No negative notes in annual Point Boro audit

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POINT PLEASANT — For the third year in a row, borough officials are proudly reporting that no critical comments were received in an annual audit of the town’s financial health.

“Every year, each municipality in the state of New Jersey must undergo an annual audit of managerial practices, internal controls and financials for the previous year ending Dec. 31,” Borough Administrator Frank Pannucci Jr. stated in a news release on the audit.

“Each audit involves a number of different items including procedures to obtain evidence about the amounts and disclosures in financial statements to detect fraud or error, an evaluation of internal controls, managerial practices and evaluating the appropriateness of accounting policies used by management.

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“In years past, the borough’s annual audits contained anywhere from 10 to 20 comments each year. When an issue rises to the status of a comment in an audit, it is something the auditors feel is necessary to bring up as it can have serious financial and legal impacts on a municipality. Oftentimes, those comments were prevalent year after year, never being rectified.  

“Since Mayor [Robert] Sabosik and this incarnation of the borough council and administration have been here, each year we have had less and less comments and then in 2017 and 2018, we had zero. Now for 2019, for the third year in a row, we have zero once again. This is because of a true team effort between management including our CFO Himanshu Shah, the mayor’s office and the borough council with Councilman John Wisniewski as chair of our Finance Committee.”

The audit was praised by Councilman Wisniewski.

“It’s taken a lot of work to get to where we are now. We have a team in place where things are getting accomplished,” he stated in the release.

“Our financials are solid, our tax rate has stabilized, our bond rating increased twice and this most recent audit is proof of everything good that has been accomplished over the last few years.  

“There’s a lot of work that goes into running a municipality that the average resident doesn’t see and I’m proud of the employees and fellow council members for helping us get to this point.  

“Three straight years with zero comments or recommendations in an audit is no small feat and I’m proud to be a part of this team.”

This is an excerpt of the print article. For more on this story, read The Ocean Star—on newsstands Friday or online in our e-Edition.

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