AUDIT - 2017

BOROUGH OF MILFORD

SUMMARY OR SYNOPSIS OF AUDIT REPORT FOR PUBLICATION

Attention is directed to the fact that a summary or synopsis of the audit report, together with the

recommendations, is the minimum required to be published pursuant to N.J.S. 40A : 5 - 7.

Summary or Synopsis of the 2017 Audit Report of the Borough of Milford,

as required by N.J.S. 40A : 5 - 7.

December 31 December 31

ASSETS

Year 2017

Year 2016

Cash, Investments and Prepaid Debt Service Taxes, Assessments, Liens and Utility Charges Receivable Accounts Receivable ( and Inventory )

4,473,326.40

4,227,131.25

319,510.90 97,794.50 5,194,984.00 5,922,500.00 6,511,625.41

417,323.73 197,169.85 5,457,415.80 6,872,500.00 5,909,101.71

General Fixed Assets

Fixed Capital Authorized and Uncompleted - Utility

Fixed Capital - Utility

Deferred Charges to Future Taxation - General Capital

643,021.05

704,021.05

TOTAL ASSETS

23,162,762.26 23,784,663.39

LIABILITIES, RESERVES AND FUND BALANCES

Bond and Notes Payable Improvement Authorizations

6,205,408.19 1,011,848.18 1,869,395.89 5,194,984.00 6,777,717.22 347,082.59 1,756,326.19

6,451,120.51 1,435,023.74 3,722,578.63 5,457,415.80 4,590,885.75 417,323.73 1,710,315.23

Other Liabilities and Special Funds Investment in General Fixed Assets Amortization of Debt for Fixed Capital Acquired or Authorized Reserve for Certain Assets Receivable

Fund Balance

TOTAL LIABILITIES, RESERVES AND SURPLUS

23,162,762.26 23,784,663.39