AUDIT - 2012
REPORT OF AUDIT
BOROUGH OF MILFORD
COUNTY OF HUNTERDON
DECEMBER 31, 2012
BOROUGH OF MILFORD, N.J. TABLE OF CONTENTS
YEAR ENDED DECEMBER 31, 2012
PART I
Exhibit
Page
Independent Auditor's Report
1 - 4
CURRENT FUND A
Comparative Balance Sheet - Current Fund
5 - 6
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
7
8 - 9
10 - 14
TRUST FUND B
Comparative Balance Sheet - Regulatory Basis
15
GENERAL CAPITAL FUND C Comparative Balance Sheet - Regulatory Basis C-1 Schedule of Fund Balance - Regulatory Basis
16 17
WATER UTILITY FUND D
Comparative Balance Sheet - Regulatory Basis
18 - 19
D-1 Comparative Statement of Operations and Changes in Fund Balance - Regulatory Basis
20 21 21 22
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
Comparative Balance Sheet - Regulatory Basis
23 - 24
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
25 26 26 27
PUBLIC ASSISTANCE FUND F
Comparative Balance Sheet - Regulatory Basis
28
FIXED ASSETS G Comparative Statement of General Fixed Assets - Regulatory Basis
29
Exhibit
Page
NOTES TO FINANCIAL STATEMENTS
30 - 51
SUPPLEMENTARY DATA
Officials in Office and Surety Bonds
52 53 54
Schedule of Expenditures of Federal Awards
Schedule of Expenditures of State Financial Assistance
Comparative Schedules
55 - 59
CURRENT FUND A-4
Schedule of Cash - Treasurer
60 61 62 63 64
A-5 A-6 A-7 A-8 A-9
Schedule of Cash - Tax Collector - Change Fund
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
65 66
A-10 Schedule of Interfunds Receivabl es/(P ayables)
A-11 Schedule of Appropriation Reserves
67 - 68
A-12 Schedule of Various Cash Liabilities and Reserves
69 70 71 72 73 74 75 76 77 78 79 80 81 81 82
A-13 Schedule of Deferred Charges A-14 Schedule of Prepaid Taxes A-15 Schedule of County Taxes Payable
A-16 Schedule of Local School District Taxes Payable A-17 Schedule of Regional High School Taxes Payable
A-18 Schedule of Interfunds
A-19 Schedule of Grants Receivable
A-20 Schedule of Appropriated Reserves for Grants A-21 Schedule of Unappropriated Reserves for Grants
TRUST FUNDS B-1
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 C-3 Analysis of Cash C-4
83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99
Schedule of Interfund Accounts Receivable (Payable)
C-5
Schedule of Grants Receivable - Delaware River Joint Toll Bridge Commission Schedule of Deferred Charges to Future Taxation - Unfunded
C-6 C-7 C-8 C-9
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 Interfund Accounts Receivable (Payable) D-11 Schedule of Fixed Capital D-12 Schedule of Fixed Capital Authorized and Uncompleted D-13 Schedule of Appropriation Reserves D-14 Schedule of Accrued Interest on Loan And Notes D-15 Schedule of Improvement Authorizations D-16 Schedule of USDA-Rural Development Loan Payable D-17 Schedule of Reserve for Amortization D-18 Schedule of Reserves D-19 Schedule of Deferred Reserve for Amortization D-20 Schedule of Bond Anticipation Notes Payable D-21 Schedule of Bonds and Notes Authorized but Not Issued
100 101 102 103 104 105 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119
SEWER UTILITY FUND E-5 Schedule of Cash E-6
Schedule of Sewer Utility Collector Cash Schedule of Sewer Utility Capital Cash Schedule of Consumer Accounts Receivable
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 E-13 Schedule of Appropriation Reserves E-14 Schedule of Accrued Interest on Notes E-15 Schedule of Sewer Capital Bond Anticipation Notes
Exhibit
Page
E-16 Schedule of U.S.D.A. Development Loan 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
120 121 122 122 123 124 125
E-21 E-22
Schedule of Bonds and Notes Authorized but Not Issued
PUBLIC ASSISTANCE FUND
Schedule of Cash - Treasurer
126 127 128 129 129 130 130
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
Independent Auditor's Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards
131 - 132
133 134
Schedule of Findings and Questioned Costs Summary Schedule of Prior Audit Findings
GENERAL COMMENTS
135 135 136 137 137 137
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
Municipal Court
OTHER COMMENTS
138 138 138
Segregation of Duties
Interfunds
Finance
139
RECOMMENDATIONS
STATUS OF PRIOR YEAR'S AUDIT FINDINGS/RECOMMENDATIONS
139
BOROUGH OF MILFORD
PART I
REPORT OF AUDIT ON FINANCIAL STATEMENTS
AND SUPPLEMENTARY DATA
YEAR ENDED DECEMBER 31, 2012
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
Newton Office 100B Main Street Newton, N.J. 07860 973-579-3212 Fax 973-579-7128
Certified Public Accountants 401 Wanaque Avenue Pompton Lakes, New Jersey 07442 973-835-7900 Fax 973-835-6631
