpayments
Prepaid Taxes
Property Maintenance Liens
$
12,289,834.50
54,684.17
40,302.28
188,563.47
14,770.49
A-7
A-11
A-14
A-15
A-16
$
12,588,154.91
Decreased by Disbursements:
Turnover to Treasurer
$
12,588,154.91
A-4
"A-6"
BOROUGH OF TUCKERTON - COUNTY OF OCEAN
CURRENT FUND
SCHEDULE OF CHANGE FUNDS
REF.
Balance, December 31, 2022 and 2023
$
A
225.00
Analysis of Balance
Tax
Court
Police
$
100.00
100.00
25.00
$
225.00
"A-7"
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY
DUE FROM
STATE OF
NEW JERSEY
CH. 20,
P.L. 1971
BALANCE
DECEMBER
31, 2022
TRANSFER
TO TAX
TITLE LIENS
BALANCE
DECEMBER
31, 2023
ADDED
TAXES
COLLECTED
OVERPAYMENTS
APPLIED
YEAR
2023 LEVY
2023
2022
CANCELED
$
2021
251.61
$
$
$
1.61
$
$
$
$
$
250.00
$
2022
336,832.64
4,923.69
308,196.17
18,002.92
(3,250.00)
18,807.24
337,084.25
4,923.69
308,197.78
11,981,636.72
18,002.92
23,743.55
(3,000.00)
34,967.12
18,807.24
20,147.50
2023
12,493,261.36
174,946.76
40,848.52
216,971.19
$
337,084.25
$
12,493,261.36
$
4,923.69
$
12,289,834.50
$
174,946.76
$
41,746.47
$
40,848.52
$
$
38,954.74
$
216,971.19
31,967,12
REF.
A
A-7
A-5
A-15
A-14
A-13
A-8
A
REF.
Analysis of 2023 Property Tax Levy
Tax Yield:
General Purpose Tax
Added Taxes
$
12,419,551.51
73,709,85
A-7
$
12,493,261.36
Tax Levy:
Local District School Tax (Abstract)
Regional School Tax (Abstract)
County Tax (Abstract)
County Library Tax (Abstract)
County Health Tax (Abstract)
County Open Space Preservation (Abstract)
Due County Added Taxes
A-1, 18
A-1, 19
$
3,382,522.00
3,070,516.00
$ 1,711,295.94
161,992.51
93,964.64
67,991.51
12,059.31
A-1, 17
2,047,303.91
Total School and County Taxes
Local Tax for Municipal Purposes
Added Taxes
A-2
8,500,341.91
A-2
3,929,837.96
63,081.49
3,992,919.45
A-7
$
12,493,261,36
"A-8"
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF TAX TITLE LIENS RECEIVABLE
REF
$
272,572.23
Balance, December 31, 2022
A
Increased by:
Transfer from Taxes Receivable
Transfer from 6% Year-end Penalty Receivable
Added Tax Title Liens
$
38,954.74
762.65
11,244.76
A-7
A-9
50,962.15
$
323,534.38
A
Balance, December 31, 2023
"A-9"
SCHEDULE OF 6% YEAR-END PENALTY RECEIVABLE
$
3,270.29
Balance December 31, 2022
A
Increased by:
6% Year-end Penalty Levied
4,653.27
7,923.56
Decreased by:
Collection
Transferred to Tax Title Liens
$
2,507.64
762.65
A-2
A-8
3,270.29
$
4,653.27
A
Balance December 31, 2023
"A-10"
SCHEDULE OF PROPERTY ACQUIRED FOR TAXES
(AT ASSESSED VALUATION)
$
331,450.00
A
Balance, December 31, 2022 and 2023
"A-11"
BOROUGH OF TUCKERTON - COUNTY OF OCEAN
CURRENT FUND
SCHEDULE OF REVENUE ACCOUNTS RECEIVABLE
BALANCE
DECEMBER
31, 2022
BALANCE
DECEMBER
31, 2023
ACCRUED
IN 2023
COLLECTED
Licenses:
Alcoholic Beverages
Fines and Costs - Municipal Court
Interest and Costs on Taxes
Interest on Investments and Deposits
Mobile Home Fees
Boat Stalls
Cable TV Franchise Fees
Energy Receipts Tax
Municipal Relief Fund Aid
Uniform Construction Code Fees
General Capital Fund Balance
Interfund Liquidation - Trust Other Fund
Interfund Liquidation - Capital Fund
Reserve for Debt Service
Monopole Lease Agreement
$
$
$
12,594.00
31,725.54
54,684.17
96,439.24
21,168.00
11,050.00
18,416.64
326,855.82
16,933.02
143,649.00
$
12,594.00
31,699.92
54,684.17
96,439.24
21,168.00
11,050.00
18,416.64
326,855.82
16,933.02
143,649.00
1,895.59
1,921.21
5.01
5.01
24,112.66
30,000.00
1,944.64
34,801.08
24,112.66
30,000.00
1,944.64
34,801.08
$
$
824,378.82
1,895.59
$
824,353.20
$
1,921.21
REF.
A
A
Reserve for Receivables
Cash - Treasurer
Cash - Tax Collector
A-1
$
54,112.66
715,556.37
54,684.17
A-4
A-5
$
824,353.20
"A-12"
BOROUGH OF TUCKERTON - COUNTY OF OCEAN
CURRENT FUND
SCHEDULE OF DEFERRED CHARGES
BALANCE
DECEMBER
31, 2022
RAISED
IN 2023
BUDGET
BALANCE
DECEMBER
31, 2023
ADDED
IN 2023
$
$
90,760.41
$
$
90,760.41
5,218.13
57,526.14
Overexpenditure of Appropriations
Operating Deficit
Expenditure without Appropriation
23,308.58
2,918.54
18,090.45
2,918.54
57,526.14
$
26,227.12
$
148,286.55
$
153,504.68
21,008.99
REF.
A
A-3
A
$
57,526.14
90,760.41
A-4
Disbursements
Statement of Expenditures
A-3
$
148,286.55
"A-13"
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF DUE FROM/TO STATE OF NEW JERSEY
UNIFORM
CONSTRUCTION
CODE
MARRIAGE
LICENSES
CH. 20,
P.L. 1971
REF.
TOTAL
Balance, December 31, 2022 - Due From/(Due To)
$
(7,419.87)
$
A
$
(275.00)
(2,036.00)
$
(5,846.02)
Increased/Decreased by:
Deductions:
Per Billings
Allowed/Disallowed by Tax Collector (Net)
34,500.00
467.12
34,500.00
467.12
A-7
34,967.12
275.00
34,967.12
Disbursements
Total Increases/Decreases
Total Increases/Decreases and Balances
A-4
275.00
35,242.12
275.00
34,967.12
27,822.25
(2,036.00)
29,121.10
Decreased/Increased by:
Allowed/Disallowed by Tax Collector - Prior Taxes (Net)
Receipts
Total Decreases/Increases
A-7
3,000.00
37,809.87
3,000.00
31,732.87
A-4
5,702.00
375.00
40,809.87
5,702.00
375.00
34,732.87
Balance, December 31, 2023 - Due From/(Due To)
$
(12,987.62)
$
A
(7,738.00)
$
(375.00)
$
(5,611.77)
"A-14"
BOROUGH OF TUCKERTON - COUNTY OF OCEAN
CURRENT FUND
SCHEDULE OF TAX OVERPAYMENTS
REF.
$
Balance December 31, 2022
A
52,403.76
Increased by:
Receipts
Transferred from Prepaid Taxes
$
40,302.28
1,569.04
A-5
A-15
41,871.32
94,275.08
Decreased by:
Applied to Taxes Receivable
41,746.47
A-7
$
52,528.61
Balance December 31, 2023
A
"A-15"
SCHEDULE OF PREPAID TAXES
$
176,515.80
Balance, December 31, 2022
A
Increased by:
Collections
188,563.47
A-5
365,079.27
Decreased by:
Applied to 2023 Taxes
Transferred to Tax Overpayments
$
174,946.76
1,569.04
A-7
A-14
176,515.80
$
188,563.47
Balance, December 31, 2023
A
"A-16"
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF PROPERTY MAINTENANCE LIENS
REF.
$
14,914.29
Balance December 31, 2022
A
Decreased by:
Receipts
14,770.49
A-5
$
143.80
Balance December 31, 2023
A
"A-17"
SCHEDULE OF COUNTY TAXES PAYABLE
$
16,161.21
Balance, December 31, 2022
A
Increased by:
General County Tax
County Library Tax
County Health Tax
County Open Space Preservation Tax
Added and Omitted Taxes
$
1,711,295.94
161,992.51
93,964.64
67,991.51
12,059.31
A-7
A-7
A-7
A-7
A-7
2,047,303.91
A-7
2,063,465.12
Decreased by:
Payments
2,051,405.81
A-4
$
12,059.31
Balance, December 31, 2023
A
"A-18"
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF LOCAL DISTRICT SCHOOL TAX PAYABLE
REF.
Balance, December 31, 2022:
School Tax Payable
School Tax Deferred
$
0.00
A
1,632,722.00
$
1,632,722.00
Increased by:
Levy School Year - July 1, 2023 to
June 30, 2024
3,382,522.00
A-7
5,015,244.00
Decreased by:
Payments
3,323,683.04
A-4
Balance, December 31, 2023:
School Tax Payable
School Tax Deferred
$
58,838.96
1,632,722.00
A
$
1,691,560.96
"A-19"
SCHEDULE OF REGIONAL SCHOOL DISTRICT TAXES PAYABLE
Increased by:
Levy Calendar Year 2023
$
3,070,516.00
3,070,516.00
A-7
Decreased by:
Payments
$
3,070,516.00
A-4
"A-20"
SHEET #1
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF APPROPRIATION RESERVES
BALANCE
DECEMBER
31, 2022
BALANCE
AFTER
TRANSFER
PAID OR
CHARGED
BALANCE
LAPSED
OPERATIONS WITHIN CAPS
Mayor and Council:
Salaries and Wages
Other Expenses
Administrative and Executive:
Salaries and Wages
Municipal Clerk:
Salaries and Wages
Other Expenses
Financial Administration (Treasury):
Salaries and Wages
Other Expenses
Revenue Administration (Tax Collection):
Salaries and Wages
Other Expenses
Tax Assessment Administration:
Other Expenses
Legal Services (Legal Department):
Other Expenses
Engineering Services:
Other Expenses
Economic Development Committee:
Salaries and Wages
Other Expenses
$
193.08
$
180.00
193.08
$
180.00
$
193.08
180.00
29.64
29.64
29.64
22.96
1,586.24
22.96
1,586.24
22.96
756.24
830.00
69.50
763.20
69.50
763.20
69.50
763.00
0.20
35.28
96.15
35.28
96.15
35.28
96.00
0.15
50.00
50.00
50.00
2,321.22
2,321.22
2,320.00
1.22
4,796.19
4,796.19
3,680.19
375.00
565.00
375.00
565.00
375.00
565.00
"A-20"
SHEET #2
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF APPROPRIATION RESERVES
BALANCE
DECEMBER
31, 2022
BALANCE
AFTER
TRANSFER
PAID OR
CHARGED
BALANCE
LAPSED
OPERATIONS WITHIN CAPS (CONTINUED)
Land Use Board:
Other Expenses
Environmental Commission:
Other Expenses
Zoning Board of Adjustment:
Salaries and Wages
Other Expenses
Insurance:
Workmen's Compensation
Employee Group Health
Police Department:
Salaries and Wages
Other Expenses
Office of Emergency Management
Other Expenses
Aid to Volunteer Fire Company
First Aid Organization Contribution
Municipal Court:
Salaries and Wages
Other Expenses
Code Enforcement:
Salaries and Wages
Other Expenses
$
$
1,270.00
$
$
1,271.00
1.00
1,271.00
300.00
300.00
300.00
9.72
9.72
9.72
500.00
500.00
500.00
2.00
2.00
2.00
79,713.10
79,713.10
79,713.10
7,443.61
7,717.48
7,443.61
7,717.48
7,440.00
7,698.25
3.61
19.23
867.95
56,000.00
5,000.02
867.95
56,000.00
5,000.02
867.00
56,000.00
5,000.00
0.95
0.02
109.04
1,707.52
100.00
1,700.00
9.04
109.04
1,707.52
7.52
0.96
0.96
0.96
125.00
125.00
125.00
"A-20"
SHEET #3
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF APPROPRIATION RESERVES
BALANCE
DECEMBER
31, 2022
BALANCE
AFTER
TRANSFER
PAID OR
CHARGED
BALANCE
LAPSED
OPERATIONS WITHIN CAPS (CONTINUED)
Streets and Road Maintenance:
Salaries and Wages
Other Expenses
Snow Removal:
Salaries and Wages
Other Expenses
Solid Waste Collection:
Salaries and Wages
Other Expenses
Public Buildings and Grounds:
Other Expenses
Building Supplies
Vehicle Maintenance:
Salaries and Wages
Other Expenses
Recycling:
Other Expenses
Condominium Community Cost:
Other Expenses
Public Health Services (Board of Health)
Salaries and Wages
Other Expenses
Vaccinations
$
$
$
99.92
4,524.84
99.92
4,524.84
$
99.92
4,524.00
0.84
656.80
733.32
656.80
733.32
656.80
733.32
90.22
880.00
90.22
880.00
90.22
880.00
2,516.34
605.64
2,516.34
605.64
2,478.36
600.00
37.98
5.64
0.70
0.70
0.70
3,351.91
3,351.91
3,333.75
18.16
500.00
500.00
500.00
11,000.00
11,000.00
11,000.00
110.90
500.00
500.00
110.90
500.00
500.00
110.90
500.00
500.00
"A-20"
SHEET #4
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF APPROPRIATION RESERVES
BALANCE
DECEMBER
31, 2022
BALANCE
AFTER
TRANSFER
PAID OR
CHARGED
BALANCE
LAPSED
OPERATIONS WITHIN CAPS (CONTINUED)
Animal Control Services:
Other Expenses
Celebration of Public Events
Other Expenses
Pride and Celebration Committee:
Salaries and Wages
Other Expenses
Uniform Construction Code Enforcement Functions:
Salaries and Wages
Other Expenses
Unclassified:
Electricity
Street Lighting
Natural Gas and Fuel Oil
Telecommunications
Gasoline
Landfill/Solid Waste Disposal Costs
Contribution to:
Public Employees Retirement System
Social Security System (OA.S.I.)
