Borough of Pine Beach

Report of Audit

on the

Financial Statements

of the

Borough of Pine Beach

in the

County of Ocean

New Jersey

for the

Year Ended December 31, 2018

PARTI

Independent Auditor's Report

BOROUGH OF PINE BEACH

IN DEX

Independent Auditors Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Independent Auditor's Report

Schedule of Findings and Recommendations Reported under Government Auditing Standards for the Year Ended December 31, 2018

Financial Statements - Regulatory Basis

Current Fund:

Balance Sheets - Regulatory Basis Statements of Operations and Change in Fund Balance - Regulatory Basis Statement of Revenues - Regulatory Basis - Year Ended December 31, 2018 Statement of Expenditures - Regulatory Basis - Year Ended December 31, 2018

Trust Fund:

Balance Sheets - Regulatory Basis

General Capital Fund:

Balance Sheets - Regulatory Basis Statement of Fund Balance - Regulatory Basis

Water Utility Fund:

Balance Sheets - Regulatory Basis Statements of Operations and Change in Fund Balance - Regulatory Basis Statement of Fund Balance - Regulatory Basis - Capital Fund Statement of Revenues - Regulatory Basis - Year Ended December 31, 2018 Statement of Expenditures - Regulatory Basis - Year Ended December 31, 2018

Sewer Utility Fund:

Balance Sheets - Regulatory Basis Statements of Operations and Change in Fund Balance - Regulatory Basis Statement of Fund Balance - Regulatory Basis - Capital Fund Statement of Revenues - Regulatory Basis - Year Ended December 31, 2018 Statement of Expenditures - Regulatory Basis - Year Ended December 31, 2018

Public Assistance Trust Fund:


General Fixed Asset Account Group:


PAGES

1-3

4-5

6

EXHIBITS

"A" "A-1" "A-2" "A-3"

"B"

"C" "C-1"

"D" "D-1" "D-2" "D-3" "D-4"

"E" "E-1" "E-2" "E-3" "E-4"

"F"

"H"


I N DEX (CONTINUED)

Notes to Financial Statements - Year Ended December 31, 2018

Current Fund:

Schedule of Cash -Treasurer Schedule of Cash - Collector Schedule of Change Funds Schedule of Petty Cash

Supplementary Schedules - All Funds

Schedule of Taxes Receivable and Analysis of Property Tax Levy Schedule of Due from State of New Jersey Chapter 20, P.L. 1971 Schedule of Property Acquired for Taxes (at Assessed Valuation) Schedule of Grants Receivable Schedule of Revenue Accounts Receivable Schedule of lnterfunds - Current Fund Schedule of Deferred Charges - N.J.S. 40A:4-53 Special Emergencies Schedule of 2017 Appropriation Reserves Schedule of Redemption of Outside Liens Schedule of Prepaid Taxes Schedule of Tax Overpayments Schedule of County Taxes Payable Schedule of Regional School Tax Payable Schedule of Encumbrances Payable Schedule of Reserve for Revaluation Schedule of Reserve for Reassessment Schedule of Accounts Payable Schedule of Grants Appropriated Schedule of Grants Unappropriated Schedule of lnterfunds - Grant Fund

Trust Fund:

Schedule of Cash - Treasurer Schedule of Reserve for Animal Control Trust Fund Expenditures Schedule of Due State of New Jersey Schedule of lnterfunds for Animal Control Trust Fund Schedule of lnterfunds for Trust Other Fund Schedule of Miscellaneous Reserves


Schedule of Cash - Treasurer Analysis of Cash Schedule of Grants Receivable Schedule of Reserve for Preliminary Costs Schedule of Deferred Charges to Future Taxation - Funded

PAGES

7-43

EXHIBITS

"A-4" "A-5" "A-6" "A-7" "A-8" "A-9" "A-10 "A-11"" "A-12" "A-13" "A-14" "A-15" "A-16" "A-17" "A-18" "A-19" "A-20" "A-21" "A-22" "A-23" "A-24" "A-25" "A-26" "A-27"

"B-1" "B-2" "B-3" "B-4" "B-5" "B-6"

"C-2" "C-3" "C-4" "C-5" "C-6"

General Capital Fund (Continued):


I N D E X (CONTINUED)

Schedule of Deferred Charges to Future Taxation - Unfunded Schedule of lnterfunds Schedule of Capital Improvement Fund Schedule of Improvement Authorizations Schedule of Bond Anticipation Notes Schedule of Green Acres Loan Payable Schedule of USDA Loan Payable Schedule of Serial Bonds Payable Schedule of Reserve for Debt Service Schedule of Contracts Payable Schedule of Deferred Charges Schedule of Bonds and Notes Authorized But Not Issued

Water Utility Fund:

Schedule of Cash - Treasurer Schedule of Cash - Collector - Operating Fund Schedule of Change Funds - Operating Fund Schedule of Analysis of Cash - Capital Fund Schedule of Consumer Accounts Receivable - Operating Fund Schedule of 2017 Appropriation Reserves - Operating Fund Schedule of Overpaid/Prepaid Water Rents - Operating Fund Schedule of Accrued Interest on Notes and Loans - Operating Fund Schedule of lnterfunds - Operating Fund Schedule of Fixed Capital - Capital Fund Schedule of Fixed Capital Authorized and Uncompleted - Capital Fund Schedule of Contracts Payable - Capital Fund Schedule of Capital Improvement Fund - Capital Fund Schedule of Improvement Authorizations - Capital Fund Schedule of Bond Anticipation Notes - Capital Fund Schedule of Loan Payable - Capital Fund Schedule of Reserve for Amortization - Capital Fund Schedule of Deferred Reserve for Amortization - Capital Fund Schedule of lnterfund - Current Fund - Capital Fund Schedule of Bonds and Notes Authorized But Not Issued - Capital Fund

Sewer Utility Fund:

Schedule of Cash - Treasurer Schedule of Cash - Collector - Operating Fund Schedule of Change Funds - Operating Fund Schedule of Analysis of Cash - Capital Fund Schedule of Consumer Accounts Receivable - Operating Fund Schedule of 2017 Appropriation Reserves - Operating Fund Schedule of Overpaid/Prepaid Sewer Rents - Operating Fund Schedule of Accounts Payable - Operating Fund Schedule of Accrued Interest on Loans - Operating Fund Schedule of lnterfunds - Operating Fund Schedule of lnterfunds - Capital Fund

EXHIBITS

"C-7" "C-8" "C-9" "C-10" "C-11" "C-12" "C-13" "C-14" "C-15" "C-16" "C-17" "C-18"

"D-5" "D-6" "D-7" "D-8" "D-9" "D-10" "D-11" "D-12" "D-13" "D-14" "D-15" "D-16" "D-17" "D-18" "D-19" "D-20" "D-21" "D-22" "D-23" "D-24"

"E-5" "E-6" "E-7" "E-8" "E-9" "E-10" "E-11" "E-12" "E-13" "E-14" "E-15"

Sewer Utility Fund (Continued):


I N DEX (CONTINUED)

Schedule of Fixed Capital - Capital Fund Schedule of Fixed Capital Authorized and Uncompleted - Capital Fund Schedule of Capital Improvement Fund - Capital Fund Schedule of Improvement Authorizations - Capital Fund Schedule of Loan Payable - Capital Fund Schedule of Reserve for Amortization - Capital Fund Schedule of Reserve for Deferred Amortization - Capital Fund Schedule of Reserve for Replacement Fund - Capital Fund Schedule of Bonds and Notes Authorized But Not Issued - Capital Fund

Public Assistance Trust Fund:

Schedule of Public Assistance Cash - Treasurer Schedule of Public Assistance Cash and Reconciliation per N.J.S.A. 40A:5-5 Schedule of Public Assistance Cash and Reconciliation for the Year Ended

December 31, 2018

PART II

Statistical Data

Officials in Office and Surety Bonds

General Comments and Recommendations

EXHIBITS

"E-16" "E-17" "E-18" "E-19" "E-20" "E-21" "E-22" "E-23" "E-24"

"F-1" "F-2"

"F-3"

PAGES

44-49

50

51-55


PARTI

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF FINANCIAL STATEMENTS

AND SUPPLEMENTARY SCHEDULES AND DATA

REPORTS ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS

BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

FINANCIAL STATEMENTS - REGULATORY BASIS -ALL FUNDS

NOTES TO FINANCIAL STATEMENTS- REGULATORY BASIS

SUPPLEMENTARY SCHEDULES - ALL FUNDS

YEAR ENDED DECEMBER 31 I 2018

SuPLEE, CLOONEY & COMPANY CERTIFIED PUBLIC ACCOUNTANTS

308 East Broad Street, Westfield, New Jersey 07090-2122

Telephone 908-789-9300 Fax 908-789-8535

E-mail [email protected]

INDEPENDENT AUDITOR'S REPORT

The Honorable Mayor and Members of the Borough Council

Borough of Pine Beach County of Ocean Pine Beach, New Jersey 087 41

Report on the Financial Statements

We have audited the accompanying balance sheets - regulatory basis of the various individual funds and account group of the Borough of Pine Beach, as of December 31, 2018 and 2017, 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 and statement of expenditures - regulatory basis of the various individual funds for the year ended December 31, 2018, and the related notes to the financial statements, which collectively comprise the Borough's regulatory financial statements as listed in the table of contents.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with the regulatory basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatements, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these regulatory financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America, the audit requirements prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey (the "Division"), and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

1

SuPLEE, CLooNEY & COMPANY

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the regulatory financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Borough of Pine Beach's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Borough of Pine Beach's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the regulatory financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

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

As described in Note 1 of the regulatory financial statements, the regulatory financial statements are prepared by the Borough of Pine Beach on the basis of the financial reporting provisions prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of New Jersey.

The effects on the financial statements of the variances between the regulatory basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the "Basis for Adverse Opinion on U.S Generally Accepted Accounting Principles" paragraph, the financial statements referred to above do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the various individual funds and account group of the Borough of Pine Beach as of December 31, 2018 and 2017, or the results of its operations and changes in fund balance for the years then ended of the revenues or expenditures for the year ended December 31, 2018.

Opinion on Regulatory Basis of Accounting

In our opinion, the regulatory financial statements referred to above present fairly, in all material respects, the regulatory basis balances sheets of the various individual funds and account group as of December 31, 2018 and 2017, the regulatory basis statements of operations and changes in fund balance for the years then ended and the regulatory basis statements of revenues and expenditures and changes in fund balances for the year ended December 31, 2018 in accordance with the basis of financial reporting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey as described in Note 1.

2

SuPLEE, CLOONEY & CoMPANY

Other Matters

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Borough of Pine Beach's regulatory financial statements. The supplementary information and data listed in the table of contents as required by the Division of Local Government Services, Department of Community Affairs, State of New Jersey are presented for purposes of additional analysis and are not a required part of the regulatory financial statements.

The supplemental information and schedules listed above and also listed in the table of contents are the responsibility of management and were derived from and relates directly to the underlying accounting and other records used to prepare the regulatory financial statements. Such information has been subjected to the auditing procedures applied in the audit of the regulatory financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the regulatory financial statements or to the regulatory financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplemental information listed and data in the table of contents are fairly stated, in all material respects, in relation to the regulatory financial statements as a whole.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated August 14, 2019 on our consideration of the Borough of Pine Beach's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Borough of Pine Beach's internal control over financial reporting and compliance.

~fic~TA:ft•7 v{__ '-;),,. ~-

August 14, 2019

3

SuPLEE, CLOONEY & CoMPANY CERTIFIED PUBLIC ACCOUNTANTS

308 East Broad Street, Westfield, New Jersey 07090-2122

Telephone 908-789-9300 Fax 908-789-8535

E-mail [email protected]

INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS

BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

The Honorable Mayor and Members of the Borough Council

Borough of Pine Beach County of Ocean Pine Beach, New Jersey 08741

We have audited, in accordance with the auditing standards generally accepted in the United States of America, the audit requirements prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the regulatory financial statements of the various individual funds and the account group of the Borough of Pine Beach, as of and for the year ended December 31, 2018, and the related notes to the financial statements, which collectively comprise the Borough's regulatory financial statements, and have issued our report thereon dated August 14, 2019. Our report disclosed that, as described in Note 1 to the financial statements, the Borough of Pine Beach prepares its financial statements on a basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with a modified accrual basis and the budget laws of the State of New Jersey, which is a comprehensive basis of accounting other than U.S. generally accepted accounting principles.

Internal Control Over Financial Reporting

In planning and performing our audit of the regulatory financial statements, we considered the Borough's control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements but not for the purpose of expressing an opinion on the effectiveness of the Borough's internal control. Accordingly, we do not express an opinion on the effectiveness of Borough's internal control.

4

SuPLEE, CLOONEY & COMPANY

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the Borough's financial statements will not be prevented, or detected and corrected on a timely basis. We consider deficiency 2018-01 which is described in the accompanying Schedule of Findings to be a material weakness.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that have not been identified. However, as described in the accompanying Schedule of Findings, we identified certain deficiencies that we consider to be material weaknesses. We also noted other matters involving internal control that we have reported to the Borough of Pine Beach in the General Comments and Recommendations Section of this report.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Borough's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed instances of noncompliance or other matters that are required to be reported under Government Auditing Standards, which are described in the accompanying schedule of findings as item 2018-02. We also noted other instances of noncompliance which are discussed in Part 11, General Comments and Recommendations Section of this report.

Borough of Pine Beach's Response to Findings

The Borough of Pine Beach's response to the findings identified in our audit will be described in the Borough's Corrective Plan on file in the Borough Clerk's Office. We did not audit the Borough's response and, accordingly, we express no opinion on it.

Purpose of This Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of 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 in considering the Borough's internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

August 14, 2019

5

SCHEDULE OF FINDINGS AND RECOMMENDATIONS REPORTED UNDER GOVERNMENT AUDITING STANDARDS

FOR THE YEAR ENDED DECEMBER 31, 2018

Internal Control

#2018-01 - General Ledger

General Ledgers were not maintained for all funds in accordance with the provisions of N.J.A.C. 5:30-5.7. The General Ledger is a permanent fiscal record which provides a summary of all financial transactions as they have been recorded in the books of original entry utilizing a double entry accounting system. Through the use of a general ledger, the books of original entry and supporting subsidiary ledgers, the financial statements would be prepared.

We recommend that General Ledgers be accurately maintained for all funds.

Compliance

#2018-02

As discussed in detail in finding #2018-01 the Borough of Pine Beach has significant deficiencies in the design and operation of its internal control over financial reporting and was not in compliance with the provisions of N.J.A.C. 5:30-5.7.

