CITY OF ASBURY PARK COUNTY OF MONMOUTH, NEW JERSEY FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES

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1 CITY OF ASBURY PARK COUNTY OF MONMOUTH, NEW JERSEY FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES DECEMBER 31, 2014 AND 2013

2 CITY OF ASBURY PARK COUNTY OF MONMOUTH, NEW JERSEY TABLE OF CONTENTS DECEMBER 31, 2014 AND 2013 Independent Auditors' Report Independent Auditors' 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 Regulatory-Basis Financial Statements - Basic Financial Statements Exhibit Current Fund Comparative Balance Sheets - Regulatory Basis Comparative Statements of Operations and Changes in Fund Balance - Regulatory Basis Statement of Revenues - Regulatory Basis Statement of Expenditures - Regulatory Basis A A-1 A-2 A-3 Trust Fund Comparative Balance Sheets - Regulatory Basis General Capital Fund Comparative Balance Sheets - Regulatory Basis Statement of Fund Balance - Regulatory Basis B c C-1 Sewer Utility Fund Comparative Balance Sheets - Regulatory Basis Comparative Statements of Operations and Changes in Fund Balance - Regulatory Basis - Sewer Utility Operating Fund Statement of Revenues - Regulatory Basis - Sewer Utility Operating Fund Statement of Expenditures - Regulatory Basis - Sewer Utility Operating Fund Statement of Fund Balance - Regulatory Basis D D-1 D-2 D-3 D-4

3 Regulatory-Basis Financial Statements - Basic Financial Statements - (Continued) Beach Utility Fund Comparative Balance Sheets - Regulatory Basis Comparative Statements of Operations and Changes in Fund Balance - Regulatory Basis - Beach Utility Operating Fund Statement of Revenues - Regulatory Basis - Beach Utility Operating Fund Statement of Expenditures - Regulatory Basis - Beach Utility Operating Fund ifif>arkinq Utility Fund Parking Utility Fund Comparative Balance Sheets - Regulatory Basis Comparative Statements of Operations and Changes in Fund Balance - Regulatory Basis - Parking Utility Operating Fund Statement of Revenues - Regulatory Basis - Parking Utility Operating Fund Statement of Expenditures - Regulatory Basis - Parking Utility Operating Fund Statement of Fund Balance - Regulatory Basis Exhibit E E-1 E-2 E-3 F F-1 F-2 F-3 F-4 General Fixed Assets Account Group Comparative Statement of General Fixed Assets G Notes to Basic Financial Statements Supplementary Schedules - Supplementary Information Schedule Current Fund Schedule of Current Fund Cash and Cash Equivalents Schedule of Change Funds Schedule of County Added Taxes Payable Schedule of Taxes Receivable and Analysis of Property Tax Levy 1-A 2-A 3-A 4-A

4 Supplementary Schedules - Supplementary Information - (Continued) Current Fund (Continued) Schedule of Tax Title Liens Receivable Schedule of Due from State of New Jersey per Chapter 20, P.L Schedule of Due to Parking Utility Capital Fund Schedule of Revenue Accounts Receivable Schedule of County Taxes Payable Schedule of Local District School Tax Payable (Overpaid) Schedule of Due from Federal Emergency Management Agency Schedule of Tax Anticipation Note Payable Schedule of Reserve for Encumbrances Schedule of Reserve for State and Federal Grants Unappropriated - Federal and State Grant Fund Schedule of Appropriated Reserves for Federal and State Grants - Federal and State Grant Fund Schedule of Deferred Charges Schedule of Due from Current Fund - Federal and State Grant Fund Schedule of Grants Receivable - Federal and State Grant Fund Schedule of 2013 Appropriation Reserves Schedule of Reserve for Encumbrances Schedule 5-A 6-A 7-A 8-A 9-A 10-A 11 -A 12-A 13-A 14-A 15-A 16-A 17-A 18-A 19-A 20-A Schedule of Due from General Capital Fund - Grant Fund Schedule of Prepaid Taxes Schedule of Tax Overpayments Federal and State 21-A 22-A 23-A

5 Supplementary Schedules - Supplementary Information - (Continued) Current Fund (Continued) Schedule of Reserve for Master Plan Update Schedule of Due to Trust Other Fund - Federal and State Grant Fund Schedule of PILOT Assessments Due to County Schedule of Due to General Capital Fund Schedule of Prepaid Debt Service - COMPTRA Aid Schedule of Other Liens Receivable - New Versailles Schedule of Due from Parking Utility Operating Fund Schedule of Special Emergency Notes Payable Schedule of Due to Grantor - Federal and State Grant Fund Schedule of Reserve for Hurricane Sandy Schedule of Due from Sewer Utility Operating Fund Schedule of Pledged PILOT Assessments Due to Trustee (RAB) Schedule of PILOT Assessments Due from Emory Realty, LLC Schedule of Due from Animal Control Trust Fund Schedule of Due from Trust Other Fund 24-A 25-A 26-A 27-A 28-A 29-A 30-A 31-A 32-A 33-A 34-A 35-A 36-A 37-A 38-A Trust Fund Schedule of Cash and Cash Equivalents Schedule of Investments - Trust Fund Schedule of Reserve for Animal Control Trust Fund Expenditures - Animal Control Trust Fund Schedule of Due to State of New Jersey - Animal Control Trust Fund 1-B 2-B 3-B 4-B Schedule of Reserve for Encumbrances - Fund Animal Control Trust 5-B Schedule of Miscellaneous Reserve - Trust Other Fund Schedule of Various Reserves - T rust Other Fund 6-B 7-B

6 Supplementary Schedules - Supplementary Information - (Continued) Trust Fund - Continued Schedule of Due from Federal and State Grant Fund - Trust Other Fund Schedule of Reserve for RC.A. Programs - Trust Other Fund Schedule of Reserve for Community Development Block Grant - Trust Other Fund Schedule of Grants Receivable - CDBG Schedule of Reserve for Encumbrances - Trust Other Fund Schedule of Reserve for Off Duty Police Services Schedule of Due to State of New Jersey - Trust Other Fund Schedule of Due to Current Fund - Trust Other Fund Schedule of Due to Current Fund - Animal Control Trust Fund Schedule 8-B 9-B 10-B 11-B 12-B 13-B 14-B 15-B 16-B General Capital Fund Schedule of Cash and Cash Equivalents Analysis of Cash and Cash Equivalents Schedule of Deferred Charges to Future Taxation - Funded Schedule of Deferred Charges to Future Taxation - Unfunded Schedule of New Jersey EDA Loan Payable Schedule of Reserve for Regional Contribution Agreements Schedule of Serial Bonds Schedule of Green Acres Loan Payable Schedule of Improvement Authorizations Schedule of Due from Current Fund Schedule of Capital Improvement Fund Schedule of Intergovernmental Receivables 1-C 2-C 3-C 4-C 5-C 6-C 7-C 8-C 9-C 10-C 11-C 12-C

7 Supplementary Schedules - Supplementary Information - (Continued) General Capital Fund - Continued Schedule of Bond Anticipation Notes Payable Schedule of Due from Monmouth County Improvement Authority Schedule of Reserve for Contractor Contribution Schedule of Capital Lease Obligations Payable - MCIA Schedule of Reserve for Payment of Bonds Schedule of Reserve for Insurance Proceeds Schedule of Due from Federal and State Grant Fund Schedule of Reserve for Payment of Notes Schedule of Contracts Payable Schedule of Reserve for Encumbrances Schedule of Bonds and Notes Authorized but not Issued Schedule 13-C 14-C 15-C 16-C 17-C 18-C 19-C 20-C 21-C 22-C 23-C Sewer Utility Fund Schedule of Cash and Cash Equivalents Analysis of Cash and Cash Equivalents - Sewer Utility Capital Fund Schedule of Fixed Capital Schedule of Consumer Accounts Receivable Schedule of Sewer Liens Receivable Schedule of Reserve for Amortization Schedule of 2013 Appropriation Reserves Schedule of Due to Asbury Partners, LLC 1-D 2-D 3-D 4-D 5-D 6-D 7-D 8-D

8 Supplementary Schedules - Supplementary Information - (Continued) Sewer Utility Fund - Continued Schedule of Deferred Charges Schedule of Sewer Overpayments Schedule of Improvement Authorizations Schedule of Fixed Capital Authorized and Uncompleted Schedule of Serial Bonds Schedule of MCIA Capital Lease Refunding Obligations Payable Schedule of MCIA Capital Lease Obligations Payable Schedule of Due from NJ Environmental Infrastructure Trust Schedule of Accrued Interest on Bonds and Notes Schedule of Due to Current Fund - Sewer Utility Operating Fund Schedule 9-D 10-D 11-D 12-D 13-D 14-D 15-D 16-D 17-D 18-D Schedule of Due to Sewer Utility Operating Fund - Capital Fund Schedule of Bond Anticipation Notes Payable Sewer Utility 19-D 20-D Schedule of Reserve for Encumbrances - Sewer Utility Operating Fund Schedule of Bonds and Notes Authorized but not Issued 21-D 22-D Beach Utility Fund Schedule of Cash and Cash Equivalents Schedule of Reserve for Encumbrances Schedule of 2013 Appropriation Reserves Schedule of Prepaid Beach Fees 1-E 2-E 3-E 4-E Parking Utility Fund Schedule of Cash and Cash Equivalents 1-F

9 Supplementary Schedules - Supplementary Information - (Continued) Parking Uti lity Fund - Continued Schedule Analysis of Cash and Cash Equivalents - Fund Parking Utility Capital 2-F Schedule of Reserve for Encumbrances - Parking Utility Operating Fund Schedule of 2013 Appropriation Reserves - Parking Utility Operating Fund 3-F 4-F Schedule of Accrued Interest on Bonds and Notes - Operating Fund Schedule of Bond Anticipation Notes Payable - Capital Fund Parking Utility Parking Utility 5-F 6-F Schedule of Improvement Authorizations - Fund Parking Utility Capital 7-F Schedule of Fixed Capital Authorized and Uncompleted - Parking Utility Capital Fund Schedule of Fixed Capital - Parking Utility Capital Fund Schedule of Reserve for Amortization - Parking Utility Capital Fund Schedule of Due to Current Fund - Parking Utility Operating Fund Schedule of Due from Current Fund - Parking Utility Capital Fund 8-F 9-F 10-F 11-F 12-F Schedule of Capital Lease Obligations Payable - Capital Fund Part II - Single Audit Section Parking Utility 13-F Supplementary Information Relating to the Schedules of Expenditures of Federal Awards -Other Supplementary Information Report on Compliance for Each Major Federal Program and on Internal Control Over Compliance Required by OMB Circular A-133 Schedule of Expenditures of Federal Financial Awards Schedule A Notes to Schedule of Expenditures of Federal Awards Schedule of Findings and Questioned Costs

10 Part Ill - Comments Section - Supplementary Information Comparative Statements of Operations and Changes in Fund Balance - Current Fund Comparative Statements of Operations and Changes in Fund Balance - Sewer Utility Fund Comparative Statements of Operations and Changes in Fund Balance - Beach Utility Fund Comparative Statements of Operations and Changes in Fund Balance - Parking Utility Fund Comparison of Tax Levies and Collections Comparative Schedule of Tax Rates Officials in Office and Surety Bonds General Comments: Contracts and Agreements Required To Be Advertised for N.J.S. 40A:11-4 Collection of Interest on Delinquent Taxes and Utility Charges Delinquent Taxes and Tax Title Liens, Delinquent Sewer Rents and Liens and PILOTS Cash and Cash Equivalents Revenues Expenditures Payroll School Taxes lnterfunds Library Single Audit of Federal Award Programs Appreciation Follow up on Prior Year's Recommendations Recommendations

11 CITY OF ASBURY PARK PARTI REPORT OF AUDIT OF FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION YEARS ENDED DECEMBER 31, 2014 AND 2013

12 WISS A P~nncr to Grow With INDEPENDENT AUDITORS' REPORT Honorable Mayor and Members of the City Council City of Asbury Park County of Monmouth Asbury Park, New Jersey Report on the Financial Statements We have audited the accompanying basic financial statements - regulatory basis, which comprise the comparative balance sheets - regulatory basis of the various funds and the comparative statements of general fixed assets account group - regulatory basis of the City of Asbury Park ("City"), County of Monmouth, State of New Jersey, as of December 31, 2014 and the related comparative statements of operations and changes in fund balance - regulatory basis, the statements of revenues - regulatory basis, the statements of expenditures - regulatory basis and the statements of fund balance - regulatory basis of the various funds and the related notes to the financial statements for the year then ended as listed in the basic financial statements section of the accompanying 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 ("Division"). 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. Auditors' Responsibility Our responsibility is to express an opinion 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 the requirements prescribed by the Division. Those standards and the requirements prescribed by the Division 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 auditors' 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 City'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 City's internal control. Accordingly, we express no such opinion. An audit also includes evaluating 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. WISS.com WISS & COMPANY, LLP

13 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Basis for Adverse Opinion on Generally Accepted Accounting Principles As described in Note 1 to the financial statements, the financial statements are prepared by the City on the basis of the financial reporting provisions of the Division (regulatory basis), which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the Division. 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 Generally Accepted Accounting Principles In our opinion, because of the significance of the matter discussed in the preceding 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 City as of December 31, 2014, or the results of its operations and changes in fund balances 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 comparative balance sheets - regulatory basis of the various funds and the comparative statements of general fixed assets account group - regulatory basis of the City as of December 31, 2014, and the comparative statements of operations and changes in fund balances of such funds - regulatory basis for the year then ended, the revenues - regulatory basis and expenditures - regulatory basis of the various funds for the year ended December 31, 2014 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 to the financial statements. Emphasis of Matter Restatement - Correction of Errors As described in Note 2 to the financial statements, the 2013 financial statements have been restated to adjust amounts previously reported for Sewer Utility Capital Fund bonds payable and fixed capital authorized and uncompleted, both of which were reduced by $1,572,080.00; to record amounts previously unrecorded for capital lease obligations payable in the Parking Utility Capital Fund of $576, and to increase amounts previously reported in the General Fixed Assets Account Group by $60,869, In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to 2013 financial statements amounts of the City other than with respect to the adjustments and, accordingly, we do not express an opinion or any other form of assurance on the 2013 financial statements as a whole. Prior Period Financial Statements The regulatory-basis financial statements of the City of Asbury Park as of December 31, 2013, were audited by other auditors whose report dated July 3, 2014, expressed a modified opinion on those regulatory basis financial statements over the lack of fixed assets accounting. In our opinion, the summarized comparative information presented herein as of and for the year ended December 31, 2013, is consistent, in all material respects, with the audited financial statements from which it has been derived, except for the restatements discussed above.

14 Report on Supplementary Information as Required by the Division in Accordance with the Regulatory Basis Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplementary information, as identified in the table of contents as schedules 1-A through 12-F and the comments section is presented for purposes of additional analysis as requi red by the Division and is not a required part of the 2014 regulatory - basic financial statements of the City. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The 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 supplementary information is fairly stated, in all material respects, in relation to the financial statements taken as a whole. Report on Supplementary Information as Required by Federal OMB A-133 In addition, the accompanying schedule of expenditures of federal awards, as required by the U.S. Office of Management and Budget Circular A-133, Audits of State, Local Governments and Non-Profit Organizations is presented for purposes of additional analysis and is not a required part of the regulatory-basis financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the 2014 regulatory-basis financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the regulatory-basis financial statements or to the regulatory-basis financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In ou r opinion, the information is fairly stated in all material respects in relation to the regulatory-basis financial statements taken as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated August 20, 2015, on our consideration of the City'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 City's internal control over financial reporting and compliance. David A. Kaplan Registered Municipal Accountant No. 433 w~ "/-' 4-cr lselin, New Jersey August 20, 2015 WISS & COMPANY, LLP

15 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

16 WISS A Partner to Grow With 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 INDEPENDENT AUDITORS' REPORT Honorable Mayor and Members of the City Counc il City of Asbury Park County of Monmouth Asbury Park, New Jersey We have audited, in accordance with the auditing standards generally accepted in the United States of America; audit requirements as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey (the "Division"); and the standards applicable to financial audits contained in Government Auditing Slandards, issued by the Comptroller General of the United States, the regulatory-basis financial statements of the City of Asbury Park ("City"), County of Monmouth, New Jersey as of and for the year ended December 3 1, 2014, and the related notes to the financial statements, which collectively comprise the City's basic financial statements, and have issued our report thereon dated August 20, 201 5, in which we expressed an adverse opinion on the confonnity of the statements with accounting principles generally accepted in the United States of America due to the differences between those principles and the accounting practices prescribed by the Division. Internal Control Over Financial Reporting In planning and performing our audit of the financial statements, we considered the City's internal control over financial reporting (internal control) to detennine 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 City's internal control. Accordingly, we do not express an opinion on the effectiveness of the City's internal control. Our consideration of internal control was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified. However, as described in the accompany ing schedule of findings and questioned costs, we identified certain deficiencies in internal control that we consider to be material weaknesses and significant deficiencies. wiss.com 1 i r 'c WISS & COMPANY, LLP

17 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 perfo rming 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 contro l such that there is a reasonable possi bil ity that a material misstatement of the entity's financ ia l statements will not be prevented, or detected and corrected on a timely basis. We consider the defic iencies described in the accompanying schedule of findings and questioned costs to be materia l weaknesses. A significant deficiency is a deficiency, or a combination of defi ciencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. We consider the defi ciencies described in the accompany schedule of findings and questioned costs to be significant deficiencies. Compliance and Other Matters As part of obtaining reasonable assurance about whether the City's financ ia l statements are free from material misstatement, we performed tests of its compliance w ith certain provisions of laws, regulations, contracts, and grant agreements, noncompliance w ith which could have a direct and material effect on the detenn ination 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 instances of noncompliance or other matters that are required to be reported under Government Auditing Standards and which are described in the accompanying schedule of fi ndi ngs and questioned costs as items , , , and City of Asbury Park, State of New Jersey's Response to Findings The City's response to the findings identified in our audit are described in the accompanying schedule of findings and questioned costs. T he City's response was not subjected to the auditing procedures applied in the audit of the fin ancial statements and, accordingly, we express no opinion on it. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of interna l control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal control or on compliance. This report is an integral part of an audit performed in accordance w ith Government Auditing Standards in considering the entity's internal control and compliance. Accordingly, this communication is not suitable for any other purpose. Iselin, New Jersey August 20, 2015 David A. Kaplan Registered Municipal Accountant No. 433 tjlµ,.,cy~ WISS & COMPANY, LLP

18 CURRENT FUND EXHIBITS

19 Exhibit A Sheet 1 of 2 CITY OF ASBURY PARK CURRENT FUND COMPARATIVE BALANCE SHEETS - REGULATORY BASIS DECEMBER 31, 2014 AND 2013 ASSETS December 31, Ref Cash and Cash Equivalents 1-A $ 5,652, $ 13,546, Cash - Change Funds 2-A Due from State of New Jersey - Senior Citizens' and Veterans' Deductions 6-A 7, , Due from Federal Emergency Management Agency 11-A 563, , Prepaid Debt Service 28-A 636, , ,860, ,655, Receivables and Other Assets with Full Reserves: Delinquent Property Taxes Receivable 4-A 31, , Tax Title Liens Receivable 5-A 255, , Local District School Tax Overpaid 10-A 1, Other Liens Receivable - N. Versailles 29-A 174, Revenue Accounts Receivable 8-A 80, , Due from Animal Control Trust Fund 37-A 2, Due from Trust Other Fund 38-A 346, Due from Parking Utility Operating Fund 30-A 93, Due from Sewer Utility Operating Fund 34-A 8, Pilot Assessments Due from Emory Realty, LLC 36-A 46, , ,041, , Deferred Charges: Expenditure Without an Appropriation 16-A 244, Special Emergency Authorizations 16-A 369, , , ,271, ,326, Federal and State Grant Fund: Cash and Cash Equivalents 1-A Federal and State Grants Receivable 18-A 1,653, ,879, Due from Current Fund 17-A 776, , Due from General Capital Fund 21-A 336, , ,766, , Total Assets $ 11,037, $ 19,509, See accompanying notes to financial statements.

20 Exhibit A Sheet 2 of 2 CITY OF ASBURY PARK CURRENT FUND COMPARATIVE BALANCE SHEETS - REGULATORY BASIS DECEMBER 31, 2014 AND 2013 LIABILITIES, RESERVES AND FUND BALANCE December 31. Ref Liabilities: Appropriation Reserves A-3,19-A $ 1,289, $ 1,220, Tax Anticipation Note Payable 12-A 9,000, Special Emergency Notes Payable 31-A 300, , Reserve for Encumbrances 20-A 477, , Prepaid Taxes 22-A 265, , Tax Overpayments 23-A 355, , Due to Parking Utility Capital Fund 7-A 11, , Due to General Capital Fund 27-A 307, , Due to Federal and State Grant Fund 17-A 776, , Payroll Deductions Payable A Pilot Assessments Due to County 26-A 8, , Pledged Pilot Assessments Due to Trustee (RAB) 35-A 1, , County Added Taxes Payable 3-A 7, , Reserve for Master Plan Update 24-A 16, Reserve for Hurricane Sandy 33-A 16, , ,817, ,608, Reserve for Receivables and Other Assets A 1,041, , Fund Balance A-1 3,412, ,830, ,271, ,326, Federal and State Grant Fund: Reserve for Federal and State Grants: Appropriated 15-A 2,388, , 198, Unappropriated 14-A 303, , Due to Trust Other Fund 25-A 1, , Due to Grantor 32-A 8, , Reserve for Encumbrances 13-A 64, , ,766, , 182, Total Liabilities, Reserves and Fund Balance $ 11,037, $ , See accompanying notes to financial statements.

21 CITY OF ASBURY PARK CURRENT FUND COMPARATIVE STATEMENTS OF OPERATIONS AND CHANGES IN FUND BALANCE - REGULATORY BASIS YEARS ENDED DECEMBER 31, 2014 AND Exhibit A-1 Sheet 1of2 December 31, Ref Revenue and Other Income Realized Fund Balance Utilized A-1/A-2 $ 515, $ 90, Miscellaneous Revenue Anticipated A-2 25,445, ,151, Receipts from Delinquent Taxes A-2 53, , Receipts from Current Taxes A-2 25,617, ,452, Non-Budget Revenue 1-A/A-2 808, , Other Credits to Income: Unexpended Balance of Appropriation Reserves 19-A 505, , Current Budget Appropriations Cancelled A-3 49, , Federal and State Unappropriated Reserves Cancelled Total Revenues 52,996, ,399, Expenditures Budget and Emergency Appropriations: Within "CAP": Operations Including Contingent A-3 29,926, ,889, Deferred Charges and Statutory Expenditures A-3 4, 757, ,436, Operations Excluded from "CAP": Other Operations A-3 3,230, ,061, Capital Improvements A-3 50, Municipal Debt Service A , ,306, Deferred Charges Excluded from "CAPS" A-3 169, ,489, Refund of Prior Year Revenue 5, County Taxes 9-A 3,682, ,440, County Added and Omitted Taxes 3-A 7, , Local District School Tax 10-A 6, 785, ,710, Local District School Tax Advanced 10-A 1, Prior Years Senior Citizens Deductions Disallowed 6-A 3, , lnterfunds Advanced 30-A,34-A 102, Refund of Prior Year's Revenue 1-A 22, Total Expenditures 50,898, ,357, See accompanying notes to financial statements.

22 Exhibit A-1 Sheet 2 of 2 CITY OF ASBURY PARK CURRENT FUND COMPARATIVE STATEMENTS OF OPERATIONS AND CHANGES IN FUND BALANCE - REGULATORY BASIS YEARS ENDED DECEMBER 31, 2014 AND 2013 December 31, Excess in Revenues Over Expenditures/ Statutory Excess to Fund Balance Fund Balance, January 1 $ 2,097, $ 1,042, A 1,830, , ,928, ,920, Decreased by: Utilized as Anticipated Revenue A-2 515, , Fund Balance, December 31 A $ 3,412, $ 1,830, =========== See accompanying notes to financial statements.

23 CITY OF ASBURY PARK CURRENT FUND STATEMENT OF REVENUES - REGULATORY BASIS YEAR ENDED DECEMBER 31, 2014 ExhibitA-2 Sheet 1 of 4 Added by N.J.S.A. Ref. Budget 40A:4-87 Amount Realized Excess/!Deficit) Fund Balance Anticipated A-1 $ 515, s 515, Miscellaneous Revenues: Licenses: Alcoholic Beverages Other Fees and Permits Fines and Costs: Municipal Court Interest and Costs on Taxes Interest on Investments and Deposits Asbury Towers - In Lieu of Taxes Transportation Center Lease Anticipated Utility Operating Surplus - Parking Utility Zoning Transfer of Title Variance Fees Lot Cleaning Cookman Avenue Parking Garage - In Lieu of Taxes 8-A 95, A 79, A 174, A 1,024, A 125, A 14, A 161, A 10, A 1,004, A 7, A 31, A 16, A 9, A 75, , , , ,049, , , , , ,004, , , , , , $ 9, , , , (36,394.85) (3,410.18) 4, , , , , (6,347.53) 8, Total Miscellaneous Revenues 2,825, ,969, , State Aid Without Offsetting Appropriations: Consolidated Municipal Property Tax Relief Aid Energy Receipts Tax Transitional Aid 8-A 8,449, A 5,043, A 2,300, ,449, ,043, ,300, Total State Aid Without Offsetting Appropriations s 15,792, $ 1_5~,7_9_2~,8_4_4_. o_o_ See accompanying notes to financial statements.

24 CITY OF ASBURY PARK CURRENT FUND STATEMENT OF REVENUES - REGULATORY BASIS YEAR ENDED DECEMBER 31, 2014 Exhibit A-2 Sheet 2 of 4 Added by N.J.S.A. Amount Excess/ Ref. Budget 40A:4-87 Realized <Deficit) Dedicated Uniform Construction Code Fees Offset With Appropriations: Uniform Construction Code Fees 8-A $ 346, $ 323, $ (22,974.00) Total Dedicated Uniform Construction Code Fees Offset with Appropriations 346, , (22,974.00) Special Items of General Revenue Anticipated With With Prior Written Consent of Director of Local Government Services - Public and Private Revenues Offset With Appropriations: Clean Communities Program A 30, , Clean Communities Program A 28, , Recycling Tonnage Grant 18-A 12, , Waterfront Redevelopers Contribution 18-A 150, , Asbury Park Board of Education - School Resource Officers 18-A 268, , Madison Marquette - SDA Menu Items 18-A 71, , NJDMHS Mental Health Grant 18-A 114, , Private Source - Senior Center 18-A 41, , Multi-Purpose Senior Center 18-A 31, , Drunk Driving Enforcement Fund 18-A 5, , Municipal Alliance Grant 18-A 6, , Drive Sober or Get Pulled Over 18-A 5, $ 7, , Alcohol Education and Rehabilitation Fund - Court 18-A COPS Hiring Program A 1,073, ,073, COPS Hiring Program A 136, , Safe Streets and Neighborhood - PAL/Camp 18-A 29, , Edward Byrne Memorial JAG Grant 18-A 27, , Wokforce Investment Act 18-A 63, , NJ Department of Law & Public Safety 18-A 7, , $ 2,032, $ 79, $ 2, 111, $ See accompanying notes to financial statements.

25 CITY OF ASBURY PARK CURRENT FUND STATEMENT OF REVENUES - REGULATORY BASIS YEAR ENDED DECEMBER 31, 2014 Exhibit A-2 Sheet 3 of 4 Added by N.J.S.A. Amount Excess/ Ref. Budget 40A:4-87 Realized (Deficit) Special Items of General Revenue Anticipated W ith Prior W ritten Consent of Director of Local Government Services - Other Special Items: Utility Operating Surplus of Prior Year - Parking Utility 8-A s 597, $ 597, Uniform Fire Safety Act 8-A 45, , s (5,572.28) Cable Television Franchise Agreement 8-A 187, , Ambulance Service Reimbursement 8-A 500, , , Springwood Ave. Senior Center Contrib. for Debt Service 8-A 78, , Insurance Refunds 8-A 120, , (17,159.24) Payments in Lieu of Taxes - Redevelopment Projects 8-A 1,583, ,566, (16,787.98) Hotel Occupancy Tax 8-A 160, , , Payments in Lieu of Taxes: 550 Cookman Avenue 8-A 45, , , Emory Realty 8-A 105, , , Vive 8-A 168, , , Paramount Homes 8-A 140, , ( ) 3,729, , , ,242, $ 79, ,961, , Receipts from Delinquent Taxes A-2 50, , , Amount to be Raised by Taxes for Support of Municipal Budget: Local Tax for Municipal Purposes A-2 14,791, ,012, , Minimum Library Levy A , , Total Amount to be Raised by Taxes 15, 198, ,420, , Total Budget Revenues 40,490, , ,434, , Non-Budget Revenues A-1 808, , s 40,490, s 79, $ , $ 1,673, Ref. A-3 A-3,15-A See accompanying notes to financial statements.

26 CITY OF ASBURY PARK CURRENT FUND STATEMENT OF REVENUES - REGULATORY BASIS YEAR ENDED DECEMBER 31, 2014 Exhibit A-2 Sheet 4 of 4 Analysis of Realized Revenues Ref. Allocation of Current Tax Collections: Collection Realized 4-A $ 25,617, Allocated to: Local District School Tax A-1,10-A 6,785, County Tax A-1,3-A,9-A 3,689, Balance for Support of Municipal Budget Appropriations 15, 142, Add: Appropriation "Reserve for Uncollected Taxes" A-3 277, Amount for Support of Municipal Budget Appropriations A-2 $ , Receipts from Delinquent Taxes: Delinquent Tax Collections Realized 4-A $ 16, Tax Title Lien Collections Realized 5-A 36, Total Delinquent Tax Revenue A-2 $ 53, Analysis of Non-Budget Revenues Miscellaneous Revenues Not Anticipated: Police Department Various $ 12, Sale of Recyclables 13, Tax Sale Costs 51, Payroll Administrative Fees 82, Habcore Inc. Pilots 2, Marriage Fees 6, Refund of Prior Year Expenditures 401, Plan Review 6, Certificate of Inspection 22, Garnishee Fees Special Events Fees 3, Expense Reimbursement 90, Lien Holder Duplicate Certificate Affadavit of Redemption Certified Mail Fees PI LOT Application Fees 3, Nonsufficient Funds Charges Photocopies 1, Sundry 13, Miscellaneous Concessions 4, Seniors and Vets Admin Fee 2% OMV Inspection Fees 1, Construction Penalties 30, Relocation Fees 8, Parking Garage 2, Assessor's List Cobra Reimbursements Medicare Part D 37, Signage Advertisements 9, A-2/ 1-A $ 808, See accompanying notes to financial statements.

27 ExhibilA-3 Sheet 1 or 5 CITY OF ASBURY PARK CURRENT FUND STATEMENT OF EXPENDITURES REGULATORY BA ts YEAR ENDED DECEMBER Budget as Budget Alter Paid or Adopted Modification ~ Encumbered ~ QENERAL QQVERNMENT General Administration: Salaries and Wages s 204, $ 204, s 203, s Other Expenses 65, , , , , Human Resources: Salaries and Wages 111, , , Mayor end Council: Salaries and Wages 38, , , Other Expenses 4, , , , Municipal Cler1<: Salaries and Wages 203, , , , Olher Expenses 41, , , , , Financial Administration (Treasury): Salaries and Wages 328, , , Other Expenses 67, , , , Audit Services: Other Expenses 50, , , Revenue Administration (Tax Collection): Salaries and Wages 238, , , , Other Expenses 35, , , , , Tax Assessment Administration: Salaries and Wages 84, , , , Other Expenses , , , , Economic Development: Salaries and Wages 87, , , , Other Expenses 10, , , , , Legal Services (Legal Department): Salaries and Wages 12, , , Other Expenses 360, , , , , Computerized Data Processing: Other Expenses 18, , , Cable TV Advisory Committee: Other Expenses 25, , , , LAND U E AQMINISTRATIQN Planning Board. Salaries and Wages 186, , , , Other Expenses 28, , , , Zoning Board or Adjustment: Salaries and Wages 37, , , , Other Expenses 25, , , , , Engineering Services: Salaries end Wages 100, , , , Other Expenses 20, , , , , See accompanying notes to flnancial statements.

28 Exhibit A-3 Sheet 2 of 5 CITY OF A B!,/BY PARK CURRENT F!,!ND STATEMENT OF EXPENDITURES. REG!,!LATORY BASI YEAR ENDED DECEMBER 31, 2014 Budget as Budget After Paid or Adopted Modification ~ Encumbered Reserved Canceled GENERAL GOVERNMENT QQD~!;NFORQ~M~NT AND ADMINl TRATIQN Code Enforcement: Salaries and Wages s 341, $ 341, s 327, s Other Expenses 25, , , s 2, , INSURANCE liability Insurance 642, , , Workers Compensation Insurance 1,770, ,985, ,900, , Employee Group Insurance 5,000, ,743, ,683, , Unemployment Insurance 150, , , Payment for Health Insurance Opt Out 55, , , , PUBLIQ SAFETY Police Department: Salaries and Wages 8,900, ,838, ,695, , Other Expenses 352, , , , ,64831 Fire Department: Salaries and Wages 4,560, ,635, ,567, , Other Expenses 183, , , , , Municipal Prosecuto(s Office: Salaries and Wages 30, , , PUBLIQ WORKS Streets and Road Maintenance: Salaries and Wages 945, , , , Other Expenses , , , Solid Waste Collection: Salanes and Wages 123, , , , Other Expenses 1,227, ,266, ,1 89, , Building and Grounds: Salaries and Wages 241, , , , Olher Expenses 54, , , , , H Ak TH AND H'1MAN ERVIQE Social Services: Salaries and Wages 132, , , , Olher Expenses 22, , , , , PARKS AND REQR A TIQN Recreation Services and Programs: Salaries and Wagos 151, , , , Other Expenses 122, , , , , See accompanying notes to financial statements.

29 Exhibit A 3 Sheet 3 of 5 CITY QF l'! BURY PARK CURRENT FUND STATEMENT OF EXPENDITURES REG!,!LATORY BASIS YEAR ENDED DECEMBER Budget as Budget After Paid or Adopted Modifi~liQD ~ Encumbered Reserved Canceled GENERALGQVERNMENT MUNICIPAL CQURT Salaries and Wages $ 290, $ 316, $ 297, s 18, Oth er Expenses 49, , , $ 3, , PUBLIC DEFENDER Salaries and Wages 23, , , SENIOR CITIZENS Salaries and Wages 110, , , , Other Expenses 55, , , , ,782.21!.!NIFQRM CQN!TR!.!CTtQN!;;QQE APPRQPRIATION! QFFSET l'!y QEQ16IED Rf;l.' E~!.!E (N.J 6 C ~ : ~3-4.17) Construction Code Official: Salaries and Wages 312, , , , Other Expenses 35, , , , ,976.68!.!NCLASSIFIED Street Lighting 301, , , , , Telephone (excluding equipment acquisition) 141, , , , , Gasoline 324, , , , , Light, Heat and Power 285, , , , , Fire Hydrant Rent 172, , , , Employee Flex Spending Account 2, , Total Operalions within "CAPS" 29, , 197, , Detail: Salaries and Wages 17, 787, ,894, ,388, , Other Expenses (Including Contingent) 12, 138, ,032, ,809, , , DEFERRED (;HARGES AND!TAT!.!TORY EXPENDIT!,!Rs! M!.!NICIPAL WITHIN "CAP!" Deferred Charges: Prior Year Expenditure W ithout an Appropnation 244, , , Prior Year Bills Legal 75, , , $ 15, Prior Year Bills DPW Overtime Costs 10, , , Statutory Expenditures: Contribution to: Public Employees' Retirement System 590, , , Public Employees' Retirement System. Prior Year's 26, , , Social Security System (0.A.S.t.) 650, , , , Police and Firemen's Retirement System 2,929, ,929, ,929, Police and Firemen's Retirement System Prior Year's 198, , , Defined Contribution Retirement Plan 4, , , Administrative Expenditures Pension Adjustment Fund Total Deferred Charges and Statutory Expenditures Municipal within "CAPS" , , See accompanying notes to financial statements.

30 Exhibit A-3 Sheel 4 of 5 CITY OF ASBURY PARK CURRENT FUND STATEMENT OF EXPENDITURES. REGULATORY BASIS YEAR ENDED DECEMBER 31, 2014 Budgel as Adopted Budge1 After Modification Paid or ~ Encumbered GENERAL GOVERNMENT Total General Appropriations for Municipal Purposes wilhin "CAPS" , $ 34,684, s $ 1,289, Other Operations Excluded from "CAPS": Mainlenance or Free Public Library: Salaries and Wages Other Expenses 308, , , , , , BPP Due to Board of Education 60, Tolal Other Operations Excluded from "CAPS" lnter1ocal Municipal Service Agreemenls. Excluded from "CAPS": Monmoulh County 911 and Dispatch Services , Total lnter1ocal Munic. Service Agreements Exel. from "CAPS" , , Public and Prlvale Programs Offset by Revenues: Asbury Park Board of Education - School Resource Officer Stale of NJ Human Services Mental Health Grant Drive Sober or Get Pulled Over Drunk Driving Enforcemenl Fund 2014 COPS Hiring Program Grant 2011 COPS Hiring Program Grant Recycling Tonnage Grant Walerfront Redevelopers Contribution -Special Police Conlributlon from Private Sources Senior Center Madison Marquette SDA Menu Items Municipal Alliance Grant Sare Streets and Neighborhoods. P.A.l./Camp Clean Communities Program Clean Communilies Program 2014 Municipal Court Alcohol Education and Rehabilitation Fund Multi Purpose Senior Center Edward Byrne Justice Assistance Grant State of NJ Body Armor Grant Youth Employment Training Program 268, , , , , ,073, , , , , , , , , , , , , , , ,073, , , , , , g, , , , , , , , ,073, , , , , , , , , , , , Tola! Public and Private Programs Offsel by Revenues Tolal Operations Excluded from "CAPS" ,230, ,226, Detail: Salaries and Wages Other Expenses 1,936, ,214, , 936, ,294, ,932, ,294, , QAPITAL I MPRQ\l~MENIS f;xq ~!.! l:lel:l EBQM "QAP!;!" Capilal Improvement Fund Total Capital lmprovemenls Excluded from "CAPS" 50, See accompanying notes to financial statements.

31 Ex/11b1t A 3 Sheet 5 of 5 CITY QF AljB!,!RY PARK C!,!RREt!T F!,!ND ljt!it!im~ni QF lixpenqit!,!r!i:i REG!,!LATQRY BASlli YEAR ENDED D!iC!iMBER 31, 2014 Budget BS Budget After Paid or ~ Mod1ftealion ~ Encumbered Canceled GENERAL GOVERNMENT MU!:lll:;IP8~ QlilH :ilirviqe!;xqb!.!ded FRQM "l:;ap:i" Paymen1 or Bond Pnncipal $ 706, $ 706, s 706, Interest on Bonds 445, , , $ 34, n1eres1 on Noles 56, , Interest on Tax Anl1CJpat1on Notes 167, , , Green Trust Loan Program. Loan Repayments for PMcipal and Interest 91, , , MCIA Leese 651, , NJEDA City Yard 38, , Total Munlopel Debt Service El<cJuded rrom "CAPS" , Ql;FjiRR!;Q l:;har~li:i M!.!N IQIPA~ G;XQb!.!QliQ EB.~ Deferred Charges Special Emergency Au1honzabons 5 Years 69, Special Emergency Authonzalions 5 Years Humcane Sandy Total Deferred Charges Municipal ExcJude<l from "CAPS" 189, , Total General Appropnat1ons for Muniopal Purposes Excluded from "CAPS" 5,529, ,608, ,569, $ Total General Appropriations. Exduded from "CAPS" 5,529, ,608, Subtotal General Appropnations 40,213, ,292, ,481, , s 1,289, ResoNo ror Uncollected Taxes Total General Appropriations s , $ 38, $ $ $ 49, B.21. A 2 Below Below 20 A A A 1 Detail Ong1na1 Budget A 2 $ , Special Items ol Anticipated Revenue N.J SA 40A A s Detail Cash D1sbursea 1 A $ 36,201, Reserve for Uncollected Taxes A Appropneted Reserves. Federal and State Grant Fund 16-A , lrlcfease in Prepaid Debt Set'lllce 28 A (246,600 00) Deferred Charges 16 A < s 38,758, See accompanying noles to financial statements.

32 TRUST FUND EXHIBITS

33 Exhibit B CITY OF ASBURY PARK TRUST FUND COMPARATIVE BALANCE SHEETS - REGULATORY BASIS DECEMBER 31, 2014 AND 2013 December 31. ASSETS Ref Animal Control Trust Fund: Cash and Cash Equivalents 1-B $ 11, $ 8, Trust Other Fund: Cash and Cash Equivalents 1-B 6,665, ,374, Investment - At Cost 2-B 22, , Grants Receivable - CDBG 11-B 591, , Due From Federal and State Grant Fund 8-B 1, , ,281, ,902, Total Assets $ 7,293, $ 5,911, LIABI LITES. RESERVES AND FUND BALANCE Animal Control Trust Fund: Reserve for Animal Control Trust Fund Expenditures 3-B $ 8, $ 8, Reserve for Encumbrances 5-B Due to State of New Jersey 4-B Due to Current Fund 16-B 2, , , Trust Other Fund: Reserve for Encumbrances 12-B 292, , Reserves: Various Funds 7-B 3,587, ,463, RCA Programs 9-B 2,608, ,964, Miscellaneous 6-B 9, , CDBG 10-B 338, , Off-Duty Police Services 13-B 92, , Due to State of New Jersey 14-B 4, , Due to Current Fund 15-B 346, ,281, ,902, Total Liabilities, Reserves and Fund Balance $ 7,293, $ 5,911, See accompanying notes to financial statements.

34 GENERAL CAPITAL FUND EXHIBITS

35 Exhibit C CITY OF ASBURY PARK GENERAL CAPITAL FUND COMPARATIVE BALANCE SHEETS - REGULATORY BASIS DECEMBER 31, 2014 AND ASSETS December 31, Ref Cash and Cash Equivalents 1-C,2-C $ 3,983, $ 5,451, Investment in Special Emergency Notes 1-C,2-C 300, , Due from Monmouth County Improvement Authority 14-C 346, , NPP/Community Development Block Grant 12-C 147, , Due from Current Fund 10-C 307, , Deferred Charges to Future Taxation: Funded 3-C 10,334, ,087, Unfunded 4-C 5,712, ,284, Unfunded Capital Lease Obligations 16-C 1,176, ,747, Total Assets $ 22,308, $ , LIABILITIES, RESERVES AND FUND BALANCE Bond Anticipation Notes 13-C $ 3,950, $ 4,950, General Serial Bonds 7-C 9,502, , 142, Due to Federal and State Grant Fund 19-C 336, , Green Acres Loans Payable 8-C 795, , Loan Payable - NJEDA 5-C 37, , Improvement Authorizations: Funded 9-C 505, , Unfunded 9-C 2,301, ,907, Capital Improvement Fund 11-C 45, , Capital Lease Obligations Payable 16-C 1,176, ,747, Reserve for Contractor Contribution 15-C 20, , Reserve for Regional Contribution Agreements 6-C 44, , Reserve for Payment of Bonds 17-C Reserve for Payment of Notes 20-C 758, Reserve for Insurance Proceeds 18-C 1,278, ,278, Reserve for Encumbrances 22-C 628, Contracts Payable 21 -C 887, Fund Balance C-1 40, , Total Liabilities, Reserves and Fund Balance $ 22,308, $ 25,1 47, There were Bonds and Notes Authorized But Not Issued of $1,762, and $333, at December 31, 2014 and 2013, respectively (Schedule 23-C). See accompanying notes to financial statements.

36 Exhibit C-1 CITY OF ASBURY PARK GENERAL CAPITAL FUND STATEMENT OF FUND BALANCE-REGULATORY BASIS YEAR ENDED DECEMBER 31, BALANCE. DECEMBER c $ 31, INCREASED BY Premium on Sale of Bond Anticipation Notes 1-C 8, BALANCE. DECEMBER c $ 40, See accompanying notes to finanical statements.

37 SEWER UTILITY FUND EXHIBITS

38 Exhibit D Sheet 1 of 2 CITY OF ASBURY PARK SEWER UTILITY FUND COMPARATIVE BALANCE SHEETS- REGULATORY BASIS DECEMBER 31, 2014 AND 2013 ASSETS Operating Fund: Cash and Cash Equivalents 1-D $ December 31, (As restated) 410, $ 571, Receivables With Full Reserves: Consumer Accounts Receivable Sewer Liens Receivable 4-D 5-D 1,159, , ,234, , , 171, ,245, Deferred Charges: Operating Deficit D-1,9-D 66, Total Operating Fund 1,649, ,816, Capital Fund: Cash and Cash Equivalents Due from NJ Environmental Infrastructure Trust Fixed Capital Fixed Capital Authorized and Uncompleted Unfunded Capital Lease Obligations 1-D 16-D 3-D 12-D 14-D,15-D 1,279, ,241, ,582, ,305, ,645, , ,241, ,582, ,270, Total Capital Fund 47,408, ,742, Total Assets $ 49,057, $ 51,559, See accompanying notes to financial statements.

39 Exhibit D Sheet 2 of 2 CITY OF ASBURY PARK SEWER UTILITY FUND COMPARATIVE BALANCE SHEETS - REGULATORY BASIS DECEMBER 31 I 2014 AND 2013 LIABILITIES. RESERVES AND FUND BALANCE December 31, Ref (As restated) Operating Fund: Appropriation Reserves D-3 $ 190, $ 9, Due to Asbury Partners, LLC 8-D 9, , Reserve for Encumbrances 21-D 126, , Accrued Interest on Bonds and Notes 17-D 134, , Due to Current Fund 18-D 8, Sewer Overpayments 10-D 7, , , , Reserve for Receivables 1, 171, ,245, Fund Balance D , Total Operating Fund 1,649, ,816, Capital Fund: Bond Anticipation Note Payable 20-D 1,250, ,250, Serial Bonds Payable 13-D 18,430, ,747, Capital Lease Refunding Obligations Payable 14-D 9,215, ,810, Capital Lease Obligations Payable 15-D 1,090, ,460, Reserve for Amortization 6-D 12,868, ,551, Improvement Authorizations: Funded 11-D 69, ,099, Unfunded 11-D 4,475, ,817, Fund Balance D-4 8, , Total Capital Fund 47,408, ,742, $ 49,057, $ 51,559, There were bonds and notes authorized but not issued of $2,584, and $1,584, as of December 31, 2014 and 2013, respectively. (Schedule 22-D). See accompanying notes to financial statements.

40 Exhibit D-1 CITY OF ASBURY PARK SEWER UTILITY OPERATING FUND COMPARATIVE STATEMENTS OF OPERATIONS AND CHANGES IN FUND BALANCE - REGULATORY BASIS FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013 December 31, Ref Revenue and Other Income Realized Fund Balance Utilized D-2 $ 195, $ 82, Sewer Rents D-2 4,501, ,509, lnteresupenalties on Delinquent Accounts D-2 41, , Sewer Connection Fees D-2 24, , Miscellaneous Revenues D-2 38, , Developer's Contribution for Debt Service D-2 685, , Reserve for Payment of Bonds D-2 42, Other Credits to Income: Miscellaneous Revenue Not Anticipated 1-D 1, Unexpended Balance of Appropriation Reserves 7-D 12, , Prior Year's Encumbrance Cancelled 24-D 2, Current Year's Appropriations Cancelled D-3 62, , Total Revenues 5,563, ,594, Expenditures Operating D-3 1,962, ,77 1, Deferred Charges and Statutory Expenditures D-3 77, , Debt Service D-3 3,560, ,579, Refund of Prior Years Revenue 1-D 30, Total Expenditures 5,630, ,463, Excess in Revenue/ Statutory Excess to Fund Balance 130, Deferred Charge - Deficit in Operations D, 9-D $ 66, Fund Balance, January 1 D $ 195, , , , Decreased by: Utilized as Anticipated Revenue D-2 195, Fund Balance, December 31 D $ $ 195, See accompanying notes to financial statements.

41 Exhibit D-2 CITY OF ASBURY PARK SEWER UTILITY OPERATING FUND STATEMENT OF REVENUES REGULATORY BASIS YEAR ENDED DECEMBER 31, 2014 Anticipated Budget Realized (Deficit) Excess Operating Surplus Anticipated Sewer Rents Sewer Connection Fees Miscellaneous Developers Contribution for Debt Service and Administrative Fees $ 195, ,509, , , , $ 195, ,501, , , , $ (7,034.20) (90, ) (15,290.26) 0.66 Total Realized $ 5,599, $ 5,487, $ (112,465.80) Detail: Miscellaneous Revenue: Delinquent Penalties Other Ref. 0-1 D-1 D-3 $ D-1 41, , Above $ 79, See accompanying notes to financial statements.

42 CITY OF ASBURY PARK SEWER UTILITY OPERATING FUND STATEMENT OF EXPENDITURES REGULATORY BASIS YEAR ENDED DECEMBER 31, 2014 Exhibit D-3 Aeeroeriations Adopted Budget After Paid or Budget Modification Charged Reserved Canceled Operating: Salaries and Wages $ 676, $ 676, $ 638, $ 37, Other Expenses 1,230, ,230, ,099, , NJEIT Administrative Fee , , , Total Operating 1,962, ,962, ,775, , Debt Service: Payment of Bond Principal 1,321, ,321, ,321, s 0.21 Interest on Bonds 261, , , Interest on Notes 41, , , , MCIA Capital Lease Principal 1,395, ,395, ,382, , MCIA Capital Lease Interest 540, , , Total Debt Service 3,560, ,560, ,497, , Statutory Expenditures: Contribution to: Public Employees' Retirement System 25, , , Social Security System (0.A.S.I.) 52, , , , Total Statutory Expenditures 77, , Total Sewer Utility Appropriations $ 5,599, $ 5,599, $ 5,346, $ 190, s 62, Ref. D-2 D-2 Below D D-1 Detail of Paid or Charged: Cash Disbursed 1-D $ 4,418, Accrued Interest on Bonds and Notes 17-D 794, Due to Current Fund 18-D 8, Reserve for Encumbrances 21-D 125, Above $ 5, See accompanying notes to financial statements.

43 Schedule D-4 CITY OF ASBURY PARK SEWER UTILITY CAPITAL FUND STATEMENT OF FUND BALANCE - REGULATORY BASIS YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER 31 I 2013 D $ 6, INCREASED BY Premium on Sale of Notes 1-D 2, BALANCE. DECEMBER D $ 8, = ======= See accompanying notes to financial statements.

44 BEACH UTILITY FUND EXHIBITS

45 Exhibit E CITY OF ASBURY PARK BEACH UTILITY OPERATING FUND COMPARATIVE BALANCE SHEETS - REGULATORY BASIS AS OF DECEMBER 31, 2014 AND 2013 December 31, ASSETS Cash and Cash Equivalents 1-E $ 391, $ 154, Total Assets $ 391, $ 154, LIABILITIES. RESERVES AND FUND BALANCE Prepaid Beach Fees Appropriation Reserves Reserve for Encumbrances 4-E E-3 2-E $ 12, , , $ 10, , , , , Fund Balance E-1 232, , Total Liabilities, Reserves and Fund Balance $ 391, $ 154, See accompanying notes to financial statements.

46 Exhibit E-1 CITY OF ASBURY PARK BEACH UTILITY OPERATING FUND COMPARATIVE STATEMENTS OF OPERATIONS AND CHANGES IN FUND BALANCE - REGULATORY BASIS FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013 December 31, Ref Revenue and Other Income Realized Fund Balance Utilized E-2 $ 125, $ 30, Receipts from Municipal Bathing E-2 1,235, ,055, Beach Chair Locker Rentals E-2 64, , Miscellaneous E-2 1, Appropriation Reserves Lapsed 3-E 5, , Total Revenues 1,432, , 128, Expenditures Operating E-3 1,098, , Deferred Charges and Statutory Expenditures E-3 106, , Surplus (General Budget) 200, Total Expenditures 1,205, ,000, Excess in Revenue/ Statutory Excess to Fund Balance 227, , Fund Balance, January 1 E 129, , , , Decreased By: Uitlized as Anticipated Revenue E-2 125, , Transferred to Current Fund 150, , , Fund Balance, December 31 E $ 232, $ 129, See accompanying notes to financial statements.

47 CITY OF ASBURY PARK BEACH UTILITY OPERATING FUND STATEMENT OF REVENUES REGULATORY BASIS FOR THE YEAR ENDED DECEMBER 31, 2014 Exhibit E-2 Anticipated Budget Realized Excess Operating Surplus Anticipated $ Receipts from Municipal Bathing Beach Chair and Locker Rentals Miscellaneous 125, ,050, , $ 125, ,235, , , $ 185, , , Total Realized $ 1,205, $ 1,426, $ 221, Ref. Miscellaneous Revenues: Detail: Interest 1-E E-3 $ E-1 /E-2 1, Receipts from Municipal Bathing Cash Receipt 1-E Prepaid Beach Fees Applied 4-E $ 1,224, , $ 1,235, See accompanying notes to financial statements.

48 Exhibit E-3 CITY OF ASBURY PARK BEACH UTILITY OPERATING FUND STATEMENT OF EXPENDITURES REGULATORY BASIS FOR THE YEAR ENDED DECEMBER 31, 2014 Operating: Salaries & Wages Other Expenses Total Operating Deferred Charges and Statutory Expenditures: Statutory Expenditures: Public Employees Retirement System Social Security System (0.A.S.I.) Unemployment Compensation Insurance Appropriations Adopted Budget After Budget Modification $ 695, $ 695, , , ,098, ,098, , , , , , , Paid or Charged Reserved $ 647, $ 48, , , ,025, , , , , , Total Deferred Charges and Statutory Expenditures 106, , , , Total Beach Utility Appropriations $ 1,205, $ 1,205, $ 1,090, $ 11 4, Ref. E-2 E-2 Detail of Paid or Charged: Cash Disbursed 1-E Reserve for Encumbrances 2-E Above Below $ 1,059, , $ 1,090, E See accompanying notes to financial statements.

49 PARKING UTILITY FUND EXHIBITS

50 Exhibit F CITY OF ASBURY PARK PARKING UTILITY FUND COMPARATIVE BALANCE SHEETS - REGULATORY BASIS DECEMBER 31, 2014 AND 2013 December 31. Ref (As restated) ASSETS Operating Fund: Cash and Cash Equivalents 1-F $ 1, $ 1.288, Capital Fund: Fixed Capital 9-F 808, , Fixed Capital Authorized and Uncompleted 8-F 10, , Due from Current Fund 12-F , Unfunded Capital Lease Obligations 13-F 340, , Total Capital Fund 1, 170, ,386, Total Assets s 2.545, s 2,674, LIABILITIES, RESERVES AND FUND BALANCE Operating Fund: Appropriation Reserves F-3 $ 74, $ 184, Reserve for Encumbrances 3-F , Accounts Payable F Accrued Interest on Notes 5-F 12, , Due to Current Fund 11-F 93, , , Fund Balance F-1 1, ,064, Total Operating Fund 1, ,288, Capital Fund: Improvement Authorizations - Unfunded 7-F 9, , Bond Anticipation Notes 6-F 800, , Capital Lease Obligations Payable 13-F 340, , Reserve for Amortization 10-F 18, Fund Balance F-4 1, , ,386, Total Capital Fund 1, 170, ,386, Total Liabilities, Reserves and Fund Balance s 2,545, s 2, There were no bonds or notes authorized but not issued as of December 31, 2014 and See accompanying notes to financial statements.

51 Exhibit F-1 CITY OF ASBURY PARK PARKING UTILITY FUND COMPARATIVE STATEMENTS OF OPERATIONS AND CHANGES IN FUND BALANCE - REGULATORY BASIS FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013 December 31, Ref Revenue and Other Income Realized Municipal Parking Fees F-2 $ 2,452, $ 1,962, Miscellaneous F-2 7, , Other Credits to Income: Miscellaneous Revenue Not Anticipated F-1 2, Unexpended Balance of Appropriation Reserves 4-F 183, , Total Revenues 2,645, ,092, Expenditures Operating F-3 620, , Capital Improvements F-3 20, Deferred Charges and Statutory Expenditures F-3 42, , Debt Service F-3 284, , Surplus (General Budget) F-3 1,004, , Refund of Prior Year Revenue F Total Expenditures 1,970, ,604, Excess in Revenue/ Statutory Excess to Fund Balance 674, , Fund Balance, January 1 F 1,064, , ,739, ,261, Decreased by: Fund Balance Anticipated by Current Fund 1-F 597, , Fund Balance, December 31 F $ 1,142, $ 1,064, See accompanying notes to financial statements.

52 Exhibit F-2 CITY OF ASBURY PARK PARKING UTILITY OPERATING FUND STATEMENT OF REVENUES REGULATORY BASIS FOR THE YEAR ENDED DECEMBER 31, 2014 Anticipated Budget Realized Receipts from Municipal Parking Miscellaneous $ 1,970, $ 2,452, , $ 482, , Total Realized $ 1,970, $ 2,459, $ 489, Miscellaneous Revenues: Detail: Special Events F-3 1-F $ 7, ======= See accompanying notes to financial statements.

53 Exhibit F-3 CITY OF ASBURY PARK PARKING UTILITY FUND STATEMENT OF EXPENDITURES REGULATORY BASIS FOR THE YEAR ENDED DECEMBER 31, 2014 Appropriations Adopted Budget After Paid or ~ MQl!ifi!d!tion ~ Reserved Operating: Salaries & Wages s 200, s 226, s 219, s 6, Other Expenses 420, , , Total Operating 620, , Capital Improvements: Capital Outlay 20, , , , Total Capital Improvements 20, , Debt Service: Interest on Notes 17, , , Capital Lease , , Total Debt Service , , Statutory Expenditures: Public Employees Retirement System 15, , Social Security System (OAS.I.) 12, , , , Unemployment Compensation Insurance 15, , Total Deferred Charges and Statutory Expenditures 42, Surplus (General Budget) 1,004, ,004, ,004, Total Parking Uldity Appropriations s 1, s 1.970, s 1, s 74, Ref. F-2 F-2 Below F Detail of Paid or Charged: Cash Disbursed 1-F $ 1,627, Reserve for Encumbrances 2-F 51, Accrued Interest on Notes 5-F 17, Above s 1.896, See accompanying notes to financial statements.

54 Exhibit F-4 CITY OF ASBURY PARK PARKING UTILITY CAPITAL FUND STATEMENT OF FUND BALANCE YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER F $ INCREASED BY Premium on Sale of Notes 12-F 1, BALANCE. DECEMBER 31, 2014 F $ 1, ======= See accompanying notes to financial statements.

55 GENERAL FIXED ASSETS ACCOUNT GROUP EXHIBIT

56 CITY OF ASBURY PARK GENERAL FIXED ASSETS ACCOUNT GROUP COMPARATIVE STATEMENTS OF GENERAL FIXED ASSETS - REGULATORY BASIS DECEMBER 31, 2014AND 2013 Exhibit G General Fixed Assets December (As restated) Land $ 11 0,287, $ 110,287, Buildings 22,406, ,406, Vehicles and Equipment 6,608, ,331, $ 139,302, $ 139,026, Investment in General Fixed Assets $ 139,302, $ 139,026, See accompanying notes to financial statements.

57 NOTES TO BASIC FINANCIAL STATEMENTS

58 City of Asbury Park Notes to Basic Financial Statements Years ended December 31, 2014 and Summary of Significant Accounting Policies Reporting Entity The Governmental Accounting Standards Board (GASB) has established criteria to be used to determine which component units should be included in the financial statements of the oversight entity. The Division of Local Government Services, Department of Community Affairs, State of New Jersey ("Division") requires the financial statements of the City of Asbury Park ("City") to be reported separately. The City is an instrumentality of the State of New Jersey, established to function as a municipality. The City Council consists of elected officials and is responsible for the fiscal control of the City. Except as noted below, the financial statements of the City include every board, body, officer or commission supported and maintained wholly or in part by funds appropriated by the City, as required by N.J.S.A. 40A:5-5. Accordingly, the financial statements of the City do not include the operations of the municipal library or the local school district, inasmuch as their activities are administered by separate boards. Description of Funds The GASB is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. GASB codification establishes three fund types to be used by general purpose governmental units when reporting financial position and results of operations in accordance with accounting principles generally accepted in the United States (GAAP). The accounting policies of the City conform to the accounting princi ples applicable to municipalities, which have been prescribed by the Division. Such principles and practices 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. Under this method of accounting, the financial transactions and accounts of the City are organized on the basis of funds and an account group which is different from the fund structure required by GAAP. A fund or account group is an accounting entity with a separate set of self-balancing accounts established to record the financial position and results of operations of a specific government activity. As required by the Division, the City accounts for its financial transactions through the following individual funds and account group: Current Fund - records resources and expenditures for governmental operations of a general nature, including federal and state grant funds. Trust Fund - records the receipts, custodianship and disbursement of monies in accordance with the purpose for which each reserve was established. General Capital Fund - records the receipt and disbursement of funds for the acquisition of general infrastructure and other capital facilities, other t han those acquired through the Current Fund. General bonds and notes payable are recorded in this fund offset by deferred charges to future taxation.

59 City of Asbury Park Notes to Basic Financial Statements Years ended December 31, 2014 and Summary of Significant Accounting Policies (continued) Beach Utility Operating Fund - account for the operation and acquisition of capital facilities of the municipally-owned beach. Parking Utility Operating and Capital Funds - account for the operation and acquisition of capital facilities of the municipally-owned parking facilities. Sewer Utility Operating and Capital Funds - account for the operation and acquisition of capital facilities of the municipally-owned sewer utility. General Fixed Assets Account Group - utilized to account for land, buildings, machinery, equipment and vehicles that have been acquired by other governmental funds, other than utility funds. Basis of Accounting The accounting principles and practices prescribed for municipalities by the State of New Jersey differ in certain respects from GAAP applicable to local governmental units. The more significant accounting policies and differences in the State of New Jersey are as follows: A modified accrual basis of accounting is followed with minor exceptions. Revenues - are recorded when received in cash except for certain amounts which are due from other governmental units. Federal and state grants are realized as revenue when anticipated in the City's budget. Receivables for property taxes are recorded with offsetting reserves on the comparative statements of assets, liabilities, reserves and fund balance - regulatory basis of the City's Current Fund; accordingly, such amounts are not recorded as revenue until collected. Other amounts that are due the City, which are susceptible to accrual are also recorded as receivables with offsetting reserves and record ed as revenue when received. GAAP requires revenues to be recognized in the accounting period when they become susceptible to accrual, reduced by an allowance for doubtful accounts. Expenditures - are recorded on the "budgetary" basis of accounting. Generally expenditures are recorded when an amount is encumbered for goods or services through the issuance of a purchase order in conjunction with the encumbrance accounting system. Unexpended or uncommitted appropriations at December 31 are reported as expenditures through the establishment of appropriation reserves unless cancelled by the governing body. Outstanding encumbrances at December 3 1 are reported as a cash liability in the financial statements and constitute part of the City's statutory appropriation reserve balance. GAAP requires expenditures in the Current Fund to be recognized in the accounting period in which the fund liability is incu rred, if measurable, except for unmatured interest on general long-term debt, which should be recog nized when due. Appropriation Reserves - unexpended appropriation balances are automatically created at December 31st of each year and recorded as liabilities, except for amounts which may be cancelled by the governing body. Appropriation reserves are available, until lapsed at the close of the succeeding year, to meet specific claims, commitments or contracts incurred during the preceding fiscal year. Lapsed appropriation reserves are recorded as income. Appropriations for principal payments on outstanding general

60 City of Asbury Park Notes to Basic Financial Statements Years ended December 31, 2014 and Summary of Significant Accounting Policies (continued) capital and utility bonds and notes are provided on the cash basis; interest on general capital indebtedness is on the cash basis, whereas interest on utility indebtedness is on the accrual basis. Appropriation reserves are not established under GAAP. Encumbrances - contractual orders at December 31 are reported as expenditures through the establishment of encumbrances payable. Under GAAP, encumbrances outstanding at year end are reported as reservations of fund balance because they do not constitute expenditures or liabilities. Deferred Charges - the basis of accounting utilized by the City requires that certain expenditures be deferred, and raised as items of appropriation in budgets of succeeding years. These deferred charges include the two general categories, overexpenditures and emergency appropriations. Overexpenditures occur when expenditures recorded as "paid or charged" exceed available appropriation balances. Emergency appropriations occur when, subsequent to the adoption of a balanced budget, the governing body authorizes the establishment of additional appropriations based on unforeseen circumstances or for other special purposes as defined by statute. Overexpenditures and emergency appropriations are deducted from total expenditures in the calculation of operating results and are established as assets for deferred charges on the Current Fund, Beach Utility Fund, Parking Utility Fund or Sewer Utility Fund balance sheets - regulatory basis. GAAP does not permit the deferral of overexpenditures to succeeding budgets. In addition, GAAP does not recognize expenditures based on the authorization of an appropriation. Instead, the authorization of special purpose expenditures, such as the preparation of tax maps or revaluation of assessable real property, would represent the designation of fund balance. Compensated Absences - expenditures relating to obligations for unused vested accumulated vacation and sick pay are not recorded until paid. GAAP requires that the amount that would normally be liquidated with expendable available financial resources be recorded as an expenditure in the Current Fund and the remaining obligations be recorded as a long-term obligation. Sale of Municipal Assets - the proceeds from the sale of municipal assets can be held in a reserve until anticipated as a revenue in a future budget. GAAP requires such proceeds to be recorded as a revenue in the year of sale. Interfunds - the advances from the Current Fund are reported as interfund receivables 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. GAAP does not require the establishment of an offsetting reserve. Inventories of Supplies - the costs of inventories of supplies for all funds are recorded as expenditures at the time individual items are purchased. The cost of inventories are not included on the various comparative statements of assets, liabilities and fund balance - regulatory basis. GAAP does not require the establishment of an offsetting reserve.

61 City of Asbury Park Notes to Basic Financial Statements Years ended December 31, 2014 and Summary of Significant Accounting Policies (continued) Fixed Capital - Parking and Sewer Utility - the property and equipment purchased by the Parking Utility and Sewer Utility Funds are recorded in its capital account at cost and is adjusted for dispositions and abandonments. The amount reported for reserve for amortization of fixed capital acquired on the balance sheets - regulatory basis of the Parking Utility and Sewer Utility Capital Funds represent the aggregate charges (capital outlay and debt service) to the operating budget and reserve for capital outlay for the costs of the acquisitions of property and equipment and proceeds from grantsin-aid. The Parking Utility and Sewer Utility Funds do not record depreciation of property and equipment. GAAP does not require the establishment of a reserve for amortization of fixed capital, whereas it does require the recognition of depreciation of property and equipment by the Parking Utility and Sewer Utility Funds. Fi xed Assets - Current Fund and Genera l Capital Fund - the property and equipment purchased by the Current Fund and the General Capital Fund are recorded as ex penditures at the time of purchase and are capitalized in the General Fixed Assets Account Group. Regulatory-Basis Financial Statements The GASB Codification also defines the financial statements of a governmental unit to be presented in the basic financial statements to be in accordance with GAAP. The City presents the financial statements listed in the table of contents which are required by the Division and which differ from the financial statements required by GAAP. In addition, the Division requires the financial statements listed in the table of contents to be referenced to the supplementary schedules. This practice differs from GAAP. Comparative Data Comparative data for the prior year has been presented in order to provide an understanding of changes in the City's financial position and operations. However, comparative data has not been presented in each of the statements since their inclusion would make the statements unduly complex and difficult to read. Subsequent Events The City has reviewed and evaluated all events and transactions from December 31, 2014 through August 20, 2015, the date that the financial statements were available for issuance. The effects of those events and transactions that provide additional pertinent information about conditions that existed at December 31, 2014 have been recognized in the accompanying financial statements. 2. Restatements of Financial Statements The City restated its financial statements for the year ended December 31, 2013 to reflect a deobligation of debt by the New Jersey Environmental Infrastructure Trust that was not properly communicated to the City.

62 City of Asbury Park Notes to Basic Financial Statements Years ended December 31, 2014 and Restatements of Financial Statements - (continued) The effects on the Sewer Utility Capital Fund Comparative statements of assets, liabilities, reserves and fund balance - regulatory basis are depicted by the table which follows below: Previously Reported Adjustment Revised Fixed Capital Auth. and Uncompleted Serial Bonds Payable $ 19,154, $ 21,319, (1,572,080.00) $ 17,582, (1,572,080.00) 19, 747, Additionally, the City restated its financial statements for the year ended December 31, 2013 to properly reflect the values of its General Fixed Assets. The effects on the Comparative Statements of General Fixed Assets - regulatory basis are depicted by the table which follows below: Previously Reported Adjustment Revised Fixed Assets Land Buildings Vehicles and Equipment Investment in General Fixed Assets $ 78,157, ,157, $ (78,157,009.00) $ 110,287, ,406, ,331, ,869, ,287, ,406, ,331, ,026, Additionally, the City restated its financial statements for the year ended December 31, 2013 to properly reflect Capital Lease Obligations Payable in the Parking Utility Capital Fund. The effects on the Parking Utility Comparative Balance Sheets - regulatory basis are depicted by the table which follows below: Previously Reported Adjustment Revised Unfunded Capital Lease Obligations Capital Lease Obligations Payable 3. Deposits and Investments Deposits $ $ 576, $ 576, , , New Jersey statutes permit the deposit of public funds in institutions located in New Jersey that are insured by the Federal Deposit Insurance Corporation (FDIC) or by any other agencies of the United States that insure deposits or the State of New Jersey Cash Management Fund. New Jersey statutes require public depositories to maintain collateral for deposits of public funds that exceed insurance limits as follows: The market value of the collateral must equal five percent of the average daily balance of public funds; or If the public funds deposited exceed 75 percent of the capital funds of the depository, the depository must provide collateral having a market value equal to 100 percent of the amount exceeding 75 percent.

63 City of Asbury Park Notes to Basic Financial Statements Years ended December 31, 2014 and Deposits and Investments - (continued) All collateral must be deposited with the Federal Reserve Bank, t he Federal Home Loan Bank Board or a banking institution that is a member of the Federal Reserve System and has capital funds of not less than $25,000,000. Cash and cash equivalents include petty cash, change funds, amounts on deposit and short-term investments with original maturities of three months or less. Investments are stated at cost, which approximates fair value. As of December 31, 2014 and 2013, cash and cash equivalents of t he City consisted of checking and money market accounts and a special emergency self-funded note. The ca rrying amount of the City's deposits at December 31, 2014 was $19,770, (excludes petty cash) and the bank balance was $20,031, Of t his amount, $750, was covered by federal depository insurance and the remaining $19,010, was covered by a collateral pool maintained by the bank as required by New Jersey Statutes in accordance with the New Jersey Governmental Unit Deposit Protection Act ("GUDPA") and $270, was uncollateralized. Th e carrying amount of the City's deposits at December 31, 2013 was $29,462, (excludes petty cash) and the bank balance was $29,976, Of t his amount, $1,000,000 was covered by federal depository insu rance and t he remaining $28,876, was covered by a collateral pool maintained by the bank as required by New Jersey Statutes in accordance with the New Jersey Governmental Unit Deposit Protection Act ("GUDPA"). GASB Statement No. 40 requires that the City disclose whether its deposits are exposed to custodial credit risk ( risk that in the event of fa ilure of t he counterparty, the City would not be able to recover the value of its deposit or investment). Deposits are considered to be exposed to custodial credit risk if they are: uncollateralized (securities are not pledged to the depositor), collateralized with the secu rities held by the pledging financial institution, or collateralized with securities held by t he pledging financial institution's t rust department or agent but not in the name of the City. The City does not have a policy for t he management of custodial credit risk, other than depositing all of its funds in banks covered by GUDPA. At least five percent of the City's deposits were fully collateralized by funds held by the financial institution, but not in the name of the City. Due to the nature of GUDPA, further information is not available regarding t he full amount that is co llat eralized. Investments New Jersey statutes permit the City to purchase the foll owing types of securities. a. Bonds or other obligations of t he United States or obligations guaranteed by the United States. b. Bonds of any Federal Intermediate Credit Bank, Federal Home Loan Bank, Federal National Mortgage Association or of any United States Bank for Cooperatives which have a maturity date not greater than twelve months from the date of purchase.

64 City of Asbury Park Notes to Basic Financial Statements Years ended December 31, 2014 and Deposits and Investments - (continued) c. Bonds and other obligations of the City or bonds or other obligations of school districts, which are part of the City or school districts located within the City. d. Bonds or other obligations, having a maturity date of not more than twelve months from the date of purchase, which are approved by the New Jersey Department of Treasury, Division of Investments. e. Bonds or other obligations of the United States or obligations guaranteed by the United States. f. Bonds of any Federal Intermediate Credit Bank, Federal Home Loan Bank, Federal National Mortgage Association or of any United States Bank for Cooperatives which have a maturity date not greater than twelve months from the date of purchase. g. Bonds and other obligations of the City or bonds or other obligations of school districts, which are part of the City or school districts located within the City. h. Bonds or other obligations, having a maturity date of not more than twelve months from the date of purchase, which are approved by the New Jersey Department of Treasury, Division of Investments. Custodia/ Credit Risk: All of the City's investments are insured or registered in the City's name or held by an entity as its agent in the City's name. The City does not have a policy for custodial credit risk for its investments. Concentration of Credit Risk: The City places no limit on the amount the City may invest in any one issuer. Credit Risk: The City does not have an investment policy regarding the management of credit risk. GASB 40 requires that disclosures be made as to the credit rating of all debt security investments except for obligations of the U.S. Government or investments guaranteed by the U.S. Government. Interest Rate Risk: The City does not have a policy to limit interest rate risk, however, its practice is typically to invest in investments with short maturities. Marketable securities were donated to the Children's Welfare Fund in the Trust Other Fund. These marketable securities are recorded at cost at $22,296.00, which is less than estimated market value. Other than the marketable securities described above, the City had no other investments during 2014 and School Debt The City of Asbury Park Board of Education is a Type II School District. As such, the members of the Board of Education are elected by the citizens of the City and school appropriations are set by a Board of Education. Bonds and notes authorized by voter referendum to finance capital expenditures are general obligations of the Board of Education and, as such, are reported on the comparative statements of assets, liabilities and fund balance - regulatory basis of the Board of Education.

65 City of Asbury Park Notes to Basic Financial Statements Years ended December 31, 2014 and Long-Term Debt The Local Bond Law governs the issuance of bonds to finance general municipal capital expenditures. All bonds issued by the City as general obligation bonds backed by t he full faith and credit of the City. The following represents bonds outstanding: General Capital Fund $6, 145, Bonds due in annual installments of $260, to $ 445, through April 2028 at interest rates ranging from 4% to 4.75% issued under the Municipal Qualified Bond Act. $738, MCIA Refunding Bonds due in a final annual installment of $145,000 on December 1, 2015 at an interest rate of 5.00%. $2,905, MCIA Serial Bonds due in annual installments of $105,000 to $210,000 through January 31, 2031 at interest rates ranging from 2.50% to 4.00%. $341, MCIA Serial Bonds due in annual installments of $14, to $22, through December 1, 2032 at interest rates ranging from 2% to 4%. $1,535, MCIA Refunding Bonds due in annual installments of $183, to $204, through April 1, 2022 at an interest rate of 3.00%. Total General Capital Fund Sewer Utility Capital Fund NJ Environmental Infrastructure Trust 2006 A due in annual installments of $25, to $45, through August 2026 at interest rates ranging from 4% to 5% NJ Environmental Infrastructure Trust - Fund 2006 due in semiannual installments of $1, to $85, through August 2026 at zero interest. NJ Environmental Infrastructure Trust 2007 due in annual installments of $95, to $165, through August 2027 at interest rates ranging from 4.00% to 5.00% NJ Environmental Infrastructure Trust - Fund 2007 due in semiannual installments of $6, to $310, through August 2027 at zero interest. Sewer Utility Bonds 2009 due in annual installments of $10, to $20, through April 2028 at interest rates ranging from 4.00% to 4. 75%. NJ Environmental Infrastructure Trust 2010 due in annual installments of $100, to $265, through August 2028 at interest rates ranging from 3.00% to 5.00% NJ Environmental Infrastructure Trust - Fund 2010 due in semiannual installments of $199, to $399, through September 2029 at zero interest. $ 4,915, , ,590, , ,535, $ 9,502, ================ s 440, ,047, ,660, , 104, , ,835, ,421,505.86

66 City of Asbury Park Notes to Basic Financial Statements Years ended December 3 1, 2014 and Long-Term Debt - (continued) Sewer Utility Capital Fund - (continued) 2012 MCIA Revenue Bonds due in annual installments of $20, to $32, through December 2032 at interest rates ranging from 2.00% to 4.00% $ 447, MCIA Refunding Bonds due in annual installments of 526, to 536, through April 2022 at an interest rate of 3.00% 265, Total Sewer Utility Capital Fund $ 18,430, ======= The following summarizes the changes in long-term debt for 2014 and January (As restated) Increases Decreases December General Improvements Sewer Improvements $ 10, 142, $ 19,747, ,560, $ 2,200, $ 9,502, , ,586, ,430, $ 29,889, $ 1,830, $ 3,787, $ 27,932, January ~ Decreases General Improvements $ 10,817, $ 675, Sewer Improvements 23,329, ,581, $ 34, 147, $ 4,257, $ $ December (As restated) 10,142, ,747, ,889, Borrowing Power Under N.J.S. 40A:2-6 As Amended Equalized valuation basis* - December 31, /2% of equalized valuation basis Net debt Remaining borrowing power $ $ $ 1,280,693, ,824, ,254, ,569, * Equalized valuation basis is the average of the equalized valuation of real estate, including improvements, and the assessed valuation of Class II Rai lroad Property of the City of the last three (3) preceding years.

67 City of Asbury Park Notes to Basic Financial Statements Years ended December 31, 2014 and 2013 s. Long-Term Debt - (continued) Summary of Statutory Debt Condition {Annual Debt Statement) The summarized stat ement of debt condition which follows is prepared in accordance with the required method of setting up the Annual Debt Statement and indicates a statutory net debt of 1.347%. Gross Debt Deductions Net Debt Local School District Debt $ 2,925, $ 2,925, $ Sewer Utility Debt 32,570, ,603, ,966, Parking Utility Debt 800, , General Debt 16,046, , ,288, $ 52,342, $ 35,087, $ 17,254, Net debt $17,254, divided by equalized valuation basis per N.J.S. 40A:2-2, as amended, $1,280,693, equals 1.347%. Summary of Municipal Debt (excluding Type II School Debt) The City's debt is summarized as follows: Issued: General : Bonds, Notes and Loans Parking Utility: Notes Sewer Utility: Bonds and Notes Capital Lease Obligations Total issued Less: Reserve for payment of bonds and notes Net debt issued Authorized but not issued : General: Bonds and not es Sewer Utility: Bonds and notes Total authorized but not issued 2014 $ 14,284, , ,680, ,305, ,070, , ,311, ,762, ,584, ,346, $ 16,037, , , 997, ,270, ,104, ,104, , ,584, ,918, Net bonds and notes issued and authorized but not issued $ 48,658, $ 52,023,056.30

68 City of Asbury Park Notes to Basic Financial St atements Years ended December 31, 2014 and 2013 s. Long-Term Debt (continued) Schedule of Annual Debt Service for Principal and Interest for Bonded Debt Issued and Outstanding Calendar General Caeital Fund ~ ~ Interest Tu1fil 2015 s 723, s 397, s 1,120, , , , , , , , , , , , , 160, ,080, ,240, ,687, , ,089, , , s 9,502, $3,247, $12.749, Calendar Sewer Utiliti'. Caeital Fund Years Principal Interest Total 2015 $ 1, s 243, s 1,589, ,364, , ,592, ,376, , ,587, , , , ,417, , ,592, ,246, , ,859, , 185, , ,339, , , s 18,430, s 1,822, $20.252, Schedule of Sewer Capital Lease Obligations Payable calendar Sew er capital Lease and Refunding Obligations Years Principal Interest Total 2015 s $ s 2.084, ,675, ,081, , , , , ,987, , 775, , , , , s , $1,741, s 12,046,162.50

69 5. Long-Term Debt (continued) Green Trust Loan Agreements City of Asbury Park Notes to Basic Financial Statements Years ended December 31, 2014 and 2013 Year Principal Interest Total 2015 $ 76, $ 15, $ 91, , , , , , , , , , , , , , , , , , $ 795, $ 83, $ 878, Bond anticipation notes Bond Anticipation notes, which are as per the table below, are issued to temporarily finance capital projects, and must be paid off within ten years or retired by the issuance of bonds. Interest Maturity Fund Rate Date Amount General Capital 1.25% Sewer Utility Capital 1.25% Parking Utility Capital 1.25% 6/19/15 6/19/15 6/19/15 $ 3,950, ,250, , $ 6,000, Special emergency notes Interest Description Rate Hurricane Sandy 0.00% Maturity Date 6/28/15 Amount $ 300, $ 300, Fund Balances Appropriated The following fund balances at December 31, 2014 were appropriated in the 2015 budget (as introduced): Current Fund Beach Utility Operating Fund Parking Utility Operating Fund Sewer Utility Operating Fund $ 2,104, , The following fund balances at December 31, 2013 were appropriated in the 2014 budget (as adopted):

70 City of Asbury Park Notes to Basic Financial Statements Years ended December 31, 2014 and Fund Balances Appropriated - (continued) Current Fund Beach Utility Operating Fund Parking Utility Operating Fund Sewer Utility Operating Fund $ 515, , , Property Taxes Property taxes attach as an enforceable lien on property as of January 1. Taxes are levied based on the final adoption of the current year municipal budget, and are payable in four installments on February 1, May 1, August 1 and November 1. The City bills and collects its own property taxes and also the taxes for the Co unty and local school district. The collections and remittance of county and school taxes are accounted for in the Current Fund. City property tax revenues are recog ni zed when collected in cash and any receivables are recorded with offsetting reserves on the comparative statements of assets, liabilities and fund balance - regulatory basis of the City's Current Fund. Taxes collected in advance are recorded as cash liabilities in the financial statements and are as follows: Balance December Prepaid taxes $ 265, $ 223, Pension Plans Substantially, all City employees participate in the Public Employees' Retirement System or the Police and Firemen's Retirement System. The Division of Pensions within the Treasury Department of the State of New Jersey is the administrator of the funds and charges municipalities annually for their respective contributions. The plans provide retirement and disability benefits, annual cost sharing multiple-employer defined benefit plans and as such do not maintain separate records for each municipality in the state and, therefore, the actuarial data for the City is not avail able. The Division of Pensions issues publicly available financial reports for each of the plans that include financial statements and required supplementary information. The reports may be obtained by writing the State of New Jersey, Division of Pensions. Covered employees are required by State statute to contribute a certain percentage of their salary to the plan. Each member's percentage is based on age determined at the effective date of enrollment. In addition, the PERS and PFRS bill the City annually at an actuarially determined rate for its required contribution. The current rate is 6.92% and 10%, respectively, of annual covered payroll. The contribution requirements of plan members and the City are established and may be amended by the Board of Trustees of the respective plan. The City's contributions t o the PERS for t he years ended December 3 1, 2014, 2013 and 2012 were $666,521.54, $703, and $821,480.00, respectively, equal to the required contributions for each year. The City's contributions to the PFRS for the years ended December 31, 2014, 2013 and 2012 were

71 8. Pension Plans - (continued) City of Asbury Park Notes to Basic Financial Statements Years ended December 31, 2014 and 2013 $3,127,757.43, $3,280, and $3,101,098.00, respectively, equal to the required contributions for each year. Other Post-Retirement Benefits Other Than Pension State Health Benefits Program (SHBP) Plan Description: The City contributes to the State Health Benefits Program (SHBP) a cost-sharing, multiple-employer defined benefit post-employment healthcare plan administered by the State of New Jersey Division of Pension and Benefits. SHBP was established in 1961 under N.J.S.A. 52: et seq. to provide health benefits to State employees, retirees, and their dependents. The SHBP was extended to employees, retirees, and dependents of participating local public employers in Loca l employers must adopt a resolution to participate in the SHBP. Rules governing the operation and administration of the program are found in Title 17, Chapter 9 of the New Jersey Administrative Code. SHBP provides medical, prescription drugs, mental health/substance abuse, and Medicare Part B reimbursement to retirees and their covered dependents. The State Health Benefits Commission is the executive body established by statute to be responsible for the operation of the SHBP. The State of New Jersey Division of Pensions and Benefits issues a publicly available financial report that includes financial statements and required supplementary information for the SHBP. That report may be obtained by writing to: State of New Jersey Division of Pensions and Benefits, P.O. Box 295, Trenton, NJ or by visiting their website at htto:// 2013/sbhp-2013.pdf. Plan Coverage: All active employees, including their dependents, are eligible to participate in the SHBP, upon completion of a sixty day waiting period. Retirees with twenty five years or more of active service with t he City are also eligible to participate in t he SHBP. Funding Policy: Participating employers contractually contribute based on the amount of premiums attributable to their retirees. Post-retirement med ica l benefits under the plan have been funded on a pay-as-you-go basis since Prior to 1994, medica l benefits were funded on an actuarial basis. Contributions to pay for the hea lth premiums of participating employees in the SHBP are billed to the City on a monthly basis. Eligible em ployees and retirees have the option of choosing from six medical benefit plans (NJ Direct15, NJ DirectlO, Aetna, FreedomlO, Aetna Freedom15, Aetna HMO or Hori zon HMO) with rates ranging from $ for a single participa nt to $1, for family coverage. The City's contributions to SHBP for post-retirement benefits for the yea rs ended December 31, 2014 and 2013 were $1,299, and $1,433,790.90, res pectively, which equaled the required contributions for each year. Pension Contribution Deferral Th e State of New Jersey enacted Public Law 2009, C.19, which authorizes t he State Department of Treasury, Division of Pensions and Benefits to provide non-state contributing employers the option of paying an amount t hat represents a fifty percent

72 8. Pension Plans - (continued) City of Asbury Park Notes to Basic Financial Statements Years ended December 31, 2014 and 2013 (50%) reduction of the normal and accrued liability payment of the required contributions to the Police and Fire Retirement System (PFRS) and the Public Employees Retirement System (PERS) which would have been due April 1, If the deferral is elected, the amount deferred must be repaid, with interest, over a period of filteen years, beginning in April, 2012; however, the contributing employer is permitted to pay off the obligation at any time by contacting the Division of Pension and Benefits for a payoff amount. The City of Asbury Park elected to defer a portion of its pension contributions as follows: Original Balance Amount Balance Retirement Deferral December 31, Reduced in December 31, System Amount PFRS $ 1,299, $ 1,204, $ 53, $ 1,151, PERS 351, , , , Total $ l,650, $ 1,531, $ 67, $ 1,463, Compensated Absences As discussed in Note 1 and in accordance with accounting principles prescribed by the Division, the cash basis of accounting is followed for recording the City's liability related to unused vacation and sick pay. The City permits certain employees within limits to accumulate unused vacation and sick pay, which may be taken as time off or paid at a later date at an agreed upon rate. The estimated current cost of such unpaid compensation would approximate $3,870, and $3,818, at December 31, 2014 and December 31, 2013 respectively. In accordance with New Jersey accounting principles, this amount is not reported as an expenditure or liability in the accompanying financial statements. 10. Tax Appeals There are several tax appeals pending before the State Tax Court of New Jersey requesting a reduction of assessments for the year 2014 and prior. Any reduction in assessed valuation will result in a refund of prior years taxes in the year of settlement, which may be funded from tax revenues, through the establishment of a reserve or by the issuance of refunding bonds per N.J.S. 40A:2-51. The City has not made a provision for these appeals in the event that the tax reductions are granted. In accordance with the National Council on Governmental Accounting Statement 4, Accounting and Financial Reporting Principles for Claims and Judgments and Compensated Absences, the City charges to current fund operations or a reduction of current tax collections, all state board judgments rendered during the year which will be paid from expendable available resources. The City's share of the County taxes paid on any successful tax appeal would result in appropriate reductions applied against the County tax levy of the following year.

73 City of Asbury Park Notes to Basic Financial Statements Years ended December 31, 2014 and Commitments and Contingencies The City receives financial assistance from the State of New Jersey and t he 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 fi nancial and compliance audits by the grantors. As a result of t hese audits, costs previously reimbursed could be disallowed and require repayment to t he grantor agency. As of December 31, 2014, the City estimates that no material liabilities will result from such audits. The City is involved in certain legal proceedings, the resolution and impact on the financial statements of which, individually or in the aggregate, in the opinion of management as advised by legal counsel, would not be significant to t he accompanying financial statements. 12. Risk Management The City participates in a Joint Insurance Fu nd ("JIF"), which currently serves as administrator of the City's insurance program. The joint insurance pool is a public utility risk pool currently operating as a co mmon risk management and insurance program for municipalities in New Jersey. The JIF covers all City claims in excess of various deductibles and is funded by City budget appropriations to pay for premiums that are assessed annually. The JIF is expected to be self-sustaining through member premiums, of which the City portion is reported as expenditure in the City's financial statements. In addition, t he City is not aware of any claims pending that have a demand in excess of these coverages. There have been no settlements which exceeded insurance coverage for each of the past three fiscal years. 13. Deferred Compensation The City of Asbury Park offers its employees a Deferred Com pensation Plan, created in accordance with the provisions of N.J.S. 43: et.seq. and t he I nternal Revenue Code, Section 457. The plan, available to all municipal employees, permits them to defer of a portion of their sa lary until future years. The deferred compensation is not available to employees until termination, retirement, death or unforeseeable emergency. Statutory and regulatory requirements governing the establishment and operation of Deferred Compensation Plan s have been codified in the New Jersey Administrative Code under the reference N.J.A.C. 5:37. The " Small Business Job Protective Act of 1996" revised several provisions of Section 457 of the Internal Revenue Code. A provision of the act required that all existing plans be modified to provide t hat the funds be held for the exclusive benefit of the participating employees and their beneficiaries. The administrators for the City of Asbury Park Deferred Com pensation Plan are Axa Equitable and Nationwide Financial Solutions. The plan's assets are not the property of the City and therefore are not presented in the financial statements.

74 City of Asbury Park Notes to Basic Financial Statements Years ended December 31, 2014 and Interfund Receivables and Payables The following are reflected as interfund receivables and payables on the va rious statements of assets, liabilities, reserves and fund balance - reg ulatory basis: Current Federal and State Grant General Capital Animal Control Trust Sewer Ut ility Operating Parking Utility Operating Parking Utility Capital Other Trust Interfund Receivable $ 451, ,112, , , Interfund Payable $ , , , , , , $ 1,884, $ 1,884, Leases MCIA Monmouth County Improvement Authority (MCIA) - The City entered into various capital equipment lease programs with MCIA. The leases are for various equipment t hat is owned by the MCIA and to which the City has a bargain purchase option at the end of t he lease period in the amount of $1.00. The following table depicts the principal and interest due on the MCIA leases. Year Ending Dec. 31. Principal Interest Total 2015 $ 598, $ 53, $ 651, , , , , , , , , , , , , , , , $ 1,176, $ 95, $ 1,272, Parking Meter Capital Equipment Leases On June 9, 2011, t he City entered into an equipment lease for 60 Luke Base Parking Meters. The lease term was for 60 months and the monthly lease payment amount is $13, On August 12, 2011 the city entered into a similar lease for 40 additional Luke Base Pa rking Meters. The lease term on the August lease was for 60 months and t he monthly lease payment amount is $

75 15. Leases - (continued) City of Asbury Park Notes to Basic Fi nancial Statements Years ended December 31, 2014 and 2013 Monthly lease payments are funded by t he City's Parking Utility Operating Fund. The total amount of the combined lease obligations unpaid at December 31, 2013 and 2014 was $576, and $340,159.65, respectively. The following table depicts t he principal and interest due on the parking meter capital equipment leases. Year Ending Dec. 31. Principal Interest Total 2015 $ 252, $ 15, $ 267, , , , $ 340, $ 16, $ 356, GASB to be Implemented in the 2015 Fiscal Year In June, 2012, GASB issued Statement No. 68, Accounting and Financial Reporting for Pensions - an amendment of GASB Statement No. 27 ("GASB No. 68"). The primary objective of this Statement is to improve accounting and financial reporting by state and local governments for pensions. It also improves information provided by state and local governmental employers about financial support for pensions that is provided by other entities. This Statement results from a comprehensive review of the effectiveness of existing standards of accounting and financial reporting for pensions with regard to providing decision-useful information, supporting assessments of accountability and interperiod equity, and creating addit ional transparency. The requirements of this Statement will improve the decision-usefulness of information in employer and governmental nonemployer contributing entity financial reports and will enhance its value for assessing accountability and interperiod equity by requiring recognition of t he entire net pension liability and a more comprehensive measure of pension expense. The requirements of this Statement are effective for financial statements for periods ending on or after June 30, The City has not completed the process of evaluating the impact t hat will result from adopting GASB No Deferred Charges to be Raised in Succeeding Years' Budgets Certain expenditures are required to be deferred to budgets of succeeding years. At December 3 1, 2014, the following deferred charges are shown on the Comparative Balance Sheets of t he various funds as follows: Balance Balance to December 31, 2015 Budget Succeeding 2014 Appropriation Budgets Current Fund: Special Emergency Authorizations Per N.J.SA 40A:4-53 $ 369, $ 169, $ 200, Sewer Utility Operating Fund: Deficit in 2014 Operations 66, ,803.66

76 City of Asbury Park Notes to Basic Financial Statements Years ended December 31, 2014 and Non-Recourse Redevelopment Area Bonds In 2013, the City received positive findings from the Local Finance Board regarding the issuance of not to exceed $58,000, in non-recourse redevelopment area bonds. The bonds are not a general obligation of the City. The bonds are not secured by ad valorem taxation. The bonds are secured solely by a pledge of a portion of special assessments the City collects that are generated within a portion of the Waterfront Redevelopment Area. Upon collection, the City records a liability for the pledged portion of the assessment. In March, 2015, the City received positive findings from the Local Finance Board regarding the issuance of an additional not to exceed $1,250, in Redevelopment Area Bonds, Series These bonds, when issued will not be secured by ad valorem taxation and will be secured solely by a pledge of a portion of special assessments the City collects that are generated within a portion of the Waterfront Redevelopment Area (Block 4104 Infrastructure Project).

77 SUPPLEMENTARY DATA

78 CURRENT FUND SCHEDULES

79 Schedule 1-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF CASH AND CASH EQUIVALENTS YEAR ENDED DECEMBER 31, 2014 Ref. Current Fund Grant Fund BALANCE, DECEMBER 31, 2013 A $ 13,546, $ INCREASED BY Taxes Receivable 4-A $ 25,382, Tax Title Liens 5-A 36, Taxes Prepaid 22-A 265, Due from State of New Jersey - Ch.20, P.L A 24, Miscellaneous Revenue Not Anticipated A-2 808, Revenue Accounts Receivable 8-A 22,766, Due from Federal and State Grant Fund 17-A 1,460, Pilot Assessments Due from Emory Realty, LLC 36-A 556, Due from General Capital Fund 27-A 31 7, Due to Parking Utility Capital Fund 7-A 1, Pilot Assessments Due to County 26-A 135, Pledged Pilot Assessments Due to Trustee (RAB) 35-A 99, Tax Overpayments 23-A 11 5, Due from Federal Emergency Management Agency 11-A 147, Payroll Deductions Payable A Special Emergency Notes 31-A 300, Tax Anticipation Note Proceeds 12-A 7,000, ,420, ,966, DECREASED BY 2014 Appropriations A-3 36,201, Appropriation Reserves 19-A 1,129, County Taxes 9-A 3,682, County Added Taxes 3-A 12, Pilot Assessments Due to County 26-A 160, Due from Federal and State Grant Fund 17-A 1, 745, Tax Anticipation Notes Redeemed 12-A 16,000, Reserve for Encumbrances 20-A 1, Reserve for Master Plan Update 24-A 16, Reserve for Hurricane Sandy 33-A 1, Due from Parking Utility Capital Fund 7-A Due to General Capital Fund 27-A 878, Due from Sewer Utility Operating Fund 34-A 8, Local District School Tax 10-A 6,786, Tax Overpayments Refunded 23-A 162, Special Emergency Notes Redeemed 31 -A 400, Pledged Pilot Assessments Due to Trustee 35-A 104, Refund of Prior Year Revenue A-1 22, ,314, BALANCE, DECEMBER 31, A $ 5,652, $

80 Schedule 2-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF CHANGE FUNDS YEAR ENDED DECEMBER 31 I 2014 BALANCE. DECEMBER AND 2014 Ref. A $ = ==== Detail: Tax Collector's Office City Clerk's Office 2-A $ $

81 CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF COUNTY ADDED TAXES PAYABLE YEAR ENDED DECEMBER 31, 2014 Schedule 3-A BALANCE. DECEMBER INCREASED BY 2014 County Added Taxes A A-1,A-2 $ 12, , DECREASED BY Cash Disbursed BALANCE. DECEMBER A A 19, , $ 7, ======

82 Schedule 4-A Sheet 1of2 CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY YEAR ENDED DECEMBER 31, 2014 Balance December !&YY Senior Citizens/ Veterans' Deductions Cancellations Added Collections Allowed/ and Taxes Disallowed Adjustments Transferred to Tax Title Liens Balance December 31, s 12, s 3, s 16, , , , s 25,674, , s 223, $ 28, $ 2, s 76, s 31, s 12, s 25,674, s s 223, s 25,382, s 28, s 2, s 76, $ 31, A 4-A 4-A 22-A 1-A 6-A 5-A A

83 CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF TAXES RECEIVABLE AND ANALYSIS OF PROPERTY TAX LEVY YEAR ENDED DECEMBER 31, 2014 Schedule 4-A Sheet 2 of 2 Analysis of 2014 Tax Levy Tax Yield: General Purpose Tax 4-A $ 25,674, Tax Levy: Local District School Tax 10-A $ 6,785, County Tax 9-A 3,682, Local Tax for Municipal Purposes A-2 14,791, Minimum Library Levy A-2 407, Add: Additional Tax Levied 7, Ref. $ 25,674,005.22

84 Schedule 5-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF TAX TITLE LIENS RECEIVABLE YEAR ENDED DECEMBER 31 I 2014 Ref. BALANCE. DECEMBER A $ 212, INCREASED BY Transfers from Taxes Receivable 4-A $ 76, Interest and Costs on Tax Sale 5-A 2, , , DECREASED BY Collections BALANCE, DECEMBER 31, 2014 A-2/1-A A 36, $ 255,

85 CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF DUE FROM STATE OF NEW JERSEY PER CHAPTER 20, P.L YEAR ENDED DECEMBER 31, 2014 Schedule 6-A BALANCE, DECEMBER 31, 2013 Ref. A $ 7, INCREASED BY Senior Citizens Deductions Per Tax Billing 4-A $ 11, Veterans Deductions Per Tax Billing 4-A 16, , , DECREASED BY Cash Receipt 1-A 24, Senior Deductions Disallowed by Collector A-1 3, , BALANCE, DECEMBER 31, 2014 A $ 7,310.62

86 Schedule 7-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF DUE TO PARKING UTILITY CAPITAL FUND YEAR ENDED DECEMBER 31, Ref. BALANCE. DECEMBER A $ INCREASED BY Cash Received by Current Fund in Error 1-A DECREASED BY Cash Disbursed by Current Fund on Behalf of Parking Utility Capital Fund 1-A BALANCE, DECEMBER 31, 2014 A $ 10, , , ,426.81

87 Schedule 8-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF REVENUE ACCOUNTS RECEIVABLE YEAR ENDED DECEMBER Balance Balance December31, Accrued December 31, Ref in 2014 Realized 2014 Licenses: Alcoholic Beverages A-2 s 104, s 104, Other A-2 106, , Fees and Permits A-2 262, , Fines and Costs: Municipal Court A-2 s 58, ,071, ,049, $ 80, Interest and Costs on Taxes A-2 88, , Interest on Investments and Deposits A-2 10, , Asbury Towers in Lieu of Taxes A-2 165, , Consolidated Municipal Property Tax Relief A-2 8,449, ,449, Energy Receipts Tax A-2 5,043, ,043, Transitional Aid A-2 2,300, ,300, Ambulance Service Reimbursement A-2 517, , Springwood Ave. Senior Center Conlrib. for Debt Servi< A-2 78, , Insurance Refunds A-2 102, , Uniform Construction Code A-2 323, , Uniform Fire Safety Act A-2 39, , Cable Television Franchise Agreement A-2 187, Transportation Center Lease A-2 16, , Zoning A-2 9, , Transfer of Title A-2 34, , Variance Fees A-2 31, , Lot Cleaning A-2 2, , Cookman Avenue Parking Garage - In Lieu of Taxes A-2 83, , Utility Operating Surplus of Prior Year - Parking A-2 597, , Anticipated Utility Operating Surplus - Parking A-2 1,004, , Payments in Lieu of Taxes - Redevelopment A-2 1,566, ,566, Hotel Occupancy Tax A-2 162, , Payments in Lieu of Taxes: 550 Cookman Avenue A-2 81, , Emory Realty, LLC A-2,A , , Vive A-2 175, , Paramount Homes A , s 58, s s , s Ref. A Below A Detail: Cash Receipts 1-A $ 22,766, Received from Emory Realty, LLC 36-A 556, Interest Received from General Capital Fund 27-A 10, Above s 23,333,847.94

88 Schedule 9-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF COUNTY TAXES PAYABLE YEAR ENDED DECEMBER 31, 2014 INCREASED BY 2014 Tax Levy: General County County Health County Open Space Preservation A-1,A-2,4-A $ 3,427, , , $ 3,682, DECREASED BY Cash Disbursements 1-A $ 3,682,122.68

89 CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF LOCAL DISTRICT SCHOOL TAX PAYABLE (OVERPAID) YEAR ENDED DECEMBER 31, 2014 Schedule 10-A Ref. BALANCE. DECEMBER A $ INCREASED BY Levy Certified By County Tax Board Calendar Year 2014 A-1,A-2,4-A 6,785, ,785, DECREASED BY Cash Disbursed 1-A 6,786, BALANCE, DECEMBER 31, 2014 A,A-1 $ {1,643.00}

90 Schedule 11 -A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF DUE FROM FEDERAL EMERGENCY MANAGEMENT AGENCY YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER DECREASED BY Cash Receipts BALANCE. DECEMBER A 1-A A $ 711, , $ 563, =======

91 Schedule 12-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF TAX ANTICIPATION NOTE PAYABLE YEAR ENDED DECEMBER 31, BALANCE. DECEMBER A $ 9,000, INCREASED BY Tax Anticipation Note Issued 1-A 7,000, ,000, DECREASED BY Tax Anticipation Notes Redeemed 1-A 16,000, BALANCE. DECEMBER A $ =====

92 Schedule 13-A CITY OF ASBURY PARK FEDERAL AND STATE GRANT FUND SCHEDULE OF RESERVE FOR ENCUMBRANCES YEAR ENDED DECEMBER 31 I 2014 Ref. BALANCE. DECEMBER A $ 654, INCREASED BY Transfer from Grants - Appropriated Reserve 15-A 64, , DECREASED BY Cash Disbursed by Cu rrent Fund 17-A $ 653, Cancelled 15-A , BALANCE, DECEMBER 31, 2014 A $ 64,168.58

93 CITY OF ASBURY PARK FEDERAL AND STATE GRANT FUND STATEMENT OF RESERVE FOR STATE AND FEDERAL GRANTS - UNAPPROPRIATED YEAR ENDED DECEMBER 31, 2014 Schedule 14-A Balance December 31, 2013 Received Federal: Edward Byrne Justice Assistance $ 52, Multi-Purpose Senior Center 31, Realized Balance as December 31, Revenue 2014 $ 52, , State: Hazardous Discharge Site Remediation 38, EDA - Cyber District 16, Recycling Tonnage Grant: 2014 $ 31, , Clean Communities Program 30, Alcohol Education and Rehabilitation Fund NJDOT - North Beach Boardwalk Local Aid 50, EDA - Sideway Grant 7, Drunk Driving Enforcement Fund 5, Local: Redeveloper Contribution - Special Police 75, $ 12, , , , , , , , , Total $ 320, $ 31, Ref. A 17-A $ 48, $ 303, A A

94 CITY OF ASBURY PARK SCHEDULE OF APPROPRIATED RESERVES FOR FEDERAL AND STATE GRANT FUND YEAR ENDED DECEMBER 31, 2014 Schedule 15-A Sheet 1of4 Transferred from 2014 Budget Appropriations Prior Yea(s Gran1 N.J. Dept of Human Services-Mental Heahh Grant: 2009 $ Balance January 1, , s Budget 114, Appropriation By 40A:4-87 s Expended , , s Encumbrances Cancelled s Cancelled 10, s Balance December 31, Clean Communities Program: , , , , , t , Green Communities Program , , Monmouth County Open Space Program , , Recycling Tonnage Grant 45, , , , NJ Dept or Law and Public Safety Body Armor Replacement 2009 Body Armor Replacement 2011 Body Armor Replacement 2012 Body Armor Replacement 2013 Body Armor Replacement , , , $ 7, , , , , ,669.86

95 CITY OF ASBURY PARK SCHEDULE OF APPROPRIATED RESERVES FOR FEDERAL AND STATE GRANT FUND YEAR ENDED DECEMBER 31, 2014 Sched!,!le 15-A Sh!;lel 2 of 4 Transferred from 2014 Grant NJ Department of Transportation: Transportation Center Improvements Transportation Trust - Other Local Aid - Drummond and Prospect Urban Aid s Budget Appropriations Balance Appropriation January 1, 2014 Budget By 40A:4-87 Expended 62, , , , Prior Yea~s Encumbrances Balance Cancelled Cancelled December 31, 2014 $ 62, , $ 250, , , NJ Economic Development Authority: Hazardous Discharge Site Remediation: Other Springwood Avenue 2012 Block 36 Project 6, , , , , , , , , NJ Highway Safety: Drunk Driving Enforcement Fund Drunk Driving Enforcement Fund Drunk Driving Enforcement Fund Drunk Driving Prevention Program Pedestrian Safety Act Over the Limit Under Arrest Drive Sober or Get Pulled Over Drive Sober or Get Pulled Over s $ 5, , , , $ 7, , , , , , , , , NJ Alcohol Education and Rehabilitation Fund: , U.S. Department of Justice: COPS Hiring Recovery Program COPS Hiring Recovery Program COPS Hiring Recovery Program , , ,073, , , , , , , ,634.30

96 CITY OF ASBURY PARK SCHEDULE OF APPROPRIATED RESERVES FOR FEDERAL AND STATE GRANT FUND YEAR ENDED DECEMBER 31, 2014 ~1<hedule 15-A ~h!!et 3 of 4 Transferred from 2014 Balance Budget Appropriations Appropriation PriorYea(s Encumbrances Balance Grant Jushce Assistance Grant Justice Assistance Grant - Local Solicitation Justice Assistance Grant Justice Assistance Grant Justice Assistance Grant Ed Byrne Justice Assistance Grant Ed Byrne Justice Assistance Grant s January 1, 2014 Budget By40A:4-87 Expended 3, , , s 19, , , s 27, , Cancelled Cancelled December 31, 2014 s 3, , , URBAN ENTERPRISE ZONE: Old Man Rafferty's Fire Truck Program Phase VI Fire Truck Program Phase VI Administrative Charges LED - Street Lighting Project Website Design 25, , , , , , , , , , $ 50, , , , , Sare Streets/Neighborhoods - P.A.L./CAMP 29, , , Youth Employment Training Program Multi Purpose Senior Center Senior Center Contribution - Private Source Department of Homeland Security: FEMA - Assistance to Firefighters Canine Unij Grant , s 63, , , , , , , , , NJDOL - National Emergency Grant 10, , , Municipal Alliance Grant Madison Marquette Redeveloper - Special Police Madison Marquette Redeveloper - SDA Items 6, , , , , , s , ,000.00

97 Schedule 15-A Sheet 4 of 4 CITY OF ASBURY PARK SCHEDULE OF APPROPRIATED RESERVES FOR FEDERAL AND STATE GRANT FUND YEAR ENDED DECEMBER 31, 2014 Transferred from 2014 Budget Appropriations PriorYea(s Balance Appropriation Encumbrances Balance Grant Asbury Park Board of Education: Foot Patrol School Resource Officers Municipal Recycling Grant Waterfront Redeveloper - Special Police Waterfront Redeveloper - Police Contribution $ January 1, 2014 Budget By 40A:4-87 Expended 65, $ 268, $ 268, , , , , Cancelled s s Cancelled 65, s December 31, , , , Totals $ 2.198, s s $ 1, 155, s s 765, s 2.388, Detail of Paid or Charged: Cash Disbursed Reserve for Encumbrances Ref. 17-A 13-A A A-2,A-3 A-2,A-3 Below $ 1,091, , A 18-A A Above $ 1,

98 Schedule 16-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF DEFERRED CHARGES YEAR ENDED DECEMBER 31, 2014 Total 2013 Expenditure Without an Appropriation Special Emergency Special Emergency Severance Hurricane Sandy Ref. BALANCE. DECEMBER A $ DECREASED BY Raised in 2014 Budget A-3 BALANCE, DECEMBER 31, 2014 A $ 539, $ 244, , , , $ $ 139, $ 400, , , $ 69, $ 300,000.00

99 Schedule 17-A CITY OF ASBURY PARK FEDERAL AND STATE GRANT FUND SCHEDULE OF DUE FROM CURRENT FUND YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER 31, 2013 A $ 966, INCREASED BY Cash Disbursed 1-A Cash Received by Parking Utility Operating Fund 30-A Cash Received in Current Fund: Unappropriated Grants 1-A/14-A Federal and State Grants Receivable 1-A/18-A $ , , ,429, ,554, DECREASED BY Cash Disbursed - Reserve for Encumbrances Cash Disbursed - Appropriated Reserves 2,521, A/1 3-A 653, A/15-A 1,091, ,745, BALANCE. DECEMBER 31, 2014 A $ 776,179.41

100 CITY OF ASBURY PARK FEDERAL AND STATE GRANT FUND SCHEDULE OF GRANTS RECEIVABLE YEAR ENDED DECEMBER 31, 2014 Schedule 18-A Sheet 1of2 Federal: 2014 Balance Budget Balance December 31, Revenue Unappropriated December 31, Grant 2013 Realized Received Cancelled Reserve Aeelied 2014 U.S. Department of Justice COPS Hiring Recovery Program $ 498, $ 498, COPS Hiring Recovery Program , $ 1,073, $ 375, $ 750, COPS Hiring Recovery Program , , , Edward Byrne Memorial Justice Assistance 25, , , , CDBG- Essential Services Grant 350, , Youth Employment Training Program 63, , Multi-Purpose Senior Center 31, , FEMA: Assistance to Firefighters 89, , Assistance to Firefighters , , Operations and Safety Program , Total Federal Grants 1,075, , , , State: NJ Department of Human Services - Mental Health Grant: , , , , , Click it or Ticket Urban Enterprise Zone: 2012 Fire Truck 50, , NJ Highway Traffic Safety Grant - Yo u Drink, You Lose 5, , NJ Commerce Commission - Gateway Sign - Additional 10, , Hazardous Discharge Site Remediation - Blk 36 Project 22, , Hazardous Site Discharge Remediation - #P , , Hazardous Site Discharge Remediation - # P , , NJDOT : Transportation Center Improvements 80, , , Transportation Trust - Urban A id 49, , Transportation Trust - Other 7, , NJ Green Communities 3, , NJ Safe Street & Neighborhoods - P.A.L,/CAMP 29, , Recycling Tonnage Grant 12, $ 12, Drunk Driving Prevention Program , , Alcohol Education & Rehabilitation Fund

101 CITY OF ASBURY PARK FEDERAL ANO STATE GRANT FUND SCHEDULE OF GRANTS RECEIVABLE YEAR ENDED DECEMBER 31, 2014 Schedule 18-A Sheet 2 of Balance Budget Balance December 31, Revenue Unappropriated December 31, Grant 2013 Realized Received Cancelled Reserve A(!(!fied 2014 Body Armor Replacement Fund: 2014 s 7, s 7, $ 3, , s s , Drive Sober or Get Pulled Over: Other 4, , Laber Day , , Holiday Crackdown , , Municipal Alliance - Drug and Alcohol Abuse 10, , , , Clean Communities Program: , $ 30, Drunk Driving Enforcement Fund 5, , NJ Department of Labor - National Emergency Grant 13, , , Total State Grants 337, , Local/County Grants: Redeveloper's Contribution - Relocation Officer , Redevelopers Contribu1ion - Special Police 150, , Madison Marquestte - SDA Menu Items 71, , Private Source - Senior Center 41, , County or Monmouth - Open Space , Asbury Park Board of Education: Foot Patrol , , , School Resource Officers , , Total Local/County Grants , , , Total Grants $ 1, $ 2, 111, s $ 765, s 48, s 1.653, Detail: Original Budget A 2 $ 2,032, Added by NJSA 40A:4-87 A-2,17-A 79, Ref. A Below Below 1~A 14-A A Above $ 2, 111,633.03

102 Schedule 19-A Sheet 1 of 3 CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF 2013 APPROPRIATION RESERVES YEAR ENDED DECEMBER 31, Salaries and Wages: Operations - Within "CAPS": General Administration Mayor and Council Municipal Clerk Financial Administration Tax Assessment Administration Revenue Administration Zoning Board of Adjustment Engineering Services Code Enforcement Police Department Fire Department Streets and Roads Solid Waste Collection Parks and Recreation Welfare and Public Assistance Buildings and Grounds Municipal Court Community Development Office Senior Center Uniform Construction Code - By Dedicated Revenues (N.J.A.C. 5: ) Balance December 31, 2013 Balance Appropriation Reserve for After Reserves Encumbrances Transfers $ 17, $ 2, , , , , , , , , , , , , , , , , , , , , , , , , , , Paid or Charged $ 12, , , , $ Balance Lapsed 2, , , , , , , , , , , , , , Total Salaries and Wages 492, , , ,180.79

103 Schedule 19-A Sheet 2 of 3 CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF 2013 APPROPRIATION RESERVES YEAR ENDED DECEMBER 31, 2014 Balance December 31, 2013 Appropriation Reserve for Reserves Encumbrances Balance After Transfers Paid or Charged Balance Lapsed Other Expenses: Operations - W ithin "CAPS": General Administration Mayor and Council Municipal Clerk Charter Study Commission Financial Administration Audit Services Tax Assessment Administration Economic Development Revenue Administration Legal Services and Costs Engineering Services Cable TV Advisory Committee Planning Board Zoning Board of Adjustment Code Enforcement Liability Insurance Worker Compension Insurance Unemployment Insurance Employee Group Insurance Payment for Health Insurance Opt Out Fire Department Police Department Welfare and Public Assistance Uniform Construction Code - 15, , , , , , , , , , , , , , , , , , , , , , , , , , $ 9, $ 26, , , , $ 20, , , , , , , , , , , , , , , , , , , , $ 6, , , , , , , , , , , , , , , $ 13, , , , , , , , , , , , , , ,431.69

104 Schedule 19-A Sheet 3 of 3 CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF 2013 APPROPRIATION RESERVES YEAR ENDED DECEMBER 31, 2014 Balance December 31, 2013 Balance Appropriation Reserve for After Reserves Encumbrances Transfers By Dedicated Revenues (N.J.A.C. 5: ) 17, , , Streets and Road Maintenance 42, , , Solid Waste Collection 48, , , Buidlings and Grounds 2, , , Light, Heat and Power 32, , , Fire Hydrant Rent Employee Flex Spending Account 5, Street Lighting 28, , , Telephone , , Gasoline 13, , , Recreation Services and Programs 8, , , Municipal Court 14, , , Senior Center 54, , , Statutory Expenditures Contribution to: Social Security System (0.A.S.I.) 12, , Defined Contribution Retirement Plan 1, Pension Adjustment Fund Police and Fire Retirement System 27, , Administrative Expenses Maintenance of Free Public Library Legal Prior Year's Bills , Total Other Expenses , , Grand Total $ 1,220, $ 419, $ 1,640, Ref. A A Detail Paid or Charged: Cash Disbursed 1-A Reserve for Encumbrances 20-A Above Paid or Charged 1, , , , , , , , , , , $ 1,134, $ Below $ 1,129, , $ 1, 134, Balance Lapsed 16, , , , , , , , , , , , , , A-1

105 CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF RESERVE FOR ENCUMBRANCES YEAR ENDED DECEMBER 31, 2014 Schedule 20-A BALANCE. DECEMBER Ref. A $ 420, INCREAS ED BY 2014 Budget Appropriations Charged A-3 $ 471, Appropriation Reserves Charged 19-A 5, DECREASED BY Transfer to Appropriation Reserves 19-A 41 9, Cash Disbursed 1-A 1, , , , BALANCE, DECEMBER 31, 2014 A $ 477,144.02

106 Schedule 21-A CITY OF ASBURY PARK FEDERAL AND STATE GRANT FUND SCHEDULE OF DUE FROM GENERAL CAPITAL FUND YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER AND 2014 A $ 336,422.65

107 Schedule 22-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF PREPAID TAXES YEAR ENDED DECEMBER 31 I 2014 BALANCE. DECEMBER INCREASED BY 2015 Prepaid Taxes Received A 1-A $ 223, , DECREASED BY Applied to 2014 Taxes BALANCE. DECEMBER A A 489, , $ 265,368.56

108 Schedule 23-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF TAX OVERPAYMENTS YEAR ENDED DECEMBER 31, 2014 Ref. BALANCE. DECEMBER 31, 2013 A $ 401, INCREASED BY Cash Receipts 1-A DECREASED BY Cash Disbursed 1-A 115, , , BALANCE, DECEMBER 31, 2014 A $ 355,040.80

109 CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF RESERVE FOR MASTER PLAN UPDATE YEAR ENDED DECEMBER 31, Schedule 24-A BALANCE, DECEMBER 31, 2013 DECREASED BY Cash Disbursed A $ 1-A 16, , BALANCE, DECEMBER 31, 2014 A $==== =

110 Schedule 25-A CITY OF ASBURY PARK FEDERAL AND ST ATE GRANT FUND SCHEDULE OF DUE TO TRUST OTHER FUND YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER AND 2014 A $ ==1=,9=9=3.=51=

111 Schedule 26-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF PILOT ASSESSMENTS DUE TO COUNTY YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER 31 I 2013 INCREASED BY Pilot Assessments Received - 5% County Portion DECREASED BY Cash Disbursements A $ 1-A 1-A 32, , , , BALANCE. DECEMBER 31 I 2014 A $ 8, ==:::::::::::==

112 Schedule 27-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF DUE TO GENERAL CAPITAL FUND YEAR ENDED DECEMBER 31, 2014 Ref. BALANCE, DECEMBER A $ 878, INCREASED BY Interest Earned by General Capital Fund 8-A $ 10, FEMA Proceeds Received in Error by Current Fund 1-A 307, , DECREASED BY Cash Disbursed - Prior Year's lnterfund 1-A 878, Cash Receipt - Current Year's Interest 1-A/8-A 10, ,195, , BALANCE, DECEMBER 31, 2014 A $ 307,297.60

113 Schedule 28-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF PREPAID DEBT SERVICE COMPTRAAID YEAR ENDED DECEMBER 31, BALANCE. DECEMBER A $ 390, INCREASED BY Increase in Prepaid Debt Service A-3 246, BALANCE. DECEMBER A $ = ====6=3::::: 6,=7=50=.0=0=

114 Schedule 29-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF OTHER LIENS RECEIVABLE - NEW VERSAILLES YEAR ENDED DECEMBER 31 I 2014 BALANCE. DECEMBER 31 I 2013 A $ INCREASED BY Pilot Charges Transferred to Lien Interest and Costs on Lien 29-A 29-A $ 199, , , , DECREASED BY Cancelled 29-A 37, BALANCE, DECEMBER 31, 2014 A $ ==1=7=4,=47=8=.8=7=

115 Schedule 30-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF DUE FROM PARKING UTILITY OPERATING FUND YEAR ENDED DECEMBER 31, 2014 Ref. BALANCE. DECEMBER A $ INCREASED BY Cash Received by Parking Utility Operating Fund in Error A-1,17-A 93, BALANCE, DECEMBER 31, 2014 A $ 93,770.15

116 CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF SPECIAL EMERGENCY NOTES PAYABLE YEAR ENDED DECEMBER 31, 2014 Schedule 31-A Emergency Description Date of Issue Balance Date of Interest December 31, Maturity Rate 2013 Increased Balance December 31, Decreased 2014 Hurricane Sandy 6/28/2013 Hurricane Sandy 6/27/2014 6/27/ % $ 400, /28/ % $ 300, $ 400, $ 300, $ 400, $ 300, Ref. A 1-A $ 400, $ 300, A A

117 CITY OF ASBURY PARK FEDERAL AND STATE GRANT FUND SCHEDULE OF DUE TO GRANTOR YEAR ENDED DECEMBER 31, 2014 Schedule 32-A BALANCE. DECEMBER AND 2014 A $ ===8=,0=96= =85=

118 Schedule 33-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF RESERVE FOR HURRICANE SANDY YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER 31, 2013 A s 18, DECREASED BY Cash Disbursed 1-A 1, BALANCE, DECEMBER A $ 16, =====

119 Schedule 34-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF DUE FROM SEWER UTILITY OPERATING FUND YEAR ENDED DECEMBER 31 I 2014 BALANCE. DECEMBER A $ INCREASED BY Cash Disbursed on Behalf of Sewer Utility Operating Fund A-1,1-A 8, BALANCE, DECEMBER 31, 2014 A $ ====8,=73=7=.5=0=

120 Schedule 35-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF PLEDGED PILOT ASSESSMENTS DUE TO TRUSTEE {RAB) YEAR ENDED DECEMBER 31, BALANCE. DECEMBER A $ 6, INCREASED BY Cash Receipts 1-A 99, DECREASED BY Cash Disbursed BALANCE, DECEMBER A A 105, , $ 1, ========

121 Schedule 36-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF PILOT ASSESSMENTS DUE FROM EMORY REAL TY, LLC YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER 31, 2013 A $ 603, DECREASED BY Cash Receipt 1-A,8-A 556, BALANCE. DECEMBER 31, 2014 A $ 46, ===== =

122 Schedule 37-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF DUE FROM ANIMAL CONTROL TRUST FUND YEAR ENDED DECEMBER 31 I 2014 Ref. BALANCE. DECEMBER A $ INCREASED BY Excess in Reserve for Animal Control Expenditures 16-B 2, BALANCE, DECEMBER A $ 2,785.32

123 Schedule 38-A CITY OF ASBURY PARK CURRENT FUND SCHEDULE OF DUE FROM TRUST OTHER FUND YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER A $ INCREASED BY Cash Received by Trust Other Fund 15-B 346, BALANCE. DECEMBER A $ 346, ======

124 TRUST FUND SCHEDULES

125 CITY OF ASBURY PARK TRUST FUND SCHEDULE OF CASH AND CASH EQUIVALENTS YEAR ENDED DECEMBER 31, 2014 Schedule 1-B Animal Trust Ref. Control Other BALANCE. DECEMBER 31 I 2013 B $ 8, $ 5,374, INCREASED BY Dog License Fees 3-B $ 4, Due from CDBG , Various Reserves 7-8 3,972, State of New Jersey - Dog License Fees Due to State of New Jersey 14-B 23, Interest on Investments 9-8 9, Due from Current Fund , Off Duty Police Services , , ,160, , ,534, DECREASED BY Expenditures Under R.S. 4: RCA Programs 9-B 337, Reserve for CDBG 10-B 381, Various Reserves 7-B 2,632, Reserve for Encumbrances 5-B, , Due to State of New Jersey 4-B, , Off Duty Police Services 13-B 464, , ,869, BALANCE, DECEMBER 31, 2014 B $ 11, $ 6,665,691.23

126 Schedule 2-B CITY OF ASBURY PARK TRUST OTHER FUND SCHEDULE OF INVESTMENTS YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER 3t 2013 AND 2014 B $ 22,296.00

127 Schedule 3-B CITY OF ASBURY PARK ANIMAL CONTROL TRUST FUND SCHEDULE OF RESERVE FOR ANIMAL CONTROL TRUST FUND EXPENDITURES YEAR ENDED DECEMBER 31, 2014 Ref. BALANCE. DECEMBER B $ 8, INCREASED BY Dog License Fees - Municipal Portion Prior Year' Encumbrance Cancelled Late Fees and Miscellaneous 1-B 5-B 1-B $ 3, , DECREASED BY Expenditures Under R.S. 4: Reserve for Encumbances Excess Due to Current Fund 1-B 5-B 16-B , , , BALANCE, DECEMBER 31, 2014 B $ 8, $ 6, , $ 8, AUDITOR'S NOTE R.S. 4: "There shall be transferred from such special account to the general funds of the Municipality any amounts then in such account which is in excess of the total amount paid into such special account during the last two fiscal years next preceding."

128 Schedule 5-B CITY OF ASBURY PARK ANIMAL CONTROL TRUST FUND SCHEDULE OF RESERVE FOR ENCUMBRANCES YEAR ENDED DECEMBER 31, 2014 Ref. BALANCE. DECEMBER B $ INCREASED BY Animal Control Reserve Charged 3-B DECREASED BY Disbursed 1-B $ Cancelled 3-B BALANCE, DECEMBER 31, 2014 B $

129 Schedule 6-B CITY OF ASBURY PARK TRUST OTHER FUND SCHEDULE OF MISCELLANEOUS RESERVE YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER AND 2014 B $ 9, =======

130 CITY OF ASBURY PARK TRUST FUND STATEMENT OF VARIOUS RESERVES YEAR ENDED DECEMBER 31, 2014 Schedule 7-B Sheet 1 of 2 Balance Balance December 31, December 31, 2013 Increased Decreased 2014 Public Defender Fees $ 6, $ 2, $ 8, Animal Welfare Child Welfare 80, , , Bid Deposits City Property 12, , Unemployment Compensation Insurance 241, , $ 109, , Planning Board Escrow 299, , , , Tax Sale Premiums 663, ,961, , , 163, Outside Liens 40, ,431, ,422, , MD Sass Waterfront Redevelopment Community Senior Center Donations 78, , Law Enforcement Trust - Federal Law Enforcement Trust 52, , , , POAA 41, , , , Shade Tree Trust , Recreation 43, , , , Wesley Lake Urban Renewal Phase I Operation Warm Beds Fire Prevention Life Hazard 45, , , , th of July 12, , Canine Vest Fund 1, , Senior Citizens 41, , , Canine Car Fund Affordable Housing 484, , , , AGTO, LLC Performance Bond 14, , NJ American Water Performance Bond 11, , NJ Natural Gas Performance Bond 11, , Beach Urban Renewal Inspection Beach Urban Renewal Escrow 20, , Metro Homes Escrow Boxing Facility Madison Asbury Retail Escrow 47, , , , Madison Wesley Retail Escrow 29, , , Special Events 1, , Rain Garden 3, , , Fire House Bldg. Donation 3, , A.P. Beautification Recreation - Tennis Charitable Donations Hurricane Sandy 31, ,000.00

131 CITY OF ASBURY PARK TRUST FUND STATEMENT OF VARIOUS RESERVES YEAR ENDED DECEMBER 31, 2014 Schedule 7-B Sheet 2 of 2 Community Initiative Street Openings Elections PAUCadet Program I-Star Waterfront Redevel. Escrow AEF Savoy Theater Escrow Michael's Development Escrow Springwood Avenue Redevel. Escrow Mattison Avenue Properties APTV Donations Police Community Relations s Balance December 31, , , , , , Increased $ 20, , , , , , Decreased $ 5, , , , , , , $ Balance December 31, , , , , , s $ 3.972, $ 2, s 3, Ref. B B-1 Below B Detail of Decreased: Cash Disbursed Reserve for Encumbrances B-1 12-B $ 2,632, , Above $ 2,847,558.83

132 Schedule 8-B CITY OF ASBURY PARK TRUST OTHER FUND SCHEDULE OF DUE FROM FEDERAL AND STATE GRANT FUND YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER AND2014 B $ 1, ==== =

133 Schedule 9-B CITY OF ASBURY PARK TRUST OTHER FUND SCHEDULE OF RESERVE FOR R.C.A. PROGRAMS YEAR ENDED DECEMBER 31, 2014 Ref. Total Wall BALANCE, DECEMBER 31, 2013 B $ 2,964, $ 248, $ INCREASED BY Interest Income 1-B 9, Encumbrances Cancelled 12-B 50, , DECREASED BY Cash Disbursements 1-B 337, Reserve for Encumbrances , ,023, , BALANCE, DECEMBER 31, 2014 B $ 2,608, $ 261, $ Spring Lake Millstone Howell 41, $ 120, $ 2,554, , , , , ,563, , , , , $ 142, $ 2,163,180.30

134 Schedule 10-B CITY OF ASBURY PARK TRUST OTHER FUND SCHEDULE OF RESERVE FOR COMMUNITY DEVELOPMENT BLOCK GRANT YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER B $ 234, INCREASED BY Grant Awards 11 -B 485, DECREASED BY Cash Disbursed 1-B 719, , BALANCE. DECEMBER 31, 2014 B $ 338, ======

135 Schedule 11-B CITY OF ASBURY PARK TRUST OTHER FUND SCHEDULE OF GRANTS RECEIVABLE - CDBG YEAR ENDED DECEMBER 31, 2014 Ref. BALANCE. DECEMBER B $ 504, INCREASED BY Grant Awards 10-B DECREASED BY Cash Receipt 1-B 485, , , BALANCE, DECEMBER 31, 2014 B $ 591,558.38

136 Schedule 12-B CITY OF ASBURY PARK TRUST OTHER FUND SCHEDULE OF RESERVE FOR ENCUMBRANCES YEAR ENDED DECEMBER 31, 2014 Ref. BALANCE. DECEMBER 31, 2013 B $ 79, INCREASED BY Reserves for RCA Programs Charged 9-B $ 77, Various Reserves Charged 7-B 214, DECREASED BY Cash Disbursed 1-B $ 29, Encumbrances Cancelled 9-B 50, , , , BALANCE, DECEMBER 31, 2014 B $ 292,626.00

137 Schedule 13-B CITY OF ASBURY PARK TRUST OTHER FUND SCHEDULE OF RESERVE FOR OFF DUTY POLICE SERVICES YEAR ENDED DECEMBER 31, 2014 Ref. BALANCE. DECEMBER B $ 145, INCREASED BY Cash Receipt 1-B DECREASED BY Cash Disbursed 1-B 411, , , BALANCE, DECEMBER 31, 2014 B $ 92,797.46

138 Schedule 14-B CITY OF ASBURY PARK TRUST OTHER FUND SCHEDULE OF DUE TO STATE OF NEW JERSEY YEAR ENDED DECEMBER 31, 2014 Ref. Total Marriage Licenses DCA Training Fees BALANCE. DECEMBER 31, 2013 B $ 5, $ 1, INCREASED BY Cash Receipts 1-B 23, , , , DECREASED BY Cash Disbursed 1-B 24, , $ 3, , , , BALANCE. DECEMBER 31, 2014 B $ 4, $ 1, $ 3,403.00

139 Schedule 15-B CITY OF ASBURY PARK TRUST OTHER FUND SCHEDULE OF DUE TO CURRENT FUND YEAR ENDED DECEMBER 31 I 2014 BALANCE, DECEMBER B $ INCREASED BY Cash Received in Error by Trust Other Fund 1-B 346, BALANCE, DECEMBER 31 I 2014 B 346, $ 346,479.39

140 Schedule 16-B CITY OF ASBURY PARK ANIMAL CONTROL TRUST FUND SCHEDULE OF DUE TO CURRENT FUND YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER B $ INCREASED BY Excess in Reserve for Animal Control Expenditures 3-B 2, BALANCE. DECEMBER B $ ===2=, 7=8=5.=32=

141 GENERAL CAPITAL FUND SCHEDULES

142 Schedule 1-C CITY OF ASBURY PARK GENERAL CAPITAL FUND SCHEDULE OF CASH AND CASH EQUIVALENTS AND INVESTMENTS YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER c $ 5,851, INCREASED BY Cash Receipts: Premium on Sale of Bond Anticipaiton Notes Bond Anticipation Notes Capital Improvement Fund Due from Current Fund FEMA Proceeds Reserve for Regional Contribution Agreements Interest on Investments C-1 $ 13-C 11-C 10-C 20-C 6-C 10-C 8, ,950, , , ,451, , ,348, ,200, DEC REASED BY Cash Disbursed: Capital Lease Expenditures Due to Current Fund Bond Anticipation Notes Improvement Authorizations BALANCE. DECEMBER C 10-C 13-C 9-C c 195, , ,950, ,761, ,916, $ 4,283, Detail: Cash and Cash Equivalents Investment in Special Emergency Notes c c $ 3,983, , $ 4,283,770.70

143 CITY OF ASBURY PARK GENERAL CAPITAL FUND ANALYSIS OF CASH AND CASH EQUIVALENTS YEAR ENDED DECEMBER Schedule 2-C Sheet 1 of 2 Fund Balance Duo to/{from) Current Fund Due lo Federal and Slate Grant Fund Capital Improvement Fund Due from Monmouth County Improvement Authority Due from NPP/CDBG Program - Ordinance 2904 Rosorve for Payment of Bonds Reserve for Payment of Notes Roserve for Insurance Proceeds Reserve for Regional Contnbulion Agreements Reserve for Contractor Contribution Contracts Payable Reserve for Encumbrances Balance December 31, &Qll 31, {878, ) 336, , (151,532.71) (147,490.54) , , , Bonds Anticipation ~ $ Miscellaneous 8, , , ,451, Improvement Authorization Disbursements Bond Anticipation Noles $ M is~ellaneqy~ 10, , E!2!D $ 307, , Transfers 1,000, s I2 307, , s Balance December 31, ZQ11 40, (307,297.60) 336, , (346, ) (147,490.54) , , , , , , Ordinance ~ Improvement Aulhorizallons 2410 Regional Conservation Agreement Housing Rehabilitation -Middletown 62, , Upgrade and/or closure of Underground Storage Tanks , Streetscape Improvement Project 26, , West Side Rec. Development Various Capital Improvements 54, $ 7, , Roatl Improvement Program 12, , , Revaluation or Real Properly 130, , ,561.80

144 CITY OF ASBURY PARK GENERAL CAPITAL FUND ANALYSIS OF CASH AND CASH EQUIVALENTS YEAR ENDED DECEMBER SClledule 2-C Sheet 2 of 2 Balance December 31, ~ Bonds Anticipatton ~ Miscellaneous Improvement Authonzation Disbursemenls Bond Anticipahon ~ Miscellaneous Transfers Balance December 31, ~ Onl.nance Improvement -11filL Authonzations Road Improvement Program s 33, $ 33, Construchon of a Senior Cenler 353, , Actlvllles Relaled to Waterfronl Redevelopmenl ( ) ( ) 3036 Reconstruction of Foot Bridge at Sunset Lake 449, $ $ 450, , Reconstruction of the Boarctwalk 4, 126, ,500, ,656, ,500, , s 1,000, , Installation of a Camera System 92, , , , Acqu1S1t1on of Vartous Equipment and Voh1cles $!3fil. Bracketed Amount Denotes Deficit. 5, c $ s 13-C 2,398, C-1/10-C/11-C s ,761, C 4, C s 205, C/14-C $ 3,248, ,248, s (490,222.16! 4, c Detail Cash and Cash Equivalents c 5,451, Investment In Spec.al Emergency Notes c s s 5, s $ 3,983, ,

145 CITY OF ASBURY PARK GENERAL CAPITAL FUND SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - FUNDED YEAR ENDED DECEMBER 31, 2014 Schedule 3-C BALANCE. DECEMBER c $ 11,087, INCREASED BY 2014 Serial Bonds Issued - MCIA 7-C 1,560, ,648, DECREASED BY 1995 Serial Bonds Refunded 7-C $ 1,494, Serial Bond Maturities 7-C 706, EDA Loan Maturity 5-C 37, Green Acres Loan Maturity 8-C 74, ,313, Ref. BALANCE, DECEMBER 31, c $ 10,334,689.11

146 CITY OF ASBURY PARK GENERAL CAPITAL FUND SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION UNFUNDED YEAR ENDED DECEMBER 31, 2014 Schedule 4-C Ordinance Number Balance December 31, Description Grant Authorizations Proceeds Balance December 31, 2014 Anal~s is of Balance December 31, 2014 Financed by Unexpended Bond Unfunded Anticipation Improvement Notes Expenditures Authorizations 2620 Demolition of Unsafe Buildings and Structures $ 86, s 86, $ Upgrade and/or closure of Underground Storage Tanks 224, , , Streetscape Improvement Project West Side Rec. Development 19, , , Activities Relating to Waterfront Redevelopment 3, , $ 3, Reconstruction of Foot Bridge at Sunset Lake 450, , $ 450, Reconstruction of the Boardwalk 4,500, $ 1,000, ,500, ,500, Acquisition of Various Equipment and Vehicles $ 1,428, ,428, , $ 5,284, $ 1,428, $ 1,000, $ 5,712, $ 3,950, $ 493, $ 1,268, Ref c 9-C 13-C c 13-C 3-C Below Detail: Improvement Authorizations Unfunded Less: Unexpended Note Proceeds Ordinance # 3036 Ordinance # 3039 Above Ref. 9-C $ 2,301, $ 449, , ,032, s 1,268,746.18

147 Schedule 5-C CITY OF ASBURY PARK GENERAL CAPITAL FUND SCHEDULE OF NEW JERSEY EDA LOAN PAYABLE YEAR ENDED DECEMBER 31 I 2014 BALANCE. DECEMBER c $ 75, DECREASED BY Current Fund Budget Appropriation 3-C BALANCE. DECEMBER c 37, $ 37,500.00

148 Schedule 6-C CITY OF ASBURY PARK GENERAL CAPITAL FUND SCHEDULE OF RESERVE FOR REGIONAL CONTRIBUTION AGREEMENTS YEAR ENDED DECEMBER 31, 2014 Middletown Freehold BALANCE. DECEMBER c $ 44, $ 23, INCREASED BY Interest on Investments 1-C BA LANCE. DECEMBER 31 I 2014 c $ 44, $ 23, $ 21, $ 21,097.37

149 CITY OF ASBURY PARK GENERAL CAPITAL FUND SCHED!JLE OF SERIAL BONDS YEAR ENDED DECEMBER 31, 2014 Schedule 7 C Sheet 1of2 Purpose Date of..ill!!l Amount of Original Issue Maturities of Bonds Outstanding Balance December Interest December 31, ~ Amount ---8.filL '1lli Balance December 31, ~ General Improvements 4/15/2004 s 2, 7 49, s 1,649, s 155, s 1,494, General Improvements 4/1/2009 6, 145, /1/15 s 275, % 5, 175, /1/16 280, % 4/ , % 4/ , % 4/1/19 315, % , % 4/ , % 4/ , % 4/1/23 365, % 4/1/24 380, % 4/1/25 395, % 4/ , % 4/1/27 430, % 4/1/28 445, % ,915, MCIA Refunding Bonds 9/30/ / , % 294, , MCtA Serial Bonds (Springwood Avenue) 1/11/2011 2,905, /15 105, % 2,695, /15/16 105, % 1115/17 110, % 1/15/18 115, % 1115/19 120, % 1115/20 130, % 1115/21 135, % 1/15/22 140, % 1/15/23 150, % 1/15/24 155, % 1115/25 165, % 1115/26 175, % 1/15/27 180, % 1/15/28 190, % 1/15/29 195, % 1/ , % 1/15/31 210, % 105, ,

150 CITY OF ASB!,!RY PAR!$ GENERAL CAPITAL F!,!ND SCHED!,!LE OF SERIAL BONDS YEAR ENDED DECEMBER 31, 2014 Schedule 7-C Sheet 2 of 2 Maturities of Bonds Amount of Outstanding Balance Balance Date or Original December Interest December 31, December 31, Puroose..ill!!L I Hue ~ Amount _fil!l ~ Increase Decrease Refunded ~ MCIA Serial Bonds , $ 14, % s 329, , $ 317, , % , % , % , % , % 12/ , % , % 12/ , % 12/ , % 12/ , % 12/ , % 12/ , % 12/ , % 12/1/29 20, % 12/1/30 20, % 12/ , % 12/ , % Refunding Bonds ,560, /15 183, % $ 1,560, , ,535, / , ,00% , % , % , % 411/20 199, % 411/21 204, % , % s , s 1, s 706, s 1 494, s 9,502, Em. c 3-C A-313-C 3-C c

151 CITY OF ASBURY PARK GENERAL CAPITAL FUND SCHEDULE OF GREEN ACRES LOANS PAYABLE YEAR ENDED DECEMBER 31, 2014 Schedule 8-C BALANCE, DECEMBER DECREASED BY Loan Repayments BALANCE, DECEMBER 31, 2014 Boardwalk Boardwalk Supplemental Original Loan Loan Ref. c $ 429, $ 166, C 41, , c $ 387, $ 153, West Side Rec. Original Loan Totals $ 274, $ 870, , , $ 254, $ 795,096.61

152 CITY OF ASBURY PARK GENERAL CAPITAL FUND ~~h!lq!.!le 9-!;; SCHEDULE OF IMPROVEMENT AUTHORIZATIONS YEAR ENDED DECEMBER 31, 2014 Balance Balance Qrdinan~e Ordinance December 31, Paid or December 31, 2014 Description Date Amount Fundeg Unf!,!nQ!ld A!.!lhoriz<!!ioo ~ ReapQroQriated Fung!,ld 1!J:lli!n.Qfilj 2410 Regional Conservation Agreement- Housing Rehab. - Middlelown 11/03/94 $ 3,510, $ 62, $ $ 62, $ 2620 Demolition of Unsafe Struclures 11106/02 130, , , Upgrade and/or Closure of Underground Storage Tanks 05/21/03 236, , , , , Streetscape Improvement Project 05/18/05 250, , , Various Capital Improvements ,875, , s 7, , West Side Rec. Development 03/ , , , Road Improvement Program 07/03/07 875, , , , Revaluation of Real Property 07/02/08 500, , , , Road Improvement Program 05/20/09 1,500, , , Construction of a Senior Center 11/04/09 3,000, , $ (353,692.48) 3036 Reconstr. of Foot Bridge at Sunset Lake 01/16/13 450, , , Reconstruction of Boardwalk 01/16/13 4,500, , 126, ,543, , Installation of a Camera System , , , , Acquisition of Various Equipment and Vehicles ,500, $ 1,500, , s 677, $ 4,907, s 1,500, s $ s 505, $ 2.301, Ref. c c Below Below c c Detail of Paid or Charged: Cash Disbursed 1-C $ 2,761, Contracts Payable 21-C 887, Reserve for Encumbrances 22-C 628, Above $ 4,277, Detail of 2014 Authorization: Capital Improvement Fund 11-C $ 72, Deferred Charges to Future Taxation, Unfunded 4-C 1,428, Above $ 1,500,000.00

153 Schedule 10-C CITY OF ASBURY PARK GENERAL CAPITAL FUND SCHEDULE OF DUE FROM CURRENT FUND YEAR ENDED DECEMBER 31 I 2014 BALANCE. DECEMBER Ref. c $ 878, INCREAS ED BY Cash Disbursed 1-C $ 10, FEMA Proceeds Received by Current Fund in Error 20-C 307, , , 195, DECREASED BY Interest on Investments Due to Current Fund 1-C 10, Cash Received 1-C 878, BALANCE, DECEMBER 31, 2014 c 888, $ 307,297.60

154 CITY OF ASBURY PARK GENERAL CAPITAL FUND SCHEDULE OF CAPITAL IMPROVEMENT FUND YEAR ENDED DECEMBER 31, 2014 Schedule 11 -C BALANCE DECEMBER c $ 67, INCREASED BY 2014 Current Fund Budget Appropriation 1-C/A-3 50, , DECREASED BY Appropriated to Finance Improvement Authorization 9-C 72, BALANCE DECEMBER c $ 45,279.30

155 CITY OF ASBURY PARK GENERAL CAPITAL FUND SCHEDULE OF INTERGOVERNMENTAL RECEIVABLES YEAR ENDED DECEMBER 31, 2014 Schedule 12-C NPP/ CDBG (Ordinance 2904) BALANCE. DECEMBER AND 2014 C $ 147, $ ==1=4=7=,4=90= =54=

156 Schedule 13-C CITY OF ASBURY PARK GENERAL CAPITAL FUND STATEMENT OF BOND ANTICIPATION NOTES PAYABLE YEAR ENDED DECEMBER 31, 2014 Ordinance Number Description Date of Balance Original Date of Date of Interest December 31, Issue Issue Maturity Rate 2013 Balance December 31, Increased Decreased Reconstruction of Footbridge at Sunset Lake 3039 Boardwalk Reconstruction 06/20/13 06/20/13 06/20/ % $ 450, /19/14 06/19/ % 06/20/13 06/20/13 06/20/ % 4,500, /19/14 06/19/ % $ 450, s 450, $ 450, ,500, ,500, ,500, Ref. $ 4,500, c $ 3,950, $ 4,950, $ 3,950, C Below c Detail of Decreased: Note Proceeds Reserve for Payment of Notes 13-C 20-C Above $ 3,950, ,000, $ 4,950,000.00

157 Schedule 14-C CITY OF ASBURY PARK GENERAL CAPITAL FUND SCHEDULE OF DUE FROM MONMOUTH COUNTY IMPROVEMENT AUTHORITY YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER 31 I 2013 c $ 151, INCREASED BY Capital Lease Funded Expenditures 1-C 195, BALANCE. DECEMBER 31, 2014 c $ 346,532.71

158 Schedule 15-C CITY OF ASBURY PARK GENERAL CAPITAL FUND SCHEDULE OF RESERVE FOR CONTRACTOR CONTRIBUTION YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER AND 2014 c $ 20,400.00

159 Schedule 16-C CITY OF ASBURY PARK GENERAL CAPITAL FUND SCHEDULE OF CAPITAL LEASE OBLIGATIONS PAYABLE MONMOUTH COUNTY IMPROVEMENT AUTHORITY YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER 31 I 2013 c $ 1,747, DECREASED BY 2014 Current Fund Budget Appropriation 16-C 570, BALANCE, DECEMBER 31 I 2014 c $ 1, 176,700.00

160 Schedule 17-C CITY OF ASBURY PARK GENERAL CAPITAL FUND SCHEDULE OF RESERVE FOR PAYMENT OF BONDS YEAR ENDED DECEMBER 31, 2014 BALANCE, DECEMBER AND c $ =====

161 Schedule 18-C CITY OF ASBURY PARK GENERAL CAPITAL FUND SCHEDULE OF RESERVE FOR INSURANCE PROCEEDS YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER 31, 2013 AND 2014 c $ 1,278,196.15

162 Schedule 19-C CITY OF ASBURY PARK GENERAL CAPITAL FUND SCHEDULE OF DUE TO FEDERAL AND STATE GRANT FUND YEAR ENDED DECEMBER 31 I 2014 BALANCE. DECEMBER 31, 2013 AND 2014 c $ 336,422.65

163 CITY OF ASBURY PARK GENERAL CAPITAL FUND SCHEDULE OF RESERVE FOR PAYMENT OF NOTES YEAR ENDED DECEMBER 31, 2014 Schedule 20-C BALANCE, DECEMBER 31, 2013 Ref. c $ INCREASED BY FEMA Proceeds 1-C $ 1,451, FEMA Proceeds Due from Current Fund 10-C 307, ,758, DECREASED BY Utilized to Pay Down Bond Anticipation Notes BALANCE, DECEMBER 31, C/13-C c 1,000, $ 758,574.38

164 Schedule 21 -C CITY OF ASBURY PARK GENERAL CAPITAL FUND SCHEDULE OF CONTRACTS PAYABLE YEAR ENDED DECEMBER 31, 2014 BALANCE) DECEMBER 31 I 2013 c INCREASED BY Improvement Authorizations Charged 9-C BALANCE, DECEMBER 31, 2014 c $ 887, $ 887,572.53

165 Schedule 22 -C CITY OF ASBURY PARK GENERAL CAPITAL FUND SCHEDULE OF RESERVE FOR ENCUMBRANCES YEAR ENDED DECEMBER 31, 2014 BALANCE, DECEMBER c $ I NCR EASED BY Improvement Authorizations Charged 9-C BALANCE. DECEMBER 31, 2014 c 628, $ 628,147.16

166 Schedule 23-C CITY OF ASBURY PARK GENERAL CAPITAL FUND SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED YEAR ENDED DECEMBER 31, 2014 Ordinance Number Balance December 31, 2014 Description 2013 Authorizations Demolition of Unsafe Buildings and Structures $ 86, Upgrade and/or closure of Underground Storage Tanks 224, Reconstruction and Overlay of Various Roads Streetscape Improvement Project $ West Side Rec. Development 19, Reconstruction of the Boardwalk 3, Acquisition of Various Equipment and Vehicles $ 1,428, $ 333, $ 1,428, $ Ref. c 4-C,7-C Balance December 31, Adjustment 2014 $ 86, , , , ,428, $ 1,762, C c

167 SEWER UTILITY FUND SCHEDULES

168 CITY OF ASBURY PARK SEWER UTILITY FUND SCHEDULE OF CASH AND CASH EQUIVALENTS FOR THE YEAR ENDED DECEMBER 31, 2014 Schedule 1-D Ref. Operating Capital BALANCE. DECEMBER D $ 571, INCREASED BY Consumer Accounts Receivable 4-D 4,520, Interest and Miscellaneous Income D-2, 19-D 38, Developer's Contribution - Debt Service and Admin. Fees D-2 685, New Jersey Environmental Infrastructure Trust 16-D Premium on Sale of Notes D-4 Sewer Connection Fees D-2 24, Sewer Liens 5-D 1, Non-Budget Revenues D-1 1, Due to Asbury Partners, LLC 8-D 77, Sewer Overpayments 10-D 7, Proceeds from Sale of Bond Anticipation Notes 20-D 5,357, ,928, DECREASED BY Budget Appropriations D-3 4,418, Appropriation Reserves 7-D 123, Due to Asbury Partners, LLC 8-D 148, Accrued Interest on Bonds and Notes 18-D 797, Improvement Authorizations 11-D Bond Anticipation Notes Repaid 20-D Due to Sewer Utility Operating Fund 19-D Refund of Prior Years Revenue D-1 30, ,517, BALANCE, DECEMBER 31, 2014 D $ 410, $ 2,645, , , , ,250, ,261, ,907, , ,250, , ,627, $ 1,279,541.87

169 CITY OF ASBURY PARK SEWER UTILITY CAPITAL FUND ANALYSIS OF CASH AND CASH EQUIVALENTS YEAR ENDED DECEMBER 31, 2014 Schedule 2-D Balance December 31, Receipts 2013 Other Balance December 31, Disbursements 2014 Fund Balance $ 6, $ 2, Due from NJEIT (3,240.00) 3, Due to Sewer Utility Operating Fund 5, $ 5, $ 8, Ordinance Date Improvement Authorizations 2722/2842 Odor Control Improvements (259.90) 2790 Improvements to the Sanitary Sewer System 54, Preliminary Planning Expenses - (4,255.78) Sanitary and Storm Sewer Improvements - Springwood Ave. and Central Business District 2910 Sanitary and Storm Sewer Improvements - 354, Springwood Ave. and Central Business District 3038 Improvements to the Sanitary Sewer System 2,237, ,250, (259.90) 54, (4,255.78) 339, , ,281, ,205, $ 2,645, $ 1,261, $ 2,627, $ 1,279, Ref. D D-4,16-D,20-D 11-D,19-D, 20-D D ( ) Bracketed Amount Denotes Deficit.

170 CITY OF ASBURY PARK SEWER UTILITY CAPITAL FUND SCHEDULE OF FIXED CAPITAL FOR THE YEAR ENDED DECEMBER 31 I 2014 Schedule 3-D BALANCE. DECEMBER AND 2014 D $ 18,241,625.05

171 Schedule 4-D CITY OF ASBURY PARK SEWER UTILITY OPERATING FUND SCHEDULE OF CONSUMER ACCOUNTS RECEIVABLE YEAR ENDED DECEMBER 31, BALANCE. DECEMBER INCREASED BY Sewer Rents Levied D 4-D $ 1,234, ,469, DECREASED BY Cash Receipts 1-D Prior Year's Overpayments Applied 10-D Transferred to Sewer Liens 5-D $ 4,520, , , ,703, ,543, BALANCE, DECEMBER 31, 2014 D $ 1, 159,738.58

172 Schedule 5-D CITY OF ASBURY PARK SEWER UTILITY OPERATING FUND SCHEDULE OF SEWER LIENS RECEIVABLE YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER D $ 11, INCREASED BY Transferred from Sewer Accounts Receivable 4-D 2, DECREASED BY Collections BALANCE. DECEMBER 31 I D D 13, , $ 11,840.81

173 Schedule 6-D CITY OF ASBURY PARK SEWER UTILITY CAPITAL FUND SCHEDULE OF RESERVE FOR AMORTIZATION YEAR ENDED DECEMBER 31, 2014 BALANCE, DECEMBER 31 I 2013 D $ 11,551, INCREASED BY Serial Bond Maturities Paid Serial Bonds Defeased 13-D 13-D $ 1,321, , ,586, DECREASED BY Series 2014 Refunding Bonds Issued 11-D 13, 137, , BALANCE, DECEMBER D $ 12,868,471.04

174 Schedule 7-D CITY OF ASBURY PARK SEWER UTILITY OPERATING FUND SCHEDULE OF 2013 APPROPRIATION RESERVES YEAR ENDED DECEMBER 31 I 2014 Balance December 31, 2013 Appropriation Reserve for Reserves Encumbrances Balance After Transfers Paid or Charged Balance Lapsed Operating : Salaries and Wages Other Expenses NJEIT Administrative Fee $ 5, $ 126, $ 5, , $ 124, $ 5, , Statutory Expenditures: Social Security $ 2, , $ 126, $ 2, , $ 124, $ 2, , Ref. D 24-D Below D-1 Detail: Cash Disbursed Encumbered 1-D 24-D $ 123, Above $ 124,389.26

175 Schedule 8-0 CITY OF ASBURY PARK SEWER UTILITY OPERATING FUND SCHEDULE OF DUE TO ASBURY PARTNERS, LLC BALANCE, DECEMBER 31, 2013 D $ 80, INCREASED BY Sewer Assessments Interest on Investments 1-D $ 77, , , DECREASED BY Cash Disbursed 1-D 148, BALANCE, DECEMBER 31, 2014 D $ =====9,=66=6=.9=1=

176 Schedule 9-D CITY OF ASBURY PARK SEWER UTILITY OPERATING FUND SCHEDULE OF DEFERRED CHARGES YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER 31 I 2013 D $ INCREASED BY 2014 Deficit in Operations D-1 66, BALANCE. DECEMBER 31 I 2014 D $ 66,803.66

177 Schedule 10-D CITY OF ASBURY PARK SEWER UTILITY FUND SCHEDULE OF SEWER OVERPAYMENTS YEAR ENDED DECEMBER 31, 2014 Ref. BALANCE. DECEMBER 31, 2013 D $ 20, INCREASED BY Cash Receipts 1-D DECREASED BY Applied to Consumer Accounts Receivable 4-D 7, , , BALANCE. DECEMBER 31, 2014 D $ 7,273.01

178 CITY OF ASBURY PARK SEWER UTILITY CAPITAL FUND STATEMENT OF IMPROVEMENT AUTHORIZATIONS YEAR ENDED DECEMBER 31, 2014 Schedule 11-D Ordinance Number Balance Ordinance December 31, 2013 Description Date 8m2l!!l! Funded Unfunded Paid Balance or December 31, 2014 Charged Funded Unfunded 2790 Improvements to the Sanitary Sewer System 2006 s 2,200, s 54, s 54, Sanitary and Storm Sewer Improvements - Springwood Ave. and Central Business District ,044, $ 530, $ 339, , s Improvement to the Sewer Plant 01/24/ , ,287, s 1.099, s ,255, s s 69, s D D 1-D D D

179 CITY OF ASBURY PARK SEWER UTILITY CAPITAL FUND SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED YEAR ENDED DECEMBER 31, 2014 Schedule 12-0 Ordinance Number Balance December 31, Description 2013 AND (As restated\ Improvements to the Sanitary Sewer System $ 54, Preliminary Planning Expenses- Sanitary and Storm Sewer Improvements- Springwood Ave. and Central Business District 500, Sanitary and Storm Sewer Improvements- Springwood Ave. and Central Business District 13,727, Improvement to the Sewer Plant 3,300, Balance December 31, 2014 $ 54, , ,727, ,300, $ 17,582, ~ D $ 17,582, D

180 Schedule 13 0 Sheet 1 of 5 CITY OF ASBURY PARK SEWER UTILITY CAPITAL FUND SCHEDULE OF SERIAL BONDS YEAR ENDED DECEMBER 31, 2014 Amount of D trof Original Puroose Issue ~ M turfti~ of Bonds Outstanding Qecember Bi lance Decrmber 31, 2013 CAs restated) Balance December 31, ~ Sewrr Utility Bonds 4/1/ , , , , NJEIT Trust Bonds 11/9/ , /01/ , % 465, /01/17 30, % 08/01/ , % 08/01/21 35, % 08/01/22 40, S" 08/01/23 40, SO% 08/01/24 40, % 08/01/ % 25, , N JErT fund Bonds 11/9/2006 1, /01/15 17, % 1,129, /01/15 72, % 02/01/16 16, % 08/01/16 70, % 02/01/17 14, % 08/01/17 69, % 02/01/18 13, % 08/01/18 77, % 02/01/ % 08/01/ % 02/01/20 11, % 08/01/20 75, % 02/01/21 9, % 08/01/ % 02/01/22 8, % 08/01/22 81, % 02/01/23 6, % 82, ,047,079.85

181 SChedule 13-D Sheet 2 of 5 CITY OF ASBURY PA RK SEWER UTILITY CAPITAL FUND SCHEDULE OF SERIAL BONDS YEAR ENDED DECEMBER Date of Issue Amount of Original ~ Maturl11cs of Bonds Outstanding December ~ Amount Bila nee December 31, ~ <As restat ed) Balance December 3 1, 2014 NJErT Fund Bonds Continued 08/01/23 80, /01/ /01/24 78,S9S.94 02/01/25 3, /01/25 85, /01/26 l,75l40 08/01/26 84, % 0.()()% 0.00% 0.00% 0.00% 0.00% 0.00% NJErT Trust Bonds 11/8/2007 2,160, /01/15 95, /01/16 100, /01/17 105, /01/18 110, /01/ , /01/20 120, /01/21 125, /01/22 130, /01/23 140, /01/24 145, /01/25 150, /01/26 160, /01/27 165, % 5.00% 5.00% 5.00% 4.00% 4.00% S.00% 5.00% 4.25% 4.SO% 4.50% 4.50% 4.25% 1,750, , ,660,000.00

182 Schedule 13-D ~ CITY OF ASBURY PARK SEWER UTILITY CAPITAL FUND SCHEDULE OF SERIAL BONDS YEAR ENDED DECEMBER 31, 2014 Maturities of Bonds Amount of OutS1anding ~lance Balance Oilte of Original December Interest December 31, December 31, Purpose Issue ~ ~ 6mQY!1! -8.ru.L ~ Increase Disbursed Def cased W.1 fas restated! NJ ErT fund Bonds 11/8/ /01/15 69, % 4.41S.7S9.Sl 311, ,104, /01/15 244, % 02/01/16 65, % 08/01/16 249, % 02/01/17 61, % 08/01/17 254, % 02/01/18 56, % 08/01/18 258, % 02/01/19 Sl, % 08/01/19 262, % 02/01/ % 08/01/ % 02/01/21 42, % 08/01/ % 02/01/22 36, % 08/01/22 275, % 02/01/23 30, % 08/01/23 288, % 02/01/24 25, % 08/01/24 292, % 02/01/25 19, % 08/01/ % 02/01/ % 08/01/26 307, % 02/01/27 6, % 08/01/ , % Sewer Utility Bonds 4/1/ , /01/ % 220, , /01/ % 04/01/ , % 04/01/ , SO% 04/01/ , " 04/1/ %

183 SChedule 13-0 Sheet 4 of 5 CITY OF ASBURY PARK SEWER UTILITY CAPITAL FUND SCHEDULE OF SERIAL BONOS YEAR ENDED DECEMBER 31, 2014 o~teof...!llil Amount of Original ---1ill!!_ Ma1uri1tn of 8onds Outsundlng Q!:~!ll!!!!' ~1 ~0 14 Q& ~ Int ere-st J!!!!L 8.J l~nce Oecem~r31, 42.U ~ S..l~nce DKember31, 2lli 2010A New Jersey Infrastructure Trun loin 3/10/2010 3,990, /01/IS /01/ , /01/ , /01/18 185, /01/19 195, /01/20 200, /01/ /01/22 220, /01/D 225, / 01/24 n5,ooo.oo 08/01/25 24S,OOO.OO 08/01/26 255, /01/27 265, /01/28 100, IX"' 5.00% 5.00% 5.00% 4.00% 5.00% 3.00% 4.00% 4.00% 4.001' 4-00% 3.50%.00% 4.00% 2.985, IS ,835, A New Jersey lnfr utructurc Fund loan 3/ 10/ ,792, /01/15 199, /01/ , /01/16 199, /01/16 399, /01/17 199, /01/17 399, /01/18 199, /01/18 399, /01/ /01/19 399, /01/ /01/20 399, /01/21 199, /01/21 399, /01/22 199, /01/22 399, /01/D /01/ , /01/24 199, /01/24 399, /01/25 199, /01/25 399, /01/26 199, /01/ , /01/27 199, /01/27 399, /01/28 199, /01/ /01/29 199, /01/29 399, % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% O.OOll O.OOll O.OOll O.OOll 0.00% O.OOll 0.00% 8, , ,SOS.86

184 chedul<i 13-0 Sheet Sof 5 CITY OF ASBURY PARK SEWER UTILITY CAPITAL FUND SCHEDULE OF SERIAL BONDS YEAR ENDED DECEMBER 31, 2014 M;uuritle~ of Bonds Amount of Oumanding Ba lance Balance e= Oilteof Orisinill ~wll!!r~1 2Qt4 lnter~t December 31, December !.llY!L ~ l2!ll Amoun1 ~ ~ ~ ~ ~ W..i <As res1n1edl 2012 M CIA Revenue Bonds 12/19/ , /0l}IS 20, ll00% 46S,472.SO 17.S6S.OO 447, /01/16 20,492.SO 2.SOO% 12/01/ 17 20, % 12/01}18 20, % 12/01/19 20,492,SO 3.000% 12/01/20 20,492.SO 4.000% 12/01/ % 12/01/21 23, % 12/01/23 23, % 12/01/2 26, % 12/01/ % 12/01/26 26,347.SO 2.000% 12/01}27 26,347.SO 2.000% 12/01/28 29,27S.OO 2.250% 12/01} S.OO 3.500% 12/01/30 29,27S.OO 3.500% 12/01/31 29,27S.OO 2.500% 12/01/32 l2,20z.so 2.500% 2014 MCIA R.efuncfmg Bonds 2/lS/ , /01/lS % 269, , , /0l}lG 32.2SO.OO 3.000% 04/01/17 32, % 04/01/18 32,2SO.OO 3.000% 04/01/19 34,SOO.OO 3.000% 04/01/20 3S,2SO.OO 3.000% 04/01/21 36, % 04/01/22 36, % , ,SOO.OO l,321.09s.79 26S.OOO.OO 18,430, Ref /

185 Schedule 14-D CITY OF ASBURY PARK SEWER UTILITY CAPITAL FUND SCHEDULE OF MCIA CAPITAL LEASE REFUNDING OBLIGATIONS PAYABLE YEAR ENDED DECEMBER Date of Issue Amount of Original Issue Maturities of Capital lease Refunding Obligations Outstanding December Date Amount Interest BfilL Balance December 31, 2013 Increased Decreased Balance December 31, 2014 Series 200S A Refunding l ease Obligations 10/6/2005 s 5,505, s 2,810, s 2,Bl0, Series 2014 A Refunding lease Obligat ions Serles 2014 A Refunding l ease Obligations 9/10/2014 9/10/ , /15/2015 s 360, % s 2,415, , s 2,345, /15/ , % 12/15/ , % 12/15/ , % 12/15/ , % 12/15/ , % 6,990, /15/ , % 6,990, , ,870, /15/2016 1,305, % 12/15/2017 1,320, % 12/15/2018 1,335, % 12/15/2019 1,360, % 12/15/2020 1,390, % s 2,810, s 9,405, $ 3,000, $ 9,215, Rel. D Below D Detail: Paid by Budget Appropriation D-3 $ 456, Refunded 2,543, Above $ 3,000,000.00

186 Schedule 15-D CITY OF ASBURY PARK SEWER UTILITY CAPITAL FUND SCHEDULE OF MCIA CAPITAL LEASE OBLIGATIONS PAYABLE YEAR ENDED DECEMBER 31, 2014 Purpose Date of Issue Maturities of Capital Lease Amount of Obligations Outstanding Balance Original December 31, 2014 Interest December 31, Issue Date Amount Rate 2013 Balance December 31, Decreased 2014 Series 2005 B Lease Obligations 10/6/2005 $ 13,750, /15/2015 $ 1,090, % $ 8,460, $ 7,370, $ 1,090, $ 8,460, $ 7,370, $ 1,090, Ref. D Below D Detail: Paid by Budget Appropriation D-3 Refunded $ 925, ,444, Above $ 7,370,000.00

187 Schedule 16-D CITY OF ASBURY PARK SEWER UTILITY CAPITAL FUND SCHEDULE OF DUE FROM NJ ENVIRONMENTAL INFRASTRUCTURE TRUST YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER 31, 2013 DECREASED BY Cash Receipts BALANCE. DECEMBER D 1-D D $ 3, , $ =======

188 Schedule 17-D CITY OF ASBURY PARK SEWER!,!TILITY OPERATING FUND SCHEDULE OF ACCRUED INTEREST ON BONDS AND NOTES YEAR ENDED DECEMBER 31, 2014 BALANQE, DEQEMBER ;J D $ 137, INCREASED BY 2014 Budget Appropriations: Interest on Bonds D-3 $ 261, Interest on Notes D-3 8, MCIA Lease Interest D-3 523, , , Ref. DEQREASED BY Cash Disbursed 1-D 797, BALANQE DECEMBER 31, D s 134, ANAL Y IS QF AQQR!,!A!, Serial Bonds Amount Outstanding Date Accrual Interest December 31, ~ Period ~ 2014 ~ MCIA - Capital Lease /6/ days Var. s 1,090, s 6, NJEIT Bonds 11/9/ Months Var. 1,487, , NJEIT Bonds 11/8/ Months Var. 5,764, , Serial Bonds /1/ Months Var. 210, , NJEIT Bonds 3/10/ Months Var. 10,256, , MCIA- Serial Bonds /19/ Month Var. 447, , Refunding Serial Bonds 2/15/ Months Var. 265, , MCIA- Capital Lease Refunding /15/ Days Var. 2,345, , MCIA - Capital Lease Refunding /15/ Days Var. 6,870, BQnQ An!i!<ill!!iQn Notes $ 28,735, $ 126, Ordinance #3038 6/19/ Days 1.25% $ 1,250, , s

189 Schedule 18-D CITY OF ASBURY PARK SEWER UTILITY OPERATING FUND SCHEDULE OF DUE TO CURRENT FUND YEAR ENDED DECEMBER 31 I 2014 BALANCE, DECEMBER 31, 2013 D $ INCREASED BY Interest on Bonds Paid by Current Fund on Behalf of Sewer Operating D-3 8, , BALANCE. DECEMBER 31, 2014 D $ ====8 =73=7=.5=0=

190 CITY OF ASBURY PARK SEWER UTILITY CAPITAL FUND SCHEDULE OF DUE TO SEWER UTILITY OPERATING FUND YEAR ENDED DECEMBER 31, 2014 Schedule 19-D BALANCE. DECEMBER D $ INCREASED BY Interest Received 1-D 5, DECREASED BY Cash Disbursed - Current Year's lnterfund Liquidated 1-D 5, , BALANCE, DECEMBER 31 I 2014 D $=====

191 Schedule 20-D CITY OF ASBURY PARK SEWER UTILITY CAPITAL FUND STATEMENT OF BOND ANTICIPATION NOTES PAYABLE YEAR ENDED DECEMBER 31, 2014 Ordinance Number Description Date of Balance Original Date of Date of Interest December 31, Issue Issue Maturity Rate 2013 Balance December 31, Increased Decreased Improvements to the Sewer Plant 06/20/13 06/20/13 06/20/ % $ 2,250, /20/13 06/19/14 06/19/ % $ 2,250, $ 2,250, $ $ 1,250, ,250, $ 1,250, $ 2,250, $ 1,250, D 1-D 1-D D

192 Schedule 21-D CITY OF ASBURY PARK SEWER UTILITY OPERATING FUND SCHEDULE OF RESERVE FOR ENCUMBRANCES YEAR ENDED DECEMBER 31, 2014 Ref. BALANCE. DECEMBER 31, 2013 D $ INCREASED BY Budget Appropriations Charged D-3 Appropriation Reserves Charged 7-D DECREASED BY Transfer to Appropriation Reserves 7-D BALANCE. DECEMBER 31, 2014 D $ 126, , , , ,679.47

193 Schedule 22-D CITY OF ASBURY PARK SEWER UTILITY CAPITAL FUND SCHEDULE OF BONDS AND NOTES AUTHORIZED BUT NOT ISSUED YEAR ENDED DECEMBER 31, 2014 Ordinance Number Bond Balance Anticipation December 31, Notes Description 2013 Repaid Preliminary Planning Expenses - Sanitary and Storm Sewer Improvements - Springwood Ave. and Central Business District $ 16, Sanitary and Storm Sewer Improvements - Springwood Ave. and Central Business District 517, Improvement to the Sewer Plant 1,050, $ 1,000, $ 1,584, $ 1,000, Ref. D 20-D Balance December 31, 2014 $ 16, , ,050, $ 2,584, D

194 BEACH UTILITY FUND SCHEDULES

195 CITY OF ASBURY PARK BEACH UTILITY OPERATING FUND SCHEDULE OF CASH AND CASH EQUIVALENTS YEAR ENDED DECEMBER 31, 2014 Schedule 1-E Ref. BALANCE, DECEMBER 31 I 2013 E INCREASED BY Receipts from Municipal Bathing E-2 $ 1,224, Beach Chair and Locker Rentals E-2 64, Prepaid Beach Fees 4-E 12, Miscellaneous Income E-2 1, $ 154, ,303, ,457, DECREASED BY Budget Appropriations E-3 $ 1,059, Appropriation Reserves 3-E 7, ,066, BALANCE. DECEMBER E $ ==3=9=1 ='5=46=.2=1=

196 Schedule 2-E CITY OF ASBURY PARK BEACH UTILITY OPERATING FUND SCHEDULE OF RESERVE FOR ENCUMBRANCES YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER 31 I 2013 E $ 7, INCREASED BY 2014 Appropriations Charged E-3 $ 31, Appropriation Reserves Charged 3-E DECREASED BY Transfer to Appropriation Reserves 3-E 31, , , BALANCE. DECEMBER 31 I 2014 E $ 31,598.50

197 Schedule 3-E CITY OF ASBURY PARK BEACH UTILITY OPERATING FUND SCHEDULE OF 2013 APPROPRIATION RESERVES YEAR ENDED DECEMBER 31 I 2014 Balance December 31, 2013 Appropriation Reserve for Reserves Encumbrances Balance After Transfers Paid or Charged Balance Lapsed Operating: Salaries and Wages Other Expenses $ , $ 7, $ , $ 7, $ , $ 5, $ 7, ====== $ 13, $ 7, $ 5, E E Below E-1 Detail of Paid or Charged: Cash Disbursed 1-E Reserve for Encumbrances 2-E Above $ $ 7, ,957.24

198 Schedule 4-E CITY OF ASBURY PARK BEACH UTILITY FUND SCHEDULE OF PREPAID BEACH FEES YEAR ENDED DECEMBER 31, 2014 Ref. BALANCE. DECEMBER 31 I 2013 E I NCR EASED BY Prepaid Beach Fees Received E-2 DECREASED BY Applied to 2014 Revenue E-2 $ 10, , , , BALANCE, DECEMBER 31, 2014 E $ 12,340.00

199 PARKING UTILITY FUND SCHEDULES

200 CITY OF ASBURY PARK PARKING UTILITY FUND SCHEDULE OF CASH AND CASH EQUIVALENTS YEAR ENDED DECEMBER Schedule 1-F Ref. BALANCE. DECEMBER 31, 2013 F $ 1,288, INCREASED BY Due to Federal and State Gra nt Fund 11 -F $ 93, Receipts from Municipal Parking Fees F-2 2,452, Miscellaneous Income F-2 7, Miscellaneous Income Not Anticipated F-1 2, DECREASED BY Budget Appropriations F-3 1,827, Due to Current Fund F-1 597, Appropriation Reserves 4-F 35, Interest on Notes 5-F 9, ,556, ,844, ,468, BALANCE, DECEMBER F $ 1,375,131.88

201 Schedule 2-F CITY OF ASBURY PARK PARKING UTILITY CAPITAL FUND ANALYSIS OF CASH AND CASH EQUIVALENTS DescriQtion ReceiQts Disbursements Balance Bond Bond December 31, Anticipation Anticipation 2013 Notes Notes Balance Transfers December 31, From To 2014 Ordinance Number Due From Current Fund Fund Balance (10, ) $ 1, $ $ (11, ) 1, , Parking Meter Pay Stations 10, $ 800, $ 800, , $ $ 800, $ 800, $ 2, $ 2, $ Ref. F 6-F 6-F F

202 Schedule 3-F CITY OF ASBURY PARK PARKING UTILITY FUND SCHEDULE OF RESERVE FOR ENCUMBRANCES YEAR ENDED DECEMBER 31, 2014 BALANCE, DECEMBER 31, 2013 F $ 33, INCREASED BY 2014 Appropriations Charged F-3 DECREASED BY Transfer to Appropriation Reserves 4-F 51, , , BALANCE. DECEMBER F $ 51,494.68

203 Schedule 4-F CITY OF ASBURY PARK PARKING UTILITY OPERATING FUND SCHEDULE OF 2013 APPROPRIATION RESERVES YEAR ENDED DECEMBER 31, 2014 Balance December 31, 2013 Balance Appropriation Reserve for After Reserves Encumbrances Transfers Paid or Charged Balance Lapsed Operating: Salaries and Wages Other Expenses Statutory Expenditures: Social Security System $ 148, $ 148, , $ 33, , , , $ 184, $ 33, $ 218, $ 148, $ 35, , , $ 35, $ 183, F F,3-F 1-F F-1

204 Schedule 5-F CITY OF ASBURY PARK PARKING UTILITY OPERATING FUND SCHEDULE OF ACCRUED INTEREST ON NOTES YEAR ENDED DECEMBER 31, 2014 BALANCE, DECEMBER 31 I 2013 $ 4, INCREASED BY 2014 Budget Appropriation: Interest on Notes F-3 17, DECREASED BY Cash Disbursed 1-F 21, , BALANCE. DECEMBER 31 I 2014 F $ 12, ===== ANALYSIS OF ACCRUED INTEREST Principal Outstanding December Date of Issue Accrual Period Interest Rate Amount Outstanding December 31, 2014 Accrual Bond Anticipation Notes Parking Meter Pay Stations Ord. # /19/ days 1.25% $ 800, $ 5, Add: Amount Available For Use in Succeeding Year's Budget 7, $ 12, =====

205 Schedule 6-F CITY OF ASBURY PARK PARKING UTILITY CAPITAL FUND SCHEDULE OF BOND ANTICIPATION NOTES PAYABLE YEAR ENDED DECEMBER 31, 2014 Ordinance Number Description Date of Original Issue Balance Date of Date of Interest December 31, Issue Maturity Rate 2013 Balance December 31, Increased Decreased Parking Meter Pay Stations 3037 Parking Meter Pay Stations 06/20/13 06/20/13 06/20/13 06/20/ % $ 800, /19/14 06/19/ % $ $ 800, , $ 800, $ 800, $ 800, $ 800, $ 800, F 2-F 2-F F

206 Schedule 7-F CITY OF ASBURY PARK PARKING UTILITY CAPITAL FUND SCHEDULE OF IMPROVEMENT AUTHORIZATIONS YEAR ENDED DECEMBER 31, 2014 Ordinance Number Description Ordinance Balance December 31, 2013 Unfunded Paid or Charged Balance December 31, 2014 Unfunded 3037 Parking Meter Pay Stations 1/24/2013 $ 800, $ 10, $ $ 10, $ F $ 9~,6_58_. 8_1_ $ 9, =========== 12-F F

207 Schedule 8-F CITY OF ASBURY PARK PARKING UTILITY CAPITAL FUND SCHEDULE OF FIXED CAPITAL AUTHORIZED AND UNCOMPLETED YEAR ENDED DECEMBER 31, 2014 Ordinance Number 3038 Balance Date December 31, Description Authorized Amount 2013 Parking Meter Pay Stations 1/24/2013 $ 800, $ 10, $ 10, Balance December 31, 2014 $ 10, $ 10, Ref. F F

208 Schedule 9-F CITY OF ASBURY PARK PARKING UTILITY CAPITAL FUND SCHEDULE OF FIXED CAPITAL YEAR ENDED DECEMBER 31, 2014 BALANCE, DECEMBER INCREASED BY Additions by Capital Outlay BALANCE. DECEMBER 31 I 2014 F F-3, 10-F F $ 789, , $ 808, Detail: 2013 Parking Meter Pay Stations 2014 Purchase of Vehicle $ 789, , $ 808,479.87

209 CITY OF ASBURY PARK PARKING UTILITY CAPITAL FUND SCHEDULE OF RESERVE FOR AMORTIZATION YEAR ENDED DECEMBER 31 I 2014 Schedule 10-F BALANCE, DECEMBER 31, 2013 F $ INCREASED BY Capital Outlay Expe nditures F-3, 9-F 18, BALANCE, DECEMBER 31, F $ 18, = ====

210 Schedule 11 -F CITY OF ASBURY PARK PARKING UTILITY FUND SCHEDULE OF DUE TO CURRENT FUND YEAR ENDED DECEMBER 31, 2014 BALANCE, DECEMBER 31, 2013 F $ INCREASED BY Cash Receipt in Error 1-F 93, BALANCE. DECEMBER 31, 2014 F $ 93,770.15

211 Schedule 12-F CITY OF ASBURY PARK PARKING UTILITY CAPITAL FUND SCHEDULE OF DUE FROM CURRENT FUND YEAR ENDED DECEMBER 31, 2014 Ref. BALANCE, DECEMBER 31 I 2013 F $ 10, INCREASED BY Cash Receipt by Current Fund in Error: Premium on Sale of Notes F-4 DECREASED BY Paid by Current Fund On Behalf of Parking Utility Capital Fund 7-F 1, , BALANCE, DECEMBER 31, F $ 11,426.81

212 Schedule 13-F CITY OF ASBURY PARK PARKING UTILITY CAPITAL FUND SCHEDULE OF CAPITAL LEASE OBLIGATIONS PAYABLE YEAR ENDED DECEMBER 31, 2014 BALANCE. DECEMBER 31, 2013 (As restated) F $ 576, DECREASED BY Principal Payments Made on Parking Meter Capital Lease 235, BALANCE, DECEMBER 31, 2014 F $ 340, Ref.

213 CITY OF ASBURY PARK PART II SINGLE AUDIT SECTION

214 WISS A Partner to Grow With REPORT ON COMPLIANCE FOR EACH MAJOR FEDERAL PROGRAM AND REPORT ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY OMB CIRCULAR A-133 Honorable Mayor and Members of the City Council City of Asbury Park County of Monmouth, New Jersey INDEPENDENT AUDITORS' REPORT Report on Compliance for Each Major Federal Program We have audited the City of Asbury Park's, County of Monmouth, New Jersey ("City") compliance with the types of compliance requirements described in OMB Circular A-133 Compliance Supplement that could have a direct and material effect on its major federal programs for the year ended December 3I,2014. The City's major federal programs are identified in the summary of auditor's results section of the accompanying schedule of findings and questioned costs. Management's Responsibility Management is responsible for compliance with the requirements of Jaws, regulations, contracts and grants applicable to its federal programs. Auditors' Responsibility Our responsibility is to express an opinion on compliance for the City's major federal programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with 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; the audit requirements as prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey (the " Division"); and OMB Circular A-133 Audits of Stales, Local Governmenls and Non-Profit Organizations. Those standards, requirements and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about the City' s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the City's compliance. wiss.com WISS & COMPANY. LLP

215 Basis for Qualified Opinion on Community Development Block Grant Program As described in the accompanying schedule of findings and questioned costs, the City did not comply with requirements regarding CFDA Community Development Block Grant Program as described in finding numbers l for Activities Allowed and U n-allowed, for Cash Management, for Davis-Bacon, Sub-Recipient Monitoring and Special Tests and Provisions. Compliance with such requirements is necessary, in our opinion, for the City to comply with the requirements applicable to that program. Qualified Opinion on Community Development Block Grant In our opinion, except for the noncompliance described in the Basis for Q ualified Opinion paragraph, the City complied, in all material respects, with the types of compliance req uirements referred to above that could have a direct and material effect on the Community Development Block Grant Program for the year ended December 31, Unmodified Opinion on the Other Major Federal Program In our opinion, the City complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on its other major federal program identified in the summary of auditor's results section of the accompanying schedule of fi ndings and questioned costs for the year ended December 31, Other Matters The City's response to the noncompliance findings identified in our audit is described in the accompany ing schedule of findings and questioned costs. The City's response was not subjected to the auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the response. Report on Internal Control Over Compliance Management of the City is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the City's internal control over compliance with the types of requirements that could have a direct and material effect on its major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for its major federal program and to test and report on internal control over compliance in accordance with OMB Circular A-133, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the City's internal control over compliance. Our consideration of internal control over compliance was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified.. However, as discussed below, we identified certain deficiencies m internal control over compliance that we consider to be material weaknesses. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompli ance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis. We consider the deficiencies in internal control over compliance described in the accompanying schedule of findings and questioned costs as items , , , and to be material weaknesses.

216 A significant deficiency in internal control over compliance is a defi ciency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. We did not consider the deficiencies in internal control cited above to be significant deficiencies. The City's response to the internal control over compliance findings identified in our audit is described in the accompanying schedule of findings and questioned costs. The City's response was not subjected to the auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the response. Purpose of this Report The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of OMB Circular A-133. Accordingly, this report is not suitable for any other purpose. David A. Kaplan Registered Municipal Accountant No. 433 (J/_w, of/~ WISS & COMPANY, LLP Iselin, New Jersey August 20, 2015

217 City of Asbury Park County of Monmouth Schedule A Schedule of Expenditures offederal Awards Year Ended December 3 I, Federal Funding Department CFDA Number Total Award Grant Year Cash Receipts Expenditures U.S. Department of Homeland Security Pass-Through the State ofnew Jersey: Disaster Grants - Public Assistance Disaster Grants - Public Assistance $ ,649, , $ 1,758,574 $ 147,824 2,656, ,630 Sub-total - Pass-Through A wards 1,906,398 2,808,638 U.S. Department of Justice Hiring Recovery Program - Community Oriented Police Service Police Service ,000 1,376, I , , ,097 56, , ,41 1 Edward Byrne Justice Assistance Grant Edward Byrne Justice Assistance Grant Edward Byrne Justice Assistance Grant U.S. Department of Housing and Urban Development Community Development Block Grant: Entitlement Community Development Block Grant: Entitlement Community Development Block Grant: Entitlement ,606 60,787 27, , , , ,973 25,973 20, , , , ,597 25,973 27, ,801 15, , , ,235 Total expenditures $ 2,780,647 $ 3,663,085

218 City of Asbury Park Notes to Schedule of Expenditures of Federal A wards December 31, General The accompanying schedule of expenditures of federal awards presents the activity of all federal awards of the City of Asbury Park (City). The City is defined in Note 1 to the City's basic financial statements. All federal awards and state financial assistance received directly from federal and state agencies, as well as federal awards and state financial assistance passed through other government agencies are included on the schedule of expenditures of federal awards. 2. Basis of Accounting The accompanying schedule of expenditures of federal awards is presented using the basis of accounting as described in Note 1 to the City' s basic financial statements. 3. Relationship to Basic Financial Statements Amounts reported in the accompanying schedule agree with amounts reported in the City' s basic financial statements. 4. Relationship to Federal Financial Reports Amounts reported in the accompanying schedule of expenditures of federal awards agree with the amounts reported in the related federal financial reports. Expenditures incurred for Disaster Grants for Public Assistance are based upon project worksheets submitted to the Federal Emergency Management Agency. Several of the project worksheets are based upon estimated amounts and may change from preliminary estimates resulting in a reduction of funds to be received or funds due back to the grantor agency.

219 City of Asbury Park Schedule of Findings and Questioned Costs Year ended December 31, 2014 Part I - Summary of Auditors' Results Financial Statement Section Type of auditors' report issued: Unmodified - OCBOA Adverse- U.S. GAAP Internal control over financial reporting: Material weakness( es) identified? x Yes No Significant deficiency(ies) identified? Yes None X Reported Noncompliance material to basic financial statements noted? x Yes No Federal Awards Section Dollar threshold used to distinguish between Type A and Type B programs: $300,000 Auditee qualified as low-risk auditee? Yes x No Type of auditors' report issued on compliance for major Unmodified for Disaster Grants programs: Qualified for CDBG Internal control over major programs: Material weakness( es) identified? x Yes No Significant deficiency(ies) identified? Yes None X Reported Any audit findings disclosed that are required to be reported in accordance with Circular A-133 (Section.51 O(a))? X Yes No Identification of major programs: CFDA Number(s) Name of Federal Program or Cluster Community Development Block Grant Program Disaster Grants - Public Assistance

220 City of Asbury Park Schedule of Findings and Questioned Costs (Continued) Year ended December 31, 2014 Part II - Financial Statement Findings Instance of Non-Compliance - Allowable Costs Federal Program Community Development Block Grant ("CDBG") (CFDA # ) Criteria: In accordance with Federal OMB Circular A-133 and the OMB Compliance Supplement, the City is required to outline each activity in its Action Plan or in its Consolidated Annual Performance and Evaluation Report ("CAPER"). Statement of Condition: During our testing of the CDBG major program, we identified certain activities that were performed but not outlined in either its Action Plan or CAPER. Questioned Costs: None. Context: During our testing of Federal grant compliance, we selected a sample of payroll and non-payroll related charges, based on the composition of the types of expenditures charged to each major program. Our sample of non-payroll charges identified two instances of activities performed that were not outlined in the Activity Plan or CAPER, as required. Cause and Effect: Violations of grant requirements could lead to a potential reduction in funding or return of funds. Recommendation: We suggest that only activities that are outlined in the Action Plan or CAPER be undertaken. Views of Responsible Officials and Planned Corrective Actions: City management concurs with the finding and has developed and approved a corrective action plan in response to the recommendation above. Instance of Non-Compliance - Cash Management : Federal Program Community Development Block Grant ("CDBG") (CFDA # )

221 City of Asbury Park Schedule of Findings and Questioned Costs (Continued) Year ended December 31, Part II- Financial Statement Findings Criteria: In accordance with Federal OMB Circular A-I 33 and the OMB Compliance Supplement, the City is required to maintain adequate documentation to support all amounts requested by draw-down. Statement of Condition: During our testing of the CDBG major program, we identified certain draw-down amounts that were not adequately supported by source documentation. Questioned Costs: None. Context: During our testing of Federal grant compliance, we selected a sample of payroll and non-payroll related charges, based on the composition of the types of expenditures charged to each major program. Our sample of payroll and non-payroll charges identified that amounts requested for expenditure reimbursement were not supported neither by a itemized listing detailing which items the reimbursement request was made for and a lack of support for the items that were reimbursed. Cause and Ejfecl: Violations of grant requirements could lead to a potential reduction in funding or return of funds. Recommendation: We suggest that every amount requested for reimbursement be supported by a lead sheet that details exactly which expenditures are being requested for reimbursement and adequate evidentiary documentation supporting each item claimed for reimbursement be maintained. Views of Responsible Offidals and Planned Corrective Actions: City management concurs with the finding and has developed and approved a coitective action plan in response to the recommendation above. Instance of Non-Compliance - Davis Bacon Act : Federal Program Community Development Block Grant ("CDBG") (CFDA # ) Criteria: In accordance with Federal OMB Circular A-1 33 and the OMB Compliance Supplement, the City is required to comply with the prevailing wage provisions of the Davis Bacon Act and provide documentation in support of that compliance.

222 City of Asbury Park Schedule of Findings and Questioned Costs (Continued) Year ended December 31, 2014 Part II - Financial Statement Findings Statement of Condition: During our testing of the CDBG major program, we identified one instance where a contractor performed services for the City but did not provide the City with certified payrolls which would have enabled the City to ensure the contractor complied with the provisions of the Davis Bacon Act. Questioned Costs: None. Context: During our testing of Federal grant compliance, we selected a sample of payroll and non-payroll related charges, based on the composition of the types of expenditures charged to each major program. Our sample of non-payroll charges identified that amounts were paid to contractors without adequate documentation supporting the contractor's invoice. Cause and Effect: Violations of grant requirements could lead to a potential reduction in funding or return of funds. Recommendation: We suggest that when the City engages contractors to perform services costing greater than $2,000, they require the contractor to remit their certified payrolls along with their invoices. Views of Responsible Officials and Planned Corrective Actions: City management concurs with the finding and has developed and approved a corrective action plan in response to the recommendation above. Instance of Non-Compliance - Sub-recipient monitoring : Federal Program Community Development Block Grant ("CDBG") (CFDA #14.218) Criteria: In accordance with Federal OMB Circular A-133 and the OMB Compliance Supplement, the City is required to perform monitoring of a sub recipient's activities to determine if the objectives of the activities were met.

223 City of Asbury Park Schedule of Findings and Questioned Costs (Continued) Year ended December 31, 2014 Part II - Financial Statement Findings Statement of Condition: During our testing of the CDBG major program, we identified one instance where the City awarded funds to a sub recipient but did not monitor the sub recipient's success in achieving the objectives of the activity. Questioned Costs: None. Context: During our testing of Federal grant compliance, we selected a sample of payroll and non-payroll related charges, based on the composition of the types of expenditures charged to each major program. Our sample of non-payroll charges identified that amounts were paid to sub recipients based on approved program goals and objectives but no monitoring of the success or failure of the program occurred. Cause and Effect: Violations of grant requirements could lead to a potential reduction in funding or return of funds. Recommendation: We suggest that when the City grants sub recipients awards, the results of the sub recipients' activity be determined by the City through monitoring. Views of Responsible Officials and Planned Corrective Actions: City management concurs with the finding and has developed and approved a corrective action plan in response to the recommendation above. Instance of Non-Compliance- Special tests and provisions : Federal Program Community Development Block Grant ("CDBG") (CFDA #14.218) Criteria: In accordance with Federal OMB Circular A-1 33 and the OMB Compliance Supplement, the City is required to maintain docun1entation of exemption from environmental review when it determines such a review is not warranted. Statement of Condition: Dw-ing ow- testing of the CDBG major program, we identified one instance where the City determined that an environmental review was not necessary, but failed to document the exemption. Questioned Costs: None.

224 City of Asbury Park Schedule of Findings and Questioned Costs (Continued) Year ended December 31, 2014 Part II - Financial Statement Findings Context: During our testing of Federal grant compliance, we selected a sample of payroll and non-payroll related charges, based on the composition of the types of expenditures charged to each major program. Our sample of non-payroll charges identified that amounts were paid to contractors where environmental reviews were considered but deemed unwarranted by virtue of exemption. However, the City did not maintain documentation of the exemption, as required. Cause and Effect: Violations of grant requirements could lead to a potential reduction in funding or return of funds. Recommendation: We suggest that when the City exempts contractors from performing environmental reviews, they document the exemption and the criteria under which such exemption is afforded. Views of Responsible Officials and Planned Corrective Actions: City management concurs with the finding and has developed and approved a corrective action plan in response to the recommendation above.

225 City of Asbury Park Schedule of Findings and Questioned Costs (Continued) Year ended December 31, 2014 Part ID- Schedule of Federal Awards Findings and Questioned Costs Instance of Non-Compliance - AJlowable Costs Federal Program Community Development Block Grant ("CDBG") (CFDA # ) Criteria: In accordance with Federal OMB Circular A-133 and the OMB Compliance Supplement, the City is required to outline each activity in its Action Plan or in its Consolidated Annual Performance and Evaluation Report ("CAPER"). Statement of Condition: Dwing our testing of the CDBG major program, we identified certain activities that were performed but not outlined in either its Action Plan or CAPER. Questioned Costs: None. Context: During our testing of Federal grant compliance, we selected a sample of payroll and non-payroll related charges, based on the composition of the types of expenditures charged to each major program. Our sample of non-payroll charges identified two instances of activities performed that were not outlined in t11e Activity Plan or CAPER, as required. Cause and Effect: Violations of grant requirements could lead to a potential reduction in funding or return of funds. Recommendation: We suggest that only activities that are outlined in the Action Plan or CAPER be undertaken. Views of Responsible Officials and Planned Corrective Actions: City management concurs with the finding and has developed and approved a corrective action plan in response to the recommendation above. Instance of Non-Compliance - Cash Management : Federal Program Community Development Block Grant ("CDBG") (CFDA # )

226 City of Asbury Park Schedule of Findings and Questioned Costs (Continued) Year ended December 31, 2014 Part III- Schedule of Federal Awards Findings and Questioned Costs Criteria: In accordance with Federal OMB Circular A-133 and the OMB Compliance Supplement, the City is required to maintain adequate documentation to support all amounts requested by draw-down. Statement of Condition: During our testing of the CDBG major program, we identified certain draw-down amounts that were not adequately supported by source documentation. Questioned Costs: None. Context: During our testing of Federal grant compliance, we selected a sample of payroll and non-payroll related charges, based on the composition of the types of expenditures charged to each major program. Our sample of payroll and non-payroll charges identified that amounts requested for expenditure reimbursement were not supported neither by a itemized listing detailing which items the reimbursement request was made for and a lack of support for the items that were reimbursed. Cause and Effect: Violations of grant requirements could lead to a potential reduction in funding or return of funds. Recommendation: We suggest that every amount requested for reimbursement be supported by a lead sheet that details exactly which expenditures are being requested for reimbursement and adequate evidentiary documentation supporting each item claimed for reimbursement be maintained. Views of Responsible Officials and Planned Corrective Actions: City management concurs with the finding and has developed and approved a corrective action plan in response to the recommendation above. Instance of Non-Compliance - Davis Bacon Act : Federal Program Community Development Block Grant ("CDBG") (CFDA #14.218)

227 City of Asbury Park Schedule of Findings and Questioned Costs (Continued) Year ended December 31, 2014 Part ill- Schedule of Federal Awards Findings and Questioned Costs Criteria: In accordance with Federal OMB Circular A-133 and the OMB Compliance Supplement, the City is required to comply with the prevailing wage provisions of the Davis Bacon Act and provide documentation in support of that compliance. Statement of Condition: During our testing of the CDBG major program, we identified one instance where a contractor performed services for the City but did not provide the City with certified payrolls which would have enabled the City to ensure the conlrnctor complied with the provisions of the Davis Bacon Act. Questioned Costs: None. Context: Dw"ing our testing of Federal grant compliance, we selected a sample of payroll and non-payroll related charges, based on the composition of the types of expenditures charged to each major program. Our sample of non-payroll charges identified that aniounts were paid to contractors without adequate docwnentation supporting the contractor's invoice. Cause and Effect: Violations of grant requirements could lead to a potential reduction in funding or return of funds. Recommendation: We suggest that when the City engages contractors to perform services costing greater than $2,000, they require the contractor to remit their certified payrolls along with their invo ices. Views of Responsible Officials and Planned Corrective Actions: City management concurs with the finding and has developed and approved a corrective action plan in response to the recommendation above. Instance of Non-Compliance - Sub-recipient monitoring : Federal Program Community Development Block Grant ("CDBG") (CFDA #14.218) Criteria: In accordance with Federal OMB Circular A-133 and the OMB Compliance Supplement, the City is required to perform monitoring of a sub recipient's activities to determine if the objectives of the activities were met.

228 City of Asbury Park Schedule of Findings and Questioned Costs (Continued) Year ended December 31, 2014 Part ill- Schedule of Federal Awards Findings and Questioned Costs Statement of Condition: Dwing our testing of the CDBG major program, we identified one instance where the City awarded fund to a sub recipient but did not monitor the sub recipient's success in achieving the objectives of the activity. Questioned Costs: None. Context: During our testing of Federal grant compliance, we selected a sample of payroll and non-payroll related charges, based on the composition of the types of expenditures charged to each major prograrn. Our sample of non-payroll charges identified that amounts were paid to sub recipients based on approved program goals and objectives but no monitoring of the success or failure of the program occurred. Cause and Effect: Violations of grant requirements could lead to a potential reduction in funding or return of funds. Recommendation: We suggest that when the City grants sub recipients awards, the results of the sub recipients activity be determined by the City through monitoring. Views of Responsible Officials and Planned Corrective Actions: City management concurs with the finding and has developed and approved a corrective action plan in response to the recommendation above. Instance of Non-Compliance - Special tests and provisions : Federal Program Community Development Block Grant ("CDBG") (CFDA # ) Criteria: In accordance with Federal OMB Circular A-133 and the OMB Compliance Supplement, the City is required to maintain documentation of exemption from environmental review when it determines such a review is not warranted. Statement of Condition: During our testing of the CDBG major program, we identified one instance where the City determined that an environmental review was not necessary, but failed to document the exemption.

229 City of Asbury Park Schedule of Findings and Questioned Costs (Continued) Questioned Costs: None. Year ended December 31, 2014 Part ill-schedule of Federal Awards Findings and Questioned Costs Context: During our testing of Federal grant compliance, we selected a sample of payroll and non-payroll related charges, based on the composition of the types of expenditures charged to each major program. Our sample of non-payroll charges identified that amounts were paid to contractors where environmental reviews were considered but deemed unwarranted by virtue of exemption. However, the City did not maintain documentation of the exemption, as required. Cause and Effect: Violations of grant requirements could lead to a potential reduction in funding or return of funds. Recommendation: We suggest that when the City exempts contractors from performing environmental reviews, they document the exemption and the criteria under which such exemption is afforded. Views of Responsible Officials and Planned Corrective Actions: City management concurs with the finding and has developed and approved a corrective action plan in response to the recommendation above.

230 City of Asbury Park Summary Schedule of Prior Year Audit Findings Year ended December 31, 2014 Not applicable.

231 CITY OF ASBURY PARK PART Ill COMMENTS SECTION - GENERAL AND OTHER COMMENTS SUPPLEMENTARY INFORMATION YEAR ENDED DECEMBER 31, 2014

232 CITY OF ASBURY PARK COUNTY OF MONMOUTH, NEW JERSEY SUPPLEMENTARY DATA YEARS ENDED DECEMBER 31, 2014 AND 2013 Comparative Statements of Operations and Changes in Fund Balance - Current Fund Year 2014 Year2013 Amount Percent Amount Revenue and Other Income Realized Fund Balance Utilized $ 515, % $ 90, Miscellaneous - From Other Than Local Property Taxes 25,445, % 27,468, Collection of Delinquent Taxes and Tax Title Liens 53, % 94, Collection of Current Tax Levy 25,617, % 24,452, Other Credits to Income 1,363, % 294, Total Revenue 52,996, % 52,399, Expenditures Budget Expenditures: Municipal Purposes 40,292, % 41,184, County Taxes 3,689, % 3,453, Local District School Tax 6,785, % 6,710, Other Expenditures 131, % 8, Total Expenditures 50,898, % 51,357, Percent 0.17% 52.42% 0.18% 46.67% 0.56% % 80.19% 6.72% 13.07% 0.02% % Excess in Revenues Over Expenditures/ Statututory Excess to Fund Balance 2,097, ,042, Fund Balance, January 1 1,830, , ,928, ,920, Decreased by: Utilized as Anticipated Revenue 515, , Fund Balance, December 31 $ 3,412, $ 1,830,949.17

233 CITY OF ASBURY PARK COUNTY OF MONMOUTH, NEW JERSEY SUPPLEMENTARY DATA (CONTINUED) YEARS ENDED DECEMBER 31, AND 2013 Comparative Statements of Operations and Changes in Fund Balance - Sewer Utility Fund Year2014 Year2013 Amount Percent Amount Percent Revenue and Other Income Realized Fund Balance Utilized $ 195, % $ 82, % Collection of Sewer Rents 4,501, % 4,509, % Miscellaneous - From Other Than Sewer Rents 866, % 1,001, % Total Revenue 5,563, % 5,594, % Expenditures Budget Expenditures: Operating 1,962, % 1,771, % Deferred Charges and Statutory Expenditures 77, % 113, % Debt Service 3,560, % 3,579, % Other Expenditures 30, % Total Expenditures 5,630, % 5,463, % Excess in Revenues/Statutory Excess to Fund Balance 130, Deferred Charge - Deficit in Operations $ 66, Fund Balance, January 1 $ 195, , , , Decreased by: Utilized as Anticipated Revenue 195, , Fund Balance, December 31 $ $ 195,369.18

234 CITY OF ASBURY PARK COUNTY OF MONMOUTH, NEW JERSEY SUPPLEMENTARY DATA (CONTINUED) YEARS ENDED DECEMBER 31, 2014 AND 2013 Comparative Statements of Operations and Changes in Fund Balance - Beach Utility Fund Year 2014 Amount Year2013 Percent Amount Percent Revenue and Other Income Realized Fund Balance Utilized Receipts from Municipal Bathing Beach Chair Locker Rentals Miscellaneous Other Credits to Income Total Revenue $ 125, ,235, , , , ,432, % $ 30, % 86.24% 1,055, % 4.51 % 37, % 0.09% % 0.41 % 4, % % 1,128, % Expenditures Budget Expenditures: Operating Deferred Charges and Statutory Expenditures Surplus (General Budget) Total Expenditures 1,098, , ,205, % 726, % 8.86% 74, % 200, % % 1,000, % Excess in Revenues/Statutory Excess to Fund Balance 227, , Fund Balance, January 1 129, , Decreased by: Utilized as Anticipated Revenue Transferred to Current Fund 357, , , , , , , Fund Balance, December 31 $ 232, $ 129,909.32

235 CITY OF ASBURY PARK COUNTY OF MONMOUTH, NEW JERSEY SUPPLEMENTARY DATA (CONTINUED) YEARS ENDED DECEMBER 31, 2014 AND 2013 Comparative Statements of Operations and Changes in Fund Balance - Parking Utility Fund Year2014 Year2013 Amount Percent Amount Percent Revenue and Other Income Realized Municipal Parking Fees Miscellaneous $ 2,452, , % $ 1,962, % 130, % 1.82% Total Revenue 2,645, % 2,092, % Expenditures Budget Expenditures: Operating Deferred Charges and Statutory Expenditures Capital Improvements Debt Service Surplus (General Budget) Other Expenditures 620, , , , ,004, % 440, % 50, % 14.43% 272, % 842, % 27.42% 3.12% 16.96% 52.50% Total Expenditures 1,970, % 1,604, % Excess in Revenues/ Statutory Excess to Fund Balance 674, , Fund Balance, January 1 1,064, , Decreased by: Transferred to Current Fund 1,739, , ,261, , Fund Balance, December 31 $ 1,142, $ 1,064,866.11

236 CITY OF ASBURY PARK COUNTY OF MONMOUTH, NEW JERSEY SUPPLEMENTARY DATA (CONTINUED) YEARS ENDED DECEMBER 31, 2014 AND 2013 Comparison of Tax Levies and Collections Percentage Year Tax Levy Collections of Collections * 2014 $ 25,674, $ 25,617, % ,632, ,452, % ,096, ,749, % ,611, ,486, % ,366, , 156, % * Percentages of collections are resultant from the City's annual accelerated tax sale. Comparative Schedule of Tax Rates 2014 * Tax Rate $ $ $ $ $ Apportionment of Tax Rate: Municipal $ $ $ $ $ Municipal Library County Local School * 2014 tax rates reflect property revaluation.

237 Except as noted below, our examination of expenditures revealed that no payments were made in excess of $25, "for the performance of any work or the furnishing or hiring of any materials or supplies" other than those where bids had been previously sought by public advertisement or where a resolution had been previously adopted under the provision of N.J.S. 40A:11-6. Finding: Condition: Several vendors were paid in excess of $25, for which no advertisement for bids was solicited. Criteria: N.J.S. 40A:11-5. Cause: No plausible explanation as this is repeated from prior year. City's Response: The City will comply with the statute. Recommendation: goods and services. It is recommended that competitive bids be solicited for all required Collection of Interest on Delinquent Taxes and Utility Charges The statute provides the method for authorizing interest and the maximum rates to be charged for the nonpayment of taxes and assessments on or before the date when they would become delinquent. The Governing Body has adopted an ordinance authorizing interest to be charged on delinquent taxes and assessments as follows: ORDAINED, that in accordance with N.J.S. 54:4-67, as amended, the Tax Collector is hereby authorized and directed to charge eight percent (8%) per annum on the first $1, of the delinquency and eighteen percent (18%) per annum on any amount in excess of $1, becoming delinquent after the due date, and if a delinquency is in excess of $10, and remains in arrears beyond December 31st, an additional penalty of six percent (6%) shall be charged against the delinquency. There is a ten-day grace period of quarterly tax payments made by cash, check or money order. Sewer Utility delinquencies are charged interest at the rate of one and one-half percent per month pursuant to New Jersey Statutes. It appears, from an examination of the Tax Collector records, that interest was collected in accordance with the foregoing ordinance and statutes. Delinquent Taxes and Tax Title Liens. Delinquent Sewer Rents and Liens and PILOTS The detail of all unpaid taxes for 2014 and prior years, and tax title liens are being properly carried in the Tax Collector's records. An abstract taken from these records as at December 31, 2014 covering all unpaid charges on that date was verified with the accounting control figures shown in this report. An accelerated tax sale was held on December 18, The City has municipally held liens.

238 Inspection of tax sale certificates on file revealed that all tax sale certificates were available for audit. It is essential to good management that all means provided by statute be utilized to liquidate tax title liens in order to get such properties back on a taxpaying basis. Certain liens have been in existence for greater than two years. The detail of all unpaid Sewer rents and liens for 2014 and prior years is being properly carried in the Sewer Collector's records. An abstract taken from these records as at December 31, 2014, covering all unpaid charges on that date as adjusted, was verified with the accounting control figures shown in this report. Cash and Cash Equivalents The cash balances in all funds were verified by independent certifications obtained from the depositories as at December 31, Bank reconciliations were examined as of May 31, 2015 in connection with the supplemental reconciliations. Cash counts were made at various dates in all departments of the City and bank balances were independently reconciled to the books and records or to such schedules of receipts and disbursements provided for audit. The change funds and petty cash funds were counted. Revenues Receipts from licenses, fees, fines and costs, etc., for all departments, including the Municipal Court, were checked to the records maintained to the extent deemed necessary. Expenditures The vouchers pertaining to all funds were examined on a test basis to the extent deemed necessary to determine that they carried the properly executed certifications as required by statute. No exceptions were noted in those items tested. Payroll An examination was made of the employees' compensation records for the year 2014 on a test basis to determine that salaries were paid in conformity with the amounts of salaries and wages authorized by ordinance. No exceptions were noted. The City uses an outside vendor for processing of both net pay and withholdings. A (SOC 1) Report on Internal Control of Service Organizations was on file. Our examination of the payroll did not cover verification of the validity and reasonableness of the allocation of salaries for individuals whose job encompasses activities that relate to more than one of the City's Operating Funds or Departments. The allocation of salaries for individuals whose duties encompass more than one fund or appropriation is done at the sole discretion of the management of the Township. It is proper and legal to allocate salaries amongst funds as long as the duties of the individuals relate to the costs charged to the fund or function.