TOWNSHIP OF MOORESTOWN
AUDIT REPORT FOR THE YEAR ENDED DECEMBER 31, 2019
TOWNSHIP OF MOORESTOWN COUNTY OF BURLINGTON
CONTENTS
PART 1 PAGE
Independent Auditor’s Report 1 Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 5
EXHIBITS Financial Statements – Regulatory Basis: Current Fund: Statements of Assets, Liabilities, Reserves & Fund Balance – Regulatory Basis A 9 Statements of Operations and Changes in Fund Balance – Regulatory Basis A-1 11 Statement of Revenues – Regulatory Basis A-2 12 Statement of Expenditures – Regulatory Basis A-3 15
Trust Fund: Statements of Assets, Liabilities, Reserves & Fund Balance – Regulatory Basis B 21 Statements of Operations and Changes in Reserve For Future Use – Open Space Fund B-1 23 Statement of Revenues – Open Space Fund B-2 24 Statement of Expenditures – Open Space Fund B-3 25
General Capital Fund: Statements of Assets, Liabilities, Reserves & Fund Balance – Regulatory Basis C 26
Water-Sewer Utility Fund: Statements of Assets, Liabilities, Reserves & Fund Balance – Regulatory Basis D 27 Statements of Operations & Changes in Operating Fund Balance – Regulatory Basis D-1 29 Statement of Fund Balance – Regulatory Basis D-2 29 Statement of Revenues – Regulatory Basis D-3 30 Statement of Expenditures – Regulatory Basis D-4 31
General Fixed Assets Account Group: Statements of Fixed Assets & Fund Balance - Regulatory Basis E 32
Notes to Financial Statements 35 (continued)
EXHIBITS PAGE Supplemental Exhibits: Current Fund Schedule of Cash and Investments - Treasurer A-4 83 Schedule of Change Funds A-5 84 Schedule of Taxes Receivable & Analysis of Property Tax Levy A-6 85 Schedule of Tax Title Liens A-7 86 Schedule of Property Acquired for Taxes A-8 86 Schedule of Revenue Accounts Receivable A-9 87 Schedule of 2018 Appropriation Reserves A-10 89 Schedule of Local District School Taxes Payable A-11 92 Schedule of State & Federal Grants Receivable A-12 93 Schedule of Reserves for State & Federal Grants and Matching Funds – Appropriated A-13 94 Schedule of Reserves for State Grants - Unappropriated A-14 95
Trust Fund: Schedule of Fund Balance – Regulatory Basis B-4 99 Schedule of Cash and Investments - Treasurer B-5 100 Analysis of Assessment Cash and Investments B-6 102 Schedule of Assessment Liens B-7 103 Dog License Fund: Schedule of Reserve - Expenditures B-8 103 Schedule of Due from Township Clerk B-9 104 Trust Fund Other: Schedule of Due from/to Current Fund B-10 104 Trust Assessment Fund: Schedule of Reserve for Assessments & Liens B-11 104 Dog License Fund: Schedule of Due to State of New Jersey B-12 105 Schedule of Due From/(To) Current Fund B-13 105 Schedule of Municipal Open Space Reserve B-14 106 Schedule of Payroll Fund Cash B-15 106 Trust Fund – Other: Schedule of Miscellaneous Trust Reserves B-16 108
General Capital Fund: Schedule of Fund Balance – Regulatory Basis C-1 111 Schedule of Cash and Investments - Treasurer C-2 111 Analysis of Cash and Investments C-2a 112 Schedule of Deferred Charges to Future Taxation Unfunded C-3 113 Schedule of Due From/(To) Current Fund C-4 114 Schedule of Deferred Charges to Future Taxation – Funded C-5 114 Schedule of Improvement Authorizations C-6 115 Schedule of Capital Improvement Fund C-7 117 Schedule of General Serial Bonds C-8 118 Schedule of Bonds & Notes Authorized But Not Issued C-9 119 Schedule of Reserve for Debt Service C-10 120 Schedule of Bond Anticipation Notes Payable C-11 121 Schedule of Receivables C-12 122 (continued)
EXHIBITS PAGE Water Sewer Utility Operating Fund: Schedule of Utility Cash and Investments – Treasurer D-5 125 Schedule of Due From/(To) Capital Fund D-6 126 Analysis of Assessment Trust – Cash D-7 126 Analysis of Cash - Capital Fund D-8 127 Schedule of Service Charges Receivable D-9 128 Schedule of Assessments Receivable D-10 128 Schedule of Assessments Held in Abeyance D-11 129 Schedule of Fixed Capital D-12 129 Schedule of Fixed Capital Authorized & Uncompleted D-13 130 Schedule 2018 Appropriation Reserves D-14 131 Schedule of Accrued Interest on Bonds and Notes D-15 131 Schedule of Reserve for Assessments D-16 132 Schedule of Improvement Authorizations D-17 133 Schedule of Capital Improvement Fund D-18 134 Schedule of Reserve for Amortization D-19 134 Schedule of Deferred Reserve for Amortization D-20 134 Schedule of Serial Bonds Payable – Capital Fund D-21 135 Schedule of Bond Anticipation Notes Payable – Capital Fund D-22 136 Schedule of Fund Balance – Capital Fund D-23 137 Schedule of Bonds & Notes Authorized But Not Issued – Capital Fund D-24 138
General Fixed Assets Fund: Schedule of Investment in Fixed Assets E-1 141
PART II
Schedule of Financial Statement Findings – Government Auditing Standards: Schedule of Financial Statement Findings 145 Summary Schedule of Prior Year Audit Findings and Questioned Costs as Prepared by Management 146
PART III
Letter of Comments and Recommendations – Regulatory Basis: Officials in Office 149 General Comments 151 Other Comments (Findings) 152 Recommendations 152 Acknowledgment 153 (concluded) ******************
This page intentionally left blank TOWNSHIP OF MOORESTOWN COUNTY OF BURLINGTON
PART I
INDEPENDENT AUDITOR'S REPORTS FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA FOR THE YEAR ENDED DECEMBER 31, 2019
************ This page intentionally left blank Certified Public Accountants & Advisors
INDEPENDENT AUDITOR’S REPORT
Honorable Mayor and Members of the Township Council Township of Moorestown County of Burlington Moorestown, New Jersey
Report on the Financial Statements
We have audited the accompanying statements of assets, liabilities, reserves and fund balance - regulatory basis of the various funds and account group of the Township of Moorestown as of December 31, 2019, and the related statements of operations and changes in fund balance - regulatory basis for the year then ended, the related statement of revenues - regulatory basis, and statement of expenditures - regulatory basis for the year ended December 31, 2019 and the related notes to the financial statements, which collectively comprise the Township’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles and practices prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and in compliance with audit requirements prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Township’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating
618 Stokes Road, Medford, NJ 08055 P: 609.953.0612 • F: 609.257.0008 www.hmacpainc.com 1
the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Opinions
Basis for Adverse Opinion on Accounting Principles Generally Accepted in the United States of America
As described in Note 1, the financial statements are prepared by the Township of Moorestown on the basis of the financial reporting provisions of the Division of Local Government Services, Department of Community Affairs, State of New Jersey, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the State of New Jersey.
The effects on the financial statements of the variances between the regulatory basis of accounting described in Note 1 and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.
Adverse Opinion on Accounting Principles Generally Accepted in the United States of America
In our opinion, because of the significance of the matter discussed in the “Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles” paragraph, the financial statements referred to above do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the Township, as of December 31, 2019, or the results of its operations and changes in fund balance for the year then ended.
Unmodified Opinion on Regulatory Basis of Accounting
In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities, reserves and fund balance - regulatory basis of the various funds of the Township, as of December 31, 2019, and the results of its operations and changes in fund balance - regulatory basis of such funds for the year then ended, and the statements of revenues - regulatory basis, statements of expenditures - regulatory basis of the various funds, and general fixed assets group of accounts – regulatory basis, for the year ended December 31, 2019 in conformity with accounting principles and practices prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey as described in Note 1.
Other Matters
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Township’s basic financial statements. The supplemental schedules presented for the various funds and letter of comments and recommendations section are presented for purposes of additional analysis as required by the Division of Local Government Services, Department of Community Affairs, State of New Jersey and are not a required part of the basic financial statements.
The supplemental schedules presented for the various funds are the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the
2 financial statements. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements of each of the respective individual funds and account group taken as a whole.
The letter of comments and recommendations section has not been subject to the auditing procedures applied in the audit of the financial statements, and accordingly, we do not express an opinion or provide assurance on it.
Prior Period Financial Statements
The financial statements as of December 31, 2018, were audited by other auditors whose report dated August 5, 2019 expressed an unmodified opinion on the regulatory basis of accounting.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated August 19, 2020 on our consideration of the Township's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Township's internal control over financial reporting and compliance.
Respectfully submitted,
HOLT MCNALLY & ASSOCIATES, INC. Certified Public Accountants & Advisors
Michael Holt Certified Public Accountant Registered Municipal Accountant RMA No. 473
Medford, New Jersey August 19, 2020
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4 Certified Public Accountants & Advisors
INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Honorable Mayor and Members of the Township Council Township of Moorestown County of Burlington Moorestown, New Jersey
We have audited, in accordance with the auditing standards generally accepted in the United States of America, the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States and audit requirements as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, the financial statements - regulatory basis of the Township of Moorestown, as of and for the year ended December 31, 2019, and the related notes to the financial statements, which collectively comprise the Township's basic financial statements, and have issued our report thereon dated August 19, 2020. Our report indicated that the Township’s financial statements were not prepared in accordance with accounting principles generally accepted in the United States of America but rather prepared in accordance with the regulatory basis of accounting prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Township's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Township’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Township’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any
618 Stokes Road, Medford, NJ 08055 P: 609.953.0612 • F: 609.257.0008 www.hmacpainc.com 5 deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Township's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards and audit requirements as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the Township's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards and audit requirements as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey in considering the Township’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
Respectfully Submitted,
HOLT MCNALLY & ASSOCIATES, INC. Certified Public Accountants & Advisors
Michael Holt Certified Public Accountant Registered Municipal Accountant RMA No. 473
Medford, New Jersey August 19, 2020
6 FINANCIAL STATEMENTS
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8 EXHIBIT A (Page 1 of 2) TOWNSHIP OF MOORESTOWN CURRENT FUND STATEMENTS OF ASSETS, LIABILITIES, RESERVES AND FUND BALANCE - REGULATORY BASIS DECEMBER 31, 2019 AND 2018
ASSETS REFERENCE 2019 2018
Regular Fund: Cash: Treasurer A-4$ 23,148,657 $ 22,815,949 Change Fund A-5 650 650
Total 23,149,307 22,816,599
Receivables & Other Assets With Full Reserves: Delinquent Taxes Receivable A-6 958,907 727,120 Tax Title Liens Receivable A-7 1,278,408 1,220,143 Foreclosed Property - Assessed Valuation A-8 101,300 101,300 Revenue Accounts Receivable A-9 12,016 13,340 Due From Interfunds: Animal Control Fund B 3,427 9,661 Truth Other Fund B 2,673 15,219 Truth Assessment Fund B - 147 General Capital C 3 3 Bond & Coupon Account A 6,966 6,966
Total Receivables & Other Assets With Full Reserves 2,363,700 2,093,899
Other Accounts Receivable: Due from State of NJ - Burial Permits A 80 80
Total Other Accounts Receivable 80 80
Total Regular Funds 25,513,087 24,910,578
Federal & State Grants: State Grants Receivable A-12 17,500 - Due From Current Fund A 232,400 222,811
Total State & Federal Grants 249,900 222,811
Total Assets$ 25,762,987 $ 25,133,389
The accompanying Notes to the Financial Statement are an integral part of these Statements.
9 EXHIBIT A (Page 2 of 2) TOWNSHIP OF MOORESTOWN CURRENT FUND STATEMENTS OF ASSETS, LIABILITIES, RESERVES AND FUND BALANCE - REGULATORY BASIS DECEMBER 31, 2019 AND 2018
LIABILITIES RESERVES & FUND BALANCE REFERENCE 2019 2018
Regular Fund: Liabilities: Appropriation Reserves A-3$ 1,046,718 $ 930,361 Reserve for Encumbrances A-3 721,592 673,700 Accounts Payable A 121,504 142,809 Due County for Added & Omitted Taxes A-6 269,320 182,979 Local District School Taxes Payable A-11 10,000,067 9,392,549 Prepaid Taxes A-4 1,201,783 1,042,614 Tax Overpayments A 64,067 200,647 Due to State of New Jersey for Senior Citizen & Veteran Deductions A 38,631 39,186 Due to State - Marriage License Fees A 621 671 Due to State - DCA Fees A 27,591 31,240 Due to Interfunds: Federal & State Grant A 232,400 222,811 Trust Assessment Fund B 5 - Payroll Fund B 8,003 7,698 Water and Sewer Operating Fund D 256 502 Reserve for: Tax Appeals A 1,200,000 1,251,689 Tax Assessment Revaluation A 262 262
Subtotal Regular Fund 14,932,820 14,119,718
Reserve for Receivables & Other Assets A 2,363,700 2,093,899 Fund Balance A-1 8,216,567 8,696,961
Total Regular Fund 25,513,087 24,910,578
State & Federal Grants: Reserve for Federal & State Grants: Appropriated A-13 193,282 195,955 Unappropriated A-14 43,851 14,828 Encumbrances Payable A-13 12,767 12,028
Total State & Federal Grants 249,900 222,811
Total Liabilities, Reserves & Fund Balance$ 25,762,987 $ 25,133,389
The accompanying Notes to the Financial Statement are an integral part of these Statements.
10 EXHIBIT A-1 TOWNSHIP OF MOORESTOWN CURRENT FUND STATEMENTS OF OPERATIONS AND CHANGES IN FUND BALANCE - REGULATORY BASIS FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018
REFERENCE 2019 2018 Revenue & Other Income Realized: Fund Balance Utilized A-1,A-2$ 2,605,000 $ 2,605,000 Miscellaneous Revenue Anticipated A-2 6,118,779 6,199,177 Receipts From Delinquent Taxes & Tax Title Liens A-2 722,919 790,077 Receipts From Current Taxes A-2 106,242,747 102,867,495 Nonbudget Revenue A-2 530,349 468,513 Other Credits to Income: Unexpended Balance of Appropriation Reserves A-10 583,965 867,882 Cancellation of Prior Year Accounts Payable A 5,697 11,520 Prior Year Interfunds Returned A 27,045 - Change Fund Adjustment A - 75
Total 116,836,501 113,809,739
Expenditures: Budget Appropriations Within "CAPS": Operations: Salaries & Wages A-3 8,601,725 8,240,716 Other Expenses A-3 7,416,119 7,538,299 Deferred Charges & Statutory Expenditures A-3 1,763,776 1,663,023 Excluded From "CAPS": Operations: Salaries & Wages A-3 70,000 69,400 Other Expenses A-3 1,805,061 1,663,948 Capital Improvements A-3 245,000 350,000 Municipal Debt Service A-3 3,978,391 3,967,929 Deferred Charges/Judgements A-3 852,467 525,000 Fire District Taxes A-6 2,811,569 2,851,411 County Taxes A-6 17,808,430 15,894,662 Local District School Tax A-11 68,946,140 67,731,107 Municipal Open Space A-6 411,411 407,452 Senior Citizen & Veteran Deductions Disallowed: Prior Year A 1,148 1,167 Refund of Prior Year Revenue A 658 438 Interfund Reserves Created A - 12,096
Total Expenditures 114,711,895 110,916,648
Excess/(Deficit) in Revenue 2,124,606 2,893,091
Statutory Excess to Fund Balance 2,124,606 2,893,091 Fund Balance January 1 A 8,696,961 8,408,870
Total 10,821,567 11,301,961 Decreased by: Utilization as Anticipated Revenue A-1,A-2 2,605,000 2,605,000
Fund Balance December 31 A $ 8,216,567 $ 8,696,961
The accompanying Notes to the Financial Statement are an integral part of these Statements. 11 EXHIBIT A-2 (Page 1 of 3) TOWNSHIP OF MOORESTOWN CURRENT FUND STATEMENT OF REVENUES - REGULATORY BASIS FOR THE YEAR ENDED DECEMBER 31, 2019
APPROPRIATED BY EXCESS OR BUDGET N.J.S.A.40A:47-87 REALIZED (DEFICIT)
Fund Balance Utilized$ 2,605,000 $ - $ 2,605,000 $ -
Miscellaneous Revenue: Licenses - Alcoholic Beverages 15,000 - 15,000 - Licenses - Other 1,400 - 1,621 221 Fees & Permits - Other 135,000 - 137,072 2,072 Fines & Costs - Municipal Court 175,000 - 169,602 (5,398) Interest & Costs on Taxes 250,000 - 237,909 (12,091) Parking Meters 53,148 - 78,157 25,009 Interest on Investments & Deposits 346,427 - 408,526 62,099 Recreation Fees 294,285 - 310,005 15,720 Police Accident Report Fees 4,900 - 6,815 1,915 Special Police Duty Service Charges 150,000 - 196,537 46,537 Street Opening Permits 2,000 - 2,175 175 Cable Television Fees 75,015 - 75,015 - Energy Receipts Tax 1,793,963 - 1,793,963 - Supplemental Franchise & Gross Receipts Tax (P.S.E.& G.) 248,000 - 248,811 811 Fees & Permits: Uniform Construction Code 1,250,000 - 1,085,058 (164,942) General Capital Surplus 30,000 - 30,000 - Reserve for Payment of Bonds 200,000 - 200,000 - Rental Income 52,000 52,158 158 Water & Sewer Fund Reimbursement 370,000 - 370,000 - Shared Service Reimbursements 39,000 - 40,600 1,600 Library Services Reimbursement 170,000 - 170,000 - BOE Reimbursement - Resource Officer 143,500 - 149,026 5,526 Tower Rents 82,500 - 84,535 2,035 State/Federal/Local Grants: Body Armor Replacement 2,328 - 2,328 - Recycling Tonnage 30,795 - 30,795 - Drunk Driving Enforcement Fund 2,500 - 2,500 - Clean Communities Program 51,068 - 51,068 - Safe and Secure 60,000 - 60,000 - E.M.A - HMEP Grant 10,000 - 10,000 - Bulletproof Vest Partnership Grant 3,503 - 3,503 - Police Private Donation 500 - 500 - CDBG 78,000 - 78,000 - NJUCF Stewardship Grant 17,500 - 17,500 -
The accompanying Notes to the Financial Statement are an integral part of these Statements.
12 ` EXHIBIT A-2 (Page 2 of 3) TOWNSHIP OF MOORESTOWN CURRENT FUND STATEMENT OF REVENUES - REGULATORY BASIS FOR THE YEAR ENDED DECEMBER 31, 2019
APPROPRIATED BY EXCESS OR BUDGET N.J.S.A.40A:4-87 REALIZED (DEFICIT)
Total Miscellaneous Revenues 6,137,332 - 6,118,779 (18,553)
Receipts From Delinquent Taxes 700,000 - 722,919 22,919
Subtotal General Revenues 9,442,332 - 9,446,698 4,366
Local Tax for Municipal Purposes 15,146,780 - 16,121,766 974,986 Minimum Library Tax 1,612,888 - 1,612,888 -
Budget Totals 26,202,000 - 27,181,352 979,352 Nonbudget Revenues - - 530,349 530,349
Total$ 26,202,000 $ - $ 27,711,701 $ 1,509,701
ANALYSIS OF REALIZED REVENUES
Allocation of Current Tax Collections: Revenue From Collections $ 106,469,265 Less: School, County Taxes, Special District & Open Space 89,977,550
Balance for Support of Municipal Budget Appropriations 16,491,715 Add: Budget Appropriation - Reserve for Uncollected Taxes 1,469,457 Less: Reserve for Tax Appeals Pending (226,518)
Total Amount for Support of Municipal Budget Appropriation$ 17,734,654
Receipts From Delinquent Taxes: Delinquent Tax Collections $ 719,557 Veteran Deductions Disallowed 250 Tax Title Liens 3,112
Total Receipts From Delinquent Taxes $ 722,919
The accompanying Notes to the Financial Statement are an integral part of these Statements.
13 EXHIBIT A-2 (Page 3 of 3) TOWNSHIP OF MOORESTOWN CURRENT FUND STATEMENT OF REVENUES - REGULATORY BASIS FOR THE YEAR ENDED DECEMBER 31, 2019
ANALYSIS OF NONBUDGET REVENUE
Miscellaneous Revenue Not Anticipated: Miscellaneous Advertising Fee$ 4,321 Zoning Fees 730 False Alarm Fees 42,975 Peddler/Solicitor Permit 5,325 Developer Application Fees 5,748 Refunds 876 Efficiency Award/JIF Safety Award 2,500 Tax Premium on Foreclosures 300 Sale of Assets 46,448 Photo Copies 68 Payment in Lieu of Taxes - PILOT 26,853 JIF Dividends 21,861 RAPID Program 900 Street and Zoning Maps 20 Cancel Prior Years Outstanding Checks 4,000 Scrap Metal & Waste Oil 6,511 DMV Inspection Fees 1,233 Towing Fees 840 State of NJ 2% Administration Fee & Homestead Rebate Mailing 3,079 Miscellaneous 7,323 FEMA - Winter Storm Reimbursement 343,332 Refund Prior Year Expenditures 5,106
Total $ 530,349
The accompanying Notes to the Financial Statement are an integral part of these Statements.