6

THIS PAGE INTENTIONALLY LEFT BLANK

CURRENT FUND

11A" SHEET#1


CURRENT FUND

BALANCE SHEETS - REGULATORY BASIS

BALANCE BALANCE DECEMBER DECEMBER

REF. 31,2018 31. 2017

ASSETS

Current Fund: Cash - Treasurer A-4 $ 905,311.01 $ 812,324.47 Cash - Change Fund A-6 150.00 150.00 Due from State of New Jersey Ch. 20, P.L. 1971 A-9 657.71 1,407.71

906,118.72 813,882.18

Receivables and Other Assets With Full Reserves: Delinquent Property Taxes Receivable A-8 90,980.46 46,738.12 Property Acquired for Taxes - Assessed Valuation A-10 13,587.00 13,587.00 Revenue Accounts Receivable A-12 785.30 1,185.24 lnterfunds Receivable A-13 12,342.75 30,316.46 Prepaid Regional School Tax A-20 16,259.56 14,383.02

A 133,955.07 106,209.84

Deferred Charges: Overexpenditure of Appropriations A-14 1,276.59 6,910.22 Overexpenditure of Appropriation Reserves A-14 429.27 Emergency Authorization (40A: 4-46) A-14 35,000.00

36,276.59 7,339.49 1,076,350.38 927,431.51

Grant Fund: lnterfunds Receivable A-27 71,298.11 81,807.97 Grants Receivable A-11 44,426.15 33,942.72

115,724.26 115,750.69

$ 1, 192,07 4.64 $ 1,043, 182.20

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

nA"

SHEET#2


CURRENT FUND



REF. 31,2018 31,2017

LIABILITIES, RESERVES AND FUND BALANCE

Current Fund: Appropriation Reserves A-3:A-15 $ 201,780.33 $ 135,953.55 lntertunds Payable A-13 119,801.21 102,682.69 Accounts Payable A-24 6,601.85 6,601.85 Prepaid Taxes A-17 65,372.19 178,966.87 County Taxes Payable A-19 6,144.50 Encumbrances Payable A-21 42,627.15 36,483.31 Reserve for: Police Outside Overtime A-13 19,602.00 Revaluation A-22 6,970.06 6,970.06 Reassessment A-23 7,276.72 7,276.72

456,574.01 494,537.05 Reserves for Receivables A 133,955.07 106,209.84 Fund Balance A-1 485,821.30 326,684.62

1,076,350.38 927,431.51

Grant Fund: Reserve for: Encumbrances A-21 1,783.73 2,932.77 Grants Appropriated A-25 111,128.78 95,322.63 Grants Unappropriated A-26 2,811.75 17,495.29

115,724.26 115,750.69

$ 1, 192,07 4.64 $ 1,043, 182.20



CURRENT FUND

STATEMENTS OF OPERATIONS AND CHANGE IN FUND BALANCE- REGULATORY BASIS

YEAR ENDED YEAR ENDED DECEMBER DECEMBER

REF. 31.2018 31.2017

REVENUE AND OTHER INCOME REALIZED Fund Balance Utilized A-2 $ 225,000.00 $ 200,000.00 Miscellaneous Revenue Anticipated A-2 456,199.01 447,121.00 Receipts from Delinquent Taxes A-2 47,138.12 70,825.94 Receipts from Current Taxes A-2 5,780, 195.97 5,609,004.74 Non-Budget Revenue A-2 192,198.15 52,848.12 Other Credits to Income: Unexpended Balance of Appropriation Reserves A-15 116,590.26 137,280.97

Prepaid School Taxes Returned A-20 1, 137.54 Total Income $ 6,817,321.51 $ 6,518,218.31

EXPENDITURES Budget Appropriations: Appropriations Within "CAPS" Operations A-3 $ 1,719,076.59 $ 1,634,550.00 Deferred Charges and Statutory Expenditures A-3 219,906.42 204,690.22

Appropriations Excluded From "CAPS" Operations A-3 124,711.51 109,595.96 Capital Improvements A-3 50,500.00 27,000.00 Debt Service A-3 542,040.39 559,875.50 Deferred Charges A-3 6,000.00

$ 2,656,234.91 $ 2,541,711.68 County Taxes A-19 1,152,544.14 1, 138,260.05 Due County for Added and Omitted Taxes A-19 6,274.54 Regional District School Taxes A-20 2,645,887.50 2,573,058.50 lnterfund Advances Originating 6,643.79 29,386.45 Reserve for Prepaid Regional School Taxes A-20 1,876.54

Total Expenditures $ 6,469,461.42 $ 6,282,416.68

Excess in Revenue $ 347,860.09 $ 235,801.63

Adjustment to Income before Fund Balance: Expenditures Included Above Which Are by Statute Deferred Charges to Budget of Succeeding Year A-14 36,276.59

Statutory Excess to Fund Balance $ 384,136.68 $ 235,801.63

Fund Balance Balance, January 1 A 326,684.62 290,882.99

$ 710,821.30 $ 526,684.62

Decreased by: Utilization as Anticipated Revenue A-1:A-2 225,000.00 200,000.00

Fund Balance, December 31 A $ 485,821.30 $ 326,684.62


"A-2" S!:JEET #1


CURRENT FUND

STATEMENT OF REVENUES - REGULATORY BASIS YEAR ENDED DECEMBER 31. 2018

ANTICIPATED SPECIAL N.J.S. EXCESS OR

REF. BUDGET 40A: 4-87 REALIZED !DEFICIT)

Fund Balance Anticipated A-1 $ 225,000.00 $ 225,000.00 $

Miscellaneous Revenues: Licenses: A.B.C. A-12 5,000.00 5,150.00 150.00 Other A-12 1,000.00 845.00 (155.00)

Municipal Court A-12 36,000.00 22,296.05 (13,703.95) Interest and Costs on Taxes A-12 15,500.00 12,172.76 (3,327.24)

Boat Slip Rentals A-12 4,500.00 4,800.00 300.00 Sale of Beach Badges A-12 5,500.00 6,315.00 815.00 Cable T.V. Franchise Fees A-12 11,000.00 12, 159.86 1,159.86

Energy Receipts Tax A-12 207,173.00 207,173.00 Uniform Construction Code Fees A-12 3,800.00 2,464.60 (1,335.40)

Lease of Cell Tower A-12 32,000.00 36,036.85 4,036.85

Capital Surplus A-13 10,000.00 10,000.00 lnterfund Receivable - Water Utility Operating A-13 24,617.50 24,617.50 Reserve for Payment of Debt Service A-13 39,856.88 39,856.88 Sale of Municipal Assets 1,700.00 (1,700.00) Recycling Tonnage Grant A-11 5,936.48 5,936.48 Clean Communities Program A-11 5,992.58 5,992.58 Municipal Alliance on Alcoholism and Drug Abuse: State Share A-11 19,750.00 19,750.00 Body Armor Replacement Fund A-11 1,062.42 1,062.42 OEM Grant (966) A-11 4,070.03 4,070.03 Prosecutor Accredidation Program A-11 30,000.00 30,000.00 Click It or Ticket A-11 5,500.00 5,500.00

Total Miscellaneous Revenues A-1 469,958.89 456,199.01 (13,759.88)

Receipts From Delinquent Taxes A-1 46,500.00 47,138.12 638.12

Amount to be Raised by Taxation for Support of Municipal Budget: Local Tax for Municipal Purposes A-2 1,994,054.04 2,028,545.29 34,491.25

Budget Totals 2,735,512.93 2,756,882.42 21,369.49

Non-Budget Revenue A-1;A-2 192,198.15 192,198.15

$ 2,735,512.93 $ $ 2,949,080.57 $ 213,567.64

REF. A-3 A-3



CURRENT FUND

STATEMENT OF REVENUES- REGULATORY BASIS YEAR ENDED DECEMBER 31. 2018

Allocation of Current Tax Collections: Revenue From Cash Collections

Allocated to: School and County Taxes Balance for Support of Municipal Budget Appropriations

Add: Appropriation-" Reserve for Uncollected Taxes"

Amount for Support of Municipal Budget Appropriations

Analysis of Non-Budget Revenues Miscellaneous Revenue Not Anticipated: Other Fees and Permits Ramp Permits Parking Permits Insurance Reimbursements FEMA Reimbursement JIF Dividend Trash Can Lease Miscellaneous

REF.

A-1:A-8

A-8

A-3

A-2

A-2


"A-2" SHEET#2

$ 5,780, 195.97

3,851,650.68 1,928,545.29

100,000.00

$ 2,028,545.29

$ 5,639.30 7,550.00 2,750.00

58,060.26 82,969.65

6,935.00 2,150.00

26,143.94

$ 192, 198.15

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TRUST FUND


TRUST FUND



REF. 31,2018 31,2017

ASSETS

Animal Control Trust Fund: Cash B-1 $ 7,636.05 $ 8,476.28 lnterfunds Receivable B-4 602.92 602.92

8,238.97 9,079.20

Other Funds: Cash B-1 220,336.90 173,541.02 lnterfunds Receivable B-5 36,506.44 28,779.94

256,843.34 202,320.96

$ 265,082.31 $ 211,400.16

LIABILITIES, RESERVES AND FUND BALANCES

Animal Control Trust Fund: Due State of New Jersey B-3 $ 80.40 $ 81.60 Reserve for Animal Control Trust Fund Expenditures B-2 8, 158.57 8,997.60

8,238.97 9,079.20

Other Funds: lnterfunds Payable B-5 35,655.22 10,372.30 Miscellaneous Reserves B-6 221,188.12 191,948.66

256,843.34 202,320.96

$ 265,082.31 $ 211,400.16


GENERAL CAPITAL FUND



BALANCE SHEETS- REGULATORY BASIS


REF. 31,2018 31,2017

ASSETS

Cash C-2 $ 1 ,051,613.29 $ 937,338.77 Grants Receivable C-4 76,980.50 Deferred Charges to Future Taxation:

Funded C-6 2,258,271.13 2,421,349.44 Unfunded 0-7 2,522,962.15 2,611,781.65

lnterfunds Receivable C-8 18,394.32 16,993.54 Overexpenditure of Improvement Authorizations C-17 146.90 1,236.83

$ 5,928,368.29 $ 5,988,700.23

LIABILITIES, RESERVES AND FUND BALANCE

lnterfunds Payable C-8 $ 54.99 $ 54.99 Capital Improvement Fund C-9 59,061.25 76,061.25 Improvement Authorizations: Funded C-10 287,431.82 106,718.74 Unfunded C-10 929,507.59 1,099,022.95 Bond Anticipation Notes C-11 2,073,000.00 1,992,800.00 Green Acres Loans Payable C-12 1, 125,075.75 1,225,943.59 USDA Loan Payable C-13 577,661.88 585,405.85 Serial Bonds Payable C-14 555,533.50 610,000.00 Reserve for Preliminary Costs C-5 5,388.74 5,388.74 Reserve for Debt Service C-15 199,623.12 239,480.00 Contract Payable C-16 18,069.03 25,169.00 Reserve for Grants Receivable 76,980.50 Fund Balance C-1 20,980.12 22,655.12

$ 5,928,368.29 $ 5,988,700.23

There were bonds and notes authorized but not issued on December 31, 2018 of $655,349.10 (Schedule C-18).




STATEMENT OF FUND BALANCE- REGULATORY BASIS

Balance, December 31, 2017 c $ 22,655.12

Increased by: Premium on Sale of Bond Anticipation Notes C-2 8,325.00

30,980.12 Decreased by: Due Current Fund C-8 $ 10,000.00

10,000.00




WATER UTILITY FUND


WATER UTILITY FUND


ASSETS

Operating Fund: Cash - Treasurer Cash - Change Fund lnterfunds Receivable

Receivables and Inventories with Full Reserves: Consumer Accounts Receivable

Total Operating Fund

Capital Fund: Cash Fixed Capital Fixed Capital Authorized and Uncompleted

Total Capital Fund

D-5 D-7 D-13

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$

$

BALANCE DECEMBER

31,2018

170,774.41 $ 25.00

9,358.70 180,158.11

18,443.08

198,601.19

309,426.65 1,903,718.34

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"D" SHEET#1

BALANCE DECEMBER

31,2017

213,102.93 25.00

7,656.07 220,784.00

20,578.33

241,362.33

312,697.68 1,903,718.34

872,972.00

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3,330,750.35


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WATER UTILITY FUND



REF. 31.2018 31.2017

LIABILITIES. RESERVES AND FUND BALANCE

Operating Fund: Liabilities: Appropriation Reserves D-4:0-10 $ 45,729.93 $ 29,627.64 Reserve for Encumbrances D-4:D-10 4,824.84 6,036.87 Accounts Payable D-10 198.98 198.98 Overpaid/Prepaid Water Rents D-11 45,712.78 44,137.34 Accrued Interest on Notes and Loans D-12 12,904.99 12,896.43 lnterfunds Payable D-13 40,782.83

109,371.52 133,680.09

Reserve for Receivables D 18,443.08 20,578.33 Fund Balance D-1 70,786.59 87,103.91

Total Operating Fund 198,601.19 241,362.33

Capital Fund: lnterfunds Payable D-23 3,118.95 842.08 Capital Improvement Fund D-17 71,500.00 69,500.00 Improvement Authorizations: Funded D-18 2,972.00 2,972.00 Unfunded D-18 343,058.26 349,705.93 Contracts Payable D-16 202.49 1,102.72 Bond Anticipation Notes D-19 612,500.00 637,500.00 Loan Payable D-20 705,979.37 731,463.94 Reserve for: Amortization D-21 1, 173,988.97 1, 148,504.40 Deferred Amortization D-22 146,472.00 121,472.00 Fund Balance D-2 26,324.95 26,324.95

Total Capital Fund 3,086, 116.99 3,089,388.02

$ 3,284,718.18 $ 3,330,750.35

There were bonds and notes authorized but not issued at December 31, 2018 of $137,750.00 (Schedule D-24)



WATER UTILITY OPERATING FUND

STATEMENTS OF OPERATIONS

AND CHANGE IN FUND BALANCE - REGULATORY BASIS

YEAR ENDED YEAR ENDED

DECEMBER DECEMBER

31,2018 31. 2017

REF.

REVENUE AND OTHER INCOME REALIZED

Fund Balance Utilized D-1 :D-3 $ 41,985.00 $ 15,365.00

Rents D-3 261,384.30 267,805.85

Miscellaneous D-3 2,972.40 8,374.19

Other Credits to Income:

Unexpended Balance of Appropriation Reserves D-10 28,795.54 14,608.59

TOT AL INCOME $ 335, 137.24 $ 306,153.63

EXPENDITURES

Operating $ 169,500.00 $ 168,456.00

Capital Improvements 23,500.00 3,500.00

Debt Service 106,019.56 107,918.34

Statutory Expenditures 10,450.00 10,400.00

TOTAL EXPENDITURES D-4 $ 309,469.56 $ 290,274.34


Fund Balance

Balance, January 1 D 87,103.91 86,589.62

$ 112,771.59 $ 102,468.91

Decreased by:

Utilization by Water Operating Fund Budget D-1 :D-3 41,985.00 15,365.00

Balance, December 31 D $ 70,786.59 $ 87, 103.91



WATER UTILITY CAPITAL FUND


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SEWER UTILITY FUND



REF. 31.2018 31.2017

ASSETS

Operating Fund: Cash-Treasurer E-5 $ 164,545.11 $ 196,367.37 Change Fund E-7 25.00 25.00 lnterfunds Receivable E-14 5,861.16 1,022.02

170,431.27 197,414.39 Receivables with Full Reserves: Consumer Accounts Receivable E-9 28,762.44 32,877.76

E 28,762.44 32,877.76


Capital Fund: Cash E-5:E-8 58,952.78 57,952.78 Fixed Capital E-16 3,225,163.51 3,225, 163.51 Fixed Capital Authorized and Uncompleted E-17 5,000.00 5,000.00 lnterfunds Receivable E-15 1,000.00 1,000.00

Total Capital Fund 3,290, 116.29 3,289, 116.29

$ 3,489,310.00 $ 3,519,408.44


"Eu SHEET#2


SEWER UTILITY FUND



REF. 31,2018 31.2017

LIABILITIES. RESERVES AND FUND BALANCE

Operating Fund: Liabilities: Appropriation Reserves E-4:E-10 $ 63,001.02 $ 26,626.13 Reserve for Encumbrances E-4:E-10 2,543.39 41,169.08 Overpaid/Prepaid Sewer Rents E-11 50,734.17 47,379.42 Accounts Payable E-12 4,644.97 4,644.97 Accrued Interest on Loans E-13 4,657.85 5,358.94 lnterfunds Payable E-14 5,043.05 8,299.07

130,624.45 133,477.61

Reserve for Receivables E 28,762.44 32,877.76 Fund Balance E-1 39,806.82 63,936.78


Capital Fund: lnterfunds Payable E-15 1,000.00 1,000.00 Capital Improvement Fund E-18 25,000.00 25,000.00 Improvement Authorizations: Funded E-19 2,445.00 2,445.00

