TOWNSHIP OF HOPEWELL REPORT OF AUDIT FOR THE YEAR ENDED DECEMBER 31, 2011

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1 REPORT OF AUDIT FOR THE YEAR ENDED DECEMBER 31, 2011

2 TABLE OF CONTENTS Exhibit Page No. PART I Independent Auditor's Report 1-2 CURRENT FUND A Comparative Balance Sheet - Regulatory Basis 3-4 A - 1 Comparative Statement of Operations and Changes in Fund Balance - Regulatory Basis 5-6 A - 2 Statement of Revenues - Regulatory Basis 7-8 A - 3 Statement of Expenditures - Regulatory Basis 9-14 TRUST FUND B Comparative Balance Sheet - Regulatory Basis 15 GENERAL CAPITAL FUND C Comparative Balance Sheet - Regulatory Basis 16 C - 1 Statement of Fund Balance - Regulatory Basis n/a SEWER UTILITY FUND D Comparative Balance Sheet - Regulatory Basis D - 1 Comparative Statement of Operations and Changes in Fund Balance - Regulatory Basis 19 D - 2 Statement of Capital Fund Balance - Regulatory Basis n/a D - 3 Statement of Revenues - Regulatory Basis 20 D - 4 Statement of Expenditures - Regulatory Basis 21 GENERAL FIXED ASSET ACCOUNT GROUP E Comparative Balance Sheet - Regulatory Basis 22 NOTES TO FINANCIAL STATEMENTS - REGULATORY BASIS CURRENT FUND SUPPLEMENTAL SCHEDULES A - 4 Schedule of Cash - Treasurer 39 A - 5 Schedule of Cash - Collector 40 A - 6 Schedule of Cash - Clerk n/a A - 7 Schedule of Taxes Receivable and Analysis of Property Tax Levy 41 A - 8 Schedule of Tax Title Liens 42 A - 9 Schedule of Revenue Accounts Receivable 43 A - 10 Schedule of Appropriation Reserves - Prior Year A - 11 Schedule of Federal and State Grants Receivable 47 A - 12 Schedule of Reserves for Federal and State Grants - Unappropriated 48 A - 13 Schedule of Appropriated Reserves for Federal and State Grants 49

3 TABLE OF CONTENTS Exhibit TRUST FUND Page No. B - 1 Schedule of Animal Control Cash - Treasurer 50 B - 2 Schedule of Other Trust Cash - Treasurer 51 B - 3 Schedule of Reserve for Animal Control Expenditures 52 GENERAL CAPITAL FUND C - 2 Schedule of Cash - Treasurer 53 C - 3 Analysis of Cash 54 C - 4 Schedule of Capital Improvement Fund 55 C - 5 Schedule of Deferred Charges to Future Taxation - Funded n/a C - 6 Schedule of Deferred Charges to Future Taxation - Unfunded 56 C - 7 Schedule of Improvement Authorizations 57 C - 8 Schedule of General Serial Bonds n/a C - 9 Schedule of Bond Anticipation Notes n/a C - 10 Schedule of Bonds and Notes Authorized But Not Issued 58 SEWER UTILITY FUND D - 5 Schedule of Cash - Treasurer 59 D - 6 Analysis of Cash 60 D - 7 Schedule of Consumer Accounts Receivable 61 D - 8 Schedule of Utility Liens n/a D - 9 Schedule of Appropriation Reserves - Prior Year 62 D - 10 Schedule of Capital Improvement Fund n/a D - 11 Schedule of Accrued Interest on Bonds 63 D - 12 Schedule of Improvement Authorizations 64 D - 13 Schedule of Serial Bonds n/a D - 13A Schedule of Loans Payable 65 D - 14 Schedule of Bond Anticipation Notes n/a D - 15 Schedule of Bonds and Notes Authorized But Not Issued 66 PART II Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements - Regulatory Basis Performed in Accordance with Government Auditing Standards Schedule of Findings and Responses 69 General Comments Findings and Recommendations 72-74

4 REPORT OF AUDIT FOR THE YEAR ENDED DECEMBER 31, 2011

5 PART I REPORT ON AUDIT OF FINANCIAL STATEMENTS - REGULATORY BASIS DECEMBER 31, 2011

6 INDEPENDENT AUDITOR S REPORT To the Honorable Mayor and Members of Township Committee Township of Hopewell County of Cumberland, New Jersey We have audited the accompanying balance sheets regulatory basis of the various funds and account groups of the Township of Hopewell, State of New Jersey, as of December 31, 2011 and 2010 and the related statements of operations and changes in fund balance regulatory basis for the years then ended and the related statement of revenues regulatory basis and statement of expenditures regulatory basis for the year ended December 31, 2011, as listed in the accompanying table of contents. These financial statements regulatory basis are the responsibility of the Township of Hopewell s management. Our responsibility is to express opinions on these financial statements based on our audits. We conducted our audits 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 audit requirements prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey (the Division ). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinions. As described in Note 1, the Township of Hopewell, prepares its financial statements on a basis of accounting prescribed by the Division that demonstrates compliance with a modified accrual basis, with certain exceptions, and the budget laws of the State of New Jersey, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. The effects on the financial statements of the variances between these regulatory accounting practices and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material. In our opinion, because of the Township of Hopewell s policy to prepare its financial statements on the prescribed basis of accounting discussed in the preceding paragraph, the financial statements referred to above do not present fairly, in conformity with accounting principles generally accepted in the United States of America, the financial position of the various funds and account groups of the Township of Hopewell, as of December 31, 2011 and 2010 and the results of operations and changes in fund balance of such funds for the years then ended, and the statement of revenues and statement of expenditures of the various funds for the year ended December 31,

