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SUMMARY OR SYNOPSIS OF AUDIT REPORT FOR PUBLICATION ‘Summary or Synopsis of the 2006 Audit Report of the Township of Ewing as required by NJ S.A. 405-7. Township of Ewing ‘All Funds Combined Comparative Balance Sheet June 30, ASSETS 2008, 2005 Cash and investments 3 16,362,835 “$15,003,082 Intergovernmental receivable 2,843,348 2,708,387 Due from grants 1,447,162 2,122,353 Taxes, assessments, liens and sewer charges receivablo ATSa77 530,749 Property acquired for taxes 965,600 965,600 Municipal services not billed 4,908 - Other assets 4,507 1,376 Interfunds 188,038 378,744 Doferred charges - current 161,000 2,879,951 Deferred charges - capital 27,031,425 28,056,962 General fixed assets 26,018,176 26,018,176 TOTAL ASSETS 375.50: S_ 78,750,379 LIABILITIES, DEFERRED REVENUES, RESERVES AND FUND BALANCE. Bond, notes, and loans payable $ 35,250,425 $ 33,808,037 ther labilties and special funds 1,828,234 2,765,345, lnterfunds 188,938 375,744 Reserves for receivables 7,249,908 6,464,636 Other reserves 1,612,628 6,792,840 lavesiments in fied assets 26,018,176 26,018,176 Capital improvement fund 25,000 - Fund balance 3,329,067 2,435,601 TOTAL LIABILITIES, DEFERRED REVENUES, RESERVES AND FUND BALANCE $_75,502,375 _$ 78,750,379 Township of Ewing (Current Fund Comparative Statement of Operations and Changes in Fund Balance Year Ended June 30, 2006 2005 Revenue and other income realized Fund balance utilized S 513,625 $ 591,250 Miscellaneous revenues 8,076,364 7,519,008 State aid without offsetting appropriations 17,615,154 16,615,241 Special items with offsetting appropriations 789,835 1,584,794 Special items with consent of the director 4,037,769 2,701,272 Receipts from delinquent taxes 195,271 199,468, ‘Amount to be raised by taxes for support Of municipal budget 12,655,754 9,983,074 Other credits to income 60,608,702 62,554,988 Total Revenue 704,749,092 Expenditures: Budget Expenditures: Appropriations within "CAPS" 19,819,993 18,999,337 Deferred charges and statutory expenditures - municipel within "CAPS* 2,385,527 2,896,210 ‘Appropriations excluded from "CAPS" Operations 15,523,607 15,373,640 Capital improvements 238,355 327,725 Municipal debt service 3,724,606 3,513,753 Reserve for uncollected taxes 283,243 272,548 Deferred charges - excluded from "CAPS" 1,084,889 868,184 Other charges to income 60,081,834 62,377,674 Cash deficit - with prior written consent of Local Finance Board 134,928 < Total Expenditures 103,256,981 104,629,070 Excoss/(Defict) in revenue 4,235,492 (2,879,978) Expenditures which are deferred charges to budget of succeeding year 461,000 2,879,951 Fund balance, beginning 2,337,161 28 438 ‘Sub-Total 3,733,653 2,928,411 Less: utilized as anticipated revenues (513,625) (591.250), Fund balance, ending 53,220,028 “S__ 2,387,161 TOWNSHIP OF EWING GENERAL COMMENTS AND RECOMMENDATIONS, YEAR ENDED JUNE 30, 2006 The following recommendations were made for 2006: - Budget should allocate sufficient funds for obligation to Ewing Lawrence Sewerage Authority. + All grants need to be properly tracked. - Compliance with Technical Accounting Directive #85 Governmental Fixed Assets,” should be enforced. , “Accounting for - An individual who is independent from both the cash receipt and cash disbursement functions at the Municipal Court should prepare bank reconciliations. Also, tickets eligible for destruction should be pulled and disposed of in a timely manner. - Computer software or manual records should be utilized for dog license reports, - The Construction Office should stamp all permits with authorized signatures, maintain all construction files, and deposit all monies received within 48 hours as requited. - All wire transfers and bank reconciliations should be reviewed by administration, - A\ll resolution numbers should be indicated in the minutes. The above summary or synopsis was prepared from the report of audit of the financial statements and supplementary data of the Township of Ewing, County of Mercer, for the year ended June 30, 2006. This report was submitted by Mercadien P.C., Certified Public Accountants. It is on file at the Municipal Clerk’s office and may be inspected by any interested person. wing Township $00S4\ 2006 FinancilSttement'Surnary af Synopsis Findings and Recorsndatons'06 doe