Loan Payable E-20 291,115.56 331,824.90 Reserve for: Amortization E-21 2,899,047.95 2,858,338.61 Deferred Amortization E-22 5,000.00 5,000.00 Replacement Fund E-23 63,050.00 62,050.00 Fund Balance E-2 3,457.78 3,457.78

Total Capital Fund 3,290, 116.29 3,289, 116.29

$ 3,489,310.00 $ 3,519,408.44

There were bonds and notes authorized but not issued at Balance, December 31, 2018 of $35,000.00 (Schedule E-24)



SEWER UTILITY OPERATING FUND

STATEMENTS OF OPERATIONS AND CHANGE IN FUND BALANCE - REGULATORY BASIS


Fund Balance Utilized E-1 :E-3 Rents E-3 Miscellaneous E-3 Other Credits to Income: Unexpended Balance of Appropriation Reserves E-10

TOTAL INCOME

EXPENDITURES

Operating E-4 Capital Improvements E-4 Debt Service E-4 Deferred Charges and Statutory Expenditures E-4 Refund of Prior Year Revenue E-11

TOTAL EXPENDITURES

Excess in Revenue

Fund Balance Balance, January 1 E

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31,2018

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31, 2017

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22,587.18

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498,707.21

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454,297.74

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SEWER UTILITY CAPITAL FUND


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REF. 31.2018 31.2017

ASSETS

Cash F-1 $ 9,792.21 $ 9,792.21

LIABILITIES AND RESERVES

Reserve for Public Assistance $ 9,792.21 $ 9,792.21

TOTAL LIABILITIES AND RESERVES $ 9,792.21 $ 9,792.21


GENERAL FIXED ASSET ACCOUNT GROUP


GENERAL FIXED ASSETS ACCOUNT GROUP


BALANCE BALANCE

DECEMBER DECEMBER

31,2018 31.2017

ASSETS

General Fixed Assets:

Land $ 9,726,000.00 $ 9,726,000.00

Buildings 742,548.00 742,548.00

Machinery and Equipment 2,366,599.07 2,055,435.07

$ 12,835,147.07 $ 12,523,983.07

LIABILITIES AND RESERVES

Reserves:

Investments in General Fixed Assets $ 12,835,147.07 $ 12,523,983.07


NOTES TO FINANCIAL STATEMENTS

NOTE 1:


NOTES TO FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31. 2018 AND 2017

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A Reporting Entity

The Borough of Pine Beach is an instrumentality of the State of New Jersey, established to function as a municipality. The Borough Council consists of elected officials and is responsible for the fiscal control of the Borough.

Except as noted below, the financial statements of the Borough of Pine Beach include every board, body, office or commission supported and maintained wholly or in part by funds appropriated by the Borough of Pine Beach, as required by N.J.S.A. 40A:5-5. Accordingly, the financial statements of the Borough of Pine Beach do not include the operations of the volunteer fire department and first aid squad or the regional school district, inasmuch as their activities are administered by separate boards.

B. Description of Funds

The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. GASB codification establishes the presentation of basic financial statements into three fund types, the governmental, proprietary and fiduciary funds, as well as governmentwide financial reporting that must be used by general purpose governmental units when reporting financial position and results of operations in accordance with U.S. Generally Accepted Accounting Principles (GAAP).

The accounting policies of the Borough of Pine Beach conform to the accounting principles applicable to municipalities which have been prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. Such principles and practices are designed primarily for determining compliance with legal provisions and budgetary restrictions and as a means of reporting on the stewardship of public officials with respect to public funds. Under this method of accounting, the financial transactions and accounts of the Borough of Pine Beach are organized on the basis of funds and account groups which is different from the fund structure required by GAAP. A fund or account group is an accounting entity with a separate set of selfbalancing accounts established to record the financial position and results of operation of a specific government activity. As required by the Division of Local Government Services, the Borough accounts for its financial transactions through the following individual funds and account group:

7

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

B. Description of Funds (Continued)

Current Fund - Revenues and expenditures for governmental operations of a general nature, including federal and state grant funds

Trust Fund - Receipts, custodianship and disbursement of funds in accordance with the purpose for which each reserve was created

General Capital Fund - Receipt and disbursement of funds for the acquisition of general capital facilities, other than those acquired in the Current Fund

Water Utility Operating and Capital Funds - Account for the operations and acquisition of capital facilities of the municipally owned Water utility

Sewer Utility Operating and Capital Funds - Account for the operations and acquisition of capital facilities of the municipally owned Sewer utility

Public Assistance Trust Fund - Receipt and disbursement of funds that provide assistance to certain residents of the Borough pursuant to Title 44 of New Jersey statutes

General Fixed Asset Account Group - Utilized to account for property, land, buildings and equipment that has been acquired by other governmental funds

C. Basis of Accounting

The accounting principles and practices prescribed for municipalities by the State of New Jersey differ in certain respects from generally accepted accounting principles applicable to local government units. The more significant accounting policies and differences in the State of New Jersey are as follows:

A modified accrual basis of accounting is followed with minor exceptions.

Revenues - are recorded when received in cash except for certain amounts which are due from other governmental units. Federal and state grants are realized as revenues when anticipated in the Borough's budget. Receivables for property taxes are recorded with offsetting reserves on the balance sheet of the Borough's Current Fund; accordingly, such amounts are not recorded as revenue until collected. Other amounts that are due the Borough, which are susceptible to accrual, are also recorded as receivables with offsetting reserves and recorded as revenues when received. GAAP requires revenues to be recognized in the accounting period when they become susceptible to accrual, reduced by an allowance for doubtful accounts.

8


C. Basis of Accounting (Continued)

Expenditures - are recorded on the "budgetary" basis of accounting. Generally, expenditures are recorded when an amount is encumbered for goods or services through the issuance of a purchase order in conjunction with the Encumbrance Accounting System. Outstanding encumbrances, at December 31st, are reported as a cash liability in the financial statements and constitute part of the Borough's statutory Appropriation Reserve balance.

Appropriation reserves covering unexpended appropriation balances are automatically created at December 31st of each year and recorded as liabilities, except for amounts which may be canceled by the governing body. Appropriation reserves are available, until lapsed at the close of the succeeding year, to meet specific claims, commitments or contracts incurred during the preceding fiscal year. Lapsed appropriation reserves are recorded as income. Appropriations for principal payments on outstanding general capital and utility bonds and notes are provided on the cash basis, interest on general capital indebtedness is on the cash basis, whereas interest on utility indebtedness is on the accrual basis.

Encumbrances - Contractual orders, at December 31st, are reported as expenditures through the establishment of encumbrances payable. Under GAAP, encumbrances outstanding at year end are reported as reservations of fund balance because they do not constitute expenditures or liabilities.

Foreclosed Property - is recorded in the Current Fund at the assessed valuation when such property was acquired and is fully reserved. GAAP requires such property to be recorded in the General Fixed Assets Account Group at its market value.

Sale of Municipal Assets - The proceeds from the sale of municipal assets can be held in a reserve until anticipated as a revenue in a future budget. GAAP requires such proceeds to be recorded as a revenue in the year of sale.

lnterfunds - lnterfund receivables in the Current Fund are recorded with offsetting reserves which are created by charges to operations. Income is recognized in the year the receivables are liquidated. lnterfund receivables in the other funds are not offset by reserves. GAAP does not require the establishment of an offsetting reserve.

9



General Fixed Assets - N.J.A.C 5:30.6, Accounting for Governmental Fixed Assets, as promulgated by the Division of Local Government Services, which differs in certain respects from generally accepted accounting principles, requires the inclusion of a statement of general fixed assets of the Borough as part of its basic financial statements. General fixed assets are defined as nonexpendable personal and real property having a physical existence, a useful life of more than one year and an acquisition cost of $5,000.00 or more per unit. Public domain ("infrastructure") general fixed assets consisting of certain improvements other than buildings, such as roads, bridges, curbs and gutters, streets and sidewalks and drainage systems are not capitalized.

Expenditures for construction in progress are recorded in the Capital Fund until such time as the construction is completed and put into operation.

Fixed assets acquired through grants in aid or contributed capital have not been accounted for separately.

Inventories of Supplies - The cost of inventories of supplies for all funds are recorded as expenditures at the time individual items are purchased. The cost of inventories is not included on the various balance sheets. GAAP requires the cost of inventories to be reported as a current asset and equally offset by a fund balance reserve.

Fixed Capital - Water and Sewer Utility Funds

Accounting for utility fund "fixed capital" remains uncharged under the requirements of N.J.A.C. 5:30-5.6 as promulgated by the Division of Local Government Services.

Property and equipment purchased by the Water and Sewer Utility Funds are recorded in the capital accounts at cost and are adjusted for disposition and abandonment. The amounts shown do not purport to represent reproduction costs or current value. The fixed capital reported is as taken from the municipal records and does not necessarily reflect the true condition of such fixed capital. Contributions in aid of construction are not capitalized. The balances in the Reserve for Amortization and Deferred Reserve for Amortization accounts in the utility capital funds represent charges to operations for the cost of acquisition of property, equipment and improvements. The utility does not record depreciation on fixed assets.

10



Accounting and Financial Reporting for Pensions

Under the provisions of Governmental Accounting Standards Board (GASB) Statement No. 68 "Accounting and Financial Reporting for Pensions" and GASB Statement No. 71, "Pension Transition for Contributions Made Subsequent to the Measurement Date" (an amendment of GASB Statement No. 68), local government employers (or non-employer contributing entity in a special funding situation) are required to recognize a net pension liability measured as of a date (the measurement date) no earlier than the end of its prior fiscal year. If a state or local government employer or non-employer contributing entity makes a contribution to a defined benefit pension plan between the measurement date of the reported net pension liability and the end of the government's reporting period, Statement 68 requires that the government recognize its contribution as a deferred outflow of resources.

In addition, Statement 68 requires recognition of deferred outflows of resources and deferred inflows of resources for changes in the net pension liability of a state or local government employer or non-employer contributing entity that arise from other types of events.

Under GAAP, municipalities are required to recognize their proportionate share of net pension liability, deferred outflows of resources, deferred inflows of resources on the Statement of Net Position and the proportionate share of the pension related expense on the Statement of Activities.

New Jersey's municipalities and counties do not follow GAAP accounting principles and, as such, do not follow GASB requirements with respect to recording the net pension liability as a liability on their balance sheets. However, N.J.A.C. 5:30 6.1 (c)(2) requires municipalities to disclose GASB 68 information in the Notes to the Financial Statements. The disclosure must meet the requirements of GASB 68.

11



Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (OPES)

The Governmental Accounting Standards Board (GASB) has issued Statement no. 75, "Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions". This statement establishes standards for measuring and recognizing liabilities, deferred outflows and inflows of resources, and expenses for postemployment benefits other than pensions. It also requires the State of New Jersey to calculate and allocate to each participating member, for note disclosure purposes only, the OPEB net liability of New Jersey Health Benefits Local Government Retiree Plan (the Plan). The statement does not alter the amount of funds that must be budgeted for OPEB payment under existing state law.

Under GAAP, municipalities are required to recognize the OPEB liability in Statements of Revenues, Expenses, Changes in Net Position (balance sheets) and Notes to the Financial Statements in accordance with GASB 75. The liability required to be displayed by GASB 75 is displayed as a separate line item in the Unrestricted Net Position area of the balance sheet.

New Jersey's municipalities and counties do not follow GAAP accounting principles and, as such, do not follow GASB requirements with respect to recording the OPEB liability as a liability on their balance sheets. However, N.J.A.C. 5:30 6.1 (c) (2) requires municipalities to disclose GASB 75 information in the Notes to the Financial Statements. The disclosure must meet the requirements of GASB 75.

D. Basic Financial Statements

The GASB codification also defines the financial statements of a governmental unit to be presented in the general purpose financial statements to be held in accordance with GAAP. The Borough presents the financial statements listed in the table of contents of the "Requirements of Audit and Accounting Revision of 1987" as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey and which differ from the financial statements required by GAAP.

12

NOTE 2: CASH AND CASH EQUIVALENTS

The Borough considers petty cash, change funds, cash in banks, deposits in the New Jersey Cash Management Fund and certificates of deposit as cash and cash equivalents.

A. Deposits

New Jersey statutes permit the deposit of public funds in public depositories which are located in New Jersey and which meet the requirements of the Governmental Unit Deposit Protection Act (GUDPA). GUDPA requires a bank that accepts public funds to be a public depository. A public depository is defined as a state bank, a national bank, or a savings bank, which is located in the State of New Jersey, the deposits of which are insured by the Federal Deposit Insurance Corporation. The statutes also require public depositories to maintain collateral for deposits of public funds that exceed certain insurance limits. Each depository participating in the GUDPA system must pledge collateral equal to 5% of the average amount of its public deposits and 100% of the average amount of its public funds in excess of 75% of its capital funds. No collateral is required for amounts covered by FDIC insurance. The collateral which may be pledged to support these deposits includes obligations of the State and federal governments, insured securities and other collateral approved by the Department. When the capital position of the depository deteriorates or the depository takes an unusually large amount of public deposits, the Department of Banking and Insurance requires additional collateral to be pledged. Under (GUDPA), if a public depository fails, the collateral it has pledged, plus the collateral of all other public depositories, is available to pay the full amount of the deposits to the governmental unit.

The Borough of Pine Beach had the following cash and cash equivalents at December 31, 2018:

Cash in Reconciling Bank Items Other Total

Checking Accounts $3,158,219.19 ($259,830.78) $2,898,388.41 Change Funds $200.00 200.00

$3,158,219.19 {$259,830.78} $200.00 $2,898,588.41

13

NOTE 2: CASH AND CASH EQUIVALENTS (CONTINUED)

A. Deposits

Custodial Credit Risk - Deposits - Custodial credit risk is the risk that in the event of a bank failure, the deposits may not be returned. The Borough does not have a specific deposit policy for custodial credit risk other than those policies that adhere to the requirements of statute. As of December 31, 2018, based upon the coverage provided by FDIC and NJGUDPA, no amount of the bank balance was exposed to custodial credit risk. Of the cash on deposit in the bank of $3, 158,219.19 $250,000.00 was covered by Federal Depository Insurance, and the remaining $2,908,219.19 was covered under the provisions of NJGUDPA.

B. Investments

The purchase of investments by the Borough is strictly limited by the express authority of the New Jersey Local Fiscal Affairs Law, N.J.S.A. 40A:5-15.1. Permitted investments include any of the following type of securities:

1. Bonds or other obligations of the United States of America or obligations guaranteed by the United States of America;

2. Government money market mutual funds which are purchased from an investment company or investment trust which is registered with the Securities and Exchange Commission under the "Investment Company Act of 1940," 15 U.S.C. 80a-1 et seq., and operated in accordance with 17 C.F.R. § 270.2a-7 and which portfolio is limited to U.S. Government securities that meet the definition of an eligible security pursuant to 17 C.F.R. § 270.2a-7 and repurchase agreements that are collateralized by such U.S. Government securities in which direct investment may be made pursuant to paragraphs (1) and (3) of N.J.S.A. 5-15.1. These funds are also required to be rated by a nationally recognized statistical rating organization;

3. Any obligation that a federal agency or a federal instrumentality has issued in accordance with an act of Congress, which security has a maturity date not greater than 397 days from the date of purchase, provided that such obligation bears a fixed rate of interest not dependent on any index or other external factor;

4. Bonds or other obligations of the Local Unit or bonds or other obligations of school districts of which the Local Unit is a part or within which the school district is located;

5. Bonds or other obligations, having a maturity date not more than 397 days from date of purchase, approved by the Division of Investment of the Department of Treasury for investment by Local Units;

14

NOTE2: CASH AND CASH EQUIVALENTS (CONTINUED)

B. Investments (Continued)

6. Local government investment pools that are fully invested in U.S. Government securities that meet the definition of eligible security pursuant to 17 C.F.R. § 270a-7 and repurchase agreements that are collateralized by such U.S. Government securities in which direct investment may be made pursuant to paragraphs (1) and (3) of N.J.S.A. 5-15.1. This type of investment is also required to be rated in the highest category by a nationally recognized statistical rating organization;

7. Deposits with the State of New Jersey Cash Management Fund established pursuant to section 1 of P.L. 1977, c.281 (C. 52:18A-90.4); or

8. Agreements for the repurchase of fully collateralized securities if:

a. the underlying securities are permitted investments pursuant to paragraphs (1) and (3) of this subsection;

b. the custody of collateral is transferred to a third party;

c. the maturity of the agreement is not more than 30 days;

d. the underlying securities are purchased through a public depository as defined in section 1 of P.L. 1970, c.236 (C. 17:19-41); and

e. a master repurchase agreement providing for the custody and security of collateral is executed.

