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Executive Summary
This is the report of the annual audit for the Township of Woolwich, Gloucester County, New Jersey, for the year ended December 31, 2023. The audit includes financial statements for the various funds of the Township, including the Current Fund, Trust Funds, General Capital Fund, and the General Fixed Asset Group of Accounts. The report includes findings and recommendations, as well as a summary schedule of prior year audit findings. This audit was completed and submitted on July 31, 2024.
The report also covers internal control over financial reporting and compliance with laws, regulations, contracts, and grant agreements, with an independent auditor's report included. The financial statements were prepared on a regulatory basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey.
The report includes schedules of assets, liabilities, reserves, fund balances, revenues, and expenditures for each fund type. It also covers supplementary information such as cash statements, tax receivables, and grant fund details. Key areas examined include financial statement findings, questioned costs, and the status of prior year findings as prepared by management. The report also lists officials in office and their surety bonds.
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Document Text
--- Document: Audit - 2023 Document ---
TOWNSHIP OF WOOLWICH
COUNTY OF GLOUCESTER
REPORT OF AUDIT
FOR THE YEAR ENDED DECEMBER 31, 2023
i
18700
TOWNSHIP OF WOOLWICH
TABLE OF CONTENTS
Exhibit No.
Page No.
PART 1
Independent Auditor's Report
2
Report on Internal Control over Financial Reporting and on Compliance and
Other Matters Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards
5
CURRENT FUND
A
Statements of Assets, Liabilities, Reserves and Fund Balance--
Regulatory Basis
7
A-1
Statements of Operations and Changes in Fund Balance--
Regulatory Basis
9
A-2
Statement of Revenues--Regulatory Basis
10
A-3
Statement of Expenditures--Regulatory Basis
12
TRUST FUNDS
B
Statements of Assets, Liabilities, Reserves, and Fund Balance--
Regulatory Basis
18
B-1
Municipal Open Space--Statement of Revenues--Regulatory Basis
20
B-2
Municipal Open Space--Statement of Expenditures--Regulatory Basis
21
GENERAL CAPITAL FUND
C
Statements of Assets, Liabilities, Reserves, and Fund Balance--Regulatory Basis
22
C-1
Statements of Operations and Changes in Fund Balance--Regulatory Basis
23
GENERAL FIXED ASSET ACCOUNT GROUP
F
Statement of General Fixed Assets Group of Accounts--Regulatory Basis
24
Notes to Financial Statements
25
ii
18700
TOWNSHIP OF WOOLWICH
TABLE OF CONTENTS (CONT’D)
Exhibit No.
Page No.
SUPPLEMENTAL EXHIBITS
CURRENT FUND
SA-1
Statement of Current Cash
61
SA-2
Statement of Taxes Receivable and Analysis of Property Tax Levy
62
SA-3
Statement of Tax Title Liens Receivable
63
SA-4
Statement of Tax Overpayments
64
SA-5
Statement of Prepaid Taxes
64
SA-6
Statement of Due to State of New Jersey Senior Citizens and
Veterans’ Deductions
65
SA-7
Statement of Appropriation Reserves
66
SA-8
Statement of Revenue Accounts Receivable
68
SA-9
Statement of County Taxes
69
SA-10
Statement of Local School District Tax
69
SA-11
Statement of Due to Federal & State Grant Fund
70
SA-12
Federal and State Grant Fund--Statement of Grants Receivable
71
SA-13
Federal and State Grant Fund--Statement of Reserve for Appropriated Grants
72
SA-14
Federal and State Grant Fund--Statement of Reserve for Unappropriated Grants
73
TRUST FUNDS
SB-1
Statement of Trust Cash
75
SB-2
Trust-- Municipal Open Space Fund--Statement of Reserve for Future Use
76
SB-3
Animal Control Fund--Statement of Reserve for Animal Control Fund Expenditures
77
SB-4
Animal Control Fund--Statement Due From State of New Jersey
77
SB-5
Trust Other Fund--Statement of Due To Current Fund
78
SB-6
Trust Other Fund--Statement of Changes in Reserves
79
iii
18700
TOWNSHIP OF WOOLWICH
TABLE OF CONTENTS (CONT’D)
Exhibit No.
Page No.
SUPPLEMENTAL EXHIBITS (Cont’d)
GENERAL CAPITAL FUND
SC-1
Statement of General Capital Cash
81
SC-2
Analysis of General Capital Fund Cash
82
SC-3
Statement of Deferred Charges to Future Taxation--Unfunded
83
SC-4
Statement of Deferred Charges to Future Taxation--Funded
84
SC-5
Statement of Capital Improvement Fund
84
SC-6
Statement of Due Current Fund
84
SC-7
Statement of Improvement Authorizations
85
SC-8
Statement of Bond Anticipation Notes
86
SC-9
Statement of Bonds Payable
87
SC-10
Statement of Green Acres Loans Payable
88
SC-11
Statement of Grants Receivable
89
SC-12
Statement of Reserve to Pay Debt Service
90
SC-13
Schedule of Bonds and Notes Authorized But Not Issued
91
PART 2
SCHEDULE OF FINDINGS AND RECOMMENDATIONS
Schedule of Financial Statement Findings
93
Summary Schedule of Prior Year Audit Findings and Questioned Costs
as Prepared by Management
94
OFFICIALS IN OFFICE AND SURETY BONDS
95
APPRECIATION
96
TOWNSHIP OF WOOLWICH
PART 1
REPORT OF AUDIT OF FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2023
-1-
INDEPENDENT AUDITOR'S REPORT
The Honorable Mayor and
Members of the Township Committee
Township of Woolwich
Woolwich Township, New Jersey 08085
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying statements of assets, liabilities, reserves and fund balance - regulatory basis
of the various funds of the Township of Woolwich, in the County of Gloucester, State of New Jersey, as of December
31, 2023, and the related statements of operations and changes in fund balance - regulatory basis for the year then
ended, and the related statement of revenues - regulatory basis, statement of expenditures - regulatory basis, and
statement of general fixed asset group of accounts - regulatory basis for the year ended December 31, 2023, and
the related notes to the financial statements, which collectively comprise the Township’s basic financial statements
as listed in the table of contents.
Unmodified Opinions on Regulatory Basis of Accounting
In our opinion, the accompanying 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 of Woolwich,
in the County of Gloucester, State of New Jersey, as of December 31, 2023, and the results of its operations and
changes in fund balance - regulatory basis of such funds for the year then ended, and the revenues - regulatory
basis and expenditures - regulatory basis of the various funds, and general fixed asset group of accounts -
regulatory basis, for the year ended December 31, 2023, 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.
Adverse Opinion on Accounting Principles Generally Accepted in the United States of America
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 section of our report, the accompanying financial
statements referred to above do not present fairly the financial position of the Township of Woolwich, in the County
of Gloucester, State of New Jersey, as of December 31, 2023, or the results of its operations and changes in fund
balance for the year then ended in accordance with accounting principles generally accepted in the United States
of America.
Basis for Opinions on Regulatory Basis of Accounting
We conducted our audit in accordance with 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 in compliance with audit requirements as prescribed by 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. Our responsibilities under those standards are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent
of the Township and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements
relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinions.
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6 North Broad Street I Suite 201 I Woodbury, NJ 08096-4635 I P 856.853-0440 I F 856.845-4128 www.bowman.cpa
18700
Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America
As described in note 1 to the financial statements, the financial statements are prepared by the Township on the
basis of the financial reporting provisions 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 the regulatory basis of accounting described in note 1 and accounting
principles generally accepted in the United States of America, although not reasonably determinable, are presumed
to be material and pervasive.
Other Matter
The financial statements of the Township of Woolwich as of and for the year ended December 31, 2022 were
audited by another auditor whose report dated September 20, 2023, expressed an adverse opinion on those
financial statements in accordance with accounting principles generally accepted in the United States of America,
and an unmodified opinion under the regulatory basis of accounting.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with the financial reporting provisions of the Division of Local Government Services, Department of Community
Affairs, 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.
In preparing the financial statements, management is required to evaluate whether there are conditions or events,
considered in the aggregate, that raise substantial doubt about the Township’s ability to continue as a going concern
for twelve months beyond the financial statement date, including any currently known information that may raise
substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee
that an audit conducted in accordance with auditing standards generally accepted in the United States of America
and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they
would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with auditing standards generally accepted in the United States of America
and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the Township’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Township’s ability to continue as a going concern for a reasonable period of
time.
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18700
Auditor’s Responsibilities for the Audit of the Financial Statements (Continued)
We are required to communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified
during the audit.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise
the Township’s basic financial statements. The accompanying supplemental statements and schedules presented
for the various funds, as listed in the table of contents, 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 are not
a required part of the basic financial statements.
Such information is the responsibility of management and was derived from and relates directly to the underlying
accounting and other records used to prepare the basic financial statements. The information has been subjected
to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures,
including comparing and reconciling such information directly to the underlying accounting and other records used
to prepare the basic financial statements or to the basic financial statements themselves, and other additional
procedures in accordance with auditing standards generally accepted in the United States of America. In our
opinion, the accompanying supplemental statements and schedules are fairly stated, in all material respects, in
relation to the basic financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated July 31, 2024 on our
consideration of the Township’s internal control over financial reporting and on our tests of its compliance with
certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that
report is solely to describe the scope of our testing of internal control over financial reporting and compliance and
the results of that testing, and not to provide an opinion on the effectiveness of the Township of Woolwich’s internal
control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance
with Government Auditing Standards in considering the Township of Woolwich’s internal control over financial
reporting and compliance.
Respectfully submitted,
BOWMAN & COMPANY LLP
Certified Public Accountants
& Consultants
Fred S. Caltabiano
Certified Public Accountant
Registered Municipal Accountant
Woodbury, New Jersey
July 31, 2024
-4-
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
INDEPENDENT AUDITOR’S REPORT
The Honorable Mayor and
Members of the Township Committee
Township of Woolwich
Woolwich Township, New Jersey 08085
We have audited, in accordance with the auditing standards generally accepted in the United States of America,
the standards applicable to financial statement audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States, and the audit requirements as prescribed by the Division of Local
Government Services, Department of Community Affairs, State of New Jersey, the financial statements prepared
on a regulatory basis of accounting prescribed by the Division of Local Government Services, Department of
Community Affairs, State of New Jersey, of the Township of Woolwich, in the County of Gloucester, State of New
Jersey, as of and for the year ended December 31, 2023, and the related notes to the financial statements, which
collectively comprise the Township’s basic financial statements, and have issued our report thereon dated July 31,
2024. That report indicated that the Township of Woolwich's financial statements were not prepared in accordance
with accounting principles generally accepted in the United States of America, but were prepared on a regulatory
basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs,
State of New Jersey.
Report on 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) as a basis for designing 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 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.
-5-
6 North Broad Street I Suite 201 I Woodbury, NJ 08096-4635 I P 856.853-0440 I F 856.845-4128 www.bowman.cpa
18700
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and
was not designed to identify all deficiencies in internal control that might be material weaknesses or significant
deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we
consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were
not identified.
Report on 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 financial statements.
However, providing an opinion on compliance with those provisions was not an objective of our audit, and
accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance
or other matters that are required to be reported under Government Auditing Standards, and audit requirements as
prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey.
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 entity’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 entity’s internal control and compliance. Accordingly, this
communication is not suitable for any other purpose.
Respectfully submitted,
BOWMAN & COMPANY LLP
Certified Public Accountants
& Consultants
Fred S. Caltabiano
Certified Public Accountant
Registered Municipal Accountant
Woodbury, New Jersey
July 31, 2024
-6-
18700
Exhibit A
Ref.
2023
2022
ASSETS:
Regular Fund:
Cash
SA-1
20,654,462.33
$
13,111,343.47
$
Cash - Change Fund
A
650.00
650.00
20,655,112.33
13,111,993.47
Receivables and Other Assets with Full Reserves:
Delinquent Property Taxes Receivable
SA-2
345,107.38
411,454.33
Tax Title Liens Receivable
SA-3
211,334.61
277,365.06
Foreclosed Property
A
173,200.00
Revenue Accounts Receivable
SA-8
5,285.50
Due from Trust - Other Funds
B
154,040.35
116,742.34
Due from General Capital Fund
C
15,886.26
883,682.34
826,733.49
Total Regular Fund
21,538,794.67
13,938,726.96
Federal and State Grant Fund:
Due from Current Fund
SA-11
490,759.46
621,174.48
Grants Receivable
SA-12
559,767.52
86,315.14
Total Federal and State Grant Fund
1,050,526.98
707,489.62
22,589,321.65
$
14,646,216.58
$
(Continued)
As of December 31, 2023 and 2022
TOWNSHIP OF WOOLWICH
Statements of Assets, Liabilities, Reserves and Fund Balance -- Regulatory Basis
CURRENT FUND
-7-
18700
Exhibit A
Ref.
2023
2022
As of December 31, 2023 and 2022
TOWNSHIP OF WOOLWICH
Statements of Assets, Liabilities, Reserves and Fund Balance -- Regulatory Basis
CURRENT FUND
LIABILITIES, RESERVES AND FUND BALANCE:
Regular Fund:
Liabilities:
Appropriation Reserves
A-3,SA-7
982,970.80
$
652,031.32
$
Reserve for Encumbrances
A-3,SA-7
235,896.91
93,758.42
Accounts Payable
A-1
7,723.53
Tax Overpayments
SA-4
84,294.65
Prepaid Taxes
SA-5
431,224.93
519,999.09
Due State of NJ - Senior Citizens & Veterans' Deductions
SA-6
10,600.53
9,329.30
County Taxes Payable
SA-9
245,097.87
530,449.63
Local School District Tax Payable
SA-10
3,288,056.96
3,190,256.47
Due to Federal and State Grant Fund
SA-11
490,759.46
621,174.48
Due to Municipal Open Space Fund
B
35,416.08
35,416.08
Due to General Capital Fund
C
626,103.51
Due to County of Gloucester - Court Fines June 2023
SA-1
3,507.75
Due to County of Gloucester - 5% PILOT
SA-1, A-1
59,401.83
Reserve for Municipal Relief Fund Aid
SA-1, A-2
43,266.83
21,638.08
Reserve for Master Plan
SA-1
18,537.57
38,513.82
Reserve for FEMA
A
829,395.04
829,395.04
Reserve for Sewer Connection Fees
A-2
504,000.00
Reserve for Sale of Municipal Assets
SA-1
6,165,070.00
Reserve for National Opioid Settlement
SA-1
31,255.13
19,825.29
13,580,855.85
7,073,510.55
Reserves for Receivables and Other Assets
A
883,682.34
826,733.49
Fund Balance
A-1
7,074,256.48
6,038,482.92
Total Regular Fund
21,538,794.67
13,938,726.96
Federal and State Grant Fund:
Due to General Capital Fund
SA-13
194,047.00
Reserve for:
Encumbrances
SA-13
500.00
Appropriated Grants
SA-13
854,392.62
706,272.35
Unappropriated Grants
SA-14
2,087.36
717.27
Total Federal and State Grant Fund
1,050,526.98
707,489.62
22,589,321.65
$
14,646,216.58
$
The accompanying Notes to Financial Statements are an integral part of these statements.
-8-
18700
Exhibit A-1
2023
2022
REVENUE AND OTHER INCOME REALIZED:
Fund Balance Anticipated
2,990,000.00
$
1,995,000.00
$
Miscellaneous Revenues Anticipated
4,555,610.35
3,144,475.34
Receipts from Delinquent Taxes and Tax Title Liens
369,984.13
347,784.10
Receipts from Current Taxes
48,945,967.62
49,341,946.35
Non-Budget Revenue
1,278,598.54
964,188.33
Other Credits to Income:
Unexpended Balance of Appropriation Reserves
368,121.25
295,066.29
Due County Adjustment/Canceled
398,271.09
Refund of Prior Year Expenses
15,392.83
Accounts Payable Adjustment
7,723.53
Reserve for Appropriated Grant Adjustment
42,500.00
Liquidation of Interfunds
15,892.26
303,501.85
Total Income
58,972,668.77
56,407,355.09
EXPENDITURES:
Budget Appropriations:
Appropriations Within "CAPS":
Operations:
Salaries and Wages
2,682,030.00
2,641,067.38
Other Expenses
4,363,270.00
4,079,800.00
Deferred Charges and Statutory Expenditures
1,227,175.00
1,192,497.00
Appropriations Excluded from "CAPS":
Operations:
Salaries and Wages
1,581,082.12
1,215,882.09
Other Expenses
1,128,341.17
352,139.63
Capital Improvements
390,000.00
50,000.00
Debt Service
2,710,578.34
1,989,535.94
Deferred Charges
200,000.00
Local School District Tax
17,397,124.00
17,201,521.00
Regional High School Tax
12,055,903.50
11,951,790.00
County Taxes
10,320,761.11
10,414,808.54
County Added/Omitted/Rollback Taxes
245,097.87
530,449.63
Municipal Open Space Tax
732,250.45
744,416.08
Prior Year Seniors Citizens Deductions Disallowed
692.46
250.00
Prior Year Due to County - 5% PILOT
13,823.65
Refund of Prior Year Revenue
98,765.54
Total Expenditures
54,946,895.21
52,564,157.29
Excess in Revenue
4,025,773.56
3,843,197.80
Fund Balance January 1
6,038,482.92
4,190,285.12
10,064,256.48
8,033,482.92
Decreased by:
Utilized as Anticipated Revenue
2,990,000.00
1,995,000.00
Fund Balance December 31
7,074,256.48
$
6,038,482.92
$
The accompanying Notes to Financial Statements are an integral part of these statements.
