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CITY OF JERSEY CITY NEW JERSEY

REPORT OF AUDIT

FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016

Financial Section

Independent Auditor's Report ………………………………………………… 1

Current Fund (with Federal and State Grants Fund)

Comparative Balance Sheet - Regulatory Basis …………………………… 5 AComparative Statement of Operations and

Changes in Fund Balance - Regulatory Basis ………………………… 7 A-1Statement of Revenues - Regulatory Basis ………………………………… 9 A-2

Analysis of Budget Revenues ………………………………………… 13 A-2aAnalysis of Non-Budget Revenues …………………………………… 14 A-2b

Statement of Appropriations - Regulatory Basis ……………………………16 A-3

Trust Funds

Comparative Balance Sheet - Regulatory Basis …………………………… 23 B

General Capital Fund

Comparative Balance Sheet - Regulatory Basis …………………………… 25 CComparative Statement of Changes in Fund Balance - Regulatory Basis … 26 C-1

General Fixed Assets

Comparative Balance Sheet - Regulatory Basis …………………………… 27 D

Notes to Financial Statements ………………………………………………… 28

Supplementary Data Section:

Current Fund and Federal and State Grant Fund

Schedule of Cash - Treasurer ………………………………………………… 123 A-4

Current Fund

Schedule of:Petty Cash ………………………………………………………………… 124 A-5Change Fund ……………………………………………………………… 124 A-6Taxes Receivable and Analysis of Property Tax Levy …………………… 125 A-7Due from State of New Jersey for

Senior Citizens and Veterans Deductions ……………………………… 126 A-8Tax Title Liens Receivable …………………………………………………127 A-9Property Acquired for Taxes at Assessed Valuation ……………………… 127 A-10Revenue Accounts Receivable …………………………………………… 128 A-11Due from JMCUA ………………………………………………………… 130 A-12Lot Cleaning Charges and Liens Receivable ……………………………… 130 A-13Sales Contracts Receivable - Property Acquired for Taxes ……………… 131 A-14Due from State of New Jersey -

Prepaid Debt Service - Qualified Bonds……………………………… 131 A-15Deferred Charges ……………………………………………………………132 A-16Interfunds Receivable / (Payable) ………………………………………… 133 A-17

CITY OF JERSEY CITYAUDIT OF FINANCIAL STATEMENTS

TABLE OF CONTENTSDECEMBER 31, 2017

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Supplementary Data Section (continued):

Current Fund (continued)

Schedule of:2016 Appropriation Reserves ………………………………………………134 A-18Reserve for Encumbrances …………………………………………………139 A-19Contracts Payable ………………………………………………………… 140 A-20Prepaid Taxes ……………………………………………………………… 142 A-21Tax Overpayments ………………………………………………………… 142 A-22Prepaid PILOT Revenues ………………………………………………… 143 A-23Local District School Taxes Payable ……………………………………… 143 A-24County Taxes Payable ……………………………………………………. 144 A-25PILOT Fees Due to County …………………………………………………144 A-26Due to Special Improvement Districts …………………………………… 145 A-27Surcharges Due to State of New Jersey …………………………………… 146 A-28Reserve for Deposits on Sale of Property Acquired for Taxes …………… 146 A-29Other Reserves …………………………………………………………… 147 A-30Special Emergency Notes Payable ………………………………………… 148 A-31Superstorm Sandy Expenditures ……………………………………………149 A-32Other Payables ………………………………………………………...……149 A-33Reserve for Revaluation …………………………………………………… 150 A-34Undistributed Revenue …………………………………………………… 150 A-35

Federal and State Grant Fund

Schedule of:

State and Federal Grants Receivable ……………………………………… 151 A-36

Interfunds Receivable / (Payable) ………………………………………… 155 A-37

Reserve for Encumbrances …………………………………………………156 A-38

Reserve for State and Federal Grants Appropriated ……………………… 157 A-39

Reserve for Other ………………………………………………………… 165 A-40

Reserve for State and Federal Grants - Unappropriated ……………………166 A-41

Trust Funds

Schedule of Cash and Cash Equivalents ……………………………………… 167 B-1

Animal Control FundSchedule of:

Due To Current Fund ……………………………………………………… 169 B-2Due to State of New Jersey …………………………………………………169 B-3Reserve for Encumbrances …………………………………………………170 B-4Reserve for Expenditures ………………………………………………… 170 B-5Prepaid Three-Year Licenses ……………………………………………… 171 B-6

Trust Fund - Other FundsSchedule of:

Federal Grants Receivable ………………………………………………… 172 B-7Deferred Charges ……………………………………………………………172 B-8Interfunds Receivable / (Payable) ………………………………………… 173 B-9

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Trust Funds (continued)

Trust Fund - Other Funds (continued)Schedule of:

Intergovernmental Payables ……………………………………………… 174 B-10Reserve for Encumbrances …………………………………………………175 B-11Reserve for Dedicated Revenues and Special Deposits …………………… 176 B-12Reserve for Federal Grant Expenditures ……………………………………178 B-13Reserve for Unemployment Expenditures ………………………………… 179 B-14Reserve for Forfeitures …………………………………………………… 179 B-15Reserve for Insurance Expenditures ……………………………………… 180 B-16Vouchers Payable ………………………………………………………… 180 B-17

Payroll Clearing FundSchedule of:

Interfunds Receivable / (Payable) ………………………………………… 181 B-18Due to Library ………………………………………………………………182 B-19Reserve for Payroll Deductions …………………………………………… 182 B-20

Municipal Open Space, Recreation and Historic Preservation Trust FundSchedule of:

Due from Other Trust ……………………………………………………… 183 B-21Reserve for Expenditures ………………………………………………… 183 B-22

Capital Fund

Schedule of Cash - Treasurer ………………………………………………… 184 C-2Analysis of Cash and Cash Equivalents ……………………………………… 185 C-3Analysis of Cash and Cash Equivalents Ending Balance ………………………191 C-3aSchedule of Deferred Charges to Future Taxation:

Funded ………………………………………………………………………199 C-4Unfunded ……………………………………………………………………200 C-5Unfunded - Analysis of Ending Balance……………………………………203 C-5a

Schedule of:Deferred Charges to Future Water Rents - Unfunded ………………………204 C-6Due from Municipal Utilities Authority ……………………………………205 C-7Interfunds Receivable / (Payable) ………………………………………… 206 C-8Improvement Authorizations ……………………………………………… 207 C-9Bond Anticipation Notes Payable ………………………………………… 212 C-10Green Trust Loans Payable …………………………………………………213 C-11School Serial Bonds ……………………………………………………… 218 C-12General Serial and Term Bonds …………………………………………… 219 C-13Pension Refunding Bonds ………………………………………………… 226 C-14Water Serial and Term Bonds ………………………………………………227 C-15Local Improvement Bonds ………………………………………………… 230 C-16Reserve for Encumbrances …………………………………………………231 C-17Other Reserves …………………………………………………………… 232 C-18Reserve for Retirement of Debt …………………………………………… 233 C-19Capital Improvement Fund …………………………………………………233 C-20Bonds and Notes Authorized but not Issued ……………………………… 234 C-21

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General Fixed Assets

Schedule of Changes in Fixed Assets by Class …………………………………236 D-1Schedule of Reserve for Fixed Assets ………………………………………… 236 D-2

Statistical Section: Unaudited

Five-Year History of Governmental Expenditures …………………………… 237 1Five-Year History of Governmental Realized Revenues ……………………… 238 2Comparative Schedule of Operations and

Changes in Fund Balance - Current Fund ………………………………… 239 3Five-Year History of Tax Rate and Apportionment of Tax Rate ………………240 4Five-Year History of Delinquent Taxes and Tax Title Liens ………………… 240 5Five-Year History of Tax Levies and Collections ………………………………241 6Five-Year History of Property Acquired

by Tax Title Lien Liquidation ………………………………………………241 7Five-Year History of Percentage of Net Assessed Value

to Estimated Full Cash Valuation ………………………………………… 241 8Five-Year History of Ratio of Annual Bonded Debt Service

to Operating Expenditures and Revenues ………………………………… 242 9Computation of Legal Debt Margin and Overlapping Debt ……………………243 10Five-Year History of Ratio of Bonded and Bondable Debt

to Equalized Value and Debt Per Capita ……………………………………244 11Officials in Office ………………………………………………………………245

Additional Information Related to Internal Control and Compliance:

Independent Auditor's Report on Internal ControlOver Financial Reporting and on Compliance andOther Matters Based on an Audit of Financial StatementsPerformed in Accordance with Government Auditing Standards ……………246

Independent Auditor's Report on ComplianceFor Each Major Federal and State Program andOn Internal Control Over Compliance Required byThe Uniform Guidance and New Jersey OMB Circular 15-08 …………… 249

Schedule of:Expenditures of Federal Awards ……………………………………………253 1Expenditures of State Financial Assistance …………………………………264 2Expenditures of Other Financial Assistance ……………………………… 271 3

Notes to Schedules of Expenditures of Federal Awardsand State Financial Assistance …………………………………………… 273

Schedule of Findings and Questioned Costs:Section 1 - Summary of Auditors' Results ………………………………… 276Section 2 - Summary of Financial Statement Findings …………………… 278Section 3 - Schedule of Federal Awards and -

State Financial Assistance - Findings and Questioned Costs ………… 284Summary Schedule of Prior Year Audit Findings and

Questioned Costs as Prepared by Management ……………………… 285General Comments …………………………………………………………… 288Comments and Recommendations ……………………………………………. 293

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CITY OF JERSEY CITY

REPORT OF AUDIT

FINANCIAL SECTION

DONOHUE, GIRONDA, DORIA & TOMKINS, LLC Certified Public Accountants

310 Broadway Bayonne, NJ 07002

(201) 437-9000 Fax: (201) 437-1432

E-Mail: [email protected]

Robert A. Gironda, CPA Linda P. Kish, CPA, RMA Robert G. Doria, CPA (N.J. & N.Y.) Mark W. Bednarz, CPA, RMA Frederick J. Tomkins, CPA, RMA Jason R. Gironda, CPA Matthew A. Donohue, CPA Mauricio Canto, CPA, RMA

