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Executive Summary
The Township of Woolwich's audit report for the year ending December 31, 2018, includes an independent auditor's report on the financial statements, internal control over financial reporting, and compliance with governmental auditing standards. The report details the financial statements of the various funds and account groups of the Township, including the Current Fund, Trust Fund, General Capital Fund, and General Fixed Assets. Supplemental exhibits provide detailed schedules related to cash, taxes, receivables, and reserves. The audit also includes a schedule of financial statement findings and a summary schedule of prior year audit findings.
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--- Document: Audit - 2018 Document ---
TOWNSHIP OF WOOLWICH
AUDIT REPORT FOR THE YEAR
ENDED DECEMBER 31, 2018
TOWNSHIP OF WOOLWICH
COUNTY OF GLOUCESTER
CONTENTS
PART 1
PAGE
Independent Auditor’s Report
1
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 Governmental Auditing Standards
5
Financial Statements – Regulatory Basis: EXHIBITS
Current Fund:
Statements of Assets, Liabilities, Reserves &
Fund Balance – Regulatory Basis
A
9
Statements of Operations and Changes in
Fund Balance – Regulatory Basis
A-1
11
Statement of Revenues – Regulatory Basis
A-2
12
Statement of Expenditures – Regulatory Basis
A-3
13
Trust Fund:
Statements of Assets, Liabilities, Reserves &
Fund Balance – Regulatory Basis
B
17
Statement of Revenues – Regulatory Basis – Municipal
Open Space Fund
B-1
19
Statement of Expenditures – Regulatory Basis – Municipal
Open Space Fund
B-2
20
General Capital Fund:
Statements of Assets, Liabilities, Reserves &
Fund Balance – Regulatory Basis
C
21
General Fixed Assets:
Statements of Fixed Assets &
Fund Balance – Regulatory Basis
D
22
Notes to Financial Statements
25
Supplemental Exhibits:
Current Fund
Schedule of Cash - Treasurer
A-4
61
Schedule of Cash - Collector
A-5
62
Schedule of Taxes Receivable
A-6
63
Schedule of Tax Title Liens
A-7
64
Schedule of Revenue Accounts Receivable
A-8
65
Schedule of 2017 Appropriation Reserves
A-9
66
Schedule of Local District Tax
A-10
67
Schedule of Regional High School Tax Payable
A-11
67
Schedule of County Taxes Payable
A-12
68
(continued)
EXHIBITS PAGE
Current Fund (continued):
Schedule of State and Federal Grants Receivable
A-13
69
Schedule of Reserves for State and Federal Grants – Appropriated A-14
70
Schedule of Reserves for State and Federal Grants –
Unappropriated
A-15
71
Trust Fund:
Schedule of Cash – Treasurer
B-3
75
Schedule of Cash - Collector
B-4
76
Schedule of Reserve for Animal Control Expenditures
B-5
77
Schedule of Redemption of Tax Title Liens
B-6
78
Schedule of Premiums Received at Tax Sale
B-7
79
Schedule of Reserve for Municipal Open Space
B-8
80
Schedule of Miscellaneous Trust Reserves
B-9
81
General Capital Fund:
Schedule of Fund Balance
C-1
85
Schedule of Cash - Treasurer
C-2
85
Analysis of General Capital Cash
C-3
86
Schedule of Deferred Charges to Future Taxation –
Funded
C-4
87
Schedule of Deferred Charges to Future Taxation –
Unfunded
C-5
88
Schedule of Capital Improvement Fund
C-6
89
Schedule of Improvement Authorizations
C-7
90
Schedule of General Serial Bonds
C-8
91
Schedule of Green Acres Trust Loans
C-9
92
Schedule of Bonds and Notes Authorized but Not Issued
C-10
93
Schedule of Capital Grants Receivable
C-11
94
PART II
PAGE
Schedule of Financial Statement Findings – Government Auditing Standards:
Schedule of Financial Statement Findings
97
Summary Schedule of Prior Year Audit Findings and Questioned Costs
As Prepared by Management
100
PART III
PAGE
Letter of Comments and Recommendations – Regulatory Basis:
Officials in Office and Surety Bonds
105
General Comments
107
Other Comments (Findings)
108
Recommendations
109
Acknowledgment
110
(concluded)
******************
************
TOWNSHIP OF WOOLWICH
COUNTY OF GLOUCESTER
PART I
INDEPENDENT AUDITOR'S REPORTS
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
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INDEPENDENT AUDITOR’S REPORT
Honorable Mayor and Members
of the Township Committee
Township of Woolwich
Woolwich, New Jersey 08085
Report on the Financial Statements
We have audited the accompanying statements of assets, liabilities, reserves and fund balance--regulatory
basis of the various funds and account group of the Township of Woolwich, County of Gloucester, State
of New Jersey as of December 31, 2018 and 2017, and the related statements of operations and changes in
fund balance--regulatory basis for the years then ended, the related statements of revenues--regulatory
basis, statements of expenditures--regulatory basis, and the related notes to the financial statements for
the year ended December 31, 2018, which collectively comprise the Township’s basic financial
statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles and practices prescribed by the Division of Local Government
Services, Department of Community Affairs, State of New Jersey. Management is also responsible for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted
our audit in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States; and in compliance with audit requirements prescribed by the
Division of Local Government Services, Department of Community Affairs, State of New Jersey. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation
and fair presentation of the financial statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s
internal control. Accordingly, we express no such opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of
America
As discussed in Note 1 to the financial statements, the Township of Woolwich prepares its financial
statements using accounting practices that demonstrate compliance with regulatory basis of accounting
and budget laws of the Division of Local Government Services, Department of Community Affairs, State
of New Jersey, which is a basis of accounting other than accounting principles generally accepted in the
United States of America, to meet the requirements of the State of New Jersey.
The effects on the financial statements of the variances between these regulatory basis of accounting
described in Note 1 and accounting principles generally accepted in the United States of America,
although not reasonably determinable, are presumed to be material.
Adverse Opinion on U.S. Generally Accepted Accounting Principles
In our opinion, because of the significance of the matter discussed in the “Basis for Adverse Opinion on
Accounting Principles Generally Accepted in the United States of America” 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 Township of Woolwich, County of
Gloucester, State of New Jersey, as of December 31, 2018, or the results of its operations and changes in
fund balance for the year then ended.
Unmodified Opinion on Regulatory Basis of Accounting
In our opinion, the financial statements referred to above present fairly, in all material respects, the assets,
liabilities, reserves and fund balance - regulatory basis of the various funds of the Township, as of
December 31, 2018 and 2017, and the results of its operations and changes in fund balance - regulatory
basis of such funds for the years then ended, and the statements of revenues - regulatory basis, statements
of expenditures - regulatory basis of the various funds, and general fixed assets group of accounts –
regulatory basis, for the year ended December 31, 2018 in conformity with accounting principles and
practices prescribed by the Division of Local Government Services, Department of Community Affairs,
State of New Jersey as described in Note 1.
Emphasis of Matter
Change in Accounting Principle
As discussed in Note 1 to the financial statements, during the year ended December 31, 2018 the
Township adopted Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting
and Financial Reporting for Post-employment Benefits Other than Pensions - an Amendment of GASB
Statement No. 45, 57, & 74. Our opinion is not modified with respect to this matter.
Other Matters
Report on Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements referred to in the
first paragraph as a whole. The supplemental statements and schedules presented for the various funds
are presented for purposes of additional analysis as required by the Division of Local Government
Services, Department of Community Affairs, State of New Jersey and is not a required part of the above
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 financial statements. Such information has
been subjected to the auditing procedures applied in the audit of the financial statements and certain
additional procedures, including comparing and reconciling such information directly to the underlying
accounting and other records used to prepare the financial statements or to the financial statements
themselves, and other additional procedures in accordance with auditing standards generally accepted in
the United States of America. In our opinion, the information is fairly stated in all material respects in
relation to the financial statements of each of the respective individual funds and account group taken as a
whole.
The letter of comments and recommendations section has not been subject to the auditing procedures
applied in the audit of the financial statements, and accordingly, we do not express an opinion or provide
assurance on it.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated August 26,
2019, on our consideration of the Township of Woolwich‘s internal control over financial reporting and
on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements
and other matters. The purpose of that report is to describe the scope of our testing of internal control
over financial reporting and compliance and the results of that testing, and not to provide an opinion on
the 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
Woolwich‘s internal control over financial reporting and compliance.
Respectfully submitted,
HOLMAN FRENIA ALLISON, P.C.
Michael Holt
Certified Public Accountant
Registered Municipal Accountant
CR #473
August 26, 2019
Medford, New Jersey
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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
Honorable Mayor and Members
of the Township Committee
Township of Woolwich
Woolwich, New Jersey
We have audited, in accordance with the auditing standards generally accepted in the United States of
America, the standards applicable to financial audits contained in Government Auditing Standards issued
by the Comptroller General of the United States and audit requirements as prescribed by the Division of
Local Government Services, Department of Community Affairs, State of New Jersey, the financial
statements - regulatory basis of the Township of Woolwich, as of and for the year ended December 31,
2018, and the related notes to the financial statements, which collectively comprise the Township's basic
financial statements, and have issued our report thereon dated August 26, 2019. Our report indicated that
the Township’s financial statements were not prepared in accordance with accounting principles generally
accepted in the United States of America but rather prepared in accordance with the regulatory basis of
accounting prescribed by the Division of Local Government Services, Department of Community Affairs,
State of New Jersey.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Township's internal
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 Township’s internal control. Accordingly,
we do not express an opinion on the effectiveness of the Township’s internal control.
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 entity’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 and therefore, material weaknesses or significant deficiencies may
exist that were not identified. We did identify certain deficiencies in internal control, described in the
accompanying schedule of financial statement findings that we consider to be material weaknesses as
Finding Nos. 2018-001 and 2018-005.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Township'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 instances of noncompliance or other matters that are required to
be reported under Government Auditing Standards and audit requirements as prescribed by the Division
of Local Government Services, Department of Community Affairs, State of New Jersey and which are
described in the accompanying schedule of financial statement findings as Finding Nos. 2018-002, 2018-
003 and 2018-004.
Township of Woolwich’s Response to Findings
The Township of Woolwich’s response to the findings identified in our audit is described in the
accompanying schedule of financial statement findings. The Township’s response was not subjected to
the auditing procedures applied in the audit of the financial statements and, accordingly, we express no
opinion on it.
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 Township's
internal control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards and audit requirements as prescribed by the Division of Local
Government Services, Department of Community Affairs, State of New Jersey in considering the
Township’s internal control and compliance. Accordingly, this communication is not suitable for any
other purpose.
Respectfully Submitted,
HOLMAN FRENIA ALLISON, P.C.
Michael Holt
Certified Public Accountant
Registered Municipal Accountant
RMA No. 473
Medford, New Jersey
August 26, 2019
BASIC FINANCIAL STATEMENTS
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EXHIBIT A
(Page 1 of 2)
CURRENT FUND
ASSETS
REFERENCE
2018
2017
Operating Fund:
Cash:
Treasurer
A-4
5,559,112.49
$
7,020,971.99
$
Investment - CRIM
A-4
1,077,036.93
1,048,068.76
Change Fund
A
650.00
83.67
Total Cash
6,636,799.42
8,069,124.42
Receivables & Other Assets With Full Reserves:
Delinquent Property Taxes Receivable
A-6
585,120.13
432,799.11
Tax Title Liens Receivable
A-7
219,601.12
198,357.38
Revenue Accounts Receivable
A-8
8,980.76
13,775.84
Prepaid School Taxes
A-11
100.40
-
Due from Municipal Open Space
B
335,042.50
185,188.00
Due from Animal Control Trust
B
94.24
94.24
Due from Trust Fund
B
81,029.88
93,795.90
Total Receivables
1,229,969.03
924,010.47
Deferred Charges:
Emergency Authorization
A
-
125,000.00
Total Deferred Charges
-
125,000.00
Total Operating Fund Assets
7,866,768.45
9,118,134.89
Federal & State Grant Fund:
Grants Receivable
A-13
308,946.70
311,496.70
Due from Capital Fund
C
127,500.00
127,500.00
Due from Current Fund
A
74,644.57
63,044.44
Total Federal & State Grant Fund Assets
511,091.27
502,041.14
Total Assets
8,377,859.72
$
9,620,176.03
$
TOWNSHIP OF WOOLWICH
DECEMBER 31, 2018 AND 2017
STATEMENTS OF ASSETS, LIABILITIES, RESERVES
AND FUND BALANCE - REGULATORY BASIS
EXHIBIT A
(Page 2 of 2)
LIABILITIES RESERVES & FUND BALANCE
REFERENCE
2018
2017
Current Fund:
Appropriation Reserves
A-3
515,053.38
$
539,884.90
$
Reserve for Encumbrances
A-3
248,932.63
107,776.01
Prepaid Taxes
A-5
351,870.05
1,678,701.16
Accounts Payable
A-9
15,852.27
3,660.26
Tax Overpayments
A
48,617.03
62,226.29
Due County for Added & Omitted Taxes
A-12
99,234.38
115,130.12
Due Municipal Open Space Tax Fund
B
-
11,596.89
Local School Taxes Payable
A-10
2,776,955.47
2,604,985.49
Regional School Taxes Payable
A-11
-
0.10
Due to Federal and State Grant Fund
A
74,644.57
63,044.44
Due to General Capital Fund
C
77,190.13
113,587.90
Reserve for Master Plan
A
66,418.82
66,418.82
Due to State - Senior Citizen and Veterans Deductions
A
12,329.30
11,454.30
Total Operating Liabilities
4,287,098.03
5,378,466.68
Reserve for Receivables
A
1,229,969.03
924,010.47
Fund Balance
A-1
2,349,701.39
2,815,657.74
Total Operating Fund
7,866,768.45
9,118,134.89
Federal & State Grant Fund:
Reserve for State Grants:
Appropriated Reserves
A-14
485,113.41
465,272.00
Unappropriated Reserves
A-15
13,582.41
16,010.69
Encumbrances Payable
A-14
12,395.45
20,758.45
Total Federal & State Grant Fund
511,091.27
502,041.14
Total Liabilities Reserve & Fund Balance
8,377,859.72
$
9,620,176.03
$
The accompanying Notes to the Financial Statements are an integral part of this Statement.
TOWNSHIP OF WOOLWICH
CURRENT FUND
AND FUND BALANCE - REGULATORY BASIS
DECEMBER 31, 2018 AND 2017
STATEMENTS OF ASSETS, LIABILITIES, RESERVES
EXHIBIT A-1
2018
2017
Revenue & Other Income Realized:
Fund Balance Utilized
2,288,661.70
$
2,190,000.00
$
Miscellaneous Revenues Anticipated
1,657,391.80
1,683,509.69
Receipts From Delinquent Taxes
390,236.89
431,728.13
Receipts From Current Taxes
42,902,055.37
41,667,531.79
Nonbudget Revenues
612,657.63
462,872.16
Other Credits to Income:
Other
-
232.58
Unexpended Balance of Appropriation Reserves
346,969.99
370,418.61
Total Revenue & Other Income
48,197,973.38
46,806,292.96
Expenditures:
Budget & Emergency Appropriations:
Appropriations Within "CAPS":
Operations:
Salaries and Wages
2,425,627.60
2,306,386.84
Other Expenses
3,546,742.42
3,386,297.00
Deferred Charges & Statutory Expenditures
796,110.44
726,739.00
Appropriations Excluded From "CAPS":
Operations:
Salaries and Wages
651,841.71
677,175.50
Other Expenses
86,194.89
80,607.43
Municipal Debt Service
1,543,100.74
1,571,242.35
Deferred Charges
125,000.00
-
County Taxes
9,389,980.53
8,996,686.22
Local District School Tax
16,374,919.00
16,030,979.00
Regional High School Tax
10,729,506.00
10,333,009.00
Municipal Open Space
575,171.00
566,700.00
Municipal Open Space - Added Taxes
6,078.61
7,404.01
Senior & Vet Disallowed
2,500.00
-
Interfund Loans Advanced
122,495.09
160,554.25
Total Expenditures
46,375,268.03
44,843,780.60
Excess/(Deficit) in Revenue
1,822,705.35
1,962,512.36
Adjustments to Income before Fund Balance
Expenditures Included Above Which Are by Statute Deferred Charges
to Budget of Succeeding Years
-
125,000.00
Statutory Excess to Fund Balance
1,822,705.35
2,087,512.36
Fund Balance - January 1
2,815,657.74
2,918,145.38
Total
4,638,363.09
5,005,657.74
Decreased by: Utilized as Anticipated Revenue
2,288,661.70
2,190,000.00
Fund Balance December 31
2,349,701.39
$
2,815,657.74
$
The accompanying Notes to the Financial Statements are an integral part of this Statement.
TOWNSHIP OF WOOLWICH
CURRENT FUND
FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017
STATEMENTS OF OPERATIONS AND CHANGES
IN FUND BALANCE - REGULATORY BASIS
EXHIBIT A-2
ANTICIPATED
ADDED BY
EXCESS OR
BUDGET
N.J.S.40A:4-87
REALIZED
(DEFICIT)
Fund Balance Anticipated
2,288,661.70
$
-
$
2,288,661.70
$
-
$
Miscellaneous Revenues:
Municipal Court
165,376.00
-
152,124.03
(13,251.97)
Interest & Cost on Taxes
105,660.21
-
102,362.92
(3,297.29)
Energy Receipts Tax
392,674.00
-
392,674.00
-
Supplemental Energy Receipts Tax
22,135.00
-
22,135.00
-
Garden State Trust
5,939.00
-
5,939.00
-
Shared Service Agreements - Swedesboro:
Recreation
16,125.00
-
13,650.00
(2,475.00)
Police Coverage and Protection
651,841.71
-
651,841.71
-
Reserve for Debt Service
73,250.00
-
73,250.00
-
Debt Service Contribution from Open Space
175,000.00
-
175,000.00
-
Additional Revenues Offset With Appropriations:
Recycling Tonnage Grant
26,107.67
-
26,107.67
-
Clean Communities Program
-
21,509.48
21,509.48
-
Drunk Driving Enforcement Fund
3,080.00
-
3,080.00
-
Municipal Alliance on Alcoholism and Drug Abuse
6,619.00
-
6,619.00
-
Alcohol Education and Rehabilitation Grant
-
695.71
695.71
-
Body Armor Replacement Grant
2,428.28
-
2,428.28
-
Drive Sober of Get Pulled Over
-
2,475.00
2,475.00
-
Click It or Ticket Grant
-
2,200.00
2,200.00
-
Distracted Driving Grant
-
3,300.00
3,300.00
-
Total Miscellaneous
1,646,235.87
30,180.19
1,657,391.80
(19,024.26)
Receipts from Delinquent Taxes
424,831.43
-
390,236.89
(34,594.54)
Subtotal General Revenues
4,359,729.00
30,180.19
4,336,290.39
(53,618.80)
Amount to be Raised by Taxes for Support to Municipal
Budget - Local Tax for Municipal Purposes
6,062,342.00
-
7,104,033.23
1,041,691.23
Budget Totals
10,422,071.00
30,180.19
11,440,323.62
988,072.43
Nonbudget Revenues
-
-
612,657.63
612,657.63
Total
10,422,071.00
$
30,180.19
$
12,052,981.25
$
1,600,730.06
$
Allocation of Current Tax Collections:
Revenue From Collections
42,902,055.37
$
Allocated to - School, County & Special District Taxes
37,075,655.14
Balance for Support of Municipal Budget Revenues
5,826,400.23
Add: Appropriation - "Reserve for Uncollected Taxes"
1,277,633.00
Amount for Support of Municipal Budget Appropriations
7,104,033.23
$
Receipts From Delinquent Taxes:
Delinquent Tax Collections
385,848.88
$
Tax Title Lien Collections
4,388.01
Total Receipts From Delinquent Taxes
390,236.89
$
Analysis of Nonbudget Revenue:
Treasurer:
Licenses - Alcohol
6,150.00
$
Marriage Licenses
989.00
Junk Yard
2,400.66
Zoning Board Fees
49,165.00
Planning Board Fees
18,555.00
Street Opening Fees
5,900.00
Clerk Fees
1,510.76
Community Garden Plots
1,095.00
Kingsway Regional Reimbursements
41,568.00
Woolwich-Swedesboro Regional Reimbursements
29,071.32
Municipal Building Rentals
13,650.00
Vacant Property Registration
41,500.00
Prior Year Refund
18,880.00
Insurance Reimbursements
13,645.00
Cancellation of Old Outstanding Checks
34,728.72
Payment in Lieu of Taxes
99,905.69
Cable TV Franchise Fees
38,409.37
2% Senior & Vet Admin Fee
1,052.50
Interest on Investments
73,397.52
Other
121,084.09
Total Analysis of Nonbudget Revenue
612,657.63
$
The accompanying Notes to the Financial Statements are an integral part of this Statement.