For the Years Ended December 31, 2023 and 2022
Statements of Operations and Changes in Fund Balance -- Regulatory Basis
TOWNSHIP OF WOOLWICH
CURRENT FUND
-9-
18700
Exhibit A-2
Original
NJSA
Excess or
Budget
40A: 4-87
Realized
(Deficit)
Fund Balance Anticipated
2,990,000.00
$
2,990,000.00
$
Miscellaneous Revenues
Local Revenues
Licenses - Alcoholic Beverages
6,000.00
6,000.00
Fines and Costs: Municipal Court
50,000.00
68,823.10
18,823.10
$
Interest and Costs on Taxes
74,000.00
73,253.83
(746.17)
State Aid Without Offsetting Appropriations
Energy Receipts Tax
417,676.00
417,676.32
0.32
Garden State Trust Fund
5,939.00
7,313.00
1,374.00
Shared Service Agreements Offset with Appropriations
Kingsway Regional High School District - SRO
198,940.24
119,364.16
(79,576.08)
Swedesboro/Woolwich School District - SRO
99,474.79
99,474.70
(0.09)
Borough of Swedesboro:
Recreation - OE
8,000.00
8,000.00
Police Coverage and Protection
703,050.00
703,050.00
Township of South Harrison:
Police Coverage and Protection
579,617.09
579,184.22
(432.87)
Public and Private Revenues Offset with Appropriations
Municipal Alliance
1,500.00
1,500.00
Recycling Tonnage
13,994.50
13,994.50
Body Armor
2,111.52
2,111.52
NJDOT
700,900.00
700,900.00
Alcohol Education Rehabilitation
683.87
$
683.87
Clean Communities
30,405.28
30,405.28
Stormwater Assistance Grant
75,000.00
75,000.00
Body Worn Camera Grant
81,520.00
81,520.00
JIF Safety
8,700.00
8,700.00
Other Special Items
Debt Service Contribution from Municipal Open Space
346,000.00
346,000.00
Pension Contribution for UCC Trust Fund
35,000.00
35,000.00
Reserve for Sewer Connection Fees
504,000.00
504,000.00
Liberty PILOT
237,390.00
652,017.77
414,627.77
Reserve for Municipal Relief Fund
21,638.08
21,638.08
4,013,931.22
187,609.15
4,555,610.35
354,069.98
Receipts from Delinquent Taxes
364,000.00
369,984.13
5,984.13
Amount to be Raised by Taxes for
Support of Municipal Budget:
Local Tax for Municipal Purposes
including Reserve for Uncollected Taxes
7,753,088.46
9,415,369.95
1,662,281.49
Budget Totals
15,121,019.68
187,609.15
17,330,964.43
2,022,335.60
Non-Budget Revenue
1,278,598.54
1,278,598.54
15,121,019.68
$
187,609.15
$
18,609,562.97
$
3,300,934.14
$
(Continued)
TOWNSHIP OF WOOLWICH
CURRENT FUND
Statement of Revenues -- Regulatory Basis
For the Year Ended December 31, 2023
-10-
18700
Exhibit A-2
Analysis of Realized Revenue
Allocation of Current Tax Collections:
Revenue from Collections
48,945,967.62
$
Allocated to:
County, Schools, and Municipal Open Space Taxes
40,751,136.93
Amount for Support of Municipal Budget Appropriations
8,194,830.69
Add: Appropriation "Reserve for Uncollected Taxes"
1,220,539.26
Amount for Support of Municipal Budget Appropriations
9,415,369.95
$
Receipts from Delinquent Taxes:
Delinquent Tax Collections
355,062.86
$
Tax Title Liens Collections
14,921.27
369,984.13
$
Analysis of Non-Budget Revenues
Miscellaneous Revenue not Anticipated:
Interest Earnings on Bank Deposits
220,828.04
$
Fulton Investment Account Earnings
99,750.15
Cable Television Franchise Fee
35,346.64
FEMA - State of NJ - COVID
86,600.62
Enterprise Sale
27,105.00
UCC Interlocal Revenue
150,134.66
PILOT Somerset Woolwich Urban Renewal LLC (Shoprite)
117,562.50
PILOT Woolwich Gardens Realty Urban Renew
171,898.67
PILOT Inspira Health Center Woolwich
96,404.97
PILOT The Oaks at Weath
33,445.61
PILOT Woolwich Housing Associates
57,634.92
Planning Board
21,720.00
Zoning Board
18,080.00
Firearms Permits & ID Cards
18,404.00
Administrative Fee Seniors Citizens and Veterans' Deductions
1,013.10
Miscellaneous - Other
122,669.66
Total Miscellaneous Revenue not Anticipated
1,278,598.54
$
The accompanying Notes to Financial Statements are an integral part of this statement.
TOWNSHIP OF WOOLWICH
CURRENT FUND
Statement of Revenues -- Regulatory Basis
For the Year Ended December 31, 2023
-11-
18700
Exhibit A-3
Appropriations
Expended
Unexpended
Original
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
OPERATIONS -- WITHIN "CAPS"
General Government Functions
General Administration:
Salaries and Wages
40,000.00
$
40,000.00
$
31,085.00
$
8,915.00
$
Other Expenses
4,500.00
4,500.00
1,130.87
1,000.90
$
2,368.23
Mayor and Committee:
Salaries and Wages
44,500.00
44,500.00
42,076.82
2,423.18
Other Expenses
2,000.00
2,000.00
1,488.02
70.00
441.98
Municipal Clerk:
Salaries and Wages
160,000.00
160,000.00
155,727.64
4,272.36
Other Expenses
25,000.00
31,000.00
27,070.35
2,265.00
1,664.65
Financial Administration:
Salaries and Wages
122,000.00
122,000.00
105,530.78
16,469.22
Other Expenses
75,000.00
75,000.00
57,581.23
268.00
17,150.77
Audit Services:
Other Expenses
60,000.00
60,000.00
58,850.00
1,150.00
Revenue Administration:
Salaries and Wages
71,870.00
71,870.00
71,760.02
109.98
Other Expenses
12,000.00
17,000.00
13,131.33
60.00
3,808.67
Legal Services:
Other Expenses
240,000.00
260,000.00
228,376.78
31,623.22
Engineering Services:
Other Expenses
65,000.00
65,000.00
35,151.60
15,600.00
14,248.40
Economic Development Committee:
Other Expenses
1,000.00
1,000.00
1,000.00
Land Use Administration
Planning Board:
Salaries and Wages
37,500.00
38,000.00
37,589.38
410.62
Other Expenses
65,000.00
65,000.00
20,046.61
747.71
44,205.68
Zoning Board:
Salaries and Wages
43,500.00
43,500.00
41,898.21
1,601.79
Other Expenses
300.00
300.00
60.00
240.00
(Continued)
TOWNSHIP OF WOOLWICH
Statement of Expenditures -- Regulatory Basis
For the Year Ended December 31, 2023
CURRENT FUND
-12-
18700
Exhibit A-3
Appropriations
Expended
Unexpended
Original
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
TOWNSHIP OF WOOLWICH
Statement of Expenditures -- Regulatory Basis
For the Year Ended December 31, 2023
CURRENT FUND
Insurance
General Liability
444,500.00
$
452,500.00
$
446,739.58
$
216.90
$
5,543.52
$
Employee Group Health Benefits
780,000.00
757,600.00
711,378.10
435.00
45,786.90
Health Benefit Waivers
52,500.00
52,500.00
46,103.03
6,396.97
Employee Health Benefits-Optional Cash Payment
50,000.00
50,000.00
34,141.23
210.00
15,648.77
Public Safety Functions
Police:
Salaries and Wages
1,740,000.00
1,653,500.00
1,542,184.32
111,315.68
Other Expenses
250,000.00
272,000.00
236,123.27
20,110.02
15,766.71
Office of Emergency Management:
Salaries and Wages
5,200.00
5,200.00
5,200.00
Other Expenses
2,500.00
2,500.00
393.60
2,106.40
Aid to Volunteer Fire Company:
Other Expenses
105,000.00
105,000.00
54,501.21
25,181.65
25,317.14
Prosecutor:
Salaries and Wages
24,400.00
24,400.00
24,349.90
50.10
Public Works Functions
Road Repairs and Maintenance:
Other Expenses
100,000.00
100,000.00
72,634.19
5,471.13
21,894.68
Storm Recovery / Snow Removal:
Salaries and Wages
5,000.00
5,000.00
5,000.00
Other Expenses
10,000.00
10,000.00
7,560.68
2,439.32
Solid Waste Collection:
Other Expenses
633,500.00
650,000.00
595,735.01
54,264.99
Public Buildings and Grounds:
Salaries and Wages
300,000.00
300,000.00
253,396.22
46,603.78
Other Expenses
93,850.00
93,850.00
53,175.90
25,243.91
15,430.19
Vehicle Maintenance:
Other Expenses
55,000.00
77,000.00
73,022.03
3,977.97
Health and Human Services
Public Health Services Board (Board of Health):
Salaries and Wages
10,400.00
10,400.00
10,044.31
355.69
Other Expenses
250.00
250.00
212.50
37.50
Environmental Commission:
Other Expenses
1,500.00
1,500.00
1,313.06
186.94
(Continued)
-13-
18700
Exhibit A-3
Appropriations
Expended
Unexpended
Original
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
TOWNSHIP OF WOOLWICH
Statement of Expenditures -- Regulatory Basis
For the Year Ended December 31, 2023
CURRENT FUND
Park and Recreation Functions
Recreation:
Other Expenses
13,260.00
$
12,500.00
$
12,500.00
$
Maintenance of Parks:
Salaries and Wages
12,500.00
13,660.00
13,534.95
125.05
$
Other Expenses
55,000.00
55,000.00
34,994.82
4,179.00
$
15,826.18
Utilities
Electricity
150,000.00
155,000.00
148,033.01
6,966.99
Street Lighting
110,000.00
110,000.00
85,959.03
24,040.97
Telephone
20,000.00
23,000.00
21,353.94
1,646.06
Water - Fire Hydrant
142,000.00
142,500.00
112,771.67
29,728.33
Gasoline
155,250.00
155,250.00
145,456.09
212.61
9,581.30
Heating Oil
13,500.00
13,500.00
6,555.39
6,944.61
Cable TV & Internet
12,000.00
12,000.00
10,219.83
254.48
1,525.69
Landfill/Solid Waste Disposal Costs
Solid Waste Disposal:
Other Expenses
450,000.00
450,000.00
376,352.97
73,647.03
Municipal Court
Municipal Court Administration:
Salaries and Wages
130,000.00
130,000.00
116,500.63
13,499.37
Other Expenses
28,020.00
28,020.00
24,017.91
100.00
3,902.09
Public Defender:
Salaries and Wages
10,000.00
10,000.00
6,400.00
1,600.00
2,000.00
Unclassified
Celebration of Public Events:
Other Expenses
1,000.00
1,000.00
131.20
868.80
Salary Adjustment
10,000.00
10,000.00
10,000.00
Total Operations -- Within "CAPS"
7,045,300.00
7,045,300.00
6,211,484.22
103,286.31
730,529.47
-
Detail:
Salaries and Wages
2,766,870.00
2,682,030.00
2,457,278.18
1,600.00
223,151.82
-
Other Expenses (Including Contingent)
4,278,430.00
4,363,270.00
3,754,206.04
101,686.31
507,377.65
-
(Continued)
-14-
18700
Exhibit A-3
Appropriations
Expended
Unexpended
Original
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
TOWNSHIP OF WOOLWICH
Statement of Expenditures -- Regulatory Basis
For the Year Ended December 31, 2023
CURRENT FUND
DEFERRED CHARGES AND STATUTORY
EXPENDITURES -- WITHIN "CAPS"
Statutory Expenditures
Public Employees' Retirement System
182,509.00
$
182,509.00
$
182,509.00
$
Social Security System (O.A.S.I.)
315,000.00
315,000.00
313,200.49
1,799.51
$
Police and Firemen's Retirement System of NJ
724,666.00
724,666.00
724,666.00
Defined Contribution Retirement Program (DCRP)
5,000.00
5,000.00
3,306.42
1,693.58
Total Deferred Charges and Statutory Expenditures -- Within "CAPS"
1,227,175.00
1,227,175.00
1,223,681.91
-
3,493.09
-
Total General Appropriations for Municipal Purposes -- Within "CAPS"
8,272,475.00
8,272,475.00
7,435,166.13
103,286.31
$
734,022.56
-
OPERATIONS -- EXCLUDED FROM "CAPS"
Other Operations
Police and Firemans Retirement System
155,131.00
155,131.00
155,131.00
Public Employee Retirement System
28,270.00
28,270.00
28,270.00
Recycling Tax
12,000.00
12,000.00
3,980.37
8,019.63
Gasoline
9,750.00
9,750.00
9,750.00
Total Other Operations -- Excluded from "CAPS"
205,151.00
205,151.00
187,381.37
-
17,769.63
-
Shared Service Agreements
Borough of Swedesboro:
Recreation:
Other Expenses
8,000.00
8,000.00
7,431.15
568.85
Police Coverage and Protection
Salaries & Wages
703,050.00
703,050.00
703,050.00
Township of South Harrison
Police Coverage and Protection
Salaries & Wages
579,617.09
579,617.09
579,617.09
Kingsway Regional High School District-SRO
Salaries & Wages
198,940.24
198,940.24
174,964.13
23,976.11
Swedesboro/Woolwich School District-SRO
Salaries & Wages
99,474.79
99,474.79
95,230.54
4,244.25
Total Shared Service Agreements -- Excluded from "CAPS"
1,589,082.12
1,589,082.12
1,560,292.91
-
28,789.21
-
(Continued)
-15-
18700
Exhibit A-3
Appropriations
Expended
Unexpended
Original
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
TOWNSHIP OF WOOLWICH
Statement of Expenditures -- Regulatory Basis
For the Year Ended December 31, 2023
CURRENT FUND
Public and Private Programs Offset by Revenues
Municipal Alliance:
State Share
1,500.00
$
1,500.00
$
1,500.00
$
Township Share
375.00
375.00
375.00
Recycling Tonnage
13,994.50
13,994.50
13,994.50
Body Armor
2,111.52
2,111.52
2,111.52
NJDOT
700,900.00
700,900.00
700,900.00
Alcohol Education Rehabilitation (NJSA 40A:4-87 $683.87)
683.87
683.87
Clean Communities (NJSA 40A:4-87 $30,405.28)
30,405.28
30,405.28
Stormwater Assistance Grant (NJSA 40A:4-87 $75,000.00)
75,000.00
75,000.00
Body Worn Camera Grant (NJSA 40A:4-87 $81,520.00)
81,520.00
81,520.00
JIF Safety
8,700.00
8,700.00
8,700.00
Total Public and Private Programs Offset by Revenues --
Excluded from "CAPS"
727,581.02
915,190.17
915,190.17
-
-
-
Total Operations -- Excluded from "CAPS"
2,521,814.14
2,709,423.29
2,662,864.45
-
46,558.84
$
-
Detail:
Salaries and Wages
1,581,082.12
1,581,082.12
1,552,861.76
-
28,220.36
-
Other Expenses
940,732.02
1,128,341.17
1,110,002.69
-
18,338.48
-
CAPITAL IMPROVEMENT FUND -- EXCLUDED FROM "CAPS"
Capital Improvement Fund
55,000.00
55,000.00
55,000.00
Purchase Police Vehicles SUVs
110,000.00
110,000.00
110,000.00
$
Various Roas Repairs
200,000.00
200,000.00
200,000.00
Misc Streets & Roads Upgrades
25,000.00
25,000.00
22,610.60
2,389.40
Total Capital Improvement Fund -- Excluded from "CAPS"
390,000.00
390,000.00
55,000.00
132,610.60
202,389.40
-
MUNICIPAL DEBT SERVICE -- EXCLUDED FROM "CAPS"
Payment of Bond Principal
1,145,000.00
1,145,000.00
1,145,000.00
Payment of Bond Anticipation Notes and Capital Notes
266,718.00
266,718.00
266,718.00
Interest on Bonds
344,600.00
344,600.00
344,600.00
Interest on Notes
935,000.00
935,000.00
929,387.06
5,612.94
$
Green Trust Loan Program:
Loan Repayments for Principal and Interest
Principal and Interest
24,873.28
24,873.28
24,873.28
Total Municipal Debt Service -- Excluded from "CAPS"
2,716,191.28
2,716,191.28
2,710,578.34
-
-
5,612.94
(Continued)
-16-
18700
Exhibit A-3
Appropriations
Expended
Unexpended
Original
Budget After
Paid or
Balance
Budget
Modification
Charged
Encumbered
Reserved
Canceled
TOWNSHIP OF WOOLWICH
Statement of Expenditures -- Regulatory Basis
For the Year Ended December 31, 2023
CURRENT FUND
Total General Appropriations for Municipal Purposes --
Excluded from "CAPS"
5,628,005.42
$
5,815,614.57
$
5,428,442.79
$
132,610.60
$
248,948.24
$
5,612.94
$
Subtotal General Appropriations
13,900,480.42
14,088,089.57
12,863,608.92
235,896.91
982,970.80
5,612.94
Reserve for Uncollected Taxes
1,220,539.26
1,220,539.26
1,220,539.26
Total Appropriations
15,121,019.68
$
15,308,628.83
$
14,084,148.18
$
235,896.91
$
982,970.80
$
5,612.94
$
Original Budget
15,121,019.68
$
Appropriated by NJSA 40A:4-87
187,609.15
Reserve for Federal and State Grant Fund Appropriated
915,190.17
$
Due General Capital Fund
55,000.00
Reserve for Uncollected Taxes
1,220,539.26
Cash Disbursed
11,893,418.75
15,308,628.83
$
14,084,148.18
$
The accompanying Notes to Financial Statements are an integral part of this statement.
-17-
18700
Exhibit B
Ref.
2023
2022
ASSETS:
Animal Control Fund:
Cash
SB-1
4,077.21
$
3,425.90
$
Total Animal Control Fund
4,077.21
3,425.90
Other Funds:
Cash - CFO
SB-1
12,137,307.39
9,605,889.58
Cash - Tax Collector
SB-1
66,857.09
136,783.31
Total Other Funds
12,204,164.48
9,742,672.89
Municipal Open Space Fund:
Cash
SB-1
827,594.19
778,365.93
Due from Current Fund
B
35,416.08
35,416.08
Total Municipal Open Space Fund
863,010.27
813,782.01
13,071,251.96
$
10,559,880.80
$
(Continued)
TOWNSHIP OF WOOLWICH
TRUST FUNDS
Statements of Assets, Liabilities, Reserves and Fund Balance -- Regulatory Basis
As of December 31, 2023 and 2022
-18-
18700
Exhibit B
Ref.
2023
2022
TOWNSHIP OF WOOLWICH
TRUST FUNDS
Statements of Assets, Liabilities, Reserves and Fund Balance -- Regulatory Basis
As of December 31, 2023 and 2022
LIABILITIES, RESERVES AND FUND BALANCE:
Animal Control Fund:
Reserve for Animal Control Fund Expenditures
SB-3
4,077.21
$
3,425.90
$
Total Animal Control Fund
4,077.21
3,425.90
Other Funds:
Due to Current Fund
SB-5
154,040.35
116,742.34
Due to State of NJ - UCC Fees
SB-6
16,278.00
Reserve for:
Site Plan Review Escrow
SB-6
3,672,128.87
3,949,627.70
Municipal Functions Developers Fees
SB-6
229,220.36
177,511.64
Police Overtime
SB-6
162,136.76
142,770.85
Developers Tree Compensation
SB-6
271,430.60
295,575.60
Developers Recreation Fees
SB-6
722,200.58
313,375.05
Woolwich Recreation Trust
SB-6
25,381.47
25,149.03
Storm Recovery / Snow Removal
SB-6
85,228.51
362.82
Elections
SB-6
4,425.00
Parking Offenses Adjudication Act
SB-6
490.73
472.73
Unemployment Compensation Insurance
SB-6
2,625.95
3,555.56
Special Law Enforcement - Forfeited Funds
SB-6
8,422.57
8,422.57
Payroll Withholdings Payable
SB-6
24,294.82
51,883.24
Public Defender
SB-6
7,016.26
7,016.26
Tax Title Liens Redemption
SB-6
9,934.71
17,760.93
Tax Sale Premiums
SB-6
56,922.38
119,022.38
Construction Code Fees
SB-6
1,670,716.82
1,668,912.10
COAH Fees
SB-6
5,101,972.74
2,823,809.09
Total Other Funds
12,204,164.48
9,742,672.89
Municipal Open Space Fund:
Reserve for:
Encumbrances
SB-2
1,643.75
Appropriation Reserves
SB-2
38,539.18
Future Use
SB-2
863,010.27
773,599.08
Total Municipal Open Space Fund
863,010.27
813,782.01
13,071,251.96
$
10,559,880.80
$
The accompanying Notes to Financial Statements are an integral part of these statements.