As of December 31, 2018, the Borough had no investments.

15

NOTE 3: DEBT

The Local Bond Law, Chapter 40A:2, governs the issuance of bonds to finance general municipal capital expenditures. All bonds are retired in annual installments within the statutory period of usefulness. All bonds issued by the Borough are general obligation bonds, based by the full faith and credit of the Borough. Bond Anticipation Notes, which are issued to temporarily finance capital projects, shall mature and be paid off within ten years or financed by the issuance of bonds.

SUMMARY OF MUNICIPAL DEBT

YEAR 2018 YEAR 2017 YEAR 2016 Issued: General:

Bonds, Notes and Loans $4,331,271.13 $4,414, 149.46 $4,548, 766.55 Water Utility:

Notes and Loans 1,318,479.37 1,368,963.94 1,418,073.28 Sewer Utility:

Notes and Loans 291,115.56 331,824.90 370,572.64 Net Debt Issued $5,940,866.06 $6, 114,938.30 $6,337,412.47 Less: Cash on Hand$ to Pay Notes 205,386.95 36,367.45 38,867.45 Less: Reserve to Pay Bonds 199,623.12 239,480.00 271,980.00

$5,535,855.99 $5,839,090.85 $6,026,565.02 Authorized But Not Issued

General: Bonds and Notes $655,349.10 $655,349.10 $607,849.10

Water Utility: Bonds and Notes 137,750.00 137,750.00 137,750.00

Sewer Utility: Bonds and Notes 35,000.00 35,000.00 35,000.00

Total Authorized But Not Issued $828,099.10 $828,099.10 $780,599.10

Net Bonds and Notes Issued and and Authorized But Not Issued $6!363,955.09 $6,667, 189.95 $6,807, 164.12

16

NOTE 3: DEBT (CONTINUED)

SUMMARY OF STATUTORY DEBT CONDITION (ANNUAL DEBT STATEMENT)

The summarized statement of debt condition which follows is prepared in accordance with the required method of setting up the Annual Debt Statement and indicates a statutory net debt of 1.633%.

Regional School District Debt Water Utility Debt Sewer Utility Debt General Debt

GROSS DEBT $977,064.11 1,456,229.37

326,115.56 4,986,620.23

$7,746,029.27

DEDUCTIONS $977,064.11 1,456,229.37

326,115.56 405,010.07

$3,164,419.11

NET DEBT -0--0--0-

4, 581, 610. 16

$4,581,610.16

NET DEBT $4,581,610.16 DIVIDED BY EQUALIZED VALUATION BASIS PER N.J.S.A. 40A:2-2, $280,621, 163.00 EQUALS 1.633%.

BORROWING POWER UNDER N.J.S. 40A:2-6

Equalized Valuation Basis* - December 31, 2018 3-1/2 of Equalized Valuation Basis Net Debt

Remaining Borrowing Power

$280,621, 163.00 9,821,740.71 4,581,610.16

$5,240, 130.55

*Equalized Valuation Basis is the average of the equalized valuation of real estate, including improvements and the assessed valuation of class 11 railroad property of the Borough for the last three, (3) preceding years.

CALCULATION OF "SELF-LIQUIDATING PURPOSE" WATER UTILITY PER N.J.S. 40A:2-45

Surplus Anticipated and Total Cash Receipts from Fees, Rents, or Other Charges for the Year

Deductions: Operating and Maintenance Cost Debt Service Total Deductions

Excess in Revenue - Self-Liquidating

17

$ 179,950.00 106,019.56

$ 306,341.70

285,969.56

$ ===20=='=37=2=.1=4=


CALCULATION OF "SELF-LIQUIDATING PURPOSE" SEWER UTILITY PER N.J.S. 40A:2-45

Surplus Anticipated and Total Cash Receipts from Fees, Rents, or Other Charges for the Year

Deductions: Operating and Maintenance Cost Debt Service Total Deductions

Excess in Revenue - Self-Liquidating

LONG-TERM DEBT

$ 377,450.00 56,096.91

The Borough's long-term debt is summarized as follows:

General Capital Fund

$ 465,673.13

433,546.91

$ 32,126.22

SCHEDULE OF ANNUAL DEBT SERVICE FOR PRINCIPAL AND INTEREST FOR BONDED DEBT ISSUED AND OUTSTANDING AS OF DECEMBER 31.

2018

Year Total Principal Interest 2019 $69,360.84 $55,639.16 $13,721.68 2020 69,173.70 56,826.30 12,347.40 2021 69,971.89 59,028.11 10,943.78 2022 69,742.89 60,257.11 9,485.78 2023 69,998.72 62,001.28 7,997.44 2024 69,233.00 62,767.00 6,466.00 2025 69,457.83 64,542.17 4,915.66 2026 69,410.73 66,089.27 3,321.46 2027 70,072.16 68,383.10 1,689.06

$626,421.76 $555,533.50 $70,888.26

18


The General Improvement Bonds are comprised of the following issue:

General Serial Bonds

ISSUE

$610,000.00 in 2017 General Improvement Bonds, due in remaining installments ranging between $55,639.16 and $68,383.1 O through November, 2027 at an interest rate of 2.470%.

Green Acres Loan Program

OUTSTANDING BALANCE DECEMBER

31, 2018

$555,533.50

$555,533.50

The Borough has four low interest loans (2%) under the New Jersey Department of Environmental Protection's Green Acres Loan Program as follows:

Balance Interest Date of Original December 31

Purpose Rate Issue Issue 2018

Vista Park Development Phases I & 11 2.00% 9/26/2007 138,000.00 $70,359.07 Vista Park Development Phases I & 11 2.00% 9/26/2007 148,000.00 75,457.55 Vista Park Development Phases I & II 2.00% 4/11/2016 900,000.00 750,669.22 Vista Park Development Phases I & 11 2.00% 4/11/2016 250,000.00 228,589.91

$1,125,075.75

Each Loan includes an interest rate of 2.00%. The Borough must repay the loan in semi-annual installments over twenty years. Loan payments are due through 2036.

19



Green Acres Loan Program

The aggregate debt service requirements during the next five calendar years and thereafter are as follows:

CALENDAR YEAR PRINCIPAL INTEREST TOTAL 2019 $102,895.28 $21,989.61 $124,884.89 2020 104,963.47 19,921.40 124,884.87 2021 107,073.26 17,811.63 124,884.89 2022 109,225.42 15,659.47 124,884.89 2023 111,420.85 13,463.94 124,884.79

2024-2028 481,725.86 33,359.48 515,085.34 2029-2033 70,046.40 7,682.58 77,728.98 2034-2036 37,725.21 1, 139.27 38,864.48

$1, 125,075.75 $131,027.38 $2,270,727.94

USDA Loan


The Borough has entered into loan agreement with the United State Department of Agriculture for bulkhead replacement which was finalized on May 6, 2015 for $603,630.00 bearing interest at 3.50%. The Borough must repay the loan in semi-annual installments over forty years. The balance at December 31, 2018 was $577,661.88. Loan payments are due through 2055. The aggregate debt service requirements are as follows:

CALENDAR

YEAR PRINCIPAL INTEREST TOTAL

2019 $8,017.38 $20,148.62 $28, 166.00

2020 8,300.44 19,865.56 28,166.00

2021 8,593.50 19,572.50 28,166.00

2022 8,896.91 19,269.09 28, 166.00

2023 9,211.02 18,954.98 28,166.00

2024-2028 51,168.99 89,661.01 140,830.00

2029-2033 60,862.68 79,967.32 140,830.00

2034-2038 72,392.81 68,437.19 140,830.00

2039-2043 86, 107.18 54,722.82 140,830.00

2044-2048 102,419.75 38,410.25 140,830.00

2049-2053 121,822.59 19,007.41 140,830.00

2054-2055 39,868.63 1,386.28 41,254.91

$577,661.88 $449,403.03 $1,027,064.91

20


Water Utility Capital Fund

USDA Loan

The Borough has a 5.625% loan for water system improvements which was finalized on March 30, 1995. The Borough must repay the loan in semi-annual installments over forty years. The balance at December 31, 2018 was $705,979.37. Loan payments are due through 2035. The aggregate debt service requirements are as follows:

CALENDAR

YEAR PRINCIPAL INTEREST TOTAL

2019 $26,938.24 $39,337.77 $66,276.01

2020 28,474.82 37,801.19 66,276.01

2021 30,099.05 36, 176.96 66,276.01

2022 31,815.93 34,460.08 66,276.01

2023 33,630.74 32,645.27 66,276.01

2024-2028 199,212.93 132,167.10 331,380.03

2029-2033 261,883.43 69,496.60 331,380.03

2034-2035 93,924.26 5,489.75 99,414.01

$705,979.37 $387 ,57 4. 72 $1,093,554.09

Sewer Utility Capital Fund

USDA Loan

The Borough has a 5.00% loan for sewer system improvements which was finalized on September 5, 1984. The Borough must repay the loan in semiannual installments over forty years. The balance at December 31, 2018 was $291, 115.56. Loan payments are due through 2024. The aggregate debt service requirements are as follows:

CALENDAR YEAR PRINCIPAL INTEREST TOTAL 2019 $42,770.25 $14,027.75 $56,798.00 2020 44,935.50 11,862.50 56,798.00 2021 47,210.36 9,587.64 56,798.00 2022 49,600.39 7,197.61 56,798.00 2023 52,111.41 4,686.59 56,798.00 2024 54,487.65 2,310.44 56,798.09

$291, 115.56 $49,672.53 $340,788.09

21


SHORT TERM DEBT

Outstanding Bond Anticipation Notes are summarized as follows:


Date Of Issue Date of Date Of Interest Ordinance Original Note Issue Maturity Rate

09-02 12/10/09 11/01/18 11/01/19 3.000% 09-07 12/10/09 11/01/18 11/01/19 3.000% 10-08 11/10/10 11/01/18 11/01/19 3.000% 11-05 11/09/12 11/01/18 11/01/19 3.000% 13-10 11/06/14 11/01/18 11/01/19 3.000% 14-09 11/06/14 11/01/18 11/01/19 3.000% 15-07 11/05/15 11/01/18 11/01/19 3.000% 17-05 11/02/17 11/01/18 11/01/19 3.000% 17-08 11/02/17 11/01/18 11/01/19 3.000% 18-02 11/01/18 11/01/18 11/01/19 3.000%


Date Of Issue Date Of Date Of Interest Ordinance Original Note Issue Maturity Rate

11-06 11/09/12 11/01/18 11/01/19 3.000%

BONDS AND NOTES AUTHORIZED BUT NOT ISSUED

Balance December 31, 2018 $40,000.00 60,000.00 13,000.00 40,000.00

851,000.00 259,000.00

91,000.00 59,000.00

305,000.00 355,000.00

$2,073,000.00

Balance December 31, 2018

$612,500.00

At December 31, 2018, the Borough has authorized but not issued bonds and notes as follows:



Sewer Utility Capital Fund

22

$655,349.10

$137,750.00

$ 35,000.00

NOTE4:

NOTE 5:

NOTE 6:

Current Fund:

FUND BALANCES APPROPRIATED

Fund balances at December 31, 2018, which were appropriated and included as anticipated revenue in their own respective funds for the year ending December 31, 2019, were as follows:

Current Fund Water Operating Fund Sewer Operating Fund

PROPERTY TAXES

$300,000.00 51,969.00 22,075.00

Property taxes attach as an enforceable lien on property as of January 1. Taxes are levied based on the final adoption of the current year municipal budget, and are payable in four installments on February 1, May 1, August 1 and November 1. The Borough bills and collects its own property taxes and also taxes for the County and the Regional School District. The collections and remittance of County and School taxes are accounted for in the Current Fund. Borough property tax revenues are recognized when collected in cash and any receivables are recorded with offsetting reserves on the balance sheet of the Borough's Current Fund.

Taxes Collected in Advance - Taxes, water rents and sewer rents collected in advance and recorded as cash liabilities in the financial statements are as follows:

Prepaid Taxes

BALANCE DECEMBER 31,

2018

$65,372.19

BALANCE DECEMBER 31,

2017

$178,966.87

DEFERRED CHARGES TO BE RAISED IN SUCCEEDING BUDGETS

Certain expenditures are required to be deferred to budgets of succeeding years. At December 31, 2018, the following deferred charges are shown on the balance sheets of the various funds:

BALANCE 2019 BALANCE TO DECEMBER BUDGET SUCCEEDING

31.2018 APPROPRIATION YEARS

Emergency Authorization $35,000.00 $35,000.00 $-0-Overexpenditure of : 2018 Appropriations 1,276.59 1,276.59 -0-

General Capital Fund: Overexpenditure of Improvement Authorization 146.90 146.90 -0-

$36,423.49 $36,423.49 $0.00

23

NOTE 7: PENSION PLANS

Substantially all eligible employees participate in the Public Employees' Retirement System (PERS), or the Police, Firemen's Retirement System (PFRS) or the Defined Contribution Retirement System (DCRP), which have been established by state statute and are administered by the New Jersey Division of Pensions and Benefits. The Division issues a publicly available financial report that includes the financial statements and required supplementary information for the Public Employees Retirement System, Police and Firemen's Retirement System and Consolidated Police and Firemen's Pension Fund. These reports may be obtained by writing to the Division of Pensions and Benefits, P.O. Box 295, Trenton, New Jersey, 08625 or are available online at www. n j. gov /treasury/pensions/annrprts. shtml.

Public Emplovees' Retirement System (PERS) - The Public Employees' Retirement System (PERS) was established as of January 1, 1955, under the provisions of N.J.S.A. 43: 15A, to provide retirement, death, disability and medical benefits to certain qualified members. The PERS is a cost-sharing multiple employer plan. Membership is mandatory for substantially, all full-time employees of the State of New Jersey or any county, municipality, school district or public agency, provided the employee is not required to be a member of another state-administered retirement system or other state pension fund or local jurisdiction's pension fund.

Police and Firemen's Retirement Svstem (PFRS) - The Police and Firemen's Retirement System (PFRS) was established as of July 1, 1944, under the provisions of N.J.S.A. 43:16A. to provide retirement, death, and disability benefits to its members. The PFRS is a cost-sharing multiple-employer plan. Membership is mandatory for substantially, all full-time county and municipal police or firemen or officer employees with police powers appointed after June 30, 1944.

Defined Contribution Retirement Program (DCRP) - The Defined Contribution Retirement Program (DCRP) was established July 1, 2007, under the provisions of Chapter 92, P.L. 2007 and Chapter 103, P.L 2007, and was expanded under the provisions of Chapter 89, P.L. 2009. The DCRP provides eligible employees and their beneficiaries with a tax-sheltered, defined contribution retirement benefit, along with life insurance coverage and disability coverage.