Police and Firemen's Retirement System of NJ
Defined Contribution Retirement Program
Unemployment and Disability Insurance
Total Appropriations within Caps
$
865.00
$
865.00
$
865.00
$
2,500.00
2,500.00
2,500.00
300.00
1,764.69
300.00
1,764.69
300.00
1,750.00
14.69
346.36
241.35
346.36
241.35
345.00
240.00
1.36
1.35
14,289.06
3,055.39
1,053.76
3,534.32
12,113.09
10,000.00
14,289.06
3,055.39
1,053.76
3,534.32
12,113.09
10,000.00
14,287.04
3,055.39
1,053.76
3,527.04
12,113.00
10,000.00
2.02
7.28
0.09
1,393.07
343.70
908.20
37.00
929.50
1,393.07
343.70
908.20
37.00
929.50
1,393.00
343.00
908.00
37.00
929.00
0.07
0.70
0.20
0.50
$
251,595.94
$
251,595.94
$
235,471.71
$
16,124.23
"A-20"
SHEET #5
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF APPROPRIATION RESERVES
BALANCE
DECEMBER
31, 2022
BALANCE
AFTER
TRANSFER
PAID OR
CHARGED
BALANCE
LAPSED
OPERATIONS EXCLUDED FROM CAPS
911 Emergency Services:
Salaries and Wages
Shared Services Agreements:
Dispatching Services - Little Egg Harbor Township
Tax Assessment - Lacey Township
Total Appropriations excluded from Caps
$
$
1,509.68
$
1,500.00
$
1,509.68
9.68
146.24
146.24
1,500.00
146.24
1,500.00
1,500.00
3,155.92
3,155.92
3,000.00
155.92
$
254,751.86
$
254,751.86
$
238,471.71
$
16,280.15
REF.
A-20
A-1
A
$
247,121.53
7,630.33
Appropriation Reserves - 2022
Reserve for Encumbrances
A-21
$
254,751.86
Transfer to Accounts Payable
Disbursements
A-23
$
191.59
238,280.12
A-4
$
238,471.71
"A-21"
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF RESERVE FOR ENCUMBRANCES
FEDERAL AND
STATE GRANT
FUND
TOTAL
(MEMO ONLY)
CURRENT
FUND
REF.
Balance, December 31, 2022
$
43,536.13
$
A
7,630.33
$
628.21
Increased by:
2023 Budget Appropriations
Grant Appropriated Reserves
Total Increases
Total Increases and Balances
A-3
11,484.81
10,171.90
11,484.81
A-27
10,171.90
21,656.71
11,484.81
10,171.90
65,192.84
19,115.14
10,800.11
Decreased by:
2022 Appropriation Reserves
Grant Appropriated Reserves
Total Decreases
A-20
7,630.33
628.21
7,630.33
A-27
628.21
8,258.54
7,630.33
628.21
Balance, December 31, 2023
$
56,934.30
$
11,484.81
$
A
10,171.90
"A-22"
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF INTERFUNDS
FEDERAL
AND
WATER - SEWER
UTILITY
OPERATING
FUND
WATER - SEWER
UTILITY
CAPITAL
FUND
STATE
GRANT
FUND
TRUST
OTHER
FUND
GENERAL
CAPITAL
FUND
REF.
TOTAL
$
354,978.56
Balance, December 31, 2022 - Due From/(Due To)
$
278,865.90
$
24,112.66
A
$
30,000.00
$
$
22,000.00
Increased/Decreased by:
Disbursements
2023 Budget Appropriations
Total Increases/Decreases
Total Increases/Decreases and Balances
A-4
898,282.26
591,817.63
221.974.63
591.817.63
813,792.26
1,092,658.16
676,307.63
A-3:A-25
1,490,099.89
676.307.63
706.307.63
1,845,078.45
24,112.66
22,000.00
Decreased/Increased by:
Receipts
Cancelled Grant Receivables
2023 Budget Revenues Realized
Total Decreases/Increases
A-4
1,072,750.21
280,197.75
79,600.61
591,817.63
27,054.79
717,028.66
26,469.01
22,000.00
A-1:A-25
A-2:A-25
79,600.61
591,817.63
1,744,168.45
951,615.99
27,054.79
717,028.66
26,469.01
22,000.00
$
100,910.00
$
141,042.17
$
(2,942.13)
$
(10,721.03)
$
Balance, December 31, 2023 - Due From/(Due To)
A
(26,469.01)
$
"A-23"
BOROUGH OF TUCKERTON
CURRENT FUND
SCHEDULE OF ACCOUNTS PAYABLE
REF.
$
Balance December 31, 2022
803.14
A
Increased by:
Transferred From Appropriation Reserves
191.59
A-20
$
Balance December 31, 2023
A
994.73
"A-24"
BOROUGH OF TUCKERTON - COUNTY OF OCEAN
CURRENT FUND
SCHEDULE OF DEFERRED REVENUE - MUNICIPAL RELIEF FUND AID
REF.
Balance, December 31, 2022
$
16,933.02
A
Increased by:
Receipts
A-4
33,858.82
50,791.84
Decreased by:
Disbursements
A-4
16,933.02
Balance, December 31, 2023
$
33,858.82
A
"A-25"
BOROUGH OF TUCKERTON
FEDERAL AND STATE GRANT FUND
SCHEDULE OF INTERFUNDS
WATER-SEWER
UTILITY
OPERATING
FUND
WATER-SEWER
UTILITY
CAPITAL
FUND
GENERAL
CAPITAL
FUND
TOTAL
(MEMO ONLY)
CURRENT
FUND
REF.
Balance, December 31, 2022 - Due From/(Due To)
$
(278,865.90)
A
$
(278,865.90)
$
$
$
Increased/Decreased by:
Disbursements
Canceled Grant Receivables
2023 Budget Revenues Realized
Total Increases/Decreases
Total Increases/Decreases and Balances
A-4
340,197.75
79,600.61
591,817.63
280,197.75
79,600.61
591,817.63
30,000.00
30,000.00
A-1:A-26
A-2:A-26
1,011,615.99
951,615.99
30,000.00
30,000.00
732,750.09
672,750.09
30,000.00
30,000.00
Decreased/Increased by:
Receipts
2023 Budget Appropriations
Total Decreases/Increases
A-4
256.974.63
591.817.63
221.974.63
591.817.63
5,000.00
30,000.00
A-3:A-27
848,792,26
813,792.26
5,000.00
30,000.00
Balance, December 31, 2023 - Due From/(Due To)
A
$
(116,042.17)
$
(141,042.17)
$
30,000.00
$
(5,000.00)
$
"A-26"
BOROUGH OF TUCKERTON
CURRENT FUND
FEDERAL AND STATE GRANT FUND
SCHEDULE OF GRANTS RECEIVABLE
BALANCE
DECEMBER
31. 2022
2023 BUDGET
REVENUE
REALIZED
UNAPPROPRIATED
RESERVE
APPLIED
BALANCE
DECEMBER
31.2023
RECEIPTS
CANCELED
Alcohol Education and Rehabilitation Fund
Body Armor Replacement Fund
Clean Communities Program
Community Development Block Grant
County of Ocean - ARP - Lanyard Lagoon Shoreline Project
DOT 2017 & 2018 Curlew Road
DOT 2019 Second Avenue
DOT 2020 Kingfisher
DOT 2021 Kingfisher
DOT 2022 Third Avenue and Lake Street
DOT Bass Road and Kelly Avenue
NJ DEP Living Shorelines Project
Recycling Tonnage Grant
Stormwater Assistance Grant
$
$
$
3,374.66
$
3,374.66
1,198.32
10,891.89
35,000.00
184,016.25
$
$
1,198.32
10,891.89
34,000.00
34,000.00
35,000.00
184,016.25
80,949.91
87,702.90
100,743.23
53,308.31
286,000.00
56,087.08
24,862.83
87,702.90
46,005.45
53,308.31
54,737.78
286,000.00
334,830.00
322,626.75
334,830.00
328,256.42
5,629.67
7,506.51
15,000.00
7,506.51
15,000.00
$
970,960.77
$
591,817.63
$
231,803.57
$
1,198.32
$
79,600.61
$ 1,250,175.90
REF.
A
A-25
A-4
A-28
A-25
A
"A-27"
BOROUGH OF TUCKERTON
CURRENT FUND
FEDERAL AND STATE GRANT FUND
SCHEDULE OF GRANTS - APPROPRIATED
BALANCE
DECEMBER
31, 2022
BALANCE
DECEMBER
31.2023
2023 BUDGET
APPROPRIATION
PAID OR
CHARGED
$
$
$
$
Alcohol Education and Rehabilitation Fund
Body Armor Replacement Fund
Body Worn Cameras
Clean Communities Program
Community Development Block Grant
County of Ocean - ARP - Lanyard Lagoon Shoreline Project
DOT 2017 & 2018 Curlew Road
DOT 2019 Second Avenue
DOT 2022 Third Avenue and Lake Street
DOT Bass Road and Kelly Avenue
Drunk Driving Enforcement Fund
Local History
Municipal Alliance on Alcoholism and Drug Abuse
NJ DEP Living Shorelines Project
Recycling Tonnage Grant
Stormwater Assistance Grant
9,875.95
90.63
1,735.19
9,387.82
3,342.64
3,374.66
1,198.32
173.03
13,077.58
1,288.95
1,735.19
7,236.71
3,957.64
10,891.89
35,000.00
184,016.25
13,043.00
34,385.00
184,016.25
176.08
67,565.69
286,000.00
176.08
67,565.69
270,284.89
228,037.50
5,221.84
6,121.00
15,715.11
106,792.50
906.36
334,830.00
6,128.20
6,121.00
876.32
298,124.36
5,945.37
876.32
17,171.28
6,409.87
280,953.08
7,042.01
15,000.00
7,506.51
15,000.00
$
695,369.25
$
$
161,150.09
$
1,126,036.79
591,817.63
REF.
A
A-25
A
$
151,606.40
10,171.90
(628.21)
A-4
Disbursements
Reserve for Encumbrances
Reserve for Encumbrances
A-21
A-21
$
161,150.09
"A-28"
BOROUGH OF TUCKERTON
CURRENT FUND
FEDERAL AND STATE GRANT FUND
SCHEDULE OF GRANTS - UNAPPROPRIATED
BALANCE
DECEMBER
31. 2022
APPLICATION
TO GRANTS
RECEIVABLE
BALANCE
DECEMBER
31. 2023
RECEIPTS
$
1,198.32
$
1,331.85
Body Armor Replacement Fund
$
1,198.32
$
1,331.85
$
1,198.32
$
1,331.85
$
1,198.32
$
1,331.85
REF.
A
A-4
A-26
A
"B-1"
BOROUGH OF TUCKERTON
TRUST FUND
SCHEDULE OF CASH
ANIMAL
CONTROL
TRUST
FUND
TRUST
OTHER
FUND
REF.
Balance, December 31, 2022
$
747.18
B
$
924,035.90
Increased by Receipts:
Animal Control License Fees
State Registration Fees
Miscellaneous Reserves
Total Receipts
Total Receipts and Balances
B-2
1,257.40
318.60
B-3
B-6
4,936,121.48
1,576.00
4,936,121.48
2,323.18
5,860,157.38
Decreased by Disbursements:
Animal Control Expenditures
State Registration Fees
Interfunds
Miscellaneous Reserves
Total Disbursements
B-2
1,160.00
318.00
B-3
B-4
27,054.79
5,176,383.76
B-6
1,478.00
5,203,438.55
Balance, December 31, 2023
$
845.18
$
656,718.83
B
"B-2"
BOROUGH OF TUCKERTON
TRUST FUND
SCHEDULE OF RESERVE FOR ANIMAL CONTROL
TRUST FUND EXPENDITURES
REF.
