BOROUGH OF NEWFIELD County of Gloucester Report … · Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements

BOROUGH OF NEWFIELDCounty of Gloucester

Report of Audit of Financial Statements

For the Year Ended December 31,2013

BOROUGH OF NEWFIELDCOUNTY OF GLOUCESTER

TABLE OF CONTENTS

PART I

Exhibits

Independent Auditor's Report 2

Report on Internal Control Over Financial Reporting and on Compliance andOther Matters Based on an Audit of Financial Statements Performed inAccordance with Government Auditing Standards 5

Financial Statements

Current Fund:Statement of Assets, Liabilities, Reserves and Fund Balance

- Regulatory Basis A 7Statement of Operations and Changes in Fund Balance

- Regulatory Basis A-I 9Statement of Revenues - Regulatory Basis A-2 11Statement of Expenditures - Regulatory Basis A-3 14

Trust FundStatement of Assets, Liabilities, and Reserves - Regulatory Basis B 19

General Capital FundStatement of Assets, Liabilities, Reserves and Fund Balance

- Regulatory Basis C 20Statement of Fund Balance - Regulatory Basis c-i N/A

Water Utility FundStatement of Assets, Liabilities, Reserves and Fund Balance

- Regulatory Basis 0 21Statement of Operations and Changes in Fund Balance

- Regulatory Basis 0-1 23Statement of Revenues - Regulatory Basis 0-2 24Statement of Expenditures - Regulatory Basis 0-3 25

General Fixed Assets Account GroupStatement of General Fixed Assets Account Group E 26

Notes to Financial Statements 27

-a-

Part I (Continued):

Supplental Exhibits Exhibits PageCurrent Fund

Schedule of Cash - Treasurer SA-l 43Schedule of Change Funds SA-2 45Schedule of Taxes Receivable and Analysis of Property Tax Levy SA-3 46Schedule of Tax Title Liens Receivable SA-4 47Schedule of Revenue Accounts Receivable SA-5 48Schedule of Deferred Charges - Special Emergency SA-6 49Schedule of Deferred Charges - Emergency SA-7 50Schedule of 20 12 Appropriation Reserves SA-8 51Schedule of Prepaid Taxes SA-9 52Schedule of Tax Overpayments SA-1O 52Schedule of Due to State of New Jersey for

Senior Citizens and Veterans Deductions SA-II 53Schedule of Reserve for Special Emergency - Revaluation SA-12 53Schedule of Due State of New Jersey - Marriage License Fees SA-13 54Schedule of Due to Library SA-14 54Schedule of County Taxes Payable SA-15 55Schedule of Due County for Added and Omitted Taxes SA-16 55Schedule of Local District School Tax SA-17 56Schedule of Federal and State Grants Receivable SA-18 57Schedule of Reserve for Federal and State Grants - Unappropriated SA-19 58Schedule of Reserve for Federal and State Grants - Appropriated SA-20 59Schedule of Reserve for Encumbrances SA-21 60

Trust FundSchedule of Cash - Treasurer S8-1 62Schedule of Due to Current Fund S8-2 63Schedule of Due to State of New Jersey SB-3 63Schedule of Reserve for Dog Control Fund Expenditures S8-4 64Schedule of Due From Current Fund SB-5 65Schedule of Payroll Deductions Payable SB-6 65Schedule of Reserve for Tax Title Lien Redemptions S8-7 66Schedule of Reserve for Escrow Deposits S8-8 66Schedule for Parking Offenses Adjudication Act S8-9 67Schedule of Reserve for Public Defender S8-1O 67Schedule of Reserve for Tax Sale Premium S8-11 68Schedule for Reserve for Police Outside Detail S8-12 68Schedule of Reserve for Recreation Trust Fund SB-13 69

General Capital FundSchedule of Cash - Treasurer SC-I 71Analysis of General Capital Cash SC-2 72Schedule of Grants Receivable SC-3 73Schedule of Deferred Charges To Future Taxation - Unfunded SC-4 74Schedule of Improvement Authorizations SC-S 76Schedule of Capital Improvement Fund SC-6 77Schedule of Contracts Payable SC-7 77Schedule of Bond Anticipation Notes SC-8 78Statement of Bonds and Notes Authorized But Not Issued SC-9 80

-b-

Part I (Continued):Exhibits Page

Water Utility Operating FundSchedule of Cash - Treasurer SO-I 82Analysis of Cash SO-2 83Schedule of Change Funds SO-3 84Statement of Consumer Accounts Receivable SO-4 8SSchedule of Fixed Capital SO-S 86Statement of Fixed Capital Authorized and Uncompletetd SO-6 87Schedule of2012 Appropriation Reserves SO-7 88Schedule of Prepaid Water Rents SO-8 89Schedule of Accrued Interest Payable SO-9 90Schedule of Improvement Authorizations so-to 91Schedule of Contracts Payable SO-ll 92Schedule of Capital Improvements Fund SO-12 93Schedule of Reserve for Amortization SO-13 93Schedule of Oeferred Reserve for Amortization SO-14 94Schedule of Bond Anticipation Notes SO-IS 9SStatement of Bonds and Notes Authorized But Not Issued SO-16 96

PART II

Schedule of Findings and Recommendations

Schedule of Findings and Questioned CostsSummary Schedule of Prior-Year Audit FindingsOfficials in Office and Surety BondsAcknowledgement

98101102103

-c-

BOROUGH OF NEWFIELD

PART I

Report of Audit of Financial Statements


INVERSO & STEWART, LLC

Cerdfied Public Accountants

651 Route 73 North, Suite 402Marlton, New Jeney 08053(856) 983-2244Fax (8S6) 983-6674E-Mail: Iscpa!{i.c:onc:entric:.net

-Member of-American Institute of CP AsNew Jersey Society of CP As

INDEPENDENT AUDITOR'S REPORT

The Honorable Mayor andMembers of the Borough Council

Borough of NewfieldCounty of GloucesterNewfield, New Jersey

Report on the Financial Statements

I have audited the accompanying statements of assets, liabilities, reserves and fund balance - regulatory basis of thevarious funds of the Borough of Newfield, in the County of Gloucester, State of New Jersey, as of December 31,2013and 2012, 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, statement of expenditures - regulatory basis, and statement ofgeneral fixed assets group of accounts for the year ended December 31, 2013 and the related notes to the financialstatements, 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 fmancial statements in accordance with thefmancial reporting provisions of 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 relevantto the preparation and fair presentation of financial statements that are free from material misstatement, whether due tofraud or error.

Auditor's Responsibility

My responsibility is to express opinions on these financial statements based on my audit. I conducted my audit inaccordance with auditing standards generally accepted in the United States of America; the standards applicable tofinancial audits contained in Government Auditing Standards. issued by the Comptroller General of the United States; andin compliance with audit requirements as prescribed by the Division of Local Government Services, Department ofCommunity Affairs, State of New Jersey. Those standards require that I plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of materialmisstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditorconsiders internal control relevant to the entity's preparation and fair presentation of the financial statements in order todesign audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the entity's internal control. Accordingly, I express no such opinion. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of significant accounting estimates made bymanagement, as well as evaluating the overall presentation of the financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinions.

2

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note I of the financial statements, the financial statements are prepared by the Borough on the basis ofthe financial reporting provisions of 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 UnitedStates of America, to meet the requirements of the State of New Jersey.

The effects on the financial statements of the variances between the regulatory basis of accounting described in Note Iand accounting principles generally accepted in the United States of America, although not reasonably determinable, arepresumed to be material.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In my opinion, because of the significance of the matter discussed in the "Basis for Adverse Opinion on U.S. GenerallyAccepted Accounting Principles" paragraph, the fmancial statements referred to above do not present fairly, inaccordance with accounting principles generally accepted in the United States of America, the financial position of theBorough of Newfield, in the County of Gloucester, State of New Jersey, as of December 31,2013 and 2012, or the resultsof its operations and changes in fund balance for the years then ended.

Opinion on Regulatory Basis of Accounting

In my opinion, the financial statements referred to previously present fairly, in all material respects, the assets, liabilities,reserves and fund balance - regulatory basis of the various funds of the Borough of Newfield, in the County ofGloucester, State of New Jersey, as of December 31, 2013 and 2012, and the results of its operations and changes in fundbalance - regulatory basis of such funds for the years then ended, and the revenues • regulatory basis, expenditures -regulatory basis of the various funds, and general fixed assets, for the year ended December 31, 2013 in conformity withaccounting principles and practices prescribed by the Division of Local Government Services, Department of CommunityAffairs, State of New Jersey as described in Note 1.

Other Information

My audits were conducted for the purpose of forming opinions on the fmancial statements that collectively comprise theBorough's basic financial statements. The supplemental financial statements presented for the various funds arepresented for purposes of additional analysis as required by the Division of Local Government Services, Department ofCommunity Affairs, State of New Jersey, and are not a required part of the basic financial statements

The supplementary financial statements presented for the various funds are the responsibility of management and werederived from and relate directly to the underlying accounting and other records used to prepare the financial statements.Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements andcertain additional procedures, including comparing and reconciling such information directly to the underlying accountingand other records used to prepare the basic financial statements or to the basic financial statements themselves, and otheradditional procedures in accordance with auditing standards generally accepted in the United States of America. In myopinion, the information described in the previous paragraph is fairly stated, in all material respects, in relation to thebasic financial statements taken as a whole.

3

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, I have also issued my report dated April 17, 2014 on myconsideration of the Borough of Newfield's, in the County of Gloucester, State of New Jersey, internal control overfinancial reporting and my tests of its compliance with certain provisions of laws, regulations, contracts and grantagreements and other matters. The purpose of that report is to describe the scope of my testing of internal control overfinancial reporting and compliance and the results of that testing, and not to provide an opinion on the internal controlover financial reporting or on compliance. That report is an integral part of an audit performed in accordance withGovernment Auditing Standards in considering the Borough of Newfield's internal control over financial reporting.

Respectfully submitted,

INVERSO & STEWART, LLCCertified Public Accountants

Robert P. InversoCertified Public AccountantRegistered Municipal Accountant

Marlton, New JerseyApril 17,2014

4


Certified PubUc Accountants

651 Route 73 North, Suite 402Marlton, New Jersey 08053(856) 983-2244Fax (856) 983-6674E-Mail: Isc:pa$(ii.c:onc:entrit..net

-Member of-American Institute of CP AsNew Jersey Society of CPAs

REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTINGAND ON COMPLIANCE AND OTHER MA TIERS BASED ON AN AUDIT OF

FINANCIAL STATEMENTS PERFORMED IN ACCORDANCEWITH GOVERNMENT AUDITING STANDARDS

INDEPENDENT AUDITOR'S REPORT

The Honorable Mayor andMembers of the Borough Council

Borough of NewfieldCounty of GloucesterNewfield, New Jersey

I have audited, in accordance with the auditing standards generally accepted in the United States of America: thestandards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller Generalof the United States; and the audit requirements as prescribed by the Division of Local Government Services, Departmentof Community Affairs, State of New Jersey, the financial statements prepared on a regulatory basis of accountingprescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey of theBorough of Newfield, in the County of Gloucester, State of New Jersey, as of and for the year ended December 31,2013,and the related notes to the financial statements, which collectively comprise the Borough's basic financial statements,and have issued my report thereon dated April 17,2014. That report indicated that the Borough of Newfield's financialstatements were not prepared in accordance with accounting principles generally accepted in the United States ofAmerica, but were prepared on a regulatory basis of accounting prescribed by the Division of Local GovernmentServices, Department of Community Affairs, State of New Jersey.

Internal Control Over Financial Reporting

In planning and performing my audit of the financial statements, I considered the Borough of Newfield's internal controlover financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances forthe purpose of expressing my opinions on the financial statements, but not for the purpose of expressing an opinion on theeffectiveness of the Borough's internal control. Accordingly, I do not express an opinion on the effectiveness of theBorough of Newfield's internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management oremployees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements ona timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control, such that there is areasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detectedand corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internalcontrol that is less severe than a material weakness, yet important enough to merit attention by those charged withgovernance.

My consideration of internal control was for the limited purpose described in the first paragraph of this section and wasnot designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies.Given these limitations, during my audit 1 did not identify any deficiencies in internal control that 1 consider to bematerial weaknesses. However, material weaknesses may exist that have not been identified. I did however identify thefollowing deficiencies in internal control, described in the accompanying Schedule of Findings and Recommendationsthat I consider to be significant deficiencies which are Findings no.: 2013-1 and 2013-2.

5

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Borough of Newfield's financial statements are free frommaterial misstatement, I performed tests of its compliance with certain provisions of laws, regulations, contracts and grantagreements, noncompliance with which could have a direct and material effect on the determination of financial statementamounts. However, providing an opinion on compliance with those provisions was not an objective of my audit and,accordingly, I do not express such an opinion. The results of my tests disclosed instances of noncompliance or othermatters that are required to be reported under Government Auditing Standards or audit requirements as prescribed by theDivision of Local Governments Services, Department of Community Affairs, State of New Jersey and which aredescribed in the accompanying Schedule of Findings and Recommendations as Findings no.: 2013-1 and 2013-2

The Borough of Newfield's Response to Findings

The Borough of Newfield's response to the findings identified in my report is described in the accompanying Schedule ofFindings and Recommendations. The Borough's response was not subjected to the auditing procedures applied in theaudit of the financial statements and, accordingly, I express no opinion on it.

Purpose of this Report

The purpose of this report is solely to describe the scope of my testing of internal control and compliance and the resultsof that testing, and not to provide an opinion on the effectiveness of the Borough's internal control or on compliance.This report is an integral part of an audit performed in accordance with Government Auditing Standards and auditrequirements as prescribed by the Division of Local Government Services, Department of Community Affairs, State ofNew Jersey in considering the Borough's internal control and compliance. Accordingly, this communication is notsuitable for any other purpose.


INVERSO & STEWART, LLCCertified Public Accountants

Robert P. InversoCertified Public AccountantRegistered Municipal Accountant

Marlton, New JerseyApril 17,2014

6

EXIIIBIT A

BOROUGH OF NEWFIELDCurrent Fund

Statements of Assets. Liabilities, Reserves and Fund Balance - Regulatory BasisAs ofDecember 31.2013 and 2012

&r.ASSETS

Regular Fund:Cash-Treasurer SA-I S 378.948.33 S 250.259.87Change Funds SA-2 150.00 150.00Due from State ofNcw Jersey for Veterans'

and Senior C iti1.cns' Deductions SA-lO 7.883.26 7.811.86

386,981.59 258.221.73

Receivables and Other Assets with Full Reserves:Delinquent Property Taxes Receivable SA-3 138.339.50 103.636.81Tax Title Liens Receivable SA-4 23,205.92 52.023.03Revenue Accounts Receivable SA-5 3,275.34 8.642.01Due from County - Election Expenses SA-I 729.25Due from Federal and State Grant Fund A 34,710.38 78.301.17Due from Animal Control Fund SB-2 270.51

200.260.39 242.873.53Deterred Charges:

Special Emergency Authorization (N.J.S. 40A:4-55) SA-6 12.000.00Overexpenditurc of Appropriations A-3 15.501.36

27.501.36

614.743.34 501.095.26Federal and State Grant Fund:

Federal and State Grants Receivable SA-I 8 182,477.72 277.707.34

S 797.221.06 S 778.802.60

(Continued)7

EXHIBIT A


Statements of Assets. Liabilities, Reserves and Fund Balance - Regu1atoIy BasisAs ofDecember 31,2013 and 2012

u W1 2012LIABILITIES. RESERVES AND FUND BALANCE

CUITCII1Fund:Liabilities:

Appropriation Reserves A-3'J)A-7 S 36,523.41 S 10,306.90Reserve for Encumbrances A-3'J)A-7 340.00 17,339.57Prepaid Taxes SA-8 20,703.91 14,395.81Tax Overpayments SA-9 15,707.40 8,282.66Reserve for Special Emergency - Codification of Ordinances SA-12 3,635.00Due to State of New Jersey - Marriage Licenses SA-13 25.00 25.00Due 10 Library SA-14 119.00Due County for Added and Omitted Taxes SA-16 2.777.62 67.84Local School Tax Payable SA-17 20.932.48 11.276.00Due from Animal Control Fund SB-2 6.96Due to Trust - Other Fund SB-5 88.948.32 64.595.95

189.600.10 126,408.73Reserve for Receivables and Other Assets A 200,260.39 242,873.53Fund Balance A-I 224.882.85 131,813.00

614,743.34 501,095.26

Federal and State Grant Fund:Due to Current Fund A 34,710.38 78,301.17Reserve for Encumbrances SA-21 237.14Reserve for Federal and State Grants:

Appropriated Reserves SA-20 143,764.82 198,369.03Unappropriated Reserves SA-19 4.002.52 800.00

182,477.72 277,707.34

S 797,221.06 S 778,802.60

The accompllayiDg Notes to J<'lnaadal Statemeatll are aa Integral part of this statemeat.