INDEPENDENT AUDITOR’S REPORT The Honorable Mayor and Members of the City Council City of Jersey City, New Jersey

Report on the Financial Statements

We have audited the accompanying financial statements – regulatory basis of the City of Jersey City, New Jersey (the “City”), which comprise the comparative balance sheet – regulatory basis, of each fund and General Fixed Assets as of December 31, 2017 and 2016, and the related comparative statement of operations and changes in fund balance – regulatory basis, statement of revenues – regulatory basis and statement of appropriations – regulatory basis, of the Current Fund, and the related statement of changes in Fund Balance – regulatory basis, of the General Capital Fund, for the years then ended, and the related notes to the financial statements. Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with the financial reporting provisions of the Division of Local Government Services, Department of Community Affairs, State of New Jersey (the “Division”). Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America, audit requirements prescribed by the Division and the standards applicable to the financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

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An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the City’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note A, the financial statements are prepared by the City on the basis of the financial reporting provisions of the Division, which is a basis of accounting other than accounting principles generally accepted in the United States of America, to meet the requirements of the Division. The effects on the financial statements of the variances between the regulatory basis of accounting described in Note A and accounting principles generally accepted in the United States of America, although not reasonably determinable, are presumed to be material.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the matter discussed in the “Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles” paragraph, the financial statements referred to above do not present fairly, in accordance with accounting principles generally accepted in the United States of America, the financial position of the City as of December 31, 2017 and 2016, and the changes in its financial position for the years then ended. Unmodified Opinion on Regulatory Basis Accounting

In our opinion, the financial statements referred to above present fairly, in all material respects, the comparative financial position – regulatory basis, of each fund and General Fixed Assets of the City as of December 31, 2017 and 2016, the Current Fund’s respective operations and changes in fund balance – regulatory basis, revenues – regulatory basis and appropriations – regulatory basis, the General Capital Fund’s changes in fund balance – regulatory basis, for the years then ended, in accordance with the financial reporting provisions of the Division as described in Note A.

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Other Matters

Management Discussion and Analysis

Management has omitted the management discussion and analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context, but is not required by the financial reporting provisions of the Division. Our opinion on the basic financial statements is not affected by the missing information.

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The statistical section and schedule of expenditures of other financial assistance are presented for purposes of additional analysis and are not a required part of the basic financial statements. The accompanying supplementary data section, general comments and comments and recommendations are presented for purposes of additional analysis as required by the Division. The schedule of expenditures of federal awards and the schedule of expenditures of state financial assistance are presented for purposes of additional analysis as required by the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and N.J. Office of Management and Budget Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid, respectively. The supplementary data section, general comments, comments and recommendations, schedule of expenditures of federal awards, schedule of expenditures of state financial assistance and schedule of expenditures of other financial assistance are also presented for purposes of additional analysis and are not required parts of the basic financial statements.

The supplementary data section, schedule of expenditures of federal awards, schedule of expenditures of state financial assistance and schedule of expenditures of other financial assistance are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the supplementary data section, schedule of expenditures of federal awards, schedule of expenditures of state financial assistance and schedule of expenditures of other financial assistance are fairly stated, in all material respects, in relation to the basic financial statements as a whole.

The statistical section has not been subjected to the auditing procedures as applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on it.

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Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated November 2, 2018, on our consideration of the City’s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.


MARK W. BEDNARZ RMA No. 547

Bayonne, New Jersey November 2, 2018

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CITY OF JERSEY CITY

REPORT OF AUDIT

FINANCIAL SECTION: CURRENT FUND FINANCIAL STATEMENTS

[with Federal and State Grant Fund]

Exhibit ASheet 1 of 2

CITY OF JERSEY CITYCURRENT FUND

AS OF DECEMBER 31, 2017 AND 2016

COMPARATIVE BALANCE SHEET - REGULATORY BASIS

2017 2016

Assets

Current Fund:Cash and Cash Equivalents A-4 113,968,803$ 114,656,230$ Petty Cash A-5 200 - Change Fund A-6 1,710 1,710

113,970,713 114,657,940 Intergovernmental Receivables:

Due from Jersey City Municipal Utilities Authority - Overpayment of Tax Sale Receipts A-12 1,604,940 -

Due from State of NJ - Sr. Citizens and Veterans Deductions A-8 20,300 23,048 Prepaid Debt Service - Qualified Bonds A-15 11,725,890 12,562,462

13,351,130 12,585,510 Receivables and Other Assets with Full Reserves:

Delinquent Property Taxes Receivable A-7 10,252,653 4,265,328 Tax Title Liens Receivable A-9 37,154 37,154 Property Acquired for Taxes at Assessed Valuation A-10 1,455,500 1,455,500 Revenue Accounts Receivable A-11 1,360,335 1,115,339 Lot Cleaning Charges Receivable A-13 2,937 - Sales Contracts Receivable -

Property Acquired for Taxes A-14 285,550 285,550 Interfunds Receivable A-17 11,848,594 44,519

25,242,723 7,203,390 Deferred Charges

Special Emergency Authorizations A-16 13,700,000 27,371,474

Total Current Fund Assets 166,264,566 161,818,314

Federal and State Grant Fund:Cash and Cash Equivalents A-4 10,738,056 10,000,324 Federal and State Grants Receivable A-36 31,633,023 32,617,186 Interfunds Receivable A-37 - 147,426

Total Federal and State Grant Fund Assets 42,371,079 42,764,936

Total Assets 208,635,645$ 204,583,250$

See Accompanying Notes to Financial Statements5

Exhibit ASheet 2 of 2




2017 2016

Liabilities and Reserves

Current Fund:Appropriation Reserves A-3, A-18 19,058,629$ 18,800,526$ Reserve for Encumbrances A-19 28,067,794 19,449,110 Contracts Payable A-20 701,777 1,803,622 Prepaid Taxes A-21 14,023,865 2,953,483 Tax Overpayments A-22 2,176,043 2,377,608 Interfunds Payable A-17 414,665 150,013 Prepaid Revenues A-23 1,445,095 377,938 County Taxes Payable A-25 1,490,205 1,070,539 PILOT Fees Due to County A-26 903,246 654,210 Due to Special Improvement Districts A-27 137,326 208,752 Due to State of New Jersey:

Marriage Licenses A-28 8,830 25,330 Burial Permits A-28 635 570

Reserve for Deposits on Sale of PropertyAcquired for Taxes A-29 20,303 20,303

Reserves - Other A-30 1,348,305 2,148,670 Emergency Notes Payable A-31 13,700,000 20,597,496 Reserve for Superstorm Sandy Expenditures A-32 - 44,211 Other Payables A-33 12,364 12,364 Reserve for Revaluation A-34 604,642 5,000,000 Undistributed Revenues A-35 568,709 -

84,682,433 75,694,745

Reserve for Receivables and Other Assets 25,242,723 7,203,390 Fund Balance A-1 56,339,410 78,920,179

Total Current Fund Liabilities, Reserves and Fund Balance 166,264,566 161,818,314

Federal and State Grant Fund:Reserve for Encumbrances A-38 7,041,726 12,426,499 Reserve for Other A-40 1,443,991 1,173,397 Reserve for State and Federal Grants:

Appropriated A-39 29,683,949 29,061,223 Unappropriated A-41 3,946,275 -

Interfunds Payable A-37 255,138 103,817

Total Federal and State Grant Fund Liabilities and Reserves 42,371,079 42,764,936

Total Liabilities, Reserves and Fund Balance 208,635,645$ 204,583,250$


Exhibit A-1Sheet 1 of 2

2017 2016

Revenue and Other Income Realized:Fund Balance Utilized A-2a 39,960,250$ 20,745,651$ Miscellaneous Revenue Anticipated A-2a 332,288,181 338,805,935 Receipts from Delinquent Taxes A-2a 2,262,775 559,368 Receipts from Current Taxes A-2a 492,469,451 472,570,361 Non-Budget Revenues A-2b 5,882,618 2,760,372 Other Credits to Income:

Unexpended Appropriation Reserves A-18 18,989,297 13,999,157 Grant Costs Charged to Current Fund in Prior Years A-17 1,433,559 - Cancellation of Contracts Payable A-20 1,231,030 10,831 Revenue Accounts Receivable A-11 1,115,339 1,917,585 Premium on Special Emergency Notes A-4 44,550 47,628 Prior Year Interfunds Returned A-17 44,519 311,385 JCMUA Franchise Extension Fees - 14,000,000 Cancellation of Contracts Encumbered - 831,780 Cancelled Checks - 549,786 Reimbursement for Prior Years Grant Adjustment - 278,200 Other Credits and Adjustments - 151,655

895,721,569 867,539,694

ExpendituresBudgetary and Emergency Appropriations:

Appropriations within "CAPS"Operations

Salaries and Wages 239,314,446 228,896,529 Other Expenses 180,208,924 165,849,919

Deferred Charges and Statutory Expenditures 64,622,370 56,519,425 Appropriations Excluded from "CAPS"

OperationsOther Expenses 36,795,572 44,344,064

Capital Improvements 300,000 1,200,000 Debt Service 67,001,905 66,663,158 Deferred Charges 6,932,496 8,427,496 JudgmentsType 1 School District Debt 7,105,819 13,361,440 Reserve for Uncollected Taxes 4,880,770 3,847,492

A-3 607,162,302 589,109,523

REGULATORY BASISCOMPARATIVE STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE -

FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016CURRENT FUND

CITY OF JERSEY CITY



2017 2016

REGULATORY BASISCOMPARATIVE STATEMENT OF OPERATIONS AND CHANGES IN FUND BALANCE -

FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016CURRENT FUND

CITY OF JERSEY CITY

Expenditures (continued)Local District School Tax A-24 115,548,404$ 113,282,750$ County Taxes A-25 130,445,002 118,795,203 Special District Taxes A-27 4,481,331 - Municipal Open Space Tax A-17 623,000 - Interfunds Advanced Originating in Current Year A-17 11,848,594 44,519 Tax Appeals A-21 6,729,583 1,206,040 Refund of Prior Year Revenues A-4 143,537 26,100 Revenue Accounts Receivable A-11 1,360,335 1,115,339

