AUDIT - 2014
REPORT OF AUDIT
BOROUGH OF MILFORD
COUNTY OF HUNTERDON
DECEMBER 31, 2014
BOROUGH OF MILFORD, N.J. TABLE OF CONTENTS
YEAR ENDED DECEMBER 31, 2014
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 - 15
TRUST FUND B
Comparative Balance Sheet - Regulatory Basis
16
GENERAL CAPITAL FUND C
Comparative Balance Sheet - Regulatory Basis
17 18
C-1 Comparative Schedule of Fund Balance - Regulatory Basis
WATER UTILITY FUND D
Comparative Balance Sheet - Regulatory Basis
19 - 20
D-1 Comparative Statement of Operations and Changes in Fund Balance - Regulatory Basis D-2 Comparative Statement of Fund Balance - Regulatory Basis
21 22 22 23
D-3 Statement of Revenues - Regulatory Basis D-4 Statement of Expenditures - Regulatory Basis
SEWER UTILITY FUND
Comparative Balance Sheet - Regulatory Basis
24 - 25
E-1 Comparative Statement of Operations and Changes in Fund Balance - Regulatory Basis E-2 Comparative Statement of Fund Balance - Regulatory Basis
26 27 27 28
E-3 Statement of Revenues - Regulatory Basis E-4 Statement of Expenditures - Regulatory Basis
PUBLIC ASSISTANCE FUND F
Comparative Balance Sheet - Regulatory Basis
29
FIXED ASSETS Comparative Statement of General Fixed Assets - Regulatory Basis
30
Exhibit
Page
NOTES TO FINANCIAL STATEMENTS
31 - 53
SUPPLEMENTARY DATA
Officials in Office and Surety Bonds
54
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 Receivables/(Payables)
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 80 81
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
A-19 Schedule of Appropriated Reserves for Grants A-20 Schedule of Unappropriated Reserves for Grants
TRUST FUNDS B-1
Schedule of Cash
B-2 B-3 B-4 B-5
Reserve/(Deficit) for Animal Control Trust Fund Expenditures
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
82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99
Schedule of Interfund Accounts Receivable (Payable) Schedule of Deferred Charges to Future Taxation - Unfunded
C-5 C-6 C-7 C-8 C-9
Schedule of Capital Improvement Fund Schedule of Improvement Authorizations
Schedule of Various Reserves
Schedule of Bond Anticipation Notes Payable C-10 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 Grants Receivable 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 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
100 101 102 103 104 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120
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 Loans and Notes E-15 Schedule of Sewer Capital Bond Anticipation Notes
E-16 Schedule of U. S.D.A. Development Loan E-17 Schedule of Improvement Authorizations
Exhibit
Page
E-18 Schedule of Capital Improvement Fund
121 121 122 123 124
E-19 E-20 E-21 E-22
Schedule of Reserve for Amortization
Schedule of Deferred Reserve for Amortization Schedule of Various Reserve for Sewer Capital Schedule of Bonds and Notes Authorized but Not Issued
PUBLIC ASSISTANCE FUND F-1
Schedule of Cash - Treasurer
125 126 127. 128 128
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
129 129
PART II
SINGLE AUDIT
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 Independent Auditor's Report on Compliance for each Major Federal Program; Report on Internal Control over Compliance; and Report on Schedule of Expenditures of Federal Awards required by OMB Circular A-133
130 - 131
132 - 134
Schedule of Expenditures of Federal Awards - Schedule A Schedule of Expenditures of State Awards - Schedule B
135 136
Notes to the Schedule of Federal and State Awards
137
Schedule of Findings and Questioned Costs
138 - 139
Summary Schedule of Prior Year Audit Findings
140
PART III
Page
GENERAL COMMENTS
Cash Balances
141 141 142 143 143 143
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
Segregation of Duties
144 144
Interfunds
RECOMMENDATIONS
145
STATUS OF PRIOR YEAR'S AUDIT FINDINGS/RECOMMENDATIONS
145
BOROUGH OF MILFORD
PART I
REPORT OF AUDIT ON FINANCIAL STATEMENTS
AND SUPPLEMENTARY DATA
YEAR ENDED DECEMBER 31, 2014
Ferraioli, Wielkotz, Cerullo & Cuva, P.A.