INDEPENDENT AUDITOR'S REPORT
Honorable Mayor and Members of the Borough Council Borough of Milford Milford, New Jersey 08848
Report on the Financial Statements
We have audited the accompanying balance sheets - regulatory basis of the various funds of the Borough of Milford in the County of Hunterdon, as of December 31, 2012 and 2011, the related statement 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, 2012, and the related notes to the financial statements, which collectively comprise the Borough's basic financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with the basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State ofNew 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 misstatements, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America, the audit requirements prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey (the "Division"), 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 perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.
1
Honorable Mayor and Members of the Borough Council Page 2
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles
As described in Note 1 of the financial statements, the financial statements are prepared by the Borough of Milford on the basis of the financial reporting provisions 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 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.
Adverse Opinion on U.S. Generally Accepted Accounting Principles
In our opinion, because of the significance of the matter discussed in the "Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles" paragraph, the financial statements referred to above do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of each fund of the Borough of Milford as of December 31, 2012 and 2011, or changes in financial position for the years then ended.
Basis for Qualified Opinion on Regulatory Basis Accounting Principles
We are unable to obtain sufficient evidence to support the cost of fixed assets. As more fully describe in Note 1, due to the length of time over which these fixed assets were acquired, it is not practical to determine their actual costs. We are, therefore, unable to express an opinion as to the general fixed assets account group at at December 31, 2012, and 2011, stated as $5,031,771.00 and $4,532,934.00, respectively.
2
Honorable Mayor and Members of the Borough Council Page 3
Qualified Opinion on Regulatory Basis of Accounting
In our opinion, except for the effects of the matter described in "Basis for Qualified Opinion on Regulatory Basis Accounting Principles", the financial statements referred to above present fairly, in all material respects, the regulatory basis balances sheets as of December 31, 2012 and 2011, the regulatory basis statements of operations for the years then ended and the regulatory basis statements of revenues and expenditures for the year ended December 31, 2012 in accordance with the basis of financial reporting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey as described in Note 1.
Other Matters
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Borough of Milford's basic financial statements. The supplementary information listed in the table of contents and the letter of comments and recommendations section are presented for purposes of additional analysis and are not a required part of the basic financial statements. The supplemental information listed in the table of contents are the responsibility of management and were derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such 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 supplemental information listed in the table of contents, are fairly stated, in all material respects, in relation to the basic financial statements as a whole. The letter of comments and recommendations section has not been subject to the auditing procedures applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it.
qw c
3
Honorable Mayor and Members of the Borough Council Page 4
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards ,we have also issued our report dated June 19, 2013 on our consideration of the Borough of Milford's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on 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 Borough of Milford' s internal control over financial reporting and compliance. 7'1
homas M. Ferry, C.P.A. Registered Municipal Accountant No. 497
-
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FERRAIOLI, WIELKOTZ, CERULLO & CUVA, P.A. Certified Public Accountants
June 19, 2013
(F V V C
4
A Page 1 of 2
Borough of Milford, N.J.
