Document Text
--- Document: Audit 2024 Synopsis Document ---
Cash and Investments
Taxes and Liens and Utility Charges Receivable
Property Acquired for Taxes--Assessed Valuation
Accounts Receivable
Fixed Capital - Utility
Fixed Capital Authorized and Uncompleted
Deferred Charges to Future Taxation -- General Capital
Deferred Charges to Revenue of Succeeding Years
Fixed Assets
$
3,910,004.93
179,670.40
1,801,200.00
1,820,700.35
9,367,742.16
2,834,624.73
3,864,818.38
258,498.57
9,343,589.67
$
3,459,989.05
327,005.79
1,801,200.00
681,787.72
8,147,742.16
3,854,624.73
3,689,832.32
398,696.47
9,325,892.67
Bonds, Notes and Loans Payable
Improvement Authorizations
Other Liabilities and Special Funds
Reserve for Certain Assets Receivable
Amortization of Debt for Fixed Capital Acquired or Authorized
Fund Balance
Investment in Fixed Assets
$
9,366,026.71
1,653,666.92
2,381,121.53
2,016,504.53
5,901,852.11
2,718,087.72
9,343,589.67
$
8,802,004.72
1,123,285.93
1,770,908.30
2,160,401.44
5,670,138.04
2,834,139.81
9,325,892.67
SYNOPSIS OF 2024 REPORT OF AUDIT OF THE BOROUGH OF WESTVILLE
COMBINED COMPARATIVE STATEMENTS OF ASSETS, LIABILITIES, RESERVES
AND FUND BALANCE--REGULATORY BASIS
ALL FUNDS
ASSETS
Dec. 31 2024
Dec. 31 2023
Total Assets
$
33,380,849.19
$
31,686,770.91
LIABILITIES, RESERVES
AND FUND BALANCE
Total Liabilities, Reserves and Fund Balance
$
33,380,849.19
$
31,686,770.91
123,767.53
12,707,719.22
72,865.26
98,868.60
12,275,162.49
146,553.05
Budget Expenditures:
Municipal Purposes
County Taxes
Local and Regional School Taxes
Fire District Tax
Interfund Loans Made
Other Debits to Income
6,631,354.92
1,750,957.23
6,872,621.00
620,391.62
4,017.89
61,408.50
6,493,976.95
1,721,828.21
6,603,046.00
589,738.00
1,262.62
3,808.44
COMPARATIVE STATEMENTS OF OPERATIONS AND CHANGES IN
FUND BALANCE -- REGULATORY BASIS
CURRENT FUND
Year 2024
Year 2023
$
600,000.00
$
750,000.00
3,097,735.61
2,725,290.78
Total Income
16,602,087.62
15,995,874.92
Expenditures
Total Expenditures
15,940,751.16
15,413,660.22
197,609.47
67,762.41
Total Adjusted Expenditures
15,743,141.69
15,345,897.81
Statutory Excess to Fund Balance
858,945.93
649,977.11
Fund Balance Jan. 1
1,162,231.65
1,262,254.54
Less:
Utilized as Revenue
Fund Balance Dec. 31
Fund Balance Utilized
Miscellaneous -- From Other Than
Local Property Tax Levies
Collection of Delinquent Taxes
and Tax Title Liens
Collection of Current Tax Levy
Other Credits to Income
Adjustments to Income before Fund Balance:
Expenditures included above which are by Statute
Deferred Charges to Budget of Succeeding Year
Revenue and Other
Income Realized
2,021,177.58
1,912,231.65
600,000.00
750,000.00
$
1,421,177.58
$
1,162,231.65
$
420,000.00
1,548,220.08
$
225,000.00
1,377,598.85
2,250.00
151,214.98
1,110,204.24
428,268.69
75,000.00
384,200.00
1,094,122.37
462,704.19
100,000.00
36,950.00
COMPARATIVE STATEMENTS OF OPERATIONS AND CHANGES IN
FUND BALANCE -- REGULATORY BASIS
WATER UTILITY FUND
Revenue and Other
Income Realized
Fund Balance
Collection of Water Rents
Fire Hydrant Services
Miscellaneous -- From Other than Water Rents
Water Utility Capital Fund Balance
Other Credits to Income
Year 2024
Year 2023
67,425.05
Total Income
2,423,670.25
1,823,488.88
Expenditures
Total Expenditures
1,997,672.93
1,693,776.56
11,404.24
119,320.93
Total Adjusted Expenditures
1,986,268.69
1,574,455.63
Statutory Excess to Fund Balance
437,401.56
249,033.25
Fund Balance Jan. 1
1,279,508.58
1,255,475.33
Less:
Utilized as Revenue
Fund Balance Dec. 31
165,412.24
279,083.07
10,954.86
Operating
Debt Service
Surplus - General Fund Budget
Deferred Charges and Statutory Expenditures
Other Debits to Income
Adjustment in Income before Fund Balance:
Deferred Charges to Budget of Succeeding Years
1,716,910.14
1,504,508.58
420,000.00
225,000.00
$
1,296,910.14
$
1,279,508.58
RECOMMENDATIONS
That the Borough authorize an emergency appropriation if additional funds in excess of the approved budget are
necessary.
The above synopsis was prepared from the Report of Audit of the Borough of Westville, County of Gloucester, for
the calendar year 2024, submitted by Daniel M. DiGangi, Registered Municipal Accountant, Certified Public
Accountant of Bowman & Company LLP, Certified Public Accountants & Consultants. The information included
therein is not intended to represent complete financial information as presented in the Report of Audit. A copy of
of the Report of Audit is on file at the Municipal Clerk's office and may be inspected by any interested person.
A Corrective Action Plan, which outlines the remedial actions the management of the Borough of Westville will take
in response to the recommendation contained in the Schedule of Audit Findings and Recommendations included in
the Report of Audit, will be prepared in accordance with federal and state guidelines. A copy of the Corrective
Action Plan will be placed on file and be made available for public inspection in the office of the Municipal Clerk in
compliance with the Division of Local Government Services directives.
Kathleen Carroll
Deputy Municipal Clerk