14 EXHIBIT A-3 (Page 1 of 6) TOWNSHIP OF MOORESTOWN CURRENT FUND STATEMENT OF EXPENDITURES - REGULATORY BASIS FOR THE YEAR ENDED DECEMBER 31, 2019
APPROPRIATIONS PAID OR CHARGED BUDGET AFTER OPERATIONS WITHIN "CAPS" BUDGET MODIFICATION EXPENDED ENCUMBERED RESERVED CANCELED
General Government: General Administration: Salaries and Wages$ 265,870 $ 265,870 $ 265,660 $ - $ 210 $ - Other Expenses 57,111 57,111 44,169 2,464 10,478 - Human Resources: Other Expenses 16,600 21,600 12,027 803 8,770 - Mayor & Council: Salaries and Wages 24,795 24,795 20,317 - 4,478 - Other Expenses 6,275 6,275 3,397 1,050 1,828 - Municipal Clerk:
15 Salaries and Wages 85,910 89,235 89,044 - 191 - Other Expenses 22,000 25,000 21,746 1,851 1,403 - Financial Administration (Treasury): Office of Controller: Salaries and Wages 221,515 227,710 227,709 - 1 - Other Expenses 21,875 27,875 25,097 1,651 1,127 - Auditing Services: Other Expenses 28,500 28,500 27,600 - 900 - Computer Data Processing: Salaries and Wages 56,960 58,060 58,057 - 3 - Other Expenses 102,700 107,700 98,812 7,645 1,243 - Revenue Administration (Tax Collection): Salaries and Wages 118,805 120,675 120,534 - 141 - Other Expenses 10,750 11,750 9,280 69 2,401 - Tax Assessment: Salaries and Wages 123,070 124,090 124,086 - 4 - Other Expenses 22,963 22,963 5,882 4,161 12,920 - Legal Services (Legal Department): Other Expenses 122,500 107,500 52,080 120 55,300 - Engineering Services: Other Expenses 95,000 75,000 50,540 7,905 16,555 - EXHIBIT A-3 (Page 2 of 6) TOWNSHIP OF MOORESTOWN CURRENT FUND STATEMENT OF EXPENDITURES - REGULATORY BASIS FOR THE YEAR ENDED DECEMBER 31, 2019
APPROPRIATIONS PAID OR CHARGED BUDGET AFTER OPERATIONS WITHIN "CAPS" BUDGET MODIFICATION EXPENDED ENCUMBERED RESERVED CANCELED
Land Use Administration: Planning Board: Salaries and Wages 213,650 222,662 209,824 - 12,838 - Other Expenses 41,500 55,500 34,614 17,015 3,871 - Zoning Board of Adjustments: Salaries and Wages 121,890 93,390 82,381 - 11,009 - Other Expenses 38,660 51,660 31,570 6,280 13,810 - Insurance: Unemployment Compensation 12,000 12,000 11,820 - 180 - Worker's Compensation 208,600 208,600 202,170 - 6,430 - Employee Group Insurance 2,290,500 2,290,500 2,153,760 2,861 133,879 - 16
Other Insurance Premiums 210,640 210,640 210,058 - 582 - Health Benefit Waiver 50,800 50,800 45,681 - 5,119 - Public Safety Functions: Police: Salaries and Wages 4,570,765 4,525,765 4,333,520 - 192,245 - Other Expenses 216,649 216,649 155,279 60,069 1,301 - Prosecutor: Salaries and Wages 19,971 19,971 19,971 - - - Public Works Functions: Department of Public Works: Office of the Director: Salaries and Wages 228,875 208,875 199,495 - 9,380 - Other Expenses 9,700 9,700 5,576 482 3,642 - Road Repairs & Maintenance: Salaries and Wages 849,265 816,265 781,126 - 35,139 - Other Expenses 261,650 246,650 177,490 24,981 44,179 - Maint. Of Motor Vehicles Salaries and Wages 163,166 163,166 157,481 5,685 - Other Expenses 154,750 171,750 127,868 37,848 6,034 - Division of Sanitation Other Expenses 733,510 733,510 495,365 214,513 23,632 - Building & Grounds: Other Expenses 277,500 257,500 162,149 81,284 14,067 - EXHIBIT A-3 (Page 3 of 6) TOWNSHIP OF MOORESTOWN CURRENT FUND STATEMENT OF EXPENDITURES - REGULATORY BASIS FOR THE YEAR ENDED DECEMBER 31, 2019
APPROPRIATIONS PAID OR CHARGED BUDGET AFTER OPERATIONS WITHIN "CAPS" BUDGET MODIFICATION EXPENDED ENCUMBERED RESERVED CANCELED
Public Works Functions (continued): Shade Tree: Salaries and Wages 222,275 224,275 214,221 - 10,054 - Other Expenses 94,050 94,050 78,070 13,839 2,141 - Shade Tree Advisory Committee: Other Expenses 2,000 2,000 1,930 - 70 - Health & Human Services: Environmental Committee: Other Expenses 1,500 1,500 375 - 1,125 - Animal Control: Contractual Service 2,100 2,100 1,750 - 350 - 17
Contributions to Social Services Agencies: Other Expenses 2,000 2,000 1,330 670 - - Parks & Recreation: Recreation Services & Programs: Salaries and Wages 396,285 402,785 396,373 - 6,412 - Other Expenses 126,240 126,240 103,932 17,513 4,795 - Parks & Playgrounds: Salaries and Wages 69,561 70,561 67,385 - 3,176 - Other Expenses 103,546 107,046 86,368 14,453 6,225 - Utility Expenses & Bulk Purchases: Electricity 335,000 357,000 322,510 27,143 7,347 - Street Lighting Other Expenses 280,000 300,000 269,294 27,000 3,706 - Telephone Expenses 102,500 112,500 95,549 1,315 15,636 - Water 5,500 7,500 5,296 1,259 945 - Gas (Natural/Propane) 34,000 37,000 27,976 4,010 5,014 - Telecommunications 3,800 3,800 3,461 - 339 - Gasoline 165,000 165,000 137,063 11,333 16,604 - Solid Waste Disposal Cost: - Other Expenses 723,000 743,000 670,195 - 72,805 - Code Enforcement & Administration Building & Inspections Salaries and Wages 560,725 560,725 523,554 - 37,171 - Other Expenses 214,850 214,850 84,914 124,683 5,253 - EXHIBIT A-3 (Page 4 of 6) TOWNSHIP OF MOORESTOWN CURRENT FUND STATEMENT OF EXPENDITURES - REGULATORY BASIS FOR THE YEAR ENDED DECEMBER 31, 2019
APPROPRIATIONS BUDGET AFTER PAID OR CHARGED OPERATIONS WITHIN "CAPS" BUDGET MODIFICATION EXPENDED ENCUMBERED RESERVED CANCELED
Municipal Court Municipal Court Salaries and Wages 160,105 161,550 161,547 - 3 - Other Expenses 45,850 45,850 39,286 760 5,804 - Public Defender Other Expenses 8,750 8,750 5,400 990 2,360 - Unclassified: Accum. Absence Compensation 5,000 130,000 130,000 - - - Sick Sell-back 40,500 40,500 - - 40,500 - Reserve for Salary Increases 106,467 - - - - -
18 Condo Services 130,000 130,000 - - 130,000 -
Total Operation Within "CAPS" 16,017,844 16,017,844 14,281,014 718,020 1,018,810 -
Detail: Salaries and Wages 8,676,225 8,601,725 8,227,966 - 373,759 - Other Expenses (Including Contingent) 7,341,619 7,416,119 6,053,048 718,020 645,051 -
Deferred Charges/Statutory Expenditures - Municipal Within "CAPS": Social Security 370,000 370,000 363,119 - 6,881 - Public Employees Retirement System 412,950 412,950 412,950 - - - Police & Fire Retirement System 972,826 972,826 972,826 - - - Defined Contribution Plan 8,000 8,000 7,790 - 210 -
Total Deferred Charges & Statutory Expenditures Within "CAPS" 1,763,776 1,763,776 1,756,685 - 7,091 -
Total General Appropriations for Municipal Purposes Within "CAPS" 17,781,620 17,781,620 16,037,699 718,020 1,025,901 - EXHIBIT A-3 (Page 5 of 6) TOWNSHIP OF MOORESTOWN CURRENT FUND STATEMENT OF EXPENDITURES - REGULATORY BASIS FOR THE YEAR ENDED DECEMBER 31, 2019
APPROPRIATIONS BUDGET AFTER PAID OR CHARGED OPERATIONS EXCLUDED FROM "CAPS" BUDGET MODIFICATION EXPENDED ENCUMBERED RESERVED CANCELED
Maintenance of Free Public Library: Other Expenses 1,612,888 1,612,888 1,612,888 - - - Public & Private Programs Offset by Revenues: Supplemental Fire Services Program 5,979 5,979 5,979 - - - Safe and Secure Communities Grant 60,000 60,000 60,000 - - - County E.M.A. - Homeland Security Grant 10,000 10,000 10,000 - - - Clean Communities Act 51,068 51,068 51,068 - - - Body Armor Replacement Fund 3,503 3,503 3,503 - - - Drunk Driving Enforcement Grant 2,500 2,500 2,500 - - - Recycling Tonnage 30,795 30,795 30,795 - - - Bulletproof Vest Partnership Grant 2,328 2,328 2,328 - - -
19 Police Private Donation 500 500 500 - - -
CDBG 78,000 78,000 78,000 - - - NJUCF Stewardship Grant 17,500 17,500 17,500 - - -
Total Operations Excluded From "CAPS" 1,875,061 1,875,061 1,875,061 - - -
Detail: Salaries and Wages 70,000 70,000 70,000 - - - Other Expenses 1,805,061 1,805,061 1,805,061 - - -
Capital Improvements - Excluded from "CAPS": Capital Improvement Fund 200,000 200,000 200,000 - Capital Outlay 45,000 45,000 20,611 3,572 20,817 -
Total Capital Improvements Excluded from "CAPS" 245,000 245,000 220,611 3,572 20,817 - EXHIBIT A-3 (Page 6 of 6) TOWNSHIP OF MOORESTOWN CURRENT FUND STATEMENT OF EXPENDITURES - REGULATORY BASIS FOR THE YEAR ENDED DECEMBER 31, 2019
APPROPRIATIONS BUDGET AFTER PAID OR CHARGED OPERATIONS EXCLUDED FROM "CAPS" BUDGET MODIFICATION EXPENDED ENCUMBERED RESERVED CANCELED
Municipal Debt Service - Excluded from "CAPS": Payment of Bond Principal 2,600,000 2,600,000 2,600,000 - - - Interest on Bonds 1,378,395 1,378,395 1,378,391 - - 4
Total Municipal Debt Service Excluded from "CAPS" 3,978,395 3,978,395 3,978,391 - - 4
Deferred Charges - Excluded from "CAPS": Unfunded Ordinances 14-2008 2,467 2,467 2,467 - - - Judgements - Tax Appeals 850,000 850,000 850,000 - - -
Total Deferred Charges/Judgements - Municipal -
20 Excluded from CAPS: 852,467 852,467 852,467 - - -
Total General Appropriations Excluded from "CAPS" 6,950,923 6,950,923 6,926,530 3,572 20,817 4
Subtotal General Appropriations 24,732,543 24,732,543 22,964,229 721,592 1,046,718 4 Reserve For Uncollected Taxes 1,469,457 1,469,457 1,469,457 - - -
Total General Appropriations$ 26,202,000 $ 26,202,000 $ 24,433,686 $ 721,592 $ 1,046,718 $ 4
Adopted Budget$ 26,202,000
Total$ 26,202,000
Reserve for Uncollected Taxes$ 1,469,457 Cash Disbursements 23,669,244 Refunds Current Year Appropriations (961,209) Reserve for Federal & State Grants 256,194
$ 24,433,686
The accompanying Notes to the Financial Statement are an integral part of these Statements. EXHIBIT B (Page 1 of 2) TOWNSHIP OF MOORESTOWN TRUST FUND STATEMENTS OF ASSETS, LIABILITIES, RESERVES AND FUND BALANCE - REGULATORY BASIS DECEMBER 31, 2019 AND 2018
ASSETS REFERENCE 2019 2018
Other Trust Funds: Cash - Collector - Treasurer B-5$ 4,514,222 $ 5,315,639
Total Other Trust Funds 4,514,222 5,315,639
Municipal Open Space Fund: Cash - Collector - Treasurer B-5 2,717,881 2,727,373
Total Municipal Open Space Fund 2,717,881 2,727,373
Assessment Fund: Cash - Treasurer B-5,B-6 11,060 11,212 Due from Current Fund A 5 - Assessment Liens B-7 287 287
Total Assessment Funds 11,352 11,499
Animal Control Fund: Cash - Treasurer B-5 28,494 36,047
Total Animal Control Fund 28,494 36,047
Payroll Fund: Cash B-15 (7,948) (2,987) Due from Current Fund A 8,003 7,698
Total Payroll Fund 55 4,711
Total Assets $ 7,272,004 $ 8,095,269
The accompanying Notes to the Financial Statement are an integral part of these Statements.
21 EXHIBIT B (Page 2 of 2) TOWNSHIP OF MOORESTOWN TRUST FUND STATEMENTS OF ASSETS, LIABILITIES, RESERVES AND FUND BALANCE - REGULATORY BASIS DECEMBER 31, 2019 AND 2018
REFERENCE 2019 2018 Other Trust Funds: Due to Current Fund A, B-10$ 2,673 $ 15,219 Various Reserves B-16 4,511,549 5,300,420
Total Other Trust Funds 4,514,222 5,315,639
Municipal Open Space Fund: Reserve for Future Use B-1 2,717,881 2,727,373
Total Municipal Open Space Fund 2,717,881 2,727,373
Assessment Funds: Reserve for Assessments & Liens B-11 287 287 Due to Current Fund A - 147 Fund Balance B-4 11,065 11,065
Total Assessment Funds 11,352 11,499
Animal Control Fund: Due Township Clerk's Account B-9 29 29 Due Current Fund B-13 3,427 9,661 Due to State of New Jersey B-12 2 1 Reserve for Animal Control Expenditures B-8 25,036 26,356
Total Animal Control Fund 28,494 36,047
Payroll Fund: Payroll Deductions Payable B 55 4,711
Total Payroll Fund 55 4,711
Total Liabilities, Reserves & Fund Balance$ 7,272,004 $ 8,095,269
The accompanying Notes to the Financial Statement are an integral part of these Statements.
22 EXHIBIT B-1 TOWNSHIP OF MOORESTOWN TRUST - MUNICIPAL OPEN SPACE FUND STATEMENTS OF OPERATIONS AND CHANGES IN RESERVE FOR FUTURE USE - REGULATORY BASIS DECEMBER 31, 2019 AND 2018
REVENUE REALIZED: 2019 2018
Amount to be Raised by Taxation$ 411,411 $ 407,452 County Open Space - Matching Funds - 132,600 Interest Income 35,910 28,254 Miscellaneous - 1,000
Total Income 447,321 569,306
EXPENDITURES:
Budget Appropriations: Salary and Wages 127,386 137,140 Other Expenses 196,302 272,668 Capital Improvements 21,000 - Debt Service 112,125 167,070
Total Expenditures 456,813 576,878
Statutory Excess to Reserve (9,492) (7,572)
RESERVE FOR FUTURE USE:
Balance January 1, 2,727,373 2,734,945
Balance December 31, $ 2,717,881 $ 2,727,373
The accompanying Notes to the Financial Statement are an integral part of these Statements.
23 EXHIBIT B-2 TOWNSHIP OF MOORESTOWN TRUST - MUNICIPAL OPEN SPACE FUND STATEMENT OF REVENUES - REGULATORY BASIS FOR THE YEAR ENDED DECEMBER 31, 2019
ANTICIPATED EXCESS OR BUDGET REALIZED (DEFICIT)
Amount to be Raised by Taxation$ 404,975 $ 411,411 $ 6,436 Interest Income 28,000 35,910 7,910 Reserve for Future Use 2,734,945 2,734,945 -
Total Revenues$ 3,167,920 $ 3,182,266 $ 14,346
The accompanying Notes to the Financial Statement are an integral part of these Statements.
24 EXHIBIT B-3 TOWNSHIP OF MOORESTOWN TRUST - MUNICIPAL OPEN SPACE FUND STATEMENT OF EXPENDITURES - REGULATORY BASIS FOR THE YEAR ENDED DECEMBER 31, 2019
APPROPRIATIONS BUDGET PAID OR CHARGED ORIGINAL AFTER BUDGET MODIFICATION EXPENDED ENCUMBERED RESERVED CANCELLED
Maintenance of Lands for Recreation & Conservation: Salary and Wages$ 127,386 $ 127,386 $ 127,386 $ - $ - $ - Other Expenses 258,464 258,464 196,302 62,162 -
Total 385,850 385,850 323,688 - 62,162 -
Capital Improvements: Acquisition of Farmland 200,000 200,000 - - 200,000 - Down Payments on Improvements 37,500 37,500 21,000 - 16,500 -
Total 237,500 237,500 21,000 - 216,500 -
Debt Service: Interest on Installment Purchase 112,125 112,125 112,125 - - -
Total Debt Service 112,125 112,125 112,125 - - -
Reserve for Future Use 2,432,445 2,432,445 - - 2,432,445 -
Total Statement of Expenditures$ 3,167,920 $ 3,167,920 $ 456,813 $ - $ 2,711,107 $ -
Disbursed $ 456,813
Total $ 456,813
25 EXHIBIT C TOWNSHIP OF MOORESTOWN GENERAL CAPITAL FUND STATEMENTS OF ASSETS, LIABILITIES, RESERVES AND FUND BALANCE - REGULATORY BASIS DECEMBER 31, 2019 AND 2018
ASSETS REFERENCE 2019 2018
Cash C-2$ 3,032,159 $ 5,329,866 Accounts Receivable C-12 1,769,836 549,250 Deferred Charges to Future Taxation: Funded C-5 36,600,000 39,200,000 Unfunded C-3 8,141,750 4,417,967
Total Assets$ 49,543,745 $ 49,497,083
LIABILITIES, RESERVES & FUND BALANCE
Reserve for Encumbrances C-6$ 2,599,188 $ 1,286,794 Serial Bonds Payable C-8 36,600,000 39,200,000 Bond Anticipation Notes Payable C-11 4,545,750 - Improvement Authorizations: Funded C-6 2,302,290 3,888,753 Unfunded C-6 2,481,151 4,349,297 Reserve For Payment of Debt Service C-10 573,147 433,722 Capital Improvement Fund C-7 240,207 134,371 Due to Current Fund C-4,A 3 3 Fund Balance C-1 202,009 204,143
Total Liabilities, Reserves & Fund Balance$ 49,543,745 $ 49,497,083
There were bonds and notes authorized but not issued on December 31, 2019 of $3,596,000 and on December 31, 2018 was $4,417,967.
The accompanying Notes to the Financial Statement are an integral part of these Statements.
26 EXHIBIT D (Page 1 of 2) TOWNSHIP OF MOORESTOWN WATER-SEWER UTILITY FUND STATEMENTS OF ASSETS, LIABILITIES, RESERVES AND FUND BALANCE - REGULATORY BASIS DECEMBER 31, 2019 AND 2018
ASSETS REFERENCE 2019 2018
Operating Fund: Cash - Treasurer D-5$ 5,310,151 $ 6,259,109 Due Interfunds: Utility Capital Fund D 74 74 Utility Assessment Fund D - 37 Current Fund A 256 502
Total 5,310,481 6,259,722
Receivables & Other Assets With Full Reserves: Utility Charges Receivable D-9 822,395 722,208
Total Receivable & Other Assets With Full Reserves 822,395 722,208
Total Operating Fund 6,132,876 6,981,930
Assessment Trust Fund: Cash - Treasurer D-5 83,154 83,194 Interfund - Utility Operating D 3 - Assessments Receivable D-10 2,123 2,123 Assessments Held in Abeyance D-11 57,202 57,202
Total Assessment Trust Fund 142,482 142,519
Capital Fund: Cash - Treasurer D-5 17,065,717 7,835,540 Fixed Capital: Completed D-12 49,434,894 47,047,346 Authorized & Uncompleted D-13 56,821,500 55,432,500
Total Capital Fund 123,322,111 110,315,386
Total Operating & Capital Fund$ 129,597,469 $ 117,439,835
Bonds and Notes authorized but not issued as of December 31, 2019 was $3,983,595 and as of December 31, 2018 was $32,275,595.
The accompanying Notes to the Financial Statement are an integral part of these Statements.
27 EXHIBIT D (Page 2 of 2) TOWNSHIP OF MOORESTOWN WATER-SEWER UTILITY FUND STATEMENTS OF ASSETS, LIABILITIES, RESERVES AND FUND BALANCE - REGULATORY BASIS DECEMBER 31, 2019 AND 2018
LIABILITIES RESERVES & FUND BALANCE REFERENCE 2019 2018
Operating Fund: Liabilities: Appropriation Reserves D-4$ 687,808 $ 875,571 Reserve for Encumbrances D-4 404,140 528,958 Accounts Payable D 2,513 71,044 Interfund - W&S Assessment Fund D 3 - Accrued Interest on Bonds D-15 619,538 355,588
Subtotal 1,714,002 1,831,161
Reserve for Receivables D 822,395 722,208 Fund Balance D-1 3,596,479 4,428,561
Total Operating Fund 6,132,876 6,981,930
Assessment Trust Fund: Reserve for Assessments D-16 59,325 59,325 Due Water & Sewer Operating Fund D - 37 Fund Balance D-2 83,157 83,157
Total Assessment Trust Fund 142,482 142,519
Capital Fund: Reserve for Encumbrances D-17 15,020,265 31,990,142 Serial Bonds D-21 23,110,000 24,005,000 Bond Anticipation Notes D-22 32,206,000 - Improvement Authorizations: Funded D-17 1,530,795 5,105,920 Unfunded D-17 3,355,412 2,064,176 Reserves for: Amortization D-19 45,863,050 45,024,251 Deferred Amortization D-20 1,093,750 1,175,000 Capital Improvement Fund D-18 553,826 603,326 Due to Utility Operating Fund D 74 74 Fund Balance D-23 588,939 347,497
Total Capital Fund 123,322,111 110,315,386
Total Liabilities, Reserves & Fund Balance$ 129,597,469 $ 117,439,835
The accompanying Notes to the Financial Statement are an integral part of these Statements.
28 EXHIBIT D-1 TOWNSHIP OF MOORESTOWN WATER-SEWER UTILITY OPERATING FUND STATEMENTS OF OPERATIONS AND CHANGE IN OPERATING FUND BALANCE - REGULATORY BASIS FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018
2019 2018 Revenue & Other Income Realized: Fund Balance Utilized$ 1,902,500 $ 1,788,500 Service Charges 8,061,401 8,355,037 Interest on Investments 353,594 150,340 Miscellaneous 443,629 527,621 Cancellation of Prior Year Accounts Payable - 209 Unexpended Balance of Appropriation Reserves 785,238 1,113,121
Total Income 11,546,362 11,934,828
Expenditures: Budget Appropriations: Operating 8,238,714 7,879,544 Capital Improvements 75,000 497,500 Debt Service 1,811,144 1,549,311 Deferred Charges & Statutory Expenditures 351,086 355,456
Total Expenditures 10,475,944 10,281,811
Statutory Excess to Fund Balance 1,070,418 1,653,017 Fund Balance January 1 4,428,561 4,564,044
Total 5,498,979 6,217,061 Less: Fund Balance Utilized by Operating Budget 1,902,500 1,788,500
Balance December 31$ 3,596,479 $ 4,428,561
EXHIBIT D-2 WATER-SEWER UTILITY ASSESSMENT TRUST FUND STATEMENT OF FUND BALANCE - (STATUTORY BASIS) FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018
Balance December 31, 2019 and 2018$ 83,157
The accompanying Notes to the Financial Statement are an integral part of these Statements.
29 EXHIBIT D-3 TOWNSHIP OF MOORESTOWN WATER-SEWER UTILITY OPERATING FUND STATEMENT OF REVENUES - REGULATORY BASIS FOR THE YEAR ENDED DECEMBER 31, 2019
EXCESS OR ANTICIPATED REALIZED (DEFICIT)
Operating Surplus$ 1,902,500 $ 1,902,500 $ - Water Use Charges 4,700,000 4,622,075 (77,925) Sewer Use Charges 3,600,000 3,439,326 (160,674) Interest on Investments 150,000 353,594 203,594 Miscellaneous - Water 400,000 413,123 13,123 Miscellaneous - Sewer 32,500 30,505 (1,995)
Total $ 10,785,000 $ 10,761,123 $ (23,877)
Operating Surplus $ 1,902,500 Cash Receipts 8,858,623
Total $ 10,761,123
ANALYSIS OF REALIZED REVENUES
Miscellaneous - Water: Penalties on Delinquent Accounts $ 27,245 Meter Pit Covers 7,080 Water Connection Fees 33,368 Tower Rental Fees 338,142 Miscellaneous 7,288
Total $ 413,123
Miscellaneous - Sewer: Sewer Connection Fees $ 20,072 Miscellaneous 10,433
Total $ 30,505
The accompanying Notes to the Financial Statement are an integral part of these Statements.
30 EXHIBIT D-4 TOWNSHIP OF MOORESTOWN WATER-SEWER UTILITY OPERATING FUND STATEMENT OF EXPENDITURES - REGULATORY BASIS FOR THE YEAR ENDED DECEMBER 31, 2019
BUDGET UNEXPENDED AFTER PAID OR BALANCE BUDGET MODIFICATION CHARGED RESERVED CANCELED
Operating: Salaries & Wages$ 1,997,025 $ 1,937,025 $ 1,838,126 $ 98,899 $ - Other Expenses 6,216,689 6,301,689 5,762,191 539,498 - Capital Improvements: Capital Outlay 100,000 75,000 37,186 37,814 - Debt Service: Payment of Bond Principal 895,000 895,000 895,000 - - Interest on Bonds 845,200 845,200 845,183 - 17 Interest on Notes 380,000 380,000 70,961 - 309,039 Statutory Expenditures: Contribution to: Social Security System (O.A.S.I.) 151,610 151,610 140,807 10,803 - PERS 195,976 195,976 195,976 - - Unemployment/Disability Insurance 3,500 3,500 2,706 794 -
Total Expenditures $ 10,785,000 $ 10,785,000 $ 9,788,136 $ 687,808 $ 309,056
Original Budget$ 10,785,000
Total $ 10,785,000
Accrued Interest on Bonds/Notes$ 66,526 Reserve for Encumbrances 404,140 Refunds (145,191) Cash Disbursed 9,462,661
Total $ 9,788,136
The accompanying Notes to the Financial Statement are an integral part of these Statements.
31 EXHIBIT E TOWNSHIP OF MOORESTOWN GENERAL FIXED ASSETS ACCOUNT GROUP STATEMENTS OF FIXED ASSETS AND FUND BALANCE - REGULATORY BASIS DECEMBER 31, 2019 AND 2018
ASSETS 2019 2018
Land & Buildings$ 49,197,485 $ 43,273,137 Equipment & Vehicles 11,811,454 12,308,268
Total$ 61,008,939 $ 55,581,405
FUND BALANCE
Investment in General Fixed Assets $ 61,008,939 $ 55,581,405
The accompanying Notes to the Financial Statements are an integral part of these Statements.
32 TOWNSHIP OF MOORESTOWN COUNTY OF BURLINGTON
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
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34
TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 1. Summary of Significant Accounting Policies
Description of Financial Reporting
The Township of Moorestown, County of Burlington, New Jersey (hereafter referred to as the “Township") is governed by the Township form of government, with a 5-member Township Council. Administrative responsibilities are assigned to the Township Manager. Policy is determined by Council and the Manager is responsible for carrying out such policy.
Component Units - The financial statements of the component unit of the Township of Moorestown are not presented in accordance with Governmental Accounting Standards Board Statement No. 14, as amended by GASB Statements No. 39, 61 and 80. If the provisions of GASBS No. 14, as amended by GASB Statements No. 39, 61 and 80, had been complied with, the financial statements of the following component unit would have been either blended or discretely presented with the financial statements of the Township, the primary government:
The Free Public Library of the Township of Moorestown 11 West Second Street Moorestown, New Jersey 08057
Annual financial reports may be inspected directly at the office of this component unit during regular business hours.
Basis of Accounting, Measurement Focus and Basis of Presentation - The financial statements of the Township contain all funds and account groups in accordance with the “Requirements of Audit” as promulgated by the State of New Jersey, Department of Community Affairs, Division of Local Government Services. The principles and practices established by the Requirements of Audit are designed primarily for determining compliance with legal provisions and budgetary restrictions and as a means of reporting on the stewardship of public officials with respect to public funds. Generally, the financial statements are presented using the flow of current financial resources measurement focus and modified accrual basis of accounting with minor exceptions as mandated by these “Requirements”. In addition, the prescribed accounting principles previously referred to differ in certain respects from accounting principles generally accepted in the United State of America applicable to local government units. The more significant differences are explained further in this note.
In accordance with the “Requirements”, the Township accounts for its financial transactions through the use of separate funds, which are described as follows:
Current Fund – This fund accounts for revenues and expenditures for governmental operations of a general nature, including federal and state grant funds.
Trust Funds – These funds account for receipts, custodianship and disbursement of funds in accordance with the purpose for which each reserve was created.
Trust Assessment Fund– This fund accounts for the financing of local improvements deemed to benefit the properties against which assessments are levied.
General Capital Fund – This fund accounts for receipt and disbursement of funds for the acquisition of general capital facilities, other than those acquired in the Current Fund.
35
TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 1. Summary of Significant Accounting Policies (continued):
Utility Operating and Capital Funds – These funds accounts for utility operations that are financed through user fees. The funds are operated on a basis similar to private business enterprises where the intent is that the costs of providing the utility to the general public be financed through user fees. Operations relating to the acquisition of capital facilities for utility purposes are recorded in the Utility Capital Fund.
Utility Assessment Fund – This fund accounts for the financing of utility improvements deemed to benefit the properties against which assessments are levied.
General Fixed Asset Account Group – The Fixed Asset Account Group of accounts is utilized to account for property, land, buildings, and equipment that have been acquired by other funds of the Township.
Budgets and Budgetary Accounting - The Township must adopt an annual budget for its Current and Utility Funds in accordance with N.J.S.A.40A:4 et seq. N.J.S.A.40A:4-5 requires the governing body to introduce and approve the annual municipal budget no later than February 10th of each year. At introduction, the governing body must fix the time and place for a public hearing on the budget and must advertise the time and place at least ten days prior to the hearing in a newspaper published and circulating in the municipality. The public hearing must not be held less than twenty-eight days after the date the budget was introduced. After the hearing has been held, the governing body may, by majority vote, adopt the budget or may amend the budget in accordance with N.J.S.A.40A:4-9. Amendments to adopted budgets, if any are detailed in the statements of revenues and expenditures.
An extension of the statutory dates for introduction, approval and adoption of the municipal budget may be granted by the Director of Local Government Services, with the permission of the Local Finance Board. Budgets are adopted on the same basis of accounting utilized for the preparation of the Township’s financial statements. Once a budget is approved it may be amended after November 1, by a resolution adopted by the governing body.
Cash, Cash Equivalents and Investments - Cash and Cash equivalents include petty cash, change funds and cash on deposit with public depositories. All certificates of deposit are recorded as cash regardless of the date of maturity. Under GAAP, investments are reported at fair value but under regulatory basis of accounting, investments are stated at cost. Therefore unrealized gains or losses on investments have not been recorded.
New Jersey municipal units are required by N.J.S.A.40A:5-14 to deposit public funds in a bank or trust company having its place of business in the State of New Jersey and organized under the laws of the United States or of the State of New Jersey or in the New Jersey Cash Management Fund. N.J.S.A.40A:5- 15.1 provides a list of investments, which may be purchased by New Jersey municipal units. In addition, other State statutes permit investments in obligations issued by local utilities and other state agencies.
N.J.S.A.17:9-41 et seq. establishes the requirements for the security of deposits of governmental units. The statute requires that no governmental unit shall deposit public funds in a public depository unless such funds are secured in accordance with the Governmental Unit Deposit Protection Act, which was enacted in 1970 to protect governmental units from a loss of funds on deposit with a failed banking institution in New Jersey. Public depositories include State or federally chartered banks savings banks or
36
TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 1. Summary of Significant Accounting Policies (continued): associations located in or having a branch office in the State of New Jersey, the deposits of which are federally insured. All public depositories must pledge collateral, having a market value at least equal to five percent of the average daily balance of collected public funds, to secure the deposits of Governmental Units. If a public depository fails, the collateral it has pledged, plus the collateral of all other public depositories, is available to pay the amount of their deposits to the Governmental Units.
The cash management plan adopted by the Township requires it to deposit funds in public depositories protected from loss under the provisions of the Act.
Interfunds - Interfund receivables and payables that arise from transactions between funds are recorded by all funds affected by such transactions in the period in which the transaction is executed. Interfund receivables in the Current Fund are recorded with offsetting reserves, which are created by charges to operations. Income is recognized in the year the receivables are liquidated. Interfund receivables in the other funds are not offset by reserves.
