Details for BUENA BOROUGH - LEGAL

SUMMARY OR SYNOPSIS OF AUDIT REPORT FOR PUBLICATION
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 by
N.J.S. 40A:5-7.
Summary or Synopsis of the 2019 Audit Report of the Borough of Buena as
Required by N.J.S. 40A:5-7.
COMBINED COMPARATIVE BALANCE SHEET
December 31
December 31
Year 2019
Year 2018
ASSETS
Cash and Investments
$ 987,091.91
$ 1,140,653.30
Taxes, Assessments and Liens
Receivable
409,065.29
356,371.77
Property Acquired for Taxes Assessed Valuation
395,500.00
395,500.00
Accounts Receivable
430,846.90
568,636.54
Deferred Charges to Future Taxation General Capital and Assessment Trust
1,037,669.91
1,589,803.41
Deferred Charges
Emergency Appropriation
30,000.00
$ 3,290,174.01
$ 4,050,965.02
LIABILITIES, RESERVES AND FUND BALANCE
Bonds and Notes Payable
$ 985,000.00
$ 1,562,514.00
Improvement Authorizations
132,297.09
173,710.84
Other Liabilities and Special Funds
1,067,092.79
1,420,783.31
Reserve for Certain Assets Receivable
807,346.08
754,654.08
Fund Balance
298,438.05
139,302.79
$ 3,290,174.01
$ 4,050,965.02
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGE IN FUND BALANCE - CURRENT FUND
2019
2018
Revenue and Other Income Realized
Fund Balance Utilized
$
65,500.00
$
134,000.00
Miscellaneous - From other
than Local Property Tax Levies
1,495,492.41
1,187,259.87
Collections of Delinquent
Taxes and Tax Title Liens
227,368.42
101,305.54
Collection of Current
Tax Levy
9,025,440.92
9,156,856.53
Total Income
10,813,801.75
10,579,421.94
Expenditures
Budget Expenditures:
Municipal Purposes
4,179,493.71
3,999,268.73
County Taxes
1,385,926.78
1,500,784.81
Fire District Taxes
354,521.00
348,315.00
Regional School Taxes
4,697,475.00
4,608,982.00
Other Expenditures
1,750.00
7,553.06
Total Expenditures
10,619,166.49
10,464,903.60
Excess in Revenue
194,635.26
114,518.34
Adjustment to Income before Fund Balance:
Expenditures Included Above Which Are by
Statute Deferred Charges to Budget
of Succeeding Year
30,000.00
30,000.00
Statutory Excess to Fund Balance
224,635.26
114,518.34
Fund Balance January 1
139,302.79
158,784.45
363,938.05
273,302.79
Less: Utilization as Anticipated Revenue
65,500.00
134,000.00
Fund Balance December 31
$298,438.05
$139,302.79
Printers Fee: $52.11
Order No. 0000147311-01
Pub. Date: June 27, 2020

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