878,342,088 823,579,474

Excess in Revenue 17,379,481 43,960,220

Adjustments to Income before Fund Balance:Expenditures Included Above Which are by StatuteDeferred Charges to Budget of Succeeding Year

Special Emergency Appropriations:Revaluation - 5,000,000

Statutory Excess to Fund Balance 17,379,481 48,960,220 Fund Balance, Beginning of Year A 78,920,179 50,705,610

96,299,660 99,665,830 Decreased by:

Utilized as Anticipated Revenue A-2a 39,960,250 20,745,651

Fund Balance, December 31 A 56,339,410$ 78,920,179$



Budget as N.J.S.A Excess orAdopted 40A:4-87 Realized (Deficit)

SURPLUS:Surplus Anticipated 39,954,250$ -$ 39,954,250$ -$ Surplus Anticipated with

Prior Written Consent of Director 6,000 - 6,000 - Total Surplus 39,960,250 - 39,960,250 -

MISCELLANEOUS REVENUES:LOCAL REVENUES

Licenses:Alcoholic Beverages 630,547 - 832,354 201,807 Other Licenses:

Marriage Licenses 5,751 - 6,755 1,004 Cable TV Franchise Fees 2,476,917 - 2,485,392 8,475 Hackensack Meadowlands Adjustment 605,487 - 1,072,851 467,364 Local School Aid 1,953,117 - 1,953,117 - Advertising Ordinance Fees 304,747 - 334,618 29,871 Search Fees 255 - 174 (81) Lot Cleaning Charges 80,889 - 12,056 (68,833) Tax Collector's Fees 30,352 - 35,483 5,131 Hotel Occupancy Tax 7,687,845 - 8,375,237 687,392 Landlord Registration 271,911 - 317,183 45,272

Fees and Permits:Interest and Costs on Taxes 1,325,488 - 767,013 (558,475) Interest on Investments and Deposits 389,004 - 1,015,478 626,474 Assessor's Application Fees 26,620 - 3,537 (23,083) Sewer and Street Opening Permits 245,809 - 232,258 (13,551) Swimming Pool Fees 152,220 - 145,471 (6,749) Skating Rink Fees 55,007 - 123,192 68,185 Laundry Licenses 53,250 - 91,100 37,850 Vending Machine Licenses 46,337 - 23,665 (22,672) Food Establishment Licenses 672,934 - 794,175 121,241 Hotel/Motel Licenses 82,335 - 79,840 (2,495) Dine and Dance Permits 27,000 - 28,000 1,000 Police Reports ID Bureau Fees 134,001 - 135,063 1,062 Taxicab/Omnibus Licenses 125,840 - 112,415 (13,425) Elevator Inspection Fees 592,614 - 600,249 7,635 Site Plan Review Fees 910,546 - 1,010,013 99,467 Bingo and Raffle Licenses 15,820 - 11,500 (4,320) Mechanical Amusement Devices 18,000 - 9,625 (8,375) Parking Lot Licenses 264,341 - 579,227 314,886 Used Motor Vehicle Dealer Licenses 75,817 - 30,000 (45,817)

Parking Lot Tax 8,021,883 - 8,092,843 70,960 Parking Enforcement:

Lease Fees 373,773 - 327,504 (46,269) Meter Fees 1,332,186 - 1,454,765 122,579 Miscellaneous Fees 1,815,364 - 1,763,676 (51,688)


FOR THE YEAR ENDED DECEMBER 31, 2017

STATEMENT OF REVENUES - REGULATORY BASIS

Anticipated







Anticipated

MISCELLANEOUS REVENUES: (continued)LOCAL REVENUES (continued)

Municipal Court Fines and Costs 13,592,007$ -$ 16,459,799$ 2,867,792$ Passaic Valley Sewerage Comm. Incentive 168,250 - 168,250 - Interstate Waste 546,868 - 454,588 (92,280) Dumpster Fee 66,745 - 91,187 24,442 Certified Copies of Marriage Licenses 39,625 - 41,285 1,660 Zoning Permits and Ordinance Copies 260,065 - 264,858 4,793 Settlements 650,000 - - (650,000) Death Certificates 74,925 - 66,745 (8,180) Vacant Property Registration 223,865 - 138,605 (85,260)

46,426,357 - 50,541,146 4,114,789

STATE AID WITHOUT OFFSETTING APPROPRIATIONSConsolidated Municipal Property Tax Relief 10,408,207 - 10,408,207 - Energy Receipts Tax 53,436,478 - 53,436,478 - GSPT In Lieu of Tax Payment 15,837 - 15,837 - Building Aid Allowances for School Aid 3,189,788 - 3,189,788 -

67,050,310 - 67,050,310 -

DEDICATED UNIFORM CONSTRUCTIONCODE FEES OFFSET WITH APPROPRIATIONS

Uniform Construction Code Fees 7,889,787 - 6,543,764 (1,346,023)$

PUBLIC AND PRIVATE REVENUES OFFSETWITH APPROPRIATIONS

Distracted Driving Grant 5,500 - 5,500 - Health Corner Store Initiative 5,000 - 5,000 - Highlands TDR Feasibility 40,000 - 40,000 - Innovation Team Grant 676,394 - 676,394 - Recreational Opportunities for Individuals -

with Disabilities (ROID Grant) 20,000 - 20,000 - Municipal Drug Alliance - 213,903 213,903 - NJDOT - Journal Square Pedestrian Safety - 220,000 220,000 - Hudson Regional Health Commission - -

OLPHW -STD - 47,791 47,791 - Drunk Driver Enforcement Fund 14,625 - 14,625 - Urban Area Security Initiative (UASI) - 1,710,000 1,710,000 - Recycling Tonnage Grant 298,152 - 298,152 - Community Service Block Grant (CSBG) 529,955 395,326 925,281 - AARP - Tree Planting - 3,000 3,000 - NJDOH - Woman, Infants & Children (WIC) - 1,802,583 1,802,583 - Summer Food Program 626,915 - 626,915 - Senior Nutrition 1,225,438 - 1,225,438 - Food Insecurity Nutrition 8,425 - 8,425 - YMCA State Alliance Healthy NJ Contest - 500 500 - Tarentino Community Policing Grant - 10,000 10,000 -







Anticipated

MISCELLANEOUS REVENUES: (continued)PUBLIC AND PRIVATE REVENUES OFFSETWITH APPROPRIATIONS (continued)

Healthy Community 1,033$ -$ 1,033$ -$ HUD - CDBG - 5,034,144 5,034,144 - HUD - HOME - 1,354,363 1,354,363 - HUD - HOPWA - 2,420,486 2,420,486 - HUD - Emergency Solutions - 457,848 457,848 - Sub-Regional Transportation - 99,328 99,328 - JTPA - 2,965,248 2,965,248 - Port Security Fire 225,000 - 225,000 Port Security Police 163,431 - 163,431 - Cities of Service - Vista 25,000 - 25,000 - Green Acres - Berry Lane 1,100,000 - 1,100,000 - Body Worn Cameras Program - 100,000 100,000 - Body Armor Replacement - 71,364 71,364 - STD Education 122,183 - 122,183 - STD Screening - High Risk - 45,000 45,000 - Municipal Aid - Various Streets 1,038,402 - 1,038,402 - Local Safety Program - MLK Drive - 399,714 399,714 - Local Safety Program - Communipaw Ave. - 736,383 736,383 - Clean Communities Program 387,918 - 387,918 - Summer Works Initiative 190,000 - 190,000 - Comprehensive Traffic Safety 26,700 - 26,700 - Make-A-Splash - 3,380 3,380 - CLPP (Porsche) - 194,025 194,025 -

6,730,071 18,284,386 25,014,457 -

OTHER SPECIAL ITEMSPayments in Lieu of Taxes 138,018,625 - 141,808,933 3,790,308 Sale of Municipal Property - Land Sales 10,000,000 - 10,102,827 102,827 United Water Reimbursement - Operations 325,444 - 346,105 20,661 MUA Franchise Concession Payment 21,000,000 - 21,000,000 - MUA Water Debt Service Payment 5,189,956 - 5,189,955 (1) Uniform Fire Safety Act 250,000 - 250,000 - Build America Bonds Federal Credit 1,772,239 - 1,768,300 (3,939) Recovery Zone Bonds Federal Credit 196,715 - 196,503 (212) Stop the Drop 140,000 - 140,000 - Reserve Summer Youth Program 1,000,000 - 1,000,000 - Reserve Youth Court Program 125,000 - 125,000 - City Government Summer Seasonal Program 75,000 - 75,000 - MLK Community Center 206,405 - 206,405 - Reserve Parking Authority 229,476 - 229,476 - MUA Stormwater Catch Basins 700,000 - 700,000 -

179,228,860 - 183,138,504 3,909,644

Total Miscellaneous Revenues 307,325,385 18,284,386 332,288,181 6,678,410







Anticipated

RECEIPTS FROM DELINQUENT TAXES: 812,309$ -$ 2,262,775$ 1,450,466$

Subtotal - General Revenues 348,097,944 18,284,386 374,511,206 8,128,876

AMOUNT TO BE RAISED BY TAXES FORSUPPORT OF MUNICIPAL BUDGET:

Local Tax Including Reserve forUncollected Taxes 228,298,260 - 228,890,002 591,742

Addition to Local District School Tax 3,916,031 - 3,916,031 - Minimum Library Tax 8,565,681 - 8,565,681 -

Total Amount to be Raised by Taxes 240,779,972 - 241,371,714 591,742

Total Budget Revenues 588,877,916 18,284,386 615,882,920 8,720,618 Non-Budget Revenues - - 5,882,618 5,882,618

Total General Revenues 588,877,916$ 18,284,386$ 621,765,538$ 14,603,236$

Ref. A-3 A-3

Budgeted A-2a 615,882,920$ Non-budgeted A-2b 5,882,618

621,765,538$


Exhibit A-2a



STATEMENT OF REVENUES - REGULATORY BASISANALYSIS OF BUDGET REVENUES

Allocation of Current Tax Collections:Collected in Current Year, including Homestead Benefit A-4 486,389,391$ Less: Overpayments Payable A-22 2,176,043

