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Executive Summary

The document is the Report on Examination of Accounts for the Township of West Caldwell, New Jersey, for the year 2024. Prepared by Samuel Klein and Company, LLP, Certified Public Accountants, it includes an independent auditor's report, financial statements for various funds (Current Fund, Trust Fund, General Capital Fund, Water Utility, Swimming Pool Utility, and Public Assistance Trust Fund), notes to the financial statements, and supplementary data. The report provides a comparative analysis of the Township's financial position and operations between 2024 and 2023.

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Document Text

--- Document: Audit Document ---
TOWNSHIP OF WEST CALDWELL
COUNTY OF ESSEX
NEW JERSEY
REPORT ON
EXAMINATION OF ACCOUNTS
FOR THE YEAR 2024
SAMUEL KLEIN AND COMPANY, LLP
CERTIFIED PUBLIC ACCOUNTANTS
TOWNSHIP OF WEST CALDWELL
COUNTY OF ESSEX, NEW JERSEY
CONTENTS
PART I
Independent Auditor's Report.
FINANCIAL STATEMENTS
CURRENT FUND
PAGE
2
EXHIBIT
A
Comparative Balance Sheet - Regulatory Basis
5
A-1
Comparative Operations and Changes in Fund Balance - Regulatory Basis
7
A-2
Revenue - Regulatory Basis......
8
A-2a
Revenue - Analysis of Miscellaneous Revenue - Regulatory Basis
9
A-2b
Revenue - Analysis of Other Licenses - Regulatory Basis
10
A-2c
Revenue - Analysis of Tax Revenue - Regulatory Basis
11
A-2d
Revenue - Analysis of Other Revenue - Regulatory Basis
12
A-2e
Revenue - Analysis of Nonbudget Revenue - Regulatory Basis.
13
A-3
Expenditures - Regulatory Basis
14
TRUST FUND
B
Comparative Balance Sheet - Regulatory Basis
22
GENERAL CAPITAL FUND
C
Comparative Balance Sheet - Regulatory Basis
24
C-1
Fund Balance - Regulatory Basis...
25
D
D-1
D-2
D-3
D-4
E
E-1
E-2
E-3
E-4
WATER UTILITY
Comparative Balance Sheet - Regulatory Basis.
Comparative Operations and Changes in Fund Balance - Regulatory Basis
Fund Balance - Capital Fund - Regulatory Basis..
Revenue - Regulatory Basis.
Expenditures - Regulatory Basis
SWIMMING POOL UTILITY
Comparative Balance Sheet - Regulatory Basis
Comparative Operations and Changes in Fund Balance - Regulatory Basis
Fund Balance - Capital Fund - Regulatory Basis..
Revenue - Regulatory Basis.
Expenditures - Regulatory Basis
ii
26
28
29
30
31
32
34
35
36
37
EXHIBIT
F
G
FINANCIAL STATEMENTS
(Continued)
PUBLIC ASSISTANCE TRUST FUND
Comparative Balance Sheet - Regulatory Basis
CAPITAL FIXED ASSETS
Comparative Balance Sheet - Regulatory Basis..
NOTES TO FINANCIAL STATEMENTS
SUPPLEMENTARY DATA
PAGE
38
39
40-71
CURRENT FUND
A-4
Cash Receipts, Disbursements and Reconciliation - Treasurer
72
A-5
Cash Receipts, Disbursements and Reconciliation - Tax Collector.
73
A-6
Change Funds
74
A-7
A-8
Due from State of New Jersey Per Chapter 129, P.L. 1976
Taxes Receivable and Analysis of Property Tax Levy
75
76
A-9
Tax Title Liens
77
A-10
Property Acquired for Taxes at Assessed Valuation..
77
A-11
Sewer Rentals Receivable
78
A-12
Revenue Accounts Receivable
79
A-13
Other Accounts Receivable.
81
A-14
Interfunds Receivable.
82
A-15
Federal and State Grants Receivable
83
A-16
Appropriation Reserves
85
A-17
Reserve for Master Plan.
