Township Marlh - marlboro-nj.gov

Report of Audit

theon

Financial Statements

of the

Township of Marlhoro

in the

County of MNew Jersey

thonmou

for the

Year EndedDecember 31, 2020

TOWNSHIP OF MARLBORO

I N D E XPAGES

PARTI

Independent Auditor's Report 1-3Independent Auditor’s Report on Internal Control Over Financial Reporting andon Compliance and Other Matters Based on an Audit of Financial StatementsPerformed in Accordance with Government Auditing Standards 4-5

EXHIBITSFinancial Statements - Regulatory Basis

Current Fund:

Balance Sheets - Regulatory BasisStatements of Operations and Change in Fund Balance - Regulatory BasisStatement of Revenues - Regulatory Basis-Year Ended December 31, 2020Statement of Expenditures - Regulatory Basis-Year Ended December 31, 2020

"A""A-1""A-2"“A-3"

Trust Fund:

Balance Sheets - Regulatory Basis "B"

General Capital Fund:

Balance Sheets - Regulatory BasisStatement of Fund Balance - Regulatory Basis

"C""C-1"

Recreation and Swim Utility Fund:

Balance Sheets - Regulatory BasisStatements of Operations and Change in Fund Balance - Regulatory BasisStatements of Change in Capital Fund Balance - Regulatory BasisStatement of Revenues - Regulatory Basis-Year Ended December 31, 2020Statement of Expenditures - Regulatory Basis-Year Ended December 31, 2020

"D""D-1"‘'0-2”"D-3"“D-4"

Water Utility Fund

Balance Sheets - Regulatory BasisStatements of Operations and Change in Fund Balance - Regulatory BasisStatements of Change in Capital Fund Balance- Regulatory BasisStatement of Revenues - Regulatory Basis-Year Ended December 31, 2020Statement of Expenditures - Regulatory Basis-Year Ended December 31, 2020

Itrii

"E-1"“E-2”"E-3"“E-4"

General Fixed Asset Account Group:

Balance Sheets - Regulatory Basis npii

PAGES

Notes to Financial Statements 6-48


I N D E X (CONTINUED)

EXHIBITSSupplementary Schedules - All Funds

Current Fund:

Schedule of Cash-TreasurerSchedule of Cash-CollectorSchedule of Change FundsSchedule of Petty Cash FundSchedule of Due from State of New Jersey Senior Citizens and Veterans DeductionsSchedule of Taxes Receivable and Analysis of Property Tax LevySchedule of Tax Title LiensSchedule of Property Acquired for Taxes (at Assessed Valuation)Schedule of Revenue Accounts ReceivableSchedule of InterfundsSchedule of 2019 Appropriation ReservesSchedule of Reserve for Miscellaneous DepositsSchedule of Tax OverpaymentsSchedule of Reserve for EncumbrancesSchedule of Accounts PayableSchedule of Prepaid TaxesSchedule of County Taxes PayableSchedule of Local District School TaxSchedule of Regional School District TaxSchedule of Municipal Open Space TaxSchedule of Special District TaxSchedule of Deferred ChargesSchedule of Grants Receivable - Grant FundSchedule of Reserve for Grants-Appropriated - Grant FundSchedule of Reserve for Grants-Unappropriated - Grant FundSchedule of Interfunds - Grant Fund

"A-4""A-5""A-6""A-7""A-8""A-9""A-10""A-11""A-12"“A-13""A-14"“A-15”"A-16"“A-17”"A-18"“A-19""A-20""A-21"“A-22”“A-23"“A-24"“A-25”“A-26”“A-27”“A-28”“A-29”

Trust Fund:

Schedule of Trust CashSchedule of Reserve for Animal Control Fund ExpendituresSchedule of State Registration Fees - Animal Control FundSchedule of Reserve for Open Space Trust - Open Space FundSchedule of Reserve for Escrow Deposits - Escrow Deposit Trust FundSchedule of Various ReservesSchedule of Due State of New Jersey - DCA FeesSchedule of Encumbrances PayableSchedule of Interfunds

"B-1"“B-2”“B-3”“B-4”“B-5”“B-6”“B-7”"B-8”“B-9"



EXHIBITS


Schedule of General Capital CashAnalysis of General Capital Cash and InvestmentsSchedule of Deferred Charges to Future Taxation - FundedSchedule of Deferred Charges to Future Taxation - UnfundedSchedule of Due from State of New Jersey Department of EnvironmentalProtection - Green AcresSchedule of Other Accounts ReceivableSchedule of Grants ReceivableSchedule of General Serial BondsSchedule of Bond Anticipation NotesSchedule of Green Trust Loan Program PayableSchedule of Improvement AuthorizationsSchedule of Capital Improvement FundSchedule of Contracts PayableSchedule of Various ReservesSchedule of Bonds and Notes Authorized But Not Issued

"C-2""C-3"“C-4”“C-5"

“C-6”“C-7”“C-8”“C-9"“C-10”“C-11”“C-12"“C-13”“C-14”“C-15"“C-16”

Recreation and Swim Utility Operating Fund

Schedule of Cash-TreasurerAnalysis of CashSchedule of Prepaid Participation FeesSchedule of Prepaid Membership FeesSchedule of 2019 Appropriation ReservesSchedule of Encumbrances PayableSchedule of Accounts PayableSchedule of Accrued Interest on Bonds, Notes and LoansSchedule of Contracts Payable - Capital FundSchedule of Fixed Capital - Capital FundSchedule of Fixed Capital Authorized and Uncompleted - Capital FundSchedule of Improvement Authorizations - Capital FundSchedule of Reserve for Amortization - Capital FundSchedule of Reserve for Capital Outlay - Capital FundSchedule of Serial Bonds Payable - Capital FundSchedule of Bond Anticipation Notes - Capital FundSchedule of Bonds and Notes Authorized But Not Issued - Capital FundSchedule of due Current FundSchedule of bonds and Notes Authorized But Not Issued

"D-5"“D-6”"D-7"“D-8"“D-9”“D-10"“D-11”“D-12”“D-13”“D-14”“D-15”“D-16"“D-17"“D-18"“D-19"“D-20”“D-21”“D-22”“D-23”



EXHIBITS

Water Utility Fund

Schedule of Cash-TreasurerAnalysis of CashSchedule of Consumer Accounts ReceivableSchedule of Reserve for EscrowsSchedule of 2019 Appropriation ReservesSchedule of Encumbrances PayableSchedule of Accounts PayableSchedule of Water Rent OverpaymentsSchedule of Accrued Interest on Bonds, Notes and LoansSchedule of New Jersey Infrastructure Bank Loan Receivable - Capital FundSchedule of Fixed Capital - Capital FundSchedule of Fixed Capital Authorized and Uncompleted - Capital FundSchedule of Contracts Payable - Capital FundSchedule of Improvement Authorizations - Capital FundSchedule of Reserve for Amortization - Capital FundSchedule of Reserve for Deferred Amortization - Capital FundSchedule of Reserve for Payment of Debt - Capital FundSchedule of Capital Improvement Fund - Capital FundSchedule of Serial Bonds Payable - Capital FundSchedule of Bond Anticipation Notes - Capital FundSchedule of New Jersey Infrastructure Bank Loan Payable - Capital FundSchedule of Bonds and Notes Authorized But Note Issued - Capital Fund

"E-5"“E-6"“E-7”"E-8”"E-9”"E-10"“E-11”“E-12”“E-13”“E-14"“E-15"“E-16"“E-17”“E-18”“E-19"“E-20'’“E-21"“E-22"“E-23”“E-24”“E-25”"E-26”

PAGESPART II

Statistical Data 49-54

Officials in Office and Surety Bonds 55

General Comments and Recommendations 56-59


PARTI

INDEPENDENT AUDITOR’S REPORT ONAUDIT OF FINANCIAL STATEMENTS

AND SUPPLEMENTARY SCHEDULES AND DATA

INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROLOVER FINANCIAL REPORTING AND ON COMPLIANCE AND

OTHER MATTERS BASED ON AN AUDIT OF FINANCIALSTATEMENTS PERFORMED IN ACCORDANCE WITH

GOVERNMENT AUDITING STANDARDS

FINANCIAL STATEMENTS - REGULATORY BASIS - ALL FUNDS

NOTES TO FINANCIAL STATEMENTS - REGULATORY BASIS

SUPPLEMENTARY SCHEDULES - ALL FUNDS

YEAR ENDED DECEMBER 31. 2020 AND 2019

SUPLEE, CLOONEY & COMPANYCERTIFIED PUBLIC ACCOUNTANTS

308 East Broad Street , Westf ie ld , New Jersey 07090 - 2122

Fax 908-789-8535Telephone 908- 789-9300E-mail info@scnco . com

INDEPENDENT AUDITOR’S REPORT

The Honorable Mayor and Membersof the Township Council

Township of MarlboroCounty of MonmouthMarlboro, New Jersey 07746

Report on the Financial Statements

We have audited the accompanying balance sheets - regulatory basis of the variousindividual funds and account group of the Township of Marlboro, as of December 31, 2020 and2019, the related statement of operations and changes in fund balance - regulatory basis for theyears then ended, and the related statement of revenues - regulatory basis and statement ofexpenditures - regulatory basis of the various individual funds for the year ended December 31,2020, and the related notes to the financial statements, which collectively comprise the Township’sregulatory financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financialstatements in accordance with the regulatory basis of accounting prescribed by the Division ofLocal Government Services, Department of Community Affairs, State of New Jersey. Managementis also responsible for the design, implementation, and maintenance of internal control relevant tothe preparation and fair presentation of financial statements that are free from materialmisstatements, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these regulatory financial statements basedon our audit. We conducted our audit in accordance with auditing standards generally accepted inthe United States of America, the audit requirements prescribed by the Division of LocalGovernment Services, Department of Community Affairs, State of New Jersey (the “Division”), andthe standards applicable to financial audits contained in Government Auditing Standards, issued bythe Comptroller General of the United States. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement.

1

SUPLEE, CLOONEY & COMPANY

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the regulatory financial statements. The procedures selected depend on theauditor’s judgment, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. In making those risk assessments, the auditor considersinternal control relevant to the Township of Marlboro’s preparation and fair presentation of thefinancial statements 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 Township of Marlboro’sinternal control. Accordingly, we express no such opinion. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of significant accountingestimates made by management, as well as evaluating the overall presentation of the regulatoryfinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinions.

Basis for Adverse Opinion on U.S Generally Accepted Accounting Principles.

As described in Note 1 of the regulatory financial statements, the regulatory financialstatements are prepared by the Township of Marlboro on the basis of the financial reportingprovisions prescribed by the Division of Local Government Services, Department of CommunityAffairs, State of New Jersey, which is a basis of accounting other than accounting principlesgenerally accepted in the United States of America, to meet the requirements of New Jersey.

The effects on the financial statements of the variances between the regulatory basis ofaccounting described in Note 1 and accounting principles generally accepted in the United Statesof America, although not reasonably determinable, are presumed to be material.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the “Basis for AdverseOpinion on U.S Generally Accepted Accounting Principles” paragraph, the financial statementsreferred to above do not present fairly, in accordance with accounting principles generally acceptedin the United States of America, the financial position of the various individual funds and accountgroup of the Township of Marlboro as of December 31, 2020 and 2019, or the results of itsoperations and changes in fund balance for the years then ended of the revenues or expendituresfor the year ended December 31, 2020.Opinion on Regulatory Basis of Accounting

In our opinion, the regulatory financial statements referred to above present fairly, in allmaterial respects, the regulatory basis balances sheets of the various individual funds and accountgroup as of December 31, 2020 and 2019, the regulatory basis statement of operations andchanges in fund balance for the years then ended and the regulatory basis statement of revenuesand expenditures and changes in fund balance for the year ended December 31, 2020 inaccordance with the basis of financial reporting prescribed by the Division of Local GovernmentServices, Department of Community Affairs, State of New Jersey as described in Note 1.

2

SUPLEE, CLOONEY & COMPANYOther Matters

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statementsthat collectively comprise the Township of Marlboro’s regulatory financial statements. Thesupplementary information, schedules and data listed in the table of contents as required by theDivision of Local Government Services, Department of Community Affairs, State of New Jersey arepresented for purposes of additional analysis and are not a required part of the regulatory financialstatements.

The supplemental information, schedules and data listed above and also listed in the tableof contents are the responsibility of management and were derived from and relates directly to theunderlying accounting and other records used to prepare the regulatory financial statements. Suchinformation has been subjected to the auditing procedures applied in the audit of the regulatoryfinancial statements and certain additional procedures, including comparing and reconciling suchinformation directly to the underlying accounting and other records used to prepare the regulatoryfinancial statements or to the regulatory financial statements themselves, and other additionalprocedures in accordance with auditing standards generally accepted in the United States ofAmerica. In our opinion, the supplemental information, schedules and data listed in the table ofcontents are fairly stated, in all material respects, in relation to the regulatory financial statementsas a whole.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report datedMay 26, 2021 on our consideration of the Township of Marlboro's internal control over financialreporting 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 to describe the scope of ourtesting of internal control over financial reporting and compliance and the results of that testing,and not to provide an opinion on internal control over financial reporting or on compliance. Thatreport is an integral part of an audit performed in accordance with Government Auditing Standardsin considering the Township of Marlboro’s internal control over financial reporting and compliance.

tb*) PUBLIC ACCOUNTANTS'H+kfr UJ\Jlks

CERTIFIED

REGISTERED MUNICIPAL ACCOUNTANT NO. 439May 26, 2021

3

SUPLEE, CLOONEY & COMPANYCERTIFIED PUBLIC ACCOUNTANTS

308 East Broad Street , Westf ie ld , New Jersey 07090 - 2122

Fax 908-789- 8535Telephone 908-789-9300E-mail [email protected]

INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVERFINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS

BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMEDIN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

The Honorable Mayor and Membersof the Township Council

Township of MarlboroCounty of MonmouthMarlboro, New Jersey 07746

We have audited, in accordance with the auditing standards generally accepted in theUnited States of America, the audit requirements prescribed by the Division of Local GovernmentServices, Department of Community Affairs, State of New Jersey and the standards applicable tofinancial audits contained in Government Auditing Standards issued by the Comptroller General ofthe United States, the regulatory financial statements of the various individual funds and theaccount group of the Township of Marlboro, as of and for the year ended December 31, 2020, andthe related notes to the financial statements, which collectively comprise the Township's regulatoryfinancial statements, and have issued our report thereon dated May 26, 2021. Our reportdisclosed that, as described in Note 1 to the financial statements, the Township of Marlboroprepares its financial statements on a basis of accounting prescribed by the Division of LocalGovernment Services, Department of Community Affairs, State of New Jersey, that demonstratescompliance with a modified accrual basis and the budget laws of the State of New Jersey, which isa comprehensive basis of accounting other than U.S. generally accepted accounting principles.

Internal Control Over Financial Reporting

In planning and performing our audit of the regulatory financial statements, we consideredthe Township’s control over financial reporting (internal control) as a basis for designing auditprocedures that are appropriate in the circumstances for the purpose of expressing our opinions onthe financial statements but not for the purpose of expressing an opinion on the effectiveness ofthe Township’s internal control. Accordingly, we do not express an opinion on the effectiveness ofTownship’s internal control.

4

SUPLEE, CLOONEY & COMPANY

A deficiency in internal control exists when the design or operation of a control does notallow management or employees, in the normal course of performing their assigned functions, toprevent, or detect and correct, misstatements on a timely basis. A material weakness is adeficiency, or a combination of deficiencies, in internal control, such that there is a reasonablepossibility that a material misstatement of the Township of Marlboro’s financial statements will notbe 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 firstparagraph of this section and was not designed to identify all deficiencies in internal control thatmight be material weaknesses or significant deficiencies. Given these limitations, during our auditwe did not identify any deficiencies in internal control that we consider to be material weaknesses.However, material weaknesses may exist that have not been identified.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Township’s financialstatements are free from material misstatement, we performed tests of its compliance with certainprovisions of laws, regulations, contracts, and grant agreements, noncompliance with which couldhave a direct and material effect on the financial statements. However, providing an opinion oncompliance with those provisions was not an objective of our audit, and accordingly, we do notexpress such an opinion. The results of our tests disclosed no instances of noncompliance or othermatters that are required to be reported under Government Auditing Standards.

Purpose of This Report

The purpose of this report is solely to describe the scope of our testing of internal controland compliance and the results of that testing, and not to provide an opinion on the effectivenessof the Township of Marlboro’s internal control or on compliance. This report is an integral part of anaudit performed in accordance with Government Auditing Standards in considering the Townshipof Marlboro’s internal control and compliance. Accordingly, this communication is not suitable forany other purpose.

ViZuOUNTANTCERTIFIED PU

REGISTERED MUNICIPAL ACCOUNTANT NO. 439

May 26, 2021

5

CURRENT FUND

"A"SHEET #1


CURRENT FUND

BALANCE SHEETS - REGULATORY BASIS

BALANCEDECEMBER

31.2019

BALANCEDECEMBER

31. 2020REF.ASSETS

Current Fund-CashInvestmentChange FundsPetty Cash

$ 30,284,508.93 $ 18,578,961.836,500,000.00

1,100.00400.00

A-4

A-6 1,100.00400.00A-7

$ 30,286,008.93 $ 25,080,461.83

Receivables with Full Reserves:Delinquent Property Taxes ReceivableTax Title Liens ReceivableProperty Acquired for Taxes - Assessed Valuation A-11Revenue Accounts ReceivableInterfunds ReceivablePrepaid Regional School Taxes

1,066,668.61991,091.02802,400.00

30,391.24500,000.00517,942.11

3,111,473.84 $ 3,908,492.98

$ 1,017,595.04 $1,081,976.62

802,400.009,502.18

200,000.00

A-9A-10

A-12A-13A-22

$ADeferred Charges:Emergency Authorization (40A:4-46) $ 345,724.41 $

345,724.41 $187,423.34A-25

$ 187,423.34

$ 33,743,207.18 $ 29,176,378.15

Grant Fund:Grants ReceivableInterfunds Receivable

$ 36,719.21 $486,624.20

65,556.51475,394.82

A-26A-29

523,343.41 $ 540,951.33$

$ 34,266,550.59 $ 29,717,329.48

The accompanying Notes to the Financial Statements are an integral part of this statement.

“A"SHEET #2


CURRENT FUND


BALANCEDECEMBER

31, 2020

BALANCEDECEMBER

31.2019REF.

LIABILITIES. RESERVES AND FUND BALANCE

Current Fund:Liabilities:Appropriation ReservesDue State of New Jersey-Senior Citizensand Veterans Deductions

Interfunds PayableReserve for Miscellaneous DepositsTax OverpaymentsEncumbrances PayableAccounts PayablePrepaid TaxesCounty Taxes PayableLocal School Taxes PayableRegional School Taxes Payable

$ 4,135,483.37 $A-3:A-14 2,750,728.04

A-8 12,072.21486,654.20

1,632,141.291,493.51

1,980,092.84277,890.78

1,373,403.65122,294.03

7,800,469.50172,594.89

$ 17,994,590.27

11,559.19475,394.82

1,322,272.8296,143.48

1,461,416.62564,757.84825,166.29129,495.14

6,380,274.50

A-13A-15A-16A-17A-18A-19A-20A-21A-22

$ 14,017,208.74

Reserve for ReceivablesFund Balance

A 3,111,473.8412,637,143.07

3,908,492.9811,250,676.43A-1

$ 33,743,207.18 $ 29,176,378.15

Grant Fund:Encumbrances PayableReserve for Grants-AppropriatedReserve for Grants-Unappropriated

$ $A-17 245,049.85278,293.56

129,155.86388,495.3723,300.10

A-27A-28

$ $523,343.41 540,951.33

$ 34,266,550.59 $ 29,717,329.48


"A-r


CURRENT FUND

STATEMENTS OF OPERATIONS ANDCHANGE IN FUND BALANCE - REGULATORY BASIS

YEAR ENDEDDECEMBER

31. 2020

YEAR ENDEDDECEMBER

31.2019REF.REVENUE AND OTHER INCOME

5,550,000.006,648,590.201,002,089.30

165,853,665.54542,618.54

A-1:A-2 $ 5,300,000.00 $5,589,637.701,100,176.65

166,471,094.89474,190.58

Fund Balance UtilizedMiscellaneous Revenues AnticipatedReceipts from Delinquent TaxesReceipts from Current TaxesNon-Budget RevenuesOther Credits to Income:Unexpended Balance of Appropriation ReserveReserve for Prepaid Regional School TaxGrants Appropriated Reserves CancelledAccounts Payable CancelledInterfunds Returned

A-2A-2A-2A-2

A-14 1,780,898.26469,857.00

1,007.9547,599.56

2,581,734.59517,942.11

A-15A-18 322,975.49

300,000.00182,657,752.01 $$ 181,796,326.35Total Income

EXPENDITURES

Budget and Emergency Appropriations:Within ’’CAPS'':Operations including ContingentDeferred Charges and StatutoryExpenditures - Municipal

Excluded from "CAPS’’OperationsCapital Improvement FundMunicipal Debt ServiceDeferred Charges and Judgments

County TaxCounty Tax for Added and Omitted TaxesLocal District School TaxRegional District School TaxMunicipal Open Space TaxSpecial District TaxesInterfund AdvancesPrior Year Senior Citizens Deductions, netRefund of Prior Year Revenue - Tax Appeals

Total Expenditures

$ 27,066,543.80 $ 26,459,101.23A-3

4,701,473.16A-3 4,843,052.15

1,395,981.61400,000.00

3,879,261.68

1,289.153.53300,000.00

3,861,481.93187.423.34

23,319,620.21122.294.34

77,647.155.0033,740,954.00

724,530.233,175,548.00

A-3A-3A-3A-3

23,060,349.03129,495.74

77,899,993.0034,123,416.00

720,012.283,076,488.00

500,000.003,396.57

163,662.00

A-20A-20A-21A-22A-23A-24

A-839,253.25A-4

176,512,630-30176,317,009.78 $$

5,283,696.05$ 6,340,742.23 $Excess in Revenue

Adjustments to Income Before Fund Balance:Expenditures Included Above Which are by StatuteDeferred Charges to Budget of Succeeding Year 187,423.34345,724.41A-3

5,471,119.39$ 6,686,466.64 $Statutory Excess to Fund Balance

Fund Balance11.329,557.0411,250,676.43ABalance, January 116.800,676.43$ 17,937,143.07 $

Decreased by:Utilization as Anticipated Revenue 5,550,000.005,300,000.00A-1:A-2

11,250,676.4312,637,143.07 $$ABalance, December 31


"A-rSHEET #1


CURRENT FUND

STATEMENT OF REVENUES - REGULATORY BASISYEAR ENOEO DECEMBER 31. 2020

ANTICIPATEDSPECIAL

N.J.S.40A:4-87

EXCESSOR

REF. BUDGET REALIZED (DEFICIT)

Fund Balance Anticipated A-1 $ 5,300,000.00 $ 5,300,000.00

MisceBaneous Revenues:Alcoholic Beverage LicensesOther Licenses

Fees and Permits:Other

Fines and Costs > Municipal CourtInterest and Costs on TaxesCable Television Franchise FeesCell Tower Rentalinterest on Investments and DepositsEnergy Receipts TaxDrunk Driving Enforcement FundClean Communities GrantMunicipal Alliance on Alcoholism and Drug AbuseState Body Armor Replacement FundRecycling Tonnage GrantUniform Fire Safety ActPayment in Lieu of TaxesSale of Liquor LicenseCapital SurplusBullet Proof Vest PartnershipSustainable Jersey Small Grants Program

A-12 $ 41,630.00 $20,000.00

$ 42,500.00 $22,902.00

870.002,902.00A-2

A-2 720,000.00473,100.00180,000.00216,000.00266,500.00450,000.00

2,268,949.00

916,199.01243,335.11285,784.70220,586.31373,334.95197,826.22

2,268,949.0118,414.1486.407.57

2,077.506,543.29

23,300.1084.391.58

528,842.51150,000.00100,000.00

16,243.702,000.00

196,199.01(229,764.89)105,784.70

4,586.31106,834.95

(252,173.78)

A-12A-12A-12A-12A-12A-12 0.01A-26 18,414.14

86,407.572,077.506,543.29

A-26A-26A-26A-26 23,300.10

83,901.12500,000.00150,000.00100,000.00

A-12 490.4628,842.51A-12

A-15A-12A-26 16,243.70

2,000.00131,686.20 $ 5,589,63770 $

A-26A-1 $ 5,493,380.22 $ (35,428.72)

Receipts From Delinquent Taxes A-2 $ 750,000.00 $ $ 1,100,176.65 $ 350,176.65

Amount to be Raised by Taxes for Support of:Local Tax for Municipal Purposes A-2 $ 28,485,442.86 $ 30,342,283.48 1,856,840.62

Budget Totals $ 40,028,823.08 131,686.20 $ 42,332,097.83 $ 2,171,588.55

Non-Budget Revenues A-2 474,190.58 474,190.58

$ 40,028,823.08 $ 131,686.20 $ 42,806,288.41 $ 2,645,779.13

REF. A-3 A-3The accompanying Notes to the Financial Statements are an integral part of this statement.

"A-2"SHEET #2


CURRENT FUND

STATEMENT OF REVENUES - REGULATORY BASISYEAR ENDED DECEMBER 31.2020

REFAllocations of Current Tax Collections:Revenues from CollectionsLess: Reserve for Tax Appeals

A-1:A-9 $ 166,871,094.89400,000.00

A-1 166,471,094.89

Allocated to:School TaxesCounty TaxesSpecial District TaxMunicipal Open Space Tax

$ 111,388,109.0023,441,914.553,175,548.00

724,530.23138,730,101.78

Balance for Support of Municipal Appropriations $ 27,740,993.11

Add: Appropriation "Reserve for Uncollected Taxes'* A-3 2,601,290.37

Amount for Support of Municipal Budget Appropriations A-2 $ 30,342,283.48

ANALYSIS OF REALIZED REVENUES

Receipts from Delinquent Taxes:Delinquent Tax Collections A-9 $ 1,100,176.65

A-1:A-2 $ 1,100,176.65

Licenses - Other:ClerkRegistrar

A-12 $ 22,119.00783.00A-12

A-2 $ 22,902.00

Other Fees and Permits:Engineering DepartmentPlanning BoardZoning BoardFire Prevention DepartmentPolice DepartmentRegistrarCommunity DevelopmentTownship ClerkTax AssessorAdministration

A-12 $ 23,394.0091,878.00

112,017.50160,751.0072,406.46

135.00201,193.05254,532.00

1,130.001,715.00

A-12A-12A-12A-12A-12A-12A-12A-12A-12

$ 919,152.01414.00

2,539.00Less Transferred to EncumbrancesLess: Refunds

A-17A-4

A-2 $ 916,199.01


"A-2“SHEET #3


CURRENT FUND


Miscellaneous Revenue Not Anticipated:Lease of Municipal PropertyReimbursement of ExpenseSettlementsScrap Metal RecyclingMobile Home Park RentalProperty Maintenance LiensEscrow InspectionsIndirect UCC CostsPolice Off DutyFarmers MarketOther

$ 2,900.005,357.20

10,251.036,598.34

30,000.0012,699.39

2,007.28257,794.66102,453.44

5,520.0038,609.24

A-1:A-2 $ 474,190.58


"A-3 "

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"B"


TRUST FUND


BALANCE BALANCE

DECEMBER DECEMBER

REF. 31, 2020 31, 2019

A S S E T S

Animal Control Fund:

Cash and Cash Equivalents B-1 $ 83,879.37 $ 79,718.05

$ 83,879.37 $ 79,718.05

Escrow Deposit Trust Fund:

Cash and Cash Equivalents B-1 $ 2,347,191.88 $ 2,157,129.41

$ 2,347,191.88 $ 2,157,129.41

Open Space Trust Fund:

Cash and Cash Equivalents B-1 $ 3,963,900.53 $ 249,468.35

Investment in Capital Notes 3,963,000.00

$ 3,963,900.53 $ 4,212,468.35

Payroll Fund:

Cash and Cash Equivalents B $ 25,269.37 $ 17,369.26

Other Funds:

Cash and Cash Equivalents B-1 $ 12,750,559.87 $ 9,719,001.39

Investment in Capital Notes 3,500,000.00

Change Fund 200.00 200.00

$ 12,750,759.87 $ 13,219,201.39

$ 19,171,001.02 $ 19,685,886.46

LIABILITIES, RESERVES AND FUND BALANCE

Animal Control Fund:

Reserve for Animal Control Expenditures B-2 $ 68,399.99 $ 65,767.20

Due State of New Jersey B-3 50.40 11.40

Encumbrances Payable B-8 15,428.98 13,939.45

$ 83,879.37 $ 79,718.05

Escrow Deposit Trust Fund:

Reserve for Escrow Deposits B-5 $ 2,303,649.97 $ 2,056,682.81


$ 2,347,191.88 $ 2,157,129.41

Open Space Trust Fund:

Reserve for Open Space Trust B-4 $ 3,963,900.46 $ 4,204,638.69

Encumbrances Payable B-8 0.07 7,829.66

$ 3,963,900.53 $ 4,212,468.35

Payroll Fund:

Payroll Deductions Payable B $ 25,269.37 $ 17,369.26

Other Funds:

Various Trust Reserves B-6 $ 11,873,419.06 $ 11,950,683.70

Due State of New Jersey - DCA Fees B-7 26,185.00 19,069.00


Interfund Payable B-9 500,000.00

$ 12,750,759.87 $ 13,219,201.39

$ 19,171,001.02 $ 19,685,886.46


GENERAL CAPITAL FUND

"C"




BALANCEDECEMBER

31.2020

BALANCEDECEMBER

31.2019REF.

A S S E T S

$CashGreen Acres Loan ReceivableOther Accounts ReceivableGrants ReceivableDeferred Charges to Future Taxation:FundedUnfunded

C-2:C-3 7,251,749.60 $276,299.00220,000.00

3,351,574.93

10,259,849.33276,299.00190,000.00

2,882,736.00

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04 36,199,314.1120,375,139.80

39,476,641.7315,438,789.80C-5

$ 67.674.077.44 $ 68,524.315.86

LIABILITIES. RESERVES AND FUND BALANCE

General Serial BondsBond Anticipation NotesGreen Trust Loan Program PayableImprovement Authorizations:FundedUnfunded

Capital Improvement FundContracts PayableVarious ReservesFund Balance

$09 36,143,000.00 $10,953,000.00

56,314.11

39,393,000.0010,953,000.00

83,641.73010C-11

012 9,499,894.526,325,528.84

117,756.003,651,331.08

267,514.40659,738.49

9,568,213.623,781,321.11

77,564.003,712,831.37

195,005.54759,738.49

012013014015C-1

$ 67,674,077.44 $ 68,524.315.86


' c-rTOWNSHIP OF MARLBORO


STATEMENT OF FUND BALANCE-REGULATORY BASIS

REF.

Balance, December 31, 2019 C $ 759,738.49

Decreased by:Anticipated in Current Fund Budget C-2 100,000.00

100,000.00



THIS PAGE INTENTIONALLY LEFT BLANK

RECREATION AND SWIM UTILITY FUND

"D"SHEET #1




BALANCEDECEMBER

31. 2020

BALANCEDECEMBER

31.2019REF.ASSETS

Operating Fund:CashChange FundPetty Cash

$D-5 109,701.08 $ 591,772.13100.00

1,500.00

109,701.08 593,372.13

Deferred Charges:Special Emergency 40A:4-53- COVID 19 Emergency D-1 700,000.00

Total Operating Fund 809,701.08 593,372.13

Capital Fund:CashFixed CapitalFixed Capital Authorized and Uncompleted

D-5; D-6 213,527.723,446,793.211,368,691.32

221,614.623,446,793.211,154,287.32

D-14D-15

Total Capital Fund 5,029,012.25 4,822,695.15

$ 5,838,713.33 $ 5,416,067.28


"D"SHEET #2




BALANCEDECEMBER

31.2020

BALANCEDECEMBER

31.2019REF.LIABILITIES. RESERVES AND FUND BALANCE

Operating Fund:Liabilities:Appropriation ReservesPrepaid Participation FeesPrepaid Membership FeesEncumbrances PayableAccount PayableAccrued Interest on Bonds and LoansDue Current Fund

D-4:D-9 $ 107,864.51 $ 64,634.9315,448.9955,198.63

239,954.788,019.295,368.75

D-7D-8D-10 246,568.71

1,168.006,509.31

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D-11D-12D-22

562,110.53247,590.55

388,625.37204,746.76Fund Balance D-1

Total Operating Fund 809,701.08 593,372.13

Capital Fund:Contracts PayableImprovement Authorizations:FundedUnfundedReserve for:AmortizationCapital OutlayDebt ServiceSerial Bonds PayableBond Anticipation Notes PayableFund Balance

D-13 7,347.04 5,266.09

D-16 152,429.70333,901.13

151,892.65131,261.23D-16

D-17 3,486,550.45416.07

1,059.20869,000.00160,000.0018,308.66

3,411,550.45416.07D-18

D-21D-19 944,000.00

160,000.0018,308.66

D-20D-2


$ 5,838,713.33 $ 5,416,067.28


"D-1"



STATEMENTS OF OPERATIONSAND CHANGE IN FUND BALANCE - REGULATORY BASIS

YEAR ENDEDDECEMBER

31. 2020

YEAR ENDEDDECEMBER

31. 2019REF.

REVENUE AND OTHER INCOME REALIZED

189,691.12 $326,922.66102,397.90

$ 249,606.421,966,977.58

337,787.85

Fund Balance UtilizedProgram Participation FeesNon-Budget Revenue:Other Credits to Income:Unexpended Balance of Appropriation ReservesCancellation of Accounts PayableDeferred Charge - COVID 19 Emergency

D-3D-3D-3

75,861.232,935.19

D-9 120,623.91

700,000.00D

2,633,168.271,439,635.59TOTAL INCOME

EXPENDITURES

2,325,078.35D-4 1,105,185.98OperatingCapital OutlayDebt ServiceStatutory Expenditures and Deferred Charges

1.00D-4 1.00101,910.56 113,461.67D-4

3.18D-4 3.14

2,438,544.20TOTAL EXPENDITURES 1,207,100.68

194,624.07232,534.91Excess in Revenue

Fund BalanceBalance, January 1 259,729.11D 204,746.76

454,353.18437,281.67

Decreased by:Utilization by Recreation and Swim Utility Operating Budget D-1:D-3 249,606.42189,691.12

204,746.76247,590.55 $$Balance, December 31 D


"D-2"TOWNSHIP OF MARLBORO


STATEMENTS OF CHANGE IN CAPITAL FUND BALANCE - REGULATORY BASIS

REF.

Balance, December 31, 2019 andDecember 31, 2020 D $ 18,308.66


"D-3"




EXCESS OR(DEFICIT*REF. ANTICIPATED REALIZED

Fund Balance AnticipatedProgram Participation FeesMembership FeesInterest on Investments

$ 189,69112 $2,296,000.00

D-1 189,691.12 $326,922.66

98,393.814,004.09

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(1,969,077.34)98,393.814,004.09

D-4 $ 2,485,691.12 $ 619,011.68 $ (1,866,679.44)

ANALYSIS OF REALIZED REVENUE

Program Participation Fees:Cash ReceivedPrepaid AppliedLess: Refund of Revenue Payable

D-5 $ 333,309.6715,448.99

(21,836.00)D-7D-10

D-3 3 326,922.66

Program Participation Fees:Cash ReceivedPrepaid Applied

D-5 $ 43,195.1855,198.63D-8

D-3 $ 98,393.81


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WATER UTILITY FUND

IlplSHEET #1


WATER UTILITY FUND


BALANCEDECEMBER

31. 2020

BALANCEDECEMBER

31.2019REF.ASSETS

Operating Fund:CashChange Fund

$E-5 7,252,581.35 $400.00

6,597,331.07400.00E

7,252,981.35 6,597,731.07

Receivables with Full Reserves:Consumer Accounts Receivable E-7 292,047.73 181,828.56

Total Operating Fund 7,545,029.08 6,779,559.63

Capital Fund:CashFixed CapitalFixed Capital Authorized and UncompletedNew Jersey Infrastructure Bank Loan Receivable E-14

1,229,871.1434,255,183.3133,068,861.66

907,853.00

E-5:E-6 1,760,040.2033,955,183.3130,884,911.661,684,091.00

E-15E-16


$ 77,006,798.19 $ 75,063,785.80


Ilpll

SHEET #2


WATER UTILITY FUND


BALANCEDECEMBER

31.2020

BALANCEDECEMBER

31.2019REF.LIABILITIES. RESERVES AND FUND BALANCE

Operating Fund:Liabilities:Appropriation ReservesEncumbrances PayableAccounts PayableWater OverpaymentsReserve for EscrowAccrued Interest on Bonds and Loans

668,289.41 $1,143,148.79

26,977.4327,853.13

289,766.73140,559.10

$ 1,169,363.711,268,775.67

83,442.0131,135.54

289,397.12165,878.48

E-4:E-9E-10E-11E-12E-8E-13

3,007,992.53181,828.56

3,589,738.54

2,296,594.59292,047.73

4,956,386.76Reserve for ReceivablesFund Balance

E-7E-1

6,779,559.637,545,029.08Total Operating Fund

Capital Fund:Serial Bonds PayableBond Anticipation Notes PayableNew Jersey Infrastructure Bank Loan PayableNew Jersey Infrastructure Bank Note PayableContracts PayableImprovement Authorizations:FundedUnfunded

Capital Improvement FundReserve for:AmortizationDeferred AmortizationPayment of DebtFund Balance

10,855,000.002,850,000.00

15,331,238.50

E-23 9,870,000.002,850,000.00

14,608,089.41907,853.00

1,673,809.09

E-24E-25

2,266,619.36E-17

1,424,398.833,580,714.25

50,000.00

1,868,721.332,431,206.54

50,000.00

E-18E-18E-22

32,300,664.47300,000.0011,530.0819,245.89

E-19 33,995,594.56300,000.00182,064.0819,245.89

E-20E-21E-2

68,284,226.1769,461,769.11Total Capital Fund

$ 77,006,798.19 $ 75,063,785.80



WATER UTILITY FUND

STATEMENTS OF OPERATIONSAND CHANGE IN FUND BALANCE - REGULATORY BASIS

YEAR ENDEDDECEMBER

31.2020

YEAR ENDEDDECEMBER

31. 2019REF.


$ 1,909,465.74 $9,601,824.49

501,579.4034,951.7941,613.53

211,101.00

2,000,000.009,167,621.29

268,790.0435,564.47

125,021.95201,460.00120,000.00

Fund Balance UtilizedWater RentsConnection FeesOther Operating RevenuesInterest on InvestmentsSolar Renewable Energy CreditsWater Utility Capital SurplusOther Credits to Income:Unexpended Balance of Appropriation ReservesCancel Accounts Payable

E-3E-3E-3E-3E-3E-3

1,250,704.961,582,459.2719,903.00

E-9E-11

13,902,898.22 13,169,162.71TOTAL INCOME

EXPENDITURES

8,166,740.0920,000.00

2,640,347.2976,592,58

8,312,765.0020,000.00

2,211,644.5282,374.74

OperatingCapital ImprovementsDebt ServiceStatutory Expenditures

E-4E-4E-4E-4

10,903,679.9610,626,784.26TOTAL EXPENDITURES

3,276,113.96 2,265,482.75Excess in Revenue

Fund Balance3,324,255.795,589,738.54

E 3,589,738.54Balance, January 16,865,852.50

Decreased by:Utilization by Water Utility Operating Budget 2,000,000.001,909,465.74E-1:E-3

$ 4,956,386.76 $ 3,589,738.54EBalance, December 31


"E-2"TOWNSHIP OF MARLBORO

WATER UTILITY FUND

STATEMENTS OF CHANGE IN CAPITAL FUND BALANCE - REGULATORY BASIS

REF.

Balance, December 31, 2019 andDecember 31, 2020 E $ 19,245.89


"E-3"


WATER UTILITY FUND


EXCESS OR(DEFICITSREF. ANTICIPATED REALIZED

Fund Balance AnticipatedWater RentsConnection FeesOther Operating RevenueInterest on InvestmentsSolar Renewable Energy Credits

$ 1,909,465.74 $8,550,000.00

100,000.0025,000.0050,000.00

100,000.00

E-1 1,909,465.74 $9,601,824.49

501,579.4034,951.7941,613.53

211,101.00

E-1:E-3E-1:E-3E-1:E-3E-1:E-5E-1:E-5

1,051,824.49401,579.40

9,951.79(8,386.47)

111,101.00

E-4 $ 10,734,465.74 $ 12,300,535.95 $ 1,566,070,21

ANALYSIS OF REALIZED REVENUE

Water Fees:Treasurer:

Cash ReceivedOverpayments Applied

$ 10,107,220.1431,135.54

E-7E-7E-3 $ 10,138,355.68


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MpH


GENERAL FIXED ASSETS ACCOUNT GROUP

BALANCE SHEET - REGULATORY BASIS

BALANCEDECEMBER

31.2019

BALANCEDECEMBER

31. 2020

Fixed Assets:LandBuildingsMachinery and Equipment

72,437,771.00 $13,773,627.1822,360,172.32

72,045,370.0013,773,627.0021,498,887.00

$

$ 108,571,570.50 $ 107,317,884.00Total Fixed Assets

Reserve:Investments in General Fixed Assets 108,571,570.50 $ 107,317,884.00$


NOTFS TO FINANCIAL STATEMENTS


NOTES TO FINANCIAL STATEMENTSYEAR ENDED DECEMBER 31. 2020 AND 2019

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Reporting EntityA.

The Township of Marlboro is an instrumentality of the State of NewJersey, established to function as a municipality. The Township Councilconsists of elected officials and is responsible for the fiscal control of theTownship.

Except as noted below, the financial statements of the Township ofMarlboro include every board, body, officer or commission supported andmaintained wholly or in part by funds appropriated by the Township ofMarlboro, as required by N.J.S.A. 40A:5-5. Accordingly, the financialstatements of the Township of Marlboro do not include the operations ofthe Local and Regional School Districts and Fire Districts, inasmuch astheir activities are administered by separate boards.

Description of FundsB.

The Governmental Accounting Standards Board (GASB) is the acceptedstandard-setting body for establishing governmental accounting andfinancial reporting principles,presentation of basic financial statements into three fund types, thegovernmental, proprietary and fiduciary funds, as well as government-wide financial reporting that must be used by general purposegovernmental units when reporting financial position and results ofoperations in accordance with U.S. Generally Accepted AccountingPrinciples (GAAP).

GASB codification establishes the

The accounting policies of the Township of Marlboro conform to theaccounting principles applicable to municipalities which have beenprescribed by the Division of Local Government Services, Department ofCommunity Affairs, State of New Jersey. Such principles and practicesare designed primarily for determining compliance with legal provisionsand budgetary restrictions and as a means of reporting on thestewardship of public officials with respect to public funds. Under thismethod of accounting, the financial transactions and accounts of theTownship of Marlboro are organized on the basis of funds and an accountgroup which is different from the fund structure required by GAAP. A fundor account group is an accounting entity with a separate set of self-balancing accounts established to record the financial position and resultsof operation of a specific government activity.

6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)NOTE 1:

Description of Funds (Continued)B.

As required by the Division of Local Government Services, the Townshipaccounts for its financial transactions through the following individualfunds and account group:

Current Fund - resources and expenditures for governmental operationsof a general nature, including federal and state grant funds.

Trust Fund - receipts, custodianship and disbursements of funds inaccordance with the purpose for which each reserve was created as wellas records resources and expenditures for payroll purposes.

General Capital Fund - receipt and disbursement of funds for theacquisition of general capital facilities, other than those acquired in theCurrent Fund.

Recreation/Swim Fund - records resources and expenditures for therecreation and swim programs and records resources and expendituresfor the acquisition of capital facilities of the municipally ownedRecreation/Swim Utility

Water Utility Fund - records resources and expenditures for theoperations and acquisition of capital equipment and facilities of themunicipally owned Water Utility.

General Fixed Assets Account Group - utilized to account for property,land, buildings and equipment that have been acquired by othergovernmental funds.

C. Basis of Accounting

The accounting principles and practices prescribed for municipalities bythe State of New Jersey differ in certain respects from generally acceptedaccounting principles applicable to local governmental units. The moresignificant accounting policies and differences in the State of New Jerseyare as follows:

A modified accrual basis of accounting is followed with minor exceptions.

Revenues - are recorded when received in cash except for certainamounts which are due from other governmental units. Operating grantsare realized as revenue when anticipated in the Township’s budget.

7


Basis of Accounting (Continued)C.

Revenues (Continued) - Receivables for property taxes are recorded withoffsetting reserves on the balance sheet of the Township's Current Fund;accordingly, such amounts are not recorded as revenue until collected.Other amounts that are due the Township, which are susceptible toaccrual, are also recorded as receivables with offsetting reserves andrecorded as revenue when received. GAAP requires revenues to berecognized in the accounting period when they become susceptible toaccrual, reduced by an allowance for doubtful accounts.

Expenditures - are recorded on the "budgetary" basis of accounting.Generally, expenditures are recorded when an amount is encumbered forgoods or services through the issuances of a purchase order inconjunction with the Encumbrance Accounting System. Outstandingencumbrances, at December 31, are reported as a cash liability in thefinancial statements and constitute part of the Township's regulatoryAppropriation Reserve balance,

unexpended appropriation balances are automatically created atDecember 31st of each year and recorded as liabilities, except foramounts which may be canceled by the governing body. Appropriationreserves are available, until lapsed at the close of the succeeding year, tomeet specific claims, commitments or contracts incurred during thepreceding fiscal year. Lapsed appropriation reserves are recorded asincome. Appropriations for principal payments on outstanding generalcapital and utility bonds and notes are provided on the cash basis;interest on general capital indebtedness is on the cash basis, whereasinterest on utility indebtedness is on the accrual basis.

Appropriation reserves covering

Encumbrances - Contractual orders, at December 31, are reported asexpenditures through the establishment of encumbrances payable.Under GAAP, encumbrances outstanding at year end are reported asreservations of fund balance because they do not constitute expendituresor liabilities.

Foreclosed Property - is recorded in the Current Fund at the assessedvaluation when such property was acquired and is fully reserved. GAAPrequires such property to be recorded in the General Fixed AssetsAccount Group at its market value.

Sale of Municipal Assets - The proceeds from the sale of municipalassets can be held in a reserve until anticipated as a revenue in a futurebudget. GAAP requires such proceeds to be recorded as a revenue inthe year of sale.

8

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)


Interfunds - Interfund receivables in the Current Fund are recorded withoffsetting reserves which are created by charges to operations. Income isrecognized in the year the receivables are liquidated,

receivables in the other funds are not offset by reserves. GAAP does notrequire the establishment of an offsetting reserve.

Interfund

General Fixed Assets - N.J.A.C 5:30-5.7, Accounting for GovernmentalFixed Assets, as promulgated by the Division of Local GovernmentServices, which differs in certain respects from generally acceptedaccounting principles, requires the inclusion of a statement of generalfixed assets of the Township as part of its basic financial statements.General fixed assets are defined as nonexpendable personal propertyhaving a physical existence, a useful life of more than one year and anacquisition cost of $1,000.00 or more per unit.("infrastructure") general fixed assets consisting of certain improvementsother than buildings, such as roads, bridges, curbs and gutters, streetsand sidewalks and drainage systems are not capitalized.

Public domain

Property and equipment acquired by the Current and General CapitalFunds are recorded as expenditures at the time of purchase and are notcapitalized in their own respective funds.

The General Fixed Assets that have been acquired and that are utilized inthe Current and General Capital Funds are instead accounted for in theGeneral Fixed Asset Account Group. No depreciation has been providedon general fixed assets or reported in the financial statements.

Expenditures for construction in progress are recorded in the CapitalFunds until such time as the construction is completed and put intooperation.

Fixed assets acquired through grants in aid or contributed capital havenot been accounted for separately.

Inventories of Supplies - The cost of inventories of supplies for all fundsare recorded as expenditures at the time individual items are purchased.The cost of inventories is not included on the various balance sheets.GAAP requires the cost of inventories to be reported as a current assetand equally offset by a fund balance reserve.

9



Accounting and Financial Reporting for Pensions

Under the provisions of Governmental Accounting Standards Board(GASB) Statement No. 68 “Accounting and Financial Reporting forPensions” and GASB Statement No. 71, “Pension Transition forContributions Made Subsequent to the Measurement Date" (anamendment of GASB Statement No. 68), local government employers(or non-employer contributing entity in a special funding situation) arerequired to recognize a net pension liability measured as of a date (themeasurement date) no earlier than the end of its prior fiscal year.If a state or local government employer or non-employer contributingentity makes a contribution to a defined benefit pension plan between themeasurement date of the reported net pension liability and the end of thegovernment's reporting period, Statement 68 requires that thegovernment recognize its contribution as a deferred outflow of resources.

In addition, Statement 68 requires recognition of deferred outflows ofresources and deferred inflows of resources for changes in the netpension liability of a state or local government employer or non-employercontributing entity that arise from other types of events.

Under GAAP, municipalities are required to recognize their proportionateshare of net pension liability, deferred outflows of resources, deferredinflows of resources on the Statement of Net Position and theproportionate share of the pension related expense on the Statement ofActivities.

New Jersey’s municipalities and counties do not follow GAAP accountingprinciples and, as such, do not follow GASB requirements with respect torecording the net pension liability as a liability on their balance sheets.However, N.J.A.C. 5:30 6.1(c)(2) requires municipalities to discloseGASB 68 information in the Notes to the Financial Statements. Thedisclosure must meet the requirements of GASB 68.

In May of 2021, the New Jersey Division of Local Government Servicesissued Local Finance Notice 2021-10 which allows local units to disclosethe most recently available information as it relates to the New JerseyDivision of Pension's reporting on GASB 68. As of the date of this reportthe information for the period ended June 30, 2020 was not available,therefore the information dated June 30, 2019 is disclosed.

10

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

C. Basis of Accounting (Continued)

Accounting and Financial Reporting for Postemployment Benefits OtherThan Pensions (OPEB)

The Governmental Accounting Standards Board (GASB) has issuedStatement no. 75, "Accounting and Financial Reporting forPostemployment Benefits Other Than Pensions” . This statementestablishes standards for measuring and recognizing liabilities, deferredoutflows and inflows of resources, and expenses for postemploymentbenefits other than pensions. It also requires the State of New Jersey tocalculate and allocate to each participating member, for note disclosurepurposes only, the OPEB net liability of New Jersey Health Benefits LocalGovernment Retiree Plan (the Plan)

The statement does not alter the amount of funds that must be budgetedfor OPEB payment under existing state law.

Under GAAP, municipalities are required to recognize the OPEB liabilityin Statements of Revenues, Expenses, Changes in Net Position (balancesheets) and Notes to the Financial Statements in accordance with GASB75. The liability required to be displayed by GASB 75 is displayed as aseparate line item in the Unrestricted Net Position area of the balancesheet.

New Jersey’s municipalities and counties do not follow GAAP accountingprinciples and, as such, do not follow GASB requirements with respect torecording the OPEB liability as a liability on their balance sheets.However, N.J.A.C. 5:30 6.1(c) (2) requires municipalities to discloseGASB 75 information in the Notes to the Financial Statements. Thedisclosure must meet the requirements of GASB 75.

In May of 2021, the New Jersey Division of Local Government Servicesissued Local Finance Notice 2021-10 which allows local units to disclosethe most recently available information as it relates to the New JerseyDivision of Pension’s reporting on GASB 75. As of the date of this reportthe information for the period ended June 30, 2020 was not available,therefore the information dated June 30, 2019 is disclosed.

D. Basic Financial Statements

The GASB codification also defines the financial statements of agovernmental unit to be presented in the general purpose financialstatements to be in accordance with GAAP. The Township presents thefinancial statements listed in the table of contents of the "Requirements ofAudit and Accounting Revision of 1987" as prescribed by the Division ofLocal Government Services, Department of Community Affairs, State ofNew Jersey and which differ from the financial statements required byGAAP.

11

CASH AND CASH EQUIVALENTSNOTE 2:

The Township considers petty cash, change funds, cash in banks, deposits in theNew Jersey Cash Management Fund and certificates of deposit as cash andcash equivalents.

DepositsA.

New Jersey statutes permit the deposit of public funds in publicdepositories which are located in New Jersey and which meet therequirements of the Governmental Unit Deposit Protection Act (GUDPA).GUDPA requires a bank that accepts public funds to be a publicdepository. A public depository is defined as a state bank, a nationalbank, or a savings bank, which is located in the State of New Jersey, thedeposits of which are insured by the Federal Deposit InsuranceCorporation.

The statutes also require public depositories to maintain collateral fordeposits of public funds that exceed certain insurance limits. Eachdepository participating in the GUDPA system must pledge collateralequal to 5% of the average amount of its public deposits and 100% of theaverage amount of its public funds in excess of 75% of its capital funds.No collateral is required for amounts covered by FDIC insurance. Thecollateral which may be pledged to support these deposits includesobligations of the State and federal governments, insured securities andother collateral approved by the Department.

When the capital position of the depository deteriorates or the depositorytakes an unusually large amount of public deposits, the Department ofBanking and Insurance requires additional collateral to be pledged.Under (GUDPA), if a public depository fails, the collateral it has pledged,plus the collateral of all other public depositories, is available to pay thefull amount of the deposits to the governmental unit.

The Township of Marlboro had the following cash and cash equivalents atDecember 31, 2020:

ChangeFunds

Cash inBank

$69,586,504.22

Reconcilingitems

($4,071,863.38)TotalFund

$65,514,640.841,900.001,600.00

Checking AccountsPetty CashChange Funds

$1,900.001,600.00

$3,500.00 $65,518,140.84($4,071,863.38)$69,586,504.22

12

NOTE 2: CASH AND CASH EQUIVALENTS (CONTINUED)

DepositsA.

Custodial Credit Risk - Deposits - Custodial credit risk is the risk that inthe event of a bank failure, the deposits may not be returned. TheTownship does not have a specific deposit policy for custodial credit riskother than those policies that adhere to the requirements of statute.However, GUDPA does not protect intermingled trust funds such assalary withholdings, bail funds or funds that may pass to the Townshiprelative to the happening of a future condition. Such funds are shown asUninsured and Uncollateralized in the schedule below.

As of December 31, 2020, the Township’s bank balance of$69,586,504.22 was insured or collateralized as follows:

Insured under FDIC and GUDPAUninsured and Uncollateralized

$67,282,854.252,303,649.97

$69,586,504.22

B. Investments

The purchase of investments by the Township is strictly limited by theexpress authority of the New Jersey Local Fiscal Affairs Law, N.J.S.A.40A:5-15.1. Permitted investments include any of the following types ofsecurities:

Bonds or other obligations of the United States of America orobligations guaranteed by the United States of America;

1.

Government money market mutual funds which are purchasedfrom an investment company or investment trust which isregistered with the Securities and Exchange Commission underthe “Investment Company Act of 1940," 15 U.S.C. 80a-1 et seq.,and operated in accordance with 17 C.F.R. § 270.2a-7 and whichportfolio is limited to U.S. Government securities that meet thedefinition of an eligible security pursuant to 17 C.F.R. § 270.2a-7and repurchase agreements that are collateralized by such U.S.Government securities in which direct investment may be madepursuant to paragraphs (1) and (3) of N.J.S.A. 5-15.1. Thesefunds are also required to be rated by a nationally recognizedstatistical rating organization;

2.

Any obligation that a federal agency or a federal instrumentalityhas issued in accordance with an act of Congress, which securityhas a maturity date not greater than 397 days from the date ofpurchase, provided that such obligation bears a fixed rate ofinterest not dependent on any index or other external factor;

3.

13

CASH AND CASH EQUIVALENTS (CONTINUED)NOTE 2:

Investments (Continued)B.

Bonds or other obligations of the Local Unit or bonds or otherobligations of school districts of which the Local Unit is a part orwithin which the school district is located;

4.

Bonds or other obligations, having a maturity date not more than397 days from date of purchase, approved by the Division of LocalGovernment Services of the Department of Community Affairs forInvestment by Local Units;

5.

Local government investment pools that are fully invested in U.S.Government securities that meet the definition of eligible securitypursuant to 17 C.F.R. § 270a-7 and repurchase agreements thatare collateralized by such U.S. Government securities in whichdirect investment may be made pursuant to paragraphs (1) and(3) of N.J.S.A. 5-15.1. This type of investment is also required tobe rated in the highest category by a nationally recognizedstatistical rating organization;

6.

Deposits with the State of New Jersey Cash Management Fundestablished pursuant to section 1 of P.L. 1977, c.281 (C. 52:18A-90.4); or

7.

Agreements for the repurchase of fully collateralized securities if:8.

the underlying securities are permitted investmentspursuant to paragraphs (1) and (3) of this subsection;

a.

b. the custody of collateral is transferred to a third party;

the maturity of the agreement is not more than 30 days;c.

the underlying securities are purchased through a publicdepository as defined in section 1 of P.L 1970, c.236(C. 17:19-41); and

d.

a master repurchase agreement providing for the custodyand security of collateral is executed.

e.

As of December 31, 2020, the Township had no funds set aside forinvestment purposes.

Based upon the limitations set forth by New Jersey Statutes 40A:5-15.1and existing investment practices, the Township is generally not exposedto credit risks, custodial credit risks, concentration of credit risks andinterest rate risk for its investments nor is it exposed to foreign currencyrisk for its deposits and investments.

14

CASH AND CASH EQUIVALENTS (CONTINUED)NOTE 2:

Solar Renewable Energy Certificates (“SRECs”)C.

The Township generates Solar Renewable Energy Certificates (“SRECs”)and sells a portion of those credits annually both on the open market andpursuant to an Agreement for the purchase and sale of SRECs enteredinto with various entities. The Township sold 992 and 886 SRECs during2020 and 2019 respectively under this Agreement. The Township hadminted 614 and 540 SRECs available for sale at December 31, 2020 and2019 respectively. The fair value of an SREC at December 31, 2020 andDecember 31, 2019, as per the unit price published in the Flett Exchangeper SREC was $223.00 and $225.00 respectively. Since the Townshipdoes not follow GAAP, the provisions of GASB Statement No. 72 werenot followed and accordingly the fair value of the Township’s unsoldSRECs at December 31, 2020 have not been recorded in these financialstatements. The Township recorded $201,460 and $211,101.00 inrevenue from 2020 and 2019 respectively for sales of SRECs in its WaterUtility Operating Fund. The investments in SRECs have not been rated bya nationally recognized rating agency.

GOVERNMENTAL DEBTNOTE 3:

The Local Bond Law, Chapter 40A:2, governs the issuance of bonds to financegeneral municipal capital expenditures,

installments within the regulatory period of usefulness. All bonds issued by theTownship are general obligation bonds, backed by the full faith and credit of theTownship. Bond Anticipation Notes, which are issued to temporarily financecapital projects, shall mature and be paid off within ten years or financed by theissuance of bonds.

All bonds are retired in annual

15

GOVERNMENTAL DEBT (CONTINUED)NOTE 3:

SUMMARY OF MUNICIPAL DEBT (EXCLUDING CURRENTOPERATING DEBT AND TYPE II SCHOOL DEBT)

YEAR 2018YEAR 2019YEAR 2020Issued:

General:Bonds, Notes and Loans

Recreation and Swim Utility:Bonds and Notes

Water Utility:Bonds, Notes and Loans

Net Debt IssuedLess: Reserve to Pay BondsNet Debt Issued

$42,683,430.89$47,152,314.11 $50,429,641.73

$1,104,000.00 1,029,000.00$1,029,000.00

28,711,168.5928,235,942.41 29,036,238.50$72,423,599.48

839,311.72$76,417,256.52

90,726.43$80,569,880.23

18,217.57$80,551,662.66 $71,584,287.76$76,326,530.09

Authorized but not IssuedGeneral:Bonds and Notes

Recreation and Swim Utility:Bonds and Notes

Water Utility:Bonds and Notes

Total Authorized but not IssuedNet Bonds and Notes Issued andand Authorized but not issued

$9,422,139.80 $9,306,099.80$4,485,789.80

101,828.08299,934.08 85,530.08

3,124,651.25 3,060,540.254,700,748.25$12,468,468.13$14,422,822.13 $7,695,971.13

$84,052,755.89$90,749,352.22 $88,247,633.79

SUMMARY OF REGULATORY DEBT CONDITION (ANNUAL DEBT STATEMENTS

The summarized statement of debt condition which follows is prepared in accordancewith the required method of setting up the Annual Debt Statement and indicates aregulatory net debt of .696%

NET DEBTDEDUCTIONSGROSS DEBT-0-Regional School District Debt

Local School DistrictWater Utility DebtGeneral Debt

-0--0-$14,716,000.00

34,265,624.7490,726.43

$14,716,000.0034,265,624.7456,574,453.71

-0--0-

56,483,727.28

$49,072,351.17 $56,483,727.28$105,556,078.45

NET DEBT $56,483,727.28 DIVIDED BY EQUALIZED VALUATION BASIS PERN.J.S. 40A:2-2, AS AMENDED, $8,116,203,263.67 EQUALS .696%.

16

NOTE 3: GOVERNMENTAL DEBT (CONTINUED)

BORROWING POWER UNDER N.J.S. 40A:2-6 AS AMENDED

Equalized Valuation Basis is the average of the equalized valuation of real estate,including improvements, and the assessed valuation of Class II Railroad Property of theTownship for the last three (3) preceding years.

$8,116,203,263.67284,067,114.2356,483,727.28

Equalized Valuation Basis* - December 31, 20203-1/2 of Equalized Valuation BasisNet DebtRemaining Borrowing Power $227,583,386.95

CALCULATION OF UTILITY “SELF-LIQUIDATING PURPOSE” PER N.J.S.A. 40A:2-45

Water Utility:Surplus Anticipated and Total Cash Receipts from

Fees, Rents, or Other Charges for the Year $ 12,300,535.95

Deductions:Operating and Maintenance CostDebt ServiceTotal Deductions

$ 8,395,139.742,211,644.52

10,606,784.26

$ 1,693,751.69Excess in Revenue

Recreation and Swim Utility:Surplus Anticipated and Total Cash Receipts from

Fees, Rents, or Other Charges for the Year $ 1,319,011.98

Deductions:Operating and Maintenance CostDebt ServiceTotal Deductions

$ 1,105,189.12101,910.56

1,207,099.68

$ 111,912.30Excess in Revenue

17


Long-Term Debt

SCHEDULE OF ANNUAL DEBT SERVICE FOR PRINCIPAL AND INTERESTFOR BONDED DEBT ISSUED AND OUTSTANDING AS OF DECEMBER 31. 2020

CALENDARYEAR

GENERAL CAPITALPRINCIPAL INTEREST TOTAL

2021 3,305,000.003,420,000.003,519,000.003,595,000.003,659,000.00

12,095,000.004,100,000.002,450,000.00

1,172,882.501,054,282.50

941.982.50818.672.50688.147.50

2,042,887.50718.987.50121,643.75

4.477.882.504.474.282.504.460.982.504.413.672.504.347.147.50

14,137,887.504.818.987.502,571,643.75

2022202320242025

2026-20302031-20352036-2038

$36,143,000.00 $7,559,486.25 $43,702,486.25

CALENDARYEAR

WATER UTILITY CAPITALPRINCIPAL INTEREST TOTAL

2021 1,070,000.001,095,000.001,136,000.00

630,000.00636,000.00

2,828,000.001,765,000.00

710,000.00

343.701.26300.401.26257.976.26215,086.26192.186.26649,406.30225,181.2944,046.90

1.413.701.261.395.401.261.393.976.26

845,086.26828,186.26

3,477,406.301,990,181.29

754,046.90

2022202320242025

2026-20302031-20352036-2038

$9,870,000.00 $2,227,985.79 $12,097,985.79

CALENDARYEAR

RECREATION AND SWIM UTILITY CAPITALPRINCIPAL INTEREST TOTAL

2021 75,000.0080,000.0070,000.00

100,000.0080,000.00

464,000.00

22,770.0019,770.0017,370.0015,970.0013,845.0039,525.00

97,770.0099,770.0087,370.00

115,970.0093,845.00

503,525.00

2022202320242025

2026-2030

$869,000.00 $129,250.00 $998,250.00

18


Long-Term Debt (Continued)

The General Capital Bonds are comprised of the following issues:

OUTSTANDINGBALANCE DECEMBER

31.2020ISSUE

$17,970,000.00 in General Obligation Bonds dated December 17, 2015,due in remaining annual installments ranging between $1,000,000.00 and$1,600,000.00 beginning October 15, 2021 and ending October 1, 2030with interest from 2.000% to 4.000% $13,745,000.00

$8,207,000.00 in Refunding Bonds dated September 14, 2017, due inremaining annual installments ranging between $1,432,000.00 and$1,706,000.00 beginning October 1, 2021 and ending October 1, 2025with interest from 3.000% to 4.000% 8,207,000.00

$1,006,000.00 in Open Space Refunding Bonds dated September 14,2017, due in remaining annual installments ranging between $196,000.00and $202,000.00 beginning October 1, 2021 and ending October 1, 2025with interest from 3.000% to 4.000% 1,006,000.00

$14,010,000.00 in General Improvement Bonds dated April 24, 2018, duein remaining annual installments ranging between $410,000.00 and$820,000.00 beginning May 1, 2021 and ending May 1, 2038 with interestfrom 3.000% to 5.000% 13,185,000.00

$36,143,000.00

19



The Water Utility Capital Bonds are comprised of the following issues:


31.2020ISSUE

$2,723,000.00 in Water Utilty Bonds dated December 17, 2015, due inremaining annual installments ranging between $198,000.00 and$200,000.00 beginning October 15, 2021 and ending October 1, 2030 withinterest from 2.000% to 4.000% $1,998,000.00

$467,000.00 in Refunding Water Utility Bonds dated September 14, 2017due in remaining annual installments ranging between $90,000.00 and$96,000.00 beginning October 1, 2021 and ending October 1, 2025 withinterest from 3.000% to 4.000% 467,000.00

$2,915,000.00 in General Improvement Bonds dated April 24, 2018, duein remaining annual installments ranging between $140,000.00 and$145,000.00 beginning May 1, 2021 and ending May 1, 2038 with interestfrom 3.000% to 5.000% 2,600,000.00

$5,370,000.00 in Refunding Water Utility Bonds dated September 14,2019, due in remaining annual installments ranging between $190,000.00and $695,000.00 beginning December 1, 2021 and ending December 1,2035 with interest from 3.000% to 4.000% 4,805,000.00

$9,870,000.00

The Recreation and Swim Capital Bonds are comprised of the following issues:


31. 2020ISSUE

$1,264,000.00 in General Improvement Bonds dated December 17, 2015,due in remaining installment ranging between of $60,000.00 and$104,000.00 beginning on October 15, 2021 and ending October 15, 2030with interest from 2.000% to 4.000% $869,000.00

$869,000.00

20



STATE OF NEW JERSEY GREEN TRUST LOANS

On December 13, 2002 the Township has entered into a State of New JerseyGreen Trust Loan agreement for Municipal Park Development in the amount of$464,185.00. The loan requires semi-annual installments that include interest at2.00%

Following are the maturities and debt schedule for the outstanding principal andinterest on the loans:

CALENDARYEAR INTEREST TOTALPRINCIPAL

$28,864.5028,864.07

$987.59426.87

$27,876.9128,437.20

20212022

$57,728.57$1,414.46$56,314.11

STATE OF NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST LOAN

The Township has also entered into two loan agreements funded by the NewJersey Environmental Infrastructure Trust Fund. Both loans have been recorded inthe Water Utility Capital Fund. The first loan is dated May 22, 2013 for TennantRoad Water Treatment Plant. The agreement provides for an interest-bearing loanfrom the Trust not to exceed $1,635,000.00 at interest from 3.00% to 5.00% and aninterest free loan not to exceed $5,119,693.00. The second loan is dated May 26,2016 for Harbor Road Water Treatment Plant. This agreement provides for aninterest-bearing loan from the Trust not to exceed $2,910,000.00 at interest from2.00% to 5.00% and an interest free loan not to exceed $9,185,000.00.

21



STATE OF NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUSTLOAN (CONTINUED)

Following are the maturities and debt schedule for the outstanding principal andinterest on the loans:

Water Utility Capital Fund Dated May 22, 2013Calendar

Year TotalInterestPrincipal

$340,323.36340.323.36345.323.36350.323.36355.323.36355.323.36360.323.36360.323.36365.323.36370.323.36370,323.36297,582.86

$380,373.36377.173.36378.973.36379.723.36380.223.36377.373.36379.523.36376.523.36378.523.36380.373.36377,073.36301,032,86

$40,050.0036,850.0033,650.0029,400.0024,900.0022,050.0019,200.0016,200.0013,200.0010,050.00

6,750.003,450.00

202120222023202420252026202720282029203020312032

$4,466,889.82$255,750.00$4,211,139.82

22



STATE OF NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUSTLOAN (CONTINUED^Following are the maturities and debt schedule for the outstanding principal andinterest on the loans:

Water Utility Capital Loan Dated May 26, 2016Calendar

Year TotalPrincipal Interest$477,025.49473.525.49475,025.49476.275.49473,075.41474.875.49476.475.49472.875.49476,075.49474.175.49472.275.49475.256.73472.256.73474.256.73476.106.73472.806.73473.406.73473.806.73474,006.73474,006.73473.806.73473.406.73472.806.73472,006.73462,788.07

$97,418.7693.918.7690.418.7686.668.7683,468.6880.268.7676.868.7673.268.7671.468.7669.568.7667.668.7665,650.0062,650.0059,650.0056,500.0053,200.0048,800.0044,200.0039,400.0034,400.0029,200.0023,800.0018,200.0012,400.006,400.00

$379,606.73379.606.73384.606.73389.606.73389.606.73394.606.73399.606.73399.606.73404.606.73404,606.73404.606.73409.606.73409.606.73414.606.73419.606.73419.606.73424.606.73429.606.73434.606.73439.606.73444.606.73449.606.73454.606.73459.606.73456,388.07

2021202220232024202520262027202820292030203120322033203420352036203720382039204020412042204320442045

$10,396,949.59 $1,445,456.28 $11,842,405.87

23



BONDS AND NOTES AUTHORIZED BUT NOT ISSUED

At December 31, 2020, the Township has authorized but not issued bonds andnotes as follows:

$9,422,139.80$4,700,748.25

$299,934.08

General Capital FundWater Utility Capital FundRecreation and Swim Utility Fund

SHORT TERM DEBT

At December 31, 2020, the Township has the following Bond Anticipation Noteoutstanding:


Date ofIssue

Date ofOriginal Issue

Date ofMaturity

05/14/2105/14/2105/14/21

InterestRate

1.75%1.75%1.75%

OrdinanceNumber Amount

$310,000.006,091,000.004,552,000.00

11-0418-0119-01

05/14/2005/14/2005/14/20

11/15/1911/15/1911/15/19

$10,953,000.00

Water Utility Capital Fund:

Date ofMaturity

05/14/2105/14/21


Date ofIssue

InterestRate

1.75%1.75%


$1,945,000.00905,000.00

11/15/1911/15/19

05/14/2005/14/20

18-0219-02

$2,850,000.00

Recreation and Swim Utility Capital Fund:

Date ofIssue

05/14/2005/14/2005/14/2005/14/20

Date ofMaturity

05/14/2105/14/2105/14/2105/14/21

InterestRate

1.75%1.75%1.75%1.75%


11/15/1911/15/1911/15/1911/15/19


$7,000.0015,000.0033,000.00

105,000,00

05-3713-0914-0419-03

$160,000.00

24

NOTE 4: FUND BALANCES APPROPRIATED

Fund balance at December 31, 2020, which was appropriated andincluded as anticipated revenue in their own respective funds for the yearending December 31, 2021 were as follows:

$5,600,000.00$1,999,297.54

$875.68

Current FundWater Utility Operating FundRecreation and Swim Utility Operating Fund

PROPERTY TAXESNOTE 5:

Property taxes attach as an enforceable lien on property as of January 1. Taxesare levied based on the final adoption of the current year municipal budget, andare payable in four installments on February 1, May 1, August 1 andNovember 1. The Township bills and collects its own property taxes and also thetaxes for the County, Local School District and Regional School District. Thecollections and remittance of county and school taxes are accounted for in theCurrent Fund. Township property tax revenues are recognized when collected incash and any receivables are recorded with offsetting reserves on the balancesheet of the Township's Current Fund.

Taxes Collected in Advance - Taxes collected in advance and recorded as cashliabilities in the financial statements are as follows:

BALANCEDECEMBER 31

BALANCEDECEMBER 31

2020 2019

$1,373,403.65 $825,166.22Prepaid Taxes

NOTE 6: PENSION PLANS

Plan Descriptions

Substantially all eligible employees participate in the Public Employees'Retirement System (PERS), or the Police, Firemen's Retirement System (PFRS)or the Defined Contribution Retirement System (DCRP), which have beenestablished by state statute and are administered by the New Jersey Division ofPensions and Benefits. The Division issues a publicly available financial reportthat includes the financial statements and required supplementary information forthe Public Employees Retirement System, Police and Fireman's RetirementSystem and Consolidated Police and Firemen’s Pension Fund. These reportsmay be obtained by writing to the Division of Pensions and Benefits, P.O. Box295, Trenton, New Jersey, 08625 or are available online atwww.ni.qov/treasurv/pensions/annrprts.shtml.

25

PENSION PLANS (CONTINUED)NOTE 6:

Plan Descriptions (Continued)

Public Employees' Retirement System (PERS) - The Public Employees'Retirement System (PERS) was established as of January 1, 1955, under theprovisions of N.J.S.A. 43:15A, to provide retirement, death, disability and medicalbenefits to certain qualified members. The PERS is a cost-sharing multipleemployer plan. Membership is mandatory for substantially, all full-timeemployees of the State of New Jersey or any county, municipality, school districtor public agency, provided the employee is not required to be a member ofanother state-administered retirement system or other state pension fund or localjurisdiction's pension fund.

Police and Fireman's Retirement System (PFRS) - The Police and Fireman'sRetirement System (PFRS) was established as of July 1, 1944, under theprovisions of N.J.SA 43:16A. to provide retirement, death, and disability benefitsto its members. The PFRS is a cost-sharing multiple-employer plan. Membershipis mandatory for substantially, all full-time county and municipal police or firemenor officer employees with police powers appointed after June 30, 1944.

Defined Contribution Retirement Program (DCRP) - The Defined ContributionRetirement Program (DCRP) was established July 1, 2007, under the provisionsof Chapter 92, P.L. 2007 and Chapter 103, P.L 2007, and was expanded underthe provisions of Chapter 89, P.L. 2009. The DCRP provides eligible employeesand their beneficiaries with a tax-sheltered, defined contribution retirementbenefit, along with life insurance coverage and disability coverage.Vesting and Benefit Provisions

The vesting and benefit provisions for PERS are set by N.J.S.A. 43:15A and43:36. All benefits vest after ten years of service, except for medical benefits,which vest after 25 years of service. Members may seek early retirement afterachieving 25 years of service credit or they may elect deferred retirement afterachieving ten years of service credit. In which case, benefits would begin thefirst day of the month after the member attains normal retirement age.

The vesting and benefit provisions for PFRS are set by N.J.S.A. 43:16A and43:36. All benefits vest after ten years of service, except for disability benefits,which vest alter four years of service. Retirement benefits for age and service areavailable at age 55. Members may seek special retirement after achieving 25years of creditable service or they may elect deferred retirement after achievingten years of service.

26


Vesting and Benefit Provisions (Continued)

Newly elected or appointed officials that have an existing DCRP account or are amember of another State-administered retirement system are immediately vestedin the DCRP. For newly elected or appointed officials that do not qualify forimmediate vesting in the DCRP, employee and employer contributions are heldduring the initial year of membership. Upon commencing the second year ofDCRP membership, the member is fully vested. However, if a member is noteligible to continue in the DCRP for a second year of membership, the membermay apply for a refund of the employee contributions from the DCRP, while theemployer contributions will revert back to the employer. Employees are requiredto contribute 5.5% of their base salary and employers contribute 3.0%.

Funding Policy

The contribution policy is set by New Jersey State Statutes and contributions arerequired by active members and contributing employers. Plan members andemployer contributions may be amended by State of New Jersey legislation. Asof July 1, 2020 PERS, provides for employee contributions of 7.50% ofemployees' annual compensation. Employers are required to contribute at anactuarialiy determined rate. The actuarially determined contribution includesfunding for cost-of-living adjustments, noncontributory death benefits, and post-retirement medical premiums.

The contribution policy for PFRS is set by N.J.S.A. 43: 16A and requirescontributions by active members and contributing employers. Plan member andemployer contributions may be amended by State of New Jersey legislation.Employers are required to contribute at an actuarially determined rate. Theannual employer contribution includes funding for basic retirement allowances,cost-of-living adjustments and noncontributory death benefits. During 2020,members contributed at a uniform rate of 10.00% of base salary.

The Township's share of pension costs, which is based upon the annual billingsreceived from the State for the preceding three years are as follows:

Public Employees Police & Firemen's Defined ContributionRetirement System Retirement System Retirement System

$2,364,817.002,258,323.922,011,655.38

Year EndedDecember 31. Total

$187.50$1,143,374.001,148,202.821,026,831.26

$3,508,378.503,406,705.443,038,661.41

20202019 178.70

174.772018

27

NOTE 6: PENSION PLANS (CONTINUED)

Pension Contribution Deferral

The State of New Jersey has enacted Public Law 2009, C.19, which authorizesthe State Department of Treasury, Division of Pensions and Benefits to providenon-state contributing employers the option of paying an amount that representsa fifty percent (50%) reduction of the normal and accrued liability payment of therequired contributions to the Police and Fire Retirement System (PFRS) and thePublic Employees Retirement System (PERS) which would have been dueApril 1, 2011. If the deferral is elected, the amount deferred must be repaid, withinterest, over a period of fifteen years, beginning in April, 2012; however, thecontributing employer is permitted to pay off the obligation at any time bycontacting the Division of Pension and Benefits for a payoff amount. ThePension deferral activity for 2020 is as follows:

BalanceDecember 31,

2020

OriginalAmountDeferred

BalanceDecember 31

20192020

PaymentsRetirement

System

$ 846,447.50 $ 415,257.50 $ 79,098.00 $ 336,159.50PFRS

26,348.00 105,771.50132,119.50PERS 274,383.50

$ 1,120,831.00 $ 547,377.00 $ 105,446.00 $ 441,931.00Total

Information as to the comparison of the actuarially computed value of vestedbenefits with the system's assets is not available from the State RetirementSystem and, therefore, is not presented.

Certain Township employees are also covered by Federal Insurance ContributionAct.

28


Accounting and Financial Reporting for Pensions -GASB 68

The Governmental Accounting Standards Board (GASB) has issued StatementNo. 68 “Accounting and Financial Reporting for Public Employees Pensions”which requires the State of New Jersey to calculate and allocate, for notedisclosure purposes only, the unfunded net pension liability of Public EmployeesRetirement System (PERS) and the Police and Firemen's Retirement System(PFRS) of the participating municipality as of December 31, 2019. Thestatement does not alter the amounts of funds that must be budgeted for pensionpayments under existing state law.

Under accounting principles and practices prescribed by the Division of LocalGovernment Services, Department of Community Affairs, State of New Jersey,any unfunded net pension liability of the municipality, allocated by the State ofNew Jersey, is not required to be reported in the financial statements aspresented and any pension contributions required to be paid are raised in thatyear’s budget and no liability is accrued at December 31, 2019.

Public Employees Retirement System (PERS)

At June 30, 2019, the State reported a net pension liability of $20,287,602.00 forthe Township ’s proportionate share of the total net pension liability. The totalpension liability for the June 30, 2019 measurement date was determined by anactuarial valuation as of July 1, 2018, which was rolled forward to June 30, 2019.The Township's proportion of the net pension liability was based on a projectionof the Township’s long-term share of contributions to the pension plan relative tothe projected contributions of all participating employers, actuarially determined.At June 30, 2019, the Township’s proportion was 0.1125932846 percent, whichwas an increase of 0.0048807246. percent from its proportion measured as ofJune 30, 2018.

For the year ended June 30, 2019, the State recognized an actuariallydetermined pension expense of $1,345,897.00 for the Township 's proportionateshare of the total pension expense. The pension expense recognized in theTownship’s financial statements based on the April 1, 2019 billing was$1,071,392.00.

29


Accounting and Financial Reporting for Pensions - GASB 68 (Continued)

Public Employees Retirement System (PERS) (Continued)

At June 30, 2019, the State reported deferred outflows of resources and deferredinflows of resources related to PERS from the following sources:

DeferredOutflow ofResources

DeferredInflow of

Resources364,136.00 $$ 89,622.00Differences between expected and actual experience

Changes of assumptions

Net difference between projected and actual earningson pension plan investments

Changes in proportion and differences between Townshipcontributions and proportionate share of contributions

Township contributions subsequent to the measurement date

7,041,762.002,025,792.00

320,248.00

150,940.001,869,156.00

547,600.50

$ 4,806,684.50 $ 7,602,572.00

The $547,600.50 reported as deferred outflows of resources related to pensionsresulting from Township contributions subsequent to the measurement date (i.e.for the year ending June 30, 2019, the plan measurement date is June 30, 2018)will be recognized as a reduction of the net pension liability in the year endedJune 30, 2019.

Other local amounts reported by the State as the Township’s proportionate shareof deferred outflows of resources and deferred inflows of resources related topensions will be recognized in the State’s actuariaily calculated pension expenseas follows:

Year EndedJune 30, Amount

($242,169.80)(1.556.724.80)(1.353.274.80)

(453,146.80)261,828.20

20202021202220232024

($3,343,488.00)

30



Public Employees Retirement System (PERS1 (Continued)

Actuarial Assumptions

The total pension liability for the June 30, 2019 measurement date wasdetermined by an actuarial valuation as of July 1, 2018, which rolled forward toJune 30, 2019. These actuarial valuations used the following assumptions:

June 30, 2019 June 30. 2018

2.75% 2.25%Inflation

Salary IncreasesThrough 2026Thereafter

2.00-6.00%3.00-7.00%Based on

Years of Service

1.65-4.15%2.65-5.15%Based on

Age

7.00% 7.00%Investment Rate of Return

Pre-retirement mortality rates were based on the Pub-2010 General Below-Median Income Employee mortality table with an 82.2% adjustment for malesand 101.4% adjustment for females, and with future improvement from the baseyear of 2010 on a generational basis. Post-retirement mortality rates were basedon the Pub-2010 General Below-Median Income Healthy Retiree mortality tablewith a 91.4% adjustment for males and 99.7% adjustment for females, and withfuture improvement from the base year of 2010 on a generational basis.Disability retirement rates used to value disabled retirees were based on thePub-2010 Non-Safety Disabled Retiree mortality table with a 127.7% adjustmentfor males and 117.2% adjustment for females, and with future improvement fromthe base year of 2010 on a generational basis. Mortality improvement is basedon Scale MP-2019.

The actuarial assumptions used in the July 1, 2018 valuation were based on theresults of an actuarial experience study for the period July 1, 2014 to June 30,2018.

31



Public Employees Retirement System (PERS1(Continued)

Long-Term Rate of Return

In accordance with State statute, the long-term expected rate of return on planinvestments (7.00% at both June 30, 2019 and June 30, 2018) is determined bythe State Treasurer, after consultation with the Directors of the Division ofInvestment and Division of Pensions and Benefits, the board of trustees and theactuaries. The long-term expected rate of return was determined using a buildingblock method in which best-estimate ranges of expected future real rates ofreturn (expected returns, net of pension plan investment expense and inflation)are developed for each major asset class. These ranges are combined toproduce the long-term expected rate of return by weighting the expected futurereal rates of return by the target asset allocation percentage and by addingexpected inflation. Best estimates of arithmetic rates of return for each majorasset class included in PERS’s target asset allocation as of June 30, 2019 aresummarized in the following table:

Long-TermExpected RealRate of Return

TargetAllocationAssets Class

Risk Mitigation StrategiesCash EquivalentsU.S. TreasuriesInvestment Grade CreditHigh YieldPrivate CreditReal AssetsReal EstateU.S. EquityNon-U.S. Developed Market EquityEmerging Market EquityPrivate Equity

3.00%5.00%5.00%

10.00%2.00%6.00%2.50%7.50%

28.00%12.50%

6.50%12.00%

4.67%2.00%2.68%4.25%5.37%7.92%9.31%8.33%8.26%9.00%

11.37%10.85%

Discount Rate

The discount rate used to measure the total pension liability was 6.28% and5.66% as of June 30, 2019 and June 30, 2018, respectively. These singleblended discount rates were based on the long-term expected rate of return onpension plan investments of 7.00% for both June 30 2019 and June 30, 2018and a municipal bond rate of 3.50% and 3.87% for June 30, 2019 and June 30,2018 respectively based on the Bond Buyer Go 20-Bond Municipal Bond Index,which includes tax-exempt general obligation municipal bonds with an averagerating of AA/Aa or higher. The projection of cash flows used to determine thediscount rate assumed that contributions from plan members will be made at thecurrent member contribution rates and that contributions from employers will bebased on 70% of the actuarially determined contributions for the State employerand 100% of actuarially determined contributions for the local employers.

32



Public Employees Retirement System (PERS) (Continued)

Discount Rate (Continued)

Based on those assumptions, the plan’s fiduciary net position was projected tobe available to make projected future benefit payments of current plan membersthrough 2057. Therefore, the long-term expected rate of return on planinvestments was applied to projected benefit payments through 2057 and themunicipal bond rate was applied to projected benefit payments after that date indetermining the total pension liability.Sensitivity of the Township’s proportionate share of net pension liability tochanges in the discount rate

The following presents the Township’s proportionate share of the netpension liability of the participating employers as of June 30, 2019respectively, calculated using the discount rate as disclosed above as wellas what the Township’s proportionate share of the net pension liabilitywould be if it was calculated using a discount rate that is 1-percentagepoint lower or 1-percentage point higher than the current rate:

June 30, 2019At Current

Discount Rate1%1%

Increase7.28%

Decrease5.28% 6.28%

Township's proportionate shareof the pension liability $15,898,630.00$25,804,814.00 $20,287,602.00

Pension plan fiduciary net position

Detailed information about the pension plan’s fiduciary net position is available inthe separately issued Financial Report for the State of New Jersey PublicEmployees Retirement System (PERS). The report may be obtained at State ofNew Jersey Division of Pensions and Benefits P.O. Box 295 Trenton, NewJersey 08625-0295 http://www.state.ni.us/treasurv/pensions.

Police and Firemen’s Retirement System (PFRS)

At June 30, 2019, the State reported a net pension liability of $27,060,670.00.00for the Township ’s proportionate share of the total PFRS net pension liability.The total pension liability for the June 30, 2019 measurement date wasdetermined by an actuarial valuation as of July 1, 2018, which was rolled forwardto June 30, 2019. The Township's proportion of the net pension liability wasbased on a projection of the Township's long-term share of contributions to thepension plan relative to the projected contributions of all participating employers,actuarially determined.

33



Police and Firemen’s Retirement System (PFRS) (Continued)

At June 30, 2019, the Township’s proportion was 0.2211233115 percent, whichwas a decrease of 0.00525099894 percent from its proportion measured as ofJune 30, 2018.

For the year ended June 30, 2019, the State recognized an actuariallydetermined pension expense of $2,108,566.00. The pension expense recognizedin the Township’s financial statements based on the April 1, 2019 billing was$2,110,470.00.

At June 30, 2019, the State reported deferred outflows of resources and deferredinflows of resources related to PFRS from the following sources:

DeferredInflow of

Resources

DeferredOutflow ofResources

228,427.00 $ 171,326.00$Differences between expected and actual experience

Changes of assumptions

Net difference between projected and actual earningson pension plan investments

Changes in proportion and differences between the Township'scontributions and proportionate share of contributions

Township contributions subsequent to the measurement date

8,745,761.00927,246.00

366,663.00

1,218,649.001,157,756.00

1,055,235.00

$ 3,368,664.00 $ 10,502,399.00

The $1,055,235.00 reported as deferred outflows of resources related topensions resulting from Township contributions subsequent to the measurementdate (i.e. for the year ending June 30, 2019, the plan measurement date is June30, 2018) will be recognized as a reduction of the net pension liability in the yearended June 30, 2020.

34



Police and Firemen's Retirement System (PFRS) (Continued)

Other amounts reported as deferred outflows of resources and deferred inflowsof resources related to pensions will be recognized in pension expense asfollows:

Year EndedJune 30 Amount

$ (1,430,850.60)(2.990.197.60)(2.121.239.60)(1,051,802.60)

(594,879.60)

20202021202220232024

$ (8,188,970.00)

Actuarial Assumptions

The total pension liability for the June 30, 2019 measurement date wasdetermined by an actuarial valuation as of July 1, 2018, which rolled forward toJune 30, 2019. This actuarial valuation used the following assumptions:

June 30, 2019 June 30, 2018

2.25%2.75%Inflation

Salary IncreasesThrough All Future Years 2.10-9.98%

Based on Age3.25-15.25%

Based on Years ofService

7.00%Investment Rate of Return 7.00%

Pre-retirement mortality rates were based on the Pub-2010 Safety Employeemortality table with a 105.6% adjustment for males and 102.5% adjustment forfemales, and with future improvement from the base year of 2010 on agenerational basis. Post-retirement mortality rates were based on the Pub-2010Safety Retiree Below-Median Income Weighted mortality table with a 96.7%adjustment for males and 96.0% adjustment for females, and with futureimprovement from the base year of 2010 on a generational basis. Forbeneficiaries (contingent annuitants), the Pub-2010 General Retiree Below-Median Income Weighted mortality table was used, unadjusted, and with futureimprovement from the base year of 2010 on a generational basis. Disability rateswere based on the Pub-2010 Safety Disabled Retiree mortality table with a152.0% adjustment for males and 109.3% adjustment for females, and withfuture improvement from the base year of 2010 on a generational basis. Mortalityimprovement is based on Scale MP-2019.

35



Police and Firemen's Retirement System (PFRS1 (Continued)

Actuarial Assumptions (Continued)

The actuarial assumptions used in the July 1, 2018 valuation were based on theresults of an actuarial experience study for the period July 1, 2013 to June 30,2018.

Long-Term Rate of Return

In accordance with State statute, the long-term expected rate of return on planinvestments (7.00 percent at June 30, 2019 and June 30, 2018) is determined bythe State Treasurer, after consultation with the Directors of the Division ofInvestment and Division of Pensions and Benefits, the board of trustees and theactuaries. The long-term expected rate of return was determined using a buildingblock method in which best-estimate ranges of expected future real rates ofreturn (expected returns, net of pension plan investment expense and inflation)are developed for each major asset class. These ranges are combined toproduce the long-term expected rate of return by weighting the expected futurereal rates of return by the target asset allocation percentage and by addingexpected inflation. Best estimates of arithmetic rates of return for each majorasset class included in PFRS’s target asset allocation as of June 30, 2019 aresummarized in the following table:

Long-TermExpected RealRate of Return

TargetAllocationAssets Class

Risk Mitigation StrategiesCash EquivalentsU.S. TreasuriesInvestment Grade CreditHigh YieldPrivate CreditReal AssetsReal EstateUS EquityNon-U.S. Developed Market EquityEmerging Market EquityPrivate Equity

3.00%5.00%5.00%

10.00%2.00%6.00%2.50%7.50%

28.00%12.50%

6.50%12.00%

4.67%2.00%2.68%4.25%5.37%7.92%9.31%8.33%8.26%9.00%

11.37%10.85%

36




Discount Rate

The discount rate used to measure the total pension liability was 6.85% and6.51% as of June 30, 2019 and June 30, 2018, respectively. This single blendeddiscount rate was based on the long-term expected rate of return on pensionplan investments of 7.00% for both June 30, 2019 and June 30, 2018 and amunicipal bond rate of 3.50% and 3.87% as of June 30, 2019 and June 30, 2018respectively based on the Bond Buyer Go 20-Bond Municipal Bond Index, whichincludes tax-exempt general obligation municipal bonds with an average rating ofAA/Aa or higher.

The projection of cash flows used to determine the discount rate assumed thatcontributions from plan members will be made at the current member contributionrates and that contributions from employers and the nonemployer contributingentity will be made based on the contribution rate in the most recent fiscal year.The State employer contributed 70% of the actuarially determined contributionsand the local employers contributed 100% of their actuarially determinedcontributions. Based on those assumptions, the plan's fiduciary net position wasprojected to be available to make projected future benefit payments of currentplan members through 2076. Therefore, the long-term expected rate of return onplan investments was applied to projected benefit payments through 2076, andthe municipal bond rate was applied to projected benefit payments after that datein determining the total pension liability.Sensitivity of the Township's proportionate share of the net pension liability tochanges in the discount rate

The following presents the Township's proportionate share of the netpension liability of the participating employers as of June 30, 2019respectively, calculated using the discount rate as disclosed above as wellas what the Township’s proportionate share of the net pension liabilitywould be if it was calculated using a discount rate that is 1-percentagepoint lower or 1-percentage point higher than the current rate:

June 30, 20191%1% At Current

Discount Rate6.85%

Increase7.85%

Decrease5.85%

Township's proportionate shareof the PFRS pension liability $19,185,227.00$27,060,670.00$36,576,165.00

37




Special Funding Situation

In accordance with N.J.S.A. 43:16A-15, local participating employers areresponsible for their own contributions based on actuarially determined amounts,except where legislation was passed which legally obligated the State if certaincircumstances occurred. The legislation which legally obligates the State is asfollows: Chapter 8, P.L. 2000, Chapter 318, P.c. 2001, Chapter 86, P.L. 2001,Chapter 511, P.L. 1991, Chapter 109, P.c. 1979, Chapter 247, P.L. 1993 andChapter 201, P.L. 2001. The amounts contributed by the State on behalf of theTownship under this legislation is considered to be a special funding situation asdefined by GASB Statement No. 68, and the State is treated as a nonemployercontributing entity. Since the Township does not contribute under this legislationdirectly to the plan (except for employer specific financed amounts), there is nonet pension liability or deferred outflows or inflows to disclose in the notes to thefinancial statements of the Township related to this legislation.

At June 30, 2019 and 2018, the State's proportionate share of the net pensionliability attributable to the Township for the PFRS special funding situation is$4,272,931.00 and $3,967,843.00, respectively. The State’s proportionate shareof contributions attributable to the Township is $287,907.00 and $234,992.00respectively for the same period.

At June 30, 2019, the Township's and State of New Jersey's proportionate shareof the PFRS net pension liability were as follows:

$27,060,670.00Township's Proportionate Share of Net Pension Liability

State of New Jersey Proportionate Share ofNet Pension Liability Associated with the Township 4,272,931.00

$31,333,601.00

Pension plan fiduciary net position

Detailed information about the pension plan's fiduciary net position is available inthe separately issued Financial Report for the State of New Jersey Police andFiremen's Retirement System (PFRS). The report may be obtained at State ofNew Jersey Division of Pensions and Benefits P.O. Box 295 Trenton, NewJersey 08625-0295 http://www.state.ni.us/treasury/pensions.

38

NOTE 7: LITIGATION

The Township Attorney's letter did not indicate any litigation, claims or contingentliabilities that are either not covered by the Township's insurance carrier or wouldhave a material financial impact on the Township.

NOTE 8: SCHOOL TAXES

Local and Regional District School Taxes have been raised and liabilitiesdeferred by statute, resulting in the school taxes prepaid set forth in the CurrentFund liabilities as follows:

Local District School TaxBalance

December 31, 2020Balance

December 31, 2019

Balance of Tax 40,796,090.00 39,375,895.00

Deferred 32,995,620.50 32,995,620.50

$7,800,469.50Tax Payable $6,380,274.50

Regional District High School TaxBalance

December 31. 2020Balance

December 31. 2019

Balance of Tax 14,086,763.89 13,396,236.89

Deferred 13,914,179.00 13,914,179.00

Tax Prepaid $172,584.89 ($517,942.11)

NOTE 9: COMPENSATED ABSENCES

Under the existing policy of the Township, employees are allowed to accumulateunused vacation and sick pay over the life of their working careers which may betaken as time off or paid at a later date as outlined in Township personnelpolicies. The Township estimates that the current cost of such unpaidcompensation to be $2,636,905.68 and $2,688,245.68, at December 31, 2020and 2019 respectively. Under accounting principles and practices prescribed bythe Division of Local Government Services, Department of Community Affairs,State of New Jersey, the accumulated cost of such unpaid compensation is notrequired to be reported in the financial statements as presented. The Townshiphas established a Reserve for Accumulated Absences in the Trust Other Fund inthe amount of $329,509.72 and $209,001.95 at December 31, 2020 and 2019,respectively.

39

NOTE 10: TAX APPEALS

There are tax appeals filed with the State Tax Court of New Jersey requesting areduction of assessments for 2020 and prior. Any reduction in assessedvaluation will result in a refund of prior year’s taxes in the year of settlement,which may be funded from tax revenues through the establishment of a reserveor by the issuance of refunding bonds per N.J.S.A. 40A:2-51.

NOTE 11: CONTINGENT LIABILITIES

The Township participates in several federal and state financial assistance grantprograms. Entitlement to the funds is generally conditional upon compliance withterms and conditions of the grant agreements and applicable regulations,including the expenditure of funds for eligible purposes. These programs aresubject to compliance and financial audits by the grantors or theirrepresentatives.

On May 13, 2020, Judge Linda Grasso Jones, J.S.C. issued a Final Judgment ofCompliance and Repose declaring that the Township of Marlboro is protectedfrom further Mouth Laurel compliance litigation through July 1, 2025, enforcingthe terms of an agreement reached with Fair Share Housing Center which setforth the Township's mandated affordable housing obligation, and establishingvarious reporting requirements and milestones for compliance.As of December 31, 2020 and 2019, the Township held $7,525,267.44 and$7,508,990.75 respectively, of funds in a reserve for the "Council on AffordableHousing" as reported in the Township's Trust-Other Fund." As of December 31,2020, balances of fully-funded capital projects associated with the Township'saffordable housing obligation remain in the Township's Capital Fund: 2012-11($5,163,323.74); 2012-13 ($1,456,000.00); and 2014-22 ($131,663.72).Pursuant to the order, on May 21, 2020, the Township entered into an AffordableHousing Development Agreement to utilize $8.1 of dedicated affordable housingfunding for purposes of facilitating the construction of affordable housing. As ofDecember 31, 2020, $358,244.50 of funds had been disbursed on this project.

40

NOTE 12: RISK MANAGEMENT

The Township is exposed to various risks of loss related to torts, theft of, damageto and destruction of assets; error or omission, injuries to employees; and naturaldisasters. The Township is a member of the Monmouth County Municipal JointInsurance Fund (“JIF”). The JIF is a public entity risk pool currently operating asa common risk management and insurance program for municipalitiesestablished for the purpose of insuring against property damage, general liability,motor vehicles and equipment liability and workers' compensation. Whileadditional assessments on premiums can be levied by the JIF to assure paymentof the JIF’s obligations, no such additional premiums have been necessary as ofDecember 31, 2020. The JIF is expected to be self-sustaining through memberpremiums of which the Township portion is reported as expenditure in theTownship’s financial statements and liabilities of the JIF are based on theestimated ultimate cost of settling the claims. The JIF participates in theMunicipal Excess Liability Program, which has a contract for excess liabilityinsurance. The Township is not aware of any claims pending that have a demandin excess of coverages provided under the JIF. In addition, there were nosignificant reductions in insurance coverage from prior year coverage and therewere no amounts settled which exceeded insurance coverage for each of thepast three years.

New Jersey Unemployment Compensation Insurance - The Township haselected to fund its New Jersey Unemployment Compensation Insurance underthe “Benefit Reimbursement Method”. Under this plan, the Township is requiredto reimburse the New Jersey Unemployment Trust Fund for benefits paid to itsformer employees and charged to its account with the State. The Township isbilled quarterly for amounts due to the State. Below is a summary of Townshipcontributions, employee contributions, reimbursements to the State for benefitspaid, and the ending balance of the Township’s expendable trust fund for thecurrent and previous two years:

TownshipContributionsand Interest

AmountReimbursed

EndingBalance

EmployeeContributions CARES Act

$23,159.23 $62,238.7225,074.4624,041.71

Year$137,993.56

28,681.1311,914.41

$82,680.86133,682.29133,748.57

$1,594.183,540.39

10,339.20

202020192018

41

NOTE 13: DEFERRED CHARGES:

Certain expenditures are required to be deferred to budgets of succeeding years.At December 31, 2020, the Township had the following Deferred Charges:

BALANCEDECEMBER

31, 2020

BALANCE TOSUCCEEDING

YEARS

2021BUDGET

APPROPRIATIONCurrent Fund:Emergency Authorization 345,724,41 -0-345,724.41

NOTE 14: INTERFUND RECEIVABLES AND PAYABLES

The following interfund balances remained on the balance sheet atDecember 31, 2020:

InterfundPayable$486,654.20

InterfundReceivableFund

$200,000.0030.00

Current FundWater Utility Operating FundRecreation and Swim Operating FundGrant Fund

200,000.00486,624.20

$686,654.20$686,654.20

This interfund is the result of timing difference between grant expenditures andreimbursements from the granting agency. The Township makes every effort tolimit the time between the expenditure of grant funds and submission forreimbursement.

NOTE 15: DEFERRED COMPENSATION PLAN

The Township has instituted a Deferred Compensation Plan ("Plan”) pursuant toSection 457 of the Internal Revenue Code and P.L. 1977, C.381; P.L. 1978,C.39; P.L. 1980, C.78; and P.L 1997, C.116 of the Statutes of New Jersey. ThePlan is an arrangement whereby a public employer may establish a Plan andpermit its employees to voluntarily authorize a portion of their current salary to bewithheld and invested in one or more of the types of investments permitted underthe governing regulations.

The Township has engaged AXA Equitable and Nationwide Retirement Solutionsto administer the Plans. The plan’s assets are not the property of the Townshipand therefore are not presented in the financial statements.

As of December 31, 2020 and 2019, the amount held by the third partyadministrators amounted to $9,260,661.12 and $8,421,250.72, respectively.

42

NOTE 16: LENGTH OF SERVICE AWARDS PROGRAM

In 2001, the Township of Marlboro adopted an ordinance establishing a Length ofService Awards Program for the members of the in accordance with Chapter 388of the Laws of 1997 (N.J.S.A. 40A:14-183 et seq.) and N.J.A.C. 5:30-14.1 et seq.to reward members of the Marlboro First Aid Squad and the Morganville First AidSquad.

Under this program, each volunteer that performs the minimum amount ofservice will have an annual amount of up to $1,150.00 (adjusted by increases inthe Consumer Price Index) deposited into a tax deferred income account that willearn interest for the volunteer. The cost will be budgeted annually in the budgetof the Township and is anticipated to be $85,000.00 per year.

The accompanying financial statements do not include the Township’s Length ofService Award Program’s activities.

ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENTBENEFITS OTHER THAN PENSIONS-GASB 75

NOTE 17:

The Governmental Accounting Standards Board (GASB) has issued StatementNo. 75, "Accounting and Financial Reporting for Postemployment Benefits OtherThan Pensions”. This statement establishes standards for measuring andrecognizing liabilities, deferred outflows and inflows of resources, and expensesfor postemployment benefits other than pensions. OPEB obligations are non-pension benefits that the municipality has contractually or otherwise agreed toprovide employees once they have retired and, in most instances, will be forretirement health, prescription and dental insurance coverage.

Under current New Jersey budget and financial reporting requirements, themunicipality is not required to fund any amounts in excess of their current costson a pay-as-you-go basis or to accrue funds, create a trust or issue debt tofinance their other post-employment benefit liability. Additionally, the municipalityis not required to recognize any long-term obligations resulting from OPEB ontheir financial statements.

Plan Description and Benefits Provided

The State Health Benefit Local Government Retired Employees Plan (the Plan) isa cost-sharing multiple-employer defined benefit other postemployment benefit(OPEB) plan with a special funding situation. It covers employees of localgovernment employers that have adopted a resolution to participate in the Plan.The Plan meets the definition of an equivalent arrangement as defined inparagraph 4 of GASB Statement No. 75, Accounting and Financial Reporting forthe Postemployment Benefits Other Than Pensions; therefore, assets areaccumulated to pay associated benefits.

43

ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENTBENEFITS OTHER THAN PENSIONS-GASB 75 (CONTINUED)

NOTE 17:

Plan Description and Benefits Provided (Continued)

The Plan provides medical and prescription drug coverage to retirees and theircovered dependents of the employers. Under the provisions of Chapter 88, P.L1974 and Chapter 48, P.L. 1999, local government employers electing to providepostretirement medical coverage to their employees must file a resolution withthe Division. Under Chapter 88, local employers elect to provide benefit coveragebased on the eligibility rules and regulations promulgated by the State HealthBenefits Commission. Chapter 48 allows local employers to establish their ownage and service eligibility for employer paid health benefits coverage for retiredemployees.

Under Chapter 48, the employer may assume the cost of postretirement medicalcoverage for employees and their dependents who: 1) retired on a disabilitypension; or 2) retired with 25 or more years of service credit in a State or locallyadministered retirement system and a period of service of up to 25 years with theemployer at the time of retirement as established by the employer; or 3) retiredand reached the age of 65 with 25 or more years of service credit in a State orlocally administered retirement system and a period of service of up to 25 yearswith 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 coveragemay 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 policeofficers and firefighters, who retire with 25 years of service or on a disability froman employer who does not provide postretirement medical coverage. Localemployers were required to file a resolution with the Division in order for theiremployees to qualify for State-paid retiree health benefits coverage underChapter 330.

The State also provides funding for retiree health benefits to survivors of localpolice 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 postretirementmedical 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 carecoverage in retirement provided they retire with 25 or more years of pensionservice credit. The percentage of the premium for which the retiree will beresponsible will be determined based on the retiree’s annual retirement benefitand level of coverage.

44


NOTE 17:

Special Funding Situation

The Township, by resolution of the governing body, has elected to providepostretirement medical coverage to certain employees under the provisions ofChapter 330, P.L. 1997.

Under Chapter 330, P.L. 1997, the State shall pay the premium or periodiccharges for the qualified local police and firefighter retirees and dependentsequal to 80 percent of the premium or periodic charge for the category ofcoverage elected by the qualified retiree under the State managed care plan or ahealth maintenance organization participating in the program providing the lowestpremium or periodic charge.

The State also provides funding for retiree health benefits to survivors of localpolice officers and firefighters who die in the line of duty under Chapter 271,P.L.1989.

Therefore, these employers are considered to be in a special funding situation asdefined by GASB Statement No 75 and the State is treated as a nonemployercontributing entity. Since the local participating employers do not contributeunder this legislation directly to the plan, there is no net Net OPEB Liability,deferred outflows of resources or deferred inflows of resources to report in thefinancial statements of the local participating employers related to this legislation.

At June 30, 2019 and 2018, the State's proportionate share of the net OPEBliability attributable to the Township for the special funding situation is$18,905,915.00 and $21,430,058.00 respectively.

At June 30, 2019, the Township's and State of New Jersey's proportionate shareof the Net OPEB Liability were as follows:

Township's proportionate shareof the Net OPEB Liability

State of New Jersey's proportionateshare of Net OPEB Liability associatedwith the Township

$0

18,905,915

$18,905,915

At December 31, 2019 and December 31, 2018, the State’s proportionate shareof the OPEB expense, associated with the Township, as calculated by the planwas $250,603.00 and $648,713.00 respectively.

45


NOTE 17:

Actuarial Assumptions and Other Inputs

The actuarial assumptions vary for each plan member depending on the pensionplan the member is enrolled in. This actuarial valuation used the followingactuarial assumptions, applied to all periods in the measurement:

2019 20182.50% 2.50%Inflation Rate

Salary Increases:Public Employees Retirement System (PERS):Initial Fiscal Year Applied

Rate Through 2026Rate Thereafter

2.00% to 6.00%3.00% to 7.00%

Police and Firemen’s Retirement System (PFRS):Rate for All Future Years 3.25% to 15.25%

All Pensions:Rate Through 2026Rate Thereafter

1.65% to 8.98%2.65% to 9.98%

Mortality:

Pub-2010 General classification headcount weightedmortality with fully generational mortality improvementprojections from the central year using scale MP-2020

PERS

PFRS Pub-2010 Safety classification headcount weightedmortality with fully generational mortality improvementprojections from the central year using scale MP-2020

*Salary increases are based on the defined benefit plan that the member isenrolled in and his or her age.

Actuarial assumptions used in the July 1, 2018 valuation were based on theresults of the PFRS and PERS experience studies prepared for July 1, 2013 toJune 30, 2018 and July 1, 2014 to June 30, 2018, respectively.

100% of active members are considered to participate in the Plan uponretirement.

46

NOTE 17: ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENTBENEFITS OTHER THAN PENSIONS -GASB 75 (CONTINUED)

Health Care Trend Assumptions

For pre-Medicare medical benefits, the trend is initially 5.7% and decreases to a4.5% long-term trend rate after eight years. For post-65 medical benefits, theactual fully insured Medicare Advantage trend rates for fiscal year 2019 arereflected.

The assumed post-65 medical trend is 4.5% for all future years. For prescriptiondrug benefits, the initial trend rate is 7.5% and decreases to a 4.5% long-termtrend rate after eight years.

Discount Rate

The discount rate for June 30, 2019 and 2018 was 3.50% and 3.87%,respectively. This represents the municipal bond return rate as chosen by theState. The source is the Bond Buyer Go 20-Bond Municipal Bond Index, whichincludes tax-exempt general obligation municipal bonds with an average rating ofAA/Aa or higher. As the long-term rate of return is less than the municipal bondrate, it is not considered in the calculation of the discount rate, rather the discountrate is set at the municipal bond rate.

OPEB Plan Fiduciary Net Position

Detailed information about the OPEB plan’s fiduciary net position is available inthe separately issued Financial Report for the State of New Jersey State HealthBenefits Local Government Retired Employees Plan. The report may be obtainedat State of New Jersey Division of Pensions and Benefits P.O. Box 295 Trenton,New Jersey 08625-0295 http://www.state.ni.us/treasury/pensions.

NOTE 18: SUBSEQUENT EVENTS

The Township has evaluated subsequent events occurring after the financialstatement date through May 26, 2021 which is the date the financial statementswere available to be issued. Based upon this evaluation, the Township hasdetermined that the following subsequent events needed to be disclosed.

The COVID-19 pandemic continues to effect municipalities across the State ofNew Jersey and the Nation as a whole. The impact of this pandemic on theTownship’s operations in 2021 cannot reasonably estimated at this time andcould negatively affect revenues.

47

NOTE 18: SUBSEQUENT EVENTS (CONTINUED)

Subsequent to December 31, 2020 the Township authorized the following debt:

OrdinanceNumber

Date DebtAuthorizedAdopted Purpose


2021-004 3/4/2021 Various Capital Improvements $5,601,689.00

Water Utility Capital Fund:

2021-005 3/4/2021 Various Improvements to the Water Utility 3,763,800.00

48


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"A-5"


CURRENT FUND

SCHEDULE OF CASH - COLLECTOR

REF.

Increased by Receipts:Property Taxes ReceivableTax OverpaymentsPrepaid TaxesSenior Citizens Disallowed - Prior YearRevenue Accounts Receivable

A-9 $ 166,831,996.28118,119.66

1,373,403.653,419.87

220,586.31

A-16A-19A-8A-12

$ 168,547,525.77$ 168,547,525.77

Decreased by Disbursements:Payments to Treasurer A-4 $ 168,547,525.77

"A-6"


CURRENT FUND

SCHEDULE OF CHANGE FUNDS

BALANCEDECEMBER 31

31. 2019

BALANCEDECEMBER 31,

31. 2020DEPARTMENT

Tax CollectorMunicipal CourtPolice RecordsClerk

$ 800.00 $200.00

50.0050.00

800.00200.00

50.0050.00

$ 1,100.00 $ 1,100.00

REF. A A

"A-7"

SCHEDULE OF PETTY CASH FUND

BALANCEDECEMBER 31,

31. 2019

BALANCEDECEMBER 31

31.2020DEPARTMENT

FinancePolice

$ 200.00 $200.00

200.00200.00

$ 400.00 $ 400.00

REF. A A

"A-8"


CURRENT FUND

SCHEDULE OF DUE STATE OF NEW JERSEYFOR SENIOR CITIZENS AND VETERANS DEDUCTIONS

PER CHAPTER 20. P.L. 1971

REF.

$A (11,559.19)Balance, December 31, 2019 (Due to)

Increased by:Senior Citizens Deductions Per Tax BillingVeterans Deductions Per Tax BillingDeductions Allowed by Tax Collector

$ 23,750.00152,250.00

6,250.00182,250.00

$ 170,690.81

Decreased by:Deductions Disallowed by Collector:Received in Cash From StateDeductions Disallowed by Tax CollectorPrior Year Deductions Disallowed by Tax Collector

$A-4 176,542.472,800.683,419.87A-5

182,763.02

$ (12,072.21)Balance, December 31, 2020 (Due to) A

ANALYSIS OF STATE SHARE OF 2020SENIOR CITIZENS AND VETERANS DEDUCTIONS

Senior Citizens Deductions Per Tax BillingVeterans Deductions Per Tax BillingDeductions Allowed by Tax Collector

$ 23,750.00152,250.00

6,250.00$ 182,250.00

Less: Deductions Disallowed by Tax Collector:Senior Citizens 2,800.68

$ 179,449.32A-9

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"A-10"


CURRENT FUND

SCHEDULE OF TAX TITLE LIENS

REF.

Balance, December 31, 2019 A $ 991,091.02

Increased by:Transfers From Taxes ReceivableInterest and Costs

A-9 $ 87,620.283,265.32

90,885.60

Balance, December 31, 2020 A $ 1,081,976.62

"A-11"

SCHEDULE OF PROPERTY ACQUIRED FOR TAXES(AT ASSESSED VALUATION!

Balance, December 31, 2019 andDecember 31, 2020 A $ 802,400.00

"A-12"


CURRENT FUND

SCHEDULE OF REVENUE ACCOUNTS RECEIVABLE

COLLECTED BYTREASURER/COLLECTOR

BALANCEDECEMBER

31.2020

BALANCEDECEMBER

31.2019ACCRUED IN

2020REF.

Clerk:Licenses:Alcoholic Beverage Licenses

Other LicencesFees and PermitsRegistrar:Other LicensesFees and PermitsPlanning Board:Fees and PermitsZoning:Fees and PermitsEngineering:Fees and Permits

Police:Fees and Permits

Fire:Fees and PermitsTax AssessorFees and PermitsCommunity Development:Fees and PermitsAdministration;Fees and PermitsMunicipal Court:Fines and Costs

Interest and Costs on TaxesCable Television Franchise FeesCell Tower RentalInterest on Investments and DepositsEnergy Receipts TaxUniform Fire Safety ActPayment in Lieu of TaxesCapital Surplus

42,500.00 $22,119.00

254,532.00

42,500.00 $22,119.00

254,532.00

$ $A-2A-2A-2

783.00135.00

783.00135.00

A-2A-2

91,878.0091,878.00A-2112,017.50112,017.50A-2

23,394.0023,394.00A-272,406.4672,406.46A-2

160,751.00 160,751.00A-2

1,130.00A-2 1,130.00

201,193.05201,193.05A-21,715.00 1,715.00A-2

243,335.11220,586.31285,784.70373,334.95197,826.22

2,268,949.0184,391.58

528,842.51100,000.00

9,502.1830,391.24 222,446.05220,586.31285,784.70373,334.95197,826.22

2,268,949.0184,391.58

528,842.51100,000.00

A-2A-2A-2A-2A-2A-2A-2A-2A-2

5,287,604.40 $ 9,502.1830,391.24 $ 5,266,715.34 $$

AAREF.

$ 220,586.315,067,018.09

A-5Tax CollectorTreasurer A-4

$ 5,287,604.40

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"A-14"SHEET #1


CURRENT FUND

SCHEDULE OF 2019 APPROPRIATION RESERVES

BALANCEDECEMBER

31.2019PAID OR

CHARGEDBALANCELAPSED

ADJUSTEDBALANCE

Salaries and Wages:General AdministrationMayor’s OfficeMunicipal ClerkFinancial AdministrationComputer Information TechnologyAssessment of TaxesTax CollectorEngineering ServicesPlanning BoardZoning BoardPoliceEmergency ManagementUniform Fire SafetyRoad Repairs & MaintenanceSnow RemovalOther Public WorksSolid Waste CollectionVehicle MaintenancePublic Buildings and GroundsDrug Abuse ControlEnvironmental Health ServicesRecreationMaintenance of ParksMunicipal CourtPublic DefenderPolice Dispatch/911

21,860.23 $500.19

1,992.341,051.897,200.05

225.0018,510.1662,284.97

4,799.9023,839.64

465,751.81

21,860.23 $500.19

2,992.343,051.897,200.052,225.00

18,510.1662,284.974,799.90

23,839.64199,151.81

1,789.72 $$ 20,070.51500.19

1,300.193,051.897,200.052,225.00

18,510.1660,757.85

2,996.5519,560.72

196,955.88

1,692.15

1,527.121,803.354.278.922.195.93

0.92 0.92 0.9223,571.08

124,297.93106,230.55

1.742.513,045.92

29,653.5764,908.81

500.012,000.00

45,542.9040,782.46

2,288.422.999.52

74,220.22

23,571.08124,297.93106,230.55

3.742.513,045.92

29,653.5764,908.81

500.012,000.00

45,542.9040,782.46

2,888.422.999.52

74,220.22

3,500.503,401.40

100,000.00

20,070.58120,896.53

6,230.553.742.513,045.92

25,929.9364,908.81

500.012,000.00

42,345.6840,782.46

41.592.999.52

66,638.30

3,723.64

3,197.22

2,846.83

7,581.92

Other Expenses:General AdministrationMayor’s OfficeEthics CommissionTownship CouncilMunicipal ClerkFinancial AdministrationAnnual AuditComputer Information TechnologyAssessment of TaxesTax CollectorLegal ServicesEngineering ServicesEconomic DevelopmentCable StudioInter-Governmental RelationsHistoric Sites CommissionOpen Space CommitteePostagePlanning BoardPlanning Board ContractualZoning BoardInsurance:

Group InsuranceGeneral Liability InsuranceWorkers Compensation InsuranceHealth Benefit Waiver

Police

10,960.85669.29775.50

4,532.771,290.181,494.00

250.002,695.08

314.241,680.004,042.98

11,480.6717,150.7122,281.352,460.069,871.55

420.792,567.936,550.001,406.285,570.241,993.34

381.007,809.89

48,644.152,778.982,648.00

250.0017,057.03

648.746,000.00

58,284.0936,674.1718,146.2743,220.0931,116.3511,423.05

8,545.824,642.936,550.001,864.285,570.248,451.04

80,651.4518,794.00

37.683.302,109.691,872.50

250.009,640.84

339.746,000.008,706.99

26,132.1717,296.277,222.752,138.18

10,233.051,163.332,948.026,550.001,864.285,570.24

582.2424.105.3013,816.78

7,416.19309.00

49,577.1010,542,00

850.0035,997.3428,978.171,190.007,382.491,694.91

7,868.8056,546.15

4,977.22

206,417.5541,584.013,779.00

12,000.0068,216.49

95,293.9081,584.01

3,779.0018,935.40

232,150.57

2,098.0055,736.74

93,195.9025,847.273,779.00

18,935.4099,266.59132,883.98

"A-14"SHEET #2


CURRENT FUND


BALANCEDECEMBER

31.2019BALANCELAPSED

PAID ORCHARGED

ADJUSTEDBALANCE

Other Expenses ( Continued):ProsecutorEmergency Management Sen/icesUniform Fire SafetyRoad Repairs & MaintenanceSnow RemovalOther Public Works FunctionsShade TreeSolid WasteVehicle MaintenancePublic Buildings & GroundsCondominium Services ActBoard of HealthDrug Abuse ControlEnvironmental HealthRecreationTeen ProgramMaintenance of Parks

3,000.00 $3,000.00 $7,385.00

15,677.33128,055.89644,805.14

4,195.135,095.28

53,764.8869,310.9369,061.86

128,522.96391.00

2,498.09635.00

100,335.18394.66

25,394.07

$ $7,385.00

11,864.78110,108.70393,656.93

4,195.134,806.07

48,224.8846,860.9835,191.2074,917.53

247.002,089.09

635.00

6,047.0510,094.6195,635.90

399,282.113,393.00

14.2316,092.3722,983.76

8,721.76123,673.88

247.0049.39

635.0066,536.11

31.221,330.79

3,812.5517,947.19

251,148.21

289.215,540.00

22,449.9533,870.6653,605.43

144.00409.00

89,210.79292.72

22,515.89

11,124.39101.94

2,878.181.841.841.84Municipal Library

Municipal CourtPublic DefenderAccumulated Leave CompensationUtility:

39,564.126,404.108,000.00

340,000.00

45,968.228,000.00

340,000.00

29,026.79

1,000.00

89,047.2856,004.9162,838.726,948.74

971.003,783.53

68,255.9631,321.492,500.00

47,179.5811,996.4710,615.462,885.43

136,226.8668,001.3873,454.18

9,834.17971.00

16,298.73103,499.55

38,798.712,500.00

30.661.2323.150.2341,750.546,724.33

850.9885.00

76,111.392,140.792,500.00

Street lightingElectricityTelephoneWaterSewerage DisposalNatural GasGasolineLandfiU/Soiid Waste

ContingentStatutory Expenditures:Social Security System (OASt)Police and Firemen's Retirement SystemPublic Employees Retirement SystemDefined Contribution Retirement Program

Length of Services Awards Program (LOSAP)Police Dispatch/911SFSP Fire District Payments

12,515.2035,243.59

7,477.22

78,947.629,176.08

797.18821.30

18,855.0098,769.00

417.00

78,947.629,176.08

797.18821.30

18,855.00145,892.88

417.00

78,947.629,176.08

797.18821.30

18,855.00104,901.45

417.0047,123.88

2,581,734.591,489,754.07 $2,750,728.04 $ 4,071,488.66 $$

A-1REF. A

$ 2,750,728.041,320,760.62

A-14Budget - ReservedReserve for Encumbrances A-17

$ 4,071,488.66

$ 1,400,673.5089,080.57

Cash DisbursementsTransferred to Accounts Payable A-18

A-4

$ 1,489,754.07

"A-15

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1,32

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"A-16"


CURRENT FUND

SCHEDULE OF TAX OVERPAYMENTS

REF.


Increased by:Cash Receipts A-5 118,119.66

$ 214,263.14

Decreased by:Cash DisbursementsTransferred to EncumbrancesApplied

A-4 $ 76,975.271,134.71

134,659.65A-17A-9

$ 212,769.63


“A-17"


CURRENT FUND

SCHEDULE OF RESERVE FOR ENCUMBRANCES

REF.

$Balance, December 31, 2019Current FundGrant Fund

1,590,572.48$ 1,461,416.62

129,155.86AA

Increased by:Refund of RevenueBudget AppropriationsInterfundsReserve for Miscellaneous DepositsTax OverpaymentsReserve for Grants Appropriated

$ 414.001,810,361.60

35,200.00132,982.53

1,134.71245,049.85

A-2A-3A-13A-15A-16A-27

2,225,142.69$ 3,815,715.17

Decreased by:Transferred to:Appropriation ReservesAccounts PayableReserve for Miscellaneous DepositsReserve for Grants Appropriated

$A-14 1,320,760.6217,662.26

122,993.74129,155.86

A-18A-15A-27

1,590,572.48

$ 2,225,142.69Balance, December 31, 2020

Analysis of Balance$ 1,980,092.84

245,049.85Current FundGrant Fund

AA

$ 2,225,142.69

"A-18”

SCHEDULE OF ACCOUNTS PAYABLE

$ 564,757.84ABalance, December 31, 2019

Increased by:Transferred fromAppropriation ReservesEncumbrances Payable

$A-14 89,080.5717,662.26A-17

106,742.83$ 671,500.67

$A-4 70,634.40322,975.49

Cash DisbursementsCanceled A-1

393,609.89

$ 277,890.78ABalance, December 31, 2020

"A-19"


CURRENT FUND

SCHEDULE OF PREPAID TAXES

REF.


Increased by:Collection of 2021 Taxes A-5 1,373,403.65

$ 2,198,569.94

Decreased by:Applied to Taxes Receivable A-9 825,166.29

Balance, December 31, 2020 A $ 1,373,403.65

"A-20"

SCHEDULE OF COUNTY TAXES PAYABLE


2020 Tax Levy:County TaxAdded County Taxes

A-1:A-9A-1:A-9

$ 23,319,620.21122,294.34

23,441,914.55$ 23,571,409.69

Decreased by:Cash Disbursements A-4 23,449,115.66


"A-21"


CURRENT FUND

SCHEDULE OF LOCAL SCHOOL DISTRICT TAX

REF.

Balance, December 31, 2019PayableDeferred

$A 6,380,274.5032,995,620.50

$ 39,375,895.00Increased by:

Levy Calandar Year 2020 77,647,155.00$ 117,023,050.00

A-9

Decreased by:Payment to Regional District School 76,226,960.00A-4

$ 40,796,090.00Balance, December 31, 2020 A

Analysis of BalancePayableDeferred

$ 7,800,469.5032,995,620.50

A

$ 40,796,090.002020 Liability for Local District School Tax:Taxes PaidLess: Taxes Payable Balance, December 31, 2019

$ 76,226,960.006.380.274.50

$ 69,846,685.507.800.469.50Add: Taxes Payable Balance, December 31, 2020

Amount Charged to 2020 Operations $ 77,647,155.00A-1

"A-22"


CURRENT FUND

SCHEDULE OF REGIONAL SCHOOL DISTRICT TAX

REF.

Balance, December 31, 2019PrepaidDeferred

$ (517,942.11)13,914,179.00

A

$ 13,396,236.89Increased by:

Levy Calandar Year 2020 33,740,954.00$ 47,137,190.89

A-9

Decreased by:Payment to Regional District School 33,050,417.00A-4

$ 14,086,773.89Balance, December 31, 2020 A

Analysis of BalanceTaxes PrepaidDeferred

$ 172,594.8913,914,179.00

A

$ 14,086,773.892020 Liability for Local District School Tax:Taxes PaidAdd: Taxes Prepaid Balance, December 31, 2019

$ 33,050,417.00517,942.11

$ 33,568,359.11(172,594.89)Less: Taxes Prepaid Balance, December 31, 2020

$ 33,740,954.00Amount Charged to 2020 Operations A-1

"A-23"


CURRENT FUND

SCHEDULE OF MUNICIPAL OPEN SPACE TAX

REF.

Increased by:Open Space Levy 2020 A-1:A-9 $ 724,530.23

Decreased by:Cash Disbursements A-4 $ 724,530.23

"A-24"

SCHEDULE OF SPECIAL DISTRICT TAX

Increased by:Fire District Levy 2020 $A-1:A-9 3,175,548.00

$ 3,175,548.00

Decreased by:Cash Disbursements A-4 $ 3,175,548.00

"A-25"


CURRENT FUND

SCHEDULE OF DEFERRED CHARGES

BALANCEDECEMBER 31,

2019

BALANCEDECEMBER 31,ADDED IN RAISED IN

2020 BUDGET2020 2020

$Emergency 40A.4-46 187,423.34 $ 345,724.41 $ 187,423.34 $ 345,724.41

$ 187,423.34 $ 345,724.41 $ 187,423.34 $ 345,724.41

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"A-28"


GRANT FUND

SCHEDULE OF RESERVE FOR GRANTS-UNAPPROPRIATED

BALANCEDECEMBER

31. 2019APPLIED TO

RECEIVABLESGRANT/PROGRAM

23,300.10 $ 23,300.10$Recycling Tonnage Grant

23,300.10 $ 23,300.10$

A-26REF. A

"A-29"


GRANT FUND

SCHEDULE OF INTERFUNDS

CURRENTFUNDTOTALREF.

Balance, December 31, 2019Due From 475,394.82 $ 475,394.82A $

133,840.20133,840.20Cash Receipts A-4133,840.20 133,840.20

145,069.58 $$ 145,069.58Cash Disbursements A-4145,069.58145,069.58

Balance, December 31, 2020Due From $ 486,624.20 $ 486,624.20A

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TRUST FUND

SCHEDULE OF RESERVE FOR ANIMAL CONTROL FUND EXPENDITURES

REF.

Balance, December 31, 2019 B $ 65,767.20

Increased by:Cash Receipts:Animal Control LicensesOther FeesInterlocal AgreementCurrent Fund Budget Approp

$ 26,853.001,231.20

21,677.0446,872.65

B-1 96,633.8913,926.85Transferred from Encumbrances Payable B-8

110,560.74$ 176,327.94

Decreased by:Expenditures Under R.S. 4:19-15.11Transferred to Encumbrances Payable

B-1 $ 92,512.1715,415.78B-8

107,927.95

Balance, December 31,2020 B $ 68,399.99

LICENSE FEES COLLECTED

YEAR AMOUNT

2018 $ 38,071.5035,883.102019

$ 73,954.60

"B-3"


TRUST FUND

SCHEDULE OF STATE REGISTRATION FEESANIMAL CONTROL FUND

REF.

Balance, December 31, 2019 B $ 11.40

Increased by:Cash ReceiptsTransferred from Encumbrances Payable

B-1 $ 3,523.8012.60B-8

3,536.40$ 3,547.80

Decreased by:Cash DisbursementsTransferred to Encumbrances Payable

B-1 $ 3,484.2013.20B-8

3,497.40

Balance, December 31, 2020 B $ 50.40

"B-4"


OPEN SPACE TRUST FUND

SCHEDULE OF RESERVE FOR OPEN SPACE TRUST

REF.

$Balance, December 31, 2019 B 4,204,638.69

Increased by:Cash Receipts

Open Space Tax LevyInterest Earned

$ 724,530.236,243.21

$B-1 730,773.447,829.66B-8Transferred from Encumbrances Payable

738,603.10$ 4,943,241.79


$B-1 979,341.260.07B-8

979,341.33

$B 3,963,900.46Balance, December 31, 2020

"B-511


ESCROW DEPOSIT TRUST FUND

SCHEDULE OF RESERVE FOR ESCROW DEPOSITS

REF.

BBalance, December 31, 2019 $ 2,056,682.81

Increased by:Cash ReceiptsTransferred from Encumbrances Payable

$B-1 1,012,942.91100,446.60B-8

1,113,389.51$ 3,170,072.32


B-1 $ 822,880.4443,541.91B-8

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$Balance, December 31,2020 2,303,649.97B

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"B-7"


TRUST OTHER FUND

SCHEDULE OF DUE STATE OF NEW JERSEY - DCA FEES

REF.

Balance, December 31, 2019 B $ 19,069.00

Increased by:Cash Receipts B-1 $ 66,566.00

66,566.00$ 85,635.00

Decreased by:Cash Disbursements B-1 $ 59,450.00

59,450.00

$Balance, December 31, 2020 B 26,185.00

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"B-9"


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SCHEDULE OF INTERFUNDS

CURRENTFUNDREF.

Balance, December 31, 2019Due To B $ 500,000.00

Decreased by:Cash Disbursements B-1 $ 500,000.00

X-2"



SCHEDULE OF GENERAL CAPITAL CASH

REF.

$ 10,259,849.33CBalance, December 31, 2019

Increased by Receipts:Budget Appropriations:Capital Improvement Fund

Lease ProceedsGrants ReceivableVarious ReservesBond Anticipation Notes

$C-13 300,000.00190,000.00439,071.1272,508.86

10,953,000.00

C-7C-8C-15C-10

11,954,579.98$ 22,214,429.31

Decreased by Disbursements:Contracts PayableFund Balance Anticipated as Current Fund RevenueBond Anticipation Notes

$C-14 3,909,679.71100,000.00

10,953,000.00C-1C-10

14,962,679.71

$C 7,251,749.60Balance, December 31, 2020

"C-3"



ANALYSIS OF GENERAL CAPITAL CASH AND INVESTMENTS

BALANCEDECEMBER

31, 2020

Fund Balance $ 659,738.49Unfunded Improvements Expended - Listed on "C-5" (3,096,610.96)Contracts Payable 3,651,331.08Various Reserves 267,514.40Capital Improvement Fund 117,756.00Other Accounts Receivable (220,000.00)Green Acres Receivable (276,299.00)Grants Receivable (3,351,574.93)Improvement Authorizations Funded - Listed on Exhibit "C-12" 9,499,894.52

$ 7,251,749.60

REF. C

"C-4’'



SCHEDULE OF DEFERRED CHARGES TOFUTURE TAXATION - FUNDED

REF.


Decreased by:Budget Appropriation to Pay BondsBudget Appropriation to Pay Green Acres Loan C-11

3,250,000.0027,327.62

C-9 $

3,277,327.62

C $ 36,199,314.11Balance, December 31, 2020

"C-5"



SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION-UNFUNDED

ANALYSIS OFBALANCE DECEMBER

31, 2020BALANCE INCREASED BY BALANCE BOND UNEXPENDED

ORDINANCE DECEMBER 2020 DECEMBER ANTICIPATION IMPROVEMENTNUMBER IMPROVEMENT DESCRIPTION 31, 2019 AUTHORIZATIONS 31, 2020 NOTE EXPENDITURES AUTHORIZATIONS

General Improvements:

07-12 Various Capital Improvements $ 720,847.62 $ $ 720,847.62 $ $ $ 720,847.6211-04 Acquisition of Land 585,625.00 585,625.00 310,000.00 137,194.38 138,430.6212-08 Various Capital Improvements 36,351.88 36,351.88 36,351.8813-08 Various Capital Improvements 10,278.60 10,278.60 10,278.6017-02 Various Capital Improvements 652.00 652.00 652.0018-01 Various Capital Improvements 7,454,344.70 7,454,344.70 6,091,000.00 776,427.89 586,916.8119-01 Various Capital Improvements 6,630,690.00 6,630,690.00 4,552,000.00 1,344,911.60 733,778.4020-05 Various Capital Improvements 4,936,350.00 4,936,350.00 838,077.09 4,098,272.91

$ 15,438,789.80 $ 4,936,350.00 $ 20,375,139.80 $ 10,953,000.00 $ 3,096,610.96 $ 6,325,528.84

- REF. C C-12 C C-10 C-3 C-12

"C-6"



SCHEDULE OF DUE FROM STATE OF NEW JERSEY DEPARTMENT OFENVIRONMENTAL PROTECTION - GREEN ACRES

REF.

Balance, December 31, 2019and December 31, 2020 C $ 276,299.00

"c-r

SCHEDULE OF OTHER ACCOUNTS RECEIVABLE


Increased by;Improvement Authorization C~12 $ 220,000.00

220,000.00$ 410,000.00

Decreased by:Cash Receipts C-2 190,000.00


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"C-13"



SCHEDULE OF CAPITAL IMPROVEMENT FUND

REF.$ 77,564.00CBalance, December 31, 2019

Increased by:Cash Receipts $ 300,000.00C-2

300,000,00$ 377,564.00

Decreased by:2020 Improvement Authorizations $ 259,808.00C-12

259,808.00

$ 117,756.00CBalance, December 31, 2020

"C-14"

SCHEDULE OF CONTRACTS PAYABLE


Increased by:Improvement Authorizations $ 3,848,179.42C-12

3,848,179.42$ 7,561,010.79

Decreased by:Cash Disbursements 3,909,679.71C-2

$ 3,651,331.08Balance, December 31, 2020 C

"C-15"



SCHEDULE OF VARIOUS RESERVES

BALANCEDECEMBER

31.2019

BALANCEDECEMBER

31, 2020INCREASED

$ 30,995.85 $6,120.63

18,217.571,723.68

42,902.9195,044.90

$Traffic Light - Ryan RoadPleasant Valley Road ImprovementsPayment of Debt ServiceSidewalks - Tennent RoadEmerald HillsUnion Hill - Costco

30,995.856,120.63

90,726.431,723.68

42,902.9195,044.90

72,508.86

$ 195,005.54 $ 72,508.86 $ 267,514.40

Ref C C-2 C

"C-16"



SCHEDULE OF BONDS AND NOTES AUTHORIZEDBUT NOT ISSUED

BALANCEDECEMBER

31. 2020

INCREASED BY:BALANCEDECEMBER

31. 20192020ORDINANCE

NUMBER IMPROVEMENT DESCRIPTION AUTHORIZATIONS

$ 720,847.62275,625.0036,351.8810,278.60

652.001,363,344.702,078,690.004,936,350.00

720,847.62 $275,625.00

36,351.8810,278.60

652.001,363,344.702,078,690.00

$2007-122011-042012-082013-082017-022018-012019-012020-05

Various Capital ImprovementsAcquisition of LandVarious Capital ImprovementsVarious Capital ImprovementsVarious Capital ImprovementsVarious Capital ImprovementsVarious Capital ImprovementsVarious Capital Improvements 4,936,350.00

4,936,350.00 $ 9,422,139.80$ 4,485,789.80 $

CC C-5REF.

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"D-6"


RECREATION AND SWIM UTILITY CAPITAL FUND

ANALYSIS OF CASH

BALANCEDECEMBER 31,

2020

18,308.66416.07

1,059.207,347.04

$Fund BalanceReserve for Capital OutlayReserve for Debt ServiceContracts PayableUnfunded Improvements Expended:

05-37 Various Swim Pool Facilities Improvements12-09 Various Swim Pool Facilities Improvements13-09 Various Swim Pool Facilities Improvements14-04 Various Swim Pool Facilities Improvements15-08 Marlboro Country Park15-08 Various Improvements to the Recreation Utility19-03 Various Improvements to the Recreation Utility

359.3610,050.55

(24.31)175,373.19

5.961,232.00

(600.00)

$ 213,527.72

DREF.

"D-7"


RECREATION AND SWIM UTILITY OPERATING FUND

SCHEDULE OF PREPAID PARTICIPATION FEES

REF.

$Balance, December 31, 2019 D 15,448.99

Decreased by:Prepaid Applied D-3 15,448.99

"p-8"


SCHEDULE OF PREPAID MEMBERSHIP FEES

D 55,198.63Balance, December 31, 2019 $

Decreased by:Applied D-3 $ 55,198.63

”D-9"




BALANCEDECEMBER

31.2019

BALANCEAFTER

TRANSFERSPAID OR


Operating:Salaries and WagesOther Expenses

Capital Improvements:Capital OutlayStatutory Expenditures:Contributions to:Public Employees Retirement SystemSocial Security System (O.A.S.I.)Unemployment Compensation Insurance

$ 38,815.00 $25,815.75

38,815.00 $265,770.53

$ 38,815.0081,804.73183,965.80

1.00 1,00 1.00

1.41 1.41 1.410.77 0.77 0.77

1.001.00 1.00

$ 64,634.93 $ 304,589.71 $ 183,965.80 $ 120,623.91

REF. D D-1Balance, December 31, 2019Encumbrances Payable

D-9 $ 64,634.93239,954.78D-10

$ 304,589.71

Cash DisbursementsAccounts Payable

D-5 $ 183,797.80168.00D-11

$ 183,965.80

”0-10”



SCHEDULE OF ENCUMBRANCES PAYABLE

REF.

$ 239,954.78DBalance, December 31, 2019

Increased by:Charges to 2020 Budget AppropriationsRefund of Revenue

224,732.7121,836.00

D-4D-3

246,568.71$ 486,523.49

Decreased by:Transferred to Appropriation Reserves 239,954.78D-9


wD-ir



8,019.29$DBalance, December 31, 2019

Increased by:Transferred from Appropriation Reserves $ 168.00D-9

168.008,187.29

Decreased by:Cash Disbursements $ 7,019.29D-5

7,019.29


"D-12"



SCHEDULE OF ACCRUED INTEREST ON BONDS. NOTES AND LOANS

REF.

$ 5,368.75Balance, December 31, 2019 D

Increased by:Charges to Budget Appropriations $D-4 26,910.56

26,910.56$ 32,279.31

Decreased by:Cash Disbursements D-5 25,770.00

$D 6,509.31Balance, December 31, 2020

"D-13"


RECREATION AND POOL UTILITY CAPITAL FUND


REF.


Increased by:improvement Authorizations D-16 11,227.05

$ 16,493.14

Decreased by:Cash Disbursements D-5 $ 9,146.10

9,146.10


"D-14"



SCHEDULE OF FIXED CAPITAL

BALANCEDECEMBER

31. 2019

BALANCEDECEMBER

31. 2020ACCOUNT

Water Connection ChargesSewer Connection ChargesEquipment and FixturesSprinkler SystemVehicleSwimming Pool and ImprovementsFlume SlideMarlboro County Park ImprovementsDiving Board

$ $6,330.003,423.00

179,271.5912,250.0017,745.00

2,764,928.30204,287.32250,000.00

8,558.00

6,330.003,423.00

179,271.5912,250.0017,745.00

2,764,928.30204,287.32250,000.00

8,558.00

$ 3,446,793.21 $ 3,446,793.21

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D-15

"D-17"



SCHEDULE OF RESERVE FOR AMORTIZATION

REF.

$ 3,411,550.45Balance, December 31, 2019 D

Increased by:Serial Bonds Paid by Operating Budget $ 75,000.00D-19

75,000.00

$ 3,486,550.45DBalance, December 31, 2020

"D-18"

SCHEDULE OF RESERVE FOR CAPITAL OUTLAY

Balance, December 31, 2019 andDecember 31, 2020 $ 416.07D

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'D-21"


RECREATION AND POOL UTILITY CAPITAL FUND

SCHEDULE OF RESERVE FOR DEBT SERVICE

REF.

Increased by:Cash Receipts $ 1,059.20D-5


"D-22"



SCHEDULE OF DUE CURRENT FUND

REF.

Increased by:Receipts D-5 $ 200,000,00

Balance, December 31, 2020 D $ 200,000.00

"P-23H



SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED

BALANCEDECEMBER

31.2020ORDINANCE

NUMBER IMPROVEMENT DESCRIPTION

5,738.0819,475.006,085.00

15,530.0038,702.00

214,404.00

$Various Swim Pool Facility ImprovementsVarious Swim Pool Facility ImprovementsVarious Swim Pool Facility ImprovementsVarious Swim Pool Facility ImprovementsVarious Improvements to the Recreation UtilityVarious Improvements to the Recreation Utility

05-3712-0913-0914-0419-0320-07

$ 299,934.08

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14

"E-6"


WATER UTILITY CAPITAL FUND

ANALYSIS OF CASH

BALANCEDECEMBER 31,

31.202019,245.8950,000.00

182,064.081,673,809.09(907,853.00)

$Fund BalanceCapital Improvement FundReserve for Payment of DebtContracts PayableNew Jersey Infrastructure Bank Loan ReceivableImprovement Authorizations:

2009-46 MUA - Facility Improvements2010-17 System Improvements2011-03 System Improvements2011-12 Acquisition of Land2012-26 Treatment Plant Const (NJEIT)2013-10 System Improvements2014-05 System Improvements2014-06 Treatment Plant Const (Harbor Rd.)2015-03 System Improvements2016-03 System Improvements2017-03 System Improvements2018-02 System Improvements2019-02 System Improvements2020-06 System Improvements

23,023.0010,942.76

100.0019,295.12

734,445.986,553.63

58,173.48248,550.8776,701.52

210,999.26203,127.45

3,245.88(495,242.89)(887,310.98)

$ 1,229,871.14

REF. E

"E-7"


WATER UTILITY OPERATING FUND

SCHEDULE OF CONSUMER ACCOUNTS RECEIVABLE

REF.

