of the Town of Clinton

Report of Audit

theon

Financial Statements

of the

Town of Clintonin the

County of HunterdonNew Jersey

for the

Year EndedDecember 31, 201Q

TOWN OF CLINTON

I N D E XPAGES

PART I

Independent Auditor's Report

Independent Auditor’s Report on Internal Control Over Financial Reportingand on Compliance and Other Matters Based on an Audit of FinancialStatements Performed in Accordance with Government Auditing Standards

1-3

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 for the Year Ended December 31, 2019Statement of Expenditures - Regulatory Basis for the Year Ended December 31, 2019

Trust Fund:

"A""A-1""A-2""A-3"

Balance Sheets - Regulatory BasisStatement of Fund Balance - Regulatory Basis

General Capital Fund:

Balance Sheets - Regulatory BasisStatement of Fund Balance - Regulatory Basis

Water Utility Fund:

"B""B-1"

"C""C-1"

Balance Sheets - Regulatory BasisStatements of Operations and Change in Fund Balance - Regulatory Basisfor the Year Ended December 31, 2019

Statement of Fund Balance - Regulatory Basis - Capital FundStatement of Revenues - Regulatory Basis - Operating Fundfor the Year Ended December 31, 2019

Statement of Expenditures - Regulatory Basis - Operating Fundfor the Year Ended December 31, 2019

Sewer Utility Fund:

"D"

"D-1""D-2"

"D-3"

“D-4”

Balance Sheets - Regulatory BasisStatements of Operations and Change in Fund Balance - Regulatory Basis -

Operating Fund for the Year Ended December 31, 2019Statement of Capital Surplus - Regulatory Basis - Capital FundStatement of Revenues - Regulatory Basis - Operating Fund - Year EndedDecember 31, 2019

Statement of Expenditures - Regulatory Basis - Operating Fund for the YearEnded December 31, 2019

General Fixed Assets Account Group:

H£l!

"E-1"“E-2”

“E-3"

“E-4"

Balance Sheets - Regulatory Basis »ipn

PAGESNotes to Financial Statements 6-49

TOWN OF CLINTON

INDEX (CONTINUED)EXHIBITS

Supplementary Schedules - All Funds

Current Fund:

Schedule of Cash-TreasurerSchedule of Cash-CollectorSchedule of Tax Title LiensSchedule of Taxes Receivable and Analysis of Property Tax LevySchedule of Due State of New Jersey per Chapter 20, P.L. 1971Schedule of Revenue Accounts ReceivableSchedule of InterfundsSchedule of Petty CashSchedule of Reserve for Outside LiensSchedule of 2018 Appropriation ReservesSchedule of County Taxes PayableSchedule of Local District School Tax PayableSchedule of Regional High School Tax PayableSchedule of Prepaid TaxesSchedule of Tax OverpaymentsSchedule of Grants Receivable - Grant FundSchedule of Reserve for Encumbrances PayableSchedule of Reserve for Encumbrances Payable - Grant FundSchedule of Reserve for Grants Unappropriated - Grant FundSchedule of Reserve for Grants Appropriated - Grant FundSchedule of Due Current Fund - Grant FundSchedule of Change FundsSchedule of Reserve for Sale of Municipal AssetsSchedule of Deferred Charges

"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”

Trust Fund:

Schedule of Cash-TreasurerSchedule of Reserve for Animal Control Trust Fund ExpendituresSchedule of Due State of New Jersey - Animal Control Trust FundSchedule of Various Reserves and DepositsSchedule of Interfunds - Animal Control TrustSchedule of Due County of HunterdonSchedule of InterfundsSchedule of Encumbrances PayableSchedule of Encumbrances Payable - Animal Control Trust

"B-2""B-3"“B-4”"B-5""B-6""B-7"“B-8”“B-9”“B-10”

General Capital Fund:

Schedule of Cash-TreasurerAnalysis of CashSchedule of Deferred Charges to Future Taxation-FundedSchedule of Deferred Charges to Future Taxation-UnfundedSchedule of InterfundsSchedule of Contracts PayableSchedule of Improvement AuthorizationsSchedule of Bond Anticipation Notes

"C-2""C-3""C-4""C-5"“C-6""C-7""C-8""C-9"

TOWN OF CLINTON

INDEX (CONTINUED)

EXHIBITSGeneral Capital Fund (Continued):

Schedule of Serial Bonds PayableSchedule of Capital Improvement FundSchedule of Reserve for Miscellaneous DepositsSchedule of Bonds and Notes Authorized But Not Issued

“C-10”“C-11"“C-12"“C-13"

Water Utility Fund:

Schedule of Cash-TreasurerSchedule of Cash-Collector - Operating FundSchedule of Consumer Accounts Receivable - Operating FundSchedule of Change Fund - Operating FundSchedule of Inventory - Operating FundSchedule of 2018 Appropriation Reserves - Operating FundSchedule of Encumbrances Payable - Operating FundSchedule of Accrued Interest - Operating FundSchedule of Loans Receivable - Capital FundSchedule of Overpayments of Rents - Operating FundSchedule of Improvement Authorizations - Capital FundSchedule of Reserve for Amortization - Capital FundSchedule of Reserve for Contracts Payable - Capital FundSchedule of Capital Improvement Fund - Capital FundSchedule of Interfunds - Operating FundSchedule of Fixed Capital - Capital FundSchedule of Fixed Capital Authorized and Uncompleted - Capital FundSchedule of Miscellaneous Reserves - Capital FundSchedule of Interfunds - Capital FundSchedule of Reserve for Deferred Amortization - Capital FundSchedule of New Jersey Environmental Infrastructure Trust Loans Payable-Capital Fund “D-25”Schedule of Serial Bonds Payable - Capital FundSchedule of Bond Anticipation Notes - Capital FundSchedule of Bonds and Notes Authorized But Not Issued - Capital Fund

"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”"D-24"

“D-26”“D-27”“D-28"

Sewer Utility Fund:

Schedule of Cash-TreasurerSchedule of Cash-Collector - Operating FundSchedule of Consumer Accounts Receivable - Operating FundSchedule of 2018 Appropriation Reserves - Operating FundSchedule of Inventory - Operating FundSchedule of Change Fund - Operating FundSchedule of Reserve Encumbrances - Operating FundSchedule of Accrued Interest on Loans - Operating FundSchedule of Interfunds - Operating FundSchedule of Contracts Payable - Capital FundSchedule of Fixed Capital Authorized and Uncompleted - Capital FundSchedule of Fixed Capital - Capital FundSchedule of Miscellaneous Reserves - Capital FundSchedule of Improvement Authorizations - Capital FundSchedule of Capital Improvement Fund - 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"

TOWN OF CLINTON

INDEX (CONTINUED)EXHIBITS

Sewer Utility Fund (Continued):

Schedule of Reserve for Amortization - Capital FundSchedule of Reserve for Deferred Amortization - Capital FundSchedule of Interfunds - Capital FundSchedule of New Jersey Wastewater Treatment Trust Fund Loans Payable- Capital FundSchedule of Serial Bonds Payable - Capital FundSchedule of Bonds and Notes Authorized But Not Issued - Capital Fund

"E-20"“E-21”"E-22"

“E-23”“E-24”“E-25"

PAGES

Statistical Data 50-55

Officials in Office and Surety Bonds 56

General Comments and Recommendations 57-60

TOWN OF CLINTON

PARTI

INDEPENDENT AUDITOR’S REPORT ONAUDIT OF FINANCIAL STATEMENTS

AND SUPPLEMENTARY SCHEDULES AND DATA

REPORTS ON INTERNAL CONTROL OVER FINANCIALREPORTING AND ON COMPLIANCE AND OTHER MATTERS

BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMEDIN 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. 2019 AND 2018

SUPLEE , CLOONEY & COMPANYCERTIFIED PUBLIC ACCOUNTANTS

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

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

INDEPENDENT AUDITOR'S REPORT

The Honorable Mayor and Membersof the Town Council

Town of ClintonCounty of HunterdonClinton, New Jersey 08809

Report on the Financial Statements

We have audited the accompanying balance sheets - regulatory basis of the variousindividual funds and account group of the Town of Clinton, as of December 31, 2019 and 2018, therelated statement of operations and changes in fund balance - regulatory basis for the years thenended, and the related statement of revenues - regulatory basis and statement of expenditures -regulatory basis of the various individual funds for the year ended December 31, 2019, and therelated notes to the financial statements, which collectively comprise the Town’s regulatoryfinancial 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 the auditor’sjudgment, 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 entity’s preparation and fair presentation of the financial statementsin order to design audit procedures that are appropriate in the circumstances, but not for thepurpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly,we express no such opinion. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of significant accounting estimates made by management,as well as evaluating the overall presentation of the regulatory financial 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 Town of Clinton on the basis of the financial reporting provisionsprescribed by the Division of Local Government Services, Department of Community Affairs, Stateof New Jersey, which is a basis of accounting other than accounting principles generally acceptedin 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 Town of Clinton as of December 31, 2019 and 2018, or the results of its operationsand changes in fund balance for the years then ended of the revenues or expenditures for the yearended December 31, 2019.

Opinion on Regulatory Basis of Accounting

In our opinion, the regulatory financial statements referred to above present fairly, in allmaterial respects, the regulatory basis balance sheets of the various individual funds and accountgroup as of December 31, 2019 and 2018, 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, 2019 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 Town of Clinton’s regulatory financial statements. The supplementaryinformation, schedules and data listed in the table of contents as required by the Division of LocalGovernment Services, Department of Community Affairs, State of New Jersey are presented forpurposes of additional analysis and are not a required part of the regulatory financial statements.

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 datedJune 30, 2020 on our consideration of the Town of Clinton's internal control over financial reportingand on our tests of its compliance with certain provisions of laws, regulations, contracts, and grantagreements and other matters. The purpose of that report is to describe the scope of our testing ofinternal control over financial reporting and compliance and the results of that testing, and not toprovide an opinion on internal control over financial reporting or on compliance. That report is anintegral part of an audit performed in accordance with Government Auditing Standards inconsidering the Town of Clinton’s internal control over financial reporting and compliance.

r«i

CERTIFIED PUBLIC ACCOUNTANTS

REGISTERED MUNICIPAL ACCOUNTANT NO. 419June 30, 2020

3

SUPLEE, CLOONEY & COMPANYC E R T I F I E D P U B L I C A C C O U N T A N T S

3 0 8 E a s t B r o a d S t r e e t , W e s t f i e l d , N e w J e r s e y 0 7 0 9 0 - 2 1 2 2

F a x 9 0 8 - 7 8 9 - 8 5 3 5T e l e p h o n e 9 0 8 - 7 8 9 - 9 3 0 0

E - m a i l i n f o@s c n c o . c o m

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 Town Council

Town of ClintonCounty of HunterdonClinton, New Jersey 08809

We have audited, in accordance with the auditing standards generally accepted in theUnited States of America, the audit requirements prescribed by the Division of LocalGovernment Services, Department of Community Affairs, State of New Jersey and thestandards applicable to financial audits contained in Government Auditing Standards issued bythe Comptroller General of the United States, the regulatory financial statements of the variousindividual funds and the account group of the Town of Clinton, as of and for the year endedDecember 31, 2019, and the related notes to the financial statements, which collectivelycomprise the Town’s regulatory financial statements, and have issued our report thereon datedJune 30, 2020. Our report disclosed that, as described in Note 1 to the financial statements, theTown of Clinton prepares its financial statements on a basis of accounting prescribed by theDivision of Local Government Services, Department of Community Affairs, State of New Jersey,that demonstrates compliance with a modified accrual basis and the budget laws of the State ofNew Jersey, which is a comprehensive basis of accounting other than U.S. generally acceptedaccounting principles.

Internal Control Over Financial Reporting

In planning and performing our audit of the regulatory financial statements, weconsidered the Town’s control over financial reporting (internal control) to determine the auditprocedures that are appropriate in the circumstances for the purpose of expressing our opinionson the financial statements but not for the purpose of expressing an opinion on the effectivenessof the Town’s internal control. Accordingly, we do not express an opinion on the effectivenessof Town’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,to prevent, 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 Town of Clinton’s financial statements will not beprevented, 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 ouraudit we did not identify any deficiencies in internal control that we consider to be materialweaknesses. However, material weaknesses may exist that have not been identified.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Town’s financialstatements are free from material misstatement, we performed tests of its compliance withcertain provisions of laws, regulations, contracts, and grant agreements, noncompliance withwhich could have a direct and material effect on the determination of financial statementamounts. However, providing an opinion on compliance with those provisions was not anobjective of our audit, and accordingly, we do not express such an opinion. The results of ourtests disclosed no instances of noncompliance or other matters that are required to be reportedunder 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 theeffectiveness of the Town of Clinton’s internal control or on compliance. This report is anintegral part of an audit performed in accordance with Government Auditing Standards inconsidering the Town of Clinton’s internal control and compliance. Accordingly, thiscommunication is not suitable for any other purpose.

CERTIFIED PUBLIC ACCOUNTANTS !

REGISTERED MUNICIPAL ACCOUNTANT NO. 419

June 30, 2020

5

CURRENT FUND

"A"SHEET #1

TOWN OF CLINTON

CURRENT FUND

BALANCE SHEETS - REGULATORY BASIS

BALANCEDECEMBER

31.2019

BALANCEDECEMBER

31.2018REF.ASSETS

$ 1,759,519.86 $50.00

250.00$ 1,759,819.86 $

1,912,705.0950.00

Cash-TreasurerChange FundDue State of New Jersey-Chapter 20, PL 1971

A-4A-25A-8

1,912,755.09

Receivables and Other Assets with Full Reserves:Delinquent Property Taxes ReceivableTax Title LiensRevenue Accounts ReceivableInterfunds ReceivableLocal District School Taxes

$ 102,165.18 $1,057.694,056.852,822.75

110,667.52851.38

3,665.4014,238.2633,506.13

A-7A-6A-9A-10A-15

110,102.47 $$ 162,928.69A

Deferred Charges:Emergency Authorizations 52,000.00 $$A-27

$ 1,921,922.33 $ 2,075,683.78

Grant Fund:Grants ReceivableDue Current Fund

$ 120,118.03 $6,191.78

120,118.03A-19A-24

126,309.81 $$ 120,118.03

$ 2,048,232.14 $ 2,195,801.81

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

"A"SHEET #2

TOWN OF CLINTON

CURRENT FUND


BALANCEDECEMBER

312019

BALANCEDECEMBER

312018REF.

LIABILITIES, RESERVES AND FUND BALANCE

Liabilities:Appropriation ReservesPrepaid TaxesInterfunds PayableSale of Municipal AssetsCounty Taxes-PayableLocal District School TaxesRegional School Taxes PayableReserve for Encumbrances

299,957.86 $56,232.81

145,852.43305.76450.24

31,795.8749.38

17,396.58552,040.93 $110,102.47

1,259,778.931,921,922.33 $

$ 245,763.8955,695.56

335,428.83305.76

14,631.00

A-3:A-13A-17A-10A-26A-14A-15

49.3738,001.41

A-16A-20

$ 689,875.82162,928.69

1,222,879.27Reserve for Receivables and Other AssetsFund Balance

AA-1

2,075,683.78$

Grant Fund:Reserve for Grants UnappropriatedDue Current FundEncumbrances PayableAppropriated Reserves

5,621.88 $$A-222,814.802,650.00

114,653.23

A-241,000.00

119,687.93A-21A-23

126,309.81 $ 120,118.03$

$ 2,048,232.14 $ 2,195,801.81


MA-r

TOWN OF CLINTON

CURRENT FUND

STATEMENTS OF OPERATIONSAND CHANGE IN FUND BALANCE - REGULATORY BASIS

REF. YEAR 2019 YEAR 2018

REVENUE AND OTHER INCOME

$ $Fund Balance UtilizedMiscellaneous Revenue AnticipatedReceipts From Delinquent TaxesReceipts From Current TaxesNon-Budget RevenueOther Credits to Income:Unexpended Balance of Appropriation ReservesReserves CanceledPrepaid Local District School TaxesInterfunds Returned

A-2 495,000.001,075,790.22

110,667.5212,122,542.35

64,422.80

412,600.00856,584.81136,680.32

11,796,872.62136,548.96

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

181,405.09 234,191.223,731.21

A-13

A-15 33,506.1311,415.51

$ 14,094,749.62 $ 13,577,209.14Total Income

EXPENDITURES

Budget Appropriations:Operations Within "CAPS":OperatingDeferred Charges and Regulatory Expenditures

Operations Excluded From "CAPS":OperatingCapital ImprovementsMunicipal Debt ServiceDeferred ChargesCounty TaxesCounty Share of Added TaxesLocal District School TaxesRegional High School TaxesPrepaid Local District School TaxesInterfunds AdvancedSenior Citizen and Veteran CanceledRefund of Prior Year Revenue