Inventories and Supplies - The cost of inventories of supplies for all funds are recorded as expenditures at the time individual items are purchased. The costs of inventories are not included on the various statements of assets, liabilities, reserves and fund balance.
General Fixed Assets – Accounting for governmental fixed assets, as required by N.J.A.C.5:30-5.6, differs in certain respects from accounting principles generally accepted in the United States of America. In accordance with the regulations, all local units, including municipalities, must maintain a general fixed assets reporting system that establishes and maintains a physical inventory of nonexpendable, tangible property as defined and limited by the U.S. Office of Management and Budget Circular A-87 (Attachment B, Section 19), except that the useful life of such property is at least five years. The Township has adopted a capitalization threshold of $5,000.00, the maximum amount allowed by the Circular. Generally, assets are valued at historical cost; however, assets acquired prior to December 31, 1985 are valued at actual historical cost or estimated historical cost. In some instances, assets are valued at the assessed valuation of the property at the time of acquisition, which approximates fair value. No depreciation of general fixed assets is recorded. Donated general fixed assets are recorded at their acquisition value as of the date of the transaction. Interest costs relative to the acquisition of general fixed assets are recorded as expenditures when paid. Public domain ("infrastructure") general fixed assets consisting of certain improvements such as roads, bridges, curbs and gutters, streets and sidewalks and drainage systems are not capitalized. Expenditures for construction in progress are recorded in the capital funds until such time as the construction is completed and put into operation. The Township is required to maintain a subsidiary ledger detailing fixed assets records to control additions, retirements, and transfers of fixed assets. In addition, a statement of general fixed assets, reflecting the activity for the year, must be included in the Township's basic financial statements.
The regulations require that general fixed assets, whether constructed or acquired through purchase, grant or gift be included in the aforementioned inventory. In addition, property management standards must be maintained that includes accurate records indicating asset description, source, ownership, acquisition cost and date, the percentage of federal participation (if any), and the location, use, and condition of the asset. Periodically, physical inventories must be taken and reconciled with these records. All fixed assets must be adequately controlled to safeguard against loss, damage, or theft.
Utility Fixed Assets – Property and equipment purchases by a utility fund are recorded in the utility capital account at cost and are adjusted for disposition. The amounts shown do not represent replacement
37
TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 1. Summary of Significant Accounting Policies (continued): cost or current value. The reserve for amortization and deferred reserve for amortization in the utility capital fund represent the cost of the utility fixed assets reduced by the outstanding balances of bonds, loans, notes, or other borrowings that are attributable to the acquisition, construction or improvement of those assets.
Foreclosed property – Foreclosed Property or “Property Acquired for Taxes” is recorded in the Current Fund at the assessed valuation when such property was acquired and is fully reserved. Ordinarily it is the intention of the Township to resell foreclosed property in order to recover all or a portion of the delinquent taxes or assessments and to return the property to a taxpaying basis. For this reason the value of foreclosed property has not been included in the General Fixed Assets Account Group. If such property is converted to a municipal use, it will be recorded in the General Fixed Assets Account Group.
Deferred Charges – The recognition of certain expenditures is deferred to future periods. These expenditures or deferred charges are generally overexpenditures of legally adopted budget appropriations or emergency appropriations made in accordance with N.J.S.A.40A:4-46 et seq. Deferred charges are subsequently raised as items of appropriation in budgets of succeeding years.
Fund Balance – Fund Balance included in the Current and Utility Operating Funds represent the amount available for anticipation as revenue in future year’s budgets, with certain restrictions.
Revenues – are recorded when received in cash except for certain amounts, which are due from other governmental units. Revenue from Federal and State grants are realized when anticipated as such in the Township’s budget. Receivables for property taxes are recorded with offsetting reserves on the statement of assets, liabilities, reserves and fund balance of the Township’s Current Fund; accordingly, such amounts are not recorded as revenue until collected. Other amounts that are due the Township, which are susceptible to accrual are also recorded as receivables with offsetting reserves and recorded as revenues when received.
Utility Revenues – Utility charges are levied quarterly based upon a flat service charge and if applicable, an excess consumption or usage charge. Revenues from these sources are recognized on a cash basis. Receivables that are susceptible to accrual are recorded with offsetting reserves on the balance sheet of the Townships utility operating fund.
Property Tax Revenues – are collected in quarterly installments due February 1, May 1, August 1 and November 1. The amount of tax levied includes not only the amount required in support of the Township’s annual budget, but also the amounts required in support of the budgets of the County of Burlington, Fire Districts and the Moorestown Township School District. Unpaid property taxes are subject to tax sale in accordance with statutes.
County Taxes – The municipality is responsible for levying, collecting and remitting County taxes for the County of Burlington. Operations is charged for the amount due the County for the year, based upon the ratables required to be certified to the County Board of Taxation by January 10th of the current year. In addition, operations is charged for the County share of Added and Omitted Taxes certified to the County Board of Taxation by October 10th of the current year and due to be paid to the County by February 15th of the following year.
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 1. Summary of Significant Accounting Policies (continued):
School Taxes – The municipality is responsible for levying, collecting and remitting school taxes for the Moorestown Township School District. Operations are charged for the full amount required to be raised from taxation to operate the local school district July 1 to June 30.
Deferred School Taxes – School taxes raised in advance in the Current Fund for a school fiscal year (July I to June 30) which remain unpaid at December 31 of the calendar year levied may be deferred to fund balance to the extent of not more than 50% of the annual levy providing no requisition has been made by the school district for such amount.
Reserve for Uncollected Taxes – The inclusion of the “Reserve for Uncollected Taxes” appropriation in the Township’s annual budget protects the Township from taxes not paid currently. The Reserve, the minimum amount of which is determined on the percentage of collections experienced in the immediate preceding year, with certain exceptions, is required to provide assurance that cash collected in the current year will provide sufficient cash flow to meet expected obligations.
Expenditures – are recorded on the “budgetary” basis of accounting. Generally, expenditures are recorded when an amount is encumbered through the issuance of a numerically controlled purchase order or when a contract is executed as required by Technical Accounting Directive No. 85-1. When an expenditure is paid, the amount encumbered is simultaneously liquidated in its original amount. Encumbrances are offset by an account entitled reserve for encumbrances. The reserve is classified as a cash liability under New Jersey municipal accounting. At December 31, this reserve represents the portion of appropriation reserves that has been encumbered and is subject to the same statutory provisions as appropriation reserves. Appropriations for interest payments on outstanding general capital bonds and notes are provided on the cash basis. Appropriations for interest payments on outstanding utility capital bonds and notes are provided on the accrual basis.
Appropriation Reserves – Appropriation reserves covering unexpended appropriation balances are automatically created at year-end and recorded as liabilities, except for amounts, which may be cancelled by the governing body. Appropriation reserves and reserve for encumbrances at current year end are available until December 31st of the succeeding year to meet specific claims, commitments or contracts incurred during the preceding year. Any unspent balances at this time are lapsed appropriation reserves and recorded as income.
Long-Term Debt - Long-Term Debt relative to the acquisition of capital assets, is recorded as a liability in the General and Utility Capital Fund. Where an improvement is a “local improvement”, i.e. assessable upon completion, long-term debt associated with that portion of the cost of the improvement to be funded by assessments is transferred to the Trust Fund upon the confirmation of the assessments or when the improvement is fully and permanently funded.
Compensated Absences – Expenditures relating to obligations for unused vested accumulated vacation and sick leave are not recorded until paid; however, municipalities may establish and budget reserve funds subject to NJSA 40A:4-39 for the future payment of compensated absences.
Recent Accounting Pronouncements – The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. GASB adopts accounting statements to be used by governmental units when reporting financial position and results of operations in accordance with accounting principles generally accepted in the United States of America (GAAP). The municipalities in the State of New Jersey do not prepare
39
TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 1. Summary of Significant Accounting Policies (continued): their financial statements in accordance with GAAP and thus do not comply with all of the GASB pronouncements. The following GASB pronouncement effective for the current year did have a significant impact on the Township’s financial statements.
Adopted Accounting Pronouncements
The following GASB Statements became effective for the year ended December 31, 2019:
Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance. The primary objective of this Statement is to provide temporary relief to governments and other stakeholders in light of the COVID-19 pandemic. That objective is accomplished by postponing the effective dates of certain provisions in Statements and Implementation Guides that first became effective or are scheduled to become effective for periods beginning after June 15, 2018, and later.
The following effective dates have been updated to reflect the implementation of Statement No. 95.
Recently Issued Accounting Pronouncements
The GASB has issued the following Statements which will become effective in future years as shown below:
Statement No. 83, Certain Asset Retirement Obligations. An asset retirement obligation is a legally enforceable liability associated with the retirement of a tangible capital asset. Statement No. 83 establishes guidance for determining the timing and pattern of recognition for liabilities and corresponding deferred outflow of resources related to such obligations. The requirements of this Statement are effective for reporting periods beginning after June 15, 2019. Management does not expect this Statement to have a material impact on the Township’s financial statements.
Statement No. 84, Fiduciary Activities. The Statement intends to improve guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported. To that end, Statement No. 84 establishes criteria for identifying fiduciary activities of all state and local governments and clarifies whether and how business-type activities should report their fiduciary activities. Statement No. 84 is effective for reporting periods beginning after December 15, 2019. Management does not expect this Statement to have a material impact on the Township’s financial statements.
Statement No. 87, Leases. Statement No. 87 establishes a single approach to accounting for and reporting leases by state and local governments. The GASB based the new standard on the principle that leases are financing of the right to use an underlying asset. Statement No. 87 is effective for reporting periods beginning after June 15, 2021. Management has not yet determined the potential impact on the Township’s financial statements.
Statement No. 88, Certain Disclosures Related to Debt, Including Direct Borrowings and Direct Placements. The Governmental Accounting Standards Board (GASB) has issued a new standard with guidance the GASB believes will enhance debt-related disclosures in notes to financial statements, including those addressing direct borrowings and direct placements. The new standard clarifies which liabilities governments should include in their note disclosures related to debt. The requirements of this Statement are effective for reporting periods beginning after June 15, 2019. This statement had no material impact on the Township’s financial statements.
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 1. Summary of Significant Accounting Policies (continued)
Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period. The objectives of this Statement are (1) to enhance the relevance and comparability of information about capital assets and the cost of borrowing for a reporting period and (2) to simplify accounting for interest cost incurred before the end of a construction period. The requirements of this Statement are effective for reporting periods beginning after December 15, 2020. Management does not expect this Statement to have a material impact on the Township’s financial statements.
Statement No. 90, Majority Equity Interests - an amendment of GASB Statements No. 14 and No. 61. The primary objectives of this Statement are to improve the consistency and comparability of reporting a government’s majority equity interest in a legally separate organization and to improve the relevance of financial statement information for certain component units. It defines a majority equity interest and specifies that a majority equity interest in a legally separate organization should be reported as an investment if a government’s holding of the equity interest meets the definition of an investment. A majority equity interest that meets the definition of an investment should be measured using the equity method, unless it is held by a special-purpose government engaged only in fiduciary activities, a fiduciary fund, or an endowment (including permanent and term endowments) or permanent fund. Those governments and funds should measure the majority equity interest at fair value. Statement No. 90 is effective for reporting periods beginning after December 15, 2019. Management has not yet determined the potential impact on the Township’s financial statements.
Statement No. 91, Conduit Debt Obligations, The primary objectives of this Statement are to provide a single method of reporting conduit debt obligations by issuers and eliminate diversity in practice associated with (1) commitments extended by issuers, (2) arrangements associated with conduit debt obligations, and (3) related note disclosures. This Statement achieves those objectives by clarifying the existing definition of a conduit debt obligation; establishing that a conduit debt obligation is not a liability of the issuer; establishing standards for accounting and financial reporting of additional commitments and voluntary commitments extended by issuers and arrangements associated with conduit debt obligations; and improving required note disclosures. Statement No. 91 is effective for reporting periods beginning after December 15, 2021. Management has not yet determined the potential impact on the Township’s financial statements.
Note 2. Deposits and Investments
The Township is governed by the deposit and investment limitations of New Jersey state law.
Deposits
Custodial Credit Risk Related to Deposits - Custodial credit risk is the risk that, in the event of a bank failure, the Township’s deposits may not be returned. Although the Township does not have a formal policy regarding custodial credit risk, NJSA 17:9-41 et seq. requires that the governmental units shall deposit public funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (GUDPA). GUDPA is a supplemental insurance program set forth by the New Jersey Legislature to protect the deposits of local governmental agencies. The program is administered by the Commissioner of the New Jersey Department of Banking and Insurance. Under the Act, the first $250,000 of governmental deposits in each insured depository is protected by FDIC. Public funds owned by the Township in excess of FDIC insured amounts are protected by GUDPA. However, GUDPA does not protect intermingled trust funds such as salary withholdings, bail funds or funds that may pass to the Township relative to the happening of a future condition. Such funds are shown as Uninsured and Uncollateralized in the schedule below.
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 2. Deposits and Investments (continued)
As of December 31, 2019, the Township’s bank balance of $61,155,005 was insured or collateralized as follows:
Insured under FDIC and GUDPA $ 53,489,530 Uninsured and Uncollateralized 7,665,475
$ 61,155,005
Investments
The Township had no investments as of December 31, 2019.
Note 3. Property Taxes
The following is a three-year comparison of certain statistical information relative to property taxes and property tax collections for the current and previous two years.
Comparison Schedule of Tax Rates (Excludes Fire District Tax Rates) 2019 2018 2017
Tax Rate $ 2.560 2.486$ 2.508$
Apportionment of Tax Rate: Municipal 0.374 0.366 0.371 Municipal Library 0.040 0.038 0.038 Municipal Open Space 0.010 0.010 0.010 County General 0.433 0.391 0.434 Local School 1.703 1.681 1.655
Assessed Valuation
Year Amount
2019 $ 4,049,750,799 2018 4,028,675,687 2017 4,016,243,417
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 3. Property Taxes (continued):
Comparison of Tax Levies and Collections
Cash Percentage Of Year Tax Levy Collections Collection
2019 $ 108,173,082 $ 106,469,265 98.42% 2018 104,209,061 103,167,495 99.00% 2017 105,319,276 104,022,713 98.76%
Delinquent Taxes and Tax Title Liens
Tax Title Delinquent Total Percentage Of Year Liens Taxes Delinquent Tax Levy
2019 $ 1,278,408 $ 958,907 $ 2,237,315 2.07% 2018 1,220,143 727,120 1, 947,263 1.87% 2017 1,166,115 793,927 1, 960,042 1.86%
Number of Tax Title Liens
Year Number
2019 22 2018 19 2017 19
The last tax sale was held on October 16, 2019.
Note: 4: Property Acquired By Tax Title Lien Liquidation
The value of properties acquired by liquidation of tax title liens based on the last assessed valuation of such properties as of December 31, 2019 was as follows:
Year Amount
2019 $ 101,300 2018 101,300 2017 101,300
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note: 5: Water and Sewer Utility Service Charges
The following is a three-year comparison of water and sewer utility charges (rents) and collections for the current and previous two years.
Cash Percentage Of Year Beginning Balance Levy Total Collections Collection
2019 $ 722,208 $ 8,190,333 $ 8,912,541 $ 8,063,881 90.47% 2018 918,332 8,214,649 9,132,981 8,364,637 91.58% 2017 795,597 8,302,811 9,098,408 8,180,076 89.90%
Note 6. Fund Balances Appropriated
The following schedule details the amount of fund balances available at the end of the current year and two previous years and the amounts utilized in the subsequent year’s budgets:
Utilized in Percentage Balance Budget of of Fund Year December 31, Succeeding Year Balance Used
Current Fund: 2019$ 8,216,567 $ 3,215,000 39.13% 2018 8,696,961 2,605,000 29.95% 2017 8,408,870 2,605,000 30.98%
Utility Operating Fund: 2019 $ 3,596,479 $ 1,654,800 46.01% 2018 4,428,561 1,902,500 42.96% 2017 4,564,044 1,788,500 39.19%
Note 7. Disaggregated Receivable and Payable Balances
There are no significant components of receivable and payable balances reported in the financial statements.
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 8. Interfund Receivables, Payables and Transfers
The following interfund balances were recorded in the various statements of assets liabilities, reserves and fund balances at December 31, 2019:
Interfund Interfund Fund Receivable Payable
Current Fund$ 6,103 $ 240,664 State and Federal Grant Fund 232,400 - Animal Control Trust Fund - 3,427 Trust Assessment Fund 5 - Trust Other Fund 8,003 2,673 Capital Fund - 3 Utility Assessment Fund 3 - Utility Operating Fund 330 3 Utility Capital Fund - 74
$ 246,844 $ 246,844
The interfund receivables and payables above predominately resulted from payment made by certain funds on behalf of other funds. All interfund balances are expected to be repaid within one year.
A summary of interfund transfers is as follows:
Transfers Transfers Fund In Out
Current Fund$ 52,210 $ 502 State and Federal Grant Fund - 9,589 Animal Control Trust Fund - 15,001 Trust Other Fund - 27,305 Trust Assessment Fund - 315 Utility Operating Fund 1,752 - Utility Assessment Fund - 1,250
$ 53,962 $ 53,962
Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to the fund that statute or budget requires to expend them (i.e. interest earning), (2) provide cash flow to other funds to temporary finance expenditures that are on a reimbursable basis (i.e. grants), (3) when no bank account exists for a fund, and (4) utilizing surplus or fund balance from one fund as budgeted revenue in another.
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 9. Fixed Assets
The following is a summary of changes in the General Fixed Assets Account Group for the year ended December 31, 2019.
Balance Balance December 31, December 31, 2018 Additions Deletions 2019
Land & Buildings $ 43,273,137 $ 5,924,348 $ - $ 49,197,485 Vehicles & Equipment 12,308,268 275,655 (772,469) 11,811,454
$ 55,581,405 $ 6,200,003 $ (772,469) $ 61,008,939
Note 10. Pension Obligations
A. Public Employees’ Retirement System (PERS)
Plan Description - The State of New Jersey, Public Employees' Retirement System (PERS) is a cost- sharing multiple-employer defined benefit pension plan administered by the State of New Jersey, Division of Pensions and Benefits (the Division). For additional information about PERS, please refer to Division's Comprehensive Annual Financial Report (CAFR) which can be found at http://www.state.nj.us/treasury/pensions/annual-reports.shtml.
The vesting and benefit provisions are set by N.J.S.A. 43:15A. PERS provides retirement, death and disability benefits. All benefits vest after ten years of service.
The following represents the membership tiers for PERS:
Tier Definition 1 Members who were enrolled prior to July 1, 2007 2 Members who were eligible to enroll on or after July 1, 2007 and prior to November 2, 2008 3 Members who were eligible to enroll on or after November 2, 2008 and prior to May 22, 2010 4 Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011 5 Members who were eligible to enroll on or after June 28, 2011
Service retirement benefits of 1/55th of final average salary for each year of service credit is available to tiers 1 and 2 members upon reaching age 60 and to tier 3 members upon reaching age 62. Service retirement benefits of 1/60th of final average salary for each year of service credit is available to tier 4 members upon reaching age 62 and tier 5 members upon reaching age 65. Early retirement benefits are available to tiers 1 and 2 members before reaching age 60, tiers 3 and 4 with 25 or more years of service credit before age 62 and tier 5 with 30 or more years of service credit before age 65. Benefits are reduced by a fraction of a percent for each month that a member retires prior to the age at which a member can receive full early retirement benefits in accordance with their respective tier. Tier 1 members can receive an unreduced benefit from age 55 to age 60 if they have at least 25 years of service. Deferred retirement is available to members who have at least 10 years of service credit and have not reached the service retirement age for the respective tier.
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 10. Pension Obligations (continued):
A. Public Employees’ Retirement System (PERS) (continued):
Basis of Presentation - The schedules of employer and nonemployer allocations and the schedules of pension amounts by employer and nonemployer (collectively, the Schedules) present amounts that are considered elements of the financial statements of PERS or its participating employers. Accordingly, they do not purport to be a complete presentation of the financial position or changes in financial position of PERS or the participating employers. The accompanying Schedules were prepared in accordance with U.S. generally accepted accounting principles. Such preparation requires management of PERS to make a number of estimates and assumptions relating to the reported amounts. Due to the inherent nature of these estimates, actual results could differ from those estimates.
Contributions - The contribution policy for PERS is set by N.J.S.A. 43:15A and requires contributions by active members and contributing employers. State legislation has modified the amount that is contributed by the State. The State's pension contribution is based on an actuarially determined amount, which includes the employer portion of the normal cost and an amortization of the unfunded accrued liability. Funding for noncontributory group insurance benefits is based on actual claims paid. For the fiscal year 2019, the State's pension contribution was less than the actuarial determined amount. The local employers' contribution amounts are based on an actuarially determined rate, which includes the normal cost and unfunded accrued liability. Chapter 19, P.L. 2009 provided an option for local employers of PERS to contribute 50% of the normal and accrued liability contribution amounts certified for payments due in State fiscal year 2009. Such employers will be credited with the full payment and any such amounts will not be included in their unfunded liability. The actuaries will determine the unfunded liability of those retirement systems, by employer, for the reduced normal and accrued liability contributions provided under this law. This unfunded liability will be paid by the employer in level annual payments over a period of 15 years beginning with the payments due in the fiscal year ended June 30, 2012 and will be adjusted by the rate of return on the actuarial value of assets. For the year ended December 31, 2019, the Township’s contractually required contribution to PERS plan was $761,501.
Components of Net Pension Liability - At December 31, 2019, the Township’s proportionate share of the PERS net pension liability was $14,106,113. The net pension liability was measured as of June 30, 2019. The total pension liability used to calculate the net pension liability was determined using update procedures to roll forward the total pension liability from an actuarial valuation as of July 1, 2018, which was rolled forward to June 30, 2019. The Township’s proportion of the net pension liability was based on the Township’s actual contributions to the plan relative to the total of all participating employers’ contributions for the year ended June 30, 2019. The Township’s proportion measured as of June 30, 2019, was 0.07829% which was an increase of 0.00824% from its proportion measured as of June 30, 2018.
Balances at December 31, 2019 and December 31, 2018
12/31/2019 12/30/2018
Actuarial valuation date (including roll forward) June 30, 2019 June 30, 2018
Deferred Outflows of Resources $ 3,217,373 $ 2,647,607 Deferred Inflows of Resources 6,364,175 6,284,802 Net Pension Liability 14,106,113 13,791,324
Township's portion of the Plan's total Net Pension Liability 0.07829% 0.07004%
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 10. Pension Obligations (continued):
A. Public Employees’ Retirement System (PERS) (continued):
Pension Expense and Deferred Outflows/Inflows of Resources - At December 31, 2019, the Township’s proportionate share of the PERS expense, calculated by the plan as of the June 30, 2019 measurement date is $592,631. This expense is not recognized by the Township because of the regulatory basis of accounting as described in Note 1, but as previously mentioned the Township contributed $761,501 to the plan in 2019.
At December 31, 2019, the Township reported deferred outflows of resources and deferred inflows of resources related to PERS from the following sources:
Deferred Outflows Deferred Inflows of Resources of Resources
Differences between Expected and Actual Experience $ 253,186 $ 62,315
Changes of Assumptions 1,408,547 4,896,187
Net Difference between Projected and Actual Earnings on Pension Plan Investments - 222,670
Changes in Proportion and Differences between Township Contributions and Proportionate Share of Contributions 1,555,640 1,183,003
$ 3,217,373 $ 6,364,175
The Township will amortize the above sources of deferred outflows and inflows related to PERS over the following number of years:
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 10. Pension Obligations (continued):
A. Public Employees’ Retirement System (PERS) (continued):
De ferred Defe rre d Outflow of Inflow of Resources Resources Differences between Expected and Actual Experience Year of Pension Plan Deferral: June 30, 2014 - - June 30, 2015 5.72 - June 30, 2016 5.57 - June 30, 2017 5.48 - June 30, 2018 5.63 - June 30, 2019 5.21 -
Changes of Assumptions Year of Pension Plan Deferral: June 30, 2014 6.44 - June 30, 2015 5.72 - June 30, 2016 5.57 - June 30, 2017 - 5.48 June 30, 2018 - 5.63 June 30, 2019 - 5.21
Net Difference between Projected and Actual Earnings on Pension Plan Investments Year of Pension Plan Deferral: June 30, 2014 - 5.00 June 30, 2015 - 5.00 June 30, 2016 5.00 - June 30, 2017 5.00 - June 30, 2018 5.00 - June 30, 2019 5.00 -
Changes in Proportion and Differences between Contributions and Proportionate Share of Contributions Year of Pension Plan Deferral: June 30, 2014 6.44 6.44 June 30, 2015 5.72 5.72 June 30, 2016 5.57 5.57 June 30, 2017 5.48 5.48 June 30, 2018 5.63 5.63 June 30, 2019 5.21 5.21
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 10. Pension Obligations (continued):
A. Public Employees’ Retirement System (PERS) (continued):
The following is a summary of the deferred outflows of resources and deferred inflows of resources related to PERS that will be recognized in future periods:
Year Ending Dec 31, Amount
2020 $ (564,702) 2021 (904,078) 2022 (1,361,894) 2023 (334,503) 2024 18,375
$ (3,146,802)
Actuarial Assumptions - The total pension asset/(liability) as of the measurement date was determined by using an actuarial valuation as noted in the table below, with update procedures used to roll forward the total pension liability to the measurement date. The actuarial valuations used the following actuarial assumptions: Inflation Price 2.75% Wage 3.25%
Salary Increases: Through 2026 2.00 - 6.00% Based on Years of Service Thereafter 3.00 - 7.00% Based on Years of Service
Investment Rate of Return 7.00%
Mortality Rate Table Pub-2010 General Classification Headcount weighted mortality PERS with fully generational mortality improvement projections from the central year using Scale MP-2019
Pub-2010 Safety Classification Headcount weighted mortality PFRS with fully generational mortality improvement projections from the central year using Scale MP-2019
Period of Actuarial Experience Study upon which Actuarial Assumptions were Based July 1, 2014 - June 30, 2018
Pre-retirement mortality rates were based on the Pub-2010 General Below-Median Income Employee Mortality Table with an 82.2% adjustment for males and 101.4% adjustment for females, and with future improvement from the base year of 2010 on a generational basis. Post-retirement mortality rates were based on the Pub-2010 General Below-Median Income Healthy Retiree mortality table with a 91.4% adjustment for males and 99.7% adjustment for females, and with future improvement from the base year of 2010 on a generational basis. Disability retirement rates used to value disabled retirees were based on the Pub-2010 Non-Safety Disabled Retiree mortality table with a 127.7% adjustment for males and 117.2% adjustment for females, and with future improvement from the base year of 2010 on a generational basis. Mortality improvement is based on Scale MP-2019.
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 10. Pension Obligations (continued):
A. Public Employees’ Retirement System (PERS) (continued):
The actuarial assumptions used in the July 1, 2018 valuation were based on the results of an actuarial experience study for the period July 1, 2014 to June 30, 2018. It is likely that future experience will not exactly conform to these assumptions. To the extent that actual experience deviates from these assumptions, the emerging liabilities may be higher or lower than anticipated. The more the experience deviates, the larger the impact on future financial statements.
Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of return on plan investments (7.00% at June 30, 2019) is determined by the State Treasurer, after consultation with the Directors of the Division of Investments and Division of Pensions and Benefits, the board of trustees and the actuaries. The long-term expected rate of return was determined using a building block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic rates of return for each major asset class included in PERS’s target asset allocation as of June 30, 2019 are summarized in the following table:
Long-Term Target Expected Real Asset Class Allocation Rate of Return
Risk Mitigation Strategies 3.00% 4.67% Cash Equivalents 5.00% 2.00% U.S. Treasuries 5.00% 2.68% Investment Grade Credit 10.00% 4.25% High Yield 2.00% 5.37% Private Credit 6.00% 7.92% Real Assets 2.50% 9.31% Real Estate 7.50% 8.33% U.S. Equity 28.00% 8.26% Non-U.S. Developed Markets Equity 12.50% 9.00% Emerging Markets Equity 6.50% 11.37% Private Equity 12.00% 10.85%
100.00%
Discount Rate - The discount rate used to measure the total pension liability was 6.28% as of June 30, 2019. The single blended discount rate was based on long-term expected rate of return on pension plan investments of 7.00%, and a municipal bond rate of 3.50% as of June 30, 2019 based on the Bond Buyer Go 20-Bond Municipal Bond Index, which includes tax-exempt general obligation municipals bonds with an average rating of AA/Aa or higher. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be based on 70% of the actuarially determined contributions for the State employer and 100% of actuarially determined contributions for the local employers. Based on those assumptions, the plan’s fiduciary net position was projected to be available to make projected future
51
TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 10. Pension Obligations (continued):
A. Public Employees’ Retirement System (PERS) (continued): benefit payments of current plan members through 2057. Therefore, the long-term expected rate of return on plan investments was applied to projected benefit payments through 2057 and the municipal bond rate was applied to projected benefit payments after that date in determining the total pension liability.
Sensitivity of the Township’s proportionate share of the Net Pension Liability to Changes in the Discount Rate - The following presents the Township’s proportionate share of the net pension liability calculated using the discount rate as disclosed above, as well as what the Township’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (5.28%) or 1-percentage-point higher (7.28%) than the current rate:
1% Current 1% Decrease Discount Rate Increase (5.28%) (6.28%) (7.28%)
Township's Proportionate Share of the Net Pension Liability$ 17,942,270 $ 14,106,113 $ 11,054,430
B. Police and Firemen’s Retirement System (PFRS)
Plan Description – The State of New Jersey, Police and Firemen’s Retirement System (PFRS) is a cost- sharing multiple-employer defined benefit pension plan administered by the State of New Jersey, Division of Pensions and Benefits (the Division). For additional information about PFRS, please refer to the Division’s Comprehensive Annual Financial Report (CAFR) which can be found at http://www.state.nj.us/treasury/pensions/annual-reports.shtml.
The vesting and benefit provisions are set by N.J.S.A. 43:16A. PFRS provides retirement as well as death and disability benefits. All benefits vest after ten years of service, except disability benefits which vest after four years of service.
The following represents the membership tiers for PFRS:
Tier Definition 1 Members who were enrolled prior to May 22, 2010. 2 Members who were eligible to enroll on or after May 22, 2010 and prior to June 28, 2011 3 Members who were eligible to enroll on or after June 28, 2011
Service retirement benefits are available at age 55 and are generally determined to be 2% of final compensation for each year of creditable service, as defined, up to 30 years plus 1% for each year of service in excess of 30 years. Members may seek special retirement after achieving 25 years of creditable service, in which benefits would equal 65% (tiers 1 and 2 members) and 60% (tier 3 members) of final compensation plus 1 % for each year if creditable service over 25 years but not to exceed 30 years. Members may elect deferred retirement benefits after achieving ten years of service, in which case benefits would begin at age 55 equal to 2% of final compensation for each year of service.
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 10. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
Basis of Presentation - The schedule of employer and nonemployer allocations and the schedule of pension amounts by employer and nonemployer (collectively, the Schedules) present amounts that are considered elements of the financial statements of PFRS, its participating employers or the State as a nonemployer contributing entity. Accordingly, they do not purport to be a complete presentation of the financial position or changes in financial position of PFRS, the participating employers, or the State. The accompanying Schedules were prepared in accordance with U.S. generally accepted accounting principles. Such preparation requires management of PFRS to make a number of estimates and assumptions relating to the reported amounts. Due to the inherent nature of these estimates, actual results could differ from those estimates.
Contributions - The contribution policy for PFRS is set by N.J.S.A. 43:16A and requires contributions by active members and contributing employers. State legislation has modified the amount that is contributed by the State. The State's contribution amount is based on an actuarially determined rate which includes the normal cost and unfunded accrued liability. For fiscal year 2019, the State contributed an amount less than the actuarially determined amount. The Local employers’ contribution amounts are based on an actuarially determined rate which includes the normal cost and unfunded accrued liability. Chapter 19, P.L. 2009 provided an option for local employers of PFRS to contribute 50% of the normal and accrued liability contribution amounts certified for payments due in State fiscal year 2009. Such employers will be credited with the full payment and any such amounts will not be included in their unfunded liability. The actuaries will determine the unfunded liability of those retirement systems, by employer, for the reduced normal and accrued liability contributions provided under this law. This unfunded liability will be paid by the employer in level annual payments over a period of 15 years beginning with the payments due in the fiscal year ended June 30, 2012 and will be adjusted by the rate of return on the actuarial value of assets. For the year ended December 31, 2019, the Township’s contractually required contributions to PFRS plan was $1,030,657.
Net Pension Liability and Pension Expense - At December 31, 2019 the Township’s proportionate share of the PFRS net pension liability was $12,486,745. The net pension liability was measured as of June 30, 2019. The total pension liability used to calculate the net pension liability was determined using update procedures to roll forward the total pension liability from an actuarial valuation as of July 1, 2018, to the measurement date of June 30, 2019. The Township’s proportion of the net pension liability was based on the Township’s actual contributions to the plan relative to the total of all participating employers’ contributions for the year ended June 30, 2019. The Township’s proportion measured as of June 30, 2019, was 0.10203%, which was an increase of 0.00253% from its proportion measured as of June 30, 2018. Balances at December 31, 2019 and Decmber 31, 2018
12/31/2019 12/31/2018
Actuarial valuation date (including roll forward) June 30, 2019 June 30, 2018
Deferred Outflows of Resources $ 1,117,629 $ 1,623,623 Deferred Inflows of Resources 4,893,201 4,501,492 Net Pension Liability 12,486,745 13,464,916
Township's portion of the Plan's total net pension Liability 0.10203% 0.09951%
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 10. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
Pension Expense and Deferred Outflows/Inflows of Resources – At December 31, 2019, the Township’s proportionate share of the PFRS expense, calculated by the plan as of the June 30, 2019 measurement date was $950,189. This expense is not recognized by the Township because of the regulatory basis of accounting as described in Note 1, but as previously mentioned the Township contributed $1,030,657 to the plan in 2019.
At December 31, 2019, the Township had deferred outflows of resources and deferred inflows of resources related to PFRS from the following sources:
Deferred Outflows Deferred Inflows of Resources of Resources
Differences between Expected and Actual Experience $ 105,404 $ 79,056
Changes of Assumptions 427,864 4,035,602
Net Difference between Projected and Actual Earnings on Pension Plan Investments - 169,191
Changes in Proportion and Differences between Township Contributions and Proportionate Share of Contributions 584,361 609,352
$ 1,117,629 $ 4,893,201
The Township will amortize the above sources of deferred outflows and inflows related to PFRS over the following number of years:
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 10. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
Deferred Deferred Outflow of Inflow of Resources Resources Differences between Expected and Actual Experience Year of Pension Plan Deferral: June 30, 2014 - - June 30, 2015 - 5.53 June 30, 2016 - 5.58 June 30, 2017 5.59 - June 30, 2018 5.73 - June 30, 2019 - 5.92
Changes of Assumptions Year of Pension Plan Deferral: June 30, 2014 6.17 - June 30, 2015 5.53 - June 30, 2016 5.58 - June 30, 2017 - 5.59 June 30, 2018 - 5.73 June 30, 2019 - 5.92
Net Difference between Projected and Actual Earnings on Pension Plan Investments Year of Pension Plan Deferral: June 30, 2014 - 5.00 June 30, 2015 - 5.00 June 30, 2016 5.00 - June 30, 2017 5.00 - June 30, 2018 5.00 - June 30, 2019 - 5.00
Changes in Proportion and Differences between Contributions and Proportionate Share of Contributions Year of Pension Plan Deferral: June 30, 2014 6.17 6.17 June 30, 2015 5.53 5.53 June 30, 2016 5.58 5.58 June 30, 2017 5.59 5.59 June 30, 2018 5.73 5.73 June 30, 2019 5.92 5.92
55
TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 10. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
The following is a summary of the deferred outflows of resources and deferred inflows of resources related to PFRS that will be recognized in future periods:
Year Ending Dec 31, Amount
2020 $ (1,037,422) 2021 (1,150,940) 2022 (956,233) 2023 (445,674) 2024 (185,303)
$ (3,775,572)
Special Funding Situation – Under N.J.S.A. 43:16A-15, local participating employers are responsible for their own contributions based on actuarially determined amounts, except where legislation was passed which legally obligated the State if certain circumstances occurred. The legislation which legally obligates the state is as follows: Chapter 8, P.L. 2000, Chapter 318, P.L. 2001, Chapter 86, P.L. 2001, Chapter 511, P.L, 1991, Chapter 109, P.L. 1979, Chapter 247, P.L. 1993 and Chapter 201, P.L. 2001. The amounts contributed on behalf of the local participating employers under this legislation is considered to be a special funding situation as defined by GASB Statement No. 68 and the State is treated as a non- employer contributing entity. Since the local participating employers do not contribute under this legislation directly to the plan (except for employer specific financed amounts), there is no net pension liability to report in the financial statements of the local participating employers related to this legislation.
Additionally, the State’s proportionate share of the PFRS net pension liability attributable to the Township is $1,971,681 as of December 31, 2019. The net pension liability was measured as of June 30, 2019. The total pension liability used to calculate the net pension liability was determined using update procedures to roll forward the total pension liability from an actuarial valuation as of July 1, 2018, to the measurement date of June 30, 2019. The State’s proportion of the net pension liability associated with the Township was based on a projection of the Township’s long-term share of contributions to the pension plan relative to the projected contributions of all participating members, actuarially determined. The State’s proportion measured as of June 30, 2019 was 0.10203%, which was an increase of 0.00253%from its proportion measured as of June 30, 2018, which is the same proportion as the Township’s. At December 31, 2019, the Township’s and the State of New Jersey’s proportionate share of the PFRS net pension liability were as follows:
Township's Proportionate Share of Net Pension Liability$ 12,486,745
State of New Jersey's Proportionate Share of Net Pension Liability Associated with the Township 1,971,681
$ 14,458,426
56
TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 10. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
At December 31, 2019, the State’s proportionate share of the PFRS expense, associated with the Township, calculated by the plan as of the June 30, 2019 measurement date was $229,093.
Actuarial Assumptions - The total pension asset/(liability) as of the measurement date was determined by using an actuarial valuation as noted in the table below, with update procedures used to roll forward the total pension liability to the measurement date. The actuarial valuations used the following actuarial assumptions:
Inflation Price 2.75% Wage 3.25%
Salary Increases: Through all future years 3.25 - 15.25% Based on Years of Service
Investment Rate of Return 7.00%
Mortality Rate Table Pub-2010 General Classification Headcount weighted mortality PERS with fully generational mortality improvement projections from the central year using Scale MP-2019
Pub-2010 Safety Classification Headcount weighted mortality PFRS with fully generational mortality improvement projections from the central year using Scale MP-2019
Period of Actuarial Experience Study upon which Actuarial Assumptions were Based July 1, 2013 - June 30, 2018
Pre-retirement mortality rates were based on the Pub-2010 Safety Employee mortality table with a 105.6% adjustment for males and 102.5% adjustment for females, and with future improvement from the base year of 2010 on a generational basis. Post-retirement mortality rates were based on the Pub-2010 Safety Retiree Below-Median Income Weighted mortality table with a 96.7% adjustment for males and 96.0% adjustment for females, and with future improvement from the base year of 2010 on a generational basis. For beneficiaries (contingent annuitants), the Pub-2010 General Retiree Below-Median Income Weighted mortality table was used, unadjusted, and with future improvement from the base year of 2010 on a generational basis. Disability rates were based on the Pub-2010 Safety Disabled Retiree mortality table with a 152.0% adjustment for males and 109.3% adjustment for females, and with future improvement from the base year of 2010 on a generational basis. Mortality improvement is based on Scale MP-2019.
The actuarial assumptions used in the July 1, 2018 valuation were based on the results of an actuarial experience study for the period July 1, 2013 to June 30, 2018.
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 10. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of return on plan investments (7.00% at June 30, 2019) is determined by the State Treasurer, after consultation with the Directors of the Division of Investments and Division of Pensions and Benefits, the board of trustees and the actuaries. The long-term expected rate of return was determined using a building block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic rates of return for each major asset class included in PFRS’s target asset allocation as of June 30, 2019 are summarized in the following table: Long-Term Target Expected Real Asset Class Allocation Rate of Return
Risk Mitigation Strategies 3.00% 4.67% Cash Equivalents 5.00% 2.00% U.S. Treasuries 5.00% 2.68% Investment Grade Credit 10.00% 4.25% High Yield 2.00% 5.37% Private Credit 6.00% 7.92% Real Assets 2.50% 9.31% Real Estate 7.50% 8.33% U.S. Equity 28.00% 8.26% Non-U.S. Developed Markets Equity 12.50% 9.00% Emerging Markets Equity 6.50% 11.37% Private Equity 12.00% 10.85%
100.00%
Discount Rate - The discount rate used to measure the total pension liability was 6.85% as of June 30, 2019. The single blended discount rate was based on long-term expected rate of return on pension plan investments of 7.00%, and a municipal bond rate of 3.50% as of June 30, 2019 based on the Bond Buyer Go 20-Bond Municipal Bond Index, which includes tax-exempt general obligation municipals bonds with an average rating of AA/Aa or higher. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers and the nonemployer contributing entity will be based on 70% of the actuarially determined contributions for the State employer and 100% of actuarially determined contributions for local employers. Based on those assumptions, the plan’s fiduciary net position was projected to be available to make projected future benefit payments of current plan members through 2076. Therefore, the long-term expected rate of return on plan investments was applied to projected benefit payments through 2076 and the municipal bond rate was applied to projected benefit payments after that date in determining the total pension liability.
Sensitivity of the Township’s proportionate share of the Net Pension Liability to Changes in the Discount Rate - The following presents the Township’s proportionate share of the net pension liability calculated using the discount rate as disclosed above, as well as what the Township’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (5.85%) or 1-percentage-point higher (7.85%) than the current rate:
58
TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 10. Pension Obligations (continued):
B. Police and Firemen’s Retirement System (PFRS) (continued):
1% Current 1% Decrease Discount Rate Increase (5.85%) (6.85%) (7.85%)
Township's Proportionate Share of the Net Pension Liability$ 16,877,529 $ 12,486,745 $ 8,852,739
State of New Jersey's Proportionate Share of Net Pension Liability associated with the Township 2,664,994 1,971,681 1,397,864
$ 19,542,523 $ 14,458,426 $ 10,250,603
Related Party Investments - The Division of Pensions and Benefits does not invest in securities issued by the Township.
59
TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 11. Municipal Debt
The following schedule represents the Township’s summary of debt, as filed in the Township’s Annual Debt Statement required by the Local Bond Law of New Jersey for the current and two previous years:
2019 2018 2017 Issued: General: Bonds, Notes and Loans$ 41,145,750 $ 39,200,000 $ 36,880,000 Utility: Bonds, Notes and Loans 55,316,000 24,005,000 20,485,000
Total Debt Issued 96,461,750 63,205,000 57,365,000
Authorized but not issued: General: Bonds, Notes and Loans 3,596,000 4,417,967 5,199,929 Utility: Bonds, Notes and Loans 3,983,595 32,275,595 4,567,595
Total Authorized But Not Issued 7,579,595 36,693,562 9,767,524
Total Gross Debt $ 104,041,345 $ 99,898,562 $ 67,132,524
Deductions: General: Funds on Hand For Payment of Bonds and Notes: Reserve for Debt Service$ 573,147 $ 433,722 $ 333,150 Utility: Self Liquidating Debt 59,299,595 56,280,595 25,052,595
Total Deductions 59,872,742 56,714,317 25,385,745
Total Net Debt $ 44,168,603 $ 43,184,245 $ 41,746,779
Summary of Statutory Debt Condition - Annual Debt Statement
The following schedule is a summary of the previous schedule and is prepared in accordance with the required method of setting up the Annual Debt Statement:
60
TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 11. Municipal Debt (continued):
Gross Debt Deductions Net Debt
Local School Debt $ 50,325,000 $ 50,325,000 $ - General Debt 44,741,750 573,147 44,168,603 Utility Debt 59,299,595 59,299,595 -
$ 154,366,345 $ 110,197,742 $ 44,168,603
Net Debt $44,168,603 divided by the average Equalized Valuation Basis per N.J.S.A 40A:2-2 as amended, $4,831,406,800, equals 0.914%. New Jersey statute 40A:2-6, as amended, limits the debt of a Municipality to 3.5% of the last three preceding year’s average equalized valuations of real estate, including improvements and the assessed valuation of Class II Railroad Property. The remaining borrowing power in dollars at December 31, 2019 is calculated as follows:
Borrowing Power Under N.J.S. 40A:2-6 as Amended
3 1/2% of Equalized Valuation Basis (Municipal) $ 169,099,238 Net Debt 44,168,603
Remaining Borrowing Power $ 124,930,635
Self-Liquidating Utility Calculation per N.J.S.A. 40A:2-46
Cash Receipts From Fees, Rents or Other Charges for the Year $ 10,761,123
Deductions: Operating and Maintenance Costs $ 8,589,800 Debt Service 1,811,144
Total Deductions 10,400,944
Excess/(Deficit) in Revenue $ 360,179
*If Excess in Revenues all Utility Debt is Deducted
61
TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 11. Municipal Debt (continued):
General Debt
A. Serial Bonds Payable
On August 10, 2010, the Township issued $8,297,000 of General Obligation Bonds. The General Obligation Bonds were issued at interest rates varying from 2.00% to 3.65% and mature on August 15, 2030.
On May 21, 2013, the Township issued $16,950,000 of General Obligation Bonds. The General Obligation Bonds were issued at interest rates varying from 2.00% to 4.00% and mature on January 1, 2033.
On April 14, 2015, the Township issued $3,950,000 of General Refunding Bonds. The General Refunding Bonds were issued at interest rates varying from 2.00% to 3.00% and mature on January 15, 2021.
On August 28, 2018, the Township issued $18,212,000 of General Obligation Bonds less a premium on bonds applied of $1,447,000 for a net issuance of $16,765,000. The General Obligation Bonds were issued at interest rates varying from 3.00% to 5.00% and mature on February 1, 2037.
Principal and interest due on the outstanding bonds is as follows:
Year Principal Interest Total
2020 $ 2,645,000 $ 1,344,050 $ 3,989,050 2021 2,710,000 1,252,350 3,962,350 2022 2,075,000 1,167,600 3,242,600 2023 2,135,000 1,089,775 3,224,775 2024 2,200,000 1,009,625 3,209,625 2025-2029 11,765,000 3,700,525 15,465,525 2030-2034 9,660,000 1,345,875 11,005,875 2035-2037 3,410,000 166,563 3,576,563
$ 36,600,000 $ 11,076,363 $ 47,676,363
B. Bond Anticipation Notes Payable – Short Term Debt
The Township had the following bond anticipation notes outstanding in the General Capital Fund at December 31, 2019. Balance Date of Date of December 31, Description Issue Maturity Rate 2019
General Improvement BAN's 8/1/2019 7/31/2020 2.000%$ 4,545,750
$ 4,545,750
62
TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 11. Municipal Debt (continued):
C. Bonds and Notes Authorized But Not Issued
As of December 31, 2019, the Township had $3,596,000 in various General Capital bonds and notes authorized but not issued.
Water & Sewer Utility Debt
A. Serial Bonds Payable
On August 15, 2010, the Township issued $3,492,000 of Utility Revenue Bonds. The Bonds were issued at interest rates varying from 2.00% to 3.65% and mature on August 15, 2030.
On May 21, 2013, the Township issued $2,450,000 of Utility Revenue Bonds. The Bonds were issued at interest rates varying from 3.00% to 4.00% and mature on January 15, 2033.
On April 14, 2015, the Township issued $620,000 of Utility Refunding Bonds. The Bonds were issued at interest rates varying from 2.00% to 3.00% and mature on January 15, 2021.
On August 30, 2017, the Township issued $15,350,000 of Utility Revenue Bonds. The Bonds were issued at interest rates varying from 2.75% to 5.00% and mature on February 1, 2042.
On August 28, 2018, the Township issued $4,498,000 of Utility Revenue Bonds less a premium on bonds applied of $213,000 for a net issuance of $4,285,000. The Bonds were issued at interest rates varying from 3.00% to 5.00% and mature on February 1, 2043.
Principal and interest due on the outstanding bonds is as follows:
Year Principal Interest Total
2020 $ 905,000 $ 826,406 $ 1,731,406 2021 935,000 788,906 1,723,906 2022 920,000 749,906 1,669,906 2023 940,000 709,681 1,649,681 2024 960,000 668,731 1,628,731 2025-2029 5,270,000 2,684,369 7,954,369 2030-2034 5,225,000 1,635,936 6,860,936 2035-2039 4,755,000 873,750 5,628,750 2040-2043 3,200,000 167,681 3,367,681
$ 23,110,000 $ 9,105,366 $ 32,215,366
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 11. Municipal Debt (continued):
B. Bond Anticipation Notes Payable – Short Term Debt
The Township had the following bond anticipation notes outstanding in the Utility Capital Fund at December 31, 2019.
Balance Date of Date of December 31, Description Issue Maturity Rate 2019
General Improvement BAN's 8/1/2019 7/31/2020 2.000%$ 32,206,000
$ 32,206,000
C. Bonds and Notes Authorized But Not Issued
As of December 31, 2019 the Township had $3,983,595 in various Utility bonds and notes authorized but not issued.
Summary of Principal Debt
A summary of the changes in long-term and short term debt of the Township is as follows:
Balance Balance Balance December 31, Accrued/ Retired/ December 31, Due Within 2018 Increases Decreases 2019 One Year General Capital: General Bonds$ 39,200,000 $ - $ 2,600,000 $ 36,600,000 $ 2,645,000 Bond Anticipation Notes - 4,545,750 - 4,545,750 4,545,750
$ 39,200,000 $ 4,545,750 $ 2,600,000 $ 41,145,750 $ 7,190,750
Utility Capital: Utility Bonds$ 24,005,000 $ - $ 895,000 $ 23,110,000 $ 905,000 Bond Anticipation Notes - 32,206,000 - 32,206,000 32,206,000
$ 24,005,000 $ 32,206,000 $ 895,000 $ 55,316,000 $ 33,111,000
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 12. Deferred School Taxes
School taxes have been raised and the liability deferred by statutes. The balance of unpaid local school taxes levied, amount deferred and the amount reported as a liability (payable) at December 31, are as follows:
Balance, December 31, Local Taxes 2019 2018
Total Balance of Local Tax $ 34,473,066 $ 33,865,548 Deferred Taxes 24,472,999 24,472,999
Local Tax Payable $ 10,000,067 $ 9,392,549
Note 13. Housing Trust Fund, Developers Agreement with Toll Brother, Inc. for Low and Moderate-Income Housing Contributions and Mandatory Development Fees
The Trust Fund contributions along with interest earnings are dedicated to financing the Township’s Low and Moderate-Income Housing Program needed to meet the State of New Jersey’s council on Affordable Housing (COAH) requirements.
In the early 1990’s, the Township entered into an agreement with Toll Brothers, Inc., a private developer, for the collection of low and moderate-income housing fees for each certificate of occupancy issued at the Moorestown Hunt (252 units) and Laurel Creek (457 units) developments. The fees were collected into a trust fund called Housing Trust Fund I. The total fees from this agreement collected by Housing Trust Fund I was $5,420,300.76.
In June 1997, the Township adopted a Mandatory Development Fee Ordinance that established standards for the collection, maintenance and expenditure of development fees for developments approved after June 1997, for the purpose of providing low and moderate-income housing. This ordinance required residential development to pay one half (1/2) of one (1) percent and nonresidential development to pay one (1) percent of the equalized assessed value of the proposed development. These fees were setup in an account called Housing Trust Fund II.
In February 2005, the Township’s Mandatory Development Fee Ordinance was amended to require residential development to pay one (1) percent and nonresidential development to pay two (2) percent of the equalized assessed value of the proposed development.
In September 2009, the Township’s Mandatory Development Fee Ordinance was amended to require residential development to pay one and one-half (1 1/2) percent and nonresidential development to pay two and one-half (2 1/2) percent of the equalized assessed value of the proposed development.
In 2019, the Township collected $138,230 in Mandatory Development Fees and interest on deposits. The Total amount collected from June 1997, through December 2019 for Trust Fund, was $4,240,451.11.
As of December 31, 2019, the Township had $949,030 on deposit in the in the dedicated Low and Moderate Income Housing Trust Accounts. $482,904 was expended in 2019 for the housing program.
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 14. Disclosure for Municipal Open Space Trust Fund
The Township’s Open Space Trust Fund Program was approved by referendum in 1998 and the fund subsequently established in 1999. The purpose of the fund is to establish a dedicated tax for the acquisition of lands, either in fee simple or a lesser interest, including, but not limited to an easement restricting development, for recreation and conservation, including the development or maintenance of such acquired lands, or for farmland acquisition and preservation, or for historic property preservation or acquisition, or for the payment of debt service for any of the aforesaid purposes.
The Program has subsequently been amended and extended through several referendums. Most recently, the voters have approved an annual tax rate of between one ($0.01) cent and six ($0.06) cents per $100 of assessed real property valuation. The tax rate is to be established annually by Resolution of the Township Council each year through year 2028.
Township has generated $21,682,035 in tax revenue, interest income and other sources from 1999 through 2019. The Township has incurred $18,964,153 in program expenditures through December 2019.
The Township also participates in the Burlington County Open Space Program, which provides up to 25% matching funds for approved projects and the State of New Jersey Green Acres Program, which provides up to 50% matching funds for approved projects.
Installment Purchase Agreement (IPA)
On May 8, 2008, the Township Council of the Township of Moorestown entered into an agreement with the Board of Chosen Freeholder of the County of Burlington to purchase Block 8700, lot 18 of Moorestown Township in the amount of $2,990,000 through an installment purchase agreement. Burlington County facilitated the transaction, will continue to act as the paying agent, and is responsible for 25% of the cost. The Township of Moorestown is the owner of the property and will reimburse Burlington County 75% of the cost.