-19-
18700
Exhibit B-1
Original
Excess
Budget
Realized
(Deficit)
Amount to be Raised by Taxation
731,480.00
$
732,250.45
$
770.45
$
Reserved Funds
38,000.00
(38,000.00)
Miscellaneous
49.88
49.88
769,480.00
$
732,300.33
$
(37,179.67)
$
The accompanying Notes to Financial Statements are an integral part of this statement.
TOWNSHIP OF WOOLWICH
TRUST FUND - MUNICIPAL OPEN SPACE
Statement of Revenues -- Regulatory Basis
For the Year Ended December 31, 2023
-20-
18700
Exhibit B-2
Original
Modified
Paid or
Reserved for
Budget
Budget
Charges
Encumbrances
Future Use
Development of Lands for
Recreation and Conservation:
Salaries & Wages
263,480.00
$
328,480.00
$
327,982.56
$
-
$
497.44
$
Other Expenses
160,000.00
95,000.00
9,089.51
85,910.49
Debt Service:.
Payment of Bond Principal
232,000.00
232,000.00
232,000.00
Payment of Bond Anticipation Notes
38,000.00
38,000.00
38,000.00
Interest on Bonds
36,000.00
36,000.00
36,000.00
Interest on Notes
40,000.00
40,000.00
40,000.00
769,480.00
$
769,480.00
$
683,072.07
$
-
$
86,407.93
$
The accompanying Notes to Financial Statements are an integral part of this statement.
TOWNSHIP OF WOOLWICH
TRUST FUND - MUNICIPAL OPEN SPACE
Statement of Expenditures -- Regulatory Basis
For the Year Ended December 31, 2023
Appropriations
Expended
-21-
18700
Exhibit C
Ref.
2023
2022
ASSETS:
Cash
SC-1
5,753,910.03
$
6,291,446.94
$
Due from Current Fund
SC-6
626,103.51
Due from Federal and State Grant Fund
A
194,047.00
Grants Receivable
SC-11
142,370.60
209,870.60
Deferred Charges to Future Taxation:
Funded
SC-4
9,562,076.29
10,730,161.20
Unfunded
SC-3
33,959,777.00
34,226,496.00
50,238,284.43
$
51,457,974.74
$
LIABILITIES, RESERVES AND FUND BALANCE:
Bonds Payable
SC-9
9,490,000.00
$
10,635,000.00
$
Bond Anticipation Notes
SC-8
30,901,777.00
31,168,496.00
Green Acres Loan Payable
SC-10
72,076.29
95,161.20
Due to Current Fund
SC-6
15,886.26
Improvement Authorizations:
Funded
SC-7
69,848.30
86,338.50
Unfunded
SC-7
5,678,921.63
5,803,765.85
Contracts Payable / Encumbrances
SC-7
2,553,741.73
2,949,944.22
Reserve for Developers Deposits
C
173,465.05
173,465.05
Reserve to Pay Debt Service
SC-12
254,047.00
60,000.00
Capital Improvement Fund
SC-5
127,483.35
72,483.35
Fund Balance
C-1
916,924.08
397,434.31
50,238,284.43
$
51,457,974.74
$
The accompanying Notes to Financial Statements are an integral part of these statements.
As of December 31, 2023 and 2022
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
Statements of Assets, Liabilities, Reserves and Fund Balance -- Regulatory Basis
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18700
Exhibit C-1
2023
2022
Fund Balance January 1
397,434.31
$
328,323.15
$
Revenue and Other Income Realized
BAN Premium
519,489.77
197,369.41
916,924.08
525,692.56
Expenditures and Other Charges
Anticipated as Current Fund Revenue
-
128,258.25
Fund Balance December 31
916,924.08
$
397,434.31
$
The accompanying Notes to Financial Statements are an integral part of these statements.
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
Statements of Operations and Changes in Fund Balance -- Regulatory Basis
For the Year Ended December 31, 2023 and 2022
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18700
Exhibit F
Balance
Balance
GENERAL FIXED ASSETS:
Dec. 31, 2022
Additions
Deletions
Dec. 31, 2023
Land
4,928,200.00
$
4,928,200.00
$
Buildings
5,470,800.00
5,470,800.00
Equipment
3,643,308.00
51,258.00
$
62,610.00
$
3,631,956.00
Total General Fixed Assets
14,042,308.00
$
51,258.00
$
62,610.00
$
14,030,956.00
$
Investment in General Fixed Assets
14,042,308.00
$
51,258.00
$
62,610.00
$
14,030,956.00
$
The accompanying Notes to Financial Statements are an integral part of this statement.
TOWNSHIP OF WOOLWICH
GENERAL FIXED ASSET ACCOUNT GROUP
Statement of General Fixed Asset Group of Accounts - Regulatory Basis
For the Year Ended December 31, 2023
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18700
TOWNSHIP OF WOOLWICH
Notes to Financial Statements
For the Year Ended December 31, 2023
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Description of Financial Reporting Entity - The Township of Woolwich (hereafter referred to as the
“Township”) was incorporated as a township by an act of the New Jersey legislature on March 17, 1767,
from portions of Greenwich Township. The Township, located in Gloucester County, New Jersey, has a
total area of approximately twenty-one square miles, and is located approximately twenty miles southeast
from the City of Philadelphia. The Township borders the Gloucester County Townships of East Greenwich,
Harrison, Logan, and South Harrison; and the Salem County Townships of Oldmans and Pilesgrove. The
Township also surrounds the Borough of Swedesboro. According to the 2020 census, the population is
12,577.
The Township is governed under the Township Committee form of government, with a five-member
Committee. The Committee is elected directly by the voters in partisan elections to serve three-year terms
of office on a staggered basis, with one or two seats coming up for election each year. At an annual
reorganization meeting, the Committee selects one of its members to serve as Mayor and another as
Deputy Mayor. Legislative and executive power is vested in the Committee.
Measurement Focus, Basis of Accounting and Financial Statement Presentation - The financial
statements of the Township contain all funds and account groups in accordance with the Requirements of
Audit (the “Requirements”) 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
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 States 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 and an account group 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 Funds - 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 Group of Accounts - The general fixed asset group of accounts is utilized to
account for property, land, buildings, and equipment that have been acquired by other governmental
funds.
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18700
Notes to Financial Statements (Cont'd)
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
Budgets and Budgetary Accounting - The Township must adopt an annual budget for its current and
municipal open space funds 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 10 of each
year. At introduction, the governing body shall 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 the Division 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.
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 cost; therefore, unrealized gains or losses on investments
have not been recorded.
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 authorities 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 (“GUDPA”), a multiple
financial institutional collateral pool, 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.
Inventories of Supplies - The costs 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
statements of assets, liabilities, reserves and fund balance.
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18700
Notes to Financial Statements (Cont'd)
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
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’s Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (2 CFR Part 225), 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. No depreciation of general fixed assets is recorded.
Donated general fixed
assets are recorded at acquisition value as of the date of the transaction. 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 asset group of accounts, 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 include 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 municipality 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 asset group of accounts. If such property is converted to a municipal use, it
will be recorded in the general fixed asset group of accounts.
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.
Liens Sold for Other Governmental Units - Liens sold on behalf of other governmental units are not
recorded on the records of the tax collector until such liens are collected. Upon their collection, such liens
are recorded as a liability due to the governmental unit net of the costs of the initial sale. The related costs
of sale are recognized as revenue when received.
Fund Balance - Fund balance included in the current fund represent the amount available for anticipation
as revenue in future years’ budgets, with certain restrictions.
Revenues - Revenues are recorded when received in cash except for certain amounts which are due from
other governmental units. Revenue from federal and state grants is 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 to the Township
which are susceptible to accrual are also recorded as receivables with offsetting reserves and recorded
as revenue when received.
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18700
Notes to Financial Statements (Cont'd)
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
Property Tax Revenues - 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 Consolidated School District and the Kingsway Regional
School District. Unpaid property taxes are subject to tax sale in accordance with the statutes.
School Taxes - The Township is responsible for levying, collecting, and remitting school taxes for the
Swedesboro-Woolwich Consolidated School District and the Kingsway Regional School District.
Operations is charged for the full amount required to be raised from taxation to operate the regional high
school district for the period from January 1 to December 3 and for the consolidated school district, the
Township's share of the amount required to be raised by taxation for the period from July 1 to June 30,
increased by the amount deferred at December 31, 2022 and decreased by the amount deferred at
December 31, 2023.
County Taxes - The municipality is responsible for levying, collecting, and remitting county taxes for the
County of Gloucester. County taxes are determined on a calendar year by the County Board of Taxation
based upon the ratables required to be certified to them on January 10 of each year. Operations is charged
for the amount due to the County for the year, based upon the ratables required to be certified to the
County Board of Taxation by January 10 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 10 of the
current year, and due to be paid to the County by February 15 of the following year.
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 immediately 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 - Expenditures are recorded on the "budgetary" basis of accounting. Generally,
expenditures are recorded when paid. However, for charges to amounts appropriated for “other
expenses”, an amount is encumbered through the issuance of a numerically controlled purchase order or
when a contract is executed in accordance with N.J.A.C. 5:30-5.2. When encumbered charges are 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 canceled
by the governing body. Appropriation reserves are available, until lapsed at the close of the succeeding
year, to meet specific claims, commitments, or contracts incurred during the preceding year. Lapsed
appropriation reserves are recorded as income.
Long-Term Debt - Long-term debt, relative to the acquisition of capital assets, is recorded as a liability in
the general capital 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.
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18700
Notes to Financial Statements (Cont'd)
Note 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
Compensated Absences and Postemployment 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 postemployment benefits,
if any, which are also funded on a pay-as-you-go basis.
Impact of Recently Issued Accounting Principles
Recently Issued Accounting Pronouncements
The Governmental Accounting Standards Board (GASB) has issued the following statement that have
effective dates that may affect future financial presentations:
Statement No. 101, Compensated Absences. The objective of this Statement is to better meet the
information needs of financial statement users by updating the recognition and measurement guidance for
compensated absences. That objective is achieved by aligning the recognition and measurement
guidance under a unified model and by amending certain previously required disclosures. The Statement
will become effective for the Township in the year ending December 31, 2024. As a result of the regulatory
basis of accounting previously described in note 1, this Statement will have no impact on the financial
statements of the Township, however management is currently evaluating whether or not this Statement
will have an impact on the financial statement disclosures of the Township.
Note 2: CASH AND CASH EQUIVALENTS
Custodial Credit Risk Related to Deposits - Custodial credit risk is the risk that, in the event of a bank
failure, the Township’s deposits might not be recovered. Although the Township does not have a formal
policy regarding custodial credit risk, N.J.S.A. 17:9-41 et seq. requires that governmental units shall
deposit public funds in public depositories protected from loss under the provisions of the Governmental
Unit Deposit Protection Act (GUDPA). Under the Act, the first $250,000.00 of governmental deposits in
each insured depository is protected by the Federal Deposit Insurance Corporation (FDIC). Public funds
owned by the municipality in excess of FDIC insured amounts are protected by GUDPA. However,
GUDPA does not protect intermingled agency funds such as salary withholdings, bail funds, or funds that
may pass to the municipality relative to the happening of a future condition. Such funds are classified as
uninsured and uncollateralized.
As of December 31, 2023, the Township’s bank balances of $39,574,372.48 were exposed to custodial
credit risk as follows:
Insured by FDIC and GUDPA
35,922,645.99
$
Uninsured and Uncollateralized
3,651,726.49
Total
39,574,372.48
$
-29-
18700
Notes to Financial Statements (Cont'd)
Note 3: PROPERTY TAXES
The following is a five-year comparison of certain statistical information relative to property taxes and
property tax collections for the current and previous four calendar years:
Comparative Schedule of Tax Rates
Year Ended
2023
2022
2021
2020
2019
Tax Rate
3.299
$
3.367
$
3.436
$
3.431
$
3.756
$
Apportionment of Tax Rate:
Municipal
.530
$
.530
$
.531
$
.511
$
.555
$
Municipal Open Space
.050
.049
.050
.050
.050
County
.706
.735
.751
.744
.836
Local School
1.189
1.212
1.243
1.271
1.364
Regional School
.824
.841
.861
.855
.951
Assessed Valuation
Year
Amount
2023
1,462,961,510.00
$
2022
1,420,257,010.00
2021
1,370,889,410.00
2020
1,347,561,510.00
2019
1,175,212,910.00
Comparison of Tax Levies and Collections
Percentage
Year
Tax Levy
Collections
of Collections
2023
49,404,950.06
$
48,945,967.62
$
99.07%
2022
50,252,921.74
49,341,946.35
98.19%
2021
49,328,043.45
48,883,315.93
99.10%
2020
46,924,723.49
46,419,253.92
98.92%
2019
44,660,055.80
44,059,702.65
98.66%
Delinquent Taxes and Tax Title Liens
Tax Title
Delinquent
Total
Percentage
Year
Liens
Taxes
Delinquent
of Tax Levy
2023
211,334.61
$
345,107.38
$
556,441.99
$
1.13%
2022
277,365.06
411,454.33
688,819.39
1.37%
2021
267,083.22
402,427.48
669,510.70
1.36%
2020
260,520.62
515,468.53
775,989.15
1.65%
2019
242,379.56
553,998.14
796,377.70
1.78%
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18700
Notes to Financial Statements (Cont'd)
Note 3: PROPERTY TAXES (CONT’D)
The following comparison is made of the number of tax title liens receivable on December 31 for the current
and previous four calendar years:
Note 4: PROPERTY ACQUIRED BY TAX TITLE LIEN LIQUIDATION
The value of property acquired by liquidation of tax title liens on December 31, on the basis of the last
assessed valuation of such properties, for the current and previous four years was as follows:
Note 5: FUND BALANCES APPROPRIATED
The following schedule details the amount of fund balances available at the end of the current year and
four previous years and the amounts utilized in the subsequent year's budgets:
Year
Number
2023
10
2022
37
2021
64
2020
63
2019
12
Year
Amount
2023
173,200.00
$
2022
-
2021
-
2020
-
2019
-
Current Fund
Utilized in
Percentage
Balance
Budget of
of Fund
Year
December 31,
Succeeding Year
Balance Used
2023
7,074,256.48
$
3,850,000.00
$
54.42%
2022
6,038,482.92
2,990,000.00
49.52%
2021
4,190,285.12
1,995,000.00
47.61%
2020
2,565,879.07
1,964,000.00
76.54%
2019
2,407,705.15
1,895,000.00
78.71%
-31-
18700
Notes to Financial Statements (Cont'd)
Note 6: INTERFUND RECEIVABLES AND PAYABLES
The following interfund balances were recorded on the various statements of assets, liabilities, reserves
and fund balance as of December 31, 2023:
The interfund receivables and payables above predominately resulted from collections and payments
made by certain funds on behalf of other funds. During the year 2024, the Township expects to liquidate
such interfunds, depending upon the availability of cash flow.
Note 7: PENSION PLANS
A substantial number of the Township's employees participate in one of the following defined benefit
pension plans: the Public Employees' Retirement System (“PERS”) and the Police and Firemen’s
Retirement System (“PFRS”), which are administered by the New Jersey Division of Pensions and
Benefits. In addition, several Township employees participate in the Defined Contribution Retirement
Program (“DCRP”), which is a defined contribution pension plan. This Plan is administered by Empower
(formerly Prudential Financial) for the New Jersey Division of Pensions and Benefits. Each Plan has a
Board of Trustees that is primarily responsible for its administration. As a local participation employer of
these pension plans, the Township is referred to as “Employer” throughout this note. The Division issues
a publicly available financial report that includes financial statements, required supplementary information
and detailed information about the PERS and PFRS plans’ fiduciary net position which can be obtained
by writing to or at the following website:
State of New Jersey
Division of Pensions and Benefits
P.O. Box 295
Trenton, New Jersey 08625-0295
https://www.state.nj.us/treasury/pensions/financial-reports.shtml
General Information about the Pension Plans
Plan Descriptions
Public Employees' Retirement System - The Public Employees' Retirement System is a cost-
sharing multiple-employer defined benefit pension plan, which was established as of January 1, 1955,
under the provisions of N.J.S.A. 43:15A. The PERS’ designated purpose is to provide retirement,
death, and disability benefits to certain qualified members. Membership in the PERS is mandatory for
substantially all full-time employees of the Employer, provided the employee is not required to be a
member of another state-administered retirement system or other state pensions fund or local
jurisdiction’s pension fund. The PERS’ Board of Trustees is primarily responsible for the administration
of the PERS.
Interfunds
Interfunds
Fund
Receivable
Payable
Current
154,040.35
$
1,152,279.05
$
Federal and State Grant
490,759.46
194,047.00
Trust - Municipal Open Space
35,416.08
Trust - Other
154,040.35
General Capital
820,150.51
Totals
1,500,366.40
$
1,500,366.40
$
-32-
18700
Notes to Financial Statements (Cont'd)
Note 7: PENSION PLANS (CONT’D)
General Information about the Pension Plans (Cont’d)
Plan Descriptions (Cont’d)
Police and Firemen’s Retirement System - The Police and Firemen’s Retirement System is a cost-
sharing multiple-employer defined benefit pension plan, which was established as of July 1, 1944,
under the provisions of N.J.S.A. 43:16A. The PFRS’ designated purpose is to provide retirement,
death, and disability benefits to certain qualified members. Membership in the PFRS is mandatory for
substantially all full-time police and firemen of the Employer. The PFRS’ Board of Trustees is primarily
responsible for the administration of the PFRS.
Defined Contribution Retirement Program - The Defined Contribution Retirement Program is a
multiple-employer defined contribution pension fund established on July 1, 2007 under the provisions
of P.L. 2007, c. 92 and P.L. 2007, c. 103, and expanded under the provisions of P.L. 2008, c. 89 and
P.L. 2010, c. 1. The DCRP is a tax-qualified defined contribution money purchase pension plan under
Internal Revenue Code (IRC) § 401(a) et seq., and is a “governmental plan” within the meaning of IRC
§ 414(d). The DCRP provides retirement benefits for eligible employees and their beneficiaries.
Individuals covered under DCRP are state or local officials who are elected or appointed on or after
July 1, 2007; employees enrolled in PERS on or after July 1, 2007, who earn salary in excess of
established “maximum compensation” limits; employees enrolled in New Jersey State Police
Retirement System (SPRS) or the Police and Firemen’s Retirement System (PFRS) after May 21,
2010, who earn salary in excess of established “maximum compensation” limits; employees otherwise
eligible to enroll in PERS on or after November 2, 2008, who do not earn the minimum annual salary
for tier 3 enrollment but who earn salary of at least $5,000.00 annually; and employees otherwise
eligible to enroll in PERS after May 21, 2010 who do not work the minimum number of hours per week
required for tiers 4 or 5 enrollment, but who earn salary of at least $5,000.00 annually.
Vesting and Benefit Provisions
Public Employees’ Retirement System - The vesting and benefit provisions are set by N.J.S.A.
