HomeMy Public PortalAbout2021 Carteret AuditBOROUGH OF CARTERET
COUNTY OF MIDDLESEX, NEW JERSEY
AUDIT REPORT FOR THE YEAR
ENDED DECEMBER 31, 2021
EXHIBIT PAGE
Independent Auditor’s Report 1
Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance
and Other Matters Based on an Audit of Financial Statements Performed in Accordance with
Government Auditing Standards 5
Financial Statements – Regulatory Basis:
Current Fund:
Statements of Assets, Liabilities, Reserves and Fund Balance – Regulatory Basis A9
Statements of Operations and Changes in Fund Balance – Regulatory Basis A-1 10
Statement of Revenues – Regulatory Basis A-2 11
Statement of Expenditures – Regulatory Basis A-3 13
Trust Fund:
Statements of Assets, Liabilities, Reserves and Fund Balance – Regulatory Basis B21
General Capital Fund:
Statements of Assets, Liabilities, Reserves and Fund Balance – Regulatory Basis C23
Statement of Fund Balance C-1 24
Sewer Utility Fund:
Statements of Assets, Liabilities, Reserves and Fund Balance - Regulatory Basis D 25
Statements of Operations and Changes in Fund Balance – Regulatory Basis D-1 26
Statement of Revenues - Regulatory Basis D-2 27
Statement of Expenditures - Regulatory Basis D-3 28
General Fixed Assets Account Group:
Balance Sheet - Regulatory Basis E29
Notes to Financial Statements 31
Current Fund:
Schedule of Cash - Treasurer A-4 79
Schedule of Change Funds A-5 80
Schedule of Due From/(To) State of New Jersey A-6 80
Schedule of Taxes Receivable and Analysis of Property Tax Levy A-7 81
Schedule of Property Acquired for Taxes A-8 82
Schedule of Tax Title Liens A-9 82
Schedule of Revenue Accounts Receivable A-10 83
Schedule of Demolition Liens Receivable A-11 84
Schedule of Appropriation Reserves A-12 85
Schedule of Interfunds A-13 87
BOROUGH OF CARTERET
COUNTY OF MIDDLESEX, NEW JERSEY
PART I
TABLE OF CONTENTS
Year ended December 31, 2021
EXHIBIT PAGE
BOROUGH OF CARTERET
COUNTY OF MIDDLESEX, NEW JERSEY
TABLE OF CONTENTS
Year ended December 31, 2021
Schedule of Prepaid Taxes A-14 88
Schedule of Tax Overpayments A-15 89
Schedule of Various Accounts Payable and Reserves A-16 90
Schedule of Taxes Payable A-17 91
Schedule of Grant Interfunds - Current Fund A-18 92
Schedule of Grant Interfunds - General Capital Fund A-19 92
Schedule of Grants Receivable A-20 93
Schedule of Reserves for Grants - Appropriated A-21 94
Schedule of Reserves for Grants - Unappropriated A-22 95
Trust Fund:
Schedule of Cash and Reserves B-1 99
General Capital Fund:
Schedule of General Capital Cash C-2 103
Analysis of General Capital Cash C-2a 104
Schedule of Due To/From Grant Fund C-3 105
Schedule of Due To/From General Capital Fund C-3a 105
Schedule of Various Grants, Loans and Other Receivables C-4 106
Schedule of Deferred Charges - Funded C-5 107
Schedule of Deferred Charges To Future Taxation - Unfunded C-6 108
Schedule of Bond Anticipation Notes C-7 109
Schedule of Improvement Authorizations C-8 110
Schedule of General Serial Bonds C-9 111
Schedule of Project Loans Payable C-10 112
Schedule of Capital Leases Payable C-11 113
Schedule of Various Reserves C-12 114
Schedule of Capital Improvement Fund C-13 115
Schedule of Bonds and Notes Authorized but not Issued C-14 116
Sewer Capital Fund:
Schedule of Cash and Investments D-4 119
Analysis of Sewer Utility Capital Cash D-5 120
Schedule of Consumer Accounts Receivable D-6 121
Schedule of Fixed Capital Completed D-7 122
Schedule of Fixed Capital Authorized and Uncompleted D-8 123
Schedule of 2020 Appropriation Reserves D-9 124
Schedule of Encumbrance Payable D-10 125
Schedule of Sewer Overpayments D-11 126
Schedule of Due From/To General Capital Fund D-12 127
Schedule of Accrued Interest on Bonds, Notes and Loans D-13 128
Schedule of General Serial Bonds D-14 129
Schedule of Infrastructure Trust Loan Payable D-15 130
EXHIBIT PAGE
BOROUGH OF CARTERET
COUNTY OF MIDDLESEX, NEW JERSEY
TABLE OF CONTENTS
Year ended December 31, 2021
Schedule of Improvement Authorizations D-16 131
Schedule of Reserve for Amortization D-17 132
Schedule of Reserve for Capital Improvement Fund D-18 133
Schedule of Sewer Liens D-19 134
Schedule of NJEIT Loan Payable Cash Advance D-20 135
Schedule of Accounts Receivable - American Rescue Plan D-21 136
Schedule of Bonds and Notes Authorized but not Issued D-22 137
Single Audit Section:
Independent Auditor's Report on Compliance for Each Major Program and
on Internal Control Over Compliance Required by New Jersey OMB Circular 15-08 141
Schedule of Expenditures of Federal Financial Assistance 144
Schedule of Expenditures of State Financial Assistance 145
Notes to Schedules of State Financial Assistance 147
Schedule of Findings and Questioned Costs - Section I - Summary of Auditor's Results 149
Schedule of Findings and Questioned Costs - Section II - Financial Statement Findings 151
Schedule of Findings and Questioned Costs - Section III - State Financial Assistance
Findings and Questioned Costs 152
Summary Schedule of Prior Year Audit Findings and Questioned Costs 153
Comments and Recommendations:
Officials in Office and Surety Bonds 157
Contracts and Agreements Required to be Advertised by (N.J.S.A.40A:11-4)159
Collection of Interest on Delinquent Taxes and Assessments 160
Appreciation 161
PART III
PART II
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FOR THE YEAR ENDED DECEMBER 31, 2021
************
BOROUGH OF CARTERET
COUNTY OF MIDDLESEX
PART I
INDEPENDENT AUDITOR'S REPORT
AND FINANCIAL STATEMENTS
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INDEPENDENT AUDITOR’S REPORT
Honorable Mayor and Members
of the Borough Council
Borough of Carteret
Carteret, New Jersey
Opinions
We have audited the accompanying financial statements of the various funds and account groups of the Borough of
Carteret, which comprise the statements of assets, liabilities, reserves and fund balance – regulatory basis as of
December 31, 2021 and 2020, and the related statements of operations and changes in fund balance – regulatory
basis for the years then ended and the statements of revenues – regulatory basis and statement of expenditures –
regulatory basis for the year ended December 31, 2021, and the related notes to the financial statements, as listed
in the table of contents.
Unmodified Opinion on Regulatory Basis of Accounting
In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities,
reserves and fund balance – regulatory basis of the Borough of Carteret, as of December 31, 2021 and 2020, and
the results of its operations and changes in fund balance – regulatory basis for the years then ended and the
statements of revenues – regulatory basis, statements of expenditures – regulatory basis for the year ended
December 31, 2021, in accordance with the financial reporting provisions of the Division of Local Government
Services, Department of Community Affairs, State of New Jersey as described in Note 1.
Adverse Opinion on U.S. Generally Accepted Accounting Principles
In our opinion, because of the significance of the matter discussed in the Basis for Adverse Opinion on U.S.
Generally Accepted Accounting Principles section of our report, the financial statements referred to above do not
present fairly, in accordance with accounting principles generally accepted in the United States of America, the
financial position of the Borough of Carteret, as of December 31, 2021 and 2020, or the results of its operations and
changes in fund balance for the years then ended.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America
and the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States; and in compliance with audit requirements prescribed by the Division of
Local Government Services, Department of Community Affairs, State of New Jersey. Our responsibilities under
those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements
section of our report. We are required to be independent of the Borough of Carteret and to meet our other ethical
responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles
As described in Note 1 of the financial statements, the financial statements are prepared by the Borough of Carteret,
on the basis of the financial reporting provisions of the Division of Local Government Services, Department of
Community Affairs, State of New Jersey, which is a basis of accounting other than accounting principles generally
1
accepted in the United States of America, to meet the requirements of the Division of Local Government Services,
Department of Community Affairs, State of New Jersey. The effects on the financial statements of the variances
between the regulatory basis of accounting described in Note 1 and accounting principles generally accepted in the
United States of America, although not reasonably determinable, are presumed to be material and pervasive.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with
the financial reporting provisions of the Division of Local Government Services, Department of Community Affairs,
State of New Jersey. Management is also responsible for the design, implementation, and maintenance of internal
control relevant to the preparation and fair presentation of financial statements that are free from material
misstatement, whether due to fraud or error.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that
an audit conducted in accordance with generally accepted auditing standards, Government Auditing Standards, and
audit requirements prescribed by the Division of Local Government Services, Department of Community Affairs,
State of New Jersey will always detect a material misstatement when it exists. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by
a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards, Government Auditing Standards,
and audit requirements prescribed by the Division of Local Government Services, Department of Community
Affairs, State of New Jersey, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of internal control(s) relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the Borough of Carteret's internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Borough of Carteret's ability to continue as a going concern for a reasonable
period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit, significant audit findings, and certain internal control-related matters that we
identified during the audit.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise
the Borough of Carteret’s basic financial statements. The accompanying supplemental schedules presented for the
various funds and letter of comments and recommendations section are presented for purposes of additional analysis
as required by the Division of Local Government Services, Department of Community Affairs, State of New Jersey
and are not a required part of the basic financial statements. The schedules of expenditures of federal awards and
2
state financial assistance, as required by Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards and New Jersey OMB’s Circular 15-
08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid are also presented for purposes
of additional analysis and are not a required part of the basic financial statements. Such information is the
responsibility of management and was derived from and relates directly to the underlying accounting and other
records used to prepare the basic financial statements. The information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to prepare the basic
financial statements or to the basic financial statements themselves, and other additional procedures in accordance
with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly
stated, in all material respects, in relation to the financial statements of each of the respective individual funds and
account group taken as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated August 9, 2022, on our
consideration of the Borough of Carteret’s internal control over financial reporting and on our tests of its compliance
with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that
report is solely to describe the scope of our testing of internal control over financial reporting and compliance and
the results of that testing, and not to provide an opinion on the effectiveness of the Borough of Carteret’s internal
control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance
with Government Auditing Standards in considering the Borough of Carteret’s internal control over financial
reporting and compliance.
Respectfully submitted,
HOLMAN FRENIA ALLISON, P.C.
Robert W. Allison
Certified Public Accountant
Registered Municipal Accountant
RMA #483
Lakewood, New Jersey
August 9, 2022
3
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4
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
Honorable Mayor and Members
of the Borough Council
Borough of Carteret
Carteret, New Jersey
We have audited, in accordance with the auditing standards generally accepted in the United States of
America, the standards applicable to financial audits contained in Government Auditing Standards issued
by the Comptroller General of the United States and audit requirements as prescribed by the Division of
Local Government Services, Department of Community Affairs, State of New Jersey, the financial
statements - regulatory basis of the Borough of Carteret, as of and for the year ended December 31, 2021,
and the related notes to the financial statements, which collectively comprise the Borough's
basic financial statements, and have issued our report thereon dated August 9, 2022. Our report
indicated that the Borough’s financial statements were not prepared in accordance with accounting
principles generally accepted in the United States of America but rather prepared in accordance with
the regulatory basis of accounting prescribed by the Division of Local Government Services,
Department of Community Affairs, State of New Jersey.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Borough's internal
control over financial reporting (internal control) as a basis for designing audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinions on the financial statements,
but not for the purpose of expressing an opinion on the effectiveness of the Borough’s internal control.
Accordingly, we do not express an opinion on the effectiveness of the Borough’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination
of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement
of the entity’s financial statements will not be prevented, or detected and corrected, on a timely basis. A
significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less
severe than a material weakness, yet important enough to merit attention by those charged with
governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may
exist that were not identified. We did not identify any deficiencies in internal control over compliance that
we consider to be material weaknesses. However, material weaknesses or significant deficiencies may
exist that were not identified.
5
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Borough's financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements, noncompliance with which could have a direct and material effect on the
determination of financial statement amounts. However, providing an opinion on compliance with those
provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The
results of our tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards and audit requirements as prescribed by the Division of
Local Government Services, Department of Community Affairs, State of New Jersey.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards and audit requirements as prescribed by the Division of Local
Government Services, Department of Community Affairs, State of New Jersey in considering the entity’s
internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
Respectfully Submitted,
HOLMAN FRENIA ALLISON, P.C.
Robert W. Allison
Certified Public Accountant
Registered Municipal Accountant
RMA #483
Lakewood, New Jersey
August 9, 2022
6
BASIC FINANCIAL STATEMENTS
7
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9
Exhibit - A-1
REVENUE AND OTHER INCOME REF.YEAR 2021 YEAR 2020
Fund Balance Utilized A-1,A-2 $ 3,000,000.00 $ 3,000,000.00
Miscellaneous Revenue Anticipated A- 2 10,285,093.25 12,683,299.82
Receipts from Delinquent Taxes A- 2 584,946.69 624,999.29
Receipts from Current Taxes A- 2 77,470,682.82 72,828,833.37
Non-Budget Revenue A- 2 516,440.87 423,803.88
Other Credits to Income:
Unexpended Balance of Appropriation Reserves A-12 1,703,536.78 968,105.75
Cancellation of State and Federal
Grants Appropriated A-21 1,037,950.19 10,587.02
Cancellation of Accounts Payable A-16 24,331.55 2,318.43
Cancellation of Prior Year Outstanding Checks A-4 21,113.18 -
Cancellation of Tax Overpayments A-15 47,196.68 -
Total Income 94,691,292.01 90,541,947.56
EXPENDITURES
Budget Appropriations
Operations
Salaries and Wages A- 3 17,219,500.00 16,076,000.00
Other Expenses A- 3 17,333,887.37 18,720,375.90
Capital Improvements A- 3 2,825,000.00 2,815,000.00
Municipal Debt Service A- 3 3,310,515.11 3,687,109.18
Deferred Charges and Statutory Expenditures A- 3 4,044,196.00 3,594,012.00
County Taxes A-17 11,373,485.21 10,757,079.44
County Share of Added and Omitted Taxes A-17 70,554.17 14,933.88
Local District School Taxes A-17 30,029,799.00 28,006,149.00
Special District Taxes A-17 3,320,000.00 3,110,000.00
Municipal Open Space Tax A-17 753,929.22 735,075.39
Cancellation of State and Federal
Grants Receivable A-13 1,073,155.12 -
Prior Year Senior Citizens' and Veterans'
Deductions Allowed/Disallowed (Net) A- 6 10,722.91 9,193.57
Total Expenditures 91,364,744.11 87,524,928.36
Excess in Revenue 3,326,547.90 3,017,019.20
Regulatory Excess to Fund Balance 3,326,547.90 3,017,019.20
Fund Balance, January 1 A 7,687,517.73 7,670,498.53
11,014,065.63 10,687,517.73
Decreased by:
Utilization as Anticipated Revenue A-1 3,000,000.00 3,000,000.00
Fund Balance, December 31 A $8,014,065.63 $7,687,517.73
BOROUGH OF CARTERET
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
AND CHANGES IN FUND BALANCE - REGULATORY BASIS
COMPARATIVE STATEMENTS OF OPERATIONS
CURRENT FUND
MIDDLESEX COUNTY, NEW JERSEY
The accompanying Notes to Financial Statements are an integral part of this Statement.
10
Exhibit - A-2
BOROUGH OF CARTERET
MIDDLESEX COUNTY, NEW JERSEY
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2021
ANTICIPATED
2021 N.J.S.A. EXCESS OR
REF.BUDGET 40A:4-87 REALIZED (DEFICIT)
Surplus Anticipated A- 1 $ 3,000,000.00 $- $ 3,000,000.00 $-
Miscellaneous Revenues:
Licenses:
Alcoholic Beverages A-10 60,000.00 - 85,976.36 25,976.36
Other A-10 60,000.00 - 13,345.57 (46,654.43)
Fees and Permits A-10 1,050,000.00 - 1,131,191.42 81,191.42
Municipal Court - Fines and Costs A-10 200,000.00 - 261,397.52 61,397.52
Interest and Costs on Taxes A-10 185,000.00 - 198,953.49 13,953.49
Interest on Investments and Deposits A-10 50,000.00 - 140,373.45 90,373.45
Payment in Lieu of Taxes A-10 3,550,000.00 - 3,802,888.76 252,888.76
Energy Receipts Taxes A-10 2,403,003.00 - 2,500,119.00 97,116.00
Consolidated Municipal Property Tax
Relief Act A-10 180,108.00 - 82,992.00 (97,116.00)
Uniform Construction Code Fees A-10 875,000.00 - 665,896.00 (209,104.00)
Engineering Fees A-10 21,000.00 - 35,062.50 14,062.50
Uniform Fire Safety Act A-10 75,000.00 - 72,851.73 (2,148.27)
Carteret Hazmat Funding A-10 260,000.00 - 296,000.00 36,000.00
Clean Communties Grant A-20 36,570.19 - 36,570.19 -
Municipal Alliance on Alcoholism and
Drug Abuse A-20 8,443.00 - 8,443.00 -
Body Armor A-20 8,769.74 - 8,769.74 -
Body Armor 2020 A-20 2,375.00 - 2,375.00 -
Older Americans Act A-20 19,734.00 - 19,734.00 -
Recycling Tonnage Grant A-20 5,888.27 - 5,888.27 -
Municipal Recycling Assistance A-20 4,086.67 - 4,086.67 -
NJDOT - Waterfront Ferry Terminal Roadway Improvements A-20 678,973.00 - 678,973.00 -
Municipal Court - DWI A-20 750.18 - 750.18 -
Municipal Alliance A-20 - 7,540.00 7,540.00 -
Summer Food A-20 - 31,305.40 31,305.40 -
Body Worn Camera A-20 - 193,610.00 193,610.00 -
Total Miscellaneous Revenues 9,734,701.05 232,455.40 10,285,093.25 317,936.80
Receipts from Delinquent Taxes 750,000.00 - 584,946.69 (165,053.31)
Subtotal General Revenues 13,484,701.05 232,455.40 13,870,039.94 152,883.49
Amount to be Raised by Taxes for Support of:
Municipal Budget A-7 31,490,980.48 - 32,393,134.05 902,153.57
Library Tax A-7 929,781.17 - 929,781.17 -
Subtotal Amount to be Raised by Taxes 32,420,761.65 - 33,322,915.22 902,153.57
Total General Revenues 45,905,462.70 232,455.40 47,192,955.16 1,055,037.06
The accompanying Notes to Financial Statements are an integral part of this Statement.
11
Exhibit - A-2
BOROUGH OF CARTERET
MIDDLESEX COUNTY, NEW JERSEY
CURRENT FUND
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2021
ANTICIPATED
2021 N.J.S.A. EXCESS OR
REF.BUDGET 40A:4-87 REALIZED (DEFICIT)
Non-Budget Revenues - - 516,440.87 516,440.87
$ 45,905,462.70 $ 232,455.40 $ 47,709,396.03 $ 1,571,477.93
Adopted Budget A- 3 $ 45,905,462.70
Added by N.J.S.A. 40A:4-87 A- 3 232,455.40
$ 46,137,918.10
Analysis of Realized Revenues
Allocation of Current Tax Collections:
Prepaid Taxes Prior Year $ 283,833.68
Cash Collected 2021 77,072,685.89
State Share of Sr Citizens & Vet. Deductions
Allowed 114,163.25
$ 77,470,682.82
Allocated to:
School, County
and Special District Taxes 45,547,767.60
31,922,915.22
Add: Reserve for Uncollected Taxes 1,400,000.00
Amount for Support of Municipal Budget $ 33,322,915.22
The accompanying Notes to Financial Statements are an integral part of this Statement.
12
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20
Exhibit - B
BALANCE BALANCE
DEC. 31, DEC. 31,
ASSETS REF.2021 2020
Animal Control Fund:
Cash B- 1 $ 31,081.20 $ 31,959.66
Due from Board of Health B- 1 17,367.50 -
Total Animal Control Fund 48,448.70 31,959.66
Other Trust Fund:
Cash and Investments B- 1 4,505,062.97 3,787,114.17
Total Other Trust Fund 4,505,062.97 3,787,114.17
Open Space Tax
Cash B- 1 988,458.19 249,973.19
Total Open Space Tax Fund 988,458.19 249,973.19
Community Development
Block Grant Trust Fund:
Cash B- 1 76,220.24 22,590.38
Grants Receivable B- 1 6,376.00 101,834.00
Total Community Development
Block Grant Trust Fund 82,596.24 124,424.38
LOSAP Fund (Unaudited):
Cash and Investments - Trustee B- 1 298,917.45 300,980.05
Total LOSAP Fund 298,917.45 300,980.05
$ 5,923,483.55 $ 4,494,451.45
BOROUGH OF CARTERET
MIDDLESEX COUNTY, NEW JERSEY
TRUST FUND
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
AS AT DECEMBER 31, 2021 AND 2020
The accompanying Notes to Financial Statements are an integral part of this Statement.21
Exhibit - B
BOROUGH OF CARTERET
BALANCE BALANCE
LIABILITIES, RESERVES DEC. 31, DEC. 31,
AND FUND BALANCE REF.2021 2020
Animal Control Fund:
Res. for Animal Control Fund Expend. B- 1 46,684.10$ 31,959.66$
Due to State of New Jersey B- 1 1,764.60 -
Total Animal Control Fund 48,448.70 31,959.66
Other Trust Fund:
Reserve for Encumbrances B- 1 291,936.97 121,133.57
Res. for Payroll Deductions B- 1 229,893.11 353,324.57
Res. for Unemploy. Expends. B- 1 472,605.11 405,895.19
Trust Fund Reserves B- 1 3,510,627.78 2,906,760.84
Total Other Trust Fund 4,505,062.97 3,787,114.17
Open Space Tax
Reserve for Open Space Levy B- 1 114,973.04 7,679.98
Reserve for Encumbrances B- 1 873,485.15 242,293.21
Total Open Space Tax Fund 988,458.19 249,973.19
Community Development
Block Grant Trust Fund:
Res. for Commun. Dev. Expends. B- 1 6,376.00 101,834.00
Res. for Rehabilitation Loans B- 1 22,588.89 22,588.89
Res. for Administrative Costs B- 1 1.49 1.49
Reserve for Encumbrances B- 1 53,629.86 -
Total Community Development
Block Grant Trust Fund 82,596.24 124,424.38
LOSAP Fund (Unaudited):
Res. for LOSAP Funds Held by Trustee B- 1 298,917.45 300,980.05
Total LOSAP Fund 298,917.45 300,980.05
$ 5,923,483.55 $ 4,494,451.45
AS AT DECEMBER 31, 2021 AND 2020
MIDDLESEX COUNTY, NEW JERSEY
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
TRUST FUND
The accompanying Notes to Financial Statements are an integral part of this Statement.22
Exhibit - C
BOROUGH OF CARTERET
MIDDLESEX COUNTY, NEW JERSEY
GENERAL CAPITAL FUND
COMPARATIVE BALANCE SHEET - REGULATORY BASIS
DECEMBER 31, 2021 AND 2020
BALANCE BALANCE
DECEMBER 31, DECEMBER 31,
ASSETS REF.2021 2020
Cash and Investments - Treasurer C-2 $ 490,338.36 $ 6,971,464.48
Grants - In - Aid, Loans and Other Receivable C-4 37,384,902.71 34,518,934.00
Interfunds Receivable C-3,C-3a 200,000.00 1,108,964.04
Deferred Charges to Future Taxation:
Funded - Serial Bonds C-5 27,412,244.00 28,480,631.00
Funded - Loans Payable C-5 1,173,913.24 1,392,493.55
Funded - Leases Payable C-5 362,028.06 233,152.74
Unfunded C-6 47,892,269.40 32,620,084.01
$ 114,915,695.77 $ 105,325,723.82
LIABILITIES, RESERVES
AND FUND BALANCE
General Serial Bonds C-9 $ 27,412,244.00 $ 28,480,631.00
Bond Anticipation Notes C-7 29,193,000.00 35,772,467.00
Green Acre Loans Payable C-10 572,812.02 628,619.48
Project Loans Payable C-10 142,003.59 180,976.96
MCIA Loan Payable C-10 459,097.63 582,897.11
Captial Leases Payable - M.C.I.A.C-11 362,028.06 233,152.74
Reserve for Encumbrances Payable C-8 6,465,616.20 3,457,237.02
Improvment Authorizations:
Funded C-8 1,441,807.18 6,982,795.16
Unfunded C-8 21,263,519.26 9,396,009.56
Reserve for:
Capital Improvement Fund C-13 604,892.34 304,892.34
Cash or Appropriated Reserves C-12 14,287,984.40 13,636,590.76
Grants and Loans Receivable C-12 12,393,371.14 5,647,530.39
Fund Balance C-1 317,319.95 21,924.30
$ 114,915,695.77 $ 105,325,723.82
Bonds and Notes Authorized but not Issued C-14 $ 21,906,790.85 $ 2,602,055.83
The accompanying Notes to Financial Statements are an integral part of this Statement.
23
Exhibit - C-1
BOROUGH OF CARTERET
MIDDLESEX COUNTY, NEW JERSEY
GENERAL CAPITAL FUND
STATEMENT OF FUND BALANCE - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2021
REF.
Balance - December 31, 2020 C $ 21,924.30
Increased by:
Bond Anticipation Note Premium C-2 295,395.65
Balance - December 31, 2021 C $ 317,319.95
The accompanying Notes to Financial Statements are an integral part of this Statement.
24
Exhibit - D
BOROUGH OF CARTERETMIDDLESEX COUNTY, NEW JERSEY
SEWER UTILITY FUNDBALANCE SHEET - REGULATORY BASIS
DECEMBER 31, 2021 AND 2020
BALANCE BALANCEDECEMBER 31, DECEMBER 31, ASSETS REF.2021 2020
Operating Fund:
Cash and Investments D-4 1,236,395.19$ 686,266.14$
Receivables With Offsetting
Reserves:
Consumer Accounts Receivable D-6 455,429.97 355,135.24 Sewer Liens D-19 2,501.08 2,501.08
Total Operating Fund 1,694,326.24 1,043,902.46
Capital Fund:
Cash and Investments D-5 559,676.24 29,047.13
Fixed Capital Completed D-7 27,104,678.31 27,104,678.31
Fixed Capital Authorized and Uncompleted D-8 5,975,634.93 4,750,594.17
Total Capital Fund 33,639,989.48 31,884,319.61
35,334,315.72$ 32,928,222.07$
LIABILITIES, RESERVES
AND FUND BALANCE
Operating Fund:Appropriation Reserves D-3 300,392.37$ 178,467.45 Encumbrances Payable D-10 236,868.57 176,142.99 Sewer Overpayments D-11 31,514.19 15,995.31
Accrued Interest on Bonds, Notes, & Loans D-13 105,239.47 108,653.96
674,014.60 479,259.71
Reserve for Receivables D 457,931.05 357,636.32 Fund Balance D-1 562,380.59 207,006.43
Total Operating Fund 1,694,326.24 1,043,902.46
Capital Fund:
General Serial Bonds D-14 4,877,756.00 5,099,369.00
NJEIT Loans Payable D-15 9,943,061.41 10,468,449.36 NJEIT Loan Payable Cash Advance D-20 3,497,429.00 - Reserve for Encumbrances Payable D-16 946,900.65 2,983,099.73 Improvement Authorizations: Funded D-16 715,940.76 696,541.57
Due to General Capital D-12 - 1,000,000.00
Reserve for Amortization D-17 13,508,901.66 11,536,859.95
Capital Improvement Fund D-18 150,000.00 100,000.00
Total Capital Fund 33,639,989.48 31,884,319.61
Total Liabilities, Reserves, and Fund Balances 35,334,315.72$ 32,928,222.07$
Bonds and Notes Authorized but not Issued D-22 4,750,594.17$ 4,750,594.17$
The accompanying Notes to Financial Statements are an integral part of this Statement.
25
Exhibit - D-1
2021
Revenue and Other Income Realized:
Fund Balance Anticipated 100,000.00$
Miscellaneous Revenues Anticipated 6,106,252.49
Miscellaneous Revenues Not Anticipated 740.60
Other Credits To Income:
Unexpended Balance of Appropriation Reserves 45,779.02
Void Checks Issued Prior Year 3,700.00
Accrued Interest Cancelled 687.48
Total Revenue 6,257,159.59
Expenditures:
Operating 4,798,000.00
Capital Improvements 50,000.00
Debt Service 930,785.43
Statutory Expenditures 23,000.00
Total Expenditures 5,801,785.43
Excess/(Deficit) in Revenue 455,374.16
Fund Balance, Beginning 207,006.43
662,380.59
Decreased By:
Utilized as Anticipated Revenue 100,000.00
Fund Balance, December 31 562,380.59$
FOR THE YEAR ENDED DECEMBER 31, 2021
BOROUGH OF CARTERET
MIDDLESEX COUNTY, NEW JERSEY
SEWER UTILITY OPERATING FUND
STATEMENTS OF OPERATIONS AND CHANGES IN FUND BALANCE -
REGULATORY BASIS
The accompanying Notes to Financial Statements are an integral part of this Statement.
26
Exhibit - D-2
Excess/
Budget Realized (Deficit)
Operating Surplus Anticipated 100,000.00$ 100,000.00$ -$
Sewer Rents 5,800,000.00 5,979,869.64 179,869.64
Interest and Cost on Rents 42,681.57 126,382.85 83,701.28
Miscellaneous Revenue Not Anticipated - 740.60 740.60
5,942,681.57$ 6,206,993.09$ 264,311.52$
BOROUGH OF CARTERET
SEWER UTILITY OPERATING FUND
STATEMENT OF REVENUES - REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2021
MIDDLESEX COUNTY, NEW JERSEY
The accompanying Notes to Financial Statements are an integral part of this Statement.
27
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28
Exhibit - E
ASSETS 2021 2020
Land 149,681,588.00$ 149,681,588.00$
Buildings & Building Improvements 51,271,148.00 22,421,846.00
Equipment & Machinery 14,891,988.00 16,546,999.00
Construction in Progress 7,657,783.00 29,714,625.00
Total 223,502,507.00$ 218,365,058.00$
FUND BALANCE
Investment in General Fixed Assets 223,502,507.00$ 218,365,058.00$
BOROUGH OF CARTERET
GENERAL FIXED ASSETS ACCOUNT GROUPSTATEMENTS OF GENERAL FIXED ASSETS
DECEMBER 31, 2021 AND 2020
MIDDLESEX COUNTY, NEW JERSEY
The accompanying Notes to Financial Statements are an integral part of this Statement.
29
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30
NOTES TO FINANCIAL STATEMENTS
************
COUNTY OF MIDDLESEX
FOR THE YEAR ENDED DECEMBER 31, 2021
BOROUGH OF CARTERET
31
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32
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 1. Summary of Significant Accounting Policies
Description of Financial Reporting Entity
The Borough of Carteret, County of Middlesex, New Jersey (hereafter referred to as the “Borough”) is
governed by the Borough form of government, with a mayor and a 6-member Borough Council.
Administrative responsibilities are assigned to the Borough Manager. Policy is determined by the Council
and Management is responsible for carrying out such policy.
Component Units - GASB Statement 14, as amended by GASB Statements 39, 61, 80, 90, and 97,
establishes criteria to be used in determining the component units, which should be included in the
financial statements of a primary government. The financial statements of the Borough are not presented
in accordance with GAAP, and therefore the financial statements are not presented in accordance with
GASB Statement No. 14, as amended by GASB Statement 39, 61, 80, 90, and 97. Had the financials been
in accordance with GAAP, the financial statements of the following component units would have been
either blended or discretely presented with the financial statements of the Borough, the primary
government:
Borough of Carteret Port Authority
Borough of Carteret Business Partnership
Borough of Carteret Redevelopment Agency
Basis of Accounting, Measurement Focus and Basis of Presentation - The financial statements of the
Borough contain all funds and account groups in accordance with the “Requirements of Audit” as
promulgated by the State of New Jersey, Department of Community Affairs, Division of Local
Government Services. The principles and practices established by the Requirements of Audit are
designed primarily for determining compliance with legal provisions and budgetary restrictions and as a
means of reporting on the stewardship of public officials with respect to public funds. Generally, the
financial statements are presented using the flow of current financial resources measurement focus and
modified accrual basis of accounting with minor exceptions as mandated by these “Requirements”. In
addition, the prescribed accounting principles previously referred to differ in certain respects from
accounting principles generally accepted in the United State of America applicable to local government
units. The more significant differences are explained further in this note.
In accordance with the “Requirements”, the Borough accounts for its financial transactions through the
use of separate funds, which are described as follows:
Current Fund – This fund accounts for revenues and expenditures for governmental operations
of a general nature, including federal and state grant funds.
Trust Funds – These funds account for receipts, custodianship and disbursement of funds in
accordance with the purpose for which each reserve was created.
General Capital Fund – This fund accounts for receipt and disbursement of funds for the
acquisition of general capital facilities, other than those acquired in the Current Fund.
Sewer Utility Operating and Capital Funds – These funds accounts for utility operations that
are financed through user fees. The funds are operated on a basis similar to private business
enterprises where the intent is that the costs of providing the utility to the general public be
financed through user fees. Operations relating to the acquisition of capital facilities for utility
purposes are recorded in the Utility Capital Fund.
33
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 1. Summary of Significant Accounting Policies (continued):
General Fixed Asset Account Group – The Fixed Asset Account Group of accounts is utilized
to account for property, land, buildings, and equipment that have been acquired by other funds of
the Borough.
Budgets and Budgetary Accounting - The Borough must adopt an annual budget for its Current and
Utility Fund in accordance with N.J.S.A.40A:4 et seq. N.J.S.A.40A:4-5 requires the governing body to
introduce and approve the annual municipal budget no later than February 10th of each year. At
introduction, the governing body must fix the time and place for a public hearing on the budget and must
advertise the time and place at least ten days prior to the hearing in a newspaper published and circulating
in the municipality. The public hearing must not be held less than twenty-eight days after the date the
budget was introduced. After the hearing has been held, the governing body may, by majority vote, adopt
the budget or may amend the budget in accordance with N.J.S.A.40A:4-9. Amendments to adopted
budgets, if any are detailed in the statements of revenues and expenditures.
An extension of the statutory dates for introduction, approval and adoption of the municipal budget may
be granted by the Director of Local Government Services, with the permission of the Local Finance
Board. Budgets are adopted on the same basis of accounting utilized for the preparation of the Borough’s
financial statements. Once a budget is approved it may be amended after November 1, by a resolution
adopted by the governing body.
Cash, Cash Equivalents and Investments - Cash and Cash equivalents include petty cash, change funds
and cash on deposit with public depositories. All certificates of deposit are recorded as cash regardless of
the date of maturity. Under GAAP, investments are reported at fair value but under regulatory basis of
accounting, investments are stated at cost with the exception of LOSAP investments which are reported at
fair value. Therefore, unrealized gains or losses on investments have not been recorded.
New Jersey municipal units are required by N.J.S.A.40A:5-14 to deposit public funds in a bank or trust
company having its place of business in the State of New Jersey and organized under the laws of the
United States or of the State of New Jersey or in the New Jersey Cash Management Fund. N.J.S.A.40A:5-
15.1 provides a list of investments, which may be purchased by New Jersey municipal units. In addition,
other State statutes permit investments in obligations issued by local utilities and other state agencies.
N.J.S.A.17:9-41 et seq. establishes the requirements for the security of deposits of governmental units.
The statute requires that no governmental unit shall deposit public funds in a public depository unless
such funds are secured in accordance with the Governmental Unit Deposit Protection Act, which was
enacted in 1970 to protect governmental units from a loss of funds on deposit with a failed banking
institution in New Jersey. Public depositories include State or federally chartered banks savings banks or
associations located in or having a branch office in the State of New Jersey, the deposits of which are
federally insured. All public depositories must pledge collateral, having a market value at least equal to
five percent of the average daily balance of collected public funds, to secure the deposits of Governmental
Units. If a public depository fails, the collateral it has pledged, plus the collateral of all other public
depositories, is available to pay the amount of their deposits to the Governmental Units.
The cash management plan adopted by the Borough requires it to deposit funds in public depositories
protected from loss under the provisions of the Act.
34
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 1. Summary of Significant Accounting Policies (continued):
Interfunds - Interfund receivables and payables that arise from transactions between funds are recorded
by all funds affected by such transactions in the period in which the transaction is executed. Interfund
receivables in the Current Fund are recorded with offsetting reserves, which are created by charges to
operations. Income is recognized in the year the receivables are liquidated. Interfund receivables in the
other funds are not offset by reserves.
Inventories and Supplies - The cost of inventories of supplies for all funds are recorded as expenditures
at the time individual items are purchased. The costs of inventories are not included on the various
statements of assets, liabilities, reserves and fund balance.
General Fixed Assets – Accounting for governmental fixed assets, as required by N.J.A.C.5:30-5.6,
differs in certain respects from accounting principles generally accepted in the United States of America.
In accordance with the regulations, all local units, including municipalities, must maintain a general fixed
assets reporting system that establishes and maintains a physical inventory of nonexpendable, tangible
property as defined and limited by the U.S. Office of Management and Budget Circular A-87 (Attachment
B, Section 19), except that the useful life of such property is at least five years. The Borough has adopted
a capitalization threshold of $5,000.00, the maximum amount allowed by the Circular. Generally, assets
are valued at historical cost; however, assets acquired prior to December 31, 1985 are valued at actual
historical cost or estimated historical cost. In some instances, assets are valued at the assessed valuation of
the property at the time of acquisition, which approximates fair value. No depreciation of general fixed
assets is recorded. Donated general fixed assets are recorded at their acquisition value as of the date of
the transaction. Interest costs relative to the acquisition of general fixed assets are recorded as
expenditures when paid. Public domain ("infrastructure") general fixed assets consisting of certain
improvements such as roads, bridges, curbs and gutters, streets and sidewalks and drainage systems are
not capitalized. Expenditures for construction in progress are recorded in the capital funds until such time
as the construction is completed and put into operation. The Borough is required to maintain a subsidiary
ledger detailing fixed assets records to control additions, retirements, and transfers of fixed assets. In
addition, a statement of general fixed assets, reflecting the activity for the year, must be included in the
Borough's basic financial statements.
The regulations require that general fixed assets, whether constructed or acquired through purchase, grant
or gift be included in the aforementioned inventory. In addition, property management standards must be
maintained that includes accurate records indicating asset description, source, ownership, acquisition cost
and date, the percentage of federal participation (if any), and the location, use, and condition of the asset.
Periodically, physical inventories must be taken and reconciled with these records. All fixed assets must
be adequately controlled to safeguard against loss, damage, or theft.
Utility Fixed Assets – Property and equipment purchases by a utility fund are recorded in the utility
capital account at cost and are adjusted for disposition. The amounts shown do not represent replacement
cost or current value. The reserve for amortization and deferred reserve for amortization in the utility
capital fund represent the cost of the utility fixed assets reduced by the outstanding balances of bonds,
loans, notes, or other borrowings that are attributable to the acquisition, construction or improvement of
those assets.
Foreclosed property – Foreclosed Property or “Property Acquired for Taxes” is recorded in the Current
Fund at the assessed valuation when such property was acquired and is fully reserved. Ordinarily it is the
intention of the Borough to resell foreclosed property in order to recover all or a portion of the delinquent
taxes or assessments and to return the property to a taxpaying basis. For this reason, the value of
35
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 1. Summary of Significant Accounting Policies (continued):
foreclosed property has not been included in the General Fixed Assets Account Group. If such property
is converted to a municipal use, it will be recorded in the General Fixed Assets Account Group.
Deferred Charges – The recognition of certain expenditures is deferred to future periods. These
expenditures or deferred charges are generally overexpenditures of legally adopted budget appropriations
or emergency appropriations made in accordance with N.J.S.A.40A:4-46 et seq. Deferred charges are
subsequently raised as items of appropriation in budgets of succeeding years.
Fund Balance – Fund Balance included in the Current and Utility Fund represent the amount available
for anticipation as revenue in future year’s budgets, with certain restrictions.
Revenues – are recorded when received in cash except for certain amounts, which are due from other
governmental units. Revenue from Federal and State grants are realized when anticipated as such in the
Borough’s budget. Receivables for property taxes are recorded with offsetting reserves on the statement
of assets, liabilities, reserves and fund balance of the Borough’s Current Fund; accordingly, such amounts
are not recorded as revenue until collected. Other amounts that are due the Borough, which are
susceptible to accrual are also recorded as receivables with offsetting reserves and recorded as revenues
when received.
Utility Revenues – Utility charges are levied semi-annually based upon a flat service charge and if
applicable, an excess consumption or usage charge. Revenues from these sources are recognized on a cash
basis. Receivables that are susceptible to accrual are recorded with offsetting reserves on the balance
sheet of the Boroughs utility operating fund.
Property Tax Revenues – are collected in quarterly installments due February 1, May 1, August 1 and
November 1. The amount of tax levied includes not only the amount required in support of the Borough’s
annual budget, but also the amounts required in support of the budgets of the County of Middlesex, the
Carteret Business Partnership (Business Improvement District), and Carteret Public School District.
Unpaid property taxes are subject to tax sale in accordance with statutes.
County Taxes – The municipality is responsible for levying, collecting and remitting County taxes for
the County of Middlesex. Operations is charged for the amount due the County for the year, based upon
the ratables required to be certified to the County Board of Taxation by January 10th of the current year.
In addition, operations is charged for the County share of Added and Omitted Taxes certified to the
County Board of Taxation by October 10th of the current year and due to be paid to the County by
February 15th of the following year.
School Taxes – The municipality is responsible for levying, collecting and remitting school taxes for the
Carteret Public School District. Operations are charged for the full amount required to be raised from
taxation to operate the local school district January 1st to December 31st.
Reserve for Uncollected Taxes – The inclusion of the “Reserve for Uncollected Taxes” appropriation in
the Borough’s annual budget protects the Borough from taxes not paid currently. The Reserve, the
minimum amount of which is determined on the percentage of collections experienced in the immediate
preceding year, with certain exceptions, is required to provide assurance that cash collected in the current
year will provide sufficient cash flow to meet expected obligations.
36
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 1. Summary of Significant Accounting Policies (continued):
Expenditures – are recorded on the “budgetary” basis of accounting. Generally, expenditures are
recorded when an amount is encumbered through the issuance of a numerically controlled purchase order
or when a contract is executed as required by Technical Accounting Directive No. 85-1. When an
expenditure is paid, the amount encumbered is simultaneously liquidated in its original amount.
Encumbrances are offset by an account entitled reserve for encumbrances. The reserve is classified as a
cash liability under New Jersey municipal accounting. At December 31, this reserve represents the
portion of appropriation reserves that has been encumbered and is subject to the same statutory provisions
as appropriation reserves. Appropriations for interest payments on outstanding general capital bonds and
notes are provided on the cash basis. Appropriations for interest payments on outstanding utility capital
bonds and notes are provided on the accrual basis.
Appropriation Reserves – Appropriation reserves covering unexpended appropriation balances are
automatically created at year-end and recorded as liabilities, except for amounts, which may be cancelled
by the governing body. Appropriation reserves and reserve for encumbrances at current year end are
available until December 31st of the succeeding year to meet specific claims, commitments or contracts
incurred during the preceding year. Any unspent balances at this time are lapsed appropriation reserves
and recorded as income.
Long-Term Debt - Long-Term Debt relative to the acquisition of capital assets, is recorded as a liability
in the General Capital and Utility Capital Fund. Where an improvement is a “local improvement”, i.e.
assessable upon completion, long-term debt associated with that portion of the cost of the improvement to
be funded by assessments is transferred to the Trust Fund upon the confirmation of the assessments or
when the improvement is fully and permanently funded.
Compensated Absences – Expenditures relating to obligations for unused vested accumulated vacation
and sick leave are not recorded until paid; however, municipalities may establish and budget reserve
funds subject to NJSA 40A:4-39 for the future payment of compensated absences.
Recent Accounting Pronouncements – The Governmental Accounting Standards Board (GASB) is the
accepted standard-setting body for establishing governmental accounting and financial reporting
principles. GASB adopts accounting statements to be used by governmental units when reporting
financial position and results of operations in accordance with accounting principles generally accepted in
the United States of America (GAAP). The municipalities in the State of New Jersey do not prepare their
financial statements in accordance with GAAP and thus do not comply with all of the GASB
pronouncements. The following GASB pronouncement effective for the current year did have a
significant impact on the Borough’s financial statements.
Accounting Pronouncements Adopted in Current Year
The following GASB Statements became effective for the fiscal year ended December 31, 2021:
Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period. The
requirements of this Statement are effective for reporting periods beginning after December 15, 2020.
Statement No. 93, Replacement of Interbank Offered Rates. The requirements of this Statement, except
for paragraphs 11b, 13, and 14 are effective for reporting periods beginning after June 15, 2020.
Management has determined that the implementation of these Statements did not have a significant
impact on the Borough’s financial statements.
37
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 1. Summary of Significant Accounting Policies (continued):
Accounting Pronouncements Effective in Future Reporting Periods
Statement No. 87, Leases. The requirements of this Statement are effective for fiscal years beginning after
June 15, 2021.
Statement No. 93, Replacement of Interbank Offered Rates. The requirement in paragraph 11b of this
Statement is effective for reporting periods ending after December 31, 2021. The requirements in
paragraphs 13 and 14 are effective for reporting periods beginning after June 15, 2021.
Statement No. 97, Certain Component Unit Criteria, and Accounting and Financial Reporting for
Internal Revenue Code Section 457 Deferred Compensation Plans – an amendment of GASB Statements
No. 14 and No. 84, and a supersession of GASB Statement No. 32. Requirements of this pronouncement
related to section 1, paragraph 4 are effective immediately. All other requirements will be effective for
reporting periods beginning June 15, 2021. Management has determined the implementation of certain
provisions within this Statement did not have a significant impact on the Borough’s financial statements.
Note 2. Deposits and Investments
The Borough is governed by the deposit and investment limitations of New Jersey state law.
Deposits
Custodial Credit Risk Related to Deposits - Custodial credit risk is the risk that, in the event of a bank
failure, the Borough’s deposits may not be returned. Although the Borough does not have a formal policy
regarding custodial credit risk, NJSA 17:9-41 et seq. requires that the governmental units shall deposit
public funds in public depositories protected from loss under the provisions of the Governmental Unit
Protection Act (GUDPA).
Note 2. Deposits and Investments (continued):
GUDPA is a supplemental insurance program set forth by the New Jersey Legislature to protect the
deposits of local governmental agencies. The program is administered by the Commissioner of the New
Jersey Department of Banking and Insurance. Under the Act, the first $250,000 of governmental deposits
in each insured depository is protected by FDIC. Public funds owned by the Borough in excess of FDIC
insured amounts are protected by GUDPA. However, GUDPA does not protect intermingled trust funds
such as salary withholdings, bail funds or funds that may pass to the Borough relative to the happening of
a future condition. Such funds are shown as Uninsured and Uncollateralized in the schedule below.
As of December 31, 2021, the Borough’s bank balance of $25,194,767.93 was insured or collateralized as
follows:
Insured under FDIC and GUDPA 19,714,029.83$
Uninsured and Uncollateralized 5,480,738.10
25,194,767.93$
38
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 2. Deposits and Investments (continued):
Investments
Under the regulatory basis of accounting, investments are measured at cost in the Borough’s financial
statements. However, had the financial statements been prepared in accordance with generally accepted
accounting principles (GAAP), investments would be reported at fair value (except for fully benefit-
responsive investment contracts, which would be reported at contract value). Contract value is the
relevant measure for the portion of the Length of Service Awards Program (LOSAP) Plan attributable to
fully benefit-responsive investment contracts because contract value is the amount participants normally
would receive if they were to initiate permitted transactions under the terms of the LOSAP Plan.
Investments at Fair Value – The fair value measurements of investments are required to be reported based
on the hierarchy established by GAAP. Under GAAP, investments are required to be categorized based
on the fair value of inputs of Levels 1, 2 and 3. Under Level 1 inputs, investments are required to be
categorized based on quoted market prices in active markets for identical investments. Level 2 inputs are
based primarily on using observable measurement criteria, including quoted market prices of similar
investments in active and inactive markets and other observable corroborated factors. Level 3 inputs are
assets measured at fair value on a recurring basis using significant unobservable measurement criteria
based on the best information available. As of December 31, 2021, the Borough had no investments held
at Level 2 or 3.
Following is a description of the valuation methodologies used for investments measured at fair value:
Mutual Funds: Valued at quoted market prices which represent the net asset value (“NAV”)
shares held by the Township at year-end.
Money Market Funds: Valued at the quoted NAV of shares held by the Borough at year-end.
Carrying Less Than
Value Level 1 Total 1 Year
Investment type
Money Markets 582.39$ 582.39$ 582.39$ 582.39$
Mutual Funds 261,003.07 261,003.07 261,003.07 261,003.07
261,585.46$ 261,585.46$ 261,585.46$ 261,585.46$
Fund
Trust Fund - LOSAP (Fair Value) 261,585.46$ 261,585.46$ 261,585.46$ 261,585.46$
261,585.46$ 261,585.46$ 261,585.46$ 261,585.46$
Fair Value as of December 31,
2021
Investment
Maturities (in
Years)
Investments at Contract Value - The Borough held a fully benefit-responsive investment contract with the
Lincoln Financial Group (Lincoln) totaling $37,332.03 as of December 31, 2021. Lincoln Financial
Group maintains the contributions in the group fixed annuity contract (fixed account). The account is
credited with earnings on the underlying investments and charged for participant withdrawals and
administrative expenses. The traditional investment contract held by the Borough is a guaranteed
investment contract. The contract issuer is contractually obligated to repay the principal and interest at a
39
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 2. Deposits and Investments (continued):
specified interest rate that is guaranteed to the LOSAP Plan. The Borough’s ability to receive amounts
due in accordance with the fully benefit-responsive investment contract is dependent on the contract
issuer’s ability to meet its financial obligations. The fixed account continues in-force until they are
terminated by Lincoln Financial Group or the LOSAP Plan and do not define a maturity date.
No events are probable of occurring that might limit the ability of the LOSAP Plan to transact at contract
value with the contract issuer and also limit the ability of the LOSAP Plan to transact at contract value
with participants. This contract meets the fully benefit-responsive investment contract criteria and
therefore is reported at contract value. The total Trust Fund LOSAP value held by the Borough at
December 31, 2021 was as follows:
Trust Fund - LOSAP (Fair Value) 261,585.46$
Trust Fund - LOSAP (Contract Value 37,332.03
Total Trust Fund - LOSAP 298,917.49$
Custodial credit risk related to Investments - This is the risk that in the event of the failure of the
counterparty (e.g., broker-dealer) to a transaction, the Borough will not be able to recover the value of its
investment or collateral securities that are in the possession of another party. Other than the rules and
regulations promulgated by N.J.S.A. 40A:5-15.1, the Borough has no investment policy to limit exposure
to custodial credit risk.
Interest rate risk - This is the risk that changes in interest rates will adversely affect the fair value of an
investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value
to changes in market interest rates. Other than the rules and regulations promulgated by N.J.S.A. 40A:5-
15.1, the Borough does not have a formal investment policy that limits investment maturities as a means
of managing its exposure to fair value losses arising from increasing interest rates.
Credit risk - Credit risk is the risk that an issuer to an investment will not fulfill its obligation to the holder
of the investment. This is measured by assignment of a rating by a nationally recognized rating
organization. U.S. Government securities or obligations explicitly guaranteed by the U.S. government are
not considered to have credit risk exposure.
Concentration of Credit Risk – Concentration of credit risk is the risk of loss attributed to the magnitude
of a government’s investment in a single issuer. Other than the rules and regulations promulgated by
N.J.S.A. 40A; 5-15.1, the Borough’s investment policies place no limit in the amount the Borough may
invest in any one issuer. More than 5% of the Borough’s investments are in mutual funds and fixed
account investment contract. These investments represent 100% of the Borough’s total investments.
Note 3. Property Taxes
The following is a three-year comparison of certain statistical information relative to property taxes and
property tax collections for the current and previous two years.
40
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 3. Property Taxes (continued):
2021 2020 2019
Tax Rate 2.988$ 2.876$ 2.793$
Apportionment of Tax Rate:
Municipal 1.261 1.225 1.175
Municipal Open Space 0.030 0.030 0.030
Municipal Library 0.037 0.036 0.034
County General 0.422 0.406 0.372
Open Space Tax County 0.035 0.034 0.032
Local School 1.203 1.145 1.150
Comparison Schedule of Tax Rates
Year Amount
2021 2,496,082,733.00$
2020 2,446,814,583.00
2019 2,441,364,903.00
Assessed Valuation
Cash Percentage Of
Year Tax Levy Collections Collection
2021 78,369,859.19$ 77,470,682.82$ 98.86%
2020 73,591,976.96 72,828,833.37 98.97%
2019 71,415,935.30 70,769,463.97 99.10%
Comparison of Tax Levies and Collections
Tax Title Delinquent Total Percentage Of
Year Liens Taxes Delinquent Tax Levy
2021 42,416.10$ 674,731.26$ 717,147.36$ 0.92%
2020 40,548.60 759,515.18 800,063.78 1.09%
2019 38,751.10 625,761.44 664,512.54 0.93%
Delinquent Taxes and Tax Title Liens
41
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 3. Property Taxes (continued):
Year Number
2021 3
2020 4
2019 4
Number of Tax Title Liens
The last tax sale was held on September 24, 2021.
Note: 4: Property Acquired By Tax Title Lien Liquidation
The value of properties acquired by liquidation of tax title liens based on the last assessed valuation of
such properties as of December 31, was as follows:
Year Amount
2021 896,900.00$
2020 896,900.00
2019 896,900.00
Note: 5: Sewer Utility Service Charges
The following is a three-year comparison of Sewer Utility charges (rents) and collections for the current
and previous two years.
Cash Percentage Of
Year Beginning Balance Levy Total Collections Collection
2021 355,135.24$ 6,080,164.37$ 6,435,299.61$ 5,979,869.64$ 92.92%
2020 254,717.09 5,903,620.52 6,158,337.61 5,803,202.37 * 94.23%
2019 253,540.62 6,004,522.68 6,258,063.30 6,003,346.21 95.52%
* 2020 was the first year Sewer Utility Fund was operational. Prior years cash collections were through Current Fund
Note 6. Fund Balances Appropriated
The following schedule details the amount of fund balances available at the end of the current year and
four previous years and the amounts utilized in the subsequent year’s budgets:
Utilized in Percentage
Balance Budget of of Fund
Year December 31,Succeeding Year Balance Used
Current Fund:
2021 8,014,065.63$ 4,000,000.00$ 49.91%
2020 7,687,517.73 3,000,000.00 39.02%
2019 7,670,498.53 3,000,000.00 39.11%
Sewer Utility Fund:
2021 562,380.59$ 250,000.00$ 44.45%
2020 207,006.43 100,000.00 48.31%
42
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 7. Disaggregated Receivable and Payable Balances
There are no significant components of receivable and payable balances reported in the financial
statements.
Note 8. Interfund Receivables, Payables and Transfers
The following interfund balances were recorded in the various statements of assets liabilities, reserves and
fund balances at December 31, 2021:
Interfund Interfund
Fund Receivable Payable
Current Fund -$ 6,918.34$
State and Federal Grant Fund 6,918.34 200,000.00
General Capital Fund 200,000.00 -
206,918.34$ 206,918.34$
The interfund receivables and payables above predominately resulted from payment made by certain
funds on behalf of other funds. All interfund balances are expected to be repaid within one year.
A summary of interfund transfers is as follows:
Transfers Transfers
Fund In Out
Current Fund 7,292,174.29$ 7,285,255.95$
State and Federal Grant Fund 4,146,227.80 4,062,110.18
General Capital Fund 1,011,776.54 102,812.50
Sewer Utility Capital Fund 3,241,840.65 4,241,840.65
15,692,019.28$ 15,692,019.28$
Note 9. Fixed Assets
The following is a summary of changes in the General Fixed Assets Account Group for the year ended
December 31, 2021.
Balance Balance
December 31,December 31,
2020 Additions Deletions Adjustments Transfers 2021
General Fixed Asset Account Group:
Land & Land Improvements 149,681,588.00$ -$ -$ -$ -$ 149,681,588.00$
Buildings & Improvements 22,421,846.00 6,950.00 - - 28,842,352.00 51,271,148.00
Equipment & Machinery 16,546,999.00 513,878.00 (97,176.00) (2,071,713.00) - 14,891,988.00
Construction in Progress 29,714,625.00 6,785,510.00 - - (28,842,352.00) 7,657,783.00
218,365,058.00$ 7,306,338.00$ (97,176.00)$ (2,071,713.00)$ -$ 223,502,507.00$
43
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 10. Pension Obligations
As of the date of this report, the New Jersey Division of Pension and Benefits has not provided updated
actuarial valuations for pension obligations for the year ended June 30, 2021. The New Jersey Division of
Pension and Benefits will post these reports on their website as they are made available. The footnote
below includes the most current information made publicly available, which had a reporting date of June
30, 2020.
A. Public Employees’ Retirement System (PERS)
Plan Description - The State of New Jersey, Public Employees' Retirement System (PERS) is a cost-
sharing multiple-employer defined benefit pension plan administered by the State of New Jersey,
Division of Pensions and Benefits (the Division). For additional information about PERS, please refer to
Division's Comprehensive Annual Financial Report (CAFR) which can be found at
http://www.state.nj.us/treasury/pensions/annual-reports.shtml.
The vesting and benefit provisions are set by N.J.S.A. 43:15A. PERS provides retirement, death and
disability benefits. All benefits vest after ten years of service.
The following represents the membership tiers for PERS:
Tier Definition
1 Members who were enrolled prior to July 1, 2007
2 Members who were eligible to enroll on or after July 1, 2007 and prior to November 2, 2008
3 Members who were eligible to enroll on or after November 2, 2008 and prior to May 22, 2010
4 Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011
5 Members who were eligible to enroll on or after June 28, 2011
Service retirement benefits of 1/55th of final average salary for each year of service credit is available to
tiers 1 and 2 members upon reaching age 60 and to tier 3 members upon reaching age 62. Service
retirement benefits of 1/60th of final average salary for each year of service credit is available to tier 4
members upon reaching age 62 and tier 5 members upon reaching age 65. Early retirement benefits are
available to tiers 1 and 2 members before reaching age 60, tiers 3 and 4 with 25 or more years of service
credit before age 62 and tier 5 with 30 or more years of service credit before age 65. Benefits are reduced
by a fraction of a percent for each month that a member retires prior to the age at which a member can
receive full early retirement benefits in accordance with their respective tier. Tier 1 members can receive
an unreduced benefit from age 55 to age 60 if they have at least 25 years of service. Deferred retirement is
available to members who have at least 10 years of service credit and have not reached the service
retirement age for the respective tier.
Basis of Presentation - The schedules of employer and nonemployer allocations and the schedules of
pension amounts by employer and nonemployer (collectively, the Schedules) present amounts that are
considered elements of the financial statements of PERS or its participating employers. Accordingly, they
do not purport to be a complete presentation of the financial position or changes in financial position of
PERS or the participating employers. The accompanying Schedules were prepared in accordance with
U.S. generally accepted accounting principles. Such preparation requires management of PERS to make a
number of estimates and assumptions relating to the reported amounts. Due to the inherent nature of these
estimates, actual results could differ from those estimates.
44
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 10. Pension Obligations (continued):
Contributions - The contribution policy for PERS is set by N.J.S.A. 43:15A and requires contributions by
active members and contributing employers. State legislation has modified the amount that is contributed
by the State. The State's pension contribution is based on an actuarially determined amount, which
includes the employer portion of the normal cost and an amortization of the unfunded accrued liability.
Funding for noncontributory group insurance benefits is based on actual claims paid. For the fiscal year
2020, the State's pension contribution was less than the actuarial determined amount. The local
employers' contribution amounts are based on an actuarially determined rate, which includes the normal
cost and unfunded accrued liability. Chapter 19, P.L. 2009 provided an option for local employers of
PERS to contribute 50% of the normal and accrued liability contribution amounts certified for payments
due in State fiscal year 2009. Such employers will be credited with the full payment and any such
amounts will not be included in their unfunded liability. The actuaries will determine the unfunded
liability of those retirement systems, by employer, for the reduced normal and accrued liability
contributions provided under this law. This unfunded liability will be paid by the employer in level
annual payments over a period of 15 years beginning with the payments due in the fiscal year ended June
30, 2012 and will be adjusted by the rate of return on the actuarial value of assets. For the year ended
December 31, 2020, the Borough’s contractually required contribution to PERS plan was $662,643.
Components of Net Pension Liability - At December 31, 2020, the Borough’s proportionate share of the
PERS net pension liability was $9,877,946. The net pension liability was measured as of June 30, 2020.
The total pension liability used to calculate the net pension liability was determined using update
procedures to roll forward the total pension liability from an actuarial valuation as of July 1, 2019, which
was rolled forward to June 30, 2020. The Borough’s proportion of the net pension liability was based on
the Borough’s actual contributions to the plan relative to the total of all participating employers’
contributions for the year ended June 30, 2020. The Borough’s proportion measured as of June 30, 2020,
was 0.0605734508% which was a decrease of 0.0042244805% from its proportion measured as of June
30, 2019.
12/31/2020 12/31/2019
Actuarial valuation date (including roll forward)June 30, 2020 June 30, 2019
Deferred Outflows of Resources 884,144$ 1,562,810$
Deferred Inflows of Resources 5,559,943 5,296,654
Net Pension Liability 9,877,946 11,675,604
Borough's portion of the Plan's total Net Pension Liability 0.06057% 0.06480%
Balances at December 31, 2020 and December 31, 2019
Pension Expense and Deferred Outflows/Inflows of Resources - At December 31, 2020, the Borough’s
proportionate share of the PERS expense, calculated by the plan as of the June 30, 2020 measurement
date is $(165,910). This expense is not recognized by the Borough because of the regulatory basis of
accounting as described in Note 1, but as previously mentioned the Borough contributed $662,643 to the
plan in 2020.
45
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 10. Pension Obligations (continued):
A. Public Employees’ Retirement System (PERS) (continued):
At December 31, 2020, the Borough reported deferred outflows of resources and deferred inflows of
resources related to PERS from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between Expected
and Actual Experience 179,861$ 34,933$
Changes of Assumptions 320,452 4,135,989
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments 337,636 -
Changes in Proportion and Differences
between Borough Contributions and
Proportionate Share of Contributions 46,195 1,389,021
884,144$ 5,559,943$
46
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 10. Pension Obligations (continued):
A. Public Employees’ Retirement System (PERS) (continued):
The Borough will amortize the above sources of deferred outflows and inflows related to PERS over the
following number of years:
47
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 10. Pension Obligations (continued):
A. Public Employees’ Retirement System (PERS) (continued):
The following is a summary of the deferred outflows of resources and deferred inflows of resources
related to PERS that will be recognized in future periods:
Year Ending
Dec 31,Amount
2021 (1,515,608)$
2022 (1,417,170)
2023 (1,077,659)
2024 (578,157)
2025 (87,205)
(4,675,799)$
Actuarial Assumptions - The total pension asset/(liability) as of the measurement date was determined
by using an actuarial valuation as noted in the table below, with update procedures used to roll forward
the total pension liability to the measurement date. The actuarial valuations used the following actuarial
assumptions:
Inflation
Price 2.75%
Wage 3.25%
Salary Increases:
Through 2026 2.00 - 6.00% Based on Years of Service
Thereafter 3.00 - 7.00% Based on Years of Service
Investment Rate of Return 7.00%
Mortality Rate Table
Pub-2010 General Below-Median Income Employee mortality table
PERS with fully generational mortality improvement projections
from the central year using Scale MP-2020
Period of Actuarial Experience
Study upon which Actuarial
Assumptions were Based July 1, 2014 - June 30, 2018
48
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 10. Pension Obligations (continued):
A. Public Employees’ Retirement System (PERS) (continued):
Pre-retirement mortality rates were based on the Pub-2010 General Below-Median Income Employee
Mortality Table with an 82.2% adjustment for males and 101.4% adjustment for females, and with future
improvement from the base year of 2010 on a generational basis. Post-retirement mortality rates were
based on the Pub-2010 General Below-Median Income Healthy Retiree mortality table with a 91.4%
adjustment for males and 99.7% adjustment for females, and with future improvement from the base year
of 2010 on a generational basis. Disability retirement rates used to value disabled retirees were based on
the Pub-2010 Non-Safety Disabled Retiree mortality table with a 127.7% adjustment for males and
117.2% adjustment for females, and with future improvement from the base year of 2010 on a
generational basis. Mortality improvement is based on Scale MP-2020.
The actuarial assumptions used in the July 1, 2019 valuation were based on the results of an actuarial
experience study for the period July 1, 2014 to June 30, 2018. It is likely that future experience will not
exactly conform to these assumptions. To the extent that actual experience deviates from these
assumptions, the emerging liabilities may be higher or lower than anticipated. The more the experience
deviates, the larger the impact on future financial statements.
Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of
return on plan investments (7.00% at June 30, 2020) is determined by the State Treasurer, after
consultation with the Directors of the Division of Investments and Division of Pensions and Benefits, the
board of trustees and the actuaries. The long-term expected rate of return was determined using a building
block method in which best-estimate ranges of expected future real rates of return (expected returns, net
of pension plan investment expense and inflation) are developed for each major asset class. These ranges
are combined to produce the long-term expected rate of return by weighting the expected future real rates
of return by the target asset allocation percentage and by adding expected inflation. Best estimates of
arithmetic rates of return for each major asset class included in PERS’s target asset allocation as of June
30, 2020 are summarized in the following table:
Long-Term
Target Expected Real
Asset Class Allocation Rate of Return
U.S. Equity 27.00%7.71%
Non-U.S. Developed Markets Equity 13.50%8.57%
Emerging Markets Equity 5.50%10.23%
Private Credit 13.00% 11.42%
Real Assets 3.00%9.73%
Real Estate 8.00%9.56%
High Yield 2.00%5.95%
Private Credit 8.00%7.59%
Investment Grade Credit 8.00%2.67%
Cash Equivalents 4.00%0.50%
U.S. Treasuries 5.00%1.94%
Risk Mitigation Strategies 3.00%3.40%
100.00%
49
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 10. Pension Obligations (continued):
A. Public Employees’ Retirement System (PERS) (continued):
Discount Rate - The discount rate used to measure the total pension liability was 7.00% as of June 30,
2020. The projection of cash flows used to determine the discount rate assumed that contributions from
plan members will be made at the current member contribution rates and that contributions from
employers and the nonemployer contributing entity will be based on 78% of the actuarially determined
contributions for the State employer and 100% of actuarially determined contributions for the local
employers. Based on those assumptions, the plan’s fiduciary net position was projected to be available to
make projected future benefit payments of current plan members. Therefore, the long-term expected rate
of return on plan investments was applied to all projected benefit payments to determine the total pension
liability.
Sensitivity of the Borough’s proportionate share of the Net Pension Liability to Changes in the
Discount Rate - The following presents the Borough’s proportionate share of the net pension liability
calculated using the discount rate as disclosed above, as well as what the Borough’s proportionate share
of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point
lower (6.00%) or 1-percentage-point higher (8.00%) than the current rate:
1%Current 1%
Decrease Discount Rate Increase
(6.00%)(7.00%)(8.00%)
Borough's Proportionate Share
of the Net Pension Liability 12,532,465$ 9,877,946$ 7,769,097$
B. Police and Firemen’s Retirement System (PFRS)
Plan Description – The State of New Jersey, Police and Firemen’s Retirement System (PFRS) is a cost-
sharing multiple-employer defined benefit pension plan administered by the State of New Jersey,
Division of Pensions and Benefits (the Division). For additional information about PFRS, please refer to
the Division’s Comprehensive Annual Financial Report (CAFR) which can be found at
http://www.state.nj.us/treasury/pensions/annual-reports.shtml.
The vesting and benefit provisions are set by N.J.S.A. 43:16A. PFRS provides retirement as well as death
and disability benefits. All benefits vest after ten years of service, except disability benefits which vest
after four years of service.
The following represents the membership tiers for PFRS:
Tier Definition
1 Members who were enrolled prior to May 22, 2010.
2 Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011
3 Members who were eligible to enroll on or after June 28, 2011
50
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 10. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued)
Service retirement benefits are available at age 55 and are generally determined to be 2% of final
compensation for each year of creditable service, as defined, up to 30 years plus 1% for each year of
service in excess of 30 years. Members may seek special retirement after achieving 25 years of creditable
service, in which benefits would equal 65% (tiers 1 and 2 members) and 60% (tier 3 members) of final
compensation plus 1 % for each year if creditable service over 25 years but not to exceed 30 years.
Members may elect deferred retirement benefits after achieving ten years of service, in which case
benefits would begin at age 55 equal to 2% of final compensation for each year of service.
Basis of Presentation - The schedule of employer and nonemployer allocations and the schedule of
pension amounts by employer and nonemployer (collectively, the Schedules) present amounts that are
considered elements of the financial statements of PFRS, its participating employers or the State as a
nonemployer contributing entity. Accordingly, they do not purport to be a complete presentation of the
financial position or changes in financial position of PFRS, the participating employers, or the State. The
accompanying Schedules were prepared in accordance with U.S. generally accepted accounting
principles. Such preparation requires management of PFRS to make a number of estimates and
assumptions relating to the reported amounts. Due to the inherent nature of these estimates, actual results
could differ from those estimates.
Contributions - The contribution policy for PFRS is set by N.J.S.A. 43:16A and requires contributions by
active members and contributing employers. State legislation has modified the amount that is contributed
by the State. The State's contribution amount is based on an actuarially determined rate which includes
the normal cost and unfunded accrued liability. For fiscal year 2020, the State contributed an amount less
than the actuarially determined amount. The Local employers’ contribution amounts are based on an
actuarially determined rate which includes the normal cost and unfunded accrued liability. Chapter 19,
P.L. 2009 provided an option for local employers of PFRS to contribute 50% of the normal and accrued
liability contribution amounts certified for payments due in State fiscal year 2009. Such employers will be
credited with the full payment and any such amounts will not be included in their unfunded liability. The
actuaries will determine the unfunded liability of those retirement systems, by employer, for the reduced
normal and accrued liability contributions provided under this law.
This unfunded liability will be paid by the employer in level annual payments over a period of 15 years
beginning with the payments due in the fiscal year ended June 30, 2012 and will be adjusted by the rate of
return on the actuarial value of assets. For the year ended December 31, 2020, the Borough’s
contractually required contributions to PFRS plan was $2,685,290.
Net Pension Liability and Pension Expense - At December 31, 2020 the Borough’s proportionate share
of the PFRS net pension liability was $31,058,355. The net pension liability was measured as of June 30,
2020. The total pension liability used to calculate the net pension liability was determined using update
procedures to roll forward the total pension liability from an actuarial valuation as of July 1, 2019, to the
measurement date of June 30, 2020. The Borough’s proportion of the net pension liability was based on
the Borough’s actual contributions to the plan relative to the total of all participating employers’
contributions for the year ended June 30, 2020. The Borough’s proportion measured as of June 30, 2020,
was 0.2403652038%, which was an increase of 0.0150350262% from its proportion measured as of June
30, 2019.
51
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 10. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
12/31/2020 12/31/2019
Actuarial valuation date (including roll forward)June 30, 2020 June 30, 2019
Deferred Outflows of Resources 1,987,687$ 1,322,866$
Deferred Inflows of Resources 8,812,269 10,044,129
Net Pension Liability 31,058,355 27,575,499
Borough's portion of the Plan's total net pension Liability 0.24037% 0.22533%
Balances at December 31, 2020 and December 31, 2019
Pension Expense and Deferred Outflows/Inflows of Resources – At December 31, 2020, the
Borough’s proportionate share of the PFRS expense, calculated by the plan as of the June 30, 2020
measurement date was $2,059,088. This expense is not recognized by the Borough because of the
regulatory basis of accounting as described in Note 1, but as previously mentioned the Borough
contributed $2,685,290 to the plan in 2020.
At December 31, 2020, the Borough had deferred outflows of resources and deferred inflows of resources
related to PFRS from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between Expected
and Actual Experience 313,121$ 111,465$
Changes of Assumptions 78,158 8,326,559
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments 1,821,097 -
Changes in Proportion and Differences
between Borough Contributions and
Proportionate Share of Contributions 1,987,687 374,245
4,200,063$ 8,812,269$
52
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 10. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
The Borough will amortize the above sources of deferred outflows and inflows related to PFRS over the
following number of years:
Deferred Deferred
Outflow of Inflow of
Resources Resources
Differences between Expected
and Actual Experience
Year of Pension Plan Deferral:
June 30, 2014 - -
June 30, 2015 - 5.53
June 30, 2016 - 5.58
June 30, 2017 5.59 -
June 30, 2018 5.73 -
June 30, 2019 - 5.92
June 30, 2020 5.90 -
Changes of Assumptions
Year of Pension Plan Deferral:
June 30, 2014 6.17 -
June 30, 2015 5.53 -
June 30, 2016 5.58 -
June 30, 2017 - 5.59
June 30, 2018 - 5.73
June 30, 2019 - 5.92
June 30, 2020 - 5.90
Net Difference between Projected
and Actual Earnings on Pension
Plan Investments
Year of Pension Plan Deferral:
June 30, 2014 - 5.00
June 30, 2015 - 5.00
June 30, 2016 5.00 -
June 30, 2017 5.00 -
June 30, 2018 5.00 -
June 30, 2019 5.00 -
June 30, 2020 5.00 -
Changes in Proportion and Differences
between Contributions and
Proportionate Share of Contributions
Year of Pension Plan Deferral:
June 30, 2014 6.17 6.17
June 30, 2015 5.53 5.53
June 30, 2016 5.58 5.58
June 30, 2017 5.59 5.59
June 30, 2018 5.73 5.73
June 30, 2019 5.92 5.92
June 30, 2020 5.90 5.90
53
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 10. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
The following is a summary of the deferred outflows of resources and deferred inflows of resources
related to PFRS that will be recognized in future periods:
Year Ending
Dec 31,Amount
2021 (2,554,549)$
2022 (1,591,032)
2023 (363,257)
2024 222,502
2025 (325,870)
(4,612,206)$
Special Funding Situation – Under N.J.S.A. 43:16A-15, local participating employers are responsible
for their own contributions based on actuarially determined amounts, except where legislation was passed
which legally obligated the State if certain circumstances occurred. The legislation which legally
obligates the state is as follows: Chapter 8, P.L. 2000, Chapter 318, P.L. 2001, Chapter 86, P.L. 2001,
Chapter 511, P.L, 1991, Chapter 109, P.L. 1979, Chapter 247, P.L. 1993 and Chapter 201, P.L. 2001.
The amounts contributed on behalf of the local participating employers under this legislation is
considered to be a special funding situation as defined by GASB Statement No. 68 and the State is treated
as a non-employer contributing entity. Since the local participating employers do not contribute under this
legislation directly to the plan (except for employer specific financed amounts), there is no net pension
liability to report in the financial statements of the local participating employers related to this legislation.
Additionally, the State’s proportionate share of the PFRS net pension liability attributable to the Borough
is $4,820,115 as of December 31, 2020. The net pension liability was measured as of June 30, 2020. The
total pension liability used to calculate the net pension liability was determined using update procedures
to roll forward the total pension liability from an actuarial valuation as of July 1, 2019, to the
measurement date of June 30, 2020. The State’s proportion of the net pension liability associated with the
Borough was based on a projection of the Borough’s long-term share of contributions to the pension plan
relative to the projected contributions of all participating members, actuarially determined. The State’s
proportion measured as of June 30, 2020 was 0.2403652038%, which was an increase of 0.0150350262%
from its proportion measured as of June 30, 2019, which is the same proportion as the Borough’s. At
December 31, 2020, the Borough’s and the State of New Jersey’s proportionate share of the PFRS net
pension liability were as follows:
Borough's Proportionate Share of Net Pension Liability 31,058,355$
State of New Jersey's Proportionate Share of Net Pension
Liability Associated with the Borough 4,820,115
35,878,470$
54
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 10. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
At December 31, 2020, the State’s proportionate share of the PFRS expense, associated with the Borough,
calculated by the plan as of the June 30, 2020 measurement date was $546,264.
Actuarial Assumptions - The total pension asset/(liability) as of the measurement date was determined
by using an actuarial valuation as noted in the table below, with update procedures used to roll forward
the total pension liability to the measurement date. The actuarial valuations used the following actuarial
assumptions:
Inflation
Price 2.75%
Wage 3.25%
Salary Increases:
Through all future years 3.25 - 15.25%
Based on Years of Service
Investment Rate of Return 7.00%
Mortality Rate Table
Pub-2010 Safety Employee mortality table
PFRS with fully generational mortality improvement projections
from the central year using Scale MP-2020
Period of Actuarial Experience
Study upon which Actuarial
Assumptions were Based July 1, 2013 - June 30, 2018
Pre-retirement mortality rates were based on the Pub-2010 Safety Employee mortality table with a
105.6% adjustment for males and 102.5% adjustment for females, and with future improvement from the
base year of 2010 on a generational basis. Post-retirement mortality rates were based on the Pub-2010
Safety Retiree Below-Median Income Weighted mortality table with a 96.7% adjustment for males and
96.0% adjustment for females, and with future improvement from the base year of 2010 on a generational
basis. For beneficiaries (contingent annuitants), the Pub-2010 General Retiree Below-Median Income
Weighted mortality table was used, unadjusted, and with future improvement from the base year of 2010
on a generational basis. Disability rates were based on the Pub-2010 Safety Disabled Retiree mortality
table with a 152.0% adjustment for males and 109.3% adjustment for females, and with future
improvement from the base year of 2010 on a generational basis. Mortality improvement is based on
Scale MP-2019.
The actuarial assumptions used in the July 1, 2019 valuation were based on the results of an actuarial
experience study for the period July 1, 2013 to June 30, 2018.
55
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 10. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of
return on plan investments (7.00% at June 30, 2020) is determined by the State Treasurer, after
consultation with the Directors of the Division of Investments and Division of Pensions and Benefits, the
board of trustees and the actuaries. The long-term expected rate of return was determined using a building
block method in which best-estimate ranges of expected future real rates of return (expected returns, net
of pension plan investment expense and inflation) are developed for each major asset class. These ranges
are combined to produce the long-term expected rate of return by weighting the expected future real rates
of return by the target asset allocation percentage and by adding expected inflation. Best estimates of
arithmetic rates of return for each major asset class included in PFRS’s target asset allocation as of June
30, 2020 are summarized in the following table:
Long-Term
Target Expected Real
Asset Class Allocation Rate of Return
U.S. Equity 27.00%7.71%
Non-U.S. Developed Markets Equity 13.50%8.57%
Emerging Markets Equity 5.50%10.23%
Private Credit 13.00%11.42%
Real Assets 3.00%9.73%
Real Estate 8.00%9.56%
High Yield 2.00%5.95%
Private Credit 8.00%7.59%
Investment Grade Credit 8.00%2.67%
Cash Equivalents 4.00%0.50%
U.S. Treasuries 5.00%1.94%
Risk Mitigation Strategies 3.00%3.40%
100.00%
Discount Rate - The discount rate used to measure the total pension liability was 7.00% as of June 30,
2020. The projection of cash flows used to determine the discount rate assumed that contributions from
plan members will be made at the current member contribution rates and that contributions from
employers and the nonemployer contributing entity will be based on 78% of the actuarially determined
contributions for the State employer and 100% of actuarially determined contributions for local
employers. Based on those assumptions, the plan’s fiduciary net position was projected to be available to
make all projected future benefit payments of current plan members. Therefore, the long-term expected
rate of return on plan investments was applied to all projected benefit payments to determine the total
pension liability.
56
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 10. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
Sensitivity of the Borough’s proportionate share of the Net Pension Liability to Changes in the
Discount Rate - The following presents the Borough’s proportionate share of the net pension liability
calculated using the discount rate as disclosed above, as well as what the Borough’s proportionate share
of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point
lower (6.00%) or 1-percentage-point higher (800%) than the current rate:
1%Current 1%
Decrease Discount Rate Increase
(6.00%)(7.00%)(8.00%)
Borough's Proportionate Share
of the Net Pension Liability 41,301,219$ 31,058,355$ 22,550,874$
State of New Jersey's Proportionate
Share of Net Pension Liability
associated with the Borough 6,409,761 4,820,115 3,499,793
47,710,980$ 35,878,470$ 26,050,667$
Related Party Investments - The Division of Pensions and Benefits does not invest in securities issued
by the Borough.
Note 11. Postemployment Benefits Other Than Pensions
As of the date of this report, the New Jersey Division of Pension and Benefits has not provided
updated actuarial valuations for other post-employment obligations for the year ended June 30, 2020.
The New Jersey Division of Pension and Benefits will post these reports on their website as they are made
available. The footnote below includes the most current information made publicly available, which had
a reporting date of June 30, 2020.
General Information about the OPEB Plan
The State Health Benefit Local Government Retired Employees Plan (the Plan) is a cost-sharing multiple-
employer defined benefit other postemployment benefit (OPEB) plan with a special funding situation. It
covers employees of local government employers that have adopted a resolution to participate in the Plan.
For additional information about the Plan, please refer to the State of New Jersey (the State), Division of
Pensions and Benefits’ (the Division) Comprehensive Annual Financial Report (CAFR), which can be
found at https://www.state.nj.us/treasury/pensions/financial-reports.shtml.
57
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 11. Postemployment Benefits Other Than Pensions (continued):
The Plan provides medical and prescription drug to retirees and their covered dependents of the
participating employers. Under the provisions of Chapter 88, P.L 1974 and Chapter 48, P.L. 1999, local
government employers electing to provide postretirement medical coverage to their employees must file a
resolution with the Division. Under Chapter 88, local employers elect to provide benefit coverage based
on the eligibility rules and regulations promulgated by the State Health Benefits Commission. Chapter 48
allows local employers to establish their own age and service eligibility for employer paid health benefits
coverage for retired employees. Under Chapter 48, the employer may assume the cost of postretirement
medical coverage for employees and their dependents who: 1) retired on a disability pension; or 2) retired
with 25 or more years of service credit in a State or locally administered retirement system and a period
of service of up to 25 years with the employer at the time of retirement as established by the employer; or
3) retired and reached the age of 65 with 25 or more years of service credit in a State or locally
administered retirement system and a period of service of up to 25 years with the employer at the time of
retirement as established by the employer; or 4) retired and reached age 62 with at least 15 years of
service with the employer. Further, the law provides that the employer paid obligations for retiree
coverage may be determined by means of a collective negotiations agreement.
In accordance with Chapter 330, P.L. 1997, which is codified in N.J.S.A 52:14-17.32i, the State provides
medical and prescription coverage to local police officers and firefighters, who retire with 25 years of
service or on a disability from an employer who does not provide postretirement medical coverage. Local
employers were required to file a resolution with the Division in order for their employees to qualify for
State-paid retiree health benefits coverage under Chapter 330. The State also provides funding for retiree
health benefits to survivors of local police officers and firefighters who die in the line of duty under
Chapter 271, P.L.1989.
Pursuant to Chapter 78, P.L, 2011, future retirees eligible for postretirement medical coverage who have
less than 20 years of creditable service on June 28, 2011 will be required to pay a percentage of the cost
of their health care coverage in retirement provided they retire with 25 or more years of pension service
credit. The percentage of the premium for which the retiree will be responsible will be determined based
on the retiree’s annual retirement benefit and level of coverage.
Basis of Presentation
The schedule of employer and nonemployer allocations and the schedule of OPEB amounts by employer
and nonemployer (collectively, the Schedules) present amounts that are considered elements of the
financial statements of its participating employers or the State as a nonemployer contributing entity.
Accordingly, they do not purport to be a complete presentation of the financial position or changes in
financial position of the participating employers or the State. The accompanying Schedules were prepared
in accordance with U.S. generally accepted accounting principles. Such preparation requires management
of the Plan to make a number of estimates and assumptions relating to the reported amounts. Due to the
inherent nature of these estimates, actual results could differ from those estimates.
58
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 11. Postemployment Benefits Other Than Pensions (continued):
Allocation Methodology
GASB Statement No. 75 requires participating employers in the Plan to recognize their proportionate
share of the collective net OPEB liability, collective deferred outflows of resources, collective deferred
inflows of resources, and collective OPEB expense (benefit). The special funding situation’s and
nonspecial funding situation’s net OPEB liability, deferred outflows of resources, deferred inflows of
resources, and OPEB expense (benefit) are based on separately calculated total OPEB liabilities. For the
special funding situation and the nonspecial funding situation, the total OPEB liabilities for the year
ended June 30, 2020 were $5,512,481,278 and $12,598,993,950, respectively. The nonspecial funding
situation’s net OPEB liability, deferred outflows of resources, deferred inflows of resources, and OPEB
(benefit) expense are further allocated to employers based on the ratio of the plan members of an
individual employer to the total members of the Plan’s nonspecial funding situation during the
measurement period July 1, 2019 through June 30, 2020. Employer and nonemployer allocation
percentages have been rounded for presentation purposes; therefore, amounts presented in the schedule of
OPEB amounts by employer and nonemployer may result in immaterial differences.
Net OPEB Liability
The total OPEB liability as of June 30, 2020 was determined by an actuarial valuation as of July 1, 2019,
which was rolled forward to June 30, 2020. The actuarial assumptions vary for each plan member
depending on the pension plan the member is enrolled in. This actuarial valuation used the following
actuarial assumptions, applied to all periods in the measurement:
Inflation Rate 2.50%
Salary Increases*:
Public Employees' Retirement System (PERS)
Initial Fiscal Year Applied
Rate through 2026 2.00% to 6.00%
Rate thereafter 3.00% to 7.00%
Police and Firemen's Retirement System (PFRS)
Rate for all future years 3.25% to 15.25%
Mortality:
PERS
PERS
Pub-2010 General classification headcount weighted mortality with fully generational
mortality improvement projections from the central year using Scale MP-2019
Pub-2010 Safety classification headcount weighted mortality with fully generational
mortality improvement projections from the central year using Scale MP-2019
* - Salary Increases are based on the defined benefit plan that the member is enrolled in and his or her age.
59
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 11. Postemployment Benefits Other Than Pensions (continued):
OPEB Obligation and OPEB (benefit) Expense - The State’s proportionate share of the total Other
Post-Employment Benefits Obligations, attributable to the Borough’s as of June 30, 2020 was
$49,430,894. The Borough’s proportionate share was $0.
The OPEB Obligation was measured as of June 30, 2020, and the total OPEB Obligation used to calculate
the OPEB Obligation was determined by an actuarial valuation as of July 1, 2019, which was rolled
forward to June 30, 2020. The State’s proportionate share of the OPEB Obligation associated with the
Borough was based on projection of the State’s long-term contributions to the OPEB plan associated with
the Borough relative to the projected contributions by the State associated with all participating
Municipalities, actuarially determined. At June 30, 2020, the State proportionate share of the OPEB
Obligation attributable to the Borough was 0.2754329976%, which was an increase of 0.01611% from its
proportion measured as of June 30, 2019.
For the fiscal year ended June 30, 2019, the State of New Jersey recognized an OPEB expense (benefit) in
the amount of $(249,873) for the State’s proportionate share of the OPEB (benefit) expense attributable to
the Borough. This OPEB (benefit) expense was based on the OPEB plans June 30, 2020 measurement
date.
Actuarial assumptions used in the July 1, 2019 valuation were based on the results of the PFRS and PERS
experience studies prepared for July 1, 2013 to June 30, 2018 and July 1, 2014 to June 30, 2018,
respectively.
100% of active members are considered to participate in the Plan upon retirement.
Health Care Trend Assumptions
For pre-Medicare medical benefits, the trend is initially 5.6% and decreases to a 4.5% long-term trend
rate after seven years. For post-65 medical benefits, the actual fully-insured Medicare Advantage trend
rates for fiscal year 2021 through 2022 are reflected. The rates are used for 2023 and 2024 are 21.83%
and 18.53%, respectively, trending to 4.5% for all future years. For prescription drug benefits, the initial
trend rate is 7.00% and decreases to a 4.5% long-term trend rate after seven years.
Discount Rate
The discount rate for June 30, 2020 was 2.21%. This represents the municipal bond return rate as chosen
by the State. The source is the Bond Buyer Go 20-Bond Municipal Bond Index, which includes tax-
exempt general obligation municipal bonds with an average rating of AA/Aa or higher. As the long-term
rate of return is less than the municipal bond rate, it is not considered in the calculation of the discount
rate, rather the discount rate is set at the municipal bond rate.
Sensitivity of Net OPEB Liability to Changes in the Discount Rate
The following presents the collective net OPEB liability of the participating employers as of June 30,
2020, calculated using the discount rate as disclosed above as well as what the collective net OPEB
liability would be if it was calculated using a discount rate that is 1-percentage point lower or 1-
percentage-point higher than the current rate:
60
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 11. Postemployment Benefits Other Than Pensions (continued):
At 1%At Discount At 1%
Decrease (1.21%) Rate (2.21%) Increase (3.21%)
State of New Jersey's
Proportionate Share of Total OPEB
Obligation Associated with
The Borough 58,437,760.44$ 49,430,894.00$ 42,301,140.24$
State of New Jersey's
Total Nonemployer OPEB
Liability 21,216,688,254.00 17,946,612,946.00 15,358,051,000.00
Sensitivity of Net OPEB Liability to Changes in the Healthcare Trend Rate:
The following presents the net OPEB liability as of June 30, 2020, calculated using the healthcare trend
rate as disclosed above as well as what the net OPEB liability would be if it was calculated using a
healthcare trend rate that is 1-percentage point lower or 1-percentage point higher than the current rate:
Healthcare Cost
1% Decrease Trend Rate 1% Increase
State of New Jersey's
Proportionate Share of Total OPEB
Obligations Associated with
The Borough 40,904,115.75$ 49,430,894.00$ 60,596,826.98$
State of New Jersey's
Total Nonemployer OPEB
Liability 14,850,840,718.00 17,946,612,946.00 22,000,569,109.00
Additional Information – The following is a summary of the collective balances of the local group at
June 30, 2020:
Collective Balances at December 31, 2020 and December 31, 2019
12/31/2020 12/31/2019
Actuarial valuation date (including roll forward) June 30, 2020 June 30, 2019
Collective Deferred Outflows of Resources 3,168,345,589.00$ 11,158,226.00$
Collective Deferred Inflows of Resources 7,333,043,620.00 8,761,825,481.00
Collective Net OPEB Liability 17,946,612,946.00 13,546,071,100.00
Borough's Portion 0.275433% 0.259319%
61
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 11. Postemployment Benefits Other Than Pensions (continued):
The collective amounts reported as a deferred outflows of resources and deferred inflows of resources
related to OPEB will be recognized in OPEB expense as follows:
Year Ending June 30:
2021 (964,720,007.00)$
2022 (965,594,678.00)
2023 (967,008,484.00)
2024 (968,300,349.00)
2025 (660,258,014.00)
Thereafter 361,183,501.00
(4,164,698,031.00)$
Changes in Proportion
The previous amounts do not include employer specific deferred outflows of resources and deferred
inflow of resources related to the changes in proportion. These amounts should be recognized (amortized)
by each employer over the average remaining service lives of all plan members, which is 7.87, 8.05, 8.14
and 8.04 years for the 2020, 2019, 2018 and 2017 amounts, respectively.
Plan Membership
At June 30, 2020, the Program membership consisted of the following:
June 30, 2019
Active Plan Members 62,547
Retirees Currently Receiving Benefits 30,614
Total Plan Members 93,161
Changes in the Total OPEB Liability
The change in the State's Total OPEB liability for the fiscal year ended June 30, 2020 (measurement date
June 30, 2019) is as follows:
Service Cost 605,949,339.00$
Interest on the Total OPEB Liability 497,444,533.00
Change of Benefit Terms 1,034,142.00
Differences Between Expected and Actual Experience 541,506,395.00
Changes of Assumptions 3,074,968,821.00
Contributions From the Employer (292,404,377.00)
Contributions From Non-Employer Contributing Entity (35,011,940.00)
Net Investment Income (2,858,334.00)
Administrative Expense 9,913,267.00
Net Change in Total OPEB Liability 4,400,541,846.00
Total OPEB Liability (Beginning)13,546,071,100.00
Total OPEB Liability (Ending)17,946,612,946.00$
62
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 12. Municipal Debt
The following schedule represents the Borough’s summary of debt, as filed in the Borough’s Annual Debt
Statement required by the Local Bond Law of New Jersey for the current and two previous years:
2021 2020 2019
Issued:
General:
Bonds, Notes and Loans 58,141,185.30$ 85,896,102.32$ 79,471,340.35$
Utility:
Bonds, Notes and Loans 18,318,246.41 15,567,818.36 16,291,837.31
Total Debt Issued 76,459,431.71 101,463,920.68 95,763,177.66
Authorized but not issued:
General:
Bonds, Notes and Loans 21,906,790.85 2,602,055.83 2,380,307.09
Utility:
Bonds, Notes and Loans 4,750,594.17 4,750,594.17 4,750,594.17
Total Authorized But Not Issued 26,657,385.02 7,352,650.00 7,130,901.26
Total Gross Debt 103,116,816.73$ 108,816,570.68$ 102,894,078.92$
Deductions:
General:
Funds on Hand For Payment of Bonds and Notes:
Reserve for Debt Service 12,393,371.14$ 5,954,438.82$ 11,934,136.29$
Bonds issued by another public body 17,772,116.17 20,250,510.77 22,667,057.90
Sewer Utility:
Funds on Hand For Payment of Bonds and Notes:
Self Liquidating Debt 23,068,840.58 20,318,412.53 21,042,431.48
Total Deductions 53,234,327.89 46,523,362.12 55,643,625.67
Total Net Debt 49,882,488.84$ 62,293,208.56$ 47,250,453.25$
Summary of Statutory Debt Condition - Annual Debt Statement
The following schedule is a summary of the previous schedule and is prepared in accordance with the
required method of setting up the Annual Debt Statement:
Gross Debt Deductions Net Debt
Local School Debt 36,999,995.00$ 36,999,995.00$ -$
General Debt 80,047,976.15 30,165,487.31 49,882,488.84
Utility Debt 23,068,840.58 23,068,840.58 -
140,116,811.73$ 90,234,322.89$ 49,882,488.84$
63
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 12. Municipal Debt (continued):
Net Debt $49,882,488.84 divided by the average Equalized Valuation Basis per N.J.S.A 40A:2-2 as
amended, $2,865,452,819.33, equals 1.741%. New Jersey statute 40A:2-6, as amended, limits the debt of
a Municipality to 3.5% of the last three preceding year’s average equalized valuations of real estate,
including improvements and the assessed valuation of Class II Railroad Property. The remaining
borrowing power in dollars at December 31, 2021 is calculated as follows:
Borrowing Power Under N.J.S. 40A:2-6 as Amended
3 1/2% of Equalized Valuation Basis (Municipal)100,290,848.68$
Net Debt 49,882,488.84
Remaining Borrowing Power 50,408,359.84$
General Debt
A. Serial Bonds Payable
In February 2015, the Borough issued $12,360,000 of General Obligation Bonds. The General Obligation
Bonds were issued at interest rates varying from 2.00 % to 5.00 % and mature in 2035.
In January 2019, the Borough issued $24,900,000 of General Obligation Bonds. The General Obligation
Bonds were issued at interest rates varying from 3.00 % to 5.00 % and mature in 2043.
Principal and interest due on the outstanding bonds is as follows:
Year Principal Interest Total
2022 1,079,379.00$ 966,450.60$ $ 2,045,829.60
2023 1,090,371.00 914,240.37 2,004,611.37
2024 1,123,785.50 859,447.02 1,983,232.52
2025 1,153,536.00 803,074.55 1,956,610.55
2026 1,194,278.50 744,939.75 1,939,218.25
2027-2031 6,617,260.00 3,071,534.08 9,688,794.08
2032-2036 7,148,626.50 2,015,392.33 9,164,018.83
2037-2041 5,672,892.50 1,008,648.14 6,681,540.64
2042-2043 2,332,115.00 122,432.98 2,454,547.98
27,412,244.00$ 10,506,159.82$ 37,918,403.82$
64
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 12. Municipal Debt (continued):
B. Bond Anticipation Notes Payable – Short Term Debt
The following is a summary of bond anticipation notes payable accounted for in the General Capital Fund
at December 31, 2021:
Balance
Date of Date of December 31,
Description Issue Maturity Rate 2021
Waterfront Development Project-NJEDA 06/03/21 06/03/22 1.25% 1,000,496.89$
Waterfront Development Project 06/03/21 06/03/22 1.25% 4,200,000.00
Waterfront Marina-Passaic Valley-NJDEP 06/03/21 06/03/22 1.25% 671,970.00
Construction-Performing Arts Center 06/03/21 06/03/22 1.25% 2,014,773.11
Construction-Performing Arts Center 06/03/21 06/03/22 1.25% 1,679,760.00
Construction-Performing Arts Center 06/03/21 06/03/22 1.25% 4,750,000.00
Various State Grants/Road Improvements 06/03/21 06/03/22 1.25% 5,200,000.00
Construction-Performing Arts Center 06/03/21 06/03/22 1.25% 2,135,000.00
Construction-Performing Arts Center 06/03/21 06/03/22 1.25% 1,271,000.00
Construction-Performing Arts Center 06/03/21 06/03/22 1.25% 2,375,000.00
Acquisition of Property 06/03/21 06/03/22 1.25% 3,895,000.00
29,193,000.00$
The purpose of these short-term borrowings was to provide resources for general capital construction,
acquisitions or improvement projects and other purposes permitted by State Local Bond Law NJSA
40A:2 et. seq.
C. Bonds and Notes Authorized But Not Issued
As of December 31, 2021, the Borough had $21,906,790.85 in various General Capital bonds and notes
authorized but not issued.
D. Loans Payable
Green Acres Loans
In 2016, the Borough finalized a loan agreement with the State of New Jersey Department of
Environmental Protection, for $325,000 to be repaid over a 20 year period at a 0.00 % interest rate. The
proceeds of the loan is to provide for improvements to various park facilities.
In 2016, the Borough finalized a loan agreement with the State of New Jersey Department of
Environmental Protection, for $240,000 to be repaid over a 20 year period at a 0.00 % interest rate. The
proceeds of the loan is to provide for improvements to various park facilities.
65
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 12. Municipal Debt (continued)
D. Loans Payable (continued):
In 2009, the Borough finalized a loan agreement with the State of New Jersey Department of
Environmental Protection, for $258,000 to be repaid over a 20 year period at a 2.00 % interest rate. The
proceeds of the loan is to provide for improvements to various park facilities.
In 2007, the Borough finalized a loan agreement with the State of New Jersey Department of
Environmental Protection, for $235,747 to be repaid over a 20 year period at a 2.00 % interest rate. The
proceeds of the loan is to provide for improvements to various park facilities.
Year Principal Interest Total
2022 56,346.81$ 3,330.30$ $ 59,677.11
2023 56,897.00 2,780.12 59,677.12
2024 57,458.24 2,218.87 59,677.11
2025 58,030.76 1,646.34 59,677.10
2026 58,614.80 1,062.31 59,677.11
2027-2031 175,720.48 545.96 176,266.44
2032-2035 109,743.93 - 109,743.93
572,812.02$ 11,583.90$ 584,395.92$
Project Loans
In 2006, the Borough finalized a loan agreement with the State of New Jersey Department of Community
Affairs, for $450,000 to be repaid over a 20 year period at a 0.00 % interest rate. The proceeds of the loan
is to provide for demolition of the Borough’s sewer plant.
In 2008, the Borough finalized a loan agreement with the State of New Jersey Department of Community
Affairs, for $300,000 to be repaid over a 20 year period at a 2.00 % interest rate. The proceeds of the loan
is to provide for improvements of the Borough’s lake/stream.
Year Principal Interest Total
2022 $ 39,304.48 1,850.47$ $ 41,154.95
2023 39,642.26 1,512.70 41,154.96
2024 17,489.82 1,168.14 18,657.96
2025 17,838.30 816.65 18,654.95
2026 18,196.85 458.11 18,654.96
2027-2028 9,531.88 92.35 9,624.23
142,003.59$ 5,898.42$ 147,902.01$
66
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 12. Municipal Debt (continued)
D. Loans Payable (continued):
MCIA Loans
In 2016, the Borough finalized a loan agreement with the Middlesex County Improvement Authority, for
$1,097,924 to be repaid over a 5 year period at a 1.50 % to 4.00 % interest rate. The proceeds of the loan
is to provide for various equipment and improvements.
In 2017, the Borough finalized a loan agreement with the Middlesex County Improvement Authority, for
$144,897 to be repaid over a 5 year period at a 2.00 % to 4.00 % interest rate. The proceeds of the loan is
to provide for various equipment and improvements.
In 2018, the Borough finalized a loan agreement with the Middlesex County Improvement Authority, for
$299,761 to be repaid over a 10 year period at a 3.00 % to 4.00 % interest rate. The proceeds of the loan
is to provide for various equipment and improvements.
Year Principal Interest Total
2022 93,569.43$ 13,727.66$ $ 107,297.09
2023 94,993.01 11,570.58 106,563.59
2024 96,192.73 8,908.36 105,101.09
2025 98,940.44 6,035.64 104,976.08
2026 35,314.44 3,053.02 38,367.46
2027 40,087.58 1,603.50 41,691.08
459,097.63$ 44,898.76$ 503,996.39$
E. Capital Leases Payable
In 2021, the Borough entered into a general capital lease purchase agreement in the amount of $226,051
for the lease-purchase of various capital equipment. The lease obligation was issued at an interest rate of
5.00% and matures in 2026.
In 2018, the Borough entered into a general capital lease purchase agreement in the amount of $267,399
for the lease-purchase of various capital equipment. The lease obligation was issued at an interest rate of
4.00% and matures in 2023.
In 2017, the Borough entered into a general capital lease purchase agreement in the amount of $107,311
for the lease-purchase of various capital equipment. The lease obligation was issued at an interest rate of
3.00% and matures in 2022.
67
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 12. Municipal Debt (continued)
E. Capital Leases Payable (continued):
In 2016, the Borough entered into a general capital lease purchase agreement in the amount of $101,428
for the lease-purchase of various capital equipment. The lease obligation was issued at an interest rates
ranging from 2.00 % to 4.00 % and matures in 2021.
Year Ending
December 31,
2022 135,386.78$
2023 111,954.90
2024 51,921.99
2025 51,922.00
2026 51,922.00
Total Minimum Lease Payments 403,107.67
Less: Amount Representing Interest (41,079.61)
Present Value of Minimum Lease Payments 362,028.06$
Utility Debt
A. Serial Bonds Payable
In February 2015, the Borough issued $12,360,000 of General Obligation Bonds. The General Obligation
Bonds were issued at interest rates varying from 2.00 % to 5.00 % and mature in 2035.
In January 2019, the Borough issued $24,900,000 of General Obligation Bonds. The General Obligation
Bonds were issued at interest rates varying from 3.00 % to 5.00 % and mature in 2043.
Principal and interest due on the outstanding bonds is as follows:
Year Principal Interest Total
2022 225,621.00$ 170,168.16$ $ 395,789.16
2023 229,629.00 159,528.39 389,157.39
2024 236,214.50 147,946.74 384,161.24
2025 241,464.00 136,069.21 377,533.21
2026 250,721.50 123,829.01 374,550.51
2027-2031 1,382,740.00 486,959.92 1,869,699.92
2032-2036 1,391,373.50 267,160.85 1,658,534.35
2037-2041 652,107.50 115,945.62 768,053.12
2042-2043 267,885.00 14,067.03 281,952.03
4,877,756.00$ 1,621,674.93$ 6,499,430.93$
68
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 12. Municipal Debt (continued):
B. Loans Payable
NJEIT Loans
In 2010 the Borough finalized one loan agreement with the State of New Jersey Department of
Environmental Protection, pursuant to the 2010 New Jersey Environmental Infrastructure Trust Financing
Program.
The loan consists of two agreements, a Trust Loan Agreement of $670,000 to be repaid over a 20 year
period at interest rates ranging from 3.00% to 5.00%, and a no interest Fund Loan Agreement of
$1,991,830 to be repaid over a 20 year period. The proceeds of the loans are to finance land acquisitions
In 2018 the Borough finalized one loan agreement with the State of New Jersey Department of
Environmental Protection, pursuant to the 2018 New Jersey Environmental Infrastructure Trust Financing
Program.
The loan consists of two agreements, a Trust Loan Agreement of $3,330,000 to be repaid over a 20 year
period at interest rates ranging from 3.00% to 5.00%, and a no interest Fund Loan Agreement of
$7,318,812 to be repaid over a 20 year period. The proceeds of the loans are to finance land acquisitions.
Year Principal Interest Total
2022 525,387.95$ 133,068.74$ $ 658,456.69
2023 426,836.74 127,368.74 554,205.48
2024 386,701.52 121,218.74 507,920.26
2025 351,701.52 114,818.74 466,520.26
2026 336,701.52 97,493.74 434,195.26
2027-2031 1,728,507.60 429,268.70 2,157,776.30
2032-2036 1,813,507.60 346,281.20 2,159,788.80
2037-2041 1,908,507.60 244,012.50 2,152,520.10
2042-2046 2,038,507.60 118,125.00 2,156,632.60
2047 426,701.76 6,300.00 433,001.76
9,943,061.41$ 1,737,956.10$ 11,681,017.51$
C. Bonds and Notes Authorized But Not Issued
As of December 31, 2021 the Borough had $4,750,594.17 in various Utility Capital bonds and notes
authorized but not issued.
Summary of Principal Debt
A summary of the changes in long-term and short-term debt of the Borough is as follows:
69
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 12. Municipal Debt (continued):
C. Bonds and Notes Authorized But Not Issued (continued):
Balance Balance Balance
December 31, Accrued/Retired/ December 31, Due Within
2020 Increases Decreases 2021 One Year
General Capital:
General Bonds 28,480,631.00$ -$ 1,068,387.00$ 27,412,244.00$ 1,079,379.00$
Bond Anticipation Notes 35,772,467.00 29,193,000.00 35,772,467.00 29,193,000.00 29,193,000.00
Green Acres Loan Payable 628,619.48 - 55,807.46 572,812.02 56,346.81
Project Loans Payable 180,976.96 - 38,973.37 142,003.59 39,304.48
MCIA Loans Payable 582,897.11 - 123,799.48 459,097.63 93,569.43
Capital Lease Payable 233,152.74 226,050.91 97,175.59 362,028.06 135,386.78
Authorized But Not Issued 2,602,055.83 20,419,999.50 1,115,264.48 21,906,790.85 -
68,480,800.12$ 49,839,050.41$ 38,271,874.38$ 80,047,976.15$ 30,596,986.50$
Utility Capital:
Utility Bonds 5,099,369.00$ -$ 221,613.00$ 4,877,756.00$ 225,621.00$
NJEIT Loan Payable 10,468,449.36 - 525,387.95 9,943,061.41 525,387.95
NJEIT Loan Payable Cash Advance - 3,497,429.00 - 3,497,429.00 -
Authorized But Not Issued 4,750,594.17 - - 4,750,594.17 -
20,318,412.53$ 3,497,429.00$ 747,000.95$ 23,068,840.58$ 751,008.95$
Note 15. Deferred Compensation Salary Account
The Borough offers its employees a Deferred Compensation Plan in accordance with Internal Revenue
Code Section 457 which has been approved by the Director of the Division of Local Government
Services. The Plan, available to all full time employees at their option, permits employees to defer a
portion of their salary to future years. The deferred compensation is not available to participants until
termination, retirement, death or unforeseeable emergency. Amounts deferred under Section 457 plans
must be held in trust for the exclusive benefits of participating employees and not be accessible by the
Borough or its creditors. Since the Borough does not have a fiduciary relationship with the Plan, the
balances and activities of the Plan are not reported in the Borough’s financial statements.
Note 16. Accrued Sick, Vacation and Compensation Time
As discussed in Note 1 and in accordance with accounting principles prescribed by the State of New
Jersey, the cash basis of accounting is followed for recording the Borough’s liability related to unused
vacation, sick pay and compensation time. The Borough permits certain employees within limits to
accumulate unused vacation, sick pay and compensation time, which may be taken as time off or paid at a
later date at an agreed upon rate. In accordance with New Jersey accounting principles, this unused
accumulated absences amount is not reported as a liability in the accompanying financial statements. It is
estimated that accrued benefits for compensated absences are valued at $2,453,377.99 at December 31,
2021.
The Borough has established a Trust Fund in accordance with NJSA 40A:4-39 to set aside funds for
future payments of compensated absences. As of December 31, 2021, the Borough has reserved in the
Other Trust Fund $343,623.26 to fund compensated absences in accordance with NJSA 40A:4-39.
70
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 17. Risk Management
The Borough is exposed to various risks of loss related to torts; theft of, damage to and destruction of
assets; errors and omissions; injuries to employees; and natural disasters.
Joint Insurance Pool
The Borough is a member of the Middlesex County Municipal Joint Insurance Fund (JIF). The joint
insurance pool is both an insured and self-administered group of municipalities established for the
purpose of insuring against property damage, general liability, motor vehicles and equipment liability and
workmen’s compensation. The Joint Insurance Fund will be self-sustaining through member premiums.
The Joint Insurance Fund participates in the Municipal Excess Liability Program, which has a contract for
excess liability insurance for property.
New Jersey Unemployment Compensation Insurance
The Borough has elected to fund its New Jersey Unemployment Compensation Insurance under the
“Reimbursement Method.” Under this plan, the Borough is required to reimburse the New Jersey
Unemployment Trust Fund, dollar-for-dollar, for unemployment benefits paid to its former employees
who were laid off or furloughed and charged to its account with the State. The Borough is billed
quarterly for amounts due to the State. The following is a summary of Borough contributions,
reimbursements to the State for benefits paid and the ending balance of the Borough’s unemployment
trust fund for the current and previous two years:
Amount
Year Contributions Reimbursed Ending Balance
2021 82,976.66$ 16,266.74$ 472,605.11$
2020 359,676.41 300,000.00 405,895.19
2019 166,719.59 56,860.18 346,218.78
Note 18. Contingencies
Grantor Agencies
The Borough receives financial assistance from the State of New Jersey and the U.S. government in the
form of grants. Entitlement to the funds is generally conditional upon compliance with terms and
conditions of the grant agreements and applicable regulations, including the expenditure of the funds for
eligible purposes. Substantially all grants, entitlements and cost reimbursements are subject to financial
and compliance audits by grantors. As a result of these audits, costs previously reimbursed could be
disallowed and require repayment to the grantor agency. As of December 31, 2021, the Borough
estimates that no material liabilities will result from such audits.
Litigation
The Borough is a defendant in several legal proceedings that are in various stages of litigation. It is
believed that the outcome, or exposure to the Borough, from such litigation is either unknown or potential
losses, if any, would not be material to the financial statements.
71
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 18. Contingencies (continued):
Tax Appeals
Losses arising from tax appeals are recognized at the time a decision is rendered by an administrative or
judicial body; however, municipalities may establish reserves transferred from tax collections or by
budget appropriation for future payments of tax appeal losses. There are no significant pending tax
appeals as of December 31, 2021.
Note 19. Length of Service Awards Program
The Borough’s length of service awards program (“LOSAP”) is reported in the Borough’s trust fund
Statement of Assets, Liabilities, Reserves and Fund Balance - Regulatory Basis. The LOSAP provides tax
deferred income benefits to active volunteer firefighters and emergency medical personnel.
The tax deferred income benefits for the active volunteer firefighters and emergency medical personnel
serving the residents the of the Borough come from contributions made solely by the governing body of
the Borough, on behalf of those volunteers who meet the criteria of a plan created by that governing body.
Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions.
Contributions - If an active member meets the year of active service requirement, a length of service
awards program must provide a benefit between the minimum contribution of $100 and a maximum
contribution of $1,150 per year. While the maximum amount is established by statute, it is subject to
periodic increases that are related to the consumer price index (N.J.S.A. 40A:14-185(f)). The Division of
Local Government Services of the State of New Jersey will issue the permitted maximum annually. The
Borough elected to contribute between $500 and $600 for the year ended December 31, 2021 per eligible
volunteer, into the Plan, depending on how many years the volunteer has served. During the year ended
December 31, 2021, the Borough contributed a total of $0.00 to the plan. Participants direct the
investment of the contributions into various investment options offered by the Plan. The Borough has no
authorization to direct investment contributions on behalf of eligible volunteers nor has the ability to
purchase or sell investment options offered by the Plan. The types of investment options, and the
administering of such investments, rests solely with the plan administrator.
Participant Accounts - Each participant’s account is credited with the Borough’s contribution and Plan
earnings, and charged with administrative expenses. The benefit to which a participant is entitled is the
benefit that can be provided from the participant’s vested account. The Borough has placed the amounts
deferred, including earnings, in a trust maintained by a third-party administrator for the exclusive benefit
of the plan participants and their beneficiaries. Such funds, although subject to the claims of the
Borough’s creditors until distributed as benefit payments, are not available for funding the operations of
the Borough. The funds may also be used to pay the administrative fees charged by the Plan
Administrator. Lincoln Financial Group (“Plan Administrator”), an approved Length of Service Awards
Program provider, is the administrator of the Plan. The Borough’s practical involvement in administering
the Plan is essentially limited to verifying the eligibility of each participant and remitting the funds to the
Plan Administrator.
Vesting - Benefits, plus actual earnings thereon, are one hundred percent (100%) vested after five (5)
years of service.
72
BOROUGH OF CARTERET
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 19. Length of Service Awards Program (continued):
Payment of Benefits - Upon retirement or disability, participants may select various payout options,
which include lump sum, periodic, or annuity payments. In the case of death, with certain exceptions, any
amount invested under the participant's account is paid to the beneficiary or the participant's estate. In the
event of an unforeseeable emergency, as outlined in the Plan document, a participant or a beneficiary
entitled to vested accumulated deferrals may request the local plan administrator to payout a portion of
vested accumulated deferrals. During the year ended December 31, 2021 payouts of $46,619.04 were
made to vested participants.
Forfeited Accounts – During the year ended December 31, 2021, no accounts were forfeited.
Plan Information - Additional information about the Borough’s length of service awards program can be
obtained by contacting the Plan Administrator.
Note 20. Subsequent Events
As discussed Note 1, the Borough has evaluated subsequent events through August 9, 2022, the date the
financial statements were available to be issued. The following was noted:
On February 24, 2022 the Borough adopted an ordinance providing for Various Sewer Improvements,
appropriating $1,000,000 therefor and authorizing the issuance of $1,000,000 bonds or notes to finance
part of the cost thereof.
On June 2, 2022 the Borough sold Bond Anticipation Notes, Series 2022 totaling $38,803,000.
73
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74
SUPPLEMENTARY EXHIBITS
75
This page intentionally left blank.
76
CURRENT FUND
77
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78
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Exhibit - A-5
SCHEDULE OF CHANGE FUNDS - COLLECTOR
CURRENT FUND
REF.
Balance - December 31, 2021 & 2020 A 350.00$
Exhibit - A- 6
SCHEDULE OF DUE FROM STATE OF NEW JERSEY
FOR SENIOR CITIZENS AND VETERANS DEDUCTIONS
PER CHAPTER 73, P.L. 1976
REF.
Balance - December 31, 2020 A (1,476.73)$
Increased by:
Sr. Citizens' Deductions Per Tax Billings A- 6 36,250.00$
Sr. Citizens' Deductions Allowed by Tax Collector A- 6 1,250.00
Veterans' Deductions Per Tax Billings A- 6 75,750.00
Veterans' Deductions Allowed by Tax Collector A- 7 2,500.00
Prior Year Deductions Allowed by Tax Collector A- 7 250.00
116,000.00
114,523.27
Decreased by:
Cash Receipts A- 4 102,291.79
Sr. Cit. Deductions Disallowed by Tax
Current Year A- 6 1,586.75
Prior Year A- 1 10,972.91
114,851.45
Balance - December 31, 2021 A (328.18)$
Analysis of Realized Revenues - 2021
Veterans' Deductions Per Tax Billings A-6 75,750.00$
Sr. Citizens' Deductions Per Tax Billings A-6 36,250.00
Sr. Citizens'/Veterans' Deductions Allowed by Tax Collector A-6 4,000.00
Less: Current Year Deductions Disallowed by Tax Collector A-1, A-6 (1,586.75)
2021 Realized Revenues A-7 114,413.25$
80
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Exhibit - A-8
STATEMENT OF PROPERTY ACQUIRED FOR TAXES
AT ASSESSED VALUATION
CURRENT FUND
REF.
Balance - December 31, 2020 and 2021 A 896,900.00$
Exhibit - A-9
SCHEDULE OF TAX TITLE LIENS
CURRENT FUND
REF.
Balance - December 31, 2020 A 40,548.60$
Increased by:
Transferred from Taxes Receivable A-7 1,867.50
Balance - December 31, 2021 A 42,416.10$
82
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83
Exhibit - A-11
SCHEDULE OF DEMOLITION LIENS RECEIVABLE
CURRENT FUND
REF.
Balance - December 31, 2021 and 2020 A 9,609.50$
84
Exhibit A-12
SCHEDULE OF 2020 APPROPRIATION RESERVES
RESERVE FOR AMOUNT
BALANCE ENCUMB. AFTER PAID OR ACCOUNTS BALANCE
DEC. 31, 2020 DEC. 31, 2020 MODIFICATION CHARGED PAYABLE LAPSED
Operations Within "CAPS"
GENERAL GOVERNMENT
Mayor and Council
Other Expenses 10,267.17$ 1,108.05$ 11,375.22$ 1,333.39$ -$ 10,041.83$
Municipal Clerk
Salaries and Wages 5,681.65 - 5,681.65 - - 5,681.65
Other Expenses 10,505.63 10,578.93 21,084.56 9,506.74 - 11,577.82
Financial Administration
Salaries and Wages 17,099.84 - 17,099.84 - - 17,099.84
Other Expenses 6.96 18,724.90 18,731.86 6,459.71 - 12,272.15
Annual Audit
Other Expenses - 10,260.00 10,260.00 5,000.00 - 5,260.00
Revenue Administration
Other Expenses 316.77 2,152.26 2,469.03 1,029.01 - 1,440.02
Assessment of Taxes
Salaries and Wages 11,588.89 - 11,588.89 - - 11,588.89
Other Expenses 16,656.65 9,690.00 26,346.65 1,234.84 9,690.00 15,421.81
Legal Services and Costs
Salaries and Wages 2,187.80 - 2,187.80 - - 2,187.80
Other Expenses 170.80 275,948.59 276,119.39 140,890.91 130,570.20 4,658.28
Engineering Services and Costs
Salaries and Wages 37,385.43 - 37,385.43 - - 37,385.43
Other Expenses 102,577.88 99,508.69 202,086.57 75,757.33 7,839.05 118,490.19
Economic Development Agency
Salaries and Wages 6,788.21 - 6,788.21 - - 6,788.21
Other Expenses 1,500.00 - 1,500.00 - - 1,500.00
Municipal Land Use Law (N.J.S.A. 40:55D-1)
Planning Board
Salaries and Wages 3,247.07 - 3,247.07 - - 3,247.07
Other Expenses 2,630.00 - 2,630.00 313.04 - 2,316.96
Zoning Board of Adjustment
Salaries and Wages 8,246.84 - 8,246.84 - - 8,246.84
Other Expenses 1,365.00 - 1,365.00 - - 1,365.00 Contribution to Jersey Arts Council 35,000.00 48,750.00 83,750.00 - - 83,750.00
Contribution to Historical Society 5,000.00 - 5,000.00 765.10 - 4,234.90
Liability Insurance and Surety Bond Premium 14,866.92 - 14,866.92 - - 14,866.92
Insurance - Worker Compensation Insurance 6,500.00 - 6,500.00 - - 6,500.00
Employee Group Insurance 317,756.02 440,000.00 757,756.02 447,023.08 - 310,732.94
PUBLIC SAFETY
Police
Permanent Full Time 76,524.31 - 76,524.31 - - 76,524.31
School Crossing Guards 63,913.97 - 63,913.97 - - 63,913.97 Other Expenses 14,049.22 131,802.93 145,852.15 68,874.33 66,000.00 10,977.82 Police Dispatch/911 Salaries and Wages 35,327.21 - 35,327.21 - - 35,327.21
Emergency Management Services
Salaries and Wages 691.02 - 691.02 - - 691.02
Other Expenses 7,284.30 376.45 7,660.75 1,354.82 6,079.79 226.14
Emergency Medical Services
Other Expenses 6,336.79 1,491.29 7,828.08 2,610.32 - 5,217.76
Aid to Volunteer Fire Companies 0.00 7,192.86 7,192.86 7,192.86 - -
Fire
Salaries and Wages 218,247.65 - 218,247.65 32,984.79 - 185,262.86
Other Expenses 25,808.59 48,674.51 74,483.10 50,450.03 - 24,033.07
Carteret Hazmat Association Agreement
Salaries and Wages 2,715.19 - 2,715.19 - - 2,715.19
Other Expenses 3,358.65 18,373.11 21,731.76 19,301.51 - 2,430.25
Municipal Prosecutor
Salaries and Wages 1,630.40 - 1,630.40 - - 1,630.40
STREETS AND ROADS
Road Repairs and Maintenance
Salaries and Wages 25,345.96 - 25,345.96 - - 25,345.96
Other Expenses 538.62 381,898.51 382,437.13 348,758.40 - 33,678.73
SANITATION
Street Cleaning
Salaries and Wages 16,559.46 - 16,559.46 - - 16,559.46
Other Expenses 1,500.00 - 1,500.00 - - 1,500.00
Garbage and Trash Removal
Other Expenses - 306,154.08 306,154.08 293,416.02 - 12,738.06
Public Buildings and Grounds
Salaries and Wages 29,351.37 - 29,351.37 - - 29,351.37
Other Expenses 14,578.42 40,594.20 55,172.62 50,310.91 - 4,861.71
Municipal Garage
Salaries and Wages 21,038.68 - 21,038.68 - - 21,038.68
Other Expenses 1,762.83 45,845.24 47,608.07 33,276.19 - 14,331.88
85
Exhibit A-12
SCHEDULE OF 2020 APPROPRIATION RESERVES
RESERVE FOR AMOUNT
BALANCE ENCUMB. AFTER PAID OR ACCOUNTS BALANCE
DEC. 31, 2020 DEC. 31, 2020 MODIFICATION CHARGED PAYABLE LAPSED
HEALTH AND WELFARE
Board of Health
Other Expenses 1,283.19 15,259.73 16,542.92 8,519.50 - 8,023.42
Animal Control Services
Other Expenses 1,040.69 8,347.06 9,387.75 5,319.62 - 4,068.13
Municipal Court -
Salaries and Wages 29,539.15 - 29,539.15 - - 29,539.15
Other Expenses 17,525.99 3,697.20 21,223.19 5,685.05 - 15,538.14
Public Defender
Salaries and Wages 1,267.11 - 1,267.11 - - 1,267.11
RECREATION AND EDUCATION
Recreation Commission
Other Expenses 9,944.06 13,193.18 23,137.24 4,811.63 - 18,325.61
Parks and Playgrounds
Salaries and Wages 41,060.60 - 41,060.60 - - 41,060.60
Other Expenses 19,609.50 15,110.25 34,719.75 30,527.76 - 4,191.99
Senior Citizens Transportation
Salaries and Wages 38,984.40 - 38,984.40 - - 38,984.40 Other Expenses 1,648.00 2,981.02 4,629.02 346.96 - 4,282.06
Office of the Handicapped
Salaries and Wages 3,636.50 - 3,636.50 - - 3,636.50
Other Expenses 2,500.00 - 2,500.00 - - 2,500.00 Handicapped Recreation
Salaries and Wages 3,909.50 - 3,909.50 - - 3,909.50
Other Expenses 10,500.00 631.00 11,131.00 97.00 - 11,034.00
UTILITY EXPENSES & BULK PURCHASING
Electricity 962.10 44,000.00 44,962.10 - - 44,962.10
Street Lighting 471.78 20,275.00 20,746.78 13,275.00 - 7,471.78
Telephone 732.86 37,720.17 38,453.03 25,088.07 - 13,364.96
Water 981.66 15,000.00 15,981.66 - - 15,981.66
Gas-Natural 144.06 7,000.00 7,144.06 7,144.06 - -
Gasoline 14,749.97 10,695.72 25,445.69 23,964.25 - 1,481.44
Telecommunications Costs-S&W 10,774.15 - 10,774.15 - - 10,774.15
Telecommunications Costs-OE 8,153.32 11,840.78 19,994.10 13,140.78 - 6,853.32 Postage 10,737.98 9,847.11 20,585.09 4,349.00 - 16,236.09
UNIFORM CONSTRUCTION CODE - APPROPS. OFFSET BY DEDICATED REVENUES (NJAC 5:23-4.17)
Building Inspector Salaries and Wages 5,917.51 - 5,917.51 - - 5,917.51 Other Expenses 10,743.70 5,010.95 15,754.65 2,354.24 - 13,400.41
OTHER COMMON OPERATING
FUNCTIONS (UNCLASSIFIED)
Salaries and Wages 1,136.17 - 1,136.17 - - 1,136.17
Other Expenses 1,000.00 - 1,000.00 - - 1,000.00
Celebration of Public Events 96,561.95 21,217.16 117,779.11 18,769.73 - 99,009.38
-
Total Operations Within "CAPS"1,529,424.07 2,140,950.93 3,670,375.00 1,761,235.98 220,179.04 1,688,959.98
Contingent 9,000.00 - 9,000.00 2,073.44 - 6,926.56
Total Operations Including Contingent Within "CAPS"1,538,424.07 2,140,950.93 3,679,375.00 1,763,309.42 220,179.04 1,695,886.54
DEFERRED CHARGES AND
STATUTORY EXPENDITURES
MUNICIPAL WITHIN "CAPS"
Statutory Expenditures:
Contribution to:
Consol. Police & Firemen's Fund 34.24 - 34.24 - - 34.24
Total Deferred Charges and Statutory
Expenditures Municipal Within "CAPS" 34.24 - 34.24 - - 34.24
Total General Appropriations for
Municipal Purposes Within "CAPS" 1,538,458.31 2,140,950.93 3,679,409.24 1,763,309.42 220,179.04 1,695,920.78
Operations Excluded from "CAPS"
Length of Service Award Program
Volunteer Fire 10,000.00 - 10,000.00 2,384.00 - 7,616.00
Maintenance of Free Public Library
(Ch. 82 & 54, P.L. 1985) 158,861.55 12,853.94 171,715.49 171,715.49 - -
Total Operations Excluded from "CAPS" 168,861.55 12,853.94 181,715.49 174,099.49 - 7,616.00
Total General Appropriations 1,707,319.86 2,153,804.87 3,861,124.73 1,937,408.91 220,179.04 1,703,536.78
86
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Exhibit - A-14
SCHEDULE OF PREPAID TAXES
CURRENT FUND
REF.
Balance - December 31, 2020 A 283,833.68$
Increased by:
Collection of Prepaid Taxes A-4 321,666.33
605,500.01
Decreased by:
Applied to 2021 Taxes Receivable A-7 283,833.68
Balance - December 31, 2021 A 321,666.33$
88
Exhibit - A-15
SCHEDULE OF TAX OVERPAYMENTS
CURRENT FUND
REF.
Balance - December 31, 2020 A $ 225,002.80
Increased by:
Collections A- 4 303,382.90
528,385.70
Decreased by:
Refunded - State Tax Appeal A- 4 30,045.70$
Refunded A- 4 143,649.88
Cancelled A- 1 47,196.68
220,892.26
Balance - December 31, 2021 A $ 307,493.44
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Exhibit A-17
CURRENT FUND
SCHEDULE OF TAXES PAYABLE
Taxes Cash
12/31/2020 Levied Disbursements 12/31/2021
County - General…………………………… -$ 10,509,530.28$ (10,509,530.28)$ -$
County - Open Space………………………… - 863,954.93 (863,954.93) -
County - Added & Omitted………………… - 70,554.17 (70,554.17) -
Local School District Taxes………………… - 30,029,799.00 (30,029,799.00) -
Local - Open Space………………………… - 753,929.22 (753,929.22) -
Special District Taxes……………………… - 3,320,000.00 (3,320,000.00) -
Total………………………………………… -$ 45,547,767.60$ (45,547,767.60)$ -$
Ref.A A-1, A-2, A-7 A-4 A
91
Exhibit - A-18
REF.
Balance - December 31, 2020 A -$
(Due from)
Increased by:
Cash Receipts - Grants Receivable A-20 488,132.79
Cash Receipts-Unappropriated A-22 1,288,889.53
Grants Appropriated - CY 2021 A-21 1,000,156.20
Due from Capital Fund A-19 200,000.00
Cancellation of Reserve for Federal
and State Grants Receivable A-20 1,073,155.12
4,050,333.64
4,050,333.64
Decreased by:
Cash Disbursements A-21 673,414.86
Grant Revenue Realized - CY 2021 A-20 998,045.45
Due to Capital Fund - Prior Year A, A-19 108,964.04
Due to Sewer Capital A-22 1,225,040.76
Cancellation of Reserve for Federal
and State Grants Appropriated A-21 1,037,950.19
4,043,415.30
Balance - December 31, 2021 A 6,918.34$
Exhibit - A-19
SCHEDULE OF DUE TO/FROM CAPITAL FUND
GRANT FUND
REF.
Balance - December 31, 2020 A (108,964.04)$
(Due to)
Increased by:
Cash Receipts A-20 5,888.27
(103,075.77)
Decreased by:
Due to Capital Fund A 96,924.23
Balance - December 31, 2021 A (200,000.00)$
(Due to)
SCHEDULE OF DUE TO/FROM CURRENT FUND
SCHEDULES OF GRANT FUND INTERFUNDS
GRANT FUND
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96
TRUST FUND
97
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98
Exhibit B-1
TRUST FUNDS
SCHEDULE OF CASH AND RESERVE ACTIVITY
Balance Encumbrances Encumbrances Balance
12/31/2020 Receipts Disbursements 12/31/2020 12/31/2021 12/31/2021
Animal Control:
Due from Board of Health………………………-$ 17,367.50$ -$ -$ -$ 17,367.50$
Due from/(to) NJ - State License Fees…………- - (1,764.60) - - (1,764.60)
Animal Control Reserves…………………………31,959.66 334.54 (1,213.00) - - 31,081.20
Total 31,959.66$ 17,702.04$ (2,977.60)$ -$ -$ 46,684.10$
Other Trust Funds:
Reserve for Encumbrances………………………121,133.57$ -$ -$ (121,133.57)$ 291,936.97$ 291,936.97$
Payroll Trust………………………………………353,324.57 21,778,739.71 (21,902,171.17) - - 229,893.11
Reserve for Unemployment Insurance……………405,895.19 82,976.66 (16,266.74) - - 472,605.11
Reserve for Builders' Escrow……………………1,103,289.25 440,812.82 (320,111.04) - - 1,223,991.03
Street Opening Deposits…………………………50,406.18 3,300.00 - - - 53,706.18
Other Escrows and Miscellaneous Reserves:
Building Inspection……………………………56,741.00 70,716.00 (45,695.00) - - 81,762.00
"COAH' Non-Res Development Fee 28,553.82 32,571.52 (32,571.52) - - 28,553.82
Parking Offense Adjudication Act……………2,563.27 26,530.25 (28,089.51) - - 1,004.01
Off Duty Police……………………………… 152,687.98 885,496.99 (952,664.39) 917.88 - 86,438.46
Snow Removal Costs…………………………40,483.18 1,048,269.32 (558,715.64) 88,702.26 (288,838.77) 329,900.35
Police Forfeited Funds…………………………29,189.56 35,172.64 (43,247.56) 24,043.84 (2,128.61) 43,029.87
Premium on Tax Sale…………………………1,048,200.00 1,105,600.00 (939,200.00) 2,000.00 - 1,216,600.00
Recreation Commission………………………8,978.40 21,165.00 (17,625.00) 5,180.00 (680.00) 17,018.40
Recycling Trust………………………………18,344.49 8,424.12 (9,765.66) 289.59 (289.59) 17,002.95
Public Defender………………………………12,488.35 422.00 (10,000.00) - - 2,910.35
Unclaimed Property……………………………4,984.08 - - - - 4,984.08
Uniform Fire Safety Code……………………60,017.02 75.00 - - - 60,092.02
Accrued Sick & Vacation…………………… 289,823.26 53,800.00 - - - 343,623.26
Office on Aging………………………………11.00 - - - - 11.00
Total 3,787,114.17$ 25,594,072.03$ (24,876,123.23)$ -$ -$ 4,505,062.97$
Community Development Block Grant:
Reserve for Encumbrances -$ -$ -$ -$ 53,629.86$ 53,629.86$
Reserve for Rehabilitation Loans…………………22,588.89 - - - - 22,588.89
Reserve for Administrative Costs……………1.49 - - - - 1.49
Year 2017/2018 Reserves
Wellness Center Float Loan 101,834.00 - (101,834.00) - - -
Housing/Commercial Bldg Rehabilitation…- 202,666.00 (196,290.00) - - 6,376.00
Total 124,424.38$ 202,666.00$ (298,124.00)$ -$ 53,629.86$ 82,596.24$
Reserve for Open Space Tax Levy:
Reserve for Encumbrances………………………242,293.21$ -$ 873,485.15$ (242,293.21)$ -$ 873,485.15$
Reserve for Open Space…………………………7,679.98 1,432,224.93 (1,567,225.08) 242,293.21 - 114,973.04
Total 249,973.19$ 1,432,224.93$ (693,739.93)$ -$ -$ 988,458.19$
Reserve for LOSAP Funds (Unaudited):
LOSAP Reserves (Trustee)………………………300,980.05$ 45,581.45$ (47,644.05)$ -$ -$ 298,917.45$
Total 300,980.05$ 45,581.45$ (47,644.05)$ -$ -$ 298,917.45$
Grand Total 4,494,451.45$ 27,292,246.45$ 25,918,608.81-$ -$ 53,629.86$ 5,921,718.95$
Ref.B B
...…………...Cash……………...
99
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100
GENERAL CAPITAL FUND
101
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102
Exhibit - C- 2
SCHEDULE OF GENERAL CAPITAL CASH - TREASURER
GENERAL CAPITAL FUND
REF.
Balance - December 31, 2020 C 6,971,464.48$
Increased by:
Bond Anticipation Note Premium C-1 295,395.65$
Due from Grant Fund C-3 11,776.54
Due to Capital Fund C-3a 1,000,000.00
Grants, Loans and Other Receivables C-4 5,604,031.29
Deferred Charges - Unfunded C-6 4,797,814.61
Bond Anticipation Notes C-7 29,193,000.00
Budget Appropriations:
Capital Improvement Fund C-13 2,800,000.00
Various Reserves C-12 155,875.00
43,857,893.09
50,829,357.57
Decreased by:
Due to Grant Fund C-3 102,812.50
Bond Anticipation Notes C-7 35,772,467.00
Improvement Authorizations C-8 9,435,099.10
Payment of Various Reserves C-12 5,028,640.61
50,339,019.21
Balance - December 31, 2021 C 490,338.36$
103
Exhibit - C-2a
BALANCE
DECEMBER 31,
2021
Fund Balance 317,319.95$
Reserve for Encumbrances 6,465,616.20
Grants Receivable (24,991,531.57)
Capital Improvement Fund 604,892.34
Due From Grant Fund (200,000.00)
Reserve for:
Developer Contributions 29,900.00
MCIA-Police Computer-CAD System 1,470.00
MCIA-Street Sweeper/SUV Truck 275,000.00
MCIA-Salt Shed/Building Improv/Camera 503,770.99
Reserve for Land Sale 153,475.00
Reserve for Endowments 10,282,129.43
Reserve for NJDOT-Road Improvements 3,011,017.00
Regional Contribution Agreements 30,807.50
Interest Income 414.48
Excess BAN Proceeds 3,207,521.45
Ord. No.Improvement Authorizations
05-06 State Green Acres - Waterfront II (470,000.00) 11-28 Special Improvement District 26,741.90 12-06 Marina Project 26,603.00
12-07 Marina Project-Open Space (99,871.99) 12-08 Various Capital Improvements 586.40
12-11 Waterfront, Land Acq, Marina Improvements 4,000.00 13-05 Various Capital Improvements 2,310.40 13-18 Various Capital Improvements 9,597.50
14-1 Various Capital Improvements 42,356.36
14-4 Fire Truck/ Firehouse Improvements 1,924.50
14-15 Various Capital Improvements 39,996.00
15-01 Various Sewer & Stormwater 2,098.38
16-03 Green Acres-Noe Street Acquisitions (930,185.77)
16-11 Waterfront Improvements-NJDEP/NJEDA 272,702.16
16-20 Green Acres-Marina (565,150.00)
17-05 Various Capital Improvements 263.79
17-09 Acqusition of Vehicles-MCIA 91,599.80
17-11 Waterfront Marina Project-ONRR (249,902.78)
18-01 Various Capital Improvements 71,669.78
18-02 CARA-Property Sale 195,438.27
18-11 NJDEP-Passaic Valley Litigation Settlement 1,463,601.50
18-12 NJDOT-Pershing Avenue 23,500.93
18-13 Various Capital Improvements 22,169.75
19-07 Various Sewer and Stormwater-"I" Bank (49,405.83)
19-17 Carteret Performing Arts Center 3.80
20-02 Road Improvements-Grants 1,723,505.00
20-03 Various Capital Improvements (475,000.00)
20-11 Carteret Performing Arts Center 77,873.65
20-19 Carteret Performing Arts Center 60,852.38
21-11 Construction of Performing Arts Center 655,676.98
21-12 Waterfront Redevelopment Project (1,410,514.00)
21-13 NJDOT Federal Blvd/Blair Road (120,000.00)
21-16 Various Capital Improvements 353,493.73
490,338.36$
Ref. C
ANALYSIS OF GENERAL CAPITAL CASH
104
Exhibit - C- 3
GENERAL CAPITAL FUND
REF.
Balance (Due From) - December 31, 2020 C 108,964.04$
Increased by:
Cash Disbursement C-2 102,812.50
211,776.54
Decreased by:
Cash Receipts C-2 11,776.54
Balance -(Due From) December 31, 2021 C 200,000.00$
Exhibit - C- 3a
GENERAL CAPITAL FUND
REF.
Balance - December 31, 2020 C 1,000,000.00$
Due from
Decreased by:
Cash Receipts C-2 (1,000,000.00)
Balance -(Due From) December 31, 2021 C -$
SCHEDULE OF DUE TO/FROM GRANT FUND
SCHEDULE OF DUE TO/FROM SEWER CAPITAL FUND
105
Exhibit - C-4
SCHEDULE OF VARIOUS GRANTS, LOANS AND OTHER RECEIVABLES
Balance Balance
Ordinance December 31,December 31,
Number 2020 Increases Decreases 2021
Receivables:
State of NJ Green Acres:
Waterfront #022 05-06 $ 1,470,321.00 $- $- $ 1,470,321.00
County Open Space:
Acq of Waterfront Property 21-06 - 4,500,000.00 - 4,500,000.00
Land Sale-Waterfront 17-06 4,500,000.00 - 4,500,000.00 -
Noe Street Park 18-15 65,911.62 - - 65,911.62
Borough of Carteret -
Developer Contribution-Meridia Cosmopolitan 15-20 1,561,483.34 - - 1,561,483.34
Hazmatt Association-Firetruck 14-04 36,000.00 - 36,000.00 -
Special Improvement District 14-04 145,000.00 - 145,000.00 -
KTR Guarantee Fee 14-15 900,000.00 - 300,000.00 600,000.00
CARA-Property Sale 18-02 2,500,000.00 - 200,000.00 2,300,000.00
NJDEP-Passaic Valley Litigation Settlement 18-11 6,676,040.00 - - 6,676,040.00
NJDOT-Pershing Avenue 18-12 294,629.18 - - 294,629.18
Subtotal 18,149,385.14 4,500,000.00 5,181,000.00 17,468,385.14
Receivables Offset by Reserves:
State of NJ Green Acres:
Grants:
Green Acres-Noe Street 16-03 781,875.00 - - 781,875.00
Green Acres-Marina 16-20 565,150.00 - - 565,150.00
Loans:
Green Acres-Noe Street 16-03 260,625.00 - - 260,625.00
Green Acres-Acq Waterfront Property 21-06 - 1,000,000.00 - 1,000,000.00
Developer Contribution-Soil Safe 16-02 (114,533.32)- (114,533.32)-
NJ Economic Development Association 16-11 1,497,910.89 - 204,159.25 1,293,751.64
NJDEP-Passaic Valley Litigation Settlement 17-11 1,271,969.50 - - 1,271,969.50
Developer Contribution-Acelero/US Metals 19-03 2,112,801.79 - 489,407.88 1,623,393.91
Developer Contribution-Hampshire Federal 19-06 1,825,000.00 - 325,000.00 1,500,000.00
Developer Contribution-RVN/Massimo 19-17 2,135,000.00 - - 2,135,000.00
Developer Contribution-RVN/Massimo 19-20 833,750.00 700,250.00 15,000.00 1,519,000.00
NJDOT Grants-Road Imporvements 20-02 5,200,000.00 - 2,188,983.00 3,011,017.00
Developer Contribution-Soil Safe 21-11 - 749,750.00 455,426.98 294,323.02
Washington Avenue Sale Proceeds 21-11 - 700,250.00 700,250.00 -
Pershing Avenue Sale Proceeds 21-11 - 620,000.00 - 620,000.00
CHI Acquisition 21-12 - 3,250,000.00 659,587.50 2,590,412.50
NJDOT-Federal Blvd/Blair Road 21-13 - 1,450,000.00 - 1,450,000.00
Subtotal 16,369,548.86 8,470,250.00 4,923,281.29 19,916,517.57
$ 34,518,934.00 $ 12,970,250.00 $ 10,104,281.29 $ 37,384,902.71
Ref.CC
Cash Transactions C-2 $ - $ 5,604,031.29
Cancelled C-8 - 4,500,000.00
Improvement Authorizations C-8 12,270,000.00 -
Various Reserves C-12 700,250.00 250.00
$ 12,970,250.00 $ 10,104,281.29
106
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113
Exhibit - C-12
SCHEDULE OF VARIOUS RESERVES
Balance Balance
Ordinance December 31,December 31,
Number 2020 Increases Decreases 2021
Reserve for:
Cash or Appropriated Reserves:
Developer Contribution Agreements:
Robert Wood Johnson-Marina 12-06 27,500.00$ 2,400.00$ -$ 29,900.00$
MCIA-Police Computer-CAD System 1,470.00 - - 1,470.00
MCIA-Salt Shed/Building Improv/Camera 509,596.99 - 5,826.00 503,770.99
Reserve-State Marine Barracks-Marina Phase III 275,000.00 - - 275,000.00
Reserve-Endowment-Acelero/US Metals 19-03 2,112,801.79 - 489,407.88 1,623,393.91
Reserve-Endowment-Hampshire Federal 19-06 1,825,000.00 - 325,000.00 1,500,000.00
Reserve-Endowment-RVN/Massimo 19-17 2,135,000.00 - - 2,135,000.00
Reserve-Endowment-Acelero/US Metals 19-20 1,519,000.00 - - 1,519,000.00
Reserve-NJDOT 20-02 5,200,000.00 - 2,188,983.00 3,011,017.00
Reserve-Endowment-Soil Safe 21-11 - 749,750.00 455,426.98 294,323.02
Reserve-Endowment-Sale of 21 Washington 21-11 - 700,250.00 700,250.00 -
Reserve-Endowment-11 Pershing Ave 21-11 - 620,000.00 - 620,000.00
Reserve-Endowment-CHI Acquisitions 21-12 - 3,250,000.00 659,587.50 2,590,412.50
Reserve for Land Sale - 153,475.00 - 153,475.00
RCA Agreements
Readington 30,807.50 - - 30,807.50
Interest Income:
Readington 414.48 - - 414.48
Subtotal 13,636,590.76 5,475,875.00 4,824,481.36 14,287,984.40
Grants, Loans & Other Receivables:
Grants:
Green Acres:
NJ Economic Development Association 16-01/16-11 1,497,910.89 - 204,159.25 1,293,751.64
Marina Project 16-20 565,150.00 - - 565,150.00
Noe Street Project 16-03 781,875.00 - - 781,875.00
Acquisition of Waterfront Property 21-06 - 1,000,000.00 - 1,000,000.00
County Open Space
Acquisition of Waterfront Property 21-06 - 4,500,000.00 - 4,500,000.00
ONRR-Waterfront Marina Project 17-11 1,271,969.50 - - 1,271,969.50
NJDOT-Federal/Blair Road 21-13 - 1,450,000.00 - 1,450,000.00
Loans:
Green Acres:
Waterfront 05-06 1,270,000.00 - - 1,270,000.00
Noe Street Project 16-03 260,625.00 - - 260,625.00
Subtotal 5,647,530.39 6,950,000.00 204,159.25 12,393,371.14
19,284,121.15$ 12,425,875.00$ 5,028,640.61$ 26,681,355.54$
Ref.C C-2, C-4 C
Cash Transactions C-2 155,875.00$ 5,028,640.61$
Various Grants, Loans and Other Receivables C-4 12,270,000.00 -
12,425,875.00$ 5,028,640.61$
114
Exhibit - C-13
SCHEDULE OF RESERVE FOR
CAPITAL IMPROVEMENT FUND
REF.
Balance - December 31, 2020 C 304,892.34$
Increased by:
Budget Appropriation A-3 2,800,000.00
3,104,892.34
Decreased by:
Improvement Authorizations-Down Payment C-8 2,500,000.00
Balance - December 31, 2021 C 604,892.34$
115
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Exhibit - D-5
BALANCE
DECEMBER 31,
2021
Reserve for Encumbrances 946,900.65$
Capital Improvement Fund 150,000.00
NJEIT Cash Advance 3,497,429.00
Ord. No.Improvement Authorizations
19-07 Various Sewer "I" Bank (4,750,594.17)
21-24 Sewer Infrastructure Improvements 715,940.76
559,676.24$
Ref.D
ANALYSIS OF SEWER UTILITY CAPITAL CASH
120
Exhibit - D-6
Balance, December 31, 2020 355,135.24$
Increased By:
Rents Levied 6,080,164.37
6,435,299.61
Decreased By:
Collections 5,979,869.64
Balance, December 31, 2021 455,429.97$
SCHEDULE OF CONSUMER ACCOUNTS RECEIVABLE
121
Exhibit - D-7
REF.
Balance, December 31, 2021 and 2020 D 27,104,678.31$
2,500,000.00$
2,808,000.00
10,983,837.31
519,000.00
1,000,000.00
404,031.00
500,000.00
1,500,000.00
500,000.00
2,000,000.00
2,488,411.00
1,762,399.00
80,000.00
59,000.00
27,104,678.31$
14-01
15-11
Vehichles
Analysis of Balance
SCHEDULE OF FIXED CAPITAL COMPLETED
NJEIT LOAN
Bergen St. Pump Station
Hayward Ave. Pump Station
Dorothy St. Pump Station
Sabo St. Pump Station
Beverly St. Pump Station
Harrison Ave. Pump Station
Roosevelt Ave. Pump Station
Sewer Treatment - Roosevelt Ave.
Hill District Pump Station
Jet Vac Truck
122
Exhibit - D-8
REF.
Balance - December 31, 2020 D 4,750,594.17$
Increased by:
Improvement Authorizations - Ordinance #21-24 D-16 1,225,040.76
Balance - December 31, 2021 D 5,975,634.93$
4,750,594.17$
1,225,040.76
5,975,634.93$
Analysis of Balance
19-07
SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED
21-24
123
Exhibit - D-9
RESERVE FOR AMOUNT
BALANCE ENCUM. AFTER PAID OR BALANCE
DEC. 31, 2020 DEC. 31, 2020 MODIFICATION CHARGED LAPSED
Operating:
Salaries and Wages 43,481.01$ -$ 43,481.01$ -$ 43,481.01$
Other Expenses 134,986.44 176,142.99 311,129.43 308,831.42 2,298.01
Total Operating 178,467.45 176,142.99 354,610.44 308,831.42 45,779.02
Total Sewer Utility Appropriations 178,467.45$ 176,142.99$ 354,610.44$ 308,831.42$ 45,779.02$
SCHEDULE OF 2020 APPROPRIATION RESERVES
124
Exhibit - D-10
Balance, December 31, 2020 176,142.99$
Increased By:
Budget Appropriations 236,868.57
413,011.56
Decreased By:
Transferred to Appropriation Reserves 176,142.99
Balance, December 31, 2021 236,868.57$
SCHEDULE OF ENCUMBRANCES PAYABLE
125
Exhibit - D-11
Balance, December 31, 2020 15,995.31$
Increased By:
Cash Receipts 15,518.88
Balance, December 31, 2021 31,514.19$
SCHEDULE OF SEWER OVERPAYMENTS
126
Exhibit - D-12
Balance, December 31, 2020 1,000,000.00$
Decreased By:
Due to General Capital Fund 1,000,000.00
Balance, December 31, 2021 -$
SCHEDULE OF DUE FROM/TO GENERAL CAPITAL FUND
127
Exhibit - D-13
Balance, December 31, 2020 108,653.96$
Increased By:
Charged to Budget Appropriations
Interest on Bonds and Loans 850,068.57
Decreased By:
Cash Disbursed 709,172.43$
Accrued Interest Adjustment 2,727.01
Debt Service Lapsed 140,896.14
Accrued Interest Cancelled 687.48
853,483.06
Balance, December 31, 2021 105,239.47$
Analysis of Balance - December 31, 2021
Outstanding
December 31, Interest
2021 Rate From To Period Amount
N.J.E.I.T. Loans:
195,000.00$ 3.00% 8/1/21 1/1/22 5 months 8,364.58$
9,549,239.76 5.00% 8/1/21 1/1/22 5 months 52,701.56
Serial Bonds:
2,522,096.00$ 4.00% 8/1/21 1/1/22 5 months 37,181.86
2,355,660.00 5.00% 12/1/21 1/1/22 30 days 6,991.47
105,239.47$
SCHEDULE OF ACCRUED INTEREST ON BONDS, NOTES AND LOANS
128
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129
Exhibit - D-15
BALANCE BALANCE
DATE OF ORIGINAL INTEREST DEC. 31, DEC. 31,
DESCRIPTION ISSUE ISSUE RATE YEAR AMOUNT 2020 DECREASED 2021
New Jersey Environmental-Trust Loan
Infrastructure Trust Series 2010A 3/10/2010 985,000.00$ 4.00% 2022 55,000.00$ 250,000.00$ 55,000.00$ 195,000.00$
4.00% 2023 60,000.00
4.00% 2024 60,000.00
4.00% 2025 20,000.00
New Jersey Environmental-Fund Loan
Infrastructure Trust Winter 2010 3/10/2010 3,022,500.00 0.00% 2022 153,686.43 352,508.08 153,686.43 198,821.65
0.00% 2023 45,135.22
New Jersey Environmental-Fund Loan
Infrastructure Trust 2017 11/29/2017 10,016,403.00 5.00% 2022 316,701.52 9,865,941.28 316,701.52 9,549,239.76
5.00% 2023 321,701.52
5.00% 2024 326,701.52
5.00% 2025 331,701.52
5.00% 2026 336,701.52
5.00% 2027 336,701.52
3.00% 2028 341,701.52
3.00% 2029 346,701.52
3.00% 2030 351,701.52
3.00% 2031 351,701.52
3.13% 2032 356,701.52
3.13% 2033 356,701.52
3.25% 2034 361,701.52
3.25% 2035 366,701.52
3.38% 2036 371,701.52
3.38% 2037 371,701.52
3.38% 2038 376,701.52
3.38% 2039 381,701.52
3.50% 2040 386,701.52
3.50% 2041 391,701.52
3.50% 2042 396,701.52
3.50% 2043 401,701.52
3.50% 2044 406,701.52
3.50% 2045 411,701.52
3.50% 2046 421,701.52
3.50% 2047 426,701.76
10,468,449.36$ 525,387.95$ 9,943,061.41$
Ref.D D-3 D
MATURITIES OF LOANS
SCHEDULE OF INFRASTRUCTURE
TRUST LOAN PAYABLE
130
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Exhibit - D-17
REF.
Balance - December 31, 2020 D 11,536,859.95$
Increased by:
Bonds and Loans Paid By Operating Budget 747,000.95$
Sewer Infrastructure Improvements - Ord. #21-24 1,225,040.76
1,972,041.71
Balance - December 31, 2021 D 13,508,901.66$
SCHEDULE OF RESERVE FOR AMORTIZATION
132
Exhibit - D-18
REF.
Balance, December 31, 2020 100,000.00$
Increased By:
Budget Appropriation D-3 50,000.00
Balance, December 31, 2021 150,000.00$
SCHEDULE OF RESERVE FOR CAPITAL IMPROVEMENT FUND
133
Exhibit - D-19
SCHEDULE OF SEWER LIENS
REF.
Balance, December 31, 2021 and 2020 D 2,501.08$
134
Exhibit - D-20
REF.
Balance, December 31, 2020 -$
Increased By:
NJEIT Proceeds D 3,497,429.00
Balance, December 31, 2021 3,497,429.00$
SCHEDULE OF NJEIT LOAN PAYABLE CASH ADVANCE
135
Exhibit - D-21
REF.
Balance, December 31, 2020 -$
Increased By:
Grant Award - American Rescue Plan A-22 1,225,040.76
1,225,040.76
Decreased By:
ARP Proceeds A-22 1,225,040.76
Balance, December 31, 2021 -$
SCHEDULE OF ACCOUNTS RECEIVABLE - AMERICAN RESCUE PLAN
136
Exhibit - D-22
BALANCE
ORD. DECEMBER 31,
NO.2021 & 2020
19-07 Various Sewer and Stormwater-"I" Bank 4,750,594.17$
Ref.Footnote D
IMPROVEMENT
DESCRIPTION
SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED
137
This page intentionally left blank
138
BOROUGH OF CARTERET
PART II
SINGLE AUDIT SECTION
FOR THE YEAR ENDED DECEMBER 31, 2021
139
This page intentionally left blank
140
INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR
PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY
THE UNIFORM GUIDANCE AND NEW JERSEY OMB CIRCULAR 15-08
Honorable Mayor and Members
of the Borough Council
Borough of Carteret
Carteret, New Jersey
Report on Compliance for Each Major Federal and State Program
Opinion on Each Major Federal and State Program
We have audited the Borough of Carteret’s compliance with the types of compliance requirements
identified as subject to audit in the OMB Compliance Supplement and the New Jersey State Aid/Grant
Compliance Supplement that could have a direct and material effect on each of the Borough of Carteret’s
major federal and state programs for the year ended December 31, 2021. The Borough of Carteret’s major
federal and state programs are identified in the summary of auditor’s results section of the accompanying
schedule of findings and questioned costs.
In our opinion, the Borough of Carteret complied, in all material respects, with the types of compliance
requirements referred to above that could have a direct and material effect on each of its major federal and
state programs for the year ended December 31, 2021.
Basis for Opinion on Each Major Federal and State Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the
United States of America; the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States; the audit requirements of Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance); New Jersey OMB’s Circular 15-08, Single Audit
Policy for Recipients of Federal Grants, State Grants and State Aid; and audit requirements prescribed by
the Division of Local Government Services, Department of Community Affairs, State of New Jersey. Our
responsibilities under those standards, the Uniform Guidance and New Jersey OMB’s Circular 15-08 are
further described in the Auditor’s Responsibilities for the Audit of Compliance section of our report.
We are required to be independent of the Borough of Carteret and to meet our other ethical responsibilities,
in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence
we have obtained is sufficient and appropriate to provide a basis for our opinion on compliance for each
major federal and state program. Our audit does not provide a legal determination of the Borough of
Carteret’s compliance with the compliance requirements referred to above.
141
Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design,
implementation, and maintenance of effective internal control over compliance with the requirements of
laws, statutes, regulations, rules, and provisions of contracts or grant agreements applicable to the Borough
of Carteret’s federal and state programs.
Auditor’s Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the
compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion
on the Borough of Carteret’s compliance based on our audit. Reasonable assurance is a high level of
assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in
accordance with generally accepted auditing standards, Government Auditing Standards, the Uniform
Guidance and New Jersey OMB’s Circular 15-08 will always detect material noncompliance when it exists.
The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control. Noncompliance with the compliance requirements referred to above is considered material
if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment
made by a reasonable user of the report on compliance about the Borough of Carteret’s compliance with
the requirements of each major federal and state program as a whole.
In performing an audit in accordance with generally accepted auditing standards, Government Auditing
Standards, the Uniform Guidance and New Jersey OMB’s Circular 15-08, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material noncompliance, whether due to fraud or error, and design
and perform audit procedures responsive to those risks. Such procedures include examining, on a
test basis, evidence regarding the Borough of Carteret’s compliance with the compliance
requirements referred to above and performing such other procedures as we considered necessary
in the circumstances.
Obtain an understanding of the Borough of Carteret’s internal control over compliance relevant to
the audit in order to design audit procedures that are appropriate in the circumstances and to test
and report on internal control over compliance in accordance with the Uniform Guidance and New
Jersey OMB’s Circular 15-08, but not for the purpose of expressing an opinion on the effectiveness
of the Borough of Carteret’s internal control over compliance. Accordingly, no such opinion is
expressed.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal
control over compliance that we identified during the audit.
Report on Internal Control over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their assigned
functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a
federal or state program on a timely basis. A material weakness in internal control over compliance is a
deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a
reasonable possibility that material noncompliance with a type of compliance requirement of a federal or
state program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency
in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control
142
over compliance with a type of compliance requirement of a federal or state program that is less severe than
a material weakness in internal control over compliance, yet important enough to merit attention by those
charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the Auditor’s
Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies
in internal control over compliance that might be material weaknesses or significant deficiencies in internal
control over compliance. Given these limitations, during our audit we did not identify any deficiencies in
internal control over compliance that we consider to be material weaknesses, as defined above. However,
material weaknesses or significant deficiencies in internal control over compliance may exist that were not
identified.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control
over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing
of internal control over compliance and the results of that testing based on the requirements of the Uniform
Guidance and New Jersey OMB’s Circular 15-08. Accordingly, this report is not suitable for any other
purpose.
Respectfully Submitted,
HOLMAN FRENIA ALLISON, P.C.
Robert W. Allison
Certified Public Accountant
Registered Municipal Accountant
RMA #483
Lakewood, New Jersey
August 9, 2022
143
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146
BOROUGH OF CARTERET
NOTES TO SCHEDULES OF EXPENDITURES OF FEDERAL AWARDS AND STATE
FINANCIAL ASSISTANCE
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 1. Basis of Presentation
The accompanying schedules of expenditures of federal awards and state financial assistance present the
activity of all federal awards state financial assistance programs of the Borough of Carteret. The Borough
is defined in Note 1 of the basic financial statements. The information in these schedules is presented in
accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform
Guidance) and New Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants,
State Grants and State Aid. All federal and state awards received directly from federal and state agencies,
as well as federal awards and state financial assistance passed through other government agencies is
included on the schedule of expenditures of federal awards and state financial assistance.
Note 2. Summary of Significant Accounting Policies
The accompanying schedules of federal awards and state financial assistance are presented using the
modified accrual basis of accounting as promulgated by the State of New Jersey, Department of
Community Affairs, Division of Local Government Services, which is described in the Notes to the
Financial Statements, Note 1.
The amounts shown as current year expenditures represent only the federal or state grant portion of the
program costs. Such expenditures are recognized following the cost principles contained in Title 2 U.S.
Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards and State of New Jersey OMB Circular 15-08, Single Audit Policy for
Recipients of Federal Grants, State Grants and State Aid, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
The Borough did not elect the 10-percent de de minimis indirect cost rate as discussed in 2 CFR 200.414.
Note 3. Relationship to Basic Financial Statements
Amounts reported in the accompanying schedules agree with amounts reported in the Borough's financial
statements. Expenditures from awards are reported in the Borough’s financial statements as follows:
State Federal Total
Current Fund -$ 8,910.00$ 8,910.00$
State & Federal Grant Fund 73,654.73 593,854.38 667,509.11
Trust Fund - 581,804.35 581,804.35
General Capital Fund 3,795,949.30 1,419,645.99 5,215,595.29
Sewer Capital Fund 3,241,840.65 - 3,241,840.65
Total 7,111,444.68$ 2,604,214.72$ 9,715,659.40$
147
BOROUGH OF CARTERET
NOTES TO SCHEDULES OF EXPENDITURES OF FEDERAL AWARDS AND STATE
FINANCIAL ASSISTANCE
FOR THE YEAR ENDED DECEMBER 31, 2021
Note 4. Relationship to Federal and State Financial Reports
The regulations and guidelines governing the preparation of federal and state financial reports vary by
federal and state agency and among programs administered by the same agencies. Accordingly, the
amounts reported in the federal and state financial reports do not necessarily agree with the amounts
reported in the accompanying Schedules, which is prepared on the modified accrual basis of accounting
as explained in Note 2.
Note 5. Federal and State Loans Outstanding
The Borough had no loan balances outstanding at December 31, 2021.
Note 6. Contingencies
Each of the grantor agencies reserves the right to conduct additional audits of the Borough’s grant
program for economy, efficiency and program results. However, the Borough administration does not
believe such audits would result in material amounts of disallowed costs.
Note 7. Major Programs
Major programs are identified in the Summary of Auditor’s Results section of the Schedule of Findings
and Questioned Costs.
148
Financial Statements
Type of auditor's report issued
Internal control over financial reporting:
1) Material weakness(es) identified?yes X no
2) Significant deficiency(ies) identified?yes X no
Noncompliance material to financial statements noted?yes X no
Federal Awards
Internal control over major programs:
1) Material weakness(es) identified?yes X no
2) Significant deficiency(ies) identified?yes X no
Type of auditor's report issued on compliance for major programs
Any audit findings disclosed that are required to be reported
in accordance with 2 CFR 200 section .516(a) of Uniform Guidance?yes X no
Identification of major programs:
CFDA Number(s)Name of Federal Program or Cluster
Dollar threshold used to determine Type A programs
Auditee qualified as low-risk auditee?yes X no
$ 750,000
Adverse - GAAP;
Modified - Regulatory Basis
BOROUGH OF CARTERET
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Section I - Summary of Auditor's Results
20.205
Unmodified
Highway Planning and Construction
149
State Financial Assistance
Dollar threshold used to determine Type A programs
Auditee qualified as low-risk auditee? X yes no
Internal control over major programs:
1) Material weakness(es) identified?yes X no
2) Significant deficiency(ies) identified?yes X no
Type of auditor's report issued on compliance for major programs
Any audit findings disclosed that are required to be reported
in accordance with New Jersey OMB's Circular 15-08?yes X no
Identification of major programs:
State Grant/Project Number(s)Name of State Program
NJ Environmental Infrastructure TrustN/A
Unmodified - Regulatory Basis
$ 750,000
Section I - Summary of Auditor's Results (continued)
FOR THE YEAR ENDED DECEMBER 31, 2021
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
BOROUGH OF CARTERET
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BOROUGH OF CARTERET
SCHEDULE OF FINDINGS & QUESTIONED COSTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Section II – Financial Statement Findings
This section identifies the significant deficiencies, material weaknesses and instances of noncompliance
related to the basic financial statements that are required to be reported in accordance with Government
Auditing Standards and with audit requirements prescribed by the Division of Local Government
Services, Department of Community Affairs, State of New Jersey.
None.
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BOROUGH OF CARTERET
SCHEDULE OF FINDINGS & QUESTIONED COSTS
FOR THE YEAR ENDED DECEMBER 31, 2021
Section III –Federal Awards & State Financial Assistance Findings & Questioned Costs
This section identifies the significant deficiencies, material weaknesses and instances of noncompliance,
including questioned costs, related to the audit of major federal and state programs, as required by Title 2
U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost
Principals, and Audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB’s
Circular 15-08.
FEDERAL AWARDS
None.
STATE FINANCIAL ASSISTANCE
None.
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BOROUGH OF CARTERET
SUMMARY SCHEDULE OF PRIOR YEAR AUDIT FINDINGS
FOR THE YEAR ENDED DECEMBER 31, 2021
This section identifies the status of prior year findings related to the financial statements. and state
financial assistance that are required to be reported in accordance with Government Auditing Standards
and New Jersey OMB’s Circular 15-08.
FINANCIAL STATEMENT FINDINGS
No Prior Year Findings.
FEDERAL AWARDS
No Prior Year Findings.
STATE FINANCIAL ASSISTANCE
No Prior Year Findings.
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BOROUGH OF CARTERET
PART III
LETTER OF COMMENTS AND RECOMMENDATIONS – REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2021
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OFFICIALS IN OFFICE
The following officials were in office at December 31, 2021:
Name Title
Daniel Reiman Mayor
Vincent Bellino Council President
Dennis Dimascio Councilmember
Raymond Krum Councilmember
Jorge Diaz Councilmember
Ajmar Singh Johal Councilmember
Susan Naples Councilmember
Carmella Pogorzelski Municipal Clerk
Patrick J. DeBlasio Chief Financial Officer, Tax Collector,
Treasurer
Allen Comba Judge
Jay Briscione Tax Assessor
Robert J. Bergen Law Director
Madeline Zurick Court Administrator
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Honorable Mayor and Members
of the Borough Council
Borough of Carteret
Carteret, New Jersey
In accordance with requirements prescribed by the Division of Local Government Services, Department
of Community Affairs, State of New Jersey, the following are the General Comments and
Recommendations for the year ended December 31, 2021.
GENERAL COMMENTS:
Contracts and Agreements required to be advertised by (N.J.S.A.40A:11-4)
N.J.S.A.40A:11-4 states every contract or agreement, for the performance of any work or furnishing or
hiring of any materials or supplies, the cost or the contract price whereof is to be paid with or out of
public funds not included within the terms of Section 3 of this act, shall be made or awarded only by the
Governing Body of the contracting unit after public advertising for bids and bidding therefore, except as
is provided otherwise in this act or specifically by any other Law. No work, materials or supplies shall be
undertaken, acquired or furnished for a sum exceeding in the aggregate the bid threshold, except by
contract or agreement.
The bid threshold in accordance with N.J.S.A. 40A:11-4 was $44,000 for the year ended December 31,
2021.
It is pointed out that the governing body of the municipality has the responsibility of determining whether
the expenditures in any category will exceed the statutory minimum within the fiscal year. Where
question arises as to whether any contract or agreement might result in violation of the statute, the
solicitor's opinion should be sought before a commitment is made.
Inasmuch as the system of records did not provide for an accumulation of payments for categories for the
performance of any work or the furnishing or hiring of any materials or supplies, the results of such an
accumulation could not reasonably be ascertained. Disbursements were reviewed, however, to determine
whether any clear-cut violations existed.
Our examination of expenditures did not reveal any individual payments or contracts in excess of the bid
threshold “for the performance of any work, or the furnishing of any materials, supplies or labor” other
than those where bids had been previously sought by public advertisement or where a resolution had been
previously adopted under the provisions of N.J.S.A.40A:11-6.
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Collection of Interest on Delinquent Taxes and Assessments
N.J.S.54:4-67, provides the method for authorizing interest and the maximum rates to be charged for the
nonpayment of taxes or assessments on or before the date when they would become delinquent.
The governing body on January 21, 2021 adopted the following resolution authorizing interest to be
charged on delinquent taxes:
NOW THEREFORE, BE IT RESOLVED, by the Mayor and Council of the Borough of Carteret,
County of Middlesex, State of New Jersey as follows:
1) The Tax Collector is hereby authorized and directed to charge 8% per annum on the first
$1,500.00 of taxes becoming delinquent after due date and 18% per annum on any amount of
taxes in excess of $1,500.00 becoming delinquent after due date and if a delinquency is in excess
of $10,000.00 and remains in arrears beyond December 31st, an additional penalty of 6% shall
be charged against the delinquency.
2) Effective January 21, 2021, there will be a ten (10) day grace period of quarterly tax payments
made by cash, check, or money order.
3) Any payment not made in accordance with paragraph two (2) of this resolution shall be charged
interest from the due date as set forth in paragraph one (1) of this resolution.
It appears from an examination of the Collector's record that interest was collected in accordance with the
foregoing resolution.
OTHER COMMENTS (FINDINGS):
None.
RECOMMENDATIONS:
None.
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Appreciation
We express our appreciation for the assistance and courtesies extended to the members of the audit team.
Respectfully submitted,
HOLMAN FRENIA ALLISON, P. C.
Robert W. Allison
Certified Public Accountant
Registered Municipal Accountant
RMA #483
Lakewood, New Jersey
August 9, 2022
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