TOMS RIVER – Auditors had no recommendations to Toms River’s financial administration, according to township officials.
Every year, towns hire an independent auditing firm to look over their books. Holman, Frenia & Allison looked at the most recent completed year, 2017. They reported no findings, comments, or recommendations, according to a press release from the township. They also had no findings for the previous five years.
“The town remains in a solid financial position. We are very pleased with the findings in this report. Being wise stewards of the town’s financial resources is one of our top priorities and responsibilities,” Mayor Thomas Kelaher said.
The town’s bond ratings are strong, with an AA bond rating with Standard and Poor’s, and an Aa3 rating from Moody’s. Bond ratings are findings based on whether a town is a low or high credit risk. The scores are similar to old school report cards, in that scores with As are good.
The budget is about $125 million, with $29 million in surplus at the end of 2017.
“The audit has concluded that we are in a solid financial position and the governing body has shown to be strong, conservative financial managers,” said Council President Brian Kubiel.
A copy of the audit report is available on the Township’s website under the section titled “Finance” on the homepage.