43:15A. The PERS provides retirement, death and disability benefits. All benefits vest after ten years
of service.
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 years or more 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.
-33-
18700
Notes to Financial Statements (Cont'd)
Note 7: PENSION PLANS (CONT’D)
General Information about the Pension Plans (Cont’d)
Vesting and Benefit Provisions (Cont’d)
Police and Firemen’s Retirement System - The vesting and benefit provisions are set by N.J.S.A.
43:16A. The PFRS provides retirement, death and disability benefits. All benefits vest after 10 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 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 of 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.
Defined Contribution Retirement Program - Eligible members are provided with a defined
contribution retirement plan intended to qualify for favorable Federal income tax treatment under IRC
Section 401(a), a noncontributory group life insurance plan and a noncontributory group disability
benefit plan. A participant's interest in that portion of his or her defined contribution retirement plan
account attributable to employee contributions shall immediately become and shall at all times remain
fully vested and non-forfeitable. A participant's interest in that portion of his or her defined contribution
retirement plan account attributable to employer contributions shall be vested and non-forfeitable on
the date the participant commences the second year of employment or upon his or her attainment of
age 65, while employed by an employer, whichever occurs first.
Contributions
Public Employees’ Retirement System - The contribution policy is set by N.J.S.A. 43:15A and
requires contributions by active members and contributing employers. Pursuant to the provisions of
P.L. 2011, C. 78, the member contribution rate is currently 7.50% of base salary, effective July 1,
2018. The rate for members who are eligible for the Prosecutors Part of PERS (P.L. 2001, C. 366) is
10.0%. Employers’ contributions are based on an actuarially determined amount, which includes the
normal cost and unfunded accrued liability.
Special Funding Situation Component - Under N.J.S.A. 43:15A, 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. One of
such legislations, which legally obligate the State, is Chapter 133, P.L. 2001. This legislation increased
the accrual rate from 1/60 to 1/55. In addition, it lowered the age required for a veteran benefit equal
to 1/55 of highest 12-month compensation for each year of service from 60 to 55. Chapter 133, P.L.
2001 also established the Benefit Enhancement Fund (BEF) to fund the additional annual employer
normal contribution due to the State’s increased benefits. If the assets in the BEF are insufficient to
cover the normal contribution for the increased benefits for a valuation period, the State will pay such
amount for both the State and local employers.
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Notes to Financial Statements (Cont'd)
Note 7: PENSION PLANS (CONT’D)
General Information about the Pension Plans (Cont’d)
Contributions (Cont’d)
Public Employees’ Retirement System (Cont’d) - 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 nonemployer 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 or deferred outflows or inflows to
disclose in the notes to the financial statements of the local participating employers related to this
legislation.
The Employer’s contractually required contribution rate for the year ended December 31, 2023 was
16.32% of the Employer’s covered payroll. This amount was actuarially determined as the amount
that, when combined with employee contributions, is expected to finance the costs of benefits earned
by employees during the year, including an additional amount to finance any unfunded accrued
liability.
Based on the most recent PERS measurement date of June 30, 2023, the Employer’s contractually
required contribution to the pension plan for the year ended December 31, 2023 is $242,679.00 and
is payable by April 1, 2024. Due to the basis of accounting described in note 1, no liability has been
recorded in the financial statements for this amount. For the prior year measurement date of June 30,
2022, the Employer’s contractually required contribution to the pension plan for the year ended
December 31, 2022 was $210,779.00, which was paid on April 1, 2023.
Employee contributions to the Plan for the year ended December 31, 2023 were $113,231.42.
The amount of contractually required contribution for the State of New Jersey’s proportionate share,
associated with the Employer, under Chapter 133, P.L. 2001, for the year ended December 31, 2023
was .55% of the Employer’s covered payroll.
Based on the most recent PERS measurement date of June 30, 2023, the State’s contractually
required contribution, under Chapter 133, P.L. 2001, on-behalf of the Employer, to the pension plan
for the year ended December 31, 2023 was $8,202.00. For the prior year measurement date of June
30, 2022, the State’s contractually required contribution, under Chapter 133, P.L. 2001, on-behalf of
the Employer, to the pension plan for the year ended December 31, 2022 was $5,307.00.
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Notes to Financial Statements (Cont'd)
Note 7: PENSION PLANS (CONT’D)
General Information about the Pension Plans (Cont’d)
Contributions (Cont’d)
Police and Firemen’s Retirement System - The contribution policy for PFRS is set by N.J.S.A
43:16A and requires contributions by active members and contributing employers. Pursuant to the
provisions of P.L. 2011, C. 78, the member contribution rate is currently 10.0% of base salary. State
legislation has modified the amount that is contributed by the State. The State’s contribution amount
is based on an actuarially determined rate, which includes the normal cost and unfunded accrued
liability.
Special Funding Situation Component - 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 nonemployer 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 or deferred outflows or inflows to disclose in the
notes to the financial statements of the local participating employers related to this legislation.
The Employer’s contractually required contribution rate for the year ended December 31, 2023 was
32.50% of the Employer’s covered payroll. This amount was actuarially determined as the amount
that, when combined with employee contributions, is expected to finance the costs of benefits earned
by employees during the year, with an additional amount to finance any unfunded accrued liability.
Based on the most recent PFRS measurement date of June 30, 2023, the Employer’s contractually
required contribution to the pension plan for the year ended December 31, 2023 is $846,126.00 and
is payable by April 1, 2024. Due to the basis of accounting described in note 1, no liability has been
recorded in the financial statements for this amount. For the prior year measurement date of June 30,
2022, the Employer’s contractually required contribution to the pension plan for the year ended
December 31, 2022 was $879,797.00, which was paid on April 1, 2023.
Employee contributions to the Plan for the year ended December 31, 2023 were $265,297.79.
The amount of contractually required contribution for the State of New Jersey’s proportionate share,
associated with the Employer, for the year ended December 31, 2023 was 5.68% of the Employer’s
covered payroll.
Based on the most recent PFRS measurement date of June 30, 2023, the State’s contractually
required contribution, on-behalf of the Employer, to the pension plan for the year ended December 31,
2023 was $147,986.00 and is payable by April 1, 2024. For the prior year measurement date of June
30, 2022, the State’s contractually required contribution, on-behalf of the Employer, to the pension
plan for the year ended December 31, 2022 was $171,563.00, which was paid on April 1, 2023.
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Notes to Financial Statements (Cont'd)
Note 7: PENSION PLANS (CONT’D)
General Information about the Pension Plans (Cont’d)
Contributions (Cont’d)
Defined Contribution Retirement Program - The contribution policy is set by N.J.S.A. 43:15C-3 and
requires contributions by active members and contributing employers. In accordance with Chapter
92, P.L. 2007 and Chapter 103, P.L. 2007, Plan members are required to contribute 5.5% of their
annual covered salary. In addition to the employee contributions, the Employer contributes 3% of the
employees' base salary, for each pay period.
For the year ended December 31, 2023, employee contributions totaled $4,490.15, and the
Employer’s contributions were $3,306.42. There were no forfeitures during the year.
Pension Liabilities, Pension (Benefit) Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions
Public Employees’ Retirement System
Pension Liability - As of December 31, 2023, there is no net pension liability associated with the
special funding situation under Chapter 133, P.L. 2001, as there was no accumulated difference
between the annual additional normal cost and the actual State contribution through the valuation
date. The Employer’s proportionate share of the PERS net pension liability was $2,629,990.00. The
net pension liability was measured as of June 30, 2023 and the total pension liability used to calculate
the net pension liability was determined by an actuarial valuation as of July 1, 2022. The total pension
liability was calculated through the use of updated procedures to roll forward from the actuarial
valuation date to the measurement date of June 30, 2023. The Employer’s proportion of the net
pension liability was based on a projection of the Employer’s long-term share of contributions to the
pension plan relative to the projected contributions of all participating employers, actuarially
determined. For the June 30, 2023 measurement date, the Employer’s proportion
was
.0181574299%, which was an increase of .0014428404% from its proportion measured as of June 30,
2022.
Pension (Benefit) Expense - For the year ended December 31, 2023, the Employer’s proportionate
share of the PERS pension (benefit) expense, calculated by the Plan as of the June 30, 2023
measurement date was $28,141.00. This (benefit) expense is not recognized by the Employer
because of the regulatory basis of accounting as described in note 1; however, as previously
mentioned, for the year ended December 31, 2023, the Employer’s contribution to PERS was
$210,779.00, and was paid on April 1, 2023.
For the year ended December 31, 2023, the State’s proportionate share of the PERS pension (benefit)
expense, associated with the Employer, under Chapter 133, P.L. 2001, calculated by the Plan as of
the June 30, 2023 measurement date, was $8,202.00. This on-behalf (benefit) expense is not
recognized by the Employer because of the regulatory basis of accounting as described in note 1.
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18700
Notes to Financial Statements (Cont'd)
Note 7: PENSION PLANS (CONT’D)
Pension Liabilities, Pension (Benefit) Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions (Cont’d)
Police and Firemen’s Retirement System
Pension Liability - As of December 31, 2023, the Employer’s and State of New Jersey’s proportionate
share of the PFRS net pension liability were as follows:
The net pension liability was measured as of June 30, 2023, and the total pension liability used to
calculate the net pension liability was determined by an actuarial valuation as of July 1, 2022. The
total pension liability was calculated through the use of updated procedures to roll forward from the
actuarial valuation date to the measurement date of June 30, 2023. The Employer’s proportion of the
net pension liability was based on a projection of the Employer’s long-term share of contributions to
the pension plan relative to the projected contributions of all participating employers and the State of
New Jersey, actuarially determined. For the June 30, 2023 measurement date, the Employer’s
proportion was .0635611000%, which was a decrease of .0040868000% from its proportion measured
as of June 30, 2022. Likewise, at June 30, 2023, the State of New Jersey’s proportion, on-behalf of
the Employer, was .0635611200%, which was a decrease of .0040869700% from its proportion, on-
behalf of the Employer, measured as of June 30, 2022.
Pension (Benefit) Expense - For the year ended December 31, 2023, the Employer’s proportionate
share of the PFRS pension (benefit) expense, calculated by the Plan as of the June 30, 2023
measurement date was $791,887.00. This (benefit) expense is not recognized by the Employer
because of the regulatory basis of accounting as described in note 1; however, as previously
mentioned, for the year ended December 31, 2023, the Employer’s contribution to PFRS was
$879,797.00, and was paid on April 1, 2023.
For the year ended December 31, 2023, the State’s proportionate share of the PFRS pension (benefit)
expense, associated with the Employer, calculated by the Plan as of the June 30, 2023 measurement
date, was $147,192.00. This on-behalf (benefit) expense is not recognized by the Employer because
of the regulatory basis of accounting as described in note 1.
Proportionate Share of Net Pension Liability
7,022,727.00
$
State of New Jersey's Proportionate Share of Net Pension
Liability Associated with the Employer
1,294,019.00
8,316,746.00
$
-38-
18700
Notes to Financial Statements (Cont'd)
Note 7: PENSION PLANS (CONT’D)
Pension Liabilities, Pension (Benefit) Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions (Cont’d)
Deferred Outflows of Resources and Deferred Inflows of Resources - As of December 31, 2023, the
Employer had deferred outflows of resources and deferred inflows of resources related to pensions from
the following sources:
Deferred outflows of resources in the amounts of $121,340.00 and $423,063.00 for PERS and PFRS,
respectively, will be included as a reduction of the net pension liability during the year ending December
31, 2024. These amounts were based on an estimated April 1, 2025 contractually required contribution,
prorated from the pension plans’ measurement date of June 30, 2023 to the Employer’s year end of
December 31, 2023.
PERS
PFRS
Total
PERS
PFRS
Total
Differences between Expected
and Actual Experience
25,146.00
$
300,699.00
$
325,845.00
$
10,751.00
$
334,922.00
$
345,673.00
$
Changes of Assumptions
5,778.00
15,158.00
20,936.00
159,389.00
474,202.00
633,591.00
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
12,111.00
357,654.00
369,765.00
-
-
-
Changes in Proportion and Differences
between Contributions and
Proportionate Share of Contributions
405,593.00
1,136,999.00
1,542,592.00
175,176.00
420,418.00
595,594.00
Contributions Subsequent to
the Measurement Date
121,340.00
423,063.00
544,403.00
-
-
-
569,968.00
$
2,233,573.00
$
2,803,541.00
$
345,316.00
$
1,229,542.00
$
1,574,858.00
$
Deferred Outflows of Resources
Deferred Inflows of Resources
-39-
18700
Notes to Financial Statements (Cont'd)
Note 7: PENSION PLANS (CONT’D)
Pension Liabilities, Pension (Benefit) Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions (Cont’d)
Deferred Outflows of Resources and Deferred Inflows of Resources (Cont’d) - The Employer will
amortize the other deferred outflows of resources and deferred inflows of resources related to pensions
over the following number of years:
Deferred
Deferred
Deferred
Deferred
Outflows of
Inflows of
Outflows of
Inflows of
Resources
Resources
Resources
Resources
Differences between Expected
and Actual Experience
Year of Pension Plan Deferral:
June 30, 2018
-
5.63
5.73
-
June 30, 2019
5.21
-
-
5.92
June 30, 2020
5.16
-
5.90
-
June 30, 2021
-
5.13
-
6.17
June 30, 2022
-
5.04
6.22
-
June 30, 2023
5.08
-
6.16
-
Changes of Assumptions
Year of Pension Plan Deferral:
June 30, 2018
-
5.63
-
5.73
June 30, 2019
-
5.21
-
5.92
June 30, 2020
-
5.16
-
5.90
June 30, 2021
5.13
-
6.17
-
June 30, 2022
-
5.04
-
6.22
Difference between Projected
and Actual Earnings on Pension
Plan Investments
Year of Pension Plan Deferral:
June 30, 2019
5.00
-
5.00
-
June 30, 2020
5.00
-
5.00
-
June 30, 2021
5.00
-
5.00
-
June 30, 2022
5.00
-
5.00
-
June 30, 2023
5.00
-
5.00
-
Changes in Proportion
Year of Pension Plan Deferral:
June 30, 2018
5.63
5.63
5.73
5.73
June 30, 2019
5.21
5.21
5.92
5.92
June 30, 2020
5.16
5.16
5.90
5.90
June 30, 2021
5.13
5.13
6.17
6.17
June 30, 2022
5.04
5.04
6.22
6.22
June 30, 2023
5.08
5.08
6.16
6.16
PERS
PFRS
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18700
Notes to Financial Statements (Cont'd)
Note 7: PENSION PLANS (CONT’D)
Pension Liabilities, Pension (Benefit) Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to Pensions (Cont’d)
Deferred Outflows of Resources and Deferred Inflows of Resources (Cont’d) - Other amounts
included as deferred outflows of resources and deferred inflows of resources related to pensions will be
recognized in future periods as follows:
Actuarial Assumptions
The net pension liability was measured as of June 30, 2023, and the total pension liability used to calculate
the net pension liability was determined by an actuarial valuation as of July 1, 2022. The total pension
liability was calculated through the use of updated procedures to roll forward from the actuarial valuation
date to the measurement date of June 30, 2023. This actuarial valuation used the following actuarial
assumptions, applied to all periods included in the measurement:
Year Ending
Dec 31,
PERS
PFRS
Total
2024
(96,397.00)
$
82,029.00
$
(14,368.00)
$
2025
(42,875.00)
(7,260.00)
(50,135.00)
2026
208,009.00
502,037.00
710,046.00
2027
30,458.00
46,364.00
76,822.00
2028
4,117.00
(30,798.00)
(26,681.00)
Thereafter
-
(11,404.00)
(11,404.00)
103,312.00
$
580,968.00
$
684,280.00
$
PERS
PFRS
Inflation Rate:
Price
2.75%
2.75%
Wage
3.25%
3.25%
Salary Increases:
2.75% - 6.55%
3.25% - 16.25%
Based on Years of Service
Based on Years of Service
Investment Rate of Return
7.00%
7.00%
Period of Actuarial Experience
Study upon which Actuarial
Assumptions were Based
July 1, 2018 - June 30, 2021
July 1, 2018 - June 30, 2021
-41-
18700
Notes to Financial Statements (Cont'd)
Note 7: PENSION PLANS (CONT’D)
Actuarial Assumptions (Cont’d)
Public Employees’ Retirement System
Pre-retirement mortality rates were based on the Pub-2010 General Below-Median Income Employee
mortality table with an 82.2% adjustment for males and 101.4% adjustment for females, and with future
improvement from the base year of 2010 on a generational basis. Post-retirement mortality rates were
based on the Pub-2010 General Below-Median Income Healthy Retiree mortality table with a 91.4%
adjustment for males and 99.7% adjustment for females, and with future improvement from the base
year of 2010 on a generational basis. Disability retirement rates used to value disabled retirees were
based on the Pub-2010 Non-Safety Disabled Retiree mortality table with a 127.7% adjustment for
males and 117.2% adjustment for females, and with future improvement from the base year of 2010
on a generational basis. Mortality improvement is based on Scale MP-2021.
Police and Firemen’s Retirement System
Pre-retirement mortality rates were based on the PubS-2010 amount-weighted mortality table with a
105.6% adjustment for males and 102.5% adjustment for females. For healthy annuitants, mortality
rates were based on the PubS-2010 amount-weighted mortality table with a 96.7% adjustment for
males and 96.0% adjustment for females. Disability rates were based on the PubS-2010 amount-
weighted mortality table with a 152.0% adjustment for males and 109.3% adjustment for females.
Mortality improvement is based on Scale MP-2021.
For both PERS and PFRS, in accordance with State statute, the long-term expected rate of return on Plan
investments (7.00% at June 30, 2023) is determined by the State Treasurer, after consultation with the
Directors of the Division of 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’ and PFRS’ target asset allocation as of June 30,
2023 are summarized in the table that follows:
Long-Term
Target
Expected Real
Asset Class
Allocation
Rate of Return
U.S. Equity
28.00%
8.98%
Non-US Developed Markets Equity
12.75%
9.22%
International Small Cap Equity
1.25%
9.22%
Emerging Market Equity
5.50%
11.13%
Private Equity
13.00%
12.50%
Real Estate
8.00%
8.58%
Real Assets
3.00%
8.40%
High Yield
4.50%
6.97%
Private Credit
8.00%
9.20%
Investment Grade Credit
7.00%
5.19%
Cash Equivalents
2.00%
3.31%
U.S. Treasuries
4.00%
3.31%
Risk Mitigation Strategies
3.00%
6.21%
100.00%
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18700
Notes to Financial Statements (Cont'd)
Note 7: PENSION PLANS (CONT’D)
Actuarial Assumptions (Cont’d)
Discount Rate -
For both PERS and PFRS, the discount rate used to measure the total pension liability was 7.00% as of
June 30, 2023. The projection of cash flows used to determine the discount rate assumed that
contributions from Plan members will be made at the current member contribution rates and that
contributions from employers and the nonemployer contributing entity would be based on 100% of the
actuarially determined contributions for the State employer and 100% of actuarially determined
contributions for the local employers. Based on those assumptions, the Plan’s fiduciary net position was
projected to be available to make all projected future benefit payments of current plan members.