Current Year Taxes Collected in Current Year A-7 484,213,348 Current Year Taxes Collected in Prior Year A-7, A-21 2,953,483 State Share of Sr. Citizens & Veterans Deductions A-7, A-8 421,850 Current Taxes Realized in Cash 487,588,681$ Add: Appropriation for "Reserve for Uncollected Taxes" A-3 4,880,770

A-1 492,469,451 Allocated to:

School Taxes A-24 115,548,404 County Taxes A-25 130,445,002 Special District Taxes A-27 4,481,331 Municipal Open Space Tax A-17 623,000

Total Allocated to School and County Taxes 251,097,737

Amount for Support of Municipal Budget Appropriations A-2 241,371,714$

Receipts from Delinquent Taxes:Delinquent Taxes Collected A-4, A-7 1,828,745$ State Share of Prior Year Senior Citizen Deductions A-7, A-8 250 Tax Title Liens Collected A-9 258,837 Adjsutment to Prior Year SID Reserves A-27 174,943

Total Receipts from Delinquent Taxes A-1, A-2 2,262,775$

Miscellaneous Revenues Anticipated:Accrual per Revenue Accounts Receivable A-11 240,223,414$ State Aid Allocation Anticipated A-15 67,050,310 State and Federal Grants A-17 25,014,457

Total Miscellaneous Revenues Anticipated A-1, A-2 332,288,181$

Fund Balance A-1, A-2 39,960,250$

Total Realized Budget Revenues A-2 615,882,920$


Exhibit A-2bSheet 1 of 2

Increased by Cash Received from:Express Scripts Claim 1,319,031$ Liberty Harbor North III 1,050,737 LHN Owner 33 Park 649,990 Protested Checks Collected 623,928 3 Jsq 259,254 Columbus Hotel UR 183,485 United Water (Suez) 178,515 Abatement Transfer Fee 163,251 Container Rentals - DPW 159,717 234 Suydam UR 137,155 Library Reimbursement 126,637 Other Recreation Fees 121,362 Unidentified Reconciling Items 92,674 FEMA Reimb: Severe Winter/Snow Storm 1/22/16 85,350 Chosen Condominiums 76,502 Police Department ABC 71,640 Horizon Refund 52,470 Used Motor Vehicle License 49,200 Laidlaw Properties UR 47,558 Filming Permits 41,033 Miscellaneous- City Clerk 34,825 Miscellaneous Health Inspections 33,700 Auto Repair Licenses 31,400 Childcare Cert. License 27,200 Shade Tree 21,708 Initial Lic.Insp/Rev Plan 16,350 HEDC-Sidewalk Cafe License 16,100 Trizechahn Newport Towers 16,049 Scrap Metals 15,324 Summit Urban Urban Renewal 12,684 Carnival Fee 10,900 102 York Street 10,761 Rental City Owned Property 9,928 Tax Lien Deposits 9,900 Devi Ma Newkirk UR 9,549 Citywide Festivals - DPW 9,168 Burglar Alarm System 9,060 MLK Drive Urban Renewal 9,038 Miscellaneous Other 8,540 Junk Shop Licenses 8,000



STATEMENT OF REVENUES - REGULATORY BASISANALYSIS OF NON-BUDGET REVENUES


Exhibit A-2bSheet 2 of 2

Increased by Cash Received from:



STATEMENT OF REVENUES - REGULATORY BASISANALYSIS OF NON-BUDGET REVENUES

(continued)Food Handlers Course 7,805$ Discovery Fees 7,485 Miscellaneous 7,041 Police Training Fees 6,946 Special Privileges 6,325 Exhibition Licenses 6,300 Special Beverage Permit 5,975 Bail Forfeiture 5,142 Mechanical Amusement Devices 3,825 Other Revenues 3,105 Retail Florist License 2,900 Loading Zones 2,100 372 Pacific 2,028 Tire Permits 1,950 Trade Licenses 1,544 Driveway Permits 835 Pigeon Keeping 700 Pet Shop Licenses 340 Spray Paint, Markers 225 Rental Of Polling Places 100 Pay Telephone Lic. 100 Reimburse Damaged Property 75 Search Fees 51 Recycling Receptacles 48

A-1; A-2; A-4 5,882,618$



UnexpendedAdopted Budget After Paid or BalanceBudget Modification Charged Encumbered Reserved Canceled

(A) Operations - Within "CAPS"OFFICE OF THE MAYOR

Mayor's OfficeSalaries and Wages 1,141,499$ 1,141,499$ 1,051,411$ -$ 90,088$ -$ Other Expenses 35,700 35,700 14,042 1,608 20,050 -

Resident Response CenterSalaries and Wages 819,497 834,497 826,992 - 7,505 - Other Expenses 133,773 133,773 24,389 32,254 77,130 -

Cultural AffairsSalaries and Wages 540,651 540,651 518,448 - 22,203 - Other Expenses 146,500 146,500 127,601 14,976 3,923 -

CITY CLERK AND MUNICIPAL COUNCILOffice of the City Clerk

Salaries and Wages 865,351 880,351 865,081 - 15,270 - Other Expenses 96,530 96,530 76,503 7,162 12,865 - General and Primary Election 100,000 100,000 96,874 - 3,126 - Municipal Election 250,000 300,000 19,840 91,302 188,858 -

Municipal CouncilSalaries and Wages 589,485 599,485 597,321 - 2,164 - Other Expenses 101,350 101,350 89,974 7,280 4,096 -

Annual Audit - Other Expenses 299,000 299,000 299,000 - - -

HUMAN RESOURCESDirector's Office

Salaries and Wages 191,715 199,715 194,539 - 5,176 - Other Expenses 2,200 2,200 1,489 300 411 -

Workforce ManagementSalaries and Wages 688,625 688,625 664,352 - 24,273 - Other Expenses 282,950 282,950 177,116 85,089 20,745 -

Health BenefitsSalaries and Wages 172,993 172,993 167,488 - 5,505 - Other Expenses 3,300 3,300 2,967 138 195 -

PensionSalaries and Wages 260,946 268,946 263,265 - 5,681 - Other Expenses 5,500 5,500 3,213 256 2,031 -

PayrollSalaries and Wages 497,341 502,341 495,154 - 7,187 - Other Expenses 6,800 6,800 2,357 1,509 2,934 -

DEPARTMENT OF ADMINISTRATIONAdministrator's Office

Salaries and Wages 1,493,205 1,493,205 1,459,025 - 34,180 - Other Expenses 56,400 56,400 19,230 20,410 16,760 -

Management and BudgetSalaries and Wages 473,653 478,653 473,213 - 5,440 - Other Expenses 215,090 215,090 157,609 23,311 34,170 -

Purchasing and Central ServicesSalaries and Wages 679,516 679,516 604,365 - 75,151 - Other Expenses 75,315 75,315 51,192 23,017 1,106 -

Real EstateSalaries and Wages 134,423 134,423 116,634 - 17,789 - Other Expenses 14,400 14,400 3,800 2,773 7,827 -

CommunicationsSalaries and Wages 517,517 525,517 513,222 - 12,295 - Other Expenses 16,600 16,600 685 8,963 6,952 -

Utility ManagementSalaries and Wages 325,444 380,444 355,052 - 25,392 -

Risk ManagementSalaries and Wages 159,991 174,991 168,400 - 6,591 - Other Expenses 1,250 1,250 519 197 534 -

Information TechnologySalaries and Wages 938,093 948,093 943,822 - 4,271 - Other Expenses 1,175,400 1,175,400 671,976 173,107 330,317 -

Municipal CourtSalaries and Wages 3,939,021 3,839,021 3,831,402 - 7,619 - Other Expenses 178,700 178,700 104,023 31,494 43,183 -

Appropriations Expended



STATEMENT OF APPROPRIATIONS - REGULATORY BASIS

See Accompanying Notes to Financial Statements

16







DEPARTMENT OF ADMINISTRATION (continued)Public Defender

Salaries and Wages 90,660$ 98,660$ 93,129$ -$ 5,531$ -$ Other Expenses 301,000 301,000 133,850 45,898 121,252 -

CollectionsSalaries and Wages 783,099 783,099 739,854 - 43,245 - Other Expenses 145,000 155,000 84,249 14,611 56,140 -

ArchitectureSalaries and Wages 768,096 768,096 670,898 - 97,198 - Other Expenses 30,750 30,750 16,579 4,185 9,986 -

EngineeringSalaries and Wages 1,939,632 1,839,632 1,644,961 - 194,671 - Other Expenses 1,719,829 1,719,829 1,135,208 226,650 357,971 -

Accounts and ControlSalaries and Wages 555,339 555,339 542,137 - 13,202 - Other Expenses 11,290 11,290 8,536 344 2,410 -

Treasury and Debt ManagementSalaries and Wages 238,976 253,976 242,915 - 11,061 - Other Expenses 5,220 5,220 3,887 840 493 -

OFFICE OF THE TAX ASSESSORTax Assessor

Salaries and Wages 991,018 916,018 860,311 - 55,707 - Other Expenses 277,820 277,820 217,083 36,510 24,227 -

DEPARTMENT OF LAWLaw Department


DEPARTMENT OF PUBLIC WORKSDirector's Office

Salaries and Wages 1,920,339 2,050,339 2,050,333 - 6 - Other Expenses 20,376,000 20,376,000 16,597,635 3,526,865 251,500 -

Parks MaintenanceSalaries and Wages 2,482,534 2,357,534 2,263,149 - 94,385 - Other Expenses 728,100 728,100 480,586 58,479 189,035 -

Building and Street MaintenanceSalaries and Wages 3,029,221 3,129,221 3,129,114 - 107 - Other Expenses 2,383,500 2,633,500 2,295,609 251,053 86,838 -

Automotive ServicesSalaries and Wages 1,790,774 1,950,774 1,949,787 - 987 - Other Expenses 4,855,500 5,155,500 4,338,328 711,248 105,924 -

SanitationSalaries and Wages 4,616,905 4,926,905 4,905,068 - 21,837 - Other Expenses 3,365,000 2,815,000 932,610 748,786 1,133,604 -

Neighborhood ImprovementSalaries and Wages 1,352,100 1,352,100 1,259,763 - 92,337 - Other Expenses 49,000 49,000 25,388 11,075 12,537 -

DEPARTMENT OF RECREATIONDirector's Office


DEPARTMENT OF HEALTH AND HUMAN SERVICESDirector's Office


HealthSalaries and Wages 1,074,280 1,412,280 1,373,360 - 38,920 - Other Expenses 60,350 60,350 33,748 4,379 22,223 -

Disease PreventionSalaries and Wages 678,630 678,630 600,454 - 78,176 - Other Expenses 81,955 81,955 44,395 21,562 15,998 -

Community HealthSalaries and Wages 297,498 297,498 282,386 - 15,112 - Other Expenses 23,500 23,500 13,289 3,504 6,707 -


17







DEPARTMENT OF HEALTH AND HUMAN SERVICES (continued)Senior Citizen Affairs

Salaries and Wages 397,976$ 397,976$ 383,946$ -$ 14,030$ -$ Other Expenses 65,900 65,900 46,158 10,476 9,266 -

Animal Care and ControlSalaries and Wages 265,513 40,513 24,642 - 15,871 - Other Expenses 479,286 879,286 441,540 340,993 96,753 -

Food and NutritionSalaries and Wages 83,000 33,000 16,886 - 16,114 - Other Expenses 54,759 54,759 20,273 3,331 31,155 -

DEPARTMENT OF PUBLIC SAFETYO.S.H.A.

