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Honorable Mayor and Borough Council

Borough of Milford

June 7, 2012

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In our opinion, because of the Borough of Milford's policy to prepare its financial statements on the basis

of accounting discussed in the preceding paragraph, the financial statements referred to above do not present

fairly, in conformity with accounting principles generally accepted in the United States of America, the

financial position of the Borough of Milford, New Jersey as of December 31, 2011 and 2010 or the results

of its operation for the years then ended.

However, in our opinion, the fmancial statements referred to above present fairly, in all material respects,

the financial position - regulatory basis of the various funds and account group of the Borough of Milford,

New Jersey at December 31, 2011 and 2010, and the results of its operations and the changes in fund

balance - regulatory basis of such funds for the years then ended and the statement of revenues - regulatory

basis, and statement of expenditures - regulatory basis for the year ended December 31, 2011, on the basis

of accounting described in Note 1.

In accordance with the Government Auditing Standards, we have also issued a report dated June 7, 2012 on

our consideration of the Borough of Milford, New Jersey internal control over financial reporting and our

tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other

matters. The purpose of that report is to describe the scope of our testing of internal control over financial

reporting and compliance and the results of that testing, and not to provide an opinion on the internal control

over financial reporting or on compliance. That report is an integral part of an audit performed in

accordance with Government Auditing Standards and should be considered in assessing the results of our

audit.

Our audit was conducted for the purpose of forming an opinion on the financial statements of the Borough

of Milford, State of New Jersey, taken as a whole. The accompanying supplementary information,

schedules and exhibits listed in the table of contents are presented for purposes of additional analysis as

required by the U.S. Office of Management and Budget Circular A-133, "Audits of States, Local

Governments and Non-Profit Organizations"; and State Circular OMB 04-04, Single Audit Policy for

Recipients of Federal Grants, State Grants and State Aid and are not a required part of the financial

statements of the Borough of Milford, State of New Jersey. Such information has been subject to auditing

procedures applied in the audit of the financial statements and, in our opinion, is fairly presented in all

material respects, in relation to the financial statements taken as a whole, on the basis of accounting

described in Note 1.

homas M. Ferry, C.P.A.

Registered Municipal Accountant

No. 497

ea.44014,

0-04444-,,

FERRAIOLI, WIELKOTZ, CERULLO & CUVA, P.A.

Certified Public Accountants

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