SUMMARY OR SYNOPSIS OF AUDIT REPORT FOR PUBLICATION
Summary or Synopsis of 2025 Audit Report of The Deptford Township Municipal Utilities Authority
as required by N.J.S. 40A:5A-16
COMPARATIVE STATEMENT OF NET POSITION
(Restated)
2025 2024
ASSETS
Current Assets:
Unrestricted Assets:
Cash and Cash Equivalents $ 21,649,429.70 $ 19,290,574.33
Consumer Accounts Receivable 440,539.23 413,966.36
Leases Receivable - Current Portion 72,328.41 70,207.57
Inventory 139,959.94 134,661.45
Prepaid Expenses 112,784.71 108,369.64
Total Unrestricted Assets $ 22,415,041.99 $ 20,017,779.35
Restricted Assets:
Cash and Cash Equivalents 5,043,393.54 4,843,634.02
Due from State of New Jersey 2,378,462.00 _____-____________
Total Restricted Assets 7,421,855.54 4,843,634.02
Total Current Assets 29,836,897.53 24,861,413.37
Noncurrent Assets:
Leases Receivable - Noncurrent Portion 2,825,807.88 2,898,136.29
Capital Assets
Capital Assets (Net of Accumulated Depreciation) 30,076,263.66 31,019,128.20
Construction in Progress 3,810,552.88 3,282,672.01
Total Capital Assets 33,886,816.54 34,301,800.21
Total Noncurrent Assets 36,712,624.42 37,199,936.50
Total Assets 66,549,521.95 62,061,349.87
DEFERRED OUTFLOWS OF RESOURCES
Deferred Loss on Defeasance of Debt 112,065.62 168,098.43
Related to Pension 420,955.00 546,071.00
Related to Other Post Employment Benefits 1,852,752.82 1,767,002.12
2,385,773.44 2,481,171.55
LIABILITIES
Current Liabilities Payable from Unrestricted Assets:
Accounts Payable - Operations $ 146,669.99 $ 327,729.11
Accounts Payable - Related to Pension 255,099.00 267,339.00
Payroll Deductions Payable 16,771.94 14,006.42
Accrued Liabilities 31,430.19 20,730.04
Accrued Compensated Absences 31,140.47 5,652.00
Net OPEB Obligation - Current Portion 5,652.00 -
Developer Escrow Deposits 561,117.79 622,645.11
Total Current Liabilities Payable from Unrestricted Assets 1,047,881.38 1,266,022.23
Current Liabilities Payable from Restricted Assets:
Revenue Bonds Payable - Current Portion 765,000.00 735,000.00
New Jersey Infrastructure Loan Payable - Current Portion 116,880.85 168,880.85
NJIB Note Payable 4,637,655.00 -
Accrued Interest Payable 71,800.00 88,300.00
Accounts Payable 61,149.23 1,792,784.94
Retained Percentage Due Contractor _______-______ 36,852.29
Total Current Liabilities Payable from Restricted Assets 5,652,485.08 2,821,818.08
Long-term Liabilities:
Revenue Bonds Payable 3,266,212.84 4,079,325.85
New Jersey Infrastructure Loan Payable 288,890.14 411,170.42
Accrued Compensated Absences 211,232.46 261,155.67
Net Pension Liability 2,547,398.00 2,897,238.00
Accrued Liabilities - Related to Pension1 148,808.00 155,948.00
Net Other Post Employment Benefits Liability 4,705,092.00 4,277,164.00
Total Long-term Liabilities 11,166,633.44 12,082,001.94
Total Liabilities 17,866,999.90 16,169,842.25
DEFERRED INTFLOWS OF RESOURCES
Related to Leases 2,481,763.58 2,610,557.23
Related to Pensions 392,119.00 322,541.00
Related to Other Post Employment Benefits 2,153,526.00 2,690,877.00
5,027,408.58 5,623,975.23
NET POSITION
Net Investment in Capital Assets 27,241,556.10 27,245,884.29
Restricted:
Bond Resolution Covenants 6,369,863.10 6,301,000.35
Unrestricted 12,429,467.71 9,201,819.30
Total Net Position $ 46,040,886.91 $ 42,748,703.94
COMPARATIVE STATEMENT OF REVENUE, EXPENSES AND CHANGES IN NET POSITION
(Restated)
2025 2024
Operating Revenues:
Service Charges $ 12,643,984.17 $ 11,929,304.48
Connection Fees 231,625.00 232,451.50
Other Operating Revenues 433,656.51 394,332.98
Total Operating Revenues 13,309,265.68 12,556,088.96
Operating Expenses:
Administration:
Salaries and Wages 723,972.56 714,192.11
Fringe Benefits 231,494.76 165,863.91
Other Expenses 434,283.83 423,559.61
Cost of Providing Service:
Salaries and Wages 1,024,420.63 936,988.90
Fringe Benefits 287,494.15 180,976.53
Other Expenses 6,277,293.25 6,055,432.08
Major Repairs and Other Expenses 187,066.29 107,649.43
Depreciation 1,499,997.09 1,468,631.60
Total Operating Expenses 10,666,022.55 10,053,294.17
Operating Income 2,643,243.13 2,502,794.79
Non-operating Revenue (Expenses):
Investment Income 1,182,617.60 1,032,791.47
Other non-operating (10,687.80) (33,003.00)
Lease Revenue 128,847.98 122,789.65
Lease Interest 88,570.43 90,629.06
Interest Expense (147,920.37) (180,720.37)
Municipality Appropriation (592,488.00) (585,190.00)
Total Non-operating Revenue (Expenses) 648,939.84 447,296.81
Change in Net Position Before Capital Contributions 3,292,182.97 2,950,091.60
Capital Contributions _____-____ 312,663.00
Change in Net Position 3,292,182.97 3,262,754.60
Net Position February 1, As Originally Reported 42,748,703.94 39,583,267.61
Cumulative Effects of Changes in Accounting Principles __-_________ (97,318.27)
Net Position February 1, As Restated 42,748,703.94 39,485,949.34
Net Position January 31 $ 46,040,886.91 $ 42,748,703.94 ============= ============
RECOMMENDATIONS
No Current Year Findings
The above synopsis was prepared from the Report of Audit of the Deptford Township Municipal Utilities Authority, County of Gloucester, for the fiscal year ending January 31, 2025, submitted by Stefanie J. DeSantis, Registered Municipal Accountant, Certified Public Accountant of PKF O'Connor Davies, LLP, Certified Public Accountants. The information included therein is not intended to represent complete financial information as presented in the Report of Audit. A copy of the Report of Audit is on file at the Authority Secretary’s office and may be inspected by any interested person.
DANIEL REED
Secretary