7 In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Township of Hopewell, as of December 31, 2011 and 2010 and the results of operations and changes in fund balances of such funds for the years then ended and the statement of revenues and statement of expenditures of the various funds for the year ended December 31, 2011 on the regulatory basis of accounting described in Note 1. In accordance with Government Auditing Standards, we have also issued a report dated March 23, 2012 on our consideration of the Township of Hopewell s internal control structure over financial reporting and 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 and should be considered in assessing the results of our audits. Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information as listed in the table of contents is presented for purposes of additional analysis and is not a required part of the financial statements. The supplementary information as listed in the table of contents is the responsibility of management and was derived from and relate 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 information is fairly stated in all material respects in relation to the financial statements as a whole. Ford, Scott & Associates, L.L.C. FORD, SCOTT & ASSOCIATES, L.L.C. CERTIFIED PUBLIC ACCOUNTANTS Michael S. Garcia Michael S. Garcia Certified Public Accountant Registered Municipal Accountant No. 472 March 23,

8 EXHIBIT - A CURRENT FUND

9 Exhibit A CURRENT FUND COMPARATIVE BALANCE SHEET - REGULATORY BASIS Balance Balance Ref. Dec. 31, 2011 Dec. 31, 2010 Assets Regular Fund: Cash: Treasurer A-4 $ 2,940, $ 2,753, Collector 34, , Change Funds ,975, ,788, Receivables and Other Assets with Full Reserves: Delinquent Property Taxes Receivable A-7 392, , Tax Title Liens Receivable A-8 46, , Property Acquired for Taxes - Assessed Valuation 134, , Revenue Accounts Receivable A-9 1, Interfunds: Due from General Capital Fund C - 38, Due from Dog Trust B Due from Trust Fund - Other , , Deferred Charges: Emergency Appropriation A-3 55, , Over Expenditure of Appropriation Reserve A-10 11, , , ,616, ,493, Federal and State Grant Fund: Cash A-4 38, , Grant Receivables A , , Due from Sewer Operating Fund A-4 3, , Due from General Capital Fund C 240, , Due from Current Fund 116, , , , $ 4,172, $ 4,063, See Accompanying Notes to the Financial Statements Regulatory Basis 3

10 Exhibit A CURRENT FUND COMPARATIVE BALANCE SHEET - REGULATORY BASIS Balance Balance Ref. Dec. 31, 2011 Dec. 31, 2010 Liabilities, Reserves and Fund Balance Regular Fund: Liabilities: Appropriation Reserves A-3:A-10 $ 74, $ 183, Reserve for Encumbrances 15, , Prepaid Taxes 83, , Tax Overpayments 13, , Local District School Tax Payable 523, , Regional High School Tax Payable 897, , Accounts Payable Due to State - Seniors and Veterans 8, , Due to County for Added and Omitted Tax 6, , Due to Sewer Operating Fund 39, , Due to Capital Fund 209, Due to Grant Fund 116, , Reserve for Garden State Preservation 5, , ,995, ,122, Reserve for Receivables and Other Assets 574, , Fund Balance A-1 1,046, , ,616, ,493, Federal and State Grant Fund: Unappropriated Reserves A-12 2, , Appropriated Reserves A , , Contracts Payable 32, , , , $ 4,172, $ 4,063, See Accompanying Notes to the Financial Statements Regulatory Basis 4

11 Exhibit A-1 CURRENT FUND COMPARATIVE STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE REGULATORY BASIS Ref. Year 2011 Year 2010 Revenue and Other Income Realized Fund Balance Utilized $ 501, $ 500, Miscellaneous Revenue Anticipated 641, , Receipts from Delinquent Taxes 475, , Receipts from Current Taxes 8,600, ,428, Non-Budget Revenue 451, , Other Credits to Income: Unexpended Balance of Appropriation Reserves 162, , Interfunds Returned 39, Net Grants Cancelled - 12, Total Income 10,872, ,694, Expenditures Budget and Emergency Appropriations: Operations: Salaries and Wages 493, , Other Expenses 739, , Operations Excluded from CAPS 45, , Deferred Charges & Statutory Expenditures 147, , Capital Improvements 153, , County Taxes 3,378, ,350, Due to County Added and Omitted Taxes 6, , Local District School Tax 3,360, ,483, Regional High School Tax 1,738, ,560, Interfunds Created - 11, Total Expenditures 10,063, ,090, See Accompanying Notes to the Financial Statements Regulatory Basis 5

12 Exhibit A-1 CURRENT FUND COMPARATIVE STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE REGULATORY BASIS Ref. Year 2011 Year 2010 Excess In Revenue $ 809, $ 604, Adjustments to Income before Fund Balance: Expenditures Included Above Which are by Statute Deferred Charges to Budget of Succeeding Year 55, , , , Statutory Excess to Fund Balance 864, , Fund Balance January 1 A 683, , ,547, ,183, Decreased by: Utilization as Anticipated Revenue 501, , Fund Balance December 31 A $ 1,046, $ 683, See Accompanying Notes to the Financial Statements Regulatory Basis 6

