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Colts Neck audit shows $5.6M surplus, committee approves $666,145 in vouchers
Summary
The township's independent audit for 2024 reported a $5.6 million surplus, a 99.3% tax collection rate and no audit findings; the committee approved vouchers totaling $666,145.42 and discussed requests for clearer bills-list detail during public comment.
Colts Neck Township presented its 2024 annual audit and approved routine financial items at the May 28 township committee meeting.
The committee invited auditor John Antonides to highlight the audit prepared by Nisavocia. Antonides reported that the general fund ended 2024 with a surplus balance of $5,600,000, up from $5,300,000 at the end of 2023. He said the township's tax collection rate for 2024 was 99.3% and that the net debt as a percentage of equalized value was 0.80 percent. The auditor stated there were no audit findings or deficiencies that required corrective action.
The committee approved a vouchers payment motion in the amount of $666,145.42 after the finance representative reviewed invoices including tanker repair, insurance premium payments, and the monthly recycling bill. During public comment residents asked for more descriptive entries on the bills list so taxpayers can see loan terms, reasons for large maintenance costs and context for payments. One resident explained that a $16,000 entry was replacement tires for a 20-year-old tanker that had dry-rotted.
Committee members noted upcoming operational items: DPW brush-and-leaf pickup guidance, paving of Hires Mill in mid-June, and public notice that the Round 4 housing element and fair-share plan will be reviewed by the planning board on June 9 and before the township committee on June 11 (venue changed to Conover Road Primary School).
The committee took no substantive additional finance actions beyond approving the vouchers and accepting the audit highlights.