Fire - Other Expenses 450,000 450,000 449,294 706 - - Uniform Fire Safety Act

Salaries and Wages 250,000 250,000 250,000 - - - Communications and Technology

Salaries and Wages 6,203,385 6,203,385 6,081,871 - 121,514 - Other Expenses 3,624,546 3,624,546 3,254,424 225,258 144,864 -

Parking EnforcementSalaries and Wages 3,339,409 3,339,409 3,222,622 - 116,787 - Other Expenses 266,200 266,200 110,483 80,907 74,810 -

Director's OfficeSalaries and Wages 1,044,008 1,044,008 1,031,535 - 12,473 - Other Expenses 6,300 6,300 1,606 3,804 890 -

FireSalaries and Wages 66,587,948 66,087,948 64,695,745 - 1,392,203 - Other Expenses 1,077,020 1,077,020 654,083 305,709 117,228 -

PoliceSalaries and Wages 107,890,900 107,415,900 106,212,024 - 1,203,876 - Other Expenses 1,154,758 1,154,758 529,908 439,975 184,875 -

HOUSING, ECONOMIC DEVELOPMENT AND COMMERCEDirector's Office


Construction Code OfficialSalaries and Wages 2,537,674 2,462,674 2,391,865 - 70,809 - Other Expenses 101,679 101,679 60,844 21,891 18,944 -

Tenant/Landlord RelationsSalaries and Wages 312,207 312,207 278,326 - 33,881 - Other Expenses 6,600 6,600 6,501 1 98 -

Community DevelopmentOther Expenses 1,500 1,500 870 - 630 -

CommerceSalaries and Wages 577,945 577,945 552,636 - 25,309 - Other Expenses 17,655 17,655 11,840 659 5,156 -

Economic DevelopmentSalaries and Wages 191,728 191,728 180,797 - 10,931 - Other Expenses 2,300 2,300 982 738 580 -

City PlanningSalaries and Wages 998,721 923,721 844,664 - 79,057 - Other Expenses 12,800 12,800 6,303 2,793 3,704 -

Housing Code EnforcementSalaries and Wages 722,695 782,695 732,320 - 50,375 - Other Expenses 40,500 40,500 29,876 3,421 7,203 -

Planning BoardOther Expenses 83,500 83,500 66,647 14,825 2,028 -

Board of AdjustmentOther Expenses 82,500 82,500 70,562 10,246 1,692 -

Historic District CommissionOther Expenses 1,000 1,000 293 - 707 -

Zoning OfficerSalaries and Wages 353,825 358,825 355,603 - 3,222 - Other Expenses 8,038 8,038 7,000 762 276 -


18







INSURANCEInsurance - All Departments 12,696,854$ 12,696,854$ 10,684,496$ 1,020,446$ 991,912$ -$ Employee Group Health Insurance 93,101,688 93,101,688 74,578,329 15,823,801 2,699,558 - Health Benefit Waiver 1,650,000 1,650,000 1,617,442 - 32,558 -

UNCLASSIFIEDMunicipal Publicity 30,000 30,000 7,932 2,500 19,568 - Other Municipal Advertising 25,000 25,000 - - 25,000 - Celebration of Public Events 350,000 350,000 340,640 8,749 611 - Professional Affiliations 21,000 21,000 8,784 - 12,216 - Ethical Standards Board 20,000 20,000 4,500 13,500 2,000 - Electricity 3,000,000 3,000,000 1,634,881 386,119 979,000 - Street Lighting 3,400,000 3,400,000 3,066,984 133,014 200,002 - Municipal Rent 2,911,049 2,911,049 2,605,005 58,634 247,410 - Gasoline 1,500,000 1,500,000 858,326 186,666 455,008 - Communications 1,096,000 1,096,000 602,877 425,847 67,276 - Office Services 2,863,286 2,796,253 1,843,544 480,713 471,996 - Salary Adjustment 4,000,000 2,500,000 290 - 2,499,710 - Accumulated Absence Reserve 8,561,022 10,061,022 10,061,022 - - -

(B) Contingent 50,000 50,000 - - 50,000 -

Total Operations IncludingContingent within "CAPS" 419,525,403 419,523,370 375,334,511 26,654,920 17,533,939 -

Detail:Salaries and Wages 241,309,446 239,314,446 232,164,615 - 7,149,831 - Other Expenses 178,215,957 180,208,924 143,169,896 26,654,920 10,384,108 -

(E) Deferred Charges and Statutory Expenditures within "CAPS" (1) DEFERRED CHARGES

Expenditure without Appropriation 6,738,978 6,738,978 6,738,978 - - - Prior Years' Bills 7,270 9,303 9,303 - - -

(2) STATUTORY EXPENDITURESContribution to:

Social Security System (O.A.S.I.) 5,400,000 5,400,000 5,400,000 - - - Consolidated Police and Fire Fund 58,994 58,994 - - 58,994 - Police/Fire Retirement System (PFRS) 38,879,673 38,879,673 38,869,751 - 9,922 - Municipal Employees Pension Fund 9,054,000 9,054,000 9,054,000 - - - Employees Non-Contributory Pension 230,000 230,000 164,927 - 65,073 - Pensioned Employees 64,740 64,740 59,522 - 5,218 - Payments to Widows and Dependents of

Deceased Public Safety Members 779 779 719 - 60 -

(E) Deferred Charges and Statutory Expenditures within "CAPS" (2) STATUTORY EXPENDITURES (continued)

Contribution to:Unemployment Compensation Insurance 50,000 50,000 50,000 - - - Public Employees Retirement (PERS) 4,070,903 4,070,903 4,048,980 - 21,923 - Defined Benefit Contribution Plan 65,000 65,000 42,458 - 22,542 -

64,620,337 64,622,370 64,438,638 - 183,732 -

(H-1)TOTAL GENERAL APPROPRIATIONSFOR MUNICIPAL PURPOSES WITHIN "CAPS" 484,145,740 484,145,740 439,773,149 26,654,920 17,717,671 -

(A) Operations - Excluded From "CAPS"GENERAL GOVERNMENT:

Maintenance of Free Public Library 8,966,755$ 8,966,755$ 8,865,420$ -$ 101,335$ -$ Reserve for Tax Appeals 400,000 400,000 14,683 - 385,317 - Tax Overpayments 2,000,000 2,000,000 1,173,586 - 826,414 -

11,366,755 11,366,755 10,053,689 - 1,313,066 -


19







PUBLIC AND PRIVATE APPROPRIATIONS OFFSET BY REVENUESFederal and State Grants Fund

Distracted Driving Grant 5,500$ 5,500$ 5,500$ -$ -$ -$ Health Corner Store Initiative 5,000 5,000 5,000 - - - Highlands TDR Feasibility 40,000 40,000 40,000 - - - Innovation Team Grant 676,394 676,394 676,394 - - - Recreational Opportunities for Individuals

with Disabilities (ROID Grant) 24,000 24,000 24,000 - - - Municipal Drug Alliance

Grant Funds - 213,903 213,903 - - - City Match - 53,476 53,476 - - -

NJDOT - Journal Square Pedestrian Safety - 220,000 220,000 - - - Hudson Regional Health Commission

OLPHW -STD - 47,791 47,791 - - - Drunk Driver Enforcement Fund 14,625 14,625 14,625 - - - Urban Area Security Initiative (UASI) - 1,710,000 1,710,000 - - - Recycling Tonnage Grant 298,152 298,152 298,152 - - - Community Service Block Grant (CSBG) 529,955 925,281 925,281 - - - AARP - Tree Planting - 3,000 3,000 - - - NJDOH - Woman, Infants & Children (WIC) - 1,802,583 1,802,583 - - - Summer Food Program 626,915 626,915 626,915 - - - Senior Nutrition

Grant Funds 1,531,798 1,531,798 1,531,798 - - - Food Insecurity Nutrition 8,425 8,425 8,425 - - - YMCA State Alliance Healthy NJ Contest - 500 500 - - - Tarentino Community Policing Grant - 10,000 10,000 - - - Healthy Community 1,033 1,033 1,033 - - - Sub-Regional Transportation

Grant Funds - 99,328 99,328 - - - City Match - 22,632 22,632 - - -

JTPA - 2,965,248 2,965,248 - - - Port Security Fire 225,000 225,000 225,000 - - - Port Security Police 163,431 163,431 163,431 - - - Cities of Service - Vista 25,000 25,000 25,000 - - - Green Acres - Berry Lane 1,100,000 1,100,000 1,100,000 - - - Body Worn Cameras Program - 100,000 100,000 - - - Body Armor Replacement - 71,364 71,364 - - - STD Education 122,183 122,183 122,183 - - - STD Screening - High Risk - 45,000 45,000 - - - Municipal Aid - Various Streets 1,038,402 1,038,402 1,038,402 - - - Local Safety Program - MLK Drive - 399,714 399,714 - - - Local Safety Program - Communipaw Ave. - 736,383 736,383 - - - Clean Communities Program 387,918 387,918 387,918 - - - Summer Works Initiative 190,000 190,000 190,000 - - - Comprehensive Traffic Safety 26,700 26,700 26,700 - - - Make-A-Splash - 3,380 3,380 - - - CLPP (Porsche) - 194,025 194,025 - - -