Under the terms of the agreement, the County purchased 2 zero coupon notes totaling $1,166,668.10. The notes will mature and be payable to the seller in the amount of $2,990,000 on November 15, 2027. The agreement also calls for the County to make semi-annual interest payments to the seller of five (5) percent of the outstanding balance. The Township is responsible for reimbursing the County 75% of the interest expense. On May 8, 2008, the Township paid the County $917,670.88 for its share of the notes and interest expense. The Township made additional interest expense reimbursements to the county in the amount of $1,177,312.50 as of December 31, 2018. The balance of the Township’s share of future interest payments is $1,009,125. The Township will continue to reimburse the County $112,125 each year for its share of the interest expense until the notes mature in 2027.
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 15. Accrued Sick, Vacation and Compensation Time
As discussed in Note 1 and in accordance with accounting principles prescribed by the State of New Jersey, the cash basis of accounting is followed for recording the Township’s liability related to unused vacation, sick pay and compensation time. The Township permits certain employees within limits to accumulate unused vacation, sick pay and compensation time, which may be taken as time off or paid at a later date at an agreed upon rate. In accordance with New Jersey accounting principles, this unused accumulated absences amount is not reported as a liability in the accompanying financial statements. It is estimated that accrued benefits for compensated absences are valued at $1,035,973 at December 31, 2019.
The Township has established a Trust Fund in accordance with NJSA 40A:4-39 to set aside funds for future payments of compensated absences. As of December 31, 2019, the Township has reserved in the Other Trust Fund $413,426 to fund compensated absences in accordance with NJSA 40A:4-39.
Note 16. Joint Insurance Fund
The Township participates in the Professional Municipal Management Joint Insurance Fund (PMMJIF), the Municipal Excess Liability Joint Insurance Fund (MEL) and the New Jersey Environmental Joint Insurance Fund (EJIF), public entity risk pools. Coverage under this joint plan offers workers’ compensation and employers’ liability, liability other than motor vehicles, property damage other than motor vehicle and motor vehicles. Excess insurance coverages and limits for these types of insurance are provided by third party insurance carriers. The Township is assessed for the contributions for these funds and is responsible for any reserve deficiencies. No contingency or provision has been made in these financial statements for possible deficiencies. No deficiencies occurred at the end of 2019 for the joint insurance pool. The Township’s total 2019 premiums were $802,268. After applying dividends of $21,798 and other credits of $6,373, the township’s net cost of participation for 2019 was $774,097.
Limits of coverage, per occurrence are as follow:
Township Third Party Deductible JIF MEL Carrier
Workman’s Compensation & Statutory Employer’s Liability None $200,000 $800,000 $5,000,000 Property Damage, Automobile Ranging From Physical Damage & Contractors $25,000 to Equipment $1,000 $ 50,000 $200,000 $100,000,000 General Liability, Physical Damage, Automobile Liability and Police Excess to Professional Liability None $200,000 $800,000 $5,000,000 Excess to Crime and Dishonesty $1,000 $ 50,000 $950,000
Excess Public Officials Bonds Varies $2,000,000 * Public Officials Employee Varies $1,000,000 Practices Liability
*The deductible of the Excess Public Official Bond is the amount of any other surety bonds.
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 17. Contingencies
Grantor Agencies
The Township receives financial assistance from the State of New Jersey and the U.S. government in the form of grants. Entitlement to the funds is generally conditional upon compliance with terms and conditions of the grant agreements and applicable regulations, including the expenditure of the funds for eligible purposes. Substantially all grants, entitlements and cost reimbursements are subject to financial and compliance audits by grantors. As a result of these audits, costs previously reimbursed could be disallowed and require repayment to the grantor agency. As of December 31, 2019 the Township estimates that no material liabilities will result from such audits.
Litigation
The Township is a defendant in several legal proceedings that are in various stages of litigation. It is believed that the outcome, or exposure to the Township, from such litigation is either unknown or potential losses, if any, would not be material to the financial statements.
Tax Appeals Losses arising from tax appeals are recognized at the time a decision is rendered by an administrative or judicial body; however, municipalities may establish reserves transferred from tax collections or by budget appropriation for future payments of tax appeal losses. The Township currently has a tax appeal reserve balance of $1,200,000 in addition to its available fund balance for this purpose. There are no significant pending tax appeals as of December 31, 2018.
The previous settlement of various tax appeals for the Moorestown Mall properties and anchor stores will result in future tax credits against the mall properties future tax obligation as follows: Year 2019 - $850,000; Year 2020 - $850,000; Year 2021 - $850,000; Year 2022 - $850,000; Year 2023 - $325,000. The Township has already factored in the use of additional surplus along with a modest tax increase to manage this obligation.
Note 18. Postemployment Benefits Other Than Pensions
A. Local Plan
General Information about the OPEB Plan
The financial statements of the Township are not prepared in accordance with Governmental Accounting Standards Board (GASB) Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other than Pensions. The following information is provided in accordance with the requirements of the Statement and has been implemented prospectively.
Moorestown Township provides post-employment medical and prescription drug coverage to eligible retired employees and their spouses and additionally dental, and vision benefits to eligible retired firefighters and their spouses. Any municipal employee hired after January 1, 2006, is ineligible for the above mentioned benefits. Firefighters hired after July 1, 2008, are ineligible for the above mentioned benefits. Public Works employees hired after January 1, 2007, are ineligible for the above mentioned benefits. Employees referred to as 911 employees hired after January 1, 2005, are ineligible for the above mentioned benefits. The Township Plan is a single employer defined benefit OPEB plan that is administered on a pay-as-you-go basis. The Township Plan does not issue a separate financial report.
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 18. Postemployment Benefits Other Than Pensions (continued):
Employees and Retirees Covered – At December 31, 2019, the following employees were covered by the Township plan:
As of As of Participant Data 12/31/2017 12/31/2018
Active Employees Total 70 70
Average Age 44.5 45.9 Average Service 16.4 17.8
Retired Employees Retirees 24 24 Spouses 17 14 Total 41 38
Average Age 57.3 58.5
Actuarial Assumptions and Other Inputs
This valuation has been conducted as of December 31, 2018 based on census, plan design and premium information provided by the Township. Census includes 38 retired participants (including spouses) and 70 active participants. The Measurement Date, for each fiscal year is as of the end of the prior year. Thus, the Total OPEB Liability for fiscal year ending December 31, 2019 of $10,339,664 is measured at December 31, 2018 as allowed under GASB 75.
The values are determined in accordance with GASB 75 including the Individual Entry Age Normal Cost method with the normal cost determined as a percentage of pay. Standard roll forward and backward techniques were used to adjust valuation dates to measurement dates. The following assumptions and other inputs applied to all periods in the measurement, unless otherwise specified:
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 18. Postemployment Benefits Other Than Pensions (continued):
Actuarial Cost Method Individual Entry Age Normal as a level percentage of pay
Discount Rate Based on Muni 20 year Aa as published by Fidelity Investments 3.72% as of December 31, 2019 (measured at December 31, 2018).
Inflation Rate 2.50%
Salary Increases 3.00%
Health Care Cost Trend 7.00% for 2016-2019 grading down to 3.5% (by 0.5% increments) in 2026.
Per Capita Claims Costs and Premiums Annual per capita cost for retiree and spouse at age 64 and 65. Age 64 $ 21,879 Age 65 N/A
Dental (all ages) N/A
Per capita costs (non Medicare eligible) are adjusted to reflect expected costs changers Age Based Utilitzation related to age. Age factors range from .60 for under age 30 to 3.00 for 75 and up.
Rates of Mortality RP 2014 White or Blue Collar Table projected to 2023 with scale MP18.
Rates of Turnover Ultimate termination rates vary by age
Rates of Retirement Annual rates varying by age
Rates of Disability None assumed
Spouse Assumption Marrital status is assumed not to change prior to or after retirment
Retiree Participation 100% of eligible retirees are assumed to elect to participate in the plan
Funding Policy Pay as you go
Investment Rate of Return Not applicable
Asset Valuation Method Not applicable
Discount Rate – The discount rate is the single rate that reflects (1) the long-term expected rate of return on the OPEB plan investments that are expected to be used to finance the payments of benefits, to the extent that the OPEB plan’s fiduciary net position is projected to be sufficient to make projected benefit payments and OPEB plan assets are expected to be invested using a strategy to achieve that return and (2) a yield or index rate for 20-year, tax-exempt general obligation municipal bonds with an average rating of Aa, to the extent that the conditions for use of the long-term expected rate of return are not met. For the total OPEB liability calculation as of December 31, 2019, the discount rate utilized was 3.72%.
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 18. Postemployment Benefits Other Than Pensions (continued):
Changes in the Total OPEB Liability – The changes to the total OPEB Liability during the year ending December 31, 2019 were as follows:
Changes in the Total OPEB Liability
Total OPEB Liability Balance, January 1, 2019 $ 9,309,087 Changes for the Year: Service Cost 153,591 Interest Cost 346,827 Changes of Assumptions (512,245) Difference between Actual and Expected 1,741,007 Benefits Paid (implicit) (698,603) Net Changes 1,030,577 Balance, December 31, 2019 $ 10,339,664
Sensitivity of the Total OPEB Liability to Changes in the Discount Rate
The following presents the total OPEB liability of the Township, as well as what the Township’s total OPEB liability would be, if it were calculated using a discount rate that is 1-percentage-point lower (2.72 percent) or 1-percentage pointer higher (4.72 percent) that the current discount rate:
December 31, 2019
At 1% At Discount At 1% Decrease (2.72%) Rate (3.72%) Increase (4.72%)
Total OPEB Liability $ 11,148,406.00 $ 10,339,664.00 $ 9,607,995.00
The following presents the total OPEB liability of the Township, as well as what the Township’s total OPEB liability would be, if it were calculated using a healthcare cost trend rate that is 1-percentage-point lower or 1-percentage pointer higher that the current healthcare cost trend rate:
December 31, 2019
Healthcare Cost 1% Decrease Trend Rate* 1% Increase
Total OPEB Liability $ 9,733,191.00 $ 10,339,664.00 $ 10,933,960.00
* See Healthcare Cost Trend Assumptions for details of rates.
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 18. Postemployment Benefits Other Than Pensions (continued):
OPEB Expense and Deferred Outflows and Deferred Inflows of Resources Related to OPEB
For the year ended December 31, 2019, the Township’s OPEB expense was estimated to be $596,775. At December 31, 2019, the Township reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:
Deferred Deferred Outflows of Inflows of Resources Resources Differences between Expected and Actual Experience$ 1,607,083 -$
Changes of Assumptions or other inputs 236,210 (669,226)
Total$ 1,843,293 $ (669,226)
Amounts reported as deferred outflows of resources related to OPEB will be recognized in OPEB expense as follows:
Year Ending December 31,
2020 $ 96,357 2021 96,357 2022 96,357 2023 96,357 2024 96,357 Thereafter 692,282
$ 1,174,067
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 18. Postemployment Benefits Other Than Pensions (continued):
Other Supplementary Information
Schedule of Changes in the Township’s Total OPEB Liability and Related Ratios
Fiscal Year Ending December 31, 2019 2018 2017
Service Cost $ 153,591 $ 133,363 $ 136,986 Interest Cost 346,827 337,542 326,565 Changes of Assumptions (512,245) 279,158 (255,299) Difference between Actual and Expected 1,741,007 - - Benefits Paid (implicit) (698,603) (645,926) (603,669)
Net Change in Total OPEB Liability 1,030,577 104,137 (395,418)
Total OPEB Liability (Beginning) 9,309,087 9,204,950 9,600,368
Total OPEB Liability (Ending)$ 10,339,664 $ 9,309,087 $ 9,204,950
Total Covered Employee Payroll 3,052,663 3,052,664 3,052,663
Net OPEB Liability as a Percentage of Payroll 339% 305% 302%
Schedule of Funding Progress
December 31, Year Ended 2019 2018
Total OPEB Liability $ 10,339,664 $ 9,309,087 Fiduciary Net Position - -
Net OPEB Liability $ 10,339,664 $ 9,309,087
Funded Ratio 0% 0%
Covered Payroll 3,052,663 3,052,664
Net OPEB Liability as a Percentage of Covered Payroll 339% 305%
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 18. Postemployment Benefits Other Than Pensions (continued):
Schedule of Employer Contributions Contributions Actuarial Percentage Year Ended Determined Actual Contribution Covered Covered December 31, Contribution Contribution Deficiency Payroll Payroll
2019$ 500,418 $ 698,603 $ (198,185) $ 3,052,663 23% 2018 470,905 645,926 (175,021) 3,052,664 21%
B. State Plan
General Information about the OPEB Plan
The State Health Benefit Local Government Retired Employees Plan (the Plan) is a cost-sharing multiple- employer defined benefit other postemployment benefit (OPEB) plan with a special funding situation. It covers employees of local government employers that have adopted a resolution to participate in the Plan. For additional information about the Plan, please refer to the State of New Jersey (the State), Division of Pensions and Benefits’ (the Division) Comprehensive Annual Financial Report (CAFR), which can be found at https://www.state.nj.us/treasury/pensions/financial-reports.shtml.
The Plan provides medical and prescription drug to retirees and their covered dependents of the participating employers. Under the provisions of Chapter 88, P.L 1974 and Chapter 48, P.L. 1999, local government employers electing to provide postretirement medical coverage to their employees must file a resolution with the Division. Under Chapter 88, local employers elect to provide benefit coverage based on the eligibility rules and regulations promulgated by the State Health Benefits Commission. Chapter 48 allows local employers to establish their own age and service eligibility for employer paid health benefits coverage for retired employees. Under Chapter 48, the employer may assume the cost of postretirement medical coverage for employees and their dependents who: 1) retired on a disability pension; or 2) retired with 25 or more years of service credit in a State or locally administered retirement system and a period of service of up to 25 years with the employer at the time of retirement as established by the employer; or 3) retired and reached the age of 65 with 25 or more years of service credit in a State or locally administered retirement system and a period of service of up to 25 years with the employer at the time of retirement as established by the employer; or 4) retired and reached age 62 with at least 15 years of service with the employer. Further, the law provides that the employer paid obligations for retiree coverage may be determined by means of a collective negotiations agreement.
In accordance with Chapter 330, P.L. 1997, which is codified in N.J.S.A 52:14-17.32i, the State provides medical and prescription coverage to local police officers and firefighters, who retire with 25 years of service or on a disability from an employer who does not provide postretirement medical coverage. Local employers were required to file a resolution with the Division in order for their employees to qualify for State-paid retiree health benefits coverage under Chapter 330. The State also provides funding for retiree health benefits to survivors of local police officers and firefighters who die in the line of duty under Chapter 271, P.L.1989.
Pursuant to Chapter 78, P.L, 2011, future retirees eligible for postretirement medical coverage who have less than 20 years of creditable service on June 28, 2011 will be required to pay a percentage of the cost of their health care coverage in retirement provided they retire with 25 or more years of pension service credit. The percentage of the premium for which the retiree will be responsible will be determined based on the retiree’s annual retirement benefit and level of coverage.
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 18. Postemployment Benefits Other Than Pensions (continued):
Basis of Presentation
The schedule of employer and nonemployer allocations and the schedule of OPEB amounts by employer and nonemployer (collectively, the Schedules) present amounts that are considered elements of the financial statements of its participating employers or the State as a nonemployer contributing entity. Accordingly, they do not purport to be a complete presentation of the financial position or changes in financial position of the participating employers or the State. The accompanying Schedules were prepared in accordance with U.S. generally accepted accounting principles. Such preparation requires management of the Plan to make a number of estimates and assumptions relating to the reported amounts. Due to the inherent nature of these estimates, actual results could differ from those estimates.
Allocation Methodology
GASB Statement No. 75 requires participating employers in the Plan to recognize their proportionate share of the collective net OPEB liability, collective deferred outflows of resources, collective deferred inflows of resources, and collective OPEB (benefit) expense. The special funding situation’s and nonspecial funding situation’s net OPEB liability, deferred outflows of resources, deferred inflows of resources, and OPEB (benefit) expense are based on separately calculated total OPEB liabilities. For the special funding situation and the nonspecial funding situation, the total OPEB liabilities for the year ended June 30, 2019 were $5,637,151,775.00 and $8,182,092,807.00, respectively. The nonspecial funding situation’s net OPEB liability, deferred outflows of resources, deferred inflows of resources, and OPEB (benefit) expense are further allocated to employers based on the ratio of the plan members of an individual employer to the total members of the Plan’s nonspecial funding situation during the measurement period July 1, 2018 through June 30, 2019. Employer and nonemployer allocation percentages have been rounded for presentation purposes; therefore, amounts presented in the schedule of OPEB amounts by employer and nonemployer may result in immaterial differences.
Special Funding Situation
Under Chapter 330, P.L. 1997, the State shall pay the premium or periodic charges for the qualified local police and firefighter retirees and dependents equal to 80 percent of the premium or periodic charge for the category of coverage elected by the qualified retiree under the State managed care plan or a health maintenance organization participating in the program providing the lowest premium or periodic charge. The State also provides funding for retiree health benefits to survivors of local police officers and firefighters who die in the line of duty under Chapter 271, P.L.1989.
Therefore, these employers are considered to be in a special funding situation as defined by GASB Statement No. 75 and the State is treated as a nonemployer contributing entity. Since the local participating employers do not contribute under this legislation directly to the plan, there is no net OPEB liability, deferred outflows of resources or deferred inflows of resources to report in the financial statements of the local participating employers related to this legislation. However, the notes to the financial statements of the local participating employers must disclose the portion of the nonemployer contributing entities’ total proportionate share of the collective net OPEB liability that is associated with the local participating employer.
The participating employer allocations included in the supplemental schedule of employer special funding allocations and the supplemental schedule of special funding amounts by employer for each employer are provided as each employer is required to record in their financial statements, as an expense and corresponding revenue, their proportionate share of the OPEB expense allocated to the State of New
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 18. Postemployment Benefits Other Than Pensions (continued):
Jersey under the special funding situation and include their proportionate share of the collective net OPEB liability in their respective notes to their financial statements. For this purpose, the proportionate share was developed based on eligible plan members subject to the special funding situation. This data takes into account active members from both participating and non-participating employer locations and retired members currently receiving OPEB benefits.
Additionally, the State’s proportionate share of the OPEB liability attributable to the Township is $7,784,798 as of December 31, 2019. The OPEB liability was measured as of June 30, 2019. The total OPEB liability used to calculate the OPEB liability was determined using update procedures to roll forward the total OPEB liability from an actuarial valuation as of July 1, 2018, to the measurement date of June 30, 2019. The State’s proportion of the OPEB liability associated with the Township was based on a projection of the Township’s long-term share of contributions to the OPEB plan relative to the projected contributions of all participating members, actuarially determined. The State’s proportion measured as of June 30, 2019 was 0.140883%, which was a decrease of 0.006921% from its proportion measured as of June 30, 2018, which is the same proportion as the Township’s. At December 31, 2019, the Township’s and the State of New Jersey’s proportionate share of the OPEB liability were as follows:
State of New Jersey's Proportionate Share of OPEB Liability Associated with the Township$ 7,784,798
At December 31, 2019, the State’s proportionate share of the OPEB expense, associated with the Township, calculated by the plan as of the June 30, 2019 measurement date was $103,189.
Note 19. Subsequent Events
Management has reviewed and evaluated all events and transactions that occurred between December 31, 2019 and August 19, 2020, the date that the financial statements were available for issuance, for possible disclosure and recognition in the financial statements. The following items have come to the attention of the Township that would require disclosure.
COVID-19
COVID-19, a respiratory disease caused by a new strain of coronavirus, has been characterized as a pandemic by the World Health Organization and is currently affecting many parts of the world, including the United States and the State of New Jersey. On January 31, 2020, the Secretary of the United States Health and Human Services Department declared a public health emergency for the United States and, on March 13, 2020, the President of the United States declared the outbreak of COVID-19 in the United States a national emergency. Subsequently, the President's Coronavirus Guidelines for America and the United States Centers for Disease Control and Prevention called upon Americans to take actions to slow the spread of COVID-19 in the United States.
In New Jersey, Governor Murphy by way of executive orders, has ordered, among other things: all State residents to remain home or at their place of residence unless they meet one or more enumerated exceptions; all State residents to practice social distancing; gatherings of individuals, such as parties, celebrations and social events, are cancelled; non-essential businesses to cease operations from 8:00 p.m. to 5:00 a.m.; all restaurants and bars to close except for delivery or takeout services; casinos, racetracks,
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TOWNSHIP OF MOORESTOWN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
Note 19. Subsequent Events (continued): gyms and fitness centers and entertainment centers to close; all county and municipal libraries to close; all business and non-profits to accommodate telework or work-from-home arrangements; the cessation of all non-essential construction projects; an extension of insurance premium grace periods; all Pre-K through 12 schools to close; all universities and colleges in the State to cease in-person instruction; The Township expects ongoing actions will be taken by State, federal and local governments and private entities to mitigate the spread of and impacts of COVID-19.
The Township cannot reasonably predict how long the outbreak may impact the financial condition or operations of the Township, whether there will be any impact on the assessed values of property within the Township or the deferral of tax payments to the Township or the costs associated with this or any other potential infectious disease outbreak, including whether there will be any reduction in State funding or an increase in operational costs of the Township.
On March 24, 2020, the Division of Local Government Services in the New Jersey Department of Community Affairs extended the date for introduction of municipal budgets to April 28, 2020 (or the next regularly scheduled governing body meeting thereafter) and the date for municipal budget adoption to May 30, 2020 (or the next regularly scheduled governing body meeting thereafter). The New Jersey Legislature is considering legislation that, if enacted, would permit the extension of any additional deadlines under the Local Budget Law, the Local Fiscal Affairs Law and the laws with respect to the issuance of tax bills. Such proposed legislation would also permit municipalities to institute an extended grace period for the receipt of property tax payments and to extend the dates for the payment of taxes by a municipality due to a county, a school district or any other taxing district. A proposed amendment to such proposed legislation would also provide that any shortfall in the property tax payments received by the municipality would be borne pro rata by the municipality, the county and the school district(s). There can be no assurance that this legislation, or any other actions, will be enacted by the New Jersey Legislature. The Township does not plan to issue any updates or revisions regarding this legislation, or any other actions enacted by the New Jersey Legislature, if or when such legislation or other actions are enacted.
Debt Issued:
During April of 2020, the Township approved two new bond ordinances. Ordinance 11-2020 was approved to be used for the 2019/2020 Roads Resurfacing Program for a total of $3,740,000 and authorized the issuance of debt in the amount of $3,553,000 in bonds or notes. Ordinance 12-2020 was approved to be used for Improvements to Farmdale Road for a total of $325,000 and authorized the issuance of debt in the amount of $80,750 in bonds or notes.
During May of 2020, the Township issued Series 2020 General Obligation Refunding Bonds consisting of $4,115,000 of General Improvement Refunding Bonds and $1,740,000 of Water-Sewer Utility Refunding Bonds for a total of $5,855,000. The proceeds of the Bonds will be used to currently refund all of the $4,840,000 of Series 2010 General Improvement Bonds and $2,045,000 of Series 2010 Water- Sewer Utility Bonds. The bonds will mature on August 15, 2030 and have interest rates varying from 3.00%-5.00%.