90
A-18
Reserve for Revaluation
90
A-19
Reserve for Municipal Relief Fund
90
A-20
Accounts Payable..
91
A-21
Tax Overpayments
92
A-22
Sewer Rent Overpayments
92
A-23
Interfunds Payable - Current Fund.
93
A-24
Interfunds Payable - Federal and State Grant Fund
94
A-25
County Taxes Payable
95
A-26
Local School District Taxes Payable.
95
A-27
Prepaid Taxes
96
A-28
Prepaid Revenue.
96
A-29
Accumulated Revenue - Unappropriated
97
A-30
Federal and State Grant Programs Appropriated
98
iii
EXHIBIT
F
G
FINANCIAL STATEMENTS
(Continued)
PUBLIC ASSISTANCE TRUST FUND
Comparative Balance Sheet - Regulatory Basis
CAPITAL FIXED ASSETS
Comparative Balance Sheet - Regulatory Basis..
NOTES TO FINANCIAL STATEMENTS
SUPPLEMENTARY DATA
PAGE
38
39
40-71
CURRENT FUND
A-4
Cash Receipts, Disbursements and Reconciliation - Treasurer
72
A-5
Cash Receipts, Disbursements and Reconciliation - Tax Collector.
73
A-6
Change Funds
74
A-7
A-8
Due from State of New Jersey Per Chapter 129, P.L. 1976
Taxes Receivable and Analysis of Property Tax Levy
75
76
A-9
Tax Title Liens
77
A-10
Property Acquired for Taxes at Assessed Valuation..
77
A-11
Sewer Rentals Receivable
78
A-12
Revenue Accounts Receivable
79
A-13
Other Accounts Receivable.
81
A-14
Interfunds Receivable.
82
A-15
Federal and State Grants Receivable
83
A-16
Appropriation Reserves
85
A-17
Reserve for Master Plan.
90
A-18
Reserve for Revaluation
90
A-19
Reserve for Municipal Relief Fund
90
A-20
Accounts Payable..
91
A-21
Tax Overpayments
92
A-22
Sewer Rent Overpayments
92
A-23
Interfunds Payable - Current Fund.
93
A-24
Interfunds Payable - Federal and State Grant Fund
94
A-25
County Taxes Payable
95
A-26
Local School District Taxes Payable.
95
A-27
Prepaid Taxes
96
A-28
Prepaid Revenue.
96
A-29
Accumulated Revenue - Unappropriated
97
A-30
Federal and State Grant Programs Appropriated
98
iii
SUPPLEMENTARY DATA
(Continued)
TRUST FUND
EXHIBIT
PAGE
B-1
B-2
Cash Receipts, Disbursements and Reconciliations - Treasurer.
Cash Receipts and Disbursements - Tax Collector
100
102
B-3
Cash Receipts, Disbursements and Reconciliation - Treasurer - Savings
Accounts
103
B-4
Cash Receipts, Disbursements and Reconciliation - Treasurer - Developer
Escrow Account.
104
B-5
Other Accounts Receivable
105
B-6
Due from Municipal Court.
105
B-7
Interfunds Receivable...
106
B-8
Special Deposits.
107
B-9
Special Programs
108
B-10
Due to State of New Jersey.
109
B-11
Payroll Deductions Payable
110
B-12
Premiums on Tax Sale
111
B-13
Interfunds Payable
111
B-14
Prepaid Licenses
112
B-15
Reserve for Animal Control Trust Fund Expenditures.
113
B-16
Reserve for State Unemployment Insurance Trust Fund Expenditures.
114
GENERAL CAPITAL FUND
C-2
Cash Receipts, Disbursements and Reconciliation - Treasurer
115
C-3
Analysis of Capital Cash
118
C-4
Grants Receivable
123
C-5
Loans Receivable
124
C-6
Other Accounts Receivable
125
C-7
Deferred Charges to Future Taxation - Funded
126
C-8
Deferred Charges to Future Taxation - Unfunded.
127
C-9
Improvement Authorizations...