Vesting and Benefit Provisions

The vesting and benefit provisions for PERS are set by N.J.S.A. 43:15A and 43:36. All benefits vest after ten years of service, except for medical benefits, which vest after 25 years of service. Members may seek early retirement after achieving 25 years of service credit or they may elect deferred retirement after achieving ten years of service credit, in which case, benefits would begin the first day of the month after the member attains normal retirement age. The vesting and benefit provisions for PFRS are set by N.J.S.A. 43:16A and 43:36. All benefits vest after ten years of service, except for disability benefits, which vest after four years of service.

24

NOTE 7: PENSION PLANS

Vesting and Benefit Provisions (Continued)

Retirement benefits for age and service are available at age 55. Members may seek special retirement after achieving 25 years of creditable service or they may elect deferred retirement after achieving ten years of service.

Newly elected or appointed officials that have an existing DCRP account, or are a member of another State-administered retirement system are immediately vested in the DCRP. For newly elected or appointed officials that do not qualify for immediate vesting in the DCRP, employee and employer contributions are held during the initial year of membership. Upon commencing the second year of DCRP membership, the member is fully vested. However, if a member is not eligible to continue in the DCRP for a second year of membership, the member may apply for a refund of the employee contributions from the DCRP, while the employer contributions will revert back to the employer. Employees are required to contribute 5.5% of their base salary and employers contribute 3.0%.

Funding Policy

The contribution policy for PERS is set by N.J.S.A. 43:15A and requires contributions by active members and contributing employers. State legislation has modified the amount that is contributed by the State. The State's pension contribution is based on an actuarially determined amount, which includes the employer portion of the normal cost and an amortization of the unfunded accrued liability. Funding for noncontributory group life insurance benefits is based on actual claims paid. For fiscal year 2018, the State's pension contribution was less than the actuarial determined amount. The local employers' contribution amounts are based on an actuarially determined rate, which includes the normal cost and unfunded accrued liability. During 2018, PERS provides for employee contributions of 7.50% of employees' base salary.

The contribution policy for PFRS is set by N.J.S.A. 43:16A and requires contributions by active members and contributing employers. State legislation has modified the amount that is contributed by the State. The State's contribution amount is based on an actuarially determined rate, which includes the normal cost and unfunded accrued liability. The local employers' contribution amounts are based on an actuarially determined rate, which includes the normal cost and unfunded accrued liability. For the fiscal year 2018, the State contributed an amount less than the actuarially determined amount. During 2018, PFRS provides for employee contributions of 10.00% of employees' base salary.

Certain portions of the costs are contributed by the employees. The Borough's share of regular pension costs, which is based upon the annual billings received from the State, amounted to $138,977.00 for 2018, $128,293.00 for 2017, and $139,587.00 for 2016.

All contributions were equal to the required contributions for each of the three years, respectively.

Certain Borough employees are also covered by Federal Insurance Contribution Act.

25

NOTE 7: PENSION PLANS (CONTINUED)

Accounting and Financial Reporting for Pensions - GASS #68

The Governmental Accounting Standards Board (GASS) has issued Statement No. 68 "Accounting and Financial Reporting for Public Employees Pensions" which requires the State of New Jersey to calculate and allocate, for note disclosure purposes only, the unfunded net pension liability of Public Employees Retirement System (PERS) and the Police and Firemen's Retirement System (PFRS) of the participating municipality as of December 31, 2018. The statement does not alter the amounts of funds that must be budgeted for pension payments under existing state law.

Under accounting principles and practices prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, any unfunded net pension liability of the municipality, allocated by the State of New Jersey, is not required to be reported in the financial statements as presented and any pension contributions required to be paid are raised in that year's budget and no liability is accrued at December 31, 2018.

Public Employees Retirement System (PERS)

At June 30, 2018, the State reported a net pension liability of $1,274,850.00 for the Borough of Pine Beach's proportionate share of the total net pension liability. The total pension liability for the June 30, 2018 measurement date was determined by an actuarial valuation as of July 1, 2017, which was rolled forward to June 30, 2018. The Borough's proportion of the net pension liability was based on a projection of the Borough's long-term share of contributions to the pension plan relative to the projected contributions of all participating employers, actuarially determined. At June 30, 2018, the Borough's proportion was 0.0064747700 percent, which was a decrease of 0.0004518784 percent from its proportion measured as of June 30, 2017.

For the year ended June 30, 2018, the State recognized an actuarially determined pension expense of $80,517.00 for the Borough of Pine Beach's proportionate share of the total pension expense. The pension expense recognized in the Borough's financial statement based on the April 1, 2018 billing was $64,168.00.

26


Accounting and Financial Reporting for Pensions - GASS 68 (Continued)

Public Employees Retirement System (PERS) (Continued)

At June 30, 2018, the State reported deferred outflows of resources and deferred inflows of resources related to PERS from the following sources:

Deferred Deferred Inflow of Outflow of

Resources Resources Differences between expected and actual experience $ 6,574.00 $ 24,312.00

Changes of assumptions 407,629.00 210,074.00

Net difference between projected and actual earnings on pension plan investments 11,958.00

Changes in proportion and differences between Borough contributions and proportionate share of contributions 83,817.00 73,275.00

$ 509,978.00 $ 307,661.00

Other local amounts reported by the State as the Borough's proportionate share of deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in the State's actuarially calculated pension expense as follows:

Year Ended June 30,

2019 2020 2021 2022 2023

27

Amount

$6,739.60 ($14,358.40) ($89,953.40) ($78,253.40) ($26,491.40)

($202,317.00)


Accounting and Financial Reporting for Pensions - GASB 68 (Continued)


Actuarial Assumptions

The total pension liability for the June 30, 2018 measurement date was determined by an actuarial valuation as of July 1, 2017, which rolled forward to June 30, 2018. These actuarial valuations used the following assumptions:

Inflation Salary Increases (based on age)

Though 2026 Thereafter

Investment Rate of Return

June 30, 2018

2.25 Percent

1.65-4.15 Percent 2.65-5.15 Percent

7. 00 Percent

June 30. 2017

2.25 Percent

1.65-4.15 Percent 2.65-5.15 Percent

7.00 percent

Preretirement mortality rates were based on the RP-2000 Employee Preretirement Mortality Table for male and female active participants. For State employees, mortality tables are set back 4 years for males and females. For local employees, mortality tables are set back 2 years for males and 7 years for females. In addition, the tables provide for future improvements in mortality from the base year of 2013 using a generational approach based on the Conduent modified 2014 projection scale. Postretirement mortality rates were based on the RP-2000 Combined Healthy Male and Female Mortality Tables (set back 1 year for males and females) for service retirements and beneficiaries of former members. In addition, the tables for service retirements and beneficiaries of former members provide for future improvements in mortality from 2012 to 2013 using Projection Scale AA and using a generational approach based on the Conduent 2014 projection scale thereafter. Disability retirement rates used to value disabled retirees were based on the RP-2000 Disabled Mortality Table (set back 3 years for males and set forward 1 year for females).

28




Actuarial Assumptions (Continued)

The actuarial assumptions used in the July 1, 2017 valuation were based on the results of an actuarial experience study for the period July 1, 2011 to June 30, 2014. It is likely that future experience will not exactly conform to these assumptions. To the extent that actual experience deviates from these assumptions, the emerging liabilities may be higher or lower than anticipated. The more the experience deviates, the larger the impact on future financial statements.

Long-Term Rate of Return

In accordance with State statute, the long-term expected rate of return on plan investments (7.00% at June 30, 2018 and 7.00 at June 30, 2017) is determined by the State Treasurer, after consultation with the Directors of the Division of Investment and Division of Pensions and Benefits, the board of trustees and the actuaries. The long-term expected rate of return was determined using a building block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic rates of return for each major asset class included in PERS's target asset allocation as of June 30, 2018 are summarized in the following table:

29




Long-Term Rate of Return (Continued)

Assets Class Risk Mitigation Strategies Cash Equivalents U.S. Treasuries Investment Grade Credit High Yield Global Diversified Credit Credit Oriented Hedge Fund Debt Related Private Equity Debt Related Real Estate Private Real Asset Equity Related Real Estate U.S. Equity Non-U.S. Developed Market Equity Emerging Market Equity BuyoutsNenture Capital

Discount Rate

Target Allocation

5.00% 5.50% 3.00%

10.00% 2.50% 5.00% 1.00% 2.00% 1.00% 2.50% 6.25%

30.00% 11.50% 6.50% 8.25%

Long-Term Expected Real Rate of Return

5.51% 1.00% 1.87% 3.78% 6.82% 7.10% 6.60%

10.63% 6.61%

11.83% 9.23% 8.19% 9.00%

11.64% 13.08%

The discount rate used to measure the total pension liability was 5.66% and 5.00 as of June 30, 2018. This single blended discount rate was based on the longterm expected rate of return on pension plan investments of 7.00% for both June 30 2018 and June 30, 2017 and a municipal bond rate of 3.87% and 3.58% for June 30, 2018 and June 30, 2017 respectively based on the Bond Buyer Go 20-Bond Municipal Bond Index, which includes tax-exempt general obligation municipal bonds with an average rating of AA/Aa or higher. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made based on the contribution rate in the most recent fiscal year. The State employer contributed 50% of the actuarially determined contributions and the local employers contributed 100% of their actuarially determined contributions. Based on those assumptions, the plan's fiduciary net position was projected to be available to make projected future benefit payments of current plan members through June 30, 2046. Therefore, the long-term expected rate of return on plan investments was applied to projected benefit payments through June 30, 2046 and the municipal bond rate was applied to projected benefit payments after that date in determining the total pension liability.

30




Sensitivity of the collective net pension liability to changes in the discount rate

The following presents the collective net pension liability of the participating employers as of June 30, 2018 respectively, calculated using the discount rate as disclosed above as well as what the collective net pension liability would be if it was calculated using a discount rate that is 1-percentage point lower or 1- percentage point higher than the current rate:

1% Decrease

4.66%

June 30, 2018 At Current

Discount Rate 5.66%

1% Increase 6.66%

Borough's proportionate share of the pension liability $1,602,977.00 $1,274,850.00 $999,572.00

Pension plan fiduciary net position

Detailed information about the pension plan's fiduciary net position is available in the separately issued Financial Report for the State of New Jersey Public Employees Retirement System (PERS). The report may be obtained at State of New Jersey Division of Pensions and Benefits P.O. Box 295 Trenton, New Jersey 08625-0295 http://www.state.nj.us/treasury/pensions

Police and Firemen's Retirement System (PFRS)

At June 30, 2018, the State reported a net pension liability of $1,679,609.00 for the Borough of Pine Beach's proportionate share of the total PFRS net pension liability. The total pension liability for the June 30, 2018 measurement date was determined by an actuarial valuation as of July 1, 2017, which was rolled forward to June 30, 2018. The Borough's proportion of the net pension liability was based on a projection of the Borough's long-term share of contributions to the pension plan relative to the projected contributions of all participating employers, actuarially determined. At June 30, 2018, the Borough's proportion was 0.0124124514 percent, which was an increase of 0.0055803905 percent from its proportion measured as of June 30, 2017.

For the year ended June 30, 2018, the State recognized an actuarially determined pension expense of $180,719.00. The pension expense recognized in the Borough's financial statement based on the April 1, 2017 billing was $60,465.00.

31



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

At June 30, 2018, the State reported deferred outflows of resources and deferred inflows of resources related to PFRS from the following sources:

Differences between expected and actual experience

Changes of assumptions

Net difference between projected and actual earnings on pension plan investments

Changes in proportion and differences between the Borough's contributions and proportionate share of contributions

$

Deferred Inflow of

Resources 6,951.00 $

430,455.00

9, 189.00

266,951.00

713,546.00

Deferred Outflow of Resources

17,088.00

144,172.00

774,661.00

935,921.00

Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:

Year Ended June 30 Amount

2018 $ 115,987.00 2019 52,849.00 2020 (34,683.00) 2021 14,095.00 2022 74,127.00

$ 222,375.00

32




Actuarial Assumptions

The total pension liability for the June 30, 2018 measurement date was determined by an actuarial valuation as of July 1, 2017, which rolled forward to June 30, 2018. This actuarial valuation used the following assumptions:

2018 2017

Inflation 2.25 Percent 2.25 Percent

Salary Increases (based on age) Through 2026 2.10-8.98 Percent 2.10-8.98 Percent

Based on Age Based on Age

Thereafter 3.10-9.98 Percent 3.10-9.98 Percent Based on Age Based on Age

Investment Rate of Return 7. 00 Percent 7. 00 Percent

Preretirement mortality rates were based on the RP-2000 Combined Healthy Mortality tables projected on a generational basis from the base year of 2000 to 2013 using Projection Scale BB and the Conduent modified 2014 projection scale thereafter. For preretirement accidental mortality, a custom table with representative rates was used and there is no mortality improvement assumed. Post-retirement mortality rates for male service retirements are based the RP-2000 Combined Healthy Mortality Tables projected on a generational basis using Projection Scale AA from the base year of 2012 to 2013 and the Conduent modified 2014 projection scale thereafter. Postretirement mortality rates for female service retirements and beneficiaries were based on the RP-2000 Combined Healthy Mortality Tables projected on a generational basis from the base year of 2000 to 2013 using Projection Scale BB and the Conduent modified 2014 projection scales thereafter. Disability mortality rates were based on a custom table with representative rates and no mortality improvement assumed.

The actuarial assumptions used in the July 1, 2017 valuation were based on the results of an actuarial experience study for the period July 1, 2010 to June 30, 2013.

33




Long-Term Rate of Return

In accordance with State statute, the long-term expected rate of return on plan investments (7.00 percent at June 30, 2018 and June 30, 2017) is determined by the State Treasurer, after consultation with the Directors of the Division of Investment and Division of Pensions and Benefits, the board of trustees and the actuaries. The long-term expected rate of return was determined using a building block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic rates of return for each major asset class included in PFRS s target asset allocation as of June 30, 2018 are summarized in the following table:

Assets Class Risk Mitigation Strategies Cash Equivalents U.S. Treasuries Investment Grade Credit High Yield Global Diversified Credit Credit Oriented Hedge Fund Debt Related Private Equity Debt Related Real Estate Private Real Asset Equity Related Real Estate U.S. Equity Non-U.S. Developed Market Equity Emerging Market Equity BuyoutsNenture Capital

Discount Rate

Target Allocation

5.00% 5.50% 3.00%

10.00% 2.50% 5.00% 1.00% 2.00% 1.00% 2.50% 6.25%

30.00% 11.50% 6.50% 8.25%

Long-Term Expected Real Rate of Return

5.51%. 1.00% 1.87% 3.78% 6.82% 7.10% 6.60%

10.63% 6.61%

11.83% 9.23% 8.19% 9.00%

11.64% 13.08%

The discount rate used to measure the total pension liability was 6.51 % and 6.14% as of June 30, 2018 and June 30, 2017 respectively. This single blended discount rate was based on the long-term expected rate of return on pension plan investments of 7.00% for both June 30, 2018 and June 30, 2017 and a municipal bond rate of 3.87% and 3.58% as of June 30, 2018 and June 30, 2017 respectively based on the Bond Buyer Go 20-Bond Municipal Bond Index, which includes tax-exempt general obligation municipal bonds with an average rating of AA/Aa or higher.

34




Discount Rate (Continued)

The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers and the nonemployer contributing entity will be made based on the contribution rate in the most recent fiscal year. The State employer contributed 50% of the actuarially determined contributions and the local employers contributed 100% of their actuarially determined contributions. Based on those assumptions, the plan's fiduciary net position was projected to be available to make projected future benefit payments of current plan members through 2062. Therefore, the long-term expected rate of return on plan investments was applied to projected benefit payments through 2062, and the municipal bond rate was applied to projected benefit payments after that date in determining the total pension liability.