Comparative Balance Sheet - Regulatory Basis
Current Fund
December 31,
Ref.
2012
2011
Assets Current Fund: Cash
A-4 A-5
888,584.75
1,122,950.22
Change Fund
50.00
50.00
888,634.75
1,123,000.22
Receivables and Other Assets with Full Reserves: Delinquent Taxes Receivable
A-6 A-7
116,094.65 73,527.71
116,320.51 66,886.63
Tax Title Liens Receivable Interfund Receivables: Federal and State Grant Fund Animal Control Trust Fund
A-10 A-10 A-10 A-10
29,777.42
43,427.25
1.03
0.78
Other Trust Fund General Capital
5,334.27
1,363.39 226,098.47
226,635.17
Deferred Charges: Over-expenditure of Appropriation
A-13
109,256.00
1,223,989.22
1,349,635.39
Federal and State Grant Fund: Interfund Receivable - General Capital
A-18 A-19
40,000.00
40,000.00 11,584.87 51,584.87
Grants Receivable
40,000.00
1,263,989.22
1,401,220.26
The accompanying "Notes to Financial Statements" are an integral part of these financial statements.
5
A
Page 2 of 2
Borough of Milford, N.J.
Comparative Balance Sheet - Regulatory Basis
Current Fund
December 31,
Ref.
2012
2011
Liabilities, Reserves and Fund Balance
Current Fund: Appropriation Reserves
A-3;A-11
151,135.37
112,298.82
Due to State of New Jersey: Senior Citizen and Veteran Deductions lnterfunds Payable:
A-9
5,643.20
4,643.19
General Capital Fund
A-10 A- l 0 A-10 A-10
17,124.11
Other Trust
159.66
Sewer Operating Water Operating
352.37
40.00
Due to State of New Jersey: Marriage Surcharge
A-12 A-12
50.00
50.00
Tax Overpayments
9,949.27
7,789.94
Reserve for:
Garden State Trust
A-12 A-14 A-15 A-16 A-17
7,921.00 11,420.26
7,921.00 14,542.92 1,455.99 47,762.43 198,073.55 411,821.61 226,635.17 711,178.61 1,349,635.39
Prepaid Taxes
County Taxes Payable
415.71
District School Taxes Payable Regional School Taxes Payable
74,203.83 27,190.66 288,321.67 226,098.47 709,569.08 1,223,989.22
Reserve for Receivables
Contra
Fund Balance
A-1
Federal and State Grant Fund: Intel-fund Payable - Current Fund Appropriated. Reserve for Grants Unappropriated Reserve for Grants
A-18 A-20 A-21
29,777.42 4,157.00 6,065.58 40,000.00
43,427.25 1,250.00 6,907.62 51,584.87
1,263,989.22
1,401,220.26
The accompanying "Notes to Financial Statements" are an integral part of these financial statements.
6
A-1
Borough of Milford, N.J. Comparative Statement of Operations and Changes in Fund Balance - Regulatory Basis
Current Fund December 31,
Ref.