130
C-10
Capital Improvement Fund
136
C-11
Interfunds Payable
137
C-12
Reserve for Debt Service
137
C-13
Reserve for Grants Receivable
138
C-14
Reserve for Other Accounts Receivable
139
C-15
Reserve for Other Contributions...
139
C-16
Reserve for Future Improvements.
140
C-17
Bond Anticipation Notes
141
C-18
Essex County Improvement Authority Loan Payable.
142
C-19
Serial Bonds
143
C-20
Bonds and Notes Authorized but Not Issued
144
WATER UTILITY
D-5
Cash Receipts, Disbursements and Reconciliations - Treasurer.
146
D-6
Cash Receipts and Disbursements - Water Collector.
148
D-7
Analysis of Water Utility Capital Cash and Investments
149
iv
SUPPLEMENTARY DATA
(Continued)
WATER UTILITY
(Continued)
EXHIBIT
PAGE
D-8
Interfunds Receivable.
151
D-9
Consumer Accounts Receivable
152
D-10
Inventory - Materials and Supplies.
152
D-11
Fixed Capital...
153
D-12
Fixed Capital Authorized and Uncompleted.
154
D-13
Appropriation Reserves
156
D-14
Accrued Interest on Notes
157
D-15
Accrued Interest on Bonds
158
D-16
Water Rent Overpayments
159
D-17
Improvement Authorizations.
160
D-18
Capital Improvement Fund
162
D-19
Interfunds Payable
162
D-20
Reserve for Debt Service
163
D-21
Reserve for Amortization...
163
D-22
Reserve for Deferred Amortization
164
D-23
Bond Anticipation Notes
166
D-24
Serial Bonds
167
D-25
Bonds and Notes Authorized but Not Issued
168
SWIMMING POOL UTILITY
E-5
E-6
Cash Receipts, Disbursements and Reconciliations - Treasurer.
Analysis of Capital Cash
170
172
E-7
Interfunds Receivable.
174
E-8
Inventory - Materials and Supplies
175
E-9
Fixed Capital...
176
E-10
Fixed Capital Authorized and Uncompleted.
177
E-11
Appropriation Reserves
179
E-12
Security Deposits...
180
E-13
Accrued Interest on Notes
181
E-14
Improvement Authorizations.
182
E-15
Capital Improvement Fund
183
E-16
Interfunds Payable
184
E-17
Reserve for Preliminary Costs.
185
E-18
Reserve for Amortization.
185
E-19
Reserve for Deferred Amortization..
186
E-20
Serial Bonds
187
E-21
Bonds and Notes Authorized but Not Issued
188
PUBLIC ASSISTANCE TRUST FUND
F-1
Reserve for Expenditures
189
F-2
Reserve for Expenditures - Trust Fund Account #2
190
F-3
Public Assistance Revenue..
191
F-4
Public Assistance Expenditures
192
V
EXHIBIT
SUPPLEMENTARY DATA
(Continued)
PUBLIC ASSISTANCE TRUST FUND
PAGE
F-5
F-6
Cash Receipts and Disbursements - December 31, 2024
Bank Reconciliation - December 31, 2024
193
194
F-7
Due from State of New Jersey
195
F-8
Interfunds Receivable.
196
F-9
Prepaid Revenue.
197
F-10
Due to State of New Jersey..
197
F-11
Interfunds Payable
198
PART II
INDEPENDENT AUDITOR'S REPORT ON INTERNALCONTROL
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
200
SINGLE AUDIT ATTACHMENTS, ROSTER OF OFFIALS,
GENERAL COMMENTS, FINDINGS AND RECOMMENDATIONS
Independent Auditor's Report on Compliance for Each Major Program
and on Internal Control Over Compliance Required by the Uniform
Guidance
202
Schedule of Expenditures of Federal Awards for the Year Ended December 31, 2024
Notes to the Schedule of Expenditures of Federal Awards for the Year Ended
205
December 31, 2024
206
Schedule of Findings and Questioned Costs for the Year Ended December 31, 2024
Roster of Officials for the Year 2024.
207
209
General Comments and Findings
Recommendation....
