Published on June 29, 2026
CITY OF OCEAN CITY |
SUMMARY OR SYNOPSIS OF AUDIT REPORT FOR PUBLICATION |
Attention is directed to the fact that a summary or synopsis of the audit report, together |
with the recommendations, is the minimum required to be published pursuant to N.J.S. 40A:5-7. |
Summary or Synopsis of the 2025 Audit Report of the City of Ocean City, County of Cape May, |
as Required by N.J.S. 40A:5-7. |
COMBINED COMPARATIVE BALANCE SHEET |
ASSETS 2025 2024
Cash and Investments |
$ |
70,862,487.58 |
$ |
75,028,715.79 |
Taxes, Assessments & Liens Receivable |
| 955,857.85 |
| 888,315.24 |
Property Acquired for Taxes- |
|
|
|
|
Assessed Valuation |
| 244,200.00 |
| 244,200.00 |
Accounts Receivable |
| 13,180,091.65 |
| 12,011,305.74 |
Deferred Charges |
| 237,063,845.37 |
| 242,816,942.19 |
General Fixed Assets |
| 213,492,355.28 |
| 211,784,264.71 |
TOTAL ASSETS | $ | 535,798,837.73 | $ | 542,773,743.67 |
LIABILITIES, RESERVES & FUND BALANCE
Serial Bonds & Bond Anticipation Notes | $ | 210,948,022.38 | $ | 208,178,249.20 |
Improvement Authorizations |
| 50,148,686.52 |
| 49,487,430.70 |
Other Liabilities & Special Funds |
| 49,724,173.56 |
| 61,790,369.77 |
Reserve for Certain Assets Receivable |
| 1,218,105.86 |
| 1,169,135.74 |
Investment in General Fixed Assets |
| 213,492,355.28 |
| 211,784,264.71 |
Fund Balance | 10,267,494.13 | 10,364,293.55 | ||
TOTAL LIABILITIES, RESERVES |
|
|
|
|
AND FUND BALANCE | $ | 535,798,837.73 | $ | 542,773,743.67 |
|
|
|
| - |
COMPARATIVE STATEMENT OF OPERATIONS AND CHANGE IN |
FUND BALANCE - CURRENT FUND |
2025 2024
Revenue and Other Income Realized |
|
|
|
|
Fund Balance Utilized | $ | 5,500,000.00 | $ | 6,000,000.00 |
Miscellaneous From Other than |
|
|
|
|
Local Property Tax Levies |
| 28,610,679.72 |
| 40,625,774.22 |
Collection of Delinquent Taxes and |
|
|
|
|
Tax Title Liens |
| 877,958.66 |
| 797,281.62 |
Collection of Current Tax Levy |
| 150,738,320.51 |
| 143,979,760.37 |
Total Income |
| 185,726,958.89 |
| 191,402,816.21 |
180,323,758.31 186,467,316.56
|
Total Adjusted Expenditures 180,323,758.31 186,467,316.56 Excess in Revenue 5,403,200.58 4,935,499.65
Fund Balance January 1 10,363,442.31 11,427,942.66
|
15,766,642.89 16,363,442.31
5,500,000.00 6,000,000.00
Fund Balance December 31 | $ | 10,266,642.89 | $ | 10,363,442.31 |
RECOMMENDATIONS:
NONE
The above summary or synopsis was prepared from the report of the audit of the City of |
Ocean City, County of Cape May, for the calendar year 2025. This report of audit, |
submitted by Leon P. Costello, Registered Municipal Accountant, of Ford, Scott |
& Associates, L.L.C., CPAs, is on file at the City Clerk's office and may be inspected by any |
interested person. |
Melissa Rasner