13 Exhibit A-2 CURRENT FUND STATEMENT OF REVENUES - REGULATORY BASIS Anticipated Excess or Ref. Budget N.J.S. 40A:4-87 Realized (Deficit) Fund Balance Anticipated $ 501, $ - $ 501, $ - 501, , Miscellaneous Revenues: Municipal Court Fines and Costs 11, , , Interest and Costs on Taxes 60, , , Interest on Investments and Deposits 24, , , Payments in Lieu of Taxes on Real Property 91, , , Rent on Municipal Property 13, , , Consolidated Municipal Property Tax Relief Aid 42, , Energy Receipts Tax (P.L. 1997, Ch. 162 & 167) 258, , Garden State Trust Fund-Reserved 5, , Uniform Construction Code Fees 32, , , Senior Center Contribution - Shiloh 13, , , Convenience Center - Interlocal 10, , Uniform Fire Safety Act 4, , Special Items: State and Federal Programs Off-Set by Revenues: Clean Communities 9, , Recycling Tonnage Grant 1, , Payments in Lieu of Taxes on Real Property-5 Yr. Tax Abatement Program. 5, , , Total Miscellaneous Revenues A-1 570, , , , Receipts from Delinquent Taxes A-1:A-2 470, , , Amount to be Raised by Taxes for Support of Municipal Budget: Local Tax for Municipal Purposes 512, , , Total Amount to be Raised by Taxes for Support of Municipal Budget 512, , , Budget Totals 2,054, , ,275, , Non-Budget Revenues 451, , $ 2,054, $ 11, $ 2,727, $ 661, See Accompanying Notes to the Financial Statements Regulatory Basis 7

14 Exhibit A-2 CURRENT FUND STATEMENT OF REVENUES - REGULATORY BASIS Analysis of Realized Revenues Allocation of Current Tax Collections: Revenues from Collections $ 8,600, Allocated to: School, County and Other Taxes 8,484, Balance for Support of Municipal Budget Appropriations 115, Add: Appropriation "Reserve for Uncollected Taxes" 542, Amount for Support of Municipal Budget Appropriations $ 657, Receipts from Delinquent Taxes: Delinquent Tax Collections $ 471, Tax Title Lien Collections 4, $ 475, Analysis of Non-Budget Revenues: Miscellaneous Revenue Not Anticipated: Clerk $ 3, Zoning/Planning Board Fees Foot List Sale of Land 162, Cable Franchise Fee 16, FEMA 41, Liquor License 150, Code Compliance Letters 1, Greenwich - Construction, Tax & Court 6, Stow Creek - Fire Department 28, Miscellaneous Revenue 41, $ 451, See Accompanying Notes to the Financial Statements Regulatory Basis 8

15 Exhibit A-3 CURRENT FUND STATEMENT OF EXPENDITURES - REGULATORY BASIS Appropriations Expended Budget After Paid or Budget Modification Charged Encumbered Reserved OPERATIONS WITHIN "CAPS" GENERAL GOVERNMENT: Administrative and Executive Salaries and Wages $ 123, $ 123, $ 120, $ $ 2, Other Expenses 26, , , Financial Administration Salaries and Wages 30, , , Other Expenses: Miscellaneous Other Expenses 7, , , Annual Audit 26, , , Assessment of Taxes Salaries and Wages 32, , , Other Expenses: Miscellaneous Other Expenses 2, , , Tax Map 2, , , Computer Services 3, , , Collection of Taxes Salaries and Wages 27, , , Other Expenses: Liquidation of Tax Title Liens Miscellaneous Other Expenses 4, , , Computer Supplies 5, , , Legal Services and Costs Salaries and Wages 12, , , Other Expenses 44, , , , Engineering Services and Costs Other Expenses 25, , , , Western Cumberland County Economic Development Corp. Other Expenses 9, , , Economic Development Committee 7, , , See Accompanying Notes to the Financial Statements Regulatory Basis 9

16 CURRENT FUND STATEMENT OF EXPENDITURES - REGULATORY BASIS Exhibit A-3 Appropriations Expended Budget After Paid or Budget Modification Charged Encumbered Reserved LAND USE ADMINISTRATION: Planning Board Salaries and Wages $ 7, $ 7, $ 7, $ $ 0.55 Other Expenses 1, , Zoning Board of Adjustment Salaries and Wages 19, , , Other Expenses CODE ENFORCEMENT AND ADMINISTRATION: Code Official Salaries and Wages 3, , , PUBLIC SAFETY: Emergency Management Services Salaries and Wages 2, , , Other Expenses 1, , , Ambulance Service Contribution Other Expenses 25, , , Fire Other Expenses 28, , , , Uniform Fire Safety Act Salaries and Wages 3, , , Other Expenses Municipal Court Salaries and Wages 29, , , Other Expenses 2, , , Municipal Prosecutor Other Expenses 4, , , Public Defender Other Expenses 1, , , See Accompanying Notes to the Financial Statements Regulatory Basis 10

17 CURRENT FUND STATEMENT OF EXPENDITURES - REGULATORY BASIS Exhibit A-3 Appropriations Expended Budget After Paid or Budget Modification Charged Encumbered Reserved PUBLIC WORKS FUNCTIONS: Road Repairs and Maintenance Salaries and Wages $ 95, $ 95, $ 84, $ $ 10, Other Expenses 30, , , , Storm Repairs 55, , , Public Building and Grounds Other Expenses 12, , , HEALTH AND WELFARE: Environmental Commission Other Expenses Dog Regulation Other Expenses 10, , , RECREATION AND EDUCATION: Recreation Other Expenses Bostwik Lake Commission 3, , , SENIOR CITIZEN CENTER Salaries and Wages 12, , , Other Expenses 9, , , UTILITY EXPENSES: Electricity 16, , , , Street Lighting 13, , , Telephone 9, , , Fuel Oil 9, , , Sewer 1, , , Gasoline 8, , , INSURANCE: Liability Insurance 60, , , Group Insurance for Employees 22, , , Medical Reimbursements 1, , , State Disability Compensation Insurance See Accompanying Notes to the Financial Statements Regulatory Basis 11

18 CURRENT FUND STATEMENT OF EXPENDITURES - REGULATORY BASIS Exhibit A-3 Appropriations Expended Budget After Paid or Budget Modification Charged Encumbered Reserved SANITATION: Convenience Center Salaries and Wages $ 29, $ 29, $ 29, $ $ - Other Expenses 145, , , Sanitary Landfill Facility Number 0607A Post-Closure Care 8, , , UNIFORM CONSTRUCTION CODE: Construction Official Salaries and Wages 33, , , , Other Expenses 2, , , Plumbing Inspector Salaries and Wages 7, , , Electrical Inspector Salaries and Wages 11, , , Fire Code Official Salaries and Wages 3, , , UNCLASSIFIED Salary Adjustments 10, , , TOTAL OPERATIONS WITHIN "CAPS" 1,080, ,135, ,072, , , Detail: Salaries and Wages 493, , , , Other Expenses 587, , , , , See Accompanying Notes to the Financial Statements Regulatory Basis 12

19 CURRENT FUND STATEMENT OF EXPENDITURES - REGULATORY BASIS Exhibit A-3 Appropriations Expended Budget After Paid or Budget Modification Charged Encumbered Reserved DEFERRED CHARGES AND STATUTORY EXPENDITURES WITHIN "CAPS": Statutory Expenditures Public Employees Retirement System $ 56, $ 56, $ 56, $ $ - Social Security System 40, , , TOTAL DEFERRED CHARGES AND STATUTORY EXPENDITURES WITHIN "CAPS" 97, , , TOTAL GENERAL APPROPRIATIONS FOR MUNICIPAL PURPOSES WITHIN "CAPS" 1,177, ,232, ,168, , , OPERATIONS EXCLUDED FROM "CAPS" INSURANCE: Emergency Services Volunteer Length of Service Award Program (LOSAP) 10, , , Convenience Center Salaries and Wages 10, , , Senior Center Interlocal Agreement Salaries and Wages 8, , , Other Expenses 5, , , PUBLIC AND PRIVATE PROGRAMS OFFSET BY REVENUES: Recycling Tonnage Grant 1, , Clean Communities 9, , TOTAL PUBLIC AND PRIVATE PROGRAMS OFFSET BY REVENUES - 11, , TOTAL OPERATIONS - EXCLUDED FROM "CAPS" 34, , , Detail: Salaries and Wages 8, , , Other Expenses 25, , , See Accompanying Notes to the Financial Statements Regulatory Basis 13

20 CURRENT FUND STATEMENT OF EXPENDITURES - REGULATORY BASIS Exhibit A-3 Appropriations Expended Budget After Paid or Budget Modification Charged Encumbered Reserved CAPITAL IMPROVEMENTS - EXCLUDED FROM "CAPS": Capital Improvement Fund $ 118, $ 118, $ 118, $ $ - Farmland Preservation- County Easement 10, , , Dump Truck 25, , , TOTAL CAPITAL IMPROVEMENTS 153, , , , DEFERRED CHARGES: Emergency Authorizations $ 17, $ 17, $ 17, $ $ - Deferred Charges to Future Taxation Unfunded - Ordinance , , , Unfunded - Ordinance , , , TOTAL DEFERRED CHARGES 147, , , SUBTOTAL GENERAL APPROPRIATIONS 1,512, ,578, ,487, , , Reserve for Uncollected Taxes 542, , , TOTAL GENERAL APPROPRIATIONS $ 2,054, $ 2,120, $ 2,029, $ 15, $ 74, Budget As Adopted $ 2,054, Emergency Appropriation 55, Added By N.J.S. 40A: , $ 2,120, Paid or Charged Federal and State Grants $ 11, Matching Funds for Grants 10, Capital Improvement Fund 118, Deferred Charges 147, Reserve for Uncollected Taxes 542, Disbursed 1,201, $ 2,029, See Accompanying Notes to the Financial Statements Regulatory Basis 14

21 EXHIBIT - B TRUST FUND

22 Exhibit B TRUST FUND COMPARATIVE BALANCE SHEET - REGULATORY BASIS Assets Balance Balance Ref. Dec. 31, 2011 Dec. 31, 2010 Animal Control Fund Cash and Investments B-1 $ $ Due from State of New Jersey Other Funds Cash Cash and Investments B-2 136, , Liabilities, Reserves and Fund Balance Animal Control Fund 136, , $ 136, $ 134, Reserve for Animal Control Expenditures B-3 $ $ 8.08 Due to Current Fund Due to State of New Jersey - - Other Funds Deposits for Redemption of Tax Sale Certificates 16, , Reserve for Tax Premiums 7, , Developer's Escrow 20, , Reserve for COAH 29, , Reserve for Unemployment Compensation 20, , Reserve for Sanitary Landfill 41, , Due to Current Fund , , $ 136, $ 134, See Accompanying Notes to the Financial Statements Regulatory Basis 15

23 EXHIBIT - C GENERAL CAPITAL FUND

24 GENERAL CAPITAL FUND COMPARATIVE BALANCE SHEET - REGULATORY BASIS Exhibit C Assets Balance Balance Ref. Dec. 31, 2011 Dec. 31, 2010 Cash and Investments C-2,C-3 $ 30, $ 30, Due from Current Fund A 209, Deferred Charges to Future Taxation: Unfunded C-6 594, , Liabilities, Reserves and Fund Balance $ 834, $ 755, Improvement Authorizations: Funded C-7 $ 131, $ 131, Unfunded C-7 113, , Capital Improvement Fund C-4 349, , Due to Grant Fund A 240, , Due to Current Fund A - 38, $ 834, $ 755, See Accompanying Notes to the Financial Statements Regulatory Basis 16

25 EXHIBIT - D SEWER UTILITY FUND

26 Exhibit D SEWER UTILITY FUND COMPARATIVE BALANCE SHEET - REGULATORY BASIS Balance Balance Ref. Dec. 31, 2011 Dec. 31, 2010 Assets Operating Fund: Cash and Investments D-5 $ 29, $ 72, Due from Current Fund 39, , Due from Sewer Capital Fund 23, , , , Receivables With Full Reserves Sewer Rents Receivable D-7 58, , , , Total Operating Fund 151, , Capital Fund: Cash and Investments D-5 35, , Federal Grant Receivable 7, , Fixed Capital: Completed 7,369, ,369, Authorized and Uncompleted 104, , Total Capital Fund 7,518, ,541, $ 7,669, $ 7,812, See Accompanying Notes to the Financial Statements Regulatory Basis 17

27 Exhibit D SEWER UTILITY FUND COMPARATIVE BALANCE SHEET - REGULATORY BASIS Balance Balance Ref. Dec. 31, 2011 Dec. 31, 2010 Liabilities, Reserves and Fund Balance Operating Fund: Appropriation Reserves D-4 $ 17, $ 45, Due to Grant Fund D-5 3, , Accrued Interest on Loans D-11 8, , Reserve for Encumbrances D-4 5, Prepaid Sewer Rent 2, , , , Reserve for Receivables 58, , Fund Balance D-1 55, , Total Operating Fund 151, , Capital Fund: Loans Payable D-13a 4,344, ,417, Contracts Payable Improvement Authorizations Funded D-12 20, , Unfunded D-12 39, , Due to Sewer Operating Fund 23, , Reserve for Amortization 2,985, ,912, Reserve for Deferred Amortization 104, , Total Capital Fund 7,518, ,541, $ 7,669, $ 7,812, See Accompanying Notes to the Financial Statements Regulatory Basis 18

28 Exhibit D-1 SEWER UTILITY FUND COMPARATIVE STATEMENT OF OPERATIONS AND CHANGES IN OPERATING FUND BALANCE - REGULATORY BASIS Ref. Year 2011 Year 2010 Revenue and Other Income Realized Fund Balance Utilized $ 150, $ 169, Sewer Rents 471, , Miscellaneous 4, , Other Credits to Income: Unexpended Balance of Appropriation Reserves 43, , Total Income 669, , Expenditures: Operations: Salaries and Wages 42, , Other Expenses 296, , Debt Service 280, , Total Expenditures 618, , Excess in Revenue 51, , Adjustments to Income Before Fund Balance: Expenditures Included Above Which are by Statute Deferred Charges to Budgets of Succeeding Years , , Fund Balance January 1 D 154, , , , Decreased By: Utilization as Anticipated Revenue 150, , Balance December 31 D $ 55, $ 154, See Accompanying Notes to the Financial Statements Regulatory Basis 19

29 SEWER UTILITY FUND STATEMENT OF REVENUES - REGULATORY BASIS Exhibit D-3 Anticipated Excess or Budget Realized (Deficit) Operating Fund Balance Anticipated $ 150, $ 150, $ - Anticipated Revenue: Sewer Rents 470, , , Miscellaneous 4, , , , , Total Revenue $ 620, $ 626, $ 6, Analysis of Realized Revenue: Sewer Rents Accounts Receivable $ 470, Sewer Overpayments Applied 1, Total Sewer Rents $ 471, Miscellaneous Revenue Not Anticipated Interest on Investments $ Penalties and Interest 4, Total Miscellaneous $ 4, See Accompanying Notes to the Financial Statements Regulatory Basis 20

30 SEWER UTILITY FUND STATEMENT OF EXPENDITURES - REGULATORY BASIS Exhibit D-4 (Overexpended) Appropriations Expended Unexpended Budget After Paid or Balance Budget Modification Charged Reserved Cancelled Operations: Salaries and Wages $ 42, $ 42, $ 29, $ 12, $ Other Expenses 286, , , Other Expenses Insurance 10, , , , , , , , Capital Improvements: None Debt Service: Payment of Loan Principal 74, , , Interest on Loans 208, , , , , , , $ 620, $ 620, $ 600, $ 17, $ 1, Ref. D D Cash Disbursed $ 388, Accrued Interest 207, Encumbered 5, $ 600, See Accompanying Notes to the Financial Statements Regulatory Basis 21

31 EXHIBIT - E GENERAL FIXED ASSET ACCOUNT GROUP

32 GENERAL FIXED ASSET ACCOUNT GROUP COMPARATIVE BALANCE SHEET - REGULATORY BASIS Exhibit E General Fixed Assets Balance Balance Ref. Dec. 31, 2011 Dec. 31, 2010 Land, Buildings & Improvements $ 1,168, $ 1,168, Machinery and Equipment 1,608, ,596, Investment in General Fixed Assets $ 2,777, $ 2,764, Investment in General Fixed Assets $ 2,777, $ 2,764, $ 2,777, $ 2,764, See Accompanying Notes to the Financial Statements Regulatory Basis 22

33 NOTES TO FINANCIAL STATEMENTS REGULATORY BASIS YEARS ENDED DECEMBER 31, 2011 AND 2010 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The financial statements regulatory basis of the Township of Hopewell have been prepared in conformity with an Other Comprehensive Basis of Accounting (OCBOA) as established by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. This basis of accounting differs from Accounting Principles Generally Accepted in the United States of America (GAAP). The more significant of the Township s accounting policies are described below. Description of Financial Reporting Entity The Township of Hopewell was incorporated in The Township is located in Cumberland County and is primarily a rural farming community, 54.5 square miles in size with a population of 4,434 according to the 2000 Federal Census. The Township operates under a five member Township Committee. The Township Committee appoints the Mayor at the annual reorganization meeting. The Mayor is the Chief Executive Officer of the Township and is assisted by the Township Committee. Component Units The financial statements of the component units of the Township of Hopewell are not presented in accordance with Governmental Accounting Standards Board Statement (GASB) No. 14. If the provisions of GASB 14 had been complied with, other entity s financial statements would have to be either blended or discretely presented with the financial statements regulatory basis of the Township of Hopewell, the primary government. Basis of Presentation, Fund Accounting The financial statements regulatory basis of the Township of Hopewell contain all funds and account groups in accordance with the Requirements of Audit as promulgated by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. 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 Township of Hopewell accounts for its financial transactions through the following separate funds that differ from the funds required by GAAP. Current Fund The Current Fund accounts for resources and expenditures for governmental operations of a general nature, including Federal and State Grant Funds. Trust Funds The various Trust Funds account for receipts, custodianship and disbursement of funds in accordance with the purpose for which each fund was created. General Capital Funds The General Capital Fund accounts for the receipt and disbursement of funds for the acquisition of general facilities, other than those acquired in the Current Fund. 23

34 NOTES TO FINANCIAL STATEMENTS REGULATORY BASIS YEARS ENDED DECEMBER 31, 2011 AND 2010 (CONTINUED) NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Sewer Utility Operating and Capital Funds The Sewer Utility Operating and Capital Funds account for the operations and acquisition of capital facilities of the municipally owned sewer utility. Budgets and Budgetary Accounting The Township of Hopewell must adopt an annual budget in accordance with N.J.S.A. 40A:4 et al. State statutes require the governing body to introduce and approve the annual municipal budget no later than February 10 th of each year. At introduction, the governing body shall fix the time and place for a public hearing on the budget and must advertise the time and place at least ten days prior to the hearing in a newspaper published and circulating in the municipality. The public hearing must not be held less than twenty-eight days after the date of introduction. After the hearing has been held, the governing body may, by majority vote, adopt the budget or may amend the budget in accordance with N.J.S.A. 40A:4-9. An extension of the statutory due dates for introduction, approval and adoption of the municipal budget may be granted by the Director of the Division of Local Government Services. Budgets are adopted on the same basis of accounting utilized for the preparation of the Township s financial statements regulatory basis. Cash and Investments New Jersey municipal units are required by N.J.S.A. 40A:5-14 to deposit public funds in a bank approved by the State Department of Banking and Insurance and organized under laws of the United States or the State of New Jersey or the New Jersey Cash Management Fund. N.J.S.A. 40A: provides a list of securities which may be purchased by New Jersey municipal units. The cash management plan adopted by the Township of Hopewell requires it to deposit funds in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (GUDPA). GUDPA was enacted in 1970 to protect governmental units from a loss of funds on deposit with a failed banking institution in New Jersey. N.J.S.A. 17:9-42 requires governmental units to deposit public funds only in public depositories located in New Jersey, where the funds are secured in accordance with the Act. Public funds are defined as the funds of any governmental unit. Public depositories include banks (both state and federal), savings and loan institutions and savings banks, the deposits of which are federally insured. All public depositories pledge collateral, having a market value of five percent of the average daily balance of collected public funds, to secure the deposits of governmental units. If a public depository fails, the collateral it has pledged, plus the collateral of all other public depositories in the collateral pool, is available to pay the full amount of their deposits to the governmental units. Generally, the Township considers all investments that mature in one year or less to be cash equivalents. All certificates of deposit are recorded as cash regardless of date of maturity. 24

35 NOTES TO FINANCIAL STATEMENTS REGULATORY BASIS YEARS ENDED DECEMBER 31, 2011 AND 2010 (CONTINUED) NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Interfunds Interfund receivables and payables that arise from transactions between funds are recorded by all funds affected by such transactions in the period in which the transaction is executed. Interfund receivables in the Current Fund are recorded with offsetting reserves, which are created by charges to Fund Balance. 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 costs of inventories are not included on the various balance sheets. General Fixed Assets Property and Equipment purchased by the Current and General Capital Funds are recorded as expenditures at the time of purchase and are not capitalized. Accounting for Governmental Fixed Assets, as promulgated by Technical Accounting Directive No. 2 as issued by the Division of Local Government Services, differs in certain respects from GAAP. The following is a brief description of the provisions of the Directive. Fixed Assets used in governmental operations ( general fixed assets ) are accounted for in the General Fixed Assets Account Group. Public Domain ( Infrastructure ) fixed assets consisting of certain improvements other than buildings, such as roads, bridges, curbs and gutters, streets and sidewalks, and drainage systems, are not capitalized. All fixed assets are valued at historical cost, or estimated historical cost if actual historical cost is not available. No depreciation on general fixed assets is recorded in the financial statements regulatory basis. Expenditures for construction in progress are recorded in the Capital Funds until such time as the construction is completed and put into operation. Fixed assets acquired through grants in aid or contributed capital has not been accounted for separately. Utility Fixed Assets Property and equipment purchased by a utility fund are recorded in the utility capital fund at cost and are adjusted for disposition or abandonment. The amounts shown do not represent replacement cost or current value. Contributions in aid of construction are not capitalized. The Reserve for Amortization and Deferred Reserve for Amortization accounts in the utility capital fund represent charges to operations for the cost of acquisition of property, equipment and improvements. GAAP does not require the establishment of a Reserve for Amortization of Fixed Capital, but GAAP does require the recognition of depreciation of property by the utility fund. 25

36 NOTES TO FINANCIAL STATEMENTS REGULATORY BASIS YEARS ENDED DECEMBER 31, 2011 AND 2010 (CONTINUED) NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Foreclosed Property Foreclosed property is recorded in the Current Fund at the assessed valuation when such property was acquired and is fully reserved. Ordinarily, it is the intention of the municipality to resell foreclosed property in order to recover all or a portion of the delinquent taxes or assessments by returning the property to a taxpaying basis. For this reason, the value of foreclosed property has not been included in the General Fixed Assets Account Group. If such property is converted to municipal use, it will be capitalized in the General Fixed Assets Account Group. GAAP requires property to be recorded at the market value at the time of acquisition. Deferred Charges The recognition of certain expenditures is deferred to future periods. These expenditures, or Deferred Charges, are generally overexpenditures of legally adopted budget appropriations made in accordance with N.J.S.A. 40A:4-46 et al. Deferred charges are subsequently raised as items of appropriation in budgets of succeeding years. Appropriation Reserves Appropriation Reserves covering unexpended appropriation balance are automatically created at year end and recorded as liabilities, except for amounts which may be canceled by the governing body. Appropriation Reserves are available, until lapsed at the close of the succeeding fiscal year. Lapsed appropriation reserves are recorded as income. Appropriation Reserves are not established under GAAP. Liens Sold for Other Governmental Units Liens sold on behalf of other governmental units are not recorded on the records of the tax collector until such liens are collected. Upon their collection, such liens are recorded as a liability due to the other governmental unit net of costs of the sale. The related costs of sale are recognized as revenue when received. Fund Balance Fund Balances included in the Current Fund and Utility Operating Funds represent amounts available for anticipation as revenue in future years budgets, with certain restrictions. Revenues Revenues are recorded as received in cash except for certain amounts that are due from other governmental units. Revenue from Federal and State Grants is realized as revenue when anticipated as such in the Township s budget. Other amounts that are due the Township which are susceptible to accrual are also recorded as receivables with offsetting reserves and recorded as revenue when received. GAAP generally requires that grant revenue be recognized when actual expenditures financed by the grant are made. 26

37 NOTES TO FINANCIAL STATEMENTS REGULATORY BASIS YEARS ENDED DECEMBER 31, 2011 AND 2010 (CONTINUED) NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Property Tax Revenues Property tax revenues are collected in quarterly installments due February 1 st, May 1 st, August 1 st, and November 1 st. Property taxes unpaid are subject to tax sale in accordance with statutes. The amount of tax levied includes not only the amount required in support of the Township s annual budget, but also the amounts required in support of the entities that follow. Receivables for property taxes are recorded with offsetting reserves on the balance sheet of the Township s Current Fund; accordingly, such amounts are not recorded as revenue until collected. GAAP requires such revenues to be recognized when they are available and measurable reduced by an allowance for doubtful accounts. School Taxes The Township is responsible for levying, collecting and remitting school taxes for the Township of Hopewell School District as well as for the Township s share of the Cumberland Regional High School District. Fund Balance is charged for the full amount required to be raised from taxation to operate the school districts from January 1 st through December 31 st. Category Local Regional School Tax Payable $ 523, $ 897, School Tax Deferred 1,075, $ 1,598, $ 897, County Taxes The Township is responsible for levying, collecting and remitting county taxes for the County of Cumberland. Fund Balance is charged for the amount due the County for the year, based upon the ratables required to be certified to the County Board of Taxation by January 10 th of the current year. In addition Fund Balance is charged for the County Share of Added and Omitted Taxes certified to the County Board of Taxation by October 10 th of the current year and due to be paid to the County by February 15 th of the following year. Reserve for Uncollected Taxes The inclusion of the Reserve for Uncollected Taxes appropriation in the Township s annual budget protects the Township from taxes not paid currently. The minimum amount of the reserve, determined by the percentage of collections experienced in the preceding year, is required to provide assurance that cash collected in the current year will provide sufficient cash flow to meet expected obligations. A Reserve for Uncollected Taxes is not established under GAAP. 27

38 NOTES TO FINANCIAL STATEMENTS REGULATORY BASIS YEARS ENDED DECEMBER 31, 2011 AND 2010 (CONTINUED) NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Expenditures 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 system. Outstanding encumbrances at December 31 st are recorded as a cash liability. Appropriations for principal payments on outstanding General Capital and Utility Capital Fund bonds and notes are provided on the cash basis; interest on General Capital Fund indebtedness is on the cash basis, whereas interest on Utility Fund indebtedness is on the accrual basis. GAAP requires expenditures to be recognized in the accounting period in which the fund liability is incurred, if measurable, except for unmatured interest on long term debt, which is recognized when due. Compensated Absences and Post Employment Benefits Compensated absences for vacation, sick leave and other compensated absences are recorded and provided for in the annual budget in the year in which they are paid, on a pay as you go basis. Likewise, no accrual is made for post employment benefits, if any, which are also funded on a pay as you go basis. GAAP requires that the amount that would normally be liquidated with expendable financial resources be recorded as expenditure in the operating funds and the remaining obligations be recorded as long term obligations. NOTE 2: LONG-TERM DEBT Summary of Municipal Debt Year Year Year Issued: General: Bonds, Notes and Loans None $ - $ - $ - Sewer Utility: Bonds and Notes 4,344, ,417, ,487, Total Issued 4,344, ,417, ,487, Authorized But Not Issued: General: Bonds and Notes 594, , , Sewer Utility: Bonds and Notes 39, , , Total Authorized But Not Issued 634, , , Net Bonds and Notes Issued and Authorized But Not Issued $ 4,979, $ 5,182, $ 5,352,

39 NOTES TO FINANCIAL STATEMENTS REGULATORY BASIS YEARS ENDED DECEMBER 31, 2011 AND 2010 (CONTINUED) NOTE 2: LONG-TERM DEBT (Continued) Summary of Statutory Debt Condition Annual Debt Statement The summarized statement of debt condition that follows is prepared in accordance with the required method of setting up the Annual Debt Statement and indicates a statutory net debt of 0.17%. Gross Debt Deductions Net Debt Local School Debt $ 3,917, $ 3,917, $ - Regional School Debt 2,293, ,293, Sewer Utility Debt 4,384, ,384, General Debt 594, , $ 11,189, $ 10,595, $ 594, Net debt $594,625 divided by Equalized Valuation Basis per N.J.S.A. 40A:2-2 as amended, $349,051,379 = 0.17%. Borrowing Power Under N.J.S.A. 40A:2-6 as Amended 3-1/2% of Equalized Valuation Basis $ 12,216, Net Debt 594, Remaining Borrowing Power $ 11,622, Calculation of Self-Liquidating Purpose, Sewer Utility Per N.J.S.A. 40A: 2-45 Cash Receipts from Fees, Rents or Other Charges for the Year $ 669, Deductions: Operating & Maintenance Costs $ 338, Debt Service per Sewer Funds 280, Total Deductions 618, Excess in Revenue $ 51,

40 NOTES TO FINANCIAL STATEMENTS REGULATORY BASIS YEARS ENDED DECEMBER 31, 2011 AND 2010 (CONTINUED) NOTE 2: LONG-TERM DEBT (Continued) Description of Bonds and Loans Payable At December 31, 2011, there were no bonds and loans payable in the General Capital Fund. At December 31, 2011, loans payable in the Sewer Utility Fund consisted of the following individual issues: $2,799, Rural Development Loan dated June 30, 1997, due in semi-annual installments through June 30, 2037, bearing an interest rate of 5.00%. The balance remaining as of December 31, 2011, is $2,327, $2,215, Rural Development Loan dated November 26, 2004, due in semi-annual installments through November 26, 2043, bearing an interest rate of 4.375%. The balance remaining as of December 31, 2011, is $2,017, Changes in Long-Term Debt The following schedule represents the changes in the Long-Term Debt: Outstanding Payments or Outstanding 12/31/10 Expenditures 12/31/11 General Capital Fund: None $ - $ $ - Total General Capital Fund Utility Capital Fund: Loans Payable 4,417, , ,344, Total Utility Capital Fund 4,417, , ,344, Total All Funds $ 4,417, $ 73, $ 4,344,

41 NOTES TO FINANCIAL STATEMENTS REGULATORY BASIS YEARS ENDED DECEMBER 31, 2011 AND 2010 (CONTINUED) NOTE 2: LONG-TERM DEBT (Continued) Schedule of Annual Debt Service for Principal and Interest for Serial Bonds and Loans Issued and Outstanding Year Ending General Capital Fund Utility Capital Fund December 31 Principal Interest Principal Interest 2012 $ None $ None $ 76, $ 203, None None 80, , None None 84, , None None 88, , None None 92, , None None 533, , None None 675, , None None 854, , None None 1,082, , None None 557, , None None 219, , $ - $ - $ 4,344, $ 3,562, NOTE 3: COMPENSATED ABSENCES The Township has permitted employees to accrue unused vacation, personal and sick time, which may be taken as time off or paid at a later date at an agreed upon rate. The monetary value of these earned and unused employee benefits has not been accrued by either charges to operations or to budgets of prior years, although in some cases they might be material, since the realization of this liability may be affected by conditions which preclude an employee from receiving full payment of the accrual. At December 31, 2011, the Township estimates this liability to approximate $15,351 based on 2011 pay rates and compensated absence balances. NOTE 4: DEFERRED COMPENSATION ACCOUNT The Township offers its employees a deferred compensation plan created in accordance with Internal Revenue Code Section 457. The plan complies with a private letter ruling of the Internal Revenue Service that requires assets of deferred compensation plans be held in Trust under the beneficial ownership of the Trustee, (Township of Hopewell) serving as Trustee, for the exclusive benefit of the plan participants and their beneficiaries, and that the assets shall not be diverted to any other purpose. The plan administrator is as follows: Nationwide Financial Company 31

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