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78 SUPPLEMENTAL EXHIBITS
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80 CURRENT FUND
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82 EXHIBIT A-4 (Page 1 of 2) TOWNSHIP OF MOORESTOWN CURRENT FUND SCHEDULE OF CURRENT CASH AND INVESTMENTS - TREASURER FOR THE YEAR ENDED DECEMBER 31, 2019
CURRENT GRANTS
Balance December 31, 2018$ 22,815,949 $ -
Increased by Receipts: Taxes Receivable$ 105,948,582 $ - Tax Title Liens Receivable 3,112 $ - Prepaid Taxes 1,201,783 - Revenue Accounts Receivable 6,383,265 - Due From State of New Jersey - Senior Citizen & Veteran Deductions 102,047 - Due to State of New Jersey: Fees & Permits 69,152 - Petty Cash 450 - Transfer from Trust - Other Funds 25,000 - Transfer from Payroll Fund 785 - Transfer from Trust Assessment Fund 315 - Transfer from Utility Operating Fund 256 - Transfer from Animal Control Trust Fund 15,000 - Refunds to Appropriations 961,209 - Transfer from Grant Fund 9,589 - Reserve for State & Federal Grants: Unappropriated - 43,851 State Grants Receivable - 223,867
Total Receipts 114,720,545 267,718
Subtotal 137,536,494 267,718
83 EXHIBIT A-4 (Page 2 of 2) TOWNSHIP OF MOORESTOWN CURRENT FUND SCHEDULE OF CURRENT CASH AND INVESTMENTS - TREASURER FOR THE YEAR ENDED DECEMBER 31, 2019
CURRENT GRANTS
Decreased by Disbursements: 2019 Appropriations 23,669,244 - 2018 Reserved Appropriations 912,155 - Tax Overpayments 42,454 - County Taxes 17,722,099 - Special District Taxes 2,811,569 - Local District School Tax 68,338,622 - Municipal Open Space Tax 411,411 - Due to State of New Jersey 72,851 - Reserve for Tax Appeals 278,207 - Petty Cash 450 - Transfer to Utility Operating Fund 502 - Refunds of Revenue 4,726 - Accounts Payable 123,547 - Transfer to Current Fund - 9,589 Reserve for Appropriated Grants - 258,129
Total Disbursements 114,387,837 267,718
Balance December 31, 2019 $ 23,148,657 $ -
EXHIBIT A-5 SCHEDULE OF CHANGE FUNDS FOR THE YEAR ENDED DECEMBER 31, 2019
Tax Collector $ 200 Township Clerk 50 Municipal Court 200 Recreation Director 75 Police 50 Construction Department 75
Balance December 31, 2019 $ 650
84 EXHIBIT A-6 TOWNSHIP OF MOORESTOWN CURRENT FUND SCHEDULE OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY FOR THE YEAR ENDED DECEMBER 31, 2019
BALANCE DUE FROM TRANSFER TO BALANCE DECEMBER 31, 2019 ADDED COLLECTED STATE OF OVERPAYMENTS TAX DECEMBER 31, YEAR 2018 LEVY TAXES 2018 2019 NEW JERSEY APPLIED/CREATED TITLE LIENS CANCELED 2019
2016$ 1,770 $ - $ - $ - $ - $ - $ - $ - $ - $ 1,770 2017 2,579 - - - 13 - - - - 2,566 2018 722,771 - - - 719,958 (898) (414) 1,597 - 2,528
Total 727,120 - - - 719,971 (898) (414) 1,597 - 6,864 2019 - 106,496,343 1,676,739 1,042,614 105,228,611 103,500 94,540 56,462 695,312 952,043
Total$ 727,120 $ 106,496,343 $ 1,676,739 $ 1,042,614 $ 105,948,582 $ 102,602 $ 94,126 $ 58,059 $ 695,312 $ 958,907
ANALYSIS OF 2019 PROPERTY TAX LEVY
85 General Purpose Tax $ 103,684,774 Fire District Tax 2,811,569 Added & Omitted Taxes (54:4-6 et seq) 1,676,739
Total $ 108,173,082
TAX LEVY: District School Tax $ 68,946,140 County Taxes$ 16,114,356 County Open Space Taxes 1,424,754 Due County for Added & Omitted Taxes 269,320 17,808,430 Special District Taxes 2,811,569 Municipal Open Space 404,975 Municipal Open Space - Added/Omitted Taxes 6,436 Municipal Library 1,612,888 Local Tax for Municipal Purposes 15,146,780 Add: Additional Taxes Levied 1,435,864 16,582,644
Total $ 108,173,082 EXHIBIT A-7 TOWNSHIP OF MOORESTOWN CURRENT FUND SCHEDULE OF TAX TITLE LIENS FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2018$ 1,220,143
Increased by: Other Municipal Liens $ 3,105 Interest and Costs on Taxes 213 Transfers From Prior Year Taxes Receivable 1,597 Transfers From 2019 Taxes Receivable 56,462 61,377
Decreased by: Cancellations -
Sub-total 1,281,520
Decreased by: Collections of Municipal Liens 3,112
Balance December 31, 2019$ 1,278,408
EXHIBIT A-8 SCHEDULE OF PROPERTY ACQUIRED FOR TAXES FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2019 & 2018$ 101,300
86 EXHIBIT A-9 (Page 1 of 2) TOWNSHIP OF MOORESTOWN CURRENT FUND SCHEDULE OF REVENUE ACCOUNTS RECEIVABLE FOR THE YEAR ENDED DECEMBER 31, 2019
BALANCE BALANCE DECEMBER 31, ACCRUED IN DECEMBER 31, 2018 2019 COLLECTED 2019 Miscellaneous Revenue Anticipated: Licenses - Alcoholic Beverages$ - $ 15,000 $ 15,000 $ - Licenses - Other - 1,621 1,621 - Fees & Permits - Other - 137,072 137,072 - Fines & Costs - Municipal Court 13,340 168,278 169,602 12,016 Interest & Costs on Taxes - 237,909 237,909 - Parking Meters - 78,157 78,157 - Interest on Investments & Deposits - 408,526 408,526 - Recreation Fees - 310,005 310,005 - Police Accident Report Fees - 6,815 6,815 - Special Police Duty Service Charges - 196,537 196,537 - Street Opening Permits - 2,175 2,175 - Cable Television Fees - 75,015 75,015 - Energy Receipts Tax 1,793,963 1,793,963 Supplemental Franchise & Gross Receipts Tax (P.S.E.& G.) - 248,811 248,811 - Fees & Permits: Uniform Construction Code - 1,085,058 1,085,058 - General Capital Surplus - 30,000 30,000 - Reserve for Payment of Bonds - 200,000 200,000 - Rental Income 52,158 52,158 Water & Sewer Fund Reimbursement - 370,000 370,000 - Shared Service Reimbursements - 40,600 40,600 - Library Services Reimbursement - 170,000 170,000 - BOE Reimbursement - Resource Officer - 149,026 149,026 - Tower Rents 84,535 84,535 - Total Anticipated Revenues 13,340 5,861,261 5,862,585 12,016
Nonbudget Revenues: Miscellaneous Advertising Fee - 4,321 4,321 - Zoning Fees - 730 730 - False Alarm Fees - 42,975 42,975 - Peddler/Solicitor Permit - 5,325 5,325 - Developer Application Fees - 5,748 5,748 - Refunds - 876 876 - Efficiency Award/JIF Safety Award - 2,500 2,500 - Tax Premium on Foreclosures - 300 300 Sale of Assets - 46,448 46,448 -
87 EXHIBIT A-9 (Page 2 of 2) TOWNSHIP OF MOORESTOWN CURRENT FUND SCHEDULE OF REVENUE ACCOUNTS RECEIVABLE FOR THE YEAR ENDED DECEMBER 31, 2019
BALANCE BALANCE DECEMBER 31, ACCRUED IN DECEMBER 31, 2018 2019 COLLECTED 2019
Photo Copies - 68 68 Payment in Lieu of Taxes - PILOT - 26,853 26,853 - JIF Dividends - 21,861 21,861 - RAPID Program - 900 900 - Street and Zoning Maps - 20 20 - Cancel Prior Years Outstanding Checks - 4,000 4,000 - Scrap Metal & Waste Oil - 6,511 6,511 - DMV Inspection Fees - 1,233 1,233 - Towing Fees - 840 840 - State of NJ 2% Administration Fee & Homestead Rebate Mailing - 3,079 3,079 - Miscellaneous - 7,323 7,323 - FEMA - 343,332 343,332 - Refund Prior Year Expenditures - 5,106 5,106 -
Total Nonbudget Revenue - 530,349 530,349 -
Total Revenue Accounts Receivable$ 13,340 $ 6,391,610 $ 6,392,934 $ 12,016
Cash Receipts$ 6,383,265 Interest Earned Other Funds 9,669
Total$ 6,392,934
88 EXHIBIT A-10 (Page 1 of 3) TOWNSHIP OF MOORESTOWN CURRENT FUND SCHEDULE OF 2018 APPROPRIATION RESERVES FOR THE YEAR ENDED DECEMBER 31, 2019
2018 2018 BALANCE PAID ENCUMBRANCES RESERVE AFTER OR BALANCE PAYABLE BALANCE TRANSFERS CHARGED LAPSED General Government: General Administration: Salaries and Wages$ - $ 1,658 $ 1,658 $ - $ 1,658 Other Expenses 1,837 6,016 7,853 4,475 3,378 Human Resources: Other Expenses 1,110 10,510 11,620 1,205 10,415 Mayor & Council: Other Expenses 343 219 562 198 364 Municipal Clerk: Salaries and Wages - 146 146 - 146 Other Expenses 1,298 1,338 2,636 1,298 1,338 Financial Administration (Treasury): Office of Controller: Salaries and Wages - 502 502 - 502 Other Expenses 699 88 787 699 88 Computer Data Processing: Salaries and Wages - 424 424 - 424 Other Expenses 62,295 6,689 68,984 62,295 6,689 Revenue Administration (Tax Collection): Salaries and Wages - 241 241 - 241 Other Expenses - 3,174 3,174 - 3,174 Tax Assessment: Salaries and Wages - 4 4 - 4 Other Expenses 7,483 20,948 28,431 12,022 16,409 Legal Services (Legal Department): Other Expenses 31,365 23,006 54,371 40,586 13,785 Engineering Services: Other Expenses 7,357 15,415 22,772 21,066 1,706 Land Use Administration: Planning Board: Salaries and Wages - 869 869 - 869 Other Expenses 6,961 14,445 21,406 11,929 9,477 Zoning Board of Adjustments: Salaries and Wages - 650 650 - 650 Other Expenses - 8,089 8,089 4,539 3,550 Code Enforcement & Administrative: Building & Insprctions Salaries and Wages - 7,461 7,461 - 7,461 Other Expenses 42,540 13,631 56,171 42,707 13,464 Insurance: Unemployment Compensation - 1,535 1,535 710 825 Worker's Compensation - 45 45 - 45 Employee Group Insurance 1,000 138,555 139,555 1,257 138,298 Other Insurance Premiums - 2,122 2,122 1,000 1,122 Health Benefit Waiver - 1,008 1,008 - 1,008
89 EXHIBIT A-10 (Page 2 of 3) TOWNSHIP OF MOORESTOWN CURRENT FUND SCHEDULE OF 2018 APPROPRIATION RESERVES FOR THE YEAR ENDED DECEMBER 31, 2019
2018 2018 BALANCE PAID ENCUMBRANCES RESERVE AFTER OR BALANCE PAYABLE BALANCE TRANSFERS CHARGED LAPSED Public Safety Functions: Police: Salaries and Wages - 142,205 142,205 67,758 74,447 Other Expenses 57,730 635 58,365 57,884 481 Public Works Functions: Department of Public Works: Office of the Director: Salaries and Wages - 2,426 2,426 - 2,426 Other Expenses 742 3,446 4,188 742 3,446 Road Repairs & Maintenance: Salaries and Wages - 24,748 24,748 - 24,748 Other Expenses 29,331 3,497 32,828 30,176 2,652 Building & Grounds: Other Expenses 89,548 14,496 104,044 88,915 15,129 Shade Tree: Salaries and Wages - 6,951 6,951 - 6,951 Other Expenses 12,534 9,234 21,768 20,130 1,638 Shade Tree Advisory Committee: Other Expenses 1,090 405 1,495 1,090 405 Maintenance of Motor Vehicles: Salaries and Wages - 11,203 11,203 - 11,203 Other Expenses 10,018 27,118 37,136 11,582 25,554 Division of Sanitation: Other Expenses 199,777 13,030 212,807 210,323 2,484 Health & Human Services: Environmental Committee: Other Expenses - 1,460 1,460 - 1,460 Animal Control: Contractual Service - 175 175 175 - Contributions to Social Services Agencies: Other Expenses 1,090 - 1,090 350 740 Parks & Recreation: Recreation Services & Programs: Salaries and Wages - 9,971 9,971 - 9,971 Other Expenses 15,420 12,403 27,823 14,592 13,231 Parks & Playgrounds: Salaries and Wages - 1,238 1,238 - 1,238 Other Expenses 13,932 17,023 30,955 14,003 16,952
90 EXHIBIT A-10 (Page 3 of 3) TOWNSHIP OF MOORESTOWN CURRENT FUND SCHEDULE OF 2018 APPROPRIATION RESERVES FOR THE YEAR ENDED DECEMBER 31, 2019
2018 2018 BALANCE PAID ENCUMBRANCES RESERVE AFTER OR BALANCE PAYABLE BALANCE TRANSFERS CHARGED LAPSED Utility Expenses & Bulk Purchases: Electricity 30,758 19,375 50,133 25,061 25,072 Street Lighting Other Expenses 25,000 1,545 26,545 25,427 1,118 Telephone Expenses 1,424 15,715 17,139 938 16,201 Water 113 4,191 4,304 149 4,155 Gas (Natural/Propane) 510 7,298 7,808 6,831 977 Telecommunications - 328 328 - 328 Gasoline 18,900 19,607 38,507 25,785 12,722 Solid Waste Disposal: Other Expenses - 70,359 70,359 53,515 16,844 Municipal Court: Salaries and Wages - 68 68 - 68 Other Expenses 835 4,998 5,833 684 5,149 Public Defender: Other Expenses 660 1,760 2,420 660 1,760 Unclassified Sick Sell Back - 49,000 49,000 37,114 11,886 Condo Services - 130,000 130,000 116,205 13,795 Statutory Expenditures: Social Security - 21,253 21,253 3,880 17,373 Defined Contribution Plan - 4,412 4,412 141 4,271
Total$ 673,700 $ 930,361 $ 1,604,061 $ 1,020,096 $ 583,965
Cash Disbursed $ 912,155 Accounts Payable 107,941
Total $ 1,020,096
91 EXHIBIT A-11 TOWNSHIP OF MOORESTOWN CURRENT FUND SCHEDULE OF LOCAL DISTRICT SCHOOL TAXES PAYABLE FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2018: School Tax Payable$ 9,392,549 School Tax Deferred 24,472,999$ 33,865,548
Increased by: Fiscal Year Levy - 2019 to 2020 68,946,140
Subtotal 102,811,688
Decreased by: Cash Disbursements 68,338,622
Balance December 31, 2019: School Tax Payable 10,000,067 School Tax Deferred 24,472,999
Total $ 34,473,066
Local District School Tax Liability: Cash Payments $ 68,338,622 School Tax Payable December 31, 2019 10,000,067
Total 78,338,689
School Tax Payable December 31, 2018 9,392,549
Amount Charged to 2019 Operations$ 68,946,140
92 EXHIBIT A-12 TOWNSHIP OF MOORESTOWN FEDERAL AND STATE GRANT FUND SCHEDULE OF STATE AND FEDERAL GRANTS RECEIVABLE FOR THE YEAR ENDED DECEMBER 31, 2019
BALANCE BALANCE DECEMBER 31, DECEMBER 31, 2018 REVENUE RECEIVED CANCELLED 2019
State Grant Awards: Safe & Secure Communities$ - $ 60,000 $ 60,000 $ - $ - Clean Communities Grant - 51,069 51,069 - - Recycling Tonnage Grant - 30,795 30,795 - - Drunk Drivinf Enforcement Fund - 2,500 2,500 - - Community Forestry Grant - 17,500 - - 17,500 Body Armor Replacement - 3,503 3,503 - - Federal Grant Awards: Bulletproof Vest Partnership Grant - 2,328 2,328 - - CDBG 78,000 78,000 - EMA Assistance Grant - 10,000 10,000 - - Local Grant Awards: Police Training Award - 500 500 - -
Total$ - $ 256,195 $ 238,695 $ - $ 17,500
Original Budget$ 256,195
Total$ 256,195
Cash$ 223,867 Transferred from Unappropriated Reserves 14,828
Total$ 238,695
93 EXHIBIT A-13 TOWNSHIP OF MOORESTOWN FEDERAL AND STATE GRANT FUND SCHEDULE OF RESERVES FOR STATE AND FEDERAL GRANTS AND MATCHING FUNDS - APPROPRIATED FOR THE YEAR ENDED DECEMBER 31, 2019
BALANCE BALANCE DECEMBER 31, ENCUMBRANCES DECEMBER 31, 2018 BUDGET EXPENDED RECLASSIFIED CANCELLED 2019 State Grants: Drunk Driving Enforcement Fund$ 21,563 2,500$ 4,055$ $ 712 $ - $ 20,720 Recycling Tonnage 149,041 30,795 33,125 - - 146,711 Alcohol Education & Enforcement Grant 682 - - - - 682 Safe & Secure Communities - 60,000 60,000 - - - Clean Communities Grant - 51,069 62,385 11,316 - - Community Forest Grant 17,500 17,500 - Body Armor - 3,503 3,503 - - -
Total State Grants 171,286 165,367 180,568 12,028 - 168,113
Federal Grants: Town Center Parking Plan 2,044 - - - - 2,044 Bulletproof Vests Partnership Grant 1,531 2,328 2,328 - - 1,531 CDBG 78,000 78,000 - EMA Assistance Grant - 10,000 10,000 - - -
Total Federal Grants 3,575 90,328 90,328 - - 3,575
Township Matching Funds/Local Grants: Municipal Drug Alliance Grant 2,293 - - - - 2,293 Tree Replacement 5,090 - - - - 5,090 Defibrillator Grant 611 - - - - 611 Police Training Award 500 500 Recreation Trust Grant 13,100 - - - - 13,100
Total Matching Funds 21,094 500 - - - 21,594
Total $ 195,955 256,195$ 270,896$ $ 12,028 -$ $ 193,282
Original Budget -$ -$ Cash Disbursed - 258,129 Encumbrances Payable - 12,767
Total -$ 270,896$
94 EXHIBIT A-14 TOWNSHIP OF MOORESTOWN FEDERAL AND STATE GRANT FUND SCHEDULE OF RESERVES FOR STATE GRANTS - UNAPPROPRIATED FOR THE YEAR ENDED DECEMBER 31, 2019
TRANSFERRED BALANCE TO 2019 BALANCE DECEMBER 31, GRANT DECEMBER 31, GRANT 2018 APPROPRIATED RECEIVED 2019
Federal Grants: EMA Grant$ 10,000 $ 10,000 $ - $ - Bulletproof Vest Partnership 2,328.00 2,328.00 1,803 1,803 State Grants: Recycling Tonnage Grant - - 39,048 39,048 Drunk Driving Enforcement Fund 2,500 2,500 3,000 3,000
Total Grants $ 14,828 $ 14,828 $ 43,851 $ 43,851
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96 TRUST FUND
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98 EXHIBIT B-4 TOWNSHIP OF MOORESTOWN TRUST ASSESSMENT FUND SCHEDULE OF FUND BALANCE - REGULATORY BASIS FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2019 & 2018$ 11,065
99 EXHIBIT B-5 (Page 1 of 2) TOWNSHIP OF MOORESTOWN TRUST FUND SCHEDULE OF CASH AND INVESTMENTS - TREASURER FOR THE YEAR ENDED DECEMBER 31, 2019
TRUST ASSESSMENT ANIMAL CONTROL TRUST OTHER OPEN SPACE
Balance December 31, 2018 11,212$ 36,047$ $ 5,315,639 $ 2,727,373
Increased by Receipts: Due Township Clerk -$ 12,902$ -$ -$ Due to State - 1,286 - - Due Interfunds: Current Fund 163 649 14,759 - Reserve for: Developers Escrow - - 311,784 - Performance Escrow - - 110,109 - Special Law Enforcement Fund - - 712 - Tax Title Lien Redemption - - 756,225 - Unemployment Compensation - - 14,956 - Uniform Construction Code - Third Party Inspection Fees - - - - Health Benefit Premiums & Self-Insurance - - 3,657,020 - Tax Sale Premium - - 346,093 - Recreation Programs - - 225,245 - Low & Moderate Housing Trust Fund - - 138,230 - Open Space Trust - - - 447,321 Library Insurance - - 204,125 - Renaissance Fund - - 91 - Tree Remembrance Fund - - 1,167 - Recreation Donation Trust - - 79,563 - POAA - - 764 - Public Defender - - 6,853 - Snow Removal - - 155,946 - Accumulated Leave Fund - - 134,858 -
Total Increases 163 14,837 6,158,500 447,321
Total Increases & Balances 11,375 50,884 11,474,139 3,174,694
100 EXHIBIT B-5 (Page 2 of 2) TOWNSHIP OF MOORESTOWN TRUST FUND SCHEDULE OF CASH AND INVESTMENTS - TREASURER FOR THE YEAR ENDED DECEMBER 31, 2019
TRUST ASSESSMENT ANIMAL CONTROL TRUST OTHER OPEN SPACE
Decreased by Disbursements: Dog Fund Expenditures - 6,104 - - Due to State - 1,285 - - Due Current Fund: Interfunds Liquidated 315 15,001 27,305 - Reserve for: Developers Escrow - - 338,342 - Performance Escrow - - 644,313 - Open Space Trust - - - 456,813 Recreation Donation Trust - - 59,985 - Tax Title Lien Redemption - - 755,867 - Unemployment Compensation 2,790 Health Benefit Premiums & Self-Insurance - - 3,658,457 - Recreation Programs - - 180,163 - Tree Rememberance Fund - - 810 - Renaissance Fund - - 6,727 - Library Insurance - - 204,125 - Accumulated Leave - - 130,316 - Tax Sale Premium - - 354,800 - Snow Removal Trust - - 113,013 - Low & Moderate Housing Trust - - 482,904 -
Total Disbursements 315 22,390 6,959,917 456,813
Balance December 31, 2019 11,060$ 28,494$ $ 4,514,222 $ 2,717,881
101 EXHIBIT B-6 TOWNSHIP OF MOORESTOWN TRUST ASSESSMENT FUND ANALYSIS OF ASSESSMENT CASH AND INVESTMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
BALANCE ASSESSMENT BALANCE DECEMBER 31, RECEIPTS BOND/NOTE DECEMBER 31, 2018 TRANSFER MISCELLANEOUS PAYMENTS 2019
Fund Balance$ 11,065 -$ $ - $ - $ 11,065 Due From Current Fund 147 (315) 163 - (5)
Total $ 11,212 $ (315) $ 163 $ - $ 11,060
102 EXHIBIT B-7 TOWNSHIP OF MOORESTOWN TAX ASSESSMENT FUND SCHEDULE OF ASSESSMENT LIENS FOR THE YEAR ENDED DECEMBER 31, 2019
BALANCE BALANCE ORDINANCE DECEMBER 31, PLEDGED TO NUMBER IMPROVEMENT DESCRIPTION 2019 RESERVE
262 Lenola Road - Curbs & Gutters$ 287 $ 287
EXHIBIT B-8 TRUST FUND - ANIMAL CONTROL FUND SCHEDULE OF RESERVE FOR ANIMAL CONTROL FUND EXPENDITURES FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2018$ 26,356
Increased by: Dog License Fees$ 12,901 Miscellaneous Other Fees - 12,901
Subtotal 39,257
Decreased by: Due Current Fund 8,117 Expenditures (R.S.4:19-15.11) 6,104 14,221
Balance December 31, 2019$ 25,036
LICENSE FEES COLLECTED
2018$ 12,722 2017 12,314
Total$ 25,036
103 EXHIBIT B-9 TOWNSHIP OF MOORESTOWN ANIMAL CONTROL FUND SCHEDULE OF DUE FROM TOWNSHIP CLERK FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2019 & 2018$ (29)
EXHIBIT B-10 TRUST FUND - OTHER SCHEDULE OF DUE FROM/(TO) CURRENT FUND FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2018$ (15,219)
Increased by: Interfund Liquidation$ 27,305 UCC Fees Due From Current - 27,305
Subtotal 12,086
Decreased by: Interfund Created 14,759 UCC Fees Received From Current - 14,759
Balance December 31, 2019$ (2,673)
EXHIBIT B-11 TRUST ASSESSMENT FUND SCHEDULE OF RESERVE FOR ASSESSMENTS AND LIENS FOR THE YEAR ENDED DECEMBER 31, 2019
ORDINANCE NUMBER IMPROVEMENT DESCRIPTION AMOUNT Assessment Liens: 262 Lenola Road$ 287
Total$ 287
104 EXHIBIT B-12 TOWNSHIP OF MOORESTOWN ANIMAL CONTROL FUND SCHEDULE OF DUE TO STATE OF NEW JERSEY FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2018$ 1
Increased by: Dog License Fees Collected: State Share 1,286
Subtotal 1,287
Decreased by: Payments 1,285
Balance December 31, 2019$ 2
EXHIBIT B-13
SCHEDULE OF DUE FROM/(TO) CURRENT FUND FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2018$ (9,661)
Increased by: Prior Year Transfer of Excess Funds 15,000
5,339 Decreased by: Excess Funds in Dog License Reserve$ 8,117 Interest Earnings 649 8,766
Balance December 31, 2019$ (3,427)
105 EXHIBIT B-14 TOWNSHIP OF MOORESTOWN TRUST - MUNICIPAL OPEN SPACE FUND SCHEDULE OF RESERVE FOR FUTURE USE FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2018$ 2,727,373
Increased by: Interest 35,910$ Taxes 411,411 447,321
Subtotal 3,174,694
Decreased by: Open Space Expenditures 456,813 456,813
Balance December 31, 2019$ 2,717,881
106 EXHIBIT B-15 TOWNSHIP OF MOORESTOWN PAYROLL FUND SCHEDULE OF PAYROLL FUND CASH FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2018 $ (2,987)
Increased by Receipts: Net Payroll & Payroll Deductions$ 17,248,375 Due Current Fund - Interest Earnings 4,727 17,253,102
Subtotal 17,250,115
Decreased by Disbursements: Net Payroll & Payroll Deductions 17,253,030 Due Current Fund - Interest Earnings 5,033 17,258,063
Balance December 31, 2019 $ (7,948)
107 EXHIBIT B-16 TOWNSHIP OF MOORESTOWN TRUST FUND - OTHER STATEMENT OF MISCELLANEOUS TRUST RESERVES FOR THE YEAR ENDED DECEMBER 31, 2019
BALANCE INCREASED BY DECREASED BY BALANCE DECEMBER 31, INTEREST DECEMBER 31, 2018 RECEIPTS EARNINGS OTHER DISBURSEMENTS OTHER 2019
Developers Escrow $ 432,817 311,784$ -$ -$ $ 338,342 -$ $ 406,259 Performance Escrow 1,714,215 110,109 - - 644,313 - 1,180,011 Special Law Enforcement 24,011 712 - - - - 24,723 Recreation Improvements/Affinity 66 - - - - - 66 Recreation Programs 227,795 225,245 - - 180,163 - 272,877 CASA 100 - - - - - 100 Library Insurance - 204,125 - - 204,125 - - Bikeway 7,920 - - - - - 7,920 POAA 2,703 764 - - - - 3,467 Sustainable New Jersey 125 - - - - - 125 108
Sidewalk Repairs 6,370 - - - - - 6,370 Public Defender 20,905 6,853 - - - - 27,758 Gym Repairs 2,688 - - - - - 2,688 Teleport Aesthetic Fee 76,200 - - - - - 76,200 Renaissance Fund 6,636 91 - - 6,727 - - South Lenola Road 9,765 - - - - - 9,765 Strawbridge Lake 7,827 - - - - - 7,827 Unemployment Compensation 118,060 14,956 - - 2,790 - 130,226 Tax Title Lien Redemption 10,025 755,867 358.03 - 755,867 - 10,383 Health Benefits & Self-Insurance 5,027 3,657,020 - - 3,658,457 - 3,590 Premium Received on Tax Sale 762,398 336,400 9,692.83 - 354,800 - 753,691 Low & Moderate Housing Trust 1,293,704 138,230 - - 482,904 - 949,030 Tree Remembrance Fund 4,682 1,167 - - 810 - 5,039 Snow Removal 139,006 155,946 - - 113,013 - 181,939 Recreation Donation Trust 18,491 79,563 - - 59,985 - 38,069 Accumulated Leave Fund 408,884 134,858 - - 130,316 - 413,426