ANALYSIS OF REALIZED REVENUE
TOWNSHIP OF WOOLWICH
CURRENT FUND
STATEMENTS OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2018
EXHIBIT A-3
(Page 1 of 4)
BUDGET AFTER
OPERATIONS
BUDGET
MODIFICATION
PAID
ENCUMBERED
RESERVED
CANCEL
General Government:
General Administration:
Salaries and Wages
20,000.00
$
20,000.00
$
19,999.98
$
-
$
0.02
$
-
$
Other Expenses
5,500.00
5,500.00
4,364.18
-
1,135.82
-
Mayor and Committee:
Salaries and Wages
30,500.00
30,500.00
30,500.00
-
-
-
Other Expenses
3,000.00
3,300.00
3,275.87
-
24.13
-
Municipal Clerk:
Salaries and Wages
112,761.69
112,761.69
105,791.16
-
6,970.53
-
Other Expenses
16,700.00
17,700.00
17,520.49
114.41
65.10
-
Financial Administration (Treasury):
Salaries and Wages
136,000.00
136,000.00
136,000.00
-
-
-
Other Expenses
56,800.00
56,600.00
42,287.86
5,495.85
8,816.29
-
Audit Services:
Other Expenses
50,000.00
50,000.00
49,138.00
-
862.00
-
Revenue Administration (Tax Collection):
Salaries and Wages
56,100.00
56,100.00
56,099.96
-
0.04
-
Other Expenses
8,000.00
8,250.00
8,198.82
50.00
1.18
-
Legal Services and Costs:
Other Expenses
350,000.00
286,000.00
238,191.22
4,457.80
43,350.98
-
Engineering Services:
Other Expenses
50,000.00
50,000.00
26,468.36
3,500.00
20,031.64
-
Economic Development Agencies:
Other Expenses
1,000.00
1,000.00
984.94
-
15.06
-
Land Use Administration:
Planning Board:
Salaries and Wages
31,000.00
33,500.00
33,500.00
-
-
-
Other Expenses
60,000.00
72,500.00
60,774.13
8,191.50
3,534.37
-
Zoning Board of Adjustment:
Salaries and Wages
63,760.50
63,760.50
63,760.50
-
-
-
Other Expenses
500.00
500.00
120.00
-
380.00
-
Office of Community Development:
Salaries and Wages
76,937.56
76,937.56
76,937.56
-
-
-
Other Expenses
500.00
500.00
491.00
-
9.00
Insurance:
General Liability
123,142.00
123,142.00
121,854.00
1,288.00
-
-
Workers' Compensation
209,004.00
209,004.00
208,029.81
-
974.19
-
Employee Group Health
584,849.68
616,849.68
608,923.69
2,486.49
5,439.50
-
Employee Health Insurance - Medical Waivert
12,500.00
-
-
-
-
-
Employee Health Insurance - Optional Cash Payment
100,000.00
56,500.00
28,546.59
-
27,953.41
-
Public Safety Functions:
Police Department:
Salaries and Wages
1,535,757.47
1,472,599.23
1,417,364.82
-
55,234.41
-
Other Expenses
81,500.00
141,658.24
49,087.86
69,669.28
22,901.10
-
EXPENDED
TOWNSHIP OF WOOLWICH
CURRENT FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2018
APPROPRIATIONS
EXHIBIT A-3
(Page 2 of 4)
BUDGET AFTER
OPERATIONS
BUDGET
MODIFICATION
PAID
ENCUMBERED
RESERVED
CANCEL
Office of Emergency Management:
Salaries and Wages
5,000.00
5,000.00
4,807.75
-
192.25
-
Other Expenses
2,500.00
2,500.00
1,843.00
641.25
15.75
-
Aid to Volunteer Fire Company in
Adjoining Municipality
90,000.00
90,000.00
59,850.10
29,609.86
540.04
-
Municipal Prosecutor:
Salaries and Wages
18,583.62
18,583.62
18,583.55
-
0.07
-
Public Works Functions:
Streets & Roads Maintenance:
Other Expenses
50,785.50
33,285.50
16,645.55
9,945.13
6,694.82
-
Snow Removal:
Salaries and Wages
10,000.00
10,000.00
-
-
10,000.00
-
Other Expenses
35,000.00
85,000.00
7,031.41
9,832.16
68,136.43
-
Solid Waste Collection:
Other Expenses
577,258.00
642,258.00
529,540.63
51,217.05
61,500.32
-
Buildings & Grounds:
Salaries and Wages
232,350.00
234,850.00
228,686.00
-
6,164.00
-
Other Expenses
75,500.00
79,500.00
73,635.86
5,710.60
153.54
-
Vehicle Maintenance:
Other Expenses
52,500.00
38,000.00
22,557.03
4,954.05
10,488.92
-
Health & Human Services:
Public Health Services (Board of Health):
Salaries and Wages
7,500.00
7,500.00
7,499.98
-
0.02
-
Other Expenses
300.00
300.00
113.90
-
186.10
-
Environmental Committee:
Other Expenses
3,000.00
3,000.00
377.50
350.00
2,272.50
-
Park & Recreation Functions:
Recreation Services & Programs:
Salaries and Wages
24,500.00
24,500.00
24,500.00
-
-
-
Other Expenses
9,000.00
9,000.00
9,000.00
-
-
-
Maintenance of Parks:
Other Expenses
54,875.00
54,875.00
49,299.07
5,346.85
229.08
-
Celebration of Public Events:
Other Expenses
1,500.00
1,500.00
737.77
389.22
373.01
-
Utility Expenses & Bulk Purchases:
Electricity
138,000.00
138,000.00
129,737.45
4,814.42
3,448.13
-
Street Lighting
63,000.00
61,500.00
50,274.02
94.99
11,130.99
-
Telephone
30,000.00
30,000.00
22,672.70
874.74
6,452.56
-
Water - Fire Hydrant
110,000.00
110,000.00
76,337.58
869.36
32,793.06
-
Gasoline
81,200.00
96,350.00
87,258.62
-
9,091.38
-
Heating
7,000.00
8,500.00
7,841.62
-
658.38
-
Cable TV & Internet
4,500.00
4,500.00
3,852.90
221.05
426.05
-
Salary Adjustment
7,500.00
7,500.00
7,208.42
-
291.58
-
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2018
TOWNSHIP OF WOOLWICH
CURRENT FUND
APPROPRIATIONS
EXPENDED
EXHIBIT A-3
(Page 3 of 4)
BUDGET AFTER
OPERATIONS
BUDGET
MODIFICATION
PAID
ENCUMBERED
RESERVED
CANCEL
Landfill/Solid Waste Disposal Costs:
Other Expenses
371,000.00
341,000.00
265,263.89
28,542.57
47,193.54
-
Municipal Court:
Salaries and Wages
104,435.00
105,935.00
105,046.59
-
888.41
-
Other Expenses
20,170.00
18,670.00
13,031.94
266.00
5,372.06
-
Public Defender:
Salaries and Wages
9,600.00
9,600.00
6,975.00
-
2,625.00
-
Total Operations Within "CAPS"
5,972,370.02
5,972,370.02
5,238,420.63
248,932.63
485,016.76
-
Detail:
Salaries and Wages
2,482,285.84
2,425,627.60
2,343,261.27
-
82,366.33
-
Other Expenses
3,490,084.18
3,546,742.42
2,895,159.36
248,932.63
402,650.43
-
Deferred Charges & Statutory Expenditures -
Municipal Within "CAPS":
Statutory Expenditures:
Social Security System (O.A.S.I.)
228,607.44
228,607.44
223,947.11
-
4,660.33
-
Defined Contribution Retirement Program
750.00
750.00
485.19
-
264.81
-
Consolidated Police & Firemen's Pension
419,410.00
419,410.00
419,410.00
-
-
-
Public Employees Retirement System
147,343.00
147,343.00
147,342.02
-
0.98
-
Total Deferred Charges & Statutory
Expenditures Within "CAPS"
796,110.44
796,110.44
791,184.32
-
4,926.12
-
Total General Appropriations for Municipal
Purposes Within "CAPS"
6,768,480.46
6,768,480.46
6,029,604.95
248,932.63
489,942.88
-
Operations Excluded From "CAPS":
Public & Private Programs Offset by Revenues:
Recycling Tonnage Grant
26,107.67
26,107.67
26,107.67
-
-
-
Clean Communities Program
-
21,509.48
21,509.48
-
-
-
Municipal Alliance on Alcoholism and Drug Abuse - State
6,619.00
6,619.00
6,619.00
-
-
-
Municipal Alliance on Alcoholism and Drug Abuse - Local
1,654.75
1,654.75
1,654.75
-
-
-
Alcohol Education and Rehabilitation Grant
-
695.71
695.71
-
-
-
Distracted Driving Statewide Crackdown Grant
-
3,300.00
3,300.00
-
-
-
Body Armor Replacement Grant
2,428.28
2,428.28
2,428.28
-
-
-
Drive Sober or Get Pulled Over
-
2,475.00
2,475.00
-
-
-
Drunk Driving Enforcement Fund
3,080.00
3,080.00
3,080.00
-
-
-
Click It or Ticket Grant
-
2,200.00
2,200.00
-
-
-
Interlocal Municipal Service Agreements:
Borough of Swedesboro:
Recreation - Other Expenses
16,125.00
16,125.00
16,125.00
-
-
-
Police Coverage and Protection
Salaries & Wages
651,841.71
651,841.71
626,731.21
-
25,110.50
-
Total Operations Excluded from
"CAPS"
707,856.41
738,036.60
712,926.10
-
25,110.50
-
Detail:
Salaries and Wages
651,841.71
651,841.71
626,731.21
-
25,110.50
-
Other Expenses
56,014.70
86,194.89
86,194.89
-
-
-
EXPENDED
APPROPRIATIONS
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2018
TOWNSHIP OF WOOLWICH
CURRENT FUND
EXHIBIT A-3
(Page 4 of 4)
BUDGET AFTER
OPERATIONS
BUDGET
MODIFICATION
PAID
ENCUMBERED
RESERVED
CANCEL
Municipal Debt Service - Excluded From "CAPS":
Payment of Bond Principal
1,000,000.00
1,000,000.00
1,000,000.00
-
-
-
Interest on Bonds
508,900.00
508,900.00
508,900.00
-
-
-
Green Acres Trust Loan Program:
Principal & Interest
34,200.75
34,200.75
34,200.74
-
-
0.01
Total Municipal Debt Service Excluded
From "CAPS"
1,543,100.75
1,543,100.75
1,543,100.74
-
-
0.01
Deferred Charges - Excluded from "CAPS":
Emergency Authorizations
125,000.00
125,000.00
125,000.00
-
-
-
Total Deferred Charges - Municipal -
Excluded from CAPS:
125,000.00
125,000.00
125,000.00
-
-
-
Total General Appropriations Excluded
From "CAPS"
2,375,957.16
2,406,137.35
2,381,026.84
-
25,110.50
0.01
Subtotal General Appropriations
9,144,437.62
9,174,617.81
8,410,631.79
248,932.63
515,053.38
0.01
Reserve For Uncollected Taxes
1,277,633.00
1,277,633.00
1,277,633.00
-
-
-
Total General Appropriations
10,422,070.62
$
10,452,250.81
$
9,688,264.79
$
248,932.63
$
515,053.38
$
0.01
$
Adopted Budget
10,422,070.62
$
Added by N.J.S.40A:4-87
30,180.19
Total
10,452,250.81
$
Federal & State Grants
70,069.89
$
Reserve for Uncollected Taxes
1,277,633.00
Refunds
(398,061.60)
Deferred Charges
125,000.00
Disbursed
8,613,623.50
Total
9,688,264.79
$
The accompanying Notes to the Financial Statements are an integral part of this Statement.
APPROPRIATIONS
EXPENDED
TOWNSHIP OF WOOLWICH
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2018
CURRENT FUND
EXHIBIT B
(Page 1 of 2)
ASSETS
REFERENCE
2018
2017
Animal Control Fund:
Cash
B-3
6,586.44
$
7,893.07
$
Total Animal Control Fund
6,586.44
7,893.07
Municipal Open Space Trust Fund
Cash
B-3
873,801.71
667,059.03
Due from Current Fund
A
-
11,596.89
Total Municipal Open Space
873,801.71
678,655.92
Other Funds:
Cash - Treasurer
B-3
1,570,388.02
1,748,442.38
Cash - Collector
B-4
108,959.09
241,009.09
Due from Capital Fund
C
100,000.00
-
Investment - CRIM
B-3
800,000.00
800,000.00
Total Other Funds
2,579,347.11
2,789,451.47
Total Assets
3,459,735.26
$
3,476,000.46
$
TOWNSHIP OF WOOLWICH
TRUST FUND
STATEMENTS OF ASSETS, LIABILITIES, RESERVES
DECEMBER 31, 2018 AND 2017
AND FUND BALANCE - REGULATORY BASIS
EXHIBIT B
(Page 2 of 2)
LIABILITIES, RESERVES & FUND BALANCE
Animal Control Fund:
Due Current Fund
A
94.24
$
94.24
$
Reserve for Animal Control Expenditures
B-5
6,492.20
7,798.83
Total Animal Control Fund
6,586.44
7,893.07
Municipal Open Space Trust Fund:
Due to General Capital Fund
C
-
204,356.64
Due to Current Fund
A
335,042.50
185,188.00
Reserve for Encumbrances
B-2
185,996.73
-
Reserve for Open Space
B-8
148,405.84
289,111.28
Total Municipal Open Space Trust Fund
669,445.07
678,655.92
Other Funds:
Due to Current Fund
A
81,029.88
93,795.90
Deposits for Redemption of Tax Title Liens
B-6
9,936.71
9,886.71
Tax Sale Premiums
B-7
99,022.38
231,122.38
Due to State of NJ - DCA Training Fees
B
4,609.00
6,649.00
Reserves for:
Public Defender
B-9
3,351.26
2,751.26
Payroll Deductions Payable
B-9
13,709.56
20,602.98
Site Plan Review Escrow
B-9
774,150.38
737,678.90
Municipal Functions Developers Fees
B-9
35,677.96
152,219.93
Police Overtime
B-9
65,964.31
28,082.08
UCC Trust
B-9
687,720.71
688,416.41
P.O.A.A. - Parking Fines
B-9
548.61
524.61
Police Forfeited Funds
B-9
4,490.19
4,400.29
Open Space - Municipal Maintenance
B-9
241.01
6,490.09
Developers Tree Compensation
B-9
324,196.25
324,011.44
Snow Removal
B-9
3,210.18
19,738.20
Developers Recreation Fees
B-9
112,071.51
113,828.88
COAH Fees
B-9
333,357.11
322,506.78
Election
B-9
850.00
250.00
Woolwich Recreation Trust
B-9
21,591.05
24,060.37
Unemployment Trust
B-9
3,619.05
2,435.26
Total Other Funds
2,579,347.11
2,789,451.47
Total Liabilities, Reserves & Fund Balance
3,255,378.62
$
3,476,000.46
$
The accompanying Notes to the Financial Statements are an integral part of this Statement.
TOWNSHIP OF WOOLWICH
TRUST FUND
STATEMENTS OF ASSETS, LIABILITIES, RESERVES
AND FUND BALANCE - REGULATORY BASIS
DECEMBER 31, 2018 AND 2017
EXHIBIT B-1
ANTICIPATED
EXCESS OR
BUDGET
REALIZED
(DEFICIT)
Amount to be Raised by Taxation
575,171.00
$
581,249.61
$
6,078.61
$
For Future Use
435,138.00
22,087.00
(413,051.00)
Miscellaneous - Interest
-
1,201.56
1,201.56
Total
1,010,309.00
$
604,538.17
$
(405,770.83)
$
Cash Receipts
590,989.56
$
Due from Current
13,548.61
604,538.17
$
Amount to be Raised by Taxation:
Current Year Levy
575,171.00
$
Added/Omitted Levy
6,078.61
581,249.61
$
The accompanying Notes to the Financial Statements are an integral part of this Statement.
TOWNSHIP OF WOOLWICH
TRUST MUNICIPAL OPEN SPACE FUND
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2018
ANALYSIS OF REALIZED REVENUE
EXHIBIT B-2
UNEXPENDED
BUDGET AFTER
BALANCE
OPERATIONS
BUDGET
MODIFICATION
PAID
ENCUMBERED
RESERVED
CANCELLED
Development of Lands for Recreation & Conservation:
Salaries and Wages
150,000.00
$
150,000.00
$
150,000.00
$
-
$
-
$
-
$
Other Expenses
300,000.00
300,000.00
113,630.65
185,996.73
-
-
Debt Service:
Payment of Bond Principal
150,000.00
150,000.00
150,000.00
-
-
-
Interest on Bonds
25,000.00
25,000.00
25,000.00
-
-
-
Reserve for Future Use
385,309.00
385,309.00
120,616.23
-
264,692.77
-
Total
1,010,309.00
$
1,010,309.00
$
559,246.88
$
185,996.73
$
264,692.77
$
-
$
Cash Disbursements
384,246.88
$
Due to Current Fund
175,000.00
559,246.88
$
The accompanying Notes to the Financial Statements are an integral part of this Statement.
EXPENDED
TOWNSHIP OF WOOLWICH
TRUST MUNICIPAL OPEN SPACE FUND
STATEMENT OF EXPENDITURES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2018
APPROPRIATIONS
EXHIBIT C
REFERENCE
2018
2017
Cash & Cash Equivalents
C-2
986.20
$
1,206,770.39
$
Investment - CRIM
C-2
90,000.00
90,000.00
State Aid Receivable
C-11
363,156.12
400,008.35
Due From Current Fund
A
77,190.13
113,587.90
Due from Municipal Open Space Trust
B
204,356.64
204,356.64
Deferred Charges to Future Taxation:
Funded
C-4
15,124,419.43
16,153,889.01
Unfunded
C-5
20,400,000.00
15,400,000.00
Total Assets
36,260,108.52
$
33,568,612.29
$
General Serial Bond
C-8
14,910,000.00
$
15,910,000.00
$
Green Acres Loan Payable
C-9
214,419.43
243,889.01
Due to Grant Fund
A
127,500.00
127,500.00
Due to Trust Fund
B
100,000.00
-
Capital Improvement Fund
C-6
54,483.35
179,483.35
Improvement Authorizations:
Funded
C-7
412,644.04
528,864.89
Unfunded
C-7
4,723,623.41
14,405,800.00
Reserve for Encumbrances
C-7
15,434,212.46
1,419,599.21
Reserve for Developers Deposits
C
173,465.05
173,465.05
Reserve To Pay Debt Service - Bonds
C
88,588.65
161,838.65
Fund Balance
C-1
21,172.13
418,172.13
Total Liabilities, Reserves & Fund Balance
36,260,108.52
$
33,568,612.29
$
There were bonds and notes authorized but not issued on December 31, 2018 of $20,400,000 and
on December 31, 2017 of $15,400,000.
The accompanying Notes to the Financial Statement are an integral part of this Statement.
LIABILITIES, RESERVES & FUND BALANCE
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
ASSETS
AND FUND BALANCE - REGULATORY BASIS
DECEMBER 31, 2018 AND 2017
STATEMENTS OF ASSETS, LIABILITIES, RESERVES
EXHIBIT D
2018
2017
Land and Buildings
11,609,300.00
$
11,609,300.00
$
Other Improvements
84,900.00
84,900.00
Machinery and Equipment
3,249,086.00
3,185,152.00
Total
14,943,286.00
$
14,879,352.00
$
Investment in Fixed Assets
14,943,286.00
$
14,879,352.00
$
The accompanying Notes to the Financial Statements are an integral part of this Statement.
FUND BALANCE
TOWNSHIP OF WOOLWICH
DECEMBER 31, 2018 AND 2017
FUND BALANCE - REGULATORY BASIS
GENERAL FIXED ASSETS ACCOUNT GROUP
STATEMENTS OF FIXED ASSETS AND
ASSETS
TOWNSHIP OF WOOLWICH
COUNTY OF GLOUCESTER
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
************
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TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 1. Summary of Significant Accounting Policies
Description of Financial Reporting Entity
The Township of Woolwich, County of Gloucester, New Jersey ("Township") is comprised of five
elected members who serve three-year terms. The Mayor and Deputy Mayor are elected by the members
of the committee and serve for a one-year term in these positions. The financial statements of the
Township include every board, body, officer or commission maintained wholly or in part by funds
appropriated by the Township, as required by the provision of N.J.S. 40A:5-5. The financial statements,
however, do not include the operation of School Boards, Volunteer Fire Departments/Fire Districts and
First Aid Squads which are subject to separate audit. Included within the financial statements are taxes
levied, collected and turned over to School Boards. Complete financial statements of the above entities
can be obtained by contacting their Treasurer.
Component Units - GASB Statement 14, as amended by GASB Statements 39, 61 and 80, establishes
criteria to be used in determining the component units, which should be included in the financial
statements of a primary government. The financial statements of the Township are not presented in
accordance with GAAP (as discussed below). Therefore, the Township had no component units as
defined by GASB Statement No. 14, as amended by GASB Statements 39, 61 and 80.
Basis of Accounting, Measurement Focus and Basis of Presentation - The financial statements of the
Township contain all funds and account groups in accordance with the “Requirements of Audit” as
promulgated by the State of New Jersey, Department of Community Affairs, Division of Local
Government Services. The principles and practices established by the Requirements of Audit 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. Generally, the
financial statements are presented using the flow of current financial resources measurement focus and
modified accrual basis of accounting with minor exceptions as mandated by these “Requirements”. In
addition, the prescribed accounting principles previously referred to differ in certain respects from
accounting principles generally accepted in the United State of America applicable to local government
units. The more significant differences are explained in this Note.
In accordance with the “Requirements”, the Township accounts for its financial transactions through the
use of separate funds, which are described as follows:
Current Fund – The Current Fund accounts for resources and expenditures for governmental
operations of a general nature, including Federal and State grant funds.
Trust Fund – The various Trust Funds account for receipts, custodianship and disbursement of
funds in accordance with the purpose for which each reserve was created.
General Capital Fund – The General Capital Fund accounts for receipt and disbursement of
funds for the acquisition of general capital facilities, other than those acquired in the Current
Fund.
General Fixed Asset Account Group – The Fixed Asset Account Group accounts for all assets
used in government operations.
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 1. Summary of Significant Accounting Policies (continued):
Budgets and Budgetary Accounting - The Township must adopt an annual budget for its Current Fund
in accordance with N.J.S.A.40A:4 et seq. N.J.S.A.40A:4-5 requires the governing body to introduce and
approve the annual municipal budget no later than February 10th of each year. At introduction, the
governing body must fix the time and place for a public hearing on the budget and must advertise the time
and place at least ten days prior to the hearing in a newspaper published and circulating in the
municipality. The public hearing must not be held less than twenty-eight days after the date the budget
was introduced. After the hearing has been held, the governing body may, by majority vote, adopt the
budget or may amend the budget in accordance with N.J.S.A.40A:4-9. Amendments to adopted budgets,
if any are detailed in the statements of revenues and expenditures.
An extension of the statutory dates for introduction, approval and adoption of the municipal budget may
be granted by the Director of Local Government Services, with the permission of the Local Finance
Board. Budgets are adopted on the same basis of accounting utilized for the preparation of the
Township’s financial statements. Once a budget is approved it may be amended after November 1, by a
resolution adopted by the governing body.
Cash, Cash Equivalents and Investments - Cash and Cash equivalents include petty cash, change funds
and cash on deposit with public depositories. All certificates of deposit are recorded as cash regardless of
the date of maturity. Investments are stated at market value. Consequently, unrealized gain or loss on
investments has not been recorded in accordance with Governmental Accounting Standards Board
Statement No. 31.
New Jersey municipal units are required by N.J.S.A.40A:5-14 to deposit public funds in a bank or trust
company having its place of business in the State of New Jersey and organized under the laws of the
United States or of the State of New Jersey or in the New Jersey Cash Management Fund. N.J.S.A.40A:5-
15.1 provides a list of investments, which may be purchased by New Jersey municipal units. In addition,
other State statutes permit investments in obligations issued by local utilities and other state agencies.
N.J.S.A.17:9-41 et seq. establishes the requirements for the security of deposits of governmental units.
The statute requires that no governmental unit shall deposit public funds in a public depository unless
such funds are secured in accordance with the Governmental Unit Deposit Protection Act, which was
enacted in 1970 to protect governmental units from a loss of funds on deposit with a failed banking
institution in New Jersey. Public depositories include State or federally chartered banks savings banks or
associations located in or having a branch office in the State of New Jersey, the deposits of which are
federally insured. All public depositories must pledge collateral, having a market value at least equal to
five percent of the average daily balance of collected public funds, to secure the deposits of Governmental
Units. If a public depository fails, the collateral it has pledged, plus the collateral of all other public
depositories, is available to pay the amount of their deposits to the Governmental Units.
The cash management plan adopted by the Township requires it to deposit funds in public depositories
protected from loss under the provisions of the Act.
Interfunds - Interfund receivables and payables that arise from transactions between funds are recorded
by all funds affected by such transactions in the period in which the transaction is executed. Interfund
receivables in the Current Fund are recorded with offsetting reserves, which are created by charges to
operations. Income is recognized in the year the receivables are liquidated. Interfund receivables in the
other funds are not offset by reserves.
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 1. Summary of Significant Accounting Policies (continued):
Inventories and Supplies - The cost of inventories of supplies for all funds are recorded as expenditures
at the time individual items are purchased. The costs of inventories are not included on the various
balance sheets of assets, liabilities, reserves and fund balance.
General Fixed Assets – Accounting for governmental fixed assets, as required by N.J.A.C.5:30-5.6,
differs in certain respects from accounting principles generally accepted in the United States of America.
In accordance with the regulations, all local units, including municipalities, must maintain a general fixed
assets reporting system that establishes and maintains a physical inventory of nonexpendable, tangible
property as defined and limited by the U.S. Office of Management and Budget Circular A-87 (Attachment
B, Section 19), except that the useful life of such property is at least five years. The Township has
adopted a capitalization threshold of $5,000.00, the maximum amount allowed by the Circular. Generally,
assets are valued at historical cost; however, assets acquired prior to December 31, 1985 are valued at
actual historical cost or estimated historical cost. In some instances, assets are valued at the assessed
valuation of the property at the time of acquisition, which approximates fair value. No depreciation of
general fixed assets is recorded. Donated general fixed assets are recorded at their estimated fair market
value on the acquisition date. Interest costs relative to the acquisition of general fixed assets are recorded
as expenditures when paid. Public domain ("infrastructure") general fixed assets consisting of certain
improvements such as roads, bridges, curbs and gutters, streets and sidewalks and drainage systems are
not capitalized. Expenditures for construction in progress are recorded in the capital funds until such time
as the construction is completed and put into operation. The Township is required to maintain a
subsidiary ledger detailing fixed assets records to control additions, retirements, and transfers of fixed
assets. In addition, a statement of general fixed assets, reflecting the activity for the year, must be
included in the Township's basic financial statements.
The regulations require that general fixed assets, whether constructed or acquired through purchase, grant
or gift be included in the aforementioned inventory. In addition, property management standards must be
maintained that includes accurate records indicating asset description, source, ownership, acquisition cost
and date, the percentage of federal participation (if any), and the location, use, and condition of the asset.
Periodically, physical inventories must be taken and reconciled with these records. Lastly, all fixed assets
must be adequately controlled to safeguard against loss, damage, or theft.
Foreclosed property – Foreclosed Property is recorded in the Current Fund at the assessed valuation
when such property was acquired and is fully reserved. Ordinarily it is the intention of the Township to
resell foreclosed property in order to recover all or a portion of the delinquent taxes or assessments and to
return the property to a taxpaying basis. For this reason the value of foreclosed property has not been
included in the General Fixed Assets Account Group. If such property is converted to a municipal use, it
will be recorded in the General Fixed Assets Account Group. The balance of the receivable was zero for
2018 and 2017.
Deferred Charges – The recognition of certain expenditures is deferred to future periods. These
expenditures or deferred charges are generally overexpenditures of legally adopted budget appropriations
or emergency appropriations made in accordance with N.J.S.A.40A:4-46 et seq. Deferred charges are
subsequently raised as items of appropriation in budgets of succeeding years.
Fund Balance – Fund Balance included in the Current Fund represent the amount available for
anticipation as revenue in future year’s budgets, with certain restrictions.
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 1. Summary of Significant Accounting Policies (continued):
Revenues – are recorded when received in cash except for certain amounts, which are due from other
governmental units. Revenue from Federal and State grants are realized when anticipated as such in the
Township’s budget. Receivables for property taxes are recorded with offsetting reserves on the statement
of assets, liabilities, reserves and fund balance of the Township’s Current Fund; accordingly, such
amounts are not recorded as revenue until collected. Other amounts that are due the Township, which are
susceptible to accrual are also recorded as receivables with offsetting reserves and recorded as revenues
when received.
Property Tax Revenues – are collected in quarterly installments due February 1, May 1, August 1 and
November 1. The amount of tax levied includes not only the amount required in support of the
Township’s annual budget, but also the amounts required in support of the budgets of the County of
Gloucester, the Swedesboro-Woolwich Township School District and Kingsway Regional High School
District. Unpaid property taxes are subject to tax sale in accordance with statutes.
County Taxes – The municipality is responsible for levying, collecting and remitting County taxes for
the County of Gloucester. Operations is charged for the amount due the County for the year, based upon
the ratables required to be certified to the County Board of Taxation by January 10th of the current year.
In addition, operations is charged for the County share of Added and Omitted Taxes certified to the
County Board of Taxation by October 10th of the current year and due to be paid to the County by
February 15th of the following year.
School Taxes – The municipality is responsible for levying, collecting and remitting school taxes for the
Swedesboro-Woolwich School District and the Kingsway Regional High School District. Operations are
charged for the full amount required to be raised from taxation to operate the local school district July 1 to
June 30.
Reserve for Uncollected Taxes – The inclusion of the “Reserve for Uncollected Taxes” appropriation in
the Township’s annual budget protects the Township from taxes not paid currently. The Reserve, the
minimum amount of which is determined on the percentage of collections experienced in the immediate
preceding year, with certain exceptions, is required to provide assurance that cash collected in the current
year will provide sufficient cash flow to meet expected obligations.
Expenditures – are recorded on the “budgetary” basis of accounting. Generally, expenditures are
recorded when an amount is encumbered through the issuance of a numerically controlled purchase order
or when a contract is executed as required by Technical Accounting Directive No. 85-1. When an
expenditure is paid, the amount encumbered is simultaneously liquidated in its original amount.
Encumbrances are offset by an account entitled reserve for encumbrances. The reserve is classified as a
cash liability under New Jersey municipal accounting. At December 31, this reserve represents the
portion of appropriation reserves that has been encumbered and is subject to the same statutory provisions
as appropriation reserves. Appropriations for principal and interest payments on outstanding general
capital bonds and notes are provided on the cash basis.
Appropriation Reserves – Appropriation reserves covering unexpended appropriation balances are
automatically created at year-end and recorded as liabilities, except for amounts, which may be cancelled
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.
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 1. Summary of Significant Accounting Policies (continued):
Long-Term Debt - Long-Term Debt relative to the acquisition of capital assets, is recorded as a liability
in the General and Fund. Where an improvement is a “local improvement”, i.e. assessable upon
completion, long-term debt associated with that portion of the cost of the improvement to be funded by
assessments is transferred to the Trust Fund upon the confirmation of the assessments or when the
improvement is fully and permanently funded.
Compensated Absences and Post-employment Benefits – Compensated absences for vacation, sick
leave and other compensated absences are recorded and provided for in the annual budget in the year in
which they are paid, on a pay-as-you-go basis. Likewise, no accrual is made for post-employment
benefits, if any, which are also funded on a pay-as-you-go basis.
Recent Accounting Pronouncements – The Governmental Accounting Standards Board (GASB) is the
accepted standard-setting body for establishing governmental accounting and financial reporting
principles. GASB adopts accounting statements to be used by governmental units when reporting
financial position and results of operations in accordance with accounting principles generally accepted in
the United States of America (GAAP). The municipalities in the State of New Jersey do not prepare their
financial statements in accordance with GAAP and thus do not comply with all of the GASB
pronouncements. The following GASB pronouncement effective for the current year did have a
significant impact on the Township’s financial statements.
Statement No. 75, Accounting and Financial Reporting for Post-employment Benefits Other than
Pensions. This Statement replaces the requirements of Statement No. 45, Accounting and Financial
Reporting by Employers for Post- employment Benefits Other Than Pensions, as amended, and No. 57,
OPEB Measurements by Agency Employers and Agent Multi-Employer Plans, for OPEB. Statement No.
74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, establishes new
accounting and financial reporting requirements for OPEB Plans.
Note 2. Deposits and Investments
The Township is governed by the deposit and investment limitations of New Jersey state law.
Deposits
Custodial Credit Risk Related to Deposits - Custodial credit risk is the risk that, in the event of a bank
failure, the Township’s deposits may not be returned. Although the Township does not have a formal
policy regarding custodial credit risk, NJSA 17:9-41 et seq. requires that the governmental units shall
deposit public funds in public depositories protected from loss under the provisions of the Governmental
Unit Deposit Protection Act (GUDPA). GUDPA is a supplemental insurance program set forth by the
New Jersey Legislature to protect the deposits of local governmental agencies. The program is
administered by the Commissioner of the New Jersey Department of Banking and Insurance. Under the
Act, the first $250,000 of governmental deposits in each insured depository is protected by FDIC. Public
fund owned by the Board in excess of FDIC insured amounts are protected by GUDPA. However,
GUDPA does not protect intermingled trust funds such as salary withholdings, bail funds or funds that
may pass to the Township relative to the happening of a future condition. Such funds are shown as
Uninsured and Uncollateralized in the schedule below.
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 2. Deposits and Investments (continued):
As of December 31, 2018, the Township’s bank balance of $8,574,292.83 was insured or collateralized as
follows:
Insured under FDIC and GUDPA
6,443,356.79
$
Uninsured and Uncollateralized
2,130,936.04
8,574,292.83
$
Investments
At December 31, 2018, the Township had the following investments and maturities:
Investment Maturities (in Years)
Carrying
Less Than
Value
Level 1
Total
1 Year
1-5 Years
Investment type
Certificates of Deposit
1,967,036.93
$
1,967,036.93
$
1,967,036.93
$
1,537,036.93
$
430,000.00
$
1,967,036.93
$
1,967,036.93
$
1,967,036.93
$
1,537,036.93
$
430,000.00
$
Fund
Current Fund
1,077,036.93
$
1,077,036.93
$
1,077,036.93
$
647,036.93
$
430,000.00
$
Capital Fund
90,000.00
90,000.00
90,000.00
90,000.00
-
Trust Fund - Other
800,000.00
800,000.00
800,000.00
800,000.00
-
1,967,036.93
$
1,967,036.93
$
1,967,036.93
$
1,537,036.93
$
430,000.00
$
Fair Value as of December 31, 2018
Fair Value Measurement - The Township categorizes the fair value measurements of its investments
based on the hierarchy established by generally accepted accounting principles. Investments are required
to be categorized based on the fair value of inputs of Levels 1, 2 and 3. Under Level 1 inputs,
investments are required to be categorized based on quoted market prices in active markets for identical
investments. Level 2 inputs are based primarily on using observable measurement criteria, including
quoted market prices of similar investments in active and inactive markets and other observable
corroborated factors. Level 3 inputs are assets measured at fair value on a recurring basis using
significant unobservable measurement criteria based on the best information available.
All of the Township’s investments described above are classified in Level 1 and are valued using prices
quoted in active markets for those securities. The Township does not hold any investments that are
measured using Level 2 and Level 3 inputs
Custodial credit risk - This is the risk that in the event of the failure of the counterparty (e.g., broker-
dealer) to a transaction, a government will not be able to recover the value of its investment or collateral
securities that are in the possession of another party. The Township does not have custodial credit risk
policies for investments.
Interest rate risk - This is the risk that changes in market interest rates will adversely affect the fair value
of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair
value to changes in market interest rates. The Township does not have a formal investment policy that
limits investment maturities as a means of managing its exposure to fair value losses arising from
increasing interest rates.
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 2. Deposits and Investments (continued):
Credit risk - Generally, credit risk is the risk that an issuer of a debt type investment will not fulfill its
obligation to the holder of the investment. This is measured by assignment of a rating by a nationally
recognized rating organization. U.S. Government securities or obligations explicitly guaranteed by the
U.S. government are not considered to have credit risk exposure.
Concentration of Credit Risk - The Township places no limit in the amount the Township may invest in
any one issuer
Note 3. Property Taxes
The following is a three-year comparison of certain statistical information relative to property taxes and
property tax collections for the current and previous two years.
Comparison Schedule of Tax Rates
2018
2017
2016
Tax Rate
3.741
$
3.668
$
3.632
$
Apportionment of Tax Rate:
Municipal
0.527
0.507
0.508
Municipal Open Space
0.049
0.050
0.050
County General
0.810
0.785
0.768
Local School
1.423
1.415
1.423
Regional School
0.932
0.911
0.883
Year
Amount
2018
1,150,342,410.00
$
2017
1,133,399,244.00
2016
1,122,915,247.00
Assessed Valuation
Comparison of Tax Levies and Collections
Cash
Percentage Of
Year
Tax Levy
Collections
Collection
2018
43,505,864.81
$
42,902,055.37
$
98.61%
2017
42,121,133.56
41,667,531.79
98.92%
2016
41,102,034.54
40,485,057.57
98.49%
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 3. Property Taxes (continued):
Delinquent Taxes and Tax Title Liens
Tax Title
Delinquent
Total
Percentage Of
Year
Liens
Taxes
Delinquent
Tax Levy
2018
219,601.12
$
585,120.13
$
804,721.25
$
1.85%
2017
198,357.38
432,799.11
631,156.49
1.50%
2016
134,729.98
491,706.06
626,436.04
1.52%
Year
Number
2018
9
2017
11
2016
13
Number of Tax Title Liens
Note: 4: Property Acquired By Tax Title Lien Liquidation
The Township had no properties acquired by liquidation of tax title liens as of December 31, 2018, 2017
or 2016.
Note 5. Fund Balances Appropriated
The following schedule details the amount of fund balances available at the end of the current year and
two previous years and the amounts utilized in the subsequent year’s budgets:
Utilized in
Percentage
Balance
Budget of
of Fund
Year
December 31,
Succeeding Year
Balance Used
Current Fund:
2018
2,349,701.39
$
1,870,000.00
$
79.58%
2017
2,815,657.74
2,288,662.00
81.28%
2016
2,918,145.38
2,190,000.00
75.05%
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 6. Interfund Receivables, Payables and Transfers
Individual fund receivables/payables balances at December 31, 2018 are as follows:
Interfund
Interfund
Fund
Receivable
Payable
Current Fund
416,166.62
$
151,834.70
$
State and Federal Grant Fund
202,144.57
-
Animal Control Trust
-
94.24
Municipal Open Space Trust
-
539,399.14
Trust Other Fund
100,000.00
81,029.88
Capital Fund
281,546.77
227,500.00
999,857.96
$
999,857.96
$
The interfund receivables and payables above predominately resulted from payment made by certain
funds on behalf of other funds. All interfund balances are expected to be repaid within one year.
A summary of interfund transfers is as follows:
Transfers
Transfers
Fund
In
Out
Current Fund
27,015.48
$
4,304.08
$
State and Federal Grant Fund
-
9,945.38
Trust Other Fund
4,304.08
117,070.10
General Capital Fund
100,000.00
-
131,319.56
$
131,319.56
$
The purpose of the interfund transfers were for short term borrowings.
Note 7. Fixed Assets
The following is a summary of changes in the General Fixed Assets Account Group for the year ended
December 31, 2018.
Balance
Balance
December 31,
December 31,
2017
Additions
Deletions
2018
Land and Buildings
11,609,300.00
$
-
$
-
$
11,609,300.00
$
Other Improvements
84,900.00
-
-
84,900.00
Machinery & Equipment
3,185,152.00
186,104.00
(122,170.00)
3,249,086.00
14,879,352.00
$
186,104.00
$
(122,170.00)
$
14,943,286.00
$
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 8. Pension Obligations
A. Public Employees’ Retirement System (PERS)
Plan Description - The State of New Jersey, Public Employees' Retirement System (PERS) is a cost-
sharing multiple-employer defined benefit pension plan administered by the State of New Jersey,
Division of Pensions and Benefits (the Division). For additional information about PERS, please refer to
Division's
Comprehensive
Annual
Financial
Report
(CAFR)
which
can
be
found
at
http://www.nj.gov/treasury/pensions/financial-reports.shtml.
The vesting and benefit provisions are set by N.J.S.A. 43:15A. PERS provides retirement, death and
disability benefits. All benefits vest after ten years of service, except for medical benefits, which vest after
25 years of service or under the disability provisions of PERS.
The following represents the membership tiers for PERS:
Tier
Definition
1
Members who were enrolled prior to July 1, 2007
2
Members who were eligible to enroll on or after July 1, 2007 and prior to November 2, 2008
3
Members who were eligible to enroll on or after November 2, 2008 and prior to May 22, 2010
4
Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011
5
Members who were eligible to enroll on or after June 28, 2011
Service retirement benefits of 1/55th of final average salary for each year of service credit is available to
tiers 1 and 2 members upon reaching age 60 and to tier 3 members upon reaching age 62. Service
retirement benefits of 1/60th of final average salary for each year of service credit is available to tier 4
members upon reaching age 62 and tier 5 members upon reaching age 65. Early retirement benefits are
available to tiers 1 and 2 members before reaching age 60, tiers 3 and 4 with 25 or more years of service
credit before age 62 and tier 5 with 30 or more years of service credit before age 65. Benefits are reduced
by a fraction of a percent for each month that a member retires prior to the age at which a member can
receive full early retirement benefits in accordance with their respective tier. Tier 1 members can receive
an unreduced benefit from age 55 to age 60 if they have at least 25 years of service. Deferred retirement is
available to members who have at least 10 years of service credit and have not reached the service
retirement age for the respective tier.
Basis of Presentation - The schedules of employer allocations and the schedules of pension amounts by
employer (collectively, the Schedules) present amounts that are considered elements of the financial
statements of PERS or its participating employers. Accordingly, they do not purport to be a complete
presentation of the financial position or changes in financial position of PERS or the participating
employers. The accompanying Schedules were prepared in accordance with U.S. generally accepted
accounting principles. Such preparation requires management of PERS to make a number of estimates
and assumptions relating to the reported amounts. Due to the inherent nature of these estimates, actual
results could differ from those estimates.
Contributions - 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 insurance benefits is based on actual claims paid. For the fiscal year
2018, the State's pension contribution was less than the actuarial determined amount. The local
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 8. Pension Obligations (continued)
A. Public Employees’ Retirement System (PERS)
employers' contribution amounts are based on an actuarially determined rate, which includes the normal
cost and unfunded accrued liability. Chapter 19, P.L. 2009 provided an option for local employers of
PERS to contribute 50% of the normal and accrued liability contribution amounts certified for payments
due in State fiscal year 2009. Such employers will be credited with the full payment and any such
amounts will not be included in their unfunded liability. The actuaries will determine the unfunded
liability of those retirement systems, by employer, for the reduced normal and accrued liability
contributions provided under this law. This unfunded liability will be paid by the employer in level
annual payments over a period of 15 years beginning with the payments due in the fiscal year ended June
30, 2012 and will be adjusted by the rate of return on the actuarial value of assets. For the year ended
December 31, 2018, the Township’s contractually required contribution to PERS plan was $172,779.
Components of Net Pension Liability - At December 31, 2018, the Township’s proportionate share of
the PERS net pension liability was $3,420,138. The net pension liability was measured as of June 30,
2018. The total pension liability used to calculate the net pension liability was determined using update
procedures to roll forward the total pension liability from an actuarial valuation as of July 1, 2017, which
was rolled forward to June 30, 2018. The Township’s proportion of the net pension liability was based on
the Township’s actual contributions to the plan relative to the total of all participating employers’
contributions for the year ended June 30, 2018. The Township’s proportion measured as of June 30, 2018,
was .0173703600% which was an increase of .0017231165% from its proportion measured as of June 30,
2017.
12/31/2018
12/30/2017
Actuarial valuation date (including roll forward)
June 30, 2018
June 30, 2017
Deferred Outflows of Resources
1,075,695
$
1,045,674
$
Deferred Inflows of Resources
1,388,806
1,060,764
Net Pension Liability
3,420,138
3,642,428
Township's portion of the Plan's total net pension Liability
0.01737%
0.01565%
Collective Balances at December 31, 2018 and December 31, 2017
Pension Expense and Deferred Outflows/Inflows of Resources - At December 31, 2018, the
Township’s proportionate share of the PERS expense, calculated by the plan as of the June 30, 2018
measurement date is $248,511. This expense is not recognized by the Township because of the regulatory
basis of accounting as described in Note 1, but as previously mentioned the Township contributed
$172,779 to the plan in 2018.
At December 31, 2018, the Township reported deferred outflows of resources and deferred inflows of
resources related to PERS from the following sources:
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 8. Pension Obligations (continued)
A. Public Employees’ Retirement System (PERS)
Outflows
Deferred Inflows
of Resources
of Resources
Differences between Expected
and Actual Experience
65,223
$
17,635
$
Changes of Assumptions
563,582
1,093,578
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
-
32,081
Changes in Proportion and Differences
between Contributions and
Proportionate Share of Contributions
446,890
245,512
1,075,695
$
1,388,806
$
The Township will amortize the above sources of deferred outflows and inflows related to PERS over the
following number of years:
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 8. Pension Obligations (continued)
A. Public Employees’ Retirement System (PERS)
Deferred
Deferred
Outflow of
Inflow of
Resources
Resources
Differences between Expected
and Actual Experience
Year of Pension Plan Deferral:
June 30, 2014
-
-
June 30, 2015
5.72
-
June 30, 2016
5.57
-
June 30, 2017
5.48
-
June 30, 2018
5.63
-
Changes of Assumptions
Year of Pension Plan Deferral:
June 30, 2014
6.44
-
June 30, 2015
5.72
-
June 30, 2016
5.57
-
June 30, 2017
-
5.48
June 30, 2018
-
5.63
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
Year of Pension Plan Deferral:
June 30, 2014
-
5.00
June 30, 2015
-
5.00
June 30, 2016
5.00
-
June 30, 2017
5.00
-
June 30, 2018
5.00
-
Changes in Proportion and Differences
between Contributions and
Proportionate Share of Contributions
Year of Pension Plan Deferral:
June 30, 2014
6.44
6.44
June 30, 2015
5.72
5.72
June 30, 2016
5.57
5.57
June 30, 2017
5.48
5.48
June 30, 2018
5.63
5.63
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 8. Pension Obligations (continued)
A. Public Employees’ Retirement System (PERS)
The following is a summary of the deferred outflows of resources and deferred inflows of resources
related to PERS that will be recognized in future periods:
Year Ending
Dec 31,
Amount
2019
30,486
$
2020
8,898.00
2021
(109,761.00)
2022
(225,609.00)
2023
(17,124.00)
(313,110)
$
Actuarial Assumptions - The total pension asset/(liability) as of the measurement date was determined
by using an actuarial valuation as noted in the table below, with update procedures used to roll forward
the total pension liability to the measurement date. The actuarial valuations used the following actuarial
assumptions:
Inflation
2.25%
Salary Increases:
Through 2026
1.65% - 4.15% Based on Age
Thereafter
2.65% - 5.15% Based on Age
Investment Rate of Return
7.00%
Mortality Rate Table
RP-2000
Period of Actuarial Experience
Study upon which Actuarial
Assumptions were Based
July 1, 2011 - June 30, 2014
Pre-retirement mortality rates were based on the RP-2000 Employee Preretirement Mortality Table for
male and female active participants. For State employees, mortality tables are set back 4 years for males
and females. For local employees, mortality tables are set back 2 years for males and 7 years for females.
In addition, the tables provide for future improvements in mortality from the base year of 2013 using a
generational approach based on the plan actuary’s modified MP-2014 projection scale. Post-retirement
mortality rate were based on the RP-2000 Combined Healthy Male and Female Mortality Tables (setback
1 year for males and females) for service retirements and beneficiaries of former members and a one-year
static projection based on the mortality improvement Scale AA. In addition, the tables for service
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 8. Pension Obligations (continued)
A. Public Employees’ Retirement System (PERS)
retirements and beneficiaries of former members provide for future improvements in mortality from the
base year of 2012 using a generational approach based on the plan actuary’s modified MP-2014
projection scales. Disability retirement rates used to value disabled retirees were based on the RP-2000
Disabled Mortality Table (set back 3 years for males and set forward 1 year for females).
The actuarial assumptions used in the July 1, 2017 valuation were based on the results of an actuarial
experience study for the period July 1, 2011 to June 30, 2014. It is likely that future experience will not
exactly conform to these assumptions. To the extent that actual experience deviates from these
assumptions, the emerging liabilities may be higher or lower than anticipated. The more the experience
deviates, the larger the impact on future financial statements.
Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of
return on plan investments (7.00% at June 30, 2018) is determined by the State Treasurer, after
consultation with the Directors of the Division of Investments and Division of Pensions and Benefits, the
board of trustees and the actuaries. The long-term expected rate of return was determined using a building
block method in which best-estimate ranges of expected future real rates of return (expected returns, net
of pension plan investment expense and inflation) are developed for each major asset class. These ranges
are combined to produce the long-term expected rate of return by weighting the expected future real rates
of return by the target asset allocation percentage and by adding expected inflation. Best estimates of
arithmetic rates of return for each major asset class included in PERS’s target asset allocation as of June
30, 2018 are summarized in the following table:
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 8. Pension Obligations (continued)
A. Public Employees’ Retirement System (PERS)
Long-Term
Target
Expected Real
Asset Class
Allocation
Rate of Return
Risk Mitigation Strategies
5.00%
5.51%
Cash Equivalents
5.50%
1.00%
U.S. Treasuries
3.00%
1.87%
Investment Grade Credit
10.00%
3.78%
High Yield
2.50%
6.82%
Global Diversified Credit
5.00%
7.10%
Credit Oriented Hedge Funds
1.00%
6.60%
Debt Related Private Equity
2.00%
10.63%
Debt Related Real Estate
1.00%
6.61%
Private Real Asset
2.50%
11.83%
Equity Related Real Estate
6.25%
9.23%
U.S. Equity
30.00%
8.19%
Non-U.S. Developed Markets Equity
11.50%
9.00%
Emerging Markets Equity
6.50%
11.64%
Buyouts/Venture Capital
8.25%
13.08%
100.00%
Discount Rate - The discount rate used to measure the total pension liability was 5.66% as of June 30,
2018. The single blended discount rate was based on long-term expected rate of return on pension plan
investments of 7.00%, and a municipal bond rate of 3.87% as of June 30, 2018 based on the Bond Buyer
Go 20-Bond Municipal Bond Index, which includes tax-exempt general obligation municipals bonds with
an average rating of AA/Aa or higher. 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 will be made based on the contribution rate in the most recent fiscal
year. The State employer contributed 50% of the actuarially determined contributions and the local
employers contributed 100% of their actuarially determined contributions. Based on those assumptions,
the plan’s fiduciary net position was projected to be available to make projected future benefit payments
of current plan members through 2046. Therefore, the long-term expected rate of return on plan
investments was applied to projected benefit payments through 2046 and the municipal bond rate was
applied to projected benefit payments after that date in determining the total pension liability.
Sensitivity of the Township’s proportionate share of the Net Pension Liability to Changes in the
Discount Rate - The following presents the Township’s proportionate share of the net pension liability
calculated using the discount rate as disclosed above, as well as what the Township’s proportionate share
of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point
lower (4.66%) or 1-percentage-point higher (6.66%) than the current rate:
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 8. Pension Obligations (continued)
A. Public Employees’ Retirement System (PERS)
1%
Current
1%
Decrease
Discount Rate
Increase
(4.66%)
(5.66%)
(6.66%)
Township's Proportionate Share
of the Net Pension Liability
4,300,429
$
3,420,138
$
2,681,629
$
B. Police and Firemen’s Retirement System (PFRS)
Plan Description – The State of New Jersey, Police and Firemen’s Retirement System (PFRS) is a cost-
sharing multiple-employer defined benefit pension plan administered by the State of New Jersey,
Division of Pensions and Benefits (the Division). For additional information about PFRS, please refer to
the Division’s Comprehensive Annual Financial Report (CAFR) which can be found at
http://www.nj.gov/treasury/pensions/financial-reports.shtml.
The vesting and benefit provisions are set by N.J.S.A. 43:16A. PFRS provides retirement as well as death
and disability benefits. All benefits vest after ten years of service, except disability benefits which vest
after four years of service.
The following represents the membership tiers for PFRS:
Tier
Definition
1
Members who were enrolled prior to May 22, 2010.
2
Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011
3
Members who were eligible to enroll on or after June 28, 2011
Service retirement benefits are available at age 55 and are generally determined to be 2% of final
compensation for each year of creditable service, as defined, up to 30 years plus 1% for each year of
service in excess of 30 years. Members may seek special retirement after achieving 25 years of creditable
service, in which benefits would equal 65% (tiers 1 and 2 members) and 60% (tier 3 members) of final
compensation plus 1 % for each year if creditable service over 25 years but not to exceed 30 years.
Members may elect deferred retirement benefits after achieving ten years of service, in which case
benefits would begin at age 55 equal to 2% of final compensation for each year of service.
Basis of Presentation - The schedules of employer allocations and the schedules of pension amounts by
employer (collectively, the Schedules) present amounts that are considered elements of the financial
statements of PFRS or its participating employers. Accordingly, they do not purport to be a complete
presentation of the financial position or changes in financial position of PFRS or the participating
employers. The accompanying Schedules were prepared in accordance with U.S. generally accepted
accounting principles. Such preparation requires management of PFRS to make a number of estimates and
assumptions relating to the reported amounts. Due to the inherent nature of these estimates, actual results
could differ from those estimates.
Contributions - 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
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 8. Pension Obligations (continued)
B. Police and Firemen’s Retirement System (PFRS)
by the State. The State's contribution amount is based on an actuarially determined rate which includes
the normal cost and unfunded accrued liability. For fiscal year 2018, the State contributed an amount less
than the actuarially determined amount. The Local employers’ contribution amounts are based on an
actuarially determined rate which includes the normal cost and unfunded accrued liability. Chapter 19,
P.L. 2009 provided an option for local employers of PFRS to contribute 50% of the normal and accrued
liability contribution amounts certified for payments due in State fiscal year 2009. Such employers will be
credited with the full payment and any such amounts will not be included in their unfunded liability. The
actuaries will determine the unfunded liability of those retirement systems, by employer, for the reduced
normal and accrued liability contributions provided under this law. This unfunded liability will be paid by
the employer in level annual payments over a period of 15 years beginning with the payments due in the
fiscal year ended June 30, 2012 and will be adjusted by the rate of return on the actuarial value of assets.
For the year ended December 31, 2018, the Township’s contractually required contributions to PFRS plan
was $485,944.
The employee contributions for PFRS are 10.00% of employees’ annual compensation, as defined.
Net Pension Liability and Pension Expense - At December 31, 2018 the Township’s proportionate
share of the PFRS net pension liability was $6,725,967. The net pension liability was measured as of June
30, 2018. The total pension liability used to calculate the net pension liability was determined using
update procedures to roll forward the total pension liability from an actuarial valuation as of July 1, 2017,
to the measurement date of June 30, 2018. The Township’s proportion of the net pension liability was
based on the Township’s actual contributions to the plan relative to the total of all participating
employers’ contributions for the year ended June 30, 2018. The Township’s proportion measured as of
June 30, 2018, was .0497054494%, which was an increase of .0023154773% from its proportion
measured as of June 30, 2017.
Collective Balances at December 31, 2018 and Decmber 31, 2017
12/31/2018
12/31/2017
Actuarial valuation date (including roll forward)
June 30, 2018
June 30, 2017
Deferred Outflows of Resources
1,452,969
$
1,800,913
$
Deferred Inflows of Resources
1,837,398
1,332,018
Net Pension Liability
6,725,967
7,316,095
Township's portion of the Plan's total net pension Liability
0.04971%
0.04739%
Pension Expense and Deferred Outflows/Inflows of Resources – At December 31, 2018, the
Township’s proportionate share of the PFRS expense, calculated by the plan as of the June 30, 2018
measurement date was $749,133. This expense is not recognized by the Township because of the
regulatory basis of accounting as described in Note 1, but as previously mentioned the Township
contributed $485,944 to the plan in 2018.
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 8. Pension Obligations (continued)
B. Police and Firemen’s Retirement System (PFRS)
At December 31, 2018, the Township had deferred outflows of resources and deferred inflows of
resources related to PFRS from the following sources:
Deferred Outflows
Deferred Inflows
of Resources
of Resources
Differences between Expected
and Actual Experience
68,428
$
27,834
$
Changes of Assumptions
577,334
1,723,749
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
-
36,797
Changes in Proportion and Differences
between Township Contributions and
Proportionate Share of Contributions
807,207
49,018
1,452,969
$
1,837,398
$
The Township will amortize the above sources of deferred outflows and inflows related to PFRS over the
following number of years:
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 8. Pension Obligations (continued)
B. Police and Firemen’s Retirement System (PFRS)
Deferred
Deferred
Outflow of
Inflow of
Resources
Resources
Differences between Expected
and Actual Experience
Year of Pension Plan Deferral:
June 30, 2014
-
-
June 30, 2015
-
5.53
June 30, 2016
-
5.58
June 30, 2017
5.59
-
June 30, 2018
5.73
-
Changes of Assumptions
Year of Pension Plan Deferral:
June 30, 2014
6.17
-
June 30, 2015
5.53
-
June 30, 2016
5.58
-
June 30, 2017
-
5.59
June 30, 2018
-
5.73
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
Year of Pension Plan Deferral:
June 30, 2014
-
5.00
June 30, 2015
-
5.00
June 30, 2016
5.00
-
June 30, 2017
5.00
-
June 30, 2018
5.00
-
Changes in Proportion and Differences
between Contributions and
Proportionate Share of Contributions
Year of Pension Plan Deferral:
June 30, 2014
6.17
6.17
June 30, 2015
5.53
5.53
June 30, 2016
5.58
5.58
June 30, 2017
5.59
5.59
June 30, 2018
5.73
5.73
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 8. Pension Obligations (continued)
B. Police and Firemen’s Retirement System (PFRS)
The following is a summary of the deferred outflows of resources and deferred inflows of resources
related to PERS that will be recognized in future periods:
Year Ending
Dec 31,
Amount
2019
307,961
$
2020
104,246.00
2021
(191,035.00)
2022
(498,331.00)
2023
(107,271.00)
(384,430)
$
Special Funding Situation – Under 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.L. 2001, Chapter 86, P.L. 2001,
Chapter 511, P.L, 1991, Chapter 109, P.L. 1979, Chapter 247, P.L. 1993 and Chapter 201, P.L. 2001. The
amounts contributed on behalf of the local participating employers 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 local participating employers do not contribute under this
legislation directly to the plan (except for employer specific financed amounts), there is no net pension
liability to report in the financial statements of the local participating employers related to this legislation.
Additionally, the State’s proportionate share of the PFRS net pension liability attributable to the
Township is $913,611 as of December 31, 2018. The net pension liability was measured as of June 30,
2018. The total pension liability used to calculate the net pension liability was determined using update
procedures to roll forward the total pension liability from an actuarial valuation as of July 1, 2017, to the
measurement date of June 30, 2018. The State’s proportion of the net pension liability associated with the
Township was based on a projection of the Township’s long-term share of contributions to the pension
plan relative to the projected contributions of all participating members, actuarially determined. The
State’s proportion measured as of June 30, 2018 was .0497054494%, which was an increase of
.0023154773% from its proportion measured as of June 30, 2017, which is the same proportion as the
Township’s. At December 31, 2018, the Township’s and the State of New Jersey’s proportionate share of
the PFRS net pension liability were as follows:
Township's Proportionate Share of Net Pension Liability
6,725,967
$
State of New Jersey's Proportionate Share of Net Pension
Liability Associated with the Township
913,611
7,639,578
$
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 8. Pension Obligations (continued)
B. Police and Firemen’s Retirement System (PFRS)
At December 31, 2018, the State’s proportionate share of the PFRS expense, associated with the
Township, calculated by the plan as of the June 30, 2018 measurement date was $108,216.
Actuarial Assumptions - The total pension asset/(liability) as of the measurement date was determined
by using an actuarial valuation as noted in the table below, with update procedures used to roll forward
the total pension liability to the measurement date. The actuarial valuations used the following actuarial
assumptions:
Inflation
2.25%
Salary Increases:
Through 2026
2.10% - 8.98% Based on Age
Thereafter
3.10% - 9.98% Based on Age
Investment Rate of Return
7.00%
Mortality Rate Table
RP-2000
Period of Actuarial Experience
Study upon which Actuarial
Assumptions were Based
July 1, 2010 - June 30, 2013
Pre-retirement mortality rates were based on the RP-2000 Employee Preretirement Mortality Table for
male and female active participants. For State employees, mortality tables are set back 4 years for males
and females. For local employees, mortality tables are set back 2 years for males and 7 years for females.
In addition, the tables provide for future improvements in mortality from the base year of 2012 using a
generational approach based on the plan actuary’s modified MP-2014 projection scale. Post-retirement
mortality rate were based on the RP-2000 Combined Healthy Male and Female Mortality Tables (setback
1 year for males and females) for service retirements and beneficiaries of former members and a one-year
static projection based on the mortality improvement Scale AA. In addition, the tables for service
retirements and beneficiaries of former members provide for future improvements in mortality from the
base year of 2012 using a generational approach based on the plan actuary’s modified MP-2014
projection scales. Disability retirement rates used to value disabled retirees were based on the RP-2000
Disabled Mortality Table (set back 3 years for males and set forward 1 year for females).
The actuarial assumptions used in the July 1, 2017 valuation were based on the results of an actuarial
experience study for the period July 1, 2010 to June 30, 2013.
Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of
return on plan investments (7.00% at June 30, 2018) is determined by the State Treasurer, after
consultation with the Directors of the Division of Investments 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
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 8. Pension Obligations (continued)
B. Police and Firemen’s Retirement System (PFRS)
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, 2018 are summarized in the following table:
Long-Term
Target
Expected Real
Asset Class
Allocation
Rate of Return
Risk Mitigation Strategies
5.00%
5.51%
Cash Equivalents
5.50%
1.00%
U.S. Treasuries
3.00%
1.87%
Investment Grade Credit
10.00%
3.78%
High Yield
2.50%
6.82%
Global Diversified Credit
5.00%
7.10%
Credit Oriented Hedge Funds
1.00%
6.60%
Debt Related Private Equity
2.00%
10.63%
Debt Related Real Estate
1.00%
6.61%
Private Real Asset
2.50%
11.83%
Equity Related Real Estate
6.25%
9.23%
U.S. Equity
30.00%
8.19%
Non-U.S. Developed Markets Equity
11.50%
9.00%
Emerging Markets Equity
6.50%
11.64%
Buyouts/Venture Capital
8.25%
13.08%
100.00%
Discount Rate - The discount rate used to measure the total pension liability was 6.51% as of June 30,
2018. The single blended discount rate was based on long-term expected rate of return on pension plan
investments of 7.00%, and a municipal bond rate of 3.87% as of June 30, 2018 based on the Bond Buyer
Go 20-Bond Municipal Bond Index, which includes tax-exempt general obligation municipals bonds with
an average rating of AA/Aa or higher. 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 will be made based on the contribution rate in the most recent fiscal
year. The State employer contributed 40% of the actuarially determined contributions and the local
employers contributed 100% of their actuarially determined contributions. Based on those assumptions,
the plan’s fiduciary net position was projected to be available to make projected future benefit payments
of current plan members through 2057. Therefore, the long-term expected rate of return on plan
investments was applied to projected benefit payments through 2057 and the municipal bond rate was
applied to projected benefit payments after that date in determining the total pension liability.
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 8. Pension Obligations (continued)
B. Police and Firemen’s Retirement System (PFRS)
Sensitivity of the Township’s proportionate share of the Net Pension Liability to Changes in the
Discount Rate - The following presents the Township’s proportionate share of the net pension liability
calculated using the discount rate as disclosed above, as well as what the Township’s proportionate share
of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point
lower (5.51%) or 1-percentage-point higher (7.51%) than the current rate:
1%
Current
1%
Decrease
Discount Rate
Increase
(5.51%)
(6.51%)
(7.51%)
Township's Proportionate Share
of the Net Pension Liability
9,001,872
$
6,725,967
$
4,835,631
$
State of New Jersey's Proportionate
Share of Net Pension Liability
associated with the Township
1,222,755
913,611
656,840
10,224,627
$
7,639,578
$
5,492,471
$
Related Party Investments - The Division of Pensions and Benefits does not invest in securities issued
by the Township.
Note 9. Postemployment Benefits Other Than Pensions
General Information about the OPEB Plan
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.
For additional information about the Plan, please refer to the State of New Jersey (the State), Division of
Pensions and Benefits’ (the Division) Comprehensive Annual Financial Report (CAFR), which can be
found at https://www.state.nj.us/treasury/pensions/financial-reports.shtml.
The Plan provides medical and prescription drug to retirees and their covered dependents of the
participating 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. 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
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 9. Postemployment Benefits Other Than Pensions (continued):
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.
Basis of Presentation
The schedule of employer and nonemployer allocations and the schedule of OPEB amounts by employer
and nonemployer (collectively, the Schedules) present amounts that are considered elements of the
financial statements of its participating employers or the State as a nonemployer contributing entity.
Accordingly, they do not purport to be a complete presentation of the financial position or changes in
financial position of the participating employers or the State. The accompanying Schedules were prepared
in accordance with U.S. generally accepted accounting principles. Such preparation requires management
of the Plan to make a number of estimates and assumptions relating to the reported amounts. Due to the
inherent nature of these estimates, actual results could differ from those estimates.
Allocation Methodology
GASB Statement No. 75 requires participating employers in the Plan to recognize their proportionate
share of the collective net OPEB liability, collective deferred outflows of resources, collective deferred
inflows of resources, and collective OPEB expense. The special funding situation’s and nonspecial
funding situation’s net OPEB liability, deferred outflows of resources, deferred inflows of resources, and
OPEB expense are based on separately calculated total OPEB liabilities. For the special funding situation
and the nonspecial funding situation, the total OPEB liabilities for the year ended June 30, 2018 were
$6,338,578,586 and $9,642,524,641, respectively. The nonspecial funding situation’s net OPEB liability,
deferred outflows of resources, deferred inflows of resources, and OPEB expense are further allocated to
employers 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, 2017 through June 30, 2018.
Employer and nonemployer allocation percentages have been rounded for presentation purposes;
therefore, amounts presented in the schedule of OPEB amounts by employer and nonemployer may result
in immaterial differences.
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 9. Postemployment Benefits Other Than Pensions (continued):
Special Funding Situation
Under Chapter 330, P.L. 1997, the State shall pay the premium or periodic charges for the qualified local
police and firefighter retirees and dependents equal to 80 percent of the premium or periodic charge for
the category of coverage elected by the qualified retiree under the State managed care plan or a health
maintenance organization participating in the program providing the lowest premium or periodic charge.
The State also provides funding for retiree health benefits to survivors of local police officers and
firefighters who die in the line of duty under Chapter 271, P.L.1989.
Therefore, these employers are considered to be in a special funding situation as defined by GASB
Statement No. 75 and the State is treated as a nonemployer 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. However, the notes to the
financial statements of the local participating employers must disclose the portion of the nonemployer
contributing entities’ total proportionate share of the collective net OPEB liability that is associated with
the local participating employer.
The participating employer allocations included in the supplemental schedule of employer special funding
allocations and the supplemental schedule of special funding amounts by employer for each employer are
provided as each employer is required to record in their financial statements, as an expense and
corresponding revenue, their proportionate share of the OPEB expense allocated to the State of New
Jersey under the special funding situation and include their proportionate share of the collective net OPEB
liability in their respective notes to their financial statements. For this purpose, the proportionate share
was developed based on eligible plan members subject to the special funding situation. This data takes
into account active members from both participating and non-participating employer locations and retired
members currently receiving OPEB benefits.
Additionally, the State’s proportionate share of the OPEB liability attributable to the Township is
$5,466,878.00 as of December 31, 2018. The OPEB liability was measured as of June 30, 2018. The total
OPEB liability used to calculate the OPEB liability was determined using update procedures to roll
forward the total OPEB liability from an actuarial valuation as of July 1, 2017, to the measurement date
of June 30, 2018. The State’s proportion of the OPEB liability associated with the Township was based
on a projection of the Township’s long-term share of contributions to the OPEB plan relative to the
projected contributions of all participating members, actuarially determined. The State’s proportion
measured as of June 30, 2018 was 0.087979%, which was an increase of 0.12534% from its proportion
measured as of June 30, 2017, which is the same proportion as the Township’s. At December 31, 2018,
the Township’s and the State of New Jersey’s proportionate share of the OPEB liability were as follows:
State of New Jersey's
Proportionate Share of OPEB Liability
Associated with the Township
5,466,878.00
$
At December 31, 2018, the State’s proportionate share of the OPEB expense, associated with the
Township, calculated by the plan as of the June 30, 2018 measurement date was $165,489.00.
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 10. Capital Debt
The following schedule represents the Township’s summary of debt, as filed in the Township’s Annual
Debt Statement required by the Local Bond Law of New Jersey for the current and two previous years:
2018
2017
2016
Issued:
General:
Bonds, Notes and Loans
15,124,419.43
$
16,153,889.01
$
18,987,777.93
$
Total Debt Issued
15,124,419.43
16,153,889.01
18,987,777.93
Authorized but not issued:
General:
Bonds, Notes and Loans
20,400,000.00
15,400,000.00
-
Total Authorized But Not Issued
20,400,000.00
15,400,000.00
-
Total Gross Debt
35,524,419.43
$
31,553,889.01
$
18,987,777.93
$
Deductions:
General:
Funds on Hand For Payment of Bonds and Notes:
Reserve for Debt Service
88,588.65
161,838.65
161,838.65
Capital Lease secured by GCIA
-
-
8,730,000.00
Total Deductions
88,588.65
161,838.65
8,891,838.65
Total Net Debt
35,435,830.78
$
31,392,050.36
$
10,095,939.28
$
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 10. Capital Debt (continued):
Summary of Statutory Debt Condition - Annual Debt Statement
The following schedule is a summary of the previous schedule and is prepared in accordance with the
required method of setting up the Annual Debt Statement:
Gross Debt
Deductions
Net Debt
Regional School Debt
45,072,146.38
$
45,072,146.38
$
-
$
General Debt
35,524,419.43
88,588.65
35,435,830.78
80,596,565.81
$
45,160,735.03
$
35,435,830.78
$
The Township’s statutory net debt is the Net Debt, as calculated above of $35,435,830.78, divided by the
average Equalized Valuation Basis of $1,261,945,116, which equals a statutory net debt at December 31,
2018 in the amount of 2.808%. New Jersey statute 40A:2-6, as amended, limits the debt of a
Municipality to 3.5% of the last three preceding year’s average equalized valuations of real estate,
including improvements and the assessed valuation of Class II Railroad Property. The remaining
borrowing power in dollars at December 31, 2018 is calculated as follows:
Borrowing Power Under N.J.S. 40A:2-6 as Amended
3 1/2% of Equalized Valuation Basis (Municipal)
44,168,079.06
$
Net Debt
35,435,830.78
Remaining Borrowing Power
8,732,248.28
$
General Debt
A. Serial Bonds Payable
On April 15, 2015, the Township issued $5,260,000.00 of General Obligation Refunding Bonds. The
General Obligation Bonds were issued at interest rates of 3.00% and mature on December 15, 2025.
On October 13, 2016, the Township issued $5,500,000.00 of General Obligation Bonds. The General
Obligation Bonds were issued at interest rates varying from 2.00% to 4.00% and mature on October 1,
2036.
On August 23, 2017, the Township issued $6,535,000.00 of Refunding Bonds to refund the callable
portion of the outstanding $8,730,000.00 Obligations under Capital Lease. The Refunding Bonds
generated $1,151,948.04 in net present value savings. The Refunding Bonds were issued at interest rates
varying from 2.00% to 4.00% and mature on June 1, 2032.
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 10. Capital Debt (continued):
Principal and interest due on the outstanding bonds is as follows:
Year
Principal
Interest
Total
2019
$ 1,015,000.00 $ 482,200.00 $ 1,497,200.00
2020
1,050,000.00 451,300.00 1,501,300.00
2021
1,090,000.00 417,550.00 1,507,550.00
2022
1,120,000.00 382,550.00 1,502,550.00
2023
1,145,000.00 344,600.00 1,489,600.00
2024-2028 4,765,000.00 1,157,337.50 5,922,337.50
2029-2033 3,750,000.00 445,475.00 4,195,475.00
2034-2036 975,000.00 58,500.00 1,033,500.00
14,910,000.00
$
3,739,512.50
$
18,649,512.50
$
B. Green Acres Trust Program Loans
The Township has contracted with the State of New Jersey, Department of Environmental Protection for
Green Trust Program Loans to fund a portion of the costs incurred in the improvements to Locke Avenue
Park and Park Expansion.
Schedule of Annual Debt Service for Principal and Interest for Green Trust Program Loans Outstanding
are as follows:
Year
Principal
Interest
Total
2019
$ 30,061.92 $ 4,138.84 $ 34,200.76
2020
30,666.17 3,534.58 34,200.75
2021
31,282.57 2,918.00 34,200.57
2022
27,247.61 2,289.40 29,537.01
2023
23,084.91 1,788.37 24,873.28
2024-2027
72,076.25 2,544.01 74,620.26
214,419.43
$
17,213.20
$
231,632.63
$
C. General Debt - Bonds and Notes Authorized But Not Issued
As of December 31, 2018, the Township had $20,400,000.00 in General Capital bonds and notes
authorized but not issued.
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 10. Capital Debt (continued):
Summary of Principal Debt
A summary of the activity of the Township’s principal debt is as follows:
Balance
Balance
Balance
December 31,
Accrued/
Retired/
December 31,
Due Within
2017
Increases
Decreases
2018
One Year
General Capital:
General Bonds
15,910,000.00
$
-
$
1,000,000.00
$
14,910,000.00
$
1,015,000.00
$
Loans
243,889.01
-
29,469.58
214,419.43
30,061.92
Authorized but Not Issued
15,400,000.00
5,000,000.00
-
20,400,000.00
-
31,553,889.01
$
5,000,000.00
$
1,029,469.58
$
35,524,419.43
$
1,045,061.92
$
Note 11. Deferred Compensation Salary Account
The Township offers its employees a Deferred Compensation Plan in accordance with Internal Revenue
Code Section 457 which has been approved by the Director of the Division of Local Government
Services. The Plan, available to all full time employees at their option, permits employees to defer a
portion of their salary to future years. The deferred compensation is not available to participants until
termination, retirement, death or unforeseeable emergency. Amounts deferred under Section 457 plans
must be held in trust for the exclusive benefits of participating employees and not be accessible by the
Township or its creditors. Since the Township does not have a fiduciary relationship with the Plan, the
balances and activities of the Plan are not reported in the Township’s financial statements.
Note 12. Accrued Sick, Vacation and Compensation Time
As discussed in Note 1 and in accordance with accounting principles prescribed by the State of New
Jersey, the cash basis of accounting is followed for recording the Township’s liability related to unused
vacation, sick pay and compensation time. The Township permits certain employees within limits to
accumulate unused vacation, sick pay and compensation time, which may be taken as time off or paid at a
later date at an agreed upon rate. In accordance with New Jersey accounting principles, this unused
accumulated absences amount is not reported as a liability in the accompanying financial statements. The
current cost of such unpaid compensation is $144,132.97 at December 31, 2018.
Note 13. Deferred School Taxes
School taxes have been raised and the liability deferred by statutes. The balance of unpaid local school
taxes levied, amount deferred and the amount reported as a liability (payable) at December 31, are as
follows:
Local Taxes
2018
2017
Total Balance of Local Tax
8,187,459.79
$
8,015,489.81
$
Deferred Taxes
5,410,504.32
5,410,504.32
Local Tax Payable
2,776,955.47
$
2,604,985.49
$
Balance, December 31,
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 14. Risk Management
The Township 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 Township maintains
commercial insurance coverage for property, liability and surety bonds through the Gloucester, Salem and
Cumberland Counties Municipal Joint Insurance Fund (“Fund”).
The Fund provides the Township with the following coverage:
Property Policy
Environmental Legal Liability Policy
Automobile Policy
Excess Liability Policy
Crime Policy and Excess Crime Policy Public Officials and Employment Liability
Casualty Policy
Volunteer Directors and Officers Policy
Workers’ Compensation and Excess Workers Compensation Policy
Contributions to the Fund, are payable in an annual premium and is based on actuarial assumptions
determined by the Fund’s actuary. The Township’s agreement with the pool provides that the pool will
be self-sustaining through member premiums and will reinsure through the Municipal Excess Liability
Joint Insurance Fund for claims in excess of $50,000 to $250,000 based on the line of coverage for each
insured event.
The Fund publishes its own financial report for the year ended December 31, 2018, which can be obtained
from:
Gloucester, Salem, Cumberland Counties Municipal Joint Insurance Fund
Post Office Box 488
Marlton, New Jersey 08053
New Jersey Unemployment Compensation Insurance
The Township has elected to fund its New Jersey Unemployment Compensation Insurance under the
“Reimbursement Method”. Under this plan, the Township is required to reimburse the New Jersey
Unemployment Trust Fund, dollar-for-dollar, for unemployment benefits paid to its former employees
who were laid off or furloughed and charged to its account with the State. The Township is billed
quarterly for amounts due to the State. The following is a summary of Township contributions,
reimbursements to the State for benefits paid and the ending balance of the Township’s unemployment
trust fund for the current and previous two years:
Interest
Amount
Year
Contributions
Earned
Reimbursed
Ending Balance
2018
5,000.00
$
2.07
$
3,818.28
$
3,619.05
$
2017
-
9.46
5,553.42
2,435.26
2016
10,000.00
2.97
5,281.91
7,979.22
TOWNSHIP OF WOOLWICH
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
Note 15. Contingencies
Grantor Agencies
The Township receives financial assistance from the State of New Jersey and the U.S. government in the
form of grants. Entitlement to the funds is generally conditional upon compliance with terms and
conditions of the grant agreements and applicable regulations, including the expenditure of the funds for
eligible purposes. Substantially all grants, entitlements and cost reimbursements are subject to financial
and compliance audits by grantors. As a result of these audits, costs previously reimbursed could be
disallowed and require repayment to the grantor agency. As of December 31, 2018 the Township
estimates that no material liabilities will result from such audits.
Litigation
The Township is a defendant in several legal proceedings that are in various stages of litigation. It is
believed that the outcome, or exposure to the Township, from such litigation is either unknown or
potential losses, if any, would not be material to the financial statements.
Tax Appeals
Losses arising from tax appeals are recognized at the time a decision is rendered by an administrative or
judicial body; however, municipalities may establish reserves transferred from tax collections or by
budget appropriation for future payments of tax appeal losses. There are no significant pending tax
appeals as of December 31, 2018.
Note 16. Subsequent Events
Management has reviewed and evaluated all events and transactions that occurred between December 31,
2018 and August 26, 2019, the date the financial statements were available to be issued and has noted the
following:
During June of 2019, The Township approved new bond anticipation notes in the amount of $6,500,000.
SUPPLEMENTARY EXHIBITS
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CURRENT FUND
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EXHIBIT A-4
Balance December 31, 2017
8,069,040.75
$
-
$
Increased by Receipts:
Taxes Collector
42,157,794.55
$
-
Revenue Accounts Receivable
1,238,363.74
-
Miscellaneous Revenue Not Anticipated
612,657.63
-
Refunds of Current Year Appropriations
398,061.60
-
Due to Trust Other
17,070.10
-
Due to State & Federal Grant Fund
9,945.38
-
Due to General Capital Fund
36,852.23
-
Federal & State Grants Receivable
-
68,536.86
Total Receipts
44,470,745.23
68,536.86
Subtotal
52,539,785.98
68,536.86
Decreased by Disbursements:
2018 Appropriations
8,613,623.50
-
Appropriation Reserves
177,062.64
-
Encumbrances Payable
107,776.01
-
County Taxes Payable
9,290,746.15
-
Due County for Added & Omitted Taxes
115,130.12
-
Local District School Tax
16,202,949.02
-
Regional High School Tax
10,729,606.50
-
Municipal Open Space Tax
575,171.00
-
Accounts Payable
13,342.23
-
Tax Overpayments
72,875.31
-
Due from Trust Other
4,304.08
-
Due to State - Marriage Licenses
1,050.00
-
Interfund Disbursement - Grant
-
9,945.38
Federal & State Grants - Appropriated
-
58,591.48
Total Disbursements
45,903,636.56
68,536.86
Balance December 31, 2018
6,636,149.42
$
-
$
Cash
5,559,112.49
$
Investments
1,077,036.93
Total
6,636,149.42
$
CURRENT FUND
GRANT FUND
STATE & FEDERAL
TOWNSHIP OF WOOLWICH
CURRENT FUND
SCHEDULE OF CASH AND INVESTMENTS - TREASURER
FOR THE YEAR ENDED DECEMBER 31, 2018
EXHIBIT A-5
Balance - December 31, 2017
-
$
Increased by:
Interest and Cost on Taxes
102,362.92
$
Taxes Receivable
41,648,298.57
Tax Title Lien Redemptions
4,388.01
Senior & Vet Receipts
50,875.00
Prepaid Taxes
351,870.05
42,157,794.55
42,157,794.55
Decreased by:
Remitted to Treasurer
42,157,794.55
42,157,794.55
Balance - December 31, 2018
-
$
TOWNSHIP OF WOOLWICH
CURRENT FUND
SCHEDULE OF CASH - COLLECTOR
YEAR ENDED DECEMBER 31, 2018
EXHIBIT A-6
BALANCE
SENIOR
TRANSFERRED
TRANSFERRED
BALANCE
DECEMBER 31,
2018
ADDED
CITIZENS &
OVERPAYMENT
OVERPAYMENT
TO TAX
TO
DECEMBER 31,
YEAR
2017
LEVY
TAXES
2017
2018
VETERANS
APPLIED
CREATED
CANCELED
TITLE LIENS
ARREARS
2018
2012
327.49
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
-
$
(327.49)
$
-
$
2013
0.07
-
-
-
-
-
-
-
-
-
(0.07)
-
2015
8,776.68
-
-
-
-
-
-
-
-
-
(8,776.68)
-
2016
8,981.94
-
-
-
40,482.01
-
40.18
31,538.98
(1.27)
-
-
-
2017
380,320.20
-
-
-
383,769.32
(2,500.00)
51,547.93
58,451.58
3,294.14
-
(2,660.39)
-
ARREARS
34,392.73
-
-
-
-
-
-
-
-
-
11,764.63
46,157.36
Total
432,799.11
-
-
-
424,251.33
(2,500.00)
51,588.11
89,990.56
3,292.87
-
-
46,157.36
2018
-
43,045,356.56
460,508.25
1,678,701.16
41,224,047.24
52,500.00
60,876.21
114,069.24
39,556.85
25,289.82
-
538,962.77
Total
432,799.11
$
43,045,356.56
$
460,508.25
$
1,678,701.16
$
41,648,298.57
$
50,000.00
$
112,464.32
$
204,059.80
$
42,849.72
$
25,289.82
$
-
$
585,120.13
$
Tax Yield:
General Property Tax
43,045,356.56
$
Added Taxes (54:4-63.1 et. seq.)
460,508.25
43,505,864.81
$
Total Tax Yield
43,505,864.81
$
Tax Levy:
Local School District Tax (Abstract)
16,374,919.00
$
Regional High School Tax (Abstract)
10,729,506.00
Municipal Open Space (Abstract)
575,171.00
Municipal Open Space (Added)
6,078.61
County Taxes:
County Tax (Abstract)
8,179,201.18
$
County Library Tax (Abstract)
599,988.68
County Open Space
511,354.70
Due County for Added Taxes (54:4-63,1 et.seq.)
99,435.97
Total County Taxes
9,389,980.53
Local Tax for Municipal Purposes
6,062,342.00
Add: Additional Tax Levied
367,867.67
6,430,209.67
Total Tax Levy
43,505,864.81
$
TOWNSHIP OF WOOLWICH
CURRENT FUND
COLLECTED
FOR THE YEAR ENDED DECEMBER 31, 2018
SCHEDULE OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY
ANALYSIS OF 2018 PROPERTY TAX LEVY:
EXHIBIT A-7
Balance December 31, 2017
198,357.38
$
Increased by:
Transfers from Taxes Receivable
25,289.82
$
Interest & Costs Accrued by Sale
341.93
25,631.75
Subtotal
223,989.13
Decreased by:
Collections
4,388.01
Balance December 31, 2018
219,601.12
$
TOWNSHIP OF WOOLWICH
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2018
SCHEDULE OF TAX TITLE LIENS
EXHIBIT A-8
BALANCE
BALANCE
DECEMBER 31,
ACCRUED IN
DECEMBER 31,
2017
2018
TREASURER
2018
Miscellaneous Revenue Anticipated:
Municipal Court
13,775.84
$
147,328.95
$
152,124.03
$
8,980.76
$
Energy Receipts Tax
-
414,809.00
414,809.00
-
Garden State Trust
-
5,939.00
5,939.00
-
Shared Services - Swedesboro:
Police Coverage and Protection
-
651,841.71
651,841.71
-
Recreation
-
13,650.00
13,650.00
-
Total
13,775.84
$
1,233,568.66
$
1,238,363.74
$
8,980.76
$
Cash Receipts
1,238,363.74
$
Total
1,238,363.74
$
TOWNSHIP OF WOOLWICH
FOR THE YEAR ENDED DECEMBER 31, 2018
STATEMENT OF REVENUE ACCOUNTS RECEIVABLE
CURRENT FUND
EXHIBIT A-9
BALANCE
BALANCE
PAID
DECEMBER 31,
AFTER
OR
BALANCE
2017
TRANSFERS
CHARGED
LAPSED
General Government:
General Administration:
Other Expenses
910.41
910.41
171.86
738.55
Municipal Clerk:
Other Expenses
1,519.82
1,519.82
651.71
868.11
Financial Administration (Treasury):
Other Expenses
4,536.51
4,536.51
4,114.16
422.35
Legal Services (Legal Department):
Other Expenses
53,966.97
53,966.97
11,828.91
42,138.06
Economic Development Agencies:
Other Expenses
491.03
491.03
105.48
385.55
Land Use Administration:
Planning Board:
Other Expenses
5,874.59
5,874.59
5,874.59
-
Insurance:
Workmen's Compensation Insurance
5,335.00
5,335.00
1,097.76
4,237.24
Health Benefit Waiver
55,238.08
55,238.08
2,117.27
53,120.81
Public Safety Functions:
Police Department:
Salaries and Wages
72,211.16
59,999.36
6,464.58
53,534.78
Other Expenses
37,982.24
37,982.24
25,241.96
12,740.28
Aid to Volunteer Fire Company:
Other Expenses
11,373.71
15,206.69
15,206.69
-
Municipal Court:
Other Expenses
5,991.39
5,991.39
693.26
5,298.13
Public Works Functions:
Snow Removal:
Salaries and Wages
10,000.00
10,000.00
10,000.00
-
Other Expenses
33,167.30
33,167.30
32,587.70
579.60
Solid Waste Sanitation:
Other Expenses
15,922.83
24,301.65
24,301.65
-
Streets & Road Maintenance:
Other Expenses
26,910.33
26,910.33
18,207.28
8,703.05
Buildings & Grounds:
Other Expenses
12,385.64
12,385.64
9,075.75
3,309.89
Vehicle Maintenance:
Other Expenses
44,977.73
44,977.73
38,862.53
6,115.20
Health & Human Services:
Board of Health:
Other Expenses
888.72
888.72
73.50
815.22
Environmental Committee:
Other Expenses
2,337.00
2,337.00
1,962.00
375.00
Park & Recreation Functions:
Maintenance of Parks:
Other Expenses
4,401.80
4,401.80
1,054.12
3,347.68
Utility Expenses & Bulk Purchases:
Electricity
14,937.88
14,937.88
10,655.09
4,282.79
Street Lighting
14,453.72
14,453.72
13,328.01
1,125.71
Telephone
2,263.54
2,263.54
914.40
1,349.14
Water/Fire Hydrant Service
25,991.22
25,991.22
25,430.10
561.12
Heating
2,501.78
2,501.78
1,229.78
1,272.00
Landfill/Solid Waste Disposal Costs:
Sanitary Landfill
87,467.66
87,467.66
36,346.09
51,121.57
Interlocal Service Agreements - Swedesboro:
Recreation
3,132.73
3,132.73
3,083.95
48.78
Deferred Charges & Statutory Expenditures:
Defined Contribution Retirement Program
1,001.54
1,001.54
10.74
990.80
All Others
89,488.58
89,488.58
-
89,488.58
Total
647,660.91
647,660.91
300,690.92
346,969.99
2017 Appropriation Reserves
539,884.90
$
Cash
284,838.65
$
2017 Encumbrances
107,776.01
Accounts Payable
15,852.27
Total
647,660.91
$
Total
300,690.92
$
TOWNSHIP OF WOOLWICH
CURRENT FUND
SCHEDULE OF 2017 APPROPRIATION RESERVES
FOR THE YEAR ENDED DECEMBER 31, 2018
EXHIBIT A-10
Balance December 31, 2017:
School Tax Deferred
5,410,504.32
$
School Tax Payable
2,604,985.49
8,015,489.81
Increased by Levy:
School Year July 1, 2018 - June 30, 2019
16,374,919.00
Subtotal
24,390,408.81
Decreased by:
Payments
16,202,949.02
Subtotal
8,187,459.79
Balance December 31, 2018:
School Tax Deferred
5,410,504.32
School Tax Payable
2,776,955.47
Balance December 31, 2018
8,187,459.79
$
2018 Payments
16,202,949.02
$
Less School Taxes Payable at December 31, 2017
2,604,985.49
Plus School Taxes Payable at December 31, 2018
2,776,955.47
Amount Charged to 2018 Operations
16,374,919.00
$
EXHIBIT A-11
Balance December 31, 2017
0.10
$
Increased by:
Levy - Calendar Year
10,729,506.00
Subtotal
10,729,506.10
Decreased by:
Payments
10,729,606.50
Balance December 31, 2018
(100.40)
$
SCHEDULE OF REGIONAL HIGH SCHOOL TAX PAYABLE
FOR THE YEAR ENDED DECEMBER 31, 2018
TOWNSHIP OF WOOLWICH
CURRENT FUND
SCHEDULE OF LOCAL DISTRICT TAX
FOR THE YEAR ENDED DECEMBER 31, 2018
ANALYSIS OF AMOUNT CHARGED TO OPERATIONS
EXHIBIT A-12
Balance, December 31, 2017
115,130.12
$
Increased by:
General County Taxes
8,179,201.18
$
County Library Taxes
599,988.68
County Open Space Preservation
511,354.70
County Added & Omitted Taxes
99,435.97
9,389,980.53
Subtotal
9,505,110.65
Decreased by:
Payments
9,405,876.27
Balance, December 31, 2018
99,234.38
$
TOWNSHIP OF WOOLWICH
CURRENT FUND
SCHEDULE OF COUNTY TAXES PAYABLE
YEAR ENDED DECEMBER 31, 2018
EXHIBIT A-13
BALANCE
TRANSFERRED
BALANCE
DECEMBER 31,
ANTICIPATED
FROM
DECEMBER 31,
GRANT
2017
REVENUE
RECEIVED
UNAPPROPRIATED
2018
State Grants:
Municipal Alliance for Drug and Alcohol Abuse
13,635.20
$
6,619.00
$
6,619.00
$
-
$
13,635.20
$
Body Armor Grant
515.56
2,428.28
-
2,428.28
515.56
Sustainable Jersey Small Grant
12,862.85
-
2,000.00
-
10,862.85
Recycling Tonnage Grant
-
26,107.67
26,107.67
-
-
Alcohol Education and Rehabilitation Grant
-
695.71
695.71
-
-
Clean Communities Program
1,159.63
21,509.48
21,509.48
-
1,159.63
Drive Sober or Get Pulled Over
-
2,475.00
2,475.00
-
-
DVRPC - Master Plan
25,370.66
-
-
-
25,370.66
NJ Department of Transportation - Bikeways
170,000.00
-
-
-
170,000.00
NJ Department of Transportation - Shared Use Path
66,547.00
-
-
-
66,547.00
Federal Grants:
Drunk Driving Enforcement Grant
2,166.60
3,080.00
3,630.00
-
1,616.60
Distracted Driving Grant
-
3,300.00
3,300.00
-
-
Click It or Ticket Grant
-
2,200.00
2,200.00
-
-
CDBG
13,239.20
-
-
-
13,239.20
Local Grants:
NJDEP - Recreation Trails Program - local match
6,000.00
-
-
-
6,000.00
Total
311,496.70
$
68,415.14
$
68,536.86
$
2,428.28
$
308,946.70
$
Cash Receipts
68,536.86
$
Total
68,536.86
$
TOWNSHIP OF WOOLWICH
CURRENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2018
SCHEDULE OF STATE AND FEDERAL GRANTS RECEIVABLE
EXHIBIT A-14
BALANCE
BALANCE
DECEMBER 31,
2018 BUDGET
ENCUMBRANCES
DECEMBER 31,
APPROPRIATION
2017
APPROPRIATION
RECLASSIFIED
EXPENDED
ENCUMBRANCES
2018
State Grants:
Recycling Tonnage Grant
19,047.76
$
26,107.67
$
11,216.00
$
13,528.67
$
-
$
42,842.76
$
SHARE Grant
19,918.99
-
-
-
-
19,918.99
Clean Communities Grant
55,498.19
21,509.48
1,797.00
27,206.68
4,650.00
46,947.99
Municipal Alliance for Drug and Alcohol Abuse:
State Share
4,895.00
6,619.00
-
1,167.01
-
10,346.99
Hazardous Site Remediation Grants:
Jersey Fresh Grant
600.00
-
-
-
-
600.00
Alcohol Education Rehabilitation Grant:
Municipal Court - Salaries and Wages
5,272.81
695.71
-
-
-
5,968.52
Body Armor Replacement Grant
2,974.00
2,428.28
-
3,302.59
-
2,099.69
Drive Sober or Get Pulled Over
-
2,475.00
-
-
-
2,475.00
Sustainable Jersey Small Grant
3,250.00
-
-
35.00
-
3,215.00
DVRPC - Master Plan
-
-
621.46
-
621.46
-
NJDEP - Recreation Trails Program
Municipal Share
6,000.00
-
-
-
-
6,000.00
NJDOT - Shared Use Path
194,047.00
-
-
-
-
194,047.00
NJDOT - Bikeways
104,500.00
-
7,123.99
-
7,123.99
104,500.00
Total State
416,003.75
59,835.14
20,758.45
45,239.95
12,395.45
438,961.94
Federal Grants:
Municipal Stormwater Regulation Grant
588.50
-
-
-
-
588.50
Drunk Driving Enforcement Fund
5,951.61
3,080.00
-
7,851.53
-
1,180.08
Distracted Driving Grant
-
3,300.00
-
3,300.00
-
-
Click It or Ticket Grant
-
2,200.00
-
2,200.00
-
-
NJDEP - Recreation Trails Program
24,000.00
-
-
-
-
24,000.00
Community Development Block Grant
1,145.83
-
-
-
-
1,145.83
Total Federal
31,685.94
8,580.00
-
13,351.53
-
26,914.41
Local Grants:
Municipal Alliance for Drug and Alcohol Abuse:
Municipal Share
17,582.31
1,654.75
-
-
-
19,237.06
Total Local
17,582.31
1,654.75
-
-
-
19,237.06
Total
465,272.00
$
70,069.89
$
20,758.45
$
58,591.48
$
12,395.45
$
485,113.41
$
TOWNSHIP OF WOOLWICH
CURRENT FUND
SCHEDULE OF RESERVES FOR STATE AND FEDERAL GRANTS - APPROPRIATED
FOR THE YEAR ENDED DECEMBER 31, 2018
EXHIBIT A-15
TRANSFERRED
BALANCE
TO 2018
BALANCE
DECEMBER 31,
GRANT
DECEMBER 31,
GRANT
2017
APPROPRIATED
RECEIVED
2018
State Grants:
Recycling Tonnage Grant
13,582.41
$
-
$
-
$
13,582.41
$
Body Armor Grant
2,428.28
2,428.28
-
-
Total Grants
16,010.69
$
2,428.28
$
-
$
13,582.41
$
SCHEDULE OF RESERVES FOR STATE GRANTS - UNAPPROPRIATED
FOR THE YEAR ENDED DECEMBER 31, 2018
TOWNSHIP OF WOOLWICH
FEDERAL AND STATE GRANT FUND
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TRUST FUND
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EXHIBIT B-3
Balance December 31, 2017
2,548,442.38
$
667,059.03
$
7,893.07
$
Increased by Receipts:
Public Defender Fees
3,800.00
$
-
$
-
$
COAH Trust Funds
10,850.33
-
-
Unemployment Trust
5,002.07
-
-
Escrow Deposits
310,948.32
-
-
Woolwich Recreation Trust
132,964.28
-
-
Police Forfeited Funds
89.90
-
-
Deposits for Police Overtime
283,582.95
-
-
Municipal Open Space Tax
-
589,788.00
-
Developer's Tree Compensation
2,284.81
-
-
UCC Fees
506,451.92
-
-
Developer's Recreation Fees
141.23
-
-
Payroll
4,042,291.02
-
-
Snow Removal
37,381.38
-
-
POAA
24.00
-
-
Municipal Functions Developer's Fees
61,884.93
-
-
Developer's Open Space
5.14
-
-
Election
13,600.00
-
-
Interfunds Received
4,304.08
-
-
Dog License Fees
-
-
5,843.00
Interest
-
1,201.56
-
5,415,606.36
590,989.56
5,843.00
Subtotal
7,964,048.74
1,258,048.59
13,736.07
Decreased by Disbursements:
Animal Control Expenditures
-
-
7,149.63
Municipal Open Space
-
384,246.88
-
Woolwich Recreation Trust
135,433.60
-
-
Unemployment Trust
3,818.28
-
-
Developer's Tree Compensation
2,100.00
-
-
Police Overtime Expenses
245,700.72
-
-
Public Defender Fees
3,200.00
-
-
Municipal Functions Developer's Fees
178,426.90
-
-
UCC Trust
502,538.62
-
-
Developer's Recreation Fees
1,898.60
-
-
Payroll
4,049,184.44
-
-
Snow Removal Trust
53,909.40
-
-
Escrow Disbursements
274,476.84
-
-
Developer's Open Space
6,254.22
-
-
Polling for Local Elections
13,000.00
-
-
DCA Fees Paid to State
6,649.00
-
-
Interfunds Paid
117,070.10
-
-
5,593,660.72
384,246.88
7,149.63
Balance December 31, 2018
2,370,388.02
$
873,801.71
$
6,586.44
$
Cash
1,570,388.02
$
Investments
800,000.00
Total
2,370,388.02
$
TRUST OTHER
ANIMAL CONTROL
TOWNSHIP OF WOOLWICH
TRUST FUND
SCHEDULE OF CASH AND INVESTMENTS - TREASURER
FOR THE YEAR ENDED DECEMBER 31, 2018
MUNICIPAL OPEN SPACE
EXHIBIT B-4
Balance - December 31, 2017
9,886.71
$
231,122.38
$
Increased by:
Received from Tax Sale
232,446.91
$
-
$
232,446.91
-
242,333.62
231,122.38
Decreased by:
Refund Upon Redemption
232,396.91
132,100.00
232,396.91
132,100.00
Balance - December 31, 2018
9,936.71
$
99,022.38
$
TOWNSHIP OF WOOLWICH
TRUST FUND
SCHEDULE OF CASH - COLLECTOR
FOR THE YEAR ENDED DECEMBER 31, 2018
TRUST FUND
TAX PREMIUM
TRUST FUND
TAX TITLE LIEN REDEMPTION
EXHIBIT B-5
Balance December 31, 2017
7,798.83
$
Increased by Receipts:
Dog License Fees
5,843.00
Subtotal
13,641.83
Decreased by Disbursements:
Disbursements to State of New Jersey
1,259.40
$
Disbursements for Dog License Expenses
5,890.23
7,149.63
Balance December 31, 2018
6,492.20
$
YEAR
AMOUNT
2017
6,777.00
$
2016
7,429.00
Total
14,206.00
$
TOWNSHIP OF WOOLWICH
TRUST FUND
SCHEDULE OF RESERVE FOR ANIMAL CONTROL EXPENDITURES
FOR THE YEAR ENDED DECEMBER 31, 2018
LICENSE FEES COLLECTED
EXHIBIT B-6
Balance December 31, 2017
9,886.71
$
Increased by:
Cash Receipts
232,446.91
Subtotal
242,333.62
Decreased by:
Disbursements
232,396.91
Balance December 31, 2018
9,936.71
$
TOWNSHIP OF WOOLWICH
TRUST FUND
SCHEDULE OF DEPOSITS FOR REDEMPTION OF TAX TITLE LIENS
FOR THE YEAR ENDED DECEMBER 31, 2018
EXHIBIT B-7
Balance December 31, 2017
231,122.38
$
Decreased by:
Cash Disbursements
132,100.00
Balance December 31, 2018
99,022.38
$
TOWNSHIP OF WOOLWICH
TRUST FUND
SCHEDULE OF PREMIUMS RECEIVED AT TAX SALE
FOR THE YEAR ENDED DECEMBER 31, 2018
EXHIBIT B-8
Balance December 31, 2017
289,111.28
$
Increased by:
Tax Levy Received
575,171.00
$
Added Taxes Due from Current Fund
6,078.61
Reimbursements from State
14,617.00
Due from Current Fund
7,470.00
Interest
1,201.56
604,538.17
Subtotal
893,649.45
Decreased by:
Debt Service Payments Due to Current Fund
175,000.00
Encumbrances for Open Space
185,996.73
Cash Disbursements for Open Space
384,246.88
745,243.61
Balance December 31, 2018
148,405.84
$
SCHEDULE OF RESERVE FOR MUNICIPAL OPEN SPACE
FOR THE YEAR ENDED DECEMBER 31, 2018
TOWNSHIP OF WOOLWICH
TRUST FUND
EXHIBIT B-9
BALANCE
BALANCE
DECEMBER 31,
INTEREST
DECEMBER 31,
2017
RECEIPTS
EARNINGS
DISBURSEMENTS
2018
Public Defender
2,751.26
$
3,800.00
$
-
$
3,200.00
$
3,351.26
$
Payroll Deductions Payable
20,602.98
4,042,291.02
-
4,049,184.44
13,709.56
Site Plan Review Escrow
737,678.90
309,788.66
1,159.66
274,476.84
774,150.38
Municipal Functions Donations
152,219.93
61,780.28
104.65
178,426.90
35,677.96
Police Overtime
28,082.08
283,582.95
-
245,700.72
65,964.31
UCC Trust
688,416.41
506,123.34
328.58
507,147.62
687,720.71
P.O.A.A. - Parking Fines
524.61
24.00
-
-
548.61
Police Forfeited Funds
4,400.29
83.20
6.70
-
4,490.19
Developer's Open Space
6,490.09
-
5.14
6,254.22
241.01
Developer's Tree Compensation
324,011.44
2,100.00
184.81
2,100.00
324,196.25
Snow Removal
19,738.20
37,381.38
-
53,909.40
3,210.18
Developer's Recreation Fees
113,828.88
-
141.23
1,898.60
112,071.51
COAH Fees
322,506.78
10,356.73
493.60
-
333,357.11
Election
250.00
13,600.00
-
13,000.00
850.00
Woolwich Recreation Trust
24,060.37
132,903.42
60.86
135,433.60
21,591.05
Unemployment Trust
2,435.26
5,000.00
2.07
3,818.28
3,619.05
2,447,997.48
$
5,408,814.98
$
2,487.30
$
5,474,550.62
$
2,384,749.14
$
FOR THE YEAR ENDED DECEMBER 31, 2018
TOWNSHIP OF WOOLWICH
SCHEDULE OF MISCELLANEOUS TRUST RESERVES
TRUST FUND
INCREASED BY
DECREASED BY
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GENERAL CAPITAL FUND
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EXHIBIT C-1
Balance December 31, 2017
$418,172.13
Decreased by:
Down Payments for Improvement Authorizations - Ord. 2018-05
147,000.00
$
Down Payments for Improvement Authorizations - Ord. 2018-09
250,000.00
397,000.00
Balance December 31, 2018
$21,172.13
EXHIBIT C-2
Balance December 31, 2017
1,296,770.39
$
Increased by Receipts:
Interfund transfer from Uniform Construction Code Trust
100,000.00
Subtotal
1,396,770.39
Decreased by Disbursements:
Improvement Authorizations
1,305,784.19
Balance December 31, 2018
90,986.20
$
SCHEDULE OF CASH AND INVESTMENTS - TREASURER
FOR THE YEAR ENDED DECEMBER 31, 2018
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
SCHEDULE OF FUND BALANCE
FOR THE YEAR ENDED DECEMBER 31, 2018
EXHIBIT C-3
BALANCE
BALANCE
DECEMBER 31,
RECEIPTS
IMPROVEMENT
DECEMBER 31,
2017
MISCELLANEOUS
AUTHORIZATIONS
MISCELLANEOUS
TO
FROM
2018
Fund Balance
418,172.13
$
-
$
-
$
-
$
-
$
397,000.00
$
21,172.13
$
Due from Trust Other
(204,356.64)
100,000.00
-
-
-
-
(104,356.64)
Due to Grant Fund
127,500.00
-
-
-
-
-
127,500.00
Due from State of New Jersey
(207,008.35)
-
-
-
-
-
(207,008.35)
Due from State of New Jersey - DOT
(193,000.00)
36,852.23
-
-
-
-
(156,147.77)
Capital Improvement Fund
179,483.35
-
-
-
-
-
179,483.35
Due to Current Fund
(113,587.90)
-
-
36,852.23
-
-
(150,440.13)
Reserve for Encumbrances
1,419,599.21
-
-
-
15,434,212.46
1,419,599.21
15,434,212.46
Reserve for Payment of Debt
161,838.65
-
-
-
-
-
161,838.65
Reserve for Developer's Deposits
173,465.05
-
-
-
-
-
173,465.05
IMPROVEMENT AUTHORIZATIONS:
ORDINANCE
NUMBER
10-13
69,785.52
-
36,194.50
-
40,265.00
4,070.50
69,785.52
10-25a
14,583.37
-
1,944.90
-
-
12,638.37
0.10
10-25b
13,023.06
-
13,023.16
-
-
-
(0.10)
11-08
505.20
-
-
-
-
-
505.20
12-15
12,485.00
-
-
-
-
-
12,485.00
12-20
18,588.00
-
-
-
-
-
18,588.00
13-08
2,738.82
-
2,738.82
-
7,099.14
7,099.14
-
14-03
13,105.15
-
6,895.30
-
6,895.30
-
13,105.15
14-16
17,160.50
-
-
-
-
-
17,160.50
15-14
2,542.82
-
-
-
-
-
2,542.82
15-16
45,035.27
-
43,461.18
-
-
1,574.09
-
16-09
76,518.00
-
-
-
-
-
76,518.00
16-10
49,794.18
-
348,557.37
-
371,139.77
63,423.73
8,952.85
17-16
193,000.00
-
-
-
-
-
193,000.00
17-19
(994,200.00)
-
368,339.07
-
994,200.00
14,878,315.52
(15,246,654.59)
18-05
-
-
35,370.75
-
147,000.00
111,628.25
1.00
18-09
-
-
106,497.82
-
250,000.00
314,502.18
(171,000.00)
18-12
-
-
342,761.32
-
-
40,960.68
(383,722.00)
Total
1,296,770.39
$
136,852.23
$
1,305,784.19
$
36,852.23
$
17,250,811.67
$
17,250,811.67
$
90,986.20
$
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
ANALYSIS OF CASH AND INVESTMENTS
FOR THE YEAR ENDED DECEMBER 31, 2018
DISBURSEMENTS
TRANSFERS
EXHIBIT C-4
Balance December 31, 2017
16,153,889.01
$
Decreased by:
2018 Budget Appropriation to Pay General Serial Bonds
1,000,000.00
$
Green Trust Loan Bonds
29,469.58
1,029,469.58
Balance December 31, 2018
15,124,419.43
$
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - FUNDED
FOR THE YEAR ENDED DECEMBER 31, 2018
EXHIBIT C-5
BALANCE
BALANCE
UNEXPENDED
ORDINANCE
DECEMBER 31,
2018
DECEMBER 31,
IMPROVEMENT
NUMBER
IMPROVEMENT DESCRIPTION
2017
AUTHORIZATIONS
2018
AUTHORIZATION
EXPENDED
17-19
Various Sewer Improvements
15,400,000.00
$
-
$
15,400,000.00
$
153,345.41
$
15,246,654.59
$
18-09
Construction and Improvements of Open Space
-
3,000,000.00
3,000,000.00
2,829,000.00
171,000.00
18-12
Various Capital Improvements
-
2,000,000.00
2,000,000.00
1,741,278.00
258,722.00
Total
15,400,000.00
$
5,000,000.00
$
20,400,000.00
$
4,723,623.41
$
15,676,376.59
$
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - UNFUNDED
FOR THE YEAR ENDED DECEMBER 31, 2018
BALANCE DECEMBER 31, 2018
ANALYSIS OF
EXHIBIT C-6
Balance December 31, 2017
179,483.35
$
Decreased By:
Appropriated to Finance Improvement Authorizations - Ord. 2018-12
125,000.00
Balance December 31, 2018
54,483.35
$
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
SCHEDULE OF CAPITAL IMPROVEMENT FUND
FOR THE YEAR ENDED DECEMBER 31, 2018
EXHIBIT C-7
RECLASSIFICATION
CURRENT YEAR
ORDINANCE
2018
PRIOR YEAR
ENCUMBRANCES
NUMBER
IMPROVEMENT DESCRIPTION
DATE
AMOUNT
FUNDED
UNFUNDED
AUTHORIZATIONS
PAYABLES
EXPENDED
PAYABLE
FUNDED
UNFUNDED
10-13
Russell Mill Road Phase 3 & 4
5/17/2010
420,000.00
$
69,785.52
$
-
$
-
$
40,265.00
$
36,194.50
$
4,070.50
$
69,785.52
$
-
$
10-25a
Various Road Improvements
11/1/2010
200,000.00
14,583.27
-
-
-
1,944.90
12,638.37
-
-
10-25b
Road Drainage Improvements
11/1/2010
100,000.00
13,023.16
-
-
-
13,023.16
-
-
-
11-8
Public Works Equipment
7/18/2011
88,113.20
505.20
-
-
-
-
-
505.20
-
12-15
Field Drainage Improvements
45,000.00
12,485.00
-
-
-
-
-
12,485.00
-
12-20
Public Works Garage
324,797.71
18,588.00
-
-
-
-
-
18,588.00
-
13-08
Various Capital Improvements and Equipment
380,000.00
2,738.82
-
-
7,099.14
2,738.82
7,099.14
0.00
-
14-03
Public Works, Public & Fire Safety Equipment
70,000.00
13,105.15
-
-
6,895.30
6,895.30
-
13,105.15
-
14-16
Acquisition of Real Property
550,000.00
17,160.50
-
-
-
-
-
17,160.50
-
15-14
Public Works Equipment
9/21/2015
12,485.00
2,542.82
-
-
-
-
-
2,542.82
-
15-16
Roadway Improvements
9/21/2015
375,000.00
45,035.27
-
-
-
43,461.18
1,574.09
0.00
-
16-09
Acquisition of Transfer Development Rights
8/1/2016
2,100,000.00
76,518.00
-
-
-
-
-
76,518.00
-
16-10
Various Capital Improvements
8/1/2016
883,111.00
49,794.18
-
-
371,139.77
348,557.37
63,423.73
8,952.85
-
17-16
Various Roadway and Drainage Improvements
8/21/2017
193,000.00
193,000.00
-
-
-
-
-
193,000.00
-
17-19
Various Sewer Improvements
12/18/2017
15,400,000.00
-
14,405,800.00
-
994,200.00
368,339.07
14,878,315.52
-
153,345.41
18-05
Various Roadway Improvements
5/7/2018
147,000.00
-
-
147,000.00
-
35,370.75
111,628.25
1.00
-
18-09
Construction and Improvements of Open Space
5/21/2018
3,250,000.00
-
-
3,250,000.00
-
106,497.82
314,502.18
-
2,829,000.00
18-12
Various Capital Improvements
8/20/2018
2,125,000.00
-
-
2,125,000.00
-
342,761.32
40,960.68
-
1,741,278.00
Total
528,864.89
$
14,405,800.00
$
5,522,000.00
$
1,419,599.21
$
1,305,784.19
$
15,434,212.46
$
412,644.04
$
4,723,623.41
$
ORDINANCE
DECEMBER 31, 2017
DECEMBER 31, 2018
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
STATEMENT OF IMPROVEMENT AUTHORIZATIONS
FOR THE YEAR ENDED DECEMBER 31, 2018
BALANCE
BALANCE
EXHIBIT C-8
AMOUNT OF
BALANCE
BALANCE
DATE OF
ORIGINAL
INTEREST
DECEMBER 31,
DECEMBER 31,
PURPOSE
ISSUE
ISSUE
DATE
AMOUNT
RATE
2017
INCREASED
DECREASED
2018
General Obligation Refunding
4/30/2015
5,260,000
12/15/2019
460,000.00
$
3.000%
4,040,000.00
$
-
$
460,000.00
$
3,580,000.00
$
Bonds - Series 2015
12/15/2020
480,000.00
3.000%
12/15/2021
505,000.00
3.000%
12/15/2022
515,000.00
3.000%
12/15/2023
525,000.00
3.000%
12/15/2024
535,000.00
3.000%
12/15/2025
560,000.00
3.000%
General Obligation Bonds - 2016
10/13/2016
$5,500,000
10/1/2019
205,000.00
4.000%
5,335,000.00
-
200,000.00
5,135,000.00
10/1/2020
210,000.00
4.000%
10/1/2021
215,000.00
4.000%
10/1/2022
225,000.00
4.000%
10/1/2023
230,000.00
4.000%
10/1/2024
235,000.00
4.000%
10/1/2025
240,000.00
2.000%
10/1/2026
325,000.00
2.000%
10/1/2027
325,000.00
2.250%
10/1/2028
325,000.00
2.250%
10/1/2029
325,000.00
2.250%
10/1/2030
325,000.00
2.500%
10/1/2031
325,000.00
2.500%
10/1/2032
325,000.00
2.500%
10/1/2033
325,000.00
2.750%
10/1/2034
325,000.00
3.000%
10/1/2035
325,000.00
3.000%
10/1/2036
325,000.00
3.000%
General Obligation Refunding
8/23/2017
$6,535,000
7/1/2019
350,000.00
2.000%
6,535,000.00
-
340,000.00
6,195,000.00
Bonds - Series 2017
7/1/2020
360,000.00
3.000%
7/1/2021
370,000.00
3.000%
7/1/2022
380,000.00
3.000%
7/1/2023
390,000.00
4.000%
7/1/2024
410,000.00
4.000%
7/1/2025
425,000.00
4.000%
7/1/2026
445,000.00
4.000%
7/1/2027
460,000.00
4.000%
7/1/2028
480,000.00
4.000%
7/1/2029
500,000.00
4.000%
7/1/2030
520,000.00
4.000%
7/1/2031
545,000.00
4.000%
7/1/2032
560,000.00
4.000%
Totals
15,910,000.00
$
-
$
1,000,000.00
$
14,910,000.00
$
Paid from Current Fund
1,000,000.00
$
Total
1,000,000.00
$
MATURITIES OF
DECEMBER 31, 2018
BONDS OUTSTANDING
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
SCHEDULE OF GENERAL SERIAL BONDS
FOR THE YEAR ENDED DECEMBER 31, 2018
EXHIBIT C-9
AMOUNT OF
BALANCE
BALANCE
DATE OF
ORIGINAL
INTEREST
DECEMBER 31,
DECEMBER 31,
PURPOSE
ISSUE
ISSUE
DATE
AMOUNT
RATE
2017
DECREASED
2018
Locke Avenue Park
1/4/2002
150,000.00
$
1/12/2019
4,349.95
$
2.00%
39,949.68
$
8,571.12
$
31,378.56
$
7/12/2019
4,393.45
2.00%
1/12/2020
4,437.39
2.00%
7/12/2020
4,481.76
2.00%
1/12/2021
4,526.58
2.00%
7/12/2021
4,571.86
2.00%
1/12/2022
4,617.57
2.00%
Park Expansion
4/26/2007
400,000.00
4/26/2019
10,606.23
2.00%
203,939.33
20,898.46
183,040.87
10/26/2019
10,712.29
2.00%
4/26/2020
10,819.41
2.00%
10/26/2020
10,927.61
2.00%
4/26/2021
11,036.88
2.00%
10/26/2021
11,147.25
2.00%
4/26/2022
11,258.73
2.00%
10/26/2022
11,371.31
2.00%
4/26/2023
11,485.03
2.00%
10/26/2023
11,599.88
2.00%
4/26/2024
11,715.88
2.00%
10/26/2024
11,833.03
2.00%
4/26/2025
11,951.36
2.00%
10/26/2025
12,070.88
2.00%
4/26/2026
12,191.60
2.00%
10/26/2026
12,313.50
2.00%
Total
243,889.01
$
29,469.58
$
214,419.43
$
MATURITIES OF
DECEMBER 31, 2018
BONDS OUTSTANDING
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
SCHEDULE OF GREEN ACRES TRUST LOANS
FOR THE YEAR ENDED DECEMBER 31, 2018
EXHIBIT C-10
BALANCE
BALANCE
ORDINANCE
IMPROVEMENT
DECEMBER 31,
2018
2018
DECEMBER 31,
NUMBER
DESCRIPTION
2017
AUTHORIZATIONS
REDUCTIONS
2018
17-19
Various Sewer Improvements
15,400,000.00
$
-
$
-
$
15,400,000.00
$
18-09
Construction and Improvements of Open Space
-
3,000,000.00
-
3,000,000.00
18-12
Various Capital Improvements
-
2,000,000.00
-
2,000,000.00
Total
15,400,000.00
$
5,000,000.00
$
-
$
20,400,000.00
$
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
FOR THE YEAR ENDED DECEMBER 31, 2018
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
EXHIBIT C-11
Balance December 31, 2017
400,008.35
$
Decreased By:
Grants Received by Current Fund
36,852.23
Balance December 31, 2018
363,156.12
$
State Aid Receivable - Prior Years
170,156.12
$
NJDOT - Russell Mill Road/Cloverdale Road Improvements - Ord 2017-16
193,000.00
Total
363,156.12
$
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
SCHEDULE OF CAPITAL GRANTS RECEIVABLE
FOR THE YEAR ENDED DECEMBER 31, 2018
Analysis of Grants Receivable
TOWNSHIP OF WOOLWICH
PART II
SCHEDULE OF FINANCIAL STATEMENT FINDINGS -
GOVERNMENT AUDITING STANDARDS
FOR THE YEAR ENDED DECEMBER 31, 2018
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TOWNSHIP OF WOOLWICH
SCHEDULE OF FINANCIAL STATEMENT FINDINGS
FOR THE YEAR ENDED DECEMBER 31, 2018
This section identifies the significant deficiencies, material weaknesses and instances of noncompliance
related to the basic financial statements that are required to be reported in accordance with Government
Auditing Standards and with audit requirements prescribed by the Division of Local Government
Services, Department of Community Affairs, State of New Jersey.
Finding 2018-001:
Criteria or specific requirement:
That an accurate general ledger be maintained for all funds.
Condition:
Closing and adjusting entries are not being properly posted in the Township’s general ledger accounting
system for the Current Fund.
Cause:
Lack of resources in the finance office.
Effect or potential effect:
Ending balances in the client’s general ledger for the Current Fund do not accurately reflect activity for
the year.
Recommendation:
That the client posts all adjusting and closing entries to the general ledger at year end for the Current
Fund.
View of responsible official:
The responsible official agrees with this finding and will address the matter as part of their corrective
action plan.
Finding 2018-002:
Criteria or specific requirement:
That Trust Funds be used for purposes as approved by the Budget Rider filed with the State of New
Jersey Department of Community Affairs.
Condition:
During our audit of the Township’s Municipal Functions Donation Trust Fund, it was determined that the
Trust Fund is being used for purposes other than those approved by the Budget Rider filed with the State
of New Jersey Department of Community Affairs.
Cause:
General ledger incorrectly setup for this fund.
Effect or potential effect:
Activity posted to this Trust Fund does not accurately reflect the approved activity.
TOWNSHIP OF WOOLWICH
SCHEDULE OF FINANCIAL STATEMENT FINDINGS (continued)
FOR THE YEAR ENDED DECEMBER 31, 2018
Finding 2018-002 (continued):
Recommendation:
That the Township utilizes the Municipal Functions Donations Trust Fund only for activities approved
under the Budget Rider.
View of responsible official:
The responsible official agrees with this finding and will address the matter as part of their corrective
action plan.
Finding 2018-003:
Criteria or specific requirement:
That the Township actively pursue all receivables due to the Township.
Condition:
During our audit of the State and Federal Grant Fund and the General Capital Fund, it was noted that
there are several grant receivables that have been outstanding for several years.
Cause:
Not actively pursuing old grant receivables.
Effect or potential effect:
Inability to collect receivables due to the Township.
Recommendation:
That the Township actively pursue collection of all outstanding receivables.
View of responsible official:
The responsible official agrees with this finding and will address the matter as part of their corrective
action plan.
Finding 2018-004:
Criteria or specific requirement:
That the Township make their pension payments by the due date.
Condition:
During our audit it was noted that quarterly pension payments for both PERS and PFRS were filed after
the State’s due date.
Cause:
Lack of resources in the finance department.
TOWNSHIP OF WOOLWICH
SCHEDULE OF FINANCIAL STATEMENT FINDINGS (continued)
FOR THE YEAR ENDED DECEMBER 31, 2018
Finding 2018-004 (continued):
Effect or potential effect:
Pension payments were submitted after the due date.
Recommendation:
That the Township makes timely pension payments.
View of responsible official:
The responsible official agrees with this finding and will address the matter as part of their corrective
action plan.
Finding 2018-005:
Criteria or specific requirement:
That the Township maintain a fixed asset accounting system.
Condition:
During our audit it was noted that a fixed asset accounting system is not being maintained for land and
buildings in accordance with technical accounting directive No. 2 and N.J.A.C. 5:30-5.6.
Cause:
Lack of resources in the finance office.
Effect or potential effect:
Potential for incorrect reporting of fixed assets.
Recommendation:
That a fixed assets accounting system be maintained for land and buildings in accordance with technical
accounting directive No. 2 and N.J.A.C. 5:30-5.6.
View of responsible official:
The responsible official agrees with this finding and will address the matter as part of their corrective
action plan.
TOWNSHIP OF WOOLWICH
SUMMARY SCHEDULE OF PRIOR YEAR AUDIT FINDINGS
FOR THE YEAR ENDED DECEMBER 31, 2018
This section identifies the status of prior year findings related to the financial statements, federal awards
and state financial assistance that are required to be reported in accordance with Government Auditing
Standards, Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principals, and Audit Requirements for Federal Awards (Uniform Guidance), and
New Jersey OMB’s Circular 15-08.
Financial Statement Findings
Finding No. 2017-001
Condition:
Closing and adjusting entries are not being properly posted in the Township’s general ledger accounting
system for the General Capital Fund.
Current Status:
This finding has been corrected.
Finding No. 2017-002
Condition:
In review of the Township’s internal control procedures, our audit revealed that no written Standard
Operating Procedures manual is in place.
Current Status:
This finding has been corrected.
Finding No. 2017-003
Condition:
During our audit of the Township’s Municipal Functions Donation Trust Fund, it was determined that the
Trust Fund is being used for purposes other than those approved by the Budget Rider filed with the State
of New Jersey Department of Community Affairs.
Current Status:
This finding has not been corrected. See Finding 2018-002.
TOWNSHIP OF WOOLWICH
SUMMARY SCHEDULE OF PRIOR YEAR AUDIT FINDINGS (continued)
FOR THE YEAR ENDED DECEMBER 31, 2018
Finding No. 2017-004
Condition:
During our audit of the State and Federal Grant Fund and General Capital Fund, it was noted that there
are several grant receivables that have been outstanding for several years.
Current Status:
This finding has not been corrected. See Finding 2018-003.
FEDERAL AWARDS
N/A – No Federal Single Audit in prior year.
STATE FINANCIAL ASSISTANCE
N/A – No State Single Audit in prior year.
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TOWNSHIP OF WOOLWICH
PART III
LETTER OF COMMENTS AND RECOMMENDATIONS – REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2018
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OFFICIALS IN OFFICE AND SURETY BONDS
The following officials were in office at December 31, 2018:
Name
Title
Jordan Schlump
Mayor
John A. Carleton
Deputy Mayor
Vernon Marino
Committee Member
Gina Marie Santore
Committee Member
Dan Battisti
Committee Member
Jane DiBella
Township Administrator/Clerk
William Pine
Chief Financial Officer
Kim Jaworski
Tax Collector
James Sabetta
Construction Code Official
Angela Kalnas
Court Administrator
Jordan Higgins
Deputy Court Administrator
William Golden
Court Magistrate
Mark Shoemaker, Esq.
Solicitor
The Alamio Group
Engineer
Note: All officials and employees are covered by the Joint Insurance Fund with
a bond in the amount of $1,000,000 each.
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Honorable Mayor and Members
of the Township Committee
Township of Woolwich
County of Gloucester
Woolwich, New Jersey
In accordance with requirements prescribed by the Division of Local Government Services, Department
of Community Affairs, State of New Jersey, the following are the General Comments and
Recommendations for the year ended December 31, 2018.
GENERAL COMMENTS:
Contracts and Agreements required to be advertised by (N.J.S.A.40A:11-4)
N.J.S.A.40A:11-4 states every contract or agreement, for the performance of any work or 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 therefore, 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 bid threshold, except by
contract or agreement.
The bid threshold in accordance with N.J.S.A. 40A:11-4 was $40,000 for the year ended December 31, 2018.
It is pointed out that the governing body of the municipality has the responsibility of determining whether
the expenditures in any category will exceed the statutory minimum within the fiscal year. Where
question arises as to whether any contract or agreement might result in violation of the statute, the
solicitor's opinion should be sought before a commitment is made.
Inasmuch as the system of records did not provide for an accumulation of payments for categories for the
performance of any work or the 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 violations existed.
Our examination of expenditures did not reveal any individual payments or contracts in excess of the bid
threshold “for the performance of any work, or the furnishing of any materials, supplies or labor” 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:11-6.
Collection of Interest on Delinquent Taxes and Assessments
N.J.S.54:4-67, provides the method for authorizing interest and the maximum rates to be charged for the
nonpayment of taxes or assessments on or before the date when they would become delinquent.
The governing body on January 2, 2018 adopted the following resolution authorizing interest to be
charged on delinquent taxes:
NOW THEREFORE, BE IT RESOLVED, that if said taxes are deemed to be delinquent for non-
payment of taxes, the Tax Collector shall charge eight (8%) percent per annum on the first
$1,500.00 of the delinquency, and eighteen (18%) percent per annum on any amount in excess of
$1,500.00; and
BE IT FURTHER RESOLVED, by the Township Committee of the Township of Woolwich, that
the Tax Collector shall allow that no interest will be charged on payments received and made by
the tenth calendar day following the date upon which the same became payable; and
BE IT FURTHER RESOLVED, by the Township Committee of the Township of Woolwich, that
the Tax Collector shall charge, in addition to the interest for delinquent taxes, as noted above, a
penalty of six (6%) percent of the amount of the delinquency in taxes in excess of $10,000.00 to a
taxpayer who fails to pay the delinquency prior to the end of the calendar year.
It appears from an examination of the Collector's record that interest was collected in accordance with the
foregoing resolution.
OTHER COMMENTS (FINDINGS):
Finding 2018-001 (Finding 2018-001 in the Schedule of Financial Statement Findings section) - Closing
and adjusting entries are not being properly posted in the Township’s general ledger accounting system
for the Current Fund.
*Finding 2018-002 (Finding 2018-002 in the Schedule of Findings and Recommendations section) -
During our audit of the Township’s Municipal Functions Donation Trust Fund, it was determined that the
Trust Fund is being used for purposes other than those approved by the Budget Rider filed with the State
of New Jersey Department of Community Affairs.
*Finding 2018-003 (Finding 2018-003 in the Schedule of Financial Statement Findings section) - During
our audit of the State and Federal Grant Fund and the General Capital Fund, it was noted that there are
several grant receivables that have been outstanding for several years.
Finding 2018-004 (Finding 2018-004 in the Schedule of Financial Statement Findings section) - During
our audit it was noted that quarterly pension payments for both PERS and PFRS were filed after the
State’s due date.
Finding 2018-005 (Finding 2018-005 in the Schedule of Financial Statement Findings section) - During
our audit it was noted that a fixed asset accounting system is not being maintained for land and buildings
in accordance with technical accounting directive No. 2 and N.J.A.C. 5:30-5.6.
*Denotes Prior Year Finding.
RECOMMENDATIONS:
Finding 2018-001 - That the Township posts all adjusting and closing entries to the general ledger at year
end for the General Capital Fund.
Finding 2018-002 - That the Township utilizes the Municipal Functions Donations Trust Fund only for
activities approved under the Budget Rider.
Finding 2018-003 - That the Township actively pursue collection of all outstanding receivables.
Finding 2018-004 - That the Township makes timely pension payments.
Finding 2018-005 - That a fixed assets accounting system be maintained for land and buildings in
accordance with technical accounting directive No. 2 and N.J.A.C. 5:30-5.6.
Appreciation
We express our appreciation for the assistance and courtesies extended to the members of the audit team.
Respectfully submitted,
HOLMAN FRENIA ALLISON, P. C.
Michael Holt
Certified Public Accountant
Registered Municipal Accountant
RMA No. 473
Medford, New Jersey
August 26, 2019
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"...PART III PAGE Letter of Comments and Recommendations – Regulatory Basis: Officials in Office and Surety Bonds 105 General Comments 107 Other Comments (Findings) 108 Recommendations 109 Acknowledgment 110 (conclud..."
liquidated damages
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Timeline
First Discovered
Apr 2, 2026
Last Info Update
Apr 2, 2026
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