8

EXHmIT A-I


Statements of Operations and Changes in Fund Balance - Regulatory BasisFor the Years Ended December 31,2013 and 2012

2013 !rulRevenue and Other Income Realized

Fund Balance Utilized $ 100,000.00 $ 132,500.00Miscellaneous Revenue Anticipated 284,302.91 418,249.71Receipts from Delinquent Taxes 137,366.00 78,269.71Receipts from Current Taxes 3,447,308.98 3,406,154.92Non-Budget Revenues 44,780.32 33,445.32Other Credits to Income:

Unexpended Balance of Appropriation Reserves 1,022.71 1,392.74Liquidation of Reserves for:

Due from Federal and State Grant Fund 43,590.79Due from Animal Control Fund 270.51

Total Revenue and Other Income Realized 4,058,642.22 4,070,012.40

Expenditures

Operations Within "CAPS":Salaries and Wages 438,059.36 441,742.00Other Expenses 448,802.00 470,166.00

Deferred Charges and Statutory Expenditures Within "CAPS" 143,528.00 147,077.00Operations Excluded from "CAPS":

Salaries and Wages 1,890.00 127,500.00Other Expenses 17,580.00 25,301.96

Capital Improvements Excluded from "CAPS" 20,000.00 11,000.00Municipal Debt Service Excluded from "CAPS" 61,818.77 52,574.12Deferred Charges - Municipal- Excluded from "CAPS" 28,400.00County Taxes 792,226.58 784,694.61Due County for Added and Omitted Taxes 2,777.62 67.84Local District School Taxes 1,950,610.00 1,931,297.00

9

EXHIBIT A-I


Statements of Operations and Changes in Fund Balance - Regulatory BasisFor the Years Ended December 31,2013 and 2012

~ 2012Expenditures [Cont'd)

Reserve for Revenue Accounts Receivable s 750.00 sReserve for Due from Federal and State Grant Fund 61,109.25Reserve for Due from Animal Control Fund 256.24Reserve for Due from County - Election Expenses 729.25Prior Year Tax Overpayments 52.15Prior Year Senior Citizens' Deductions' Disallowed by Tax Collector 2,250.00 2,500.00

Total Expenditures 3,881,073.73 4,083,686.02

Excess (Deficit) in Revenue 177,568.49 (13,673.62)Adjustment to Income before Surplus:

Expenditures included above which are by Statute DeferredCharges to Budget of Succeeding Year 15,501.36

Statutory Excess (Deficit) to Fund Balance 193,069.85 (13,673.62)

Fund Balance January I 131,813.00 277,986.62

Total 324,882.85 264,313.00

Decreased by:Utilized as Revenue 100,000.00 132,500.00

Fund Balance December 31 s 224,882.85 s 131,813.00

The accompanying Notes to Financial Statements are an integral part of this statement.

10

EXfIIBIT A-2

BOROUGIIOF NEWnEI.DCurrent Fund

Statement of Revenues - Regulatory BasisFor the Year Ended December 31, 2013

Antldpllted ~ Excel! orBudget ~ Realized (DendI)

Fund Balance Anticipated S 100,000.00 $ 100,000.00

Miscellaneous Revenue:ucenses:Alcoholic Beverages 1,000.00 1,152.00 s 152.00Other 400.00 331.00 (69.00)

Fees and Pennits 5,000.00 15,187.00 10,187.00Fines and Costs:

Municipal Court 39,000.00 44,517.19 5,517.19Rental Registration Fees 4,000.00 6,115.00 2,IIS.ooIntcn:st and Cost on Taxes 17,000.00 19,965.62 2,965.62Inlcn:st on Investments and Deposits 2,500.00 2,879.02 379.02Consolidated Municipal Property Tax Relief Aid 13,921.00 13,921.00Energy Receipts Tax 115,787.00 115,787.47 0.47Unifonn Construction Code Fees 10,000.00 23,728.61 13,728.61

...... Public and Private Revenues Offset With Appropriations:DrunJc Driving Enformnenl Fund S 1,890.00 1,890.00Municipal Alliance on Alcoholism and Drug Abuse 8,104.00 8,104.00Atlantic County Municipal JIF - Safety Award 1,000.00 1,000.00Clean Communities Program 4,000.00 4,000.00

Other Speciallterns:Cell Tower Lease Agn:crnent 22,200.00 24,975.00 2,775.00Safety Incentive Program 750.00 750.00

Total Miscellaneous Revenues 239,662.00 6,890.00 284,302.91 37,750.91

Receipts from Delinquent Taxes 85,000.00 137,366.00 52.366.00Amount to be Raised by Taxes for Suppon of Municipal Budget:

Loeal Tax for Municipal Purposes including Reservefor Uncollected Taxes 866,743.16 883,531.94 16.788.78

Budget Totals 1.291,405.16 6,890.00 1,405,200.85 106,905.69Non-Budget Revenues 44,780.32 44,780.32

S 1,291,405.16 S 6.890.00 S 1,449,981.17 S 151,686.01

(Coutluueti)

EXHIBIT A·2


Statement of Revenues- Regulatory Basis (Cont'd)For the Year Ended December 31, 2013

Analysis of Realized Revenue!!

Allocations of Current Tax Collections:Revenue from CollectionsAllocated to:County TaxesDue County for Added and Omitted TaxesLocal School District Taxes

Balance for Support of Municipal BudgetAppropriations

S 3,447,308.98

S 792.226.582,777.62

1,950,610.00

2,745,614.20

701,694.78

181,837.16

S 883,531.94

S 105,136.8132,229.19

S 137,366.00

Add: Appropriation "Reserve for Uncollected Taxes"

Amount for Support of Municipal Budget Appropriations

Receipts from Delinquent Taxes:Delinquent Tax CollectionsTax Title Lien Collections

Licenses- Other:Marriage LicensesMercantile LicensesBingo & Raffle Licenses

s 206.00105.0020.00

S 331.00

Fees and Permits- Other:Sewer PermitsCertificate of OccupancyVital StatisticsStreet OpeningsPlanning BoardZoning BoardMunicipal SearchesTax Searches

s 2.001,940.00

20.003,500.009,220.00

485.0010.0010.00

15,187.00

Uniform Construction Code FeesLess: Refunds

s 23,755.61(27.00)

$ 23,728.61

(Continued)

12

EXHIBIT A-2


Statement of Revenues - Regulatory Basis (Cont'd)For the Year Ended December 31, 2013

Interest on Investments:Treasurer s 2,791.79Animal Control Fund 13.35Trust - Other Funds 73.88

s 2,879.02

Analysis of Non-Budget Revenues

Miscellaneous Revenue not Anticipated:Revenue Accounts Receivable:

Police Department s 192.30

Treasurer:Administrative Costs for Senior Citizens and VeteransAdministration Fee - Police Outside DetailCable TV Franchise FeePhotocopiesPlanning Board FeesZoning Board FeesRecycling FeesTrash Can RentalsBus Shelter FeesPrior Year RefundsFEMA - Prior Year RefundRental Fees

s 380.0010,512.006,232.91

26.8470.00

400.003,561.61

580.00455.00838.77

21,330.89200.00

44,588.02

$ 44,780.32


13

BOROUGII OF NEWFIELDCurrent Fund

Statement of Expenditures - Regulatory BasisFor the Year Ended December 31, 2013

EXIIIBIT A-3

AppropriationsBudget After

Budget Modification

OPERATIONS-WITIIIN "CAPS"General GoyernmentAdministrative and ExecutiveSalaries and Wages S 49,300.00 SOther Expenses 16,600.00Financial AdministrationOther Expenses 11,600.00

Annual Audit 7,300.00Collection ofTaxesSalaries and Wages 9,300.00Other Expenses 1,500.00

Legal Services and CostsOther Expenses 17,400.00

En~ng Services and CostsOther Expenses 1,700.00

Public Building and GroundsOther Expenses 8,400.00Natural Gas 7,800.00Electricity 19,500.00Telephone 17,200.00

CommWlity RevitalizationOther Expenses 1,000.00

Central CompUler OperationsOther Expenses 4,500.00

Municipal Land Use Law (NJ.S.40:55D-1)Planning Board

Other Expenses 2,500.00

ExpendedPaid or

ChargedReserve For

Encumbrances Reserved

49,600.00 S 49,562.13 S 37.8716,800.00 15,468.53 S 170.00 1,161.47

10,500.00 10,131.00 369.007,300.00 7,300.00

9,050.00 9,034.86 15.141,500.00 1,481.70 18.30

17,400.00 17,163.18 236.82

1,000.00 415.00 585.00

8,400.00 5,748.77 2,6S1.238,100.00 7,969.17 130.83

21,300.00 16,229.56 5,070.4414,800.00 13,933.12 866.88

4,200.00 3,875.57

4,ISO.00 3,357.50

324.43

792.50

Overellpendlture

(Continued)

UnexpendedBalance

Canceled


Statement of Expenditures - Regulatory BasisFor the Year Ended December 31. 2013

EXIIIBIT A-3


Budget Modification

ExpendedPaid or

ChargedReserve Fer

Encumbrances Reserved Overexpendlture

QPER~TIONS-WITHIN "CAPS"Gmml y!!vgnment (Cont'd}

lnsuraneeGroup Insurance Plan for Employees S 53.000.00 S 58.000.00 S 53.850.66 S 4.149.34Health Benefit Waivers 6.500.00 6.500.00 6.500.00Uability Insurance 32.274.00 32.274.00 32.274.00Workers Compensation Insurance 18,000.00 18.000.00 17.691.00 309.00

Public SafdyPoliceSalaries and Wages 316.000.00 316.000.00 331,501.36 $ ( 15.501.36)Other Expenses 12.773.00 13.673.00 12,060.34 $ 170.00 1.442.66

M.paICourtOther Expenses 36.180.00 35.430.00 26.296.00 9.134.00

FireOther Expenses 8,000.00 8.000.00 7,340.25 659.75

SIIeel, and RoadsRoad Repairs and MaintenanceSalaries and Wages 15,750.00 15,750.00 15,750.00Other Expenses 3,500.00 4,500.00 4,130.51 369.49Gasoline 28,000.00 30,400.00 29.904.86 495.14

Street LightingOthCl"Expenses 37,500.00 31.375.00 29,948.16 1,426.84

Garbage and TrashOthCl"Expenses 103,000.00 94,800.00 88,583.18 6.216.82

(Continued)

UnexpendedBalance

Cpnc:eled

..:XIIIBIT A-3

BOROUGH OF NEWFIELDCurrenl Fund

Statement of Expenditures - Regulatory BasisFor thc Ycar Ended December 31, 2013

ApproprialionlBudget ARer

Budget ModlOcatlon

Expended


UnexpendedBalance

CanceledPaid or

ChargedReserve For

QPERA TIONS-WITHIN "CAPS"tJniform CQll,~l!:!!£lionCodeSub-Code Officials:Construction Code Official:

Salaries and Wages s 24,750.00 24,900.00 s 24,890.94Other Expenses 400.00 400.00 367.79

Plumbing Inspector:Salaries and Wages 2,292.00 2,292.00 2,292.00

Electrical Inspector:Salaries and Wages 2,865.00 2,865.00 2,865.00

Fire Protection Official:Salaries and Wages 2,101.00 2,101.00 2,101.00

TcS1 Operations-Within ·CArS· 878,485.00 871,360.00 850,017.14 S

Detail:Salaries and Wliges 422,358.00 422,558.00 437,997.29Other Expenses (Including Contingent) 456,127.00 448,802.00 412,019.85

S 9.0632.21

340.00 36,504.22 s (15,501.36)

340.0062.07

36,442.15( 15,501.36)

pEFERRED CHARGES AND STATVTORV EXPENDITURESMUNICIPAL-WITHIN "CAPS"Statutory Expenditures:Conlribution to:

PERSPFRSSocial Security SystemUnemployment Compensation Insurance

20,011.0077,892.0036,000.002,500.00

20,011.0077,892.0043,575.00

2,050.00

20,011.0077,892.0043,571.412,034.40

3.5915.60

Total Deferred Charges and Statutory ExpendituresMunicipal-Within ·CAPS· 136,403.00 143,528.00 143,508.81 19.19

Total General Appropriations for MunicipalPurposes-Within ·CAPS" 1,014,888.00 1,014,888.00 993,525.95 340.00 36,523.41 (15,501.36)

(Continued)

EXHIBIT A-3




UnexpendedBalance

Canceled


Budget !\IodlOmtlon

ExpendedPaid or

ChargedReserve Fer

OPERATIONS-EXCI.UDED FROM "CAPS"Mandated Expenditures per NJ.S. <WA:445. 3g Excluded from "CAPS"

Safety Incentive Program:Other Expenses S 750.00 S 750.00 S 750.00 S

Recycling Tax 1,700.00 1,700.00 1,700.00

Public and Private Programs Offset by Revenues:Dnmk Driving Enforcement Fund (NJSA 4OA:4-87, SI,890) 1,890.00 1,890.00Clean Communities Program (NJSA 4OA:4-87, $4,000) 4,000.00 4,000.00Municipal Drug Alliance Program 10,130.00 10,130.00 10,130.00Atlantic County Municipal JIF - Safety

Award (NJSA 40A:4-87, $1,000) 1,000.00 1,000.00........,Total Operations-Excluded from "CAPS" 12,580.00 19,470.00 19,470.00

Detail:Salaries and Wages 1,890.00 1,890.00Other Expenses (Including Contingent) 12,580.00 17,580.00 17,580.00

CAPIT~L IMPROVEMENTS-EXCLUDED FROM "CAPS"Capital Improvement Fund 20.000.00 20.000.00 20.000.00

(Continued)

t:XIIIBIT A·3

BOROUGII OF NEWFIELDCurrent Fund

Statement of Expenditures - Regulatory BasisFor the Year Ended December 31. 2013


UnexpendedBalance

Canceled


Budget Modification

ExpendedPaid or

ChargedReserve For

MUNICIPAl. DEBT SERVICE-EXCLUDED FRQM "C~PS"Payment of Bond Anticipation Notes s 57.900.00 s 57.900.00 s 57.808.00 s 92.00Interest on Notes 4.200.00 4.200.00 4.010.77 189.23

Total Municipal Debt Service-Excluded from "CAPS" 62.100.00 62.100.00 61.818.77 281.23

Total General Appropriations-Excluded from "CAPS· 94.680.00 101.570.00 101.288.77 281.23

