AUDIT - 2011

REPORT OF AUDIT

BOROUGH OF MILFORD

COUNTY OF HUNTERDON

DECEMBER 31, 2011

BOROUGH OF MILFORD, N.J. TABLE OF CONTENTS

YEAR ENDED DECEMBER 31, 2011

PART I

Exhibit

Page

Independent Auditor's Report

1 - 2

CURRENT FUND A

Comparative Balance Sheet - Current Fund

3 - 4

A-1 Comparative Statement of Operations and Changes in Fund Balance - Regulatory Basis - Current Fund A-2 Statement of Revenues - Regulatory Basis A-3 Statement of Expenditures - Regulatory Basis

5

6 - 7

8 - 13

TRUST FUND B

Comparative Balance Sheet - Regulatory Basis

14

GENERAL CAPITAL FUND C Comparative Balance Sheet - Regulatory Basis C-1 Schedule of Fund Balance - Regulatory Basis

15 16

WATER UTILITY FUND D

17 - 18

Comparative Balance Sheet - Regulatory Basis

D-1 Comparative Statement of Operations and Changes in Fund Balance Regulatory Basis

19 20 20 21

D-2 Statement of Fund Balance - Regulatory Basis D-3 Statement of Revenues - Regulatory Basis D-4 Statement of Expenditures - Regulatory Basis

SEWER UTILITY FUND E

22 - 23

Comparative Balance Sheet - Regulatory Basis

E-1 Comparative Statement of Operations and Changes in Fund Balance - Regulatory Basis E-2 Statement of Fund Balance - Regulatory Basis E-3 Statement of Revenues - Regulatory Basis E-4 Statement of Expenditures - Regulatory Basis

24 25 25 26

PUBLIC ASSISTANCE FUND F

27

Comparative Balance Sheet - Regulatory Basis

FIXED ASSETS G Comparative Statement of General Fixed Assets - Regulatory Basis

28

Page

Exhibit

29 - 50

NOTES TO FINANCIAL STATEMENTS

SUPPLEMENTARY DATA

51 52 53

Officials in Office and Surety Bonds

Schedule of Expenditures of Federal Awards Schedule of Expenditures of State Financial Assistance

54 - 58

Comparative Schedules

CURRENT FUND A-4

59 60 61 62 63

Schedule of Cash - Treasurer

Schedule of Cash - Tax Collector - Change Fund

A-5 A-6 A-7 A-8 A-9

Schedule of Taxes Receivable and Analysis of Property Tax Levy

Schedule of Tax Title Liens Receivable Schedule of Revenue Accounts Receivable

Schedule of Amount Due to State of New Jersey for Veterans and Senior Citizens Deductions

64 65

A-10 Schedule of Interfunds Receivables/(Payables)

66 - 67

A-11 Schedule of Appropriation Reserves

68 69 70 71 72 73 74

A-12 Schedule of Various Cash Liabilities and Reserves

A-13 Schedule of Prepaid Taxes

A-14 Schedule of County Taxes Payable

A-15 Schedule of Local School District Taxes Payable A-16 Schedule of Regional High School Taxes Payable

A-17 Schedule of Interfunds

A-18 Schedule of Grants Receivable

75 76

A-19 Schedule of Appropriated Reserves for Grants A-20 Schedule of Unappropriated Reserves for Grants

TRUST FUNDS B-1

77 78 79 79 80

Schedule of Cash

Reserve/(Deficit) for Animal Control Trust Fund Expenditures

B-2 B-3 B-4 B-5

Schedule of Interfunds

Schedule of Due to State Department of Health

Schedule of Other Trust Funds

Exhibit

Page

GENERAL CAPITAL FUND C-2 Schedule of Cash

81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 95 96

C-3 C-4 C-5 C-6 C-7 C-8 C-9

Analysis of Cash

Schedule of Interfund Accounts Receivable (Payable)

Schedule of Grants Receivable - Delaware River Joint Toll Bridge Commission Schedule of Deferred Charges to Future Taxation - Unfunded

Schedule of Capital Improvement Fund Schedule of Improvement Authorizations

Schedule of Various Reserves

C-10 Schedule of Bond Anticipation Notes Payable

C-11 Schedule of Bonds and Notes Authorized But Not Issued

WATER UTILITY FUND

D-5 D-6 D-7 D-8 D-9

Schedule of Cash

Schedule of Water Utility Collector Cash

Schedule of Change Fund

Schedule of Water Utility Capital Cash Schedule of Consumer Accounts Receivable

D-10 Schedule of Water Overpayments

D-11 Schedule of Interfund Accounts Receivable (Payable)