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
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
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 and account group of the Borough of Milford in the County of Hunterdon, as of December 31, 2014 and 2013, 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, 2014, 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, 2014 and 2013, 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, 2014, and 2013, stated as $5,161,242.00 and $5,031,771.00, 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" paragraph, the financial statements referred to above present fairly, in all material respects, the regulatory basis balances sheets as of December 31, 2014 and 2013, 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, 2014 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.
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 29, 2015, 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.
Thomas M. Ferry, C.P.A. Registered Municipal Accountant No. 497
f,e44,c44, ed44/10 ei4114 FERRATOLI, WIELKOTZ, CERULLO & CUVA, P.A. Certified Public Accountants
Newton, New Jersey
June 29, 2015
4
A Page 1 of 2
Borough of Milford, N.J.
Comparative Balance Sheet - Regulatory Basis
Current Fund
December 31,
Ref.
2014
2013
Assets Current Fund: Cash
A-4 A-5
1,062,164.48
966,633.54
Change Fund
50.00
50.00
1,062,214.48
966,683.54
Receivables and Other Assets with Full Reserves: Delinquent Taxes Receivable
A-6 A-7
149,798.03 87,696.85
131,435.93 80,253.00
Tax Title Liens Receivable Interfund Receivables: Federal and State Grant Fund Animal Control Trust Fund
A-10 A-10 A-10 A-10
33,072.82
33,713.55
0.13
1.13
Other Trust Fund General Capital
5,997.43
5,935.27 1,380.38
276,565.26
252,719.26
1,338,779.74
1,219,402.80
Federal and State Grant Fund: Interfund Receivable - General Capital
A-17
40,000.00
40,000.00
1,378,779.74
1,259,402.80
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.
2014
2013
Liabilities, Reserves and Fund Balance
Current Fund: Appropriation Reserves
103,443.86
A-3;A-11
134,103.93
Due to State of New Jersey: Senior Citizen and Veteran Deductions
5,393.20
A-9
5,643.20
Interfunds Payable: General Capital Fund
A-10 A-10 A-10 A-12 A-12 A-13 A-14 A-15 A-16
97,967.61 3,620.90 2,787.51
Sewer Operating Water Operating
8,988.72 3,103.86
Due to State of New Jersey: Marriage Surcharge
25.00
175.00
Tax Overpayments
14,015.32 28,048.52
13,994.73 29,137.02
Prepaid Taxes
County Taxes Payable
49.10
701.00
District School Taxes Payable Regional School Taxes Payable
89,101.89 31,615.60 316,564.95 252,719.26 650,118.59 1,219,402.80
129,525.70 384,876.72
Reserve for Receivables
Contra
276,565.26 677,337.76 1,338,779.74
Fund Balance
A-1
Federal and State Grant Fund: Interfund Payable - Current Fund Appropriated Reserve for Grants
A-17 A-19 A-20
33,072.82 1,250.00 5,677.18 40,000.00
33,713.55 1,250.00 5,036.45 40,000.00
Unappropriated Reserve for Grants
1,378,779.74
1,259,402.80
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
Years Ended December 31,
Ref.
