BOROUGH OF ENGLISHTOWN SYNOPSIS 2024 AUDIT

BOROUGH OF ENGLISHTOWN SYNOPSIS 2024 AUDIT SUMMARY OR SYNOPSIS OF AUDIT REPORT FOR PUBLICATION SUMMARY OR SYNOPSIS OF THE 2024 AUDIT REPORT OF THE BOROUGH OF ENGLISHTOWN AS REQUIRED BY N.J.S.A. 40A:5-7 COMBINED COMPARATIVE BALANCE SHEETS DECEMBER 31, 2024 31, 2023 A S S E T S Cash and Investments $7,239,982.33 $6,810,515.91 Taxes, Assessments and Liens Receivable 30,461.37 53,599.86 Property Acquired for Taxes-Assessed Value 318,919.95 318,919.95 Accounts Receivable 908,541.16 884,341.32 Fixed Capital 4,367,072.70 4,367,072.70 Fixed Capital - Authorized and Uncompleted 1,522,703.12 1,522,703.12 Deferred Charges to Future Taxation- General Capital Fund 2,591,334.58 2,535,632.58 Deferred Charges to Revenue of Succeeding Year 43,518.17 71,169.06 Fixed Assets 3,389,267.56 3,371,137.59 TOTAL ASSETS $20,411,800.94 $19,935,092.09 LIABILITIES, RESERVES AND FUND BALANCE Bonds and Notes Payable $3,061,000.00 $3,236,250.00 Improvement Authorizations 2,598,634.81 2,615,475.51 Other Liabilities and Special Funds 3,543,648.24 3,470,544.82 Amortization of Debt for Fixed Capital Acquired or Authorized 4,304,775.82 4,254,775.82 Reserve for Certain Assets Receivable 370,335.00 377,896.15 Fund Balance 3,144,139.51 2,609,012.20 Investment in General Fixed Assets 3,389,267.56 3,371,137.59 TOTAL LIABILITIES, RESERVES AND FUND BALANCE $20,411,800.94 $19,935,092.09 DECEMBER 31, 2024 31, 2023 A S S E T S Cash and Investments $7,239,982.33 $6,810,515.91 Taxes, Assessments and Liens Receivable 30,461.37 53,599.86 Property Acquired for Taxes-Assessed Value 318,919.95 318,919.95 Accounts Receivable 908,541.16 884,341.32 Fixed Capital 4,367,072.70 4,367,072.70 Fixed Capital - Authorized and Uncompleted 1,522,703.12 1,522,703.12 Deferred Charges to Future Taxation- General Capital Fund 2,591,334.58 2,535,632.58 Deferred Charges to Revenue of Succeeding Year 43,518.17 71,169.06 Fixed Assets 3,389,267.56 3,371,137.59 TOTAL ASSETS $20,411,800.94 $19,935,092.09 LIABILITIES, RESERVES AND FUND BALANCE Bonds and Notes Payable $3,061,000.00 $3,236,250.00 Improvement Authorizations 2,598,634.81 2,615,475.51 Other Liabilities and Special Funds 3,543,648.24 3,470,544.82 Amortization of Debt for Fixed Capital Acquired or Authorized 4,304,775.82 4,254,775.82 Reserve for Certain Assets Receivable 370,335.00 377,896.15 Fund Balance 3,144,139.51 2,609,012.20 Investment in General Fixed Assets 3,389,267.56 3,371,137.59 TOTAL LIABILITIES, RESERVES AND FUND BALANCE $20,411,800.94 $19,935,092.09 BOROUGH OF ENGLISHTOWN COMPARATIVE STATEMENTS OF OPERATIONS AND CHANGE IN FUND BALANCE - CURRENT FUND YEAR 2024 YEAR 2023 REVENUE AND OTHER INCOME REALIZED Fund Balance Utilized $221,473.16 $295,000.00 Miscellaneous - From Other Than Local Property Tax Levies 1,244,765.74 857,426.23 Collection of Delinquent Taxes and Tax Title Liens 2,029.18 531.50 Collection of Current Tax Levy 7,564,096.05 6,971,672.18 TOTAL INCOME $9,032,364.13 $8,124,629.91 EXPENDITURES Budget Expenditures $2,703,094.70 $2,652,814.24 County Taxes 810,198.07 766,700.85 Regional School Taxes 4,193,037.00 3,730,801.00 Municipal Open Space 564,000.00 524,000.00 Other Expenditures 20,596.94 5,141.42 TOTAL EXPENDITURES $8,290,926.71 $7,679,457.51 