2025 AUDIT SYNOPSIS
Published on April 24, 2026
SUMMARY OF SYNOPSIS OF AUDIT REPORT
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 | 2025 |
| 2024 |
Cash and Investments |
$ 29,274,686.70 |
|
31,738,914.10 |
Taxes, Assessments & Liens Receivable | 1,783,052.00 |
| 1,744,181.20 |
Property Acquired for Taxes- |
|
|
|
Assessed Valuation | 267,200.00 |
| 267,200.00 |
Accounts Receivable and Other Assets | 8,518,683.60 |
| 11,298,764.85 |
Deferred Charges | 53,712,557.53 |
| 56,747,515.41 |
General Fixed Assets | 44,471,607.00 |
| 44,557,179.00 |
Fixed Capital | 70,885,976.84 |
| 70,485,976.84 |
TOTAL ASSETS | 208,913,763.67 |
| 216,839,731.40 |
LIABILITIES, RESERVES & FUND BALANCE |
|
|
|
Serial Bonds & Bond Anticipation Notes | 59,772,708.53 |
| 63,013,492.41 |
Improvement Authorizations | 40,838,607.84 |
| 56,250,113.27 |
Other Liabilities & Special Funds | 50,272,711.84 |
| 38,809,038.06 |
Reserve for Certain Assets |
|
|
|
Receivable | 3,266,881.05 |
| 4,652,349.46 |
| - |
| - |
Investment in General Fixed Assets | 44,471,607.00 |
| 44,557,179.00 |
Fund Balance | 10,291,247.41 |
| 9,557,559.20 |
TOTAL LIABILITIES, RESERVES AND FUND BALANCES |
$ 208,913,763.67 |
|
216,839,731.40 |
COMPARATIVE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE - ALL GOVERNMENTAL FUND TYPES
FOR THE YEARS ENDED DECEMBER 31,
| 2025 |
| 2024 |
Revenue and Other Income Realized |
|
|
|
Fund Balance Utilized | $ 4,550,000.00 |
| 4,000,000.00 |
Miscellaneous From Other than Local Property Tax Levies |
9,069,930.87 |
|
8,468,066.24 |
Collection of Delinquent Taxes and |
|
|
|
Tax Title Liens | 979,766.69 | 954,353.40 | |
Collection of Current Tax Levy | 61,820,573.28 | 59,039,833.97 | |
Total Income | 76,420,270.84 | 72,462,253.61 | |
Expenditures |
|
| |
Budget Expenditures: Municipal Purposes |
37,496,592.14 |
36,101,020.24 | |
County Taxes | 16,465,000.65 | 14,631,986.34 | |
Local School Taxes | 16,505,371.00 | 16,576,436.00 | |
Other Expenditures | 0.50 | 2,348,920.05 | |
Total Expenditures Less: Expenditures to be Raised by Future Taxation | 70,466,964.29
- | 69,658,362.63
- | |
Total Adjusted Expenditures | 70,466,964.29 | 69,658,362.63 | |
Excess in Revenue | 5,953,306.55 | 2,803,890.98 | |
Fund Balance January 1 | 7,676,299.22 | 8,872,408.24 | |
Less: Utilization as Anticipated | 13,629,605.77 | 11,676,299.22 | |
Revenue | 4,550,000.00 | 4,000,000.00 | |
Fund Balance December 31 | $ 9,079,605.77 | 7,676,299.22 | |
COMPARATIVE STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE - REGULATORY BASIS
Water and Sewer Utility Operating Fund
Revenue and Other Income Realized | Year 2025 | Year 2024 |
Fund Balance Utilized | $ 516,000.00 | 231,975.00 |
Collection of Rents | 7,871,481.94 | 7,622,631.28 |
Miscellaneous - Other than Rents | 313,334.34 | 229,653.99 |
Other Credits to Income: Unexpended Balance of Approriation Reserves |
47,458.07 |
224,912.41 |
Total Income | 8,748,274.35 | 8,309,172.68 |
Expenditures
Budget Expenditures:
Operating | 5,334,750.00 | 5,171,450.00 |
Debt Service | 2,745,042.69 | 2,223,007.14 |
Deferred Charges and Statutory Expenditures | 132,100.00 | 121,750.00 |
Expenditures included above which are by Statute
Deferred Charges to Budget of Succeeding Year -
-
Excess in Revenue 536,381.66
792,965.54
Fund Balance January 1 794,605.21
233,614.67
1,330,986.87
1,026,580.21
Less: Utilized as Anticipated Revenue 516,000.00
231,975.00
Fund Balance December 31 $ 814,986.87
794,605.21
Total Expenditures 8,211,892.69 7,516,207.14 Adjustments to Income before Fund Balance:
|
RECOMMENDATIONS
NONE
The above summary or synopsis was prepared from the report of the audit of the City
of Ventnor, County of Atlantic, for the calendar year 2025. This report of audit, submitted by Leon P. Costello, Registered Municipal Accountant, of Ford, Scott & Associates, L.L.C. is on file at the City Clerk's office and may be inspected by any interested person.
Lisa Hand
City Clerk