2012
2011
Revenues and Other Income:
Fund Balance Utilized
A-2 A-2 A-2 A-2 A-2
126,350.00 519,829.24 116,223.80 3,480,713.39
128,600.00 477,845.71 114,102.76 3,689,188.85
Miscellaneous Revenue Anticipated Receipts from Delinquent Taxes
Receipts from Current Taxes Non-Budget Revenue Other Credits to Income: Interfunds Returned
90,045.35
34,058.32
A-10 A-11 A-12
13,649.83 86,159.23
72,517.44 68,802.58
Unexpended Balance of Appropriation Reserves
2.20
Cancellation of Tax Overpayments
0.25
4,432,973.04
Total Revenues and Other Income
4,585,115.91
Expenditures: Budget and Emergency Appropriations: Operations - Within Caps: Salaries and Wages
A-3 A-3
214,888.00 674,035.24
227,687.25 668,294.75
Other Expenses
Deferred Charges and Statutory Expenditures - Municipal - Within Caps
A-3
59,825.76
62,043.00
Operations - Excluded From CAPS: Other Expenses
A-3 A-3 A-3
88,907.00 61,000.00 334,367.21
86,695.00 55,500.00 257,000.56
Capital Improvements - Excluded from Caps Municipal Debt Service - Excluded from Caps Deferred Charges and Statutory Expenditures - Municipal - Excluded from Caps
19,009.50
A-10 A-10 A-15 A-16 A-17
Grants Receivable Cancelled
11,584.87 6,697.91 439,704.16 1,768,703.00 648,519.42 4,308,232.57
lnterfund Advances
0.75
County Taxes including Added Taxes
489,530.47 1,736,759.00 776,592.41 4,379,112.69
Local District School Tax Regional High School Tax
Total Expenditures
Excess (Deficit) Revenue Over Expenditures
124,740.47
206,003.22
Fund Balance, January 1,
A
711,178.61
633,775.39
835,919.08
839,778.61
Decreased by: Fund Balance Utilized as Budget Revenue
126,350.00
128,600.00
A
709,569.08
Fund Balance, December 31,
711,178.61
The accompanying "Notes to Financial Statements" are an integral part of these financial statements.
7
A-2 Page 1 of 2
Borough of Milford, N.J. Statement of Revenues - Regulatory Basis Current Fund Year Ended December 31, 2012
Excess or (Deficit)
Ref.
Budget
Realized
Fund Balance Anticipated
A-1
126,350.00
126,350.00
Miscellaneous Revenues: Licenses: Alcoholic Beverages
A-8
5,800.00
5,802.30
2.30
Fines and Costs:
Municipal Court
A-8 A-8 A-8 A-8 A-8 A-8
2,500.00 22,000.00 2,000.00 51,841.00 226,473.00
3,221.63 28,174.39 1,064.87 51,841.00 226,473.00
721.63
Interest and Costs on Taxes
6,174.39 (935.13)
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: Reserve for Recycling Tonnage
A-19 A-19
2,907.00 4,000.00
2,907.00 4,000.00
Clean Communities
Other Special Items: Reserve for Debt Service - General Capital - Ord. #759-09 Bond Anticipation Note
A-8 A-8 A-1
185,813.00
185,813.00
Uniform Fire Safety Act
2,180.00
2,611.05
431.05
Total Miscellaneous Revenues
513,435.00 115,000.00 754,785.00
519,829.24 116,223.80 762,403.04
6,394.24 1,223.80 7,618.04
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
806,581.00
797,039.20
(9,541.80) (1,923.76) 90,045.35 88,121.59
Budget Totals
1,561,366.00 1,559,442.24
Non-Budget Revenue
A-1;A-2
90,045.35
1,561,366.00 1,649,487.59
A-3
The accompanying "Notes to Financial Statements" are an integral part of these financial statements.
8
A-2 Page 2 of 2
Borough of Milford, N.J. Statement of Revenues - Regulatory Basis Current Fund Year Ended December 31, 2012
Ref.
Analysis of Realized Revenues
3,480,71339
A-1;A-6
Revenue from Collections
2,811,755.19
A-6
Allocated to School and County Taxes
Balance for Support of Municipal Budget Appropriations
668,958.20
Add : Appropriation - Reserve for Uncollected Taxes
128,081.00
A-3
Amount for Support of Municipal Budget Appropriations
A-2
797,039.20
Receipts from Delinquent Taxes: Delinquent Taxes Taxes Receivable
A-6 A-2
116,223.80 116,223.80
Analysis of Non-budget Revenues
Miscellaneous Revenues Not Anticipated: Revenues Accounts Receivable: Borough Clerk
994.70
A-8
5,062.00
Cable T.V. Franchise Fee
365.68 362.00
Sr. Citizen and Veteran Admin. Fees
Centennial
14,814.34 24,505.00 1,357.50 41,251.13
Water and Sewer Health Care Reimbursement
Refunds / Reimbursements Fire Official / Fire Safety
Miscellaneous
A-4
87,717.65
1,333.00
A-10
Interfund Receivable
90,045.35
A-2
The accompanying "Notes to Financial Statements" are an integral part of these financial statements.
