24 Audit Report

24 Audit Report PARSIPPANY-TROY HILLS FIRE DISTRICT #6 SUMMARY OR SYNOPSIS OF AUDIT REPORT FOR PUBLICATION The following summary or synopsis of the audit report, together with the recommendations is the minimum required to be published. SUMMARY OR SYNOPSIS OF AUDIT REPORT OF THE PARSIPPANY-TROY HILLS FIRE DISTRICT #6 FOR THE YEAR ENDED DECEMBER 31, 2024 AS REQUIRED BY N.J.S. 40a:5A-16 BALANCE SHEET General Total Gov Funds ASSETS: Cash & Cash Equivalents $1,163,575 $1,163,575 Prepaid Expenses 6,076 6,076 Total Assets $1,169,651 $1,169,651 ================== LIABILITIES: Accounts Payable $108,810 $108,810 Contracts Payable 400,000 400,000 Total Liabilities 508,810 508,810 FUND BALANCES: Committed for Future Capital Improvements 660,841 660,841 Total Fund Balances 660,841 660,841 Total Liabilities and Fund Balances $1,169,651 ======= Capital Assets Used in Governmental Activities are not Financial Resources & therefore are not Reported in the General Fund. 3,678,011 Net Position of Governmental Activities $4,338,852 PARSIPPANY - TROY HILLS FIRE DISTRICT #6 SUMMARY OR SYNOPSIS OF AUDIT REPORT FOR PUBLICATION STATEMENT OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCES GOVERNMENTAL FUNDS FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024 General Total Gov Funds REVENUE: Amount to be Raised by Taxation to Support District Budget $939,717 $939,717 Interest Earned 25,970 25,970 Miscellaneous Revenue Not Anticipated 269 269 Sale of Capital Assets 49,507 49,507 Total Revenue 1,015,463 1,015,463 EXPENDITURES: Operating Appropriations: Administration 66,173 66,173 Cost of Opperations & Maintenance 543,258 543,258 Capital Outlay 1,139,738 1,139,738 Total Expenditures 1,749,169 1,749,169 Excess of Revenue over Expenditures (733,706) (733,706) Fund Balances, Beginning of Year 1,394,547 1,394,547 Fund Balances, End of Year $660,841 $660,841 ====== ======= PARSIPPANY-TROY HILLS FIRE DISTRICT #6 SUMMARY OR SYNOPSIS OF AUDIT REPORT FOR PUBLICATION It is recommended that: 1. The District maintains an adequate segregation of duties with respect to the preparation of cash receipts and cash disbursements books and the general ledger, and reconciliation of bank accounts. 2. Adequate supporting documentation be maintained for all receipts. 3. The purchase orders be approved prior to the order of goods or services, purchases be made for only allowable and purposes necessary for the operations of the fire district and that all required signatures be obtained before payments are released. 4. Budget balances be reviewed periodically and necessary budget transfer be made and extra care be taken to ensure that the total budget is not overspent. 5. The District ensures that expenditures be only made for purposes authorized in the adopted budget. 6. Monthly bank reconciliations be prepared in a timely manner. Mark G. Krevis Clerk of the Board March 29 2026 LNYS0484773 $66.30