Report of Audit County of Passaic State of New Jersey

Report of Audit County of Passaic State of New Jersey

REPORT OF AUDIT COUNTY OF PASSAIC STATE OF NEW JERSEY DECEMBER 31, 2010 THIS PAGE INTENTIONALLY LEFT BLANK COUNTY OF PASSAIC, N.J. TABLE OF CONTENTS PART I Exhibit Independent Auditor's Report I CURRENT FUND A Comparative Balance Sheet - Regulatory Basis 4 A-I Comparative Statement of Operations and Changes in Fund Balance - Regulatory Basis 6 A-2 Statement of Revenues - Regulatory Basis 7 A-3 Statement of Expenditures - Regulatory Basis 11 TRUST FUNDS B Comparative Balance Sheet - Regulatory Basis 23 B-1 Schedule of Changes in Fund Balance - Other Trust Fund - Regulatory Basis 25 GENERAL CAPITAL FUND c Comparative Balance Sheet - Regulatory Basis 26 C-1 Statement of Changes in Fund Balance - Regulatory Basis 27 GENERAL FIXED ASSETS D Statement of General Fixed Assets - Regulatory Basis 28 Notes to Financial Statements Year Ended December 31, 2010 29 Supplementary Data 62 COUNTY OF PASSAIC, N.J. TABLE OF CONTENTS (continued) Exhibit Page SUPPLEMENTARY SCHEDULES CURRENT FUND A-4 Schedule of Cash and Investments 65 A-5 Schedule of Cash - Change Fund 66 A-6 Schedule of Cash - Petty Cash 66 A-7 Schedule of Federal and State Grants Receivable 67 A-8 Schedule of Revenue Accounts Receivable 71 A-9 Schedule of Interfunds 72 A-10 Schedule of Appropriation Reserves 73 A-11 Schedule of Accounts Payable 76 A-12 Schedule of Encumbrances Payable 77 A-13 Schedule of Commitments Payable 78 A-14 Schedule of Appropriated Reserves for Grants 79 A-15 Schedule of Miscellaneous Reserves 84 A-16 Schedule of Unappropriated Reserves for Grants 85 A-17 Schedule of Interfunds 86 TRUST FUND B-2 Schedule of Cash 87 B-3 Schedule of Various Trust Deposits 88 B-4 Schedule of Reserve for Dedicated Trusts 89 B-5 Schedule of Open Space Trust Expenditures 90 B-6 Schedule of Open Space Grant Commitments Payable 90 B-7 Schedule of Open Space Levy - Due to Municipalities 91 B-8 Schedule of Reserve for Confiscated Trust Fund 91 B-9 Schedule of Reserve for Workmen's Compensation 92 B-10 Schedule of Reserve for Health Benefit Funds 93 D-11~ '' Schedule of Reserve for Liability Insurance 93 B-12 Schedule of Housing Voucher Program Grants Receivable 94 B-13 Schedule of Accounts Payable 95 B-14 Reserve for Housing Voucher Program 96 B-15 Schedule of Interfunds 97 COUNTY OF PASSAIC, N.J. TABLE OF CONTENTS (continued) Exhibit Page GENERAL CAPITAL FUND C-2 Schedule of Cash 98 C-3 Analysis of Cash 99 C-4 Schedule of Receivables 104 C-5 Schedule of Deferred Charges to Future Taxation - Funded 106 C-6 Schedule of Deferred Charges to Future Taxation - Unfunded 107 C-7 Schedule of Improvement Authorizations 113 C-8 Schedule of Accounts Payable 119 C-9 Schedule of Commitments Payable 119 C-10 Schedule of Green Acres Loan Payable 120 C-11 Schedule of Amounts Due to the Township of Wayne 120 C-12 Schedule of Capital Improvement Fund 121 C-13 Schedule of Reserve for Final Payments and Litigation 121 C-14 Schedule of Reserve for Payment of Bonds and Notes 122 C-15 Schedule of Interfunds 123 C-16 Schedule of Reserve for Salt Shed - West Milford 124 C-17 Schedule of Reserve for EF A State Loan Payments 124 C-18 Schedule of Reserve for Interest - Fire Academy 125 C-19 Schedule of Reserve for Administration Building Settlement 126 C-20 Schedule of Reserve for Interest - DOT Programs 126 C-21 Schedule of Reserve for Unappropriated Grants 127 C-22 Schedule of Reserve for Grants Receivable 127 C-23 Schedule of Reserve for Bonding Payments 128 C-24 Schedule of Accrued Interest Payable 128 C-25 Schedule of Bond Anticipation Notes Payable 129 C-26 Schedule of General Serial Bonds Payable 131 C-27 Schedule of State Educational Facilities Authority Loans Payable 147 C-28 Schedule of New Jersey Green Trust Loans Payable 148 C-29 Schedule of Capital Leases Payable 149 C-30 Schedule of Bonds and Notes Authorized But Not Issued 152 COUNTY OF PASSAIC, N.J. TABLE OF CONTENTS (continued) Exhibit PARTII 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 155 Report on Compliance with Requirements Applicable to Each Major Federal and State Program and Internal Control with OMB Circular A-133 and N.J. OMB Circular 04-04 as amended 157 Schedule of Expenditures of Federal Awards 159 Schedule of Expenditures of State Awards 164 Notes to the Schedules of Expenditures of Federal and State A wards 169 Schedule of Findings and Questioned Costs 170 General Comments 