210
214
vi
PART I
REPORT ON EXAMINATION
FINANCIAL STATEMENTS
NOTES TO FINANCIAL STATEMENTS
AND
SUPPLEMENTARY DATA
YEAR ENDED DECEMBER 31, 2024
1
SAMUEL KLEIN AND COMPANY, LLP
CERTIFIED PUBLIC ACCOUNTANTS
550 BROAD STREET, 11TH FLOOR
NEWARK, N.J. 07102-9969
PHONE (973) 624-6100
FAX (973) 624-6101
36 WEST MAIN STREET, SUITE 303
FREEHOLD, N..J. 07728-2291
PHONE (732) 780-2600
FAX (732) 780-1030
INDEPENDENT AUDITOR'S REPORT
The Honorable Mayor and Members
of the Township Council
Township of West Caldwell
West Caldwell, New Jersey 07006
Opinions
We have audited the financial statements - regulatory basis of the various funds and account groups of the
Township of West Caldwell, in the State of New Jersey, as of and for the years then ended December 31, 2024
and December 31, 2023, and the related notes to the financial statements, as listed in the foregoing table of
contents.
Unmodified Opinion on Regulatory Basis of Accounting
In our opinion, the financial statements - regulatory basis referred to above, present fairly, in all material
respects, the financial position of the various funds of the Township of West Caldwell at December 31, 2024
and 2023, and the results of operations and changes in fund balance, where applicable, of such funds, thereof
for the years then ended, in accordance with accounting principles on the basis of financial reporting provisions
prescribed by the Division of Local Government Services, Department of Community Affairs, State of New
Jersey, as described in Note 1.
Adverse Opinion on U.S. Generally Accepted Accounting Principles
In our opinion, because of the significance of the matter discussed in the "Basis for the Adverse Opinion on
U.S. Generally Accepted Accounting Principles" paragraph, the financial statements - regulatory basis referred
to in the first paragraph, do not present fairly, in conformity with accounting principles generally accepted in the
United States of America, the financial position of the Township as of December 31, 2024 and 2023 and the
results of its operations for the years then ended.
Disclaimer of Opinion on Length of Service Award Program Fund ("LOSAP")
Due to the fact that we were not required by the Division to audit nor were we engaged to audit the LOSAP
financial statements as part of our audit of the Township's financial statements, we do not express an opinion
of the LOSAP financial statements.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America. 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 Township
of West Caldwell, State of New Jersey, 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 audit opinions.
MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS
www.samuelklein-cpa-rma.com
2
Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles
As described in Note 1, the financial statements are prepared by the Township of West Caldwell, State of New
Jersey, on the basis of the financial reporting provisions of the Division of Local Government Services,
Department of Community Affairs, which is a basis of accounting other than accounting principles generally
accepted in the United States of America, to meet the requirements of the Division of Local Government
Services, Department of Community Affairs. 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 and pervasive.
Basis for Disclaimer of Opinion on Length of Service Award Program Fund ("LOSAP")
As discussed in Note 1, the financial statements of the Length of Service Award Program Fund ("LOSAP") have
not been audited, and we are not required by the Division to audit or were we engaged to audit the LOSAP
financial statements as part of our audit of the Township's financial statements. The LOSAP financial activities
are included in the Township's Trust Fund and represent 58.23% and 53.48% of the assets and liabilities,
respectively, of the Township's Trust Funds as of December 31, 2024 and 2023.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with the financial reporting provisions of the Division of Local Government Services, Department of Community
Affairs. Management is also responsible for the design, implementation, and maintenance of internal control
relevant to the preparation and fair presentation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about the Township of West Caldwell, State
of New Jersey'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 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 generally accepted auditing standards and
Government Auditing Standards 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.
In performing an audit in accordance with generally accepted auditing standards and Government Auditing
Standards, 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 Township of West Caldwell, State of New Jersey's internal control.
Accordingly, no such opinion is expressed.