Sensitivity of the collective net pension liability to changes in the discount rate

The following presents the collective net pension liability of the participating employers as of June 30, 2018 respectively, calculated using the discount rate as disclosed above as well as what the collective net pension liability would be if it was calculated using a discount rate that is 1-percentage point lower or 1- percentage point higher than the current rate:

1% Decrease

5.51%

June 30, 2018 At Current

Discount Rate 6.51%

1% Increase 7.51%

Borough's proportionate share of the PFRS pension liability $2,247,949.00 $1,679,609.00 $1,210,833.00

35




Special Funding Situation

In accordance with N.J.S.A. 43:16A-15, local participating employers are responsible for their own contributions based on actuarially determined amounts, except where legislation was passed which legally obligated the State if certain circumstances occurred. The legislation which legally obligates the State is as follows: Chapter 8, P.L. 2000, Chapter 318, P.c. 2001, Chapter 86, P.L. 2001, Chapter 511, P.L. 1991, Chapter 109, P.c. 1979, Chapter 247, P.L. 1993 and Chapter 201, P.L. 2001. The amounts contributed by the State on behalf of the Borough under this legislation is considered to be a special funding situation as defined by GASB Statement No. 68, and the State is treated as a nonemployer contributing entity. Since the Borough does not contribute under this legislation directly to the plan (except for employer specific financed amounts), there is no net pension liability or deferred outflows or inflows to disclose in the notes to the financial statements of the Borough related to this legislation.

At June 30, 2018 and 2017, the State's proportionate share of the net pension liability attributable to the Borough for the PFRS special funding situation is $228, 147.00 and $118, 140.00 respectively.

At June 30, 2018, the Borough's and State of New Jersey's proportionate share of the PFRS net pension liability were as follows:

Borough's Proportionate Share of Net Pension Liability $1,679,609.00

State of New Jersey Proportionate Share of Net Pension Liability Associated with the Borough 228, 147.00

$1,907,756.00

Pension plan fiduciary net position

Detailed information about the pension plan's fiduciary net position is available in the separately issued Financial Report for the State of New Jersey Police and Firemen's Retirement System (PFRS). The report may be obtained at State of New Jersey Division of Pensions and Benefits P.O. Box 295 Trenton, New Jersey 08625-0295 http://www.state.nj.us/treasurv/pensions.

36

NOTE 8:

NOTE 9:

NOTE 10:

NOTE 11:

COMPENSATED ABSENCES

Under the terms of various contracts Borough employees are allowed to accumulate unused vacation and sick pay over the life of their working careers which may be taken as time off or paid at a later date. It is estimated that the current cost of such unpaid compensation would approximate $35, 120.00. Under accounting principles and practices prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, the accumulated cost of such unpaid compensation is not required to be reported in the financial statements as presented and any amounts required to be paid are raised in that year's budget and no liability is accrued on December 31, 2018. The Borough has accumulated $22,500.00 for this purpose in the Trust Other Fund.

SCHOOL TAXES

Local District School Taxes have been raised and liabilities deferred by statute, resulting in the school taxes prepaid set forth in the Current Fund liabilities as follows:

Balance of Tax

Deferred

Tax (Prepaid)

LITIGATION

Local District School Tax Balance Balance

December 31, December 31, 2018 2017

$1,330, 156.44

1,346,416.00

($16,259.56)

$1,285,088.48

1,299,471.50

($14,383.02)

The Borough Attorney's letter did not indicate any litigation or claims that are either not covered by the Borough's insurance carrier or would have a material financial impact on the Borough.

CONTINGENT LIABILITIES

The Borough participates in several federal and state financial assistance grant programs. Entitlement to the funds is generally conditional upon compliance with terms and conditions of the grant agreements and applicable regulations, including the expenditure of funds for eligible purposes. These programs are subject to compliance and financial audits by the granters or their representatives. As of December 31, 2018, the Borough does not believe that any material liabilities will result from such audits.

37

NOTE 12:

NOTE 13:

RISK MANAGEMENT

The Borough is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The Borough participates in a self-insurance program through the Ocean County Joint Insurance Fund covering each of those risks of loss. The Fund is operated in accordance with regulations of the New Jersey Department of Insurance and the Division of Local Government Services of the Department of Community Affairs. The Fund is also a member of the Municipal Excess Liability Joint Insurance Fund which provides excess insurance coverage for each of the various risks noted above. The Borough's contribution to the Fund for claim payments is based on actuarial assumption determined by the Fund's actuary. Management believes such coverage is sufficient to preclude any significant uninsured losses to the Borough.

New Jersey Unemployment Compensation Insurance - The Borough has elected to fund its New Jersey Unemployment Compensation Insurance under the "Contributory Method". Under this plan, the Borough is required to remit an employer's match to the New Jersey Unemployment Trust Fund for benefits paid to its former employees and charged to its account with the State.

LENGTH OF SERVICE AWARDS PROGRAM

The Borough of Pine Beach adopted an ordinance establishing a Length of Service Awards Program for the members of the Borough's Volunteer First Aid Squad pursuant to N.J.S.A. 40A:14-183 et seq.

Under this program, each volunteer that performs the minimum amount of service will have an annual amount of $1, 150 deposited into a tax deferred income account that will earn interest for the volunteer. The cost will be provided for annually in the budget of the Borough and is anticipated to be $15,000 per year.

The accompanying financial statements do not include the Borough's Length of Service Awards Program's activities. The Borough's Length of Service Awards Program's financial statements are required to be contained in a separate review report.

38

NOTE 14:

NOTE 15:

INTERFUND RECEIVABLES AND PAYABLES

The following interfund balances remained on the balance sheets at December 31,2018:

Current Fund Animal Control Trust Trust Other Fund General Capital Fund Water Utility Operating Fund Water Utility Capital Fund Sewer Utility Operating Fund Sewer Utility Capital Fund Grant Fund Municipal Court Account Payroll Account

lnterfund Receivable

$12,342.75 $602.92

36,506.44 18,394.32 9,358.70

5,861.16 1,000.00

71,298.11

10,455.85

$165,820.25

lnterfund Payable $119,801.21

35,655.22 54.99

3,118.95 5,043.05 1,000.00

1, 146.83

$165,820.25

All balances resulted from the time lag between the dates that short-term loans were disbursed and payments between funds were received.

ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS - GASB 75

The Governmental Accounting Standards Board (GASB) has issued Statement No. 75, "Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions" which is effective for fiscal years beginning after June 15, 2017. This statement establishes standards for measuring and recognizing liabilities, deferred outflows and inflows of resources, and expenses for postemployment benefits other than pensions. OPEB obligations are non-pension benefits that the municipality has contractually or otherwise agreed to provide employees once they have retired and, in most instances, will be for retirement health, prescription and dental insurance coverage.

Under current New Jersey budget and financial reporting requirements, the municipality is not required to fund any amounts in excess of their current costs on a pay-as-you-go basis or to accrue funds, create a trust or issue debt to finance their other post-employment benefit liability. Additionally, the municipality is not required to recognize any long-term obligations resulting from OPEB on their financial statements.

39

NOTE 15: ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS - GASB 75 (CONTINUED)

Plan Description and Benefits Provided

The State Health Benefit Local Government Retired Employees Plan (the Plan) is a cost-sharing multiple-employer defined benefit other postemployment benefit (OPEB) plan with a special funding situation. It covers employees of local government employers that have adopted a resolution to participate in the Plan. The Plan meets the definition of an equivalent arrangement as defined in paragraph 4 of GASB Statement No. 75, Accounting and Financial Reporting for the Postemp/oyment Benefits Other Than Pensions; therefore, assets are accumulated to pay associated benefits.

The Plan provides medical and prescription drug coverage to retirees and their covered dependents of the employers.

In accordance with Chapter 330, P.L. 1997, which is codified in N.J.S.A 52: 14-17.32i, the State provides medical and prescription coverage to local police officers and firefighters, who retire with 25 years of service or on a disability from an employer who does not provide postretirement medical coverage. Local employers were required to file a resolution with the Division in order for their employees to qualify for State-paid retiree health benefits coverage under Chapter 330.

The State also provides funding for retiree health benefits to survivors of local police officers and firefighters who die in the line of duty under Chapter 271, P.L.1989.

Special Funding Situation

Under Chapter 330, P.L. 1997, the State shall pay the premium or periodic charges for the qualified local police and firefighter retirees and dependents equal to 80 percent of the premium or periodic charge for the category of coverage elected by the qualified retiree under the State managed care plan or a health maintenance organization participating in the program providing the lowest premium or periodic charge.

The State also provides funding for retiree health benefits to survivors of local police officers and firefighters who die in the line of duty under Chapter 271, P.L.1989.

Therefore, these employers are considered to be in a special funding situation as defined by GASB Statement No 75 and the State is treated as a nonemployer contributing entity. Since the local participating employers do not contribute under this legislation directly to the plan, there is no net OPEB liability, deferred outflows of resources or deferred inflows of resources to report in the financial statements of the local participating employers related to this legislation.

40


Special Funding Situation (Continued)

At June 30, 2018 and 2017, the State's proportionate share of the net OPEB liability attributable to the Borough for the special funding situation is $2,186,714.00 and $2,811,488.00 respectively.

At June 30, 2018, the Borough's and State of New Jersey's proportionate share of the OPEB liability were as follows:

Borough's proportionate share of the OPEB Liability

State of New Jersey's proportionate share of OPEB Liability associated with the Borough

Actuarial Assumptions and Other Inputs

$-0-

2, 186,714.00

$2,186,714.00

The actuarial assumptions vary for each plan member depending on the pension plan the member is enrolled in. This actuarial valuation used the following actuarial assumptions, applied to all periods in the measurement:

Inflation rate

Salary increases*. Through 2026 Thereafter

June 30. 2018 June 30. 2017

2.50% 2.50%

1.65% to 8.98% 1.65% to 8.98% 2.65% to 9.98% 2.65% to 9.98%

*Salary increases are based on the defined benefit plan that the member is enrolled in and his or her age.

Preretirement mortality rates were based on the RP-2006 Headcount-Weighted Healthy Employee Male/Female mortality table with fully generational mortality improvement projections from the central year using the MP-2017 scale. Postretirement mortality rates were based on the RP-2006 Headcount-Weighted Healthy Annuitant Male/Female mortality table with fully generational improvement projections from the central year using the MP-2017 scale. Disability mortality was based on the RP-2006 Headcount-Weighted Disabled Male/Female mortality table with fully generational improvement projections from the central year using the MP-2017 scale.

41


Actuarial Assumptions and Other Inputs (Continued)

Certain actuarial assumptions used in the July 1, 2016 valuation were based on the results of the pension plans' experience studies for which the members are eligible for coverage under this Plan - the Police and Firemen Retirement System (PFRS) and the Public Employees' Retirement System (PERS). The PFRS and PERS experience studies were prepared for the periods July 1, 2010 to June 30, 2013 and July 1, 2011 to June 30, 2014, respectively.

100% of active members are considered to participate in the Plan upon retirement.

Health Care Trend Assumptions

For pre-Medicare preferred provider organization (PPO) and health maintenance organization (HMO) medical benefits, the trend rate is initially 5.8% and decreases to a 5.0% long-term trend rate after eight years. For self-insured post-65 PPO and HMO medical benefits, the trend rate is 4.5%. For prescription drug benefits, the initial trend rate is 8.0% decreasing to a 5.0% long-term trend rate after seven years. For the Medicare Part B reimbursement, the trend rate is 5.0% The Medicare Advantage trend rate is 4.5% and will continue in all future years.

Discount Rate

The discount rate for June 30, 2018 and 2017 was 3.87% and 3.58%, respectively. This represents the municipal bond return rate as chosen by the State. The source is the Bond Buyer Go 20-Bond Municipal Bond Index, which includes tax-exempt general obligation municipal bonds with an average rating of AA/Aa or higher. As the long-term rate of return is less than the municipal bond rate, it is not considered in the calculation of the discount rate, rather the discount rate is set at the municipal bond rate.

OPEB Plan Fiduciary Net Position

Detailed information about the OPEB plan's fiduciary net position is available in the separately issued Financial Report for the State of New Jersey State Health Benefits Local Government Retired Employees Plan. The report may be obtained at State of New Jersey Division of Pensions and Benefits P.O. Box 295 Trenton, New Jersey 08625-0295 http://www.state.nj.us/treasury/pensions.

42

NOTE 16:

NOTE 17:

TAX APPEALS

There are tax appeals filed with the County and State Tax Court of New Jersey requesting a reduction of assessments for the year 2018. Any reduction in assessed valuation will result in a refund of prior years' taxes in the year of settlement, which may be funded from tax revenues through the establishment of a reserve or by the issuance of refunding bonds per N.J.S.A. 40A:2-51.

SUBSEQUENT EVENTS

The Borough has evaluated material subsequent events occurring after the financial statement date through August 14, 2019 which is the date the financial statements were available to be issued. Based upon this evaluation, the Borough has determined that no events needed to be disclosed.

43


SUPPLEMENTARY SCHEDULES - ALL FUNDS

YEAR ENDED DECEMBER 31 I 2018

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CURRENT FUND

SCHEDULE OF CASH - COLLECTOR

REF.

Received: Taxes Receivable A-8 $ 5,626,022.70 Revenue Accounts Receivable A-12 12,172.76 Redemption of Outside Liens A-16 24,132.39 2019 Taxes Prepaid A-17 65,372.19 Tax Overpayments A-18 2,506.30

$ 5,730,206.34

Decreased by Disbursements: Payments to Treasurer A-4 $ 5,730,206.34

Balance, December 31, 2017 and December 31, 2018

Increased by: Cash Disbursements

Decreased by: Cash Receipts


CURRENT FUND

SCHEDULE OF CHANGE FUNDS

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A


CURRENT FUND

SCHEDULE OF DUE FROM STATE OF NEW JERSEY CHAPTER 20. P.L. 1971

REF.

Balance, December 31,2017 - (Due From) A

Increased by: Senior Citizens and Veterans Deductions Per Tax Billings $ 22,750.00 Allowed by Tax Collector 250.00

Decreased by: Senior Citizens and Veterans Deductions Disallowed by Tax Collector $ 655.48

Cash Receipts A-4 23,094.52

Balance, December 31, 2018 - (Due From) A

CALCULATION OF STATE'S SHARE OF 2018 SENIOR CITIZENS DEDUCTIONS

ALLOWED BY COLLECTOR (CHAPTER 20. P.L. 1971)

Senior Citizens Deductions Per Tax Billings Veterans Deductions Per Tax Billings Senior Citizens and Veterans Deductions Allowed by Tax Collector - 2018 Taxes

Less: Senior Citizens Deductions Disallowed by Collector - 2018 Taxes

A-8

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$

$

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23,000.00 24,407.71

23,750.00

657.71

4,250.00 18,500.00

250.00 23,000.00

655.48

22,344.52


CURRENT FUND

SCHEDULE OF PROPERTY ACQUIRED FOR TAXES (AT ASSESSED VALUATION)

Balance, December 31, 2017 and December 31, 2018 A $ 13,587.00

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1

$ 17

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6.86

PA

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55

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0 $

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1,71

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00

3,50

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83

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116,

590.

26

A-1


CURRENT FUND

SCHEDULE OF REDEMPTION OF OUTSIDE LIENS

REF.

Increased by: Cash Receipts A-5 $ 24,132.39

Decreased by: Cash Disbursements A-4 $ 24, 132.39


CURRENT FUND

SCHEDULE OF PREPAID TAXES

REF.

Balance, December 31, 2017 A $ 178,966.87

Increased by: Collection - 2019 Taxes A-5 65,372.19

$ 244,339.06

Decreased by: Application to 2018 Taxes Receivable A-8 178,966.87

Balance, December 31, 2018 A $ 65,372.19


CURRENT FUND

SCHEDULE OF TAX OVERPAYMENTS

REF.

