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Auditors report $5.2 million town surplus; recommend stronger fixed‑asset and contract controls
Summary
Auditors gave Boonton an unqualified opinion for 2024, reporting a $5.2 million current‑fund surplus and large utility surpluses; they recommended improved fixed‑asset records, cooperative‑purchasing documentation, and tighter change‑order controls, and council approved related audit resolutions.
Auditors told the Boonton mayor and town council that the town closed its 2024 current fund with a $5.2 million surplus — roughly 30% of the town’s operating budget — and that water and sewer utilities also finished the year with large surpluses.
"You have an unqualified opinion with respect to the financial statements for the 12‑month period," said auditor Neil Lurch during the council meeting. He said the town earned about $475,000 in interest on cash deposits and that the water utility closed with about $2.5 million and the sewer utility with about $1.7 million in surplus.
The auditor said those results and strong liquidity help explain Boonton’s AA…
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