2014
2013
Revenues and Other Income:
Fund Balance Utilized
A-2 A-2 A-2 A-2 A-2
120,000.00 327,378.08 132,488.26 3,550,936.72
148,000.00 482,651.01 117,317.21 3,499,882.53
Miscellaneous Revenue Anticipated Receipts from Delinquent Taxes
Receipts from Current Taxes Non-Budget Revenue Other Credits to Income: Interfunds Returned
11,829.34
17,930.92
A-10 A-11
2,022.11 64,886.59
Unexpended Balance of Appropriation Reserves
69,475.31
Total Revenues and Other Income
4,209,541.10
4,335,256.98
Expenditures: Budget and Emergency Appropriations: Operations - Within Caps: Salaries and Wages
A-3 A-3
170,507.66 667,539.34
178,660.00 693,980.00
Other Expenses
Deferred Charges and Statutory Expenditures - Municipal - Within Caps
A-3
58,658.00
169,146.00
Operations - Excluded From CAPS: Other Expenses
A-3 A-3 A-3
87,036.45 76,000.00 105,694.13 406,893.28 1,830,649.89 659,281.02 4,062,321.93 62.16
88,065.00 51,000.00 233,757.67 411,755.58 1,803,591.00 612,198.00 4,246,707.47 4,554.22
Capital Improvements - Excluded from Caps Municipal Debt Service - Excluded from Caps
Interfund Advances
A-10 A-14 A-15 A-16
County Taxes including Added. Taxes
Local District School Tax Regional High School Tax
Total Expenditures
Excess (Deficit) Revenue Over Expenditures
147,219.17
88,549.51
Fund Balance, January 1,
A
650,118.59
709,569.08
797,337.76
798,118.59
Decreased by: Fund Balance Utilized as Budget Revenue
120,000.00
148,000.00
Fund Balance, December 31,
A
677,337.76
650,118.59
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 For Year Ended December 31, 2014
Excess or (Deficit)
Ref
Budget
Realized
Fund Balance Anticipated
A-1
120,000.00
120,000.00
Miscellaneous Revenues: Licenses: Alcoholic Beverages
A-8
5,800.00
5,802.60
2.60
Fines and Costs:
Municipal Court
A-8 A-8 A-8 A-8 A-8 A-8
2,500.00 23,000.00 1,000.00 44,456.00 233,858.00
3,874.53 24,377.34
1,374.53 1,377.34 (320.34)
Interest and Costs on Taxes
Interest on Investments and Deposits
679.66
Consolidated Municipal Property Tax Relief Act
44,456.00 233,858.00
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-18 A-18
1,036.45 4,000.00 1,900.00
1,036.45 4,000.00 1,372.50
Clean Communities
Uniform Fire Safety Act
A-8 A-1
(527.50) 1,906.63 2,488.26 4,394.89
Total Miscellaneous Revenues
325,471.45
327,378.08
Receipts from Delinquent Taxes
A-1;A-2
130,000.00 575,471.45
132,488.26 579,866.34
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
828,428.00
800,853.44
(27,574.56)
Budget Totals
1,403,899.45
1,380,719.78
(23,179.67)
Non-Budget Revenue
A-1;A-2
11,829.34
11,829.34
1,403,899.45
1,392,549.12
(11,350.33)
A-3
The accompanying "Notes to Financial Statements" are an integral part of these financial statements. 8
A-2
Borough of Milford, N.J.
Page 2 of 2
Statement of Revenues - Regulatory Current Fund For Year Ended December
Basis
31, 2014
Analysis of Realized Revenues
Ref
Revenue from Collections
3,550,936.72
Allocated to School and County Taxes
A-6
2,905,237.28
Balance for Support of Municipal Budget Appropriations
645,699.44
Add : Appropriation - Reserve for Uncollected Taxes
A-3
155,154.00
Amount for Support of Municipal Budget Appropriations
A-2
800,853.44
Receipts from Delinquent Taxes: Delinquent Taxes Taxes Receivable
A-2;A-6
132,488.26
Analysis of Non-budget Revenues
Miscellaneous Revenues Not Anticipated: Cable T.V. Franchise Fee
5,184.00 1,450.00
Land Use Board
Scrap Metal
350.00
Refunds / Reimbursements
1,119.88 3,725.46
Miscellaneous
A-4
11,829.34 A-2
The accompanying "Notes to Financial Statements" are an integral part of these financial statements.
9
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Borough of Milford, N.J.