Subtotal General Appropriations 1.109.568.00 1.116.458.00 1.094.814.72 s 340.00 s 36.523.41 S (15.501.36) 281.23

Reserve for Uncollected Taxes 181.837.16 181.837.16 181.837.16.....QI s 1.291.405.16 s 1,298.295.16 s 1.276.651.88 s 340.00 S 36.523.41 S (15.501.36) S 281.23

Appropriation by NJ.S.A. 40A:4-87 s 6.890.00Original Budget 1,291.405.16

S 1,298,295.16Reserve for Federal and State Grants - Appropriated S 17,020.00Reserve for Uncollected Taxes 181,837.16Disbursed 1.077,794.72

S 1.276.651.88

The accompanying Notes to Flnandal Statements are an Integral part of this statemeaL

EXHffiITB

BOROUGH OF NEWFIELDTrust Fund

Statements of Assets, Liabilities and Reserves - Regulatory BasisAs of December 31,2013 and 2012

REFERENCE 2013 ~ASSETS

Animal Control Fund:Cash SB-I S 2,924.44 S 2,253.91Due from Current Fund SB-2 6.96

2,931.40 2,253.91Other Funds:

Cash SB-I 27,697.10 24,094.11Due from Current Fund SB-5 88,948.32 64,595.95

Total Other Funds 116,645.42 88,690.06

Total S 119,576.82 s 90,943.97

LIABILITIES AND RESERVES

Animal Control Fund:Due to Current Fund SB-2 S s 270.51Due to State of New Jersey SB-3 9.40Reserve for Animal Control Fund Expenditures SB-4 2,931.40 1,974.00

Total Animal Control Fund 2,931.40 2,253.91

Other Funds:Payroll Deductions Payable SB-6 9,160.74 8,1l7.42Reserve for Tax Title Lien Redemption SB-7 18,448.47 15,962.68Reserve for Escrow Deposits SB-8 29,686.98 21,244.23Reserve for Parking Offense Adjudication Act SB-9 30.00 24.00Reserve for Public Defender SB-IOReserve for Tax Sale Premium SB-ll 35,500.00 29,100.00Reserve for Police Outside Detail SB-12 23,819.23 14,241.73

Total Other Funds 116,645.42 88,690.06

Total S 119,576.82 S 90,943.97


19

EXHIBITC

BOROUGH OF NEWFIELDGeneral Capital Fund

Statements of Assets, Liabilities, Reserves and Fund Balance - Regulatory BasisAs of December 31, 2013 and 2012

REFERENCE 2013 2012

ASSETS

Cash SC-I & SC-2 $ 31,015.91 $ 25,855.91Grants Receivable SC-3 181,926.50 6,926.50Deferred Charges to Future Taxation:

Unfunded SC-4 1,113,437.00 833,995.00

Total Assets $ 1,326,379.41 $ 866,777.41

LIABILITIES, RESERVESAND FUND BALANCE

Bond Anticipation NotesImprovement Authorizations:

FundedUnfunded

Capital Improvement FundContracts PayableFund Balance

SC-8 $ 690,687.00 $ 431,195.00

SC-5 178,056.00 18,824.06SC-5 455,363.51 414,759.44SC-6 2,258.50 8.50SC-7 14.40 1,990.41

Total Liabilities, Reserves and Fund Balance $ 1,326,379.41 $ 866,777.41


20

EXHIBITD

BOROUGH OF NEWFIELDWater Utility Fund


Ref. 2013 2012

ASSETS

Operating Fund:Cash SD-l $ 51,330.44 $ 109,119.65Cash--Change Fund SD-3 100.00 100.00Due from Water Utility Capital Fund SD-I 31,228.93

82,659.37 109,219.65

Receivables with Full Reserves:Consumer Accounts Receivable SD-4 22,924.44 24,440.79Water Utility Liens

22,924.44 24,440.79

Total Operating Fund 105,583.81 133,660.44

Capital Fund:Cash SD-l, SD-2 33,182.35Fixed Capital SD-5 1,631,277.35 1,631,277.35Fixed Capital Authorized and Uncompleted SD-6 1,575,000.00 560,000.00

Total Capital Fund 3,206,277.35 2,224,459.70

Total Assets $ 3,311,861.16 $ 2,358,120.14

21

EXHIBITD



Ref. 2013 2012

LIABILITIES. RESERVES. AND FUND BALANCE

Operating Fund:Appropriation Reserves 0-3, SO-7 $ 1,266.61 $ 1,973.42Reserve for Encumbrances 0-3, SO-7 417.97Prepaid Rents SO-8 1,194.87 1,606.84Accrued Interest Payable SO-9 2,690.54 2,137.23

5,152.02 6,135.46Reserve for Receivables 0 22,924.44 24,440.79Fund Balance 0-1 77,507.35 103,084.19

Total Operating Fund 105,583.81 133,660.44

Capital Fund:Bond Anticipation Notes SO-15 935,350.00 384,550.00Improvement Authorizations:Funded SO-10Unfunded SO-10 70,853.32 30,661.52

Contracts Payable SO-ll 311,175.05 778.13Capital Improvement Fund SD-12 1,742.70 1,742.70Reserve for Amortization SO-13 1,631,277.35 1,631,277.35Deferred Reserve for Amortization SO-14 224,650.00 175,450.00Due to Water Utility Operating Fund SD-l 31,228.93

Total Capital Fund 3,206,277.35 2,224,459.70

Total Liabilities, Reserves and Fund Balance $ 3,311,861.16 $ 2,358,120.14


22

EXHIBIT D-l

BOROUGH OF NEWFIELDWater Utility Operating Fund

Statements of Operations and Changes in Fund Balance - Regulatory BasisFor the Years Ended December 31, 2013 and 2012

2013 2012Revenue and Other Income Realized

Operating Fund Balance Utilized $ 35,000.00 $ 30,000.00Water Rents 271,058.60 307,303.84Miscellaneous 11,266.35 5,456.49Other Credits to Income:

Unexpended Balance of Appropriation Reserves 2,023.42 117.14

Total Revenue and Other Income Realized 319,348.37 342,877.47

Expenditures

Budget Appropriations:Operations 248,407.00 233,600.00Debt Service 53,325.21 47,339.86Deferred Charges and Statutory Expenditures 8,193.00 7,500.00

Total Expenditures 309,925.21 288,439.86

Excess (Deficit) in Revenue and Statutory Excess to Fund Balance 9,423.16 54,437.61

Fund BalanceBalance, January 1 103,084.19 78,646.58

112,507.35 133,084.19Decreased by:

Utilization by Operating Budget 35,000.00 30,000.00

Balance, December 31 $ 77,507.35 $ 103,084.19


23


Statement of Revenues - Regulatory BasisFor the Year Ended December 31, 2013

EXHIBIT D-2

Anticipated Realized

Operating Fund Balance Anticipated $ 35,000.00 $ 35,000.00Rents 275,000.00 271,058.60Miscellaneous 4,600.00 11,266.35

$ 314,600.00 $ 317,324.95

Analysis of Realized Revenues

Utility Billings:Consumer Accounts Receivable - Collected $ 269,451.76Add: Prepaid Applied 1,606.84Less: Refunds

$ 271,058.60

Miscellaneous:Interest on Investments and Deposits $ 800.54Penalty on Delinquent Accounts 3,955.81New Meter 325.00Connection Fees 6,185.00

$ 11,266.35

Excess or(Deficit)

$ (3,941.40)6,666.35

$ 2,724.95


24

EXHIBITD-3



Aeeroeriations EX2ended UnexpendedOriginal Budget After Paid or BalanceBudget Modification Charged Encumbered Reserved Canceled

Operating:Salaries and Wages s 122,000.00 s 119,221.00 S 119,220.62 $ 0.38Other Expenses 125,000.00 129.186.00 127.921.18 1.264.82

Total Operating 247.000.00 248.407.00 247.141.80 1,265.20

Debt Service:Payment of Bond Anticipation Notes 50.000.00 50,000.00 49,200.00 $ 800.00

I\) Interest on Notes 8,000.00 8.000.00 4.125.21 3.874.79en

Total Debt Service 58.000.00 58.000.00 53,325.21 4.674.79

Deferred Charges and Statutory Expenditures:Statutory Expenditures:Contribution to:

Social Security System (O.A.S.l) 9,000.00 7,737.00 7,736.15 0.85Unemployment Compensation Insurance 600.00 456.00 455.44 0.56

Total Deferred Charges and Statutory Expenditures 9600.00 8.193.00 8.191.59 1.41

s 314.600.00 s 314.600.00 S 308,658.60 s s 1,266.61 s 4.674.79

Interest on Notes S 4,125.21Disbursed 304,533.39

s 308,658.60

The accompanying Notes to financial Statements are an Integral part of tbls statement.

EXHIBIT E

BOROUGH OF NEWFIELDAccount Group

Statement of General Fixed Assets Group of AccountsFor The Year Ended December 31, 2013

Balance BalanceDecember 31, December 31,

2012 Additions Deletions 2013

General Fixed Assets:Land $ 238.500.00 $ 238.500.00Buildings 2.101.800.00 2.101.800.00Machinery and Equipment 795.079.54 $ 185,890.00 980.969.54

Total General Fixed Assets $ 3,135,379.54 $ 185,890.00 $ 3,321,269.54

Total Investment inGeneral Fixed Assets $ 3.135.379.54 $ 185.890.00 $ 3,321.269.54


26

Borougb of NewfieldNotes to Financial Statements

December 31, 2013

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Reporting Entity - The Borough of Newfield (hereafter referred to as the "Borough") is located in Gloucester County, NewJersey. The population of the Borough, according to the 20 I0 Census is approximately 1,554.

The Borough of Newfield operates under a Mayor-Council form of government known as the Mayor-Council Plan A underthe Optional Municipal Charter Law of 1960, popularly known as the Faulkner Act. The Mayor is separately elected.Executive and administrative responsibility rests with the Mayor, who is assisted by the Borough Clerk.

Criteria for determining if other entities are potential component units which should be reported within the Borough'sbasic financial statements are identified and described in the Governmental Accounting Standards Board's (GASB)Codification of Governmental Accounting and Financial Reporting Standards, Section 2100 and 2600. The application ofthese criteria provides for identification of any entities for which the Borough is financially accountable and otherorganizations that the nature and significance of their relationship with the Borough are such that exclusion would causethe Borough's basic financial statements to be misleading or incomplete.

Based on the application of these criteria, there were no organizations that are considered to be component units

Basis of Accounting, Measurement Focus and Basis of Presentation - The financial statements of the Borough containall funds and account groups in accordance with the "Requirements of Audit" as promulgated by the State of New Jersey,Department of Community Affairs, Division of Local Government Services. The principles and practices established bythe "Requirements" are designed primarily for determining compliance with legal provisions and budgetary restrictionsand as a means of reporting on the stewardship of public officials with respect to public funds. Generally, the financialstatements are presented using the flow of current financial resources measurement focus and modified accrual basis ofaccounting with minor exceptions as mandated by these "Requirements". In addition, the prescribed accounting principlespreviously referred to differ in certain respects from accounting principles generally accepted in the United States ofAmerica applicable to local government units. The more significant differences are explained in this Note.

In accordance with the "Requirements", the Borough accounts for its financial transactions through the use of separatefunds which are described as follows.

Current Fund - The Current Fund accounts for resources and expenditures for governmental operations of ageneral nature, including Federal and State grant funds.

Trust Funds - The various Trust Funds account for receipts, custodianship and disbursement of funds inaccordance with the purpose for which each reserve was created.

General Capital Fund - The General Capital Fund accounts for receipt and disbursement of funds for theacquisition of general capital facilities, other than those acquired in the Current Fund.

Water Operating and Capital Funds - The Water Utility Operating and Capital Funds account foroperations of the utility and the acquisition of capital facilities of the municipally-owned water and sewerutility.

27

Borough of NewfieldNotes to Finandal Statements

December 31,2013


Budgets and Budgetary Accounting - The Borough must adopt an annual budget for its Current and Water Utility Fundsin accordance with N.l.S.A. 40A:4 et seq. N.l.S.A. 40A:4-S requires the governing body to introduce and approve theannual municipal budget no later than February 10 of each year. At introduction, the governing body shall fix the time andplace for a public hearing on the budget and must advertise the time and place at least ten days prior to the hearing in anewspaper published and circulating in the Borough. The public hearing must not be held less than twenty-eight days afterthe date the budget was introduced. After the hearing has been held, the governing body may, by majority vote, adopt thebudget or may amend the budget in accordance with N.J.S.A. 40A:4-9. Amendments to the adopted budgets, if any, aredetailed in the statements of revenues and expenditures.

An extension of the statutory dates for introduction, approval and adoption of the municipal budget may be granted by theDirector of the Division of Local Government Services, with the permission of the Local Finance Board.

Budgets are adopted on the same basis of accounting utilized for the preparation of the Borough's fmancial statements.

Cash, Cash Equivalents and Investments - Cash and cash equivalents, for all funds, include petty cash, change funds,cash on deposit with public depositories. All certificates of deposit are recorded as cash regardless of the date of maturity.Investments are stated at cost. Consequently, unrealized gain or loss on investments has not been recorded in accordancewith Governmental Accounting Standards Board Statement No. 31.

New Jersey municipal units are required by N.l.S.A. 40A:S-14 to deposit public funds in a bank or trust company havingits place of business in the State of New Jersey and organized under the laws of the United States or of the State of NewJersey or in the New Jersey Cash Management Fund. N.l.S.A. 40A:S-lS.l provides a list of investments which may bepurchased by New Jersey municipal units. In addition, other State statutes permit investments in obligations issued bylocal utilities and other state agencies.

N.J.S.A. 17:9-4let seq. establishes the requirements for the security of deposits of governmental units. The statuterequires that no governmental unit shall deposit public funds in a public depository unless such funds are secured inaccordance with the Governmental Unit Deposit Protection Act (uGUDPA"), a multiple financial institutional collateralpool, which was enacted in 1970 to protect governmental units from a loss of funds on deposit with a failed bankinginstitution in New Jersey. Public depositories include State or federally chartered banks, savings banks or associationslocated in or having a branch office in the State of New Jersey, the deposits of which are federally insured. All publicdepositories must pledge collateral, having a market value at least equal to five percent of the average daily balance ofcollected public funds, to secure the deposits of governmental units. If a public depository fails, the collateral it haspledged, plus the collateral of all other public depositories, is available to pay the amount of their deposits to thegovernmental units.

The cash management plan adopted by the Borough requires it to deposit funds in public depositories protected from lossunder the provisions of the Act.

Interfunds - Interfund receivables and payables that arise from transactions between funds are recorded by all fundsaffected by such transactions in the period in which the transaction is executed. Interfund receivables in the Current Fundare recorded with offsetting reserves which are created by charges to operations. Income is recognized in the year thereceivables are liquidated. Interfund receivables in the other funds are not offset by reserves.

Inventories of Supplies - The costs of inventories of supplies for all funds are recorded as expenditures at the timeindividual items are purchased. The costs of inventories are not included on the various statements of assets, liabilities,reserves and fund balances.

28

Borough of NewfieldNotes to Financial Statements

December 31, 2013

NOTE I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General Fixed Assets - Accounting for Governmental Fixed Assets, as required by N.J.A.C. 5:30-5.6, differs in certainrespects from accounting principles generally accepted in the United States of America. In accordance with theregulations, all local units, including municipalities, must maintain a general fixed assets reporting system that establishesand maintains a physical inventory of nonexpendable, tangible property as defined and limited by the U.S. Office ofManagement and Budget Circular A-87 (Attachment B, Section 19), except that the useful life of such property is at leastfive years. The Borough has adopted a capitalization threshold 0($5,000 the maximum amount allowed by the Circular.

