Millburn Chief Financial Officer Provides Overview of Township Audit

MILLBURN, NJ — During the recent Millburn Township Committee meeting, Millburn Township Chief Financial Officer Matthew Laracy reported that the audit had been completed.

“Auditor [and Partner at] PFK O’Connor Davis, David Gannon, couldn't be here today. He's going to make himself available to come to a subsequent meeting if he has to, and he'll make himself available for any questions via email, phone calls,” shared Laracy.

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He continued to say that the audit was completed that day, and the township committee needed to certify that they received it and then read the comments and recommendations.

Laracy explained, “The audit is really split up into four sections. The first section is just the overview, financials, the big picture and financial statements. It's like the balance sheet, income statement and some detailed schedules there.”

Then he spoke about the notes section. “There are the notes to the financial statements that are very detailed in terms of describing the accounting policies that we operate under. There's detail on debt, detail on our pension liabilities and some other items in there.”

Laracy added that there are supplementary schedules, all the funds -- utility fund, capital fund and trust fund, a 130-page audit, because they are very detailed. He stated, “All those numbers tie into the balance sheets. And the last section is just covering the comments and recommendations. We had no formal recommendations, but it was a clean audit.”

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He also noted that it's a financial statement audit and a compliance audit meeting statutory compliances. Laracy also mentioned, “Some purchases contradict each other because they're adopted by legislatures that are then changed later and then some variety of hang from those.”

He told committee members to let him know if they had any questions.

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