Total $ 5,300,420 6,133,690$ 10,051$ -$ $ 6,932,612 -$ $ 4,511,549 GENERAL CAPITAL FUND
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110 EXHIBIT C-1 TOWNSHIP OF MOORESTOWN GENERAL CAPITAL FUND SCHEDULE OF FUND BALANCE - REGULATORY BASIS FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2018 $ 204,143
Increased by: Cancellation of Improvement Authorizations $1 Premium on Sale of Notes 27,865 27,866
Subtotal 232,009
Decreased by: Transferred to 2019 Budget 30,000
Balance December 31, 2019 $ 202,009
EXHIBIT C-2 SCHEDULE OF CASH AND INVESTMENTS - TREASURER FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2018 $ 5,329,866
Increased by: Premiums on Note Sale$ 27,865 Ban Proceeds 4,545,750 Grant Receipts 196,000 Due Trust Other - CIF 113,000 Current Fund Budget Appropriation: Capital Improvement Fund 200,000 Reserve for the Payment of Debt Service (Turf Field Reimbursements) 147,070 Due Grant Fund 78,000 Deferred Charges Funded from Current Fund 2,467 Interest Due Current Fund 35,878 Rounding 4 Due Current Fund 52,158 5,398,192
Subtotal 10,728,058
Decreased by: Improvement Authorizations 7,299,863 Interest Paid to Current Fund 35,878 Transfer Fund Balance to Current Fund Budget 30,000 Due Grant Fund 78,000 Transfer Rent to Current Fund Budget 52,158 Current Fund Budget Revenue - Reserve to Pay Debt 200,000 7,695,899
Balance December 31, 2019 $ 3,032,159
111 EXHIBIT C-2a
TOWNSHIP OF MOORESTOWN GENERAL CAPITAL FUND ANALYSIS OF CASH AND INVESTMENTS AT DECEMBER 31, 2019
BALANCE BALANCE (OVERDRAFT) BANS/ DISBURSEMENTS (OVERDRAFT) DECEMBER 31, BONDS RECEIPTS IMPROVEMENTTRANSFERS DECEMBER 31, 2018 ISSUED MISCELLANEOUS AUTHORIZATIONS MISCELLANEOUS FROM TO 2019
Fund Balance $ 204,143 $ - $ 27,866 $ - $ 30,000 $ - $ - $ 202,009 Capital Improvement Fund 134,371 - 200,000 - - 94,164 - 240,207 Due Current Fund 3 - 88,036 - 88,036 - - 3 Due Grant Fund - - 78,000 - 78,000 - - - Reserve for Payment of Debt Service 433,722 - 147,070 - 200,000 - 192,352 573,144
ORDINANCE IMPROVEMENT NUMBER AUTHORIZATIONS
1897 Aesthetic Impact Fees 3,300 ------3,300 21-2003 Snyder Place 3,390 ------3,390 4-2005 Reconstruction of Pearl Street 6,750 ------6,750 7-2009/2-2010/35-2011 Hall & Library Renovation (2,467) - 2,467 - - - - - 37-2008 Acquisition of 1 High Street 31,724 ------31,724 33-2011 Preliminary Expenses - Park Lighting 12 2 - - - 13 - 1 6-2012 Reconstruction of W. Spruce & Magnolia 63,860 1 - 775 - 63,086 - - 25-2012 Wesley Bishop North Fields 60,134 ------60,134 17-2013 2013 Roads Resurfacing Program 99,236 - - - - 99,236 - - 18-2013 Purchase of DPW Vehicles 8,361 - - - - 8,361 - - 19-2013 Memorial & Wesley Bishop 45,524 ------45,524 5-2014 2015 Roads Resurfacing Program 5,901 - - - - 5,901 - - 112 6-2014 Purchase Police Vehicles & Equipment ------7-2014 Various Drainage Improvements 23,981 - - - - 23,981 - - 8-2014 Prelim Exp - Wesley Bishop & Jeff Young 123,968 - - 3,500 - - - 120,468 9-2014 Roof Replacement of DPQ Building 3,250 - - - - 3,250 - - 12-2015 Pleasant Valley Mill & Paving (102,658) - 196,000 2,619 - 90,723 - - 16-2015/8-2016/8-2017 Wesley Bishop Hockey Rink 11,847 - - - - 11,847 - - 18-2015 2016 Road Resurfacing 25,162 - - 25,162 - - - - 19-2015 2016 Road Reconstruction 291,533 - - 291,533 - - - - 21-2015 Purchase Police Vehicles 2,483 - 1 2,484 - - - 22-2015 Purchase DPW Vehicles 100,810 - - 86,297 - 14,513 - - 13-2016 Construction of Dog Park 4,983 ------4,983 2017-2 Replace W.B. Park Synthetic Turf Field 224,585 - - - - 153,375 - 71,210 2017-4 2017 Roads Resurfacing Program 609,145 - - 150,975 - 231,750 - 226,420 2017-7 Improvements to Recreation Center Facilities 57,928 ------57,928 2017-10 Resurfacing of Borton's Landing Road (213,989) - - 55,795 - - 309,750 39,966 2017-15 Replace DPW Roof 92,389 - - 81,655 - - - 10,734 2017-17 Acquire Affordable Controls 12,182 - - - - 12,182 - - 2017-20 Purchase Police Vehicles 42,501 - - 42,500 - 1 - - 2017-21 Recon Maple Dawson Courts 26,379 - - 2,669 - - - 23,710 6-2018/13-2019 Garwood Road Resurfacing 448,127 190,000 - 231,919 - - 10,000 416,208 7-2018 2018 Roads Resurfacing 2,460,560 - - 305,420 - - - 2,155,140 13-2018 Acquisition of 1245 N. Church 193,852 4,085,000 - 4,046,310 - - - 232,542 18-2018 Purchase of Police Vehicles (207,117) 180,500 - 88,655 - - 216,117 100,845 4-2019 Upgrade ADA Transtion Plan - 90,250 - 53,263 - - 4,750 41,737 17-2019 Borton's Landing Road Resurfacing Ph II - - - 45,790 - - 15,000 (30,790) 21-2019 Lenola Town Center Streetscape ------29,000 29,000 30-2019 Purchase DPW Vehicles - - - 1,565 - - 15,500 13,935 31-2019 Purchase Police Vehicles ------12,000 12,000 32-2019 Strawbridge Lake Pedestrian Path - - - 24,000 - - 2,914 (21,086) 35-2019 Park Blvd Drainage Project ------5,000 5,000 36-2109 Acquire 1245 N Church Road bl 3201/L3 - - 92,000 1,756,977 - - - (1,664,977) 37-2019 Improvements to Strawbridge Lake - - 21,000 - - - - 21,000
Total $ 5,329,865 $ 4,545,753 $ 852,440 $ 7,299,863 $ 396,036 $ 812,383 $ 812,383 $ 3,032,159 EXHIBIT C-3 TOWNSHIP OF MOORESTOWN GENERAL CAPITAL FUND SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - UNFUNDED FOR THE YEAR ENDED DECEMBER 31, 2019
ANALYSIS OF BALANCE BALANCE INCREASED BY IMPROVEMENT FUNDED BY BALANCE BOND UNEXPENDED ORDINANCE DECEMBER 31, IMPROVEMENT AUTHORIZATIONS BUDGET DECEMBER 31, ANTICIPATION IMPROVEMENT NUMBER DESCRIPTION 2018 AUTHORIZATIONS CANCELLED APPROPRIATIONS 2019 NOTES EXPENDITURES AUTHORIZATIONS
24-2012 $ 2,467 $ - $ - $ 2,467 $ - $ - $ - $ - 18-2015 2016 Road Resurfacing 100,000 - 100,000 - - - - - 15-2017 Replace DPW Roof 50,000 - 50,000 - - - - - 6-2018/13-2019 Garwood Road Resurfacing - 190,000 - - 190,000 190,000 - - 13-2018 Acquistion 1245 N. Church 4,085,000 - - - 4,085,000 4,085,000 - - 18-2018 Purchase of Police Vehicles 180,500 - - - 180,500 180,500 - - 4-2019 ADA Transition Plan - 90,250 - - 90,250 90,250 - - 17-2019 Borton's Landing Road Ph II - 285,000 - - 285,000 - - 285,000 21-2019 Lenola Town Center Streetscape - 500,000 - - 500,000 - - 500,000 30-2019 Purchase of DPW Vehicles - 294,500 - - 294,500 - 286,914 7,586 31-2019 Purchase of Police Vehicles - 228,000 - - 228,000 - - 228,000 32-2019 Strawbridge Lake Pedestrian Path - 51,500 - - 51,500 - 21,086 30,414 35-2019 Park Blvd Drainage - 95,000 - - 95,000 - 77,000 18,000 36-2019 Acquire B 3201/ L 3 - 1,743,000 - - 1,743,000 - 1,669,177 73,823 37-2019 Strawbridge Lake Improvements - 399,000 - - 399,000 - 368,953 30,047
113 Total $ 4,417,967 $ 3,876,250 $ 150,000 $ 2,467 $ 8,141,750 $ 4,545,750 $ 2,423,130 $ 1,172,870
EXHIBIT C-4 TOWNSHIP OF MOORESTOWN GENERAL CAPITAL FUND SCHEDULE OF DUE FROM/(TO) CURRENT FUND FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2018$ (3)
Increased by: Interest Transferred to Current$ 35,878 Other Transfers to Current - Rent 52,158 88,036
Subtotal 88,033
Decreased by: Interest Earned on Investments$ 35,878 Other Transfers to Current - Rent 52,158 88,036
Balance December 31, 2019$ (3)
EXHIBIT C-5 SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - FUNDED FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2018 $ 39,200,000
Decreased by: Budget Appropriations: Serial Bonds Payable $ 2,600,000 Premium used to paydown 2019 Bonds - 2,600,000
Balance December 31, 2019 $ 36,600,000
114 EXHIBIT C-6 (Page 1 of 2) TOWNSHIP OF MOORESTOWN GENERAL CAPITAL FUND SCHEDULE OF IMPROVEMENT AUTHORIZATIONS FOR THE YEAR ENDED DECEMBER 31, 2019
PRIOR YEAR ORDINANCE IMPROVEMENT ORDINANCE BALANCE DECEMBER 31, 2018 2019 ENCUMBRANCES BALANCE DECEMBER 31, 2019 NUMBER DESCRIPTION DATE AMOUNT FUNDED UNFUNDED AUTHORIZATIONS RECLASSIFIED EXPENDED ENCUMBRANCES CANCELED FUNDED UNFUNDED
1897-99 Aesthetic Impact Fees 8/18/1999 19,800 $ 3,300 $ - $ - $ - $ - $ - -$ $ 3,300 -
2020-02/ 12/11/2002 25,000 21-2003 Reconstruction of Snyder Place 7/28/2003 155,000 3,390 ------3,390 -
4-2005 Reconstruction of Pearl Street 4/4/2005 247,500 6,749 ------6,749 -
37-2008 Acquisition of 1 High Street 12/1/2008 425,000 31,723 ------31,723 -
6-2012 Reconstruction of W. Spruce & Magnolia 2/27/2012 379,500 61,338 - - 2,524 775 - 63,087 - -
25-2012 Wesley Bishop North Fields 9/10/2012 1,510,000 60,133 ------60,133 -
19-2013 Memorial & Wesley Bishop 9/10/2013 435,000 45,525 ------45,525 -
8-2014 Prelim. Exp. - Wesley Bishop 8/18/2014 150,000 46,835 - - 77,133 3,500 5,800 - 114,668 -
12-2015 Pleasant Valley Mill & Paving 7/27/2015 725,000 73,583 - - 19,759 2,619 - 90,723 - - 115
16-2015 Wesley Bishop Hockey Rink 9/21/2015 100,000 11,847 - - - - - 11,847 - - 8-2016/8-2017 5/23/2016 150,000 6/12/2017 50,000
18-2015 2016 Road Resurfacing 11/30/2015 1,975,000 2,188 100,000 - 22,974 25,162 - 100,000 - -
19-2015 2016 Road Reconstruction 11/30/2015 325,000 271,788 - - 19,745 291,533 - - - -
21-2015 Purchase Police Vehicles 11/30/2015 205,000 - - - 2,484 2,484 - - - -
22-2015 Purchase DPW Vehicles 11/30/2015 445,000 14,633 - - 86,177 86,297 - 14,513 - -
13-2016 Construction of Dog Park 9/12/2016 370,000 4,983 ------4,983 - EXHIBIT C-6 (Page 2 of 2) TOWNSHIP OF MOORESTOWN GENERAL CAPITAL FUND SCHEDULE OF IMPROVEMENT AUTHORIZATIONS FOR THE YEAR ENDED DECEMBER 31, 2019
PRIOR YEAR ORDINANCE IMPROVEMENT ORDINANCE BALANCE DECEMBER 31, 2018 2019 ENCUMBRANCES BALANCE DECEMBER 31, 2019 NUMBER DESCRIPTION DATE AMOUNT FUNDED UNFUNDED AUTHORIZATIONS RECLASSIFIED EXPENDED ENCUMBRANCES CANCELLED FUNDED UNFUNDED
2-2017 Replace Artificial Turf Field 2/6/2017$ 650,000 $ 71,210 $ - $ - $ - $ - $ - $ - $ 71,210 $ -
4-2017 2017 Roads Program 3/27/2017 2,450,000 28,828 - - 348,567 150,975 189,554 - 36,866 -
7-2017 Improve Rec Facilities 6/12/2017 225,000 14,327 - - 43,601 - 43,601 - 14,327 -
10-2017 Bortons Landing Road 6/26/2017 850,000 149,748 - - 49,263 55,795 1,520 - 141,696 -
15-2017 Replace DPW Roof 9/11/2017 248,000 10,734 50,000 - 81,655 81,655 - 50,000 10,734 -
17-2017 Acquire Affordable Controls 9/25/2017 3,045,000 12,182 - - - - - 12,182 - -
20-2017 Purchase Police Vehicles 11/13/2017 190,000 1 - - 42,500 42,500 - 1 - -
21-2017 Recon Maple Dawson Courts 11/27/2017 325,000 427 - - 25,952 2,669 23,710 - - -
6-2018/13-2019 Garwood Road Resurfacing 6/11/18 725,000 652,432 - 200,000 45,695 231,919 588,291 - - 77,917
7-2018 2018 Roads Resurfacing 6/11/18 2,500,000 2,117,182 - - 343,378 305,420 410,154 - 1,744,986 - 116
13-2018 Acquisition of 1245 N. Church 7/9/18 4,300,000 193,667 4,085,000 - 185 4,046,310 4,725 - - 227,817
18-2018 Purchase of Police Vehicles 9/24/18 190,000 - 114,297 - 75,203 88,655 99,695 - - 1,150
4-2019 Upgrade ADA Transition Plan 4/29/2019 95,000 - - 95,000 - 53,263 41,037 - - 700
17-2019 Borton's Landing Road Resurfacing Ph II 7/22/2019 550,000 - - 550,000 - 45,790 35,210 - - 469,000
21-2019 Lenola Town Center Streetscape 9/9/2019 1,500,000 - - 1,500,000 - - 193,303 - - 1,306,697
30-2019 Purchase DPW Vehicles 11/18/2019 310,000 - - 310,000 - 1,565 300,849 - - 7,586
31-2019 Purchase Police Vehicles 11/18/2019 240,000 - - 240,000 - - - - 12,000 228,000
32-2019 Strawbridge Lake Pedestrian Path 11/18/2019 250,000 - - 250,000 - 24,000 195,586 - - 30,414
35-2019 Park Blvd Drainage Project 12/2/2019 100,000 - - 100,000 - - 82,000 - - 18,000
36-2019 Acquire 1245 N Church St. bl 3201/L 3 12/2/2019 1,835,000 - - 1,835,000 - 1,756,977 4,200 - - 73,823
37-2019 Improvements to Strawbridge Lake 12/2/2019 420,000 - - 420,000 - - 379,953 - - 40,047
Total $ 3,888,753 $ 4,349,297 $ 5,500,000 $ 1,286,795 $ 7,299,863 $ 2,599,188 $ 342,353 $ 2,302,290 $ 2,481,151
Capital Improvement Fund $ 94,164 Deferred Charges to Future Taxation - Unfunded 3,876,250 Municipal Open Space Trust Fund 21,000 COAH Trust Fund 92,000 Grant 1,416,586 $ - Cash Disbursed - 7,299,863
Total $ 5,500,000 $ 7,299,863 EXHIBIT C-7 TOWNSHIP OF MOORESTOWN GENERAL CAPITAL FUND SCHEDULE OF CAPITAL IMPROVEMENT FUND FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2018$ 134,371
Increased by: 2019 Budget Appropriation 200,000
Subtotal 334,371
Decreased by: Appropriated to Finance Improvement Authorizations 94,164
Balance December 31, 2019$ 240,207
117 EXHIBIT C-8
TOWNSHIP OF MOORESTOWN GENERAL CAPITAL FUND SCHEDULE OF GENERAL SERIAL BONDS FOR THE YEAR ENDED DECEMBER 31, 2019
MATURITIES OF BONDS OUTSTANDING BALANCE DECREASED BALANCE DATE OF ORIGINAL DECEMBER 31, 2019 INTEREST DECEMBER 31, BONDS BY PRINCIPAL DECEMBER 31, PURPOSE ISSUE ISSUE DATE AMOUNT RATE 2018 ISSUED PAID 2019
General Improvement Bonds 08/15/10 8,297,000 8/15/20 400,000 3.000%$ 5,625,000 $ - $ 385,000 $ 5,240,000 Series 2010 8/15/21 415,000 3.000% 8/15/22 430,000 3.000% 8/15/23 445,000 3.000% 8/15/24 460,000 3.000% 8/15/25 480,000 3.125% 8/15/26 500,000 3.250% 8/15/27 520,000 3.250% 8/15/28 530,000 3.375% 8/15/29 530,000 3.500% 8/15/30 530,000 3.625%
General Obligation Bonds 05/21/2013 16,950,000 1/15/20 870,000 3.000% 14,410,000 - 855,000 13,555,000 Series 2013 1/15/21 890,000 3.000% 1/15/22 910,000 3.000% 1/15/23 935,000 3.000% 1/15/24 960,000 3.000% 1/15/25 990,000 3.250% 1/15/26 1,000,000 3.500% 1/15/27 1,000,000 3.500% 1/15/28 1,000,000 4.000% 1/15/29 1,000,000 4.000% 1/15/30 1,000,000 4.000% 1/15/31 1,000,000 4.000% 1/15/32 1,000,000 4.000% 1/15/33 1,000,000 4.000%
Refunding Bonds - Series 2015 04/14/2015 3,950,000 1/15/20 800,000 3.000% 2,400,000 - 780,000 1,620,000 1/15/21 820,000 3.000%
General Obligation Bonds Series 2018 8/28/2018 18,212,000 2/1/20 575,000 5.000% 16,765,000 - 580,000 16,185,000 2/1/21 585,000 5.000% 2/1/22 735,000 5.000% 2/1/23 755,000 5.000% 2/1/24 780,000 5.000% 2/1/25 795,000 5.000% 2/1/26 815,000 5.000% 2/1/27 840,000 5.000% 2/1/28 865,000 5.000% 2/1/29 900,000 5.000% 2/1/30 945,000 5.000% 2/1/31 990,000 4.000% 2/1/32 1,030,000 4.000% 2/1/33 1,065,000 3.000% 2/1/34 1,100,000 3.125% 2/1/35 1,130,000 3.250% 2/1/36 1,140,000 3.250% 2/1/37 1,140,000 3.250%
Total $ 39,200,000 -$ $ 2,600,000 $ 36,600,000
118 EXHIBIT C-9 TOWNSHIP OF MOORESTOWN GENERAL CAPITAL FUND SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED FOR THE YEAR ENDED DECEMBER 31, 2019
BALANCE IMPROVEMENT RAISED AS BALANCE ORDINANCE DECEMBER 31, IMPROVEMENT AUTHORIZATIONS BONDS/NOTES DEFERRED DECEMBER 31, NUMBER IMPROVEMENT DESCRIPTION 2018 AUTHORIZATIONS CANCELLED ISSUED/PAID CHARGE 2019
2-2010 / 7-2009 / Amend Municipal Complex 14-2008 Project $ 2,466 $ - $ - $ - $ 2,466 $ - 18-2015 2016 Road Resurfacing Program 100,000 - 100,000 - - - 15-2017 Replace DPW Roof 50,000 - 50,000 - - - 13-2018 Acquistion of 1245 N. Church Street 4,085,000 - - 4,085,000 - - 18-2018 Purchase Police Vehicles 180,500 - - 180,500 - - 4-2019 ADA Transition Plan - 90,250 - 90,250 - - 6-2018/13-2019 Garwood Road Resurfacing - 190,000 - 190,000 - - 17-2019 Borton's Landing Road Redurfacing Ph II - 285,000 - - - 285,000 21-2019 Lenola Town Center Streetscape Project - 500,000 - - - 500,000 30-2019 Purchase DPW Vehicles & Equipment - 294,500 - - - 294,500 31-2019 Purchase Police Vehicles & Equipment - 228,000 - - - 228,000 32-2019 Strawbridge Lake Pedestrian Path - 51,500 - - - 51,500 35-2019 Park Blvd Drainage Project - 95,000 - - - 95,000 119
36-2019 Acquire BL 3201/L 3 - 307 Harper Drive - 1,743,000 - - - 1,743,000 37-2019 Improvements to Strawbridge Lake - 399,000 - - - 399,000
Total $ 4,417,966 $ 3,876,250 $ 150,000 $ 4,545,750 $ 2,466 $ 3,596,000 EXHIBIT C-10 TOWNSHIP OF MOORESTOWN GENERAL CAPITAL FUND SCHEDULE OF RESERVE FOR DEBT SERVICE FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2018 $ 433,722
Increased by: Receipts $ 147,070 Cancelled Improvement Authorizations 192,355 339,425
Subtotal 773,147
Decreased by Disbursements: Anticipated Revenue Current Fund 200,000
Balance December 31, 2019 $ 573,147
ANALYSIS OF BALANCE
ORDINANCE NUMBER DESCRIPTION OF IMPROVEMENT AMOUNT PLEDGED TO
10-2006/25-2006 Construction of Artificial Turf Field$ 5,525 Bonds 28-2008 Wesley Bishop/Jeff Young Park Improvements 25,000 Bonds 31-2009 Various Drainage 20,000 Bonds 6-2012 Recon W. Spruce & Magnolia 63,087 Bonds 15-2012 Pryor Park Baseball Field Improvements 30,000 Bonds 16-2012 Installation of Lighting at Sports Fields 50,000 Bonds 25-2012 Wesley Bishop North Fields (lower turf) 18,667 Bonds 17-2013 2013 Roads Resurfacing Program 61,722 Bonds 7-2014 Various Drainage Improvements 5,000 Bonds 12-2015 Mill & Pave Pleasant Valley Avenue 90,723 Bonds 16-2015/8-2016/8-2017 Reconstruction Hockey Rink 1 11,847 Bonds 22-2015 Purchase DPW Vehicles 14,513 Bonds 2-2017 Replace Artificial Turf 60,000 Bonds 17-2017 Acquire Affordable Housing Controls 12,182 Bonds 13-2018 Acquisition of 1245 N. Church Street 104,878 Notes Rounding 3
Total$ 573,147
120 EXHIBIT C-11 TOWNSHIP OF MOORESTOWN GENERAL CAPITAL FUND SCHEDULE OF BOND ANTICIPATION NOTES PAYABLE FOR THE YEAR ENDED DECEMBER 31, 2019
ORIGINAL BALANCE BALANCE ORDINANCE DATE OF ISSUE INTEREST DECEMBER 31, DECEMBER 31, NUMBER IMPROVEMENT DESCRIPTION ISSUE DATE MATURITY RATE 2018 ISSUED MATURED 2019
13-2018 Acquisition of 1245 N. Church Street 08/01/19 08/01/19 07/31/20 2.000% $ - $ 4,085,000 $ - $ 4,085,000
18-2018 Purchase Police Vehicles 08/01/19 08/01/19 07/31/20 2.000% - 180,500 - 180,500
4-2019 Update ADA Transition Plan 08/01/19 08/01/19 07/31/20 2.000% - 90,250 - 90,250
6-2018/13-2019 Garwood Road Resurfacing 08/01/19 08/01/19 07/31/20 2.000% - 190,000 - 190,000
$ - $ 4,545,750 $ - $ 4,545,750 121
EXHIBIT C-12 TOWNSHIP OF MOORESTOWN GENERAL CAPITAL FUND SCHEDULE OF RECEIVABLES FOR THE YEAR ENDED DECEMBER 31, 2019 Transportation Alternative DOT Grant DOT Grant DOT Grant Strawbridge Lake Program Grant Garwood Road Pleasant Valley Borton's Landing Road Conty Parks Grant Lenola Streetscape Total
Balance December 31, 2018 $ 250,000 $ 196,000 $ 103,250 $ 549,250
Increased by: 2019 Grant Awards - - 250,000 195,586 971,000 1,416,586
Subtotal 250,000 196,000 353,250 195,586 971,000 1,965,836
Decreased by: Grant Receipts - 196,000 - - - 196,000 122
Balance December 31, 2019 $ 250,000 $ - $ 353,250 $ 195,586 $ 971,000 $ 1,769,836 WATER-SEWER UTILITY FUND
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124 EXHIBIT D-5 TOWNSHIP OF MOORESTOWN WATER-SEWER UTILITY OPERATING FUND SCHEDULE OF UTILITY CASH AND INVESTMENTS - TREASURER FOR THE YEAR ENDED DECEMBER 31, 2019
OPERATING FUND ASSESSMENT TRUST CAPITAL FUND
Balance December 31, 2018$ 6,259,109 $ 83,194 $ 7,835,540
Increased by Receipts: Anticipated Revenues$ 8,858,080 $ 1,210 $ - Accrued Interest on BAN Sale 197,423 - - BAN Proceeds - - 32,206,000 Appropriation Refunds 145,191 - - Transfer from Current Fund 502 - - Transfer from Utility Assessment Fund 1,250 - -
Subtotal 9,202,446 1,210 32,206,000
Total 15,461,555 84,404 40,041,540
Decreased by Disbursements: 2019 Budget Appropriations 8,613,044 - - 2018 Appropriation Reserves 616,778 - - Accounts Payable 71,044 - - Overpayments 321 - - Transfer to Utility Operating Fund - 1,250 - Interest on Bonds 849,617 - - Revenue Refunds 600 - - Improvement Authorizations - - 22,975,823
Total Disbursements 10,151,404 1,250 22,975,823
Balance December 31, 2019 $ 5,310,151 $ 83,154 $ 17,065,717
125 EXHIBIT D-6 TOWNSHIP OF MOORESTOWN WATER-SEWER UTILITY OPERATING FUND SCHEDULE OF DUE FROM/(TO) WATER-SEWER UTILITY CAPITAL FUND FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2019 and 2018$ 74
EXHIBIT D-7 WATER-SEWER ASSESSMENT TRUST FUND ANALYSIS OF WATER-SEWER UTILITY ASSESSMENT TRUST CASH FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2019 and 2018$ 83,157
126 EXHIBIT D-8 TOWNSHIP OF MOORESTOWN WATER-SEWER UTILITY CAPITAL FUND ANALYSIS OF CASH FOR THE YEAR ENDED DECEMBER 31, 2019
BALANCE BALANCE (OVERDRAFT) DISBURSEMENTS (OVERDRAFT) DECEMBER 31, DEBT RECEIPTS IMPROVEMENT TRANSFERS DECEMBER 31, 2018 ISSUED MISCELLANEOUS AUTHORIZATIONS MISCELLANEOUS FROM TO 2019
Fund Balance $ 347,497 $ - $ - $ - -$ 241,442$ $ 588,939 Capital Improvement Fund 603,326 - - - 49,500 - 553,826 Due Water & Sewer Utility Operating Fund 74 ------74 Miscellaneous 1 - - - - - 1 2
ORDINANCE IMPROVEMENT NUMBER AUTHORIZATIONS
17-2010 Repairs to Sewer Plant (1,095) ------(1,095) 6-2012 Reconstruction of W. Spruce and Magnolia Court 16,008 - - - - 16,008 - - 7-2012 East Second Street Water Main 217,210 - - - - 217,210 - - 18-2013 Purchase of DPW Vehicles 30,313 - - 26,300 - 4,013 - - 21-2013 Infrastructure Improvements 712,658 - - 4,990 - - - 707,668 10-2014 Replacement of Various Water Mains 165,436 - - 27,037 - - - 138,399
127 10-2015 WTP Feasibility Study 912 - - - - 912 - -
13-2015/12-2016 Kings Highway WTP Improvements 213,815 - - 186,499 - - - 27,316 19-2015 2016 Roads Reconstruction Project 152,979 - - 135,385 - - - 17,594 20-2015/12-2017 Replace Various Water Mains 1,102,220 - - 696,454 - - - 405,766 22-2015 Purchase DPW Vehicles 83,485 ------83,485 24-2015 Pavement Repairs 1,330 - - - - 1,330 - - 11-2016 N Church WTP Equipment 1,970 - - - - 1,970 - - 5-2017 N. Church WTP Upgrades 492,095 - - 289,395 - - - 202,700 6-2017 Hartford Road WTP Upgrades 37,118 ------37,118 15-2017 Replace Various STP Roofs 201,109 - - 186,407 - - - 14,702 16-2017 Replace Various Water Mains 3,452,539 - - 1,680,890 - - - 1,771,649 17-2018 Extend Fiber Network 4,540 931,000 - 159,823 - - 775,717 20-2018 Construct N Church WTP - 18,975,000 - 11,361,544 - - - 7,613,456 21-2018 Construct Hartford WTP - 12,300,000 - 8,220,099 - - - 4,079,901 28-2019 Various Sewer Treatment Improvemen - - - 1,000 - - 49,500 48,500