$
738.18
B
Balance, December 31, 2022
Increased by:
Animal Control License Fees Collected
1,257.40
B-1
1,995.58
Decreased by:
Expenditures Under R.S. 4:19-15.11:
Cash
Reserve for Encumbrances
$
1,160.00
74.50
B-1
B-5
1,234.50
$
761.08
B
Balance, December 31, 2023
License Fees Collected
Year
Amount
$
1,381.40
1,182.60
2022
2021
$
2,564.00
" B-3"
SCHEDULE OF DUE STATE OF NEW JERSEY
$
9.00
B
Balance, December 31, 2022
Increased by:
Receipts - State Registration Fees
318.60
B-1
327.60
Decreased by:
Disbursements - State Registration Fees
318.00
B-1
$
9.60
B
Balance, December 31, 2023
"B-4"
BOROUGH OF TUCKERTON
TRUST FUND
SCHEDULE OF INTERFUNDS
TRUST
OTHER
FUND
REF.
$
(24,112.66)
Balance, December 31, 2022 - Due From/(Due To)
B
Decreased/Increased by:
Disbursements
B-1
27,054.79
$
2,942.13
Balance, December 31, 2023 - Due From/(Due To)
B
"B-5"
BOROUGH OF TUCKERTON
TRUST FUND
SCHEDULE OF RESERVE FOR ENCUMBRANCES
ANIMAL
CONTROL
TRUST
FUND
TRUST
OTHER
FUND
REF.
Balance, December 31, 2022
$
$
427.90
B
Increased by:
Transfer from Reserve for Animal Control
Trust Fund Expenditures
Transfer from Miscellaneous Reserves
B-2
74.50
B-6
2,217.81
74.50
2,645.71
Decreased by:
Transfer to Miscellaneous Reserves
B-6
427.90
Balance, December 31, 2023
$
$
2,217.81
B
74.50
"B-6"
BOROUGH OF TUCKERTON
TRUST FUND
SCHEDULE OF MISCELLANEOUS RESERVES
BALANCE
DECEMBER
31.2023
BALANCE
DECEMBER
31. 2022
DECREASE
INCREASE
$
1,012.05
$
$
$
1,012.05
5,213.50
10,064.10
403.50
201,054.56
200.00
All Wars Memorial Ballfield
Compensated Absences
Developer Safety Sidewalks
Economic Development Committee
Escrow
Fourth of July Fund
Historical Preservation
Hurricane Sandy Donations
K-9 Fund
Law Enforcement
Memorial Day Bows
Municipal Alliance - Program Income
New Team Donations (Formerly Dare)
P.O.A.A.
Park Benches
Payroll and Payroll Agency
Police (DARE)
Public Defender
Public Events:
Trolley
Pride and Celebration
Public Records Preservation
South Green Street Improvements
T.T.L. Redemptions
Tax Sale Premiums
Tourist Maps (EDC)
Tuckerton Food Pantry
Uniform Fire Safety Act
Youth Council
5,213.50
272.18
9,791.92
693.50
207,407.60
200.00
2,500.00
290.00
31,815.95
25,462.91
2,500.00
5,863.00
5,863.00
107.02
3,337.86
100.00
468.16
2,472.99
96.00
525.00
107.02
3,337.86
100.00
468.16
2,448.19
96.00
525.00
109,723.63
349.80
325.00
3,967,097.16
325.00
4,011.69
4,076,820.79
325.00
4,271.84
3,108.84
2,848.69
159.94
159.94
858.80
76.00
1,026.88
11,870.99
491,300.00
792.21
155,649.10
1,850.00
396.84
858.80
76.00
1,026.88
667,423.48
447,153.02
4,045.53
160,817.28
792.21
147,285.58
2,350.00
396.84
659,598.02
116,670.30
53,116.25
44,752.73
500.00
$
899,495.34
$
4,936,121.48
$
5,178,173.67
$
657,443.15
B
B-1
B
REF.
$
5,176,383.76
2,217.81
(427.90)
B-1
Disbursements
Reserve for Encumbrances
Reserve for Encumbrances
B-5
B-5
$
5,178,173.67
"C-2"
BOROUGH OF TUCKERTON
GENERAL CAPITAL FUND
SCHEDULE OF CASH
REF.
Balance, December 31, 2022
C
$
2,117,038.63
Increased by:
Fund Balance
Interfunds
$
12,670.68
1,486,057.63
C-1
C-5
C-3
1,498,728.31
3,615,766.94
Decreased by:
Fund Balance
Interfunds
Improvement Authorizations
Reserve for Debt Service
$
C-1
5.01
C-5
1,321,028.66
1,238,830.72
1,944.64
C-6
C
C-3
2,561,809.03
Balance, December 31, 2023
$
1,053,957.91
C
"C-3"
BOROUGH OF TUCKERTON
GENERAL CAPITAL FUND
ANALYSIS OF CASH
BALANCE
DECEMBER
31. 2023
BALANCE
DECEMBER
31. 2022
TRANSFERS
DISBURSEMENTS
TO
FROM
RECEIPTS
5.01
$
$
$
12,670.68
6,960.71
16,745.02
19,278.97
$
12,670.68
$
$
5.01
Fund Balance
Capital Improvement Fund
Reserve for Encumbrances
Interfunds
Reserve for Debt Service
Improvement Authorizations:
6,960.71
16,745.02
1,486,057.63
1,321,028.66
1,944.64
(145,750.00)
1,944.64
ORDINANCE
NUMBER
IMPROVEMENT DESCRIPTION
Phase III of the Maple, Bartlett and Western Avenues
Reconstruction Project
Software and Hardware Upgrades
Acquisition of a Garbage Truck for
the Department of Public Works
Purchase of Fire Truck
Stone Revetment
Acquisition of Vehicles and Equipment
Maintenance Dredging
10-11
1,443.13
12,339.15
1,443.13
26,750.06
3,077.20
11,333.71
09-16
02-17
5,462.39
45,952.78
80,897.97
7,004.30
845,202.81
4,000.00
375.00
9,462.39
59,995.60
80,897.97
11,073.30
2,064,255.82
2,500.00
16,167.82
01-19
06-20
10-21
13-21
4,069.00
1,219,053.01
2,561,809.03
$
19,245.02
$
19,245.02
$ 1,053,957.91
$
2,117,038.63
$
1,498,728.31
$
C
C-2
C-2
C
REF.
"C-4"
BOROUGH OF TUCKERTON
GENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - UNFUNDED
ANALYSIS OF BALANCE
DECEMBER 31, 2023
BOND
ANTICIPATION
NOTES
BALANCE
DECEMBER
31, 2022
NOTES PAID
BY CURRENT
FUND
BALANCE
DECEMBER
31, 2023
UNEXPENDED
IMPROVEMENT
EXPENDITURES
AUTHORIZATIONS
ORDINANCE
NUMBER
IMPROVEMENT DESCRIPTION
Acquisition of a Garbage Truck for
the Department of Public Works
Supplemental Funding - Municipal
Building Improvements
Purchase of Fire Truck
Trash Cans and Other Equipment
Stone Revetment
Refunding Note Funding Emergency Appropriation
Acquisition of Vehicles and Equipment
Maintenance Dredging
02-17
$
34,158.00
$
$
$
50,908.00
$
16,750.00
$
34,158.00
03-17
12,000.00
50,500.00
26,000.00
10,750.00
62,000.00
178,000.00
858,500.00
76,342.00
164,250.00
178,000.00
858,500.00
76,342.00
164,250.00
190,000.00
909,000.00
102,342.00
175,000.00
62,000.00
460,750.00
2,200,000.00
01-19
08-18
06-20
07-20
10-21
13-21
460,750.00
2,200,000.00
460,750.00
2,200,000,00
$
3,972,000.00
$
3,972,000.00
$
$
$
4,150,000.00
$
178,000.00
C
C-8
C
C-8
REF.
$
984,520.25
C-6
Improvement Authorizations - Unfunded
Less: Unexpended Proceeds of Bond Anticipation Notes Issued:
Ordinance
Number
Improvement Description
Acquisition of a Garbage Truck for
the Department of Public Works
Purchase of Fire Truck
Stone Revetment
Acquisition of Vehicles and Equipment
Maintenance Dredging
02-17
$
5,462.39
45,952.78
80,897.97
7,004.30
845,202.81
01-19
06-20
10-21
13-21
984,520.25
$
"C-5"
BOROUGH OF TUCKERTON
GENERAL CAPITAL FUND
SCHEDULE OF INTERFUNDS
FEDERAL
AND
WATER - SEWER
UTILITY
OPERATING
FUND
WATER - SEWER
UTILITY
CAPITAL
FUND
STATE
GRANT
FUND
TOTAL
(MEMO ONLY)
CURRENT
FUND
REF.
$
145,750.00
$
(30,000.00)
$
Balance, December 31, 2022 - Due From/(Due To)
C
$
175,750.00
$
Increased by:
Disbursements
C-2
1,321,028.66
717,028.66
400,000.00
204,000.00
1,466,778.66
687,028.66
575,750.00
204,000.00
Decreased by:
Receipts
C-2
1,486,057.63
676,307.63
30,000.00
575,750.00
204,000.00
$
(19,278.97)
$
10,721.03
Balance, December 31, 2023 - Due From/(Due To)
C
$
$
(30,000.00)
$
"C-S"
BOROUGH OF TUCKERTON
GENERAL CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
BALANCE
BALANCE
DECEMBER 31, 2023
PAID OR
CHARGED
DECEMBER 31, 2022
ORDINANCE
ORD.
NUMBER
FUNDED
UNFUNDED
UNFUNDED
AMOUNT
FUNDED
DATE
IMPROVEMENT DESCRIPTION
Phase III of the Maple, Bartlett and Western Avenues
Reconstruction Project
Software and Hardware Upgrades
Acquisition of a Garbage Truck for
the Department of Public Works
Purchase of Fire Truck
Stone Revetment
Acquisition of Vehicles and Equipment
Maintenance Dredging
10-11
$
$
$
1,443.13
12,339.15
$
1,443.13
26,750.06
$
$
165,000.00
166,047.51
06/16/11
05/12/16
14,410.91
09-16
02-17
5,462.39
45,952.78
80,897.97
7,004.30
845,202.81
9,462.39
59,995.60
80,897.97
11,073.30
2,064,255.82
4,000.00
14,042.82
312,500.00
1,010,000.00
175,000.00
485,000.00
2,200,000.00
05/19/17
02/19/19
05/04/20
05/03/21
12/06/21
01-19
06-20
10-21
13-21
4,069.00
1,219,053.01
$
984,520.25
$
13,782.28
$
2,225,685.08
$
1,255,575.74
$
28,193.19
C
C
c
c
REF.
$
1,238,830.72
16,745.02
C-2
Disbursements
Reserve for Encumbrances
C-7
$
1,255,575.74
"C-7"
BOROUGH OF TUCKERTON
GENERAL CAPITAL FUND
SCHEDULE OF RESERVE FOR ENCUMBRANCES
REF.
Increased by:
Transfer from Improvement Authorizations
C-6
$
16,745.02
Balance, December 31, 2023
$
16,745.02
C
"c-s"
BOROUGH OF TUCKERTON
GENERAL CAPITAL FUND
SCHEDULE OF BOND ANTICIPATION NOTES PAYABLE
DATE OF
ISSUE OF
ORIGINAL
NOTE
BALANCE
DECEMBER
31. 2022
BALANCE
DECEMBER
31. 2023
DATE OF
ISSUE
DATE OF
MATURITY
INTEREST
RATE
ORDINANCE
IMPROVEMENT DESCRIPTION
DECREASED
Acquisition of a Garbage Truck for
the Department of Public Works
02-17
11/01/17
10/26/23
10/25/24
4.75%
$
50,908.00
$
$
16,750.00
34,158.00
Supplemental Funding - Municipal
Building Improvements
03-17
11/01/17
10/26/23
10/25/24
4.75%
190,000.00
12,000.00
178,000.00
Purchase of Fire Truck
01-19
10/30/19
10/26/23
10/25/24
4.75%
909,000.00
50,500.00
858,500.00
Trash Cans and Other Equipment
10/29/20
08-18
10/26/23
10/25/24
4.75%
102,342.00
26,000.00
76,342.00
Stone Revetment
10/29/20
06-20
10/26/23
10/25/24
4.75%
175,000.00
10,750.00
164,250.00
Refunding Note Funding Emergency Appropriation
10/29/20
10/26/23
10/25/24
4.75%
07-20
62,000.00
62,000.00
Acquisition of Vehicles and Equipment
10/28/21
10/26/23
10/25/24
10-21
4.75%
460,750.00
460,750.00
Maintenance Dredging
10/27/22
10/26/23
10/25/24
4.75%
13-21
2,200,000.00
2,200,000.00
$
4,150,000.00
$
178,000.00
$
3,972,000.00
REF.
C
C-4
C
"C-9"
BOROUGH OF TUCKERTON
GENERAL CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
REF.
Balance, December 31, 2022 and 2023
$
C
6,960.71
"D-5"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY FUND
SCHEDULE OF CASH
REF.