$E 181,828.56Balance, December 31, 2019

Increased by:Water Rents Levied 10,248,574.85

$ 10,430,403.41Decreased by:CollectionsOverpayments Applied

$ 10,107,220.1431,135.54

E-5E-12

10,138,355.68

$Balance, December 31, 2020 E 292,047.73

"E-8"


SCHEDULE OF RESERVE FOR ESCROWS

Balance, December 31, 2019 E $ 289,397.12

Increased by:Cash Receipts E-5 369.61

Balance, December 31, 2020 E 289,766.73$

"E-9"




BALANCEDECEMBER

31.2019

BALANCEAFTER

TRANSFERSPAID OR


Operating;

Salaries and WagesOther Expenses

Capital Improvements:Capital OutlayStatutory Expenditures:Contributions to:Public Employees Retirement SystemSocial Security System (O.A.S.I.)Unemployment Compensation Insurance

$ 37,935.21 $ 37,935.21 $1,086,456.55 2,355,232.22

1,669.20 $854,010.91

36,266.011,501,221.31

20,000.00 20,000.00 20,000.00

1.41 1.411.4124,969.54 24,969.54 24,969.54

1.00 1.001.00

$ 1,169,363.71 $ 2,438,139.38 $ 855,680.11 $ 1,582,459.27

E-1REF. E

$ 1,169,363.711,268,775.67

Balance, December 31, 2019Transferred from Encumbrances Payable

E-9E-10

$ 2,438,139.38

$ 838,702.6916,977.42

Cash DisbursementsTransferred to Encumbrances Payable

E-5E-10

$ 855,680.11

"E-10"



SCHEDULE OF ENCUMBRANCES PAYABLE

REF.

$Balance, December 31, 2019 E 1,268,775.67

Increased by:Charges to 2020 Budget Appropriations E-4 1,143,148.79

$ 2,411,924.46

Decreased by:Transferred to Appropriation Reserves E-9 1,268,775.67

$E 1,143,148.79Balance, December 31, 2020

"E-11"



$E 83,442.01Balance, December 31, 2019

Increased by:Transferred from Appropriation Reserves 16,977.42E-9

100,419.43

Decreased by:Cash DisbursementsCancelled

E-5 $ 53,539.0019,903.00E-1

73,442.00

$ 26,977.43EBalance, December 31, 2020

'‘E-12"



SCHEDULE OF WATER RENT OVERPAYMENTS

REF.


Increased by:Cash Receipts E-5 27,853.13

$ 58,988.67

Decreased by:Overpayments Applied E-7 $ 31,135.54

31,135.54


"E-13"



SCHEDULE OF ACCRUED INTEREST ON BONDS. NOTES AND LOANS

REF.$ 165,878.48Balance, December 31, 2019 E

Increased by:Charges to Budget Appropriations $ 514,644.52E-4

514,644.52$ 680,523.00

Decreased by:Cash Disbursements 539,963.90E-5

$ 140,559.10Balance, December 31, 2020 E

"E-14"



SCHEDULE OF NEW JERSEY INFRASTRUCTURE BANK LOAN RECEIVABLE

REF.

E 1,684,091.00Balance, December 31, 2019

Increased by:2020 Interim Financing 907,853.00

$ 2,591,944.00

Decreased by:Cash ReceiptsCancelled

E-5 $ 1,666,464.0017,627.00

1,684,091.00

$Balance, December 31, 2020 E 907,853.00

"E-15"



SCHEDULE OF FIXED CAPITAL

TRANSFERREDFROM FIXED

AUTHORIZED &UNCOMPLETED

BALANCEDECEMBER

31.2020

BALANCEDECEMBER

31.2019ACCOUNT

$ 32,967,341.003,200.001,040.00

13,211.403,894.444,496.47

544,750.00141,750.00210,000.00

52,500.0013,000.00

300,000.00

$ 32,967,341.00 $3,200.001,040.00

13,211.403,894.444,496.47

544,750.00141,750.00210,000.00

52,500.0013,000.00

MiscellaneousWater Tank EvaluationImprovements to GeneratorAsphalt Hot PatcherVehicle EquipmentRadio EquipmentImprovements to Distribution SystemWell Redevelopment and RehabilitationWater Meter ReplacementGIS plan of Water SystemAcquisition of EasementAcquisition of Land 300,000.00

300,000.00 $ 34,255,183.31$ 33,955,183.31 $

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"E-17"




REF.

Balance, December 31, 2019 E $ 2,266,619.36

Increased by:Improvement Authorizations E-18 1,774,356.79

$ 4,040,976.15

Decreased by:Cash Disbursements E-5 $ 2,367,167.06

2,367,167.06

Balance, December 31, 2020 E $ 1,673,809.09

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"E-19"



SCHEDULE OF RESERVE FOR AMORTIZATION

REF.

$ 32,300,664.47EBalance, December 31, 2019

Increased by:Serial Bonds Paid by Operating BudgetNJ EIT Loans Paid by Operating Budget

$ 985,000.00709,930.09

E-23E-25

1,694,930.09

$ 33,995,594.56EBalance, December 31, 2020

"E-20"

SCHEDULE OF RESERVE FOR DEFERRED AMORTIZATION

Balance, December 31, 2019 andDecember 31, 2020 $ 300,000.00E

Analysis of Balance:

$ 300,000.0011-12 Acquisition of Land & Related Improvements

300,000.00$

"E-21"



SCHEDULE OF RESERVE FOR PAYMENT OF DEBT

REF.


Increased by:Cash Receipts E-5 170,534.00

Balance, December 31, 2020 E $ 182,064,08

"E-22"

SCHEDULE OF CAPITAL IMPROVEMENT FUND

Balance, December 31, 2019 andDecember 31, 2020 E $ 50,000.00

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SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED

BALANCEDECEMBER

31.2020ORDINANCE

NUMBER IMPROVEMENT DESCRIPTION

Various Capital ImprovementsVarious Capital ImprovementsVarious Improvements to the Water UtilityVarious Improvements to the Water Utility

$17-0318-0219-0220-06

51.25689,489.00

1,692,258.002,318,950.00

$ 4,700,748.25

PART II


STATISTICAL DATA

LIST OF OFFICIALS

COMMENTS AND RECOMMENDATIONS

YEAR ENDED DECEMBER 31. 2020

COMPARATIVE STATEMENT OF OPERATIONS ANDCHANGE IN FUND BALANCE - CURRENT FUND

YEAR 2019YEAR 2020%% AMOUNTAMOUNT


2.90% $ 5,550,000.00 3.05%$ 5,300,000.00Fund Balance UtilizedMiscelianeous-From Other Than LocalProperty Tax LeviesCollection of Delinquent Taxes andTax Title Liens

Collection of Current Tax Levy

5.17%5.36% 9,390,571.519,786,480.47

0.55%91.23%

0.60%91.14%

1,002,089.30165,853,665.54

1,100.176.65166,471,094.89

100.00% $ 181,796,326.35$ 182,657,752.01 100.00%TOTAL INCOME

EXPENDITURES

Budget Expenditures:Municipal PurposesCounty TaxesRegional School TaxesLocal School TaxesMunicipal Open Space TaxesFire District TaxesOther

20.87%13.14%19.33%44.13%

0.41%1.74%0.38%

21.30% $13.30%19.14%44.04%0.41%1.80%0.02%

$ 37,547,654.7523,441,914.5533,740,954.0077,647,155.00

724,530.233,175,548.00

39,253.25

36,835,817.6823,189,844.7734,123,416.0077,899,993.00

720,012.283,076,488.00

667,058.57

100.00%100.00% $ 176,512,630.30$ 176,317,009.78TOTAL EXPENDITURES

$ 5,283,696.05$ 6,340,742.23Excess in Revenue

Adjustments to Income Before Fund BalanceExpenditures Included Above Which are by StatuteDeferred Charges to the Budget of the Succeeding Year 187,423.34345.724.41

$ 5,471,119.39$ 6,686,466.64Statutory Excess to Fund Balance

11,329,557.0411,250,676.43Fund Balance, January 1

$ 16,800,676.43$ 17,937,143.07

5,550,000.00Less: Utilization as Anticipated Revenue 5,300,000.00

$ 11,250,676.43$ 12,637,143.07Fund Balance, December 31

49

COMPARATIVE STATEMENT OF OPERATIONS ANDCHANGE IN FUND BALANCE-RECREATION AND SWIM UTILITY FUND

YEAR ENDED YEAR ENDEDDECEMBER 31, 2020 DECEMBER 31, 2019

AMOUNT % AMOUNT %


$ 13.18% $22.71%64.11%

Fund Balance UtilizedProgram Participation FeesMiscellaneous

189,691.12326,922.66923,021.81

249,606.421,966,977.58

416,584.27

9.48%74.70%15.82%

TOTAL INCOME $ 1,439,635.59 100.00% $ 2,633,168.27 100.00%

EXPENDITURES

Budget Expenditures:OperatingCapital improvementsDebt ServiceDeferred Charges and Statutory Expenditures

$ 1,105,185.98 91.56% $ 2,325,078.35 95.35%1.00 1.00

8.44%101,910.56 113,461.67 4.65%3.14 3.18

TOTAL EXPENDITURES $ 1,207,100.68 100.00% $ 2,438,544.20 100.00%

Excess in Revenue 232,534.91 $ 194,624.07

Fund Balance, January 1 204,746.76 259,729.11$ $437,281.67 454,353.18

Decreased by:Utilized as Anticipated Revenue 189,691.12 249,606.42

$Fund Balance, December 31 247,590.55 $ 204,746.76

50

COMPARATIVE STATEMENT OF OPERATIONS ANDCHANGE IN FUND BALANCE-WATER UTILITY FUND

YEAR ENDEDYEAR ENDEDDECEMBER 31, 2020 DECEMBER 31, 2019

AMOUNT %AMOUNT %


13.73% $69.06%17.20%

15.19%69.61%15.20%

2,000,000.009,167,621.292,001,541.42

$ 1,909,465.749,601,824.492,391,607.99

Fund Balance UtilizedCollection of Water RentsMiscellaneous - Other Than Water Rents

100.00% $ 13,169,162.71 100.00%$ 13,902,898.22TOTAL INCOME

EXPENDITURES

Budget Expenditures:OperatingCapital ImprovementsDebt ServiceDeferred Charges and Statutory Expenditures

78.22% $0.19%

20.81%0.78%

74.90%0.18%

24.22%0.70%

8,166,740.0920,000.00

2,640,347.2976,592.58

$ 8,312,765.0020,000.00

2,211,644.5282,374.74

100.00%100.00% $ 10,903,679.96TOTAL EXPENDITURES $ 10,626,784.26

$ 2,265,482.753,276,113.96Excess in Revenue

3,324,255.79$ 5,589,738.54

3,589,738.54$ 6,865,852.50

Fund Balance, January 1

Decreased by:Utilized as Anticipated Revenue 2,000,000.001,909,465.74

$ 3,589,738.54$ 4,956,386.76Fund Balance, December 31

51

COMPARATIVE SCHEDULE OF TAX RATE INFORMATION

2018201920202.2272.2652 263Tax Rate

Apportionment of Tax Rate:MunicipalMunicipal Open SpaceCountyLocal SchoolRegional School

0.3790.0100.3171.0630.458

0.3780.0100.3211.0820.474

0.3930.0100.3221.0720.466

ASSESSED VALUATIONS:

$7 245 302.300 002020$7 198 738 900 002019

£7 189 317.700 002018

COMPARISON OF TAX LEVIES AND COLLECTION CURRENTLY

A study of this tabulation could indicate a possible trend in future tax levies. A decreasein the percentage of current collection could be an indication of a probable increase infuture tax levies.

PERCENTAGE OFCOLLECTIONS

CASHCOLLECTION$166,871,094.90165,853,665.54162,469,043.63

TAX LEVY$168,061,413.95167,114,869.11163,571,305.01

YEAR99.29%99.24%99.33%

202020192018

52

DELINQUENT TAXES AND TAX TITLE LIENS

This tabulation includes a comparison, expressed in percentage, of the total ofdelinquent taxes and tax title liens, in relation to the tax levies of the last three years.

AMOUNT OFDELINQUENT

TAXES$1,017,595.041,066,668.611,028,769.71

TOTALDELINQUENT$2,099,571.662,057,759.631,758,147.72

PERCENTAGEOF TAX LEW

AMOUNT OF TAXTITLE LIENS

$1,081,976.62991,091.02729,378.01

YEAR1.25%1.23%1.07%

202020192018

PROPERTY ACQUIRED BY TAX TITLE LIEN LIQUIDATION

The value of property acquired by liquidation of tax title liens on December 31, on thebasis of the last assessed valuation of such properties, was as follows:

Years Amount$802,400.00

802,400.00802,400.00

202020192018

53

COMPARATIVE SCHEDULE OF FUND BALANCES

UTILILIZED INBUDGET OF

SUCCEEDING YEAR$5,600,000.00

5,300,000.005,550,000.004,600,000.004,200,000.00

BALANCEDECEMBER 31

$12,637,143.0711,250,676.4311,329,557.0410,030,038.47

8,650,386.93

YEAR20202019Current Fund201820172016


SUCCEEDING YEARBALANCE

DECEMBER 31YEAR$247,590.55204,746.76259,729.11201,094.61296,233.98

$875.68189,691.12249,606.42180,000.00285,000.00

2020Recreation and SwimUtility Operating Fund 2019

201820172016


SUCCEEDING YEAR$1,999,297.541.909.465.742,000,000.002,789,955.542.366.737.74

BALANCEDECEMBER 31

$4,956,386.763.589.738.543,324,255.793,013,047.154.188.626.54

YEAR20202019Water

Utility OperatingFund

201820172016

EQUALIZED VALUATIONS - REAL PROPERTY

YEAR AMOUNT$8,223,019,294.00$8,125,904,617.00$7,999,685,880.00

202020192018

54

OFFICIALS IN OFFICE AND SURETY BONDS

The following officials were in office during the period under audit:

AMOUNTTITLENAME

MayorCouncil PresidentCouncil Vice-PresidentCouncilperson

CouncilpersonCouncilpersonBusiness AdministratorChief Financial Officer

Township Clerk to 08/31/20Township Clerk from 09/01/20Tax CollectorCourt AdministratorMunicipal Judge

Jonathan HornikCarol Mazzola

Jeff CantorScott MetzgerRandi MarderMichael ScaleaJonathan Capp

Lori Russo

Alida MancoSusan A. Branagan

Colleen DolanKristy GilsenanJames Newman

All of the bonds were examined and were properly executed.

*Surety Bonds are covered by the Municipal Excess Liability Joint Insurance Fund in the amountof $1,000,000 per occurrence with a $1,000 deductible per occurrence.

A public employee dishonesty blanket bond covering Municipal employees in the amount of$50,000 was in effect with the Monmouth County Municipal Joint Insurance Fund. There areblanket bonds for secondary coverage with the Municipal Excess Liability Joint Insurance Fundin the amount of $950,000 for Public Employees and $3,000,000 for Public Officials. Both ofthese bonds are subject to deductibles based upon other required coverages.

55

COMMENTS AND RECOMMENDATIONS

GENERAL COMMENTS

CONTRACTS AND AGREEMENTS REQUIRED TO BE ADVERTISED FOR N.J.S.A. 40A:11-4Every contract or agreement for the performance of any work or the furnishing or hiring

of any materials or supplies, the cost or the contract price whereof is to be paid with or out ofpublic funds, not included within the terms of Section 3 of this act, shall be made or awardedonly by the governing body of the contracting unit after public advertising for bids and biddingtherefore, 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 theaggregate the amount set forth in or the amount calculated by the Governor pursuant to Section3 of P.L. 1971 c.198 (C.40A:11-3), except by contract or agreement.

Effective July 1, 2020, the bid threshold in accordance with N.J.S.A. 40A:11-4 is$17,500.00 or up to $44,000.00 if the entity has a Qualified Purchasing Agent. The Townshiphas a Qualified Purchasing Agent and has elected to increase its bid threshold to $40,000.00.

The governing body of the Municipality has the responsibility of determining whether theexpenditures in any category will exceed $40,000.00 within the fiscal year. Where questionarises as to whether any contract or agreement might result in violation of the statute, theTownship Attorney's opinion should be sought before a commitment is made.

The minutes indicate that bids were requested by public advertising for the followingitems:

Water Distribution ProductsCoach Bus Transportation for Recreation DepartmentRoad Improvement ProgramOn-Site Brush Grinding ServicePool ChemicalsMaintenance and Services of Wells and PumpsHarbor Road Wastewater Pump StationHVAC MaintenanceGate Valve Preventative Maintenance ProgramRecycling Collection and Disposal Service2020 Tandem Axle Cab and ChassisSnow Removal ServiceReplacement of Pressure Reducing ValvesGenerator Rental ServicePolice VehiclesChurch Road Drainage Improvements and Stream CleaningSinkhole Repair Project

Inasmuch as the system of records did not provide for an accumulation of payments forcategories for the performance of any work or the furnishing or hiring of any materials orsupplies, 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, contracts oragreements in excess of $40,000.00 for the performance of any work or the furnishing or hiringof any materials or supplies, other than those where bids had been previously sought by publicadvertisement or where a resolution had been previously adopted under the provisions ofN.J.S.A. 40A:11-6.

56

CONTRACTS AND AGREEMENTS REQUIRED TO BE ADVERTISED FOR N.J.S.A. 40A:11-4(CONTINUED)

The minutes indicate that resolutions were adopted authorizing the awarding of contractsor agreements for "Professional Services" as required by N.J.S.A. 40:11-14:

AuditorEngineering ServicesArchitectural ServicesLabor CounselTownship AttorneyLegal ServicesPlanning ServicesAppraisal services

COLLECTION OF INTEREST ON DELINQUENT TAXES AND ASSESSMENTS

The statute provides the method for authorizing interest and the maximum rate to becharged for the non-payment of taxes or assessments on or before the date when they wouldbecome delinquent.

The governing body on January 16, 2020 adopted the following resolution authorizinginterest to be charged on delinquent taxes and assessments:

WHEREAS, N.J.S.A. 54:4-67 permits the governing body of each municipality to fix therate of interest to be charged for nonpayment of taxes or assessments and also permits thefixing of said rate at 8% per annum on the first $1,500.00 of the delinquency and 18% perannum of any amount in excess of $1,500.00 and allows an additional penalty of a flat 6% tobe collected against a delinquency in excess of $10,000.00 on properties that fail to pay thedelinquency prior to the end of the calendar year.

NOW, THEREFORE, BE IT RESOLVED by the Township Council of the Township ofMarlboro, County of Monmouth, State of New Jersey that the Tax Collector is herebyauthorized and directed to charge 8% per annum on the first $1,500.00 of taxes or othermunicipal charges becoming delinquent after due date and 18% per annum on any amount oftaxes or other municipal charges in excess of $1,500.00 becoming delinquent after due date,and if a delinquency (including interest) is in excess of $10,000.00 and remains in arrearsafter December 31, an additional flat penalty of 6% shall be charged against the delinquency.

It appears from an examination of the Collector’s records that interest was collected inaccordance with the foregoing resolution.

57

VERIFICATION OF DELINQUENT TAXES AND OTHER CHARGES

A test verification of delinquent charges and current payments was made in accordancewith the regulations of the Division of Local Government Services, including the mailing ofverification notices as follows:

NUMBERTYPE

Payments of 2020 TaxesPayment of 2020 Water Charges

5050

TAX TITLE LIENS

The last tax sale was held on October 1, 2020 and was complete.

An examination of the tax sale certificates revealed all certificates were on file andavailable for audit.

The following is a comparison of the number of tax title liens receivable on December 31of the last three years:

NUMBER OFLIENSYEAR

302020302019252018

It is essential to good management that all means provided by statute be utilized toliquidate tax title liens in order to get such properties back on a tax paying basis.

OTHER COMMENTS

Interfund Balances

Transactions invariably occur in one fund which requires a corresponding entry to bemade in another fund, thus creating interfund balances. Reference to the various balancesheets show the interfund balances remaining at year end. As a rule, all interfund balancesshould be closed out as of the end of the year. It is the Township's policy to review andliquidate all interfund balances on a periodic basis.

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RECOMMENDATIONS

NONE

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Township Marlh - marlboro-nj.gov

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