Bedminster Township SUMMARY OR SYNOPSIS OF AUDIT REPORT FOR PUBLICATION

Bedminster Township SUMMARY OR 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. Summary or Synopsis of 2016 Audit report of the Township of Bedminster as required by N.J.S. 40A:5-7. COMBINED COMPARATIVE BALANCE SHEET December 31, ASSETS 2016 2015 Cash and Cash Equivalents $ 14,552,086.99 $ 13,881,290.26 Taxes, Assessments and Liens Receivable 390,345.75 383,043.77 Accounts Receivable and Other Assets 361,138.90 423,313.72 Deferred Charges to Future Taxation - General Capital Fund 4,712,443.19 3,496,068.95 Fixed Capital - Utility 7,098,967.06 7,091,520.06 Fixed Capital Authorized and Uncompleted - Utility 25,069.06 32,516.06 Fixed Assets (Unaudited) 43,490,313.00 43,271,561.00 TOTAL ASSETS $ 70,630,363.95 $ 68,579,313.82 LIABILITIES, RESERVES AND FUND BALANCE Bonds, Notes and Loans Payable $ 2,752,744.14 $ 3,496,068.95 Improvement Authorizations 2,179,276.82 449,299.51 Other Liabilities and Special Funds 6,068,154.03 5,637,639.36 Reserve for Certain Assets Receivable 418,908.36 409,974.64 Reserve for Amortization - Utility 7,098,967.06 7,091,520.06 Deferred Reserve for Amortization - Utility 25,069.06 32,516.06 Investment in Fixed Assets 43,490,313.00 43,271,561.00 Fund Balances 8,596,931.48 8,190,734.24 TOTAL LIABILITIES, RESERVES AND FUND BALANCE $ 70,630,363.95 $ 68,579,313.82 Comparative Statement of Operations and Change in Fund Balance - Current Fund Year Ended December 31, 2016 2015 Revenue and Other Income Realized Fund Balance Utilized $ 1,600,000.00 $ 1,600,000.00 Miscellaneous Revenue Anticipated 1,945,805.91 1,822,932.00 Receipts from: Delinquent Taxes 383,043.77 357,901.80 Current Taxes 32,780,305.83 32,132,551.61 Nonbudget Revenue 393,314.00 371,298.46 Other Credits to Income: Unexpended Balance of Appropriation Reserves 320,585.10 332,505.80 Increase in Local School District Tax Deferred 97,826.00 72,830.25 Reserve for Funds - Appropriated Canceled 282.59 6,913.24 Interfunds Returned 2,116.14 6,000.00 Total Income 37,523,279.34 36,702,933.16 Expenditures Budget and Emergency Appropriations: Municipal Purposes 9,892,019.61 9,670,397.04 County Taxes 8,653,229.77 8,495,797.13 Local School District Taxes 16,685,776.00 16,294,472.00 Open Space Trust Taxes 366,250.89 358,928.33 Federal and State Grant Fund - Grants Receivable Cancelled 325.00 3,800.00 Refund of Prior Year Revenue 1,769.73 Interfunds and Other Receivables Advanced 7,215.23 2,116.14 Total Expenditures 35,606,586.23 34,825,510.64 Excess in Revenue/Statutory Excess to Fund Balance 1,916,693.11 1,877,422.52 Fund Balance Balance January 1 6,072,175.60 5,794,753.08 7,988,868.71 7,672,175.60 Decreased by: Utilized as Anticipated Revenue 1,600,000.00 1,600,000.00 Balance December 31 $ 6,388,868.71 $ 6,072,175.60 Comparative Statement of Operations and Change in Fund Balance - Sewer Utility Operating Fund Year Ended December 31, 2016 2015 Revenue and Other Income Realized Fund Balance Utilized $ 25,000.00 $ 25,000.00 Rents 490,990.65 559,469.68 Miscellaneous 4,664.13 6,927.51 Contribution from Far Hills 3,159.00 Other Credits to Income: Unexpended Balance of Appropriation Reserves 66,676.74 33,518.21 Total Income 590,490.52 624,915.40 Expenditures Operating 506,624.05 443,431.00 Capital Improvements 29,000.00 29,000.00 Statutory Expenditures 2,410.00 2,030.00 Total Expenditures 538,034.05 474,461.00 Excess in Revenue 52,456.47 150,454.40 Adjustments Before Fund Balance: Expenditures Included Above Which Are by Statute Deferred Charges to Budget of Succeeding Year 59,699.05 Statutory Excess to Fund Balance 112,155.52 150,454.40 Fund Balance Balance January 1 1,938,066.84 1,812,612.44 2,050,222.36 1,963,066.84 Decreased by: Utilized as Anticipated Revenue 25,000.00 25,000.00 Balance December 31 $ 2,025,222.36 $ 1,938,066.84 RECOMMENDATIONS It is recommended that: 1. An adequate segregation of duties be maintained with respect to the recording and treasury functions. * * * * * * * * The above summary or synopsis was prepared from the report of audit of the Township of Bedminster, County of Somerset, for the calendar year 2016. This report of audit, submitted by Francis J. Jones, Jr., Registered Municipal Accountant, of Nisivoccia LLP, is on file at the Township Clerk's office and may be inspected by any interested person. Judith A. Sullivan, RMC Clerk, Bedminster Township P.F.$218.79 07/20/T1