OPERATING
CAPITAL
$
107,115.73
$
Balance, December 31, 2022
D
2,942.17
Increased by Receipts:
Water - Sewer Miscellaneous
Water Rents Receivable
Sewer Rents Receivable
Interfunds - Utility Operating
Interfunds - Utility Capital
Budget Appropriation - Cost of Improvements
Authorized (Reserve for Amortization)
NJEIT Interim Construction Note
Total Receipts
Total Receipts and Balances
D-3
89,455.50
1,135,606.69
1,943,493.41
426,182.77
D-8
D-9
D-13
D-18
235,310.39
D-25
7,000.00
221,799.00
D-27
3,594,738.37
464,109.39
3,701,854.10
467,051.56
Decreased by Disbursements:
Refund of Prior Year Revenue
Budget Appropriations
Accrued Interest on Bonds, Notes and Loans
Interfunds - Utility Operating
Appropriation Reserves
Interfunds - Utility Capital
Improvement Authorizations
Total Disbursements
D-1
4,778.13
2,579,623.74
167,312.20
608,529.40
64,414.19
D-4
D-12
D-13
D-14
D-18
282,182.77
159,485.27
D-22
3,424,657.66
441,668.04
$
277,196.44
$
Balance, December 31, 2023
25,383.52
D
"D-6"
BOROUGH OF TUCKERTON - COUNTY OF OCEAN
WATER - SEWER UTILITY OPERATING FUND
SCHEDULE OF CHANGE FUNDS
REF.
Balance December 31, 2022 and 2023
$
D
100.00
"D-r
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
ANALYSIS OF CASH
BALANCE
DECEMBER
31.2022
BALANCE
DECEMBER
31, 2023
TRANSFERS
RECEIPTS
DISBURSEMENTS
TO
FROM
Reserve for Improvements to Water System
Capital Improvement Fund
Interfunds
Reserve for Encumbrances
$
5,451.49
22,572.87
39,872.38
$
$
$
$
$
5,451.49
22,572.87
(7,000.00)
67,946.00
235,310.39
282,182.77
67,946.00
Improvement Authorizations:
ORDINANCE
NUMBER
IMPROVEMENT DESCRIPTION
14-01
Acquire and Install Computers
and Related Equipment
Anchor Avenue Project
Acquire Two Wellhead Shelters
Acquisition of Equipment for Stormwater
Regulation Compliance
Various Water - Sewer Capital Projects
Replacement of Water Mains
Replacement of Sewer Mains
Repainting of the Water Tank
Various Water System Improvements
Heron Road Sewer Main Replacement
Heron Road Water Main Replacement
Water System Improvements
Sewer System Improvements
Refurbishing of Wells #3 and #4
928.16
7,898.64
3,188.92
928.16
7,898.64
3,188.92
04-03
19-04
07-05
10,363.84
266.69
224,965.84
(7,497.10)
(231,468.74)
42,715.97
(63,912.42)
(32,830.23)
(196,609.48)
177,035.34
10,363.84
266.69
224,965.84
(497.10)
(231,468.74)
42,715.97
(63,912.42)
(32,830.23)
(202,640.90)
177,035.34
399.15
07-11
03-14
04-14
05-14
10-15
06-17
07-17
08-21
09-21
07-22
7,000.00
6,031.42
221,799.00
153,453.85
67,946.00
$
2,942.17
$
464,109.39
$
441,668.04
$
67,946.00
$
67,946.00
$
25,383.52
REF.
D
D-5
D-5
D
"D-8"
BOROUGH OFTUCKERTON
WATER - SEWER UTILITY OPERATING FUND
SCHEDULE OF WATER RENTS RECEIVABLE
REF.
Balance, December 31, 2022
D
$
479,514.17
Increased by:
Water Rents Levied
1,258,113.96
1,737,628.13
Decreased by:
Receipts
Transfers to Water/Sewer Utility Liens Receivable
Canceled
D-3:D-5
$
1,135,606.69
1,262.07
13,774.41
D-10
1,150,643.17
Balance, December 31, 2023
D
$
586,984.96
"D-9"
SCHEDULE OF SEWER RENTS RECEIVABLE
Balance, December 31, 2022
D
$
903,946.52
Increased by:
Sewer Rents Levied
2,062,300.96
2,966,247.48
Decreased by:
Receipts
Transfers to Water/Sewer Utility Liens Receivable
Canceled
D-3:D-5
$
1,943,493.41
2,218.51
19,540.59
D-10
1,965,252.51
Balance, December 31, 2023
D
$
1,000,994.97
"D-10"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY OPERATING FUND
SCHEDULE OF WATER - SEWER UTILITY LIENS RECEIVABLE
REF.
Balance, December 31, 2022
D
$
7,753.01
Increased by:
Transfers from Water Rents Receivable
Transfers from Sewer Rents Receivable
Penalties and Costs
D-8
$
1,262.07
2,218.51
33.42
D-9
3,514.00
Balance, December 31, 2023
$
D
11,267.01
"D-11"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY OPERATING FUND
SCHEDULE OF ACCOUNTS PAYABLE
REF.
Balance, December 31, 2022 and 2023
$
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, 2022
D
$
49,078.39
Increased by:
Budget Appropriations for:
Interest on Bonds
Interest on Notes
Interest on Loans
$
76,200.00
1,787.11
105,124.13
D-4
183,111.24
232,189.63
Decreased by:
Disbursements
D-5
167,312.20
Balance, December 31, 2023
D
$
64,877.43
"D-13"
SCHEDULE OF INTERFUNDS
FEDERAL
AND
WATER - SEWEF
UTILITY
CAPITAL
FUND
STATE
GRANT
FUND
GENERAL
CAPITAL
FUND
TOTAL
(MEMO ONLY)
CURRENT
FUND
Balance, December 31, 2022 - Due From/(Due To)
D
$
(157,877.62)
$
$
$
(175,750.00)
$
17,872.38
Increased by:
Disbursements
D-5
608,529.40
26,469.01
5,000.00
575,750.00
1,310.39
450,651.78
26,469.01
5,000.00
400,000.00
19,182.77
Decreased by:
Receipts
D-5
426,182.77
400,000.00
26,182.77
Balance, December 31, 2023 - Due From/(Due To)
$
26,469.01
D
$
24,469.01
$
5,000.00
$
$
(7,000.00)
"D-14"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY OPERATING FUND
SCHEDULE OF APPROPRIATION RESERVES
BALANCE
DECEMBER
31.2022
BALANCE
AFTER
TRANSFERS
PAID OR
CHARGED
BALANCE
LAPSED
Operations
Salaries and Wages
Other Expenses
Ocean County Utilities Authority
Statutory Expenditures
Contribution to:
Social Security System (O.A.S.I.)
Unemployment Compensation Insurance
$
9,260.21
69,575.02
4,009.07
$
9,260.21
69,575.02
4,009.07
$
$
9,260.21
5,886.87
4,009.07
63,688.15
1,737.00
2,582.98
1,737.00
2,582.98
1,737.00
1,856.94
726.04
$
87,164.28
$
87,164.28
$
64,414,19
$
22,750.09
REF.
D-5
D-1
$
73,237.89
13,926.39
Appropriation Reserves - 2022
Reserve for Encumbrances
D
D-15
$
87,164.28
"D-15"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY FUND
SCHEDULE OF RESERVE FOR ENCUMBRANCES
REF.
OPERATING
CAPITAL
$
13,926.39
$
Balance, December 31, 2022
D
Increased by:
Transfer from 2023 Budget Appropriations
Transfer from Improvement Authorizations
D-4
49,004.42
D-22
67,946.00
49,004.42
67,946.00
62,930.81
67,946.00
Decreased by:
Transfer to Appropriation Reserves
D-14
13,926.39
Balance, December 31, 2023
$
49,004.42
$
67,946.00
D
"D-16"
SHEET #1
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL
COSTS TO
FIXED
CAPITAL
AUTHORIZED AND
UNCOMPLETED
BALANCE
DECEMBER
31. 2022
BALANCE
DECEMBER
31. 2023
Transmission Lines
Water Meters
Plant, Building and Equipment
Water Tank
Water Wells
Equipment
Land
Backhoe
Anchor Avenue Project
Water System Improvement Project:
Ordinance #07-92
Water Lines - Phase I:
Ordinance #06-97
Acquire and Install Computers and Related
Equipment:
Ordinance #14-01
Anchor Avenue Project:
Ordinance #04-03
Capital Outlay:
By Operating Budget of 2006
Replace Alarm - Main:
Ordinance #05-00
Construction of a Water Supply Well and an
Additional Filter:
Ordinance #10-02
Water System Improvement Projects:
Ordinance #01-04
Various Water System Improvements:
Ordinance #03-04
Acquire and Install Water Meters:
Ordinance #18-04
Closing of Well #1 and Well #2:
Ordinance #03-07
Acquire Two Wellhead Shelters:
Ordinance #19-04
Water Service Along Angler and Tarpon Roads:
Ordinance #20-04
Water Service Along Angler and Tarpon Roads:
Ordinance #06-07
Acquisition and Installation of Carroll
Avenue Fire Hydrants:
Ordinance #11-09
Sewer Collection System
Sewer Jetter
Sewer Equipment
Backhoe
$
3,846,859.00
$
265,581.00
460,293.00
564,672.00
279,816.89
27,350.00
5,500.00
17,672.00
75,000.00
$
3,846,859.00
265,581.00
460,293.00
564,672.00
279,816.89
27,350.00
5,500.00
17,672.00
75,000.00
1,800,430.00
1,800,430.00
300,000.00
300,000.00
7,071.84
7,071.84
22,101.36
22,101.36
5,000.00
5,000.00
180,000.00
180,000.00
653,000.00
653,000.00
35,000.00
35,000.00
550,000.00
550,000.00
1,264.53
1,264.53
318,735.47
318,735.47
116,811.08
116,811.08
245,000.00
245,000.00
80,000.00
80,000.00
16,950.00
2,669,427.19
64,988.00
41,023.00
17,847.50
16,950.00
2,669,427.19
64,988.00
41,023.00
17,847.50
"D-16"
SHEET #2
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL
COSTS TO
FIXED
CAPITAL
AUTHORIZED AND
UNCOMPLETED
BALANCE
DECEMBER
31. 2022
BALANCE
DECEMBER
31. 2023
Land
Improvements to Sewer Utility:
Ordinance #02-91
Purchase of Utility Truck:
Ordinance #18-91
Sewer System Improvements:
Ordinance #08-92
Anchor Avenue Project:
Ordinance #20-01
Western and Maple Avenues Sewer Improvements:
Ordinance #14-98 and Community Development
Block Grant
Sewer System Improvements:
Ordinance #09-00
Acquisition of Computer Equipment:
Ordinance #15-01
Capital Outlay:
By Operating Budget of 2006
Fairway Pumping Station and Related Expenses:
Ordinance #15-02
Sewer System Improvements:
Ordinance #05-03
Restoration of the Boroughs Main Sewer Line:
Ordinance #09-04
Sewer Service Along Angler and Tarpon Roads:
Ordinance #21-04
Acquisition of Emergency Equipment for the Borough
Sewer System:
Ordinance #23-04
Acquisition of a Utility Truck:
Ordinance #26-04
Acquisition of Equipment for Stormwater Regulation
Compliance:
Ordinance #07-05
Renovations to Existing Pump Stations:
Ordinance #10-05
Renovations to Existing Pump Stations:
Ordinance #04-06
Sewer Service Along Angler and Tarpon Roads:
Ordinance #07-07
Preliminary Expenses - East Main Street Sewer Main:
Resolution #76-08
Replace Sewer Main at East Main Street and Tip
Seaman:
Ordinance #04-08
$
8,250.00
$
$
8,250.00
334,902.55
334,902.55
16,000.00
16,000.00
2,409,534.16
2,409,534.16
25,000.00
25,000.00
250,996.07
250,996.07
100,505.98
100,505.98
7,314.84
7,314.84
7,348.10
7,348.10
400,000.00
400,000.00
30,000.00
30,000.00
39,743.54
39,743.54
342,000.00
342,000.00
78,347.70
78,347.70
52,000.00
52,000.00
159,636.16
159,636.16
1,200,000.00
1,200,000.00
70,000.00
70,000.00
98,871.89
98,871.89
23,500.00
23,500.00
235,509.94
235,509.94
"D-16"
SHEET #3
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL
COSTS FROM/(TO)
FIXED
CAPITAL
AUTHORIZED AND
UNCOMPLETED
BALANCE
DECEMBER
31.2022
BALANCE
DECEMBER
312023
Various Water - Sewer Capital Projects
Ordinance #07-11
Improvements to the Sewer Utility System
Ordinance #10-13
Replacement of Water Mains
Ordinance #03-14
Replacement of Sewer Mains
Ordinance #04-14
Repainting of the Water Tank
Ordinance #05-14
Various Water System Improvements
Ordinance #10-15
Heron Road Sewer Main Replacement
Ordinance #06-17
Heron Road Water Main Replacement
Ordinance #07-17
Water System Improvements
Ordinance #08-21
Sewer System Improvements
Ordinance #09-21
Refurbishing of Wells #3 and #4
Ordinance #07-22
$
64,223.37
$
$
64,223.37
500,000.00
500,000.00
910,674.16
910,674.16
1,975,196.55
1,975,196.55
1,105,120.74
1,105,120.74
40,700.42
40,700.42
1,398,013.42
1,398,013.42
843,690.23
843,690.23
1,252,662.48
6,031.42
1,258,693.90
1,606,529.66
1,606,529.66
221,399.85
221,399.85
$
28,253,665.82
$
227,431.27
$
28,481,097.09
REF.