Generally, assets are valued at historical cost; however, assets acquired prior to December 31, 1985 are valued at actualhistorical cost or estimated historical cost. Donated general fixed assets are recorded at their estimated fair market valueon the acquisition date. Donated general fixed assets are recorded at their estimated fair market value on the acquisitiondate. Interest costs relative to the acquisition of general fixed assets are recorded as expenditures when paid. Publicdomain ("infrastructure") general fixed assets consisting of certain improvements, such as roads, bridges, curbs and gutters,streets and sidewalks and drainage systems are not capitalized. Expenditures for construction in progress are recorded inthe Capital Funds until such time as the construction is completed and put into operation. The Borough is required tomaintain a subsidiary ledger detailing fixed assets records to control additions, retirements and transfers of fixed assets. Inaddition, a Statement of General Fixed Assets, reflecting the activity for the year, must be included in the Borough's basicfinancial statements.

The regulations require that general fixed assets, whether constructed or acquired through purchase, grant or gift beincluded in the aforementioned inventory. In addition, property management standards must be maintained that includesaccurate records indicating asset description, source, ownership, acquisition cost and date, the percentage of Federalparticipation (if any), and the location, use, and condition of the asset. Periodically, physical inventories must be taken andreconciled with these records. Lastly, all fixed assets must be adequately controlled to safeguard against loss, damage ortheft. No depreciation of general fixed assets is recorded.

Utility Fixed Assets - Property and equipment purchased by a utility fund are recorded in the utility capital account at costand are adjusted for dispositions and abandonment. The amounts shown do not represent replacement cost or currentvalue. The Reserve for Amortization and Deferred Reserve for Amortization accounts in the utility capital fund representcharges to operations for the cost of acquisition of property, equipment and improvements and contributed capital.Depreciation is not recorded on these fixed assets.

Foreclosed Property - Foreclosed property is recorded in the Current Fund at the assessed valuation when such propertywas acquired and is fully reserved. Ordinarily it is the intention of the municipality to resell foreclosed property in order torecover all or a portion of the delinquent taxes or assessments and to return the property to a taxpaying basis. For thisreason the value of foreclosed property has not been included in the General Fixed Assets Account Group. If suchproperty is converted to a municipal use, it will be recorded in the General Fixed Assets Account Group.

Deferred Charges - The recognition of certain expenditures is deferred to future periods. These expenditures, or deferredcharges, are generally overexpenditures of legally adopted budget appropriations or emergency appropriations made inaccordance with N.J.S.A. 40A:4-46 et seq. Deferred charges are subsequently raised as items of appropriation in budgetsof succeeding years.

Liens Sold for Other Governmental Units - Liens sold on behalf of other governmental units are not recorded on therecords of the Borough until such liens are collected. Upon their collection, such liens are recorded as a liability due to thegovernmental unit net of the costs of the initial sale. The related costs of sale are recognized as revenue when received.

29


December 31,2013


Fund Balance - Fund Balance included in the Current Fund and Utility Operating Fund represent amounts available foranticipation as revenue in future years' budgets, with certain restrictions.

Appropriation Reserves - Appropriation reserves covering unexpended appropriation balances are automatically createdat year end and recorded as liabilities, except for amounts which may be canceled by the governing body. Appropriationreserves are available, until lapsed at the close of the succeeding year, to meet specific claims, commitments or contractsincurred during the preceding fiscal year. Lapsed appropriation reserves are recorded as income.

Compensated Absences and Postemployment Benefits - Compensated absences for vacation, sick leave and othercompensated absences are recorded and provided for in the annual budget in the year in which they are paid, on a pay-as-you-go basis. Likewise, no accrual is made for postemployment benefits, if any, which are also funded on a pay-as-you-gobasis.

Revenues - Revenues are recorded when received in cash except for certain amounts which are due from othergovernmental units. Revenue from Federal and State grants are realized when anticipated as such in the Borough's budget.Receivables for property taxes are recorded with offsetting reserves on the statement of assets, liabilities reserves and fundbalance of the Borough's Current Fund; accordingly, such amounts are not recorded as revenue until collected. Otheramounts that are due the Borough which are susceptible to accrual are also recorded as receivables with offsetting reservesand recorded as revenue when received.

Property Tax Revenues - Property tax revenues are collected in quarterly installments due February 1, May 1, August 1,and November 1. The amount of tax levied includes not only the amount required in support of the Borough's annualbudget, but also the amounts required in support of the budgets of the Newfield Borough School District and the County ofGloucester. Unpaid property taxes are subject to tax sale in accordance with the statutes.

School Taxes - The Borough is responsible for levying, collecting and remitting school taxes for the Newfield BoroughSchool District. Operations is charged for the full amount required to be raised from taxation to operate the local schooldistrict for the period from January 1 to December 31 and for the regional high school district the Borough's share of theamount required to be raised by taxation for the period from July I to June 30, increased by the amount deferred atDecember 31, 2012 and decreased by the amount deferred at December 31, 2013.

County Taxes - The Borough is responsible for levying, collecting and remitting county taxes for the County ofGloucester. Operations is charged for the amount due the County for the year, based upon the ratables required to becertified to the County Board of Taxation by January 10 of the current year. In addition, operations is charged for theCounty share of Added and Omitted Taxes certified to the County Board of Taxation by October 10 of the current year anddue to be paid to the County by February 15 of the following year.

Reserve for Uncollected Taxes - The inclusion of the "Reserve for Uncollected Taxes" appropriation in the Borough'sannual budget protects the Borough from taxes not paid currently. The Reserve, the minimum amount of which isdetermined on the percentage of collections experienced in the immediate preceding year, with certain exceptions, isrequired to provide assurance that cash collected in the current year will provide sufficient cash flow to meet expectedobligations.

30


December 31,2013


Expenditures - Expenditures are recorded on the "budgetary" basis of accounting. Generally expenditures are recordedwhen paid. However, for charges to amounts appropriated for "other expenses", an amount is encumbered through theissuance of a numerically controlled purchase order or when a contract is executed in accordance with N.J.A.C. 5:30-5.2.When encumbered charges are paid, the amount encumbered is simultaneously liquidated in its original amount.Outstanding encumbrances are offset by an account entitled "Reserve for Encumbrances". The reserve is classified as acash liability under New Jersey municipal accounting. At December 31, this reserve represents the portion ofappropriation reserves that has been encumbered and is subject to the same statutory provisions as appropriation reserves.

Appropriations for principal payments on outstanding general capital and utility bonds and notes are provided on the cashbasis; interest on general capital indebtedness is on the cash basis; whereas interest on utility indebtedness is on the accrualbasis.

Long-Term Debt - Long-Term Debt, relative to the acquisition of capital assets, is recorded as a liability in the GeneralCapital and Utility Capital Funds. Where an improvement is a "local improvement", i.e. assessable upon completion, long-term debt associated with that portion of the cost of the improvement to be funded by assessments is transferred to theTrust Fund upon the confumation of the assessments or when the improvement is fully and pennanently funded.

Interest on Delinquent Taxes - It is the policy of the Borough to collect interest for the nonpayment of taxes orassessments on or before the date when they would become delinquent. The Tax Collector is authorized to charge eightpercent (8%) per annum on the first $1,500 of taxes becoming delinquent after due date and eighteen percent (18%) perannum on any amount of taxes in excess of $1,500 becoming delinquent after the due date. The rate of interest charged ondelinquencies sold at tax sale shall be and is fixed at no more than 18%.There is a ten (10) day grace period.

Comparative Data - Comparative total data for the prior year have been presented in the accompanying statements ofassets, liabilities, reserves and fund balance and statement of operations in order to provide an understanding of changes inthe Borough's financial position. However, comparative (i.e., presentation of prior year totals by fund type) data have notbeen presented in the statement of revenues - regulatory basis and the statement of expenditures - regulatory basis sincetheir inclusion would make the statements unduly complex and difficult to read.

NOTE 2. CASH AND CASH EQUIVALENTS

Custodial Credit Risk Related to Deposits - Custodial credit risk refers to the risk that, in the event of a bank failure, theMunicipality's deposits may not be recovered. Although the Municipality does not have a formal policy regardingcustodial credit risk, N.J.S.A. 17:9-41 et seq. requires that governmental units shall deposit public funds in publicdepositories protected from loss under the provisions of the Governmental Unit Deposit Protection Unit. Under the Act,the first $250,000 of governmental deposits in each insured depository is protected by the Federal Deposit InsuranceCorporation (FDIC). Public funds owned by the municipality in excess of FDIC insured amounts are protected byGUDPA. However, GUDPA does not protect intermingled trust funds such as salary withholdings or funds that may passto the Municipality relative to the happening of a future condition. Such funds are shown as uninsured anduncollateralized. Of the Municipality's amount on deposit of $613,411 as of December 31, 2013, $250,000 was insuredunder FDIC and the remaining balance of $363,411 was collateralized under GUDPA.

31


December 31, lOlJ

NOTE 3. PROPERTY TAXES

The following is a five year comparison of certain statistical information relative to property taxes and property taxcollections for the current and previous four years.

Comparative Schedule of Tax Rates lOlJ

$ 2.581Total Tax Rate

Apportionment of Tax Rate:MunicipalCountyLocal School

.619

.5671.395

Assessed Valuation

20132012201120102009

Comparison of Tax Levies and Collections

Year Ended Tax Levy

20132012201120102009

3,622,384 $3,569,2013,533,1473,521,1283,233,796

$

DeUnquent Taxes and Tax Title Liens

lOll

$ 2.497 $ 2.458 $ 2.449

.596

.5501.351

.560

.5471.351

.527

.5921.330

Amount

$ 139,858,186142,927,226143,550,123143,430,230142,949,928

CollectionsPercentage

Of Collections

3,447,3093,406,1553,419,5693,362,6463,107,392

95.17%95.43

96.7895.4996.09

PercentageTax Title Delinquent Total of Tax

Year Ended Liens Im! DeUnquent !&n2013 $ 23,206 $ 138,340 $ 161,546 4.47%2012 52,023 103,637 155,660 4.3620ll 25,053 84,463 109,516 3.102010 11,405 145,882 157,287 4.462009 13,573 122,504 136,077 4.21

32

2009

$ 2.251

.506

.5631.182


December 31, 2013

NOTE 3. PROPERTY TAXES (CONTINUED)

Delinquent Taxes and Tax Title Liens (Continued)

The following comparison is made of the number of tax title liens receivable on December 31, on the last five years:

Year Ended Amount

2013 122012 192011 142010 92009 11

NOTE 4. WATER UTILITY LEVY

Coml!arison of Tax Levies and CollectionsPercentage

Year Ended WaterLevv Collections of Collections

2013 $ 269,542 $ 246,618 91.49 %2012 315,507 291,067 92.252011 268,364 252,126 93.942010 224,916 210,570 93.622009 173,902 162,280 93.32

NOTE 5. FUND BALANCES APPROPRIATED

The following schedule details the amount of fund balances available at the end of the current year and four previous yearsand the amounts utilized in the subsequent year's budgets.

Current Fund:

Utilized PercentageBalance In Budget of of Fund

Year December 31 Succeeding Year Balance Used

2013 $ 224,883 $ 140,000 62.25%2012 131,813 100,000 75.872011 278,933 132,500 47.502010 309,010 147,285 47.662009 265,804 202,000 75.99

33


December 31, 2013

NOTE S. FUND BALANCES APPROPRIATED (CONTINUED)

Water Utility Fund:

20132012201120102009

Utilized PercentageBalance In Budget of of Fund

December 31 Succeeding Year Balance Used

$ 77,507 $ 45,000 58.06 %103,084 35,000 33.9578,647 30,000 38.1558,624 20,000 34.1227,152 5,800 21.36

NOTE 6. PENSION PLANS

Substantially all of the Borough's employees participate in one of the following pension plans which have been establishedby State statute, and are administered by the New Jersey Division of Pensions and Benefits (Division): the Police andFiremen's Retirement System (PFRS), the Public Employees' Retirement System (PERS) or the Defined ContributionRetirement Program (DCRP). Each plan has a Board of Trustees that is primarily responsible for its administration. TheDivision issues a publicly available financial report that includes financial statements and required supplementaryinformation. That report may be obtained by writing to the State of New Jersey, Division of Pensions and Benefits. P.O.Box 295, Trenton, New Jersey, 08625·0295.

Public Employees' Retirement System (PERS)

The Public Employees' Retirement System was established in 1955. The PERS provides retirement, death and disability,and medical benefits to qualified members. Vesting and benefit provisions are established by NJ.S.A. 43: 15A and 43:3B.

Public Employees' Retirement System (PERS) (Continued)

The contribution requirements of plan members are determined by State statute. In accordance with Chapter 62, P.L.1994, plan members enrolled in the Public Employees' Retirement System were required to contribute 5% of their annualcovered salary. Effective July 1,2008, however, in accordance with Chapter 92 P.L. 2007 and Chapter 103, P.L. 2007,plan members are required to contribute 5.5% of their annual covered salary. For employees enrolled in the retirementsystem prior to July 1, 2008, the increase is effective with the payroll period that begins immediately after July 1, 2008.Pursuant to the provisions of Chapter 78, P.L. 2011, effective October 1, 20II, the active member contribution rate wasincreased to 6.5%. An additional 1.0% increase will be phased-in over seven years beginning on July 1,2012. The StateTreasurer has the right under the current law to make temporary reductions in rates based on the existence of surpluspension assets in the retirement system; however, statute also requires the return to the normal rate when such surpluspension assets no longer exist.

Police and Firemen's Retirement System (PFRS)

The Police and Firemen's Retirement System was established in 1944. The PFRS provides retirement, death anddisability, and medical benefits to qualified members. Vesting and benefit provisions are established by N.J.S.A. 43: 16Aand 43:3B.

34


December 31,2013

NOTE 6. PENSION PLANS (CONTINUED)

Police and Firemen's Retirement System (PFRS) (Continued)

The contribution requirements of plan members are determined by State statute. In accordance with Chapter 204, P.L.1989, plan members enrolled in the PFRS are required to contribute 8.5% of their annual covered salary. Pursuant to theprovisions of Chapter 78, P.L. 2011, the active member contribution rate increased to 10.0% in October, 2011. The StateTreasurer has the right under the current law to make temporary reductions in member rates based on the existence ofsurplus pension assets in the retirement system; however, the statute also requires the return to the normal rate when suchsurplus pension assets no longer exist.

The Borough is billed annually for its normal contributions plus any accrued liability. These contributions, equal to therequired contributions are detailed below.

2013 2012 2011PERS PFRS m§ fE!§ m§ PFRS

Normal Contribution $ 5,570 $ 32,196 $ 6,127 s 37,949 s 9,106 s 44,644Accrued Liability 13,317 42,607 12,254 42,709 14,510 35,797Total Regular Contributions 18,887 74.803 18,381 80,658 23,616 80,441Non-Contributory Group

Life Insurance 1,124 3,089 1,171 2,954 1,794 3,499Total Due s 20,011 $ 77,892 s 19,552 s 83,612 $ 25,410 s 83,940

Defined Contribution Retirement Program (DCRP)

The Defined Contribution Retirement Program was established in 2007, under the provisions of Chapter 92, P.L. 2007 andChapter 103, P.L. 2007 (NJ.S.A.43:15C-I et. seq), and expanded under the provisions of Chapter 89, P.L. 2008 andChapter I, P.L. 2010. The Defined Contribution Retirement Program Board oversees the DCRP, which is administered byPrudential Financial on behalf of the Divisions of Pensions and Benefits. The DCRP provides eligible members, and theirbeneficiaries, with a tax-sheltered, defined contribution retirement benefit, along with life insurance and disabilitycoverage. Vesting and benefit provisions are established byN.J.S.A. 43:15C-l et. seq.