Year EndedDecember 31, 2014
Statement ofExpenditures - Regulatory Basis
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Cap ita l No tes a) O z
Year EndedDecember 31, 2014
Statement ofExpenditures - Regulatory Basis
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The accompanying "Notes to Financial Statements" are an integral part of these financial statements.
fBon d An O
TotalGeneral Appropriations - Excluded From "Caps" Subtotal GeneralAppropriations Reserve for Uncollected Taxes Total General Appropriations ected Taxes Reserve for Unco Cash Disbursed
en t o O
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B
Borough of Milford, N.J.
Comparative Balance Sheet - Regulatory Basis
Trust Funds
December 31,
2013
Ref.
2014
Assets
Animal Control Trust Fund: Cash
543.39
B-1
1,455.29
Other Trust Funds: Cash
164,934.91
B-1
152,627.26
154,082.55
165,478.30
Liabilities, Reserves & Fund Balance
Animal Control Fund: Reserve for Animal Control Trust Fund Expenditures
B-2 B-3 B-4
1,435.56
522.66
1.13
0.13
Interfund - Current Fund
19.60
19.60
Due to State Department of Health
1,455.29
543.39
Other Trust Fund: Interfund - Current Fund
5,997.43
5,935.27
B-3
Reserve for:
B-5 B-5 B-5 B-5 B-5 B-5
30,963.09 3,116.71 13,900.00
28,280.09 2,469.52 39,600.00
Escrow Deposits Payroll Deductions Tax Sale Premiums
2.00
2.00
POAA
450.00
450.00
Public Defender
98,198.03 152,627.26
88,198.03 164,934.91
COAH
154,082.55
165,478.30
The accompanying "Notes to Financial Statements" are an integral part of these financial statements.
16
C
Borough of Milford, N.J.
Comparative Balance Sheet - Regulatory Basis
General Capital Fund
December 31,
Ref.
2014
2013
Assets
Cash
C-2;C-3
324,923.80 97,967.61 1,148,947.06
992,298.75
Interfund - Current
C-4 C-5
Deferred Charges to Future Taxation - Unfunded
899,503.06
1,571,838.47
1,891,801.81
Liabilities, Reserves and Fund Balance
C-4 C-4 C-6
Interfund - Federal and State Grant Fund
40,000.00
40,000.00 1,380.38 80,926.92
Interfund - Current Fund Capital Improvement Fund Improvement Authorizations: Funded
25,526.92
C-7 C-7
123,900.68 693,652.03
111,838.72 1,041,252.03
Unfunded
Reserve for: Fire Apparatus and Equipment
125,661.60 55,000.00
110,661.60 44,000.00 624,721.00 172,559.20
C-8 C-8 C-9 C-1
Ambulance
Bond Anticipation Notes Payable
172,559.20
Fund Balance
1,891,801.81
1,571,838.47
There were Bonds and Notes Authorized But Not Issued in the amount of $1,148,947.06 and $274,782.06 on December 31, 2014 and 2013 per Exhibit C-10.
The accompanying "Notes to Financial Statements" are an integral part of these financial statements.
17
C-1
Borough of Milford, N.J.
Comparative Schedule of Fund Balance - Regulatory Basis
General Capital Fund
Year Ended December 31,
Ref.
2014
2013
Balance - January 1,
172,559.20
C
172,559.20
Balance - December 31,
172,559.20
172,559.20
C
The accompanying "Notes to Financial Statements" are an integral part of these financial statements.
18
D Page 1 of 2
Borough of Milford, N.J.
Comparative Balance Sheet - Regulatory Basis
Water Utility Fund
December 31,
Ref.
2014
2013
Assets
Operating Fund: Cash-Treasurer
D-5 D-7
142,692.78
188,663.15
Cash-Change Fund
-50.00
50.00
142,742.78
188,713.15
Interfund Receivable: Current Fund
D-10
2,787.51
3,103,86
145,530.29
191,817.01
Receivables with Full Reserves: Consumers Account Receivable
D-9
23,550.10
31,649.48
Total Operating Fund
169,080.39
223,466.49
Capital Fund: Cash
D-5;D-8
211,093.00 50,529.86 2,040,670.24 2,155,000.00 254,661.00 4,711,954.10
205,255.24 114,256.81 2,040,670.24 2,155,000.00 427,000.00 4,942,182.29
Due from Water Operating Fund
D-10 D-11 D-12 D-13
Fixed Capital*
Fixed Capital Authorized and Uncompleted*
Grants Receivable
Total Capital Fund
Total Assets
4,881,034.49
5,165,648.78
* 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.
