Details for VENTNOR CITY CLERK - LEGAL

SUMMARY OF 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 pursuant to N.J.S. 40A:5-7.
COMBINED COMPARATIVE BALANCE SHEET
ASSETS
2018
2017
Cash and Investments
$ 13,802,056
17,185,028
Taxes, Assessments & Liens Receivable
1,212,189
1,236,035
Property Acquired for TaxesAssessed Valuation
267,200
267,200
Accounts Receivable and Other Assets
2,923,31
63,537,897
Deferred Charges
41,118,274
35,086,897
General Fixed Assets
36,553,044
36,553,044
Fixed Capital
37,146,727
37,146,727
TOTAL ASSETS
$ 133,022,806
131,012,829
LIABILITIES, RESERVES & FUND BALANCE
Serial Bonds & Bond Anticipation Notes
$ 33,237,936
37,267,461
Improvement Authorizations
28,213,694
22,141,322
Other Liabilities & Special Funds
26,340,429
26,862,470
Reserve for Certain Assets
Receivable
2,262,188
2,390,615
Investment in General Fixed Assets
36,553,044
36,553,044
Fund Balance
6,415,514
5,797,917
TOTAL LIABILITIES, RESERVES
AND FUND BALANCES
$ 133,022,806
131,012,829
COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCE - ALL GOVERNMENTAL FUND TYPES
FOR THE YEARS ENDED DECEMBER 31,
2018
2017
Revenue and Other Income Realized
Fund Balance Utilized
$ 2,300,000
$ 2,030,000
Miscellaneous From Other than
Local Property Tax Levies
5,306,320
4,283,201
Collection of Delinquent Taxes and
Tax Title Liens
1,237,397
1,204,729
Collection of Current Tax Levy
52,274,407
52,263,962
Total Income
61,118,124
59,781,893
Expenditures
Budget Expenditures:
Municipal Purposes
28,726,473
27,765,712
County Taxes
12,178,888
11,506,636
Local and Regional School Taxes
17,055,694
17,677,514
Other Expenditures
1,125
61,886
Total Expenditures
57,962,180
57,011,748
Less: Expenditures to be Raised
by Future Taxation
Total Adjusted Expenditures
57,962,180
57,011,748
Excess in Revenue
3,155,944
2,770,145
Fund Balance January 1
3,787,603
3,047,459
6,943,547
5,817,603
Less: Utilization as Anticipated Revenue
2,300,000
2,030,000
Fund Balance December 31
$ 4,643,547
$ 3,787,603
COMPARATIVE STATEMENT OF OPERATIONS AND CHANGES
IN FUND BALANCE - REGULATORY BASIS
Year
Year
Water and Sewer Utility Operating Fund
2018
2017
Revenue and Other Income Realized
Fund Balance Utilized
$ 600,000
$ 547,914
Collection of Sewer Rents
5,207,769
5,148,137
Miscellaneous - Other than Rents
130,016
112,171
Other Credits to Income:
Unexpended Balance of Approriation Reserves
85,577
66,210
Cancelled Accounts Payable
6,090
Total Income
6,029,452
5,874,432
Expenditures
Budget Expenditures:
Operating
4,195,859
3,978,326
Debt Service
1,378,040
1,468,831
Deferred Charges and Statutory Expenditures
93,900
114,016
Deficit in Operations in Prior Year
Total Expenditures
5,667,799
5,561,172
Adjustments to Income before Fund Balance:
Expenditures included above which are by Statute
Deferred Charges to Budget of Succeeding Year
Operating Deficit to be Raised in Succeeding Year
Excess in Revenue
361,654
313,259
Fund Balance January 1
1,791,052
2,025,707
2,152,706
2,338,966
Less: Utilized as Anticipated Revenue
600,000
547,914
Fund Balance December 31
$ 1,562,706
$ 1,791,052
The above summary or synopsis was prepared from the report of the audit of
the City of Ventnor, County of Atlantic, for the calendar year 0. This report of audit,
submitted by Leon P. Costello, Registered Municipal Accountant, of Ford, Scott &
Associates, L.L.C. is on file at the City Clerk’s office and may be inspected by any
interested person.
City Clerk
Printer’s Fee: $75.20
Order No. 0000124018-01
Pub. Date: August 12, 2019

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