Project Information

Bid Title

Summary/Synopsis of Audit 2025 Notice - 8/3/2026

Issuing Agency

Township of Millburn

Location

New Jersey

Published Date

Aug 3, 2026

Closing Date

Sep 30, 2026

Government Level

State & Local

Status

Closed

Original Source

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Bid Documents

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Project Description

Bid Title:	Summary/Synopsis of Audit 2025 Notice - 8/3/2026
Category:	Township Committee Notices
Status:	Open

Description: MILLBURN TOWNSHIP PUBLIC NOTICE 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. Summary or Synopsis of 2025 Audit Report of Township of Millburn, Essex County as required by N.J.S. 40A:5-7. TOWNSHIP OF MILLBURN SUMMARY OF AUDIT REPORT FOR 2025 COMBINED COMPARATIVE BALANCE SHEET Balance Balance ASSETS AND DEFERRED CHARGES Dec. 31, 2025 Dec. 31, 2024 Cash and Investments $           46,663,756.89 $        45,560,141.64 Taxes, Assessments, Liens and Utility Charges Receivable 879,767.60 2,884,728.71 Property Acquired for Taxes at Assessed Value 14,000.00 14,000.00 Accounts Receivable 50,339.42 50,339.42 Grants Receivable 1,280,220.89 1,288,233.99 Interfunds Receivable 357,881.60 74,289.99 Deferred Charges 42,308,689.54 38,924,939.54 Fixed Capital Authorized and Uncompleted - Utility 800,000.00 600,000.00 Fixed Capital - Utility 10,405,225.00 10,405,225.00 Fixed Assets 71,855,239.02 68,737,047.54 $     174,615,119.96 $      168,538,945.83 LIABILITIES, RESERVES AND FUND BALANCE Bonds and Notes Payable $            7,000,000.00 $          4,030,000.00 Loan Payable - Appropriation Reserves 141,977.66 113,749.03 Improvement Authorizations 34,280,950.31 34,710,098.53 Capital Improvement Fund 804,524.00 237,801.00 Other Liabilities and Special Funds 28,461,440.67 29,642,785.58 Interfunds Payable 357,881.60 74,289.99 Amortization of Debt for Fixed Capital Acquired or Authorized 11,205,225.00 11,005,225.00 Reserve for Certain Assets Receivable 1,010,954.74 2,981,726.64 Investment in Fixed Assets 71,855,239.02 68,737,047.54 Fund Balance 19,496,926.96 17,006,222.52 $         174,615,119.96 $      168,538,945.83 Bonds and Notes Authorized but Not Issued $           35,308,689.54 $       34,894,939.54 TOWNSHIP OF MILLBURN SUMMARY OF AUDIT REPORT FOR 2025 COMPARATIVE STATEMENT OF OPERATIONS AND CHANGE IN FUND BALANCE CURRENT FUND Year 2025 Year 2024 Revenue and Other Income Fund Balance Utilized $   7,725,000.00 $   7,600,000.00 Miscellaneous Revenue Anticipated 12,128,007.35 12,833,736.52 Receipts from Current Taxes 201,837,895.54 194,682,789.15 Receipts from Delinquent Taxes 2,829,600.37 632,517.04 Nonbudget Revenue 743,804.04 841,996.16 Other Credits to Income 3,416,889.64 2,718,233.58 Interfund Receivables Returned 40,269.28 228,721,466.22 219,309,272.45 Expenditures Budget Appropriations: Municipal Purposes 68,769,319.80 66,824,674.29 County Taxes 45,511,143.28 45,615,318.90 Interfunds Advanced 73,230.89 40,269.28 Local School District Taxes 103,408,453.46 101,100,997.00 Special District Taxes 205,775.69 Open Space Taxes 1,000,289.82 Other Debits to Income 55,361.46 7,398.30 Refund of Prior Year Revenue 88,998.89 218,817,798.71 213,883,432.35 Statutory Excess to Fund Balance 9,903,667.51 5,425,840.10 Fund Balance Balance January 1 16,579,550.38 18,753,710.28 26,483,217.89 24,179,550.38 Decreased by: Utilized as Anticipated Revenue 7,725,000.00 7,600,000.00 Balance December 31 $ 18,758,217.89 $ 16,579,550.38 TOWNSHIP OF MILLBURN SUMMARY OF AUDIT REPORT FOR 2025 COMPARATIVE STATEMENT OF OPERATIONS AND CHANGE IN FUND BALANCE PARKING UTILITY OPERATING FUND Year 2025 Year 2024 Revenue and Other Income Fund Balance Utilized $   100,000.00 $     30,000.00 Parking Meters and Permits 1,310,589.73 1,083,572.38 Miscellaneous Revenue Not Anticipated 19,486.60 125,137.86 Other Credits to Income 81,960.60 133,475.96 1,512,036.93 1,372,186.20 Expenditures Operating 740,000.00 631,000.00 Capital Improvements 220,000.00 200,000.00 Deferred Charges and Statutory Expenditures 140,000.00 214,000.00 1,100,000.00 1,045,000.00 Statutory Excess in Revenue 412,036.93 327,186.20 Fund Balance Balance January 1 369,925.29 72,739.09 781,962.22 399,925.29 Decreased by: Utilized in Operating Budget 100,000.00 30,000.00 Balance December 31 $   681,962.22 $   369,925.29 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 Publication Date/Time: 8/3/2026 12:00 AM Closing Date/Time: 9/30/2026 11:59 PM

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