Bloomfield Township receives clean audit
By Kevin Elliott
Auditors looking into Bloomfield Township’s accounting practices and financial transactions found no problems with operations in issuing the results to the board of trustees Monday, September 28, of the township’s annual audit.
“We issued an unmodified opinion, which is the highest level of opinion we can issue,” said Michael Santicchia, partner at UHY LLP Certified Public Accountants, which presented the audit findings.
The audit looks into financial statements of the fiscal year ending March 31, 2022, which is required to be done by an independent professional auditor. Santicchia said the audit represents the overall governmental activities and business-type activities of the township, including each of the township's major funds, including the township's general fund, road fund, public safety fund, special assessment fund, pension obligation bond debt fund and water and sewer fund. Additional funds, such as the senior services fund, drug law enforcement fund, federal forfeitures fund and other funds also are addressed in the report.
Auditors said they found no adjustments during the audit, meaning that all purchases were made within or under the original budgeted amounts. Further, there were no disagreements or issues with the township’s management over the course of the audit. Nor where any instances of fraud reported or discovered.
“Management was prepared and cooperative during the audit and allocated sufficient time to the audit process,” said Marlene Beach, principal at UHY.
Beach said the township has an overall net deficit of about $104 million, due mostly to pension liabilities and other post-employment benefits (OPEB). In 2022, the unrestricted net deficit in the governmental activities included net OPEB liability of $81,111,803 and net pension liability of $24,457,849. In 2021, the net OPEB liability was $79,201.695 and the net pension liability was $15,734,208. Overall, OPEB is about 22 percent funded, which auditors said is considerably higher compared to many other municipalities.
Township supervisor Dani Walsh thanked the auditors for the report, noting that residents should be aware that the township would be required to have a single audit done in the future related to currently unspent American Rescue Plan Act funds the township recently received.
Board members unanimously approved accepting the audit.