The contribution requirements of plan members are determined by State statute. In accordance with Chapter 92, P.L. 2007and Chapter 103, P.L. 2007, plan members are required to contribute 5.5% of their annual covered salary. Pursuant to theprovisions of Chapter 78 P.L. 20 II, the active member contribution rate was increased to 6.5% plus an additional 1.0%phased-in over seven years beginning in the first year. The phase-in of the additional incremental member contributionamount will take place in July of each subsequent year. The State Treasurer has the right under the current law to maketemporary reductions in rates based on the existence of surplus pension assets in the retirement system; however, statestatute also requires the return to the normal rate when such surplus pension assets no longer exist. The employeecontributions along with the Borough's contribution for each pay period are transmitted to Prudential Financial not laterthan the fifth business day after the date on which the employee is paid for that pay period.

There were no Borough employees enrolled in the DCRP for the years ended December 31,2013,2012 and 2011.

35


December 31,2013

NOTE 7. OTHER POST EMPLOYMENT BENEFITS

A calculation of the actuarially calculated Other Post Employment Benefits (OPEB) obligation for the future cost of health,dental, and vision insurance coverage for certain Borough employees were not obtained.

NOTE 8. COMPENSATED ABSENCES

Full-time employees are entitled to be paid sick leave, vacation, and personal days, depending on job classification, lengthof service, and other factors. Vacation days not used during the year may be accumulated and carried forward to amaximum of one week. Sick days and personal days cannot be carried forward to the subsequent year.

The Borough does not record accrued expenses related to compensated absences. The Borough employees did not haveany unused vacation time at December 31, 2013.

NOTE 9. RISK MANAGEMENT

The Borough is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors andomissions; injuries to employees; and natural disasters. The Borough of Newfield is a member of the Atlantic CountyMunicipal Joint Insurance Fund. The Fund provides its members with the following coverage:

PropertyLiabilityAutomobileWorkers' CompensationPublic Official LiabilityPolice Professional LiabilityEmployee FidelityEmployment Related PracticesSurety Bonds

Contributions to the Fund, including a reserve for contingencies, are payable in two installments and are based on actuarialassumptions determined by the Fund's actuary. The Commissioner of Insurance may order additional assessments tosupplement the Fund's claim, loss retention or administrative accounts to assure the payment of the Fund's obligations.

Contributions to the Fund, are payable on a quarterly basis and is based on actuarial assumptions determined by the Fund'sactuary. The Borough's agreement with the pool provides that the pool will be self-sustaining through members premiumsand will reinsure through commercial insurance for claims in excess of $500,000 for each insured event. The Fundpublishes its own financial report for the year ended December 31, 2013 which can be obtained from:

Atlantic County Municipal Joint Insurance FundP.O. Box 12Hammonton, New Jersey 08037

36


December 31,2013

NOTE 9. RISK MANAGEMENT (CONTINUED)

New Jersey Unemployment Compensation Insurance - The Borough has elected to fund its New Jersey UnemploymentCompensation Insurance under the "Contributory Method", which requires the Borough to annually appropriate funds topay projected costs of contributions at the rate determined by the Commissioner of Labor. The Borough is billed quarterlyfor amounts due to the State of New Jersey.

The following is a summary of Borough contributions for the current and previous four years:

BoroughYear Contributions

2013 $ 2,0342012 2,0382011 2,0302010 2,6262009 2,050

NOTE to. CAPITAL DEBT

Summary of Municipal Debt

Year 2013 Year 2012 Year20tlIssued:

General Bonds and Notes $ 690,687$ 431,195$ 292,160Water Utility Bonds and Notes 935z350 384,550 263,250

Total Issued 1,626,037 815,745 555,410Authorized but not Issued:

General Bonds and Notes 837,750 402,800 380,000Water Utility Bonds and Notes

Gross Debt $ 2,463,787$ 1,218,545$ 935,410

Summary of Statutory Debt Condition - Annual Debt Statement

The summarized statement of debt condition which follows is prepared in accordance with required method of setting upthe Annual Debt Statement and indicates a statutory net debt of 0.866 %.

Gross Debt Deductions Net Debt

Water Utility DebtGeneral Debt

1,350,350 $ 1,350,5301,113,437 $ 1,113,437

$

Total $ 2,463,787 $ 1,350,530 $ 1,113,437

Net Debt, $1,113,437 divided by Equalized Valuation Basis per N.J.S.A. 40A:2-2, as amended, $128,558,779 equals.866%.

37


December 31, Z013

NOTE 10. CAPITAL DEBT (CONTINUED)

Equalized Valuation Basis:

201120122013

$ 132,712,618125,297,084127,666,636

Average $__ 1_28...;.;,5..;.5~8,7_7.;.,9

Borrowing Power under N.J.S.A. 40A:Z-6

3-112% of Equalized Valuation Basis (Municipal)Net Debt

s 4,499,5571,113,437

Remaining Borrowing Power $_....;3;..:,;,3;..;8.;.:6,.;.;12-.0

Calculation of "Self-Liquidating Purpose"Water Utility Per N.J.S.A. 40A:Z-45

Cash Receipts from Fees, Rents,Interest and Other Chargesfor the Year

Deductions:Operating and Maintenance CostsDebt Service Costs

s 317,325

s 256,60053.325 309.925

Excess in Revenue s__ 7.;.:..4.;.;0-.0

The foregoing debt information is in agreement with the Annual Debt Statement filed by the Chief Financial Officer.

Bond Anticipation Notes Payable

The Borough issues bond anticipation notes to temporarily fund various capital projects prior to the issuance of serialbonds. The term of the Notes can not exceed one year from the date of issuance, however the Notes may be renewed fromtime to time for a period not to exceed one year. Generally, such Notes must be paid no later than the first day of the fifthmonth following the close of the tenth fiscal year following the date of the original Notes. The State of New Jersey alsoprescribes that on or before the third anniversary date of the original Note a payment of an amount at least equal to the firstlegally payable installment of the bonds in anticipation of which such Notes were issued be paid or retired. A second andthird legal installment must be paid if the Notes are to be renewed beyond the forth and fifth anniversary date of theoriginal issuance.

38


December 31, 2013

NOTE 10. CAPITAL DEBT (CONTINUED)

Bond Anticipation Notes Payable (Continued)

As of December 31, 2013, the Borough had outstanding bond anticipation notes as follows:

General Capital FundWater Utility Capital FundWater Utility Capital Fund

Date of Maturity Interest Rate Amount

5/07/2014 0.75% $ 690,6875/07/2014 0.75% 335,3502/14/2014 0.85% 600,000

s 1,626,037Total

NOTE 11. SCHOOL TAXES

Local District School Tax has been raised and liabilities deferred by statute, resulting in the school taxes payable set forthin the Current Fund Liabilities as follows:

Balance BalanceDec. 31. 2013 Dec. 31,2012

Balance of Tax s 975,303.48 $ 965,647.00Deferred 954,371.00 954,371.00

Tax Payable s 20,932.48 s 11,276.00

NOTE 12. INTERFUND RECEIVABLES AND PAY ABLES

The following interfund balances were recorded on the various statements of assets, liabilities, reserves and fund balanceas of December 31, 2013:

Interfund InterfundFund Receivable Payable

Current Fund $ 34,710.38 s 88,955.28Federal and State Grant Fund 34,710.38Trust Fund - Animal Control Fund 6.96Trust Fund - Other Funds 88,948.32Water Utility Fund 31,228.93Water Utility Capital Fund 31,228.93

s 154,894.59 $ 154,894.59

39

Borough of NewfieldNotes to FinandaJ Statements

December 31, 2013

NOTE 13. DEFERRED CHARGES TO BE RAISED IN SUCCEEDING BUDGETS

Certain expenditures are required to be deferred to budgets of succeeding years. At December 31,2013, the followingdeferred charges are shown on the statement of assets, liabilities, reserves and fund balance of the following funds:

Balance Balance toDecember 31, 2014 Budget Succeeding

2013 A(!(!rol!riation YearsCurrent Fund:Special Emergency Authorization $ 12,000.00 s 2,400.00 s 9,600.00

Overexpenditure of Appropriations 15z501.36 15z501.36Total $ 27,501.36 $ 17,901.36 $ 9,600.00

The appropriations in the 2014 Budget as introduced are not less than that required by the statutes

40

SUPPLEMENTAL EXHIBITS

CURRENT FUND

EXHIBIT SAo)


Schedule of Cash - TreasurerFor the Year Ended December 31, 2013

FEDERAL AND STATECURRENT fUND GRANT fUND

S 250,259.87 S

S 24,975.0044,588.02

3,515,129.1132,229.19

243,715.9820.703.9117,174.0518,250.00

150.00100.00290.82

137.099.503.300.00

S 2.026.00113,426.14

43,590.79

4,101.296.37 115,452.14

4.351.556.24 115.452.14

27.001.077.794.72

26,623.767,451.997,500.00

865.00150.00219.00

792.226.5867.84

1.940,953.52112.673.25

729.253.300.002,026.00

71.624.21237.14

43.590.79

3,972.607.91 115.452.14

S 378.948.33

Balance December 31. 2012Increased by Receipts:

Cell Tower lease AgreementMiscellaneous Revenue not AnticipatedTaxes ReceivableTax Title Liens ReceivableRevenue Accounts ReceivablePrepaid TaxesTax OverpaymentsDue from State ofNcw Jersey - Tax DeductionsDue to State of New JCTSey- Marriage licensesDue to libraryDue from Animal Control- Trust FundDue from Trust - Other FundsElection (Contra)Malching Funds for GrantsFederal and Stale Grants ReceivableFederal and Stale Grant Fund - Current Fund

Total Receipts

Decreased by Disbursements:Uniform Construction Code Fees Refunded2013 Appropriations2012 Appropriation ReservesTax OverpaymentsReserve for Master PlanReserve for Codification of OrdinancesDue to State of New Jersey - Marriage LicensesDue to LibraryCounty Taxes PayableDue County for Added and Omitted Taxes1~1 District School TaxesDue to Trust - Other fundsDue from County - Election ExpensesElection (Contra)Matching funds for GrantsReserve for Federal and State Grants - AppropriatedReserve for Federal and Stale Grants - EncumbrancesFederal and State Grant Fund - Current Fund

Total Disbursements

Balance December 31. 2013

43

EXHIBIT SA-l


Schedule of Cash - Treasurer (Cont'd)For the Year Ended December 31, 2013

Reconciliation Dec. 31. 2013

Balance per Certification of:Newfield National BankNewfield, New Jersey

Account No. 0018124299

Less: Outstanding Checks per Permanent Record

$ 326,672.95

28,987.35355,660.30

99,480.81

(45,176.87)54,303.94

$ 409,964.24

Add: Deposits in Transit

Account No. 000 1050830

Balance

Recapitulation of Balances Dec. 31. 2013Current FundGeneral Capital Fund

$ 378,948.3331,015.91

$ 409,964.24

44

EXHIBIT SA-2


Schedule of Change FundsDecember 31, 2013

Amount

Borough ClerkMunicipal Court

$ 100.0050.00

$ 150.00

45

EXIIIBIT SA·)


Schedule of Taxes Receivable and Analysis ofPropcrty Tax LevyFor the Year Ended December 31. 2013

Due from Tas TraosferndBaJaote Added Collections State of O"erpa)mCOIJ 10Tal Title Balaott

Year Oet, 31, 201l !w! 1m M!!1 New Jeney tlI!J!!!m LIm ~ Prs, 31, 1013

2004 S 190.22 S 190.22 S2007 250.00 2S0.OO2008 2S0.OO 2S0.OO2009 250.00 250.002011 9.91 9.912012 102,686.68 S 2.250.00 104,186.68 S 500.00 250.00

103,636.81 2.250.00 105,136.81 SOO.OO 250.00

2013 S 3.622,383.98 S 14,395.81 3.409.992.30 S 20.571.40 2,349.47 3.412.08 33.S73.42 138.089.50

S 103.636.81 S 3.622,383.98 S 2.2S0.00 S 14.395.81 S 3.5 I5.129.11 S 20.571.40 S 2,349.47 S 3.412.08 S 34.073.42 S 138,339.S0

& A!!aly!l. onOl3 Pronertv III l&~

~General Prope1ly Tax S 3.609.740.29Ad4ed Taxes (54:4-63.1 et seq.) 12.643.69

Total S 3.622.383.98

~locaJ Dislrici School Tax S 1.950.610.00County Tax S 689.257.83

County librai)' 62.936.82

County Open Space Preservation 50.031.93

D~ County for Added Taxes (54:4-63.1 et seq.) 2.777.62

Total County Taxes 805.004.20

Local Tax for Municipal Purposes Levied 866.743.16

Add: Additional Tax Levied 26.62

Local Tax for Municipal Purposes Levied 866.769.78

Total $3.622,383.98

EXHIBIT SA-4


Schedule of Tax Title Liens ReceivableFor the Year Ended December 31, 2013

Balance Dec. 31, 2012 $ 52,023.03Increased by:Transfers from Taxes Receivable $ 3,412.08Interest and Costs at Tax Sale

3,412.08

55,435.11Decreased by:Collections 32,229.19

Balance Dec. 31, 2013 $ 23,205.92

47

EXHIBIT SA-S


Schedule of Revenue Accounts ReceivableFor the Year Ended December 31, 2013

Balance Accrued BalanceDec. 31. 2012 In 2013 CoUected Dec. 31. 2013

Licenses:Alcoholic Beverages s 1,152.00 s 1,152.00Marriage 206.00 206.00Mercantile 105.00 105.00Bingo and Raffle 20.00 20.00

Fees and Permits:Sewer 2.00 2.00Certificate of Occupancy 1,940.00 1,940.00Vital Statistics 20.00 20.00Street Openings 3,500.00 3,500.00Planning Board 9,220.00 9,220.00Zoning Board 485.00 485.00Municipal Searches 10.00 10.00Tax Searches 10.00 10.00

Municipal Court:Fines and Costs $ 3,299.66 43,706.25 44,517.19 $ 2,488.72

Rental Registration Fees 6,115.00 6,115.00Interest and Costs on Taxes 19,965.62 19,965.62Interest on Investments and Deposits 2,791.79 2,791.79Consolidated Municipal Property Tax Relief Aid 13,921.00 13,921.00Energy Receipts Tax 115,787.47 115,787.47Safety Incentive Program 750.00 750.00Uniform Construction Code Fees 5,342.35 18,449.88 23,755.61 36.62Police Department Fees 192.30 192.30

Total s 81642.01 s 2381349.31 $ 243z715.98 $ 3z275.34

48


Schedule of Deferred ChargesN.J.S.A. 40A:4·55 Special Emergency

For the Year Ended December 31, 2013

EXHIBIT SA-6

DateAuthorized

6/13/13

6/13/13

Raised InNet Amount lIS Net Amount Balance Authorized 2013Authorized Authorized Dec:. 31. 2012 I!!1m Budget

s 7,500.00 s 1,500.00 s s 7,500.00 s

4,500.00 900.00 4,500.00

s S 12,000.00 s

Preparation of Moster Plan

Codification of Ordinances

BalanceDec:. 31. 2013

s 7,500.00

4,500.00

s 12,000.00

EXHIBIT SA-7


Schedule of 20 12 Appropriation Rc:scrvcsFor the Year Ended December 31. 2013

BIIII!!l~£!!Is.~1,2gI2 BiIllInce Afttr BIIIaneeReserved Encumbered Tronden E!nended !.!!I!!!.!!

