An auditor has given Atlantic County the highest opinion possible for its 2014 audit, with no recommendations for improvement, said County Treasurer Bonnie Lindaw.
“It’s the best we can get,” Lindaw said. She said it is the 16th straight audit with no findings of errors or compliance issues, from four different firms.
Auditor Warren A. Broudy of Mercadien, P.C., Certified Public Accountants of Princeton, Mercer County, said his firm found that the county has good internal controls and gave the county the highest level of assurances that its financial statements are accurate.
“They are doing what they are supposed to be doing. They are doing a good job,” said Broudy. “The key is not to have any overexpenditures, and they didn’t have any.”
County Executive Dennis Levinson said Atlantic County changes its auditors every three years, unlike the state or most municipalities.
“The auditors made a comment about how it was unusual for the county to change auditors,” Lindaw said. “The state comptroller only changes every 10 years, and municipalities usually only change auditors when there is a change in an election.”
The auditors do detailed testing of the county’s collection of taxes, vendor payments and supporting documents, bids for purchasing, cash receipts, payroll, and disbursements, Lindaw and Broudy said.
They also do third party confirmation of various cash and equivalent balances, such as certificates of deposit; and they do audits of outside departments including public health, trust accounts at Meadowview Nursing Home, the clerk’s and surrogate’s offices, the sheriff, library systems, jail and proseuctor’s office.
A copy of the audit is available at aclink.org/treasurer/, along with budgets and debt statements back to 2005 and audits back to 2006.
Revenues* $231.3 million $228.4 million
Expenditures* $222.7 million $221.6 million
Excess to Fund Balance $8.6 million $7 million
Fund Balance Jan. 1 $13.9 million $14.3 million
Less used anticipated revenue $7.6 million $7.2 million
Fund Balance Dec. 31 $14.9 million $13.9 million
*Revenues and Expenditures exceed the budget because they include financial obligations from the previous year, as well as unanticipated revenues, according to County Treasurer Bonnie Lindaw. The 2014 budget was $196.13 million and the 2013 budget was $193.8 million.
*SOURCE: Atlantic County 2014 Audit