Trust Fund (Housing and Urban Development Grants):Community Development Block Grant - 5,034,144 5,034,144 - - - Home Investment Partnerships - 1,354,363 1,354,363 - - - Housing Opportunities for

Persons with Aids - 2,420,486 2,420,486 - - - Emergency Solutions Grant - 457,848 457,848 - - -

Matching Funds for Grants 104,000 27,892 - - 27,892 - 7,144,431 25,428,817 25,400,925 - 27,892 -

Total Operations - Excluded from "CAPS" 18,511,186 36,795,572 35,454,614 - 1,340,958 -

Detail:Other Expenses 18,511,186 36,795,572 35,454,614 - 1,340,958 -


20







(C) Capital Improvements - Excluded from "CAPS"Capital Improvement Fund 300,000$ 300,000$ 300,000$ -$ -$ -$

300,000 300,000 300,000 - - -

(D) Municipal Debt ServiceGeneral Debt Service:

Serial Bonds - General Qualified 5,162,000 5,162,000 5,162,000 - - - Serial Bonds - General Refunding 24,895,000 24,895,000 24,895,000 - - - Serial Bonds - General Principal 4,235,000 4,235,000 4,235,000 - - - Serial Bonds - General Interest 4,053,588 4,053,588 4,053,588 - - - Fire Pension Refunding Bonds - Interest 916,226 916,226 916,226 - - - Police Pension Refunding Bonds - Interest 1,140,485 1,140,485 1,140,485 - - - Interest on Bonds - General Qualified 1,148,937 1,148,937 1,148,937 - - - Interest on Bonds - General Refunding 7,226,196 7,226,196 7,226,196 - - - Interest on Notes - General and Refunding 622,104 622,104 622,104 - - - Bond Anticipation Notes - Principal 1,997,166 1,997,166 1,997,166 - - - Green Trust Loan Repayments for Principal and Interest

Montgomery Gateway 3,111 3,111 3,111 - - - Multi Parks 38,243 38,243 38,243 - - - Wayne Street Park 9,022 9,022 9,022 - - - Apple Tree House 14,670 14,670 14,670 - - - Roberto Clemente Park 17,662 17,662 17,662 - - - Sgt. Anthony Park 9,018 9,018 9,018 - - - Marion Pavonia Pool 26,428 26,428 26,428 - - - Berry Lane 8,084 8,084 8,084 - - -

Build America Bonds - Principal 1,690,000 1,690,000 1,690,000 - - - Build America Bonds - Interest 5,895,767 5,895,767 5,895,767 - - - Police/Fire Pension Refunding Bonds-Prin. 1,655,000 1,655,000 1,655,000 - - - Assessment Bonds - Principal 595,000 595,000 595,000 - - - Assessment Bonds - Interest 453,243 453,243 453,243 - - -

Water Debt Service:Serial Bonds - General Qualified 3,415,000 3,415,000 3,415,000 - - - Serial Bonds - Refunding 1,025,000 1,025,000 1,025,000 - - - Interest on Bonds - Refunding 460,431 460,431 460,431 - - - Interest on Bonds - Qualified 289,524 289,524 289,524 - - -

67,001,905 67,001,905 67,001,905 - - -

(E) Deferred Charges - Municipal - Excluded from "CAPS"Emergency Authorizations (N.J.S.40A:4-55) 6,897,496 6,897,496 6,897,496 - - - Emergency Authorizations - H. Sandy 35,000 35,000 35,000 - - -

6,932,496 6,932,496 6,932,496 - - -

(H-2)TOTAL GENERAL APPROPRIATIONS FOR MUNICIPALPURPOSES - EXCLUDED FROM "CAPS" 92,745,587 111,029,973 109,689,015 - 1,340,958 -


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(K) Local District School Purposes - Excluded from "CAPS"TYPE 1 DISTRICT SCHOOL DEBT

Serial Bonds - School Qualified 6,325,000$ 6,325,000$ 6,325,000$ -$ -$ -$ Interest on Bonds - School Qualified 780,819 780,819 780,819 - - -

7,105,819 7,105,819 7,105,819 - - -

(O) TOTAL GENERAL APPROPRIATIONS - EXCLUDED FROM "CAPS" 99,851,406 118,135,792 116,794,834 - 1,340,958 -

(L) Subtotal General Appropriations 583,997,146 602,281,532 556,567,983 26,654,920 19,058,629 -

(M) Reserve for Uncollected Taxes 4,880,770 4,880,770 4,880,770 - - -

TOTAL GENERAL APPROPRIATIONS 588,877,916$ 607,162,302$ 561,448,753$ 26,654,920$ 19,058,629$ -$

Ref. A-19 A

Budget As Adopted A-2 588,877,916$ 4,880,770$ A-2a Reserve for Uncollected TaxesAdded by N.J.S.A. 40A:4-87 A-2 18,284,386 174,657,393 A-4 Cash DisbursementsAdded by N.J.S.A. 40A:4-53, Special Emergency A-16 - 46,019,272 A-15 Qualified Bonds Paid by State

607,162,302 6,773,978 A-16 Deferred ChargesLess: Appropriations Canceled - (16,578,089) A-17 Reimbursements - Interfunds

A-1 607,162,302$ 300,000 A-17 Capital Improvement Fund

319,994,504 A-17 Payroll Clearing25,400,925 A-17 State and Federal Grants

561,448,753$


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CITY OF JERSEY CITY

REPORT OF AUDIT

FINANCIAL SECTION: TRUST FUND FINANCIAL STATEMENTS

Exhibit BSheet 1 of 2

CITY OF JERSEY CITYTRUST FUND



2017 2016Ref.

Assets:

Animal Control Fund:Cash and Cash Equivalents B-1 59,073$ 47,394$

Other Funds:Cash and Cash Equivalents:

Other Trust 34,070,443 34,789,030 Insurance Trust 815,641 209,610 Unemployment Insurance Trust 1,583,380 1,487,828 Law Enforcement Trust 2,119,528 2,181,799 Community Development Block Grant 1,951,142 1,974,836 Home Investments Partnership Program 893,862 734,234 HOPWA Grant 54,242 54,242 Martin Luther King (MLK) 93,534 99,444

Total Cash and Cash Equivalents B-1 41,581,772 41,531,023 Federal Grants Receivable B-7 36,488,560 37,397,181 Deferred Charges B-8 153,900 - Interfunds Receivable B-9 689,154 106,404

78,913,386 79,034,608

Payroll Clearing Fund:Cash and Cash Equivalents B-1 12,994,428 2,171,384 Interfunds Receivable B-18 72,567 97,938

13,066,995 2,269,322

Open Space, Recreation and Historic Preservation Trust FundInterfunds Receivable B-21 623,000 -

Total Trust Fund Assets 92,662,454$ 81,351,324$


Exhibit BSheet 2 of 2

CITY OF JERSEY CITYTRUST FUND



2017 2016Ref.

Liabilities and Reserves

Animal Control Fund:Interfunds Payable B-2 96$ 13$ Due to State of New Jersey B-3 197 172 Reserve for Encumbrances B-4 3,344 8,131 Reserve for Expenditures B-5 41,499 25,068 Prepaid Licenses B-6 13,937 14,010

59,073 47,394

Other Funds:Interfunds Payable B-9 923,295 109,756 Intergovernmental Payables B-10 654,248 265,929 Reserve for Encumbrances B-11 17,456,304 23,387,753 Reserve for:

Dedicated Revenues and Special Deposits B-12 27,795,185 25,729,642 Insurance Expenditures B-16 815,641 210,095 Unemployment Expenditures B-14 1,199,934 1,476,191 Federal Forfeitures B-15 1,087,612 916,785 State Forfeitures B-15 1,591,462 1,195,875 Federal Grant Expenditures B-13 27,389,705 25,742,582

78,913,386 79,034,608

Payroll Clearing Fund:Interfunds Payable B-18 11,469,449 71 Due to Library B-19 79,270 63,538 Reserve for Payroll Deductions B-20 1,518,276 2,205,713

13,066,995 2,269,322

Open Space, Recreation and Historic Preservation Trust FundReserve for Expenditures B-22 623,000 -

Total Trust Fund Liabilities and Reserves 92,662,454$ 81,351,324$



CITY OF JERSEY CITY

REPORT OF AUDIT

FINANCIAL SECTION: GENERAL CAPITAL FUND FINANCIAL STATEMENTS

Exhibit C

CITY OF JERSEY CITYGENERAL CAPITAL FUND



2017 2016

Ref.Assets

Cash and Cash Equivalents C-2; C-3 56,313,000$ 69,544,114$ Deferred Charges to Future Taxation:

Funded C-4 422,696,779 468,414,405 Unfunded C-5 54,237,887 55,145,081

Deferred Charges to Future Water Rents - Unfunded C-6 - 1,461,658 Interfund Receivable C-8 329,337 - Due from Municipal Utilities Authority C-7 21,150,000 25,590,000

554,727,003$ 620,155,258$

Liabilities and ReservesInterfund Payable C-8 500,009$ 32,617$ Reserve for Encumbrances C-17 14,466,259 16,023,817 Improvement Authorizations:

Funded C-9 34,333,334 47,065,617 Unfunded C-9 28,343,765 29,430,993

School Serial Bonds Payable C-12 20,830,000 27,155,000 General Serial and Term Bonds Payable C-13 352,980,000 390,017,000 Pension Refunding Bonds C-14 36,710,000 38,365,000 Water Serial Bonds Payable C-15 21,150,000 25,590,000 Local Improvement Bonds C-16 11,226,000 11,821,000 Green Trust Loans Payable C-11 950,779 1,056,405 Bond Anticipation Notes C-10 24,901,000 26,898,194 Capital Improvement Fund C-20 377,066 77,066 Reserve for Retirement of Debt C-19 3,528,302 - Other Reserves C-18 3,002,382 5,316,308

553,298,896 618,849,017 Fund Balance C-1 1,428,110 1,306,241

Total Liabilities, Reserves, and Fund Balance 554,727,006$ 620,155,258$

Bonds and Notes Authorized But Not Issued C-21 29,336,887$ 29,708,545$


Exhibit C-1


FOR THE YEARS ENDED DECEMBER 31, 2017 and 2016

COMPARATIVE STATEMENT OF CHANGES IN FUND BALANCE - REGULATORY BASIS

2017 2016Ref.

