SUMMARY OR SYNOPSIS OF AUDIT REPORT
FOR PUBLICATION
‘Summary or Synopsis of the 2006 Audit Report of the Township of Ewing
as required by NJ S.A. 405-7.
Township of Ewing
‘All Funds
Combined Comparative Balance Sheet
June 30,
ASSETS 2008, 2005
Cash and investments 3 16,362,835 “$15,003,082
Intergovernmental receivable 2,843,348 2,708,387
Due from grants 1,447,162 2,122,353
Taxes, assessments, liens and
sewer charges receivablo ATSa77 530,749
Property acquired for taxes 965,600 965,600
Municipal services not billed 4,908 -
Other assets 4,507 1,376
Interfunds 188,038 378,744
Doferred charges - current 161,000 2,879,951
Deferred charges - capital 27,031,425 28,056,962
General fixed assets 26,018,176 26,018,176
TOTAL ASSETS 375.50: S_ 78,750,379
LIABILITIES, DEFERRED REVENUES,
RESERVES AND FUND BALANCE.
Bond, notes, and loans payable $ 35,250,425 $ 33,808,037
ther labilties and special funds 1,828,234 2,765,345,
lnterfunds 188,938 375,744
Reserves for receivables 7,249,908 6,464,636
Other reserves 1,612,628 6,792,840
lavesiments in fied assets 26,018,176 26,018,176
Capital improvement fund 25,000 -
Fund balance 3,329,067 2,435,601
TOTAL LIABILITIES, DEFERRED
REVENUES, RESERVES AND
FUND BALANCE $_75,502,375 _$ 78,750,379Township of Ewing
(Current Fund
Comparative Statement of Operations
and Changes in Fund Balance
Year Ended June 30,
2006 2005
Revenue and other income realized
Fund balance utilized S 513,625 $ 591,250
Miscellaneous revenues 8,076,364 7,519,008
State aid without offsetting appropriations 17,615,154 16,615,241
Special items with offsetting appropriations 789,835 1,584,794
Special items with consent of the director 4,037,769 2,701,272
Receipts from delinquent taxes 195,271 199,468,
‘Amount to be raised by taxes for support
Of municipal budget 12,655,754 9,983,074
Other credits to income 60,608,702 62,554,988
Total Revenue 704,749,092
Expenditures:
Budget Expenditures:
Appropriations within "CAPS" 19,819,993 18,999,337
Deferred charges and statutory
expenditures - municipel within "CAPS* 2,385,527 2,896,210
‘Appropriations excluded from "CAPS"
Operations 15,523,607 15,373,640
Capital improvements 238,355 327,725
Municipal debt service 3,724,606 3,513,753
Reserve for uncollected taxes 283,243 272,548
Deferred charges - excluded from "CAPS" 1,084,889 868,184
Other charges to income 60,081,834 62,377,674
Cash deficit - with prior written consent
of Local Finance Board 134,928 <
Total Expenditures 103,256,981 104,629,070
Excoss/(Defict) in revenue 4,235,492 (2,879,978)
Expenditures which are deferred charges
to budget of succeeding year 461,000 2,879,951
Fund balance, beginning 2,337,161 28 438
‘Sub-Total 3,733,653 2,928,411
Less: utilized as anticipated revenues (513,625) (591.250),
Fund balance, ending 53,220,028 “S__ 2,387,161TOWNSHIP OF EWING
GENERAL COMMENTS AND RECOMMENDATIONS,
YEAR ENDED JUNE 30, 2006
The following recommendations were made for 2006:
- Budget should allocate sufficient funds for obligation to Ewing Lawrence
Sewerage Authority.
+ All grants need to be properly tracked.
- Compliance with Technical Accounting Directive #85
Governmental Fixed Assets,” should be enforced.
, “Accounting for
- An individual who is independent from both the cash receipt and cash
disbursement functions at the Municipal Court should prepare bank
reconciliations. Also, tickets eligible for destruction should be pulled and
disposed of in a timely manner.
- Computer software or manual records should be utilized for dog license
reports,
- The Construction Office should stamp all permits with authorized
signatures, maintain all construction files, and deposit all monies received
within 48 hours as requited.
- All wire transfers and bank reconciliations should be reviewed by
administration,
- A\ll resolution numbers should be indicated in the minutes.
The above summary or synopsis was prepared from the report of audit of the financial
statements and supplementary data of the Township of Ewing, County of Mercer, for the
year ended June 30, 2006. This report was submitted by Mercadien P.C., Certified Public
Accountants. It is on file at the Municipal Clerk’s office and may be inspected by any
interested person.
wing Township $00S4\ 2006 FinancilSttement'Surnary af Synopsis Findings and Recorsndatons'06 doe