D-12 Schedule of Fixed Capital

97 98 99

D-13 Schedule of Fixed Capital Authorized and Uncompleted

D-14 Schedule of Appropriation Reserves

D-15 Schedule of Accrued Interest on Loan And Notes D-16 Schedule of Improvement Authorizations D-17 Schedule of USDA-Rural Development Loan Payable

100 101 102 103 103 104 105 107 108 109 110 111 112 113 114 115 106

D-18 Schedule of Reserve for Amortization

D-19 Schedule of Reserves

D-20 Schedule of Deferred Reserve for Amortization D-21 Schedule of Bond Anticipation Notes Payable D-22 Schedule of Bonds and Notes Authorized but Not Issued

SEWER UTILITY FUND E-5 Schedule of Cash

Schedule of Sewer Utility Collector Cash Schedule of Sewer Utility Capital Cash Schedule of Consumer Accounts Receivable

E-6 E-7 E-8 E-9

Schedule of Interfund Accounts Receivable (Payable)

E-10 Schedule of Sewer Overpayments

E-11 Schedule of Fixed Capital

E-12 Schedule of Fixed Capital Authorized and Uncompleted

Schedule of Appropriation Reserves

E-13

116 117

E-14 Schedule of Accrued Interest on Notes

E-15 Schedule of Sewer Capital Bond Anticipation Notes

Page

Exhibit

118 119 120 120 121 122 123

Schedule of U.S.D.A. Development Loan

E-16

E-17 Schedule of Improvement Authorizations E-18 Schedule of Capital Improvement Fund E-19 Schedule of Reserve for Amortization E-20 Schedule of Deferred Reserve for Amortization Schedule of Various Reserve for Sewer Capital E-22 Schedule of Bonds and Notes Authorized but Not Issued E-21

PUBLIC ASSISTANCE FUND

124 125 126 127 127 128 128

Schedule of Cash - Treasurer

F-1 F-2 F-3 F-4 F-5 F-6 F-7

Schedule of Cash and Reconciliation Per N.J.S. 40A:5-5

Schedule of Cash and Reconciliation Schedule of Revenues - Cash Basis Schedule of Expenditures - Cash Basis Schedule Reserve for Public Assistance Schedule of Interfund Current Fund

PART II

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

129 - 130

131 132

Schedule of Findings and Questioned Costs Summary Schedule of Prior Audit Findings

GENERAL COMMENTS

133 133 134 135 135 135 136

Cash Balances

Contracts and Agreements Required

Collection of Interest on Delinquent Taxes and Assessments

Delinquent Taxes and Tax Title Liens

Verification of Delinquent Taxes and Other Charges

Segregation of Duties

Other Comments

137

RECOMMENDATIONS

137

STATUS OF PRIOR YEAR'S AUDIT FINDINGS/RECOMMENDATIONS

BOROUGH OF MILFORD

PART I

REPORT OF AUDIT ON FINANCIAL STATEMENTS

AND SUPPLEMENTARY DATA

YEAR ENDED DECEMBER 31, 2011

Ferraioli, Wielkotz, Cerullo & Cuva, P.A.

Charles J. Ferraioli, Jr., MBA, CPA, RMA Steven D. Wielkotz, CPA, RMA James J. Cerullo, CPA, RMA Paul J. Cuva, CPA, RMA Thomas M. Ferry, CPA, RMA

Certified Public Accountants 401 Wanaque Avenue Pompton Lakes, New Jersey 07442 973-835-7900 Fax 973-835-6631

Newton Office 100B Main Street Newton, N.J. 07860 973-579-3212 Fax 973-579-7128

INDEPENDENT AUDITOR'S REPORT

June 7, 2012

The Honorable Mayor and Members of the Borough Council Borough of Milford 30 Water Street P.O. Box 507 Milford, New Jersey 08848