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ticipation Notes andCapital Notes Payment of Bond Interest on Notes Total Municipal Debt Service - Excludedfrom "CAPS"
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Borough ofMilford, N.J.
Year Ended December 31, 2012
Statement ofExpenditures - Regulatory Basis
The accompanying "Notes to Financial Statements" are an integral part of these financial statements.
Reserve for Federal andState Grants CashDisbursed Reserve for Uncollected Taxes
14
B
Borough of Milford, N.J.
Comparative Balance Sheet - Regulatory Basis
Trust Funds
December 31,
2011
Ref.
2012
Assets
Animal Control Trust Fund: Cash Interfund - Sewer Operating
1,423.34 71.00 1,494.34
1,549.30
8-1 B-3
1,549.30
Other Trust Funds: Cash
151,187.66
13-1 B-3
105,453.80
159.66
Interfund - Current Fund
151,187.66
105,613.46
152,682.00
107,162.76
Liabilities, Reserves & Fund Balance
Animal Control Fund: Reserve for Animal Control Trust Fund Expenditures
1,473.71
1,520.52
B-2 B-3 B-4
1.03
0.78
Interfund - Current Fund
19.60
28.00
Due to State Department of Health
1,494.34
1,549.30
Other Trust Fund: Interfund - Current Fund
5,334.27
B-3
Reserve for:
25,544.09 3,751.89 38,400.00 78,157.41 151,187.66
30,342.51 4,266.39 2,900.00 68,104.56 105,613.46
B-5 B-5 B-5 B-5
Escrow Deposits Payroll Deductions Tax Sale Premiums
COAH
152,682.00
107,162.76
The accompanying "Notes to Financial Statements" are an integral part of these financial statements.
15
C
Borough of Milford, N.J.
Comparative Balance Sheet - Regulatory Basis General Capital Fund December, 31
2012
Ref.
2011
Assets
1,208,947.65
587,992.03
C-2
Cash
Grants Receivable - Delaware River Joint Toll Bridge Commission
373,791.47 17,124.11 1,623,412.52
C-5 C-4 C-6
Interfund - Current Fund
1,326,898.29
Deferred Charges to Future Taxation - Unfunded
2,535,845.94
2,602,320.13
Liabilities, Reserves and Fund Balance
40,000.00 1,363.39 116,422.92
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
97,915.43 983,252.40
C-8 C-8
51,965.06 666,972.82
Unfunded
Reserve for: Fire Apparatus and Equipment
80,661.60 185,813.59 22,000.00 1,265,139.00 171,869.20
C-9 C-9 C-9
95,661.60 151,917.00 33,000.00 843,754.00 172,559.20
Debt Service Ambulance
C-10
Bond Anticipation Notes Payable
C-1
Fund Balance
2,535,845.94
2,602,320.13
There were Bonds and Notes Authorized But Not Issued in the amount of $483,144.29 on December 31, 2012 - Per C-11
The accompanying "Notes to Financial Statements" are an integral part of these financial statements.
16
C - 1
Borough of Milford, N.J.
Schedule of Fund Balance - Regulatory Basis
General Capital Fund
Year Ended December 31, 2012
Ref.
171,869.20
Balance - December 31, 2011
C
Increased by: Premium on Notes Issued
C-2
690.00
172,559.20
Balance - December 31, 2012
C
The accompanying "Notes to Financial Statements" are an integral part of these financial statements.
17
D Page 1 of 2
Borough of Milford, N.J.
