SUMMARY OR SYNOPSIS OF THE YEAR 2025
REPORT OF AUDIT OF THE BOROUGH OF SOMERVILLE
SOMERSET COUNTY, NEW JERSEY
AS REQUIRED BY N.J.S.A. 40A:5-7
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| ASSETS | DECEMBER 31, 2025 |
DECEMBER 31, 2024 |
|---|---|---|
| Cash and Investments | $40,026,080.70 | $42,807,282.35 |
| Due from State of NJ - SC/Vet Deductions | 45,098.51 | 44,348.51 |
| Accounts Receivable: | ||
| State & Federal Grants Receivable | 18,491,789.86 | 18,788,528.40 |
| Taxes, Assessments, Liens & Utility Charges |
1,326,887.65 | 923,432.62 |
| Interfund Loans | 27,227.77 | 398,185.65 |
| Other Accounts Receivable | 25,935.53 | 24,332.95 |
| Property Acquired for Taxes at Assessed Valuation |
28,500.00 | 28,500.00 |
| Fixed Assets - General | 52,076,589.94 | 50,631,693.00 |
| Fixed Capital - Utility | 317,520.15 | 321,367.81 |
| Deferred Charges to Future Taxation: | ||
| Emergency Authorizations | ||
| General Capital Fund | 24,288,289.17 | 22,823,597.96 |
| $136,653,919.28 | $136,791,269.25 | |
|
LIABILITIES, RESERVES AND FUND BALANCE |
||
| Bonds and Notes Payable | $16,054,000.00 | $17,127,000.00 |
| Loans Payable | 2,046,638.55 | 2,354,679.18 |
| Prepaid Taxes, Assessments, Utility Charges and Licenses |
272,623.05 | 359,776.30 |
| Tax, Assessment, Lien, License and Utility Charge Overpayments |
6,674.55 | 22,114.68 |
| Appropriation Reserves | 2,745,325.82 | 1,619,868.58 |
| Reserve for Encumbrances/ Accounts Payable |
4,854,016.77 | 5,888,783.31 |
| Amts. Pledged to Specific Purposes | 13,925,604.64 | 14,453,974.06 |
| Improvement Authorizations | 11,005,410.96 | 10,145,984.98 |
| Interfund Loans | 27,227.77 | 398,185.65 |
| Investments in General Fixed Assets | 52,076,589.94 | 50,631,693.00 |
| Reserve for Amortization of Costs of Fixed Capital Acquired or Authorized |
317,520.15 | 321,367.81 |
| Reserve for Certain Assets Acquired or Receivables & Inventories |
1,378,019.84 | 997,015.43 |
| Reserve for State and Federal Grants Appropriated and Unappropriated |
14,884,711.64 | 15,087,557.13 |
| Fund Balance | 17,059,555.60 | 17,383,269.14 |
| $136,653,919.28 | $136,791,269.25 | |