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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

Honorable Mayor and

Members of the Borough Council

Borough of Milford

Milford, New Jersey 08848

Report on the Financial Statements

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

of Milford in the County of Hunterdon, as of December 31, 2012 and 2011, the related statement 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, 2012, and the related notes to the financial statements, which

collectively comprise the Borough's basic financial statements as listed in the table of contents.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in

accordance with the basis of accounting prescribed by the Division of Local Government Services,

Department of Community Affairs, State ofNew Jersey. Management is also responsible for the design,

implementation, and maintenance of internal control relevant to the preparation and fair presentation of

financial statements that are free from material misstatements, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We

conducted our audit 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 (the "Division"), 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 perform the audit to obtain reasonable assurance about

whether the financial statements are free of material misstatement.

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