Synopsis of 2011Report of Audit of the Borough of Hopewell, Mercer County COMBINED STATEMENT OF ASSETS, LIABILITIES, RESERVES AND FUND BALANCE - REGULATORY BASIS ALL FUND TYPES December 31, 2011 2010 ASSETS Cash and Investments $ 3,125,629.43 $3,989,931.99 Taxes, Sewer, and Water Charges Receivable 206,053.83 239,636.37 Accounts Receivable 673,772.91 317,061.25 Fixed Assets 4,948,191.19 3,119,307.00 Fixed Capital - Utility 2,224,598.02 2,224,598.02 Fixed Capital Authorized and Uncompleted - Utility 789,690.00 689,690.00 Deferred Charges to Future Taxation - General Capital 6,249,257.00 6,054,781.00 Total Assets $ 18,217,192.38 16,635,005.63 LIABILITIES, RESERVES AND FUND BALANCE Bonds and Notes Payable $ 6,077,366.09 $ 5,639,108.45 Improvement Authorizations 1,199,289.54 3,039,656.76 Other Liabilities and Special Funds 2,915,768.17 2,007,737.11 Investment in General Fixed Assets 4,948,191.19 3,119,307.00 Amortization of Debt from Fixed Capital Acquired or Authorized 2,209,178.93 2,115,960.57 Reserve for Certain Assets Receivable 214,029.73 253,679.22 Fund Balance 643,368.73 459,556.52 Total Liabilities, Reserves and Fund Balance $18,217,192.38 $ 16,635,005.63 There were bonds and notes authorized but not issued of $977,000.00 at December 31, 2011 and $1,214,000.00 at December 31, 2010. Comparative Statement of Operations and Changes in Fund Balance - Regulatory Basis Current Fund YEAR 2011 YEAR 2010 REVENUE AND OTHER INCOME REALIZED Fund Balance Utilized $258,000.00 $ 329,000.00 Miscellaneous - From Other Than Local Purpose Tax Levies 1,004,127.93 1,423,961.53 Collection of Delinquent Taxes 190,557.22 171,294.27 Collection of Current Tax Levy 7,453,705.10 7,320,395.85 Other Revenues 171,947.02 48,902.16 Total Income 9,078,337.27 9,293,553.81 EXPENDITURES Budget Expenditures - Municipal Purposes 2,654,984.83 3,084,553.72 County Taxes 1,594,130.89 1,631,200.22 Regional School Taxes 4,293,644.62 4,201,651.24 Fire District Tax 159,354.00 156,584.00 Municipal Open Space Tax 35,024.00 35,737.00 Other Expenditures 425.00 - Subtotal 8,737,590.34 9,109,726.18 Less: Expenditures to be Raised by Future Taxes Total Expenditures 8,737,590.34 9,109,726.18 Statutory Excess to Fund Balance 340,746.93 183,827.63 Fund Balance January 1 344,242.99 489,415.36 Total 684,989.92 673,242.99 Less Utilization as Anticipated Revenue 258,000.00 329,000.00 Fund Balance December 31 $426,989.92 $344,242.99 Comparative Statement of Operations and Changes in Fund Balance - Regulatory Basis Water Utility Operating Fund YEAR 2011 YEAR 2010 REVENUE AND OTHER INCOME REALIZED Fund Balance Utilized $22,719.00 $20,000.00 Collection of Water Rents 520,844.85 460,623.06 Miscellaneous from Other than Rents 110,093.53 112,234.58 Total Income 653,657.38 592,857.64 EXPENDITURES Budget Expenditures - Operating 397,398.00 417,772.00 Capital Improvements 10,000.00 10,000.00 Deferred Charges and Statutory Expenditures 13,854.00 17,940.80 Debt Service 128,431.12 120,376.10 Total Expenditures 549,683.12 566,088.90 Excess in Revenue 103,974.26 26,768.74 Fund Balance January 1 34,301.34 27,532.60 Total 138,275.60 54,301.34 Less Utilization as Anticipated Revenue 22,719.00 20,000.00 Fund Balance December 31 $ 115,556.60 $34,301.34 RECOMMENDATIONS 1) Contracts should be obtained for all professional services and publicly advertised as required by the statutes. Status of Prior Year's Audit Findings and Recommendations There were no prior year findings requiring corrective action. ********************** A Corrective Action Plan, which outlines the actions the management of the Borough of Hopewell will take to correct the finding listed above, will be prepared in accordance with Federal and State guidelines. A copy of the Corrective Action Plan will be placed on file and be made available for public inspection in the office of the Municipal Clerk. The above synopsis was prepared from the Report of Audit of the Borough of Hopewell, County of Mercer, for the year ended December 31, 2011. The Report of Audit, submitted by Robert P. Inverso, Registered Municipal Accountant, acting for Inverso & Stewart, LLC is on file with the Munic-pal Clerk and may be inspected by any interested person. Michele Hovan, Municipal Clerk HVN, 1X, 6/21/2012 Fee: $171.12
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