Comparative Balance Sheet - Regulatory Basis
Water Utility Fund
December 31,
Ref.
2012
2011
Assets
Operating Fund: Cash-Treasurer
D-5 D-7
172,710.18
230,709.01
Cash-Change Fund
50.00
50.00
172,760.18
230,759.01
Interfund Receivable: Current Fund
D-10
40.00
172,800.18
230,759.01
Receivables with Full Reserves: Consumers Account Receivable
D-9
26,837.11
15,315.63
Total Operating Fund
199,637.29
246,074.64
Capital Fund: Cash
D-5;D-8
293,789.38 94,933.26 2,040,670.24 1,205,000.00 3,634,392.88
218,775.18 169,947.46 1,984,883.74 1,268,600.00 3,642,206.38
Due from Water Operating Fund
D-10 D-11 D-12
Fixed Capital*
Fixed Capital Authorized and Uncompleted*
Total Capital Fund
Total Assets
3,834,030.17
3,888,281.02
* 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.
18
D Page 2 of 2
Borough of Milford, N.J.
Comparative Balance Sheet - Regulatory Basis
Water Utility Fund
December 31,
Liabilities, Reserves and Fund Balance
Ref
2012
2011
Operating Fund:
D-4;D-13
26,496.65 12,619.96
34,075.21 14,273.96
Appropriation Reserve
D-14
Accrued Interest on Loans and Notes
Interfund Payable: Water Capital
D-10
94,933.26 134,049.87 26,837.11 38,750.31 199,637.29
169,947.46 218,296.63 15,315.63 12,462.38 246,074.64
Reserve for Receivables
Contra
D-1
Fund Balance
Total Operating Fund
Capital Fund: Improvement Authorizations: Funded
D-15 D-15 D-16 D-17 D-18 D-19 D-20
7,813.50
616,166.30 859,743.59 1,619,433.65 105,868.35
Unfunded
616,166.30 876,191.59 1,477,762.15 105,868.35 63,600.00 485,930.00
Loans Payable
Reserve for Amortization Reserve for Capital Outlay
Reserve for Deferred Amortization Bond Anticipation Notes Payable
416,493.00 16,687.99
D-2
Fund Balance
8,874.49
Total Capital Fund
3,634,392.88
3,642,206.38
3,834,030.17
3,888,281.02
Footnote D There were Bonds and Notes Authorized But Not Issued on December 31, 2012 in the amount of $350,000.00 per schedule D-21.
The accompanying "Notes to Financial Statements" are an integral part of these financial statements.
19
D-1
Borough of Milford, N.J.
Comparative Statement of Operations and Changes in Fund Balance - Regulatory Basis
Water Utility Operating Fund
December 31,
Ref.
2012
2011
Revenue and Other Income Realized: Operating Surplus Anticipated
23,663.00 271,037.06
Rents
D-3 D-3 D-3 D-3
272,223.37 24,886.00 15,180.00
Additional Rents Rents- Hydrants Miscellaneous
14,520.00 1,240.50
5,032.12
Other Credits to Income: Unexpended Balance of Appropriation Reserves
D-13
17,852A4
3,686.42
Total Income
335,173.93
314,146.98
Expenditures: Operating
D-4 D-4
169,130.00 131,986.00
168,313.00 137,897.00
Debt Service
Deferred Charges and Statutory Expenditures
D-4
7,770.00
7,450.00
Total Expenditures
308,886.00
313,660.00
Excess in Revenue over Expenditures
26,287.93
486.98
Statutory Excess to Surplus
26,287.93
486.98
Fund Balance - January 1,
D ;D-1
12,462.38
35,638.40
38,750.31
36,125.38
Decreased by: Utilized as Anticipated Revenue
23,663.00
Fund Balance - December 31,
D
38,750.31
12,462.38
The accompanying "Notes to Financial Statements" are an integral part of these financial statements.
20
D-2
Borough of Milford, N.J.
Statement of Fund Balance - Regulatory Basis
Water Utility Capital Fund
Year Ended December 31, 2012
Ref.
Balance - December 31, 2011
8,874.49
Increased by: Cancellation of Improvement Authorizations
D-15
7,813.50
Balance - December 31, 2012
16,687.99
D-3
Statement of Revenues - Regulatory Basis
Water Utility Operating Fund
Year Ended December 31, 2012
Excess
Ref.
Anticipated
Realized
(Deficit)
Rents
D-1;D-9 D-1;D-9 D-1 ;D-6 D-1 ;D-3
270,000.00 24,886.00 14,000.00
272,223.37 24,886.00 15,180.00
2,223.37
Additional Rents Rents- Hydrants Miscellaneous
1,180.00
5,032.12
5,032.12
Budget Totals
308,886.00
317,321.49
8,435.49
D-4
Analysis of Realized Revenues Miscellaneous: Interest on Deposits: Water Operating Fund
D-6
195.86 157.28
Water Capital Fund
D-10
Hook-up's
D-6 D-6 D-3
4,000.00
Miscellaneous
678.98
5,032.12
The accompanying "Notes to Financial Statements" are an integral part of these financial statements.
21
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Water Utility Operating Fund
Year Ended December 31, 2012
sz6 cl
U Urn o U E cscs nn 2 ,1 ';') Q
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22
E
Page 1 of 2
Borough of Milford, N.J.
Comparative Balance Sheet - Regulatory Basis
Sewer Utility Fund
December 31,
Ref.
2012
2011
Assets
Operating Fund: Cash-Treasurer
E-5 E-9 E-9
782,228.77
793,633.33
Due from Current Fund
352.37
Due from Sewer Capital Fund
10.50
21.03
782,591.64
793,654.36
Receivables with Full Reserves: Consumers Account Receivable
E-8
80,021.47
57,641.90
Total Operating Fund
862,613.11
851,296.26
Capital Fund: Cash
E-5;E-7
709,749.95 3,805,386.22 4,662,500.00
698,240.78 3,388,210.22 5,085,500.00
Fixed Capital*
E-11 E-12
Fixed Capital Authorized and Uncompleted*
Total Capital Fund
9,177,636.17
9,171,951.00
Total Assets
10,040,249.28
10,023,247.26
* 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.
23
E
Page 2 of 2
Borough of Milford, N.J.
Comparative Balance Sheet - Regulatory Basis
Sewer Utility Fund
December 31,
Ref
2012
2011
Liabilities, Reserves and Fund Balance
Operating Fund:
E-4;E-13
53,904.24
65,752.95
Appropriation Reserve
Interfund Payable: Animal Control Trust Fund
71.00
E-9
E-10 E-14
336.71
514.29
Sewer Overpayments
Accrued Interest on Notes
55,148.21 109,460.16 80,021.47 673,131.48 862,613.11
20,970.23 87,237.47
Contra
Reserve for Receivables
57,641.90 706,416.89 851,296.26
E-1
Fund Balance
Total Operating Fund
Capital Fund: Interfund - Sewer Operating Fund Bond Anticipation Note Payable
E-9
10.50
21.03
E-15 E-16
220,000.00 4,671,376.13
270,000.00 4,736,642.13
USDA Loan Payable
Improvement Authorizations: Funded
E-17 E-17 E-18 E-19 E-20 E-21
3,103.00
3,103.00
573,133.39 48,538.75 2,549,010.09
Unfunded
910,613.69 48,538.75 2,143,468.09 323,600.00 709,165.81
Capital Improvement Fund Reserve for Amortization
Reserve for Deferred Reserve for Amortization
27,500.00
Reserve for Various Reserves
1,052,341.81
Fund Balance
E-2
32,622.50
26,798.50
Total Capital Fund
9,177,636.17
9,171,951.00
Total Liabilities, Reserves and Fund Balances
10,040,249.28
10,023,247.26
Footnote: There were Bonds and Notes Authorized But Not Issued as of December 31, 2012 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.
24
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