Borough of Dumont Audit Report for CY2009
Content
Public Notice:
BOROUGH OF DUMONTSYNOPSIS OF AUDIT FOR THE YEAR ENDED DECEMBER 31, 2009 BOROUGH OF DUMONT AS REQUIRED BY N.J.S. 40A:5-7 COMBINED COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2008 AND 2007 2009 2008 ASSETS Cash and Investments $4,673,005 $4,780,765 Taxes, Assessments, and Liens Receivable 575,137 684,974 Property Acquired for Taxes-Assessed Value 79,526 79,526 Receivables and Other Assets 849,694 1,511,926 Fixed Assets 13,367,641 14,184,461 Deferred Charges to Future Taxation-General Capital 21,825,048 17,009,834 Deferred Charges to Revenue of Succeeding Years 50,818 172,000 TOTAL ASSETS $41,420,869 $38,423,486 LIABILITIES, RESERVES AND FUND BALANCE Bonds and Notes Payable $16,578,266 $16,227,052 Improvement Authorizations 5,672,632 2,071,787 Other Liabilities and Special Funds 3,756,157 3,927,651 Reserve for Certain Assets Receivable 690,519 808,101 Investments in General Fixed Assets 13,367,641 14,184,461 Fund Balance 1,355,654 1,204,434 TOTAL LIABILITIES, RESERVES AND FUND BALANCE $41,420,869 $38,423,486 BOROUGH OF DUMONT COMPARATIVE STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE - CURRENT FUND FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008 2009 2008 REVENUE AND OTHER INCOME REALIZED Fund Balance Utilized $805,000 $720,000 Miscellaneous-From Other Than Local Property Taxes 2,915,001 3,081,056 Collection of Delinquent Taxes and Tax Title Liens 668,608 633,338 Collection of Current Tax Levy 49,193,855 47,484,460 Other Credits to Income 283,621 217,898 TOTAL INCOME 53,866,085 52,136,752 EXPENDITURES Budget Appropriations: Municipal Purposes 17,662,951 17,062,414 County Taxes 4,530,850 4,225,573 Local School Taxes 30,762,300 30,078,288 Other Expenditures 19,911 45,668
TOTAL EXPENDITURES 52,976,012 51,411,943 Excess in Revenue 890,073 724,809 Adjustments to Income Before Fund Balance Expenditures Included Above which are by Statute Deferred Charges to Budget of Succeeding Year 7,818 Statutory Excess in to Fund Balance 897,891 724,809 Fund Balance, January 1 1,159,780 1,154,971 2,057,671 1,879,780 Less: Utilization as Anticipated Revenue 805,000 720,000 Fund Balance, December 31 $1,252,671 $1,159,780
BOROUGH OF DUMONT RECOMMENDATIONS It is recommended that: 1. Internal controls regarding the preparation of the Borough's general ledger be reviewed to ensure that the general ledgers are complete and reconciled with the subsidiary ledgers and records on a monthly basis. 2. The encumbrance system be enhanced to ensure that materials be ordered only after a purchase order has been executed. 3. Internal controls of the Recreation Commission financial activities be reviewed and enhanced. 4. The General Capital grant receivable balances be reviewed and action taken to collect or clear of record. 5. The Borough review its procedures relating to developers escrow and ensure that procedures comply with New Jersey Statutes. 6. Internal controls regarding encumbrances be reviewed and enhanced. 7. The Borough review the payroll service provider contract and take action to ensure that it is in compliance with the Local Finance Notice. A Corrective Action Plan, which outlines actions the Borough of Dumont will take to correct the findings listed above, will be prepared in accordance with federal and state requirements. A copy of it will be placed on file and made available for public inspection in the Office of the Borough Clerk in the Borough of Dumont within 45 days of this notice. The above synopsis was prepared from the audit of the Borough of Dumont, County of Bergen, for the fiscal year 2009. This report of audit, submitted by Gary J. Vinci, Registered Municipal Accountant, is on file at the Borough Clerk's office and may be inspected by any interested person. Susan Connelly, RMC Borough Clerk July 22, 2010-Fee:$211.68 (224) 2897719 County: Bergen Printed In: The Record, Hackensack Printed On: 2010/07/22