Administrauve and becutive:Salaries and Wages S 2.17 S 2.17 S S 2.17Other Expenses 0.64 0.64 0.64

Financial Administration:Other Expenses S 603.05 603.05 603.05

ColIL'Ction of Taxes:Salaries and Wages 0.46 30.68 31.14 30.68 0.46

Legal Services and Costs:Other Expenses 27.93 27.93 26.00 1.93

Engineering Services and Costs:Other Expenses 850.00 850.00

I'ublic 8uildings and Grounds:Other Expenses 0.32 426.40 426.72 426.40 0.32Natural Gas 332.14 332.14 332.14Electricity 971.45 971.45 971.45Telephone 695.88 977.14 1,673.02 1,245.73 427.29

Central Computer Operations:Other Expenses 1.81 490.00 491.81 490.00 1.81

Group Insurance 0.98 0.98 0.98Municipal Land Use Law:Planning Board:Salaries and Wages 250.00 250.00 250.00

Police:Salaries and Wal.'CS 1.04 1.04 1.04Other Expenses 0.20 463.24 1.619.44 1,618.68 0.76

Municipal Coun:Other Expenses 981.00 7,750.00 7.881.00 7,750.00 131.00

Aid to Volunteer Fire Company 3,065.94 78.00 3.143.94 3,065.94 78.00Road Repairs and Maintenance:

Salaries and Wages 0.36 119.92 120.28 119.92 0.36Other Expenses 0.26 85.00 85.26 85.00 0.26Gasoline 1,194.39 1,873.01 1,911.40 1,873.01 38.39

Street Lighting:Other Expenses 3,024.77 3,024.77 3,024.77

Garbage and Trash:Other Expenses 4,193.13 4.193.13 4.193.13

Construction Codc Official:Salaries and Wages 0.19 0.19 0.19Other Expenses 3.65 3.65 3.65

Social Security 1.31 1.31 1.31Unemployment Compensation Insurance 0.01 om 0.01

Other Accounts -- No Change

S 10.)06.90 S 17.339.51 S 27.646.47 S 26.623.16 S 1.022.11

50

EXHIBIT SA-8


Schedule of Prepaid TaxesFor the Year Ended December 31, 2013

Balance Dec. 31, 2012 s 14,395.81Increased by:

Receipts 20,703.91

35,099.72Decreased by:

Applied to 2013 Taxes Receivable 14,395.81

Balance Dec. 31, 2013 $ 20,703.91

51

EXHIBIT SA-9


Schedule of Tax OverpaymentsFor the Year Ended December 31, 2013

Balance Dec. 31, 2012 $ 8,282.66Increased by:

Prior Year Overpayments $ 52.15Overpayments in 2013 17,174.05 17,226.20


Refunded $ 7,451.99Applied to Taxes Receivable 2,349.47Canceled

9,801.46

Balance Dec. 31. 2013 $ 15,707.40

EXHIBIT SA-tO

Schedule of Due To/From State of New Jersey - Senior Citizen and Veterans' DeductionsFor the Year Ended December 31, 2013

Balance Dec. 31. 2012 (Due From)Increased by:Accrued in 2013:Senior Citizens' and Veterans' Deductions per Tax BillingSenior Citizens' and Veterans Deductions' Allowed by Tax CollectorSenior Citizens' and Veterans Deductions' Disallowed by Tax Collector

$ 7,811.86

Decreased by:Prior Year Senior Citizens' and Veterans Deductions' Disallowed by Tax CollectorReceipts

$ 21,250.00250.00

(928.60)20,571.40

$ 28,383.26

2,250.0018,250.00

20,500.00

$ 7,883.26Balance Dec. 31, 2013 (Due From)

52

EXHIBIT sx-n


Statement of Reserve for Special Emergency - Master PlanFor the Year Ended December 31,2013

Balance Dec. 31, 2012 sDecreased by:

2013 Special Emergency 7,500.00

s 7,500.00Decreased by:

Expended 7,500.00

Balance Dec. 31, 2013 s

EXHIBIT SA-12

Statement of Reserve for Special Emergency - Codification of OrdinancesFor the Year Ended December 31, 2013

Balance Dec. 31,2012 sDecreased by:

2013 Special Emergency 4,500.00

s 4,500.00Decreased by:

Expended 865.00

Balance Dec. 31, 2013 s 3,635.00

53

EXHIBIT SA-13


Schedule of Due State of New Jersey -- Marriage License FeesFor the Year Ended December 31, 2013

Balance Dec. 31, 2012 $ 25.00Increased by:Fees Collected 150.00

175.00Decreased by:Payments 150.00

Balance Dec. 31, 2013 $ 25.00

EXHIBIT SA-14

Schedule of Due to LibraryFor the Year Ended December 31, 2013

Balance Dec. 31,2012 $ 119.00Increased by:Received in 2013 100.00

219.00Decreased by:Payments 219.00

Balance Dec. 31, 2013 $

54

EXHIBIT SA-IS


Schedule of County Taxes PayableFor the Year Ended December 31, 2013

County TaxesCounty Library TaxesCounty Open Space Preservation

$ 689,257.8352,936.8250,031.93

$ 792,226.58

Decreased by:Disbursements 792,226.58


EXHIBIT SA-I6

Schedule of Due County for Added and Omitted TaxesFor the Year Ended December 31, 2013

Balance Dec. 31, 2012 $ 67.84Increased by County Share of 20 13 Levy:Added Taxes (R.S.S4:4-63.1 et seq.) 2,777.62

2,845.46Decreased by:Disbursements 67.84

Balance Dec. 31, 2013 $ 2,777.62

55

EXHIBIT SA-17


Schedule of Local District School TaxFor the Year Ended December 31. 2013

Balance Dec. 31.2012:School Tax Payable $ 11.276.00School Tax Deferred 954.371.00

$ 965.647.00Decreased by:Levy for School Year--July 1.2013 to June 30. 2014 1.950.610.00

2.916.257.00Decreased by:Payments 1,940,953.52

Balance Dec. 31, 2013:School Tax Payable 20,932.48School Tax Deferred 954,371.00

$ 975z303.48

2013 Liability for School Tax

Taxes Paid $ 1,940,953.52Tax Payable--Dec. 31, 2013 20,932.48

1,961,886.00

Less: Tax Payable-Dec. 31. 2012 11,276.00

Amount Charged to 2013 Operations $ Iz950z610.00

56

EXHIBIT SA-I8

BOROUGH OF NEWFIELDFederal and State Grant Fund

Schedule ofFederal and State Grants ReceivableFor the Year Ended December 31, 2013

Balance BalanceDec. 31. 2012 Accrued Received Dec. 31. 2013

Federal Grants:COPS Hiring Program $ 125.000.00 $ 69,876.62 $ 55,123.38

State Grants:New Jersey Transportation Trust Fund Authority Act $ 53,491.00 $ 53,491.00Clean Communities Grant $ 4,000.00 $ 4,000.00Green Communities Grant 3,000.00 3,000.00Municipal Alliance for Drug and Alcohol Abuse 15,591.13 8,104.00 8,607.00 15,088.13Atlantic County Municipal JIF· Safety Award 7,000.00 1,000.00 8,000.00CDBG - Senior CenterlFire Station Facility 25,000.00 25,000.00Statewide Livable Communities Library Grant 2,001.71 2,001.71State Shared Services Court Grant 22,772.00 22,772.00Smart Growth Grant 20,000.00 20,000.00NJDEp· Forest Service 2,000.00 2,000.00Seat Belt Initiative Grant - Buckle Up South Jersey 1,001.50 1,001.50Bulletproof Vest Partnership Program 850.00 850.00Drunk Driving Enforcement Fund 1,890.00 1,890.00State Recycling 1,789.20 1,789.20Body Armor Fund 1,413.32 1,413.32

Total State Grants 152,707.34 18,196.52 43,549.52 127,354.34

Total $ 277,707.34 $ 18,196.52 $ 113,426.14 $ 182,477.72

57

EXHIBIT SA-19


Schedule of Reserve for Federal and State Grants - UnappropriatedFor the Year Ended December 31, 2013

Realized asFederal and Miscellaneous

Balance State Grants Revenue in BalanceDec. 31. 2012 Receivable 2013 Budget Dec. 31. 2013

Federal Grants:COPS Hiring Program $

State Grants:Clean Communities Grant $ 4,000.00 $ 4,000.00Municipal Alliance for Drug and Alcohol Abuse 8,104.00 8,104.00Atlantic County Municipal JIF - Safety Award $ 800.00 1,000.00 1,000.00 800.00State Recycling Program 1,789.20 1,789.20Drunk Driving Enforcement Fund 1,890.00 1,890.00Body Armor Fund ~ 1413.32 1413.32

Total State Grants 800.00 18,196.52 14,994.00 4,002.52

Total s 800.00 s 181196.52 $ 141994.00 $ 41°02.52

58

EXHIBIT SA-20

BOROUGH OF NEWFIELDFederal and Slllle Granl Fund

Schedule of Reserve for Federal and Stale Grants - AppropriatedFor the Year Ended December 31, 2013

Transferredfrom 2013 Prior Year

Balance Budget EncimbraDc:e Paid or BalaDNDtt. 31. 2012 Appropriallon Canceled Cbarged Dec. 31.2013

Federal Granls:COPS Hiring Program S 95:691.89 S 54.418.11 S 41~73.78

State Granls:New Jersey Transportation Trust Fund

Authority Act S 51.583.46 S 51,583.461996 Municipal Drug Alliance:

Grant 545.78 545.781997 Municipal Drug Alliance:


Grant 2.502.37 2,502.371999 Municipal Drug Alliance:

Grant 2.282.93 2.282.932001 Municipal Drug Alliance:

Grant 1.218.88 1.218.882002 Municipal Drug Alliance:


Borough Share 1,172.42 1,172.422006 Municipal Drug Alliance:

Borough Share 54.69 54.692009 Municipal Drug Alliance:

Borough Share 1,074.13 1.074.132010 Municipal Drug Alliance:

GrantBorough Share

2011 Municipal Drug Alliance:Grant 2.179.00 2,179.00Borough Share

2012 Municipal Drug Alliance:GrantBorough Share 972.62 450.00 522.62

2013 Municipal Drug Alliance:Grant S 8.104.00 8,104.00Borough Share 2.026.00 1.851.96 174.04

1997 Gloucester County Heritage Commission 1,050.00 1,050.00Clean Communities Grant 4,000.00 3,876.40 123.60Body Armor Fund 1.507.83 853.74 654.09Atlantic County Municipal JIF • Safety Award 1,000.00 1,000.00Bulletproof Vest Partnership Program 0.08 0.08Statewide Livable Communities Library Grant 22.46 22.46State Shared Services Court Grant 22,772.00 22.772.00Smart Growth Grant 9,710.28 9,710.282004 NJDEP • Municipal Stormwater Regulation Program 966.65 966.65NJDEP • Forest Service 2,000.00 2,000.00Seat Belt Initiative Grant • Buckle Up South Jersey 1.001.50 1,001.50Dnmk Driving Enforcement Fund 1.890.00 1070.00 820.00

Total State Grants 102:677.14 171020.00 17.206.10 1021491.04

Total S 198,369.03 S 17.020.00 S S 71.624.21 S 143:764.82

Reserve for Encumbrances SDisbursed 71.624.21

S 71.624.21

59

EXHIBIT SA-21


Schedule of Reserve for EncumbrancesFor the Year Ended December 31, 2013

Balance Dec. 31, 2012 $ 237.14Increased by:2013 Encumbrances

237.14Decreased by:

Payments $ 237.14Canceled

237.14


60

TRUST FUND

EXHIBIT SO-l

BOROUGH OF NEWFIELDTrust Fund


ANIMAL CONTROL TRUSTTRUST OTHER

Balance Dec. 31, 2012 $ 2,253.91 s 24,094.11

Increased by Receipts:Dog License Fees 1,956.40Fees Due to State Board of Health 198.80Due to Current Fund 13.35 73.88Payroll Deposits 866,603.41Reserve for Tax Title Lien Redemption 185,439.68

Total Receipts 2,168.55 1,052,116.97

Decreased by Disbursements:Fees Paid to State Board of Health 208.20Reserve for Animal Control Expenditures 999.00Due to Current Fund 290.82Payroll Payments 865,560.09Reserve for Tax Title Lien Redemption 182,953.89

Total Disbursements 1,498.02 1,048,513.98

Balance Dec. 31, 2013 s 2,924.44 s 27,697.10

Reconciliation Dec. 31.2013

Newfield National BankAccount No. 0001050863 $ 2,924.44Account No. 0001757731 $ 18,466.97Account No. 0001001940 32,993.66

Add: Deposits inTransit 11,808.61Less: Outstanding Checks per Permanent Record (35,572.14)

Balance $ 2,924.44 s 27,697.10

62

EXHIBIT SB-2

BOROUGH OF NEWFIELDAnimal Control Fund

Schedule of Due to/from Current FundFor the Year Ended December 31,2013

Decreased by:Paid to Current Fund

s 270.51

s 13.35

13.35

283.86

290.82

s 6.96

EXHIBIT SB-3

Balance Dec. 31, 2012 (Due to)Increased by:

Interest ReceivedStatutory Excess Due to Current Fund

Balance Dec. 31, 2013 (Due from)

Schedule of Due to State of New JerseyFor the Year Ended December 31,2013

Balance Dec. 31,2012 s 9.40Increased by:

2013 Fees Collected and Due to State Board of Health 198.80

208.20Decreased by:

Fees Paid to State Board of Health 208.20


63

EXHIBIT SB-4

BOROUGH OF NEWFIELDAnimal Control Fund

Schedule of Reserve For Animal Control Fund ExpendituresFor the Year Ended December 31,2013

Balance Dec. 31,2012Increased by:

2013 Dog License Fees CollectedPrior Year Outstanding Check Canceled

$ 1,974.00

$ 1,956.40

1,956.40

3,930.40

999.00

999.00

$ 2,931.40

Decreased by:Expenditures Under R.S. 4: 19-15.11Statutory Excess Due to Current Fund

Balance Dec. 31, 2013

License Fees Collected

Amount

20112012

$ 1,281.002,012.40

Total $ 3,293.40

64

EXHIBIT SB-S

BOROUGH OF NEWFIELDTrust Other Funds

Schedule of Due From Current FundFor the Year Ended December 31. 2013

Balance Dec. 31. 2012 S 64.595.95Increased by:

Received by Current Food:Escrow Deposits S 33.580.00Parking Offense Adjudication Act 6.00Public Defender Fees 464.00Tax Sale Premium 28.600.00Police Outside Detail 74.449.50

137.099.50Disbursed to Current Food

137.099.50


Disbursed by Current Food:Escrow Deposits 25,137.25Tax Sale Premiwn 22,200.00Public Defender Fees 464.00Police Outside Detail 64.872.00

112.673.25Interest Received 73.88

112.747.13

Balance Dec. 31.2013 S 88.948.32

EXHIBIT SB-6

ScheduleofPayroU Deductions PayableFor the Year Ended December 31. 2013

Balance Dec. 31. 2012 S 8,117.42Increased by:

Payroll Deposits 866,603.41


Payroll Disbursements 865,560.09

Balance Dec. 31. 2013 S 9.160.74

65

EXWBITSB-7


Schedule of Reserve Tax Title Lien RedemptionFor the Year Ended December 31, 2013

Balance Dec. 31, 2012 s 15,962.68Increased by:

Receipts 185,439.68


Payments 182,953.89

Balance Dec. 31, 2013 S 18,448.47

EXWBITSB-8

Schedule of Reserve for Escrow DepositsFor the Year Ended December 31, 2013


Received in Current Fund 33,580.00


Disbursed by Current Fund S 25,137.25Encumbered

25,137.25

Balance Dec. 31, 2013 S 29,686.98

66

EXHIBITSB-9


Schedule for Parking Offenses Adjudication ActFor the Year Ended December 31,2013

Balance Dec. 31,2012 s 24.00Increased by:

Received in Current Fund 6.00

30.00Decreased by:

Payments

Balance Dec. 31, 2013 s 30.00

EXHIBIT SB-tO

Schedule of Reserve for Public DefenderFor the Year Ended December 31, 2013

Balance Dec. 31,2012 $Increased by:

Received in Current Fund 464.00

464.00Decreased by:

Disbursed by Current Fund 464.00


67

EXHIBIT SB-ll

BOROUGH OF NEWFIELDTrust Otber Funds

Schedule for Reserve for Tax Sale PremiumFor the Year Ended December 31, 2013

Balance Dec. 31, 2012 S 29,100.00Increased by:

Payments in Current Fund 28,600.00


Prior Year Adjustment - Tax Sale Premium Refunded 22,200.00

Balance Dec. 31, 2013 S 35,500.00

EXIllBIT SB-12

Schedule for Reserve for Police Outside DetailFor the Year Ended December 31, 2013

Balance Dec. 31,2012 S 14,241.73Increased by:

Received in Current Fund 74,449.50


Payments in Current Fund 64,872.00

Balance Dec. 31,2013 s 23,819.23

68

EXHmITsa-n


Schedule of Reserve for Recreation Trust FundFor the Year Ended December 31,2012

Balance December 31,2011

Decreased by:Disbursed in Current Fund

s 42,446.72

42,446.72

Balance December 31,2012 s

69

GENERAL CAPITAL FUND

EXHIBIT SC-l



Balance Dec. 31, 2012 $ 25,855.91Increased by Receipts:

Capital Improvement Fund $ 20,000.00Grants ReceivableBond Anticipation Notes 317,300.00

337,300.00

363,155.91Decreased by Disbursements:

Improvement Authorizations 330,149.59Contracts Payable 1,990.41

332,140.00

Balance Dec. 31, 2013 $ 31,015.91

71

Exhibit SC-2


Analysis of General Capital CashFor the Year Ended December 31, 2013

DondDnlnnte Antltipnlion Disbursed Dalante

December 31, Notes Received Improvement Trllnsfers December 31,2012 !!!.!1m Miscelinneous AuthoriZlltlon~ Miscelilineous From To 2013

Capital Improvement Fund s 8.50 s 20,000.00 s 17,750.00 s 2,258.50

Improvement Authorizations:Ordinance

Number

10-05 Various Capital Improvements 1.91 s (49.00) 50.9111-6/

;j II-II Improvements to Catwba Avenue11-13 Purchase of a Fire Truck 17,729.90 17,729.9012-05 Various Improvements to Newfield

Public Library12-11 Various Capital Improvements 11,331.62 10,194.74 1,136.8812-13 Various Capital Improvements 625.91 324.68 301.2312-16 Acquisition of Capital Equipment 1,094.16 s 22,800.00 20,942.08 14.40 2,937.6813-03 Improvement to Municipal Buildings

and Computer Improvements 76,000.00 53,731.93 s 4,000.00 26,268.0713-04 Purchase of a Trash Truck and

All Apputenances 218,500.00 228,081.26 11,500.00 1,918.7413-05 Gorgo Lane Roadway Restoration 16,923.90 177,250.00 160,326.10

Grants Receivable (6,926.50) 175,000.00 (181,926.50)Contracts Payable 1,990.41 s 1,990.41 14.40 14.40

$ 25,855.91 s 317,300.00 s 20,000.00 s 330,149.59 s 1,990.41 s 192,764.40 s 192,764.40 s 31,015.91

EXHIBIT SC-3


Schedule of Grants ReceivableFor the Year Ended December 31, 2013

Balance Dec. 31. 2012 s 6.926.50Increased by:

New Jersey Department of Transportation Grant 175,000.00

181,926.50Decreased by:Grant Received

Balance Dec. 31. 2013 s 181.926.50

AgencyOrdinance

No. Amount

New Jersey Department of TransportationNew Jersey Department of Transportation

04-0913-05

s 6,926.50175,000.00

$ 181,926.50

73

EXHIBIT SC-4


Schedule of Deferred Charges To Future Taxation- Unfunded


A n a I 1: s i !I of BalanceFunded by

Balance Notes Paid Balance Bond UnexpendedOrdinance December 31, 2013 by Budget December 31, Anticipation ImprovementNumber 2012 Authorizations Appropriation W1 ~ Expenditures Authorization~

04·04 Acquisition of Capital Equipment s 8.130.00 s (3,295.00) s 4,835.00 s 4,835.00

04·09 Reconstruction of Madison Avenue 3,250.00 (1,550.00) 1,700.00 1,700.00

05·03 Purchase of Various Equipment 5,125.00 (1,775.00) 3,350.00 3.350.00

05·14 Municipal Complex Improvements 3,750.00 (950.00) 2,800.00 2,800.00

:ii! 06·09 Reconstruction of Rena Street 6.030.00 (1,235.00) 4,795.00 4,795.00

06-13 Purchase of Police Four-Wheel DriveVehicle 14,905.00 (3,000.00) 11,905.00 11,905.00

07·03 Improvements to Oakland Ave. 16,750.00 (3,300.00) 13,450.00 13,450.00

08-02 Improvements to Municipal Building& Purchase of Equipment 34,200.00 (5,700.00) 28,500.00 28,500.00

10·05 Various Capital Improvements 101,080.00 (12,635.00) 88.445.00 88,445.00

11·6111·11 Improvements to Catwba Avenue 51.300.00 (5,700.00) 45,600.00 45,600.00

11·13 Purchase ofa Fire Truck 380,000.00 380,000.00 s 380,000.00

12·05 Various Improvements to NewfieldPublic Library 68,400.00 (6,840.00) 61,560.00 61,560.00

12·11 Various Capital Improvements 51.775.00 (5,178.00) 46,597.00 46,597.00

12·13 Various Capital Improvements 66,500.00 (6,650.00) 59,850.00 59,850.00

General Capilli I Fund

Schedule of Deferred Charges To Future Taxation - Unfunded


OrdlnaneeNumber

12-16

13-03

13-04

13-05

Balance

December 31,

2012

Notes Pllid

by Budget

Appropriation

BalaneeDecember 31,

2013

2013

AuthoriZlllions

Acquisition of Capital Equipment $$ 22,800.00 22,800.00

Improvement to Municipal Buildingsand Computer Improvements s 76,000.00 76,000.00

Purchase ofa Trash Truck andAll Apputenances 218,500.00 218,500.00

Gorgo Lane Roadway Restoration 42,750.00 42.750.00

$ 833.995.00 S (57,808.00) $ 1,113,437.00337,250.00 s

Improvement Authotizations - Unfunded

Less: Unexpended Proceeds of Bond Anticipation Notes Issued:

Ordinance No. 10-05

Ordinance No. 12-11

Ordinance No. 12-13

Ordinance No. 12-16

Ordinance No. 13-03

Ordinance No. 13-04

A n II I Y sis of B 8 I a nee

Funded by

Dond

Anticipation

Notes

$ 22,800.00

76,000.00

218,500.00

Unexpended

Improvement

Expenditures AuthoriZlltions

$ 690.687.00 ==$=====

s 50.91

1.136.88

301.23

2.937.68

26.268.07

1.918.74

$ 42,750.00

$ 422,750.00

$ 455.363.51

32.613.51

$ 422,750.00

EXHIBIT SC·S


Schedule of Improvement AuthoriZiltionsFor the Year Ended December 31. 2013

10lJ Aut h 0 r i z a t ion sDeferredCharges

Balance Capital to Future BalanceOrdinllnce Ordinance Dec. 31, zeu Improvement TalUltioD· Paid or Dec. JI, 2013Number Improvement Description !!att Amount Funded Unrunded Fund Grants ~ Charged Funded !.!!!f!!!!!!ed

I()'()S Various Capital Improvements 2010 133,000.00 S 1.91 s (49.00) S 50.91

1[·13 Purchase of a Fire Truck 2011 400,000.00 s 17.729.90 380.000.00 S 17.729.90 380,000.00

12·11 Various Capital Improvements 2012 54.500.00 11,331.62 10,194.74 1.136.88

[2·13 Various Capital Improvements 2012 70,000.00 625.91 324.68 301.23

1416 Acquisition ofCapita[ Equipment 2012 24.000.00 1,094.16 22.800.00 20.956.48 2.937.680)

13-03 Improvement to Municipal Buildingsand Computer Improvements 2013 80,000.00 S 4.000.00 S 76,000.00 53.73193 26,268.07

13-04 Purchase of a Trash Truck andAll Apputenances 2013 230.000.00 11.500.00 218.500.00 228.081.26 1.918.74

13-05 Gorgo lane Roadway Restoration 2013 220.000.00 2.250.00 S 175,000.00 42.750.00 16.923.90 160.326.10 42,750.00

Total S 18.824.06 S 414.759.44 S 17,750.00 S 175.000.00 S 337,250.00 S 330.163.99 S 178.056.00 S 455.363.51

State NJTTTF s 175,000.00

Contracts Payable S 14.40Disbursed 330,149.59

S 330,163.99

EXHIBIT SC-6


Schedule of Capital Improvement FundFor the Year Ended December 31, 2013

Balance Dec. 31, 2012 $ 8.50Increased by:2013 Budget Appropriation Received from Current Fund 20,000.00

20,008.50Decreased by:Appropriations to Finance Improvement Authorizations 17,750.00

Balance Dec. 31, 2013 $ 2.258.50

EXHIBIT SC-7

Schedule of Contracts PayableFor the Year Ended December 31, 2013

Balance Dec. 31, 2012 $ 1,990.41Increased by:Charged to Improvement Authorizations 14.40


Disbursed 1,990.41

Balance Dec. 31, 2013 $ 14.40

rt

EXHIBIT SC-8


Schedule of Bond Anticipation NotesFor the Year Ended December 31,2013

Date ofIssue of Balance Balance

Ordinance Original Date of Date of Interest December 31, December 31,Number Iml!rovement Descrll!tion Note Issue Maturlb: R!!1£ !lli Increased Decreased 2013

04-04 Acquisition of Capital Equipment 6/14/05 5110112 519113 .95% $ 8,130.00 s 8,130.00518/13 SI7I14 .75% $ 4,835.00 s 4,835.00

04-09 Reconstruction of Madison Avenue 6/14/05 5/10112 S19/13 .95% 3,250.00 3,250.005/8/13 SI7I14 .75% 1,700.00 1,700.00

05-03 Purchase of Various Equipment 6/14/05 5/10112 519/13 .9S% S,12S.OO 5,125.00S/8/13 Sntl4 .7S% 3,350.00 3,350.00

.....(X) 05-14 Municipal Complex Improvements 6/8/06 5/10112 S19/13 .9S% 3,7S0.OO 3,7S0.OO

S/8/13 Sntl4 .7S% 2,800.00 2,800.00

06-09 Reconstruction of Rena Street 5124/07 S/I0112 S19/13 .9S% 6,030.00 6,030.00S/8/13 snn« .7S% 4,795.00 4,79S.00

06-13 Purchase of Police Four-Wheel DriveVehicle 5124/07 S/I0112 S19/13 .9S% 14,905.00 14,90S.00

S/8/13 SI7I14 .7S% 11,905.00 11,90S.OO

07-03 Improvements to Oakland Ave. S124/07 S/I0II2 SI9/13 .9S% 16,7S0.00 16,750.00S/8/13 SI7I14 .75% 13,450.00 13,450.00

08-02 Improvements to Municipal Building& Purchase of Equipment S120/08 5/10112 SI9/13 .95% 34,200.00 34,200.00

S/8/13 SI7I14 .75% 28,500.00 28,500.00

10-05 Various Capital Improvements S/I2110 5/10/12 S19/13 .95% 101,080.00 101,080.005/8/13 Snt14 .75% 88,445.00 88,44S.OO

11-6/11-11 Improvements to Catwba Avenue SIll/II S/I0112 5/9/13 .9S% 51,300.00 51,300.00S/8/13 Sntl4 .7S% 45,600.00 45,600.00

EXHIBIT SC-8


Schedule of Bond Anticipation NotesFor the Ycar Ended December 31. 2013

Date orIssue or Balance Balance

Ordinance Original Date or Date or Interest December 31, December 31,Number Improvement Description Note ~ Maturity !!!! 1!!!l Increased Decreased 2013

12-05 Various Improvements to NewfieldPublic Library 5/10112 5/10/12 519/13 .95% s 68,400.00 $ 68.400.00

5/8/13 5ntl4 .75% s 61.560.00 $ 61.560.00

12-11 Various Capital Improvements 8/16112 8/16112 519/13 1.15% 51.775.00 51.775.005/8113 snn« .75% 46.597.00 46,597.00

..... 12-13 Various Capital Improvements 8/16112 8/16/12 S/9/13 I.IS% 66.SOO.OO 66.SOO.OOU) S/8/13 smw .75% 59.850.00 59.8S0.OO

12-16 Acquisition of Capital Equipment 5/8/13 5/8/13 Sntl4 .75% 22.800.00 22.800.00

13-03 Improvement to Municipal Buildingsand Computer Improvements 5/8/13 5/8/13 517114 .75% 76,000.00 76,000.00

13-04 Purchase of a Trash Truck andAll Apputenances 5/8/13 S/8/13 517114 .75% 218.500.00 218.S00.OO

Total $ 431.195.00 s 690,687.00 $ 431,195.00 s 690,687.00

Renewals - Received/Disbursed in Current Fund s 373,387.00 s 373,387.00Issued for Cash 317,300.00Paid by Budget Appropriation 57,808.00

s 690.687.00 $ 431,195.00

EXHIBIT SC-9


Statement of Bonds And Notes Authorized But Not IssuedFor the Year Ended December 31, 2013

BondBalance Anticipation Balance

Ordinance December 31, 2013 Notes December 31,Number Improvement Description 2012 Authorizations Issued 2013

11-13 Purchase of a Fire Truck $ 380,000.00 $ 380,000.00

12-16 Acqusition of Capital Equipment 22,800.00 $ 22,800.00

CD0 13-03 Improvement to Municipal Buildings

and Computer Improvements $ 76,000.00 76,000.00

13-04 Purchase of a Trash Truck andAll Apputenances 218,500.00 218,500.00

13-05 Gorgo Lane Roadway Restoration 42,750.00 42,750.00

$ 402,800.00 $ 337,250.00 $ 317,300.00 $ 422,750.00

WATER UTILITY FUND

Exhibit SD-I


Schedule of Cash - TreasurerFor the Year Ended December 31,2013

Operating Fund Capital Fund

Balance Dec. 31, 2012 s 109,119.65 $ 33,182.35Increased by Receipts:Consumer Accounts Receivable $ 269,451.76Prepaid Rents 1,194.87Miscellaneous Revenues Not Anticipated 11,266.35Due to Water Utility Operating Fund $ 31,228.93Bond Anticipation Notes 600,000.00

281,912.98 631,228.93

391,032.63 664,411.28Decreased by Disbursements:2013 Appropriations 304,533.392012 Appropriation Reserves 367.97Accrued Interest on Bond Anticipation Notes 3,571.90Due from Water Utility Capital Fund 31,228.93Improvement Authorizations 663,633.15Contracts Payable 778.13

339,702.19 664,411.28

Balance Dec. 31, 2013 $ 51,330.44 $

Reconciliation Dec. 31s 2013Newfield National Bank

Account No.:0018132011 $ 28,422.41Add: Deposits in Transit 4,355.74

$ 32,778.15

Account No.:0001050897 104,181.95Less: Outstanding Checks (85,629.66)

