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SUMMARY OR SYNOPSIS OF AUDIT REPORT FOR PUBLICATION Summary or Synopsis of 2023 Audit Report of Pine Hill Municipal Utilities Authority as required by N.J.S. 40A:5A-16 STATEMENTS OF NET POSITION Restated 2024 2023 ASSETS Current Assets: Unrestricted Assets: Cash and Cash Equivalents $ 4,702,296.11 $ 3,938,134.70 Change Fund 150.00 150.00 Consumer Accounts Receivable 402,188.66 357,738.36 Lease Receivable - Current Portion 115,562.09 128,027.98 Prepaid Expenses - 68,508.18 Total Unrestricted Assets 5,220,196.86 4,492,559.22 Restricted Assets: Cash and Cash Equivalents 3,799,452.96 4,366,146.13 Total Current Assets 9,019,649.82 8,858,705.35 Noncurrent Assets: Lease Receivable 2,431,585.84 2,547,147.93 Capital Assets: Completed (Net of Accumulated Depreciation) 10,706,942.16 10,585,076.39 Construction in Progress 1,285,090.15 1,388,205.87 Total Property, Plant and Equipment 11,992,032.31 11,973,282.26 Total Non-Current Assets 14,426,618.15 14,520,430.19 Total Assets 23,443,267.97 23,379,135.54 DEFERRED OUTFLOWS OF RESOURCES Related to Pensions 107,730.00 59,368.00 Related to OPEB - SHBP 3,006,935.31 - Total Deferred Outflows of Resources 3,114,665.31 59,368.00 STATEMENTS OF NET POSITION (CONT’D) Restated 2024 2023 LIABILITIES Current Liabilities Payable from Unrestricted Assets: Accounts Payable - Operations $ 63,503.71 $ 56,076.64 Accounts Payable - Related to Pensions 112,813.00 103,810.00 Net OPEB Obligation - Current Position 25,660.84 - Overpayments 13,964.62 15,547.04 Payroll Deductions Payable 23,671.47 10,991.97 Developer Escrow Deposits 66,535.36 49,844.97 Total Current Liabilities Payable from Unrestricted Assets 306,149.00 236,270.62 Current Liabilities Payable from Restricted Assets: Accounts Payable 14,103.92 18,221.13 Contracts Payable - 328,850.00 Retainage Payable 20,390.00 - Accrued Interest Payable 78,769.26 86,781.96 Revenue Bonds Payable - Current Portion 302,954.79 287,293.96 New Jersey Environmental Infrastructure Trust Loan Payable - Current Portion 194,214.13 195,190.55 Total Current Liabilities Payable from Restricted Assets 610,432.10 916,337.60 Long-term Liabilities: Revenue Bonds Payable 4,369,725.45 4,688,751.17 New Jersey Environmental Infrastructure Trust Loan Payable 1,638,381.45 1,832,595.58 Compensated Absences Payable 88,181.26 92,934.17 Net OPEB Obligation 2,423,983.16 4,026,335.00 Net Pension Liability 1,039,884.00 1,038,486.00 Total Long-term Liabilities 9,560,155.32 11,679,001.92 Total Liabilities 10,476,736.42 12,831,610.14 DEFERRED INFLOWS OF RESOURCES Advanced Billings 244,935.00 244,835.00 Related to Leases 1,950,415.93 2,077,096.45 Related to OPEB - SHBP 822,788.00 - Related to Pensions 129,916.00 156,068.00 Total Deferred Inflows of Resources 3,148,054.93 2,477,999.45 NET POSITION Net Investment in Capital Assets 6,027,390.97 5,440,272.86 Restricted: Bond Resolution Covenants 1,677,006.07 1,677,372.32 Unrestricted 5,238,744.89 1,011,248.77 Total Net Position $ 12,933,141.93 $ 8,128,893.95 STATEMENTS OF REVENUE, EXPENSES AND CHANGES IN NET POSITION Restated 2024 2023 Operating Revenues: Service Charges $ 3,134,808.89 $ 3,019,145.57 Connection Fees - 17,525.00 Other Operating Revenues 96,008.52 78,896.82 Total Operating Revenues 3,230,817.41 3,115,567.39 Operating Expenses: Administration: Salaries and Wages 331,034.32 277,334.11 Fringe Benefits 279,162.72 143,435.34 Other Expenses 324,779.69 271,554.10 Cost of Providing Service: Salaries and Wages 422,905.77 401,893.73 Fringe Benefits 351,236.33 207,725.12 Other Expenses 628,961.60 624,478.40 Major Repairs and Other Expenses 440.17 - Depreciation 523,392.10 433,947.54 Total Operating Expenses 2,861,912.70 2,360,368.34 Operating Income 368,904.71 755,199.05 Non-operating Revenue (Expenses): Investment Income 354,804.59 238,115.57 NJIB Savings Credits - 20,000.00 Interest Expense (142,924.19) (154,807.12) Lease Revenue 126,680.52 126,680.52 Lease Interest Income 70,447.35 93,923.14 Total Non-operating Revenue 409,008.27 323,912.11 Net Income (Loss) Before Capital Contributions 777,912.98 1,079,111.16 Change in Net Position Before Special Item Change ia Authority OPEB Plan 4,026,335.00 - Change in Net Position 4,804,247.98 1,079,111.16 Net Position August 1 8,128,893.95 7,049,782.79 Net Position July 31 $ 12,933,141.93 $ 8,128,893.95 RECOMMENDATIONS: None The above synopsis was prepared from the Report of Audit of the Pine Hill Municipal Utilities Authority, County of Camden, for the fiscal year ending July 31, 2023, submitted by Stefanie J. DeSantis, Registered Municipal Accountant, Certified Public Accountant of Bowman & Company LLP, Certified Public Accountants. The information included therein is not intended to represent complete financial information as presented in the Report of Audit. A copy of the Report of Audit is on file at the Authority Secretary’s office and may be inspected by any interested person. Prt fee:$181.90 Apr 2 -1a