3
Auditor's Responsibilities for the Audit of the Financial Statements (Continued)
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 Township of West Caldwell, State of New Jersey'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 Township of West Caldwell, State of New Jersey's basic financial statements. The accompanying
schedule of expenditures of federal awards, as required by Title 2 U.S. Code of Federal Regulations Part 200,
Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, 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 schedule of expenditures of federal awards are fairly stated, in all material
respects, in relation to the basic financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 24, 2025, on
our consideration of the Township of West Caldwell, State of New Jersey'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 Township of West Caldwell, State of New Jersey'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 the Township of West Caldwell, State of New Jersey's internal
control over financial reporting and compliance.
Samuele hein Compay LLP
SAMUEL KLEIN AND COMPANY, LLP
CERTIFIED PUBLIC ACCOUNTANTS
Joseph of Taccone
JOSEPH J. FACCONE, RMA, PA
Newark, New Jersey
June 24, 2025
4
TOWNSHIP OF WEST CALDWELL
CURRENT FUND
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
A
Sheet #1
ASSETS
Ref.
Balance
Dec. 31, 2024
Balance
Dec. 31, 2023
Current
Cash - Checking Account - Treasurer
A-4
Cash - Checking Account - Tax Collector
Change Funds
A-5
$ 6,433,954.36
5,346,323.38
$ 2,872,899.06
8,254,972.06
A-6
450.00
450.00
11,780,727.74
11,128,321.12
Due from State of New Jersey per Ch. 129,
P.L. 1976
A-7
712.50
556.34
11,781,440.24
11,128,877.46
Receivables and Other Assets with Full
Reserves:
Taxes Receivable
A-8
167,531.53
183,985.68
Tax Title Liens Receivable
A-9
471,629.99
425,405.27
Property Acquired for Taxes -
Assessed Valuations
A-10
15,000.00
15,000.00
Sewer Rentals Receivable
A-11
60,833.96
7,612.68
Revenue Accounts Receivable
A-12
6,441.73
9,278.57
Other Accounts Receivable
A-13
13,073.03
35,676.02
Interfunds Receivable
A-14
8,681.00
243,978.00
743,191.24
920,936.22
12,524,631.48
12,049,813.68
Federal and State Grant Fund
Cash - Checking Account
A-4
408,007.86
765,904.73
Federal and State Grants Receivable
A-15
555,323.63
748,855.87
963,331.49
1,514,760.60
$13,487,962.97
$13,564,574.28
5
TOWNSHIP OF WEST CALDWELL
CURRENT FUND
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
A
Sheet #2
Balance
LIABILITIES, RESERVES AND FUND BALANCE
Ref.
Dec. 31, 2024
Balance
Dec. 31, 2023
Current
Appropriation Reserves:
Encumbered
A-3,16
$
Unencumbered
A-3,16
260,293.20
1,578,257.91
$ 368,202.34
2,716,786.67
Reserve for Master Plan
A-17
800.69
800.69
Reserve for Revaluation
A-18
3,660.43
3,660.43
Reserve for Municipal Relief Fund
A-19
136,685.02
Accounts Payable
A-20
30,714.64
470,981.77
Tax Overpayments
A-21
3,608.27
1,527.93
Sewer Rent Overpayments
A-22
283.81
141.90
Interfunds Payable
A-23
24,208.27
18,578.84
County Taxes Payable
A-25
14,623.47
Prepaid Taxes
A-27
169,174.67
174,496.05
Prepaid Revenue
A-28
15,300.72
6,508.75
2,100,926.08
3,898,370.39
Reserve for Receivables and Other Assets
743,191.24
920,936.22
Fund Balance
A-1
9,680,514.16
7,230,507.07
12,524,631.48
12,049,813.68
Federal and State Grant Fund
Accumulated Revenue Unappropriated
Federal and State Grant Programs
A-29
101,587.82
731,672.93
Appropriated
A-30
861,743.67
963,331.49
783,087.67
1,514,760.60
$13,487,962.97
$13,564,574.28
See accompanying notes to financial statements.
6
TOWNSHIP OF WEST CALDWELL
CURRENT FUND
COMPARATIVE STATEMENTS OF OPERATIONS AND CHANGES
IN FUND BALANCE - REGULATORY BASIS
A-1
Year 2024
Ref.