Public Notice ID: 13807750.HTM
BOROUGH OF DUMONTSYNOPSIS OF AUDIT FOR THE YEAR ENDED DECEMBER 31, 2009 BOROUGH OF DUMONT AS REQUIRED BY N.J.S. 40A:5-7 COMBINED COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2008 AND 2007 2009 2008 ASSETS Cash and Investments $4,673,005 $4,780,765 Taxes, Assessments, and Liens Receivable 575,137 684,974 Property Acquired for Taxes-Assessed Value 79,526 79,526 Receivables and Other Assets 849,694 1,511,926 Fixed Assets 13,367,641 14,184,461 Deferred Charges to Future Taxation-General Capital 21,825,048 17,009,834 Deferred Charges to Revenue of Succeeding Years 50,818 172,000 TOTAL ASSETS $41,420,869 $38,423,486 LIABILITIES, RESERVES AND FUND BALANCE Bonds and Notes Payable $16,578,266 $16,227,052 Improvement Authorizations 5,672,632 2,071,787 Other Liabilities and Special Funds 3,756,157 3,927,651 Reserve for Certain Assets Receivable 690,519 808,101 Investments in General Fixed Assets 13,367,641 14,184,461 Fund Balance 1,355,654 1,204,434 TOTAL LIABILITIES, RESERVES AND FUND BALANCE $41,420,869 $38,423,486 BOROUGH OF DUMONT COMPARATIVE STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE - CURRENT FUND FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008 2009 2008 REVENUE AND OTHER INCOME REALIZED Fund Balance Utilized $805,000 $720,000 Miscellaneous-From Other Than Local Property Taxes 2,915,001 3,081,056 Collection of Delinquent Taxes and Tax Title Liens 668,608 633,338 Collection of Current Tax Levy 49,193,855 47,484,460 Other Credits to Income 283,621 217,898 TOTAL INCOME 53,866,085 52,136,752 EXPENDITURES Budget Appropriations: Municipal Purposes 17,662,951 17,062,414 County Taxes 4,530,850 4,225,573 Local School Taxes 30,762,300 30,078,288 Other Expenditures 19,911 45,668
TOTAL EXPENDITURES 52,976,012 51,411,943 Excess in Revenue 890,073 724,809 Adjustments to Income Before Fund Balance Expenditures Included Above which are by Statute Deferred Charges to Budget of Succeeding Year 7,818 Statutory Excess in to Fund Balance 897,891 724,809 Fund Balance, January 1 1,159,780 1,154,971 2,057,671 1,879,780 Less: Utilization as Anticipated Revenue 805,000 720,000 Fund Balance, December 31 $1,252,671 $1,159,780
BOROUGH OF DUMONT RECOMMENDATIONS It is recommended that: 1. Internal controls regarding the preparation of the Borough's general ledger be reviewed to ensure that the general ledgers are complete and reconciled with the subsidiary ledgers and records on a monthly basis. 2. The encumbrance system be enhanced to ensure that materials be ordered only after a purchase order has been executed. 3. Internal controls of the Recreation Commission financial activities be reviewed and enhanced. 4. The General Capital grant receivable balances be reviewed and action taken to collect or clear of record. 5. The Borough review its procedures relating to developers escrow and ensure that procedures comply with New Jersey Statutes. 6. Internal controls regarding encumbrances be reviewed and enhanced. 7. The Borough review the payroll service provider contract and take action to ensure that it is in compliance with the Local Finance Notice. A Corrective Action Plan, which outlines actions the Borough of Dumont will take to correct the findings listed above, will be prepared in accordance with federal and state requirements. A copy of it will be placed on file and made available for public inspection in the Office of the Borough Clerk in the Borough of Dumont within 45 days of this notice. The above synopsis was prepared from the audit of the Borough of Dumont, County of Bergen, for the fiscal year 2009. This report of audit, submitted by Gary J. Vinci, Registered Municipal Accountant, is on file at the Borough Clerk's office and may be inspected by any interested person. Susan Connelly, RMC Borough Clerk July 22, 2010-Fee:$211.68 (224) 2897719 County: Bergen Printed In: The Record, Hackensack Printed On: 2010/07/22
Public Notice ID: 13807750.HTM