Receipts

Premiums on Bonds and Notes, Net of Closing Costs C-8 166,444$ 15,517$ Other Reserves Cancelled C-18 - 301,218

166,444 316,735

Expenditures

Fund Ord. No. 12-042 from Prior Year Premium - 1,941,950 Balance of Ordinance Paid from Bond Proceeds C-2; C-10 28 159 Ordinance No. 16.159 to Fully Fund the

Acquisition of Roll Off Trucks - 499,632 Current Fund Share of Premiums C-2 44,550 -

44,578 2,441,741

Change in Fund Balance 121,866 (2,125,006)

Fund Balance, January 1 C 1,306,241 3,431,247

Fund Balance, December 31 C 1,428,107$ 1,306,241$



CITY OF JERSEY CITY

REPORT OF AUDIT

FINANCIAL SECTION: FIXED ASSETS

FINANCIAL STATEMENTS

Exhibit D

2017 2016Ref.

Assets

Land D-1 127,760,200$ 138,916,522$ Improvements D-1 231,648,416 130,980,911 Machinery and Equipment D-1 54,923,714 79,395,979

Total Assets 414,332,330$ 349,293,412$

Investment in Fixed Assets:

Investment in Fixed Assets D-2 414,332,330$ 349,293,412$

CITY OF JERSEY CITYGENERAL FIXED ASSETS





CITY OF JERSEY CITY

REPORT OF AUDIT

FINANCIAL SECTION: NOTES TO FINANCIAL STATEMENTS

CITY OF JERSEY CITY NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2017 AND 2016

NOTE A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES REPORTING ENTITY The City of Jersey City (the “City”) is organized as a Mayor – Council municipality under the provisions of N.J.S.A. 40:69A. The City is governed by an elected Mayor and Council, and by such other officers and employees as may be duly appointed. The Council consists of nine members, six of whom are elected from the City’s six wards and three of whom are elected at-large by voters of the City. The Mayor is also elected directly by the voters of the City. The Mayor and each Council member serve a term of four years beginning on the first day of July next following their election. The financial statements of the City include every board, body, officer or commission supported and maintained wholly or in part by funds appropriated by the City, as required by N.J.S.A. 40A:5-5. The Governmental Accounting Standards Board (herein referred to as “GASB”) establishes criteria to be used to determine which component units should be included in the financial statements of the primary government (the City). The State of New Jersey, Department of Community Affairs, Division of Local Government Services (the “Division”) requires the financial statements of the City to be reported separately from it component units. If the provisions of GASB had been complied with, the financial statements of the following component units would have been discretely presented with the financial statements of the City:

Jersey City Incinerator Authority (1) Jersey City Free Public Library Exchange Place Alliance SID Jersey City Employment & Training Program, Inc. Jersey City Central Ave SID Jersey City Economic Development Corp

Jackson Hill Main Street SID Jersey City Municipal Utilities Authority Journal Square SID Jersey City Employees' Retirement System McGinley Square SID Jersey City Housing Authority Historic Downtown SID Jersey City Redevelopment Agency

(1) The City dissolved and assumed control of the Jersey City Incinerator Authority on April 1, 2016.

Audit reports of the component units are available at the offices of each of the respective component units. The Jersey City Board of Education became a Type II School District effective November 4, 2008, rendering the entity no longer a component unit of the City. However, material outstanding bonds remain on the City’s books which were originally issued prior to this date when the City operated as a Type I School District, at which time it met the criteria for inclusion as a component unit. See also “Note O. Related Party Transactions”.

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NOTE A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) BASIS OF PRESENTATION The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. GASB codification establishes three fund categories to be used by general purpose governmental units when reporting financial position and results of operations in accordance with accounting principles generally accepted in the United States of America (GAAP). The financial statements of the City have been prepared in conformity with accounting principles and practices prescribed by the Division, which differ from GAAP. The principles and practices prescribed by the Division 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 City accounts for its financial transactions through the following separate funds and account group, which differ from the fund structure required by GAAP. DESCRIPTION OF FUNDS Current Fund - is used to account for all resources and expenditures for governmental operations of a general nature. Federal and State Grants Fund – is used to account for receivables due from grantor agencies and the balance of grant awards available for spending, after first having been formally adopted by Current Fund budget or subsequent insertion in the budget in accordance with N.J.S.A. 40A:4-87. This fund is presented within the City’s Current Fund statements and schedules. General Capital Fund - is used to account for the receipt and disbursement of funds for the acquisition of general capital facilities, other than those acquired in the Current Fund or other funds. Also included in this fund are bonds and notes payable offset by deferred charges to future taxation and deferred charges to future water rents. General Fixed Assets - is not a separate fund type, but is an account group used to account for all fixed assets of the City.

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NOTE A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) DESCRIPTION OF FUNDS (continued) Trust Funds - are used to account for receipts, custodianship and disbursement of dedicated revenues in accordance with the purpose for which each reserve was created, subject to available cash in each individual trust fund reserve established pursuant to applicable state statutes or as an agent for individuals and other governmental agencies. The City has the following Trust Funds:

Animal Control Trust Fund – is used to account for fees collected from dog and cat licenses and expenditures which are regulated by N.J.S.A 4:19-15.11.

Trust Fund – Other Funds – is used to account for the assets and resources held by the City in a trustee or agent capacity. Included in this fund are monies collected and disbursed for the purposes of: employee and employer contributions and obligations resulting from the administration of unemployment benefits, Council on Affordable Housing and NJHMFA fees, tax sale redemption and premiums, restitution, dedicated penalties, bid deposits, developer and other escrow accounts, the parking offenses adjudication act, public defender fees, self-insurance reserves, federal and state forfeitures, federal community block grant programs, miscellaneous other items and donations of various sorts and the outside employment of off-duty police officers whereas fees are charged contractors for the use of police officers and vehicles and police officer overtime is then paid from these contractor’s fees. Payroll Clearing Fund – is an agency fund established to account for assets transferred by the City from its other funds for the payment of employee payrolls and as agent of federal and state governments in the collection and remittance of employee withholding taxes, retirement contributions, social security taxes and other required remittances. Municipal Open Space, Recreation and Historic Preservation Fund - is used to account for the receipt of funds raised through a dedicated tax and corresponding expenditures as allowable under N.J.S.A. 40A:12-15.7 and as authorized by referendum. This fund was established in 2017.

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NOTE A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) The accounts of the City are maintained in accordance with the Division’s principles of fund accounting to ensure observance of limitations and restrictions on resources available. The Division’s principles of fund accounting require that resources be classified for accounting and reporting purposes into funds in accordance with activities or objectives specified for the resources. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund balance (equity), revenues and expenditures. Resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled. General Fixed Assets, on the other hand, is a financial reporting device designed to provide accountability for certain fixed assets and the investment in those fixed assets that are not recorded in the funds because they do not directly affect net expendable available financial resources. BASIS OF ACCOUNTING The City prepares its financial statements on a basis of accounting prescribed by the Division that demonstrates compliance with a modified accrual basis and the budget laws of the State of New Jersey, which is a special purpose framework of accounting other than accounting principles generally accepted in the United States of America. The current financial resources focus and modified accrual basis of accounting is generally followed with significant exceptions which are explained as follows: Revenues – Revenues are realized when received in cash except for certain amounts which are due from other governmental units. Receipts from Federal revenue sharing funds and other Federal and State grants are realized as revenue when anticipated in the budget. Receivables for property taxes and other amounts that are due to the City are recorded with offsetting reserves on the balance sheet of the Current Fund. Such amounts are not recorded as revenue until collected. Accordingly, no provision has been made to estimate that portion of receivables that are uncollectible. Taxes and payments in lieu of taxes collected in advance are recorded as cash liabilities in the financial statements. GAAP requires revenues to be recognized in the accounting period when they become measurable and available and in certain instances reduced by an allowance for doubtful accounts. Reserve for Uncollected Taxes – Reserve for Uncollected Taxes is required to provide assurance that cash collected for taxes in the current year will provide sufficient cash flow to meet expected obligations. The minimum amount of Reserve for Uncollected Taxes is determined on the percentage of collections experienced in the immediate preceding year, unless allowable alternative methods are utilized. A Reserve for Uncollected Taxes is not established under GAAP.

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NOTE A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Expenditures – Expenditures are recorded on the “budgetary” basis of accounting. Generally, expenditures are recorded when an amount is encumbered for goods or services through the issuance of a purchase order in conjunction with the encumbrance accounting system. Appropriation reserves covering unexpended appropriation balances are automatically created at the end of each year and recorded as liabilities, except for amounts which may be canceled by the governing body. Appropriations for principal and interest payments on general capital indebtedness are provided on the cash basis. GAAP requires expenditures in the current (or general) fund, to be recognized in the accounting period in which the fund liability is incurred, if measurable, except for un-matured interest on general long-term debt, which should be recognized when due. Encumbrances – Encumbrances are contractual orders outstanding at year end reported as expenditures through the establishment of an encumbrance payable. Outstanding encumbrances at year end are reported as a cash liability in the financial statements. Encumbrances do not constitute expenditures under GAAP. Appropriation Reserves – Appropriations are available until lapsed at the close of the succeeding year to meet specific claims, commitments or contracts incurred during the preceding fiscal year. Transfers are allowed between certain line items during the first three months of the fiscal year. Lapsed appropriation reserves are recorded as other credits to income. Appropriation Reserves do not exist under GAAP. Interfunds - Advances from the current fund are reported as interfunds receivable with offsetting reserves which are created by charges to operations. Income is recognized in the year the receivables are liquidated. Interfunds receivable in the other funds are not offset by reserves. GAAP does not require the establishment of an offsetting reserve. Inventories of Supplies - The costs of inventories of supplies for all funds are recorded as expenditures at the time the individual items are purchased. The costs of inventories are not included on the various balance sheets. GAAP requires the cost of inventories to be reported as a current asset and equally offset by a fund balance reserve. Property Acquired for Taxes – Property Acquired for Taxes is recorded in the current fund at the assessed valuation when the property was acquired and is subsequently updated for revaluations. The value of the property is fully reserved. GAAP requires such property to be recorded as a fixed asset at market value on the date of acquisition.

