Details for STONE HARBOR - LEGAL

Summary or SynopSiS of 2016 audit report
of the Borough of Stone harBor
as required by n.J.S. 40a:5-7.
Attention is directed to the fact that a summary or synopsis of the audit report,
together with the recommendations, is the minimum required to be published pursuant to N.J.S. 40A:5-7.
ComBined ComparatiVe BaLanCe Sheet
december 31 december 31
assets
year 2016
year 2015
Cash and Investments
$ 10,725,078.90 $ 10,103,843.80
Taxes, Liens and
Utility Charges Receivable
271,284.72
249,939.67
Accounts Receivable
5,381,978.50
6,546,745.87
Fixed Capital
30,011,948.87
28, 158,948.87
General Fixed Assets
92,041,722.52
91,461,320.95
Deferred Charges
36,563,679.35
37,856,649.58
Total Assets
$174,995,692.86 $174,377,448.74
Liabilities, reserves and fund Balance
Bonds and Notes Payable
$ 39,485, 179.68 $ 38,709,893.96
Improvement Authorizations
7,477, 149.82
6, 176,289.58
Other Liabilities and Special Funds
18,837,473.06
21,905,372.85
Amortization of Debt for Fixed
Capital Acquired or Authorized
13,533,423.54
12,403,957.43
Reserve for Certain Assets Receivable
274,295.33
424,768.78
Investment in General Fixed Assets
92,041,722.52
91,461,320.95
Fund Balance
3,346,448.91
3,295,845.19
total Liabilities, reserves
and fund Balance
$ 174,995,692.86 $ 174,377,448.74
ComparatiVe Statement of operationS
and Change in fund BaLanCe - Current fund
year 2016
year 2015
revenue and other income realized
Fund Balance Utilized
$ 1,512,420.47
$ 1,193,633.00
Miscellaneous - from Other than
Local Property Tax Levies
3,714,717.18
5,140,608.13
Collection of Delinquent Taxes
139,244.17
224, 164.28
Collection of Current Tax Levy
23,647,725.08
23, 134,979.13
Total Income
29,014, 106.90 29,693, 384. 54
expenditures
Budget Expenditures:
Municipal Purposes
14,933,432.57
15,663,788.92
County Taxes
10,629,159.68 10, 164,619. 10
Local School Taxes
2,444,516.00
2,396, 585.00
Other Expenditures
__________
187,113.44
Total Expenditures
28,007, 108.25
28,412, 106.46
325,000.00
65,603.06
Less: Expenditures to be Raised by Future Taxes
Total Adjusted Expenditures
27,682, 108.25
28,346,503.40
Statutory Excess to Fund Balance
1,331,998.65
1,346,881.14
fund Balance
Balance January 1
2,801,407.63
2,648, 159.49
4, 133,406.28
3,995,040.63
Less: Utilization as Anticipated Revenue
1,512,420.47
1,193,633.00
Balance December 31
$ 2,620,985.81
$ 2,801,407.63
ComparatiVe Statement of operationS and ChangeS
in fund BaLanCe - Water and SeWer utiLity fund
year 2016
year 2015
revenue and other income realized
Fund Balance Utilized
$ 135,026.00
$ 187,440.00
Rents
3,413, 842.11
3,225,075.33
Miscellaneous
326, 562.97
249, 147.89
Total Income
3, 875,431.08
3,661,663.22
expenditures
Budget Expenditures:
Operating
2,266,474.00
2,257,240.00
Debt Service
1,190,405.54
1,068,926.92
Deferred Charges and Statutory Expenditures
32,500.00
32,000.00
Other Expenditures
20,000.00
21,478.60
Total Expenditures
3,509,379.54
3, 379,645.52
Less: Expenditures to be Raised by Future Rents
Total Adjusted Expenditures
3,509,379.54
3, 379,645.52
Statutory Excess to Fund Balance
366, 051.54
282, 017.70
fund Balance
Balance January 1
459,701.41
365,123.71
825,752.95
647, 141.41
Less: Utilization as Anticipated Revenue
135,026.00
187,440.00
Balance December 31
$ 690,726.95
$ 459, 701.41
reCommendationS
None
The above summary or synopsis was prepared from the report of audit of the Borough of Stone Harbor, County of Cape May for the calendar year 2016. This report
of audit, submitted by Leon Costello, Registered Municipal Accountant of Ford,
Scott & Associates, L.L.C. is on file at the Borough Clerk’s office and may be inspected by any interested person.
Borough Clerk
Printer’s Fee: $73.48
Order No. 0000035073-01
Pub. Date: May 20, 2017

Categories