18,552.29

$ 51,330.44

Recapitulation of Balances Dec. 31s 2013Operating Fund S 51,330.44Capital Fund

$ 51,330.44

82

EXHIBIT SD-2

BOROUGH OF NEWFIELDWater Utility Capital Fund

Analysis of CashFor the Year Ended December 31, 2013

ReceivedBond Disbuned

Balance Anticipation Improvement Transfers BalanceDee. 31. 2012 Notes Issued Misceilianeau5 Authorizations Miscelllaneaus From To Dee. 31. 2013

Fund Balance $ $Capitallmprovcment Fund 1,742.70 1,742.70

Improvement Authorizations:OrdinanceNumber

\t04 Improvements to Water Utility System 3.65 3.6511-12 Preliminary Well #5 Remediation Fees 30,657.87 $ 25,726.25 4.931.6213-01 Construction of a Radium Removal

Treatment Facility for Well #5 s 600,000.00 637,906.90 s 311,175.05 (349,081.95)

Contracts Payable 778.13 s 778.13 s 311,175.05 311,175.05

Due to Water Utility Operating Fund s 31.228.93 31,228.93

s 33.182.35 $ 600.000.00 $ 31.228.93 s 663.633.15 s 778.13 s 311.175.05 $ 311.175.05 $ {O.OOl

EXHIBIT 8D-3


Schedule of Change FundsDecember 31, 2013

Amount

Utility Collector s 100.00

84


Schedule of Consumer Accounts ReceivableFor the Year Ended December 31, 2013

EXHIBIT SD-4

Balance Dec. 31, 2012Increased by:Water Rents Levied in 2013

Decreased by:CollectionPrepaid Applied

Balance Dec. 31, 2013

85

$ 269,451.761,606.84

$ 24,440.79

269,542.25

293,983.04

271,058.60

$ 22,924.44

EXHIBIT SD-S


Schedule of Fixed CapitalFor the Year Ended December 31, 2013

Balance BalanceDecember 31, December 31,

2012 Additions 2013

Distribution Mains $ 425,414.95 $ 425,414.95Meters, Meter Boxes and Values 108,399.73 108,399.73General Equipment 96,205.15 96,205.15Pumping Equipment 29,329.79 29,329.79Fire Hydrants 6,253.85 6,253.85Chlorination Equipment 14,156.80 14,156.80Water Wells 208,501.97 208,501.97Volumetric Hydrated Line Feeder 12,674.29 12,674.29Water Supply System Project 3,499.75 3,499.75Storage Tank, Pumping House Well and Mains 726,841.07 726,841.07

$ 1,631,277 .35 $ $ 1,631,277.35

86

Exhibit SD-6


Statement of Fixed Capital Authorized and UncompletedFor the Year Ended December 31, 2013

Balance BalanceOrdinance Ordinance December 31, 2013 December 31,

Number Improvement Description Date Amount 2012 Authorizations ~

5-01 Improvements to Water Utility System 4-12-05 $ 130,000.00 $ 130,000.00 s 130,000.00

6-14 Improvements to Water Utility System 11-14-06 25,000.00 25,000.00 25,000.00

7-01 Purchase of Equipment and Improvementsto Water Utility System 3-13-07 150,000.00 150,000.00 150,000.00


01)

10-04 Improvements to Water Utility System 5-11-10 66,500.00 70,000.00 70,000.00.....

12-07 Acquisition of Equipment and RelatedImprovements 4-10-12 55,000.00 55,000.00 55,000.00

12-12 Preliminary Well #5 Remediation Fees 6-12-12 110,000.00 110,000.00 110,000.00

13-01 Construction of a Radium RemovalTreatment Facility for Well #5 2-14-13 1,015,000.00 s 1,015,000.00 1,015,000.00

s 560,000.00 s 1,015,000.00 s 1,575,000.00

EXHIBIT SD-7


Schedule of2012 Appropriation ReservesFor the Year Ended December 31, 2013

BalanceDec.31l12012 Balance

Reserved Encumbered Disbursed LagsedOperating:

Salaries & Wages $ 1,050.61 $ 1,050.61Other Expenses $ 417.97 $ 367.97 50.00

Statutory Expenditures:Social Security System (O.A.S.!.) 854.73 854.73Unemployment Compensation Insurance 68.08 68.08

$ 1,973.42 $ 417.97 $ 367.97 $ 2,023.42

88

EXHIBIT SD-8

BOROUGH OF NEWFIELDWater Utility Operating FundSchedule of Prepaid Water Rents



Prepaid Rents 1,194.87

2,801.71Decreased by:Applied to Consumer Accounts Receivable s 1,606.84Refunded

1,606.84

Balance Dec. 31, 2013 s 1,194.87

89

EXHIBIT SD-9


Schedule of Accrued Interest PayableFor the Year Ended December 31, 2013


2013 Accrued Interest 4,125.21


Interest Paid 3,571.90

Balance Dec. 31, 2013 $ 2,690.54

Analysis of Accrued Interest December 31. 2013

PrincipalOutstanding InterestDec. 31. 2013 Rate From To Period Amount

Bond Anticipation Notes (Capital)$ 335,350.00 .75% 5/9/13 12131/13 231 Days $ 1,613.87

600,000.00 .85% 10/16/13 12/31113 134 Days 1,076.67

$ 2,690.54

90

EXlRBIT SD-I0

BOROUGII or NEWFIEl.DWater UCWty Capital Fuud

Schedule oflmprovemcnt Authorimtions

For the Year Ended December 31. 2013

OJ'lliDame

~ Impro\'mIrIIf Description

104t Jmprovcmenls to Water Utility System

12-12 Preliminary WeD 115Remediation Fees

13-01 Consuuaion ofa Radium Removal

Treatment F~ility for WeD #5

CD.....

2013 AulhorizatlolllB~ Capital D~r~rml Paid Prior Yair Ba1a~

Onll_ Pre. 31. 2012 Improwmad Cbarva10 or Enc:umhl'llDtr Pre. 31_ 2013

I!!!£ &!!2!!!!t E!!!!!!!I. llpfupded fJ!!!!l Futurr Rn'mUr 9!!m!!. Cantded !!l!!!!.s!! Unfunded

5-11-10 $ 70,000.00 $ 3.65 $ 3.65

6-12-12 110,000.00 30,657.87 $ 25,726.25 4,931.62

2-14-13 1,015,000.00 $ 1,01 5,000.00 949,081.95 65,918.05

S S 30,661.52 S S 1,015,000.00 S 974,808.20 S S S 70,853.32

Conlrads Payable S 311,175.05

Disbursod 663,633.15

S 974,808.20

EXHIBIT SO-II


Schedule of Contracts PayableFor the Year Ended December 31, 2013

Balance Dec. 31, 2012 $ 778.13Increased by:Charged to 2013 Improvement Authorizations 311,175.05


Payments $ 778.13Canceled

778.13

Balance Dec. 31, 2013 $ 311,175.05

92

EXHIBIT SD-12


Schedule of Capital Improvement FundFor the Year Ended December 31,2013

Balance Dec. 31, 2012 and 2013 $ 1,742.70

EXHIBIT SD-13

Water Utility Capital FundSchedule of Reserve for Amortization


Balance Dec. 31, 2012 and 2013 $ 1,631,277.35

93

EXHIBIT 8D-14


Schedule of Deferred Reserve for AmortizationFor the Year Ended December 31, 2013

Ordinance Date of Balance BalanceNumber Improvement Description Ordinance Dec. 31. 2012 Increased Dec. 31. 2013

General Improvements:

5-01 Improvements to Water Utility System 4-12-05 $ 86,000.00 $ 14,700.00 $ 100,700.00


7-01 Purchase of Equipment and Improvements~ to Water Utility System 3-13-07 64,400.00 17,200.00 81,600.00



12-07 Acquisition of Equipment and RelatedImprovements 4-10-12 5,500.00 5,500.00

Total $ 175,450.00 $ 49,200.00 $ 224,650.00

EXIIIBIT SD-15

BOROUGH OF NEW ..•n:LD

Wllter Utility Capitllll1und

Schedule of Bond Anticipation NotesFor the Year Ended December 31,2013

Dllteof

Issue of Blliance BalanceOrdinance Original Date of Date of Interest December 31, Deeember 31,Number Improvement Description Note Issue Maturity Rote 2012 Increased DeerellSed ~

5-01 Improvements 10 Water Utility Syslem 6/14105 5/10112 519113 .95% S 44,000.00 S 44,000.00518/13 5ntl4 .75% S 29,300.00 S 29,300.00

6·14 Improvements 10 Water Utility System 5124107 5/10/12 519113 .95% 13,000.00 13,000.00518/13 5ntl4 .75% 9,750.00 9.750.00

7-01 Purchase of Equipment ODd Improvemcuts

10 Water Utility System 5124/07 5/10112 519113 .95% 85,600.00 85,600.00518/13 5ntl4 .75% 68,490·00 68,400.00

CD(1'1

10-()1 Improvements to Water Utility System 5/12110 5/10112 519113 .95% 17,100.00 17,100.00518113 5ntl4 .75% 15,200.00 15,200.00

10-04 Improvements to Water Utility System 5/12110 5/10112 519113 .95% 59,850.00 59,850.00518/13 5nt14 .75% 53,200.00 53,200.00

12-07 Acquisition of Equipment and Related

Improvc:mcnts 5/10112 5/10112 519113 .95% 55.000.00 55,000.00518/13 5nt14 .75% 49,500.00 49.500.00

12·12 Prdimill8l)' Well 115 Remediation Fees 8/16112 5/10112 519/13 .95% 110.000.00 110,000.00518/13 5nt14 .75% 110,000.00 110,000.00

13-01 ConstzucIion of a Radiwn Removal

Trmlmcnt Facility for Well liS 10/16/13 10/16/13 2114/14 .85% 600,000.00 600,000.00

Total S 384,550.00 S 935,350.00 S 384,550.00 S 935,350.00

Renewals s 335,350.00 S 335,350.00Issued for Cash 600,000.00Paid by Budget Appropriation 49,200.00

s 935,350.00 S 384,550.00

EXHIBIT SD-16


Statement of Bonds And Notes Authorized But Not IssuedFor the Year Ended December 31, 20 I3

BondBalance Anticipation Balance

Ordinance December 31, 2013 Notes December 31,Number Improvement Description 2012 Authorization Issued 2013

13·01 Construction of a Radium RemovalTreatment Facility for Well #5 $ 1,015,000.00 s600,000.00 $ 415,000.00

96

BOROUGH OF NEWFIELD

PART II

Schedule of Findings and Recommendations


BOROUGH OF NEWFIELDSchedule of Findings and Questioned Costs


Schedule of Financial Statement Findings

This section identifies the reportable conditions, material weaknesses, and instances of noncompliance related to thefinancial statements that are required to be reported in accordance with Government Auditing Standards and withrequirements as prescribed by the Division of Local Government Services, Department of Community Affairs, State ofNew Jersey.

Finding #2013-1

Condition:A calculation of the actuarially calculated Other Post Employment Benefits (OPEB) obligation for the future cost ofhealth care, dental and prescription benefit insurance coverage to be funded by the Borough for certain employees was notobtained.

Criteria:As described in the New Jersey Department of Community Affairs' Local Finance Notice 2007-15, GovernmentAccounting Standards Board Statement No. 45 requires an actuarial calculation of Other Post Employment Benefits(OPEB) to be performed and disclosed in the Notes to the Financial Statements.

Effect:The OPEB disclosure included in the Notes to the Financial statements does not include a calculation of the future cost ofproviding health care, dental and prescription benefit insurance coverage for certain employees.

Cause:Oversight.

Recommendation:That the Borough obtain the actuarially calculated Other Post Employment Benefits (OPE B) obligation for the future costof health care, dental and prescription benefit insurance coverage funded by the Borough for certain employees.

View of Responsible Officials and Planned Corrective Action:The responsible officials agree with the finding and will address the matter as part of their corrective action plan.

98

BOROUGH OF NEWFIELDScbedule of Findings and Questioned Costs

For tbe Year Ended December 31,2013

Schedule of Financial Statement Findings

Finding #2013-2

Condition:One Current Fund budget appropriation was overexpended as of December 31, 2013.

Criteria or specific requirement:N.J.S.A. 40A:5-17a. requires that an approval officer be designated to approve claims of a municipality,including ascertaining the existence of proper and sufficient appropriations for payments and determining legalauthority for the payments.

Context:Lack of proper budgeting to assure funds are available before commitment is made.

Effect:The budget appropriation resulted in a deferred charge in the amount of $15,501.36 required to be appropriatedin the 2014 budget.

Recommendation:That no expenditure be committed or incurred without an available budget appropriation.

View of Responsible Official and Planned Corrective Action:The responsible officials agree with the finding and will address the matter as part of the corrective action plan.

99

BOROUGH OF NEWFIELDSchedule of Findings and Questioned Costs


Schedule of Federal Awards and State Financial AssistanceFindings and Questioned Costs

This section identifies audit findings required to be reported by section .510(a) of Circular A-l33 and New JerseyOMB's Circular 04-04.

FEDERAL AWARDS

A federal single audit was not required.

STATE AWARDS

A state single audit was not required.

100

BOROUGH OF NEWFIELDSummary Schedule of Prior Year Audit Findings

And Recommendations as Prepared by Management

This section identifies the status of prior year findings related to the financial statements and federal and state grantawards that are required to be reported in accordance with Government Auditing Standards and New Jersey OMB'sCircular 04-04.

FINANCIAL STATEMENT FINDINGS

Finding #2012-1

Condition:A calculation of the actuarially calculated Other Post Employment Benefits (OPEB) obligation for the future cost ofhealth care, dental and prescription benefit insurance coverage to be funded by the Borough for certain employeeswas not obtained.

Current Status:The condition has not been corrected.

FEDERAL AWARDS

A Federal Single Audit was not required.

STATE AWARDS

A State Single Audit was not required.

101

BOROUGH OF NEWFIELD

OFFICIALS IN OFFICE AND SURETY BONDS

The following officials were in office during the period under audit.

Amountof

Bond

NameOf

Surety

Joseph J. Curcio, IIIMichael CarrowHarold DownCharles D. Grova, Jr.Everett Marshall, IIIFranklin MartinelliDonald Sullivan

MayorCouncil PresidentCouncilmanCouncilmanCouncilmanCouncilmanCouncilman

(A)(A)(A)(A)(A)(A)(A)

Robert E. Scharle'Lawrence NightlingerJohn Eastlack, Esq.Debra Perrone-Hyder

Borough Administrator, Borough Clerk,Construction Code Clerk, Registrar ofVital Statistics, Municipal ImprovementSearch Officer, Dog License OfficialChief Financial OfficerTax CollectorSolicitorWater Clerk, Deputy Borough Clerk,Deputy Register of Vital StatisticsConstruction Code Official, ZoningOfficer

(A)(A)(A)

Toni VanCamp

John M. Eckler, Jr.(A)

(A)

(A) Employees are covered by the public employees honesty Blanket Bond with the Atlantic County MunicipalJoint Insurance Fund in the amount of $50,000 and an excess liability bond in the amount of $950,000 withthe Municipal Excess Liability Fund.

102

ACKNOWLEDGMENT

I express my appreciation for the assistance and courtesies extended to the audit team by the Borough Officialsduring the course of the audit.



{)t PA-Robert P. InversoCertified Public AccountantRegistered Municipal Accountant

April 17, 2014

103

Documents

BOROUGH OF NEWFIELD County of Gloucester Report … · Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements