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Home My Public Portal About2022 Carteret AuditBOROUGH OF CARTERET COUNTY OF MIDDLESEX, NEW JERSEY ENDED DECEMBER 31, 2022 AUDIT REPORT FOR YEAR EXHIBITS PAGE Independent Auditor's Report 1 Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance 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 A 9 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 and Reserves - Regulatory Basis B 21 General Capital Fund: Statements of Assets, Liabilities, Reserves, and Fund Balance - Regulatory Basis C 23 Statement of Fund Balance - Regulatory Basis 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: Statements of Assets, Liabilities, Reserves, and Fund Balance - Regulatory Basis E 29 Notes To Financial Statements 33 (Continued) BOROUGH OF CARTERET COUNTY OF MIDDLESEX, NEW JERSEY CONTENTS PART I BOROUGH OF CARTERET COUNTY OF MIDDLESEX, NEW JERSEY CONTENTS EXHIBITS PAGE Supplementary Schedules: Current Fund Schedule of Current Cash A-4 79 Schedule of Change Funds A-5 80 Schedule of Due From State of New Jersey for Senior Citizens' and Veterans' Deductions A-6 80 Schedule of Property Taxes Receivable and Analysis of Levy A-7 81 Schedule of Property Acquired for Taxes at Assessed Valuation 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 2021 Appropriation Reserves A-12 85 Schedule of Interfunds A-13 90 Schedule of Prepaid Taxes A-14 91 Schedule of Tax Overpayments A-15 92 Schedule of Changes in Various Payables and Reserves A-16 93 Schedule of Taxes Payable A-17 94 Schedule of Due to/from Current Fund A-18 95 Schedule of Due to/From Capital Fund A-19 95 Schedule of State & Federal Grants Receivable A-20 96 Schedule of State and Federal Grants Appropriated A-21 97 Schedule of Reserve for Federal and State Grants A-22 98 Schedule of Interest on Investments A-23 99 Trust Fund Schedule of Trust Cash B-1 103 (Continued) BOROUGH OF CARTERET COUNTY OF MIDDLESEX, NEW JERSEY CONTENTS EXHIBITS PAGE General Capital Fund: Schedule of Cash C-2 107 Analysis of General Cash C-2a 108 Schedule of due to/from Grant Fund C-3 109 Schedule of Various Grants, Loans, and Other Receivables C-4 110 Schedue of Reserve for Receivables C-4a 110 Schedule of Deferred Charges - Funded C-5 111 Schedule of Deferred Charges to Future Taxation - Unfunded C-6 112 Schedule of Bond Anticipation Notes C-7 113 Schedule of Improvement Authorizations C-8 114 Schedule of General Serial Bonds C-9 115 Schedule of Project Loans Payable C-10 116 Schedule of Capital Leases Payable C-11 117 Schedule of Various Reserves C-12 118 Schedule of Reserve for Capital Improvement Fund C-13 119 Schedule of Bonds and Notes Authorized but Not Issues C-14 120 Sewer Utility Fund: Schedule of Sewer Utility Cash D-4 123 Schedule of Analysis of Sewer Utility Capital Fund Cash D-5 124 Schedule of Sewer Rents Receivable D-6 125 Schedule of Fixed Capital Completed D-7 126 Schedule of Fixed Capital Authorized and Uncompleted D-8 127 Schedule of 2021 Appropriation Reserves D-9 128 Schedule of Encumbrances Payable D-10 129 Schedule of Sewer Overpayments D-11 130 Schedule of Accrued Interest on Bonds, Notes, and Loans D-12 131 Schedule of General Serial Bonds D-13 132 Schedule of Infrastructure Loan Payable D-14 133 Schedule of Improvement Authorizations D-15 134 Schedule of Reserve for Amortization D-16 135 Schedule of Reserve for Deferred Amortization D-16a 135 Schedule of Reserve for Capital Improvement Fund D-17 136 Schedule of Sewer Liens D-18 137 Schedule of NJEIT Loan Payable Cash Advance D-19 138 Schedule of Accounts Payable D-20 139 Schedule of Bonds and Notes Authorized but Not Issues D-21 140 General Fixed Assets Account Group: Schedule of General Fixed Assets E-1 143 Schedule of Financial Statement Findings - Government Auditing Standards Independent Auditor's Report on Compliance for Each Major Program and on Internal Control Over Compliance Required by NJ OMB Circular 15-08 147 Schedule of Expenditures of State Financial Assistance 151 Notes to Schedule of Expenditures of State Financial Assistance 153 Schedule of Findings and Questioned Costs 155 Summary Schedule of Prior Year Audit Findings and Questioned Costs as Prepared by Management 158 Letter of Comments and Recommendations -Regulatory Basis Officials in Office and Surety Bonds 161 Contracts and Agreements Required to be Advertised by (N.J.S.A.40A:11-4) 163 Collection of Interest on Delinquent Taxes and Assessments 164 Appreciation 164 PART III PART II This page intentionally left blank ************** BOROUGH OF CARTERET COUNTY OF MIDDLESEX PART I INDEPENDENT AUDITOR'S REPORTS, BASIC FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES FOR THE YEAR ENDED DECEMBER 31, 2022 This page intentionally left blank 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 group of the Borough of Carteret, which comprise the statements of assets, liabilities, reserves and fund balance – regulatory basis as of December 31, 2022 and 2021, 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, 2022, and the related notes to the financial statements. 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, 2022 and 2021, 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, 2022, 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, 2022 and 2021, 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. 1 Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles As described in Note 1, 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 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. 2 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 schedule of expenditures of state financial assistance, as required by New Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants, and State Aid is also presented for purposes of additional analysis and is 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 September 20, 2023, 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 No. 483 Lakewood, New Jersey September 20, 2023 3 This page intentionally left blank 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, 2022, and the related notes to the financial statements, which collectively comprise the Borough’s basic financial statements, and have issued our report thereon dated September 20, 2023. 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. Report on 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. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that have not been identified. 5 Report on 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 Borough’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 Borough’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 Register Municipal Accountant RMA No. 483 Lakewood, New Jersey September 20, 2023 6 BASIC FINANCIAL STATEMENTS 7 This page intentionally left blank 8 Ex h i b i t - A BO R O U G H O F C A R T E R E T MI D D L E S E X C O U N T Y , N E W J E R S E Y CU R R E N T F U N D CO M P A R A T I V E B A L A N C E S H E E T - R E G U L A T O R Y B A S I S DE C E M B E R 3 1 , 2 0 2 2 A N D 2 0 2 1 BA L A N C E B A L A N C E BA L A N C E B A L A N C E DE C E M B E R 3 1 , D E C E M B E R 3 1 , DE C E M B E R 3 1 , D E C E M B E R 3 1 , RE F . 20 2 2 20 2 1 RE F . 20 2 2 20 2 1 Cu r r e n t F u n d : Li a b i l i t i e s : C a s h a n d I n v e s t m e n t s A - 4 $ 1 5 , 2 7 1 , 1 8 1 . 5 7 $ 1 3 , 2 8 3 , 0 1 3 . 5 9 A p p r o p r i a t i o n R e s e r v e s A - 3 $ 1 , 4 6 3 , 8 3 4 . 5 2 $ 2 , 4 2 2 , 4 0 6 . 4 4 C a s h - C h a n g e F u n d s A - 5 4 0 0 . 0 0 3 5 0 . 0 0 R e s e r v e F o r E n c u m b r a n c e s A - 3 1 , 6 6 1 , 0 5 4 . 4 9 1 , 6 7 1 , 0 2 8 . 7 7 P r e p a i d T a x e s A - 1 4 2 2 6 , 9 3 3 . 5 0 3 2 1 , 6 6 6 . 3 3 15 , 2 7 1 , 5 8 1 . 5 7 1 3 , 2 8 3 , 3 6 3 . 5 9 D u e t o G r a n t F u n d A - 1 4 - 6 , 9 1 8 . 3 4 T a x O v e r p a y m e n t A - 1 5 1 6 8 , 7 1 5 . 8 9 3 0 7 , 4 9 3 . 4 4 I n t e r e s t o n I n v e s t m e n t s A - 2 3 2 , 6 2 0 . 0 1 - D u e f r o m S t a t e o f N J - S r C i t i z e n & V e t e r e a n s ' D e d A - 6 2 , 7 2 6 . 7 3 3 2 8 . 1 8 $ Re c e i v a b l e s a n d O t h e r A s s e t s V a r i o u s A c c o u n t s P a y a b l e A - 1 6 8 7 8 , 9 1 0 . 6 8 3 4 5 , 3 4 0 . 5 6 W i t h F u l l R e s e r v e s : V a r i o u s R e s e r v e s A - 1 6 4 3 0 , 2 6 2 . 9 0 1 9 4 , 1 1 5 . 9 0 D e l i n q u e n t P r o p e r t y T a x e s R e c e i v a b l e A - 7 7 1 1 , 8 4 9 . 8 4 6 7 4 , 7 3 1 . 2 6 T a x T i t l e L i e n s R e c e i v a b l e A - 9 4 4 , 3 0 3 . 6 0 4 2 , 4 1 6 . 1 0 4, 8 3 5 , 0 5 8 . 7 2 5 , 2 6 9 , 2 9 7 . 9 6 P r o p e r t y A c q u i r e d f o r T a x e s - A s s e s s e d V a l u e A - 8 8 9 6 , 9 0 0 . 0 0 8 9 6 , 9 0 0 . 0 0 R e s e r v e f o r R e c e i v a b l e s a n d O t h e r A s s e t s R e s e r v e 1 , 7 7 3 , 3 9 2 . 5 4 1 , 6 8 2 , 3 3 5 . 7 0 D e m o l i t i o n L i e n s R e c e i v a b l e A - 1 1 9 , 6 0 9 . 5 0 9 , 6 0 9 . 5 0 F u n d B a l a n c e A - 1 1 0 , 4 3 6 , 5 2 2 . 8 5 8 , 0 1 4 , 0 6 5 . 6 3 R e v e n u e A c c o u n t s R e c e i v a b l e A - 1 0 1 1 0 , 7 2 9 . 6 0 5 8 , 6 7 8 . 8 4 1, 7 7 3 , 3 9 2 . 5 4 1 , 6 8 2 , 3 3 5 . 7 0 T o t a l C u r r e n t F u n d 1 7 , 0 4 4 , 9 7 4 . 1 1 1 4 , 9 6 5 , 6 9 9 . 2 9 T o t a l C u r r e n t F u n d 1 7 , 0 4 4 , 9 7 4 . 1 1 1 4 , 9 6 5 , 6 9 9 . 2 9 Fe d e r a l a n d S t a t e G r a n t F u n d F e d e r a l a n d S t a t e G r a n t F u n d : C a s h A - 4 1 , 5 9 9 , 1 3 7 . 5 2 6 , 9 1 8 . 3 4 D u e t o C a p i t a l F u n d A - 2 1 - 2 0 0 , 0 0 0 . 0 0 G r a n t s R e c e i v a b l e A - 2 0 1 5 , 2 3 3 , 2 2 7 . 4 4 4 , 1 8 2 , 6 4 0 . 2 8 R e s e r v e f o r E n c u m b r a n c e s A - 2 1 3 , 4 3 4 , 0 8 9 . 6 5 1 2 7 , 8 4 2 . 8 0 R e s e r v e f o r G r a n t s - U n a p p r o p r i a t e d A - 2 2 1 , 4 3 6 , 6 6 9 . 8 9 6 3 , 8 4 8 . 7 7 R e s e r v e f o r G r a n t s - A p p r o p r i a t e d A - 2 1 1 1 , 9 6 1 , 6 0 5 . 4 2 3 , 7 9 7 , 8 6 7 . 0 5 T o t a l G r a n t F u n d 1 6 , 8 3 2 , 3 6 4 . 9 6 4 , 1 8 9 , 5 5 8 . 6 2 T o t a l G r a n t F u n d 1 6 , 8 3 2 , 3 6 4 . 9 6 4 , 1 8 9 , 5 5 8 . 6 2 $ 3 3 , 8 7 7 , 3 3 9 . 0 7 $ 1 9 , 1 5 5 , 2 5 7 . 9 1 $ 3 3 , 8 7 7 , 3 3 9 . 0 7 $ 1 9 , 1 5 5 , 2 5 7 . 9 1 Th e a c c o m p a n y i n g N o t e s t o F i n a n c i a l S t a t e m e n t s a r e a n i n t e g r a l p a r t o f t h i s s t a t e m e n t . AS S E T S LI A B I L I T I E S , R E S E R V E S AN D F U N D B A L A N C E 9 Exhibit - A-1 REVENUE AND OTHER INCOME REF.YEAR 2022 YEAR 2021 Fund Balance Utilized A-1,A-2 $ 4,000,000.00 $ 3,000,000.00 Miscellaneous Revenue Anticipated A- 2 24,267,702.77 10,285,093.25 Receipts from Delinquent Taxes A- 2 684,103.06 584,946.69 Receipts from Current Taxes A-7 80,509,537.72 77,470,682.82 Non-Budget Revenue A- 2 351,822.15 516,440.87 Adjustment to Change Fund A-5 50.00 - Other Credits to Income: Unexpended Balance of Appropriation Reserves A-12 1,233,942.08 1,703,536.78 Cancellation of State and Federal Grants Appropriated A-21 27,292.00 1,037,950.19 Cancellation of Accounts Payable A-16 - 24,331.55 Cancellation of Prior Year Outstanding Checks A-4 - 21,113.18 Cancellation of Tax Overpayments A-15 - 47,196.68 Total Income 111,074,449.78 94,691,292.01 EXPENDITURES Budget Appropriations Operations Salaries and Wages A- 3 17,258,000.00 17,219,500.00 Other Expenses A- 3 30,738,408.39 17,333,887.37 Capital Improvements A- 3 2,825,000.00 2,825,000.00 Municipal Debt Service A- 3 3,504,259.96 3,310,515.11 Deferred Charges and Statutory Expenditures A- 3 4,251,375.85 4,044,196.00 County Taxes A-17 12,036,145.40 11,373,485.21 County Share of Added and Omitted Taxes A-17 22,013.58 70,554.17 Local District School Taxes A-17 29,753,886.00 30,029,799.00 Special District Taxes A-17 3,483,000.00 3,320,000.00 Municipal Open Space Tax A-17 746,979.65 753,929.22 Refund State Tax Appeals A-4 - - Cancellation of State and Federal Grants Receivable A-13 23,531.25 1,073,155.12 Prior Year Senior Citizens' and Veterans' Deductions Allowed/Disallowed (Net)A- 6 9,392.48 10,722.91 Total Expenditures 104,651,992.56 91,364,744.11 Excess in Revenue 6,422,457.22 3,326,547.90 Regulatory Excess to Fund Balance 6,422,457.22 3,326,547.90 Fund Balance, January 1 A 8,014,065.63 7,687,517.73 14,436,522.85 11,014,065.63 Decreased by: Utilization as Anticipated Revenue A-1 4,000,000.00 3,000,000.00 Fund Balance, December 31 A $10,436,522.85 $8,014,065.63 The accompanying Notes to Financial Statements are an integral part of this statement BOROUGH OF CARTERET FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 AND CHANGES IN FUND BALANCE - REGULATORY BASIS COMPARATIVE STATEMENTS OF OPERATIONS CURRENT FUND MIDDLESEX COUNTY, NEW JERSEY 10 Ex h i b i t - A - 2 BO R O U G H O F C A R T E R E T MI D D L E S E X C O U N T Y , N E W J E R S E Y CU R R E N T F U N D ST A T E M E N T O F R E V E N U E S - R E G U L A T O R Y B A S I S FO R T H E Y E A R E N D E D D E C E M B E R 3 1 , 2 0 2 2 AN T I C I P A T E D 20 2 2 N . J . S . A . E X C E S S O R RE F . BU D G E T 40 A : 4 - 8 7 RE A L I Z E D (D E F I C I T ) Su r p l u s A n t i c i p a t e d A- 1 $ 4 , 0 0 0 , 0 0 0 . 0 0 $ - $ 4 , 0 0 0 , 0 0 0 . 0 0 $ - Mi s c e l l a n e o u s R e v e n u e s : Li c e n s e s : Al c o h o l i c B e v e r a g e s A- 1 0 75 , 0 0 0 . 0 0 - 35 , 3 7 6 . 0 0 (3 9 , 6 2 4 . 0 0 ) Ot h e r A- 1 0 10 , 0 0 0 . 0 0 - 25 , 0 5 1 . 2 0 15 , 0 5 1 . 2 0 Fe e s a n d P e r m i t s A- 1 0 1 , 0 5 0 , 0 0 0 . 0 0 - 93 6 , 5 2 3 . 4 1 (1 1 3 , 4 7 6 . 5 9 ) Mu n i c i p a l C o u r t - F i n e s a n d C o s t s A- 1 0 25 0 , 0 0 0 . 0 0 - 22 4 , 5 7 8 . 5 0 (2 5 , 4 2 1 . 5 0 ) In t e r e s t a n d C o s t s o n T a x e s A- 1 0 18 0 , 0 0 0 . 0 0 - 16 1 , 0 9 5 . 5 6 (1 8 , 9 0 4 . 4 4 ) In t e r e s t o n I n v e s t m e n t s a n d D e p o s i t s A- 1 0 88 , 0 0 0 . 0 0 - 21 0 , 9 1 3 . 3 9 12 2 , 9 1 3 . 3 9 Pa y m e n t i n L i e u o f T a x e s A- 1 0 3 , 8 0 0 , 0 0 0 . 0 0 - 4 , 7 3 1 , 0 4 7 . 3 7 93 1 , 0 4 7 . 3 7 En e r g y R e c e i p t s T a x e s A- 1 0 2 , 50 0 , 1 1 9 . 0 0 - 2 , 5 0 0 , 1 1 9 . 0 0 - Co n s o l i d a t e d M u n i c i p a l P r o p e r t y T a x - Re l i e f A c t A- 1 0 82 , 9 9 2 . 0 0 - 82 , 9 9 2 . 0 0 - Un i f o r m C o n s t r u c t i o n C o d e F e e s A- 1 0 65 0 , 0 0 0 . 0 0 - 1 , 2 4 1 , 3 0 4 . 0 0 59 1 , 3 0 4 . 0 0 En g i n e e r i n g F e e s A- 1 0 30 , 0 0 0 . 0 0 - 17 , 2 6 7 . 4 4 (1 2 , 7 3 2 . 5 6 ) Un i f o r m F i r e S a f e t y A c t A- 1 0 60 , 0 0 0 . 0 0 - 66 , 4 3 2 . 7 3 6,4 3 2 . 7 3 Ca r t e r e t H a z m a t F u n d i n g A- 1 0 26 0 , 0 0 0 . 0 0 - 36 8 , 0 0 0 . 0 0 10 8 , 0 0 0 . 0 0 Ca p i t a l R e s e r v e F u n d f o r D e b t S e r v i c e P a y m e n t s - Mu n i c i p a l A l l i a n c e 11 , 08 3 . 0 0 11 , 0 8 3 . 0 0 - Cl e a n C o m m u n t i e s G r a n t A- 2 1 38 , 9 2 7 . 7 7 - 38 , 9 2 7 . 7 7 - Bo d y A r m o r - R e s e r v e d A- 2 1 98 8 . 0 0 - 98 8 . 0 0 - Bo d y A r m o r 2 0 2 2 A- 2 1 2,8 6 0 . 3 5 - 2, 8 6 0 . 3 5 - Ol d e r A m e r i c a n s A c t - R e s e r v e d A- 2 1 18 , 3 3 3 . 0 0 - 18 , 3 3 3 . 0 0 - Ol d e r A m e r i c a n s A c t 2 0 2 2 A- 2 1 27 , 3 7 0 . 0 0 - 27 , 3 7 0 . 0 0 - Co u n t y A r t s G r a n t - R e s e r v e d A- 2 1 5,6 0 0 . 0 0 - 5, 6 0 0 . 0 0 - - 15 9 R e s o l u t i o n s - S u m m e r F o o d - 35 , 1 9 1 . 3 0 35 , 1 9 1 . 3 0 - 15 9 R e s o l u t i o n s - C l i c k I t - T i c k e t I t - 7,0 0 0 . 0 0 7, 0 0 0 . 0 0 - 15 9 R e s o l u t i o n s - A R A - N j P u b l i c L i b r a r y - 20 , 0 0 0 . 0 0 20 , 0 0 0 . 0 0 - 15 9 R e s o l u t i o n s - N J D O T G r a n t - V a r i o u s - 12 , 4 6 1 , 9 2 5 . 7 5 12 , 4 6 1 , 9 2 5 . 7 5 - 15 9 R e s o l u t i o n s - U E Z - 32 9 , 8 8 7 . 0 0 32 9 , 8 8 7 . 0 0 - 15 9 R e s o l u t i o n s - U E Z G r a n t - 65 7 , 8 3 6 . 0 0 65 7 , 8 3 6 . 0 0 - 15 9 R e s o l u t i o n s - A R A - F i r e f i g h t e r G r a n t - 50 , 0 0 0 . 0 0 50 , 0 0 0 . 0 0 - To t a l M i s c e l l a n e o u s R e v e n u e s 9, 1 4 1 , 2 7 3 . 1 2 13 , 5 6 1 , 8 4 0 . 0 5 24 , 2 6 7 , 7 0 2 . 7 7 1, 5 6 4 , 5 8 9 . 6 0 No t e : S e e N o t e s t o F i n a n c i a l S t a t e m e n t s 11 Ex h i b i t - A - 2 BO R O U G H O F C A R T E R E T MI D D L E S E X C O U N T Y , N E W J E R S E Y CU R R E N T F U N D ST A T E M E N T O F R E V E N U E S - R E G U L A T O R Y B A S I S FO R T H E Y E A R E N D E D D E C E M B E R 3 1 , 2 0 2 2 AN T I C I P A T E D 20 2 2 N . J . S . A . E X C E S S O R RE F . BU D G E T 40 A : 4 - 8 7 RE A L I Z E D (D E F I C I T ) Re c e i p t s f r o m D e l i n q u e n t T a x e s 65 0 , 0 0 0 . 0 0 - 6 8 4 , 1 0 3 . 0 6 3 4 , 1 0 3 . 0 6 Su b t o t a l G e n e r a l R e v e n u e s 1 3 , 7 9 1 , 2 7 3 . 1 2 1 3 , 5 6 1 , 8 4 0 . 0 5 2 8 , 9 5 1 , 8 0 5 . 8 3 1 , 5 9 8 , 6 9 2 . 6 6 Am o u n t t o b e R a i s e d b y T a x e s f o r S u p p o r t o f : Mu n i c i p a l B u d g e t A - 7 3 1 , 6 0 6 , 2 5 8 . 4 2 - 3 4 , 8 3 5 , 3 4 9 . 9 0 3 , 2 2 9 , 0 9 1 . 4 8 Li b r a r y T a x A - 7 1 , 0 3 2 , 1 6 3 . 1 9 - 1 , 0 3 2 , 1 6 3 . 1 9 - Su b t o t a l A m o u n t t o b e R a i s e d b y T a x e s 3 2 , 6 3 8 , 4 2 1 . 6 1 - 3 5 , 8 6 7 , 5 1 3 . 0 9 3 , 2 2 9 , 0 9 1 . 4 8 To t a l G e n e r a l R e v e n u e s 4 6 , 4 2 9 , 6 9 4 . 7 3 1 3 , 5 6 1 , 8 4 0 . 0 5 6 4 , 8 1 9 , 3 1 8 . 9 2 4 , 8 2 7 , 7 8 4 . 1 4 No n - B u d g e t R e v e n u e s - - 3 5 1 , 8 2 2 . 1 5 3 5 1 , 8 2 2 . 1 5 $ 4 6 , 4 2 9 , 6 9 4 . 7 3 $ 1 3 , 5 6 1 , 8 4 0 . 0 5 $ 6 5 , 1 7 1 , 1 4 1 . 0 7 $ 5 , 1 7 9 , 6 0 6 . 2 9 Ad o p t e d B u d g e t A - 3 $ 4 6 , 4 2 9 , 6 9 4 . 7 3 Ad d e d b y N . J . S . A . 4 0 A : 4 - 8 7 A - 3 1 3 , 5 6 1 , 8 4 0 . 0 5 $ 5 9 , 9 9 1 , 5 3 4 . 7 8 An a l y s i s o f R e a l i z e d R e v e n u e s All o c a t i o n o f C u r r e n t T a x C o l l e c t i o n s : Pr e p a i d T a x e s P r i o r Y e a r $ 3 2 1 , 6 6 6 . 3 3 Ca s h C o l l e c t e d 2 0 2 1 8 0 , 0 8 5 , 8 7 1 . 3 9 Sta t e S h a r e o f S r C i t i z e n s & V e t . D e d u c t i o n s Al l o w e d 1 0 2 , 0 0 0 . 0 0 $ 8 0 , 5 0 9 , 5 3 7 . 7 2 All o c a t e d t o : Sc h o o l , C o u n t y an d S p e c i a l D i s t r i c t T a x e s 46 , 0 4 2 , 0 2 4 . 6 3 34 , 4 6 7 , 5 1 3 . 0 9 Ad d : R e s e r v e f o r U n c o l l e c t e d T a x e s 1 , 4 0 0 , 0 0 0 . 0 0 Am o u n t f o r S u p p o r t o f M u n i c i p a l B u d g e t $ 3 5 , 8 6 7 , 5 1 3 . 0 9 Th e a c c o m p a n y i n g N o t e s t o F i n a n c i a l S t a t e m e n t s a r e a n i n t e g r a l p a r t o f t h i s s t a t e m e n t . 12 Ex h i b i t A - 3 ST A T E M E N T O F E X P E N D I T U R E S - R E G U L A T O R Y B A S I S FO R T H E C A L E N D A R Y E A R E N D E D D E C E M B E R 3 1 , 2 0 2 2 EX P E N D E D UN E X P E N D E D OR I G I N A L N. J . S . A . B U D G E T A F T E R P A I D O R BA L A N C E BU D G E T Tr a n s f e r s 40 A : 4 - 8 7 MO D I F I C A T I O N CH A R G E D EN C U M B E R E D RE S E R V E D CA N C E L L E D Op e r a t i o n s W i t h i n " C A P S " GE N E R A L G O V E R N M E N T Ma y o r a n d C o u n c i l S a l a r i e s a n d W a g e s 2 0 0 , 0 0 0 . 0 0 $ - $ - $ 2 0 0 , 0 0 0 . 0 0 $ 1 9 6 , 0 2 1 . 7 8 $ - $ 3, 9 7 8 . 2 2 $ - $ O t h e r E x p e n s e s 16 , 0 0 0 . 0 0 - - 16 , 0 0 0 . 0 0 14 , 5 6 7 . 5 6 1, 3 6 5 . 5 1 66 . 9 3 Mu n i c i p a l C l e r k S a l a r i e s a n d W a g e s 47 5 , 0 0 0 . 0 0 - - 47 5 , 0 0 0 . 0 0 45 8 , 0 9 9 . 3 5 - 16 , 9 0 0 . 6 5 - O t h e r E x p e n s e s 48 , 0 0 0 . 0 0 - - 48 , 0 0 0 . 0 0 28 , 6 2 4 . 4 7 10 , 7 8 4 . 2 5 8, 5 9 1 . 2 8 - Fi n a n c i a l A d m i n i s t r a t i o n S a l a r i e s a n d W a g e s 44 5 , 0 0 0 . 0 0 - - 44 5 , 0 0 0 . 0 0 44 3 , 6 0 8 . 6 7 - 1, 3 9 1 . 3 3 - O t h e r E x p e n s e s 84 , 0 0 0 . 0 0 - - 84 , 0 0 0 . 0 0 79 , 7 5 5 . 1 8 3, 7 6 4 . 4 8 48 0 . 3 4 - An n u a l A u d i t O t h e r E x p e n s e s 34 , 0 0 0 . 0 0 - - 34 , 0 0 0 . 0 0 10 , 1 0 0 . 0 0 23 , 9 0 0 . 0 0 - - Re v e n u e A d m i n i s t r a t i o n S a l a r i e s a n d W a g e s 17 5 , 0 0 0 . 0 0 (2 6 , 0 0 0 . 0 0 ) - 14 9 , 0 0 0 . 0 0 14 6 , 4 4 1 . 0 1 - 2, 5 5 8 . 9 9 - O t h e r E x p e n s e s 29 , 0 0 0 . 0 0 - - 29 , 0 0 0 . 0 0 23 , 8 6 1 . 6 7 4, 5 8 3 . 1 7 55 5 . 1 6 - As s e s s m e n t o f T a x e s S a l a r i e s a n d W a g e s 15 5 , 0 0 0 . 0 0 (9 , 0 0 0 . 0 0 ) - 14 6 , 0 0 0 . 0 0 14 5 , 2 7 2 . 1 7 - 72 7 . 8 3 - O t h e r E x p e n s e s 60 , 0 0 0 . 0 0 35 , 0 0 0 . 0 0 - 95 , 0 0 0 . 0 0 29 , 9 8 5 . 8 0 63 , 4 2 2 . 5 0 1, 5 9 1 . 7 0 - Le g a l S e r v i c e s a n d C o s t s S a l a r i e s a n d W a g e s 25 5 , 0 0 0 . 0 0 - - 25 5 , 0 0 0 . 0 0 20 3 , 2 7 0 . 6 0 - 51 , 7 2 9 . 4 0 - O t h e r E x p e n s e s 67 5 , 0 0 0 . 0 0 - - 67 5 , 0 0 0 . 0 0 17 0 , 0 4 7 . 2 1 25 1 , 0 2 4 . 2 7 25 3 , 9 2 8 . 5 2 - BO R O U G H O F C A R T E R E T MI D D L E S E X C O U N T Y , N E W J E R S E Y CU R R E N T F U N D Th e a c c o m p a n y i n g N o t e s t o F i n a n c i a l S t a t e m e n t s a r e a n i n t e g r a l p a r t o f t h i s s t a t e m e n t . 13 Ex h i b i t A - 3 ST A T E M E N T O F E X P E N D I T U R E S - R E G U L A T O R Y B A S I S FO R T H E C A L E N D A R Y E A R E N D E D D E C E M B E R 3 1 , 2 0 2 2 EX P E N D E D UN E X P E N D E D OR I G I N A L N. J . S . A . B U D G E T A F T E R P A I D O R BA L A N C E BU D G E T Tr a n s f e r s 40 A : 4 - 8 7 MO D I F I C A T I O N CH A R G E D EN C U M B E R E D RE S E R V E D CA N C E L L E D GE N E R A L G O V E R N M E N T En g i n e e r i n g S e r v i c e s a n d C o s t s S a l a r i e s a n d W a g e s 2 6 5 , 0 0 0 . 0 0 - - 26 5 , 0 0 0 . 0 0 24 5 , 2 7 9 . 3 2 - 19 , 7 2 0 . 6 8 - O t h e r E x p e n s e s 45 0 , 0 0 0 . 0 0 21 0 , 0 0 0 . 0 0 - 66 0 , 0 0 0 . 0 0 33 1 , 1 2 8 . 6 4 32 7 , 2 9 4 . 4 1 1, 5 7 6 . 9 5 - Ec o n o m i c D e v e l o p m e n t A g e n c y S a l a r i e s a n d W a g e s 95 , 0 0 0 . 0 0 - - 95 , 0 0 0 . 0 0 88 , 6 0 0 . 5 0 - 6, 3 9 9 . 5 0 - O t h e r E x p e n s e s 1, 5 0 0 . 0 0 - - 1, 5 0 0 . 0 0 70 . 0 0 - 1, 4 3 0 . 0 0 - Mu n i c i p a l L a n d U s e L a w ( N . J . S . A . 4 0 : 5 5 D - 1 ) P l a n n i n g B o a r d S a l a r i e s a n d W a g e s 37 , 0 0 0 . 0 0 - - 37 , 0 0 0 . 0 0 18 , 4 4 6 . 2 5 - 18 , 5 5 3 . 7 5 - O t h e r E x p e n s e s 3, 0 0 0 . 0 0 - - 3, 0 0 0 . 0 0 50 2 . 1 3 - 2, 4 9 7 . 8 7 - Zo n i n g B o a r d S a l a r i e s a n d W a g e s 20 , 0 0 0 . 0 0 - - 20 , 0 0 0 . 0 0 14 , 0 8 7 . 4 2 - 5, 9 1 2 . 5 8 - O t h e r E x p e n s e s 1, 1 0 0 . 0 0 - - 1, 1 0 0 . 0 0 50 2 . 1 2 - 59 7 . 8 8 - Co n t r i b u t i o n t o R e d e v e l o p m e n t A g e n c y 20 0 , 0 0 0 . 0 0 - - 20 0 , 0 0 0 . 0 0 20 0 , 0 0 0 . 0 0 - - - Co n t r i b u t i o n t o P o r t A u t h o r i t y 50 0 , 0 0 0 . 0 0 - - 50 0 , 0 0 0 . 0 0 50 0 , 0 0 0 . 0 0 - - - Ce n t r a l J e r s e y A r t s C o u n c i l 10 0 , 0 0 0 . 0 0 - - 10 0 , 0 0 0 . 0 0 10 0 , 0 0 0 . 0 0 - - - Co n t r i b u t i o n t o H i s t o r i c a l S o c i e t y 5, 0 0 0 . 0 0 - - 5, 0 0 0 . 0 0 - 4, 8 0 0 . 0 0 20 0 . 0 0 - Sp e c i a l I m p r o v e m e n t D i s t r i c t 50 0 , 0 0 0 . 0 0 - - 50 0 , 0 0 0 . 0 0 50 0 , 0 0 0 . 0 0 - - - In s u r a n c e L i a b i l i t y I n s u r a n c e a n d S u r e t y B o n d P r e m i u m 1 , 3 8 2 , 0 0 0 . 0 0 - - 1, 3 8 2 , 0 0 0 . 0 0 1, 3 6 2 , 4 7 1 . 4 3 - 19 , 5 2 8 . 5 7 - W o r k e r C o m p e n s a t i o n I n s u r a n c e 46 8 , 0 0 0 . 0 0 - - 46 8 , 0 0 0 . 0 0 39 5 , 0 1 8 . 3 8 - 72 , 9 8 1 . 6 2 - Me d i c a l S u r g i c a l I n s . / E m p l o y e e G r o u p I n s u r a nc e E m p l o y e e G r o u p I n s u r a n c e 4, 4 8 0 , 0 0 0 . 0 0 (1 4 5 , 0 0 0 . 0 0 ) - 4, 3 3 5 , 0 0 0 . 0 0 3, 8 8 2 , 8 0 3 . 6 0 42 4 , 6 6 8 . 1 6 27 , 5 2 8 . 2 4 - E m p l o y e e G r o u p I n s u r a n c e - W a i v e r 25 , 0 0 0 . 0 0 - - 25 , 0 0 0 . 0 0 - - 25 , 0 0 0 . 0 0 - U n e m p l o y m e n t I n s u r a n c e 10 , 0 0 0 . 0 0 - - 10 , 0 0 0 . 0 0 10 , 0 0 0 . 0 0 - - - BO R O U G H O F C A R T E R E T MI D D L E S E X C O U N T Y , N E W J E R S E Y CU R R E N T F U N D Th e a c c o m p a n y i n g N o t e s t o F i n a n c i a l S t a t e m e n t s a r e a n i n t e g r a l p a r t o f t h i s s t a t e m e n t . 14 Ex h i b i t A - 3 ST A T E M E N T O F E X P E N D I T U R E S - R E G U L A T O R Y B A S I S FO R T H E C A L E N D A R Y E A R E N D E D D E C E M B E R 3 1 , 2 0 2 2 EX P E N D E D UN E X P E N D E D OR I G I N A L N. J . S . A . B U D G E T A F T E R P A I D O R BA L A N C E BU D G E T Tr a n s f e r s 40 A : 4 - 8 7 MO D I F I C A T I O N CH A R G E D EN C U M B E R E D RE S E R V E D CA N C E L L E D PU B L I C S A F E T Y Po l i c e S a l a r i e s a n d W a g e s : P e r m a n e n t F u l l T i m e 8 , 5 5 0 , 0 0 0 . 0 0 - - 8, 5 5 0 , 0 0 0 . 0 0 8,5 4 7 , 9 5 4 . 2 6 - 2, 0 4 5 . 7 4 - S c h o o l C r o s s i n g G u a r d s 27 5 , 0 0 0 . 0 0 (1 0 7 , 0 0 0 . 0 0 ) - 16 8 , 0 0 0 . 0 0 16 1 , 6 1 4 . 9 6 - 6, 3 8 5 . 0 4 - O t h e r E x p e n s e s 30 5 , 0 0 0 . 0 0 - - 30 5 , 0 0 0 . 0 0 16 7 , 9 7 4 . 8 0 13 4 , 9 5 4 . 7 3 2, 0 7 0 . 4 7 - Po l i c e D i s p a t c h / 9 1 1 S a l a r i e s a n d W a g e s 45 0 , 0 0 0 . 0 0 (5 0 , 0 0 0 . 0 0 ) - 40 0 , 0 0 0 . 0 0 38 9 , 0 2 9 . 2 8 - 10 , 9 7 0 . 7 2 - Em e r g e n c y M a n a g e m e n t S e r v i c e s S a l a r i e s a n d W a g e s 10 , 0 0 0 . 0 0 - - 10 , 0 0 0 . 0 0 8, 9 6 5 . 5 8 - 1, 0 3 4 . 4 2 - O t h e r E x p e n s e s 10 , 0 0 0 . 0 0 2, 0 0 0 . 0 0 - 12 , 0 0 0 . 0 0 9, 2 1 8 . 0 0 78 2 . 0 0 2, 0 0 0 . 0 0 - Em e r g e n c y M e d i c a l S e r v i c e s S a l a r i e s a n d W a g e s 37 5 , 0 0 0 . 0 0 (1 0 0 , 0 0 0 . 0 0 ) - 27 5 , 0 0 0 . 0 0 27 0 , 7 1 1 . 3 0 - 4, 2 8 8 . 7 0 - O t h e r E x p e n s e s : 70 , 0 0 0 . 0 0 - - 70 , 0 0 0 . 0 0 48 , 3 2 0 . 9 3 21 , 3 3 8 . 4 1 34 0 . 6 6 - Ai d t o V o l u n t e e r F i r e C o m p a n i e s 40 , 0 0 0 . 0 0 - - 40 , 0 0 0 . 0 0 12 , 5 5 1 . 7 3 6,0 5 4 . 9 0 21 , 3 9 3 . 3 7 - Fi r e Sa l a r i e s a n d W a g e s 2, 8 5 0 , 0 0 0 . 0 0 - - 2, 8 5 0 , 0 0 0 . 0 0 2, 8 4 9 , 9 4 7 . 2 0 - 52 . 8 0 - Ot h e r E x p e n s e s : 51 4 , 0 0 0 . 0 0 - - 51 4 , 0 0 0 . 0 0 46 4 , 3 1 0 . 5 7 3,2 3 9 . 6 2 46 , 4 4 9 . 8 1 - Ca r t e r e t H a z m a t A s s o c i a t i o n A g r e e m e n t Sa l a r i e s a n d W a g e s 17 6 , 0 0 0 . 0 0 - - 17 6 , 0 0 0 . 0 0 17 6 , 0 0 0 . 0 0 - - - Ot h e r E x p e n s e s : 91 , 0 0 0 . 0 0 - - 91 , 0 0 0 . 0 0 73 , 3 1 7 . 0 5 15 , 7 9 6 . 1 5 1, 8 8 6 . 8 0 - Mu n i c i p a l P r o s e c u t o r S a l a r i e s a n d W a g e s 60 , 0 0 0 . 0 0 5, 0 0 0 . 0 0 - 65 , 0 0 0 . 0 0 65 , 0 0 0 . 0 0 - - - - - - ST R E ETS A N D R O A D S Ro a d R e p a i r s a n d M a i n t e n a n c e S a l a r i e s a n d W a g e s 7 0 0 , 0 0 0 . 0 0 2 5 , 0 0 0 . 0 0 - 7 2 5 , 0 0 0 . 0 0 6 9 8 , 6 1 7 . 0 8 - 2 6 , 3 8 2 . 9 2 - O t h e r E x p e n s e s 4 3 0 , 0 0 0 . 0 0 - - 43 0 , 0 0 0 . 0 0 31 5 , 6 2 3 . 3 2 61 , 3 9 6 . 3 6 52 , 9 8 0 . 3 2 - BO R O U G H O F C A R T E R E T MI D D L E S E X C O U N T Y , N E W J E R S E Y CU R R E N T F U N D Th e a c c o m p a n y i n g N o t e s t o F i n a n c i a l S t a t e m e n t s a r e a n i n t e g r a l p a r t o f t h i s s t a t e m e n t . 15 Ex h i b i t A - 3 ST A T E M E N T O F E X P E N D I T U R E S - R E G U L A T O R Y B A S I S FO R T H E C A L E N D A R Y E A R E N D E D D E C E M B E R 3 1 , 2 0 2 2 EX P E N D E D UN E X P E N D E D OR I G I N A L N. J . S . A . B U D G E T A F T E R P A I D O R BA L A N C E BU D G E T Tr a n s f e r s 40 A : 4 - 8 7 MO D I F I C A T I O N CH A R G E D EN C U M B E R E D RE S E R V E D CA N C E L L E D SA N I T A T I O N St r e e t C l e a n i n g S a l a r i e s a n d W a g e s 2 0 0 , 0 0 0 . 0 0 - - 20 0 , 0 0 0 . 0 0 19 8 , 7 7 4 . 0 7 - 1, 2 2 5 . 9 3 - O t h e r E x p e n s e s 1,5 0 0 . 0 0 - - 1, 5 0 0 . 0 0 - - 1, 5 0 0 . 0 0 - Ga r b a g e a n d T r a s h R e m o v a l O t h e r E x p e n s e s 1, 7 5 0 , 0 0 0 . 0 0 - - 1, 7 5 0 , 0 0 0 . 0 0 1,4 4 2 , 4 5 0 . 0 3 13 6 , 8 3 0 . 1 0 17 0 , 7 1 9 . 8 7 - Pu b l i c B u i l d i n g s a n d G r o u n d s S a l a r i e s a n d W a g e s 20 0 , 0 0 0 . 0 0 - - 20 0 , 0 0 0 . 0 0 19 2 , 6 8 3 . 0 9 - 7, 3 1 6 . 9 1 - O t h e r E x p e n s e s 27 5 , 0 0 0 . 0 0 10 , 0 0 0 . 0 0 - 28 5 , 0 0 0 . 0 0 24 6 , 9 0 3 . 8 2 37 , 3 7 3 . 4 0 72 2 . 7 8 - Mu n i c i p a l G a r a g e S a l a r i e s a n d W a g e s 16 0 , 0 0 0 . 0 0 - - 16 0 , 0 0 0 . 0 0 15 4 , 4 2 3 . 3 9 - 5, 5 7 6 . 6 1 - O t h e r E x p e n s e s 13 5 , 0 0 0 . 0 0 10 , 0 0 0 . 0 0 - 14 5 , 0 0 0 . 0 0 12 7 , 9 6 1 . 8 5 14 , 2 6 9 . 1 8 2, 7 6 8 . 9 7 - HE A L T H A N D W E L F A R E Bo a r d o f H e a l t h O t h e r E x p e n s e s 1 1 7 , 0 0 0 . 0 0 - - 11 7 , 0 0 0 . 0 0 13 , 8 7 8 . 2 8 3,1 0 3 . 5 9 10 0 , 0 1 8 . 1 3 - An i m a l C o n t r o l S e r v i c e s O t h e r E x p e n s e s 33 , 0 0 0 . 0 0 - - 33 , 0 0 0 . 0 0 26 , 5 8 3 . 2 6 2,8 4 1 . 7 4 3, 5 7 5 . 0 0 - Mu n i c i p a l C o u r t S a l a r i e s a n d W a g e s 36 0 , 0 0 0 . 0 0 - - 36 0 , 0 0 0 . 0 0 33 4 , 9 4 3 . 5 1 - 25 , 0 5 6 . 4 9 - O t h e r E x p e n s e s 43 , 0 0 0 . 0 0 - - 43 , 0 0 0 . 0 0 31 , 7 0 9 . 6 5 - 11 , 2 9 0 . 3 5 - Pu b l i c D e f e n d e r S a l a r i e s a n d W a g e s 12 , 0 0 0 . 0 0 - - 12 , 0 0 0 . 0 0 11 , 4 5 5 . 8 6 - 54 4 . 1 4 - RE C R E A T I O N A N D E D U C A T I O N Re c r e a t i o n C o m m i s s i o n O t h e r E x p e n s e s 8 5 , 0 0 0 . 0 0 - - 85 , 0 0 0 . 0 0 47 , 4 5 8 . 6 0 20 , 7 2 8 . 0 2 16 , 8 1 3 . 3 8 - Pa r k s a n d P l a y g r o u n d s S a l a r i e s a n d W a g e s 53 0 , 0 0 0 . 0 0 10 , 0 0 0 . 0 0 - 54 0 , 0 0 0 . 0 0 51 0 , 8 2 2 . 1 7 - 29 , 1 7 7 . 8 3 - O t h e r E x p e n s e s 29 0 , 0 0 0 . 0 0 20 , 0 0 0 . 0 0 - 31 0 , 0 0 0 . 0 0 26 0 , 8 8 6 . 3 9 42 , 0 0 5 . 2 6 7, 1 0 8 . 3 5 - Se n i o r C i t i z e n s T r a n s p o r t a t i o n S a l a r i e s a n d W a g e s 50 , 0 0 0 . 0 0 - - 50 , 0 0 0 . 0 0 30 , 9 8 1 . 7 0 - 19 , 0 1 8 . 3 0 - O t h e r E x p e n s e s 6,5 0 0 . 0 0 - - 6, 5 0 0 . 0 0 1, 2 4 0 . 0 0 - 5, 2 6 0 . 0 0 - BO R O U G H O F C A R T E R E T MI D D L E S E X C O U N T Y , N E W J E R S E Y CU R R E N T F U N D Th e a c c o m p a n y i n g N o t e s t o F i n a n c i a l S t a t e m e n t s a r e a n i n t e g r a l p a r t o f t h i s s t a t e m e n t . 16 Ex h i b i t A - 3 ST A T E M E N T O F E X P E N D I T U R E S - R E G U L A T O R Y B A S I S FO R T H E C A L E N D A R Y E A R E N D E D D E C E M B E R 3 1 , 2 0 2 2 EX P E N D E D UN E X P E N D E D OR I G I N A L N. J . S . A . B U D G E T A F T E R P A I D O R BA L A N C E BU D G E T Tr a n s f e r s 40 A : 4 - 8 7 MO D I F I C A T I O N CH A R G E D EN C U M B E R E D RE S E R V E D CA N C E L L E D Of f i c e o f t h e H a n d i c a p p e d S a l a r i e s a n d W a g e s 6 , 0 0 0 . 0 0 - - 6, 0 0 0 . 0 0 3, 3 6 3 . 5 0 - 2, 6 3 6 . 5 0 - O t h e r E x p e n s e s 2, 5 0 0 . 0 0 - - 2, 5 0 0 . 0 0 - - 2, 5 0 0 . 0 0 - Ha n d i c a p p e d R e c r e a t i o n S a l a r i e s a n d W a g e s 14 , 0 0 0 . 0 0 - - 14 , 0 0 0 . 0 0 10 , 0 9 0 . 5 0 - 3, 9 0 9 . 5 0 - O t h e r E x p e n s e s 10 , 0 0 0 . 0 0 - - 10 , 0 0 0 . 0 0 98 8 . 6 2 2, 5 4 3 . 5 0 6, 4 6 7 . 8 8 - UT I L I T Y E X P E N S E S & B U L K P U R C H A S I N G El e c t r i c i t y 53 0 , 0 0 0 . 0 0 - - 53 0 , 0 0 0 . 0 0 47 9 , 9 4 5 . 1 3 - 50 , 0 5 4 . 8 7 - St r e e t L i g h t i n g 75 0 , 0 0 0 . 0 0 (3 5 , 0 0 0 . 0 0 ) - 71 5 , 0 0 0 . 0 0 63 8 , 1 5 8 . 5 0 - 76 , 8 4 1 . 5 0 - Te l e p h o n e 26 0 , 0 0 0 . 0 0 10 , 0 0 0 . 0 0 - 27 0 , 0 0 0 . 0 0 26 7 , 7 3 8 . 6 8 1, 4 5 9 . 2 5 80 2 . 0 7 - Wa t e r 22 5 , 0 0 0 . 0 0 10 , 0 0 0 . 0 0 - 23 5 , 0 0 0 . 0 0 22 3 , 7 2 9 . 0 0 - 11 , 2 7 1 . 0 0 - Ga s - N a t u r a l 85 , 0 0 0 . 0 0 - - 85 , 0 0 0 . 0 0 85 , 0 0 0 . 0 0 - - - Ga s o l i n e 19 5 , 0 0 0 . 0 0 30 , 0 0 0 . 0 0 - 22 5 , 0 0 0 . 0 0 19 1 , 4 5 8 . 8 5 2, 6 9 5 . 8 8 30 , 8 4 5 . 2 7 - Te l e c o m m u n i c a t i o n s C o s t s S & W 11 0 , 0 0 0 . 0 0 - - 11 0 , 0 0 0 . 0 0 97 , 1 2 8 . 3 0 - 12 , 8 7 1 . 7 0 - Te l e c o m m u n i c a t i o n s C o s t s O E 10 0 , 0 0 0 . 0 0 - - 10 0 , 0 0 0 . 0 0 94 , 1 3 1 . 9 9 5, 6 8 4 . 0 0 18 4 . 0 1 - Po s t a g e 50 , 0 0 0 . 0 0 - - 50 , 0 0 0 . 0 0 31 , 2 5 6 . 8 4 4, 3 6 0 . 2 1 14 , 3 8 2 . 9 5 - UN I F O R M C O N S T R U C T I O N C O D E - A P P R O P S . O F F S E T B Y D E D I C A T E D R E V E N U E S ( N J A C 5 : 2 3 - 4 . 1 7 ) Bu i l d i n g I n s p e c t o r S a l a r i e s a n d W a g e s 2 8 0 , 0 0 0 . 0 0 4 0 , 0 0 0 . 0 0 - 3 2 0 , 0 0 0 . 0 0 3 1 3 , 1 7 7 . 5 2 - 6, 8 2 2 . 4 8 - O t h e r E x p e n s e s 27 , 0 0 0 . 0 0 - - 27 , 0 0 0 . 0 0 23 , 8 3 7 . 8 6 3, 0 2 7 . 6 8 13 4 . 4 6 - OT H E R C O M M O N O P E R A T I N G F U N C T I O N S ( U N C L A S S I F I E D ) Ol d e r A m e r i c a n s A c t S a l a r i e s a n d W a g e s 1 4 0 , 0 0 0 . 0 0 - - 14 0 , 0 0 0 . 0 0 13 2 , 8 5 0 . 6 4 - 7, 1 4 9 . 3 6 - O t h e r E x p e n s e s 1, 0 0 0 . 0 0 - - 1, 0 0 0 . 0 0 - - 1, 0 0 0 . 0 0 - Ce l e b r a t i o n o f P u b l i c E v e n t s 15 0 , 0 0 0 . 0 0 - - 15 0 , 0 0 0 . 0 0 13 3 , 1 3 3 . 8 0 5, 2 3 7 . 1 0 11 , 6 2 9 . 1 0 - To t a l O p e r a t i o n s W i t h i n " C A P S " 33 , 2 8 3 , 1 0 0 . 0 0 ( 5 5 , 0 0 0 . 0 0 ) - 3 3 , 2 2 8 , 1 0 0 . 0 0 30 , 2 1 6 , 8 6 6 . 7 2 1, 6 4 1 , 3 2 7 . 8 3 1, 3 6 9 , 9 0 5 . 4 5 - BO R O U G H O F C A R T E R E T MI D D L E S E X C O U N T Y , N E W J E R S E Y CU R R E N T F U N D Th e a c c o m p a n y i n g N o t e s t o F i n a n c i a l S t a t e m e n t s a r e a n i n t e g r a l p a r t o f t h i s s t a t e m e n t . 17 Ex h i b i t A - 3 ST A T E M E N T O F E X P E N D I T U R E S - R E G U L A T O R Y B A S I S FO R T H E C A L E N D A R Y E A R E N D E D D E C E M B E R 3 1 , 2 0 2 2 EX P E N D E D UN E X P E N D E D OR I G I N A L N. J . S . A . B U D G E T A F T E R P A I D O R BA L A N C E BU D G E T Tr a n s f e r s 40 A : 4 - 8 7 MO D I F I C A T I O N CH A R G E D EN C U M B E R E D RE S E R V E D CA N C E L L E D Co n t i n g e n t 10 , 0 0 0 . 0 0 - - 10 , 0 0 0 . 0 0 7, 5 9 8 . 4 1 - 2, 4 0 1 . 5 9 - To t a l O p e r a t i o n s I n c l u d i n g C o n t i n g e n t W i t h i n " C A P S " 33 , 2 9 3 , 1 0 0 . 0 0 ( 5 5 , 0 0 0 . 0 0 ) - 3 3 , 2 3 8 , 1 0 0 . 0 0 30 , 2 2 4 , 4 6 5 . 1 3 1, 6 4 1 , 3 2 7 . 8 3 1, 3 7 2 , 3 0 7 . 0 4 - DE T A I L : Sa l a r i e s a n d W a g e s 17 , 4 7 0 , 0 0 0 . 0 0 ( 2 1 2 , 0 0 0 . 0 0 ) - 1 7 , 2 5 8 , 0 0 0 . 0 0 16 , 9 3 4 , 1 9 0 . 9 3 6, 0 5 4 . 9 0 31 7 , 7 5 4 . 1 7 - Ot h e r E x p e n s e s ( I n c l u d i n g C o n t i n g e n t ) 15 , 8 2 3 , 1 0 0 . 0 0 1 5 7 , 0 0 0 . 0 0 - 1 5 , 9 8 0 , 1 0 0 . 0 0 13 , 2 9 0 , 2 7 4 . 2 0 1, 6 3 5 , 2 7 2 . 9 3 1, 0 5 4 , 5 5 2 . 8 7 - St a t u t o r y E x p e n d i t u r e s : C o n t r i b u t i o n t o : P u b l i c E m p l o y e e s R e t i r e m e n t S y s t e m 71 5 , 8 1 1 . 0 1 - - 71 5 , 8 1 1 . 0 1 71 5 , 8 1 1 . 0 1 - - - P o l i c e a n d F i r e m a n ' s R e t i r e m e n t S y s t e m 2, 8 6 4 , 1 6 4 . 8 4 - - 2, 8 6 4 , 1 6 4 . 8 4 2, 8 6 4 , 1 6 4 . 8 4 - - - S o c i a l S e c u r i t y S y s t e m ( O . A . S . I . ) 66 0 , 0 0 0 . 0 0 - - 66 0 , 0 0 0 . 0 0 66 0 , 0 0 0 . 0 0 - - - D C R P 2, 0 0 0 . 0 0 - - 2, 0 0 0 . 0 0 2, 0 0 0 . 0 0 - - - C o n s o l . P o l i c e & F i r e m e n ' s F u n d 9, 4 0 0 . 0 0 - - 9, 4 0 0 . 0 0 - - 9, 4 0 0 . 0 0 - To t a l D e f e r r e d C h a r g e s a n d S t a t u t o r y Ex p e n d i t u r e s M u n i c i p a l W i t h i n " C A P S " 4, 2 5 1 , 3 7 5 . 8 5 - - 4, 2 5 1 , 3 7 5 . 8 5 4, 2 4 1 , 9 7 5 . 8 5 - 9, 4 0 0 . 0 0 - To t a l G e n e r a l A p p r o p r i a t i o n s f o r - M u n i c i p a l P u r p o s e s W i t h i n " C A P S " 37 , 5 4 4 , 4 7 5 . 8 5 ( 5 5 , 0 0 0 . 0 0 ) - 3 7 , 4 8 9 , 4 7 5 . 8 5 34 , 4 6 6 , 4 4 0 . 9 8 1, 6 4 1 , 3 2 7 . 8 3 1, 3 8 1 , 7 0 7 . 0 4 - BO R O U G H O F C A R T E R E T MI D D L E S E X C O U N T Y , N E W J E R S E Y CU R R E N T F U N D Th e a c c o m p a n y i n g N o t e s t o F i n a n c i a l S t a t e m e n t s a r e a n i n t e g r a l p a r t o f t h i s s t a t e m e n t . 18 Ex h i b i t A - 3 ST A T E M E N T O F E X P E N D I T U R E S - R E G U L A T O R Y B A S I S FO R T H E C A L E N D A R Y E A R E N D E D D E C E M B E R 3 1 , 2 0 2 2 EX P E N D E D UN E X P E N D E D OR I G I N A L N. J . S . A . B U D G E T A F T E R P A I D O R BA L A N C E BU D G E T Tr a n s f e r s 40 A : 4 - 8 7 MO D I F I C A T I O N CH A R G E D EN C U M B E R E D RE S E R V E D CA N C E L L E D Op e r a t i o n s E x c l u d e d F r o m " C A P S " Le n g t h o f S e r v i c e A w a r d P r o g r a m - Vo l u n t e e r F i r e 1 0 , 0 0 0 . 0 0 - - 10 , 0 0 0 . 0 0 9, 8 7 2 . 9 2 - 12 7 . 0 8 - Ma i n t e n a n c e o f F r e e P u b l i c L i b r a r y ( C h . 8 2 & 5 4 , P . L . 1 9 8 5 ) 1, 0 3 2 , 1 6 3 . 1 9 - - 1, 0 3 2 , 1 6 3 . 1 9 93 0 , 4 3 6 . 1 3 19 , 7 2 6 . 6 6 82 , 0 0 0 . 4 0 - NJ D E P F e e s 5,2 5 0 . 0 0 - - 5, 2 5 0 . 0 0 5, 2 5 0 . 0 0 - - - To t a l O p e r a t i o n s E x c l u d e d f r o m " C A P S " 1, 0 4 7 , 4 1 3 . 1 9 - - 1, 0 4 7 , 4 1 3 . 1 9 94 5 , 5 5 9 . 0 5 19 , 7 2 6 . 6 6 82 , 1 2 7 . 4 8 - PU B L I C A N D P R I V A T E P R O G R A M S OF F S E T B Y R E V E N U E S Mu n i c i p a l A l l i a n c e - A l c o h o l & D r u g M a t c h 2,7 7 0 . 7 5 - - 2, 7 7 0 . 7 5 2, 7 7 0 . 7 5 - - - Co u n t y A r t s G r a n t - R e s e r v e d 5,6 0 0 . 0 0 - - 5, 6 0 0 . 0 0 5, 6 0 0 . 0 0 - - - Bo d y A r m o r R e s e r v e d 98 8 . 0 0 - - 98 8 . 0 0 98 8 . 0 0 - - - Bo d y A r m o r G r a n t 2,8 6 0 . 3 5 - - 2, 8 6 0 . 3 5 2, 8 6 0 . 3 5 - - - Cl e a n C o m m u n i t i e s 38 , 9 2 7 . 7 7 - - 38 , 9 2 7 . 7 7 38 , 9 2 7 . 7 7 - - - 18 , 3 3 3 . 0 0 - - 18 , 3 3 3 . 0 0 18 , 3 3 3 . 0 0 - - - 27 , 3 7 0 . 0 0 - - 27 , 3 7 0 . 0 0 27 , 3 7 0 . 0 0 - - - Mu n i c ip a l A l l i a n c e 11 , 0 8 3 . 0 0 - - 11 , 0 8 3 . 0 0 11 , 0 8 3 . 0 0 - - - 15 9 R e s o l u t i o n s - S u m m e r F o o d - - 3 5 , 1 9 1 . 3 0 35 , 1 9 1 . 3 0 35 , 1 9 1 . 3 0 - - - 15 9 R e s o l u t i o n s - C l ick I t - T i c k e t I t - - 7 , 0 0 0 . 0 0 7, 0 0 0 . 0 0 7, 0 0 0 . 0 0 - - - 15 9 R e s o l u t i o n s - A R A - N j P u b l i c L i b r a r y - - 2 0 , 0 0 0 . 0 0 20 , 0 0 0 . 0 0 20 , 0 0 0 . 0 0 - - - 15 9 R e s o l u t i o n s - N J D O T G r a n t - V a r i o u s - - 1 2 , 4 6 1 , 9 2 5 . 7 5 12 , 4 6 1 , 9 2 5 . 7 5 12 , 4 6 1 , 9 2 5 . 7 5 - - - 15 9 R e s o l u t i o n s - U E Z - - 3 2 9 , 8 8 7 . 0 0 32 9 , 8 8 7 . 0 0 32 9 , 8 8 7 . 0 0 - - - 15 9 R e s o l u t i o n s - U E Z G r a n t - - 6 5 7 , 8 3 6 . 0 0 65 7 , 8 3 6 . 0 0 65 7 , 8 3 6 . 0 0 - - - 15 9 R e s o l u t i o n s - A R A - F i r e f i g h t e r G r a n t - - 5 0 , 0 0 0 . 0 0 50 , 0 0 0 . 0 0 50 , 0 0 0 . 0 0 - - - To t a l P u b l i c a n d P r i v a t e P r o g r a m s E x c l u d e d f r o m " C A P S " 10 7 , 9 3 2 . 8 7 - 1 3 , 5 6 1 , 8 4 0 . 0 5 13 , 6 6 9 , 7 7 2 . 9 2 13 , 6 6 9 , 7 7 2 . 9 2 - - - To t a l O p e r a t i o n s - E x c l u d e d f r o m " C A P S " 1, 1 5 5 , 3 4 6 . 0 6 - 1 3 , 5 6 1 , 8 4 0 . 0 5 14 , 7 1 7 , 1 8 6 . 1 1 14 , 6 1 5 , 3 3 1 . 9 7 19 , 7 2 6 . 6 6 82 , 1 2 7 . 4 8 - DE T A I L : O t h e r E x p e n s e s 1, 1 5 5 , 3 4 6 . 0 6 - 1 3 , 5 6 1 , 8 4 0 . 0 5 14 , 7 1 7 , 1 8 6 . 1 1 14 , 6 1 5 , 3 3 1 . 9 7 19 , 7 2 6 . 6 6 82 , 1 2 7 . 4 8 - Ol de r A m e r i c a n - R e s e r v e d Ol d e r A m e r i c a n BO R O U G H O F C A R T E R E T MI DD L ES E X C O U N T Y , N E W J E R S E Y CU R R E N T F U N D Th e a c c o m p a n y i n g N o t e s t o F i n a n c i a l S t a t e m e n t s a r e a n i n t e g r a l p a r t o f t h i s s t a t e m e n t . 19 Ex h i b i t A - 3 ST A T E M E N T O F E X P E N D I T U R E S - R E G U L A T O R Y B A S I S FO R T H E C A L E N D A R Y E A R E N D E D D E C E M B E R 3 1 , 2 0 2 2 EX P E N D E D UN E X P E N D E D OR I G I N A L N. J . S . A . B U D G E T A F T E R P A I D O R BA L A N C E BU D G E T Tr a n s f e r s 40 A : 4 - 8 7 MO D I F I C A T I O N CH A R G E D EN C U M B E R E D RE S E R V E D CA N C E L L E D Ca p i t a l I m p r o v e m e n t s - E x c l u d e d f r o m " C A P S " Ca p i t a l I m p r o v e m e n t F u n d 2,8 0 0 , 0 0 0 . 0 0 - - 2, 8 0 0 , 0 0 0 . 0 0 2, 8 0 0 , 0 0 0 . 0 0 - - - Pu r c h a s e o f T r e e s 25 , 0 0 0 . 0 0 - - 25 , 0 0 0 . 0 0 25 , 0 0 0 . 0 0 - - - To t a l C a p i t a l I m p r o v e m e n t s - - E x c l u d e d f r o m " C A P S " 2,8 2 5 , 0 0 0 . 0 0 - - 2, 8 2 5 , 0 0 0 . 0 0 2, 8 2 5 , 0 0 0 . 0 0 - - - Mu n i c i p a l D e b t S e r v i c e - E x c l u d e d f r o m " C A P S " Pa y m e n t o f B o n d P r i n c i p a l 1,0 7 9 , 3 7 9 . 0 0 - - 1, 0 7 9 , 3 7 9 . 0 0 1, 0 7 9 , 3 7 9 . 0 0 - - - In t e r e s t o f B o n d s 96 6 , 4 5 0 . 6 1 - - 96 6 , 4 5 0 . 6 1 96 6 , 4 5 0 . 6 1 - - - Pa y m e n t o f N o t e P r i n c i p a l 74 0 , 0 0 0 . 0 0 - - 74 0 , 0 0 0 . 0 0 74 0 , 0 0 0 . 0 0 - - - In t e r e s t o f N o t e s 31 0 , 0 0 0 . 0 0 55 , 0 0 0 . 0 0 - 36 5 , 0 0 0 . 0 0 36 4 , 9 1 2 . 4 7 - - 87 . 5 3 Lo a n P a y a b l e G r e e n A c r e s P r i n c i p a l / I n t e r e s t 59 , 6 7 7 . 1 1 - - 59 , 6 7 7 . 1 1 59 , 6 7 7 . 1 1 - - - Lo a n P a y a b l e L a k e & S t r e a m 41 , 1 5 4 . 9 5 - - 41 , 1 5 4 . 9 5 41 , 1 5 4 . 9 5 - - - MC I A - L o a n s P a y a b l e 16 9 , 8 1 9 . 8 2 - - 16 9 , 8 1 9 . 8 2 11 6 , 2 9 4 . 4 9 - - 53 , 5 2 5 . 3 3 MC I A - L e a s e P a y a b l e 13 8 , 3 9 1 . 3 3 - - 13 8 , 3 9 1 . 3 3 13 6 , 3 9 1 . 3 3 - - 2,0 0 0 . 0 0 To t a l M u n i c i p a l D e b t S e r v i c e - E x c l u d e d f r o m " C A P S " 3,5 0 4 , 8 7 2 . 8 2 55 , 0 0 0 . 0 0 - 3, 5 5 9 , 8 7 2 . 8 2 3, 5 0 4 , 2 5 9 . 9 6 - - 55 , 6 1 2 . 8 6 To t a l G e n e r a l A p p r o p r i a t i o n s f o r M u n i c i p a l P u r p o s e s E x c l u d e d f r o m " C A P S " 7,4 8 5 , 2 1 8 . 8 8 55 , 0 0 0 . 0 0 13 , 5 6 1 , 8 4 0 . 0 5 21 , 1 0 2 , 0 5 8 . 9 3 20 , 9 4 4 , 5 9 1 . 9 3 19 , 7 2 6 . 6 6 82 , 1 2 7 . 4 8 55 , 6 1 2 . 8 6 Su b t o t a l G e n e r a l A p p r o p r i a t i o n s 45 , 0 2 9 , 6 9 4 . 7 3 - 1 3 , 5 6 1 , 8 4 0 . 0 5 58 , 5 9 1 , 5 3 4 . 7 8 55 , 4 1 1 , 0 3 2 . 9 1 1, 6 6 1 , 0 5 4 . 4 9 1, 4 6 3 , 8 3 4 . 5 2 55 , 6 1 2 . 8 6 Re s e r v e f o r U n c o l l e c t e d T a x e s 1, 4 0 0 , 0 0 0 . 0 0 - - 1, 4 0 0 , 0 0 0 . 0 0 1, 4 0 0 , 0 0 0 . 0 0 - - - To t a l G e n e r a l A p p r o p r i a t i o n s $ 4 6 , 4 2 9 , 6 9 4 . 7 3 - 1 3 , 5 6 1 , 84 0 . 05 59 , 9 9 1 , 5 3 4 . 7 8 56 , 8 1 1 , 0 3 2 . 9 1 1, 6 6 1 , 0 5 4 . 4 9 1, 4 6 3 , 8 3 4 . 5 2 55 , 6 1 2 . 8 6 Ad o p t e d B u d g e t A- 2 $ 4 6 , 4 2 9 , 6 9 4 . 7 3 In s e r t e d b y N J S A 4 0 A : 4 - 8 7 A- 1 , A - 2 13 , 5 6 1 , 8 4 0 . 0 5 $ 5 9 , 9 9 1 , 5 3 4 . 7 8 - Re s e r v e f o r U n c o l l e c t e d T a x e s A- 2 $ 1 , 4 0 0 , 0 0 0 . 0 0 Ca s h D i s b u r s e d A- 4 41 , 7 4 1 , 2 5 9 . 9 9 Tr a n s f e r t o S t a t e a n d F e d e r a l G r a n t F u n d A - 2 1 13 , 6 6 9 , 7 7 2 . 9 2 $ 5 6 , 8 1 1 , 0 3 2 . 9 1 BO R O U G H O F C A R T E R E T MI D D L E S E X C O U N T Y , N E W J E R S E Y CU R R E N T F U N D Th e a c c o m p a n y i n g N o t e s t o F i n a n c i a l S t a t e m e n t s a r e a n i n t e g r a l p a r t o f t h i s s t a t e m e n t . 20 Exhibit - B BALANCE BALANCE DEC. 31, DEC. 31, ASSETS REF.2022 2021 Animal Control Fund: Cash B- 1 $ 47,441.08 $ 31,081.20 Due from Board of Health B-1 - 17,367.50 Total Animal Control Fund 47,441.08 48,448.70 Other Trust Fund: Cash and Investments B- 1 9,023,187.99 4,505,062.97 Total Other Trust Fund 9,023,187.99 4,505,062.97 Open Space Tax Cash B- 1 1,114,837.89 988,458.19 Total Open Space Tax Fund 1,114,837.89 988,458.19 Community Development Block Grant Trust Fund: Cash B- 1 41,340.94 76,220.24 Grants Receivable B- 1 6,376.00 6,376.00 Total Community Development Block Grant Trust Fund 47,716.94 82,596.24 LOSAP Fund (Unaudited): Cash and Investments - Trustee B- 1 237,146.19 298,917.45 Total LOSAP Fund 237,146.19 298,917.45 $ 10,470,330.09 $ 5,923,483.55 AS AT DECEMBER 31, 2022 AND 2021 BOROUGH OF CARTERET MIDDLESEX COUNTY, NEW JERSEY TRUST FUND COMPARATIVE BALANCE SHEET - REGULATORY BASIS The accompanying Notes to Financial Statements are an integral part of this statement. 21 Exhibit - B BOROUGH OF CARTERET MIDDLESEX COUNTY, NEW JERSEY TRUST FUND BALANCE BALANCE LIABILITIES, RESERVES DEC. 31,DEC. 31, AND FUND BALANCE REF.2022 2021 Animal Control Fund: Due to State of New Jersey B- 1 $ 1,690.80 $ 1,764.60 Res. for Animal Control Fund Expend.B- 1 45,750.28 46,684.10 Total Animal Control Fund 47,441.08 48,448.70 Other Trust Fund: Reserve for Encumbrances B- 1 1,001,760.27 291,936.97 Res. for Payroll Deductions B- 1 257,322.59 229,893.11 Res. for Unemploy. Expends.B- 1 506,929.54 472,605.11 Trust Fund Reserves B- 1 7,257,175.59 3,510,627.78 Total Other Trust Fund 9,023,187.99 4,505,062.97 Open Space Tax Reserve for Open Space Levy B- 1 758,989.89 114,973.04 Reserve for Encumbrances B- 1 355,848.00 873,485.15 Total Open Space Tax Fund 1,114,837.89 988,458.19 Community Development Block Grant Trust Fund: Res. for Commun. Dev. Expends.B- 1 6,376.00 6,376.00 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 18,750.56 53,629.86 Total Community Development Block Grant Trust Fund 47,716.94 82,596.24 LOSAP Fund (Unaudited): Res. for LOSAP Funds Held by Trustee B- 1 237,146.19 298,917.45 Total LOSAP Fund 237,146.19 298,917.45 $ 10,470,330.09 $ 5,923,483.55 AS AT DECEMBER 31, 2022 AND 2021 COMPARATIVE BALANCE SHEET - REGULATORY BASIS The accompanying Notes to Financial Statements are an integral part of this statement. 22 Exhibit - C BOROUGH OF CARTERETMIDDLESEX COUNTY, NEW JERSEY GENERAL CAPITAL FUND COMPARATIVE BALANCE SHEET - REGULATORY BASIS DECEMBER 31, 2022 AND 2021 BALANCE BALANCE DECEMBER 31, DECEMBER 31, ASSETS REF.2022 2021 Cash and Investments - Treasurer C-2 $13,949,961.59 $490,338.36 Grants - In - Aid, Loans and Other Receivable C-4 33,441,278.70 37,384,902.71 Interfunds Receivable C-3,C-3a - 200,000.00 Deferred Charges to Future Taxation: Funded - Serial Bonds C-5 26,332,865.00 27,412,244.00 Funded - Loans Payable C-5 984,692.52 1,173,913.24 Funded - Leases Payable C-5 554,698.21 362,028.06 Unfunded C-6 41,968,724.91 47,892,269.40 $117,232,220.93 $114,915,695.77 LIABILITIES, RESERVES AND FUND BALANCE General Serial Bonds C-9 $26,332,865.00 $27,412,244.00 Bond Anticipation Notes C-7 38,803,000.00 29,193,000.00 Green Acre Loans Payable C-10 516,465.21 572,812.02 Project Loans Payable C-10 102,699.11 142,003.59 MCIA Loan Payable C-5 365,528.20 459,097.63 Captial Leases Payable - M.C.I.A.C-11 554,698.21 362,028.06 Reserve for Encumbrances Payable C-8 8,362,180.71 6,465,616.20 Improvment Authorizations:Funded C-8 3,047,011.12 1,441,807.18 Unfunded C-8 17,139,723.59 21,263,519.26 Reserve for: Redevelopers Contribution C-4a 245,808.33 - Capital Improvement Fund C-13 704,892.34 604,892.34 Cash or Appropriated Reserves C-12 10,448,799.76 14,287,984.40 Grants and Loans Receivable C-12 10,223,122.29 12,393,371.14 Fund Balance C-1 385,427.06 317,319.95 $ 117,232,220.93 $ 114,915,695.77 Bonds and Notes Authorized but not Issued C-14 $ 5,605,412.38 $ 21,906,790.85 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, 2022 REF. Balance - December 31, 2021 C $ 317,319.95 Increased by: Excess NJDEA Cash Collected Ord#16-11 672,414.00 989,733.95 Decreased by: Improvement Ordinance #22-11 C-8 300,000.00 Improvement Ordinance #22-15 C-8 304,306.00 604,306.00 Balance - December 31, 2022 C $385,427.95 The accompanying Notes to Financial Statements are an integral part of this statement. 24 Exhibit - D BOROUGH OF CARTERETMIDDLESEX COUNTY, NEW JERSEY SEWER UTILITY FUND BALANCE SHEET - REGULATORY BASIS DECEMBER 31, 2022 AND 2021 BALANCE BALANCEDECEMBER 31, DECEMBER 31, ASSETS REF.2022 2021 Operating Fund: Cash and Investments D-4 1,792,806.44$ 1,236,395.19$ Receivables With Offsetting Reserves: Consumer Accounts Receivable D-6 430,487.33 455,429.97 Sewer Liens D-18 2,501.08 2,501.08 Total Operating Fund 2,225,794.85 1,694,326.24 Capital Fund: Cash and Investments D-5 1,647,610.09 559,676.24 Fixed Capital Completed D-7 31,855,272.48 27,104,678.31 Fixed Capital Authorized and Uncompleted D-8 2,225,040.76 5,975,634.93 Total Capital Fund 35,727,923.33 33,639,989.48 37,953,718.18$ 35,334,315.72$ LIABILITIES, RESERVESAND FUND BALANCE Operating Fund:Appropriation Reserves D-3 60,216.26$ 300,392.37 Accounts Payable D-20 291,741.16 - Encumbrances Payable D-10 542,014.93 236,868.57 Sewer Overpayments D-11 159,166.24 31,514.19 Accrued Interest on Bonds, Notes, & Loans D-12 146,225.95 105,239.47 1,199,364.54 674,014.60 Reserve for Receivables D 432,988.41 457,931.05 Fund Balance D-1 593,441.90 562,380.59 Total Operating Fund 2,225,794.85 1,694,326.24 Capital Fund:General Serial Bonds D-13 4,652,135.00 4,877,756.00 NJEIT Loans Payable D-14 14,178,822.46 9,943,061.41 NJEIT Loan Payable Cash Advance D-19 42,582.00 3,497,429.00 Reserve for Encumbrances Payable D-15 137,099.50 946,900.65 Improvement Authorizations: Funded D-15 1,715,940.76 715,940.76 Reserve for Amortization D-16 13,801,343.61 13,508,901.66 Reserve for Deferred Amortization D-16a 1,000,000.00 - Capital Improvement Fund D-17 200,000.00 150,000.00 Total Capital Fund 35,727,923.33 33,639,989.48 Total Liabilities, Reserves, and Fund Balances 37,953,718.18$ 35,334,315.72$ Bonds and Notes Authorized but not Issued D-21 448,012.17$ 4,750,594.17$ The accompanying Notes to Financial Statements are an integral part of this statement. 25 Exhibit - D-1 2022 2021 Revenue and Other Income Realized: Fund Balance Anticipated 250,000.00$ 100,000.00$ Miscellaneous Revenues Anticipated 6,020,979.42 6,106,252.49 Miscellaneous Revenues Not Anticipated 3,475.64 740.60 Other Credits To Income: Unexpended Balance of Appropriation Reserves 19,665.19 45,779.02 Void Checks Issued Prior Year - 3,700.00 Accrued Interest Cancelled - 687.48 Total Revenue 6,294,120.25 6,257,159.59 Expenditures: Operating 4,883,000.00 4,798,000.00 Capital Improvements 50,000.00 50,000.00 Debt Service 1,057,058.94 930,785.43 Statutory Expenditures 23,000.00 23,000.00 Total Expenditures 6,013,058.94 5,801,785.43 Excess/(Deficit) in Revenue 281,061.31 455,374.16 Fund Balance, Beginning 562,380.59 207,006.43 843,441.90 662,380.59 Decreased By: Utilized as Anticipated Revenue 250,000.00 100,000.00 Fund Balance, December 31 593,441.90$ 562,380.59$ BOROUGH OF CARTERET MIDDLESEX COUNTY, NEW JERSEY SEWER UTILITY OPERATING FUND STATEMENTS OF OPERATIONS AND CHANGES IN FUND BALANCE - REGULATORY BASIS FOR THE YEARS ENDED DECEMBER 31, 2022 AND 2021 The accompanying Notes to Financial Statements are an integral part of this statement. 26 Exhibit - D-2 Excess/ Budget Realized (Deficit) Operating Surplus Anticipated 250,000.00$ 250,000.00$ -$ Sewer Rents 5,750,000.00 5,918,061.02 168,061.02 Interest and Cost on Rents 13,608.72 102,918.40 89,309.68 Miscellaneous Revenue Not Anticipated - 3,475.64 3,475.64 6,013,608.72$ 6,274,455.06$ 260,846.34$ FOR THE YEAR ENDED DECEMBER 31, 2022 BOROUGH OF CARTERET MIDDLESEX COUNTY, NEW JERSEY SEWER UTILITY OPERATING FUND STATEMENT OF REVENUES - REGULATORY BASIS The accompanying Notes to Financial Statements are an integral part of this statement. 27 Ex h i b i t - D - 3 Or i g i n a l B u d g e t A f t e r P a i d o r Bu d g e t Mo d i f i c a t i o n s Ch a r g e d En c u m b e r e d Re s e r v e d Ca n c e l l e d Op e r a t i n g : Sa l a r i e s a n d W a g e s 2 4 0 , 0 0 0 . 0 0 $ 2 4 0 , 0 0 0 . 0 0 $ 1 9 6 , 9 2 7 . 9 6 $ - $ 4 3 , 0 7 2 . 0 4 $ - $ Ot h e r E x p e n s e s 4 , 6 4 3 , 0 0 0 . 0 0 4 , 6 4 3 , 0 0 0 . 0 0 4 , 0 8 3 , 8 4 0 . 8 5 5 4 2 , 0 1 4 . 9 3 1 7 , 1 4 4 . 2 2 - To t a l O p e r a t i n g 4 , 8 8 3 , 0 0 0 . 0 0 4 , 8 8 3 , 0 0 0 . 0 0 4 , 2 8 0 , 7 6 8 . 8 1 5 4 2 , 0 1 4 . 9 3 6 0 , 2 1 6 . 2 6 - Ca pit a l I m pro v e m e n t s : Ca pit a l I m pro v e m e n t F u n d 50 , 0 0 0 . 0 0 5 0 , 0 0 0 . 0 0 5 0 , 0 0 0 . 0 0 - - - To t a l C a pit a l I m pro v e m e n t s 50 , 0 0 0 . 0 0 50 , 0 0 0 . 0 0 50 , 0 0 0 . 0 0 - - - De b t S e r v i c e : Pa y m e n t o f B o n d P r i n c i p a l 22 5 , 6 2 1 . 0 0 22 5 , 6 2 1 . 0 0 22 5 , 6 2 1 . 0 0 - - - In t e r e s t o n B o n d s 16 7 , 3 7 4 . 3 6 16 7 , 3 7 4 . 3 6 16 7 , 3 7 4 . 3 6 - - - NJ E I T L o a n P r i n c i p a l 52 5 , 3 8 7 . 9 5 52 5 , 3 8 7 . 9 5 52 5 , 3 8 7 . 9 5 - - - NJ E I T L o a n I n t e r e s t 13 9 , 2 2 5 . 4 1 13 9 , 2 2 5 . 4 1 13 8 , 6 7 5 . 6 3 - - 54 9 . 7 8 To t a l D e b t S e r v i c e 1, 0 5 7 , 6 0 8 . 7 2 1, 0 5 7 , 6 0 8 . 7 2 1, 0 5 7 , 0 5 8 . 9 4 - - 54 9 . 7 8 St a t u t o r y E x p e n d i t u r e s : Co n t r i b u t i o n s T o : Pu b l i c E m p l o y e e s ' R e t i r e m e n t S y s t e m 5, 0 0 0 . 0 0 5, 0 0 0 . 0 0 5, 0 0 0 . 0 0 - - - So c i a l S e c u r i t y S yst e m (O. A . S . I . ) 18 , 0 0 0 . 0 0 1 8 , 0 0 0 . 0 0 1 8 , 0 0 0 . 0 0 - - - To t a l S t a t u t o r y E x p e n d i t u r e s 2 3 , 0 0 0 . 0 0 2 3 , 0 0 0 . 0 0 2 3 , 0 0 0 . 0 0 - - - To t a l S e w e r U t i l i t y A p p r o p r i a t i o n s 6 , 0 1 3 , 6 0 8 . 7 2 $ 6 , 0 1 3 , 6 0 8 . 7 2 $ 5 , 4 1 0 , 8 2 7 . 7 5 $ 5 4 2 , 0 1 4 . 9 3 $ 6 0 , 2 1 6 . 2 6 $ 5 4 9 . 7 8 $ Ca s h D i s b u r s e m e n t s 5, 4 0 9 , 8 5 4 . 7 6 $ Ac c r u e d I n t e r e s t o n B o n d s , N o t e s & L o a n s 9 7 2 . 9 9 5, 4 1 0 , 8 2 7 . 7 5 $ BO R O U G H O F C A R T E R E T MI D D L E S E X C O U N T Y , N E W J E R S E Y SE W E R U T I L I T Y O P E R A T I N G F U N D - ST A T E M E N T O F A P P R O P R I A T I O N S - R E G U L A T O R Y B A S I S FO R T H E Y E A R E N D E D D E C E M B E R 3 1 , 2 0 2 2 Th e a c c o m p a n y i n g N o t e s t o F i n a n c i a l S t a t e m e n t s a r e a n i n t e g r a l p a r t o f t h i s s t a t e m e n t . 28 Exhibit - E BOROUGH OF CARTERETMIDDLESEX COUNTY, NEW JERSEY GENERAL FIXED ASSETS ACCOUNT GROUP STATEMENTS OF GENERAL FIXED ASSETS DECEMBER 31, 2022 AND 2021 BALANCE BALANCE DECEMBER 31, DECEMBER 31, ASSETS 2022 2021 Land $157,681,588.00 $149,681,588.00 Buildings & Building Improvements 51,271,148.00 51,271,148.00 Equipment and Machinery 15,612,126.00 14,891,988.00 Construction in Progress 15,942,783.00 7,657,783.00 Total $240,507,645.00 $223,502,507.00 FUND BALANCE Investment in General Fixed Assets $ 240,507,645.00 $ 223,502,507.00 The accompanying Notes to Financial Statements are an integral part of this statement. 29 This page intentionally left blank 30 BOROUGH OF CARTERET COUNTY OF MIDDLESEX NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 31 This page intentionally left blank 32 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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, 2022 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, 2022 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. Right to Use Leased Assets - The right to use leased assets are initially measured at an amount equal to the initial measurement of the related lease liability plus any lease payments made prior to the lease term, less lease incentives, and plus ancillary charges necessary to place the lease into service. The assets leased by the Borough consist of Equipment. The right to used leased assets is not recorded on the various statements of assets, liabilities, reserves and net position in accordance with the regulatory basis of accounting 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, 35 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 Note 1. Summary of Significant Accounting Policies (continued): 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 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. 36 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 Note 1. Summary of Significant Accounting Policies (continued): 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. 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, 2022:  Statement No. 87, Leases. 37 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 Note 1. Summary of Significant Accounting Policies (continued):  Statement No. 93, Replacement of Interbank Offered Rates.  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 paragraphs 4 and 5 were implemented in the prior year. Management has determined that the implementation of these Statements did not have a significant impact on the Borough’s financial statements. Accounting Pronouncements Effective in Future Reporting Periods The following accounting pronouncements will become effective in future reporting periods:  Statement No. 96, Subscription-Based Information Technology Arrangements. The requirements of this Statement are effective for fiscal years beginning after June 15, 2022.  Statement No. 100, Accounting Changes and Error Corrections – an amendment of GASB Statement No. 62. The requirements of this Statement are effective for fiscal years beginning after June 15, 2023.  Statement No. 101, Compensated Absences. The requirements of this Statement are effective for fiscal years beginning after December 15, 2023. Management has not yet determined the potential impact these Statements will have 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). 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, 2022, the Borough’s bank balance of $45,970,296.78 was insured or collateralized as follows: 38 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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, 2022, 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. Investments at Contract Value - The Borough held a fully benefit-responsive investment contract with the Lincoln Financial Group (Lincoln) totaling $37,567.87 as of December 31, 2022. 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, 2022 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, 2022 was as follows: 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, 2022 Note 3. Property Taxes (continued): 41 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 Note 3. Property Taxes (continued): The last tax sale was held on September 30, 2022. 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: 42 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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. 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: Note 7. Disaggregated Receivable and Payable Balances There are no significant components of receivable and payable balances reported in the financial statements. 43 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 Note 8. Interfund Receivables, Payables and Transfers The Borough has no interfund balances recorded in the various statements of assets liabilities, reserves and fund balances at December 31, 2022. 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: Note 9. Fixed Assets The following is a summary of changes in the General Fixed Assets Account Group for the year ended December 31, 2022. 44 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 Note 10. Pension Obligations 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 Annual Comprehensive Financial Report (ACFR) 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. 45 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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, 2022, the Borough’s contractually required contribution to PERS plan was $761,786. Components of Net Pension Liability - At December 31, 2022, the Borough’s proportionate share of the PERS net pension liability was $9,116,544. The net pension liability was measured as of June 30, 2022. 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, 2021, which was rolled forward to June 30, 2022. 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, 2022. The Borough’s proportion measured as of June 30, 2022, was 0.0604089604% which was a decrease of 0.0010909134% from its proportion measured as of June 30, 2021. Pension Expense/Credit and Deferred Outflows/Inflows of Resources - At December 31, 2022, the Borough’s proportionate share of the PERS expense/(credit), calculated by the plan as of the June 30, 2022 measurement date is $(1,053,270). This expense/(credit) 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 $761,786 to the plan in 2022. 46 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 Note 10. Pension Obligations (continued): A. Public Employees’ Retirement System (PERS) (continued): At December 31, 2022, the Borough reported deferred outflows of resources and deferred inflows of resources related to PERS from the following sources: 47 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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: 48 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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: Special Funding Situation – Under N.J.S.A. 43:15A-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, are Chapter 366, P.L. 2001 and Chapter 133, 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. At December 31, 2022, the State’s proportionate share of the PERS expense, associated with the Borough of Carteret, calculated by the plan as of the June 30, 2022 measurement date was $19,182. 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: 49 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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-2021. The actuarial assumptions used in the July 1, 2021 valuation were based on the results of an actuarial experience study for the period July 1, 2018 to June 30, 2021. 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, 2022) 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, 2022 are summarized in the following table: 50 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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, 2022. 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: 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 Annual Comprehensive Financial Report (ACFR) 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 51 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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, 2022, the Borough’s contractually required contributions to PFRS plan was $3,392,661. Net Pension Liability and Pension Expense - At December 31, 2022 the Borough’s proportionate share of the PFRS net pension liability was $29,859,296. The net pension liability was measured as of June 30, 2022. 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, 2021, to the measurement date of June 30, 2022. 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, 2022. The Borough’s proportion measured as of June 30, 2022, was 0.26086289%, which was an increase of 0.0153017033% from its proportion measured as of June 30, 2021. 52 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 Note 10. Pension Obligations (continued): B. Police and Firemen’s Retirement System (PFRS) (continued): Pension Expense/Credit and Deferred Outflows/Inflows of Resources – At December 31, 2022, the Borough’s proportionate share of the PFRS expense, calculated by the plan as of the June 30, 2021 measurement date was $725,754. 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 $3,392,661 to the plan in 2022. At December 31, 2022, the Borough had deferred outflows of resources and deferred inflows of resources related to PFRS from the following sources: 53 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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: 54 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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: 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 $5,314,079 as of December 31, 2022. The net pension liability was measured as of June 30, 2022. 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, 2021, to the measurement date of June 30, 2022. 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, 2022 was 0.26086289%, which was an increase of 0.0153017033% from its proportion measured as of June 30, 2021, which is the same proportion as the Borough’s. At December 31, 2022, the Borough’s and the State of New Jersey’s proportionate share of the PFRS net pension liability were as follows: 55 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 Note 10. Pension Obligations (continued): B. Police and Firemen’s Retirement System (PFRS) (continued): At December 31, 2022, the State’s proportionate share of the PFRS expense, associated with the Borough, calculated by the plan as of the June 30, 2022 measurement date was $613,104. 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: 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-2021. The actuarial assumptions used in the July 1, 2021 valuation were based on the results of an actuarial experience study for the period July 1, 2018 to June 30, 2021. 56 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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, 2022) 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, 2022 are summarized in the following table: Discount Rate - The discount rate used to measure the total pension liability was 7.00% as of June 30, 2022. 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. 57 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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 (8.00%) than the current rate: 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, 2022. 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, 2021. 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) Annual Comprehensive Financial Report (ACFR), which can be found at https://www.state.nj.us/treasury/pensions/financial-reports.shtml. 58 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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. 59 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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 $3,872,142,278 and $14,177,910,609, 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, 2020 through June 30, 2021. 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, 2021 was determined by an actuarial valuation as of July 1, 2020, which was rolled forward to June 30, 2021. 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: 60 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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, 2021 was $49,114,203. The Borough’s proportionate share was $0. The OPEB Obligation was measured as of June 30, 2021, and the total OPEB Obligation used to calculate the OPEB Obligation was determined by an actuarial valuation as of July 1, 2020, which was rolled forward to June 30, 2021. 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, 2021, the State proportionate share of the OPEB Obligation attributable to the Borough was 0.27286%, which was an decrease of 0.0025729976% from its proportion measured as of June 30, 2020. For the fiscal year ended June 30, 2021, the State of New Jersey recognized an OPEB expense (benefit) in the amount of $(176,133) 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, 2021 measurement date. Actuarial assumptions used in the July 1, 2020 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, 2021 was 2.16%. 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, 2021, 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: 61 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 Note 11. Postemployment Benefits Other Than Pensions (continued): Sensitivity of Net OPEB Liability to Changes in the Healthcare Trend Rate: The following presents the net OPEB liability as of June 30, 2021, 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: Additional Information – The following is a summary of the collective balances of the local group at June 30, 2021: 62 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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: 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 7.82, 7.87, 8.05, 8.14, and 8.04 years for the 2021, 2020, 2019, 2018 and 2017 amounts, respectively. Plan Membership At June 30, 2021, the Program membership consisted of the following: Changes in the Total OPEB Liability The change in the State's Total OPEB liability for the fiscal year ended June 30, 2021 (measurement date June 30, 2020) is as follows: 63 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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: 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: 64 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 Note 12. Municipal Debt (continued): Net Debt $42,235,880.82 divided by the average Equalized Valuation Basis per N.J.S.A 40A:2-2 as amended, $3,547,471,272, equals 1.191%. 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, 2022 is calculated as follows: 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: 65 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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, 2022: 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, 2022, the Borough had $5,605,412.38 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. 66 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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. 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. 67 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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. 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: 68 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 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. In 2022 the Borough finalized one loan agreement with the State of New Jersey Department of Environmental Protection, pursuant to the 2022 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. C. Bonds and Notes Authorized But Not Issued As of December 31, 2022 the Borough had $448,012.17 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, 2022 Note 12. Municipal Debt (continued): Summary of Principal Debt (continued): Note 13. 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 14. 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 $2,426,886.91 at December 31, 2022. 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, 2022, the Borough has reserved in the Other Trust Fund $865,623.26 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, 2022 Note 15. 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: Note 16. 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, 2022, 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, 2022 Note 16. 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, 2022. Note 17. 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, 2022 per eligible volunteer, into the Plan, depending on how many years the volunteer has served. During the year ended December 31, 2022, 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, 2022 Note 17. 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, 2022 payouts of $0.00 were made to vested participants. Forfeited Accounts – During the year ended December 31, 2022, 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 18. Lease Obligations In accordance with accounting principles prescribed by the State of New Jersey, the cash basis of accounting is followed for recording the Borough’s lease obligations and assets related to right to use leased assets. The right to use these leased assets and the corresponding lease obligation are not reported on the various statements of assets, liabilities, reserves and net position. At December 31, 2022 the Borough had lease obligations as follows:  The Borough has several leases with the Middlesex County Improvement Authority dating back to 2017. Principal and interest payments are made on an annual basis. A yearly summary of payments due are as follows: 73 BOROUGH OF CARTERET NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2022 Note 19. Subsequent Events As discussed Note 1, the Borough has evaluated subsequent events through September 20, 2023, the date the financial statements were available to be issued. The following was noted: On April 27, 2023, the Borough adopted an ordinance providing for the Reconstruction of the Port Reading, appropriating $8,000,000 therefor and authorizing the issuance of $8,000,000 bonds or notes to finance part of the cost thereof. 74 SUPPLEMENTARY SCHEDULES 75 This page intentionally left blank 76 CURRENT FUND 77 This page intentionally left blank 78 Ex h i b i t - A - 4 SC H E D U L E O F C U R R E N T A N D G R A N T F U N D C A S H TR E A S U R E R RE F . CU R R E N T F U N D GR A N T F U N D Ba l a n c e - D e c e m b e r 3 1 , 2 0 2 1 A 13 , 2 8 3 , 0 1 3 . 5 9 $ - $ In c r e a s e d b y R e c e i p t s : No n b u d g e t R e v e n u e A- 2 35 1 , 8 2 2 . 1 5 $ - $ Du e f r o m S t a t e o f N . J . - C h . 7 3 P. L . 1 9 7 6 A- 6 95 , 2 5 6 . 0 7 - Ta x e s R e c e i v a b l e A- 7 8 0 , 7 6 9 , 7 2 4 . 4 5 - Re v e n u e A c c o u n t s R e c e i v a b l e A- 1 0 1 0 , 6 5 8 , 2 2 6 . 5 3 - Gr a n t s R e c e i v a b l e A- 2 0 2, 5 3 1 , 8 0 5 . 7 4 Un a p p r o p r i a t e d G r a n t s A- 2 2 1, 4 3 6 , 6 6 9 . 8 9 - Pr e p a i d T a x e s A- 1 4 22 6 , 9 3 3 . 5 0 - Du e t o / f r o m G r a n t F u n d 16 , 0 6 9 , 5 6 0 . 6 2 Du e t o / f r o m C u r r e n t F u n d A- 1 7 - 17 , 6 6 8 , 6 9 8 . 1 4 Ta x O v e r p a y m e n t s C o l l e c t e d A- 1 5 26 4 , 6 7 0 . 9 8 - Va r i o u s A c c o u n t s P a y a b l e s a n d R e s e r v e s A- 1 6 25 6 , 8 0 6 . 4 7 - 11 2 , 6 6 1 , 4 7 6 . 4 0 17 , 6 6 8 , 6 9 8 . 1 4 12 5 , 9 4 4 , 4 8 9 . 9 9 17 , 6 6 8 , 6 9 8 . 1 4 De c r e a s e d b y D i s b u r s e m e n t s : Bu d g e t A p p r o p r i a t i o n s A- 3 4 1 , 7 4 1 , 2 5 9 . 9 9 - Ap p r o p r i a t i o n R e s e r v e s A- 1 2 2, 8 5 9 , 4 9 3 . 1 3 - Un e x p e n d e d B a l a n c e o f R e s e r v e s A- 1 1, 3 9 3 , 8 0 7 . 5 5 - No n - B u d g e t R e v e n u e A- 1 35 1 , 8 2 2 . 1 5 - Du e t o / f r o m G r a n t F u n d A- 1 8 / A - 1 9 1 7 , 6 6 8 , 6 9 8 . 1 4 Du e t o / f r o m C u r r e n t F u n d A- 1 8 / A - 1 9 - 16 , 0 6 9 , 5 6 0 . 6 2 Ta x O v e r p a y m e n t s A- 1 5 40 3 , 4 4 8 . 5 3 - Va r i o u s A c c o u n t s P a y a b l e s a n d R e s e r v e s A- 1 6 21 2 , 7 5 4 . 3 0 - Ta x e s P a y a b l e A- 1 7 4 6 , 0 4 2 , 0 2 4 . 6 3 - 11 0 , 6 7 3 , 3 0 8 . 4 2 16 , 0 6 9 , 5 6 0 . 6 2 Ba l a n c e - D e c e m b e r 3 1 , 2 0 2 2 A 15 , 2 7 1 , 1 8 1 . 5 7 $ 1, 5 9 9 , 1 3 7 . 5 2 $ 79 Exhibit - A-5 SCHEDULE OF CHANGE FUNDS - COLLECTOR CURRENT FUND REF. Balance - December 31, 2021 A 350.00$ Increased by: Adjustment to Change Fund 50.00 Balance - December 31, 2022 400.00$ 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, 2021 A (328.18)$ Increased by: Sr. Citizens' Deductions Per Tax Billings A- 6 31,750.00 Sr. Citizens' Deductions Allowed by Tax Collector A- 6 250.00 Veterans' Deductions Per Tax Billings A- 6 70,000.00 Veterans' Deductions Allowed by Tax Collector A- 7 250.00 102,250.00 101,921.82 Decreased by: Cash Receipts A- 4 95,256.07 Sr. Cit. Deductions Disallowed by Tax Prior Year A- 1 9,392.48 104,648.55 Balance - December 31, 2022 A (2,726.73)$ Analysis of Realized Revenues - 2022 Veterans' Deductions Per Tax Billings A-6 70,000.00$ Sr. Citizens' Deductions Per Tax Billings A-6 31,750.00 Sr. Citizens'/Veterans' Deductions Allowed by Tax Collector A-6 500.00 2022 Realized Revenues A-7 102,250.00$ 80 Ex h i b i t - A - 7 SC H E D U L E O F T A X E S R E C E I V A B L E AN D A N A L Y S I S O F P R O P E R T Y T A X L E V Y ST A T E S H A R E TR A N S F . BA L A N C E CA S H CA S H O F S R . C I T . R E M I T T E D T O T A X B A L A N C E DE C E M B E R 3 1 , A D D E D 20 2 2 C O L L E C T I O N S CO L L E C T I O N S AN D V E T . O R T I T L E A N D D E C E M B E R 3 1 , YE A R 20 2 1 TA X E S LE V Y 20 2 1 20 2 2 DE D . A L L O W E D CA N C E L L E D LI E N 20 2 2 20 2 0 75 0 . 0 0 $ - $ - $ - $ 75 0 . 0 0 $ - $ - $ - $ - $ 20 2 1 67 3 , 9 8 1 . 2 6 9, 3 9 2 . 4 8 - - 6 8 3 , 1 0 3 . 0 6 25 0 . 0 0 20 . 6 8 - - 20 2 2 - 2 , 4 4 5 , 1 8 1 . 5 4 7 8 , 7 8 7 , 8 2 6 . 4 8 3 2 1 , 6 6 6 . 3 3 8 0 , 0 8 5 , 8 7 1 . 3 9 1 0 2 , 0 0 0 . 0 0 9 , 7 3 2 . 9 6 1 , 8 8 7 . 5 0 7 1 1 , 8 4 9 . 8 4 67 4 ,73 1 .26 $ 2,45 4 ,57 4 .02 $ 78 ,78 7 ,82 6 .48 $ 32 1 ,66 6 .33 $ 80 ,76 9 ,72 4 .45 $ 10 2 ,25 0 .00 $ 9,75 3 .64 $ 1,88 7 .50 $ 71 1 ,84 9 .84 $ Re f . A Re s e r v e R e s e r v e A - 2 , A - 1 6 A - 2 , A - 4 A - 2 , A - 6 R e s e r v e A- 9 A An a l y s i s o f 2 0 2 2 P r o p e r t y T a x L e v y : Ta x Y i e l d : Ge n e r a l P u r p o s e T a x 75 , 1 7 5 , 4 3 2 . 6 6 $ Sp e c i a l D i s t r i c t T a x e s 3, 4 8 3 , 0 0 0 . 0 0 Ad d e d T a x e s p e r C h . 3 9 7 e t s e q . 2, 4 4 5 , 1 8 1 . 5 4 Ex t r a B i l l e d o n E d m u n d s 12 9 , 3 9 3 . 8 2 81 ,23 3 ,00 8 .02 $ Ta x L e v y : Re f . Lo c a l D i s t . S c h o o l T a x ( L e v y ) A- 2 0 2 9 , 7 5 3 , 8 8 6 . 0 0 $ Co u n t y T a x I n c l . O p e n S p a c e ( L e v y ) A- 2 0 1 2 , 0 3 6 , 1 4 5 . 4 0 Co u n t y T a x f o r A d d e d T a x e s (R . S . 5 4 : 4 - 6 3 . 1 e t s e q . ) A- 2 0 22 , 0 1 3 . 5 8 Mu n i c i p a l O p e n S p a c e T a x A- 2 0 74 6 , 9 7 9 . 6 5 Sp e c i a l D i s t r i c t T a x e s A- 2 0 3 , 4 8 3 , 0 0 0 . 0 0 Li b r a r y T a x A- 2 1, 0 3 2 , 1 6 3 . 1 9 Lo c a l T a x f o r M u n i c i p a l P u r p o s e s (A b s t r a c t ) A- 2 3 1 , 7 2 2 , 2 8 2 . 7 0 Ad d : A d d i t i o n a l T a x L e v y A- 7 2, 4 3 6 , 5 3 7 . 5 0 81 ,23 3 ,00 8 .02 $ 81 Exhibit - A-8 STATEMENT OF PROPERTY ACQUIRED FOR TAXES AT ASSESSED VALUATION CURRENT FUND REF. Balance - December 31, 2021 and 2022 A 896,900.00$ Exhibit - A-9 SCHEDULE OF TAX TITLE LIENS CURRENT FUND REF. Balance - December 31, 2021 A 42,416.10$ Increased by: Cost of Sale Reserve Transferred from Taxes Receivable A-7 1,887.50 Balance - December 31, 2022 A 44,303.60$ 82 Ex h i b i t - A - 1 0 SC H E D U L E O F R E V E N U E A C C O U N T S R E C E I V A B L E BE G I N N N G A C C R U E D EN D I N G RE F . BA L A N C E 20 2 2 CO L L E C T E D BA L A N C E Li c e n s e s : Al c o h o l i c B e v e r a g e s A- 2 $ - $ 3 5 , 3 7 6 . 0 0 35 , 3 7 6 . 0 0 $ - Ot h e r A- 2 - 35 , 7 8 3 . 5 0 35 , 7 8 3 . 5 0 - Fe e s a n d P e r m i t s A- 2 87 0 . 4 5 93 6 , 5 2 3 . 4 1 93 6 , 9 8 6 . 3 6 40 7 . 5 0 Mu n i c i p a l C o u r t - F i n e s a n d C o s t s A- 2 1 1 , 4 7 7 . 7 1 22 6 , 0 4 7 . 8 9 22 4 , 5 7 8 . 5 0 12 , 9 4 7 . 1 0 In t e r e s t a n d C o s t s o n T a x e s A- 2 - 16 1 , 0 9 5 . 5 6 16 1 , 0 9 5 . 5 6 - In t e r e s t o n I n v e s t m e n t s a n d D e p o s i t s A- 2 - 21 0 , 9 1 3 . 3 9 21 0 , 9 1 3 . 3 9 - Pa y m e n t i n L i e u o f T a x e s A- 2 - 4, 7 3 1 , 0 4 7 . 3 7 4, 7 3 1 , 0 4 7 . 3 7 - En e r g y R e c e i p t s T a x e s A- 2 - 2 , 5 0 0 , 1 1 9 . 0 0 2, 5 0 0 , 1 1 9 . 0 0 - Co n s o l i d a t e d M u n i c i p a l P r o p e r t y T a x - Re l i e f A c t A- 2 - 82 , 9 9 2 . 0 0 82 , 9 9 2 . 0 0 - Un i f o r m C o n s t r u c t i o n C o d e F e e s A- 2 - 1 , 3 3 8 , 6 7 9 . 0 0 1, 2 4 1 , 3 0 4 . 0 0 97 , 3 7 5 . 0 0 En g i n e e r i n g F e e s A- 2 - 17 , 2 6 7 . 4 4 17 , 2 6 7 . 4 4 - Un i f o r m F i r e S a f e t y A c t A- 2 - 66 , 4 3 2 . 7 3 66 , 4 3 2 . 7 3 - Ca r t e r e t H a z m a t F u n d i n g A- 2 - 36 8 , 0 0 0 . 0 0 36 8 , 0 0 0 . 0 0 - Se w e r L o a n s R e c e i v a b l e A- 1 4 6 , 3 3 0 . 6 8 - 46 , 3 3 0 . 6 8 - $ 58 , 6 7 8 . 8 4 $ 10 , 7 1 0 , 2 7 7 . 2 9 $ 10 , 6 5 8 , 2 2 6 . 5 3 $ 11 0 , 7 2 9 . 6 0 Re f . A Re s e r v e A- 2 , A - 4 A 83 Exhibit - A-11 SCHEDULE OF DEMOLITION LIENS RECEIVABLE CURRENT FUND REF. Balance - December 31, 2022 and 2021 A 9,609.50$ 84 Ex h i b i t A - 1 2 SC H E D U L E O F 2 0 2 1 A P P R O P R I A T I O N R E S E R V E S RE S E R V E F O R A M O U N T BA L A N C E E N C U M B . A F T E R P A I D O R A C C O U N T S B A L A N C E D E C . 3 1 , 2 0 2 1 D E C . 3 1 , 2 0 2 1 MO D I F I C A T I O N CH A R G E D PA Y A B L E LA P S E D GE N E R A L G O V E R N M E N T Ma y o r a n d C o u n c i l S a l a r i e s a n d W a g e s 8 , 1 0 3 . 1 9 $ - $ 8 , 1 0 3 . 1 9 $ - $ - $ 8 , 1 0 3 . 1 9 $ O t h e r E x p e n s e s 2 , 1 9 8 . 3 8 2 , 2 7 6 . 4 8 4 , 4 7 4 . 8 6 1 , 4 1 0 . 1 2 - 3 , 0 6 4 . 7 4 Mu n i c i p a l C l e r k S a l a r i e s a n d W a g e s 3 , 5 3 2 . 9 3 - 3 , 5 3 2 . 9 3 - - 3 , 5 3 2 . 9 3 O t h e r E x p e n s e s 3 , 2 6 0 . 5 9 5 , 9 4 4 . 4 6 9 , 2 0 5 . 0 5 5 , 9 8 9 . 5 2 - 3 , 2 1 5 . 5 3 Fi n a n c i a l A d m i n i s t r a t i o n S a l a r i e s a n d W a g e s 3 1 , 4 5 8 . 3 6 - 3 1 , 4 5 8 . 3 6 3 1 , 0 0 0 . 0 0 - 4 5 8 . 3 6 O t h e r E x p e n s e s 1 , 7 3 7 . 2 5 1 2 , 0 6 5 . 3 0 1 3 , 8 0 2 . 5 5 1 0 , 0 0 4 . 3 1 3 , 5 0 0 . 0 0 2 9 8 . 2 4 An n u a l A u d i t O t h e r E x p e n s e s 5 0 0 . 0 0 - 5 0 0 . 0 0 5 0 0 . 0 0 - - Re v e n u e A d m i n i s t r a t i o n S a l a r i e s a n d W a g e s 3 9 , 6 0 9 . 8 7 - 3 9 , 6 0 9 . 8 7 3 9 , 0 0 0 . 0 0 - 6 0 9 . 8 7 O t h e r E x p e n s e s 6 6 0 . 1 0 3 , 0 1 4 . 0 0 3 , 6 7 4 . 1 0 ( 4 , 5 2 3 . 9 3 ) - 8 , 1 9 8 . 0 3 As s e s s m e n t o f T a x e s S a l a r i e s a n d W a g e s 1 7 , 2 3 5 . 8 6 - 1 7 , 2 3 5 . 8 6 - - 1 7 , 2 3 5 . 8 6 O t h e r E x p e n s e s 6 , 8 2 7 . 7 2 2 6 , 9 9 7 . 6 1 3 3 , 8 2 5 . 3 3 2 , 2 8 4 . 2 0 2 4 , 0 7 2 . 5 0 7 , 4 6 8 . 6 3 Le g a l S e r v i c e s a n d C o s t s S a l a r i e s a n d W a g e s 1 2 , 6 4 9 . 3 4 - 1 2 , 6 4 9 . 3 4 1 2 , 0 0 0 . 0 0 - 6 4 9 . 3 4 O t h e r E x p e n s e s 2 1 , 7 4 7 . 6 3 3 5 6 , 6 4 2 . 2 0 3 7 8 , 3 8 9 . 8 3 2 6 6 , 8 7 1 . 0 7 8 3 , 8 1 8 . 1 2 2 7 , 7 0 0 . 6 4 En g i n e e r i n g S e r v i c e s a n d C o s t s . S a l a r i e s a n d W a g e s 2 6 , 9 1 7 . 9 1 - 2 6 , 9 1 7 . 9 1 2 6 , 0 0 0 . 0 0 - 9 1 7 . 9 1 O t h e r E x p e n s e s 8 , 9 7 5 . 2 3 2 0 8 , 9 5 9 . 2 7 2 1 7 , 9 3 4 . 5 0 12 8 , 0 1 3 . 9 3 79 , 8 5 9 . 4 8 10 , 0 6 1 . 0 9 Ec o n o m i c D e v e l o p m e n t A g e n c y S a l a r i e s a n d W a g e s 24 1 . 1 3 - 24 1 . 1 3 - - 24 1 . 1 3 O t h e r E x p e n s e s 1, 2 8 5 . 0 0 - 1, 2 8 5 . 0 0 - - 1, 2 8 5 . 0 0 Mu n i c i p a l L a n d U s e L a w ( N . J . S . A . 4 0 : 5 5 D - 1 ) P l a n n i n g B o a r d S a l a r i e s a n d W a g e s 18 , 9 9 3 . 2 8 - 18 , 9 9 3 . 2 8 - - 18 , 9 9 3 . 2 8 O t h e r E x p e n s e s 2, 2 0 1 . 0 9 - 2, 2 0 1 . 0 9 (5 0 2 . 1 3 ) - 2, 7 0 3 . 2 2 Zo n i n g B o ar d o f A d j u s t m e n t S a l a r i e s a n d W a g e s 6, 3 3 9 . 8 0 - 6, 3 3 9 . 8 0 - - 6, 3 3 9 . 8 0 O t h e r E x p e n s e s 99 7 . 8 8 - 99 7 . 8 8 (5 0 2 . 1 2 ) - 1, 5 0 0 . 0 0 Co n t r i b u t i o n t o R e d e v e l o p m e n t A g e n c y - - - Co n t r i b u t i o n t o J e r s e y A r t s C o u n c i l 51 , 2 5 0 . 0 0 - 51 , 2 5 0 . 0 0 - - 51 , 2 5 0 . 0 0 Co n t r i b u t i o n t o H i s t o r i c a l S o c i e t y 4, 6 8 5 . 0 3 21 9 . 4 8 4, 9 0 4 . 5 1 2, 0 4 8 . 4 8 - 2, 8 5 6 . 0 3 Li a b i l i t y I n s u r a n c e a n d S u r e t y B o n d P r e m i u m 26 2 , 2 8 2 . 5 3 13 , 0 0 0 . 0 0 27 5 , 2 8 2 . 5 3 27 5 , 2 8 2 . 5 3 - - 85 Ex h i b i t A - 1 2 SC H E D U L E O F 2 0 2 1 A P P R O P R I A T I O N R E S E R V E S RE S E R V E F O R A M O U N T BA L A N C E E N C U M B . A F T E R P A I D O R A C C O U N T S B A L A N C E D E C . 3 1 , 2 0 2 1 D E C . 3 1 , 2 0 2 1 MO D I F I C A T I O N CH A R G E D PA Y A B L E LA P S E D Me d i c a l S u r g i c a l I n s . / E m p l o y e e G r o u p I n s u r a n c e Em p l o y e e G r o u p I n s u r a n c e 2 2 3 , 4 2 6 . 2 7 4 4 5 , 8 9 8 . 2 9 6 6 9 , 3 2 4 . 5 6 6 6 8 , 6 1 7 . 7 7 - 7 0 6 . 7 9 Em p l o y e e G r o u p W a i v e r I n s u r a n c e 2 5 , 0 0 0 . 0 0 - 2 5 , 0 0 0 . 0 0 2 5 , 0 0 0 . 0 0 - - PU B L I C S A F E T Y Po l i c e S a l a r i e s a n d W a g e s : Pe r m a n e n t F u l l T i m e 1 6 7 , 2 1 6 . 4 6 - 1 6 7 , 2 1 6 . 4 6 - 1 6 5 , 0 0 0 . 0 0 2 , 2 1 6 . 4 6 S c h o o l C r o s s i n g G u a r d s 1 8 0 , 1 5 8 . 2 1 - 1 8 0 , 1 5 8 . 2 1 2 0 , 0 0 0 . 0 0 1 6 0 , 0 0 0 . 0 0 1 5 8 . 2 1 O t h e r E x p e n s e s 1 0 5 , 5 8 9 . 2 3 4 8 , 5 5 8 . 6 1 1 5 4 , 1 4 7 . 8 4 6 0 , 5 7 6 . 3 1 3 0 , 4 1 4 . 8 5 6 3 , 1 5 6 . 6 8 Sh a r e d S e r v i c e - B O E Po l i c e D i s p a t c h / 9 1 1 S a l a r i e s a n d W a g e s 6 9 , 7 7 9 . 4 2 - 6 9 , 7 7 9 . 4 2 6 9 , 0 0 0 . 0 0 - 7 7 9 . 4 2 Em e r g e n c y M a n a g e m e n t S e r v i c e s S a l a r i e s a n d W a g e s 1 , 5 4 6 . 6 2 - 1 , 5 4 6 . 6 2 - - 1 , 5 4 6 . 6 2 O t h e r E x p e n s e s - 9 3 4 . 7 8 9 3 4 . 7 8 5 9 8 . 4 0 - 3 3 6 . 3 8 Em e r g e n c y M e d i c a l S e r v i c e s S a l a r i e s a n d W a g e s 8 0 , 9 9 5 . 9 6 - 8 0 , 9 9 5 . 9 6 - - 8 0 , 9 9 5 . 9 6 O t h e r E x p e n s e s 3 7 , 7 3 8 . 7 6 4 , 7 5 1 . 2 9 4 2 , 4 9 0 . 0 5 2 , 2 0 9 . 3 5 - 4 0 , 2 8 0 . 7 0 Ai d t o V o l u n t e e r F i r e C o m p a n i e s 4 1 , 9 6 4 . 8 6 1 , 7 2 8 . 1 8 4 3 , 6 9 3 . 0 4 6 5 0 . 6 0 - 4 3 , 0 4 2 . 4 4 Ai d t o V o l u n t e e r A m b u l a n c e C o m p a n i e s Fi r e S a l a r i e s a n d W a g e s - - - ( 1 7 5 , 0 0 0 . 0 0 ) 1 7 5 , 0 0 0 . 0 0 - O t h e r E x p e n s e s 6 1 , 5 4 0 . 3 8 3 , 8 5 3 . 2 3 6 5 , 3 9 3 . 6 1 6 3 , 6 3 4 . 6 5 - 1 , 7 5 8 . 9 6 Mi s c e l l a n e o u s O t h e r E x p e n s e s - - - ( 2 4 , 7 8 3 . 4 8 ) - 2 4 , 7 8 3 . 4 8 Ca r t e r e t H a z m a t A s s o c i a t i o n A g r ee m e n t O t h e r E x p e n s e s 1 0 , 0 5 6 . 3 5 3 1 , 4 5 1 . 2 3 4 1 , 5 0 7 . 5 8 1 9 , 2 5 5 . 2 2 - 2 2 , 2 5 2 . 3 6 Mu n i c i p a l P r o s e c u t o r S a l a r i e s a n d W a g e s 2 , 7 5 5 . 2 0 - 2 , 7 5 5 . 2 0 - - 2, 7 5 5 . 2 0 ST R E E T S A N D R O A D S Ro a d R e p a i r s a n d M a i n t e n a n c e S a l a r i e s a n d W a g e s 6 8 , 3 3 6 . 1 3 - 6 8 , 3 3 6 . 1 3 6 8 , 0 0 0 . 0 0 - 3 3 6 . 1 3 O t h e r E x p e n s e s 1 4 , 6 3 5 . 0 5 4 8 , 4 7 0 . 2 8 6 3 , 1 0 5 . 3 3 6 2 , 1 9 4 . 2 2 - 9 1 1 . 1 1 86 Ex h i b i t A - 1 2 SC H E D U L E O F 2 0 2 1 A P P R O P R I A T I O N R E S E R V E S RE S E R V E F O R A M O U N T BA L A N C E E N C U M B . A F T E R P A I D O R A C C O U N T S B A L A N C E D E C . 3 1 , 2 0 2 1 D E C . 3 1 , 2 0 2 1 MO D I F I C A T I O N CH A R G E D PA Y A B L E LA P S E D SA N I T A T I O N St r e e t C l e a n i n g S a l a r i e s a n d W a g e s 4 , 7 5 0 . 4 5 - 4 , 7 5 0 . 4 5 - - 4 , 7 5 0 . 4 5 O t h e r E x p e n s e s 1 , 5 0 0 . 0 0 - 1 , 5 0 0 . 0 0 - - 1 , 5 0 0 . 0 0 Ga r b a g e a n d T r a s h R e m o v a l O t h e r E x p e n s e s 6 2 , 4 3 1 . 6 7 2 1 5 , 3 6 8 . 5 9 2 7 7 , 8 0 0 . 2 6 8 7 , 6 9 6 . 3 4 - 1 9 0 , 1 0 3 . 9 2 Pu b l i c B u i l d i n g s a n d G r o u n d s S a l a r i e s a n d W a g e s 2 3 , 7 9 5 . 8 9 - 2 3 , 7 9 5 . 8 9 - - 2 3 , 7 9 5 . 8 9 O t h e r E x p e n s e s 1 , 2 8 6 . 2 1 6 4 , 1 6 7 . 4 1 6 5 , 4 5 3 . 6 2 4 3 , 9 2 2 . 3 0 - 2 1 , 5 3 1 . 3 2 Mu n i c i p a l G a r a g e S a l a r i e s a n d W a g e s 1 8 , 6 6 4 . 9 3 - 1 8 , 6 6 4 . 9 3 - - 1 8 , 6 6 4 . 9 3 O t h e r E x p e n s e s 2 , 8 0 9 . 9 8 3 9 , 8 4 5 . 9 8 4 2 , 6 5 5 . 9 6 2 7 , 9 7 9 . 8 8 - 1 4 , 6 7 6 . 0 8 HE A L T H A N D W E L F A R E Bo a r d o f H e a l t h O t h e r E x p e n s e s 8 2 . 1 5 7 , 8 6 4 . 7 7 7 , 9 4 6 . 9 2 2 , 7 6 0 . 3 7 - 5 , 1 8 6 . 5 5 An i m a l C o n t r o l S e r v i c e s O t h e r E x p e n s e s 1 0 , 2 2 9 . 9 2 7 , 1 5 0 . 0 0 1 7 , 3 7 9 . 9 2 7 , 1 5 0 . 0 0 - 1 0 , 2 2 9 . 9 2 Mu n i c i p a l C o u r t - S a l a r i e s a n d W a g e s 4 4 , 6 9 0 . 6 6 - 4 4 , 6 9 0 . 6 6 - - 4 4 , 6 9 0 . 6 6 O t h e r E x p e n s e s 1 7 , 7 0 7 . 6 2 3 , 6 6 6 . 4 9 2 1 , 3 7 4 . 1 1 3 , 2 5 9 . 9 2 - 1 8 , 1 1 4 . 1 9 Pu b l i c D e f e n d e r S a l a r i e s a n d W a g e s 1 , 0 0 4 . 0 8 - 1 , 0 0 4 . 0 8 - - 1 , 0 0 4 . 0 8 RE C R E A T I O N A N D E D U C A T I O N Re c r e a t i o n C o m m i s s i o n O t h e r E x p e n s e s 5 6 , 1 5 0 . 3 0 8 , 4 8 3 . 6 0 6 4 , 6 3 3 . 9 0 6 , 7 8 9 . 3 0 - 5 7 , 8 4 4 . 6 0 Pa r k s a n d P l a y g r o u n d s S a l a r i e s a n d W a g e s 7 8 , 0 3 3 . 5 8 - 7 8 , 0 3 3 . 5 8 - - 7 8 , 0 3 3 . 5 8 O t h e r E x p e n s e s 1 2 , 7 1 3 . 9 2 4 6 , 1 9 8 . 0 6 5 8 , 9 1 1 . 9 8 1 5 , 5 8 0 . 2 2 - 4 3 , 3 3 1 . 7 6 Se n i o r C i t i z e n s T r a n s p o r t a t i o n S a l a r i e s a n d W a g e s 5 4 , 0 8 3 . 3 5 - 5 4 , 0 8 3 . 3 5 - - 5 4 , 0 8 3 . 3 5 O t h e r E x p e n s e s 4 , 9 4 3 . 6 6 - 4 , 9 4 3 . 6 6 - - 4 , 9 4 3 . 6 6 87 Ex h i b i t A - 1 2 SC H E D U L E O F 2 0 2 1 A P P R O P R I A T I O N R E S E R V E S RE S E R V E F O R A M O U N T BA L A N C E E N C U M B . A F T E R P A I D O R A C C O U N T S B A L A N C E D E C . 3 1 , 2 0 2 1 D E C . 3 1 , 2 0 2 1 MO D I F I C A T I O N CH A R G E D PA Y A B L E LA P S E D Of f i c e o f t h e H a n d i c a p p e d S a l a r i e s a n d W a g e s 3 , 6 3 6 . 5 0 - 3 , 6 3 6 . 5 0 - - 3 , 6 3 6 . 5 0 O t h e r E x p e n s e s 2 , 5 0 0 . 0 0 - 2 , 5 0 0 . 0 0 - - 2 , 5 0 0 . 0 0 Ha n d i c a p p e d R e c r e a t i o n S a l a r i e s a n d W a g e s 3 , 9 0 9 . 5 0 - 3 , 9 0 9 . 5 0 - - 3 , 9 0 9 . 5 0 O t h e r E x p e n s e s 1 1 , 2 0 5 . 0 2 - 1 1 , 2 0 5 . 0 2 8 5 . 2 0 - 1 1 , 1 1 9 . 8 2 UT I L I T Y E X P E N S E S & B U L K P U R C H A S I N G El e c t r i c i t y 83 , 1 1 4 . 6 0 - 83 , 1 1 4 . 6 0 83 , 1 1 4 . 6 0 - - St r e e t L i g h t i n g 17 , 6 2 9 . 1 5 - 17 , 6 2 9 . 1 5 17 , 6 2 9 . 1 5 - - Te l e p h o n e 66 5 . 3 3 17 , 5 3 9 . 3 1 18 , 2 0 4 . 6 4 10 , 3 4 9 . 7 9 - 7, 8 5 4 . 8 5 Wa t e r 27 , 8 8 7 . 1 4 - 27 , 8 8 7 . 1 4 10 , 7 7 6 . 7 8 - 17 , 1 1 0 . 3 6 Ga s - N a t u r a l 10 , 7 1 4 . 5 2 3, 2 6 0 . 3 0 13 , 9 7 4 . 8 2 13 , 9 7 4 . 8 2 - - Ga s o l i n e - 5, 4 1 2 . 5 9 5, 4 1 2 . 5 9 2, 7 7 9 . 5 1 - 2, 6 3 3 . 0 8 Te l e c o m m u n i c a t i o n s C o s t s - S & W 12 , 1 6 7 . 3 2 - 12 , 1 6 7 . 3 2 - - 12 , 1 6 7 . 3 2 Te l e c o m m u n i c a t i o n s C o s t s - O E 16 , 1 1 1 . 6 2 23 , 9 6 3 . 9 9 40 , 0 7 5 . 6 1 20 , 6 6 0 . 4 8 4, 0 0 0 . 0 0 15 , 4 1 5 . 1 3 Po s t a g e 7, 0 8 4 . 6 9 67 3 . 2 5 7, 7 5 7 . 9 4 - - 7, 7 5 7 . 9 4 UN I F O R M C O N S T R U C T I O N C O D E - A P P R O P S . O F F S E T B Y D E D I C A T E D R E V E N U E S ( N J A C 5 : 2 3 - 4 . 1 7 ) Bu i l d i n g I n s p e c t o r S a l a r i e s a n d W a g e s 2 6 , 0 9 7 . 6 6 - 2 6 , 0 9 7 . 6 6 - - 2 6 , 0 9 7 . 6 6 O t h e r E x p e n s e s 5 , 5 8 5 . 4 1 2 , 6 6 0 . 6 6 8 , 2 4 6 . 0 7 1 3 9 . 5 2 - 8 , 1 0 6 . 5 5 OT H E R C O M M O N O P E R A T I N G F U N C T I O N S ( U N C L A S S I F I E D ) Ol d e r A m e r i c a n s A c t S a l a r i e s a n d W a g e s 1 6 , 7 2 7 . 0 7 - 1 6 , 7 2 7 . 0 7 - - 1 6 , 7 2 7 . 0 7 O t h e r E x p e n s e s 1 , 0 0 0 . 0 0 - 1 , 0 0 0 . 0 0 - - 1 , 0 0 0 . 0 0 Ce l e b r a t i o n o f P u b l i c E v e n t s 1 5 , 3 6 7 . 5 1 1 , 0 7 8 . 2 3 1 6 , 4 4 5 . 7 4 1 , 7 1 2 . 1 8 - 1 4 , 7 3 3 . 5 6 To t a l O p e r a t i o n s W i t h i n " C A P S " 2, 2 8 0 , 7 1 0 . 4 1 1, 6 6 2 , 0 9 7 . 9 2 3, 9 4 2 , 8 0 8 . 3 3 2, 0 1 1 , 1 8 9 . 3 8 72 5 , 6 6 4 . 9 5 1, 2 0 5 , 9 5 4 . 0 0 Co n t i n g e n t 2, 1 5 6 . 2 6 - 2, 1 5 6 . 2 6 (5 , 4 1 8 . 5 6 ) - 7, 5 7 4 . 8 2 88 Ex h i b i t A - 1 2 SC H E D U L E O F 2 0 2 1 A P P R O P R I A T I O N R E S E R V E S RE S E R V E F O R A M O U N T BA L A N C E E N C U M B . A F T E R P A I D O R A C C O U N T S B A L A N C E D E C . 3 1 , 2 0 2 1 D E C . 3 1 , 2 0 2 1 MO D I F I C A T I O N CH A R G E D PA Y A B L E LA P S E D To t a l O p e r a t i o n s I n c l u d i n g C o n t i n g e n t W i t h i n " C A P S " 2 , 2 8 2 , 8 6 6 . 6 7 1 , 6 6 2 , 0 9 7 . 9 2 3 , 9 4 4 , 9 6 4 . 5 9 2 , 0 0 5 , 7 7 0 . 8 2 7 2 5 , 6 6 4 . 9 5 1 , 2 1 3 , 5 2 8 . 8 2 St a t u t o r y E x p e n d i t u r e s : C o n t r i b u t i o n t o : C o n s o l . P o l i c e & F i r e m e n ' s F u n d 3 4 . 2 4 - 3 4 . 2 4 - - 3 4 . 2 4 T o t a l D e f e r r e d C h a r g e s a n d S t a t u t o r y E x p e n d i t u r e s M u n i c i p a l W i t h i n " C A P S " 3 4 . 2 4 - 3 4 . 2 4 - - 3 4 . 2 4 To t a l G e n e r a l A p p r o p r i a t i o n s f o r M u n i c i p a l P u r p o s e s W i t h i n " C A P S " 2 , 2 8 2 , 9 0 0 . 9 1 1 , 6 6 2 , 0 9 7 . 9 2 3 , 9 4 4 , 9 9 8 . 8 3 2 , 0 0 5 , 7 7 0 . 8 2 7 2 5 , 6 6 4 . 9 5 1 , 2 1 3 , 5 6 3 . 0 6 Op e r a t i o n s E x c l u d e d f r o m " C A P S " Le n g t h o f S e r v i c e A w a r d P r o g r a m Vo l u n t e e r F i r e 7 , 8 5 2 . 0 0 - 7 , 8 5 2 . 0 0 4 , 5 9 7 . 9 8 - 3 , 2 5 4 . 0 2 Ma i n t e n a n c e o f F r e e P u b l i c L i b r a r y ( C h . 8 2 & 5 4 , P . L . 1 9 8 5 ) 1 1 5 , 2 0 3 . 5 3 6 , 9 3 5 . 8 5 1 2 2 , 1 3 9 . 3 8 1 2 2 , 1 3 9 . 3 8 - - To t a l O p e r a t i o n s E x c l u d e d f r o m " C A P S " 1 2 3 , 0 5 5 . 5 3 6 , 9 3 5 . 8 5 1 2 9 , 9 9 1 . 3 8 1 2 6 , 7 3 7 . 3 6 - 3 , 2 5 4 . 0 2 Ca p i t a l I m p r o v e m e n t s - E x c l u d e d f r o m " C A P S " P u r c h a s e o f T r e e s 1 6 , 4 5 0 . 0 0 1 , 9 9 5 . 0 0 1 8 , 4 4 5 . 0 0 1 , 3 2 0 . 0 0 - 1 7 , 1 2 5 . 0 0 To t a l G e n e r a l A p p r o p r i a t i o n s $ 2 , 4 2 2 , 4 0 6 . 4 4 $ 1 , 6 7 1 , 0 2 8 . 7 7 $ 4 , 0 9 3 , 4 3 5 . 2 1 $ 2 , 1 3 3 , 8 2 8 . 1 8 $ 7 2 5 , 6 6 4 . 9 5 $ $ 1 , 2 3 3 , 9 4 2 . 0 8 A A A - 1 6 A - 1 No t e : S e e N o t e s t o F i n a n c i a l S t a t e m e n t s 89 Ex h i b i t - A - 1 3 BA L A N C E B A L A N C E DE C 3 1 , 2 0 2 1 IN C R E A S E S DE C R E A S E S DE C 3 1 , 2 0 2 2 Du e F e d e r a l & S t a t e G r a n t F u n d A 6, 9 1 8 . 3 4 $ 17 , 6 6 1 , 7 7 9 . 8 0 $ 17 , 6 6 8 , 6 9 8 . 1 4 $ - $ To t a l s 6, 9 1 8 . 3 4 $ 17 , 6 6 1 , 7 7 9 . 8 0 $ 17 , 6 6 8 , 6 9 8 . 1 4 $ - $ Re f . AA Gr a n t s R e c e i v a b l e C a n c e l l e d A - 1 2 3 , 5 3 1 . 2 5 $ - $ Gr a n t s A p p r o p r i a t e d C a n c e l l e d A- 1 - 27 , 2 9 2 . 0 0 Bu d g e t e d R e v e n u e s A- 2 - 1 3 , 6 6 9 , 7 7 2 . 9 2 Bu d g e t e d A p p r o p r i a t i o n s A- 3 13 , 6 6 9 , 7 7 2 . 9 2 - Ca s h R e c e i p t s - G r a n t s R e c e i v a b l e A- 4 2, 5 3 1 , 8 0 5 . 7 4 - Ca s h R e c e i p t s - U n a p p r o p r i a t e d R e s e r v e s A- 4 1, 4 3 6 , 6 6 9 . 8 9 - Ca s h D i s b u r s e m e n t s A- 4 - 3 , 9 7 1 , 6 3 3 . 2 2 17 , 6 6 1 , 7 7 9 . 8 0 $ 17 , 6 6 8 , 6 9 8 . 1 4 $ SC H E D U L E O F I N T E R F U N D S CU R R E N T F U N D 90 Exhibit - A-14 SCHEDULE OF PREPAID TAXES CURRENT FUND REF. Balance - December 31, 2021 A 321,666.33$ Increased by: Collection of Prepaid Taxes A-4 226,933.50 548,599.83 Decreased by: Applied to 2022 Taxes Receivable A-7 321,666.33 Balance - December 31, 2022 A 226,933.50$ 91 Exhibit - A-15 SCHEDULE OF TAX OVERPAYMENTS CURRENT FUND REF. Balance - December 31, 2021 A $ 307,493.44 Increased by: Collections A- 4 264,670.98 572,164.42 Decreased by: Payments A- 4 403,448.53 Balance - December 31, 2022 A $168,715.89 92 Ex h i b i t A - 1 6 CU R R E N T F U N D SC H E D U L E O F C H A N G E S I N V A R I O U S A C C O U N T S P A Y A B L E S & R E S E R V E S Ca s h C a s h 12 / 3 1 / 2 0 2 1 R e c e i p t s D i s b u r s e m e n t s A d j u s t m e n t s 1 2 / 3 1 / 2 0 2 2 Ac c o u n t s P a y a b l e : Ac c o u n t s P a y a b l e $ 34 5 , 3 4 0 . 5 6 $ - 19 2 , 0 9 4 . 8 3 72 5 , 6 6 4 . 9 5 $ 87 8 , 9 1 0 . 6 8 Su b t o t a l 34 5 , 3 4 0 . 5 6 - 1 9 2 , 0 9 4 . 8 3 72 5 , 6 6 4 . 9 5 87 8 , 9 1 0 . 6 8 Re s e r v e f o r : Li b r a r y 19 4 , 1 1 5 . 9 0 12 2 , 0 6 1 . 3 5 20 , 6 5 9 . 4 7 - 29 5 , 5 1 7 . 7 8 Re a e r v e f o r M u n i c i p a l R e l i e f A c t - 13 4 , 7 4 5 . 1 2 - - 13 4 , 7 4 5 . 1 2 Su b t o t a l 19 4 , 1 1 5 . 9 0 25 6 , 8 0 6 . 4 7 20 , 6 5 9 . 4 7 - 43 0 , 2 6 2 . 9 0 To t a l $ 53 9 , 4 5 6 . 4 6 $ 25 6 , 8 0 6 . 4 7 $ 21 2 , 7 5 4 . 3 0 $ 72 5 , 6 6 4 . 9 5 $ 1, 3 0 9 , 1 7 3 . 5 8 Re f . A A- 4 A- 4 A 20 2 1 A p p r o p r i a t i o n R e s e r v e s A- 1 2 $ 72 5 , 6 6 4 . 9 5 $ 72 5 , 6 6 4 . 9 5 93 Exhibit A-17 SCHEDULE OF TAXES PAYABLE Taxes Cash 12/31/2021 Levied Disbursements 12/31/2022 County - General…………………………… -$ 11,098,672.30$ (11,098,672.30)$ -$ County - Open Space………………………… - 937,473.10 (937,473.10) - County - Added & Omitted………………… - 22,013.58 (22,013.58) - Local School District Taxes………………… - 29,753,886.00 (29,753,886.00) - Local - Open Space………………………… - 746,979.65 (746,979.65) - Special District Taxes……………………… - 3,483,000.00 (3,483,000.00) - Total………………………………………… -$ 46,042,024.63$ (46,042,024.63)$ -$ Ref.A A-1, A-2, A-7 A-4 A 94 Exhibit - A-18 REF. Balance - December 31, 2021 A 6,918.34$ (Due from) Increased by: Cash Receipts - Grants Receivable A-20 2,531,805.74 Cash Receipts-Unappropriated A-22 1,436,669.89 Grants Appropriated - CY 2022 A-21 13,669,772.92 Cancellation of Reserve for Federal and State Grants Receivable A-20 23,531.25 17,661,779.80 17,668,698.14 Decreased by: Cash Disbursements A-21 2,172,495.70 Grant Revenue Realized - CY 2020 A-20 13,669,772.92 Due to Capital Fund - Prior Year A, A-19 200,000.00 Cancellation of Reserve for Federal and State Grants Appropriated A-21 27,292.00 16,069,560.62 Balance - December 31, 2022 A 1,599,137.52$ Exhibit - A-19 SCHEDULE OF DUE TO/FROM CAPITAL FUND GRANT FUND REF. Balance - December 31, 2021 A (200,000.00)$ (Due to) Decreased by: Due to Capital Fund A (200,000.00) Balance - December 31, 2022 A -$ (Due to) SCHEDULE OF DUE TO/FROM CURRENT FUND SCHEDULES OF GRANT FUND INTERFUNDS GRANT FUND 95 Ex h i b i t - A - 2 0 SC H E D U L E O F S T A T E A N D F E D E R A L G R A N T S R E C E I V A B L E GR A N T F U N D 20 2 2 TR A N S . F R O M BA L A N C E B U D G E T S T A T E & F E D . B A L A N C E DE C . 3 1 , R E V E N U E C O L L E C T E D G R A N T S D E C . 3 1 , GR A N T S 20 2 1 RE A L I Z E D 20 2 2 UN A P P R O P . CA N C E L L E D 20 2 2 Bo d y A r m o r - $ 3 , 8 4 8 . 3 5 $ 2 , 8 6 0 . 3 5 $ 9 8 8 . 0 0 $ - $ - $ Co u n t y A r t s G r a n t 7, 4 0 0 . 0 0 5 , 6 0 0 . 0 0 - 5 , 6 0 0 . 0 0 - 7, 4 0 0 . 0 0 Co u n t y H i s t o r y G r a n t 1, 6 2 0 . 0 0 - - - - 1, 6 2 0 . 0 0 Mu n i c i p a l A l l i a n c e 6, 6 2 5 . 0 4 13 , 8 5 3 . 7 5 13 , 8 5 3 . 7 4 - - 6, 6 2 5 . 0 5 AR P - F i r e f i g h t e r s G r a n t - 5 0 , 0 0 0 . 0 0 - - - 50 , 0 0 0 . 0 0 AR P - L i b r a r y - 20 , 0 0 0 . 0 0 19 , 9 5 0 . 0 0 - - 50 . 0 0 Ol d e r A m e r i c a n - 45 , 7 0 3 . 0 0 27 , 3 7 0 . 0 0 18 , 3 3 3 . 0 0 - - Cl e a n C o m m u n i t i e s - 38 , 9 2 7 . 7 7 - 3 8 , 9 2 7 . 7 7 - - NJ T r a n s p o r t a t i o n T r u s t F u n d - A r t s D i s t r i c t & M i l i k / M i n u e 2, 6 7 2 , 9 0 7 . 5 0 - 1 , 7 1 6 , 9 7 6 . 4 9 - 2 3 , 5 3 1 . 2 5 93 2 , 3 9 9 . 7 6 NJ T r a n s p o r t a t i o n T r u s t F u n d - A r t s D i s t r i c t 57 0 , 5 3 6 . 2 5 - 5 7 0 , 5 3 6 . 2 5 - - - Po r t A u t h o r i t y S e c u r i t y G r a n t 40 , 0 0 0 . 0 0 - - - - 40 , 0 0 0 . 0 0 Su m m e r F o o d 10 , 9 6 8 . 4 9 35 , 1 9 1 . 3 0 19 , 6 8 5 . 1 6 - - 26 , 4 7 4 . 6 3 Bo d y W o r n C a m e r a G r a n t 19 3 , 6 1 0 . 0 0 - 1 3 0 , 6 8 6 . 7 5 - - 62 , 9 2 3 . 2 5 NJ D O T - W a t e r f r o n t F e r r y T e r m i n a l 67 8 , 9 7 3 . 0 0 - - - - 6 7 8 , 9 7 3 . 0 0 Cl i c k I t o r T i c k e t I t - 7, 0 0 0 . 0 0 - - - 7, 0 0 0 . 0 0 UE Z - C H - 1 5 9 - 98 7 , 7 2 3 . 0 0 29 , 8 8 7 . 0 0 - - 9 5 7 , 8 3 6 . 0 0 NJ D O T V a r i o u s C h - 1 5 9 - 1 2 , 4 6 1 , 9 2 5 . 7 5 - - - 1 2 , 4 6 1 , 9 2 5 . 7 5 4, 1 8 2 , 6 4 0 . 2 8 $ 13 , 6 6 9 , 7 7 2 . 9 2 $ 2, 5 3 1 , 8 0 5 . 7 4 $ 63 , 8 4 8 . 7 7 $ 23 , 5 3 1 . 2 5 $ 15 , 2 3 3 , 2 2 7 . 4 4 $ Re f . A A- 1 8 A- 2 1 A- 1 8 A- 1 8 A 96 Ex h i b i t - A - 2 1 SC H E D U L E O F S T A T E A N D F E D E R A L G R A N T S A P P R O P R I A T E D GR A N T F U N D BA L A N C E T R A N S F . R E S E R V E RE S E R V E BA L A N C E DE C . 3 1 F R O M 2 0 2 2 F O R E N C U M B . P A I D O R F O R E N C U M B . DE C . 3 1 20 2 1 BU D G E T 20 2 1 CH A R G E D 20 2 2 CA N C E L L E D 20 2 2 Bo d y A r m o r 21 4 . 2 9 $ 3 , 8 4 8 . 3 5 $ - $ 4 , 0 6 2 . 6 4 $ - $ - - Cl e a n C o m m u n i t i e s A c t - 3 8 , 9 2 7 . 7 7 5 4 5 . 0 0 4 8 5 . 0 0 - - 3 8 , 9 8 7 . 7 7 Co u n t y A r t s G r a n t - M a t c h i n g F u n d s 4 3 . 7 5 - - - - - 4 3 . 7 5 Co u n t y A r t s G r a n t 5 , 9 5 0 . 0 0 5 , 6 0 0 . 0 0 - - - - 1 1 , 5 5 0 . 0 0 Co u n t y H i s t o r y G r a n t 4 , 0 0 0 . 0 0 - - - - - 4 , 0 0 0 . 0 0 Co u n t y V i s u a l A r t s S u m m e r P r o g r a m 4 , 6 5 0 . 0 0 - - - - - 4 , 6 5 0 . 0 0 Co u n t y V i s u a l A r t s S u m m e r M a t c h 1 , 1 6 2 . 5 0 - - - - - 1 , 1 6 2 . 5 0 Fe d e r a l C o a s t a l Z o n e M a n a g e m e n t 1 1 , 5 4 9 . 5 0 - - - - - 1 1 , 5 4 9 . 5 0 FE M A F i r e f i g h t e r s G r a n t 4 , 5 9 0 . 0 0 - - - - - 4 , 5 9 0 . 0 0 FE M A F i r e h o u s e G r a n t 3 4 , 2 5 6 . 6 5 - - - - - 3 4 , 2 5 6 . 6 5 Mu n i c i p a l A l l i a n c e - M a t c h - 2 , 7 7 0 . 7 5 - 2 , 2 8 2 . 4 4 - - 4 8 8 . 3 1 Mu n i c i p a l A l l i a n c e 1 1 , 0 8 3 . 0 0 1 1 , 0 8 3 . 0 0 - 1 2 , 8 9 0 . 8 3 - - 9 , 2 7 5 . 1 7 Mu n i c i p a l C o u r t A l c o h o l 4, 8 1 7 . 1 5 - - - - - 4 , 8 1 7 . 1 5 Mu n i c i p a l R e c y c l i n g A s s i s t a n c e 1 2 , 2 5 9 . 6 7 - - - - - 1 2 , 2 5 9 . 6 7 Mu n i c i p a l S t o r m W a t e r 5 0 0 . 0 0 - - - - - 5 0 0 . 0 0 NJ T r a n s p o r t a t i o n T r u s t F u n d 3 , 5 3 9 , 9 7 3 . 0 0 - 1 , 9 4 7 . 8 0 1 , 7 7 4 , 8 9 6 . 7 6 1 , 0 8 8 , 0 5 0 . 1 6 - 6 7 8 , 9 7 3 . 8 8 Ol d e r A m e r i c a n s A c t 4 8 , 6 6 7 . 5 2 4 5 , 7 0 3 . 0 0 - 2 4 , 0 3 6 . 6 7 6 , 7 5 8 . 5 0 2 7 , 2 9 2 . 0 0 3 6 , 2 8 3 . 3 5 Po r t A u t h o r i t y S e c u r i t y G r a n t 3 3 , 4 4 1 . 2 5 - - - - - 3 3 , 4 4 1 . 2 5 Re c y c l i n g T o n n a g e G r a n t 9 , 0 5 7 . 0 1 - - - - - 9 , 0 5 7 . 0 1 Sm a r t G r o w t h G r a n t - - 3 , 0 0 0 . 0 0 - 3 , 0 0 0 . 0 0 - - Su m m e r F o o d - 1 5 9 39 1 . 7 6 35 , 1 9 1 . 3 0 - 23 , 5 4 7 . 7 0 - - 12 , 0 3 5 . 3 6 AR P - L i b r a r y - 1 5 9 - 20 , 0 0 0 . 0 0 - 19 , 9 5 0 . 0 0 - - 50 . 0 0 AR P - F i r e f i g h t e r s G r a n t - 1 5 9 - 50 , 0 0 0 . 0 0 - - - - 50 , 0 0 0 . 0 0 Bo d y W o r n C a m e r a G r a n t - 1 5 9 71 , 2 6 0 . 0 0 12 2 , 3 5 0 . 0 0 14 7 , 5 6 0 . 0 0 - - 46 , 0 5 0 . 0 0 Cl i c k I t o r T i c k e t I t - 1 5 9 - 7, 0 0 0 . 0 0 - - - - 7, 0 0 0 . 0 0 UE Z G r a n t - 1 5 9 - 98 7 , 7 2 3 . 0 0 - - - - 98 7 , 7 2 3 . 0 0 NJ D O T P e d & C y c l i s t W a t e r f r o n t G r a n t - 1 5 9 - 18 5 , 0 8 4 . 7 5 - 13 5 , 9 4 0 . 1 6 49 , 1 4 4 . 5 9 - - NJ D O T W h i t t i e r S t R d I m p r o v e m e n t s - 1 5 9 - 71 1 , 6 8 6 . 0 0 - 26 , 8 4 3 . 5 0 60 , 1 5 6 . 5 0 - 62 4 , 6 8 6 . 0 0 NJ D O T C a r t e r e t A v e B i k e A c c e s s - 1 5 9 - 40 0 , 0 0 0 . 0 0 - - - - 40 0 , 0 0 0 . 0 0 NJ D O T C a r t e r e t A v e S c h o o l R o u t e - 1 5 9 - 70 2 , 0 0 0 . 0 0 - - - - 70 2 , 0 0 0 . 0 0 NJ D O T T r u c k R t P o r t C a r t e r e t D r i v e - 1 5 9 - 1 , 0 0 0 , 0 0 0 . 0 0 - - 90 , 0 0 0 . 0 0 - 91 0 , 0 0 0 . 0 0 NJ D O T F e r r y T e r m i n a l G r a n t - 1 5 9 - 2 , 7 1 5 , 3 6 0 . 0 0 - - 2 , 1 3 6 , 9 7 9 . 9 0 - 57 8 , 3 8 0 . 1 0 NJ D O T L T P F F e r r y T e r m i n a l G r a n t - 1 5 9 - 6 , 7 4 7 , 7 9 5 . 0 0 - - - - 6 , 7 4 7 , 7 9 5 . 0 0 3, 7 9 7 , 8 6 7 . 0 5 $ 13 , 6 6 9 , 7 7 2 . 9 2 $ 12 7 , 8 4 2 . 8 0 $ 2, 1 7 2 , 4 9 5 . 7 0 $ 3, 4 3 4 , 0 8 9 . 6 5 $ 27 , 2 9 2 . 0 0 $ 11 , 9 6 1 , 6 0 5 . 4 2 $ Re f . A A- 1 8 A A- 1 8 A A- 1 , A - 1 8 A 97 Ex h i b i t - A - 2 2 SC H E D U L E O F R E S E R V E F O R F E D E R A L A N D S T A T E G R A N T S UN A P P R O P R I A T E D BA L A N C E G R A N T S A P P R O P . B A L A N C E DE C 3 1 R E C E I V E D I N 2 0 2 2 D E C 3 1 20 2 1 20 2 2 BU D G E T 20 2 2 Bo d y A r m o r 98 8 . 0 0 $ 17 , 9 4 8 . 6 5 $ 98 8 . 0 0 $ 17 , 9 4 8 . 6 5 $ Cl e a n C o m m u n i t i e s 38 , 9 2 7 . 7 7 40 , 9 2 9 . 7 0 38 , 9 2 7 . 7 7 40 , 9 2 9 . 7 0 Co u n t y A r t s G r a n t 5, 6 0 0 . 0 0 5, 0 0 0 . 0 0 5, 6 0 0 . 0 0 5, 0 0 0 . 0 0 Ol d e r A m e r i c a n A c t 18 , 3 3 3 . 0 0 10 , 4 6 1 . 0 0 18 , 3 3 3 . 0 0 10 , 4 6 1 . 0 0 Re c y c l i n g T o n n a g e G r a n t - 95 , 9 4 2 . 0 8 - 95 , 9 4 2 . 0 8 Am e r i c a n R e s c u e P l a n A c t - 1 , 2 2 5 , 0 4 0 . 7 7 - 1 , 2 2 5 , 0 4 0 . 7 7 Op i o i d G r a n t - 41 , 3 4 7 . 6 9 - 41 , 3 4 7 . 6 9 63 , 8 4 8 . 7 7 $ 1, 4 3 6 , 6 6 9 . 8 9 $ 63 , 8 4 8 . 7 7 $ 1, 4 3 6 , 6 6 9 . 8 9 $ Re f . A A- 1 8 A- 2 0 A 98 Exhibit - A-23 SCHEDULE OF INTEREST ON INVESTMENTS CURRENT FUND REF. Balance - December 31, 2021 A $- Increased by: Collections A- 4 233,462.76 233,462.76 Decreased by: Transfers Out A- 4 230,842.75 Balance - December 31, 2022 A $2,620.01 99 This page intentionally left blank 100 TRUST FUND 101 This page intentionally left blank 102 Exhibit B-1 TRUST FUNDS SCHEDULE OF CASH AND RESERVE ACTIVITY Balance Encumbrances Encumbrances Balance 12/31/2021 Receipts Disbursements 12/31/2021 12/31/2022 12/31/2022 Animal Control: Due (from)/to NJ - State License Fees……………1,764.60$ 1,690.80$ (1,764.60)$ -$ -$ 1,690.80$ Animal Control Reserves…………………………31,081.20 19,357.38 (4,688.30) - - 45,750.28 Total 32,845.80$ 21,048.18$ (6,452.90)$ -$ -$ 47,441.08$ Other Trust Funds: Reserve for Encumbrances……………………… 291,936.97$ -$ -$ (291,936.97)$ 1,001,760.27$ 1,001,760.27$ Payroll Trust………………………………………229,893.11 22,189,047.20 (22,161,617.72) - - 257,322.59 Reserve for Unemployment Insurance……………472,605.11 54,968.49 (20,644.06) - - 506,929.54 Reserve for Builders' Escrow…………………… 1,223,991.03 1,669,146.83 (839,918.11) - - 2,053,219.75 Street Opening Deposits………………………… 53,706.18 3,900.00 (900.00) - - 56,706.18 Other Escrows and Miscellaneous Reserves: Building Inspection……………………………81,762.00 237,510.00 (194,597.00) - - 124,675.00 "COAH' Non-Res Development Fee 28,553.82 - - - - 28,553.82 Parking Offense Adjudication Act…………… 1,004.01 650.00 (306.88) - - 1,347.13 Off Duty Police…………………………………86,438.46 580,445.34 (618,409.71) - - 48,474.09 Snow Removal Costs………………………… 329,900.35 3,590,749.56 (1,557,896.69) 288,838.77 (998,799.40) 1,652,792.59 Police Forfeited Funds…………………………43,029.87 94,942.87 (4,257.22) 2,128.61 - 135,844.13 Premium on Tax Sale………………………… 1,216,600.00 1,625,400.00 (1,317,300.00) - - 1,524,700.00 Recreation Commission……………………… 17,018.40 25,984.29 (26,659.69) 680.00 (680.00) 16,343.00 Recycling Trust…………………………………17,002.95 10,322.49 (10,087.08) 289.59 (2,280.87) 15,247.08 Public Defender……………………………… 2,910.35 - - - - 2,910.35 Unclaimed Property……………………………4,984.08 - - - - 4,984.08 Uniform Fire Safety Code………………………60,092.02 40.00 - - - 60,132.02 Self Insurance…………………………. - 665,612.11 - - - 665,612.11 Accrued Sick & Vacation………………………343,623.26 522,000.00 - - - 865,623.26 Office on Aging……………………………… 11.00 - - - - 11.00 Total 4,505,062.97$ 31,270,719.18$ (26,752,594.16)$ -$ -$ 9,023,187.99$ Community Development Block Grant: Reserve for Encumbrances 53,629.86$ -$ -$ (53,629.86)$ 18,750.56$ 18,750.56$ Reserve for Rehabilitation Loans…………………22,588.89 - - - - 22,588.89 Reserve for Administrative Costs…………… 1.49 - - - - 1.49 Year 2017/2018 Reserves Housing/Commercial Bldg Rehabilitation…6,376.00 - - - - 6,376.00 Total 82,596.24$ -$ -$ (53,629.86)$ 18,750.56$ 47,716.94$ Reserve for Open Space Tax Levy: Reserve for Encumbrances……………………… 873,485.15$ 355,848.00$ (873,485.15)$ -$ -$ 355,848.00$ Reserve for Open Space………………………… 114,973.04 1,621,628.37 (977,611.52) - - 758,989.89 Total 988,458.19$ 1,977,476.37$ (1,851,096.67)$ -$ -$ 1,114,837.89$ Reserve for LOSAP Funds (Unaudited): LOSAP Reserves (Trustee)………………………298,333.00$ -$ (61,186.81)$ -$ -$ 237,146.19$ Total 298,333.00$ -$ (61,186.81)$ -$ -$ 237,146.19$ Grand Total 5,907,296.20$ 33,269,243.73$ (28,671,330.54)$ (53,629.86)$ 18,750.56$ 10,470,330.09$ Ref.B B ...…………...Cash……………... 103 This page intentionally left blank 104 GENERAL CAPITAL FUND 105 This page intentionally left blank 106 Exhibit - C- 2 SCHEDULE OF GENERAL CAPITAL CASH - TREASURER GENERAL CAPITAL FUND REF. Balance - December 31, 2021 C 490,338.36$ Increased by: Excess Cash Collected Ord#16-11 C-1 672,414.00$ Due from Grant Fund C-3 200,000.00 Grants, Loans and Other Receivables C-4 15,033,810.95 Deferred Charges - Unfunded C-6 5,183,544.49 Bonds Issued C-5 376,314.50 Bond Anticipation Notes C-7 38,803,000.00 Capital Improvement Fund C-13 2,800,000.00 Various Reserves C-12 414.48 63,069,498.42 63,559,836.78 Decreased by: Bond Anticipation Notes C-7 29,193,000.00 Improvement Authorizations C-8 14,407,027.22 Payment of Various Reserves C-12 6,009,847.97 49,609,875.19 Balance - December 31, 2022 C 13,949,961.59$ 107 Exhibit - C-2a BALANCE DECEMBER 31, 2022 Fund Balance 385,427.06$ Reserve for Encumbrances 8,362,180.71 Grants Receivable (22,287,463.09) Capital Improvement Fund 704,892.34 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 Endowments 7,121,419.79 Reserve for NJDOT-Road Improvements 2,486,017.00 Regional Contribution Agreements 31,221.98 Excess BAN Proceeds 2,439,687.47 Ord. No.Improvement Authorizations 05-06 State Green Acres - Waterfront II (470,000.00) 12-07 Marina Project-Open Space (25,000.00) 13-05 Various Capital Improvements 2,310.40 14-1 Various Capital Improvements 3,369.78 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 256,747.16 16-20 Green Acres-Marina (565,150.00) 16-28 Developer Contirbution-200 Middlesex 6.56 17-09 Acqusition of Vehicles-MCIA 91,599.80 17-11 Waterfront Marina Project-ONRR (419,872.78) 18-01 Various Capital Improvements 134,686.78 18-02 CARA-Property Sale 195,438.27 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) 19-12 Various Capital Improvements 10,495.22 20-02 Road Improvements-Grants 707,779.01 20-15 Acquisition of Property 56,852.38 21-06 Acq of Waterfront Property 14,000,000.00 21-11 Construction of Performing Arts Center 752,163.24 21-12 Waterfront Redevelopment Project (908,954.24) 21-13 NJDOT Federal Blvd/Blair Road (437,165.73) 21-16 Various Capital Improvements 389.14 22-09 Various Capital Improvements 1,400,644.39 22-15 Various Capital Projects 684,884.99 13,949,961.59$ Ref.C ANALYSIS OF GENERAL CAPITAL CASH 108 Exhibit - C- 3 GENERAL CAPITAL FUND REF. Balance (Due To) - December 31, 2021 C 200,000.00$ Due from Increased by: Cash Received C-2 (200,000.00) Balance -Due from - December 31, 2022 C -$ SCHEDULE OF DUE TO/FROM GRANT FUND 109 Exhibit - C-4 SCHEDULE OF VARIOUS GRANTS, LOANS AND OTHER RECEIVABLES Balance Balance Ordinance December 31,December 31, Number 2021 Increases Decreases 2022 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 21-6 4,500,000.00 - - 4,500,000.00 Noe Street Park 18-15 65,911.62 - - 65,911.62 Bishop Andrews Park 22-10 - 1,500,000.00 - 1,500,000.00 KTR Guarantee Fee 14-15 600,000.00 - 150,000.00 450,000.00 CARA-Property Sale 18-02 2,300,000.00 - 200,000.00 2,100,000.00 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 - MCIA-Sale of Garage 22-09 - 5,517,160.50 5,492,160.50 25,000.00 Green Acres-Bishop Andrews Park 22-10 - 1,000,000.00 - 1,000,000.00 Developer Contributions 22-15 - 1,266,447.00 500,000.00 766,447.00 Subtotal 15,906,901.80 9,283,607.50 6,636,789.68 18,553,719.62 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:0.00 Green Acres-Noe Street 16-03 260,625.00 - - 260,625.00 Green Acres-Acq Waterfront Property 21-6 1,000,000.00 - - 1,000,000.00 NJ Economic Development Association 16-11 1,293,751.64 1,060,771.11 1,527,522.75 827,000.00 NJDEP-Passaic Valley Litigation Settlement 17-11 1,271,969.50 - - 1,271,969.50 Developer Contribution-Acelero/US Metals 19-03 1,623,393.91 - 490,858.38 1,132,535.53 Developer Contribution-Hampshire Federal 19-06 1,500,000.00 - 625,000.00 875,000.00 Developer Contribution-RVN/Massimo 19-17 2,135,000.00 500,000.00 1,500,000.00 1,135,000.00 Developer Contribution-RVN/Massimo 19-20 1,519,000.00 - - 1,519,000.00 NJDOT Grants-Road Imporvements 20-02 3,011,017.00 - 525,000.00 2,486,017.00 Developer Contribution-Soil Safe 21-11 294,323.02 - 96,486.26 197,836.76 Pershing Avenue Sale Proceeds 21-11 620,000.00 - - 620,000.00 CHI Acquisition 21-12 2,590,412.50 - 948,365.00 1,642,047.50 NJDOT-Federal Blvd/Blair Road 21-13 1,450,000.00 - 876,497.21 573,502.79 Subtotal 19,916,517.57 1,560,771.11 6,589,729.60 14,887,559.08 $35,823,419.37 $10,844,378.61 $13,226,519.28 $33,441,278.70 Ref.CC Cash Transactions C-2 -$ 13,226,519.28$ Improvement Authorizations C-8 9,283,607.50 - Various Reserves C-12 1,560,771.11 - 10,844,378.61$ 13,226,519.28$ Exhibit C-4a SCHEDULE OF RESERVE FOR REDEVELOPER CONTRIBUTIONS Balance December 31, 2021 -$ Increased by: Adjustment for Developer Contribution - Meridia Cosmopolitan 245,808.33 Balance December 31, 2022 245,808.33$ 110 Ex h i b i t C - 5 SC H E D U L E O F D E F E R R E D C H A R G E S - F U N D E D St a t e / L a k e & Gr e e n S t r e a m R e s t o r a t i o n Se r i a l A c r e s B u i l d i n g D e m o C a r t e r e t P o n d M C I A M C I A To t a l B o n d s L o a n L o a n L o a n T r u s t L o a n L e a s e O b l i g a t i o n s Re f . Ba l a n c e - D e c e m b e r 3 1 , 2 0 2 1 C $ 2 8 , 9 4 8 , 1 8 5 . 3 0 $ 2 7 , 4 1 2 , 2 4 4 . 0 0 $ 5 7 2 , 8 1 2 . 0 2 $ 4 5 , 0 0 0 . 0 0 $ 9 7 , 0 0 3 . 5 9 $ 4 5 9 , 0 9 7 . 6 3 $ 3 6 2 , 0 2 8 . 0 6 In c r e a s e d b y : Bo n d s / L o a n s I s s u e d C - 9 , C - 1 1 3 3 4 , 5 8 1 . 1 7 - - - - - 33 4 , 5 8 1 . 1 7 29 , 2 8 2 , 7 6 6 . 4 7 27 , 4 1 2 , 2 4 4 . 0 0 5 7 2 , 8 1 2 . 0 2 45 , 0 0 0 . 0 0 97 , 0 0 3 . 5 9 45 9 , 0 9 7 . 6 3 69 6 , 6 0 9 . 2 3 De c r e a s e d b y : Se r i a l B o n d s / L o a n s P a i d F r o m B u d g e t A p p r o p r i a t i o n C - 9 , C - 1 0 1 , 4 1 0 , 5 1 0 . 7 4 1, 0 7 9 , 3 7 9 . 0 0 56 , 3 4 6 . 8 1 22 , 5 0 0 . 0 0 16 , 8 0 4 . 4 8 93 , 5 6 9 . 4 3 14 1 , 9 1 1 . 0 2 Ba l a n c e - D e c e m b e r 3 1 , 2 0 2 2 C $ 27 , 8 7 2 , 2 5 5 . 7 3 $ 26 , 3 3 2 , 8 6 5 . 0 0 $ 51 6 , 4 6 5 . 2 1 $ 22 , 5 0 0 . 0 0 $ 80 , 1 9 9 . 1 1 $ 36 5 , 5 2 8 . 2 0 $ 55 4 , 6 9 8 . 2 1 111 Ex h i b i t - C - 6 SC H E D U L E O F D E F E R R E D C H A R G E S T O FU T U R E T A X A T I O N - U N F U N D E D GE N E R A L C A P I T A L F U N D AN A L Y S I S O F BA L A N C E D E C . 3 1 , 2 0 2 2 BA L A N C E B A N C A S H B A L A N C E B O N D U N E X P E N D E D OR D . D E C E M B E R 3 1 , P A Y D O W N S R E C E I P T S D E C E M B E R 3 1 , A N T I C I P A T I O N E x c e s s B A L A N C E O F NO . IM P R O V E M E N T D E S C R I P T I O N 20 2 1 DE C R E A S E DE C R E A S E 20 2 2 NO T E S Fu n d i n g EX P E N D E D IM P R O V . A U T H . Ge n e r a l I m p r o v e m e n t s 0 5 - 0 6 S t a t e G r e e n A c r e s - W a t e r f r o n t I I P r o j . # 0 2 2 47 0 , 0 0 0 . 0 0 $ - $ - $ 47 0 , 0 0 0 . 0 0 $ - $ - $ 47 0 , 0 0 0 . 0 0 $ - $ 12 - 0 7 M a r i n a P r o j e c t - O p e n S p a c e 4, 3 0 0 , 0 0 0 . 0 0 (1 7 5 , 0 0 0 . 0 0 ) - 4,1 2 5 , 0 0 0 . 0 0 4,1 0 0 , 0 0 0 . 0 0 - 25 , 0 0 0 . 0 0 - 16 - 0 3 S t a t e G r e e n A c r e s - N o e S t r e e t P r o j e c t 1, 0 4 2 , 5 0 0 . 0 0 - - 1,0 4 2 , 5 0 0 . 0 0 - - 93 0 , 1 8 5 . 7 7 11 2 , 3 1 4 . 2 3 16 - 1 1 W a t e r f r o n t D e v e l o p m e n t P r o j e c t - N J E D A 79 6 , 3 3 7 . 6 4 (1 7 5 , 0 0 0 . 0 0 ) (6 2 1 , 3 3 7 . 6 4 ) - - - - - 16 - 2 0 S t a t e G r e e n A c r e s - M u n i c i p a l M a r i n a 56 5 , 1 5 0 . 0 0 - - 56 5 , 1 5 0 . 0 0 - - 56 5 , 1 5 0 . 0 0 - 17 - 1 1 W a t e r f r o n t M a r i n a - P a s s a i c V a l l e y - N J D E P 92 1 , 9 6 9 . 5 0 (5 5 , 0 0 0 . 0 0 ) - 86 6 , 9 6 9 . 5 0 44 7 , 0 0 0 . 0 0 - 41 9 , 8 7 2 . 7 8 96 . 7 2 19 - 0 3 P e r f o r m i n g A r t s C e n t e r - U S M e t a l s / A c e l e r o 1, 5 2 5 , 3 9 3 . 9 1 (8 0 , 0 0 0 . 0 0 ) (4 9 0 , 8 5 8 . 3 8 ) 95 4 , 5 3 5 . 5 3 1,3 2 3 , 0 0 0 . 0 0 (3 6 8 , 4 6 4 . 4 7 ) - - 19 - 0 6 P e r f o r m i n g A r t s C e n t e r - H a m p s h i r e 1, 3 5 4 , 7 6 0 . 0 0 (7 5 , 0 0 0 . 0 0 ) (6 2 5 , 0 0 0 . 0 0 ) 65 4 , 7 6 0 . 0 0 1,2 8 0 , 0 0 0 . 0 0 (6 2 5 , 2 4 0 . 0 0 ) - - 19 - 0 7 V a r i o u s S e w e r a n d S t o r m w a t e r - " I " B a n k 49 , 4 0 5 . 8 3 - - 49 , 4 0 5 . 8 3 - - 49 , 4 0 5 . 8 3 - 19 - 1 7 C o n s t r u c t i o n o f P e r f o r m i n g A r t s C e n t e r 2, 1 3 5 , 0 0 0 . 0 0 (5 5 , 0 0 0 . 0 0 ) (1 , 0 0 0 , 0 0 0 . 0 0 ) 1,0 8 0 , 0 0 0 . 0 0 2,0 0 0 , 0 0 0 . 0 0 (9 2 0 , 0 0 0 . 0 0 ) - - 19 - 2 0 C o n s t r u c t i o n o f P e r f o r m i n g A r t s C e n t e r 1, 2 7 1 , 0 0 0 . 0 0 (1 2 5 , 0 0 0 . 0 0 ) - 1,1 4 6 , 0 0 0 . 0 0 1,1 4 6 , 0 0 0 . 0 0 - - - 20 - 0 1 C o n s t r u c t i o n o f P e r f o r m i n g A r t s C e n t e r 4, 7 5 0 , 0 0 0 . 0 0 - - 4,7 5 0 , 0 0 0 . 0 0 4,7 5 0 , 0 0 0 . 0 0 - - - 20 - 0 2 N J D O T P r o j e c t s / R o a d I m p r o v e m e n t s 3, 0 1 1 , 0 1 7 . 0 0 - ( 5 2 5 , 0 0 0 . 0 0 ) 2,4 8 6 , 0 1 7 . 0 0 3,0 1 2 , 0 0 0 . 0 0 (5 2 5 , 9 8 3 . 0 0 ) - - 20 - 0 3 V a r i o u s C a p i t a l I m p r o v e m e n t s 47 5 , 0 0 0 . 0 0 - - 47 5 , 0 0 0 . 0 0 47 5 , 0 0 0 . 0 0 - - - 20 - 1 1 C o n s t r u c t i o n o f P e r f o r m i n g A r t s C e n t e r 2, 3 7 5 , 0 0 0 . 0 0 - - 2,3 7 5 , 0 0 0 . 0 0 2,3 7 5 , 0 0 0 . 0 0 - - - 20 - 1 5 A c q u i s i t i o n o f P r o p e r t y 3, 8 9 5 , 0 0 0 . 0 0 - - 3,8 9 5 , 0 0 0 . 0 0 3,8 9 5 , 0 0 0 . 0 0 - - - 21 - 0 6 A c q o f W a t e r f r o n t P r o p e r t y 14 , 0 0 0 , 0 0 0 . 0 0 - - 14 , 0 0 0 , 0 0 0 . 0 0 14 , 0 0 0 , 0 0 0 . 0 0 - - - 21 - 1 1 C o n s t r u c t i o n o f P e r f o r m i n g A r t s C e n t e r 91 4 , 3 2 3 . 0 2 - (9 6 , 4 8 6 . 2 6 ) 81 7 , 8 3 6 . 7 6 - - - 8 1 7 , 8 3 6 . 7 6 21 - 1 2 W a t e r f r o n t R e d e v e l o p m e n t P r o j e c t 2, 5 9 0 , 4 1 2 . 5 0 - ( 9 4 8 , 3 6 5 . 0 0 ) 1,6 4 2 , 0 4 7 . 5 0 - - 90 8 , 9 5 4 . 2 4 73 3 , 0 9 3 . 2 6 21 - 1 3 N J D O T F e d e r a l B l v d / B l a i r R o a d 1, 4 5 0 , 0 0 0 . 0 0 - ( 8 7 6 , 4 9 7 . 2 1 ) 57 3 , 5 0 2 . 7 9 - - 43 7 , 1 6 5 . 7 3 13 6 , 3 3 7 . 0 6 47 , 8 9 2 , 2 6 9 . 4 0 $ (7 4 0 , 0 0 0 . 0 0 ) $ (5 , 1 8 3 , 5 4 4 . 4 9 ) $ 41 , 9 6 8 , 7 2 4 . 9 1 $ 38 , 8 0 3 , 0 0 0 . 0 0 $ (2 , 4 3 9 , 6 8 7 . 4 7 ) $ 3, 8 0 5 , 7 3 4 . 3 5 $ 1, 7 9 9 , 6 7 8 . 0 3 $ Re f . CC Ca s h R e c e i p t s C - 2 5 , 1 8 3 , 5 4 4 . 4 9 $ 5, 1 8 3 , 5 4 4 . 4 9 $ 112 Ex h i b i t - C - 7 SC H E D U L E O F B O N D A N T I C I P A T I O N N O T E S OR I G I N A L BA L A N C E BA L A N C E OR D . DA T E O F R A T E O F D A T E O F D A T E O F D E C E M B E R 3 1 , DE C E M B E R 3 1 , NO . IS S U E IN T E R E S T IS S U E MA T U R I T Y 20 2 1 IN C R E A S E D DE C R E A S E D 20 2 2 16 - 1 1 W a t e r f r o n t D e v e l o p m e n t P r o j e c t - N J E D A 1 0 / 2 6 / 1 6 2 . 4 2 % 0 6 / 0 2 / 2 2 0 6 / 0 2 / 2 3 1 , 0 0 0 , 4 9 6 . 8 9 $ - $ 1, 0 0 0 , 4 9 6 . 8 9 $ - $ 12 - 0 7 W a t e r f r o n t D e v e l o p m e n t P r o j e c t 10 / 2 5 / 1 7 2 . 4 2 % 0 6 / 0 2 / 2 2 0 6 / 0 2 / 2 3 4 , 2 0 0 , 0 0 0 . 0 0 4, 1 0 0 , 0 0 0 . 0 0 4, 2 0 0 , 0 0 0 . 0 0 4, 1 0 0 , 0 0 0 . 0 0 17 - 1 1 W a t e r f r o n t M a r i n a - P a s s a i c V a l l e y - N J D E P 1 0 / 2 4 / 1 8 2 . 4 2 % 0 6 / 0 2 / 2 2 0 6 / 0 2 / 2 3 6 7 1 , 9 7 0 . 0 0 44 7 , 0 0 0 . 0 0 67 1 , 9 7 0 . 0 0 44 7 , 0 0 0 . 0 0 19 - 0 3 C o n s t r u c t i o n - P e r f o r m i n g A r t s C e n t e r 06 / 0 7 / 1 9 2 . 4 2 % 0 6 / 0 2 / 2 2 0 6 / 0 2 / 2 3 2 , 0 1 4 , 7 7 3 . 1 1 1, 3 2 3 , 0 0 0 . 0 0 2, 0 1 4 , 7 7 3 . 1 1 1, 3 2 3 , 0 0 0 . 0 0 19 - 0 6 C o n s t r u c t i o n - P e r f o r m i n g A r t s C e n t e r 06 / 0 7 / 1 9 2 . 4 2 % 0 6 / 0 2 / 2 2 0 6 / 0 2 / 2 3 1 , 6 7 9 , 7 6 0 . 0 0 1, 2 8 0 , 0 0 0 . 0 0 1, 6 7 9 , 7 6 0 . 0 0 1, 2 8 0 , 0 0 0 . 0 0 20 - 0 1 C o n s t r u c t i o n o f P e r f o r m i n g A r t s C e n t e r 06 / 0 4 / 2 0 2 . 4 2 % 0 6 / 0 2 / 2 2 0 6 / 0 2 / 2 3 4 , 7 5 0 , 0 0 0 . 0 0 4, 7 5 0 , 0 0 0 . 0 0 4, 7 5 0 , 0 0 0 . 0 0 4, 7 5 0 , 0 0 0 . 0 0 20 - 0 2 V a r i o u s S t a t e G r a n t s / R o a d I m p r o v e m e n t s 0 6 / 0 4 / 2 0 2 . 4 2 % 0 6 / 0 2 / 2 2 0 6 / 0 2 / 2 3 5 , 2 0 0 , 0 0 0 . 0 0 3, 0 1 2 , 0 0 0 . 0 0 5, 2 0 0 , 0 0 0 . 0 0 3, 0 1 2 , 0 0 0 . 0 0 19 - 1 7 C o n s t r u c t i o n - P e r f o r m i n g A r t s C e n t e r 11 / 2 6 / 1 9 2 . 4 2 % 0 6 / 0 2 / 2 2 0 6 / 0 2 / 2 3 2 , 1 3 5 , 0 0 0 . 0 0 2, 0 0 0 , 0 0 0 . 0 0 2, 1 3 5 , 0 0 0 . 0 0 2, 0 0 0 , 0 0 0 . 0 0 19 - 2 0 C o n s t r u c t i o n - P e r f o r m i n g A r t s C e n t e r 11 / 2 6 / 1 9 2 . 4 2 % 0 6 / 0 2 / 2 2 0 6 / 0 2 / 2 3 1 , 2 7 1 , 0 0 0 . 0 0 1, 1 4 6 , 0 0 0 . 0 0 1, 2 7 1 , 0 0 0 . 0 0 1, 1 4 6 , 0 0 0 . 0 0 20 - 0 3 V a r i o u s C a p i t a l I m p r o v e m e n t s 06 / 0 2 / 2 2 2 . 4 2 % 0 6 / 0 2 / 2 2 0 6 / 0 2 / 2 3 - 4 7 5 , 0 0 0 . 0 0 - 4 7 5 , 0 0 0 . 0 0 20 - 1 1 C o n s t r u c t i o n - P e r f o r m i n g A r t s C e n t e r 11 / 2 4 / 2 0 2 . 4 2 % 0 6 / 0 2 / 2 2 0 6 / 0 2 / 2 3 2 , 3 7 5 , 0 0 0 . 0 0 2 , 3 7 5 , 0 0 0 . 0 0 2 , 3 7 5 , 0 0 0 . 0 0 2 , 3 7 5 , 0 0 0 . 0 0 20 - 1 5 A c q u i s i t i o n o f P r o p e r t y 11 / 2 4 / 2 0 2 . 4 2 % 0 6 / 0 2 / 2 2 0 6 / 0 2 / 2 3 3 , 8 9 5 , 0 0 0 . 0 0 3 , 8 9 5 , 0 0 0 . 0 0 3 , 8 9 5 , 0 0 0 . 0 0 3 , 8 9 5 , 0 0 0 . 0 0 21 - 0 6 A c q u i s i t i o n o f P r o p e r t y 06 / 0 2 / 2 2 2 . 4 2 % 0 6 / 0 2 / 2 2 0 6 / 0 2 / 2 3 - 1 4 , 0 0 0 , 0 0 0 . 0 0 - 1 4 , 0 0 0 , 0 0 0 . 0 0 29 , 1 9 3 , 0 0 0 . 0 0 $ 38 , 8 0 3 , 0 0 0 . 0 0 $ 29 , 1 9 3 , 0 0 0 . 0 0 $ 38 , 8 0 3 , 0 0 0 . 0 0 $ Re f . C C- 2 C- 2 C IM P R O V E M E N T DE S C R I P T I O N 113 Ex h i b i t - C - 8 SC H E D U L E O F I M P R O V E M E N T A U T H O R I Z A T I O N S GE N E R A L C A P I T A L F U N D OR I G I N A L BA L A N C E BA L A N C E OR D . IM P R O V E M E N T AM O U N T D E C E M B E R 3 1 , 2 0 2 1 20 2 2 20 2 1 20 2 2 PA I D O R D E C E M B E R 3 1 , 2 0 2 2 NO . DE S C R I P T I O N AU T H O R I Z E D FU N D E D UN F U N D E D AU T H O R . RE S F O R E N C RE S F O R E N C CH A R G E D FU N D E D UN F U N D E D Ge n e r a l I m p r o v e m e n t s : 1 1 - 2 8 Sp e c i a l I m p r o v e m e n t D i s t r i c t 12 , 2 5 0 , 0 0 0 . 0 0 2 6 , 7 4 1 . 9 0 $ - $ - $ 7 5 4 . 4 6 $ 7 5 4 . 4 6 $ 2 6 , 7 4 1 . 9 0 $ - $ - $ 1 2 - 0 6 Ma r i n a P r o j e c t 2, 0 0 0 , 0 0 0 . 0 0 2 6 , 6 0 3 . 0 0 - - - - 2 6 , 6 0 3 . 0 0 - - 1 2 - 0 7 Ma r i n a P r o j e c t 5, 0 0 0 , 0 0 0 . 0 0 1 2 8 . 0 1 - - - - 1 2 8 . 0 1 - - 1 2 - 0 8 Va r i o u s C a p i t a l I m p r o v e m e n t s 1, 5 6 9 , 1 8 9 . 0 0 5 8 6 . 4 0 - - - - 5 8 6 . 4 0 - - 1 2 - 1 1 Wa t e r f r o n t , L a n d A c q , M a r i n a I m p r o v e m e n t s 7, 0 0 0 , 0 0 0 . 0 0 4 , 0 0 0 . 0 0 - - - - 4 , 0 0 0 . 0 0 - - 13 - 0 5 Va r i o u s C a p i t a l I m p r o v e m e n t s 1, 4 7 9 , 3 4 4 . 0 0 2 , 3 1 0 . 4 0 - - - - - 2 , 3 1 0 . 4 0 - 13 - 1 8 Va r i o u s C a p i t a l I m p r o v e m e n t s a n d L a n d A c q . 3, 3 2 0 , 0 0 0 . 0 0 9 , 5 9 7 . 5 0 - - - - 9 , 5 9 7 . 5 0 - - 14 - 0 1 Va r i o u s C a p i t a l I m p r o v e m e n t s 12 , 0 0 0 , 0 0 0 . 0 0 4 2 , 3 5 6 . 3 6 - - 4 , 7 4 8 . 7 4 4 , 7 4 8 . 7 4 3 8 , 9 8 6 . 5 8 3 , 3 6 9 . 7 8 - 14 - 4 Fir e T r u c k / F i r e h o u s e I m p r o v e m e n t s 1, 5 5 0 , 0 0 0 . 0 0 1 , 9 2 4 . 5 0 - - - - - 1 , 9 2 4 . 5 0 - 14 - 1 5 Va r i o u s C a p i t a l I m p r o v e m e n t s 1, 9 5 0 , 0 0 0 . 0 0 3 9 , 9 9 6 . 0 0 - - - - - 3 9 , 9 9 6 . 0 0 - 15 - 0 1 Va r i o u s S e w e r a n d S t o r m w a t e r - N J E I T 8, 7 0 0 , 0 0 0 . 0 0 2 , 0 9 8 . 3 8 - - - - - 2 , 0 9 8 . 3 8 - 16 - 0 2 Wa t e r f r o n t I m p r o v - S o i l S a f e 2, 5 0 0 , 0 0 0 . 0 0 - - - 1 , 0 3 7 , 7 5 2 . 6 9 2 1 , 7 7 5 . 4 3 1 , 0 1 5 , 9 7 7 . 2 6 - - 16 - 0 3 Gr e e n A c r e s - N o e S t r e e t A c q u i s i t i o n s 1, 0 4 2 , 5 0 0 . 0 0 - 1 1 2 , 3 1 4 . 2 3 - - - - - 1 1 2 , 3 1 4 . 2 3 16 - 0 7 Va r i o u s C a p i t a l I m p r o v e m e n t s 1, 6 2 2 , 3 9 9 . 0 0 - - - 1 4 , 7 2 1 . 0 0 1 4 , 7 2 1 . 0 0 - - - 16 - 1 1 Wa t e r f r o n t I m p r o v e m e n t s - N J D E P / N J E D A 5, 0 0 0 , 0 0 0 . 0 0 2 7 2 , 7 0 2 . 1 6 - - 2 3 5 , 2 3 9 . 4 1 2 5 1 , 1 9 4 . 4 1 - 2 5 6 , 7 4 7 . 1 6 - 16 - 2 0 Gr e e n A c r e s - M a r i n a 56 5 , 1 5 0 . 0 0 - - - 2 0 2 , 9 4 8 . 0 0 2 0 2 , 9 4 8 . 0 0 - - - 16 - 2 8 De v e l o p e r C o n t i r b u t i o n - 2 0 0 M i d d l e s e x 2, 7 5 0 , 0 0 0 . 0 0 - - - 2 0 0 , 5 7 2 . 1 2 - 2 0 0 , 5 6 5 . 5 6 6 . 5 6 - 17 - 0 5 Va r i o u s C a p i t a l I m p r o v e m e n t s 2, 1 2 4 , 3 6 8 . 1 0 2 6 3 . 7 9 - - 2 , 3 6 8 . 5 0 6 7 9 . 0 0 1 , 9 5 3 . 2 9 - - 17 - 0 9 Ac q u s i t i o n o f V e h i c l e s - M C I A 34 0 , 0 0 0 . 0 0 9 1 , 5 9 9 . 8 0 - - - - - 9 1 , 5 9 9 . 8 0 - 17 - 1 1 Wa t e r f r o n t M a r i n a P r o j e c t - O N R R 6, 5 8 8 , 0 5 5 . 0 0 9 6 . 7 2 - - - - - 9 6 . 7 2 18 - 0 1 Va r i o u s C a p i t a l I m p r o v e m e n t s 1, 2 6 6 , 4 7 2 . 0 0 7 1 , 6 6 9 . 7 8 - - - - ( 6 3 , 0 1 7 . 0 0 ) 1 3 4 , 6 8 6 . 7 8 - 18 - 0 2 CA R A - P r o p e r t y S a l e 3, 0 0 0 , 0 0 0 . 0 0 1 9 5 , 4 3 8 . 2 7 - - - - - 1 9 5 , 4 3 8 . 2 7 - 18 - 1 1 NJ D E P - P a s s a i c V a l l e y L i t i g a t i o n S e t t l e m e n t 6, 6 7 6 , 0 4 0 . 0 0 - 1 , 4 6 3 , 6 0 1 . 5 0 - 1 , 2 0 9 , 2 5 3 . 7 9 1 , 4 3 7 , 7 1 1 . 4 1 1 , 2 3 5 , 1 4 3 . 8 8 - - 18 - 1 2 NJ D O T - P e r s h i n g A v e n u e 1, 0 0 0 , 0 0 0 . 0 0 - 2 3 , 5 0 0 . 9 3 - - - - - 2 3 , 5 0 0 . 9 3 18 - 1 3 Va r i o u s C a p i t a l I m p r o v e m e n t s 1, 9 2 5 , 0 0 0 . 0 0 2 2 , 1 6 9 . 7 5 - - 5 0 0 , 0 0 0 . 0 0 5 0 0 , 0 0 0 . 0 0 - 2 2 , 1 6 9 . 7 5 - 19 - 1 2 Va r i o u s C a p i t a l I m p r o v e m e n t s 3, 1 7 5 , 0 0 0 . 0 0 3 . 8 0 - - 1 8 9 , 9 5 4 . 5 4 8 , 1 9 1 . 4 7 1 7 1 , 2 7 1 . 6 5 1 0 , 4 9 5 . 2 2 - 20 - 0 2 Gr a n t s - R o a d I m p r o v m e n t s 5, 2 0 0 , 0 0 0 . 0 0 - 1 , 7 2 3 , 5 0 5 . 0 0 - 6 6 , 1 0 2 . 1 5 7 5 6 , 0 5 6 . 7 4 3 2 5 , 7 7 1 . 4 0 - 7 0 7 , 7 7 9 . 0 1 20 - 0 3 Va r i o u s C a p i t a l I m p r o v e m e n t s 50 0 , 0 0 0 . 0 0 - - - 5 1 , 2 1 2 . 0 0 5 1 , 2 1 2 . 0 0 - - 20 - 1 0 Va r i o u s C a p i t a l P r o j e c t s 2, 1 0 0 , 0 0 0 . 0 0 7 7 , 8 7 3 . 6 5 - - 6 0 0 , 2 7 5 . 9 7 1 8 5 , 5 4 5 . 1 6 4 9 2 , 6 0 4 . 4 6 - - 20 - 1 5 Ac q u s i t i o n o f P r o p e r t y 6 3 0 3 / 8 + 9 4, 1 0 0 , 0 0 0 . 0 0 - 6 0 , 8 5 2 . 3 8 - - - 4 , 0 0 0 . 0 0 - 5 6 , 8 5 2 . 3 8 21 - 0 6 Ac q u s i t i o n o f P r o p e r t y - W a t e r f r o n t 14 , 0 0 0 , 0 0 0 . 0 0 - 1 4 , 0 0 0 , 0 0 0 . 0 0 - - - - - 1 4 , 0 0 0 , 0 0 0 . 0 0 21 - 1 1 CP A C R e d e v e l o p m e n t - C o o k e A v e . 2, 0 7 0 , 0 0 0 . 0 0 2 0 0 , 2 5 0 . 0 0 1 , 3 6 9 , 7 5 0 . 0 0 - - - - 2 0 0 , 2 5 0 . 0 0 1 , 3 6 9 , 7 5 0 . 0 0 21 - 1 2 Wa t e r f r o n t R e d e v e l o p m e n t A r e a 3, 2 5 0 , 0 0 0 . 0 0 - 1 , 1 7 9 , 8 9 8 . 5 0 - 74 0 , 8 5 9 . 1 3 35 4 , 5 5 2 . 5 6 8 3 3 , 1 1 1 . 8 1 - 7 3 3 , 0 9 3 . 2 6 21 - 1 3 Fe d e r a l B l v d . a n d B l a i r R d . 1, 4 5 0 , 0 0 0 . 0 0 - 1 , 3 3 0 , 0 0 0 . 0 0 - 64 , 6 4 8 . 5 0 1,0 2 9 , 4 4 2 . 7 0 22 8 , 8 6 8 . 7 4 - 13 6 , 3 3 7 . 0 6 21 - 1 6 Va r i o u s C a p i t a l I m p r o v e m e n t s 2, 5 0 0 , 0 0 0 . 0 0 3 5 3 , 4 9 3 . 7 3 - - 1, 3 4 4 , 2 0 5 . 2 0 23 0 , 6 3 9 . 4 8 1 , 4 6 6 , 6 7 0 . 3 1 3 8 9 . 1 4 - 22 - 0 9 Va r i o u s C a p i t a l I m p r o v e m e n t s - - 5 , 5 0 0 , 0 0 0 . 0 0 - 1 7 , 1 4 6 . 2 5 4 , 0 8 2 , 2 0 9 . 3 6 1 , 4 0 0 , 6 4 4 . 3 9 - 22 - 1 0 Bi s h o p A n d r e w s P a r k - - 2 , 5 0 0 , 0 0 0 . 0 0 - 1 , 6 2 0 , 9 0 3 . 3 6 8 7 9 , 0 9 6 . 6 4 - - 22 - 1 1 Ro a d I m p r o v e m e n t s , B i s h o p A n d r e w s P a r k - - 3 , 0 0 0 , 0 0 0 . 0 0 - 1 , 1 9 3 , 8 5 4 . 1 1 1 , 8 0 6 , 1 4 5 . 8 9 - - 22 - 1 5 Va r i o u s C a p i t a l P r o j e c t s - - 2 , 7 8 5 , 0 0 0 . 0 0 - 5 3 1 , 3 1 6 . 4 3 1 , 5 6 8 , 7 9 8 . 5 8 6 8 4 , 8 8 4 . 9 9 - 1, 4 4 1 , 8 0 7 . 1 8 $ 2 1 , 2 6 3 , 5 1 9 . 2 6 $ 1 3 , 7 8 5 , 0 0 0 . 0 0 $ 6 , 4 6 5 , 6 1 6 . 2 0 $ 8 , 3 6 2 , 1 8 0 . 7 1 $ 1 4 , 4 0 7 , 0 2 7 . 2 2 $ 3 , 0 4 7 , 0 1 1 . 1 2 $ 1 7 , 1 3 9 , 7 2 3 . 5 9 $ Re f . C C C C C- 2 C C 114 Ex h i b i t - C - 9 SC H E D U L E O F G E N E R A L S E R I A L B O N D S M A T U R I T I E S O F B O N D S OR I G I N A L BA L A N C E BA L A N C E DA T E O F DA T E O F IN T E R E S T DE C E M B E R 3 1 , DE C E M B E R 3 1 , DE S C R I P T I O N IS S U E IS S U E DA T E AM O U N T RA T E 20 2 1 DE C R E A S E D 20 2 2 Se r i a l B o n d s : Ge n e r a l O b l i g a t i o n R e f u n d i n g B o n d s , S e r i e s 2 0 1 5 02 / 0 1 / 1 5 12 , 3 6 0 , 0 0 0 . 0 0 $ 02 / 0 1 / 2 3 41 7 , 6 9 6 . 0 0 5. 0 0 0 % 6, 9 1 7 , 9 0 4 . 0 0 $ 40 6 , 7 0 4 . 0 0 $ 6, 5 1 1 , 2 0 0 . 0 0 $ 02 / 0 1 / 2 4 42 8 , 6 8 8 . 0 0 5. 0 0 0 % 02 / 0 1 / 2 5 43 6 , 0 1 6 . 0 0 5. 0 0 0 % 02 / 0 1 / 2 6 45 4 , 3 3 6 . 0 0 5. 0 0 0 % 02 / 0 1 / 2 7 46 8 , 9 9 2 . 0 0 2. 5 0 0 % 02 / 0 1 / 2 8 48 3 , 6 4 8 . 0 0 3. 0 0 0 % 02 / 0 1 / 2 9 49 8 , 3 0 4 . 0 0 3. 0 0 0 % 02 / 0 1 / 3 0 51 2 , 9 6 0 . 0 0 3. 0 0 0 % 02 / 0 1 / 3 1 52 7 , 6 1 6 . 0 0 3. 0 0 0 % 02 / 0 1 / 3 2 54 5 , 9 3 6 . 0 0 3. 0 0 0 % 02 / 0 1 / 3 3 56 0 , 5 9 2 . 0 0 3. 0 0 0 % 02 / 0 1 / 3 4 57 8 , 9 1 2 . 0 0 3. 0 0 0 % 02 / 0 1 / 3 5 59 7 , 5 0 4 . 0 0 3. 1 2 5 % Ge n e r a l O b l i g a t i o n R e f u n d i n g B o n d s , S e r i e s 2 0 1 9 01 / 3 1 / 1 9 24 , 9 0 0 , 0 0 0 12 / 0 1 / 2 3 67 2 , 6 7 5 . 0 0 5. 0 0 0 % 20 , 4 9 4 , 3 4 0 . 0 0 67 2 , 6 7 5 . 0 0 19 , 8 2 1 , 6 6 5 . 0 0 12 / 0 1 / 2 4 69 5 , 0 9 7 . 5 0 5. 0 0 0 % 12 / 0 1 / 2 5 71 7 , 5 2 0 . 0 0 5. 0 0 0 % 12 / 0 1 / 2 6 73 9 , 9 4 2 . 5 0 5. 0 0 0 % 12 / 0 1 / 2 7 76 2 , 3 6 5 . 0 0 3. 0 0 0 % 12 / 0 1 / 2 8 80 7 , 2 1 0 . 0 0 3. 0 0 0 % 12 / 0 1 / 2 9 82 9 , 6 3 2 . 5 0 3. 0 0 0 % 12 / 0 1 / 3 0 85 2 , 0 5 5 . 0 0 3. 0 0 0 % 12 / 0 1 / 3 1 87 4 , 4 7 7 . 5 0 3. 0 0 0 % 12 / 0 1 / 3 2 89 6 , 9 0 0 . 0 0 3. 0 0 0 % 12 / 0 1 / 3 3 91 9 , 3 2 2 . 5 0 3. 0 0 0 % 12 / 0 1 / 3 4 96 4 , 1 6 7 . 5 0 3. 1 2 5 % 12 / 0 1 / 3 5 98 6 , 5 9 0 . 0 0 3. 2 5 0 % 12 / 0 1 / 3 6 1, 0 9 8 , 7 0 2 . 5 0 3. 2 5 0 % 12 / 0 1 / 3 7 1, 0 9 8 , 7 0 2 . 5 0 3. 3 7 5 % 12 / 0 1 / 3 8 1, 1 2 1 , 1 2 5 . 0 0 3. 5 0 0 % 12 / 0 1 / 3 9 1, 1 2 1 , 1 2 5 . 0 0 3. 5 0 0 % 12 / 0 1 / 4 0 1, 1 6 5 , 9 7 0 . 0 0 3. 5 0 0 % 12 / 0 1 / 4 1 1, 1 6 5 , 9 7 0 . 0 0 3. 5 0 0 % 12 / 0 1 / 4 2 1, 1 6 5 , 9 7 0 . 0 0 3. 5 0 0 % 12 / 0 1 / 4 3 1, 1 6 6 , 1 4 5 . 0 0 3. 5 0 0 % Re f . 27 , 4 1 2 , 2 4 4 . 0 0 $ 1, 0 7 9 , 3 7 9 . 0 0 $ 26 , 3 3 2 , 8 6 5 . 0 0 $ C C- 5 C OU T S T A N D I N G D E C E M B E R 3 1 , 2 0 2 0 115 Ex h i b i t - C - 1 0 SC H E D U L E O F P R O J E C T L O A N S P A Y A B L E AM O U N T LO A N DR A W D O W N O F I N T E R E S T R E P A Y M E N T S C H E D U L E D B A L A N C E BA L A N C E PR O J E C T D E S C R I P T I O N DA T E LO A N RA T E PE R I O D RE P A Y M E N T DE C . 3 1 , 2 0 2 1 DE C R E A S E D DE C . 3 1 , 2 0 2 2 NJ G r e e n A c r e s Ar t h u r K i l l W a t e r f r o n t 9 5 - 1 3 ( B ) 98 5 , 0 0 0 . 0 0 $ 2. 0 0 % 0 7 / 2 3 / 0 4 - 0 7 / 2 3 / 1 6 V a r i o u s 0. 3 6 $ - $ 0. 3 6 $ Va r i o u s P a r k s (B ) 23 5 , 7 4 6 . 9 0 2. 0 0 % 0 1 / 2 6 / 0 8 - 0 1 / 2 6 / 2 7 V a r i o u s 75 , 9 9 2 . 1 1 13 , 2 0 5 . 3 5 62 , 7 8 6 . 7 6 Ca r t e r e t M u l t i - P a r k (B ) 25 8 , 0 0 0 . 0 0 2. 0 0 % 0 1 / 2 4 / 0 9 - 0 1 / 2 4 / 2 8 V a r i o u s 97 , 3 3 2 . 3 8 14 , 1 6 7 . 1 0 83 , 1 6 5 . 2 8 Ca r t e r e t M u l t i - P a r k 3 ( B ) 3 / 1 7 / 2 0 1 6 2 4 0 , 0 0 0 . 0 0 0. 0 0 % 1 2 / 1 7 / 1 6 - 1 2 / 1 7 / 3 5 V a r i o u s 16 6 , 1 5 3 . 8 0 12 , 3 0 7 . 7 0 15 3 , 8 4 6 . 1 0 Ca r t e r e t M u l t i - P a r k 4 ( B ) 3 / 1 7 / 2 0 1 6 3 2 5 , 0 0 0 . 0 0 0. 0 0 % 1 2 / 1 7 / 1 6 - 1 2 / 1 7 / 3 5 V a r i o u s 23 3 , 3 3 3 . 3 7 16 , 6 6 6 . 6 6 21 6 , 6 6 6 . 7 1 Wa t e r f r o n t L o t A c q . (A ) 35 0 , 0 0 0 . 0 0 No e S t r e e t P a r k (A ) 26 0 , 6 2 5 . 0 0 NJ D e p t . o f C o m m A f f a i r s Se w e r D e m o l i t i o n - 0 1 - 4 7 45 0 , 0 0 0 . 0 0 0. 0 0 % 0 5 / 2 3 / 0 4 - 0 5 / 2 3 / 2 3 2 2 , 5 0 0 . 0 0 45 , 0 0 0 . 0 0 22 , 5 0 0 . 0 0 22 , 5 0 0 . 0 0 St a t e L a k e / S t r e a m R e s t o r a t i o n - C a r t e r e t P o n d 30 0 , 0 0 0 . 0 0 2. 0 0 % 0 3 / 1 9 / 0 8 - 0 3 / 1 9 / 2 7 V a r i o u s 97 , 0 0 3 . 5 9 16 , 8 0 4 . 4 8 80 , 1 9 9 . 1 1 M. C . I A . Ca p i t a l E q u i p m e n t & I m p r o v e m e n t F i n a n c i n g - 2 0 1 5 1 , 0 9 7 , 9 2 3 . 6 2 2. 0 0 % 7 / 1 5 / 2 0 2 2 65 , 0 0 0 . 0 0 25 9 , 0 7 6 . 3 8 65 , 0 0 0 . 0 0 19 4 , 0 7 6 . 3 8 2. 2 5 % 7 / 1 5 / 2 0 2 3 65 , 0 0 0 . 0 0 2. 5 0 % 7 / 1 5 / 2 0 2 4 65 , 0 0 0 . 0 0 2. 5 0 % 7 / 1 5 / 2 0 2 5 65 , 0 0 0 . 0 0 Ca p i t a l E q u i p m e n t & I m p r o v e m e n t F i n a n c i n g - 2 0 1 7 3. 0 0 % 7 / 1 5 / 2 0 2 2 28 , 5 6 9 . 4 3 20 0 , 0 2 1 . 2 5 28 , 5 6 9 . 4 3 17 1 , 4 5 1 . 8 2 4. 0 0 % 7 / 1 5 / 2 0 2 3 29 , 9 9 3 . 0 1 4. 0 0 % 7 / 1 5 / 2 0 2 4 31 , 1 9 2 . 7 3 4. 0 0 % 7 / 1 5 / 2 0 2 5 33 , 9 4 0 . 4 4 4. 0 0 % 7 / 1 5 / 2 0 2 6 36 , 2 3 8 . 0 6 4. 0 0 % 7 / 1 5 / 2 0 2 7 40 , 0 8 7 . 5 8 1, 1 7 3 , 9 1 3 . 2 4 $ 18 9 , 2 2 0 . 7 2 $ 98 4 , 6 9 2 . 5 2 $ *P r i n c i p a l a n d I n t e r e s t (A ) - P a y m e n t s c h e d u l e n o t d e t e r m i n e d u n t i l f i n a l d r a w d o w n . Re f . C C- 5 C (B ) - S e m i a n n u a l p a y m e n t s 116 Ex h i b i t - C - 1 1 SC H E D U L E O F C A P I T A L L E A S E S P A Y A B L E MI D D L E S E X C O U N T Y I M P R O V E M E N T A U T H O R I T Y AM O U N T OF FE E S I N T E R E S T M A T U R I T I E S O F L E A S E S BA L A N C E BA L A N C E PR O J E C T D E S C R I P T I O N LO A N PA Y A B L E RA T E DA T E AM O U N T DE C . 3 1 , 2 0 2 1 IN C R E A S E D DE C R E A S E D DE C . 3 1 , 2 0 2 2 Ca p i t a l E q u i p m e n t - 2 0 1 7 1 0 7 , 3 1 1 . 2 5 $ 1 7 2 . 4 3 $ 3 . 0 0 0 % 7 / 1 5 / 2 0 2 2 2 2 , 7 4 9 . 4 2 $ 2 2 , 7 4 9 . 4 2 $ - $ 2 2 , 7 4 9 . 4 2 $ - $ Ca p i t a l E q u i p m e n t - 2 0 1 8 2 8 4 , 2 4 8 . 4 9 1 5 2 . 6 0 4 . 0 0 0 % 9 / 1 5 / 2 0 2 2 5 5 , 5 0 3 . 7 9 1 1 3 , 2 2 7 . 7 3 - 5 5 , 5 0 3 . 7 9 5 7 , 7 2 3 . 9 4 4. 0 0 0 % 9 / 1 5 / 2 0 2 3 5 7 , 7 2 3 . 9 4 Ca p i t a l E q u i p m e n t - 2 0 2 1 2 2 6 , 0 5 0 . 9 1 3 3 1 . 8 4 5 . 0 0 0 % 9 / 1 5 / 2 0 2 2 4 1 , 9 3 8 . 0 8 2 2 6 , 0 5 0 . 9 1 - 4 1 , 9 3 8 . 0 8 1 8 4 , 1 1 2 . 8 3 5. 0 0 0 % 9 / 1 5 / 2 0 2 3 4 2 , 7 1 6 . 3 6 5. 0 0 0 % 9 / 1 5 / 2 0 2 4 4 4 , 8 5 2 . 1 7 5. 0 0 0 % 9 / 1 5 / 2 0 2 5 4 7 , 0 9 4 . 7 8 5. 0 0 0 % 9 / 1 5 / 2 0 2 6 4 9 , 4 4 9 . 5 2 Ca p i t a l E q u i p m e n t - 2 0 2 2 3 1 2 , 8 6 1 . 4 4 1 , 4 8 9 . 1 5 5 . 0 0 0 % 9 / 1 5 / 2 0 2 3 5 7 , 9 7 5 . 8 1 - 3 1 2 , 8 6 1 . 4 4 - 3 1 2 , 8 6 1 . 4 4 5. 0 0 0 % 9 / 1 5 / 2 0 2 4 5 9 , 1 3 6 . 4 8 5. 0 0 0 % 9 / 1 5 / 2 0 2 5 6 2 , 0 9 3 . 3 0 5. 0 0 0 % 9 / 1 5 / 2 0 2 6 6 5 , 1 9 7 . 9 8 5. 0 0 0 % 9 / 1 5 / 2 0 2 7 6 8 , 4 5 7 . 8 7 36 2 , 0 2 8 . 0 6 $ 31 2 , 8 6 1 . 4 4 $ 12 0 , 1 9 1 . 2 9 $ 55 4 , 6 9 8 . 2 1 $ Re f . C C- 5 C- 5 C 117 Exhibit - C-12 SCHEDULE OF VARIOUS RESERVES Balance Balance Ordinance December 31,December 31, Number 2021 Increases Decreases 2022 Reserve for: Cash or Appropriated Reserves: Developer Contribution Agreements: Robert Wood Johnson-Marina 12-06 29,900.00$ -$ -$ 29,900.00$ MCIA-Police Computer-CAD System 1,470.00 - - 1,470.00 MCIA-Salt Shed/Building Improv/Camera 503,770.99 - - 503,770.99 Reserve-State Marine Barracks-Marina Phase III 275,000.00 - - 275,000.00 Reserve-Endowment-Acelero/US Metals 19-03 1,623,393.91 - 490,858.38 1,132,535.53 Reserve-Endowment-Hampshire Federal 19-06 1,500,000.00 - 625,000.00 875,000.00 Reserve-Endowment-RVN/Massimo 19-17 2,135,000.00 - 1,000,000.00 1,135,000.00 Reserve-Endowment-Acelero/US Metals 19-20 1,519,000.00 - - 1,519,000.00 Reserve-NJDOT 20-02 3,011,017.00 - 525,000.00 2,486,017.00 Reserve-Endowment-Soil Safe 21-11 294,323.02 - 96,486.26 197,836.76 Reserve-Endowment-11 Pershing Ave 21-11 620,000.00 - - 620,000.00 Reserve-Endowment-CHI Acquisitions 21-12 2,590,412.50 - 948,365.00 1,642,047.50 Reserve for Land Sale 153,475.00 - 153,475.00 - RCA Agreements Readington 30,807.50 414.48 - 31,221.98 Interest Income: Readington 414.48 - 414.48 - Subtotal 14,287,984.40 414.48 3,839,599.12 10,448,799.76 Grants, Loans & Other Receivables: Grants: Green Acres: NJ Economic Development Association 16-01/16-11 1,293,751.64 - 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 - 876,497.21 573,502.79 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 12,393,371.14 - 2,170,248.85 10,223,122.29 26,681,355.54$ 414.48$ 6,009,847.97$ 20,671,922.05$ Ref.C C-2, C-4 C Cash Transactions C-2 414.48$ 6,009,847.97$ 118 Exhibit - C-13 SCHEDULE OF RESERVE FOR CAPITAL IMPROVEMENT FUND REF. Balance - December 31, 2021 C 604,892.34$ Increased by: Budget Appropriation C-2 2,800,000.00 3,404,892.34 Decreased by: Improvement Authorizations-Down Payment C-8 2,700,000.00 Balance - December 31, 2022 C 704,892.34$ 119 Ex h i b i t - C - 1 4 SC H E D U L E O F B O N D S A N D N O T E S A U T H O R I Z E D B U T N O T I S S U E D BO N D BA L A N C E P R I O R A N T I C I P A T I O N B A L A N C E OR D . D E C E M B E R 3 1 , N O T E S N O T E S D E C E M B E R 3 1 , NO . 20 2 1 UN F U N D E D FU N D I N G IS S U E D 20 2 2 0 4 - 2 5 S p e c i a l I m p r o v e m e n t D i s t r i c t - $ - $ - $ - $ - $ 0 5 - 0 6 S t a t e G r e e n A c r e s - W a t e r f r o n t I I 47 0 , 0 0 0 . 0 0 - - - 4 7 0 , 0 0 0 . 0 0 1 2 - 0 7 M a r i n a P r o j e c t - O p e n S p a c e 10 0 , 0 0 0 . 0 0 - 75 , 0 0 0 . 0 0 - 25 , 0 0 0 . 0 0 16 - 0 3 S t a t e G r e e n A c r e s - N o e S t r e e t P r o j e c t 1, 0 4 2 , 5 0 0 . 0 0 - - - 1 , 0 4 2 , 5 0 0 . 0 0 16 - 2 0 S t a t e G r e e n A c r e s - M u n i c i p a l M a r i n a 56 5 , 1 5 0 . 0 0 - - - 5 6 5 , 1 5 0 . 0 0 17 - 1 1 W a t e r f r o n t M a r i n a - P a s s a i c V a l l e y - N J D E P 2 4 9 , 9 9 9 . 5 0 16 9 , 9 7 0 . 0 0 - - 4 1 9 , 9 6 9 . 5 0 19 - 0 7 V a r i o u s S e w e r a n d S t o r m w a t e r - " I " B a n k 49 , 4 0 5 . 8 3 - - - 49 , 4 0 5 . 8 3 20 - 0 3 V a r i o u s C a p i t a l I m p r o v e m e n t s 47 5 , 0 0 0 . 0 0 - - 4 7 5 , 0 0 0 . 0 0 - 21 - 0 6 A c q o f W a t e r f r o n t P r o p e r t y 14 , 0 0 0 , 0 0 0 . 0 0 - - 1 4 , 0 0 0 , 0 0 0 . 0 0 - 21 - 1 1 C o n s t r u c t i o n o f P e r f o r m i n g A r t s C e n t e r 91 4 , 3 2 3 . 0 2 - 96 , 4 8 6 . 2 6 - 8 1 7 , 8 3 6 . 7 6 21 - 1 2 W a t e r f r o n t R e d e v e l o p m e n t P r o j e c t 2, 5 9 0 , 4 1 2 . 5 0 - 9 4 8 , 3 6 5 . 0 0 - 1 , 6 4 2 , 0 4 7 . 5 0 21 - 1 3 N J D O T F e d e r a l B l v d / B l a i r R o a d 1, 4 5 0 , 0 0 0 . 0 0 - 8 7 6 , 4 9 7 . 2 1 - 5 7 3 , 5 0 2 . 7 9 21 , 9 0 6 , 7 9 0 . 8 5 $ 1 6 9 , 9 7 0 . 0 0 $ 1, 9 9 6 , 3 4 8 . 4 7 $ 14 , 4 7 5 , 0 0 0 . 0 0 $ 5 , 6 0 5 , 4 1 2 . 3 8 $ Re f . Fo o t n o t e C IM P R O V E M E N T DE S C R I P T I O N 120 SEWER UTILITY FUND 121 This page intentionally left blank 122 Ex h i b i t - D - 4 RE F . Ba l a n c e , D e c e m b e r 3 1 , 2 0 2 1 1, 2 3 6 , 3 9 5 . 1 9 $ 55 9 , 6 7 6 . 2 4 $ In c r e a s e d B y R e c e i p t s : Co n s u m e r A c c o u n t s R e c e i v a b l e D- 6 5, 9 1 8 , 0 6 1 . 0 2 $ - $ In t e r e s t o n S e w e r R e n t s D- 2 10 2 , 9 1 8 . 4 0 - Re n t O v e r p a y m e n t s D- 1 1 12 7 , 6 5 2 . 0 5 - Ac c o u n t s P a y a b l e D- 2 0 29 1 , 7 4 1 . 1 6 Ca p i t a l I m p r o v e m e n t F u n d D- 1 7 - 5 0 , 0 0 0 . 0 0 NJE I T P r o c e e d s D- 1 9 - 1, 8 4 7 , 7 3 5 . 0 0 6, 4 4 0 , 3 7 2 . 6 3 1, 8 9 7 , 7 3 5 . 0 0 7, 6 7 6 , 7 6 7 . 8 2 2, 4 5 7 , 4 1 1 . 2 4 De c r e a s e d B y D i s b u r s e m e n t s : 20 2 2 B u d g e t A p p r o p r i a t i o n s D- 3 / D - 1 5 5 , 4 0 9 , 8 5 4 . 7 6 80 9 , 8 0 1 . 1 5 20 2 1 A p p r o p r i a t i o n R e s e r v e s D- 9 47 4 , 1 0 6 . 6 2 - 5, 8 8 3 , 9 6 1 . 3 8 80 9 , 8 0 1 . 1 5 Ba l a n c e , D e c e m b e r 3 1 , 2 0 2 2 1, 7 9 2 , 8 0 6 . 4 4 $ 1, 6 4 7 , 6 1 0 . 0 9 $ SC H E D U L E O F C A S H A N D I N V E S T M E N T S - T R E A S U R E R OP E R A T I N G CA P I T A L 123 Exhibit - D-5 BALANCE DECEMBER 31, 2022 Reserve for Encumbrances 137,099.50$ Capital Improvement Fund 200,000.00 NJEIT Cash Advance 42,582.00 Ord. No.Improvement Authorizations 19-07 Various Sewer "I" Bank (448,012.17) 21-24 Sewer Infrastructure Improvements 1,715,940.76 1,647,610.09$ Ref.D ANALYSIS OF SEWER UTILITY CAPITAL CASH 124 Exhibit - D-6 Balance, December 31, 2021 455,429.97$ Increased By: Rents Levied 5,893,118.38 6,348,548.35 Decreased By: Collections 5,918,061.02 Balance, December 31, 2022 430,487.33$ SCHEDULE OF CONSUMER ACCOUNTS RECEIVABLE 125 Exhibit - D-7 REF. Balance - December 31, 2021 D 27,104,678.31$ Increased by: Transferred from Fixed Capital authorized and not completed 4,750,594.17 Balance - December 31, 2022 D 31,855,272.48$ 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 4,750,594.17 31,855,272.48$ Various Sewer "I" Bank Bergen St. Pump Station SCHEDULE OF FIXED CAPITAL COMPLETED Analysis of Balance 14-01 15-11 NJEIT LOAN Sewer Treatment - Roosevelt Ave. Hill District Pump Station Jet Vac Truck Vehichles Hayward Ave. Pump Station Dorothy St. Pump Station Sabo St. Pump Station Beverly St. Pump Station Harrison Ave. Pump Station Roosevelt Ave. Pump Station 126 Exhibit - D-8 REF. Balance - December 31, 2021 D 5,975,634.93$ Increased by: Improvement Authorizations - Ordinance #21-24 D-15 1,000,000.00 6,975,634.93 Decreased by: Move Ordinance #19-07 to completed D-7 4,750,594.17 Balance - December 31, 2022 D 2,225,040.76$ 1,225,040.76$ 1,000,000.00 2,225,040.76$ Ord #22-04 Sewer Roosevelt Improvements Ord # 21-24 Swer Infrastructure Improvements SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED Analysis of Balance 127 Exhibit - D-9 RESERVE FOR AMOUNT BALANCE ENCUM. AFTER PAID OR BALANCE DEC. 31, 2021 DEC. 31, 2021 MODIFICATION CHARGED CANCELLED LAPSED Operating: Salaries and Wages 49,920.39$ -$ 49,920.39$ -$ 43,780.32$ 6,140.07$ Other Expenses 250,471.98 236,868.57 487,340.55 473,815.43 - 13,525.12 Total Operating 300,392.37 236,868.57 537,260.94 473,815.43 43,780.32 19,665.19 Total Sewer Utility Appropriations 300,392.37$ 236,868.57$ 537,260.94$ 473,815.43$ 43,780.32$ 19,665.19$ SCHEDULE OF 2021 APPROPRIATION RESERVES 128 Exhibit - D-10 Balance, December 31, 2021 236,868.57$ Increased By: Budget Appropriations 542,014.93 778,883.50 Decreased By: Reversal of Prior Year Encumbrance Payable 236,868.57 Balance, December 31, 2022 542,014.93$ SCHEDULE OF ENCUMBRANCES PAYABLE 129 Exhibit - D-11 Balance, December 31, 2021 31,514.19$ Increased By: Cash Receipts 127,652.05 Balance, December 31, 2022 159,166.24$ SCHEDULE OF SEWER OVERPAYMENTS 130 Exhibit - D-12 Balance, December 31, 2021 105,239.47$ Increased By: Charged to Budget Appropriations Interest on Bonds and Loans 47,613.60 Decreased By: Cash Disbursed 2,793.84$ Accrued Interest Adjustment 3,833.28 6,627.12 Balance, December 31, 2022 146,225.95$ Analysis of Balance - December 31, 2022 Outstanding December 31, Interest 2022 Rate From To Period Amount N.J.E.I.T. Loans: 140,000.00$ 3.00% 8/1/22 1/1/23 5 months 8,364.58$ 8,751,163.24 5.00% 8/1/22 1/1/23 5 months 52,701.56 5,242,524.00 5.00% 8/1/22 1/1/23 5 months 40,986.48 Serial Bonds: 2,373,800.00$ 4.00% 8/1/22 1/1/23 5 months 37,181.86 2,278,335.00 5.00% 12/1/22 1/1/23 30 days 6,991.47 146,225.95$ SCHEDULE OF ACCRUED INTEREST ON BONDS, NOTES AND LOANS 131 Ex h i b i t - D - 1 3 OR I G I N A L B A L A N C E B A L A N C E DA T E O F O R I G I N A L IN T E R E S T D E C E M B E R 3 1 , DE C E M B E R 3 1 , DE S C R I P T I O N IS S U E IS S U E DA T E AM O U N T RA T E 20 2 1 DE C R E A S E D 20 2 2 Se r i a l B o n d s : Ge n e r a l O b l i g a t i o n R e f u n d i n g B o n d s , S e r i e s 2 0 1 5 02 / 0 1 / 1 5 1 2 , 3 6 0 , 0 0 0 $ 0 2 / 0 1 / 2 3 1 5 2 , 3 0 4 . 0 0 5 . 0 0 0 % 2 , 5 2 2 , 0 9 6 . 0 0 $ 1 4 8 , 2 9 6 . 0 0 $ 2 , 3 7 3 , 8 0 0 . 0 0 $ 02 / 0 1 / 2 4 1 5 6 , 3 1 2 . 0 0 5 . 0 0 0 % 02 / 0 1 / 2 5 1 5 8 , 9 8 4 . 0 0 5 . 0 0 0 % 02 / 0 1 / 2 6 1 6 5 , 6 6 4 . 0 0 5 . 0 0 0 % 02 / 0 1 / 2 7 1 7 1 , 0 0 8 . 0 0 2 . 5 0 0 % 02 / 0 1 / 2 8 1 7 6 , 3 5 2 . 0 0 3 . 0 0 0 % 02 / 0 1 / 2 9 1 8 1 , 6 9 6 . 0 0 3 . 0 0 0 % 02 / 0 1 / 3 0 1 8 7 , 0 4 0 . 0 0 3 . 0 0 0 % 02 / 0 1 / 3 1 1 9 2 , 3 8 4 . 0 0 3 . 0 0 0 % 02 / 0 1 / 3 2 1 9 9 , 0 6 4 . 0 0 3 . 0 0 0 % 02 / 0 1 / 3 3 2 0 4 , 4 0 8 . 0 0 3 . 0 0 0 % 02 / 0 1 / 3 4 2 1 1 , 0 8 8 . 0 0 3 . 0 0 0 % 02 / 0 1 / 3 5 2 1 7 , 4 9 6 . 0 0 3 . 1 2 5 % Ge n e r a l O b l i g a t i o n R e f u n d i n g B o n d s , S e r i e s 2 0 1 9 01 / 3 1 / 1 9 2 4 , 9 0 0 , 0 0 0 1 2 / 0 1 / 2 3 7 7 , 3 2 5 . 0 0 5 . 0 0 0 % 2 , 3 5 5 , 6 6 0 . 0 0 7 7 , 3 2 5 . 0 0 2 , 2 7 8 , 3 3 5 . 0 0 12 / 0 1 / 2 4 7 9 , 9 0 2 . 5 0 5 . 0 0 0 % 12 / 0 1 / 2 5 8 2 , 4 8 0 . 0 0 5 . 0 0 0 % 12 / 0 1 / 2 6 8 5 , 0 5 7 . 5 0 5 . 0 0 0 % 12 / 0 1 / 2 7 8 7 , 6 3 5 . 0 0 3 . 0 0 0 % 12 / 0 1 / 2 8 9 2 , 7 9 0 . 0 0 3 . 0 0 0 % 12 / 0 1 / 2 9 9 5 , 3 6 7 . 5 0 3 . 0 0 0 % 12 / 0 1 / 3 0 9 7 , 9 4 5 . 0 0 3 . 0 0 0 % 12 / 0 1 / 3 1 1 0 0 , 5 2 2 . 5 0 3 . 0 0 0 % 12 / 0 1 / 3 2 1 0 3 , 1 0 0 . 0 0 3 . 0 0 0 % 12 / 0 1 / 3 3 1 0 5 , 6 7 7 . 5 0 3 . 0 0 0 % 12 / 0 1 / 3 4 1 1 0 , 8 3 2 . 5 0 3 . 1 2 5 % 12 / 0 1 / 3 5 1 1 3 , 4 1 0 . 0 0 3 . 2 5 0 % 12 / 0 1 / 3 6 1 2 6 , 2 9 7 . 5 0 3 . 2 5 0 % 12 / 0 1 / 3 7 1 2 6 , 2 9 7 . 5 0 3 . 3 7 5 % 12 / 0 1 / 3 8 1 2 8 , 8 7 5 . 0 0 3 . 5 0 0 % 12 / 0 1 / 3 9 1 2 8 , 8 7 5 . 0 0 3 . 5 0 0 % 12 / 0 1 / 4 0 1 3 4 , 0 3 0 . 0 0 3 . 5 0 0 % 12 / 0 1 / 4 1 1 3 4 , 0 3 0 . 0 0 3 . 5 0 0 % 12 / 0 1 / 4 2 1 3 4 , 0 3 0 . 0 0 3 . 5 0 0 % 12 / 0 1 / 4 3 1 3 3 , 8 5 5 . 0 0 3 . 5 0 0 % Re f . 4, 8 7 7 , 7 5 6 . 0 0 $ 2 2 5 , 6 2 1 . 0 0 $ 4 , 6 5 2 , 1 3 5 . 0 0 $ D D - 3 D SC H E D U L E O F G E N E R A L S E R I A L B O N D S M A T U R I T I E S O F B O N D S OU T S T A N D I N G D E C E M B E R 3 1 , 2 0 2 2 132 Exhibit - D-14 BALANCE BALANCE DATE OF ORIGINAL INTEREST DEC. 31, DEC. 31, DESCRIPTION ISSUE ISSUE RATE YEAR AMOUNT 2021 INCREASED DECREASED 2022 New Jersey Environmental-Trust Loan Infrastructure Trust Series 2010A 3/10/2010 985,000.00$ 4.00% 2023 60,000.00 195,000.00$ -$ 55,000.00$ 140,000.00$ 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% 2023 45,135.22 198,821.65 - 153,686.43 45,135.22 New Jersey Environmental-Fund Loan Infrastructure Trust 2017 11/29/2017 10,016,403.00 5.00% 2023 321,701.52 9,549,239.76 - 798,076.52 8,751,163.24 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 367,028.41 New Jersey Environmental-Fund Loan Infrastructure Trust 2022 12/13/2022 5,302,582.00 5.00% 2023 135,087.03 - 5,302,582.00 60,058.00 5,242,524.00 5.00% 2024 140,087.03 5.00% 2025 140,087.03 5.00% 2026 145,087.03 5.00% 2027 145,087.03 5.00% 2028 150,087.03 5.00% 2029 155,087.03 5.00% 2030 155,087.03 5.00% 2031 160,087.03 5.00% 2032 165,087.03 5.00% 2033 165,087.03 3.25% 2034 170,087.03 3.38% 2035 175,087.03 3.38% 2036 175,087.03 3.38% 2037 180,087.03 3.50% 2038 180,087.03 3.50% 2039 185,087.03 3.50% 2040 190,087.03 3.50% 2041 190,087.03 3.63% 2042 195,087.03 3.63% 2043 200,087.03 3.50% 2044 205,087.03 4.00% 2045 205,087.03 4.00% 2046 210,087.03 4.00% 2047 215,087.03 4.00% 2048 220,087.03 4.00% 2049 225,087.03 4.00% 2050 230,087.03 4.00% 2051 235,087.03 9,943,061.41$ 5,302,582.00$ 1,066,820.95$ 14,178,822.46$ Ref.DD-3D SCHEDULE OF INFRASTRUCTURE TRUST LOAN PAYABLE MATURITIES OF LOANS 133 Ex h i b i t - D - 1 5 OR I G I N A L OR D . I M P R O V E M E N T A M O U N T 2 0 2 1 2 0 2 2 P A I D O R 2 0 2 2 NO . DE S C R I P T I O N AU T H O R I Z E D FU N D E D UN F U N D E D RE S F O R E N C AU T H O R . CH A R G E D RE S F O R E N C FU N D E D UN F U N D E D 19 - 0 7 Va r i o u s S e w e r " I " B a n k 4, 7 5 0 , 5 9 4 . 1 7 $ - $ - $ 4 3 7 , 8 0 0 . 6 5 $ - $ 4 3 7 , 8 0 0 . 6 5 $ - $ - $ - $ 21 - 2 4 Se w e r I n f r a s t r u c t u r e I m p r o v e m e n t s 1, 2 2 5 , 0 4 0 . 7 6 7 1 5 , 9 4 0 . 7 6 - 5 0 9 , 1 0 0 . 0 0 - 3 7 2 , 0 0 0 . 5 0 1 3 7 , 0 9 9 . 5 0 7 1 5 , 9 4 0 . 7 6 - 22 - 0 4 Se w e r R o o s e v e l t I m p r o v e m e n t s 1, 0 0 0 , 0 0 0 . 0 0 - - - 1 , 0 0 0 , 0 0 0 . 0 0 - - 1 , 0 0 0 , 0 0 0 . 0 0 - 71 5 , 9 4 0 . 7 6 $ - $ 9 4 6 , 9 0 0 . 6 5 $ 1 , 0 0 0 , 0 0 0 . 0 0 $ 8 0 9 , 8 0 1 . 1 5 $ 1 3 7 , 0 9 9 . 5 0 $ 1 , 7 1 5 , 9 4 0 . 7 6 $ - $ Re f . D D D D- 8 D D D D SC H E D U L E O F I M P R O V E M E N T A U T H O R I Z A T I O N S SE W E R U T I L I T Y C A P I T A L F U N D BA L A N C E , D E C E M B E R 3 1 , 2 0 2 1 BA L A N C E , D E C E M B E R 3 1 , 2 0 2 2 134 Exhibit - D-16 REF. Balance - December 31, 2021 D 13,508,901.66$ Increased by: Serial Bonds Paid 225,621.00$ Payment of 2022 NJEIT Loan 585,445.95 Principal Loan Foregiveness 2018 NJEIT 481,375.00 1,292,441.95 Decreased by: Adjustment to move uncompleted projects D-16a 1,000,000.00 Balance - December 31, 2022 D 13,801,343.61$ Exhibit - D-16a Balance - December 31, 2021 D -$ Increased by: Adjustment for Uncompleted Projects D-16 1,000,000.00 Balance - December 31, 2022 D 1,000,000.00$ SCHEDULE OF RESERVE FOR DEFERRED AMORTIZATION SCHEDULE OF RESERVE FOR AMORTIZATION 135 Exhibit - D-17 REF. Balance, December 31, 2021 150,000.00$ Increased By: Budget Appropriation D-3 50,000.00 Balance, December 31, 2022 200,000.00$ SCHEDULE OF RESERVE FOR CAPITAL IMPROVEMENT FUND 136 Exhibit - D-18 SCHEDULE OF SEWER LIENS REF. Balance, December 31, 2022 and 2021 D 2,501.08$ 137 Exhibit - D-19 REF. Balance, December 31, 2021 3,497,429.00$ Increased By: NJEIT Proceeds D 1,847,735.00 5,345,164.00 Decreased By: 2022 NJEIT Received 5,302,582.00 Balance, December 31, 2022 42,582.00$ SCHEDULE OF NJEIT LOAN PAYABLE CASH ADVANCE 138 Exhibit - D-20 REF. Balance, December 31, 2021 -$ Increased By: Setting Up Accounts Payable D 291,741.16 Balance, December 31, 2022 291,741.16$ SCHEDULE OF ACCOUNTS PAYABLE 139 Exhibit - D-21 REF. Balance, December 31, 2021 4,750,594.17$ Increased By: Ordinance 22-04 Various Sewer Improvements D-15 1,000,000.00 5,750,594.17 Decreased By: NJEIT 2022 Proceeds 5,302,582.00 Balance, December 31, 2022 448,012.17$ SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED 140 GENERAL FIXED ASSETS ACCOUNT GROUP 141 This page intentionally left blank 142 Exhibit - E-1 BOROUGH OF CARTERETMIDDLESEX COUNTY, NEW JERSEY GENERAL FIXED ASSETS ACCOUNT GROUPSCHEDULE OF GENERAL FIXED ASSETSDECEMBER 31, 2022 AND 2021 BALANCE BALANCEDECEMBER 31, TRANSFER DECEMBER 31, ASSETS 2021 ADDITIONS TO/FROM CIP 2022 Land $149,681,588.00 $- $8,000,000.00 $157,681,588.00 Buildings & Building Improvements 51,271,148.00 - - 51,271,148.00 Equipment and Machinery 14,891,988.00 720,138.00 - 15,612,126.00 Construction in Progress 7,657,783.00 16,285,000.00 (8,000,000.00) 15,942,783.00 Total $223,502,507.00 $17,005,138.00 $- $240,507,645.00 143 This page intentionally left blank 144 BOROUGH OF CARTERET PART II SINGLE AUDIT SECTION FOR THE YEAR ENDED DECEMBER 31, 2022 145 This page intentionally left blank 146 INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE FOR EACH MAJOR PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY NEW JERSEY OMB CIRCULAR 15-08 The Honorable Mayor and Members of the Borough Council Borough of Carteret Carteret, New Jersey Report on Compliance for Each State Program Opinion on Each State Program We have audited the Borough of Carteret’s compliance with the types of compliance requirements identified as subject to audit in the New Jersey State Aid/Grant Compliance Supplement that could have a direct and material effect on each of Borough of Carteret’s major state programs for the year ended December 31, 2022. The Borough of Carteret’s major 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 state programs for the year ended December 31, 2022. Basis for Opinion on Each 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 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 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 state program. Our audit does not provide a legal determination of the Borough of Carteret’s compliance with the compliance requirements referred to above. 147 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 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, 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 state program as a whole. In performing an audit in accordance with generally accepted auditing standards, Government Auditing Standards, 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 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 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 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 over compliance with a type of compliance requirement of a 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 148 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 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 No. 483 Lakewood, New Jersey September 20, 2023 149 This page intentionally left blank 150 SC H E D U L E A BO R O U G H O F C A R T E R E T MI D D L E S E X C O U N T Y , N E W J E R S E Y SC H E D U L E O F E X P E N D I T U R E S O F S T A T E F I N A N C I A L A S S I S T A N C E FO R T H E Y E A R E N D I N G D E C E M B E R 3 1 , 2 0 2 2 ST A T E A C C O U N T Gr a n t CU R R E N T P A S S E D T H R O U G H TO T A L CU M U L A T I V E NU M B E R O R G R A N T N U M B E R P e r i o d E X P E N D I T U R E S T O S U B R E C I P I E N T S E X P E N D I T U R E S E X P E N D I T U R E S Ne w J e r s e y D e p a r t m e n t o f E n v i r o n m e n t a l P r o t e c t i o n N J E n v i r o n m e n t a l I n f r a s t r u c t u r e T r u s t N/ A 20 2 2 43 7 , 8 0 0 . 6 5 - 43 7 , 8 0 0 . 6 5 3, 6 7 9 , 6 4 1 . 3 0 C l e a n C o m m u n i t i e s P r o g r a m 04 2 - 4 9 0 0 - 7 6 5 - 0 0 4 20 2 2 48 5 . 0 0 - 48 5 . 0 0 48 5 . 0 0 N J G r e e n A c r e s L o a n N/ A 20 2 2 87 9 , 0 9 6 . 6 4 87 9 , 0 9 6 . 6 4 87 9 , 0 9 6 . 6 4 N J D E P O f f i c e o f N a t u r a l R e s o u r c e s - P a s s a i c R i v e r 04 2 - 4 8 1 5 - 8 6 4 - 3 0 3 20 1 8 1, 2 3 5 , 1 4 3 . 8 8 - 1, 2 3 5 , 1 4 3 . 8 8 5, 1 3 4 , 0 5 5 . 3 8 To t a l N e w J e r s e y D e p a r t m e n t o f E n v i r o n m e n t a l P r o t e c t i o n 2, 5 5 2 , 5 2 6 . 1 7 - 2, 5 5 2 , 5 2 6 . 1 7 9, 6 9 3 , 2 7 8 . 3 2 Ne w J e r s e y D e p a r t m e n t o f E c o n o m i c D e v e l o p m e n t A u t h o r i t y N J E D A - O r d i n a n c e 2 2 - 1 5 V a r i o u s C a p i t a l I m p r o v e m e n t P r o j e c t N/ A 20 2 2 48 3 , 2 6 1 . 0 3 - 48 3 , 2 6 1 . 0 3 48 3 , 2 6 1 . 0 3 To t a l N e w J e r s e y D e p a r t m e n t o f E c o n o m i c D e v e l o p m e n t A u t h o r i t y 48 3 , 2 6 1 . 0 3 - 48 3 , 2 6 1 . 0 3 48 3 , 2 6 1 . 0 3 Ne w J e r s e y D e p a r t m e n t o f L a w a n d P u b l i c S a f e t y B o d y A r m o r R e p l a c e m e n t 06 6 - 1 0 2 0 - 7 1 8 - 0 0 1 20 2 0 17 9 . 3 3 - 1 7 9 . 3 3 1 7 9 . 3 3 B o d y A r m o r R e p l a c e m e n t 06 6 - 1 0 2 0 - 7 1 8 - 0 0 1 20 2 1 34 . 9 6 3 4 . 9 6 3 4 . 9 6 B o d y A r m o r R e p l a c e m e n t 0 6 6 - 1 0 2 0 - 7 1 8 - 0 0 1 2 0 2 2 3 , 8 4 8 . 3 5 - 3 , 8 4 8 . 3 5 3 , 8 4 8 . 3 5 B o d y W o r n C a m e r a G r a n t 1 0 0 - 0 6 6 - 1 0 2 0 - 4 9 5 2 0 2 2 1 4 7 , 5 6 0 . 0 0 - 1 4 7 , 5 6 0 . 0 0 1 4 7 , 5 6 0 . 0 0 To t a l N e w J e r s e y D e p a r t m e n t o f L a w a n d P u b l i c S a f e t y 15 1 , 6 2 2 . 6 4 - 1 5 1 , 6 2 2 . 6 4 1 5 1 , 6 2 2 . 6 4 Ne w J e r s e y D e p a r t m e n t o f T r a n s p o r t a t i o n : H i g h w a y P l a n n i n g & C o n s t r u c t i o n - P e d & C y c l i s t W a t e r f r o n t 07 8 - 6 3 2 0 - 4 8 0 20 2 2 13 5 , 9 4 0 . 1 6 - 13 5 , 9 4 0 . 1 6 13 5 , 9 4 0 . 1 6 H i g h w a y P l a n n i n g & C o n s t r u c t i o n - W h i t t i e r S t r e e t 07 8 - 6 3 2 0 - 4 8 0 20 2 2 26 , 8 4 3 . 5 0 - 26 , 8 4 3 . 5 0 26 , 8 4 3 . 5 0 F e d e r a l B l v . A n d B l a i r R o a d 07 8 - 6 3 2 0 - 4 8 0 20 2 2 22 8 , 8 6 8 . 7 4 - 22 8 , 8 6 8 . 7 4 28 4 , 2 2 0 . 2 4 M i l i k a n d M i n u e S t r e e t 07 8 - 6 3 2 0 - 4 8 0 20 2 0 1, 7 7 4 , 8 9 6 . 7 6 - 1, 7 7 4 , 8 9 6 . 7 6 1, 9 1 1 , 9 4 8 . 9 6 I n d u s t r i a l H w y & M i d d l e s e x A v e 07 8 - 6 3 2 0 - 4 8 0 20 2 2 32 5 , 7 7 1 . 4 0 - 32 5 , 7 7 1 . 4 0 4, 5 1 4 , 0 0 0 . 7 6 T o t a l N e w J e r s e y D e p a r t m e n t o f T r a n s p o r t a t i o n 2, 4 9 2 , 3 2 0 . 5 6 - 2, 4 9 2 , 3 2 0 . 5 6 6, 8 7 2 , 9 5 3 . 6 2 To t a l S t a t e F i n a n c i a l A s s i s t a n c e 5, 6 7 9 , 7 3 0 . 4 0 $ - $ 5, 6 7 9 , 7 3 0 . 4 0 $ $ 1 7 , 2 0 1 , 1 1 5 . 6 1 $ ST A T E P R O G R A M Th e a c c o m p a n y i n g N o t e s t o S c h e d u l e s o f E x p e n d i t u r e s o f A w a r d s a r e a n i n t e r g r a l p a r t o f t h i s S t a t e m e n t 151 This page intentionally left blank 152 BOROUGH OF CARTERET NOTES TO SCHEDULES OF EXPENDITURES OF STATE FINANCIAL ASSISTANCE FOR THE YEAR ENDED DECEMBER 31, 2022 Note 1. Basis of Presentation The accompanying schedules of expenditures of state financial assistance present the activity of all 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 New Jersey OMB’s Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. All state awards received directly from state agencies, as well as state financial assistance passed through other government agencies is included on the schedule of expenditures of state financial assistance. Note 2. Summary of Significant Accounting Policies The accompanying schedules of 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 state grant portion of the program costs. Such expenditures are recognized following the cost principles contained in the State of New Jersey OMB’s 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. 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: Part ii State Grant Fwtd $ 2,089,788.06 General Capital Fwtd 3,589,942.34 Total $ 5,679,730.40 153 BOROUGH OF CARTERET NOTES TO SCHEDULES OF EXPENDITURES OF STATE FINANCIAL ASSISTANCE FOR THE YEAR ENDED DECEMBER 31, 2022 Note 4. Relationship to State Financial Reports The regulations and guidelines governing the preparation of state financial reports vary by state agency and among programs administered by the same agencies. Accordingly, the amounts reported in the 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. State Loans Outstanding The Borough had no loan balances outstanding at December 31, 2022. 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. 154 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 - Not Applicable 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 BOROUGH OF CARTERET SCHEDULE OF FINDINGS AND QUESTIONED COSTS FOR THE YEAR ENDED DECEMBER 31, 2022 Section I - Summary of Auditor's Results Unmodified Adverse - GAAP; Modified - Regulatory Basis $ 750,000 NJ Green Acres LoanN/A 042-4815-864-303 NJ Department of Environmental Protection 155 BOROUGH OF CARTERET SCHEDULE OF FINDINGS & QUESTIONED COSTS FOR THE YEAR ENDED DECEMBER 31, 2022 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. 156 BOROUGH OF CARTERET SCHEDULE OF FINDINGS & QUESTIONED COSTS FOR THE YEAR ENDED DECEMBER 31, 2022 Section III –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 state programs, as required by New Jersey OMB’s Circular 15-08. None. 157 BOROUGH OF CARTERET SUMMARY SCHEDULE OF PRIOR YEAR AUDIT FINDINGS FOR THE YEAR ENDED DECEMBER 31, 2022 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. 158 BOROUGH OF CARTERET PART III LETTER OF COMMENTS AND RECOMMENDATIONS – REGULATORY BASIS FOR THE YEAR ENDED DECEMBER 31, 2022 159 This page intentionally left blank 160 OFFICIALS IN OFFICE The following officials were in office at December 31, 2022: Offici Name Daniel Reiman Ajmar Singh Johal Dennis DiMascio Raymond Krum Jorge Diaz Vincent Bellino Susan Naples Carmela Pogorzelski Patrick J. DeBlasio Allen Comba Jay Briscione Robert J. Bergen Madeline Zurick Title Mayor Council President Councilmember Councilmember Councilmember Councilmember Councilmember Municipal Clerk Chief Financial Officer, Tax Collector, Treasurer Judge Tax Assessor Law Director Court Administrator 161 This page intentionally left blank 162 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, 2022. 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, 2022. 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. 163 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 6, 2022 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. 164 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 September 20, 2023 165