19
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.
2014
2013
Operating Fund:
Appropriation Reserve: Unencumbered
D-4;D-14
40,908.88 11,445.11
8,158.25 9,454.50
D-15
Accrued Interest on Loans and Notes
Interfund Payable: Water Capital
D-10
50,529.86 102,883.85 23,550.10 42,646.44 169,080.39
114,256.81 131,869.56 31,649.48 59,947.45 223,466.49
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
357,789.41 1,139,166.30 842,567.59 1,707,528.65 105,868.35 427,000.00 345,574.00
743,727.52 824,631.59 1,796,383.65 105,868.35 427,000.00 797,655.00
Unfunded
Loans Payable
Reserve for Amortization Reserve for Capital Outlay
Reserve for Deferred Amortization Bond Anticipation Notes Payable
D-2
16,687.99
16,687.99
Fund Balance
4,711,954.10
4,942,182.29
Total Capital Fund
4,881,034.49
5,165,648.78
Footnote D: There were Bonds and Notes Authorized But Not Issued in the Amount of $350,000.00 and $873,000.00 on December 31, 2014 and 2013 as per Exhibit D-22
The accompanying "Notes to Financial Statements" are an integral part of these financial statements.
20
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,
2014
2013
Ref
Revenue and Other Income Realized: Operating Surplus Anticipated
18,919.00 318,363.91 15,570.00
3,170.00
D-3 D-3 D-3 D-3
319,227.40 14,100.00
Rents
Rents- Hydrants Miscellaneous
277.32
2,039.74
Other Credits to Income: Unexpended Balance of Appropriation Reserves
127.76
D-14
353,257.99
338,537.14
Total Income
Expenditures: Operating
176,475.00
D-4 D-4 D-4
196,000.00 15,000.00 130,405.00
Capital Improvements
128,600.00
Debt Service
Deferred Charges and Statutory Expenditures
D-4
10,235.00 351,640.00
9,095.00
314,170.00
Total Expenditures
1,617.99
24,367.14
Statutory Excess to Surplus
59,947.45 61,565.44
38,750.31 63,117.45
D;D-1
Fund Balance - January 1,
Decreased by: Utilized as Anticipated Revenue
18,919.00
3,170.00
42,646.44
59,947.45
D
Fund Balance - December 31,
The accompanying "Notes to Financial Statements" are an integral part of these financial statements.
21
D-2
Borough of Milford, N.J.
Comparative Statement of Fund Balance - Regulatory Basis
Water Utility Capital Fund
Years Ended December 31,
2014
2013
Ref.
D
Balance - January 1,
16,687.99
16,687.99
Balance - December 31,
D
16,687.99
16,687.99
D-3
Statement of Revenues - Regulatory Basis
Water Utility Operating Fund
Year Ended December 31, 2014
Excess
Ref.
Anticipated
Realized
(Deficit)
Operating Surplus Anticipated
D-1
18,919.00 318,721,00 14,000.00
18,919.00 318,363.91 15,570.00
Rents
D-1;D-9 D-1 ;D -6 D-1 ;D -3
(357.09) 1,570.00
Rents- Hydrants Miscellaneous Budget Totals
277.32
277.32
351,640.00
353,130.23
1,490.23
D-4
Analysis of Realized Revenues Miscellaneous: Interest on Deposits: Water Operating Fund
D-6
119.81 157.51
Water Capital Fund
D-10
D-3
277.32
The accompanying "Notes to Financial Statements" are an integral part of these financial statements.
22
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23
Page 1 of 2
Borough of Milford, N.J.
