Public Notice:

SYNOPSIS OF 2008 AUDIT REPORT OF BOROUGH OF DUMONT

AS REQUIRED BY N.J.S. 40A:5-7
COMBINED COMPARATIVE BALANCE SHEET
AS OF DECEMBER 31, 2008 AND 2007

2008 2007
ASSETS
Cash and Investments $4,780,765 $4,452,628
Taxes, Assessments, and Liens Receivable 684,974 638,734
Property Acquired for Taxes-Assessed Value 79,526 79,526
Receivables and Other Assets 1,511,926 4,407,381
Fixed Assets 14,184,461 14,184,461
Prospective Assessments 27,450
Deferred Charges to Future Taxation-General Capital 17,009,834 15,742,135
Deferred Charges to Revenue of Succeeding Years 172,000 324,150
TOTAL ASSETS $38,423,486 $39,856,465

LIABILITIES, RESERVES AND FUND BALANCE

Bonds and Notes Payable $16,227,052 $14,890,541
Improvement Authorizations 2,071,787 2,249,757
Other Liabilities and Special Funds 3,927,651 6,307,926
Reserve for Certain Assets Receivable 808,101 1,066,786
Investments in General Fixed Assets 14,184,461 14,184,461
Fund Balance 1,204,434 1,156,994

TOTAL LIABILITIES, RESERVES AND

FUND BALANCE $38,423,486 $39,856,465 BOROUGH OF DUMONT
COMPARATIVE STATEMENT OF OPERATIONS
AND CHANGES IN FUND BALANCE - CURRENT FUND
FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007

2008 2007
REVENUE AND OTHER INCOME REALIZED
Fund Balance Utilized $720,000 $430,000
Miscellaneous-From Other Than
Local Property Taxes 3,081,056 3,463,296
Collection of Delinquent Taxes
and Tax Title Liens 633,338 608,037
Collection of Current Tax Levy 47,484,460 45,872,682
Other Credits to Income 217,898 117,561

TOTAL INCOME 52,136,752 50,491,576

EXPENDITURES
Budget Appropriations:
Municipal Purposes 17,062,414 16,563,223
County Taxes 4,225,573 3,987,155
Local School Taxes 30,078,288 29,200,115
Other Expenditures 45,668 43,983

TOTAL EXPENDITURES 51,411,943 49,794,476

Excess in Revenue 724,809 697,100

Adjustments to Income Before Fund Balance

Expenditures Included Above which are by Statute
Deferred Charges to Budget of Succeeding Year - 23,150

Statutory Excess in to Fund Balance 724,809 720,250

Fund Balance, January 1 1,154,971 864,721

1,879,780 1,584,971
Less: Utilization as Anticipated Revenue 720,000 430,000

Fund Balance, December 31 $1,159,780 $1,154,971

BOROUGH OF DUMONT
RECOMMENDATIONS
It is recommended that:

1. Internal controls regarding the preparation of the Borough's general ledger be

reviewed to ensure that the general ledgers are complete and reconciled with the
subsidiary ledgers and records on a monthly basis.

2. A fixed asset inventory be completed and updated on a periodic basis.

3. Documentation supporting State contracts be attached to the respective purchase

order and all purchases made through the utilization of State contract vendors be
approved by the governing body and included in the Borough's official minutes.

4. The encumbrance system be enhanced to ensure that materials be ordered only

after a purchase order has been executed.

5. Internal controls of the Recreation Commission financial activities be reviewed and

enhanced.

6. The General Capital grant receivable balances be reviewed and action taken to
collect or clear of record.

7. The Borough review its accounting practices for outside employment of police
officers and modify its practices to conform with those prescribed by Local Finance
Notice CFO 2000-14

8. Greater care be utilized in the recording of Current Fund budgetary and General
Capital expenditures.

9. The Borough review its procedures relating to developers escrow and ensure that
procedures comply with New Jersey Statutes.

A Corrective Action Plan, which outlines actions the Borough of Dumont 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 Borough Clerk in the Borough of Dumont within 45
days of this notice.

The above synopsis was prepared from the audit of the Borough of Dumont, County
of Bergen, for the fiscal year 2008. This report of audit, submitted by Gary J. Vinci,
Registered Municipal Accountant, is on file at the Borough Clerk's office and may be
inspected by any interested person.

Susan Connelly, RMC

Borough Clerk
August 5, 2009 - Fee:$223.02 (236) 2658512
Public Notice ID: 10667752.HTM

County: Bergen
Printed In: The Record, Hackensack
Printed On: 2009/08/05