Therefore, the long-term expected rate of return on Plan investments was applied to all projected benefit
payments to determine the total pension liability.
Sensitivity of Proportionate Share of Net Pension Liability to Changes in the Discount Rate
Public Employees' Retirement System (PERS) - The following presents the Employer’s proportionate
share of the net pension liability as of the June 30, 2023 measurement date, calculated using a discount
rate of 7.00%, as well as what the Employer’s proportionate share of the net pension liability would be if it
were calculated using a discount rate that is 1% lower or 1% higher than the current rates used:
1%
Current
1%
Decrease
Discount Rate
Increase
(6.00%)
(7.00%)
(8.00%)
Proportionate Share of the
Net Pension Liability
3,423,687.00
$
2,629,990.00
$
1,954,449.00
$
-43-
18700
Notes to Financial Statements (Cont'd)
Note 7: PENSION PLANS (CONT’D)
Sensitivity of Proportionate Share of Net Pension Liability to Changes in the Discount Rate (Cont’d)
Police and Firemen’s Retirement System (PFRS) - As previously mentioned, PFRS has a special
funding situation, where the State of New Jersey pays a portion of the Employer’s annual required
contribution. As such, the net pension liability as of the June 30, 2023 measurement date, for the Employer
and the State of New Jersey, calculated using a discount rate of 7.00%, as well as using a discount rate
that is 1% lower or 1% higher than the current rates used, is as follows:
Pension Plan Fiduciary Net Position
For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows
of resources related to pensions, and pension (benefit) expense, information about the respective fiduciary
net position of the PERS and PFRS and additions to/deductions from PERS and PFRS’ respective
fiduciary net position have been determined on the same basis as they are reported by PERS and PFRS.
Accordingly, benefit payments (including refunds of employee contributions) are recognized when due and
payable in accordance with the benefit terms. Investments are reported at fair value.
1%
Current
1%
Decrease
Discount Rate
Increase
(6.00%)
(7.00%)
(8.00%)
Proportionate Share of the
Net Pension Liability
9,784,942.00
$
7,022,728.00
$
4,722,464.00
$
State of New Jersey's Proportionate
Share of Net Pension Liability
1,802,989.00
1,294,019.00
870,169.00
11,587,931.00
$
8,316,747.00
$
5,592,633.00
$
-44-
18700
Notes to Financial Statements (Cont'd)
Note 7: PENSION PLANS (CONT’D)
Supplementary Pension Information
In accordance with GASBS 68, the following information is also presented for the PERS and PFRS pension
plans. These schedules are presented to illustrate the requirements to show information for 10 years.
Schedule of the Proportionate Share of the Net Pension Liability - Public Employees’ Retirement
System (PERS) (Last Ten Plan Years)
Measurement Date Ended June 30,
2023
2022
2021
2020
2019
Proportion of the Net Pension Liability
0.0181574299%
0.0167145895%
0.0150571733%
0.0168997737%
0.0164591452%
Proportionate Share of the Net Pension Liability
2,629,990.00
$
2,522,462.00
$
1,783,748.00
$
2,755,911.00
$
2,965,688.00
$
Covered Payroll (Plan Measurement Period)
1,402,896.00
$
1,231,848.00
$
1,086,188.00
$
1,195,880.00
$
1,148,968.00
$
Proportionate Share of the Net Pension Liability
as a Percentage of Covered Payroll
187.47%
204.77%
164.22%
230.45%
258.12%
Plan Fiduciary Net Position as a Percentage of
the Total Pension Liability
65.23%
62.91%
70.33%
58.32%
56.27%
Measurement Date Ended June 30,
2018
2017
2016
2015
2014
Proportion of the Net Pension Liability
0.0173703639%
0.0156472435%
0.0171765481%
0.0171832657%
0.0149843718%
Proportionate Share of the Net Pension Liability
3,420,138.00
$
3,642,428.00
$
5,087,201.00
$
3,857,299.00
$
2,805,484.00
$
Covered Payroll (Plan Measurement Period)
1,166,584.00
$
1,071,148.00
$
1,194,272.00
$
1,168,244.00
$
1,052,628.00
$
Proportionate Share of the Net Pension Liability
as a Percentage of Covered Payroll
293.18%
340.05%
425.97%
330.18%
266.52%
Plan Fiduciary Net Position as a Percentage of
the Total Pension Liability
53.60%
48.10%
40.14%
47.93%
52.08%
-45-
18700
Notes to Financial Statements (Cont'd)
Note 7: PENSION PLANS (CONT’D)
Supplementary Pension Information (Cont’d)
Schedule of Contributions - Public Employees’ Retirement System (PERS) (Last Ten Years)
Year Ended December 31,
2023
2022
2021
2020
2019
Contractually Required Contribution
242,679.00
$
210,779.00
$
176,337.00
$
184,875.00
$
160,099.00
$
Contribution in Relation to the Contractually
Required Contribution
(242,679.00)
(210,779.00)
(176,337.00)
(184,875.00)
(160,099.00)
Contribution Deficiency (Excess)
-
$
-
$
-
$
-
$
-
$
Covered Payroll (Calendar Year)
1,486,787.00
$
1,317,380.00
$
1,245,426.00
$
1,138,503.00
$
1,144,425.00
$
Contributions as a Percentage of
Covered Payroll
16.32%
16.00%
14.16%
16.24%
13.99%
Year Ended December 31,
2018
2017
2016
2015
2014
Contractually Required Contribution
172,779.00
$
144,955.00
$
152,594.00
$
147,730.00
$
123,529.00
$
Contribution in Relation to the Contractually
Required Contribution
(172,779.00)
(144,955.00)
(152,594.00)
(147,730.00)
(123,529.00)
Contribution Deficiency (Excess)
-
$
-
$
-
$
-
$
-
$
Covered Payroll (Calendar Year)
1,150,333.00
$
1,119,521.00
$
1,061,308.00
$
1,202,760.00
$
1,174,569.00
$
Contributions as a Percentage of
Covered Payroll
15.02%
12.95%
14.38%
12.28%
10.52%
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18700
Notes to Financial Statements (Cont'd)
Note 7: PENSION PLANS (CONT’D)
Supplementary Pension Information (Cont’d)
Schedule of Proportionate Share of the Net Pension Liability - Police and Firemen’s Retirement
System (PFRS) (Last Ten Plan Years)
Measurement Date Ended June 30,
2023
2022
2021
2020
2019
Proportion of the Net Pension Liability
0.0635611000%
0.0676479000%
0.0600756275%
0.0602001921%
0.0529925141%
Proportionate Share of the Net Pension Liability
7,022,727.00
$
7,743,219.00
$
4,391,019.00
$
7,778,659.00
$
6,485,128.00
$
State's Proportionate Share of the Net Pension Liability
1,294,019.00
1,378,066.00
1,234,973.00
1,207,212.00
1,024,014.00
Total
8,316,746.00
$
9,121,285.00
$
5,625,992.00
$
8,985,871.00
$
7,509,142.00
$
Covered Payroll (Plan Measurement Period)
2,359,016.00
$
2,378,428.00
$
2,105,960.00
$
2,014,072.00
$
1,582,796.00
$
Proportionate Share of the Net Pension Liability
as a Percentage of Covered Payroll
297.70%
325.56%
208.50%
386.22%
409.73%
Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability
70.16%
68.33%
77.26%
63.52%
65.00%
Measurement Date Ended June 30,
2018
2017
2016
2015
2014
Proportion of the Net Pension Liability
0.0497054494%
0.0473899721%
0.0459970966%
0.0417098663%
0.0392311073%
Proportionate Share of the Net Pension Liability
6,725,967.00
$
7,316,095.00
$
8,786,622.00
$
6,947,410.00
$
4,934,909.00
$
State's Proportionate Share of the Net Pension Liability
913,611.00
819,464.00
737,858.00
609,265.00
531,407.00
Total
7,639,578.00
$
8,135,559.00
$
9,524,480.00
$
7,556,675.00
$
5,466,316.00
$
Covered Payroll (Plan Measurement Period)
1,630,020.00
$
1,533,896.00
$
1,470,180.00
$
1,320,876.00
$
1,239,108.00
$
Proportionate Share of the Net Pension Liability
as a Percentage of Covered Payroll
412.63%
476.96%
597.66%
525.97%
398.26%
Plan Fiduciary Net Position as a Percentage
of the Total Pension Liability
62.48%
58.60%
52.01%
56.31%
62.41%
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18700
Notes to Financial Statements (Cont'd)
Note 7: PENSION PLANS (CONT’D)
Supplementary Pension Information (Cont’d)
Schedule of Contributions - Police and Firemen’s Retirement System (PFRS) (Last Ten Years)
Year Ended December 31,
2023
2022
2021
2020
2019
Contractually Required Contribution
846,126.00
$
879,797.00
$
700,160.00
$
672,539.00
$
535,283.00
$
Contribution in Relation to the Contractually
Required Contribution
(846,126.00)
(879,797.00)
(700,160.00)
(672,539.00)
(535,283.00)
Contribution Deficiency (Excess)
-
$
-
$
-
$
-
$
-
$
Covered Payroll (Calendar Year)
2,603,186.00
$
2,396,281.00
$
2,385,756.00
$
2,161,921.00
$
2,028,428.00
$
Contributions as a Percentage of
Covered Payroll
32.50%
36.72%
29.35%
31.11%
26.39%
Year Ended December 31,
2018
2017
2016
2015
2014
Contractually Required Contribution
485,944.00
$
419,410.00
$
375,033.00
$
339,039.00
$
301,322.00
$
Contribution in Relation to the Contractually
Required Contribution
(485,944.00)
(419,410.00)
(375,033.00)
(339,039.00)
(301,322.00)
Contribution Deficiency (Excess)
-
$
-
$
-
$
-
$
-
$
Covered Payroll (Calendar Year)
1,738,352.00
$
1,685,663.00
$
1,527,330.00
$
1,469,587.00
$
1,333,003.00
$
Contributions as a Percentage of
Covered Payroll
27.95%
24.88%
24.55%
23.07%
22.60%
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18700
Notes to Financial Statements (Cont'd)
Note 7: PENSION PLANS (CONT’D)
Supplementary Pension Information (Cont’d)
Other Notes to Supplementary Pension Information
Public Employees’ Retirement System (PERS)
Changes in Benefit Terms
The Division of Pensions and Benefits adopted a new policy regarding the crediting of interest on member
contributions for the purpose of refund of accumulated deductions. Previously, after termination of
employment, but prior to retirement or death, interest was credited on member accumulated deductions
at the valuation interest rate for the entire period. Effective July 1, 2018, interest is only credited at the
valuation interest rate for the first two years of inactivity prior to retirement or death.
Changes in Assumptions
The discount rate and long-term expected rate of return used as of June 30 measurement date are as
follows:
Police and Firemen’s Retirement System (PFRS)
Changes in Benefit Terms
The June 30, 2023 measurement date include the following plan amendment: Chapter 92, P.L. 2023
establishing an extension of the previous plan amendment Chapter 52, P.L. 2021, allowing members
enrolled between January 18, 2000 and April 19, 2021 to retire prior to age 55 if they have attained 20
years of creditable service and retire by May 1, 2026.
Changes in Assumptions
The discount rate and long-term expected rate of return used as of June 30 measurement date are as
follows:
Year
Rate
Year
Rate
Year
Rate
Year
Rate
2023
7.00%
2018
5.66%
2023
7.00%
2018
7.00%
2022
7.00%
2017
5.00%
2022
7.00%
2017
7.00%
2021
7.00%
2016
3.98%
2021
7.00%
2016
7.65%
2020
7.00%
2015
4.90%
2020
7.00%
2015
7.90%
2019
6.28%
2014
5.39%
2019
7.00%
2014
7.90%
Discount Rate
Long-term Expected Rate of Return
Year
Rate
Year
Rate
Year
Rate
Year
Rate
2023
7.00%
2018
6.51%
2023
7.00%
2018
7.00%
2022
7.00%
2017
6.14%
2022
7.00%
2017
7.00%
2021
7.00%
2016
5.55%
2021
7.00%
2016
7.65%
2020
7.00%
2015
5.79%
2020
7.00%
2015
7.90%
2019
6.85%
2014
6.32%
2019
7.00%
2014
7.90%
Discount Rate
Long-term Expected Rate of Return
-49-
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Notes to Financial Statements (Cont'd)
Note 8: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS
N.J.A.C. 5:30-6.1 allows local units to disclose the most recently available information as it relates to the
New Jersy Division of Pension’s reporting on GASB No. 75, Accounting and Financial Reporting for
Postemployment Benefits other than Pensions. As of the date of this report, the information for the
measurement period ended June 30, 2023 was not available; therefore, the information from the
measurement period June 30, 2022 is disclosed below.
General Information about the State Health Benefit Local Government Retired Employees Plan
Plan Description and Benefits Provided - The Township does not provide postemployment benefits to
its retirees; however, the State of New Jersey (the “State”) provides these benefits to certain Township
retirees and their dependents under a special funding situation as described below.
The State, on-behalf of the Township, contributes to the State Health Benefits Local Government Retired
Employees Plan (the “Plan”), which is a cost-sharing multiple-employer defined benefit other
postemployment benefit (“OPEB”) plan with a special funding situation. It covers employees of local
government employers that have adopted a resolution to participate in the Plan. The Plan meets the
definition of an equivalent arrangement as defined in paragraph 4 of GASB Statement No. 75, Accounting
and Financial Reporting for the Postemployment Benefits Other Than Pensions (GASB Statement No.
75); therefore, assets are accumulated to pay associated benefits. For additional information about the
Plan, please refer to the State of New Jersey (the “State”), Division of Pensions and Benefits’ (the
“Division”)
annual
financial
statements,
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
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.
-50-
18700
Notes to Financial Statements (Cont'd)
Note 8: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
General Information about the State Health Benefit Local Government Retired Employees Plan
(Cont’d)
Special Funding Situation Component - The State of New Jersey makes contributions to cover those
employees eligible under Chapter 330, P.L. 1997. Local employers remit employer contributions on a
monthly basis. Retired member contributions are generally received on a monthly basis. Partially funded
benefits are also available to local police officers and firefighters who retire with 25 years of service or on
disability from an employer who does not provide coverage under the provisions of Chapter 330, P.L.
1997. Upon retirement, these individuals must enroll in the OPEB Plan.
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% 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 is required to disclose in their respective notes to the
financial statements, an expense and corresponding revenue, and their proportionate share of the OPEB
expense allocated to the State under the special funding situation.
The amount of actual contributions to the OPEB Plan made by the State, on-behalf of the Township, is not
known; however, under the special funding situation, the State’s OPEB expense, on-behalf of the
Township, is $(1,009,811.00) for the year ended December 31, 2022, representing -42.14% of the
Township’s covered payroll.
OPEB Liability
OPEB Liability - At December 31, 2022, the State’s proportionate share of the net OPEB liability
associated with the Township was $6,156,595.00. The net OPEB liability was measured as of June 30,
2022, and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial
valuation as of July 1, 2021, which was rolled forward to June 30, 2022.
The State’s proportion of the net OPEB liability, associated with the Township, was based on the ratio of
the Plan members of an individual employer to the total members of the Plan’s special funding situation
during the measurement period July 1, 2021 through June 30, 2022. For the June 30, 2022 measurement
date, the State’s proportion on-behalf of the Township was .182482%, which was an increase of .014888%
from its proportion measured as of the June 30, 2021 measurement date, as adjusted.
-51-
18700
Notes to Financial Statements (Cont'd)
Note 8: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
Actuarial Assumptions
The actuarial assumptions vary for each plan member depending on the pension plan in which the member
is enrolled. The actuarial valuation as of July 1, 2021, which was rolled forward to June 30, 2022, used
the following actuarial assumptions, applied to all periods in the measurement:
Actuarial assumptions used in the valuation were based on the results of the PFRS experience study
prepared for July 1, 2018 to June 30, 2021.
100% of active members are considered to participate in the Plan upon retirement.
All of the Plan’s investments are in the State of New Jersey Cash Management Fund (the “CMF”). The
New Jersey Division of Investments manages the CMF, which is available on a voluntary basis for
investment by State and certain non-State participants. The CMF is considered to be an investment trust
fund as defined in GASB Statement No. 31, Certain Investments and External Investment Pools. The
CMF invests in U.S. government and agency obligations, commercial paper, corporate obligations and
certificates of deposit. Units of ownership in the CMF may be purchased or redeemed on any given
business day (excluding State holidays) are the unit cost of value of $1.00. Participant shares are valued
on a fair value basis. The CMF pay interest to participants on a monthly basis.
Discount Rate - The discount rate used to measure the OPEB liability at June 30, 2022 was 3.54%. This
represents the municipal bond return rate as chosen by the State. The source is the Bond Buyer Go 20-
Bond Municipal Bond Index, which includes tax-exempt general obligation municipal bonds with an
average rating of AA/Aa or higher. As the long-term rate of return is less than the municipal bond rate, it
is not considered in the calculation of the discount rate, rather the discount rate is set at the municipal
bond rate.
The health care trend assumptions used is as follows:
Salary Increases:
PFRS - Rates for all future years
3.25% to 16.25% based on years of service
Mortality:
PFRS - Pub-2010 Safety classification headcount weighted mortality with fully generational mortality
improvement projections from the central year using Scale MP-2021
Prescription
Fiscal Year
Drug
Ending
Pre-65
PPO Post-65
HMO Post-65
Trend
2023
6.25%
-1.89%
-1.99%
8.00%
2024
6.00%
-6.00%
-6.15%
7.50%
2025
5.75%
6.99%
7.02%
7.00%
2026
5.50%
15.04%
15.18%
6.50%
2027
5.25%
13.00%
13.11%
6.00%
2028
5.00%
11.47%
11.56%
5.50%
2029
4.75%
10.27%
10.35%
5.00%
2030
4.50%
9.29%
9.35%
4.50%
2031
4.50%
8.50%
8.55%
4.50%
2032
4.50%
6.25%
6.27%
4.50%
2033 and Later
4.50%
4.50%
4.50%
4.50%
Annual Rate of Increase
Medical Trend
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18700
Notes to Financial Statements (Cont'd)
Note 8: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
Sensitivity of the Net OPEB Liability to Changes in the Discount Rate
The net OPEB liability, calculated using a discount rate of 3.54%, as well as using a discount rate that is
1% lower or 1% higher than the current rate used, is as follows:
Sensitivity of the Net OPEB Liability to Changes in the Healthcare Cost Trend Rate
The net OPEB liability, using a healthcare cost trend rate that is 1% lower or 1% higher than the current
healthcare cost trend rate used, is as follows:
OPEB Plan Fiduciary Net Position
For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of
resources related to OPEB, and OPEB (benefit) expense, information about the respective fiduciary net
position of the State Health Benefits Local Government Retired Employees Plan and additions
to/deductions from the Plan’s respective fiduciary net position have been determined on the same basis
as they are reported by the Plan. Accordingly, contributions (including refunds of employee contributions)
are recognized when due and payable in accordance with the benefit terms. Investments are reported at
fair value.