Total $ 7,835,540 $ 32,206,000 $ - $ 22,975,823 $ - $ 290,943 $ 290,943 $ 17,065,717 EXHIBIT D-9 TOWNSHIP OF MOORESTOWN WATER-SEWER UTILITY OPERATING FUND SCHEDULE OF SERVICE CHARGES RECEIVABLE FOR THE YEAR ENDED DECEMBER 31, 2019
TOTAL WATER SEWER
Balance December 31, 2018$ 722,208 $ 358,978 $ 363,230
Increased by: Service Charges Levied 8,190,333 4,684,269 3,506,064 Transferred to Overpayment 2,480 321 2,159
Subtotal 8,915,021 5,043,568 3,871,453
Decreased by: Collections 8,061,467 4,620,109 3,441,358 Collections by Current Fund 256 128 128 Overpayments Applied 2,158 2,158 - Cancellations 28,745 16,450 12,295
Subtotal 8,092,626 4,638,845 3,453,781
Balance December 31, 2019$ 822,395 $ 404,723 $ 417,672
EXHIBIT D-10 WATER-SEWER UTILITY ASSESSMENT TRUST FUND SCHEDULE OF WATER-SEWER ASSESSMENTS RECEIVABLE FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2019 & 2018 $2,123
BALANCE ORDINANCE DATE OF DECEMBER 31, NUMBER IMPROVEMENTS DESCRIPTION CONFIRMATION 2019
426 Sanitary Sewer Improvements - Route 38 12/17/62 $ 698 451 Water Improvements - Westfield Road 12/29/66 1,425
Total $ 2,123
128 EXHIBIT D-11 TOWNSHIP OF MOORESTOWN WATER-SEWER UTILITY ASSESSMENT TRUST FUND SCHEDULE OF WATER-SEWER ASSESSMENTS HELD IN ABEYANCE FOR THE YEAR ENDED DECEMBER 31, 2019
BALANCE ORDINANCE DATE OF DECEMBER 31, NUMBER IMPROVEMENTS DESCRIPTION CONFIRMATION 2019
Sanitary Sewer Improvements: 430 Stanwick Road 11/29/65$ 397 540 Timber Croft Road 06/22/70 1,174 426 Route No. 38 07/24/70 2,893 471/567/588 North Valley Road 08/28/72 17,300 643 Mount Laurel Road 08/14/78 4,242 767/793 Ivy & Regenhard Avenues 03/10/80 5,400 Water Improvements: 350 Hartford & Borton Landing Roads 10/31/60 5,108 451 Westfield Road 10/29/66 8,383 485 Tom Brown Road 12/29/66 10,383 583 North Church Street 06/19/72 334 585 Riverton Road 02/28/72 1,588
Total $ 57,202
The above represents connection fees not yet due on rural properties located within the Township until connection is made to the water and sewer systems
EXHIBIT D-12 WATER-SEWER UTILITY CAPITAL FUND SCHEDULE OF FIXED CAPITAL FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2018$ 47,047,346
Increased by: Transferred from Fixed Capital Authorized & Uncompleted$ 2,333,056 Paid by Operating Budget 54,492 2,387,548
Balance December 31, 2019$ 49,434,894
129 EXHIBIT D-13
TOWNSHIP OF MOORESTOWN WATER-SEWER UTILITY CAPITAL FUND SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED FOR THE YEAR ENDED DECEMBER 31, 2019
BALANCE TRANSFER BALANCE ORDINANCE IMPROVEMENT DECEMBER 31, TO FIXED AUTHORIZATION DECEMBER 31, NUMBER DESCRIPTION DATE AMOUNT 2018 AUTHORIZATIONS CAPITAL CANCELLED 2019
6-2012 W. Spruce and Magnolia Court 2/27/12 95,500$ $ 95,500 $ - $ 79,492 $ 16,008 $ -
7-2012 E. Second Street Water Main 2/27/12 1,275,000 1,275,000 - 1,057,789 217,211 -
18-2013 Purchase of DPW Vehciles 9/10/13 450,000 450,000 - 444,987 5,013 -
21-2013/14-2017 Infrastructure Improvements 9/10/13 1,175,000 1,615,000 - - - 1,615,000
10-2014 Varioues Water Mains 8/18/14 1,700,000 1,700,000 - - - 1,700,000
10-2015 WTP Feasibility Study 5/18/15 250,000 250,000 - 249,088 912 -
13-2015/12-2016 P.E. Kings Highway WTP 7/27/15 710,000 7,885,000 - - - 7,885,000 130
19-2015 2016 Roads Reconstruction 11/30/15 180,000 180,000 - - - 180,000
20-2015/12-2015 Various Water Mains 11/30/15 1,650,000 2,250,000 - - - 2,250,000
22-2015 Purchase DPW Vehicles 11/30/15 85,000 85,000 - - 500 84,500
24-2015 Pavement Repairs 11/30/15 125,000 125,000 - 123,670 1,330 -
11-2016 Purchase N Church St WTP Equipment 8/8/16 380,000 380,000 - 378,030 1,970 -
5-2017 N. Church WTP Upgrades 4/24/17 1,500,000 1,500,000 - - - 1,500,000
6-2017 Hartford Road WTP Upgrades 4/24/17 1,050,000 1,050,000 - - - 1,050,000
15-2017 Replace Various STP Roofs 9/11/17 662,000 662,000 - - 30,000 632,000
16-2017 Replace Various Water Mains 9/11/17 3,675,000 3,675,000 - - - 3,675,000
17-2018 Extend Fiber Network 9/10/18 980,000 980,000 - - - 980,000
20-2018/26-2019 Upgrade N Church WTP 12/17/2018- 10/21/19 20,880,000 18,975,000 1,905,000 - - 20,880,000
21-2018/27-2019 Upgrade Hartford WTP 12/17/2018- 10/21/19 13,400,000 12,300,000 1,100,000 - - 13,400,000
28-2019 Various Sewer Treatment Plant Improvements 10/21/19 990,000 990,000 990,000
Total $ 55,432,500 $ 3,995,000 $ 2,333,056 $ 272,944 $ 56,821,500 EXHIBIT D-14 TOWNSHIP OF MOORESTOWN WATER-SEWER UTILITY OPERATING FUND SCHEDULE OF 2018 APPROPRIATION RESERVES FOR THE YEAR ENDED DECEMBER 31, 2019
BALANCE DECEMBER 31, ENCUMBRANCES MODIFIED PAID OR BALANCE 2018 RECLASSIFIED BALANCE CHARGED LAPSED
Operations: Salaries & Wages $ 154,207 $ - 154,207$ $ - $ 154,207 Other Expenses 637,756 528,958 1,166,714 599,555 567,159 Capital Improvements: Capital Outlay 68,111 - 68,111 17,306 50,805 Statutory Expenditures: Social Security System 12,995 - 12,995 2,385 10,610 Unemployment/Disability Insurance 2,502 - 2,502 45 2,457
Total $ 875,571 $ 528,958 $ 1,404,529 $ 619,291 $ 785,238
Cash Disbursed $ 616,778 Accounts Payable 2,513
Total $ 619,291
EXHIBIT D-15 SCHEDULE OF ACCRUED INTEREST ON BONDS AND NOTES FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2018 $ 355,588
Increased by: Accrued Interest Received on 2019 BAN Sale $ 197,423 Utility Operating Budget Appropriation 916,144 1,113,567
Subtotal 1,469,155
Decreased by: Cash Disbursements 849,617
Balance December 31, 2019 $ 619,538
ANALYSIS OF ACCRUED INTEREST DECEMBER 31, 2019
PRINCIPAL OUTSTANDING 12/31/19 FROM TO PERIOD AMOUNT Series
2010 G.O. Bonds $ 2,210,000 8/15/19 12/31/19 4.5 Months $ 26,641 2013 G.O. Bonds 1,880,000 7/15/19 12/31/19 5.5 Months 30,496 2015 Refunding Bonds 255,000 7/15/19 12/31/19 5.5 Months 3,506 2017 G.O. Bonds 14,600,000 8/1/2019 12/31/19 5 Months 221,819 2018 G.O. Bonds 4,165,000 8/1/2019 12/31/19 5 Months 68,693
Total Bonds $ 23,110,000 $ 351,155
BANS Outstanding Principal Balance December 31,2019 $ 32,206,000 8/1/2019 12/31/19 5 Months- 2.0%$ 268,383
Grand Total $ 619,538
131 EXHIBIT D-16 TOWNSHIP OF MOORESTOWN WATER-SEWER UTILITY ASSESSMENT TRUST FUND SCHEDULE OF RESERVE FOR ASSESSMENTS FOR THE YEAR ENDED DECEMBER 31, 2019
BALANCE ORDINANCE DECEMBER 31, NUMBER IMPROVEMENTS DESCRIPTION 2019
Assessments Receivable: Water Improvements: 426 Route No. 38$ 698 451 Westfield Road 1,425 Deferred Assessments: Sanitary Sewer Improvements: 430 Stanwick Road 397 540 Timber Croft Road 1,174 426 Route No. 38 2,893 471/567/588 North Valley Road 17,300 643 Mount Laurel Road 4,242 767/793 Ivy & Regenhard Avenues 7,200 Water Improvements: - 350 Hartford & Borton Landing Roads 5,108 451 Westfield Road 6,583 485 Tom Brown Road 10,383 583 North Church Street 334 585 Riverton Road 1,588
Total $ 59,325
132 EXHIBIT D-17 TOWNSHIP OF MOORESTOWN WATER-SEWER UTILITY CAPITAL FUND SCHEDULE OF IMPROVEMENT AUTHORIZATIONS FOR THE YEAR ENDED DECEMBER 31, 2019
BALANCE BALANCE ORDINANCE ORDINANCE DECEMBER 31, 2018 ENCUMBRANCES DECEMBER 31, 2019 NUMBER IMPROVEMENT DESCRIPTION DATE AMOUNT FUNDED UNFUNDED AUTHORIZATIONS RECLASSIFIED EXPENDED ENCUMBRANCES CANCELLED FUNDED UNFUNDED
6-2012 Reconstruction of W. Spruce and Magnolia Court 2/27/12 95,500 $ 8,388 $ - $ - $ 7,620 $ - $ - $ 16,008 $ - $ -
7-2012 East Second Street Water Main 2/27/12 1,275,000 217,210 - - - - 217,210 -
18-2013 Purchase of DPW Vehicles 9/10/13 450,000 30,313 1,000 - - 26,300 - 5,013 -
21-2013 Water & Sewer Infrastructure Improvements 9/10/13 1,175,000 667,558 37,000 - 45,100 4,990 107,048 - 600,620 37,000
10-2014 Replacment of Various Water Mains 8/18/14 1,700,000 4,825 - - 160,611 27,037 133,574 - 4,825 -
10-2015 WTP Feasibility Study 5/18/15 250,000 912 - - - - - 912 -
13-2015/12-2016 Kings Highway WTP Improvements 7/27/15 710,000 32,575 - - 181,241 186,499 200 - 27,117
19-2015 2016 Roads Reconstruction Project 11/30/15 180,000 140,379 - - 12,600 135,385 13,579 - 4,015
20-2015 Replace Various Water Mains 11/30/15 1,650,000 207,881 - - 894,339 696,454 84,198 - 321,568
133 22-2015 Purchase DPW Vehicles 11/30/15 85,000 83,485 500 - - - - 500 83,485
24-2015 Pavement Repairs 11/30/15 125,000 1,330 - - - - - 1,330 -
11-2016 Purchase North Church Street WTP Equipment 8/08/16 380,000 1,970 - - - - - 1,970 -
5-2017 N. Church WTP Upgrades 4/24/17 1,500,000 204,735 - - 287,360 289,395 84,640 - 118,060
6-2017 Hartford Road WTP Upgrades 4/24/17 1,050,000 37,118 ------37,118 -
15-2017 Replace Various STP Roofs 9/11/17 662,000 14,702 30,000 - 186,407 186,407 - 30,000 14,702 -
16-2017 Replace Various Water Mains 9/11/17 3,675,000 3,452,539 - - - 1,680,890 1,452,364 - 319,285
17-2018 Extend Fiber Network 9/10/18 980,000 - 248,073 - 687,467 159,823 656,326 - - 119,391
20-2018/ Construct N Church WTP 12/17/18 18,975,000 - 734,380 1,905,000 18,240,620 11,361,544 7,896,938 - - 1,621,518 26-2019 10/21/19 1,905,000
21-2018/ Construct Hartford WTP 12/17/18 12,300,000 - 1,013,223 1,100,000 11,286,777 8,220,099 4,349,548 - - 830,353 27-2019 10/21/19 1,100,000
28-2019 Various Sewer Treatment Improvements 12/17/18 990,000 - - 990,000 - 1,000 241,850 - 747,150
Total $ 5,105,920 $ 2,064,176 $ 3,995,000 $ 31,990,142 $ 22,975,823 $ 15,020,265 $ 272,943 $ 1,530,795 $ 3,355,412
Capital Improvement Fund $ 49,500 Bonds & Notes Authorized 3,945,500
Total $ 3,995,000 EXHIBIT D-18 TOWNSHIP OF MOORESTOWN WATER-SEWER UTILITY CAPITAL FUND SCHEDULE OF CAPITAL IMPROVEMENT FUND FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2018$ 603,326
Decreased by: Appropriated to Finance Improvement Authorizations 49,500
Balance December 31, 2019 $ 553,826
EXHIBIT D-19 SCHEDULE OF RESERVE FOR AMORTIZATION FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2018$ 45,024,251
Increased by: Paid by Operating Budget$ 54,492 Transfer from Deferred Reserve for Amortization 52,025 Bonds Redeemed 895,000 1,001,517
Subtotal 46,025,768
Decreased by: Unexpended Authorizations Cancelled to Surplus 162,718
Balance December 31, 2019 $ 45,863,050
EXHIBIT D-20 SCHEDULE OF DEFERRED RESERVE FOR AMORTIZATION FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2018$ 1,175,000
Increased by: Down Payment on Ordinances from Capital Improvement Fund 49,500
Subtotal 1,224,500
Decreaed by: Transfer to Reserve for Amorization$ 52,025 Cancelled Unexpended Balances to Surplus 78,725 130,750
Balance December 31, 2019 $ 1,093,750
134 EXHIBIT D-21 TOWNSHIP OF MOORESTOWN WATER-SEWER UTILITY CAPITAL FUND SCHEDULE OF SERIAL BONDS PAYABLE FOR THE YEAR ENDED DECEMBER 31, 2019
MATURITIES OF BONDS OUTSTANDING BALANCEDECREASED BY BALANCE DATE OF ORIGINAL DECEMBER 31, 2019 INTEREST DECEMBER 31, BONDS PRINCIPAL PREMIUM DECEMBER 31, PURPOSE ISSUE ISSUE DATE AMOUNT RATE 2018 ISSUED PAID APPLIED 2019
General Obligation Bonds 08/15/10 3,492,000 8/15/20 165,000 3.000% $ 2,370,000 $ - $ 160,000 $ - $ 2,210,000 Series 2010 8/15/21 175,000 3.000% 8/15/22 180,000 3.000% 8/15/23 185,000 3.000% 8/15/24 195,000 3.000% 8/15/25 200,000 3.125% 8/15/26 210,000 3.250% 8/15/27 215,000 3.250% 8/15/28 225,000 3.375% 8/15/29 230,000 3.500% 8/15/30 230,000 3.625%
General Obligation Bonds 05/21/2013 2,450,000 1/15/20 120,000 3.000% 1,995,000 - 115,000 - 1,880,000 Series 2013 1/15/21 120,000 3.000% 1/15/22 125,000 3.000% 1/15/23 130,000 3.000% 1/15/24 130,000 3.000% 1/15/25 135,000 3.250% 1/15/26 140,000 3.500% 1/15/27 140,000 3.500% 1/15/28 140,000 4.000% 1/15/29 140,000 4.000% 1/15/30 140,000 4.000% 1/15/31 140,000 4.000% 1/15/32 140,000 4.000% 1/15/33 140,000 4.000%
Refunding Bonds - Series 2015 04/14/2015 620,000 1/15/20 125,000 3.000% 380,000 - 125,000 - 255,000 1/15/21 130,000 3.000%
General Obligation Bonds 08/15/2017 15,350,000 2/1/20 375,000 5.000% 14,975,000 - 375,000 - 14,600,000 Series 2017 2/1/21 390,000 5.000% 2/1/22 495,000 5.000% 2/1/23 505,000 5.000% 2/1/24 515,000 5.000% 2/1/25 530,000 5.000% 2/1/26 540,000 5.000% 2/1/27 555,000 5.000% 2/1/28 575,000 4.000% 2/1/29 595,000 4.000% 2/1/30 635,000 4.000% 2/1/31 730,000 2.750% 2/1/32 730,000 2.875% 2/1/33 730,000 2.875% 2/1/34 730,000 3.000% 2/1/35 740,000 3.000% 2/1/36 740,000 3.000% 2/1/37 740,000 3.125% 2/1/38 750,000 3.125% 2/1/39 750,000 3.000% 2/1/40 750,000 3.000% 2/1/41 750,000 3.000% 2/1/42 750,000 3.000%
General Obligation Bonds 8/28/18 4,498,000 2/1/20 120,000 5.000% 4,285,000 - 120,000 - 4,165,000 Series 2018 2/1/21 120,000 5.000% 2/1/22 120,000 5.000% 2/1/23 120,000 5.000% 2/1/24 120,000 5.000% 2/1/25 125,000 5.000% 2/1/26 135,000 5.000% 2/1/27 140,000 5.000% 2/1/28 145,000 5.000% 2/1/29 155,000 5.000% 2/1/30 160,000 5.000% 2/1/31 170,000 4.000% 2/1/32 175,000 4.000% 2/1/33 185,000 3.000% 2/1/34 190,000 3.125% 2/1/35 195,000 3.250% 2/1/36 200,000 3.250% 2/1/37 205,000 3.250% 2/1/38 215,000 3.250% 2/1/39 220,000 3.375% 2/1/40 230,000 3.375% 2/1/41 240,000 3.375% 2/1/42 240,000 3.500% 2/1/43 240,000 3.500%
Total $ 24,005,000 $ - $ 895,000 $ - $ 23,110,000
135 EXHIBIT D-22 TOWNSHIP OF MOORESTOWN WATER-SEWER UTILITY CAPITAL FUND SCHEDULE OF BOND ANTICIPATION NOTES PAYABLE FOR THE YEAR ENDED DECEMBER 31, 2019
ORIGINAL BALANCE BALANCE ORDINANCE DATE OF ISSUE INTEREST DECEMBER 31, DECEMBER 31, NUMBERIMPROVEMENT DESCRIPTION ISSUE DATE MATURITY RATE 2018 ISSUED MATURED 2019
17-2018Extend Fiber Optics Network 08/01/19 08/01/19 07/31/20 2.000% - $ 931,000 - $ 931,000
20-2018 Upgrade N Church Wastewater Treatment Plant 08/01/19 08/01/19 07/31/20 2.000% - 18,975,000 - 18,975,000
21-2018 Upgrade Hartford Wastewater Treatment Plant 08/01/19 08/01/19 07/31/20 2.000% - 12,300,000 - 12,300,000
$ - $- 32,206,000 $ $ 32,206,000 136
EXHIBIT D-23 TOWNSHIP OF MOORESTOWN WATER-SEWER UTILITY CAPITAL FUND SCHEDULE OF FUND BALANCE FOR THE YEAR ENDED DECEMBER 31, 2019
Balance December 31, 2018$ 347,497
Increased by: Cancellation of Unexpended Authorization Balances 241,442
Balance December 31, 2019$ 588,939
137 EXHIBIT D-24 TOWNSHIP OF MOORESTOWN WATER-SEWER UTILITY CAPITAL FUND SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED FOR THE YEAR ENDED DECEMBER 31, 2019
IMPROVEMENT BALANCE AUTHORIZATION BALANCE ORDINANCE IMPROVEMENT DECEMBER 31, 2019 BALANCE NOTES DECEMBER 31, NUMBER DESCRIPTION 2018 AUTHORIZATIONS CANCELLED ISSUED 2019
17-2010 Repairs to Sewer Plant $ 1,095 $ - $ - $ - $ 1,095
18-2013 Purchase of DPW Vehicles and Equipment 1,000 - 1,000 - -
21-2013 Improvements to Water and Sewer Infrastructure 37,000 - - - 37,000
22-2015 Purchase DPW Vehicles 500 - 500 - -
15-2017 Replace Various STP Roofs 30,000 - 30,000 - -
16-2017 Replace Various Water Mains - - - - -
22-2015 Extend Fiber Network 931,000 - - 931,000 -
20-2018/26-2019 Upgrade N Church WTP 18,975,000 1,905,000 - 18,975,000 1,905,000
21-2018/27-2019 Upgrade Hartford WTP 12,300,000 1,100,000 - 12,300,000 1,100,000
28-2019 Various Sewer Treatment Plant Improvements 940,500 940,500
Total$ 32,275,595 $ 3,945,500 $ 31,500 $ 32,206,000 $ 3,983,595
138 GENERAL FIXED ASSETS
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140 EXHIBIT E-1 TOWNSHIP OF MOORESTOWN GENERAL FIXED ASSETS ACCOUNT GROUP SCHEDULE OF INVESTMENT IN FIXED ASSETS DECEMBER 31, 2019 AND 2018
BALANCE BALANCE DECEMBER 31, NET DECEMBER 31, 2018 ADDITIONS DELETIONS 2019
Land & Buildings$ 43,273,137 $ 5,924,348 $ - $ 49,197,485 Equipment & Vehicles 12,308,268 275,655 772,469 11,811,454
Total$ 55,581,405 $ 6,200,003 $ 772,469 $ 61,008,939
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142
TOWNSHIP OF MOORESTOWN
PART II
SCHEDULE OF FINANCIAL STATEMENT FINDINGS - GOVERNMENT AUDITING STANDARDS
FOR THE YEAR ENDED DECEMBER 31, 2019
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TOWNSHIP OF MOORESTOWN SCHEDULE OF FINANCIAL STATEMENT FINDINGS FOR THE YEAR ENDED DECEMBER 31, 2019
This section identifies the significant deficiencies, material weaknesses and instances of noncompliance related to the basic financial statements that are required to be reported in accordance with Government Auditing Standards and with audit requirements prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey.
None.
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TOWNSHIP OF MOORESTOWN SUMMARY SCHEDULE OF PRIOR YEAR AUDIT FINDINGS AND QUESTIONED COSTS AS PREPARED BY MANAGEMENT FOR THE YEAR ENDED DECEMBER 31, 2019
This section identifies the status of prior year findings related to the financial statements, federal awards and state financial assistance that are required to be reported in accordance with Government Auditing Standards, Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards (Uniform Guidance), and New Jersey OMB’s Circular 15-08.
Financial Statement Findings
No Prior Year Findings.
FEDERAL AWARDS
N/A – No Federal Single Audit in prior year.
STATE FINANCIAL ASSISTANCE
N/A – No State Single Audit in prior year.
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TOWNSHIP OF MOORESTOWN
PART III
LETTER OF COMMENTS AND RECOMMENDATIONS – REGULATORY BASIS
FOR THE YEAR ENDED DECEMBER 31, 2019
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OFFICIALS IN OFFICE AND SURETY BONDS
The following officials were in office at December 31, 2019:
Name Title
Lisa L. Petriello Mayor Nicole Gillespie Deputy Mayor Brian Donnelly Councilmember Victoria Napolitano Councilmember Michael Locatell Councilmember Thomas J. Merchel Township Manager/Chief Financial Officer Jennifer DellaValle Tax Collector Karen Ketchen Court Administrator Patricia L. Hunt Township Clerk Lois F. Downey Judge of the Municipal Court Kevin E. Aberant, Esq. Solicitor Alaimo Group Engineer Pennoni Associates Inc. Engineer Environmental Resolutions, Inc. Engineer
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150 Certified Public Accountants & Advisors
Honorable Mayor and Members of the Township Council Township of Moorestown Moorestown, New Jersey
In accordance with requirements prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, the following are the General Comments and Recommendations for the year ended December 31, 2019.
GENERAL COMMENTS:
Contracts and Agreements required to be advertised by (N.J.S.A.40A:11-4)
N.J.S.A.40A:11-4 states every contract or agreement, for the performance of any work or furnishing or hiring of any materials or supplies, the cost or the contract price whereof is to be paid with or out of public funds not included within the terms of Section 3 of this act, shall be made or awarded only by the Governing Body of the contracting unit after public advertising for bids and bidding therefore, except as is provided otherwise in this act or specifically by any other Law. No work, materials or supplies shall be undertaken, acquired or furnished for a sum exceeding in the aggregate the bid threshold, except by contract or agreement.
The bid threshold in accordance with N.J.S.A. 40A:II-4 was $40,000 for the year ended December 31, 2019.
It is pointed out that the governing body of the municipality has the responsibility of determining whether the expenditures in any category will exceed the statutory minimum within the fiscal year. Where question arises as to whether any contract or agreement might result in violation of the statute, the solicitor's opinion should be sought before a commitment is made.
Inasmuch as the system of records did not provide for an accumulation of payments for categories for the performance of any work or the furnishing or hiring of any materials or supplies, the results of such an accumulation could not reasonably be ascertained. Disbursements were reviewed, however, to determine whether any clear-cut violations existed.
Our examination of expenditures did not reveal any individual payments or contracts in excess of the bid threshold “for the performance of any work, or the furnishing of any materials, supplies or labor” other than those where bids had been previously sought by public advertisement or where a resolution had been previously adopted under the provisions of N.J.S.A.40A:11-6.
618 Stokes Road, Medford, NJ 08055 P: 609.953.0612 • F: 609.257.0008 www.hmacpainc.com 151
Collection of Interest on Delinquent Taxes and Assessments
N.J.S.54:4-67, provides the method for authorizing interest and the maximum rates to be charged for the nonpayment of taxes or assessments on or before the date when they would become delinquent.
The governing body on January 7, 2019 adopted the following resolution authorizing interest to be charged on delinquent taxes:
NOW THEREFORE, BE IT RESOLVED, that if said taxes are deemed to be delinquent for non- payment of taxes, the Tax Collector shall charge eight (8%) percent per annum on the first $1,500.00 of the delinquency, and eighteen (18%) percent per annum on any amount in excess of $1,500.00; and
BE IT FURTHER RESOLVED, by the Council of the Township, that the Tax Collector shall allow that no interest will be charged on payments received and made by the tenth calendar day following the date upon which the same became payable; and
BE IT FURTHER RESOLVED, by the Council of the Township, that the Tax Collector shall charge, in addition to the interest for delinquent taxes, as noted above, a penalty of six (6%) percent of the amount of the delinquency in taxes in excess of $10,000.00 to a taxpayer who fails to pay the delinquency prior to the end of the calendar year.
It appears from an examination of the Collector's record that interest was collected in accordance with the foregoing resolution.
OTHER COMMENTS (FINDINGS):
None.
RECOMMENDATIONS:
None.
152
Appreciation
We express our appreciation for the assistance and courtesies extended to the members of the audit team.
Respectfully submitted,
HOLT MCNALLY & ASSOCIATES, INC. Certified Public Accountants & Advisors
Michael Holt Certified Public Accountant Registered Municipal Accountant RMA No. 473
Medford, New Jersey August 19, 2020
153