SUMMARY OR SYNOPSIS OF AUDIT FOR PUBLICATION 
Summary or Synopsis of 2017 Audit Report of the 
Township of Millburn, County of Essex,
As required by N.J.S.A. 40A: 5 - 7

Combined Balance Sheet

December 31, 2017

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with comparative figures for 2016

Assets

2017

2016

 

 

Cash and investments

$                     76,319,546

31,654,554

Taxes, utility charges, assessments and liens 
receivable

751,716

693,308

Property acquired for taxes - assessed valuation

14,000

14,000

Accounts receivable, inventory, and other assets

1,312,317

1,020,395

Deferred charges to future taxation - General Capital

19,662,720

20,833,210

Deferred charge to budget and rents of succeeding years

10,825,225

525,000

General fixed assets and Parking Fixed Capital

24,559,090

47,828,495

Total assets

$                    133,444,614

102,568,962

Liabilities, Reserves and Fund Balance

 

 

Bonds and notes payable

$                    19,089,133

13,992,133

Improvement authorizations

15,247,376

14,170,393

Other liabilities and special funds

55,608,499

19,176,376

Amortization of debt for fixed capital acquired

4,237,225

3,280,225

Reserve for certain assets receivables

1,308,924

1,302,955

Investment in general fixed assets

24,559,090

37,423,270

Fund balances

13,394,367

13,223,610

Total liabilities, reserves and fund balance

$                    133,444,614

102,568,962

 

TOWNSHIP OF MILLBURN

CURRENT FUND

REGULATORY BASIS

STATEMENTS OF OPERATIONS AND CHANGES IN FUND BALANCE

YEARS ENDED DECEMBER 31, 2017 AND 2016

 

 

 

2017

2016

REVENUE AND OTHER INCOME:

 

 

Fund Balance Utilized

$           4,700,000

$     4,450,000

Miscellaneous Anticipated Revenue

8,003,487

7,811,730

Receipts from Delinquent Taxes

693,160

656,030

Receipts from Current Taxes

181,003,129

176,034,134

Non-budget Revenues

1,280,944

1,006,351

Other Credits to Income:

 

 

Interfund Returned

80,911

 

Reserve for Tax Appeal Canceled

 

89,510

Unexpended Balances of Appropriation Reserves

1,078,689

1,036,543

TOTAL REVENUE AND OTHER INCOME

196,840,320

191,084,298

EXPENDITURES:

 

 

Budgeted

55,414,829

55,119,278

County Taxes

50,765,318

49,022,505

Local District School Taxes

85,547,272

82,966,075

S.I.D. Receivable

3,071

5,080

Prior Year Expenses

283

42,055

Reserve for SID

 

3,304

Grants Receivable Canceled

 

1,626

Interfunds Created

25,637

52,634

TOTAL EXPENDITURES

191,756,410

187,212,557

EXCESS OF REVENUE OVER

 

 

EXPENDITURES

5,083,910

3,871,741

ADJUSTMENT TO INCOME BEFORE FUND

 

 

BALANCE - Expenditures Included above

which are by Statute Deferred Charges to

 

 

Budget of Succeeding Year

 

525,000

STATUTORY EXCESS TO FUND

 

 

BALANCE

5,083,910

4,396,741

FUND BALANCE, BEGINNING OF YEAR

10,986,839

11,040,098

 

16,070,749

15,436,839

UTILIZED AS ANTICIPATED REVENUE

4,700,000

4,450,000

FUND BALANCE, END OF YEAR

$         11,370,749

$ 10,986,839

 

TOWNSHIP OF MILLBURN

PARKING UTILITY OPERATING FUND

REGULATORY BASIS

STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE

YEARS ENDED DECEMBER 31, 2017 AND 2016

 

 

 

2017

2016

REVENUE AND OTHER INCOME:

 

 

Fund Balance Anticipated

$              390,570

$                286,372

Miscellaneous Anticipated Revenue

1,323,526

1,311,454

Unexpended Balance of Appropriation Reserves

28,239

89,560

Non-budget Revenues

51,051

20,053

TOTAL REVENUE AND OTHER INCOME

1,793,385

1,707,439

EXPENDITURES:

 

 

Budgeted

1,678,570

1,612,718

TOTAL EXPENDITURES

1,678,570

1,612,718

EXCESS OF REVENUE OVER

 

 

EXPENDITURES

114,815

94,721

FUND BALANCE, BEGINNING OF YEAR

1,540,945

1,732,596

SUBTOTAL

1,655,760

1,827,317

UTILIZED AS ANTICIPATED REVENUE

390,570

286,372

FUND BALANCE, END OF YEAR

$           1,265,190

$              1,540,945

 

TOWNSHIP OF MILLBURN

Recommendations

The court cash bail book should be adjusted to correct the out of town bail receipt entered in error.

The court should disburse funds to the appropriate agencies by the 15th of the subsequent month.

The above summary or synopsis was prepared from the report of audit of the Township of Millburn, County of Essex, for the calendar year 2017. This report of audit, submitted by Louis C. Mai, Registered Municipal Accountant of the firm Louis C. Mai CPA & Associates, and a copy of it will be placed on file and made available for public inspection in the Office of the Township Clerk.

Township Clerk