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Ferraioli, Wielkotz, Cerullo & Cuva, P.A.

Charles J. Ferraioli, Jr., MBA, CPA, RMA

Steven D. Wielkotz, CPA, RMA

James J. Cerullo, CPA, RMA

Paul J. Cuva, CPA, RMA

Thomas M. Ferry, CPA, RMA

Certified Public Accountants

401 Wanaque Avenue

Pompton Lakes, New Jersey 07442

973-835-7900

Fax 973-835-6631

Newton Office

100B Main Street

Newton, N.J. 07860

973-579-3212

Fax 973-579-7128

INDEPENDENT AUDITOR'S REPORT

June 7, 2012

The Honorable Mayor and

Members of the Borough Council

Borough of Milford

30 Water Street

P.O. Box 507

Milford, New Jersey 08848

We have audited the accompanying balance sheets - regulatory basis of the various funds and account

group of the Borough of Milford in the County of Hunterdon, as of and for the years ended December 31,

2011 and 2010, and the related statements of operations and changes in fund balance - regulatory basis for

the years then ended, and the related statement of revenues - regulatory basis and statement of expenditures

- regulatory basis of the various funds for the year ended December 31, 2011. These financial statements

are the responsibility of the Borough's management. Our responsibility is to express an opinion on these

financial statements based on our audits.

Except as discussed below, we conducted our audits in accordance with auditing standards generally

accepted in the United States of America, the audit requirements prescribed by the Division of Local

Government Services, Department of Community Affairs, State of New Jersey, and the standards

applicable to financial audits contained in

Government Auditing Standards

issued by the Comptroller

General of the United States. Those standards require that we plan and perfoun the audit to obtain

reasonable assurance about whether the financial statements are free of material misstatement. An audit

includes consideration of internal control over financial reporting as a basis for designing audit procedures

that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the

effectiveness of the Borough's internal control over financial reporting. Accordingly, we express no such

opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures

in the financial statements. An audit also includes assessing the accounting principles used and the

significant estimates made by management, as well as evaluating the overall financial statement

presentation. We believe that our audits provides a reasonable basis for our opinion.

As described in Note 1,

these

financial statements were prepared in conformity with accounting practices

prescribed or pet'flitted by the Division of Local Government Services, Department of Community Affairs,

State of New Jersey, that demonstrates compliance with the modified accrual basis, with certain

exceptions, and the budget laws ofNew Jersey, which practices differ from accounting principles generally

accepted in the United States of America. The affect on the financial statements of the variances between

the prescribed basis of accounting and accounting principles generally accepted in the United States of

America, although not reasonably determinable, are presumed to be material.

1