FY23 Audit Report

The City of Union City's audit report, conducted for the years ended June 30, 2023 and 2022, reveals the City's financial position and changes in fund balance on a regulatory basis, as prescribed by the New Jersey Division of Local Government Services. This basis differs from U.S. Generally Accepted Accounting Principles (GAAP). The report includes comparative balance sheets, statements of operations, revenues, and appropriations for the Current Fund, and changes in fund balance for the General Capital Fund. The fiscal year ending June 30, 2023 will be the City’s final fiscal year ending on June 30. The City is reverting to a fiscal year based on a calendar year, the first of which will encompass the period January 1, 2024 through December 31, 2024. In order to implement this reversion, the City will have a six month Transition Year for the period July 1, 2023 through December 31, 2023. Key areas of focus within the audit encompass the Current Fund, Federal and State Grants Fund, General Capital Fund, General Fixed Assets, and Trust Funds, including Animal Control, Community Development Agency, and Public Defender Trust Funds. The audit evaluates internal controls over financial reporting and compliance with applicable laws and regulations. Several audit findings, along with comments and recommendations, are detailed within the report, requiring the City to submit a corrective action plan to the Division of Local Government Services.