We have audited the accompanying balance sheets - regulatory basis of the various funds and account group of the Borough of Milford in the County of Hunterdon, as of and for the years ended December 31, 2011 and 2010, and the related statements of operations and changes in fund balance - regulatory basis for the years then ended, and the related statement of revenues - regulatory basis and statement of expenditures - regulatory basis of the various funds for the year ended December 31, 2011. These financial statements are the responsibility of the Borough's management. Our responsibility is to express an opinion on these financial statements based on our audits. Except as discussed below, we conducted our audits in accordance with auditing standards generally accepted in the United States of America, the audit requirements prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perfoun the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Borough's internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provides a reasonable basis for our opinion. As described in Note 1, these financial statements were prepared in conformity with accounting practices prescribed or pet'flitted by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the modified accrual basis, with certain exceptions, and the budget laws ofNew Jersey, which practices differ from accounting principles generally accepted in the United States of America. The affect on the financial statements of the variances between the prescribed basis of accounting and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

1

Honorable Mayor and Borough Council Borough of Milford June 7, 2012 Page 2

In our opinion, because of the Borough of Milford's policy to prepare its financial statements on the basis of accounting discussed in the preceding paragraph, the financial statements referred to above do not present fairly, in conformity with accounting principles generally accepted in the United States of America, the financial position of the Borough of Milford, New Jersey as of December 31, 2011 and 2010 or the results of its operation for the years then ended. However, in our opinion, the fmancial statements referred to above present fairly, in all material respects, the financial position - regulatory basis of the various funds and account group of the Borough of Milford, New Jersey at December 31, 2011 and 2010, and the results of its operations and the changes in fund balance - regulatory basis of such funds for the years then ended and the statement of revenues - regulatory basis, and statement of expenditures - regulatory basis for the year ended December 31, 2011, on the basis of accounting described in Note 1. In accordance with the Government Auditing Standards, we have also issued a report dated June 7, 2012 on our consideration of the Borough of Milford, New Jersey internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit. Our audit was conducted for the purpose of forming an opinion on the financial statements of the Borough of Milford, State of New Jersey, taken as a whole. The accompanying supplementary information, schedules and exhibits listed in the table of contents are presented for purposes of additional analysis as required by the U.S. Office of Management and Budget Circular A-133, "Audits of States, Local Governments and Non-Profit Organizations"; and State Circular OMB 04-04, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid and are not a required part of the financial statements of the Borough of Milford, State of New Jersey. Such information has been subject to auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly presented in all material respects, in relation to the financial statements taken as a whole, on the basis of accounting described in Note 1.

homas M. Ferry, C.P.A. Registered Municipal Accountant No. 497

ea.44014, 0-04444-,, FERRAIOLI, WIELKOTZ, CERULLO & CUVA, P.A. Certified Public Accountants

2

A Page 1 of 2

Borough of Milford, N.J.

Comparative Balance Sheet - Regulatory Basis

Current Fund

December 31, 2011 and 2010

Ref.

2011

2010

Assets Current Fund: Cash

A-4 A-5

1,122,950.22

984,754.65

Change Fund

50.00

50.00

1,123,000.22

984,804.65

Receivables and Other Assets with Full Reserves: Delinquent Taxes Receivable

A-6 A-7

116,320.51 59,884.99

113,219.90 59,964.63

Tax Title Liens Receivable Interfund Receivables: Federal and State Grant Fund Animal Control Trust Fund

A-10 A-10 A-10 A-10

43,427.25

46,334.87

0.78

0.03

Other Trust Fund General Capital

6,015.27 63,594.55 289,129.25 1,273,933.90

219,633.53 1,342,633.75

Federal and State Grant Fund: Interfund Receivable - General Capital

A-17 A-18

40,000.00 11,584.87 51,584.87

40,000.00 11,584.87 51,584.87

Grants Receivable

1,394,218.62

1,325,518.77

The accompanying "Notes to Financial Statements" are an integral part of these financial statements.

3

A Page 2 of 2

Borough of Milford, N.J.

Comparative Balance Sheet - Regulatory Basis

Current Fund

December 31, 2011 and 2010

Ref

2011

2010

Liabilities, Reserves and Fund Balance

Current Fund: Appropriation Reserves

112,298.82

A-3;A-11

186,388.38

Due to State of New Jersey: Senior Citizen and Veteran Deductions

4,893.19

A-9

4,643.19

Interfunds Payable: General Capital Fund

A-10 A-10

17,124.11

159.66

Other Trust

Due to State of New Jersey: Marriage Surcharge

A-12 A-12

50.00

7,789.94

7,539.96

Tax Overpayments

Reserve for:

A-12 A-13 A-14 A-15 A-16

7,921.00 14,542.92 1,455.99 47,762.43 198,073.55 411,821.61 219,633.53 711,178.61 1,342,633.75

7,921.00 15,918.59

Garden State Trust

Prepaid Taxes

355.34

County Taxes Payable

District School Taxes Payable Regional School Taxes Payable

49,674.93 78,337.87 351,029.26 289,129.25 633,775.39 1,273,933.90

Contra

Reserve for Receivables

A-1

Fund Balance

Federal and State Grant Fund: Interfund Payable - Current Fund Appropriated Reserve for Grants Unappropriated Reserve for Grants

A-17 A-19 A-20

43,427.25 1,250.00 6,907.62 51,584.87

46,334.87 1,250.00 4,000.00 51,584.87

1,394,218.62

1,325,518.77

The accompanying "Notes to Financial Statements" are an integral part of these financial statements.

4

A-1

Borough of Milford, N.J. Comparative Statement of Operations and Changes in Fund Balance - Regulatory Basis Current Fund Years Ended December 31, 2011 and 2010 Ref. 2011 2010 Revenues and Other Income: Fund Balance Utilized A-2 128,600.00 139,000.00 Miscellaneous Revenue Anticipated A-2 477,845.71 327,547.72 Receipts from Delinquent Taxes A-2 114,102.76 61,410.63 Receipts from Current Taxes A-2 3,689,188.85 3,734,127.90 Non-Budget Revenue A-2 34,058.32 44,371.24 Other Credits to Income: Interfunds Returned A-10 72,517.44 2,688.94 Unexpended Balance of Appropriation Reserves A-11 68,802.58 64,586.16 Cancellation of Tax Overpayments A-12 0.25 0.62 Total Revenues and Other Income 4,585,115.91 4,373,733.21 Expenditures: Budget and Emergency Appropriations: Operations - Within Caps: Salaries and Wages A-3 227,687.25 208,714.00 Other Expenses A-3 668,294.75 650,894.00 Deferred Charges and Statutory Expenditures - Municipal - Within Caps A-3 62,043.00 44,371.00 Operations - Excluded From CAPS: Other Expenses A-3 86,695.00 97,461.01 Capital Improvements - Excluded from Caps A-3 55,500.00 81,000.00 Municipal Debt Service - Excluded from Caps A-3 257,000.56 94,784.59 Deferred Charges and Statutory Expenditures - Municipal - Excluded from Caps A-3 19,009.50 36,350.00 Interfund Advances A-10 0.75 4,684.04 County Taxes including Added Taxes A-14 489,530.47 511,681.05 Local District School Tax A-15 1,736,759.00 1,741,646.00 Regional High School Tax A-16 776,592.41 795,985.22 Total Expenditures 4,379,112.69 4,267,570.91 Excess (Deficit) Revenue Over Expenditures 206,003.22 106,162.30 Fund Balance, January 1, A-1 633,775.39 666,613.09 839,778.61 772,775.39 Decreased by: Fund Balance Utilized as Budget Revenue 128,600.00 139,000.00 Fund Balance, December 31, A 711,178.61 633,775.39

The accompanying "Notes to Financial Statements" are an integral part of these financial statements.

5

A-2 Page 1 of 2

Borough of Milford, N.J. Statement of Revenues - Regulatory Basis Current Fund Year Ended December 31, 2011

Excess or (Deficit)

Ref.

Realized

Budget

A-1

Fund Balance Anticipated

128,600.00

128,600.00

Miscellaneous Revenues: Licenses: Alcoholic Beverages

A-8

5,800.00

6,002.30

202.30

Fines and Costs:

Municipal Court

A-8 A-8 A-8 A-8 A-8 A-8

2,500.00 20,000.00 3,500.00 61,893.00 216,421.00

2,719.43 24,624.37 2,083.86 61,893.00 216,421.00

219.43

Interest and Costs on Taxes

4,624.37 (1,416.14)

Interest on Investments and Deposits

Consolidated Municipal Property Tax Relief Act

Energy Receipts Tax Garden State Trust

7,921.00

7,921.00

Special Items of General Revenue Anticipated With Prior Written Consent of Director of

Local Government Services: Public and Private Revenues: Clean Communities

A-18

4,000.00

4,000.00

Other Special Items: Reserve for Debt Service - General Capital - Ord. #759-09 Bond Anticipation Note

150,000.00

A-8 A-8 A-1

150,000.00

Uniform Fire Safety Act

2,300.00

2,180.75

(119.25) 3,510.71 17,102.76 20,613.47

Total Miscellaneous Revenues

474,335.00 97,000.00 699,935.00

477,845.71 114,102.76 720,548.47

Receipts from Delinquent Taxes

A-1;A-2

Subtotal General Revenues

Amount to be Raised by Taxes for Support of Municipal Budget-Local Tax for Municipal Purposes Including Reserve for Uncollected Taxes A-2

801,929.00

811,860.97

9,931.97 30,545.44 34,058.32 64,603.76

Budget Totals

1,501,864.00 1,532,409.44

Non-Budget Revenue

A-1;A-2

34,058.32

1 501 864.00 7

1 566 467.76 7 7

A-3

The accompanying "Notes to Financial Statements" are an integral part of these financial statements. 6

A-2 Page 2 of 2

Borough of Milford, N.J. Statement of Revenues - Regulatory Basis Current Fund Year Ended December 31, 2011

Analysis of Realized Revenues

Ref.

A-1;A-6

3,689,188.85

Revenue from Collections

Allocated to School and County Taxes

A

6

3,002,881.88

-

Balance for Support of Municipal Budget Appropriations Add : Appropriation - Reserve for Uncollected Taxes Amount for Support of Municipal Budget Appropriations

686,306.97

A-3

125,554.00

A-2

811,860.97

Receipts from Delinquent Taxes: Delinquent Taxes Taxes Receivable

114,023.12

A-6 A-7 A-2

TTL Receivable

79.64

114,102.76

Analysis of Non-budget Revenues

Miscellaneous Revenues Not Anticipated: Revenues Accounts Receivable: Borough Clerk

A-8

2,860.00

5,163.00 5,000.00 7,283.91 1,805.00 1,781.41 330.00

Cable T.V. Franchise Fee

Cell Phone Tower

Sr. Citizen and Veteran Admin. Fees

Centenniel

Fire Official / Fire Safety

Miscellaneous

A-4

21,363.32

Interfund Receivable

A-10

9,835.00

A-2

34,058.32

The accompanying "Notes to Financial Statements" are an integral part of these financial statements. 7

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Borough ofMilford, N.J.

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Borough ofMilford, N.J.

Year Ended December 31, 2011

Statement of Expenditures -Regulatory Basis

From "CAPS"

General Appropriations

The accompanying "Notes toFinancialStatements" are an integral part of these financial statements.

Purchase of

Interest on Notes

Total General Appropriations - Excluded From "Caps" SubtotalGeneral Appropriations Reserve for UncollectedTaxes Total General Appropriations

12

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Borough of Milford, N.J.

Year EndedDecember 31, 2011

Statement ofExpenditures -Regulatory Basis

rf 0

The accompanying "Notes toFinancial Statements" are an integral part of these financial statements.

13

B

Borough of Milford, N.J.

Comparative Balance Sheet - Regulatory Basis

Trust Funds

December 31, 2011 and 2010

Ref.

2011

2010

Assets

Animal Control Trust Fund: Cash

1,549.30

B-1

1,407.55

Other Trust Funds: Cash

B-1 B-3

105,453.80 159.66 105,613.46

101,500.19

Interfund - Current Fund

101,500.19

107,162.76

102,907.74

Liabilities, Reserves & Fund Balance

Animal Control Fund: Reserve for Animal Control Trust Fund Expenditures

B-2 B-3 B-4

1,520.52

1,388.32

Interfund - Current Fund

0.78

0.03

19.20

28.00

Due to State Depai tioent of Health

1,549.30

1,407.55

Other Trust Fund: Interfund - Current Fund

B-3

6,015.27

Reserve for:

30,342.51 4,266.39 2,900.00 68,104.56 105,613.46

24,115.19 3,330.12

Escrow Deposits Payroll Deductions Tax Sale Premiums

B-5 B-5 B-5 B-5

COAH

68,039.61

101,500.19

107,162.76

102,907.74

The accompanying "Notes to Financial Statements" are an integral part of these financial statements.

14

C

Borough of Milford, N.J.

Comparative Balance Sheet Regulatory Basis

General Capital Fund

December 31, 2011 and 2010

2010

2011

Ref.

Assets

875,826.81

587,992.03

C-2

Cash

Grants Receivable - Delaware River Joint Toll Bridge Commission

373,791.47

373,791.47 17,124.11 1,623,412.52

C-5 C-4 C-6

Interfund - Current Fund

1,799,003.29

Deferred Charges to Future Taxation - Unfunded

3,048,621.57

2,602,320.13

Liabilities, Reserves and Fund Balance

40,000.00 63,594.55 132,448.86

40,000.00

C-4 C-4 C-7

Interfund - Federal and State Grant Fund

Interfund - Current Fund Capital Improvement Fund Improvement Authorizations: Funded

117,898.86

11,965.06 907,524.88

51,965.06 666,972.82

C-8 C-8

Unfunded

Reserve for: Fire Apparatus and Equipment

65,661.60 150,000.00 11,000.00 1,501,654.00

80,661.60 185,813.59 22,000.00 1,265,139.00 171,869.20

C-9 C-9 C-9

Debt Service Ambulance

C-10

Bond Anticipation Notes Payable

164,772.62

C-1

Fund Balance

3,048,621.57

2,602,320.13

There were Bonds and Notes Authorized But Not Issued in the amount of $398,183.73 on December 31, 2011 - Per C-11

The accompanying "Notes to Financial Statements" are an integral part of these financial statements.

15

C

1

-

Borough of Milford, N.J.

Schedule of Fund Balance - Regulatory Basis

General Capital Fund

Year Ended December 31, 2011

Ref.

Balance - December 31, 2010

164,772.62

C

Increased by:

C-2

Voided Checks

7,096.58

Balance - December 31, 2011

171,869.20

C

The accompanying "Notes to Financial Statements" are an integral part of these financial statements.

16

Page 1 of 2

Borough of Milford, N.J.

Comparative Balance Sheet - Regulatory Basis

Water Utility Fund

December 31, 2011 and 2010

Ref.

2011

2010

Assets

Operating Fund: Cash-Treasurer

D-5 D-7

230,709.01

455,597.95

Cash-Change Fund

50.00

50.00

230,759.01

455,647.95

Receivables with Full Reserves: Consumers Account Receivable

D-9

15,315.63

14,062.85

Total Operating Fund

246,074.64

469,710.80

Capital Fund: Cash

D-5;D-8

218,775.18 169,947.46 1,984,883.74 1,268,600.00 3,642,206.38

56,685.57 369,993.91 1,973,833.74 1,264,500.00 3,665,013.22

Due from Water Operating Fund

D-11 D-12 D-13

Fixed Capital*

Fixed Capital Authorized and Uncompleted*

Total Capital Fund

Total Assets

3,888,281.02

4,134,724.02

* The fixed capital reported is taken from the municipal records and does not necessarily reflect the true condition of such fixed capital.

The accompanying "Notes to Financial Statements" are an integral part of these financial statements.

17

D Page 2 of 2

Borough of Milford, N.J.

Comparative Balance Sheet - Regulatory Basis

Water Utility Fund

December 31, 2011 and 2010

Liabilities, Reserves and Fund Balance

Ref.

2011

2010

Operating Fund:

D-4;D-14

34,075.21

16,963.94

Appropriation Reserve Water Overpayments

D-10 D-15

370.19

14,273.96

32,681.51

Accrued Interest on Loans and Notes

Interfund Payable: Water Capital

169,947.46 218,296.63 15,315.63 12,462.38 246,074.64

369,993.91 420,009.55 14,062.85 35,638.40 469,710.80

D-11

Contra

Reserve for Receivables

D-1

Fund Balance

Total Operating Fund

Capital Fund: Improvement Authorizations: Funded

D-16 D-16 D-17 D-18 D-19 D-20 D-21

7,813.50

28,110.50 616,166.30 891,975.54 1,358,783.20 123,528.19 59,500.00 578,075.00

616,166.30 876,191.59 1,477,762.15 105,868.35 63,600.00 485,930.00

Unfunded

Loans Payable

Reserve for Amortization Reserve for Capital Outlay

Reserve for Deferred Amortization Bond Anticipation Notes Payable

D-2

8,874.49

8,874.49

Fund Balance

3,642,206.38

Total Capital Fund

3,665,013.22

3,888,281.02

4,134,724.02

Footnote D There were Bonds and Notes Authorized But Not Issued on December 31, 2011 in the amount of $350,000.00 per schedule D-22.

The accompanying "Notes to Financial Statements" are an integral part of these financial statements.

18

D-1

Borough of Milford, N.J.

Comparative Statement of Operations and Changes in Fund Balance - Regulatory Basis

Water Utility Operating Fund

Years Ended December 31, 2011 and 2010

Ref.

2011

2010

Revenue and Other Income Realized: Operating Surplus Anticipated

D-3 D-3 D-3 D-3

23,663.00 271,037.06 14,520.00 1,240.50

65,000.00 276,815.91 15,180.00 6,072.81

Rents

Rents- Hydrants Miscellaneous

Other Credits to Income: Unexpended Balance of Appropriation Reserves

D-14

3,686.42

1,939.62

Total Income

314,146.98

365,008.34

Expenditures: Operating

D-4 D-4

168,313.00 137,897.00

161,822.00 166,055.00

Debt Service

Deferred Charges and Statutory Expenditures

D-4

7,450.00

10,450.00

Total Expenditures

313,660.00

338,327.00

Excess in Revenue over Expenditures

486.98

26,681.34

Statutory Excess to Surplus

486.98

26,681.34

Fund Balance - January 1,

D-1

35,638.40

73,957.06

36,125.38

100,638.40

Decreased by: Utilized as Anticipated Revenue

D-1

23,663.00

65,000.00

D

Fund Balance - December 31,

12,462.38

35,638.40

The accompanying "Notes to Financial Statements" are an integral part of these financial statements.

19

0-2

Borough of Milford, N.J.

Statement of Fund Balance - Regulatory Basis

Water Utility Capital Fund

Year Ended December 31, 2011

Ref.

8,874.49

D

Balance - December 31, 2010

8,874.49

Balance - December 31, 2011

D

D-3

Statement of Revenues - Regulatory Basis

Water Utility Operating Fund

Year Ended December 31, 2011

Excess (Deficit)

Realized

Anticipated

Ref.

D-1

23,663.00 275,000.00 15,000.00

23,663.00 271,037.06 14,520.00

Operating Surplus Anticipated

D-1;D-9 D-1;D-6 D-1;D-3

(3,962.94) (480.00) 1,240.50

Rents

Rents- Hydrants Miscellaneous

1,240.50

313,663.00

310,460.56

(3,202.44)

Budget Totals

D-4

Analysis of Realized Revenues Miscellaneous: Interest on Deposits: Water Operating Fund

D-6

612.22

D-11

Water Capital Fund

46.45

D-6 D-3

Miscellaneous

581.83

1,240.50

The accompanying "Notes to Financial Statements" are an integral part of these financial statements.

20

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4 P4

Borough of Milford, N.J.

Water Utility Operating Fund

Year Ended December 31, 2011

a) 0

0 0

'74

E .2

A

,-... u,

Statement ofExpenditures -Regulatory Ba

7.). .

5

c'ifi 4 6 ¢ . 2 E n' ,..„ _ , ,......, 4.., Ge ] z

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21

E

Page 1 of 2

Borough of Milford, N.J.

Comparative Balance Sheet - Regulatory Basis

Sewer Utility Fund

December 31, 2011 and 2010

Ref.

2011

2010

Assets

Operating Fund: Cash-Treasurer

E-5 E-9

793,633.33 21.03 793,654.36

883,578.30

Due from. Sewer Capital Fund

883,578.30

Receivables with Full Reserves: Consumers Account Receivable

E-8

57,641.90

47,222.11

Total Operating Fund

851,296.26

930,800.41

Capital Fund: Cash

E-5 ;E-7

698,240.78

480,660.44 183,769.61 3,388,210.22 5,085,500.00

Due from Sewer Operating Fund

E-9

Fixed Capital*

E-11 E-12

3,388,210.22 5,085,500.00

Fixed Capital Authorized and Uncompleted*

Total Capital Fund

9,171,951.00

9,138,140.27

Total Assets

10,023,247.26

10,068,940.68

* The fixed capital reported is taken from the municipal records and does not necessarily reflect the true condition of such fixed capital.

The accompanying "Notes to Financial Statements" are an integral part of these financial statements.

22

E

Page 2 of 2

Borough of Milford, N.J.

Comparative Balance Sheet - Regulatory Basis

Sewer Utility Fund

December 31, 2011 and 2010

2011

2010

Ref.

Liabilities, Reserves and Fund Balance

Operating Fund:

E-4;E-13

65,752.95

55,803.85

Appropriation Reserve

Interfund Payable:

183,769.61

E-9

Sewer Capital Fund Sewer Overpayments Accrued Interest on Notes

E-10 E-14

514.29

482.72

20,970.23 87,237.47

26,314.63 266,370.81 47,222.11 617,207.49 930,800.41

57,641.90 706,416.89 851,296.26

Contra

Reserve for Receivables

E-1

Fund Balance

Total Operating Fund

Capital Fund: Interfund - Sewer Operating Fund Bond Anticipation Note Payable

21.03

E-9

E-15 E-16

270,000.00 4,736,642.13

320,000.00 4,800,000.00

USDA Loan Payable

Improvement Authorizations: Funded

E-17 E-17 E-18 E-19 E-20 E-21

3,103.00

27,500.00

910,613.69 48,538.75 2,143,468.09 323,600.00 709,165.81

1,142,729.51

Unfunded

Capital Improvement Fund Reserve for Amortization

48,538.75

2,030,110.22 323,600.00 418,863.29

Reserve for Deferred Reserve for Amortization

Reserve for Various Reserves

E-2

26,798.50

Fund Balance

26,798.50

9,171,951.00

Total Capital Fund

9,138,140.27

Total Liabilities, Reserves and Fund Balances

10,023,247.26

10,068,940.68

Footnote: There were Bonds and Notes Authorized But Not Issued as of December 31, 2011 in the amount of $1,000,000.00 as per E-22.

The accompanying "Notes to Financial Statements" are an integral part of these financial statements.

23

E-1

Borough of Milford, N.J.

Comparative Statement of Operations and Changes in Fund Balance - Regulatory Basis

Sewer Utility Operating Fund

Years Ended December 31, 2011 and 2010

Ref.

2011

2010

Revenue and Other Income Realized: Operating Surplus Anticipated

E-3 E-3 E-3 E-3 E-3 E-3 E-3

38,384.00 295,831.62 32,950.00 200,000.00 1,899.19 103,441.00 77,199.32

Rents

301,403.12

Sewer Rate Increase Holland Township Share Interest on Deposits

200,000.00

7,729.62

Holland Township Share of Debt Service

Miscellaneous

1,128.56

Other Credits to Income: Unexpended Balance of Appropriation Reserves

E-13

37,485.27

1,057.43

Total Income

787,190.40

511,318.73

Expenditures: Operating

E-4 E-4 E-4

370,995.00 20,000.00 256,882.00

372,820.00

Capital Improvements

Debt Service

116,100.00

Deferred Charges and Statutory Expenditures

E-4

11,720.00

12,680.00

Total Expenditures

659,597.00

501,600.00

Statutory Excess to Surplus

127,593.40

9,718.73

Fund Balance - January 1,

E-1

617,207.49

607,488.76

744,800.89

617,207.49

Decreased by: Utilized as Anticipated Revenue

38,384.00

Fund Balance - December 31,

E

706,416.89

617,207.49

The accompanying "Notes to Financial Statements" are an integral part of these financial statements.

24

E-2

Borough of Milford, N.J.

Statement of Fund Balance - Regulatory Basis

Sewer Utility Capital Fund

Year Ended December 31, 2011

Ref.

26,798.50

E

Balance - December 31, 2010

E

26,798.50

Balance - December 31, 2011

E-3

Statement of Revenues - Regulatory Basis

Sewer Utility Operating Fund

Year Ended December 31, 2011

Excess (Deficit)

Realized

Ref.

Anticipated

38,384.00 300,000.00 32,950.00 200,000.00

38,384.00 295,831.62 32,950.00 200,000.00

Operating Surplus Anticipated

E-1

E-1;E-8 E-1;E-8 E-1;E-6 E-1;E-3

(4,168.38)

Rents

Sewer Rate Increase

Holland Township Share

5,000.00

1,899.19

(3,100.81)

Interest on Deposits

Holland Township Share of USDA Debt Service

E-1 ;E-6 E-1 ;E-3

123,571.00

103,441.00 77,199.32 749,705.13

(20,130.00) 77,199.32

Miscellaneous Budget Totals

699,905.00

49,800.13

E-4

Analysis of Realized Revenues Interest on Deposits: Sewer Operating Fund

1,878.16

E-5 E-9 E-3

21.03

Sewer Capital Fund

1,899.19

Analysis of Realized Revenues Miscellaneous Electric

8,945.00 65,832.32 2,422.00

Holland Township - Prior Years

Miscellaneous

Miscellaneous 77,199.32 The accompanying "Notes to Financial Statements" are an integral part of these financial statements. 25 E-3;E-5

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Sewer Utility Operating Fund

Year Ended December 31,2011

va 0

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