BOROUGH AUDIT REPORT

2005

2005 Audit Report summary

RECOMMENDATIONS

That the Borough prepares and monitors the analysis of payroll deductions payable on a timely basis in order to detect and correct errors and file all quarterly payroll reports by the stipulated deadlines.

That the Borough obtain surety bond coverage for the Municipal Court in accordance with the schedule promulgated by the Division of Local Government Services.

The synopsis below was prepared from the Report of Audit of the Borough of Haddonfield, County of Camden, for the calendar year 2005, submitted by Robert S. Marrone, Registered Municipal Accountant, Certified Public Accountant of Bowman & Company LLP, Certified Public Accountants. The information included therein is not intended to represent complete financial information as presented in the Report of Audit. A copy of the Report of Audit is on file at the Municipal Clerk's office and may be inspected by any interested person.

A Corrective Action Plan, which outlines the remedial actions the management of the Borough of Haddonfield will take in response to the recommendations contained in the Schedule of Audit Findings and Recommendations, included in the Report of Audit, will be prepared in accordance with federal and state guidelines. A copy of the Corrective Action Plan will be placed on file and be made available for public inspection in the office of the Municipal Clerk in compliance with the Division of Local Government Services directives.

SYNOPSIS OF 2005 REPORT OF AUDIT OF THE BOROUGH OF HADDONFIELD (PDF 16KB)

Comparative Statement of Operations and Changes In Fund Balance -- Statutory Basis (PDF 32KB)

Comparative Statement of Operations and Changes In Fund Balance -- Statutory Basis Water and Sewer Utility Fund (PDF 32KB)

2004

2004 Audit Report summary

Comparative Statement of Operations and Changes In
Fund Balance -- Statutory Basis

Current Fund

Revenue and Other Income Realized	Dec. 31, 2004	Dec. 31, 2003

Surplus Utilized	$ 2,164,650.00	$ 2,810,500.00
Miscellaneous -- From Other Than
Local Property Tax Levies	2,742,638.23	2,860,149.95
Collection of Delinquent Taxes
and Tax Title Liens	361,147.49	372,520.22
Collection of Current Tax Levy	6,740,488.92	5,948,323.85
Other Credits to Income	37,248,844.47	35,494,275.68

Total Income	49,257,769.11	47,485,769.70

Expenditures

Budget Expenditures:
Municipal Purposes	10,907,617.85	10,938,216.26
County Taxes	11,682,388.03	11,698,105.42
Local School District Taxes	24,210,608.00	22,827,101.00
Special District Taxes	125,060.56
Other Expenditures	55,702.92	226,140.82

Total Expenditures	46,981,377.36	45,689,563.50

Statutory Excess to Fund Balance	2,276,391.75	1,796,206.20

Adjustment to Income Before Fund Balance *	151,824.90	200,000.00

Fund Balance

Fund Balance January 1	2,481,408.97	3,295,702.77

	4,909,625.62	5,291,908.97
Decreased by:
Utilization as Anticipated Revenue	2,164,650.00	2,810,500.00

Fund Balance December 31	$ 2,744,975.62	$ 2,481,408.97

* Expenditures included above which are by Statute Deferred Charges to Budget of Succeeding Years.

RECOMMENDATIONS

That all propertied subject to sale be included in the tax sale.

That IRS Forms 1099-M and 1099-Int be issued in accordance with the Internal Revenue code.

That only budget transfers be posted that are permitted by State statute. That the Water / Sewer Utility Operating budget be more closely monitored to avoid overexpenditures.

That expenditures be charged to the appropriate funds.

That the Borough prepare and monitor the analysis of payroll deductions payable on a timely basis in order to detect and correct errors and file all quarterly payroll reports by the stipulated deadlines.
That the Borough issue debt in accordance with ordinances adopted and authorized by New Jersey statutes.

The above synopsis was prepared from the Report of Audit of the Borough of Haddonfield , County of Camden , for the calendar year 2004 , submitted by Robert S. Marrone, Registered Municipal Accountant, Certified Public Accountant of Bowman & Company LLP, Certified Public Accountants. The information included therein is not intended to represent complete financial information as presented in the Report of Audit. A copy of the Report of Audit is on file at the Municipal Clerk's office and may be inspected by any interested person.

A Corrective Action Plan, which outlines the remedial actions the management of the Borough of Haddonfield will take in response to the recommendations contained in the Schedule of Audit Findings and Recommendations included in the Report of Audit, will be prepared in accordance with federal and state guidelines. A copy of the Corrective Action Plan will be placed on file and be made available for public inspection in the office of the Municipal Clerk in compliance with the Division of Local Government Services directives.