Balance, December 31, 2017 A $

Increased by: Cash Receipts A-5 2,506.30

$ 2,506.30

Decreased by: Cash Disbursements A-4 2,506.30

Balance, December 31, 2018 A $

2018 Tax Levy: County Taxes County Library County Health County Open Space Due County for Added and Omitted Taxes

Decreased by: Cash Disbursements

Balance, December 31, 2018


CURRENT FUND

SCHEDULE OF COUNTY TAXES PAYABLE

A-1:A-8 A-1 :A-8 A-1:A-8 A-1:A-8 A-1 :A-8

A-4

A

$ 974,185.57 106,294.62

38,382.50 33,681.45 6,274.54

SCHEDULE OF REGIONAL SCHOOL TAX PAYABLE

Balance, December 31, 2017 School Tax Prepaid A $ (14,383.02) School Taxes Deferred 1,299,471.50

Increased by: Levy - School Year July 1, 2017

to June 30, 2018 A-8

Decreased by: Cash Disbursements A-4

Balance, December 31, 2018 School Tax Prepaid A $ (16,259.56) School Taxes Deferred 1,346,416.00

2018 Liability for Regional School Tax: Taxes Paid A-20 Taxes Prepaid December 31, 2017 A-20

Less: Taxes Prepaid December 31, 2018 A-20

Amount Charged to 2018 Operations A-1

1,158,818.68 $ 1,158,818.68

1,152,674.18

$ 6,144.50

$ 1,285,088.48

2,692,832.00 3,977 ,920.48

2,647,764.04

$ 1,330, 156.44

$ 2,647,764.04 14,383.02

2,662,147.06 16,259.56

$ 2,645,887.50

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CURRENT FUND

SCHEDULE OF RESERVE FOR REVALUATION

A

SCHEDULE OF RESERVE FOR REASSESSMENT

A

$ 6,970.06

$ 7,276.72



CURRENT FUND

SCHEDULE OF ACCOUNTS PAYABLE

A $ 6,601.85

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$

220,

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90


TRUST FUND

SCHEDULE OF RESERVE FOR ANIMAL CONTROL TRUST FUND EXPENDITURES

Balance, December 31, 2017

Increased by: Animal Control License Fees Collected

Decreased by: Expenditures under R.S. 4:19-15.11: Cash Disbursements

Ba~nce,December31,2018

B

B-1

B-1

B

LICENSE FEES COLLECTED YEAR AMOUNT

2016 2017

$ 4,596.40 4,312.40

$ 8,908.80

SCHEDULE OF DUE STATE OF NEW JERSEY

Balance, December 31, 2016 (Due To) B

Increased by: Animal Registration Fees Collected B-1

Decreased by: Payments to State Department of Health B-1

Balance, December 31, 2017 (Due To) B

$

$

$

$

$

$

8,997.60

4,379.11 13,376.71

5,218.14

8,158.57

81.60

603.60 685.20

604.80

80.40


ANIMAL CONTROL TRUST FUND

SCHEDULE OF INTERFUND FOR ANIMAL CONTROL TRUST FUND

Balance, December 31, 2017 and 2018 Due From B $

CURRENT FUND

602.92

"B-5

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B-1

B

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B



SCHEDULE OF CASH - TREASURER

REF.


Increased by Receipts: Fund Balance C-1 $ 8,325.00 Grants Receivable C-4 26,350.00 lnterfunds C-8 115,101.55 Bond Anticipation Notes C-11 2,073,000.00

2,222,776.55 $ 3,160,115.32

Decreased by Disbursements: Bond Anticipation Notes C-11 1,718,000.00 Improvement Authorizations C-16 390,502.03

2, 108,502.03

Balance, December 31, 2018 C:C-3 $ 1,051,613.29

Fund Balance Reserve for Debt Service Reserve for Preliminary Costs Capital Improvement Fund Contract Payable lnterfunds (Net)



ANALYSIS OF CASH

Cash on Hand To Pay Notes as Set Forth on "C-7" Overexpenditure of Improvement Authorization Improvement Authorizations:

Funded as Set Forth on "C-1 O" Expended as Set Forth on "C-7" Unexpended Proceeds of Bond Anticipation Notes Issued as Set Forth on "C-7"

$

$

BALANCE DECEMBER

31, 2018

20,980.12 199,623.12

5,388.74 59,061.25 18,069.03

(18,339.33) 205,386.95

(146.90)

287,431.82 (279,843.02) 554,001.51

1,051,613.29

C-2



SCHEDULE OF GRANTS RECEIVABLE

REF.

Balance, December 31, 2017 c $

Increased Grant Awards $ 246,000.00

246,000.00 $ 246,000.00

Decreased by: Cash Receipts C-2 $ 26,350.00 Due Current Fund C-8 142,669.50

169,019.50


Analysis: Ordinance 18-02 Department of Transportation $ 76,980.50



SCHEDULE OF RESERVE FOR PRELIMINARY COSTS


REF.

c $ 5,388.74



SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - FUNDED

REF.

Balance, December 31, 2017 c $ 2,421,349.44

Decreased by: 2018 Budget Appropriation:

Green Acres Loan C-12 $ 100,867.84 USDA Loan C-13 7,743.97 Serial Bonds C-14 54,466.50

163,078.31

Balance, December 31, 2018 c $ 2,258,271.13

"C-7

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c



SCHEDULE OF RESERVE FOR DEBT SERVICE


Decreased by: Due Current Fund C-8 39,856.88




SCHEDULE OF CONTRACTS PAYABLE

REF.

Balance, December 31, 2017 c $ 25, 169.00

Increased by: Contract Payable C-10 383,402.06

$ 408,571.06

Decreased by: Cash Disbursement C-2 390,502.03


Ove

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c

ORDINANCE NUMBER

95-14, 00-11 01-05

02-05 04-03 05-07 06-09 07-02 08-07 10-08 11-05 13-06 13-10 14-09



SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED

IMPROVEMENT DESCRIPTION

Redevelopment of Admiral Farragut Core Campus Acquisition of Land or Rights in Land Necessary to Implement the Storm Water/Water Quality and Management Plan

Improvements and Rehabilitation of Riverside Drive Construction of Riverwalk Development of Vista Park Along the Waterfront Various Capital Improvements Various Capital Improvements Various Capital Improvements Various Capital Improvements Various Capital Improvements Replacement of the Bulkhead on the Borough's Waterfront Public Land Various Capital Improvements Various Capital Improvements

$

$

BALANCE DECEMBER

31, 2018

47,924.07

32,900.00 28,455.50 15,000.00 7,000.00

66,500.00 136,149.53 20,050.00 14,000.00 21,500.00

218,370.00 24,000.00 23,500.00

655 349.10

c

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D

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Bal

ance

, D

ece

mb

er

31,

2018

D

$

170,

774.

41

$ 30

9,42

6.65

Increased by Receipts: Interest on Delinquent Accounts Miscellaneous Consumer Accounts Receivable Overpaid/Prepaid Water Rents

Decreased by Disbursements: Payment to Treasurer





REF.

D-3 $ D-3 D-9 D-11

D-5


D

OPERATING

2,872.14 100.26

217,246.96 45,712.78

$ 265,932.14

$ 265,932.14

$ 25.00

Fund Balance Capital Improvement Fund Contracts Payable Due Current Fund Improvement Authorizations: Ordinance 86-26 Renovation of Well



SCHEDULE OF ANALYSIS OF CASH

Ordinance 08-06 Improvement of Water Utility Wells Ordinance 11-06 Rehabilitation and/or Reconstruction

of Water Well No. 1 and the Acquisition and Installation of Replacement Metering System

$

$

REF.

BALANCE DECEMBER

31, 2018

26,324.95 71,500.00

202.49 3, 118.95

(23,750.00) 2,972.00

229,058.26

309,426.65

D



SCHEDULE OF CONSUMER ACCOUNTS RECEIVABLE

REF.

Balance, December 31, 2017 D $ 20,578.33

Increased by: Water Rents Levied - Net 259,249.05

$ 279,827.38

Decreased by: Collection D-3:D-6 $ 217,246.96 Overpaid/Prepaid Applied D-3:0-11 44,137.34

261,384.30


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D

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4 $

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ance

, D

ecem

ber

31,

2018

D

$

45,7

12.7

8 $

1,13

5.31

$

44,5

77.4

7



SCHEDULE OF ACCRUED INTEREST ON NOTES AND LOANS

REF.


Increased by: Budget Appropriations D-4 55,535.00

$ 68,431.43

Decreased by: Cash Disbursements D-5 55,526.44


"D-1

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, D

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31,

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ue F

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D

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$ 5,

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Due

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D

ACCOUNT

Pumping Station Structures Well and Pumping Equipment Water Storage Tank and Tower Mains and Accessories Fire Hydrants House Connections Engineering Legal and Administrative Costs Water Meters Improvement of Water Utility Wells Improvements to Water Tower Improvements to Water System Water Tower Upgrades



SCHEDULE OF FIXED CAPITAL

$

$

BALANCE DECEMBER 31, 2017 AND 2018

17,996.20 68,999.00

177,480.78 210,854.38

15,212.20 31,960.00 31,785.84

6,681.14 1,756.97

72,028.00 116,374.96

1, 102,588.87 50,000.00

1,903,718.34

D



SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED

ORDINANCE NUMBER IMPROVEMENT DESCRIPTION

08-06 Improvement of Water Utility Wells 11-06, 13-09 Rehabilitation and/or Reconstruction of Water Well

No. 1 and the Acquisition and Installation of Replacement Metering System

DATE OF ORDINANCE

06/11/08 $

11/21/11 12/11/13

$

REF.


2,972.00

750,000.00 120,000.00

872,972.00

D



SCHEDULE OF CONTRACTS PAYABLE

REF.


Increased by: Improvement Authorizations D-18 6,647.67

7,750.39

Decreased by: Cash Disbursements D-5 $ 5,271.03 Due Current Fund D-23 2,276.87

7,547.90

Balance, December 31, 2018 D $ 202.49




REF.


Increased by: 2018 Budget Appropriation D-5 2,000.00


OR

DIN

AN

CE

N

UM

BE

R

IMP

RO

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DE

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t of W

ater

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$

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73

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37

$ 73

1,46

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$

25,4

84.5

7 $

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37

RE

F.

D

D-2

1 D



SCHEDULE OF RESERVE FOR AMORTIZATION

REF.

Balance, December 31, 2017 D $ 1, 148,504.40

Increased By: Loan Paid by Operating Budget D-20 25,484.57

Balance, December 31, 2018 D $ 1,173,988.97

"D-2

2"

BO

RO

UG

H O

F P

INE

BE

AC

H

WA

TE

R U

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ITY

CA

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08-0

6 Im

prov

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t of W

ate

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tility

We

lls

06/1

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$

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972.

00

11-0

6, 1

3-09

R

ehab

ilita

tion

an

d/o

r R

econ

stru

ctio

n o

f Wa

ter

Wel

l N

o. 1

and

the

Acq

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and

Inst

alla

tion

of

11/2

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R

epla

cem

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m

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8,50

0.00

25

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143,

500.

00

$ 12

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$

25,0

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0 $

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00

RE

F.

D

D-1

9 D



SCHEDULE OF INTERFUND - CURRENT FUND

REF.

Balance, December 31, 2017 D $ 84208

Increased By: Contracts Paid by Current Fund D-16 2,276.87


ORDINANCE NUMBER

86-26 13-09




Renovation of Well Metering System


$

$

BALANCE DECEMBER

31, 2018

23,750.00 114,000.00

137,750.00

D

"E-5

"

BO

RO

UG

H O

F P

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BE

AC

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SE

WE

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Bal

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, D

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31,

2017

E

$

19

6,3

67

.37

$

57,9

52.7

8

Incr

ease

d by

Rec

eipt

s:

Col

lect

or

E-6

$

41

1,9

77

.88

$

lnte

rfun

ds

E-1

4 13

,512

.11

Res

erve

for

Rep

lace

men

t F

und

E-2

3 1,

000.

00

42

5,4

89

.99

1,

000.

00

62

1,8

57

.36

58

,952

.78

Dec

reas

ed b

y D

isbu

rsem

ents

: 20

18 A

ppro

pria

tions

E

-4

$ 37

5,61

4.93

$

2017

App

ropr

iatio

n R

eser

ves

E-1

0 4

4,1

01

.39

A

ccru

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nter

est o

n Lo

ans

E-1

3 16

,088

.66

lnte

rfun

ds

E-1

4 21

,507

.27

45

7,3

12

.25

Bal

ance

, D

ecem

ber

31,

2018

E

$

164,

545.

11

$ 5

8,9

52

.78

Increased by Receipts: Interest on Delinquent Accounts Consumer Accounts Receivable Overpaid/Prepaid Sewer Rents

Decreased by Disbursements: Payment to Treasurer





E-3 E-9 E-11

E-5

$


E

OPERATING

4,974.48 358,319.23 48,684.17

$

$

$

411,977.88

411,977.88

25.00

Fund Balance Reserve for Replacement Fund Capital Improvement Fund lnterfunds Payable lnterfunds Receivable Improvement Authorizations:



SCHEDULE OF ANALYSIS OF CASH

Ordinance 92-12 Construction of Sanitary Sewer Ordinance 00-10 Renovation and Upgrade of the Sewer Utility Plant

$

BALANCE DECEMBER

31,2018

3,457.78 63,050.00 25,000.00

1,000.00 (1,000.00)

(35,000.00) 2,445.00

$ ===5=8=,9=5=2.=78=

E



SCHEDULE OF CONSUMER ACCOUNTS RECEIVABLE

REF.

Balance, December 31, 2017 E $ 32,877.76

Increased by: Sewer Rents Levied - Net 399,933.33

432,811.09

Decreased by: Collection E-3:E-6 $ 358,319.23 Overpaid/Prepaid Applied E-3:E-11 45,629.42 lnterfund E-3;E-14 100.00

404,048.65


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SCHEDULE OF ACCOUNTS PAYABLE

Balance, December 31, 2017 and 2018 E $ 4,644.97

SCHEDULE OF ACCRUED INTEREST ON LOANS


Increased by: Budget Appropriation E-4 15,387.57

$ 20,746.51

Decreased by: Interest Paid E-5 16,088.66


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Balance, December 31, 2017 and December 31, 2018 Due From Due To

E E



SCHEDULE OF INTERFUNDS

$ $

1,000.00 $ 1,000.00 $

TRUST OTHER

1,000.00 $ $

======

SEWER UTILITY

OPERATING FUND

1,000.00




SCHEDULE OF FIXED CAPITAL

E $ 3,225,163.51

ORDINANCE NUMBER

00-10



SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED


Renovation and Upgrade of the Sewer Utility Plant

DATE OF ORDINANCE

06/14/00 $

$


FUNDED

5,000.00

5,000.00

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E $ 25,000.00

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SCHEDULE OF RESERVE FOR AMORTIZATION

REF.

Balance, December 31, 2017 E $ 2,858,338.61

Increased by: Loans Paid by Operating Budget E-20 40,709.34

Balance, December 31, 2018 E $ 2,899,047.95

OR

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SCHEDULE OF RESERVE FOR REPLACEMENT FUND

REF.