Supplementary OPEB Information
In accordance with GASBS No. 75, the following information is also presented for the State Health Benefits
Local Government Retired Employees Plan. These schedules are presented to illustrate the requirements
to show information for 10 years; however, until a full 10-year trend is compiled, this presentation will only
include information for those years for which information is available.
1%
Current
1%
Decrease
Discount Rate
Increase
(2.54%)
(3.54%)
(4.54%)
State of New Jersey's Proportionate Share
of the Net OPEB Liability Associated
with the Employer
7,136,733.00
$
6,156,595.00
$
5,367,982.00
$
1%
Healthcare Cost
1%
Decrease
Trend Rate
Increase
State of New Jersey's Proportionate Share
of the Net OPEB Liability Associated
with the Employer
5,222,825.00
$
6,156,595.00
$
7,352,492.00
$
-53-
18700
Notes to Financial Statements (Cont'd)
Note 8: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
Supplementary OPEB Information (Cont’d)
Schedule of the State’s Proportionate Share of the Net OPEB Liability Associated with the
Township (Last Six Plan Years)
2022
2021 (a)
2020
Proportion of the Net OPEB Liability
0.00%
0.00%
0.00%
State's Proportionate Share of the Net OPEB Liability
Associated with the Employer
100.00%
100.00%
100.00%
Total
100.00%
100.00%
100.00%
Proportionate Share of the Net OPEB Liability
-
$
-
$
-
$
State's Proportionate Share of the Net OPEB Liability
Associated with the Employer
6,156,595.00
6,471,404.00
6,520,406.00
Total
6,156,595.00
$
6,471,404.00
$
6,520,406.00
$
Covered Payroll (Plan Measurement Period)
2,396,472.00
$
2,308,693.00
$
2,051,980.00
$
Proportionate Share of the Net OPEB
Liability as a Percentage of Covered Payroll
0.00%
0.00%
0.00%
State's Proportionate Share of the Net OPEB Liability
as a Percentage of Covered Payroll
256.90%
280.31%
317.76%
Plan Fiduciary Net Position as a Percentage of the
Total OPEB Liability
-0.36%
0.28%
0.91%
2019
2018
2017
Proportion of the Net OPEB Liability
0.00%
0.00%
0.00%
State's Proportionate Share of the Net OPEB Liability
Associated with the Employer
100.00%
100.00%
100.00%
Total
100.00%
100.00%
100.00%
Proportionate Share of the Net OPEB Liability
-
$
-
$
-
$
State's Proportionate Share of the Net OPEB Liability
Associated with the Employer
5,004,533.00
5,466,878.00
6,560,254.00
Total
5,004,533.00
$
5,466,878.00
$
6,560,254.00
$
Covered Payroll (Plan Measurement Period)
1,907,457.00
$
1,730,364.00
$
1,568,313.00
$
Proportionate Share of the Net OPEB
Liability as a Percentage of Covered Payroll
0.00%
0.00%
0.00%
State's Proportionate Share of the Net OPEB Liability
as a Percentage of Covered Payroll
262.37%
315.94%
418.30%
Plan Fiduciary Net Position as a Percentage of the
Total OPEB Liability
1.98%
1.97%
1.03%
(a) The Proportionate Share of the June 30, 2021 Net OPEB Liability was adjusted within the June 30, 2022 Plan Audit.
Measurement Date Ended June 30,
Measurement Date Ended June 30,
-54-
18700
Notes to Financial Statements (Cont'd)
Note 8: POSTEMPLOYMENT BENEFITS OTHER THAN PENSION BENEFITS (CONT’D)
Supplementary OPEB Information (Cont’d)
Other Notes to Supplementary OPEB Information
Changes in Benefit Terms - The actuarial valuation as of July 1, 2021, which was rolled forward to June
30, 2022, included changes due to employers adopting and /or changing Chapter 48 provisions.
Changes in Assumptions - The discount rate used as of the June 30 measurement date is as follows:
The expected investment rate of return is based on guidance provided by the State. These expected rates
of return are the same as the discount rates listed above.
In addition to changes in the discount rate, other factors that affected the valuation of the net OPEB liability
included changes in the trend and updated experience study.
There were no changes to mortality projections.
Note 9: COMPENSATED ABSENCES
Full-time employees are entitled to six paid sick leave days each year. Township employees may
accumulate and carry forward sick time to a maximum of 30 days. There is a maximum pay-out of
$10,000.00 and is paid at the rate of pay upon retirement. Up to five vacation days not used during the
year may be carried forward; however, no accumulation of vacation time permitted. Employees are paid
for all accrued vacation time at retirement only.
Full-time police are entitled to up to 120 paid sick leave hours each year. Sick time may be accumulated
and carried forward to subsequent years; however, no sick time is paid upon termination or retirement. Up
to four vacation days not used during the year may be carried forward. Employees are paid for all accrued
vacation time at retirement only.
The Township does not record accrued expenses related to compensated absences. However, it is
estimated that, at December 31, 2023, accrued benefits for compensated absences are valued at
$72,751.69.
Note 10: 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 benefit 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.
Year
Rate
Year
Rate
2022
3.54%
2019
3.50%
2021
2.16%
2018
3.87%
2020
2.21%
2017
3.58%
-55-
18700
Notes to Financial Statements (Cont'd)
Note 11: CAPITAL DEBT
General Obligation Bonds
General Obligation Refunding Bonds, Series 2015 - On April 30, 2015, the Township issued $4,580,000.00
in general obligation refunding bonds, with an interest rate of 3.0%, to advance refund $4,470,000.00 of
the outstanding 2006 general improvement bonds with an interest rate of 4.0%. The final maturity of the
bonds is December 15, 2025.
General Obligation Bonds, Series 2016 - On October 13, 2016, the Township issued $5,500,000.00 of
General Obligation Bonds, with interest rates ranging from 2.0% to 4.0%. The bonds were issued for the
purpose of funding the completion of various capital improvements and acquisition of various capital
equipment within the Township. The final maturity of the bonds is October 1, 2036.
General Obligation Refunding Bonds, Series 2017 - On August 23, 2017, the Township issued
$6,535,000.00 in general obligation refunding bonds, with interest rates ranging from 2.0% to 4.0% to
advance refund $8,350,000.00 of the outstanding 2007 guaranteed lease revenue bonds. The final
maturity of the bonds is July 1, 2032.
The following schedule represents the remaining debt service, through maturity, for the general obligation
bonds:
General Debt – Green Trust Loan Program
On April 26, 2007, the Township settled on a loan agreement with the New Jersey Department of
Environmental Protection in the amount of $400,000.00, at an interest rate of 2.0%. The proceeds were
used to partial fund the construction of the Delmonte Park Expansion. Semiannual debt payments are due
April 26th and October 26th through 2026.
The following schedule represents the remaining debt service, through maturity, for the New Jersey Green
Acres Trust loans:
Year
Principal
Interest
Total
2024
1,180,000.00
$
303,650.00
$
1,483,650.00
$
2025
1,225,000.00
261,500.00
1,486,500.00
2026
770,000.00
222,500.00
992,500.00
2027
785,000.00
197,900.00
982,900.00
2028
805,000.00
171,787.50
976,787.50
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
Totals
9,490,000.00
$
1,661,312.50
$
11,151,312.50
$
Year
Principal
Interest
Total
2024
23,548.91
$
1,324.35
$
24,873.26
$
2025
24,022.24
851.02
24,873.26
2026
24,505.11
368.15
24,873.26
Totals
72,076.26
$
2,543.52
$
74,619.78
$
-56-
18700
Notes to Financial Statements (Cont'd)
Note 11: CAPITAL DEBT (CONT’D)
The following schedule represents the Township’s summary of debt for the current and two previous years:
The summarized statement of debt condition which follows is prepared in accordance with the required
method of setting up the annual debt statement and indicated a statutory net debt of 2.549%.
Net debt $43,461,853.29 divided by the equalized valuation basis per N.J.S.A.40A:2-2, as amended,
$1,704,761,343.00, equals 2.549%.
Summary of Statutory Debt Condition – Annual Debt Statement
Note 12: SCHOOL TAXES
Swedesboro-Woolwich Consolidated School tax has been raised and the liability deferred by statutes,
resulting in the school tax payable set forth in the current fund liabilities as follows:
2023
2022
2021
Issued
General:
Bonds, Loans and Notes
40,463,853.29
$
41,898,657.20
$
34,102,408.79
$
Authorized but not Issued
General:
Bonds, Loans and Notes
3,058,000.00
3,058,000.00
12,126,496.00
Deductions
General:
Reserve for Payment of Bonds
60,000.00
60,000.00
-
Net Debt
43,461,853.29
$
44,896,657.20
$
46,228,904.79
$
Gross Debt
Deductions
Net Debt
School Purposes
29,461,332.84
$
29,461,332.84
$
General
43,521,853.29
60,000.00
43,461,853.29
$
72,983,186.13
$
29,521,332.84
$
43,461,853.29
$
Borrowing Power Under N.J.S.A. 40A:2-6 as Amended
3 1/2% of Equalized Valuation Basis (Municipal)
59,666,647.01
$
Less: Net Debt
43,461,853.29
Remaining Borrowing Power
16,204,793.72
$
Balance December 31,
2023
2022
Balance of Tax
8,698,561.28
$
8,600,760.79
$
Deferred
5,410,504.32
5,410,504.32
Taxes Payable
3,288,056.96
$
3,190,256.47
$
-57-
18700
Notes to Financial Statements (Cont'd)
Note 13: 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.
New Jersey Unemployment Compensation Insurance - The Township has elected to fund its New
Jersey Unemployment Compensation Insurance under the "Benefit Reimbursement Method". Under this
plan, the Township is required to reimburse the New Jersey Unemployment Trust Fund for benefits paid
to its former employees 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 the activity and the ending balance of the Township’s trust fund for the
current and previous two years:
Joint Insurance Pool - The Township of Woolwich is a member of the Gloucester, Salem, Cumberland
Counties Municipal Insurance Joint Insurance Fund. The Fund provides its members with the following
coverage:
Workers' Compensation including Employer's Liability
General Liability including Police Professional and Employee Benefit Liability
Automobile Liability
Blanket Crime including Public Employee Dishonesty
Property Including Boiler and Machinery
Public Officials and Employment Practices Liability
Volunteer Directors and Officers Liability
Cyber Liability
The following coverages are provided to the Fund’s member local units by their membership in the
Municipal Excess Liability Joint Insurance Fund (MEL):
Excess Workers' Compensation
Excess General Liability
Non-Owned Aircraft Liability
Excess Auto Liability
Fidelity and Performance (Blanket)
Excess Property including Boiler and Machinery
Crime including Excess Public Employee and Public Official Coverage
Environmental Impairment Liability coverage is provided to the Fund’s member local units by the Fund’s
membership in the New Jersey Municipal Environmental Risk Management Fund.
Contributions to the Fund, including a reserve for contingencies, are payable in two installments and are
based on actuarial assumptions determined by the Fund's actuary. The Commissioner of Banking and
Insurance may order additional assessments to supplement the Fund's claim, loss retention, or
administrative accounts to assure the payment of the Fund's obligations.
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, which is an
insurance pool formed by all the other joint insurance funds.
Township
Interest
Amount
Ending
Year
Contributions
Earnings
Reimbursed
Balance
2023
12,576.98
$
-
$
13,506.59
$
2,625.95
$
2022
7,435.29
1.52
6,480.77
3,555.56
2021
-
0.56
5,460.82
2,599.52
-58-
18700
Notes to Financial Statements (Cont'd)
Note 13: RISK MANAGEMENT (CONT’D)
Joint Insurance Pool (Cont’d) - For more information regarding claims, coverages and deductibles, the
Fund publishes its own financial report which can be obtained from:
Gloucester, Salem, Cumberland Counties Municipal Joint Insurance Fund
P.O. Box 490
Marlton, New Jersey 08053
Note 14: OPEN SPACE, RECREATION AND FARMLAND PRESERVATION TRUST
On November 4, 1997, pursuant to P.L. 1997, c. 24 (N.J.S.A. 40:12-15.1 et seq.), the voters of the
Township authorized the establishment of the Township of Woolwich Open Space, Recreation and
Farmland Preservation Trust Fund effective January 1, 2000, for the purpose of raising revenue for the
acquisition of lands and interests in lands for the conservation of farmland and open space. The Township
levies a tax not to exceed five cents per one hundred dollars of equalized valuation. Amounts raised by
taxation are assessed, levied and collected in the same manner and at the same time as other taxes.
Future increases in the tax rate or to extend the authorization must be authorized by referendum. All
revenue received is accounted for in a trust fund dedicated by rider (N.J.S.A. 40A:4-39) for the purposed
stated. Interest earned on the investment of these funds is credited to the Township of Woolwich Open
Space, Recreation and Farmland Preservation Trust Funds.
Note 15: CONTINGENCIES
Grantor Agencies - Amounts received or receivable from grantor agencies could be subject to audit and
adjustment by grantor agencies. Any disallowed claims, including amounts already collected, may
constitute a liability of the applicable funds. The amount, if any, of expenditures which may be disallowed
by the grantor cannot be determined at this time, although the Township expects such amount, if any, to
be immaterial.
Tax Appeals - As of December 31, 2023, several tax appeals were on file against the Township, if such
appeals are not settled in favor of the Township, the estimated impact of the tax refunds could be
significant.
Creation of a Municipal Sewer Utility - On December 20, 2021, the Township adopted Ordinance 2021-
24 - An Ordinance Authorizing the Creation of a Municipal Sewer Utility Pursuant to N.J.S.A. 40:A:26A-1
et. Seq. On April 22, 2021, the Township and Aqua New Jersey, Inc. entered into a Water/Sewer
Infrastructure Lease and Purchase Agreement whereby Aqua New Jersey will, among other things,
operate, maintain, and repair the Township owned sewer system. The Township will retain ownership of
the sewer system until Aqua New Jersey is legally permitted to take ownership pursuant to bonding
restrictions.
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.
Note 16: CONCENTRATIONS
The Township depends on financial resources flowing from, or associated with, both the federal
government and the State of New Jersey. As a result of this dependency, the Township is subject to
changes in specific flows of intergovernmental revenues based on modifications to federal and State laws
and federal and State appropriations.