$ 3,314,502.00 $479,399.00

3,047,408.00397,447.00

A-3A-3

223,734.96212,500.00297,144.72

72,217.651,503,320.69

450.245,167,969.002,327,281.00

215,731.3075,000.00

304,976.7190,752.83

1,462,558.7014,631.00

5,114,100.002,162,123.00

32,937.003,039.63

A-3A-3A-3A-3A-14A-14A-15A-16A-15

1,509.1214,821.58

A-854.00A-4

$ 13,614,849.96 $ 12,920,759.17Total Expenditures

479,899.66 $$ 656,449.97Excess in Revenue

Adjustments to Income Before Fund Balance:Expenditures Included Above Which are by StatuteDeferred Charges to Budget of Succeeding Year 52,000.00A-3:A-27

531,899.66 $$ 656,449.97Regulatory Excess to Fund Balance

Fund Balance979,029.301,222,879.27ABalance, January 1

1,754,778.93 $ 1,635,479.27$

Decreased by:Utilization as Anticipated Revenue 412,600.00A-1:A-2 495,000.00

1,259,778.93 $ 1,222,879.27$AFund Balance, December 31


"A-2"SHEET #1

TOWN OF CLINTON

CURRENT FUND

STATEMENT OF REVENUES - REGULATORY BASISFOR THE YEAR ENDED DECEMBER 31.2019

EXCESSANTICIPATEDSPECIAL

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

BUDGET (DEFICIT)REF - REALIZED

$ 495,000.00 $ $ 495,000.00 $A-1Fund Balance Anticipated

Miscellaneous Revenues:Licenses:Alcoholic BeveragesFees and Permits:Construction Code Official

Fines:Municipal Court

Interest and Costs on TaxesInterest on InvestmentRental Income - Water DepartmentConsolidated Municipal Property Tax Relief ActEnergy Receipts TaxUniform Fire SafetyRental Inspection FeesHotel and Motel OccupancySewer Department - OverheadSewer Department - Admin FeeBody Armor Replacement FundClean Communities ProgramDrunk Driving Enforcement FundRecycling Tonnage GrantEconomic Development

$ 7,500.00 $ $ 7,500.00 $A-9

40,000.00 50,857.00 10,857.00A-970,000.0030,000.00

5,000.00142,800.00

7,190.00153,575.0015,000.0011,000.00

105,000.00390,000.00

37,500.001,409.99

60,885.6229,572.2030,311.27

142,800.00

(9,114.38)(427.80)

25,311.27

A-9A-9A-9A-9A-9 (7,190.00)

7,190.00800.03

4,393.001,314.421,956.72

A-9 160,765.0015,800.0315,393.00

106,314.42391,956.7237,500.001,409.995,875.267,044.803,254.918,550.00

$ 1,019,229.90 $ 21,470.06 $ 1,075,790.22 $

A-9A-9A-9A-9A-9A-19A-19 5,875.26

7,044.80A-19A-19 3,254.91A-19 8,550.00A-1 35,090.26

$ 100,000.00 $ $ 110,667.52 $ 10,667.52Receipts From Delinquent Taxes A-1Amount to be Raised by Taxation for Supportof Municipal Budget:Local Tax for Municipal Purposes

Budget Totals$ 3,222,130.36 $$ 4,836,360.26 $

$ 3,433,521.42 $ 211,391.0621,470.06 $ 5,114,979.16 $ 257,148.84

A-2:A-7

A-1:A-2 64,422.80 64,422.80Non-Budget Revenue

$ 4.836,360.26 $ 21,470.06 $ 5,179,401.96 $ 321.571.64

REF. A-3 A-3


"A-2"SHEET #2

TOWN OF CLINTON

CURRENT FUND

STATEMENT OF REVENUES - REGULATORY BASISFOR THE YEAR ENDED DECEMBER 31.2019

REF.

Allocation of Current Tax Collections:Collections Realized on a Cash Basis $ 12,122,542.35A-1:A-7

Allocated to:School and County Taxes 8,999,020.93

$ 3,123,521.42Balance for Support of Municipal Budget Appropriations

310,000.00Add: Appropriation-"Reserve for Uncollected Taxes" A-3

$ 3,433,521.42Amount for Support of Municipal Budget Appropriations A-2

Receipts from Delinquent Taxes:Delinquent Tax Collection $ 110,667.52A-7

$ 110,667.52A-2

Analysis of Non-Budget Revenues

Miscellaneous Revenue Not Anticipated:Treasurer:MiscellaneousClerks FeesPolice FeesInspection FeesSenior Citizen and Veterans Administrative FeeExcess - Animal Control FundCable T.V. Franchise FeeP.I.L.O.TAffordable Housing Closing CostsEscrowFuel UsageReimbursements - First Aid and RescueInsurance Check - Car AccidentRefunds

$ 1,718.5913,421.47

315.001,470.00

387.802,597.923,591.51

788.052,400.00

12,305.5512,732.51

4,446.738,066.00

181.67

$ 64,422.80A-1:A-2:A-4


"A-3"SHEET #1

TOWN OF CLINTON

CURRENT FUND

STATEMENT OF EXPENDITURES - REGULATORY BASISFOR THE YEAR ENDED DECEMBER 31. 2019

APPROPRIATIONS EXPENDEDBUDGET AFTERMODIFICATION

PAID ORCHARGEDBUDGET RESERVED CANCELED

OPERATIONS WITHIN "CAPS"

GENERAL GOVERNMENTMayor and Council:Salaries and WagesOther ExpensesCommunications

Municipal Clerk:Salaries and WagesOther Expenses

Financial Administration:Salaries and WagesOther ExpensesAudit Services

Assessment of Taxes:Salaries and WagesOther Expenses

Revenue Administration:Salaries and WagesOther Expenses

Legal Services and Costs:Other Expenses

Engineering Services and Costs:Other Expenses

Planning Board:Salaries and WagesOther Expenses

Environmental Commission:Other Expenses

Insurance:General LiabilityWorkers CompensationEmployee Group Health

$ 24,140.00 $13,300.00

6,000.00

24,140.00 $13,300.006,000.00

24,140.00 $12,236.46

4,608.76

$1,063.541,391.24

98,250.0019,100.00

98,250.0019,100.00

95,038.5717,093.33

3,211.432,006.67

104,000.0013,300.0010,250.00

104,000.0014,300.0010,250.00

100,896.9612,616.7710,091.68

3,103.041,683.23

158.32

31,620.007,250.00

31,620.006,250.00

31,615.481,719.17

4.524,530.83

21,235.008,550.00

21,235.0010,550.00

21,234.7010,176.16

0.30373.84

105,000.00 100,000.00 61,864.92 38,135.08

20,000.00 20,000.00 16,338.00 3,662.00

17,720.0020,750.00

17,720.0015,750.00

17,720.0013,135.41 2,614.59

400.00 400.00 350.00 50.00

124,850.0053,443.00

310,000.00

120,850.0053,443.00

310,000.00

120,850.0051,914.40

310,000.001,528.60

PUBLIC SAFETYFire:Other Expenses

Fire Prevention:Salaries and WagesOther Expenses

Police:Salaries and WagesOther Expenses

First Aid Organization ContributionEmergency Management Services:Salaries and WagesOther Expenses

Fire Hydrant Rental

53,530.00 53,530.00 53,530.00

17,730.002,500.00

17,730.002,500.00

17,441.542,258.34

288.46241.66

1,158,500.0076,125.0052,530.00

1,158,500.0076,125.0052,530.00

1,155,134.9474,652.7952,530.00

3,365.061,472.21

3,405.002,000.00

30,000.00

3,405.002,000.00

30,000.00

3,365.151,030.37

21,134.25

39.85969.63

8,865.75

PUBLIC WORKS:Streets and Road Maintenance:Salaries and WagesOther ExpensesShade Tree Commission:Other ExpensesSolid Waste Collection:Other Expenses

210,500.0051,400.00

203,500.00103,400.00

177,338.1286,202.91

26,161.8817,197.09

12,250.00 12,250.00 11,841.32 408.68

66,020.00 66,020.00 55,610.80 10,409.20


"A-3"SHEET #2

TOWN OF CLINTON

CURRENT FUND


EXPENDEDAPPROPRIATIONSPAID OR

CHARGEDBUDGET AFTERMODIFICATION CANCELEDRESERVEDBUDGET

PUBLIC WORKS (CONTINUED):

Public Building and Grounds:Salaries and WagesOther ExpensesCommunity Center:Salaries and WagesOther Expenses

Safety Administration:Other Expenses

Vehicle Maintenance:Other Expenses

Recycling:Salaries and WagesOther Expenses

$51,670.00 $64,178.00

51,670.00 $50,610.41

51,670.00 $59,178.00

$13,567.59

272.08561.23

8,727.926,958.77

9,000.005,120.00

9,000.007,520.00

1,000.001,000.001,000.00

21,889.73 11,610.2733,500.0035,000.00

4.306,030.7032,827.38

6,035.0038,000.00

6,035.0038,000.00 5,172.62

HEALTH AND HUMAN SERVICES:Board of Health:Salaries and WagesOther ExpensesAnimal Control:Other Expenses

4,980.001,170.00

4,980.00760.00

4,980.001,170.00 410.00

5,000.00 2,247.00 2,753.005,000.00

PARKS AND RECREATION:Recreation Services:Other Expenses

Historical Commission:Other ExpensesSenior Citizens:Other Expenses

Maintenance of Parks:Other ExpensesSmart Growth Committee:Other Expenses

2,499.92 0.082,500.002,500.00

500.00 430.00 70.00500.00

1.001.00 1.00

1,722.22 5,277.787,000.00 7,000.00

2,000.002,000.002,000.00

STATE UNIFORM CONSTRUCTION CODE(N.J.S.A.52:270-120 et seq.)Construction Officials:Salaries and WagesOther Expenses

Housing/Rental Officer:Salaries and WagesOther Expenses

63,111.051,808.59

388.95191.41

63,500.002,000.00

63,500.002,000.00

130.8237.04

14,000.001,000.00

14,000.001,000.00

13,869.18962.96

UTILITIES:30,000.009,500.00

29,000.0017,800.0030,500.002,000.00

102,000.00

16,499.696,568.849,896.54

15,567.3721,363.991,938.47

77,299.23

13,500.312,931.16

19,103.462,232.639,136.01

61.5324,700.77

30,000.009,500.00

29,000.0015,800.0034,500.00

2,000.00102,000.00

GasolineNatural GasElectricityTelephoneStreet LightingWaterSolid Waste Disposal Cost

$ 3,277,102.00 $ 3,314,002.00 $ 3,066,951.26 $ 247,050.74 $TOTAL OPERATIONS WITHIN "CAPS"

500.00500.00500.00Contingent

TOTAL OPERATIONS INCLUDINGCONTINGENT WITHIN "CAPS” $ 3,277,602.00 $ 3,314.502.00 $ 3,066,951.26 $ 247,550.74 $


"A-3"SHEET #3

TOWN OF CLINTON

CURRENT FUND



PAID ORCHARGED CANCELEDBUDGET RESERVED

DEFERRED CHARGES AND REGULATORYEXPENDITURES - MUNICIPAL WITHIN "CAPS"

Statutory Expenditures:Contribution to:Public Employees Retirement SystemSocial Security System (OASI)Police and Firemen’s Retire System of NJUnemployment InsuranceDefined Contribution Retirement Plan

$ 70,551.00 $124,400.00267,473.00

875.001,000.00

70,551.00 $139,400.00267,473.00

975.001,000.00

70,551.00 $137,186.05267,473.00

883.13

$2,213.95

91.871,000.00

TOTAL DEFERRED CHARGES AND REGULATORYEXPENDITURES-MUNICIPAL WITHIN "CAPS” 3,305.82 $$ 464,299.00 $ 479,399.00 $ 476,093.18 $

TOTAL GENERAL APPROPRIATIONS FORMUNICIPAL PURPOSES WITHIN "CAPS" $ 3,741,901.00 $ 3,793,901.00 $ 3,543,044.44 $ 250,856.56 $

OPERATIONS EXCLUDED FROM "CAPS"Fair Housing Plan Ch 222 P11985: (COAH)Administrative and Executive:Other ExpensesLength of Service Award Program (LOSAP):Other Expenses

Recycling Tax

60,000.00 $ 12,018.21 $ 47,981.79 $$ 60,000.00 $

14,000.003,412.49

14,000.003,600.00

14,000.003,600.00 187.51

TOTAL OTHER OPERATIONS -EXCLUDED FROM "CAPS" 29,430.70 $ 48,169.30 $$ 77,600.00 $ 77,600.00 $

INTERLOCAL MUNICIPAL SERVICE AGREEMENTSClinton Township Municipal Court:Other Expenses 119,068.00 $ 932.00 $120,000.00 $ 120,000.00 $$

TOTAL INTERLOCAL MUNICIPALSERVICE AGREEMENTS 932.00 $120,000.00 $ 119,068.00 $$ 120,000.00 $

PUBLIC PRIVATE PROGRAMS OFF-SET BY REVENUESDrunk Driving Enforcement Fund (N.J.S.A. 40A:4-87 + $7,044.80)Recycling Tonnage GrantClean Communities Program (N.J.S.A. 40A:4-87 + $5,875.26)Body Armor GrantEconomic Development Grant (N.J.S.A. 40A:4-87 + $8,550.00)

$7,044.80 $3,254.915,875.261,409.998,550.00

7,044.80 $3,254.915,875.261,409.998,550.00

$ $3,254.91

1,409.99

TOTAL PUBLIC AND PRIVATE PROGRAMSOFF-SET BY REVENUE 26,134.96 $ $26,134.96 $$ 4,664.90 $

174,633.66 $ 49,101.30 $$ 202,264.90 $ 223,734.96 $TOTAL OPERATIONS EXCLUDED FROM "CAPS"

CAPITAL IMPROVEMENTS-EXCLUDED FROM "CAPS”$187,500.00 $187,500.00 $ 187,500.00 $$Capital Improvement Fund

Reserve for:Fire EquipmentRescue EquipmentPublic Works Equipment

10,000.0010,000.00

5.000.00

10,000.0010,000.00

5,000.00

10,000.0010,000.00

5,000.00

TOTAL CAPITAL IMPROVEMENTS-EXCLUDED FROM "CAPS" $212,500.00 $$ 212,500.00 $ 212,500.00 $

MUNICIPAL DEBT SERVICE-EXCLUDED FROM "CAPS”$150,000.00 $

55,950.0064,870.0026,656.71

150,000.00 $55,950.0064,870.0026,324.72

$ 150,000.00 $55,950.0064,870.0026,656,71

Payment of Bond PrincipalPayment of Bond Anticipation Notes and Capital NotesInterest on BondsInterest on Notes 331.99

TOTAL MUNICIPAL DEBT SERVICE-EXCLUDED FROM "CAPS" $ 331.99297,476 71 $ 297,144.72 $297,476 71 $$

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

"A-3"SHEET #4

TOWN OF CLINTON

CURRENT FUND

STATEMENT OF EXPENDITURES - REGULATORY BASISFOR THE YEAR ENDED DECEMBER 31, 2019


PAID ORCHARGED CANCELEDRESERVEDBUDGET

DEFERRED CHARGES-MUNICIPAL EXCLUDED FROM "CAPS"

Deferred Charges to Future Taxation Unfunded:Ordinance #2014-15Ordinance #2009-07

$65,000.00 $7,217.65

65,000.00 $7,217.65

65,000.00 $7,217.65

$

TOTAL GENERAL APPROPRIATIONS FOR MUNICIPALPURPOSES EXCLUDED FROM "CAPS" 49,101.30 $ 331.99$ 784,459.26 $ 805,929.32 $ 756,496.03 $

299,957,86 $ 331.99$ 4,526 , 360.26 $ 4,599,830 32 $ 4,299,540.47 $SUB-TOTAL GENERAL APPROPRIATIONS

310,000.00 310,000.00RESERVE FOR UNCOLLECTED TAXES 310,000.00

299,957.86 $ 331.99$ 4,836,360.26 $ 4,909,830.32 $ 4,609,540.47 $TOTAL GENERAL APPROPRIATIONS

A:A-1A-1REF. A-2

$ 13,504.67310,000.00

26,134.964,464,778,17

$ 4,814,417.80204,877,33

A-20Reserve for EncumbrancesReserve for Uncollected TaxesReserve for Grants AppropriatedCash Disbursements

A-2A-23A-4

A-4Less: Refunds

$ 4,609,540.47

$ 4,836,360.2652,000.0021,470.06

A-3BudgetEmergency AuthorizationsAppropriation by 40A:4-87

A-27A-2

$ 4,909,830.32


TRUST FUND

"B"

TOWN OF CLINTON

TRUST FUND


BALANCEDECEMBER

31. 2019

BALANCEDECEMBER

31.2018REF.

ASSETS

Animal Control Trust Fund:Cash $ 14,186.64 $B-2 19,213.43

$ 14,186.64 $ 19,213.43

Other Funds:CashInterfund Receivable

$ 725,591.77 $1,943.00

B-2 766,929.241,487.15B-8

$ 727,534.77 $ 768,416.39

$ 741,721,41 $ 787,629.82

LIABILITIES. RESERVES AND FUND BALANCES

Animal Control Trust Fund:Due Current FundDue to State of New JerseyEncumbrances PayableReserve for Animal Control Trust Fund Expenditures

$B-6 2,822.75 $ 7,596.62B-4 4.20B-10 2,000.00

9,359.692,262.509,354.31B-3

$ 14,186.64 $ 19,213.43

Other Funds:Interfund PayableDue County of HunterdonReserve For:Various Reserves and DepositsEncumbrances PayableFund Balance

$ $B-8 3,826.848,969.30B-7 13,018.36

B-5 710,795.531,143.002,577.88

$ 727,534.77 $ 768,416.39

753,042.37B-9B-1 2,577.88

$ 741,721.41 $ 787,629.82


"B-1"

TOWN OF CLINTON

TRUST FUND

STATEMENT OF FUND BALANCE - REGULATORY BASIS

REF.

$Balance, December 31, 2018 B 2,577.88

Balance, December 31, 2019 B $ 2,577.88


THIS PAGE INTENTIONALLY LEFT BLANK

GENERAL CAPITAL FUND

"C"

TOWN OF CLINTON



BALANCEDECEMBER

31. 2019

BALANCEDECEMBER

31. 2018REF.

ASSETS

$ 674,462.321,478,000.002,293,771.86

137,717.65

CashDeferred Charges to Future Taxation - FundedDeferred Charges to Future Taxation - UnfundedInterfunds Receivable

C-2 $ 397,374.071,628,000.001,958,439.51

33,794.81

C-4C-5C-6

$ 4,583,951.83 $ 4,017,608.39

LIABILITIES. RESERVES AND FUND BALANCE

Bond Anticipation NotesBonds PayableContracts PayableInterfunds PayableImprovement Authorizations:FundedUnfunded

Capital Improvement FundReserve For:Miscellaneous ReservesFund Balance

$ 1,851,092.001,478,000.00

91,672.06

C-9 $ 1,202,042.001,628,000.00

51,168.17195,995.16

C-10C-7C-6

C-8 81,852.89871,739.58

52,368.08

46,135.29714,172.4747,868.08

C-8C-11

C-12 156,455.00772.22

131,455.00772.22C-1

$ 4,583,951.83 $ 4,017,608.39


"C-1"

TOWN OF CLINTON



REF.

$Balance, December 31, 2018 C 772.22

$Balance, December 31, 2019 C 772.22



WATER UTILITY FUND

"D"SHEET #1

TOWN OF CLINTON

WATER UTILITY FUND


BALANCEDECEMBER

31.2019

BALANCEDECEMBER

31. 2018REF.ASSETS

Operating Fund:Cash - TreasurerCash - CollectorCash - Change FundInterfunds Receivable

D-5 $ 877,049.28 $ 1,060,763.4174,332.49

25.00957,531.53

$ 1,908,938.30 $ 1,348,275.21

D-6D-8 25.00

287,486.80D-19

Receivables and Inventories with Full Reserves:Consumer Accounts ReceivableInventory

$D-7 466,516.74 $84,894.23

551,410.97 $

141,893.2578,857.86D-9

$D 220,751.11

Total Operating Fund $ 2,460,349.27 $ 1,569,026.32

Capital Fund:CashFixed CapitalFixed Capital Authorized and UncompletedInterfunds ReceivableNew Jersey Environment InfrastructureLoan Receivable

$ 10,070.83 $19,774,616.9620,942,138.74

D-5 61,877.6219,774,616.9619,209,138.74

300,000.00

D-20D-21D-23

D-13 5,120.00 106,595.00

$ 40,731,946.53 $ 39,452,228.32Total Capital Fund

$ 43,192,295.80 $ 41,021,254.64


"D"SHEET #2

TOWN OF CLINTON

WATER UTILITY FUND


BALANCEDECEMBER

31. 2019

BALANCEDECEMBER

31.2018REF.LIABILITIES. RESERVES AND FUND BALANCE

Operating Fund:Liabilities:Appropriation ReservesAccrued InterestEncumbrances PayableOverpayment of Water ChargesInterfunds Payable

$ 369,082.53 $70,949.2911,319.696,595.26

D-4:D-10 162,802.5869,632.4023,746.0011,890.91

300,000.00

D-12D-11D-14D19

$ 457,946.77 $551,410.97

1,450,991.53

568,071.89220,751.11780,203.32

Reserve for Receivables and InventoryFund Balance

DD-1

$ 2,460,349.27 $ 1,569,026.32Total Operating Fund

Capital Fund:Improvement Authorizations:FundedUnfunded

Capital Improvement FundGeneral Serial BondsBond Anticipation NotesNew Jersey Environmental Infrastructure LoanInterfunds PayableReserve For:Contracts PayableAmortizationDeferred AmortizationMiscellaneous Deposits

Fund Balance

$ 1,153,343.58 $11,517,853.49

227,419.086,343,000.00

140,000.005,010,744.67

951,139.00

D-15 1,060,024.8612,950,890.25

127,419.086,693,000.00

160,000.005,417,592.83

260,745.98

D-15D-18D-26D-27D-25D-23

D-17 1,848,136.9910,559,865.581,561,184.761,199,140.20

220,119.18

318,200.769,880,354.051,280,848.13

900,033.20403,119.18

D-16D-24D-22D-2

Total Capital Fund $ 40,731,946.53 $ 39,452,228.32

$ 43,192,295.80 $ 41,021,254.64


"D-1"

TOWN OF CLINTON

WATER UTILITY FUND


FOR THE YEAR ENDED DECEMBER 31. 2019

YEAR ENDEDDECEMBER

31.2019

YEAR ENDEDDECEMBER

31, 2018REF.

REVENUE AND OTHER INCOME REALIZED

$Fund Balance UtilizedRentsAdditional RentsFire Hydrant ServiceUtility Capital SurplusReserve for Payment of Debt ServiceMiscellaneousOther Credits to Income:Unexpended Balance of Appropriation Reserves

$ 75,000.003,224,989.81D-3 3,579,998.49

D-3 204,972.00 204,445.78215,994.00

7,061.0064,405.70D-3 129,595.18

D-10 107,975.37 45,827.81

TOTAL INCOME $ 4,022,541.04 $ 3,837,724.10

EXPENDITURES

OperatingCapital ImprovementsDebt ServiceRegulatory Expenditures and Deferred ChargesRefund of Prior Years' Revenue

$D-4 1,966,162.00 $130,000.00

1,131,113.16124,091.00

386.67

1,829,355.0025,000.00

1,108,297.96115,402.00

D-4D-4D-4D-5

TOTAL EXPENDITURES $ 3,351,752.83 $ 3,078,054.96

Excess in Revenue $ 670,788.21 $ 759,669.14

Fund BalanceBalance, January 1 D 780,203.32

$ 1,450,991.53 $95,534.18

855,203.32

Decreased by:Utilization by Water Operating Budget 75,000.00

Balance, December 31 $ 1,450,991.53 $D 780,203.32


"D-2"

TOWN OF CLINTON

WATER UTILITY CAPITAL FUND


REF.

Balance, December 31, 2018 D $ 403,119.18

Decreased by:Appropriated to FinanceImprovements Authorizations D-15 183,000.00



HD-3n

TOWN OF CLINTON

WATER UTILITY OPERATING FUND

STATEMENT OF REVENUES - REGULATORY BASISFOR THE YEAR ENDED DECEMBER 31, 2019

EXCESS OR(DEFICIT)ANTICIPATED REALIZEDREF.

$ 3,101,418.00 $ 3,579,998.49200,000.0050,000.00

$Water Use ChargesHydrant FeesMiscellaneous

D-1:D-3D-1:D-6D-1:D-3

478,580.494,972.00

79,595.18204,972.00129,595.18

$ 3,351,418.00 $ 3,914,565.67 $D-4 563,147.67

ANALYSIS OF REALIZED REVENUE

Water Use Charges:Consumer Accounts Receivable:CollectedPrepaid Applied

D-7 $ 3,568,107.5811,890.91D-7

$ 3,579,998.49D-3

Miscellaneous:Treasurer:Connection FeesMiscellaneousInterest on Investments

$ 98,788.538,129.57

11,069.76$ 117,987.86D-5

Collector:Interest on Delinquent AccountsMiscellaneous

$D-6 11,332.32275.00D-6

D-3 $ 129,595.18


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SEWER UTILITY FUND

II£H

SHEET #1

TOWN OF CLINTON

SEWER UTILITY FUND


BALANCEDECEMBER

31. 2019

BALANCEDECEMBER

31.2018REF.ASSETS

Operating Fund:Cash - TreasurerCash - CollectorCash - Change FundInterfund Receivable

$ 762,340.32 $65,859.86

25.00

E-5 242,959.63500.0025.00

3,651.74

E-6E-10E-13

$ 828,225.18 $ 247,136.37

Receivables with Full Reserves:Consumer Accounts ReceivableInventory

$E-7 3,067,028.84 $284,745.01

3,351,773.85 $ 2,817,457.90

2,531,023.89286,434.01E-9

$E

$Total Operating Fund 4,179,999.03 $ 3,064,594.27

Capital Fund:CashFixed CapitalFixed Capital Authorized and UncompletedInterfund Receivable

$ 1,650,936.47 $12,247,780.624,869,150.00

E-5 1,317,460.8512,247,780.621,361,750.00

470,995.16

E-16E-15E-22

Total Capital Fund $ 18,767,867.09 $ 15,397,986.63

$ 22,947,866.12 $ 18,462,580.90


npil

SHEET #2

TOWN OF CLINTON

SEWER UTILITY FUND


BALANCEDECEMBER

31.2019

BALANCEDECEMBER

31. 2018REF.LIABILITIES. RESERVES AND FUND BALANCE

Operating Fund:Liabilities:Appropriation ReservesEncumbrances PayableInterfunds PayableAccrued Interest on LoansPrepaid Rents

$ 302,958.81 $10,801.346,392.53

26,193.23

E-4:E-8 107,025.0434,455.901,593.95

27,755.738,415.47

E-11E-13E-12E-6

$ 346,345.91 $3,351,773.85

481,879.27

179,246.092,817,457.90

67,890.28EReserve for Receivables

Fund Balance E-1

4,179,999.03 $ 3,064,594.27Total Operating Fund $

Capital Fund:New Jersey Wastewater Treatment Loans PayableGeneral Serial BondsImprovement Authorizations:FundedUnfundedCapital Improvement FundInterfunds PayableReserve for:Miscellaneous ReservesDeferred AmortizationAmortizationContracts Payable

Fund Balance

$ 689,343.21 $1,200,000.00

E-23 742,911.531,250,000.00E-24

E-18 386,458.983,388,293.15

35,402.97

324,039.08E-18E-19 103,402.97

3,651.74E-22

E-17 1,065,092.201,479,750.00

10,358,437.4138,577.67

126,511.50

1,055,092.201,361,750.00

10,254,869.09175,758.52126,511.50

E-21E-20E-14E-2

$ 18,767,867.09 $ 15,397,986.63Total Capital Fund

$ 22,947,866.12 $ 18,462,580.90


"E-1"

TOWN OF CLINTON

SEWER UTILITY OPERATING FUND


FOR THE YEAR ENDED DECEMBER 31.2019

YEAR ENDEDDECEMBER

31. 2019

YEAR ENDEDDECEMBER

31. 2018REF.


$ 59,999.72 $1,760,000.00

291,563.10

E-3 150,000.001,762,896.17

Fund Balance UtilizedRentsAdditional RentsCapital SurplusReserve to Pay DebtSettlement AgreementMiscellaneousOther Credits to Income:Unexpended Balance of Appropriation ReservesAccrued Interest Canceled

E-3E-3

45,365.0035,107.00

E-3 139,417.21431,330.36E-3 252,182.07

E-8 32,891.401,755.06

13,633.261,550.12E-12

$ 2,716,956.85 $ 2,260,733.62TOTAL INCOME

EXPENDITURES

Budget and Emergency Appropriations:OperatingDeferred Charges and Regulatory ExpendituresCapital ImprovementsMunicipal Debt Service

Refund of Prior Years' Revenue

$ 1,906,683.72 $105,926.0060,000.00

170,183.32175.10

E-4 1,907,505.00109,277.00

35,000.00168,683.32

115.00

E-4E-4E-4E-5

$ 2,242,968.14 $ 2,220,580.32TOTAL EXPENDITURES

$ 473,988.71 $Excess in Revenue 40,153.30

Fund BalanceBalance, January 1 E 177,736.98

$ 541,878.99 $ 217,890.2867,890.28

Decreased by:Utilization by Sewer Operating Budget E-1:E-3 59,999.72 150,000.00

$ 481,879.27 $Balance, December 31 E 67,890.28


"E-2"

TOWN OF CLINTON

SEWER UTILITY CAPITAL FUND

STATEMENT OF CAPITAL SURPLUS - REGULATORY BASIS

REF.

$E 126,511.50Balance, December 31, 2018



"E-3"

TOWN OF CLINTON


STATEMENT OF REVENUES - REGULATORY BASISYEAR ENDED DECEMBER 31. 2019

EXCESSOR

REF. ANTICIPATED REALIZED (DEFICIT)

$ 59,999.72 $1,760,000.00

38,082.79139,417.21245,295.00

Fund Balance AnticipatedSewer Use ChargesAdditional RentsSettlement AgreementMiscellaneous

E-1 59,999.72 $1,760,000.00

291,563.10139,417.21431,330.36

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

253,480.31

186,035.36

$ 2,242,794.72 $ 2,682,310.39 $ 439,515.67E-4

ANALYSIS OF REALIZED REVENUE

Consumer Accounts ReceivableApplied

$ 2,043,147.63M15.47

E-7E-7E-3 $ 2,051,563.10

Miscellaneous:Treasurer:

Interest EarnedMiscellaneous

$ 6,971.4779,545.21

Total Treasurer E-5 $ 86,516.68

Sewer Collector:Penalties on Delinquent AccountsCalibrationsMiscellaneous

E-6 334,754.939,317.25

741.50E-6E-6

E-3 $ 431,330.36


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GENERAL FIXED ASSETS ACCOUNT GROUP

upll

TOWN OF CLINTON

GENERAL FIXED ASSETS ACCOUNT GROUP

BALANCE SHEETS - REGULATORY BASIS-RESTATED

DECEMBER31. 2019

DECEMBER31, 2018

General Fixed Assets:SitesSite ImprovementsBuildings and Building ImprovementsMachinery and Equipment

$ 3,907,376.00 $62 ,988.00

6,370 ,466.184 ,189,627.73

3 ,907,376.0062 ,988.00

6 ,370 ,466.184 ,121,151.00

TOTAL GENERAL FIXED ASSETS $ 14,530,457.91 $ 14,461,981.18

Investment in General Fixed Assets $ 14,530,457.91 $ 14 ,461,981.18


NOTES TO FINANCIAL STATEMENTS

TOWN OF CLINTON

NOTES TO FINANCIAL STATEMENTSYEAR ENDED DECEMBER 31. 2019 AND 2018

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESNOTE 1:

A. Reporting Entity

The Town of Clinton is an instrumentality of the State of New Jersey,established to function as a municipality. The Town Council consists ofelected officials and is responsible for the fiscal control of the Town.

Except as noted below, the financial statements of the Town of Clintoninclude every board, body, officer or commission supported andmaintained wholly or in part by funds appropriated by the Town of Clinton,as required by N.J.S.A. 40A:5-5. Accordingly, the financial statements ofthe Town of Clinton do not include the operations of the local or regionalschool districts, inasmuch as their activities are administered by separateboards.

B. Description of Funds

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

The accounting policies of the Town of Clinton conform to the accountingprinciples applicable to municipalities which have been prescribed by theDivision of Local Government Services, Department of CommunityAffairs, State of New Jersey. Such principles and practices are designedprimarily for determining compliance with legal provisions and budgetaryrestrictions and as a means of reporting on the stewardship of publicofficials with respect to public funds. Under this method of accounting,the financial transactions and accounts of the Town of Clinton areorganized on the basis of funds and an account group which is differentfrom the fund structure required by GAAP.

6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)NOTE 1:

Description of Funds (Continued)B.

A fund or account group is an accounting entity with a separate set ofself-balancing accounts established to record the financial position andresults of operation of a specific government activity. As required by theDivision of Local Government Services, the Town accounts for itsfinancial transactions through the following individual funds and accountgroup:

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

Trust Fund - receipts, custodianship and disbursement of funds inaccordance with the purpose for which each reserve was created

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

Water/Sewer Utility Operating and Capital Funds - Account for theoperations and acquisition of capital facilities of the municipally ownedWater/Sewer 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 government 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 revenues when anticipated in the Town's budget.Receivables for property taxes are recorded with offsetting reserves on thebalance sheet of the Town's Current Fund; accordingly, such amounts arenot recorded as revenue until collected. Other amounts that are due theTown, which are susceptible to accrual, are also recorded as receivableswith offsetting reserves and recorded as revenues when received. GAAPrequires revenues to be recognized in the accounting period when theybecome susceptible to accrual, reduced by an allowance for doubtfulaccounts.

7


Basis of Accounting (Continued)C.

Expenditures - are recorded on the "budgetary" basis of accounting.Generally expenditures are recorded when an amount is encumbered forgoods or services through the issuance 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 Town's regulatoryAppropriation Reserve balance.

Appropriation reserves covering unexpended appropriation balances areautomatically created at December 31st of each year and recorded asliabilities, except for amounts which may be canceled by the governingbody. Appropriation reserves are available, until lapsed at the close ofthe succeeding year, to meet specific claims, commitments or contractsincurred during the preceding fiscal year. Lapsed appropriation reservesare recorded as income. Appropriations for principal payments onoutstanding general capital and utility bonds and notes are provided onthe cash basis, interest on general capital indebtedness is on the cashbasis, whereas interest on utility indebtedness is on the accrual basis.

Encumbrances - Contractual orders at December 31st 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.

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

8



General Fixed Assets - N.J.A.C. 5:30-5.6, 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 Town as part of its basic financial statements. Generalfixed assets are defined as nonexpendable personal and real propertyhaving a physical existence, a useful life of more than one year and anacquisition cost of $5,000.00 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

General Fixed Assets that have been acquired and are utilized in agovernmental fund operation are accounted for in the General FixedAsset Account Group rather than in a governmental fund,

depreciation has been provided on General Fixed Assets or reported inthe financial statements.

No

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 has notbeen accounted for separately.

Fixed Capital - Water Utility and Sewer Utility

Accounting for utility fund "fixed capital" remains unchanged under therequirements of N.J.A.C. 5:30-5.6.

Property and equipment purchased by the Water Utility Fund and theSewer Utility Fund are recorded in the capital account at cost and areadjusted for disposition and abandonment. The amounts shown do notpurport to represent reproduction costs or current value. The fixed capitalreported is as taken from the municipal records and does not necessarilyreflect the true condition of such fixed capital. Contributions in aid ofconstruction are not capitalized. The balance in the Reserve forAmortization and Deferred Reserve for Amortization accounts in the utilitycapital fund represents charges to operations for the cost of acquisition ofproperty, equipment and improvements. The utility does not recorddepreciation on fixed assets.

9



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.

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 astate or local government employer or non-employer contributing entitymakes 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.

10

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)


Accounting and Financial Reporting for Postemplovment 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 theamount of funds that must be budgeted for OPEB payment under existingstate 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.

Basic Financial StatementsD.

The GASB codification also defines the financial statements of agovernmental unit to be presented in the general purpose financialstatements to be held in accordance with GAAP. The Town 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 Town considers petty cash, change funds, cash in banks and certificates ofdeposit as cash and cash 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 maintaincollateral for deposits of public funds that exceed certain insurance limits.Each depository participating in the GUDPA system must pledgecollateral equal to 5% of the average amount of its public deposits and100% of the average amount of its public funds in excess of 75% of itscapital funds. No collateral is required for amounts covered by FDICinsurance. The collateral which may be pledged to support these depositsincludes obligations of the State and federal governments, insuredsecurities and other collateral approved by the Department. When thecapital position of the depository deteriorates or the depository takes anunusually large amount of public deposits, the Department of Bankingand Insurance requires additional collateral to be pledged.(GUDPA), if a public depository fails, the collateral it has pledged, plusthe collateral of all other public depositories, is available to pay the fullamount of the deposits to the governmental unit.

Under

The Town of Clinton has the following cash and cash equivalents atDecember 31, 2019:

Reconciling Items: ReconciledBalance

BankBalanceFund Type: Additions Deletions

$ 1,745,104.63 $ 79,386.67 $14,840.84

794,216.89 50,761.60677,012.32984,637.61 25,016.24

48,681.83840,174.33 13,508.27

1,650,936.47

64,921.44 $654.20

119,386.722,550.00

58,247.0838,611.0025,457.42

Current FundAnimal Control FundOther Trust FundGeneral Capital FundWater Utility Operating FundWater Utility Capital FundSewer Utility Operating FundSewer Utility Capital Fund

1,759,569.8614,186.64

725.591.77674,462.32951.406.77

10,070.83828,225.18

1,650,936.47

$ 6,755,604.92 $ 168,672.78 $ 309,827.86 $ 6,614,449.84TOTAL DECEMBER 31. 2019

12

CASH AND CASH EQUIVALENTS (CONTINUED)NOTE 2:

Deposits (Continued)A.

Custodial Credit Risk - Deposits - Custodial credit risk is the risk that inthe event of a bank failure, the deposits may not be returned. The Towndoes not have a specific deposit policy for custodial credit risk otherthan those policies that adhere to the requirements of statute. As ofDecember 31, 2019, based upon the coverage provided by FDIC andNJGUDPA, no amount of the bank balance was exposed to custodialcredit risk. Of the cash on balance in the bank $500,000.00 was coveredby Federal Depository Insurance and $6,255,604.92 was covered underthe provisions of NJGUDPA.

B. Investments

The purchase of investments by the Town is strictly limited by the expressauthority of the New Jersey Local Fiscal Affairs Law, N.J.S.A. 40A:5-15.1.Permitted investments include any of the following type of securities:

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.

3. 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;

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.

13

CASH AND CASH EQUIVALENTS (CONTINUED)NOTE 2:

Investments (Continued)B.

Bonds or other obligations, having a maturity date not more than397 days from date of purchase, approved by the Division ofInvestment of the Department of Treasury for investment by LocalUnits;

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 toparagraphs (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.

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

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

e.

The Town of Clinton had no investments outstanding at December 312019.

Based upon the limitations set forth by New Jersey Statutes 40A:5-15.1and existing investment practices, the Town is generally not exposed tocredit risks, custodial credit risks, concentration of credit risks and interestrate risk for its investments nor is it exposed to foreign currency risk for itsdeposits and investments.

14

NOTE 3: GOVERNMENTAL DEBT

The Local Bond Law, Chapter 40A:2, governs the issuance of bonds to financegeneral municipal capital expenditures. All bonds are retired in annual installmentswithin the regulatory period of usefulness. All bonds issued by the Town are generalobligation bonds, based by the full faith and credit of the Town.

SUMMARY OF MUNICIPAL DEBT

YEAR 2019 YEAR 2018 YEAR 2017

Issued:General:

Bonds and NotesWater Utility:

Bonds, Loans and NotesSewer Utility:

Loans

$ 3,329,092.00 $ 2,830,042.00 $ 3,115,050.00

11,493,744.67 12,270,592.83 11,352,002.79

1,889,343.21 1,992,911.53 2,091,479.85

Total Debt Issued $ 16,712,179.88 $ 17,093,546.36 $ 16,558,532.64

Less:Funds Temporarily held to PayBonds and Notes - General $ $ 0.63 $ 14,058.630.63

Net Debt Issued $ 16,712,179.25 $ 17,093,545.73 $ 16,544,474.01

Authorized But Not Issued:General - Bonds and NotesWater Utility - Bonds and NotesSewer Utility - Bonds and Notes

$ 442,680.4916,314,768.69

3,389,400.00

$ 756,398.14 $ 532,150.9714,764,768.69 13,298,668.69

$ 20,146,849.18 $ 15,521,166.83 $ 13,830,819.66Total Authorized But Not Issued

NET BONDS AND NOTESISSUED AND AUTHORIZEDBUT NOT ISSUED $ 36,859,028.43 $ 32,614,712.56 $ 30,375,293.67

15

GOVERNMENTAL DEBT (CONTINUED)NOTE 3:

SUMMARY OF REGULATORY DEBT CONDITION (ANNUAL DEBT STATEMENT)

The summarized statement of debt condition which follows is prepared in accordancewith the required method of setting up the Annual Debt Statement and indicates astatutory net debt of 0.951%.

GROSS DEBT DEDUCTIONS NET DEBT

$ 1,829,161.1327,808,513.36

5,278,743.213,771,772.49

$ 1,829,161.13 $27,808,513.36

5,278,743.21

Regional School District DebtWater Utility DebtSewer Utility DebtGeneral Debt 0.63 3,771,771.86

$ 38,688,190.19 $ 34,916,418.33 $ 3,771,771.86

NET DEBT $3,771,771.86 DIVIDED BY EQUALIZED VALUATION BASIS PER N.J.S.A.40A:2-2, AS AMENDED, $396,576,682.00 EQUALS 0.951%.

EQUALIZED VALUATION BASIS

2017 Equalized Valuation Basis of Real Property2018 Equalized Valuation Basis of Real Property2019 Equalized Valuation Basis of Real Property

$ 385,677,787.00392,503,894.00411,548,365.00

$ 396,576,682.00

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

Equalized Valuation Basis* - December 31, 2019 $ 396,576,682.00

3-1/2% of Equalized Valuation Basis $ 13,880,183.87

Net Debt 3,771,771.86

Remaining Borrowing Power $ 10,108,412.01

‘Equalized Valuation basis is the average of the equalized valuation of Real Estate,including improvements, and the assessed valuation of Class II Railroad Property ofthe Town for the last three (3) preceding years.

SCHOOL DEBT DEDUCTION

School debt is deductible up to the extent of 3% of the Average Equalized AssessedValuation of real property for the Local and Regional School Districts.

16


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

Cash Receipts from Fees, Rents of OtherCharges for Year and Anticipated Surplus $ 3,914,565.67

Deduction:Operating and Maintenance Cost $ 2,090,253.00

Debt Service Per Water Utility Account 1,131,113.163,221,366.16

$ 693,199.51Excess in Revenue - Self Liquidating

CALCULATION OF “SELF-LIQUIDATING PURPOSE" SEWER UTILITYPER N.J.S.A. 40A.2-45

Cash Receipts from Fees, Rents of OtherCharges for Year and Anticipated Surplus $ 2,682,310.39

Deduction:Operating and Maintenance Cost $ 2,012,609.72

Debt Service Per Sewer Utility Account 170,183.322,182,793.04

$ 499,517.35Excess in Revenue - Self Liquidating

LONG-TERM DEBT


Serial Bonds:

$2,328,000.00 of 2013 General Obligation Bonds due in annualinstallments ranging between $125,000.00 and $250,000.00through August 2026 at varying interest rates between3.00% to 5.00% $ 1,478,000.00

17


LONG-TERM DEBT (CONTINUED)

WATER CAPITAL FUND

Serial Bonds:


New Jersey Environmental Infrastucture Trust:

$1,910,000.00 of 2010 Trust Loan due in annualinstallments ranging between $65,000.00 and $150,000.00through August 2030 at an interest rate of 5.00%. $ 712,000.00

$2,053,323.00 of 2010 Trust Fund due in annual installmentsof principal only ranging between $38,880.72 and $104,406.24through August 2025 511,702.92

$405,000.00 of 2012 Trust Loan due in annualinstallments ranging between $10,000.00 and $30,000.00 throughAugust 2031 at variable interest rates of 2.00% to 5.00%. 295,000.00

$1,304,088.00 of 2012 Trust Fund due in annual installments ofprincipal only ranging between $19,411.73 and $66,309.55through August 2031 748,816.78


$1,131,183.00 of 2014 Trust Fund due in annual installments ofprincipal only ranging between $57,517.77 and $57,517.96through August 2033 797,015.97


$1,293,900.00 of 2018 Trust Fund due in annual installments ofprincipal only ranging between $43,614.60 and $43,614.80through August 2047 1,221,209.00

$ 5,010,744.67

18



SEWER CAPITAL FUND

Serial Bonds:


New Jersey Wastewater Treatment Trust:

$515,000.00 of 2012 Trust Loan due in final annualinstallment of $20,000.00 to $40,000.00 throughAugust 2031 at a variable interest rate of 2.00% to 5.00%. $ 370,000.00

$561,844.00 of 2012 Trust Fund due in annual installments ofprincipal only ranging between $5,091.69 and $28,568.32through August 2013 319,343.21

$ 689,343.21

Bonds and Notes Authorized But Not Issued

At December 31, 2019, the Town has authorized but not issued bonds and notes asfollows:

General Capital Fund $442,680.49

$16,314,768.69Water Utility Capital Fund

Sewer Utility Capital Fund $3,389,400.00

19

NOTE 3: GOVERNMENTAL DEBT (CONTINUED)


SCHEDULE OF ANNUAL DEBT SERVICE FOR PRINCIPALAND INTEREST FOR BONDED DEBT AS OF DECEMBER 31. 2019


CALENDARYEAR PRINCIPAL INTEREST TOTAL

$2020 $200,000.00200,000.00200,000.00200,000.00200,000.00250,000.00228,000.00

$57,370.0047,370.0039,370.0031,370.0024,870.0017,870.00

9,120.00

257,370.00247,370.00239,370.00231,370.00224,870.00267,870.00237,120.00

202120222023202420252026

$ 1,478,000.00 $ 227,340.00 $ 1,705,340.00

SCHEDULE OF ANNUAL DEBT SERVICE FOR PRINCIPALAND INTEREST FOR BONDED DEBT AS OF DECEMBER 31.2019

WATER CAPITAL UTILITY FUND


$ 350,000.00350,000.00400,000.00450,000.00450,000.00450,000.00450,000.00450,000.00500,000.00500,000.00500,000.00500,000.00500,000.00493,000.00

2020 $ 252.452.50234.952.50220.952.50204.952.50190.327.50174.577.50158.827.50140.827.50122.827.50102.827.50

82.827.5062.827.5042.202.5020.952.50

$ 602.452.50584.952.50620.952.50654.952.50640.327.50624.577.50608.827.50590.827.50622.827.50602.827.50582.827.50562.827.50542.202.50513.952.50

2021202220232024202520262027202820292030203120322033

$ 6,343,000.00 $ 2,012,335.00 $ 8,355,335.00

20



SCHEDULE OF ANNUAL DEBT SERVICE FOR PRINCIPALAND INTEREST FOR BONDED DEBT AS OF DECEMBER 31. 2019

SEWER CAPITAL UTILITY FUND


$2020 50,000.00 $50,000.0050,000.0050,000.00

100,000.00100,000.00100 ,000.00100,000.00100,000.00100,000.00100,000.00100,000.00100,000.00100,000.00

47,750.0045,250.0043,250.0041,250.0039,625.0036,125.0032,625.0028,625.0024,625.0020,625.0016,625.0012,625.00

8,500.004,250.00

$ 97,750.0095,250.0093,250.0091,250.00

139,625.00136,125.00132,625.00128,625.00124,625.00120,625.00116,625.00112,625.00108,500.00104,250.00

2021202220232024202520262027202820292030203120322033

$ 1,200,000.00 $ 401,750.00 $ 1,601,750.00

21



SCHEDULE OF ANNUAL DEBT SERVICE FOR PRINCIPALAND INTEREST FOR NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE

TRUST LOAN AS OF DECEMBER 31. 2019

WATER CAPITAL UTILITY FUND

CALENDARYEAR

STATEPRINCIPAL

TRUSTPRINCIPAL

TRUSTINTEREST TOTAL

$2020 $271,848.16271,848.16271,848.16271,848.16261,519.88167,441.92167,441.92167,441.92167,441.92167,441.92167,441.92120,544.10101,132.37

92,899.5643,614.6043,614.6043,614.6043,614.6043,614.6043,614.6043,614.6043,614.6043,614.6043,614.6043,614.6043,614.6043,614.6043,614.80

$132,000.00132,000.00141,000.00146,000.00150,000.00165,000.00169,000.0082,000.0065,000.0070,000.0070,000.0070,000.0040,000.0040,000.0015,000.0015,000.0015,000.0015,000.0015,000.0020,000.0020,000.0020,000.0020,000.0020,000.0020,000.0020,000.0020,000.0025,000.00

73.912.5067.312.5060.712.5053.662.5046.362.5038.862.5031,012.5022.962.5019.897.5017.947.5015,810.0013,650.0011,475.0010,225.00

8.943.748.456.247.968.747,462.506.956.246,450.005,775.005,075.004,375.003,675.002,975.002,275.001,575.00

875.00

$ 477.760.66471.160.66473.560.66471.510.66457,882.38371.304.42367.454.42272.404.42252.339.42255.389.42253,251.92204,194.10152,607.37143,124.5667.558.3467,070.8466.583.3466,077.1065,570.8470,064.6069.389.6068.689.6067.989.6067.289.6066.589.6065.889.6065.189.6069,489.80

202120222023202420252026202720282029203020312032203320342035203620372038203920402041204220432044204520462047

$ 3,278,744.67 $ 1,732,000.00 $ 556,642.46 $ 5,567,387.13

22



SCHEDULE OF ANNUAL DEBT SERVICE FOR PRINCIPALAND INTEREST FOR NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE

TRUST LOAN AS OF DECEMBER 31. 2019

SEWER CAPITAL UTILITY FUND

CALENDARYEAR

STATEPRINCIPAL

TRUSTPRINCIPAL

TRUSTINTEREST TOTAL

2020 $ $28,568.3228,568.3228,568.3228,568.3228,568.3228,568.3228,568.3228,568.3228,568.3228,568.3228,568.32

5,091.69

25,000.00 $25,000.0025,000.0025,000.0030,000.0030,000.0030,000.0035,000.0035,000.0035,000.0035,000.0040,000.00

15.113.7613.863.7612.613.7611.363.7610.113.76

8.613.767.113.765.613.764.563.763.513.762,420.001,300.00

$ 68,682.0867,432.0866,182.0864,932.0868,682.0867,182.0865,682.0869,182.0868,132.0867,082.0865,988.3246,391.69

20212022202320242025202620272028202920302031

$ $ 370,000.00 $319,343.21 96,207.60 $ 785,550.81

23


SHORT-TERM DEBT

In accordance with NJSA 40A:2-8.1, a local unit may, in anticipation of the issuance ofbonds, borrow money and issue notes if the bond ordinance or subsequent resolutionso provides. Any such note shall be designated as a "bond anticipation note" and shallbe subject to the following provisions:

(1) every note shall contain a recital that it is issued for a period not exceeding oneyear and may be renewed from time to time for additional periods, none of which shallexceed one year;

(2) all such notes, including renewals, shall mature and be paid not later than the firstday of the fifth month following the close of the tenth fiscal year next following the dateof the original notes; and

(3) no such notes shall be renewed beyond the third anniversary date of the originalnotes unless an amount of such notes, at least equal to the first legally payableinstallment of the bonds in anticipation of which those notes are issued, is paid andretired on or before each subsequent anniversary date beyond which such notes arerenewed from funds other than the proceeds of obligations.

Bond Anticipation Notes

Outstanding Bond Anticipation Notes are summarized as follows:

GENERAL CAPITAL ORIGINALISSUEDDATE

INTERESTRATEORDINANCE # AMOUNT

2014-082014-152014-182015-112016-092019-012019-09

1.48%1.48%1.48%1.48%1.48%1.48%1.48%

$ 97,799.00317,782.00

89,473.00130,142.00445,896.00276,000.00494,000.00

8/20/20158/20/20158/20/20158/20/20158/18/20168/15/20198/15/2019

$ 1,851,092.00WATER CAPITAL

2016-08 1.48% 8/18/2016 $ 140,000.00

24


SHORT-TERM DEBT (CONTINUED)

In accordance with NJSA 40A:4 sections 64 through 73, in any fiscal year, inanticipation of the collection of taxes for such year, whether levied in such year, or inanticipation of other revenue for such year, the Town may, by resolution, borrowmoney and issue its negotiable notes, each of which shall be designated by the fiscalyear to which it pertains. The proceeds may be used to pay outstanding previousnotes of same purpose, or for purposes provided for in the budget or for which taxesare levied or to be levied for in such year. The amount outstanding shall not exceedan amount certified as the gross borrowing power, and no such notes shall beauthorized in excess of an amount certified as the net borrowing power. Taxanticipation notes may be renewed from time to time, but any note shall mature within120 days after the beginning of the succeeding fiscal year, and bear an interest ratethat does not exceed 6%. The Town did not have any Tax Anticipation Notes in 2019.

FUND BALANCES APPROPRIATEDNOTE 4:

Fund balances at December 31, 2019, which were appropriated and included asanticipated revenue in their own respective funds for the year ending December 31,2020, were as follows:

$500,000.00$140,000.00

$68,000.00

Current FundWater Operating FundSewer Operating Fund

PROPERTY TAXESNOTE 5:

Property taxes attach as an enforceable lien on property as of January 1. Taxes arelevied based on the final adoption of the current year municipal budget, and arepayable in four installments on February 1, May 1, August 1 and November 1. TheTown bills and collects its own property taxes and also taxes for the County and localschool district. The collections and remittance of county and school taxes areaccounted for in the Current Fund. Town property tax revenues are recognized whencollected in cash and any receivables are recorded with offsetting reserves on thebalance sheet of the Town's Current Fund.

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

BALANCEDECEMBER

31, 2018

BALANCEDECEMBER

31, 2019

$56.232.81 $55.695.56Prepaid Taxes

25

PENSION PLANSNOTE 6:

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.Box 295, Trenton, New Jersey, 08625 or are available online atwww.nj.gov/treasury/pensions/annrprts.shtml.

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.S.A. 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.

26

PENSION PLANS (CONTINUED)NOTE 6:

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 the firstday 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.

Newly elected or appointed officials that have an existing DCRP account, or area member of another State-administered retirement system are immediatelyinvested in the DCRP. For newly elected or appointed officials that do not qualifyfor immediate vesting in the DCRP. Employee and employer contributions areheld during the initial year of membership. Upon commencing the second year ofDCRP membership, the member is fully invested. 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 for PERS is set by N.J.S.A. 43:15A and requirescontributions by active members and contributing employers. State legislationhas modified the amount that is contributed by the State. The State’s pensioncontribution is based on an actuarially determined amount, which includes theemployer portion of the normal cost and an amortization of the unfunded accruedliability. Funding for noncontributory group life insurance benefits is based onactual claims paid. For fiscal year 2019, the State’s pension contribution was lessthan the actuarial determined amount. The local employers’ contribution amountsare based on an actuarially determined rate, which includes the normal cost andunfunded accrued liability. During 2019, PERS provides for employeecontributions of 7.50% of employees' base salary.

27


Funding Policy (Continued)

The contribution policy for PFRS is set by N.J.S.A. 43:16A and requirescontributions by active members and contributing employers. State legislationhas modified the amount that is contributed by the State. The State’s contributionamount is based on an actuarially determined rate, which includes the normalcost and unfunded accrued liability. The local employers’ contribution amountsare based on an actuarially determined rate, which includes the normal cost andunfunded accrued liability. For the fiscal year 2018, the State contributed anamount less than the actuarially determined amount. During 2018, PFRSprovides for employee contributions of 10.00% of employees' base salary.

The Town's share of pension costs, which is based upon the annual billingsreceived from the State, amounted to:

PERS PFRSYEAR

2019 $ 211,653.00 $186,905.00176,718.00

267,473.00209,170.00216,394.00

20182017

All contributions were equal to the required contributions for each of the threeyears, respectively.

Certain Town 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.statement does not alter the amounts of funds that must be budgeted for pensionpayments under existing state law.

The

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 $3,722,657.00 forthe Town’s proportionate share of the total net pension liability. The total pensionliability for the June 30, 2019 measurement date was determined by an actuarialvaluation as of July 1, 2018, which was rolled forward to June 30, 2019. TheTown's proportion of the net pension liability was based on a projection of theTown’s long-term share of contributions to the pension plan relative to theprojected contributions of all participating employers, actuarially determined. AtJune 30, 2019, the Town’s proportion was 0.0206602115 percent, which was adecrease of 0.0005421485 percent from its proportion measured as of June 30,2018.

For the year ended June 30, 2019, the State recognized an actuariallydetermined pension expense of $259,795.00 for the Town’s proportionate shareof the total pension expense. The pension expense recognized in the Town’sfinancial statements based on the April 1, 2019 billing was $210,895.00.

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

Resources$ 66,817.00 $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 Towncontributions and proportionate share of contributions

16,445.00

371,721.00 1,292,122.00

58,764.00

245,877.00 114,052.00

$ 684,415.00 $ 1,481,383.00

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

Year EndedJune 30, Amount

($81,128.00)(322,341.00)(285,010.00)(119,841.00)

11,352.00

20202021202220232024

($796,968.00)

30

NOTE 6: PENSION PLANS (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

1.65-4.15%2.65-5.15%

Based onYears of Service 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




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%

32




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.

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 Town’s proportionate share of net pension liability to changes inthe discount rate

The following presents the Town’s proportionate share of the net pension liabilityof the participating employers as of June 30, 2019 respectively, calculated usingthe discount rate as disclosed above as well as what the Town's proportionateshare of the net pension liability would be if it was calculated using a discountrate that is 1-percentage point lower or 1- percentage point higher than thecurrent rate:

June 30, 20191%1% At Current

Discount Rate6.28%

Increase7.28%

Decrease5.28%

Town's proportionate shareof the pension liability $2,917,306.00$4,735,033.00 $3,722,657.00

33




Pension plan fiduciary net position

Detailed information about the pension plan’s fiduciary net position is available in theseparately issued Financial Report for the State of New Jersey Public EmployeesRetirement System (PERS). The report may be obtained at State of New JerseyDivision of Pensions and Benefits P.O. Box 295 Trenton, New Jersey 08625-0295http://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 $3,309,362.00 forthe Town’s proportionate share of the total PFRS 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 Town's proportion of the net pension liability was based on a projection ofthe Town's long-term share of contributions to the pension plan relative to theprojected contributions of all participating employers, actuarially determined.

At June 30, 2019, the Town’s proportion was 0.0270420884 percent, which wasa decrease of 0.0003167547 percent from its proportion measured as of June 30,2018.

For the year ended June 30, 2019, the State recognized an actuariallydetermined pension expense of $337,551.00. The pension expense recognizedin the Town’s financial statements based on the April 1, 2019 billing was$267,473.00.

34



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

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


DeferredInflow of

ResourcesDifferences between expected and actual experience


Net difference between projected and actual earningson pension plan investments

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

$ 27,935.00 $ 20,952.00

113,397.00 1,069,555.00

44,841.00

403,199.00 246,901.00

$ 544,531.00 $ 1,382,249.00

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

2020 $ (142,235.40)(332.934.40)(226.666.40)

(95,880.40)(40,001.40)

2021202220232024

$ (837,718.00)

35



Police and Firemen's Retirement System (PFRS) (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. This actuarial valuation used the following assumptions:

June 30, 2019 June 30, 2018

Inflation 2.75% 2.25%

Salary IncreasesThrough all future years 3.25-15.25%

Based on years ofService

2.10-9.98%Based on Age

Investment Rate of Return 7.00% 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.

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.

36




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%

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.

37




Discount Rate (Continued)

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 Town’s proportionate share of the net pension liability tochanges in the discount rate

The following presents the Town’s proportionate share of the net pension liabilityof the participating employers as of June 30, 2019 respectively, calculated usingthe discount rate as disclosed above as well as what the Town’s proportionateshare of the net pension liability would be if it was calculated using a discountrate that is 1-percentage point lower or 1- percentage point higher than thecurrent rate:

June 30, 2019At Current 1%1%

Discount Rate6.85%

Increase7.85%

Decrease5.85%

Town's proportionate shareof the PFRS pension liability $4,473,051.00 $3,309,362.00 $2,346,241.00

38




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 theTown 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 Town 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 Town related to this legislation.

At June 30, 2019 and 2018, the State's proportionate share of the net pensionliability attributable to the Town for the PFRS special funding situation is$522,555.00 and $502,869.00, respectively.

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

Town's Proportionate Share of Net Pension Liability $3,309,362.00

State of New Jersey Proportionate Share ofNet Pension Liability Associated with the Town 522,555.00

$3,831,917.00

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/treasurv/pensions.

39

NOTE 7: COMPENSATED ABSENCES

The Town has created an accrued sick leave and vacation benefits policy as partof their personnel policy. Employees receive one sick day per month of service,which may be accumulated from year to year if unused. Upon retirement, anemployee having a minimum of 14 years of service with the Town iscompensated one day’s pay for every four days of accrued sick leave formaximum compensation of $10,000.00. Employees covered under the PBAcontract are compensated one day’s pay for every two days of accrued sickleave with a maximum compensation of $15,000.00.

A maximum of three unused vacation days at the end of the year may be carriedforward and taken prior to April 1st of the following year. If an employeevoluntarily terminates employment with the Town and gives proper notice of atleast two weeks, they are paid for entitled vacation days not yet taken at time oftermination. The accumulated cost of such unpaid compensation is not requiredto be reported in the financial statements as presented but has been calculatedto be $142,438.37. The Town has established a Trust Fund Reserve which hasaccumulated $97,441.40 for this purpose.

NOTE 8: LITIGATION

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

TAX APPEALSNOTE 9:

There are tax appeals filed with the County and State Tax Court of New Jerseyrequesting a reduction of assessments for the year 2019. Any reduction inassessed valuation will result in a refund of prior years’ taxes in the year ofsettlement, which may be funded from tax revenues through the establishment ofa reserve or by the issuance of refunding bonds per N.J.S.A. 40A:2-51.

NOTE 10: CONTINGENT LIABILITIES

The Town 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. Findings and questionedcosts, if any, relative to federal and state financial assistance programs will bediscussed in detail in Part II of the 2019 audit report. In addition, these programsare also subject to compliance and financial audits by the grantors or theirrepresentatives. As of December 31, 2019, the Town does not believe that anymaterial liabilities will result from such audits.

40

NOTE 11: RISK MANAGEMENT

The Town is exposed to various risks of loss related to torts; theft of, damage to,and destruction of assets; errors and omissions, injuries to employees; andnatural disasters. The Town maintains commercial insurance coverage throughthe Statewide Insurance Fund covering each of those risks of loss. Managementbelieves such coverage is sufficient to preclude any significant uninsured lossesto the Town. Settled claims have not exceeded this commercial coverage in anyof the past three fiscal years.

New Jersey Unemployment Compensation Insurance - The Town has elected tofund its New Jersey Unemployment Compensation Insurance under the “BenefitReimbursement Method”. Under this plan, the Town is required to reimburse theNew Jersey Unemployment Trust Fund for benefits paid to its former employeesand charged to its account with the State. The Town is billed quarterly foramounts due to the State. The following table is a summary of Towncontributions, employee contributions, reimbursements to the State for benefitspaid and the ending balance of the Town’s expendable trust fund for the currentand previous two years:

FiscalYear

InterestEarned

EmployerContributions

AmountReimbursed

EndingBalance

$ 1,715.19 $658.14104.56

2019 4,096.493,945.773,883.96

$ $431.092,944.491,207.45

133,876.19128,495.60126,836.18

20182017

NOTE 12: DEFERRED COMPENSATION PLAN

The Town offers its employees a deferred compensation plan created inaccordance with Internal Revenue Code Section 457. The Plan, available to allTown employees, permits them to defer a portion of their salaries until futureyears. The Town does not make any contribution to the Plan. The deferredcompensation is not available to employees until retirement, death, disability,termination or financial hardships.

The Plan is administered by AXA Equitable and Lincoln Life.

The accompanying financial statements do not include the Town’s DeferredCompensation Plan activities. The Town’s Deferred Compensation Plan financialstatements are contained in a separate review report.

41

NOTE 13: INTERFUND RECEIVABLES AND PAYABLES

The following interfund balances remained on the balance sheets at December31, 2019:

INTERFUNDRECEIVABLE

INTERFUNDPAYABLEFUND

$ 2,822.75 $6,191.78

Current FundGrant FundAnimal Control Trust FundTrust Other FundGeneral Capital FundWater Utility Operating FundWater Utility Capital FundSewer Utility Operating Fund

145,852.43

2,822.751,943.00

137,717.65957,531.53

951,139.006,392.53

$ 1,106,206.71 $ 1,106,206.71

All balances resulted from the time lag between the dates that paymentsbetween funds are made.

NOTE 14: LENGTH OF SERVICE AWARDS PROGRAM

The Town of Clinton adopted an ordinance establishing a Length of ServiceAwards Program for the members of the volunteer Fire Department and the FirstAid and Rescue Squad pursuant to N.J.S.A. 40A:14-183 et seq.

Under this program, each eligible volunteer of the Fire Department or First Aidand Rescue Squad will have an annual contribution deposited into a tax deferredincome account that will earn interest for the volunteer. The estimated annualcost of this program is $15,000.00.

The accompanying financial statements do not include the Town’s Length ofService Awards Program’s activities. The Town’s Length of Service AwardsProgram’s financial statements are contained in a separate review report asrequired by state regulation.

42

NOTE 15: ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENTBENEFITS OTHER THAN PENSIONS - GASB 75

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 ProvidedThe 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.

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.

43

NOTE 15: ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENTBENEFITS OTHER THAN PENSIONS -GASB 75 (CONTINUED)

Plan Description and Benefits Provided (Continued)

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.

Contributions

The Town's annual contributions to the Plan for retirees were $102,188.52 for2019, $95,663.08 for 2018 and $80,564.28 for 2017 which equaled the requiredcontributions for that year.

44

NOTE 15: ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENTBENEFITS OTHER THAN PENSIONS - GASB 75 (CONTINUED)

Total Net OPEB Liability

At June 30, 2019, the Plan reported a liability of $5,571,905.00 for the Town’sproportionate share of the collective net OPEB liability. The total Net OPEBLiability measured as of June 30, 2019 was determined by an actuarial valuationas of June 30, 2018, which was rolled forward to June 30, 2019. The Town'sproportion of the Net OPEB Liability was based on the ratio of the plan membersof an individual employer to the total members of the Plan's nonspecial fundingsituation during the measurement period July 1, 2018 through June 30, 2019.

At June 30, 2019, the Town's proportion was 0.041133 percent, which was adecrease of 0.002319 percent from its proportion measured as of June 30, 2018.For the year ended June 30, 2019, the State reported OPEB benefit of$109,182.00. This OPEB benefit was based on the OPEB plans June 30, 2019measurement date.

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


DeferredInflow of

ResourcesDifferences between expected and

actual experience


Net difference between projected and actualearnings on OPEB plan investments

Changes in proportion

$1,629,442

1,974,559

$4,590

258,988 633,222

$263,578 $4,237,223

45

NOTE 15: ACCOUNTING AND FINANCIAL REPORTING FOR POSTEMPLOYMENTBENEFITS OTHER THAN PENSIONS -GASB 75 (CONTINUED)

Other local amounts reported by the State as the Town’s proportionate share ofdeferred outflows of resources and deferred inflows of resources related toOPEB will be recognized in the State’s actuarially calculated pension(benefit)/expense as follows:

Year EndedJune 30, Amount

($661,075)(661,075)(661,435)(662,016)(662,548)(665,497)

20202021202220232024

Total Thereafter

($3,973,645)

Actuarial Assumptions and Other InputsThe 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%

46


Actuarial Assumptions and Other Inputs (Continued)

Mortality:PERS Pub-2010 General classification headcount weighted

mortality with fully generational mortality improvementprojections from the central year using scale MP-2019Pub-2010 Safety classification headcount weightedmortality with fully generational mortality improvementprojections from the central year using scale MP-2019

PFRS

* 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.

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 2020 arereflected. The assumed post-65 medical trend is 4.5% for all future years. Forprescription drug benefits, the initial trend rate is 7.5% and decreases to a 4.5%long-term trend 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.

47


Sensitivity of the Town’s Proportionate Share of the Net OPEB Liability toChanges in the Discount Rate

The following presents the Net OPEB Liability associated with the Town as ofJune 30, 2019, calculated using the discount rate as disclosed above as well aswhat the Net OPEB Liability would be if it was calculated using a discount ratethat is 1 -percentage point lower or 1-percentage point higher than the currentrate:

June 30, 20191.00%

Decrease (2.50%)1.00%

Increase (4.50%)At DiscountRate (3.50)

Town's proportionate shareof the Net OPEB Liability $6,442,540 $5,571,905 $4,864,400

Sensitivity of the Town’s Proportionate Share of the Net OPEB Liability toChanges in Healthcare Trends

The following presents the total Net OPEB Liability associated with the Town asof June 30, 2019, calculated using the healthcare trend rate as disclosed aboveas well as what the Net OPEB Liability would be if it was calculated using ahealthcare trend rate that is 1- percentage point lower or 1-percentage pointhigher than the current rate:

June 30, 20191.00%

DecreaseHealthcare Cost

Trend Rate1.00%

IncreaseTown's proportionate shareof the Net OPEB Liability $4,702,002 $5,571,905 $6,681,614

OPEB Plan Fiduciary Net PositionDetailed 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

48

NOTE 16: DEFERRED CHARGES TO BE RAISED IN SUCCEEDING YEARS’ BUDGETS

The following deferred charges are shown on the December 31, 2019 BalanceSheets and will be raised in succeeding years’ budget:

BALANCEDECEMBER

31, 2019

FUNDED BYCAPITAL

ORDINANCECurrent:

EmergencyAuthorization:Sink Hole Repairs $52.000.00 $52.000.00

NOTE 17: SUBSEQUENT EVENTS

The Town has evaluated subsequent events occurring after the financialstatement date through June 30, 2020 which is the date the financial statementswere available to be issued. Based upon this evaluation, the Town hasdetermined that the following subsequent events needed to be disclosed.

Subsequent to the date of these Financial Statements the COVID-19 CoronaVirus spread across the State of New Jersey and the Nation as a whole. Theimpact of this virus on the Borough’s operations in 2020 cannot be reasonablyestimated at this time but may negatively affect revenues.

49


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TOWN OF CLINTON

CURRENT FUND

SCHEDULE OF CASH-COLLECTOR

REF.

Received:Revenue Accounts ReceivableTaxes ReceivablePrepaid TaxesTax Overpayments

$A-9 29,572.2012,164,255.19

56,232.8124,174.35

A-7A-17A-18

$ 12,274,234.55

Decreased by Disbursements:Payments to Treasurer A-4 $ 12,274,234.55

"A-6"

SCHEDULE OF TAX TITLE LIENS

Balance, December 31, 2018 A $ 851.38

Increased by:Transfers From Taxes Receivable A-7 206.31

Balance, December 31, 2019 A $ 1,057.69

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3 ,66

4.42

$12

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, 981

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TAX

LEVY

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"A-8"

TOWN OF CLINTON

CURRENT FUND

SCHEDULE OF DUE STATE OF NEW JERSEYPER CHAPTER 20. P.L. 1971

REF.

Increased by:Deductions Per Tax Duplicate:Senior CitizensVeterans

Allowed by Tax Collector:Senior Citizens and Veterans

$ 750.0010,750.00

1,759.12$ 13,259.12

Decreased by:Received From State of New JerseyCanceled

A-4 11,500.001,509.12A-1

13,009.12

$Balance, December 31, 2019 A 250.00

SUMMARY OF 2019 EXEMPTIONSSenior Citizens and Veterans ExemptionsPer Tax Billings

Senior Citizens and Veterans ExemptionsAllowed by Tax Collector

$ 11,500.00

1,759.12

Per Tax Billings A-7 $ 13,259.12

"A-9

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A13

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A

"A-11"

TOWN OF CLINTON

CURRENT FUND

SCHEDULE OF PETTY CASH

CASHRECEIPTS

CASHDISBURSEDDEPARTMENT

$ 100.00 $250.00

Town ClerkPolice

100.00250.00

$ 350.00 $ 350.00

REF. A-4 A-4

"A-12"

SCHEDULE OF RESERVE FOR OUTSIDE LIENS

Increased by:Cash Receipts $A-4 68,215.37

Decreased by:Cash Disbursements A-4 $ 68,215.37

"A-13"SHEET #1

TOWN OF CLINTON

CURRENT FUND

SCHEDULE OF 2018 APPROPRIATION RESERVES

BALANCEDECEMBER

31. 2018

BALANCEAFTER

TRANSFERSPAID OR

CHARGEDBALANCELAPSED

SALARIES AND WAGES$ 884.03 $

55.34884.03 $55.34

736.00 $Municipal ClerkFinancial AdministrationAssessment of TaxesRevenue AdministrationPlanning BoardFire PreventionPoliceEmergency Management ServicesStreets and RoadsBuilding and GroundsCommunity CenterRecyclingConstruction OfficialsHousing/Rental Officer

148.0355.34

4.36 4.36 4.3626.42 26.42 26.42

5.70 5.70 5.70483.74

17,917.60483.74

17,917.60483.74

17,917.601.62 1.62 1.62

20,290.62309.60

1,165.1343.6025.5318.08

20,290.62309.60

1,165.1343.6025.5318.08

4,454.76 15,835.86309.60863.67

43.6025.5318.08

301.46

OTHER EXPENSESMayor and CouncilCommunicationsMunicipal ClerkFinancial AdministrationAudit ServicesAssessment of TaxesRevenue AdministrationLegal Services and CostsEngineering Services and CostsPlanning BoardEnvironmental Commission

16.81900.00

2,598.881,741.84

236.61900.00

3,689.463,008.51

219.80 16.81900.00

2,336.781,383.00

1,352.681,625.51

8.32 8.32 8.325,132.272,203.80

32,294.372,935.00

11,533.4038.37

856.20

2,132.272,203.80

32,294.375,935.00

11,665.4038.37

856.20

24.84 2,107.432,203.80

27,425.831,159.50

11,302.4038.37

856.20

4,868.544,775.50

363.00

Insurance: General LiabilityWorkers CompensationEmployee Group Health

0.40 0.40 0.4019,539.58 19,539.58 19,539.58

3.00Fire 3.00 3.00Fire PreventionPoliceFire Hydrant RentalEmergency Management ServicesStreets and RoadsShade Tree CommissionSolid Waste CollectionPublic Buildings and GroundsCommunity CenterSafety AdministrationVehicle MaintenanceRecyclingBoard of HealthAnimal ControlParks and RecreationHistorical CommissionSenior Citizen

1,804.794.761.338,865.75

91.916,802.57

137.334.438.338,173.602,225.841,000.006,087.145,039.83

859.192,600.001,899.19

500.00

1,804.7924,166.318,865.751,891.918,802.162,487.339.400.838,173.602.225.841,000.006,087.147,971.50

859.192,600.001,899.19

500.00

24.8415,352.24

7,044.751,891.914,703.162,000.004,962.50

422.14

1,779.958,814.071,821.00

4,099.00487.33

4,438.337,751.462,225.841,000.004,570.635,039.83

859.192,600.001,899.19

500.00

1,516.512,931.67

1.00 1.00 1.00

"A-13"SHEET #2

TOWN OF CLINTON

CURRENT FUND


BALANCEDECEMBER

31.2018

BALANCEAFTER

TRANSFERSPAID OR


$Maintenance of ParksSmart Growth CommitteeConstruction OfficialsGasolineElectricityTelephoneWaterNatural GasSolid Waste Disposal CostStreet LightingContingentSocial Security SystemPublic Employee Retirement SystemUnemployment InsuranceDefined Contribution PlanRecycling TaxFair Housing Plan Ch 222 P11985:

Administrative and ExecutiveClinton Township Municipal Court

2,000.00 $500.00404.17

7.945.986,251.591,430.97

232.663,671.10

21,684.664,266.75

500.001.463.99

31.12113.74

1,000.00928.94

2,000.00 $500.00497.79

9.695.986,251.591,430.97

232.663,671.10

21,684.664,266.75

500.001.463.99

31.12113.74

1,000.00928.94

$ 2,000.00500.00404.17

6,139.602,543.29

200.68232.66

1,193.6214,943.881,846.90

500.00

93.623,556.383,708.301,230.29

2,477.486,740.782,419.85

1,463.54 0.4531.12

113.741,000.00

673.04255.90

16,084.81932.00

16,084.81932.00

2,924.66 13,160.15932.00

$ 245,763.89 $ 283,765.30 $ 102,360.21 $ 181,405.09

REF. A A-1

Balance, December 31, 2018Encumbrances PayableCash Disbursements

A-13 $ 245,763.89 $38,001.41A-20 3,891.91

98,468.30A-4

$ 283,765.30 $ 102,360.21

"A-14"

TOWN OF CLINTON

CURRENT FUND

SCHEDULE OF COUNTY TAXES PAYABLE

Balance, December 31, 2018 $A 14,631.00

2019 Tax Levy:County TaxesCounty Share of Added Taxes

$A-1:A-7A-1:A-7

1,503,320.69450.24

1,503,770.93$ 1,518,401.93

Decreased by:Cash Disbursements A-4 1,517,951.69


"A-15"

SCHEDULE OF LOCAL DISTRICT SCHOOL TAX PAYABLE

Balance, December 31, 2018 (Prepaid) A $ (33,506.13)

Increased by:2019 Levy A-1:A-7 5,167,969.00

$ 5,134,462.87


Balance, December 31, 2019 A $ 31,795.87

"A-16"

SCHEDULE OF REGIONAL HIGH SCHOOL TAX PAYABLE


Increased by:2019 Levy A-1:A-7 2,327,281.00

$ 2,327,330.37



"A-17"

TOWN OF CLINTON

CURRENT FUND

SCHEDULE OF PREPAID TAXES

REF.

A $ 55,695.56Balance, December 31, 2018 (2019 Taxes)

Increased by:Collection of 2020 Taxes A-5 56,232.81

$ 111,928.37

Decreased by:Application to 2019 Taxes Receivable A-7 55,695.56

$Balance, December 31, 2019 (2020 Taxes) A 56,232.81

„A_18"

SCHEDULE OF TAX OVERPAYMENTS

Increased by:Cash Receipts A-5 $ 24,174.35

Decreased by:Cash Disbursements $A-4 24,174.35

" A-1

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AA -

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"A-20"

TOWN OF CLINTON

CURRENT FUND

SCHEDULE OF RESERVE FOR ENCUMBRANCES PAYABLE

REF.

$ 38,001.41ABalance, December 31, 2018

Increased by:Charged to 2019 AppropriationsCharged to 2018 Appropriation Reserves

$ 13,504.673,891.91

A-3A-13

17,396.58$ 55,397.99

Decreased by:Transferred to Appropriation Reserves 38,001.41A-13

$A 17,396.58Balance, December 31, 2019

"A-21"

SCHEDULE OF RESERVE FOR ENCUMBRANCES PAYABLE - GRANT FUND

$Balance, December 31, 2018 A 2,650.00

Increased by:Charged to Grants Appropriated A-23 1,000.00

$ 3,650.00

Decreased by:Transferred to Grants Appropriated A-23 2,650.00

$Balance, December 31, 2019 A 1,000.00

"A-22"

TOWN OF CLINTON

GRANT FUND

SCHEDULE OF RESERVEFOR GRANTS UNAPPROPRIATED

BALANCEDECEMBER

31. 2019RECEIPTSGRANT

$ 5,621.88 $Recycling Tonnage Grant 5,621.88

$ 5,621.88 $ 5,621.88

REF. A-4 A

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"A-24"

TOWN OF CLINTON

GRANT FUND

SCHEDULE OF DUE CURRENT FUND

REF.

$ 2,814.80ABalance, December 31, 2018

Increased by:Cash Disbursements A-4 22,750.26

$ 25,565.06

Decreased by:Cash Receipts A-4 31,756.84

$Balance, December 31, 2019 (Due to) A (6,191.78)

"A-25"

CURRENT FUND

SCHEDULE OF CHANGE FUNDS

BALANCEDECEMBER

31, 2019 ANDDECEMBER

31. 2018OFFICE

Town Clerk A $ 50.00

"A-26"

TOWN OF CLINTON

CURRENT FUND

SCHEDULE OF RESERVE FOR SALE OF MUNICIPAL ASSETS

REF.


Balance, December 31, 2019 $A 305.76

" A- 2

7"

TOW

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$52

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$10

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$52

,000

.00

$52

,000

.00

REF

.A -

3A

TOWN OF CLINTON

TRUST FUND

SCHEDULE OF CASH-TREASURER

REF. ANIMAL CONTROL TRUST OTHER

$ $ 766,929.24Balance, December 31, 2018 B 19,213.43

Increased by Receipts:Animal Control License FeesDue From State of New JerseyVarious Reserves and DepositsDue County of HunterdonInterfunds

$ $B-3 4,362.00436.80B-4

B-5 5,838,514.258,474.062,869.93

B-7B-8

4,798.80 5,849,858.24$ 6,616,787.48$ 24,012.23

Decreased by Disbursements:Expenditures Under R.S.4:19-15.11Due From State of New JerseyDue County of HunterdonVarious Reserves and DepositsInterfunds

$ $B-3 2,021.20432.60B-4

B-7 4,425.005,879,618.09

7,152.62B-5B-8 7,371.79

9,825.59 5,891,195.71

Balance, December 31, 2019 B $ 14,186.64 $ 725,591.77

"B-3"

TOWN OF CLINTON

TRUST FUND

SCHEDULE OF RESERVE FOR ANIMAL CONTROL TRUST FUND EXPENDITURES

REF.


Increased by:Dog License Fees CollectedCat License Fees CollectedMiscellaneousReserve for Encumbrances

$B-2 3,222.00710.00430.00

2,262.50

B-2B-2B-10

6,624.50$ 15,978.81

Decreased by:Expenditures Under R.S.4:19-15.11:Cash DisbursementsEncumbrances PayableStatutory Excess Due Current Fund

$B-2 2,021.202,000.002,597.92

B-10B-6

6,619.12


LICENSE FEES COLLECTEDYEAR AMOUNT

20172018

$ 4,626.394,733.30

$ 9,359.69

"B-4"

SCHEDULE OF DUE STATE OF NEW JERSEY -ANIMAL CONTROL TRUST FUND

Increased by:Cash Receipts B-2 $ 436.80

Decreased by:Cash Disbursements B-2 432.60

Balance, December 31, 2019 B $ 4.20

" B-5

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TOW

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REF

.B

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B-2

B -9

B

"B-6"

TOWN OF CLINTON

TRUST FUND

SCHEDULE OF INTERFUNDS - ANIMAL CONTROL TRUST

CURRENTFUNDTOTALREF.

Balance, December 31, 2018:Due To $ 7,596.62 $B 7,596.62

Increased by:Statutory Excess B-3 2,597.92 2,597.92

$ 10,194.54 $ 10,194.54Decreased by:Cash Disbursements B-2 7,371.79 7,371.79

Balance, December 31, 2019:Due To $ 2,822.75 $B 2,822.75

"B-7"

SCHEDULE OF DUE COUNTY OF HUNTERDON

Balance, December 31, 2018 $B 8,969.30

Increased by:Cash Receipts B-2 8,474.06

$ 17,443.36

Decreased by:Cash Disbursements B-2 4,425.00

Balance, December 31, 2019 $B 13,018.36

"B-8"

TOWN OF CLINTON

TRUST FUND

SCHEDULE OF INTERFUNDS

SEWERUTILITY

OPERATINGFUND

CURRENTFUNDTOTALREF.

Balance, December 31, 2018:Due FromDue To

$ 1,487.15 $3,826.84

$B 1,487.15B 3,826.84

B-2 2,869.93 1,382.78 1,487.15Receipts

B-2 7,152.62 7,152.62Disbursements

Balance, December 31, 2019:Due From $ 1,943.00 $ 1,943.00 $B

"B-9"

TOWN OF CLINTON

TRUST FUND

SCHEDULE OF ENCUMBRANCES PAYABLE

REF.

Increased by:Charges to Trust Reserves $B-5 1,143.00


"B-10"

TOWN OF CLINTON

ANIMAL CONTROL FUND

SCHEDULE OF ENCUMBRANCES PAYABLE

REF.

$BBalance, December 31, 2018 2,262.50

Increased by:Charges to Reserve for Animal ControlTrust Fund Expenditures B-3 2,000.00

$ 4,262.50

Decreased by:Transfer to Reserve for Animal ControlTrust Fund Expenditures B-3 2,262.50


"C-2"

TOWN OF CLINTON


SCHEDULE OF CASH - TREASURER

REF.

$C 397,374.07Balance, December 31, 2018

Increased by Receipts:Budget Appropriations:Capital Improvement FundDeferred Charges to Future Taxation

InterfundsMiscellaneous DepositsBond Anticipation NotesRefund of Improvement Authorizations

C-11 $ 187,500.00137,717.65173,794.8125,000.00

1,851,092.003,678.87

C-5C-6C-12C-9C-8

2,378,783.33$ 2,776,157.40

Decreased by Disbursements:Bond Anticipation NotesContracts PayableInterfunds

$ 1,081,092.00546,890.27473,712.81

C-9C-7C-6

2,101,695.08

Balance, December 31, 2019 C $ 674,462.32

"C-3"

TOWN OF CLINTON


ANALYSIS OF CASH

BALANCEDECEMBER

31. 2019

$Capital Improvement FundCapital Fund BalanceContracts PayableImprovement Authorizations Funded as Set Forth on "C-8"Improvement Authorizations Expended as Set Forth on "C-5"Cash on Hand to Pay NotesInterfunds ReceivableMiscellaneous ReservesUnexpended Proceeds of Bond Anticipation Notes Issued asSet Forth on "C-5"

52,368.08772.22

91,672.0681,852.89

(88,318.98)0.63

(137,717.65)156,455.00

517,378.07

$ 674,462.32

REF. C-2

"C-4"

TOWN OF CLINTON


SCHEDULE OF DEFERRED CHARGESTO FUTURE TAXATION FUNDED

REF.

Balance, December 31, 2018 C $ 1,628,000.00

Decreased by:General Serial Bonds Paid by Budget C-10 150,000.00

Balance, December 31, 2019 C $ 1,478,000.00

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"C-7"

TOWN OF CLINTON


SCHEDULE OF CONTRACTS PAYABLE

REF.


Increased by:Contracts Payable C-8 587,394.16

$ 638,562.33

Decreased by:Cash Disbursements C-2 546,890.27


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REF

.

"C-11"

TOWN OF CLINTON


SCHEDULE OF CAPITAL IMPROVEMENT FUND

REF.

$CBalance, December 31, 2018 47,868.08

Increased by:2019 Budget Appropriation C-2 187,500.00

$ 235,368.08

Decreased by:Appropriation to FinanceImprovement Authorizations C-8 183,000.00

$C 52,368.08Balance, December 31, 2019

"C-12"

TOWN OF CLINTON


SCHEDULE OF RESERVE FOR MISCELLANEOUS DEPOSITS

BALANCEDECEMBER

31. 2018

BALANCEDECEMBER

31, 2019CASH

RECEIPTS

$ 855.00 $600.00

30,000.0040,000.0060,000.00

$Road Construction and ReconstructionSidewalk RepairDPW EquipmentFire EquipmentRescue Equipment

855.00600.00

35,000.0050,000.0070,000.00

5,000.0010,000.0010,000.00

$ 131,455.00 $ 25,000.00 $ 156,455.00

CREF. C-2 C

"C-13"

TOWN OF CLINTON


SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED

BALANCEDECEMBER

31.2019ORDINANCE

NUMBER IMPROVEMENT DESCRIPTION

$ 32,775.4652,370.0320,000.0020,270.0023,765.0043,500.00

250,000.00

Improvement to Gebhardt Field and Rachel CourtLeigh Street ImprovementHalstead Street Road ImprovementsVarious ImprovementsVarious ImprovementsWest Main Street Pedestrian ProjectVarious Improvements

2010 - 062013 - 122014 - 182015 - 112016 - 092016 - 102018 - 01

$ 442,680.49

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"D-6"

TOWN OF CLINTON


SCHEDULE OF CASH - COLLECTOR

REF.

Increased by Receipts:Consumer Accounts ReceivableOverpayments of Water ChargesInterest on Delinquent AccountsMiscellaneousFire Hydrant Fees

$ 3,568,107.586,595.26

11,332.32275.00

204,972.00

D-7D-14D-3D-3D-3

$ 3,791,282.16

Decreased by Disbursements:Payment to Treasurer:Water Operating Fund D-5 3,716,949.67


"D-7"

SCHEDULE OF CONSUMER ACCOUNTS RECEIVABLE


Increased by:Water Rents Levied - Net 3,904,621.98

$ 4,046,515.23

Decreased by:CollectionOverpayments Applied

D-3:D-6 $ 3,568,107.5811,890.91D-14

3,579,998.49


"D-8"

TOWN OF CLINTON


SCHEDULE OF CHANGE FUND-WATER OPERATING FUND

REF.

Balance, December 31, 2018and December 31, 2019 D $ 25.00

"D-9"

SCHEDULE OF INVENTORY


Increased by:Adjustment to Actual Inventory 6,036.37


"D-IO"

TOWN OF CLINTON



BALANCEDECEMBER

31.2018

BALANCEAFTER

MODIFICATIONPAID OR


Operating:Salaries and WagesOther Expenses

15,093.46 $63,479.75

$ $ $ 49,732.9844,752.85

64,826.4484,486.60

64,826.44108,232.60

Capital Improvement:Capital Outlay 10,000.0010,000.00 10,000.00

Regulatory Expenditures:Contributions to:Public Employees' Retirement SystemSocial Security System (O.A.S.I.)Unemployment Compensation

31.123,261.84

196.58

31.123,261.84

196.58

31.123,261.84

196.58

78,573.21 $ 107,975.37$ 162,802.58 $ 186,548.58 $

D-1D-5REF. D

$ 162,802.5823,746.00

D-10Balance December 31, 2018Encumbrances Payable D-11

$ 186,548.58

"D-11"

TOWN OF CLINTON


SCHEDULE FOR ENCUMBRANCES PAYABLE

REF.


Increased by:Charges to 2019 Appropriations D-4 11,319.69

$ 35,065.69

Decreased by:Transferred to Appropriation Reserves D-10 23,746.00


"D-12"

SCHEDULE OF ACCRUED INTEREST


Increased by:Charges to Budget Appropriations D-4 354,265.00

$ 423,897.40

Decreased by:Cash Disbursements D-5 352,948.11


"D-13"

TOWN OF CLINTON


SCHEDULE OF LOANS RECEIVABLE

REF.

$ 106,595.00Balance, December 31, 2018 D

Decreased by:Cash Receipts D-5 101,475.00

$D 5,120.00Balance, December 31, 2019

"D-14"


SCHEDULE OF OVERPAYMENT OF RENTS

D $Balance, December 31, 2018 11,890.91

Increased by:Collections D-6 6,595.26

$ 18,486.17

Decreased by:Overpayments Applied D-7 11,890.91

$Balance, December 31, 2019 D 6,595.26

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"D-16"

TOWN OF CLINTON


SCHEDULE OF RESERVE FOR AMORTIZATION

REF.

$ 9,880,354.05Balance, December 31, 2018 D

Increased by:N.J.E.l.T. Loans Paid by BudgetSerial Bonds Paid by BudgetTransfer to Reserve for Deferred Amortization

$D-25 380,174.83284,725.85

14,610.85D-26D-24

679,511.53

$ 10,559,865.58Balance, December 31, 2019 D

"D-17"

SCHEDULE OF RESERVE FOR CONTRACTS PAYABLE

$Balance, December 31, 2018 D 318,200.76

Increased by:Charges to Improvement Authorizations D-15 3,074,218.04

$ 3,392,418.80

Decreased by:Cash Disbursements D-5 1,544,281.81

Balance, December 31, 2019 $D 1,848,136.99

"D-18"

TOWN OF CLINTON



REF.


Increased by:Cash Receipts D-5 100,000.00


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"D-20"SHEET #1

TOWN OF CLINTON


SCHEDULE OF FIXED CAPITAL

BALANCEDECEMBER

31.2019

BALANCEDECEMBER

31.2018ACCOUNT

$ 7,500.00 $5,400.001,200.00

13,014.0016,835.0014,414.00

1,200.005,001.00

40,367.00660,711.0054,452.00

377,735.0043,340.0044,669.0018,174.00

338.00292.00

50.002,830.001,825.00

253,303.0051,048.00

2,831.001,879.003,714.003,629.00

210.002,988.00

934.00101,189.00149,405.00200,000.00

7,500.005,400.001,200.00

13,014.0016,835.0014,414.001,200.005,001.00

40,367.00660,711.00

54,452.00377,735.00

43,340.0044,669.0018,174.00

338.00292.0050.00

2,830.001,825.00

253,303.0051,048.00

2,831.001,879.003,714.003,629.00

210.002,988.00

934.00101,189.00149,405.00200,000.00

Water Diversion RightsPumping System LandWater Storage LandSprings and WellsCollecting ReservoirsIntake and Supply MainsChemical and Treatment PlantPumping Station StructuresElectric Power Pumping EquipmentDistribution Mains and AccessoriesService Pipes, Stops and TapsMeters, Meter Boxes and StopsFire Hydrant and Fire CisternsGeneral Equipment and StructuresEngineering and SurveyingBond AdvertisingBond PrintingRealtor FeesLegal and Review FeesEasement Right of WayVehiclesWellhouse #12Fencing - Lilac DriveOffice EquipmentBarn ImprovementsCommunication EquipmentElectrical System - Lilac DriveMeter Cleaning MachineChlorine Tank and FittingsAutomotive EquipmentImprovement - Water System - Ord. 11/03/79Improvement - Water System - Ord. 11/03/71Improvement - Water Supply and DistributionSystem - Ord. 04/01/77

Miscellaneous Equipment12" Sea Gate ValvesPower OperatorChlorinatorsSnow ThrowerScrew Plugs and Tapping MachinesCopper TubingContribution in Aid of ConstructionTest WellsFlow MeterReplacement PumpsRenovation of the Lebanon Well and Complete Construction ofNew Well Located at the Municipal Building

Aqua Scope Equipment

698,225.0038,807.701,222.001,095.005,504.001,713.001,058.00

790.00472,220.00

34,336.003,080.00

23,759.00

698,225.0038,807.701,222.001,095.005,504.001,713.001,058.00

790.00472,220.0034,336.003,080.00

23,759.00

115,065.001,600.00

115,065.001,600.00

"D-20"SHEET #2

TOWN OF CLINTON



BALANCEDECEMBER

31.2019

BALANCEDECEMBER

31. 2018ACCOUNT

$ 34,192.00 $2,585.004,418.001,933.00

799.001,181.00

308.003,045.002,978.001,295.004,975.00

746.007,493.00

11,996.006,000.001,109.00

350,000.0046,723.00

6,972.00

BackhoeTrash PumpPipe and Cable LocatorRotating AssembliesPipe SawYork RakeBlower HeaterCleaning EquipmentMagnetic LocatorsPhotocopierAccu PunchTapping MachineTelephone SystemComputer SystemComputer Billing SoftwareTest TanksImprovements - Water System - Ord. 08/05/80GeneratorLeak DetectorRenovations to the Clinton Point Well andReplacement of Pump West End - Ord. 04/27/82Public Works Equipment and Water LeakSurvey - Ord. 02/12/85Construction of Well #15Fire HoseChem-O-FeedersVibrator WackerPipe ThreaderPavement BreakerPortable Air CompressorMeter Reading Computer SystemSurvey InstrumentsTank InspectionsComputer Monitoring Hardware and SoftwareTransreceiver Unit and Part Expanders2 Used Four Wheel Tractors2 Digital LoggersPipe Meter Rebuilding KitHigh Street Bridge Water Line ReconstructionImprovement to the Water Supply System - Ord. 09/11/84Improvement to the Water Supply System - Ord. 06/10/87Exploration and Development of Water StorageFacilities - Ord. 05/22/90

34,192.002,585.004,418.001,933.00

799.001,181.00

308.003,045.002,978.001,295.004,975.00

746.007,493.00

11,996.006,000.001,109.00

350,000.0046,723.006,972.00

25,597.00 25,597.00

19,266.0042,662.001,248.004,180.00

10,950.003,017.007,442.00

10,750.008,800.00

902.002,450.009,950.00

13,743.005,000.004,004.002,631.00

80,000.00500,000.00250,000.00

19,266.0042,662.001,248.004,180.00

10,950.003,017.007,442.00

10,750.008,800.00

902.002,450.009,950.00

13,743.005,000.004,004.002,631.00

80,000.00500,000.00250,000.00

250,000.00 250,000.00

"D-20"SHEET #3

TOWN OF CLINTON



BALANCEDECEMBER

31. 2019

BALANCEDECEMBER

31.2018ACCOUNT

Improvement to the Water Supply System - Ord. 05/23/95Painting of Water Tanks - Ord. # 2001-09Construction of Well # 1 5 - Ord. # 2002-11VehiclesRefurbish Office - 47 Leigh St. - Ord # 2006-15Improvements to DeMott Pond - Ord # 2006-09Capital Outlay - 2008Capital Outlay - 2009Capital Outlay - 2010Capital Outlay - 2012Capital Outlay - 2013Improvements to Water System - Ord. 2002-12Well Improvements - Ord. 2009-02Pipe Replacements - Ord. 2010-03Various Acquisitions Ord. 2007-08Various Acquisitions Ord. 2007-14Various Improvements Ord. 2008-09Various Improvements Ord. 2009-11Various Improvements Ord. 2010-09Various Improvements Ord. 2011-08Halstead Street Water Main Rehabilitation Ord. 2013-08

$ $750,000.0044,605.00

285,076.0074,466.00

275,000.00120,000.0070,000.0015,000.0020,093.007,500.00

60,000.001,491,731.76

249,150.00118,818.57

61,000.002,000,000.00

538,949.143,798,601.992,316,321.85

897,236.781,360,775.17

750,000.0044,605.00

285,076.0074,466.00

275,000.00120,000.00

70,000.0015,000.0020,093.00

7,500.0060,000.00

1,491,731.76249,150.00118,818.5761,000.00

2,000,000.00538,949.14

3,798,601.992,316,321.85

897,236.781,360,775.17

$ 19,774,616.96 $ 19,774,616.96

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BALANCEDECEMBER

31, 2018CASH

RECEIPTS

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787,192.008,750.00

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"D-28"

TOWN OF CLINTON



BALANCEDECEMBER

31. 2019ORDINANCE


$ 81,704.783,213.91

6,700,000.00106,760.00383,090.00

1,740,000.001,200,000.00

2011-082013-082013-112015-032015-042017-102017-112017-12

Various ImprovementsHalstead Street Water MainLebanon Borough Water MainWell #7 Improvement, Well # 14 DecommissioningImprovements to Well # 4West Main Street Water Main ReplacementFoster Wheeler Booster Pump StationGlen Eagles Drive, Muirfield Lane and HeatherHill Way Water Main Replacement

Valve and Meter ReplacementValve and Meter Replacement

1,350,000.003,200,000.001,550,000.00

2018-072019-15

$ 16,314,768.69

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" E-6"

TOWN OF CLINTON


SCHEDULE OF CASH - COLLECTOR

REF. OPERATING

$Balance, December 31, 2018 E 500.00

Increased by Receipts:Consumer Accounts ReceivablePenalties on Delinquent AccountsCalibrationsMiscellaneous

$ 2,043,147.63334,754.93

9,317.25741.50

E-7E-3E-3E-3

2,387,961.31$ 2,388,461.31

Decreased by Disbursements:Payment to Treasurer:Sewer Operating Fund E-5 2,322,601.45

$Balance, December 31, 2019 E 65,859.86

"E-7"

SCHEDULE OF CONSUMER ACCOUNTS RECEIVABLE

Balance, December 31, 2018 E $ 2,531,023.89

Increased by:Sewer Rents Levied - Net 2,587,568.05

$ 5,118,591.94

Decreased by:CollectionOverpayment Applied

E-3:E-6 $ 2,043,147.638,415.47E-3

2,051,563.10


"E-8"

TOWN OF CLINTON



BALANCEDECEMBER

31.2018

BALANCEAFTER

TRANSFERSPAID OR


Operating:Salaries and WagesOther Expenses

$ 24,020.98 $80,420.59

11,020.98 $127,876.49

10,555.18 $98,034.36

465.8029,842.13

Regulatory Expenses:Public Employees' Retirement SystemSocial SecurityUnemployment Compensation

31.132,445.31

107.03

31.132,445.31

107.03

31.132,445.31

107.03

$ 107,025.04 $ 141,480.94 $ 108,589.54 $ 32,891.40

REF. E E-5 E-1

Balance, December 31, 2018Encumbrances Payable

E-8 $ 107,025.0434,455.90E-11

$ 141,480.94

"E-9"

TOWN OF CLINTON


SCHEDULE OF INVENTORY

REF.

Balance, December 31, 2018 E $ 286,434.01

Decreased by:Adjustment to Actual Inventory 1,689.00


"E-10"

SCHEDULE OF CHANGE FUND

Balance, December 31, 2018 andDecember 31, 2019 E $ 25.00

"E-11"

TOWN OF CLINTON


SCHEDULE OF RESERVE FOR ENCUMBRANCES

REF.


Increased by:Transferred from Budget E-4 10,801.34

$ 45,257.24

Decreased by:Transferred to Appropriation Reserves E-8 34,455.90


"E-12"

SCHEDULE OF ACCRUED INTEREST ON LOANS


Increased by:Budget Appropriation E-4 66,615.00

$ 94,370.73

Decreased by:Cash DisbursementsCanceled

E-5 $ 66,422.441,755.06E-1

68,177.50

Balance, December 31, 2019 $E 26,193.23

" E-1

3 "

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E

"E-14

TOWN OF CLINTON


SCHEDULE OF CONTRACTS PAYABLE

REF.

E $Balance, December 31, 2018 175,758.52

Increased by:Charges to Improvement Authorizations E-18 56,686.95

$ 232,445.47

Decreased by:Cash Disbursements E-5 193,867.80


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ME-16"

TOWN OF CLINTON



BALANCEDECEMBER

31. 2018

BALANCEDECEMBER

31.2019

$Construction of GarageOffice EquipmentAutomotive EquipmentEquipment RepairsEngineering ServicesArchitect ServicesMiscellaneous EquipmentMiscellaneous Repairs to Sewer PlantSewer Line RepairsTelephone SystemIncubator Lab KitBackhoesComputer Equipment and SoftwareLeigh Street Bridge RehabilitationFencing and GatesAlarm SystemTrash pumpGasoline Tank UpgradeNew BoilerTesting Machine for AmmoniaImprovement Authorizations:Construction of Sewer System 06/67Construction of Sewer System 08/70Sewer Plant Addition 09/75Improvement to Sewer Plant 11/83 and 03/87Water Quality Monitoring Program and Study theFeasibility of an Expansion of the SewerTreatment Plant 07/86Mandated Expansion in the Closure of the SludgeDisposal Site 01/87Waste Water Treatment Plant Restoration 08/98Four Wheel Drive Vehicle 01/02Capital Outlay 2007Capital Outlay 2008Capital Outlay 2009Refurbish Office - 47 Leigh Street - Ord #06-15Improvements to Sanitary Sewer - Ord. #07-01Renovations and Upgrade to WWTP Ord 1989-10Clinton Knolls Project Ord. 2008-10Tertiary Filter Upgrade Ord 2011-04

3,129.00 $25,171.00

161,126.001,534.00

12,764.004,800.00

107,495.0029,413.00

153,151.0011,108.00

2,484.0033,441.0051,690.00

9,464.005,298.00

25,851.004,000.003,000.009,200.008,359.00

3,129.0025,171.00

161,126.001,534.00

12,764.004,800.00

107,495.0029,413.00

153,151.0011,108.00

2,484.0033,441.0051,690.00

9,464.005,298.00

25,851.004,000.003,000.009,200.008,359.00

1,800,000.00251,580.00353,152.00

1,476,746.00

1,800,000.00251,580.00353,152.00

1,476,746.00

99,683.00 99,683.00

47,439.0071,314.009,958.00

161,117.8330,621.5011,589.60

400,000.00149,801.03

5,459,376.0057,064.47

1,205,860.19

47,439.0071,314.009,958.00

161,117.8330,621.5011,589.60

400,000.00149,801.03

5,459,376.0057,064.47

1,205,860.19

$ 12,247,780.62 $ 12,247,780.62

REF. E E

"E-17"

TOWN OF CLINTON


SCHEDULE OF MISCELLANEOUS RESERVES

BALANCEDECEMBER

31. 2018

BALANCEDECEMBER

31, 2019CASH

RECEIPTS

$ 10,000.00 $21,042.00

885,989.2043,061.0045,000.0050,000.00

$ 10,000.0031,042.00

885,989.2043,061.0045,000.0050,000.00

Capital OutlayPurchase of Public Works EquipmentPlant ExpansionFuture ReplacementsPole BarnCollection System Replacement

10,000.00

$ 1,055,092.20 $ 10,000.00 $ 1,065,092.20

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Balance, December 31, 2019 $E 35,402.97

"E-20"

SCHEDULE OF RESERVE FOR AMORTIZATION


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ME-25H

TOWN OF CLINTON



BALANCEDECEMBER

31.2019ORDINANCE


$ 3,389,400.00Improvements to Wastewater Treatment2019-15

$ 3,389,400.00


TOWN OF CLINTON

PART II

STATISTICAL DATA

LIST OF OFFICIALS

COMMENTS AND RECOMMENDATIONS

YEAR ENDED DECEMBER 31.2019

COMPARATIVE STATEMENT OF OPERATIONS ANDCHANGE IN FUND BALANCE - CURRENT FUND

YEAR 2018YEAR 2019%AMOUNT % AMOUNT


3.51% $ 3.04%$ 412,600.00Fund Balance UtilizedMiscellaneous-From Other Than LocalProperty Tax LeviesCollection of Delinquent Taxes andTax Title LiensCollection of Current Tax Levy

495,000.00

9.70% 9.07%1,366,539.75 1,231,056.20

0.79%86.01%

1.01%86.89%

110,667.5212,122,542.35

136,680.3211,796,872.62

$ 14,094,749.62 100.00% $ 13,577,209.14 100.00%TOTAL INCOME

EXPENDITURES

Budget Expenditures:Municipal Purposes

County TaxesSchool TaxesOther

31.97%11.43%56.57%

0.02%

$ 4,599,498.331,503,770 937,495,250.00

16,330.70

33.78% $11.05%55.05%

0.12%

4,131,315.841,477,189.707,309,160.00

3,093.63

$ 13,614,849.96 100.00% $ 12,920,759.17 100.00%TOTAL EXPENDITURES

$ $479,899.66 656,449.97Excess in Revenue

Adjustments to Income before Fund Balance:Expenditures Included above which are by StatuteDeferred Charges to Budget of Succeeding Year 52,000.00

531,899.66 656,449.97Regulatory Excess to Fund Balance

979,029.301,222,879.27Fund Balance, January 1

$ 1,754,778.93 $ 1,635,479.27

495,000.00 412,600.00Less: Utilization as Anticipated Revenue

$ 1,222,879.27$ 1,259,778.93Fund Balance, December 31

50

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

YEAR 2019 YEAR 2018AMOUNT % AMOUNT %


$ $Fund Balance UtilizedCollection of Water RentsMiscellaneous-From Other Than Water Rents

75,000.003,224,989.81

537,734.29

1.95%84.03%14.01%

3,579,998.49442,542.55

89.00%11.00%

$ 4,022,541.04TOTAL INCOME 100.00% $ 3,837,724.10 100.00%

EXPENDITURES

Budget Expenditures:OperatingDeferred Charges and Regulatory ExpendituresCapital ImprovementsDebt Service

Other Expenditures

58.66% $3.70%3.88%

33.75%0.01%

$ 1,966,162.00124,091.00130,000.00

1,131,113.16386.67

1,829,355.00115,402.00

25,000.001,108,297.96

59.43%3.75%0.81%

36.01%

100.00% $ 3,078,054.96$ 3,351,752.83 100.00%TOTAL EXPENDITURES

$ 670,788.21 $ 759,669.14Excess in Revenue

780,203.32$ 1,450,991.53

95,534.18$ 855,203.32

Fund Balance, January 1

75,000.00Less: Utilization as Anticipated Revenue

$ 1,450,991.53 $ 780,203.32Fund Balance, December 31

51

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

YEAR 2019 YEAR 2018AMOUNT % AMOUNT %


$Fund Balance UtilizedCollection of Sewer RentsMiscellaneous - From Other Than Sewer Rents

59,999.722,051,563.10

605,394.03

2.21% $75.51%22.27%

150,000.001,762,896.17

347,837.45

6.64%77.98%15.38%

$ 2,716,956.85TOTAL INCOME 100.00% $ 2,260,733.62 100.00%

EXPENDITURES

Budget Expenditures:OperatingDeferred Charges and Regulatory ExpendituresCapital ImprovementsDebt Service

Other

$ 1,906,683.72105,926.0060,000.00

170,183.32175.10

85.01% $4.72%2.68%7.59%0.01%

1,907,505.00109,277.00

35,000.00168,683.32

115.00

85.90%4.92%1.58%7.60%

TOTAL EXPENDITURES $ 2,242,968.14 100.00% $ 2,220,580.32 100.00%

Excess in Revenue $ 473,988.71 $ 40,153.30

Fund Balance, January 1 67,890.28 177,736.98

$ 541,878.99 $ 217,890.28

Less: Utilization as Anticipated Revenue 59,999.72 150,000.00

$Fund Balance, December 31 481,879.27 $ 67,890.28

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COMPARATIVE SCHEDULE OF TAX RATE INFORMATION

2019 2018 2017

$3,174 $3,161 $3,157Tax Rate

Appointment of Tax Rate:Municipal 0.837 0.817 0.803

0.327 0.328County 0.327

County Open Space 0.031 0.032 0.032

0.032 0.033County Library 0.033

1.342 1.372Local District School 1.403

0.605 0.579Regional High School 0.559

Assessed Valuations:

$ 385,044,650.002019$ 372,917,950.002018

$ 367,049,550.002017

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 in future taxlevies.

CU R R E N T L YPERCENTAGE

CASHCOLLECTIONS

OFCOLLECTIONYEAR TAX LEVY

$ $ 12,122,542.3511,796,872.6211,461,127.70

2019 12.224.981.6011,910,664.8911.588.861.60

99.16%99.03%98.90%

20182017

53

DELINQUENT TAXES AND TAX TITLE LIENS

This tabulation includes a comparison expressed in percentage of the total delinquenttaxes, in relation to the tax levies of the last three years:

TAX AMOUNT OFDELINQUENT

TAXES

PERCENTAGEOF TAXLEVY

TITLELIENS

DECEMBER31. YEAR TOTAL

1,057.69 $851.38645.91

102,165.18 $110,667.52126,609.49

$ 103,222.87111,518.90127,255.40

0.84%0.94%1.10%

201920182017

PROPERTY ACQUIRED BY TAX TITLE LIEN LIQUIDATION

The Town has no outstanding foreclosed property.

COMPARISON OF WATER UTILITY LEVIES

CASHCOLLECTIONS *YEAR LEVY

$ 3,904,621.983,221,859.982,666,130.22

$ 3,579,998.493,224,989.812,527,240.65

201920182017

* Includes Collection of Prior Year Levies

COMPARISON OF SEWER UTILITY LEVIES

CASHCOLLECTIONS *YEAR LEVY

2019 $ $ 2,051,563.101,762,896.171,740,183.08

2,587,568.052,450,206.022,404,328.16

20182017

* Includes Collection of Prior Year Levies

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COMPARATIVE SCHEDULE OF FUND BALANCES

UTILIZEDIN BUDGET OF

SUCCEEDING YEARBALANCE

DECEMBER 31YEAR

2019 $ 1,259,778.931,222,879.27

979,029.30724,221.28678,542.17

$ 500,000.00495,000.00412,600.00330,000.00320,000.00

2018Current Fund 2017

20162015

2019 $ $1,450,991.53780,203.32

95,534.18103.617.80328.617.80

140,000.002018 -0-

Water Utility Operating Fund 2017 75,000.00100,000.00225,000.00

20162015

2019 $ $481,879.2767,890.28

177,736.98160,481.37155,444.72

68,000.0059,999.72

150,000.00129,950.0062,617.00

2018Sewer Utility Operating Fund 2017

20162015

55

OFFICIALS IN OFFICE AND SURETY BONDS

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

AMOUNTOF BONDNAME TITLE NAME OF SURETY

Janice Kovach Mayor

CouncilwomanSherry Dineen

Robert B. Smith Councilman

Lisa Intrabartola Councilwoman

CouncilwomanMegan Johnson

Michael Humphrey Councilman

Rielly Karsh Councilwoman

Cecilia Covino Town ClerkSewer Collector

Statewide Insurance Fund

Chief Financial Officer/Tax Collector

Kathy Olsen Statewide Insurance Fund

Nancy Burgess Water Collector Statewide Insurance Fund

Joy Wilson Deputy Tax CollectorDeputy Treasurer Statewide Insurance Fund

Richard Phelan Town Administrator, PublicWorks Administrator

Statewide Insurance Fund

Richard P. Cushing Municipal Attorney

Fran Kuczynski Tax Assessor

*There is a Blanket Bond provided by Public Employees' Blanket Bond in the amount of $1,000,000.00. Thisbond covered employees or officials handling cash other than those specifically bonded.

All bonds were examined and were properly executed.

56

GENERAL COMMENTS AND RECOMMENDATIONS

GENERAL COMMENTS

CONTRACTS AND AGREEMENTS REQUIRED TO BE ADVERTISED FOR (N.J.S.A. 40A:11-41

Every contract or agreement for the performance of any work or the furnishing or hiringof 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 biddingtherefor, 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 toSection 3 of P.L. 1971 c.198 (C.40A:11-3), except by contract or agreement.

Effective July 1, 2015, the bid threshold in accordance with N.J.S.A. 40A:11-4 is$17,500.00. In accordance with N.J.S.A. 40A:11-3 and authorized by a resolution datedJuly 28, 2015 of the governing body, the bid threshold for all purchases made by the Town’squalified purchasing agent is $40,000.00.

The governing body of the Municipality has the responsibility of determining whether theexpenditures in any category will exceed the bid threshold within the fiscal year. Wherequestion arises as to whether any contract or agreement might result in violation of the statute,the Town Counsel's opinion should be sought before a commitment is made.

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

West Main Street Phase I Water Main ReplacementGlen Eagles Drive Water Main ReplacementWater Meter Replacement ProjectSystem Wide Water Meter Replacement - Phase II

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 audit of expenditures did not reveal any individual payments, contracts or agreements inexcess of $40,000.00 “for the performance of any work or the furnishing or hiring of any materialor supplies,” other than those where bids had been previously sought by public advertisement orwhere resolution had been previously adopted under the provisions of N.J.S.A. 40A:11-6.

The minutes indicate that resolution authorizing contracts or agreements for"Professional Services" per N.J.S.A. 40A:11-5 was advertised during 2019 for the followingprofessional services:

Municipal AuditorLegal ServicesInsurance AgentArborist

Municipal EngineerBond CounselMunicipal Planner

57

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 1, 2019 adopted the following resolution authorizinginterest to be charged on delinquent taxes.

RESOLVED, that pursuant to the authority set forth in N.J.R.S. 54:4-67 the CommonCouncil of the Town of Clinton does hereby fix the rate of interest to be charged for non-payment of taxes, assessments, sewer use charges and water charges, on or before the datewhen they would become delinquent at 8% and 18% per annum on any amount in excess of$1,500.00.

In addition to the interest resolution, on January 1, 2019 the governing body adopted aresolution implementing PL 1996, Ch 75 which allows a municipality to charge an additionalpenalty of six percent (6%) to tax-payers with a delinquency in excess of $10,000.00.

It appears from an examination of the records that interest was collected in accordancewith the forgoing resolution.

DELINQUENT TAXES AND TAX TITLE LIENS

There was no tax sale held in 2019.

Inspection of tax sale certificates on file revealed that all tax sale certificates wereavailable for audit.

The following comparison is made of the number of tax title liens receivable onDecember 31st of the last three years:

NUMBEROF LIENSYEAR

2019 12018 12017 1

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.

58

CONFIRMATION OF DELINQUENT TAXES AND OTHER CHARGES

A confirmation of delinquent charges and current payments was made in accordancewith the regulations of the Division of Local Government Services consisting of verificationnotices as follows:

TYPE NUMBER

Delinquent Tax Positive ConfirmationDelinquent Utility Rent Positive ConfirmationInformation Tax Current Positive ConfirmationInformation Utility Rent Positive Confirmation

10101010

OTHER COMMENTS

Interfunds

Transactions invariably occur in one fund which requires a corresponding entry to bemade in another fund, thus creating interfund balances. References to the various balancesheets show the interfund balances remaining at year end. As a general rule, all interfundbalances should be closed out as of the end of the year.

It is the Town's policy to review and liquidate all interfund balances on a periodic basis.

59

RECOMMENDATIONS

NONE

60

Documents

of the Town of Clinton