This report includes the financial statements of the Township of Jackson (the “Township”), within the County of Ocean, in the State of New Jersey and reflects the activities of the municipality which is under the control of the Mayor and Township Council. The financial statements of the Board of Education, First Aid Organization and Fire Districts are reported separately since their activities are administered by separate boards.
The Township’s governing body is also responsible for appointing the board members of the Jackson Municipal Utilities Authority but the Township’s accountability for this organization does not extend beyond making the appointments.
The Township had no component units as defined by Governmental Accounting Standards Board Statement No. 14.
The accounting policies of the Township of Jackson conform to the accounting principles applicable to municipalities, which have been prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey. Such principles and practices are designed primarily for determining compliance with legal provisions and budgetary restrictions and as a means of reporting on the stewardship of public officials with respect to public funds. Under this method of accounting, the Township of Jackson accounts for its financial transactions through the following separate funds:
Current Fund - resources and expenditures for governmental operation of a general nature, including federal and state grant funds.
Trust Fund - receipts, custodianship and disbursement of funds in accordance with the purpose for which each reserve was created, including dog license revenue and expenditures and sundry deposits held for satisfactory completion of specific work.
General Capital Fund - receipt and disbursement of funds for the acquisition of capital facilities, other than those acquired in the Current Fund.
Public Assistance Fund – receipt and disbursement of funds that provide assistance to certain residents of the Township.
General Fixed Asset Account Group – used to account for fixed assets used in general government operations.
Payroll Fund – is used for the receipt and disbursements of funds used to meet obligations to employees and payroll tax liability.
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