Year 2023
Revenue and Other Income
Fund Balance Utilized
A-2
Miscellaneous Revenue Anticipated
A-2a
$ 2,075,000.00
7,099,269.37
$ 1,900,000.00
6,840,173.05
Receipts from Current Taxes
A-2c
64,195,602.55
63,302,916.05
Receipts from Delinquent Taxes
A-2c
184,235.68
158,449.78
Nonbudget Revenue
A-2e
1,308,622.26
360,886.27
Other Credits to Income:
Interfund Credits
A-2d
235,297.00
Other Accounts Receivable Realized
A-13
35,593.16
Unexpended Balance of Appropriation
Reserves
A-16
1,825,375.63
73,872.11
76,958,995.65
72,636,297.26
Expenditures and Other Charges
Budget Appropriations:
Operations
19,193,873.84
18,399,987.93
Capital Improvements
200,000.00
175,000.00
Debt Service
3,422,220.03
2,776,003.76
Statutory Expenditures
2,100,381.80
2,007,237.00
A-3
24,916,475.67
23,358,228.69
Interfund Charges
230,153.28
Prior Year Revenue Refund
A-4
1,640.00
14,961.40
Prior Year Deductions Disallowed
A-7
250.00
1,250.00
Reserve for Other Accounts Receivable
14,717.15
Other Accounts Receivable Cancelled
A-23
3,748.97
County Taxes
A-25
11,385,987.92
12,256,552.36
Local School District Taxes
A-26
36,125,886.00
35,043,143.00
72,433,988.56
70,919,005.88
Excess in Revenue
4,525,007.09
1,717,291.38
Fund Balance
Balance January 1
A
7,230,507.07
7,413,215.69
11,755,514.16
9,130,507.07
Decreased by:
Utilized as Anticipated Revenue
A-2
2,075,000.00
1,900,000.00
Balance December 31
A
$ 9,680,514.16
$ 7,230,507.07
See accompanying notes to financial statements.
7
TOWNSHIP OF WEST CALDWELL
CURRENT FUND
STATEMENT OF REVENUE - REGULATORY BASIS
A-2
Budget
Realized
Excess
Ref.
Fund Balance Anticipated
A-1
$ 2,075,000.00
$ 2,075,000.00
$
Miscellaneous Revenue
A-2a
6,682,305.41
7,099,269.37
416,963.96
Receipts from Delinquent Taxes
A-2c
175,000.00
184,235.68
9,235.68
Amount to be Raised by Taxes for
Support of Municipal Budget:
a. Local Tax for Municipal
Purposes
A-8
15,850,712.45
b. Minimum Library Tax
A-8
983,458.78
A-2c
16,834,171.23
17,533,728.63
699,557.40
Budget Totals
A-3
25,766,476.64
26,892,233.68
1,125,757.04
Nonbudget Revenue
A-2e
1,308,622.26
1,308,622.26
$25,766,476.64
$28,200,855.94
$2,434,379.30
See accompanying notes to financial statements.
8
TOWNSHIP OF WEST CALDWELL
CURRENT FUND
STATEMENT OF REVENUE (Continued)
ANALYSIS OF MISCELLANEOUS REVENUE - REGULATORY BASIS
A-2a
Ref.
Budget
Realized
Excess or
(Deficit)
Miscellaneous Revenue
Licenses:
Alcoholic Beverages
A-12
$ 12,688.00
$ 12,938.00
$
250.00
Other
A-2b
7,350.00
14,178.00
6,828.00
Fines and Costs:
Municipal Court
A-12
69,430.00
86,038.14
16,608.14
Interest and Costs on Taxes
A-5
63,450.00
57,783.12
(5,666.88)
Interest on Investments and Deposits
A-2d
725,050.00
1,077,863.92
352,813.92
Sewer Rentals
A-11
1,147,950.00
1,104,073.15
(43,876.85)
Recreation Program Fees
A-12
338,750.00
338,489.16
(260.84)
Township of the Borough of Caldwell:
Share of Recreation Costs