Excess in Revenue $741,437.42 $445,172.40 Fund Balance, January 1 1,221,150.43 1,070,978.03 $1,962,587.85 $1,516,150.43 Less: Utilization as Anticipated Revenue 221,473.16 295,000.00 Fund Balance, December 31 $1,741,114.69 $1,221,150.43 BOROUGH OF ENGLISHTOWN STATEMENT OF OPERATIONS AND CHANGE IN FUND BALANCE - WATER UTILITY OPERATING FUND DECEMBER 31, 2024 31, 2023 REVENUE AND OTHER INCOME REALIZED Fund Balance Utilized $278,250.00 $275,000.00 Water Rents and Charges 430,835.83 468,885.42 Miscellaneous 269,550.98 79,460.73 TOTAL INCOME $978,636.81 $823,346.15 EXPENDITURES Budget Expenditures: Operating $440,000.00 $417,450.00 Capital Improvements 75,000.00 163,500.00 Debt Service 130,000.00 60,398.23 Deferred Charges/Statutory Expenditures 18,250.00 16,800.00 Miscellaneous 25,595.71 TOTAL EXPENDITURES $688,845.71 $658,148.23 Excess in Revenue $289,791.10 $165,197.92 Fund Balance, January 1 374,668.69 484,470.77 664,459.79 649,668.69 Less: Fund Balance Utilized 278,250.00 275,000.00 Fund Balance, December 31 $386,209.79 $374,668.69 BOROUGH OF ENGLISHTOWN STATEMENT OF OPERATIONS AND CHANGE IN FUND BALANCE - SEWER UTILITY OPERATING FUND DECEMBER 31, 2024 31, 2023 REVENUE AND OTHER INCOME REALIZED Fund Balance Utilized $298,200.00 $290,000.00 Sewer Rents and Charges 533,366.92 532,053.38 Miscellaneous 87,830.09 52,612.09 TOTAL INCOME $919,397.01 $874,665.47 EXPENDITURES Budget Expenditures: Operating $554,000.00 $536,000.00 Capital Improvements 37,000.00 35,000.00 Debt Service 8,000.00 9,800.00 Deferred Charges/Statutory Expenditures 35,000.00 45,000.00 TOTAL EXPENDITURES $634,000.00 $625,800.00 Excess in Revenue $285,397.01 $248,865.47 Fund Balance, January 1 836,495.95 877,630.48 1,121,892.96 1,126,495.95 Less: Fund Balance Utilized 298,200.00 290,000.00 Fund Balance, December 31 $823,692.96 $836,495.95 BOROUGH OF ENGLISHTOWN STATEMENT OF OPERATIONS AND CHANGE IN FUND BALANCE - SOLID WASTE UTILITY OPERATING FUND DECEMBER 31, 2024 31, 2023 REVENUE AND OTHER INCOME REALIZED Solid Waste Rents and Charges $300,795.60 $265,928.95 Miscellaneous 25,216.20 11,568.16 TOTAL INCOME $326,011.80 $277,497.11 EXPENDITURES Budget Expenditures: Operating $287,027.11 $281,970.00 TOTAL EXPENDITURES $287,027.11 $281,970.00 Excess/(Deficit) in Revenue $38,984.69 $(4,472.89) Adjustment to Income Before Fund Balance: Expenditures Included Above Which are by Statute Deferred Charges to Budget of Succeeding Year 4,472.89 Regulatory Excess to Fund Balance 38,984.69 Fund Balance, January 1 1,029.61 1,029.61 Fund Balance, December 31 $40,014.30 $1,029.61 RECOMMENDATIONS That all proof of publications supporting Bid and Professional Service contract awards be made available for audit. That applications supporting Senior Citizen's and Veterans deductions be made available for audit. The above summary or synopsis was prepared from the report of audit of the Borough of Englishtown, County of Monmouth, for the calendar year 2024. This report of audit, submitted by Suplee, Clooney & Company LLC, Registered Municipal Accountants and Certified Public Accountants is on file in the Borough Administrator's office and may be inspected by any interested person. Crystal Calise, Acting Municipal Clerk November 19 2025 LNYS0408527 $218.24