D
D-17
D
HD-17
H
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED
BALANCE
DECEMBER
31.2022
COSTS FROM/(TO)
FIXED
CAPITAL
BALANCE
DECEMBER
31.2023
ORDINANCE
NUMBER
ORDINANCE
IMPROVEMENT DESCRIPTION
DATE
AMOUNT
Acquire and Install Computers and Related
Equipment
Anchor Avenue Project
Acquire Two Wellhead Shelters
Acquisition of Equipment for Stormwater
Regulation Compliance
Various Water - Sewer Capital Projects
Reserve for Improvements to Water System
Replacement of Water Mains
Various Water System Improvements
Heron Road Sewer Main Replacement
Water System Improvements
Sewer System Improvements
Refurbishing of Wells #3 and #4
14-01
$
07/16/01
06/02/03
09/08/04
8,000.00
30,000.00
120,000.00
$
$
928.16
7,898.64
3,188.92
$
928.16
7,898.64
3,188.92
04-03
19-04
07-05
05/02/05
05/02/11
170,000.00
64,490.06
5,451.49
1,260,000.00
83,416.39
2,025,000.00
1,675,000.00
3,240,000.00
250,000.00
10,363.84
266.69
5,451.49
224,965.84
42,715.97
11,520.00
422,337.52
1,633,470.34
250,000.00
10,363.84
266.69
5,451.49
224,965.84
42,715.97
11,520.00
416,306.10
1,633,470.34
28,600.15
07-11
2011
2011
03-14
10-15
06-17
08-21
09-21
07-22
06/17/14
07/06/15
12/18/17
04/19/21
04/19/21
10/17/22
(6,031.42)
(221,399.85)
$
2,613,107.41
$
(227,431.27)
$
2,385,676.14
REF.
D
D-16
D
HD-18"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF INTERFUNDS
FEDERAL
AND
WATER - SEWER
UTILITY
OPERATING
FUND
STATE
GRANT
FUND
GENERAL
CAPITAL
FUND
CURRENT
FUND
(MEMO ONLY)
REF.
$
(39,872.38)
$
(22,000.00)
$
$
$
Balance December 31, 2022 - Due From/(Due To)
D
(17,872.38)
Decreased by:
Receipts
D-5
235,310.39
30,000.00
204,000.00
1,310.39
(275,182.77)
(22,000.00)
(30,000.00)
(204,000.00)
(19,182.77)
Increased by:
Disbursements
D-5
282,182.77
22,000.00
30,000.00
204,000.00
26,182.77
$
$
$
$
7,000.00
$
Balance December 31, 2023 - Due From/(Due To)
D
7,000.00
D-19
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF SERIAL BONDS PAYABLE
MATURITIES OF BONDS
OUTSTANDING DEC. 31, 2023
INTEREST
RATE
BALANCE
DECEMBER
31.2022
BALANCE
DECEMBER
31.2023
DATE OF
ISSUE
ORIGINAL
ISSUE
PURPOSE
DATE
AMOUNT
DECREASED
Refunding Bonds Series 2015
12/30/15
$
4,150,000.00
03/01/24
03/01/25
03/01/26
03/01/27
03/01/28
03/01/29
03/01/30
03/01/31
03/01/32
03/01/33
03/01/34
03/01/35-36
03/01/37
03/01/38
$
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
4.00%
$
360,000.00
140,000.00
145,000.00
150,000.00
125,000.00
105,000.00
110,000.00
115,000.00
120,000.00
115,000.00
120,000.00
65,000.00
70,000.00
40,000.00
$
$
2,205,000.00
360,000.00
1,845,000.00
$
2,205,000.00
$
360,000.00
$
1,845,000.00
REF
D
D-25
D
"D-20"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF BOND ANTICIPATION NOTES PAYABLE
DATE OF
ISSUE OF
ORIGINAL
NOTE
BALANCE
DECEMBER
31.2022
BALANCE
DECEMBER
31, 2023
DATE OF
ISSUE
DATE OF
MATURITY
INTEREST
RATE
ORDINANCE
IMPROVEMENT DESCRIPTION
DECREASED
10-13
Improvements to the Sewer Utility System
12/05/14
10/27/22
10/27/23
$
3.65%
$
50,000.00
50,000.00
$
$
50,000.00
$
50,000.00
$
REF.
D
D-25
D
"D-21"
SHEET #1
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST/FUND LOANS PAYABLE
MATURITIES OF LOANS
OUTSTANDING
DATE OF
DECEMBER 31, 2023
ISSUE
DATE
AMOUNT
BALANCE
DECEMBER
31.2022
BALANCE
DECEMBER
31.2023
INTEREST
RATE
PURPOSE
DECREASED
New Jersey Environmental
Infrastructure Trust - Pump Stations
New Jersey Environmental
Infrastructure Trust - Water Mains
New Jersey Environmental
Infrastructure Trust - Sewer Mains
New Jersey Environmental
Infrastructure Trust - Water Mains/Tower
New Jersey Environmental
Infrastructure Fund - Heron Rd. Water Mains
New Jersey Environmental
Infrastructure Trust - Heron Rd. Water Mains
New Jersey Environmental
Infrastructure Fund - Heron Rd. Sewer Mains
New Jersey Environmental
Infrastructure Trust - Heron Rd. Sewer Mains
New Jersey Environmental
Infrastructure Trust/Fund - Curlew/Kingfisher/Bass
Sewer Improvements
New Jersey Environmental
Infrastructure Trust/Fund - Curlew/Kingfisher/Bass
Water Improvements
See D-21 - Sheet 2
$
N/A
Various
$
65,764.00
$
208,867.27
143,103.27
N/A
See D-21 - Sheet 3
Various
345,254.33
22,711.85
322,542.48
See D-21 - Sheet 4
N/A
Various
1,090,532.33
75,810.15
1,014,722.18
N/A
See D-21 - Sheet 5
Various
686,867.00
57,765.30
629,101.70
N/A
See D-21 - Sheet 6
Various
177,660.37
6,833.08
170,827.29
N/A
See D-21 - Sheet 7
Various
185,000.00
5,000.00
180,000.00
N/A
See D-21 - Sheet 8
Various
867,764.09
33,375.52
834,388.57
N/A
See D-21 - Sheet 9
Various
320,000.00
10,000.00
310,000.00
See D-21 - Sheet 10
N/A
Various
1,783,565.00
20,866.62
1,762,698.38
N/A
See D-21 - Sheet 11
Various
470,622.00
5,519.59
465,102.41
$
6,136,132.39
$ 303,646.11
$
5,832,486.28
REF.
D
D-25
D
"D-21"
SHEET #2
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
MATURITY SCHEDULE - RENOVATIONS TO EXISTING
PUMP STATIONS
$1.179.000 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
LOAN
BALANCE
PRINCIPAL
INTEREST
PAYMENT
DUE
1,248.78
$
70,992.38
624.39
70,237.72
1,645.40
$
1,645.40
821.40
821.40
$
$
2,894.18
72,637.78
1,445.79
71,059.12
02/01/24
08/01/24
02/01/25
08/01/25
143,103.27
141,854.49
70,862.11
70,237.72
4,933.60
$
$
143,103.27
$
148,036.87
TOTAL
"D-21"
SHEET #3
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
MATURITY SCHEDULE - WATER MAIN REPLACEMENT
$490.000 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
LOAN
BALANCE
DUE
PRINCIPAL
INTEREST
PAYMENT
$
02/01/24
08/01/24
02/01/25
08/01/25
02/01/26
08/01/26
02/01/27
08/01/27
02/01/28
08/01/28
02/01/29
08/01/29
02/01/30
08/01/30
02/01/31
08/01/31
02/01/32
08/01/32
02/01/33
08/01/33
02/01/34
08/01/34
02/01/35
08/01/35
322,542.48
$
318,305.20
299,830.63
295,593.35
277,118.78
272,881.50
249,406.93
245,169.65
221,695.08
217,457.80
193,983.23
189,745.95
166,271.38
162,034.10
138,559.53
134,322.25
110,847.68
106,610.40
83,135.83
78,898.55
55,423.98
51,186.70
27,712.13
23,474.85
4,237.28
$
18,474.57
4,237.28
18.474.57
4,237.28
23.474.57
4,237.28
23,474.57
4,237.28
23,474.57
4,237.28
23,474.57
4,237.28
23,474.57
4,237.28
23,474.57
4,237.28
23,474.57
4,237.28
23,474.57
4,237.28
23,474.57
4,237.28
23,474.85
2,787.50
$
2.787.50
2.537.50
2.537.50
2.287.50
2.287.50
2,062.50
2,062.50
1.837.50
1.837.50
1.612.50
1.612.50
1.387.50
1.387.50
1.162.50
1,162.50
937.50
937.50
712.50
712.50
478.13
478.13
243.75
243.75
7,024.78
21,262.07
6.774.78
21,012.07
6.524.78
25,762.07
6.299.78
25,537.07
6,074.78
25,312.07
5.849.78
25,087.07
5.624.78
24,862.07
5.399.78
24,637.07
5.174.78
24,412.07
4.949.78
24,187.07
4,715.41
23,952.70
4,481.03
23,718.60
TOTAL
$
322,542.48
$
36,093.76
$
358,636.24
"D-21"
SHEET #4
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
MATURITY SCHEDULE - SEWER MAIN REPLACEMENT
$1.577.600 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
LOAN
BALANCE
DUE
PRINCIPAL
INTEREST
PAYMENT
02/01/24
08/01/24
02/01/25
08/01/25
02/01/26
08/01/26
02/01/27
08/01/27
02/01/28
08/01/28
02/01/29
08/01/29
02/01/30
08/01/30
02/01/31
08/01/31
02/01/32
08/01/32
02/01/33
08/01/33
02/01/34
08/01/34
02/01/35
08/01/35
$
1,014,722.18
$
996,118.80
933,912.03
915,308.65
853,101.88
834,498.50
772,291.73
753,688.35
691,481.58
672,878.20
610,671.43
592,068.05
524,861.28
506,257.90
439,051.13
420,447.75
353,240.98
334,637.60
267,430.83
248,827.45
181,620.68
163,017.30
90,810.53
72,207.15
18,603.38
$
62,206.77
18,603.38
62,206.77
18,603.38
62,206.77
18,603.38
62,206.77
18,603.38
62.206.77
18,603.38
67.206.77
18,603.38
67,206.77
18,603.38
67,206.77
18,603.38
67,206.77
18,603.38
67.206.77
18,603.38
72.206.77
18,603.38
72,207.15
5,759.38
$
5.759.38
5.134.38
5.134.38
4.509.38
4.509.38
4.134.38
4.134.38
3.759.38
3.759.38
3.384.38
3.384.38
2.934.38
2.934.38
2.484.38
2.484.38
2,034.38
2,034.38
1.584.38
1,584.38
1,115.63
1,115.63
568.75
568.75
24.362.76
67.966.15
23.737.76
67.341.15
23.112.76
66.716.15
22.737.76
66.341.15
22.362.76
65.966.15
21.987.76
70.591.15
21.537.76
70.141.15
21,087.76
69.691.15
20.637.76
69.241.15
20.187.76
68.791.15
19,719.01
73,322.40
19,172.13
72,775.90
TOTAL
$
1,014,722.18
$
74,806.36
$
1,089,528.54
"D-21"
SHEET #5
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
MATURITY SCHEDULE - WATER MAIN REPLACEMENT AND WATER TOWER
$1.116.051 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
LOAN
BALANCE
DUE
PRINCIPAL
INTEREST
PAYMENT
$
02/01/24
08/01/24
02/01/25
08/01/25
02/01/26
08/01/26
02/01/27
08/01/27
02/01/28
08/01/28
02/01/29
08/01/29
02/01/30
08/01/30
02/01/31
08/01/31
02/01/32
08/01/32
02/01/33
08/01/33
02/01/34
08/01/34
629.101.70
$
614.846.60
571.336.40
557,081.30
513,571.10
499,316.00
455.805.80
441.550.70
398,040.50
383.785.40
340.275.20
326,020.10
282,509.90
268.254.80
224.744.60
210,489.50
166,979.30
152.724.20
104,214.00
89,958.90
41,448.70
27,193.60
14,255.10
$
43,510.20
14,255.10
43,510.20
14,255.10
43,510.20
14,255.10
43,510.20
14,255.10
43,510.20
14,255.10
43,510.20
14,255.10
43,510.20
14,255.10
43.510.20
14,255.10
48.510.20
14,255.10
48,510.20
14,255.10
27,193.60
3,350.00
$
3,350.00
2,975.00
2,975.00
2,600.00
2,600.00
2,375.00
2,375.00
2,150.00
2,150.00
1,925.00
1,925.00
1,700.00
1,700.00
1,475.00
1,475.00
1,250.00
1,250.00
950.00
950.00
637.50
637.50
17.605.10
46.860.20
17.230.10
46.485.20
16.855.10
46.110.20
16.630.10
45.885.20
16.405.10
45.660.20
16.180.10
45.435.20
15.955.10
45.210.20
15.730.10
44.985.20
15.505.10
49.760.20
15.205.10
49.460.20
14,892.60
27.831.10
TOTAL
$
629,101.70
$
42,775.00
$
671,876.70
"D-21"
SHEET #6
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