Comparative Balance Sheet - Regulatory Basis
Sewer Utility Fund
December 31,
Ref
2014
2013
Assets
Operating Fund: Cash-Treasurer
E-5 E-9 E-9
649,855.28
745,546.59
Due from Current Fund
3,620.90
8,988.72 2,585.90
Due from Sewer Capital Fund
74.98
653,551.16
757,121.21
Receivables with Full Reserves: Consumers Account Receivable
E-8
77,460.12
90,266.28
Total Operating Fund
731,011.28
847,387.49
Capital Fund: Cash
E-5;E-7
923,351.84 3,808,652.97 4,662,500.00 9,394,504.81
729,107.76 3,808,652.97 4,662,500.00 9,200,260.73
Fixed Capital*
E-11 E-12
Fixed Capital Authorized and Uncompleted*
Total Capital Fund
10,125,516.09
10,047,648.22
Total Assets
* 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. 24
E
Page 2 of 2
Borough of Milford, N.J.
Comparative Balance Sheet - Regulatory Basis
Sewer Utility Fund
December 31,
Ref
2014
2013
Liabilities, Reserves and Fund Balance
Operating Fund:
Appropriation Reserve Sewer Overpayments
E-4;E-13
18,114.13
44,478.10 1,301.60 51,354.80 97,134.50
E-10 E-14
282.04
Accrued Interest on Loans and Notes
54,174.59 72,570.76
Contra
77,460.12 580,980.40
Reserve for Receivables
90,266.28 659,986.71
E-1
Fund Balance
731,011.28
Total Operating Fund
847,387.49
Capital Fund: Interfund - Sewer Operating Fund Bond Anticipation Note Payable
E-9
74.98
2,585.90
E-15 E-16
120,000.00 4,534,865.13
170,000.00 4,604,137.13
USDA Loan Payable
Improvement Authorizations: Funded
3,103.00
E-17 E-17 E-18 E-19 E-20 E-21
3,103.00
539,780.55 48,538.75 2,788,787.84
Unfunded
539,780.55 48,538.75 2,669,515.84
Capital Improvement Fund Reserve for Amortization
Reserve for Deferred Reserve for Amortization
27,500.00
27,500.00
Reserve for Various Reserves
1,299,232.06
1,102,477.06
Fund Balance
E-2
32,622.50
32,622.50
9,394,504.81
9,200,260.73
Total Capital Fund
Total Liabilities, Reserves and Fund Balances
10,125,516.09
10,047,648.22
Footnote: There were Bonds and Notes Authorized But Not Issued in the Amount of $1,000,000.00 as of December 31, 2014 and 2013 as per Exhibit E-22.
The accompanying "Notes to Financial Statements" are an integral part of these financial statements. 25
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,
Ref.
2014
2013
Revenue and Other Income Realized: Operating Surplus Anticipated
E-3 E-3 E-3 E-3
222,058.00 353,583.46 303,784.82
42,820.00 335,045.73 204,788.59
Rents
Holland Township Share
Interest on Deposits
725.23
842.58
Holland Township Share of Debt Service
E-3 E-3
103,441.00
103,439.96
Miscellaneous
6,200.00
465.00
Other Credits to Income: Unexpended Balance of Appropriation Reserves
E-13
13,319.18
9,732.37
Total Income
1,003,111.69
697,134.23
Expenditures: Operating
E-4 E-4 E-4
386,300.00 200,000.00 261,120.00
378,800.00 20,000.00 256,379.00
Capital Improvements
Debt Service
Deferred Charges and Statutory Expenditures
E-4
12,640.00 860,060.00
12,280.00 667,459.00
Total Expenditures
Statutory Excess to Surplus
143,051.69
29,675.23
Fund Balance - January 1,
E;E-1
659,986.71 803,038.40
673,131.48 702,806.71
Decreased by: Utilized as Anticipated Revenue
222,058.00
42,820.00
Fund Balance - December 31,
E
580,980.40
659,986.71
he accompanying "Notes to Financial Statements" are an integral part of these financial statements.
26
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