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Borough of Milford, N.J.

Comparative Balance Sheet - Regulatory Basis

Current Fund

December 31, 2011 and 2010

A

Page 2 of 2

Liabilities, Reserves and Fund Balance

Ref

2011

2010

Current Fund:

Appropriation Reserves

A-3;A-11

112,298.82

186,388.38

Due to State of New Jersey:

Senior Citizen and Veteran Deductions

A-9

4,643.19

4,893.19

Interfunds Payable:

General Capital Fund

A-10

17,124.11

Other Trust

A-10

159.66

Due to State of New Jersey:

Marriage Surcharge

A-12

50.00

Tax Overpayments

A-12

7,789.94

7,539.96

Reserve for:

Garden State Trust

A-12

7,921.00

7,921.00

Prepaid Taxes

A-13

14,542.92

15,918.59

County Taxes Payable

A-14

1,455.99

355.34

District School Taxes Payable

A-15

47,762.43

49,674.93

Regional School Taxes Payable

A-16

198,073.55

78,337.87

411,821.61

351,029.26

Reserve

for

Receivables

Contra

219,633.53

289,129.25

Fund Balance

A-1

711,178.61

633,775.39

1,342,633.75

1,273,933.90

Federal and State Grant Fund:

Interfund Payable - Current Fund

A-17

43,427.25

46,334.87

Appropriated Reserve for Grants

A-19

1,250.00

1,250.00

Unappropriated Reserve for Grants

A-20

6,907.62

4,000.00

51,584.87

51,584.87

1,394,218.62

1,325,518.77

4

The accompanying "Notes to Financial Statements" are an integral part of these financial statements.