MATURITY SCHEDULE - HERON ROAD WATER MAIN REPLACEMENT
$202.715 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE FUND
LOAN
BALANCE
DUE
PRINCIPAL
INTEREST
PAYMENT
02/01/24
08/01/24
02/01/25
08/01/25
02/01/26
08/01/26
02/01/27
08/01/27
02/01/28
08/01/28
02/01/29
08/01/29
02/01/30
08/01/30
02/01/31
08/01/31
02/01/32
08/01/32
02/01/33
08/01/33
02/01/34
08/01/34
02/01/35
08/01/35
02/01/36
08/01/36
02/01/37
08/01/37
02/01/38
08/01/38
02/01/39
08/01/39
02/01/40
08/01/40
02/01/41
08/01/41
$
$
170,827.29
168,549.60
163,994.21
161,716.52
157,161.13
154,883.44
150,328.05
148,050.36
143,494.97
141,217.28
136,661.89
134,384.20
129,828.81
127,551.12
122,995.73
120,718.04
116,162.65
113,884.96
109,329.57
107,051.88
102,496.49
100,218.80
95,663.41
93,385.72
88,830.33
86,552.64
81,997.25
79,719.56
75,164.17
72,886.48
68,331.09
66,053.40
61,498.01
59,220.32
54,664.93
52,387.24
2,277.69
$
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
$
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
"D-21"
SHEET #6.1
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
MATURITY SCHEDULE - HERON ROAD WATER MAIN REPLACEMENT
$202.715 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE FUND
LOAN
BALANCE
DUE
PRINCIPAL
INTEREST
PAYMENT
02/01/42
08/01/42
02/01/43
08/01/43
02/01/44
08/01/44
02/01/45
08/01/45
02/01/46
08/01/46
02/01/47
08/01/47
02/01/48
08/01/48
$
$
47,831.85
45,554.16
40,998.77
38,721.08
34,165.69
31,888.00
27,332.61
25,054.92
20,499.53
18,221.84
13,666.45
11,388.76
6,833.37
4,555.68
$
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.68
$
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.39
2,277.69
4,555.68
TOTAL
$
170,827.29
$
$
170,827.29
"D-21"
SHEET #7
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
MATURITY SCHEDULE - HERON ROAD WATER MAIN REPLACEMENT
$200,000.00 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
LOAN
BALANCE
DUE
PRINCIPAL
INTEREST
PAYMENT
02/01/24
08/01/24
02/01/25
08/01/25
02/01/26
08/01/26
02/01/27
08/01/27
02/01/28
08/01/28
02/01/29
08/01/29
02/01/30
08/01/30
02/01/31
08/01/31
02/01/32
08/01/32
02/01/33
08/01/33
02/01/34
08/01/34
02/01/35
08/01/35
02/01/36
08/01/36
02/01/37
08/01/37
02/01/38
08/01/38
02/01/39
08/01/39
02/01/40
08/01/40
02/01/41
08/01/41
$
180,000.00
$
180,000.00
175,000.00
175,000.00
170,000.00
170,000.00
165,000.00
165,000.00
160,000.00
160,000.00
155,000.00
155,000.00
150,000.00
150,000.00
145,000.00
145,000.00
140,000.00
140,000.00
135,000.00
135,000.00
130,000.00
130,000.00
125,000.00
125,000.00
120,000.00
120,000.00
115,000.00
115,000.00
110,000.00
110,000.00
100,000.00
100,000.00
90,000.00
90,000.00
80,000.00
80,000.00
$
2,846.88
2.846.88
2.721.88
2.721.88
2.596.88
2.596.88
2.471.88
2.471.88
2.346.88
2.346.88
2.221.88
2,221.88
2,171.88
2.171.88
2.121.88
2,121.88
2,068.75
2,068.75
2,012.50
2,012.50
1,950.00
1,950.00
1,875.00
1,875.00
1,800.00
1,800.00
1,725.00
1,725.00
1,650.00
1,650.00
1,500.00
1,500.00
1,350.00
1,350.00
1,200.00
1,200.00
$
2.846.88
7.846.88
2.721.88
7.721.88
2.596.88
7.596.88
2.471.88
7.471.88
2.346.88
7.346.88
2.221.88
7.221.88
2.171.88
7.171.88
2.121.88
7,121.88
2,068.75
7,068.75
2,012.50
7,012.50
1,950.00
6,950.00
1,875.00
6,875.00
1,800.00
6,800.00
1,725.00
6,725.00
1,650.00
11,650.00
1,500.00
11,500.00
1,350.00
11,350.00
1,200.00
11,200.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
10,000.00
10,000.00
10,000.00
10,000.00
"D-21"
SHEET #7.1
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
MATURITY SCHEDULE - HERON ROAD WATER MAIN REPLACEMENT
$200,000,00 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
LOAN
BALANCE
DUE
PRINCIPAL
INTEREST
PAYMENT
02/01/42
08/01/42
02/01/43
08/01/43
02/01/44
08/01/44
02/01/45
08/01/45
02/01/46
08/01/46
02/01/47
08/01/47
02/01/48
08/01/48
$
$
70,000.00
70,000.00
60,000.00
60,000.00
50,000.00
50,000.00
40,000.00
40,000.00
30,000.00
30,000.00
20,000.00
20,000.00
10,000.00
10,000.00
$
$
1,050.00
1,050.00
900.00
900.00
750.00
750.00
600.00
600.00
450.00
450.00
300.00
300.00
150.00
150.00
1,050.00
11,050.00
900.00
10,900.00
750.00
10,750.00
600.00
10,600.00
450.00
10,450.00
300.00
10,300.00
150.00
10,150.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
TOTAL
$
180,000.00
$
81,662.58
$
261,662.58
"D-21"
SHEET #8
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
MATURITY SCHEDULE - HERON ROAD SEWER MAIN REPLACEMENT
$990.141.00 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE FUND
LOAN
BALANCE
DUE
PRINCIPAL
INTEREST
PAYMENT
02/01/24
08/01/24
02/01/25
08/01/25
02/01/26
08/01/26
02/01/27
08/01/27
02/01/28
08/01/28
02/01/29
08/01/29
02/01/30
08/01/30
02/01/31
08/01/31
02/01/32
08/01/32
02/01/33
08/01/33
02/01/34
08/01/34
02/01/35
08/01/35
02/01/36
08/01/36
02/01/37
08/01/37
02/01/38
08/01/38
02/01/39
08/01/39
02/01/40
08/01/40
02/01/41
08/01/41
$
834,388.57
$
823.263.40
801,013.05
789,887.88
767,637.53
756.512.36
734,262.01
723.136.84
700,886.49
689.761.32
667,510.97
656.385.80
634,135.45
623,010.28
600,759.93
589.634.76
567.384.41
556.259.24
534,008.89
522,883.72
500.633.37
489,508.20
467.257.85
456,132.68
433.882.33
422,757.16
400.506.81
389,381.64
367,131.29
356,006.12
333.755.77
322,630.60
300.380.25
289,255.08
267,004.73
255,879.56
$
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
$
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
"D-21"
SHEET #8.1
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
MATURITY SCHEDULE - HERON ROAD SEWER MAIN REPLACEMENT
$990,141.00 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE FUND
LOAN
BALANCE
DUE
PRINCIPAL
INTEREST
PAYMENT
02/01/42
08/01/42
02/01/43
08/01/43
02/01/44
08/01/44
02/01/45
08/01/45
02/01/46
08/01/46
02/01/47
08/01/47
02/01/48
08/01/48
$
233,629.21
222,504.04
200,253.69
189,128.52
166,878.17
155,753.00
133,502.65
122,377.48
100,127.13
89,001.96
66,751.61
55,626.44
33,376.09
22,250.92
$
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.92
$
$
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.35
11,125.17
22,250.92
TOTAL
$
834,388.57
$
$
834,388.57
"D-21"
SHEET #9
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
MATURITY SCHEDULE - HERON ROAD SEWER MAIN REPLACEMENT
$335.000.00 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
LOAN
BALANCE
DUE
PRINCIPAL
INTEREST
PAYMENT
$
310,000.00
$
310,000.00
300,000.00
300,000.00
290,000.00
290,000.00
280,000.00
280,000.00
270,000.00
270,000.00
260,000.00
260,000.00
250,000.00
250,000.00
240,000.00
240,000.00
230,000.00
230,000.00
220,000.00
220,000.00
210,000.00
210,000.00
200,000.00
200,000.00
190,000.00
190,000.00
180,000.00
180,000.00
165,000.00
165,000.00
150,000.00
150,000.00
135,000.00
135,000.00
120,000.00
120,000.00
02/01/24
08/01/24
02/01/25
08/01/25
02/01/26
08/01/26
02/01/27
08/01/27
02/01/28
08/01/28
02/01/29
08/01/29
02/01/30
08/01/30
02/01/31
08/01/31
02/01/32
08/01/32
02/01/33
08/01/33
02/01/34
08/01/34
02/01/35
08/01/35
02/01/36
08/01/36
02/01/37
08/01/37
02/01/38
08/01/38
02/01/39
08/01/39
02/01/40
08/01/40
02/01/41
08/01/41
$
4,943.75
$
4.943.75
4.693.75
4.693.75
4.443.75
4.443.75
4.193.75
4.193.75
3.943.75
3.943.75
3.693.75
3.693.75
3.593.75
3.593.75
3.493.75
3,493.75
3,387.50
3,387.50
3,275.00
3,275.00
3,150.00
3,150.00
3,000.00
3,000.00
2,850.00
2,850.00
2,700.00
2,700.00
2,475.00
2,475.00
2,250.00
2,250.00
2,025.00
2,025.00
1,800.00
1,800.00
4.943.75
14.943.75
4.693.75
14.693.75
4.443.75
14.443.75
4.193.75
14.193.75
3.943.75
13.943.75
3.693.75
13.693.75
3.593.75
13.593.75
3.493.75
13.493.75
3,387.50
13,387.50
3,275.00
13,275.00
3,150.00
13,150.00
3,000.00
13,000.00
2,850.00
12,850.00
2,700.00
17,700.00
2,475.00
17,475.00
2,250.00
17,250.00
2,025.00
17,025.00
1,800.00
16,800.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
10,000.00
15,000.00
15,000.00
15,000.00
15,000.00
15,000.00
"D-21"
SHEET #9.1
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
MATURITY SCHEDULE - HERON ROAD SEWER MAIN REPLACEMENT
$335.000.00 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST
LOAN
BALANCE
DUE
PRINCIPAL
INTEREST
PAYMENT
02/01/42
08/01/42
02/01/43
08/01/43
02/01/44
08/01/44
02/01/45
08/01/45
02/01/46
08/01/46
02/01/47
08/01/47
02/01/48
08/01/48
$
$
105,000.00
105,000.00
90,000.00
90,000.00
75,000.00
75,000.00
60,000.00
60,000.00
45,000.00
45,000.00
30,000.00
30,000.00
15,000.00
15,000.00
$
$
1,575.00
1,575.00
1,350.00
1,350.00
1,125.00
1,125.00
900.00
900.00
675.00
675.00
450.00
450.00
225.00
225.00
1,575.00
16,575.00
1,350.00
16,350.00
1,125.00
16,125.00
900.00
15,900.00
675.00
15,675.00
450.00
15,450.00
225.00
15,225.00
15,000.00
15,000.00
15,000.00
15,000.00
15,000.00
15,000.00
15,000.00
TOTAL
$
310,000.00
$
132,425.00
$
442,425.00
"D-21"
SHEET #10
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
MATURITY SCHEDULE - CURLEW/KINGFISHER/BASS SEWER IMPROVEMENTS
$1.783.565.00 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST/FUND
LOAN
BALANCE
DUE
PRINCIPAL
INTEREST
PAYMENT
02/01/24
08/01/24
02/01/25
08/01/25
02/01/26
08/01/26
02/01/27
08/01/27
02/01/28
08/01/28
02/01/29
08/01/29
02/01/30
08/01/30
02/01/31
08/01/31
02/01/32
08/01/32
02/01/33
08/01/33
02/01/34
08/01/34
02/01/35
08/01/35
02/01/36
08/01/36
02/01/37
08/01/37
02/01/38
08/01/38
02/01/39
08/01/39
02/01/40
08/01/40
02/01/41
08/01/41
$
1,762,698.38
1,752,265.07
1,716,398.45
1.705.965.14
1,670,098.52
1,659,665.21
1,623,798.59
1.613.365.28
1,577,498.66
1,567,065.35
1,531,198.73
1,520,765.42
1,479,898.80
1,469,465.49
1,428,598.87
1,418,165.56
1,377,298.94
1,366,865.63
1,325,999.01
1,315,565.70
1,274,699.08
1,264,265.77
1.223.399.15
1,212,965.84
