Details for DENNIS TWP

TOWNSHIP OF DENNIS
SUMMARY OR SYNOPSIS OF AUDIT REPORT FOR PUBLICATION
Attention is directed to the fact that a summary or synopsis of the audit report, together with the
recommendations, is the minimum required to be published pursuant to N.J.S. 40A:5-7.
COMBINED COMPARATIVE BALANCE SHEET
ASSETS

Dec. 31, 2020

Cash and Investments

Dec. 31, 2019

$6,695,603.33

$7,722,552.48

Taxes, Assessments & Liens Receivable

504,940.62

691,878.51

Property Acquired for Taxes-Assessed Valuation

704,655.00

704,655.00

Accounts Receivable

1,758,503. 79

3,637,077.87

Deferred Charges

6,314,138.00

5,254,373.00

General Fixed Assets

4,955,304.17

4,829,737.52

$20,933,144.91

$22,840,274.38

TOTAL ASSETS
LIABILITIES, RESERVES & FUND BALANCE
Serial Bonds & Notes Payable

$4,118,515.00

$4,903,000.00

Improvement Authorizations

2,869,632.16

2,765,359.78

Other Liabilities & Special Funds

6,152,687.50

7,767,162.58

Reserve for Certain Assets Receivable

1,209,933.67

1,396,533.51

Fund Balance

1,627,072.41

1,178,480.99

Investment in General Fixed Assets

4,955,304.17

4,829,737.52

$20,933,144.91

$22,840,274.38

TOTAL LIABILITIES, RESERVES
AND FUND BALANCES

COMPARATIVE STATEMENT OF OPERATIONS AND CHANGE IN
FUND BALANCE-CURRENT FUND
Dec. 31, 2020
Revenue and Other Income Realized
Fund Balance Utilized
Miscellaneous From Other than
Local Property Tax Levies
Collection of Delinquent Taxes and
Tax Title Liens
Collection of Current Tax Levy
Total Income
Expenditures
Budget Expenditures:
Municipal Purposes
County Taxes
Local School Taxes
Special District Taxes
Other Expenditures
Total Expenditures
Less: Expenditures to be Raised
by Future Taxation
Total Adjusted Expenditures
Excess in Revenue
Fund Balance January 1
Less: Utilization as Anticipated Revenue
Fund Balance December 31

Dec. 31, 2019

$540,000.00

$600,000.00

3,051,870.02

2,287,224.35

525,015.71
16,046,197.66
20,163,083.39

331,482.03
15,631,645.07
18,850,351.45

4,882,459.44
2,514,537.13
10,868,623.00
896,314.00
34,235.41
19,196,168.98

4,312,481.45
2,513,264.40
10,610,623.00
876,836.00
250.00
18,313,454.85

-

19,196,168.98
966,914.41
1,166,995.99
2,133,910.40
540,000.00
$1,593,910.40

18,313,454.85
536,896.60
1,230,099.39
1,766,995.99
600,000.00
$1,166,995.99

RECOMMENDATIONS:
None
The above summary or synopsis was prepared from the report of the audit of the Township of
Dennis, County of Cape May, for the calendar year 2020.This report of audit submitted by
Leon P. Costello, Registered Municipal Accountant, of Ford, Scott & Associates, L.L.C., CPA’s,
is on file at the Municipal Clerk’s office and may be inspected by any interested person.
A corrective action plan, which outlines actions the Township of Dennis will take to correct the
findings listed above, will be prepared in accordance with federal and state requirements. A copy
of it will be placed on file and made available for public inspection in the Office of the Municipal
Clerk in the Township of Dennis within 45 days of this notice.
Jacqueline Justice, Municipal Clerk
Printer Fee: $80.64
Pub Date: July 16, 2021

Order #: 0000169640

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