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Description:
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MILLBURN TOWNSHIP PUBLIC NOTICE
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SUMMARY OR SYNOPSIS OF AUDIT REPORT FOR PUBLICATION
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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.
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Summary or Synopsis of 2025 Audit Report of Township of Millburn, Essex County as required
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by N.J.S. 40A:5-7.
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TOWNSHIP OF MILLBURN
SUMMARY OF AUDIT REPORT FOR 2025
COMBINED COMPARATIVE BALANCE SHEET
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Balance
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Balance
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ASSETS AND DEFERRED CHARGES
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Dec. 31, 2025
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Dec. 31, 2024
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Cash and Investments
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$ 46,663,756.89
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$ 45,560,141.64
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Taxes, Assessments, Liens and Utility Charges
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Receivable
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879,767.60
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2,884,728.71
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Property Acquired for Taxes at Assessed Value
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14,000.00
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14,000.00
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Accounts Receivable
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50,339.42
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50,339.42
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Grants Receivable
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1,280,220.89
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1,288,233.99
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Interfunds Receivable
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357,881.60
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74,289.99
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Deferred Charges
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42,308,689.54
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38,924,939.54
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Fixed Capital Authorized and Uncompleted -
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Utility
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800,000.00
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600,000.00
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Fixed Capital - Utility
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10,405,225.00
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10,405,225.00
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Fixed Assets
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71,855,239.02
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68,737,047.54
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$ 174,615,119.96
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$ 168,538,945.83
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LIABILITIES, RESERVES AND FUND BALANCE
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Bonds and Notes Payable
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$ 7,000,000.00
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$ 4,030,000.00
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Loan Payable
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-
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Appropriation Reserves
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141,977.66
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113,749.03
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Improvement Authorizations
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34,280,950.31
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34,710,098.53
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Capital Improvement Fund
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804,524.00
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237,801.00
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Other Liabilities and Special Funds
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28,461,440.67
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29,642,785.58
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Interfunds Payable
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357,881.60
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74,289.99
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Amortization of Debt for Fixed Capital
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Acquired or Authorized
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11,205,225.00
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11,005,225.00
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Reserve for Certain Assets Receivable
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1,010,954.74
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2,981,726.64
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Investment in Fixed Assets
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71,855,239.02
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68,737,047.54
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Fund Balance
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19,496,926.96
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17,006,222.52
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$ 174,615,119.96
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$ 168,538,945.83
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Bonds and Notes Authorized but Not Issued
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$ 35,308,689.54
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$ 34,894,939.54
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TOWNSHIP OF MILLBURN
SUMMARY OF AUDIT REPORT FOR 2025
COMPARATIVE STATEMENT OF OPERATIONS AND CHANGE IN FUND BALANCE
CURRENT FUND
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Year 2025
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Year 2024
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Revenue and Other Income
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Fund Balance Utilized
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$ 7,725,000.00
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$ 7,600,000.00
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Miscellaneous Revenue Anticipated
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12,128,007.35
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12,833,736.52
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Receipts from Current Taxes
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201,837,895.54
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194,682,789.15
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Receipts from Delinquent Taxes
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2,829,600.37
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632,517.04
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Nonbudget Revenue
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743,804.04
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841,996.16
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Other Credits to Income
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3,416,889.64
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2,718,233.58
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Interfund Receivables Returned
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40,269.28
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228,721,466.22
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219,309,272.45
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Expenditures
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Budget Appropriations:
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Municipal Purposes
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68,769,319.80
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66,824,674.29
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County Taxes
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45,511,143.28
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45,615,318.90
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Interfunds Advanced
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73,230.89
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40,269.28
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Local School District Taxes
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103,408,453.46
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101,100,997.00
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Special District Taxes
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205,775.69
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Open Space Taxes
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1,000,289.82
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Other Debits to Income
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55,361.46
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7,398.30
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Refund of Prior Year Revenue
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88,998.89
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218,817,798.71
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213,883,432.35
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Statutory Excess to Fund Balance
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9,903,667.51
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5,425,840.10
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Fund Balance
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Balance January 1
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16,579,550.38
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18,753,710.28
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26,483,217.89
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24,179,550.38
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Decreased by:
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Utilized as Anticipated Revenue
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7,725,000.00
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7,600,000.00
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Balance December 31
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$ 18,758,217.89
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$ 16,579,550.38
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TOWNSHIP OF MILLBURN
SUMMARY OF AUDIT REPORT FOR 2025
COMPARATIVE STATEMENT OF OPERATIONS AND CHANGE IN FUND BALANCE
PARKING UTILITY OPERATING FUND
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Year 2025
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Year 2024
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Revenue and Other Income
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Fund Balance Utilized
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$ 100,000.00
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$ 30,000.00
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Parking Meters and Permits
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1,310,589.73
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1,083,572.38
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Miscellaneous Revenue Not Anticipated
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19,486.60
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125,137.86
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Other Credits to Income
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81,960.60
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133,475.96
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1,512,036.93
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1,372,186.20
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Expenditures
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Operating
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740,000.00
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631,000.00
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Capital Improvements
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220,000.00
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200,000.00
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Deferred Charges and Statutory
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Expenditures
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140,000.00
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214,000.00
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1,100,000.00
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1,045,000.00
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Statutory Excess in Revenue
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412,036.93
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327,186.20
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Fund Balance
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Balance January 1
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369,925.29
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72,739.09
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781,962.22
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399,925.29
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Decreased by:
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Utilized in Operating Budget
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100,000.00
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30,000.00
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Balance December 31
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$ 681,962.22
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$ 369,925.29
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Summary of 2025 Audit Report of the Township of Millburn
as required by N.J.S. 40A:5-7
Recommendations
December 31, 2025
2025-001 - We recommend that all requisitions be submitted prior to any commitment of goods or services.
2025-002 - We recommend that the Township continue to ensure that all grant awards are formally inserted into the budget through the adoption of a Chapter 159 resolution or included in a duly adopted capital ordinance when applicable, prior to the expenditure of any related funds.
The attached summary was prepared from the Report of Audit of the Township of Millburn, County of Essex for the year 2025, filed by David J. Gannon, Registered Municipal Accountant of the firm of PKF O’Connor Davies, LLP and is published in compliance with N.J.S.A. 40A:5-7. The Report is on file at the Township Clerk's Office and may be inspected by any interested person.
Christine A. Gatti, RMC
Millburn Township Clerk
Posting Details – 2025 SUMMARY OR SYNOPSIS OF AUDIT REPORT
Millburn Township Committee
Date Posted on Millburn Public Notices Page and Bulletin Board: 8/3/2026
Date Notice Archived: 9/30/2026
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Publication Date/Time:
|
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8/3/2026 12:00 AM
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Closing Date/Time:
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9/30/2026 11:59 PM
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