1,167,099.22
1,156,665.91
1.110.799.29
1,100,365.98
1,054,499.36
1,044,066.05
998,199.43
987,766.12
936,899.50
926,466.19
875,599.57
865,166.26
$
10,433.31
$
35,866.62
10,433.31
35,866.62
10,433.31
35,866.62
10,433.31
35,866.62
10,433.31
35.866.62
10,433.31
40.866.62
10,433.31
40,866.62
10,433.31
40,866.62
10,433.31
40,866.62
10,433.31
40,866.62
10,433.31
40.866.62
10,433.31
45.866.62
10,433.31
45,866.62
10,433.31
45,866.62
10,433.31
45.866.62
10,433.31
50.866.62
10,433.31
50,866.62
10,433.31
50,866.62
21,375.00
$
21,375.00
21,000.00
21,000.00
20,625.00
20,625.00
20,250.00
20,250.00
19,875.00
19,875.00
19,500.00
19,500.00
19,000.00
19,000.00
18,500.00
18,500.00
18,000.00
18,000.00
17,500.00
17,500.00
17,000.00
17,000.00
16,500.00
16,500.00
15,875.00
15,875.00
15,250.00
15,250.00
14,625.00
14,625.00
14,000.00
14,000.00
13,250.00
13,250.00
12,500.00
12,500.00
31.808.31
57.241.62
31.433.31
56.866.62
31,058.31
56.491.62
30.683.31
56.116.62
30.308.31
55.741.62
29.933.31
60.366.62
29.433.31
59.866.62
28.933.31
59.366.62
28.433.31
58.866.62
27.933.31
58.366.62
27.433.31
57.866.62
26.933.31
62.366.62
26.308.31
61.741.62
25.683.31
61.116.62
25,058.31
60.491.62
24.433.31
64.866.62
23.683.31
64.116.62
22.933.31
63.366.62
"D-21"
SHEET #10.1
BOROUGH OF TUCKERTQN
WATER - SEWER UTILITY CAPITAL FUND
MATURITY SCHEDULE - CURLEW/KINGFISHER/BASS SEWER IMPROVEMENTS
$1.783.565.00 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST/FUND
LOAN
BALANCE
DUE
PRINCIPAL
INTEREST
PAYMENT
$
814,299.64
$
803,866.33
747,999.71
737,566.40
681,699.78
671,266.47
615,399.85
604,966.54
544,099.92
533,666.61
472,799.99
462,366.68
401,500.06
391,066.75
325,200.13
314,766.82
248,900.20
238,466.89
167,600.27
157,166.96
86,300.34
75,867.03
02/01/42
08/01/42
02/01/43
08/01/43
02/01/44
08/01/44
02/01/45
08/01/45
02/01/46
08/01/46
02/01/47
08/01/47
02/01/48
08/01/48
02/01/49
08/01/49
02/01/50
08/01/50
02/01/51
08/01/51
02/01/52
08/01/52
10,433.31
$
55,866.62
10,433.31
55,866.62
10,433.31
55.866.62
10,433.31
60.866.62
10,433.31
60,866.62
10,433.31
60,866.62
10,433.31
65,866.62
10,433.31
65.866.62
10,433.31
70.866.62
10,433.31
70,866.62
10,433.31
75,867.03
11,750.00
$
11,750.00
10,875.00
10,875.00
10,000.00
10,000.00
9,125.00
9,125.00
8,125.00
8,125.00
7,125.00
7,125.00
6,125.00
6,125.00
5,000.00
5,000.00
3,875.00
3,875.00
2,625.00
2,625.00
1,375.00
1,375.00
22.183.31
67.616.62
21.308.31
66.741.62
20.433.31
65.866.62
19.558.31
69.991.62
18.558.31
68.991.62
17.558.31
67.991.62
16.558.31
71.991.62
15.433.31
70.866.62
14.308.31
74.741.62
13,058.31
73.491.62
11.808.31
77,242.03
TOTAL
$
1,762,698.38
$
781,250.00
$
2,543,948.38
"D-21"
SHEET #11
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
MATURITY SCHEDULE - CURLEW/KINGFISHER/BASS ROAD WATER SYSTEM
$470.622.00 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST/FUND
LOAN
BALANCE
DUE
PRINCIPAL
INTEREST
PAYMENT
$
02/01/24
08/01/24
02/01/25
08/01/25
02/01/26
08/01/26
02/01/27
08/01/27
02/01/28
08/01/28
02/01/29
08/01/29
02/01/30
08/01/30
02/01/31
08/01/31
02/01/32
08/01/32
02/01/33
08/01/33
02/01/34
08/01/34
02/01/35
08/01/35
02/01/36
08/01/36
02/01/37
08/01/37
02/01/38
08/01/38
02/01/39
08/01/39
02/01/40
08/01/40
02/01/41
08/01/41
$
465,102.41
462,342.62
451,823.03
449,063.24
438,543.65
435,783.86
425,264.27
422,504.48
411,984.89
409,225.10
398,705.51
395,945.72
385,426.13
382,666.34
372,146.75
369,386.96
358,867.37
356,107.58
345,587.99
342,828.20
332,308.61
329,548.82
319,029.23
316,269.44
305,749.85
302,990.06
292,470.47
289,710.68
279,191.09
276,431.30
265,911.71
263,151.92
252,632.33
249,872.54
234,352.95
231,593.16
2,759.79
$
10,519.59
2,759.79
10,519.59
2,759.79
10,519.59
2,759.79
10,519.59
2,759.79
10,519.59
2,759.79
10,519.59
2,759.79
10,519.59
2,759.79
10,519.59
2,759.79
10,519.59
2,759.79
10,519.59
2,759.79
10,519.59
2,759.79
10,519.59
2,759.79
10,519.59
2,759.79
10,519.59
2,759.79
10,519.59
2,759.79
10.519.59
2,759.79
15.519.59
2,759.79
15,519.59
5,625.00
$
5,625.00
5,500.00
5,500.00
5,375.00
5,375.00
5,250.00
5,250.00
5,125.00
5,125.00
5,000.00
5,000.00
4,875.00
4,875.00
4,750.00
4,750.00
4,625.00
4,625.00
4,500.00
4,500.00
4,375.00
4,375.00
4,250.00
4,250.00
4,125.00
4,125.00
4,000.00
4,000.00
3,875.00
3,875.00
3,750.00
3,750.00
3,625.00
3,625.00
3,375.00
3,375.00
8.384.79
16.144.59
8.259.79
16,019.59
8.134.79
15.894.59
8,009.79
15.769.59
7.884.79
15.644.59
7.759.79
15.519.59
7.634.79
15.394.59
7.509.79
15.269.59
7.384.79
15.144.59
7.259.79
15,019.59
7.134.79
14.894.59
7,009.79
14.769.59
6.884.79
14.644.59
6.759.79
14.519.59
6.634.79
14.394.59
6.509.79
14.269.59
6.384.79
19.144.59
6.134.79
18.894.59
"D-21"
SHEET #11.1
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
MATURITY SCHEDULE - CURLEW/KINGFISHER/BASS ROAD WATER SYSTEM
$470.622.00 NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST/FUND
LOAN
BALANCE
DUE
PRINCIPAL
INTEREST
PAYMENT
$
216,073.57
$
213,313.78
197,794.19
195,034.40
179,514.81
176,755.02
161,235.43
158,475.64
142,956.05
140,196.26
124,676.67
121,916.88
106,397.29
103,637.50
88,117.91
85,358.12
69,838.53
67,078.74
46,559.15
43,799.36
23,279.77
20,519.98
02/01/42
08/01/42
02/01/43
08/01/43
02/01/44
08/01/44
02/01/45
08/01/45
02/01/46
08/01/46
02/01/47
08/01/47
02/01/48
08/01/48
02/01/49
08/01/49
02/01/50
08/01/50
02/01/51
08/01/51
02/01/52
08/01/52
2,759.79
$
15,519.59
2,759.79
15,519.59
2,759.79
15,519.59
2,759.79
15,519.59
2,759.79
15,519.59
2,759.79
15,519.59
2,759.79
15,519.59
2,759.79
15.519.59
2,759.79
20.519.59
2,759.79
20,519.59
2,759.79
20,519.98
$
3,125.00
3,125.00
2,875.00
2,875.00
2,625.00
2,625.00
2,375.00
2,375.00
2,125.00
2,125.00
1,875.00
1,875.00
1,625.00
1,625.00
1,375.00
1,375.00
1,125.00
1,125.00
750.00
750.00
375.00
375.00
5.884.79
18.644.59
5.634.79
18.394.59
5.384.79
18.144.59
5.134.79
17.894.59
4.884.79
17.644.59
4.634.79
17.394.59
4.384.79
17.144.59
4.134.79
16.894.59
3.884.79
21.644.59
3.509.79
21.269.59
3.134.79
20,894.98
TOTAL
$
465,102.41
$
204,500.00
$
669,602.41
"D-22"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF IMPROVEMENT AUTHORIZATIONS
BALANCE
BALANCE
DECEMBER 31, 2023
ORDINANCE
NUMBER
ORDINANCE
DECEMBER 31, 2022
PAID OR
CHARGED
IMPROVEMENT DESCRIPTION
DATE
AMOUNT
FUNDED
UNFUNDED
FUNDED
UNFUNDED
Acquire and Install Computers and Related
Equipment
Anchor Avenue Project
Acquire Two Wellhead Shelters
Acquisition of Equipment for Stormwater
Regulation Compliance
Various Water - Sewer Capital Projects
Replacement of Water Mains
Various Water System Improvements
Heron Road Sewer Main Replacement
Water System Improvements
Sewer System Improvements
Refurbishing of Wells #3 and #4
14-01
07/16/01
06/02/03
09/08/04
$
8,000.00
30,000.00
120,000.00
$
$
928.16
7,898.64
3,188.92
$
$
928.16
7,898.64
3,188.92
$
04-03
19-04
07-05
05/02/05
05/02/11
06/17/14
07/06/15
12/18/17
04/19/21
04/19/21
10/17/22
170,000.00
64,490.06
1,260,000.00
83,416.39
2,025,000.00
1,675,000.00
3,240,000.00
250,000.00
10,363.84
266.69
224,965.84
42,715.97
10,363.84
266.69
224,965.84
42,715.97
07-11
03-14
10-15
06-17
08-21
09-21
07-22
11,520.00
422,337.52
1,456,435.00
250,000.00
11,520.00
416,306.10
1,456,435.00
28,600.15
6,031.42
177,035.34
177,035.34
221,399.85
$
467,363.40
$
2,140,292.52
$
227,431.27
$
467,363.40
$
1,912,861.25
REF.
D
D
D
D
Disbursements
Reserve for Encumbrances
D-5
$
159,485.27
67,946.00
D-15
$
227,431.27
”0-23”
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
REF.
$
22,572.87
Balance, December 31, 2022 and 2023
D
"D-24"
SCHEDULE OF RESERVE FOR IMPROVEMENTS
TO WATER SYSTEM
$
5,451.49
Balance, December 31, 2022 and 2023
D
,,D-25"
SCHEDULE OF RESERVE FOR AMORTIZATION
$
19,330,215.46
Balance, December 31, 2022
D
Increased by:
Serial Bonds Paid by Operating Budget
Bond Anticipation Notes Paid by Operating Budget
NJ EIT Loans Paid by Operating Budget
Budget Appropriation - Cost of Improvements Authorized:
Ordinance #'s 3, 4 and 5 of 2014
D-19
$
360,000.00
50,000.00
303,646.11
D-20
D-21
7,000.00
D-5
720,646.11
$
20,050,861.57
D
Balance, December 31, 2023
"D-26"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF DEFERRED RESERVE FOR AMORTIZATION
BALANCE
DECEMBER
31. 2022 & 2023
DATE OF
ORDINANCE
ORDINANCE
NUMBER
IMPROVEMENT DESCRIPTION
Acquire and Install Computers and
Related Equipment
Anchor Avenue Project
Acquire Two Wellhead Shelters
Acquisition of Equipment for Stormwater
Regulation Compliance
Various Water - Sewer Capital Projects
Reserve for Improvements to Water System
Replacement of Water Mains
Various Water System Improvements
Sewer System Improvements
14-01
$
07/16/01
06/02/03
09/08/04
928.16
7,898.64
3,188.92
04-03
19-04
07-05
10,363.84
266.69
5,451.49
224,965.84
42,715.97
177,035.34
05/02/05
05/02/11
07-11
2011
2011
06/17/14
07/06/15
04/19/21
03-14
10-15
09-21
$
472,814.89
REF.
D
"D-27"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF NJE1T INTERIM CONSTRUCTION NOTE
REF.
Increased by:
Receipts
$
221,799.00
D-5
Balance, December 31, 2023
$
221,799.00
D
"D-28"
BOROUGH OF TUCKERTON
WATER - SEWER UTILITY CAPITAL FUND
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
BALANCE
DECEMBER
31.2023
ORDINANCE
NUMBER
IMPROVEMENT DESCRIPTION
04-14
05-14
06-17
07-17
08-21
09-21
07-22
Replacement of Sewer Mains
Repainting of the Water Tank
Heron Road Sewer Main Replacement
Heron Road Water Main Replacement
Water System Improvements
Sewer System Improvements
Refurbishing of Wells #3 and #4
$
497.10
231,468.74
75,432.42
32,830.23
618,947.00
1,456,435.00
28,201.00
$
2,443,811.49
REF.