Increased by: 2018 Budget Appropriation E-5 1,000.00


ORDINANCE NUMBER

92-12





Construction of Sanitary Sewer $

BALANCE DECEMBER

31, 2017 AND 2018

35,000.00

E



SCHEDULE OF PUBLIC ASSISTANCE CASH - TREASURER

P.A.T.F. I

Balance, December 31, 2017 and 2018 F $ 9,792.21 $

FUND TOTAL

9,792.21



SCHEDULE OF PUBLIC ASSISTANCE CASH AND RECONCILIATION PER N.J.S.A. 40A:5-5

Balance, December 31, 2018 and July 31, 2019

RECONCILIATION - July 31, 2019

Balance on Deposit Per Statement of: TD Bank Account#36691453

Balance, July 31, 2019

$

$

P.A.T.F. I ACCOUNT

$

9,792.21 $

9,792.21 $

9,792.21

9,792.21

9,792.21



SCHEDULE OF PUBLIC ASSISTANCE CASH AND RECONCILIATION FOR THE YEAR ENDED DECEMBER 31, 2018

Balance, December 31, 2017 and 2018

RECONCILIATION- DECEMBER 31, 2018

Balance on Deposit Per Statement of:

P.A.T.F. I ACCOUNT

$

TD Bank Account#36691453 $

$

9,792.21 $

Balance, December 31, 2018 9,792.21 $

9,792.21

9,792.21

9,792.21



PART 11

STATISTICAL DATA

LIST OF OFFICIALS

COMMENTS AND RECOMMENDATIONS

YEAR ENDED DECEMBER 31. 2018

COMPARATIVE STATEMENT OF OPERATIONS AND

CHANGE IN FUND BALANCE - CURRENT FUND

YEAR 2018 YEAR 2017

AMOUNT '.'[g_ AMOUNT '.'[g_


Fund Balance Utilized $ 225,000.00 3.30% $ 200,000.00 3.07%

Miscellaneous-From Other Than Local

Property Tax Levies 764,987.42 11.22% 638,387.63 9.79%

Collection of Delinquent Taxes and

Tax Title Liens 47,138.12 0.69% 70,825.94 1.09%

Collection of Current Tax Levy 5,780,195.97 84.79% 5,609,004.74 86.05%

TOTAL INCOME $ 6,817,321.51 100.00% $ 6,518,218.31 100.00%

EXPENDITURES

Budget Expenditures:

Municipal Purposes $ 2,656,234.91 41.06% $ 2,541,711.68 40.46%

County Taxes 1, 158,818.68 17.91% 1, 138,260.05 18.12%

Regional District School Taxes 2,645,887.50 40.90% 2,573,058.50 40.96%

Other Expenditures 8,520.33 0.13% 29,386.45 0.47%

TOTAL EXPENDITURES $ 6,469,461.42 100.00% $ 6,282,416.68 100.00%


Adjustment Before Fund Balance: Expenditures

Included Above Which are by Statute Deferred

Charges to Budgets of Succeeding Years 36,276.59

Statutory Excess to Fund Balance $ 384,136.68 $ 235,801.63

Fund Balance, January 1 326,684.62 290,882.99

$ 710,821.30 $ 526,684.62

Less: Utilization as Anticipated Revenue 225,000.00 200,000.00

Fund Balance, December 31 $ 485,821.30 $ 326,684.62

44

COMPARATIVE STATEMENT OF OPERATIONS AND CHANGE IN FUND BALANCE-WATER UTILITY OPERATING FUND

YEAR 2018 YEAR 2017 AMOUNT .'.'& AMOUNT .'.'&



Rents 261,384.30 77.99% 267,805.85 87.47%

Miscellaneous-From Other Than Water Rents 31,767.94 9.48% 22,982.78 7.51%

TOTAL INCOME $ 335,137.24 100.00% $ 306,153.63 100.00%

EXPENDITURES


Operating $ 169,500.00 54.77% $ 168,456.00 58.03%

Capital Improvements 23,500.00 7.59% 3,500.00 1.21%

Debt Service 106,019.56 34.26% 107,918.34 37.18%

Deferred Charges and Statutory Expenditures 10,450.00 3.38% 10,400.00 3.58%

TOTAL EXPENDITURES $ 309,469.56 100.00% $ 290,274.34 100.00%

Excess ir Revenue $ 25,667.68 $ 15,879.29


$ 112,771.59 $ 102,468.91

Less: Utilization by Water Operating Budget 41,985.00 15,365.00

Fund Balance, December 31 $ 70,786.59 $ 87 103.91

45

COMPARATIVE STATEMENT OF OPERATIONS AND

CHANGE IN FUND BALANCE-SEWER UTILITY OPERATING FUND

YEAR2018 YEAR2017

AMOUNT ~ AMOUNT ~



Rents 404,048.65 82.57% 397,515.74 79.71%

Miscellaneous - From Other Than Sewer Rents 28,668.30 5.86% 46,891.47 9.40%

TOTAL INCOME $ 489,366.95 100.00% $ 498,707.21 100.00%

EXPENDITURES


Operating $ 365,500.00 80.00% $ 384,500.00 84.64%

Capital Improvements 23,000.00 5.03% 1,000.00 0.22%

Debt Service 56,096.91 12.28% 56,847.74 12.51%

Deferred Charges and Statutory Expenditures 11,950.00 2.62% 11,950.00 2.63%

Other Expenditures 300.00 0.07%

TOTAL EXPENDITURES $ 456,846.91 100.00% $ 454,297.74 100.00%



$ 96,456.82 $ 118,236.78

Less: Utilization by Sewer Operating Fund Budget 56,650.00 54,300.00

Fund Balance, December 31 $ 39,806.82 $ 63,936.78

46

COMPARATIVE SCHEDULE OF TAX RATE INFORMATION

Tax Rate Apportionment of Tax Rate:

Municipal County Regional School

ASSESSED VALUATIONS:

2018 2017 2016

$246.829.467 .00

2018 2017 2.366 2.165

0.807 0.780 0.469 0.460 1.090 1.051

$247.433,325.00

2016 2.230

0.740 0.457 1.033

$246.598.826.00

COMPARISON OF TAX LEVIES AND COLLECTION CURRENTLY

A study of this tabulation could indicate a possible trend in future tax levies. A decrease in the percentage of current collection could be an indication of a probable increase in future tax levies.

YEAR 2018 2017 2016

TAX LEVY $5,871,599.60

5,668,697.71 5,509,089.21

CURRENTLY PERCENTAGE OF CASH

COLLECTION $5,780, 195.97

5,609,004.74 5,434, 150.37

COLLECTIONS 98.44% 98.94% 98.63%

DELINQUENT TAXES AND TAX TITLE LIENS

This tabulation includes a comparison, expressed in percentage, of the total of delinquent taxes and tax title liens, in relation to the tax levies of the last three years.

AMOUNT OF AMOUNT OF TAX DELINQUENT TOTAL PERCENTAGE

YEAR TITLE LIENS TAXES DELINQUENT OF TAX LEVY 2018 $-0- $90,980.46 $90,980.46 1.55% 2017 -0- 46,738.12 46,738.12 0.82% 2016 9,501.32 61,324.62 70,825.94 1.29%

47

PROPERTY ACQUIRED BY TAX TITLE LIEN LIQUIDATION

The value of property acquired by liquidation of tax title liens on December 31, on the basis of the last assessed value of such properties in the year of acquisition, is summarized as follows:

YEAR AMOUNT

2018 $13,587 2017 13,587 2016 13,587

COMPARISION OF WATER UTILITY RENTS LEVIED

Water Utility Fund

YEAR 2018 2017 2016

LEVY $259, 199.05

263,411.72 280,773.24

COMPARISION OF SEWER UTILITY RENTS LEVIED

Sewer Utility Fund

YEAR 2018 2017 2016

LEVY $399,933.33 $396,249. 75 $397,300.42

EQUALIZED VALUATIONS-REAL PROPERTY

YEAR AMOUNT 2018 $288,807,562.00 2017 $280,419,161.00 2016 $272,636,766.00

48

CASH COLLECTIONS

$261,384.30 267,805.85 284,531.40

CASH COLLECTIONS

$404,048.65 $397,515.74 $399,900.25

COMPARATIVE SCHEDULE OF FUND BALANCES

Current Fund

Water Utility Operating

Fund

Sewer Utility Operating

Fund

YEAR 2018 2017 2016 2015 2014

YEAR 2018 2017 2016 2015 2014

YEAR 2018 2017 2016 2015 2014

BALANCE DECEMBER 31

$485,821.30 326,684.62 307,687.74 470,851.03 326,275.89

BALANCE DECEMBER 31

$70,786.59 87, 103.91 86,589.62 44,205.29 31,928.37

BALANCE DECEMBER 31

49

$39,806.82 63,936.78 73,827.31 62,941.01 54,993.34

UTILILIZED IN BUDGET OF

SUCCEEDING YEAR $300,000.00

225,000.00 200,000.00 300,000.00 225,000.00



41,985.00 15,365.00

6,880.00 9, 140.00



56,650.00 54,300.00 16,625.00 19,339.00

OFFICIALS IN OFFICE AND SURETY BONDS

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

Name Title Amount

Lawrence W. Cuneo Mayor *

Barry Wieck Council President *

Robert Budesa Councilman *

Susan Coletti Councilwoman *

Raymond Newman Councilman *

Richard Polhemus Councilman *

James Saxton Councilman *

Charlene Carney Municipal Clerk *

Mary Jane Steib Chief Financial Officer *

Christine Dehnz Tax Collector *

Juliane Lazzaro Water/Sewer Utility Clerk *

Stacey Kerr Municipal Court Judge *

Linda Felton Court Administrator *

Raymond Hall Tax Assessor *

Michael McKenna Attorney *

John J. Mallon Engineer *

*The Borough maintains Employee Dishonesty coverage for all municipal employees though the Ocean County Joint Insurance Fund and the Municipal Excess Liability Joint Insurance Fund in the amount of $1,000,000.00.

All of the Bonds were examined and appear to be properly executed.

50

COMMENTS AND RECOMMENDATIONS

GENERAL COMMENTS

CONTRACTS AND AGREEMENTS REQUIRED TO BE ADVERTISED FOR (N.J.S.A. 40A:11-4)

Every contract or agreement for the performance of any work or the furnishing or hiring of any materials or supplies, the cost or the contract price whereof is to be paid with or out of public funds, not included within the terms of Section 3 of this act, shall be made or awarded only by the governing body of the contracting unit after public advertising for bids and bidding therefore, except as is provided otherwise in this act or specifically by any other law. No work, materials or supplies shall be undertaken, acquired or furnished for a sum exceeding in the aggregate the amount set forth in or the amount calculated by the Governor pursuant to Section 3 of P.L. 1971 c.198 (40A:11-3), except by contract or agreement.

Effective July 1, 2015, the bid threshold in accordance with N.J.S.A. 40A:11-3 is $17,500.00 or up to $40,000.00 if the entity has a Qualified Purchasing Agent. The Borough has a Qualified Purchasing Agent and has elected to increase its bid threshold to $40,000.00.

The governing body of the Municipality has the responsibility of determining whether the expenditures in any category will exceed $40,000.00 within the fiscal year. Where question arises as to whether any contract or agreement might result in violation of the statute, the Borough Attorney's opinion should be sought before a commitment is made.

items: The minutes indicate that bids were requested by public advertising for the following

Station Avenue Sidewalk Replacement Water Meter Replacement and Installation of Recoding Appurtenances Riverside Drive Road Improvements

Inasmuch as the system of records did not provide for an accumulation of payments for categories for the performance of any work or the furnishing or hiring of any materials or supplies, the results of such an accumulation could not reasonably be ascertained. Disbursements were reviewed, however, to determine whether any clear cut violations existed.

Our examination of expenditures did not reveal any individual payments, contracts or agreements in excess of $40,000.00 for the performance of any work or the furnishing or hiring of any materials or supplies, other than those where bids had been previously sought by public advertisement or where a resolution had been previously adopted under the provisions of N.J.S.A. 40A:11-4.

The minutes indicate that resolutions were adopted authorizing the awarding of contracts or agreements for "Professional Services" as required by N.J.S.A. 40:11-5:

Auditor Bond Counsel Engineering Services Legal Services (Affordable Housing, Labor and Municipal) Municipal Prosecutors Public Defender Municipal Attorney

51

COLLECTION OF INTEREST ON DELINQUENT TAXES AND ASSESSMENTS

The statute provides the method for authorizing interest and the maximum rate to be charged for the non-payment of taxes or assessments on or before the date when they would become delinquent.

The governing body on January 2, 2018 adopted the following resolutions authorizing interest to be charged on delinquent taxes and assessments:

BE IT RESOLVED by the Mayor and Council of Pine Beach that the rate of interest to be charged on delinquent taxes and assessments is to be 8% on the first $1,500.00 and 18% on any amount thereafter. Any amount sold on tax sale is to be charged the entire 18% for the full amount.

BE IT FURTHER RESOLVED that the rate of interest on delinquent water and sewer bills is to be 18% per state statute.

BE IT FURTHER RESOLVED that the grace period allowed for payment of interest shall not exceed 10 calendar days of the due date and thereafter. The interest shall be charged from the date due to the date paid.

BE IT RESOLVED by the Mayor and Council of the Borough of Pine Beach, County of Ocean and State of New Jersey, that in accordance with the amendment to N.J.S.A. 54:4-67, the Tax Collector is hereby authorized to charge an additional penalty of 6% for any delinquency that remains in arrears past December 31 that is in excess of $10,000.00.

It appears from an examination of the Collector's and Water and Sewer Utility Clerk's records that interest was collected in accordance with the foregoing resolution.

TAX TITLE LIENS

The last tax sale was held on August 6, 2018 and was complete.

An examination of the tax sale certificates revealed all certificates were on file and available for audit.

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

YEAR 2018 2017 2016 2015 2014

52

NUMBER 0 0 1 1 0

VERIFICATION OF DELINQUENT TAXES AND OTHER CHARGES

A test verification of delinquent charges and current payments was made in accordance with the regulations of the Division of Local Government Services, including the mailing of verification notices as follows:

Payments of 2018 Taxes 15 Delinquent Taxes 10 Payment of Water and Sewer Utility Rents 15 Delinquent Water and Sewer Utility Rents 1 O

OTHER COMMENTS

Segregatipn of Duties

During our audit, we noted that the Borough does not maintain an adequate segregation of duties due to the limited size of the entity. Various financial functions such as payroll functions, bank reconciliations and maintaining of receipt and disbursement records are performed by a single individual. This is not unusual in operations the size of the Borough, but the Borough should constantly be aware of this condition and realize the concentration of duties and responsibilities in a limited number of individuals is not desirable from a control point of view. It is suggested that the Borough review and monitor incompatible functions on an ongoing basis in order to achieve a minimum level of control over the various financial operations of the municipality.

lnterfunds

Transactions invariably occur in one fund which requires a corresponding entry to be made in another fund, thus creating interfund balances. References to the various balance sheets show the interfund balances remaining at year end. As a general rule, all interfund balances should be closed out as of the end of the year. lnterfunds were not closed out as of the end of the year and some of them are of material amounts.

Treasurer

We noted that the current fund general ledger was not maintained on a current basis.

Appropriation, Appropriation Reserve and other subsidiary ledgers were not proven to the cash disbursements on a monthly basis.

As a result we noted the following overexpenditures:

Current Fund: 2018 Appropriations $1,276.59

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OTHER COMMENTS (CONTINUED)

Treasurer (Continued)

We noted during the course of our audit that official Borough records are not always maintained in Borough Hall. For the safety of these records and the security of sensitive employee information, all Borough records should be kept in a secure location accessible only by authorized personnel.

The managing and accounting for outside employment of Police Officers is not in accordance with Local Finance Notice CFO 2000-14. Fees collected are not deposited in a separate dedicated trust fund and then reimbursed to the payroll account when the compensation is paid. The Borough is using "contra" accounts which is contrary to state regulations.

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RECOMMENDATIONS

*That all interfunds be liquidated at year end.

*That the current fund general ledger be currently and completely maintained.

*That the Appropriation, Appropriation Reserve and other subsidiary ledgers be proven to the cash disbursements on a monthly basis.

*That the managing and accounting for the receipt of fees and the payment of outside employment of Police Officers be in accordance with LFN CFO 2000-14.

*Unresolved 2017 Audit Recommendations

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Documents

Borough of Pine Beach