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A-1

Borough of Milford, N.J.

Comparative Statement of Operations and Changes in Fund Balance - Regulatory Basis

Current Fund

Years Ended December 31, 2011 and 2010

Ref.

2011

2010

Revenues and Other Income:

Fund Balance Utilized

A-2

128,600.00

139,000.00

Miscellaneous Revenue Anticipated

A-2

477,845.71

327,547.72

Receipts from Delinquent Taxes

A-2

114,102.76

61,410.63

Receipts from Current Taxes

A-2

3,689,188.85

3,734,127.90

Non-Budget Revenue

A-2

34,058.32

44,371.24

Other Credits to Income:

Interfunds Returned

A-10

72,517.44

2,688.94

Unexpended Balance of Appropriation Reserves

A-11

68,802.58

64,586.16

Cancellation of Tax Overpayments

A-12

0.25

0.62

Total Revenues and Other Income

4,585,115.91

4,373,733.21

Expenditures:

Budget and Emergency Appropriations:

Operations - Within Caps:

Salaries and Wages

A-3

227,687.25

208,714.00

Other Expenses

A-3

668,294.75

650,894.00

Deferred Charges and Statutory Expenditures -

Municipal - Within Caps

A-3

62,043.00

44,371.00

Operations - Excluded From CAPS:

Other Expenses

A-3

86,695.00

97,461.01

Capital Improvements - Excluded from Caps

A-3

55,500.00

81,000.00

Municipal Debt Service - Excluded from Caps

A-3

257,000.56

94,784.59

Deferred Charges and Statutory Expenditures -

Municipal - Excluded from Caps

A-3

19,009.50

36,350.00

Interfund Advances

A-10

0.75

4,684.04

County Taxes including Added Taxes

A-14

489,530.47

511,681.05

Local District School Tax

A-15

1,736,759.00

1,741,646.00

Regional High School Tax

A-16

776,592.41

795,985.22

Total Expenditures

4,379,112.69

4,267,570.91

Excess (Deficit) Revenue Over Expenditures

206,003.22

106,162.30

Fund Balance, January 1,

A-1

633,775.39

666,613.09

839,778.61

772,775.39

Decreased by:

Fund Balance Utilized as Budget Revenue

128,600.00

139,000.00

Fund Balance, December 31,

A

711,178.61

633,775.39

5

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