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Honorable Mayor and

Members of the Borough Council

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Qualified Opinion on Regulatory Basis of Accounting

In our opinion, except for the effects of the matter described in "Basis for Qualified Opinion on

Regulatory Basis Accounting Principles", the financial statements referred to above present fairly, in all

material respects, the regulatory basis balances sheets as of December 31, 2013 and 2012, the regulatory

basis statements of operations for the years then ended and the regulatory basis statements of revenues

and expenditures for the year ended December 31, 2013 in accordance with the basis of financial

reporting prescribed by the Division of Local Government Services, Department of Community Affairs,

State of New Jersey as described in Note 1.

Other Matters

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively

comprise the Borough of Milford's basic financial statements. The supplementary information listed

in the table of contents and the letter of comments and recommendations section are presented for

purposes of additional analysis and are not a required part of the basic financial statements.

The supplemental information listed in the table of contents are the responsibility of management and

were derived from and relates directly to the underlying accounting and other records used to prepare

the basic financial statements. Such information has been subjected to the auditing procedures applied

in the audit of the basic financial statements and certain additional procedures, including comparing and

reconciling such information directly to the underlying accounting and other records used to prepare the

basic financial statements or to the basic financial statements themselves, and other additional

procedures in accordance with auditing standards generally accepted in the United States of America.

In our opinion, the supplemental information listed in the table of contents, are fairly stated, in all

material respects, in relation to the basic financial statements as a whole.

The letter of comments and recommendations section has not been subject to the auditing procedures

applied in the audit of the basic financial statements, and accordingly, we do not express an opinion or

provide any assurance on it.

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