-59-
SUPPLEMENTAL EXHIBITS
CURRENT FUND
-60-
18700
Exhibit SA-1
Balance December 31, 2022
13,111,343.47
$
Increased by Receipts:
Taxes Receivable
48,731,205.36
$
Tax Title Liens
14,921.27
Tax Overpayments
141,100.52
Prepaid Taxes
437,362.93
Due State of NJ - Senior Citizens & Veterans' Deductions
50,404.80
Revenue Accounts Receivable
3,115,157.10
Miscellaneous Revenue Not Anticipated
1,278,598.54
Reserve for Municipal Relief Fund Aid
43,266.83
Reserve for National Opioid Settlement
11,429.84
Due to County of Gloucester - Court Fines June 2023
3,507.75
Due to County of Gloucester - 5% PILOT
45,578.18
Due Federal and State Grant Fund (Received for)
435,240.26
Due Trust - Other Funds
6.00
Due General Capital Fund - NJDOT Rainey Road
67,500.00
Due General Capital Fund
519,489.77
Reserve for Sale of Municipal Assets
6,165,070.00
61,059,839.15
74,171,182.62
Decreased by Disbursements:
Appropriations
11,893,418.75
Appropriation Reserves
377,668.49
Tax Overpayments
56,805.87
Prepaid Taxes
6,138.00
County Taxes
10,452,939.65
Local School District Tax
17,299,323.51
Regional School District Tax
12,055,903.50
Municipal Open Space Tax
732,250.45
Due Federal and State Grant Fund (Disbursed for)
523,530.28
Reserve for Master Plan
19,976.25
Refund of Prior Year Revenue
98,765.54
53,516,720.29
Balance December 31, 2023
20,654,462.33
$
For the Year Ended December 31, 2023
TOWNSHIP OF WOOLWICH
CURRENT FUND
Statement of Current Cash
-61-
18700
Exhibit SA-2
Due from
Transferred
Balance
Added, Omitted and
State of
Adjustments/
to Tax
Balance
Dec. 31, 2022
Levy
Rollback Taxes
2022
2023
New Jersey
Canceled
Title Liens
Dec. 31, 2023
411,454.33
$
355,062.86
$
(692.46)
$
51,442.30
$
5,641.63
$
48,263,102.44
$
1,141,847.62
$
519,999.09
$
48,376,142.50
49,826.03
85,355.52
34,161.17
$
339,465.75
411,454.33
$
48,263,102.44
$
1,141,847.62
$
519,999.09
$
48,731,205.36
$
49,133.57
$
136,797.82
$
34,161.17
$
345,107.38
$
Analysis of Property Tax Levy
Tax Yield:
General Purpose
48,263,102.44
$
Added, Omitted and Rollback Taxes
1,141,847.62
49,404,950.06
$
Tax Levy:
Local School District Tax
17,397,124.00
$
Regional School Tax
12,055,903.50
Municipal Open Space Tax
732,250.45
County Taxes:
County Tax
9,130,363.63
$
County Library Tax
624,860.96
County Open Space Tax
565,536.52
Due County for Added, Omitted and Rollback Taxes
245,097.87
Total County Taxes
10,565,858.98
Local Tax for Municipal Purposes
7,753,088.46
Add: Rounding
3,974.92
Add: Added, Omitted and Rollback Taxes
896,749.75
Total Local Tax for Municipal Purposes
8,653,813.13
49,404,950.06
$
Prior
2023
TOWNSHIP OF WOOLWICH
CURRENT FUND
Statement of Taxes Receivable and Analysis of Property Tax Levy
For the Year Ended December 31, 2023
Collected
-62-
18700
Exhibit SA-3
Balance December 31, 2022
277,365.06
$
Increased by:
Transfers from Taxes Receivable
34,161.17
311,526.23
Decreased by:
Adjustments/Canceled/Transferred to Foreclosed Property
85,270.35
$
Cash Receipts
14,921.27
100,191.62
Balance December 31, 2023
211,334.61
$
TOWNSHIP OF WOOLWICH
CURRENT FUND
Statement of Tax Title Liens Receivable
For the Year Ended December 31, 2023
-63-
18700
Exhibit SA-4
Balance December 31, 2022
-
$
Increased by:
Cash Receipts
141,100.52
141,100.52
Decreased by:
Cash Disbursements
56,805.87
Balance December 31, 2023
84,294.65
$
Exhibit SA-5
Balance December 31, 2022
519,999.09
$
Increased by:
Collections
437,362.93
957,362.02
Decreased by:
Applied to Taxes Receivable
519,999.09
$
Cash Disbursements
6,138.00
526,137.09
Balance December 31, 2023
431,224.93
$
CURRENT FUND
For the Year Ended December 31, 2023
TOWNSHIP OF WOOLWICH
CURRENT FUND
Statement of Tax Overpayments
For the Year Ended December 31, 2023
Statement of Prepaid Taxes
-64-
18700
Exhibit SA-6
Balance December 31, 2022
9,329.30
$
Increased by:
Cash Received
50,404.80
$
Prior Year Senior Citizens' and Veterans' Deductions
(Allowed) Disallowed by Tax Collector
692.46
51,097.26
60,426.56
Decreased by:
Deductions per Tax Billings
48,500.00
Senior Citizens' and Veterans' Deductions
Allowed (Disallowed) by Tax Collector
1,326.03
49,826.03
Balance December 31, 2023
10,600.53
$
TOWNSHIP OF WOOLWICH
CURRENT FUND
For the Year Ended December 31, 2023
Statement of Due to State of New Jersey Senior Citizens and Veterans' Deductions
-65-
18700
Exhibit SA-7
Statement of Appropriation Reserves
Balance After
Paid or
Lapsed to
Encumbered
Reserved
Modification
Charged
Fund Balance
OPERATIONS -- WITHIN "CAPS"
General Government Functions
General Administration:
Other Expenses
3,039.36
$
3,039.36
$
3,039.36
$
Mayor and Committee:
Salaries and Wages
1,615.30
1,615.30
1,615.30
Other Expenses
307.65
307.65
307.65
Municipal Clerk:
Other Expenses
8.98
$
831.61
840.59
192.90
$
647.69
Financial Administration:
Salaries and Wages
1,849.80
1,849.80
1,849.80
Other Expenses
2,516.94
503.71
3,020.65
2,991.94
28.71
Audit Services:
Other Expenses
14,950.00
14,950.00
14,950.00
Revenue Administration:
Salaries and Wages
999.98
999.98
999.98
Other Expenses
136.48
2,633.80
2,770.28
423.60
2,346.68
Legal Services:
Other Expenses
8,518.10
9,391.44
55,909.54
49,442.73
6,466.81
Engineering Services:
Other Expenses
3,020.00
1,083.55
17,903.55
6,856.34
11,047.21
Economic Development Committee:
Other Expenses
900.01
900.01
900.01
Land Use Administration
Planning Board:
Salaries and Wages
88.51
88.51
88.51
Other Expenses
30,317.65
30,317.65
2,830.21
27,487.44
Zoning Board:
Other Expenses
67.63
67.63
67.63
Insurance
General Liability
44,784.35
44,784.35
480.50
44,303.85
Employee Group Health
156,447.50
36,447.50
1,498.61
34,948.89
Employee Health Insurance - Medical Waiver
154.39
154.39
154.39
Employee Health Insurance - Optional Cash Payment
27,488.53
27,488.53
2,752.31
24,736.22
Public Safety Functions
Police Department:
Salaries and Wages
104,289.28
79,289.28
79,289.28
Other Expenses
29,810.08
9,024.57
38,834.65
28,479.72
10,354.93
Office of Emergency Management:
Salaries and Wages
292.01
292.01
292.01
Other Expenses
528.00
16.23
544.23
528.00
16.23
Aid to Volunteer Fire Companies
10,557.48
5,700.84
16,258.32
16,022.80
235.52
Municipal Prosecutor:
Salaries and Wages
36.96
36.96
36.96
Public Works Functions
Streets & Roads Maintenance:
Other Expenses
2,520.22
5,405.80
7,926.02
2,069.66
5,856.36
Storm Recovery:
Salaries and Wages
30,000.00
30,000.00
30,000.00
Other Expenses
9,734.00
17,853.90
77,587.90
74,959.50
2,628.40
Solid Waste Collection:
Other Expenses
24,467.39
24,467.39
24,467.39
Buildings & Grounds:
Other Expenses
20,368.73
16,985.41
37,354.14
10,883.03
26,471.11
Vehicle Maintenance:
Other Expenses
3,278.98
3,159.81
6,438.79
5,159.47
1,279.32
(Continued)
TOWNSHIP OF WOOLWICH
CURRENT FUND
For the Year Ended December 31, 2023
Balance December 31, 2022
-66-
18700
Exhibit SA-7
Statement of Appropriation Reserves
Balance After
Paid or
Lapsed to
Encumbered
Reserved
Modification
Charged
Fund Balance
TOWNSHIP OF WOOLWICH
CURRENT FUND
For the Year Ended December 31, 2023
Balance December 31, 2022
Health and Human Services
Board of Health:
Salaries and Wages
341.99
$
341.99
$
341.99
$
Other Expenses
85.00
85.00
85.00
Environmental Committee:
Other Expenses
369.41
369.41
175.74
$
193.67
Park and Recreation
Recreation Services and Programs:
Salaries and Wages
669.40
$
11,916.65
12,586.05
669.40
11,916.65
Maintenance of Park:
Other Expenses
1,300.85
17,394.78
18,695.63
1,114.93
17,580.70
Celebration of Public Events:
Other Expenses
1,000.00
1,000.00
1,000.00
Unclassified
Salary Adjustment
7,000.00
7,000.00
7,000.00
Landfill/Solid Waste Disposal Costs
Other Expenses
33,867.96
33,867.96
33,605.19
262.77
Municipal Court:
Administration:
Salaries and Wages
15,436.86
15,436.86
15,436.86
Other Expenses
164.18
2,370.33
2,534.51
1,215.54
1,318.97
Public Defender:
Salaries and Wages
400.00
25.00
425.00
400.00
25.00
Utility Expenses and Bulk Purchases
Electricity
11,250.46
24,250.46
24,114.19
136.27
Street lighting
7,028.56
7,028.56
6,436.10
592.46
Telephone
226.00
4,540.76
4,766.76
2,537.68
2,229.08
Water - Fire Hydrant
6,401.29
36,601.29
31,546.20
5,055.09
Gasoline
563.42
563.42
563.42
Heating Oil
1,081.34
1,081.34
1,081.34
Cable TV & Internet
476.60
476.60
243.06
233.54
Statutory Expenditures
Social Security System (O.A.S.I.)
16,079.80
16,079.80
621.75
15,458.05
Defined Contribution Retirement Program (DCRP)
114.05
114.05
114.05
OPERATIONS -- EXCLUDED FROM "CAPS"
Shared Services Agreements
Township of South Harrison
0.09
0.09
0.09
93,758.42
$
652,031.32
$
745,789.74
$
377,668.49
$
368,121.25
$
-67-
18700
Exhibit SA-8
Balance
Dec. 31, 2022
Accrued
Collected
Applied
Local Revenues:
Licenses - Alcoholic Beverages
6,000.00
$
6,000.00
$
Fines and Costs: Municipal Court
68,823.10
68,823.10
Interest and Costs on Taxes
5,285.50
$
67,968.33
73,253.83
State Aid Without Offsetting Appropriations:
Energy Receipts Tax
417,676.32
417,676.32
Garden State Trust Fund
7,313.00
7,313.00
Shared Service Agreements Offset with Appropriations:
Kingsway Regional High School District - SRO
119,364.16
119,364.16
Swedesboro/Woolwich School District - SRO
99,474.70
99,474.70
Borough of Swedesboro:
Recreation - OE
8,000.00
8,000.00
Police Coverage and Protection
703,050.00
703,050.00
Township of South Harrison:
Police Coverage and Protection
579,184.22
579,184.22
Public and Private Revenues Offset with Appropriations
914,815.17
914,815.17
$
Other Special Items:
Debt Service Contribution from Municipal Open Space
346,000.00
346,000.00
Pension Contribution for UCC Trust Fund
35,000.00
35,000.00
Reserve for Sewer Connection Fees
504,000.00
504,000.00
Liberty PILOT
652,017.77
652,017.77
Reserve for Municipal Relief Fund
21,638.08
21,638.08
Total
5,285.50
$
4,550,324.85
$
3,115,157.10
$
1,440,453.25
$
TOWNSHIP OF WOOLWICH
CURRENT FUND
Statement of Revenue Accounts Receivable
For the Year Ended December 31, 2023
-68-
18700
Exhibit SA-9
Statement of County Taxes
Balance December 31, 2022
530,449.63
$
Increased by:
County Tax
9,130,363.63
$
County Library Tax
624,860.96
County Open Space Tax
565,536.52
Due County for Added, Omitted and Rollback Taxes
245,097.87
10,565,858.98
11,096,308.61
Decreased by:
Adjustment/Canceled
398,271.09
Cash Disbursements
10,452,939.65
10,851,210.74
Balance December 31, 2023
245,097.87
$
Exhibit SA-10
Balance December 31, 2022
3,190,256.47
$
Increased by:
Levy -- School Year July 1, 2023 to June 30, 2024
17,397,124.00
20,587,380.47
Decreased by:
Cash Disbursements
17,299,323.51
Balance December 31, 2023
3,288,056.96
$
Payable
3,288,056.96
$
Deferred
5,410,504.32
8,698,561.28
$
For the Year Ended December 31, 2023
For the Year Ended December 31, 2023
TOWNSHIP OF WOOLWICH
CURRENT FUND
CURRENT FUND
Statement of Local School District Tax
-69-
18700
Exhibit SA-11
Balance December 31, 2022
621,174.48
$
Increased by:
Collected for Federal & State Grant Fund - Grants Receivable
433,186.30
$
Collected for Federal & State Grant Fund - Unappropriated Grants
2,053.96
435,240.26
$
Matching Funds
375.00
435,615.26
1,056,789.74
Decreased by:
Reserve for Appropriated Grant Adjustment
42,500.00
Disbursed for Federal & State Grant Fund
523,530.28
566,030.28
Balance December 31, 2023
490,759.46
$
TOWNSHIP OF WOOLWICH
CURRENT FUND
Statement of Due to Federal & State Grant Fund
For the Year Ended December 31, 2023
-70-
18700
Exhibit SA-12
Increased by:
Balance
Anticipated
Balance
Dec. 31, 2022
as Revenue
Decreased
Dec. 31, 2023
Federal Grants:
Community Development Block Grant
13,239.20
$
13,239.20
$
Total Federal Grants
13,239.20
-
-
13,239.20
State Grants:
Recycling Tonnage
13,994.50
$
13,994.50
$
Clean Communities
1,159.63
30,405.28
31,564.91
Municipal Alliance
25,266.20
1,500.00
7,632.99
19,133.21
Alcohol Education Rehabilitation
683.87
683.87
Drunk Driving Enforcement
4,416.60
4,416.60
Body Armor
2,111.52
2,111.52
NJDOT - 2021 Swedesboro Ave
215,000.00
141,675.00
73,325.00
NJDOT - Russell Mill & Back Creek Road
234,900.00
210,000.00
24,900.00
NJDOT - High Hill Road Shared Use Path Ph 3
251,000.00
251,000.00
Sustainable Jersey Small Grant
10,862.85
10,862.85
DVRPC - Master Plan
25,370.66
25,370.66
Stormwater Assistance
75,000.00
25,000.00
50,000.00
Body Worn Camera
81,520.00
81,520.00
NJDEP - Recreation Trails Program
6,000.00
6,000.00
Total State Grants
73,075.94
906,115.17
432,662.79
546,528.32
Other Grants:
JIF Safety
8,700.00
8,700.00
Total Other Grants
-
8,700.00
8,700.00
-
Total Federal, State and Other Grants
86,315.14
$
914,815.17
$
441,362.79
$
559,767.52
$
From Unappropriated
683.87
$
Cash Receipts
433,186.30
Adjustments/Canceled
7,492.62
441,362.79
$
TOWNSHIP OF WOOLWICH
FEDERAL AND STATE GRANT FUND
Statement of Grants Receivable
For the Year Ended December 31, 2023
-71-
18700
Exhibit SA-13
Balance
Prior Year
Budget
Balance
Dec. 31, 2022
Encumbrances
Appropriation
Decreased
Dec. 31, 2023
Federal Grants:
Distracted Driving
2,420.00
$
2,420.00
$
Click It or Ticket
1,100.00
1,100.00
Community Development Block Grant
1,145.83
1,145.83
Drive Sober or Get Pulled Over
7,915.00
560.00
$
7,355.00
Total Federal Grants
12,580.83
-
-
560.00
12,020.83
State Grants:
Recycling Tonnage
99,112.66
13,994.50
$
75,907.31
37,199.85
Clean Communities
75,054.59
500.00
$
30,405.28
18,702.87
87,257.00
Municipal Alliance
38,255.10
1,875.00
6,707.99
33,422.11
Alcohol Education Rehabilitation
4,067.21
683.87
4,751.08
Drunk Driving Enforcement
1,402.76
1,402.76
Body Armor
4,134.26
2,111.52
6,245.78
NJDOT - Shared Use Path
194,047.00
194,047.00
NJDOT - Bikeways
111,623.99
42,500.00
69,123.99
NJDOT - 2021 Swedesboro Ave
215,000.00
184,696.63
30,303.37
NJDOT - Russell Mill & Back Creek Road
234,900.00
234,900.00
NJDOT - High Hill Road Shared Use Path Ph 3
251,000.00
22,373.80
228,626.20
SHARE Grant
19,918.99
19,918.99
Hazardous Site Remediation Grant - Jersey Fresh Grant
600.00
600.00
Sustainable Jersey Small Grant
3,215.00
3,215.00
DVRPC - Master Plan
621.46
621.46
Municipal Stormwater
588.50
588.50
Stormwater Assistance
75,000.00
24,542.30
50,457.70
Body Worn Camera
81,520.00
81,520.00
NJDEP - Recreation Trails Program
30,000.00
30,000.00
Total State Grants
582,641.52
500.00
906,490.17
650,997.90
838,633.79
Other Grants:
JIF Safety
8,700.00
8,478.83
221.17
LEAP - Logan
60,000.00
56,483.17
3,516.83
LEAP - South Harrison
51,050.00
51,050.00
Total Other Grants
111,050.00
-
8,700.00
116,012.00
3,738.00
Total Federal, State and Other Grants
706,272.35
$
500.00
$
915,190.17
$
767,569.90
$
854,392.62
$
Cash Disbursements
523,530.28
$
Due General Capital Fund
194,047.00
Due Current Fund
42,500.00
Adjustments/Canceled
7,492.62
767,569.90
$
TOWNSHIP OF WOOLWICH
FEDERAL AND STATE GRANT FUND
Statement of Reserve for Appropriated Grants
For the Year Ended December 31, 2023
Transferred from
-72-
18700
Exhibit SA-14
Increased by:
Decreased by:
Balance
Cash
Anticipated
Balance
Dec. 31, 2022
Receipts
as Revenue
Dec. 31, 2023
Grants:
Alcohol Education Rehabilitation
710.70
$
713.87
$
683.87
$
740.70
$
Body Armor
6.57
500.09
506.66
Drive Sober or Get Pulled Over
840.00
840.00
717.27
$
2,053.96
$
683.87
$
2,087.36
$
TOWNSHIP OF WOOLWICH
FEDERAL AND STATE GRANT FUND
Statement of Reserve for Unappropriated Grants
For the Year Ended December 31, 2023
-73-
SUPPLEMENTAL EXHIBITS
TRUST FUND
-74-
18700
Balance December 31, 2022
3,425.90
$
778,365.93
$
136,783.31
$
9,605,889.58
$
Increased by Receipts:
Reserve for Animal Control Fund Expenditures
4,082.00
$
Due Current Fund - Interest Earnings
11,362.86
$
Tax Levy
732,250.45
$
Interest Earnings
49.88
Reserve for:
Site Plan Review Escrow
1,618,904.34
Municipal Functions Developers Fees
82,400.00
Police Overtime
254,984.29
Developers Recreation Fees
736,600.00
Woolwich Recreation Trust
45,209.12
Storm Recovery / Snow Removal
90,000.00
Parking Offenses Adjudication Act
12.00
Unemployment Compensation Insurance
12,576.98
Payroll Withholdings Payable
5,414,154.56
Tax Title Liens Redemption
109,629.52
$
Construction Code Fees
649,645.00
COAH Fees
2,313,685.00
4,082.00
732,300.33
109,629.52
11,229,534.15
7,507.90
1,510,666.26
246,412.83
20,835,423.73
Decreased by Disbursements:
Due State Department of Health
895.20
Reserve for Animal Control Fund Expenditures
2,535.49
Reserve for Future Use
683,072.07
Due Current Fund
Reserve for:
Site Plan Review Escrow
1,870,462.02
Municipal Functions Developers Fees
30,691.28
Police Overtime
235,618.38
Developers Tree Compensation
24,145.00
Developers Recreation Fees
327,774.47
Woolwich Recreation Trust
44,976.68
Storm Recovery / Snow Removal
5,134.31
Elections
4,425.00
Unemployment Compensation Insurance
13,506.59
Payroll Withholdings Payable
5,441,742.98
Tax Title Liens Redemption
117,455.74
Tax Sale Premiums
62,100.00
Construction Code Fees
664,118.28
COAH Fees
35,521.35
3,430.69
683,072.07
179,555.74
8,698,116.34
Balance December 31, 2023
4,077.21
$
827,594.19
$
66,857.09
$
12,137,307.39
$
Exhibit SB-1
Animal Control
Other
Tax Collector
Chief Financial Officer
TOWNSHIP OF WOOLWICH
TRUST FUNDS
Statement of Trust Cash
For the Year Ended December 31, 2023
Municipal Open Space
-75-
18700
Exhibit SB-2
TRUST -- MUNICIPAL OPEN SPACE FUND
Statement of Reserve for Future Use
Balance December 31, 2022
773,599.08
$
Increased by:
12/31/22 Appropriation Reserves
38,539.18
$
12/31/22 Encumbrances
1,643.75
Tax Levy
732,250.45
Interest Earnings on Bank Deposits
49.88
772,483.26
1,546,082.34
Decreased by:
Cash Disbursements
683,072.07
Balance December 31, 2023
863,010.27
$
For the Year Ended December 31, 2023
TOWNSHIP OF WOOLWICH
-76-
18700
Exhibit SB-3
Balance December 31, 2022
3,425.90
$
Increased by:
Receipts
4,082.00
7,507.90
Decreased by:
Transferred to Due to State of New Jersey
895.20
$
Expenditures
2,535.49
3,430.69
Balance December 31, 2023
4,077.21
$
License Fees Collected
Year
Amount
2022
4,396.00
$
2021
3,659.80
8,055.80
$
Exhibit SB-4
Balance December 31, 2022
-
$
Increased by:
Payments
895.20
895.20
Decreased by:
Transferred from Reserve for Animal Control Fund Expenditures
895.20
Balance December 31, 2023
-
$
TRUST -- ANIMAL CONTROL FUND
Statement of Due From State of New Jersey
For the Year Ended December 31, 2023
TOWNSHIP OF WOOLWICH
TRUST -- ANIMAL CONTROL FUND
Statement of Reserve for Animal Control Fund Expenditures
For the Year Ended December 31, 2023
-77-
18700
Exhibit SB-5
Balance December 31, 2022
116,742.34
$
Increased by:
Receipts - Interest Earned on Deposits
11,362.86
$
Site Plan Review Escrow
25,941.15
37,304.01
154,046.35
Decreased by:
Collected by Current Fund
6.00
Balance December 31, 2023
154,040.35
$
Analysis of Due to (Due from) Balance Dec. 31, 2023
Developer's Escrow
142,683.49
$
POAA
(6.00)
Construction Code Fees
11,362.86
154,040.35
$
TRUST -- OTHER FUNDS
Statement of Due to Current Fund
For the Year Ended December 31, 2023
TOWNSHIP OF WOOLWICH
-78-
18700
Exhibit SB-6
Balance
Due
Due to State
Due
Balance
Reserve for:
Dec. 31, 2022
Receipts
Current Fund
of NJ - UCC Fees
Current Fund
Expenditures
Dec. 31, 2023
Site Plan Review Escrow
3,949,627.70
$
1,618,904.34
$
25,941.15
$
1,870,462.02
$
3,672,128.87
$
Municipal Functions Developers Fees
177,511.64
82,400.00
30,691.28
229,220.36
Police Overtime
142,770.85
254,984.29
235,618.38
162,136.76
Developers Tree Compensation
295,575.60
24,145.00
271,430.60
Developers Recreation Fees
313,375.05
736,600.00
327,774.47
722,200.58
Woolwich Recreation Trust
25,149.03
45,209.12
44,976.68
25,381.47
Storm Recovery / Snow Removal
362.82
90,000.00
5,134.31
85,228.51
Elections
4,425.00
4,425.00
Parking Offenses Adjudication Act
472.73
12.00
6.00
$
490.73
Unemployment Compensation Insurance
3,555.56
12,576.98
13,506.59
2,625.95
Special Law Enforcement - Forfeited Funds
8,422.57
8,422.57
Payroll Withholdings Payable
51,883.24
5,414,154.56
5,441,742.98
24,294.82
Public Defender
7,016.26
7,016.26
Tax Title Liens Redemption
17,760.93
109,629.52
117,455.74
9,934.71
Tax Sale Premiums
119,022.38
62,100.00
56,922.38
Construction Code Fees
1,668,912.10
649,645.00
16,278.00
$
664,118.28
1,670,716.82
COAH Fees
2,823,809.09
2,313,685.00
35,521.35
5,101,972.74
9,609,652.55
$
11,327,800.81
$
6.00
$
16,278.00
$
25,941.15
$
8,877,672.08
$
12,050,124.13
$
TOWNSHIP OF WOOLWICH
TRUST -- OTHER FUNDS
Statement of Changes in Reserves
For the Year Ended December 31, 2023
Decreased by:
Increased by:
-79-
SUPPLEMENTAL EXHIBITS
GENERAL CAPITAL FUND
-80-
18700
Exhibit SC-1
Balance December 31, 2022
6,291,446.94
$
Decreased by Disbursements:
Improvement Authorizations
537,536.91
Balance December 31, 2023
5,753,910.03
$
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
Statement of General Capital Cash
For the Year Ended December 31, 2023
-81-
18700
Exhibit SC-2
Balance
Disbursements
Balance
(Deficit)
Miscellaneous
of Improvement
(Deficit)
Dec. 31, 2022
Receipts
Authorizations
To
From
Dec. 31, 2023
Capital Improvement Fund
72,483.35
$
55,000.00
$
127,483.35
$
Due Current Fund
15,886.26
641,989.77
$
(626,103.51)
Due Federal and State Grant Fund
194,047.00
(194,047.00)
Fund Balance
397,434.31
519,489.77
916,924.08
Reserve for Encumbrances
2,949,944.22
2,949,944.22
Reserve to Pay Debt Service
60,000.00
194,047.00
254,047.00
Reserve for Developers Deposits
173,465.05
173,465.05
Improvement Authorizations:
Ordinance Number
2010-13
(138,300.10)
(138,300.10)
2016-09
76,518.00
16,490.20
$
60,027.80
2017-16
2,000.00
15.00
2,015.00
2017-19
199,275.03
135,235.11
116,367.74
180,407.66
2018-09
1,889,662.42
67,051.98
41,173.65
1,863,784.09
2018-12
(510,880.32)
30,146.75
78,821.87
(462,205.20)
2019-11
(220,750.00)
(220,750.00)
2019-14
(569,633.12)
(569,633.12)
2020-12a
(67,500.00)
67,500.00
2020-13
2,375,602.60
52,749.15
142,370.42
2,465,223.87
2021-19a,b,c,d
(413,760.76)
63,366.09
92,634.67
(384,492.18)
2021-20
172,497.63
2,478,560.87
2,306,063.24
6,291,446.94
$
-
$
537,536.91
$
3,785,980.99
$
3,785,980.99
$
5,753,910.03
$
Transfers
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
Analysis of General Capital Cash
For the Year Ended December 31, 2023
-82-
18700
Exhibit SC-3
Increased by
Decreased by
Unexpended
Ordinance
Balance
Budget
Balance
Financed by Bond
Improvement
Number
Improvement Description
Dec. 31, 2022
Authorizations
Appropriation
Dec. 31, 2023
Expenditures
Anticipation Notes
Authorization
2017-19
Various Sewer Improvements
15,400,000.00
$
75,978.00
$
15,324,022.00
$
15,324,022.00
$
2018-09
Construction and Improvements of Open Space for Recreation
2,962,000.00
31,646.00
2,930,354.00
2,430,354.00
500,000.00
$
2018-12
Various Capital Improvements
2,000,000.00
71,095.00
1,928,905.00
497,077.63
$
928,905.00
502,922.37
2019-11
Emergency Road and Drainage Repairs to Garwin Road
251,750.00
251,750.00
220,750.00
31,000.00
2019-14
Acquisition of Trash Carts
570,000.00
570,000.00
569,633.12
366.88
2020-13
Road and Drainage Improvements at Various Locations
3,238,000.00
88,000.00
3,150,000.00
3,150,000.00
2021-19a
Acquisition of Various Equipment for Public Safety
118,750.00
118,750.00
91,911.71
26,838.29
2021-19b
Acquisition of Various Equipment for Public Works and Fire Dept.
71,250.00
71,250.00
71,250.00
2021-19c
Various Improvements to Fire Department Building
23,750.00
23,750.00
23,750.00
2021-19d
Resurfacing and/or Repaving Various Twp. Roads
522,500.00
522,500.00
323,959.71
198,540.29
2021-20
Completion of Sewer Infrastructure Improvements
9,068,496.00
9,068,496.00
9,068,496.00
34,226,496.00
$
-
$
266,719.00
$
33,959,777.00
$
1,727,082.17
$
30,901,777.00
$
1,330,917.83
$
Improvement Authorizations Unfunded Balance
5,678,921.63
$
unspent note proceeds Ordinance 17-19
(158,046.28)
unspent note proceeds Ordinance 18-09
(1,854,136.17)
unspent note proceeds Ordinance 20-13
(2,335,821.35)
1,330,917.83
$
Analysis of Balance
Dec. 31, 2023
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
Statement of Deferred Charges to Future Taxation -- Unfunded
For the Year Ended December 31, 2023
-83-
18700
Exhibit SC-4
Balance December 31, 2022
10,730,161.20
$
Decreased by:
Budget Appropriations:
Green Arces Loans Payable
23,084.91
$
Bonds Payable
1,145,000.00
1,168,084.91
Balance December 31, 2023
9,562,076.29
$
Exhibit SC-5
Balance December 31, 2022
72,483.35
$
Increased by:
Budget Appropriation
55,000.00
Balance December 31, 2023
127,483.35
$
Exhibit SC-6
Balance December 31, 2022
15,886.26
$
Decreased by:
Grants Receivable - Collected by Current Fund
67,500.00
$
BAN Premium - Collected by Current Fund
519,489.77
Capital Improvement Fund
55,000.00
641,989.77
Balance December 31, 2023
626,103.51
$
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
Statement of Due Current Fund
For the Year Ended December 31, 2023
GENERAL CAPITAL FUND
Statement of Capital Improvement Fund
For the Year Ended December 31, 2023
GENERAL CAPITAL FUND
Statement of Deferred Charges to Future Taxation -- Funded
For the Year Ended December 31, 2023
-84-
18700
Exhibit SC-7
Balance
Balance
Dec. 31, 2022
Prior Year
Paid or
Reserve for
Dec. 31, 2023
Improvement Description
Date
Number
Amount
Funded
Unfunded
Authorizations
Encumbrances
Charged
Encumbrances
Funded
Unfunded
Russell Mill Road Phase 3 & 4
5/17/2010
2010-13
420,000.00
$
4,070.50
$
4,070.50
$
Acquisition of Transfer Development Rights
8/1/2016
2016-09
2,100,000.00
76,518.00
16,490.20
$
60,027.80
Various Roadway and Drainage Improvements
8/21/2017
2017-16
193,000.00
2,000.00
15.00
$
15.00
$
2,000.00
Various Sewer Improvements
12/18/2017
2017-19
15,400,000.00
199,275.03
$
116,367.74
135,235.11
22,361.38
158,046.28
$
Construction and Improvements of Open Space for Recreation
5/21/2018
2018-09
3,250,000.00
2,389,662.42
41,173.65
67,051.98
9,647.92
2,354,136.17
Various Capital Improvements
8/20/2018
2018-12
2,125,000.00
489,119.68
78,821.87
30,146.75
34,872.43
502,922.37
Emergency Road and Drainage Repairs to Garwin Road
8/5/2019
2019-11
265,000.00
31,000.00
31,000.00
Acquisition of Trash Carts
9/3/2019
2019-14
600,000.00
366.88
366.88
Road and Drainage Improvements at Various Locations
8/3/2020
2020-13
3,500,000.00
2,375,602.60
142,370.42
52,749.15
129,402.52
2,335,821.35
Acquisition of Various Equipment for Public Safety
9/7/2021
2021-19a
125,000.00
48,948.95
22,110.66
26,838.29
Acquisition of Various Equipment for Public Works and Fire Dept.
9/7/2021
2021-19b
75,000.00
3,750.00
71,250.00
3,750.00
71,250.00
Resurfacing and/or Repaving Various Twp. Roads
9/7/2021
2021-19d
550,000.00
198,540.29
92,634.67
63,366.09
29,268.58
198,540.29
Completion of Sewer Infrastructure Improvements
9/7/2021
2021-20
10,425,000.00
2,478,560.87
172,497.63
2,306,063.24
86,338.50
$
5,803,765.85
$
-
$
2,949,944.22
$
537,536.91
$
2,553,741.73
$
69,848.30
$
5,678,921.63
$
Ordinance
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
Statement of Improvement Authorizations
For the Year Ended December 31, 2023
-85-
18700
Exhibit SC-8
Amount of
Date of
Ordinance
Original
Original
Date of
Date of
Interest
Balance
Balance
Number
Improvement Description
Note Issue
Note Issue
Issue
Maturity
Rate
Dec. 31, 2022
Increase
Decrease
Dec. 31, 2023
Sewer Improvements
17-19
Various Sewer Improvements
3,000,000.00
$
6/5/2019
05/31/22
05/30/23
1.50%
3,000,000.00
$
3,000,000.00
$
05/24/23
05/23/24
5.00%
2,924,022.00
$
2,924,022.00
$
17-19
Various Sewer Improvements
12,400,000.00
6/2/2021
05/31/22
05/30/23
1.50%
12,400,000.00
12,400,000.00
05/24/23
05/23/24
5.00%
12,400,000.00
12,400,000.00
21-20
Completion of Sewer Infrastructure Improvements
9,068,496.00
8/18/2022
08/18/22
05/30/23
3.75%
9,068,496.00
9,068,496.00
05/24/23
05/23/24
5.00%
9,068,496.00
9,068,496.00
Open Space
18-09
Construction and Improvements of Open Space for Recreation
2,500,000.00
6/5/2019
05/31/22
05/30/23
1.50%
2,462,000.00
2,462,000.00
05/24/23
05/23/24
5.00%
2,430,354.00
2,430,354.00
General Improvements
18-12
Various Capital Improvements
1,000,000.00
6/5/2019
05/31/22
05/30/23
1.50%
1,000,000.00
1,000,000.00
05/24/23
05/23/24
5.00%
928,905.00
928,905.00
20-13
Road and Drainage Improvements at Various Locations
3,325,000.00
12/2/2020
05/31/22
05/30/23
1.50%
3,238,000.00
3,238,000.00
05/24/23
05/23/24
5.00%
3,150,000.00
3,150,000.00
31,168,496.00
$
30,901,777.00
$
31,168,496.00
$
30,901,777.00
$
Renewals
30,901,777.00
$
30,901,777.00
$
Paid by Budget Appropriation
266,719.00
30,901,777.00
$
31,168,496.00
$
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
Statement of Bond Anticipation Notes
For the Year Ended December 31, 2023
-86-
18700
Exhibit SC-9
Amount of
Maturity of Bonds
Date of
Original
Outstanding
Interest
Balance
Balance
Purpose
Issue
Issue
Date
Amount
Rate
Dec. 31, 2022
Decreased by
Dec. 31, 2023
General Obligation Refunding
04/30/15
4,580,000.00
$
12/15/24
535,000.00
$
3.00%
Bonds - Series 2015
12/15/25
560,000.00
3.00%
1,620,000.00
$
525,000.00
$
1,095,000.00
$
General Obligation Bonds, Series 2016
10/13/16
5,500,000.00
10/01/24
235,000.00
4.00%
10/01/25
240,000.00
4.00%
10/01/26
325,000.00
2.00%
10/01/27
325,000.00
2.00%
10/01/28
325,000.00
2.25%
10/01/29
325,000.00
2.25%
10/01/30
325,000.00
2.50%
10/01/31
325,000.00
2.50%
10/01/32
325,000.00
2.75%
10/01/33
325,000.00
3.00%
10/01/34
325,000.00
3.00%
10/01/35
325,000.00
3.00%
10/01/36
325,000.00
3.00%
4,280,000.00
230,000.00
4,050,000.00
General Obligation Refunding
08/23/17
6,535,000.00
07/01/24
410,000.00
3.00%
Bonds - Series 2017
07/01/25
425,000.00
3.00%
07/01/26
445,000.00
3.00%
07/01/27
460,000.00
4.00%
07/01/28
480,000.00
4.00%
07/01/29
500,000.00
4.00%
07/01/30
520,000.00
4.00%
07/01/31
545,000.00
4.00%
07/01/32
560,000.00
4.00%
4,735,000.00
390,000.00
4,345,000.00
10,635,000.00
$
1,145,000.00
$
9,490,000.00
$
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
Statement of Bonds Payable
For the Year Ended December 31, 2023
-87-
18700
Exhibit SC-10
Amount of
Maturity of Loans
Date of
Original
Outstanding
Interest
Balance
Balance
Purpose
Issue
Issue
Date
Amount
Rate
Dec. 31, 2022
Decreased by
Dec. 31, 2023
Park Expansion
04/26/07
400,000.00
$
04/26/24
11,715.88
$
2.00%
10/26/24
11,833.03
2.00%
04/26/25
11,951.36
2.00%
10/26/25
12,070.88
2.00%
04/26/26
12,191.60
2.00%
10/26/26
12,313.54
2.00%
95,161.20
$
23,084.91
$
72,076.29
$
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
Statement of Green Acres Loans Payable
For the Year Ended December 31, 2023
-88-
18700
Exhibit SC-11
Balance December 31, 2022
209,870.60
$
Decreased by:
Cash Received - Collected by Current Fund
67,500.00
Balance December 31, 2023
142,370.60
$
Analysis of Balance
Ordinance 2010-13 Russell Mill Road
142,370.60
$
142,370.60
$
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
Statement of Grants Receivable
For the Year Ended December 31, 2023
-89-
18700
Exhibit SC-12
Balance December 31, 2022
60,000.00
$
Increased by:
Due from Federal and State Grant Fund
194,047.00
Balance December 31, 2023
254,047.00
$
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
Statement of Reserve to Pay Debt Service
For the Year Ended December 31, 2023
-90-
18700
Exhibit SC-13
Balance
Dec. 31, 2022
Ordinance
and
Number
Dec. 31, 2023
18-09
Construction and Improvements of Open Space
500,000.00
$
18-12
Various Capital Improvements
1,000,000.00
19-11
Emergency Road & Drainage Repairs to Garwin Road
251,750.00
19-14
Acquisition of Trash Carts
570,000.00
21-19
Various Equipment Acquisitions & Capital Improvements
736,250.00
3,058,000.00
$
TOWNSHIP OF WOOLWICH
GENERAL CAPITAL FUND
Schedule of Bonds and Notes Authorized But Not Issued
For the Year Ended December 31, 2023
-91-
PART 2
SCHEDULE OF FINDINGS AND RECOMMENDATIONS
FOR THE YEAR ENDED DECEMBER 31, 2023
-92-
18700
TOWNSHIP OF WOOLWICH
Schedule of Findings and Recommendations
For the Year Ended December 31, 2023
Schedule of Financial Statement Findings
This section identifies the significant deficiencies, material weaknesses, fraud, noncompliance with provisions of laws,
regulations, contracts, and grant agreements related to financial statements for which Government Auditing Standards
and audit requirements as prescribed by the Division of Local Government Services, Department of Community Affairs,
State of New Jersey, requires.
No Current Year Findings
-93-
18700
TOWNSHIP OF WOOLWICH
Summary Schedule of Prior Year Audit Findings
and Questioned Costs as Prepared by Management
This section identifies the status of prior year findings related to the financial statements and federal awards that are
required to be reported in accordance with Government Auditing Standards, and Title 2 U.S. Code of Federal Regulations
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform
Guidance).
FINANCIAL STATEMENT FINDINGS
Finding No. 2022-001
Condition
Closing and adjusting audit entries were not posed to the general ledger for the year ended December 31, 2022.
Current Status
This condition has been resolved.
Finding No. 2022-002
Condition
The developer’s escrow trust fund general ledger reserve balance does not agree to the supporting subsidiary ledger.
There are material unallocated reserve balances that should be reviewed for proper disposition.
Current Status
This condition has been resolved.
Finding No. 2022-003
Condition
The Township did not prepare accurate monthly reconciliation of all bank accounts.
Current Status
This condition has been resolved.
FEDERAL AWARDS FINDINGS
None
-94-
18700
TOWNSHIP OF WOOLWICH
Officials in Office and Surety Bonds
The following officials were in office during the period under audit:
Name
Title
Craig Frederick
Mayor
Dennis Callahan
Committee Member
Vernon Marino
Committee Member (1-1-23 to 8-4-23)
Natalie Matthias
Committee Member (9-18-23 to 12-31-23)
Cindy Minhas
Committee Member
Michael Nocentino
Committee Member
Jane Dibella
Administrator/Township Clerk
Lois Yarrington
Chief Financial Officer
Kim Jaworski
Tax Collector
Angela Kalnas
Court Administrator
Kelly Conroy
Municipal Court Judge
Marla DeMarcantonio
Solicitor
All employees are covered under a Blanket Surety Bond.
-95-
18700
APPRECIATION
I express my appreciation for the assistance and courtesies rendered by the Township officials during the course of the
audit.
Respectfully submitted,
BOWMAN & COMPANY LLP
Certified Public Accountants
& Consultants
Fred S. Caltabiano
Certified Public Accountant
Registered Municipal Accountant
-96-
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"...Summary Schedule of Prior Year Audit Findings and Questioned Costs as Prepared by Management 94 OFFICIALS IN OFFICE AND SURETY BONDS 95 APPRECIATION 96 TOWNSHIP OF WOOLWICH PART 1 REPORT OF AUDIT OF FINANCIAL STATEMENTS FOR THE YEAR ENDED DE..."
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Fred S. Caltabiano
Certified Public Accountant Registered Municipal Accountant
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Apr 2, 2026
Last Info Update
Apr 2, 2026
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