Sussex Borough to correct audit items


Make text smaller Make text larger



Photos



  • Photo by Vera Olinski Municipal Auditor Tom Ferry reviews the 2013 Sussex Borough audit report.




The Sussex Borough Council on Tuesday, July 15, approved 10 corrective items on the 2013 borough audit report.

Municipal Auditor Tom Ferrysaid that the audit showed Sussex Borough is within “pretty good financial condition.” On a “Richter Scale of 1 to 10, ten being the worst, Sussex is at a 2, where most of the issues can be fixed by the end of 2014.”

Ferry also explained the importance of the fund balance. He likened it to a savings account, which helps keep taxes from going up and down as unexpected expenses occur over the course of a year.

In 2013, the Sussex Borough Fund Balance was $160,000. An ideal fund balance would be 10 percent of the tax levy: including the school and town. The total tax levy for Sussex in 2013 was $3.75 million. Therefore, an ideal goal for Sussex Borough’s Fund Balance would have been $370,000.

Ferry also spoke of new checks and balances to be implemented in Sussex Borough. Because of shared services in the Treasury Department, he recommended the borough begin to use a computer system with additional security of adjustments in the water/sewer utility and tax systems.

Ferry said it would be “just a safety net for one person to not have access to too much information.”

The computer system will be implemented in December. The borough's budget was $1.443 million for 2013.




Make text smaller Make text larger

Comments

Pool Rules



MUST READ NEWS

Pageant winners

Read more »
Image

Marilyn Crowell Seely
Marilyn Crowell Seely, age 79, entered eternal rest at her home Tuesday, May 22, 2018, surrounded by her loving family.
Marilyn was born to the late Merrill and Irene Crowell...

Read more »
Image

Jack Allan Pfeifer
Jack Allan Pfeifer, 84, died peacefully in Hospice House, Cape Coral, Fla., on Sunday, April 15, 2018.
His life started in Brooklyn, N.Y., from there to South Ozone Park,...

Read more »
Image

VTHS students celebrate poetry
English students in Ms. Devon Westra’s class at Vernon Township High School celebrated the end of their poetry unit by...
Read more »
Image

VIDEOS



Subscribe to our mailing list

* indicates required
Community Newspapers


MOST READ

Local News
Vernon Challenge to begin June 2
  • May 23, 2018
Letters to the Editor
Residents muse use power of voices
  • May 21, 2018
Business & Real Estate
Wantage home must be seen
  • May 23, 2018
Letters to the Editor
Crass buffoonery has no place in party
  • May 22, 2018

MOST COMMENTED



Find more about Weather in Lafayette, NJ