174 Recommendations 178 Status of Prior Years' Audit Findings/Recommendations 179 COUNTY OF PASSAIC ST ATE OF NEW JERSEY ******** PART I REPORT OF AUDIT ON FINANCIAL STATEMENTS YEAR ENDED DECEMBER 31, 2010 THIS PAGE INTENTIONALLY LEFT BLANK Ferraioli, Wielkotz, Cerullo & Cuva, P.A. Charles J. Ferraioli, Jr., MBA, CPA, RMA Certified Public Accountants Newton Office steven D. Wielkotz, CPA, RMA 401 Wanaque Avenue 1OOB Main Street James J. Cerullo, CPA, RMA Pompton Lakes, New Jersey 07442 Newton, N.J.,07860 Paul J. Cuva, CPA, RMA 973-835-7900 973-579-3212 Thomas M. Ferry, CPA, RMA Fax 973-835-6631 Fax 973-579-7128 INDEPENDENT AUDITOR'S REPORT The Honorable Board of Chosen Freeholders County of Passaic Paterson, New Jersey We have audited the accompanying balance sheets-regulatory basis of the various funds and accow1t group of the County of Passaic, as of and for the years ended December 31, 2010 and 2009, and the related statements of operations and changes in fund balance-regulatory basis for the years then ended, and the related statement of revenues-regulatory basis and statement of expenditures-regulatory basis ofthe various funds for the year ended December 31, 2010. These financial statements are the responsibility of the County of Passaic's management. Our responsibility is to express an opinion on these financial statements based on our audits. Our responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements ofthe Commw1ity Development Grant Fund as of December 31, 2010 and 2009 which represents 21. 7 and 22.3 percent, respectively, of the assets of the Trust Fund for the years then ended. Those financial statements were audited by other auditors whose report thereon has been furnished to us, and our opinion, insofar as it relates to the amounts included for the Community Development Grant Fund, is based solely upon the reports of the other auditors. Except as discussed below, we conducted our audits in accordance with auditing standards generally accepted in the United States of America, the audit requirements prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perfonn the audit to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circwnstances, but not for the purpose of expressing an opinion on the effectiveness of the County's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provides a reasonable basis for our opinion. (Fwcc) - 1 - The Honorable Board of Chosen Freeholders County of Passaic Page 2. As described in Note I, these financial statements were prepared in conformity with the accounting practices prescribed or permitted by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, that demonstrates compliance with the modified accrual basis, with certain exceptions, and the budget laws of New Jersey, which practices differ from accounting principles generally accepted in the United States of America. The affect on the financial statements of the variances between the prescribed basis of accounting and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material. In our opinion, because of the County of Passaic's policy to prepare its financial statements on the basis of accounting discussed in the preceding paragraph, the financial statements referred to above do not present fairly, in conformity with accounting principles generally accepted in the United States of America, the financial position of the County of Passaic, New Jersey as of December 3I, 2010 and 2009 or the results of its operations for the years then ended. The financial statements referred to above include a Statement of General Fixed Assets as required by the Division of Local Government Services. However, as more fully described in Note 1 and Note 6 to the financial statements, this schedule has not been updated. However, in our opinion, the financial statements referred to above, with the exception of the Statement of General Fixed Assets, present fairly, in all material respects, the financial position - regulatory basis of the various funds and account group of the County of Passaic, State of New Jersey as of December 31, 2010 and 2009 and the results ofits operations and changes in fund balance - regulatory basis of such funds for the years then ended and the statement of revenues - regulatory basis and the statement of expenditures - regulatory basis for the year ended December 31, 2010, on the basis of accounting described in Note 1.

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