Details for LINWOOD CITY CLERK-LEGAL

SYNOPSIS OF AUDIT REPORT FOR PUBLICATION
Synopsis of 2019 Audit Report of the City of Linwood as Required by NJSA
40A:5-7
COMBINED COMPARATIVE BALANCE SHEET- REGULATORY BASIS
(Condensed Form)
12/31/19
12/31/18
ASSETS
Cash, Investments and Prepaid Debt Service
$ 4,248,734.15
4,724,270.13
Taxes, Assessments and Lien Receivable
303,796.06
401,139.27
Property Acquired for Taxes -Assessed Valuation
28,147.00
28,147.00
General Fixed Assets
14,981,504.99 14,474,266.96
Accounts Receivable
454,379.77
353,632.91
Deferred Charges to Future Taxation
General Capital
11,673,230.08 13,437,536.72
Deferred Charges to Revenue of Succeeding
Years
18,860.57
TOTAL ASSETS
31,689,792.05 33,437,853.56
LIABILITIES. RESERVES AND FUND BALANCE
Improvement Authorizations
1,860,589.32
2,395,778.69
Bonds and Notes Payable
10,475,934.08 12,240,240.72
Other Liabilities and Special Funds
2,766,567.34
2,704,406.04
Investments in General Fixed Assets
14,981,504.99 14,474,266.96
Reserve for Certain Assets Receivable
566,015.17
654,395.13
Fund Balance
1,039,181.15
968,766.02
TOTAL LIABILITIES, RESERVES
AND FUND BALANCE
$ 31,689,792.05 33,437,853.56
COMPARATIVE STATEMENT OF OPERATIONS AND CHANGES IN FUND
BALANCE - REGULATORY BASIS
Year
Year
2019
2018
Revenue and Other Income Realized
Fund Balance Utilized
$
560,000.00
460,000.00
Miscellaneous - From other than Local
Property Tax Levies
3,058,124.92
2,890,701.70
Collection of Delinquent Taxes and Tax
Title Liens
333,167.77
402,315.85
Collection of Current Tax Levy
32,137,827.69 31,579,466.69
Total Income
36,089,120.38 35,332,484.24
Expenditures
Budget Expenditures: Municipal Purposes
12,237,519.79 12,100,732.96
County Taxes
4,415,052.46
4,604,491.19
Local and Regional High School School Taxes
18,801,108.00 18,135,346.00
Other Expenditures
5,000.00
46,510.24
Total Expenditures
35,458,680.25 34,887,080.39
Less: Expenditures to be Raised by
Future Taxations
18,860.57
Excess in Revenue
630,440.13
464,264.42
Fund Balance, January 1
967,475.26
963,210.84
1,597,915.39
1,427,475.26
Less: Utilized as Anticipated Revenue
560,000.00
460,000.00
Fund Balance, December 31
$ 1,037,915.39
967,475.26
RECOMMENDATIONS
NONE
The above summary or synopsis was prepared from the report of the audit of the
City of Linwood, County of Atlantic, for the calendar year 2019. This report of
audit, submitted by Leon P. Costello, CPA, Registered Municipal Accountant,
Ford Scott & Associates, LLC, is on file at the City Clerk’s office and may be
inspected by any interested person.
Leigh Ann Napoli, City Clerk
Printers Fee: $52.11
Order No. 0000147412-01
Pub. Date: June 29, 2020

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