D
mm/wm
VKmmma
BOROUGH OF TUCKERTON
PART II
STATISTICAL DATA
OFFICIALS IN OFFICE AND SURETY BONDS
COMMENTS AND RECOMMENDATIONS
YEAR ENDED DECEMBER 31. 2023
wy/yw#
'yyyy/yy/y/yy^
yyyy^
yyyyy/y^
yyy^
y
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGES IN FUND BALANCE - CURRENT FUND
YEAR 2022
YEAR 2023
%
%
AMOUNT
AMOUNT
REVENUE AND OTHER INCOME REALIZED
1.01%
0.14%
$
129,430.62
$
18,830.55
Fund Balance Utilized
Miscellaneous-From Other Than Local
Property Tax Levies
Collection of Delinquent Taxes and
Tax Title Liens
Collection of Current Tax Levy
10.98%
1,420,102.70
11.39%
1,615,704.71
1.42%
86.60%
2.40%
86.08%
183,883.00
11,202,644.74
341,221.19
12,215,294.15
100.00%
100.00%
$
12,936,061.06
$
14,191,050.60
TOTAL INCOME
EXPENDITURES
Budget Expenditures:
Municipal Purposes
County Taxes
Local District School Taxes
Regional School District Taxes
Other Expenditures
37.39%
14.12%
24.91%
21.12%
2.46%
37.87%
14.82%
24.48%
22.22%
0.61%
$
4,844,909.26
1,830,502.30
3,228,125.93
2,736,802.00
319,030.15
$
5,232,547.80
2,047,303.91
3,382,522.00
3,070,516.00
84,052.77
100.00%
$
12,959,369.64
100.00%
TOTAL EXPENDITURES
$
13,816,942.48
$
(23,308.58)
$
374,108.12
Excess in Revenue/(Deficit) in Operations
Adjustments to Income before Fund Balance:
Expenditures included above which are by Statute
Deferred Charges to Budget of Succeeding Year
Operating Deficit to be Raised in
Budget of Succeeding Year
Statutory Excess in Fund Balance
90,760.41
23,308.58
464,868.53
169,270.16
39,839.54
Fund Balance, January 1
169,270.16
504,708.07
129,430.62
18,830.55
Less: Utilization as Anticipated Revenue
$
39,839.54
$
485,877.52
Fund Balance, December 31
47
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGES IN FUND BALANCE - WATER - SEWER UTILITY FUND
YEAR 2023
YEAR 2022
%
AMOUNT
%
AMOUNT
REVENUE AND OTHER INCOME REALIZED
$
10,707.84
3,079,100.10
$
0.33%
96.16%
0.00%
95.62%
Fund Balance Utilized
Collection of Water - Sewer Rents
Miscellaneous - Other Than Water -
Sewer Rents
2,415,819.87
3.50%
110,782.55
4.38%
112,205.59
TOTAL INCOME
$ 3,202,013.53
$ 2,526,602.42
100.00%
100.00%
EXPENDITURES
Budget Expenditures:
Operating
Debt Service
Deferred Charges and Statutory
Expenditures
Other Expenditures
$ 1,869,130.10
896,757.35
$ 1,588,487.00
844,550.99
62.80%
30.13%
61.63%
32.76%
6.92%
0.16%
144,574.85
5.61%
0.00%
205,852.78
4,778.13
TOTAL EXPENDITURES
$ 2,976,518.36
$ 2,577,612.84
100.00%
100.00%
$
$
(51,010.42)
Deficit in Operations
Excess in Revenue
Adjustments to Income before Fund Balance:
Expenditures included above which are by Statute
Deferred Charges to Budget of Succeeding Year
Operating Deficit to be Raised in
Budget of Succeeding Year
Fund Balance, January 1
225,495.17
120,000.00
51,010.42
10,707.84
10,707.84
356,203.01
10,707.84
Less: Utilization as Anticipated Revenue
10,707.84
$
10,707.84
$
345,495.17
Fund Balance, December 31
48
COMPARATIVE SCHEDULE OF TAX RATE INFORMATION
2023
2022
2021
Tax Rate
$
2.822
$
2.642
$
2.595
Appointment of Tax Rate:
Municipal
.893
.836
.776
County
.462
.420
.413
Local School
.769
.754
.762
Regional School
.698
.632
.644
Assessed Valuation:
$
440,097,500.00
Year 2023
Year 2022
Year 2021
$
432,978,800.00
$
425,252,800.00
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
COLLECTIONS
OF
YEAR
TAX LEVY
COLLECTION
2023
$12,493,261.36
11,540,955.34
11,135,156.27
$12,215,294.15
11,204,122.70
10,869,798.51
97.77%
97.06%
97.91%
2022
2021
49
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
TAX TITLE
LIENS
AMOUNT OF
DELINQUENT
TAXES
PERCENTAGE
OF TAX
LEVY
DECEMBER
31. YEAR
TOTAL
DELINQUENT
2023
$323,534.38
272,572.23
272,446.02
$216,971.19
337,084.25
173,354.51
$540,505.57
609,656.48
445,800.53
4.33%
5.28%
4.00%
2022
2021
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
$331,450.00
331,450.00
330,250.00
2023
2022
2021
COMPARISON OF WATER UTILITY LEVIES
CASH
COLLECTION
YEAR
LEVY
$ 1,258,114
892,853
851,288
2023
$1,135,607
853,126
860,612
2022
2021
COMPARISON OF SEWER UTILITY LEVIES
CASH
COLLECTION
YEAR
LEVY
$2,062,301
1,638,966
1,579,515
2023
$1,943,493
1,562,694
1,587,112
2022
2021
50
COMPARATIVE SCHEDULE OF FUND BALANCES
UTILIZED IN BUDGET
OF SUCCEEDING
YEAR
BALANCE
DECEMBER 31
YEAR
Current Fund
$
485,877.52
$
39,839.54
169,270.16
643,714.97
451,373.22
2023
330,000.00
18,830.55
129,430.62
479,751.29
361,268.22
2022
2021
2020
2019
Water-Sewer Utility Operating Fund
$
2023
345,495.17
$
10,707.84
10,707.84
50.00
160,245.00
86,267.36
10,707.84
2022
2021
0.00
2020
0.00
2019
160,195.00
EQUALIZED VALUATIONS- REAL PROPERTY
YEAR
AMOUNT
$
2023
651,031,805.00
556,170,584.00
469,270,360.00
2022
2021
51
OFFICIALS IN OFFICE AND SURETY BONDS
The following officials were in office during the period under audit:
AMOUNT
OF BOND
NAME OF
SURETY
NAME
TITLE
Susan R. Marshall
Samuel C. Colangelo
Frank D'Amore
Michael E. Dupuis
Brian Martin
Ronald L. Peterson
Suzanne Taylor
Keith Vreeland
Jenny Gleghorn
Mayor
Council President
Councilman
Councilman From 6/5/23
Councilman
Councilman
Councilwoman Resigned in May of 2023
Councilman
Clerk/Assessment Search Officer
Borough Administrator
Chief Financial Officer
Tax Collector/Tax Search Officer (Shared Service-
Lacey Twp.)
Deputy Tax Collector
Water-Sewer Utility Collector to 11/17/23
Municipal Court Judge
Municipal Court Administrator
Attorney
Engineer
$
1,000,000.00
1,000,000.00
MEL/JIF
MEL/JIF
Garrett K. Loesch
Allison Varrelmann
1,000,000.00
1,000,000.00
1,000,000.00
1,000,000.00
1,000,000.00
MEL/JIF
MEL/JIF
MEL/JIF
MEL/JIF
MEL/JIF
Joseph lacono
Jennifer L. Docherty
Mark Schneider
Katie E. Lange
Christopher J. Connors
Frank J. Little, Jr.
*Borough employees, other than the Chief Financial Officer, Tax/Utility Collectors, Judge and
Court Administrator, were covered by blanket bonds of the Municipal Excess Liability and Joint
Insurance Funds for a total amount of $1,000,000.00.
52
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, 2015, 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 threshold within the fiscal year. Where
questions arise 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:
Engineering Services for Rehabilitation of Wells #3 and #4
Rehabilitation of Wells #3 and #4
Lanyard Lagoon Living Shoreline Project
Road Reconstruction - Lake Street
Road Reconstruction - Bass Road
Vac-Con Vac Truck Compressor Assembly
Emergency Water and Sewer Repairs
Emergency Electrical and Mechanical Repairs
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:
Appraiser
Attorneys
Auditor
Bond Counsel
53
GENERAL COMMENTS(CONTINUED')
Consultant Services
Engineers
Financial Advisor
Information Technology Support
Municipal Prosecutor
Public Defender
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, 2023 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.
54
GENERAL COMMENTS (CONTINUED)
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:
NUMBER OF LIENS
YEAR
20
2023
22
2022
2021
24
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:
NUMBER MAILED
TYPE
Payment of 2023 Taxes
Payment of 2023 Water/Sewer Rents
Delinquent Taxes
Delinquent Water/Sewer Utility Rents
50
50
50
25
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.
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 2023.
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.
55
GENERAL COMMENTS (CONTINUED)
MISCELLANEOUS (CONTINUED)
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.
OTHER COMMENTS
REALIZED REVENUES
Municipal Court and Uniform Construction Code Revenues have begun to rebound in
2023 from 2022 levels.
Court Revenues are up by about 22% from 2022.
Uniform
Construction Code Revenue is up by about 10% from 2022.
FOLLOW-UP OF PRIOR YEAR FINDINGS
In accordance with Government Auditing Standards, our procedures included a review of
all prior year findings.
22-01 Finding - Tax sale premiums per the Borough’s computerized accounting system are
not in agreement with the cash on deposit at year-end. Differences have been identified,
and a plan is in place to resolve this issue. The money flowed to the current fund when it
should have stayed in the Trust Fund.
22-02 Finding - Internal controls over financial reporting in the tax/utility billing and collection
function were deficient in so far as they did not prevent or detect and correct 20 items
amounting to approximately $8,312.95. The Borough has collected the aforementioned
amount through restitution from an employee who is no longer employed by the
Borough.
In addition, utility billings made for excess usage were incorrect in so far as
the most currently adopted excess rates were not used, but rather the rates reflected in
the prior approved rate schedule were used in billing the excess usage. The correct rate
structure for utility billings is now in place.
Further, a less than aggressive attitude
towards increasing the collection rate was in place which resulted in a lower-than-normal
percentage of collection rate and a higher than normal delinquency rate. The collection
rate has improved as a result of both stronger oversight and changes in the utility office
personnel.
22-03 Finding - Deferred charges which are required to be raised in the subsequent year’s
budget were established as a result of operating deficits occurring in both the current
and utility operating funds. These deferred charges were raised in the subsequent
year’s budget.
22-04 Finding - A deferred charge required to be raised in the succeeding year’s budget was
established as a result of an expenditure without appropriation that was identified during
the period under audit in the amount of $2,918.54. This deferred charge was raised in
the subsequent year’s budget. However, new deferred charges for expenditures without
appropriation have been established for expenditures occurring during the period under
audit. Accordingly, the current year’s findings include a similar finding on this subject.
56
FOLLOW-UP OF PRIOR YEAR FINDINGS (CONTINUED)
CURRENT YEAR FINDINGS
23-01 Finding - Cash
receipts
entries
are
not
being
posted
based
on
a
consistent
methodology within the accounting system.
Criteria - Various cash receipt methods are being used to enter cash receipts within
the accounting system. The methods include: GL Batches, Cash Receipts Batches and
Revenue Batches. The result is that it becomes difficult
to prove
out cash
when
reconciling the cash receipts with the
revenues
and
renders
certain
computer
generated reports unusable.
23-02 Finding - Appropriation ledgers were not properly maintained resulting in both the
overexpenditure of an appropriation line item and expenditures without appropriation.
Criteria - The adopted budget for employee group health was not entered into the
accounting system correctly leading one to believe that there was more money available
in the line item than was actually available. This resulted in an overexpenditure of the
line item. In addition, there were expenditures made that did not appear to have been
recorded in the accounting system. Accordingly, deferred charges were established that
were required to be raised in the budget of the succeeding year. The monthly routine
should include making sure that everything is entered correctly and completely. In-so-far
as this is a one-person office, this was not discovered until the books were audited.
23-03 Finding - Budget line items for Shared Services Agreements relating to clerk,
department of public works, zoning and school resource officer were not established in
the accounting system.
Criteria - Rather than establishing these line items as outside cap appropriations with an
offsetting revenue, the monies were posted as a budget reimbursement to an inside cap
appropriation.
With the Borough being the lead agency, these items should be
established in the correct manner in future budgets.
23-04 Finding - PERS Reports of Contributions were prepared incorrectly resulting in an
overpayment of employee contributions to the State and requiring a request for
reimbursement.
Criteria - When preparing the reports of contribution, the pensionable wages
were not adjusted to reflect employees that were terminated during a particular
quarter.
Prior to submitting the reports of contribution, the reports should be
compared with the payroll summary for any given quarter to eliminate the need to
request a refund of an overpayment.
57
RECOMMENDATIONS
That cash receipts entries be posted based on a consistent methodology within the accounting
system.
That appropriation ledgers be properly maintained so as to prevent overexpenditure of
appropriations and expenditure without appropriation.
That budget line items for Shared Services Agreements be established and reflected in the
Borough’s Certified Budget Document.
That PERS Reports of Contributions be accurately prepared to reflect correct terminations of
employees.
58
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