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NOTE A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Deferred Charges to Future Taxation (Funded and Unfunded) - Upon the authorization of general capital projects, the City establishes deferred charges for the costs of the capital projects to be raised by future taxation. Funded deferred charges relate to permanent debt issued, whereas unfunded deferred charges relate to temporary or non-funding of the authorized costs of capital projects. The City may levy taxes on all taxable property within the City to repay the debt. Annually, the City raises the debt requirements for that particular year in the current budget. As the funds are raised by taxation, the deferred charges are reduced. GAAP does not require the establishment of deferred charges to future taxation. Deferred Charges to Future Water Rents – Upon the authorization of water capital projects, the City establishes deferred charges for the costs of the capital projects to be raised by future water rents. Funded deferred water rents relate to permanent debt issued. The City may impose water rents on all water users within the City to repay the debt. GAAP does not require the establishment of deferred charges to future water rents. Improvement Authorizations – Improvement Authorizations in the general capital fund represent the unexpended balance of an ordinance appropriation and is similar to the unexpended portion of the budget in the current fund. GAAP does not recognize these amounts as liabilities. Long-Term Obligations - General long-term debt is recognized as a liability of the General Capital Fund for the full principal amount. Compensated Absences and Post-Employment Benefits - Compensated absences for vacation, sick leave and other compensated absences are recorded and provided for in the annual budget in the year in which they are paid, on a pay-as-you-go basis. Likewise, no accrual is made for post-employment benefits, if any, which are also funded on a pay-as-you-go basis. GAAP requires that the amount that would normally be liquidated with expendable financial resources to be recorded as an expenditure in the operating funds and the remaining obligations be recorded as long-term obligations. Net Pension Liabilities - Had generally accepted accounting principles been followed, the City’s share of its actuarially determined net pension liabilities for the Public Employees Retirement System (“PERS”) and Police and Fire Retirement System (“PFRS”) would be required to be accrued on the City’s balance sheet. Accounting practices prescribed by the Division of Local Government Services only require note disclosure of these liabilities and related actuarial information. The City appropriates annually the amounts required to be paid in any fiscal year in that year’s budget its share of PERS and PFRS obligations.

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NOTE A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) General Fixed Assets - Accounting for Governmental Fixed Assets as promulgated by the Division differs in certain respects from GAAP, and requires the inclusion of a statement of general fixed assets as part of the City’s basic financial statements. Fixed assets used in governmental operations (general fixed assets) are accounted for in an account group identified as “General Fixed Assets” and are not included within the records of any fund types. Purchases from these funds for fixed assets are recorded as expenditures within the fund. Public domain (infrastructure) general fixed assets consisting of certain improvements, other than improvements to buildings, such as improvements to roads, bridges, curbs and gutters, streets and sidewalks and drainage systems, are not capitalized. All fixed assets, except land, are valued at historical cost or estimated historical cost if actual historical cost is not available. Expenditures for construction in progress are recorded in the Capital Fund against authorizations under which the project was approved until such time as the construction is completed and put into operation. The City is required to maintain a subsidiary ledger of detailed records of fixed assets and to provide property management standards to control fixed assets. General fixed assets are defined as non-expendable personal property having a physical existence, a useful life of more than five years and an acquisition cost of $5,000 or more per unit. The City has developed a fixed assets accounting and reporting system based on an inspection and appraisal prepared by an independent appraisal firm. Fixed assets acquired through grants in aid or contributed capital have not been accounted for separately. No depreciation has been provided in the financial statements. GAAP requires the recording of infrastructure assets and requires capital assets be depreciated over their estimated useful life unless they are either inexhaustible or are infrastructure assets reported using the modified approach.

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NOTE A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Reserves (Other than Reserve for Receivables) - Reserves, other than reserve for receivables, are considered liabilities, and not as a reservation of fund balance. Reserves for Receivables – Receivables of the City, with the exception of certain intergovernmental receivables, are offset on the balance sheet with a credit that is created to preserve the revenue recognition basis required by the Division’s accounting policies. The reserve delays the recognition of these revenues until they are received in cash. Sale of Municipal Assets - The proceeds of the sale of municipal assets can be held until made available through a future budget appropriation. GAAP requires such proceeds to be recorded as revenue in the year of sale. Use of Estimates - The preparation of financial statements requires management to make estimates and assumptions that affect: the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Advertising Costs - Advertising costs are charged against the appropriate budget line as they occur. The City does not engage in direct-response advertising. Fund Balance - Fund equity represented on the financial statements consists solely of Fund Balance, which is not further categorized with respect to reservations (portions of fund equity not available for appropriation for expenditure or legally segregated for a specific future use) or designations (plans for future use of financial resources). Budgets and Budgetary Accounting – The City is required to adopt an annual budget and integrate it into the accounting system to provide budgetary control over revenues and expenditures. Budget amounts presented in the accompanying financial statements represent amounts adopted by the City and approved by the Division in accordance with the Local Budget Law. Budgets are adopted on the same basis of accounting utilized for the preparation of the City’s financial statements. The budgetary requirements herein outlined are applicable to only the Current Fund, and not the Trust Fund, Capital Fund or General Fixed Assets. Statutes further require the City to annually adopt a six-year capital plan. This plan allows the governing body to expend or incur obligations for capital purposes only. Such projects under the plan must be adopted through capital ordinance.

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NOTE A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) BASIS OF ACCOUNTING (continued) Budgets and Budgetary Accounting – continued The City must adhere to procedures for adoption of its annual budget as established by the Division. These procedures include statutory deadlines of: February 10 for introduction and approval and March 20 for adoption. These dates are subject to extension by the Division by approval of the Local Finance Board. Appropriations within the adopted budget cannot be modified until the final two months of the year at which time transfers between certain line items are allowed. Transfers from appropriations excluded from “CAPS” are prohibited unless they are between debt service appropriations. Under certain circumstances emergency authorizations and insertions of items of revenue and appropriation are allowed by authorization of the governing body, subject to approval of the Division. The City must prepare its budgets in compliance with applicable laws capping the amounts by which both the budgeted appropriations and the tax levy can be increased. A description of both “CAPS” follows: 1977 Appropriation "CAP": The 1977 Appropriation Cap is calculated using the formulas and provisions of N.J.S.A. 40A:4-45.1 through 4-45.43a. The law was originally adopted in 1976 and was most recently amended in 2003. Under this law, the City is permitted to increase its overall appropriations (with certain exceptions) by 2.5% or the “cost of living adjustment” (COLA), whichever is less. The COLA is calculated based on the traditional Federal government inflation calculation. The City can, when the COLA is less than or equal to 2.5%, increase its allowable inside-the-cap spending to 3.5%, upon passage of a COLA Rate Ordinance. 2010 Levy "CAP": The 2010 Levy Cap is calculated using the formulas and provisions of N.J.S.A 40A:4-45.44 through 45.47. It establishes limits on the increase in the total City amount to be raised by taxation (tax levy). The core of the levy cap formula is a 2% increase to the previous year’s amount to be raised by taxation, net of any applicable cap base adjustments and emergency or special emergency appropriations.

36



NOTE A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Cash and Investments - New Jersey governmental units are required to deposit public funds in a public depository. Public depositories are defined by statutes as any state or federally chartered bank, savings bank or an association located in New Jersey or a state or federally chartered bank, savings bank or an association located in another state with a branch office in New Jersey, the deposits of which are insured by the Federal Deposit Insurance Corporation (“FDIC”) and which receives or holds public funds on deposit, but does not include deposits held by the State of New Jersey Cash Management Fund. N.J.S.A. 40A:5-15.1 provides a list of securities which may be purchased by New Jersey municipal units. The City is also required to annually adopt a cash management plan and to deposit or invest its funds pursuant to the cash management plan. The cash management plan adopted by the City requires it to deposit funds as permitted in N.J.S.A 40:5-15.1, so long as the funds are deposited in public depositories protected from loss under the provisions of the Governmental Unit Deposit Protection Act (GUDPA). GUDPA was enacted in 1970 to protect governmental units from a loss of funds on deposit with a failed banking institution in New Jersey and requires all public depositories pledge collateral, having a market value of five percent of the average daily balance of collected public funds, to secure the deposits of governmental units. If a public depository fails, the collateral it has pledged, plus the collateral of all other public depositories in the collateral pool, is available to pay the full amount of their deposits to the governmental units. In 2009, legislation revised GUDPA to provide higher levels of security and oversight. The revised GUDPA ensures a common level of deposit risk for each bank choosing to accept local government deposits. It requires banks to fully collateralize deposits over $200 million, implements enforcement protocol which allows the Department of Banking and Insurance to institute risk-based collateral requirements promptly when a bank shows signs of stress, provides enhanced oversight by the Department of Banking and Insurance and permits GUDPA certificates to be provided through an online system. Cash Equivalents include certificate of deposits with a maturity date of three (3) month or less. Also see Note B - Cash and Cash Equivalents.

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NOTE A. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) BASIC FINANCIAL STATEMENTS The GASB Codification also requires the financial statements of a governmental unit presented in the general purpose financial statements to be in accordance with GAAP. The City presents financial statements which are required by the Division and which differ from the financial statements required by GAAP. These financial statements are listed in the table of contents. Comparative Data - Comparative data for the prior year has been presented in the accompanying balance sheets and statements of operations in order to provide an understanding of changes in the City’s financial position and operations. Comparative data is not presented in all statements because their inclusion would make certain statements unduly complex and difficult to understand. Reclassifications – Certain reclassifications have been made to the prior year financial statement presentation to correspond to the current year’s format. These reclassifications had no effect on fund balance and changes in fund balance. Reconciliation of Accounting Basis – As described throughout Note A, substantial differences exist between GAAP and the budgetary basis prescribed by the Division. Reconciliation between the two would not be meaningful or informative and therefore is not provided herein. NOTE B. CASH AND CASH EQUIVALENTS DEPOSITS The City’s cash and cash equivalents on deposit are partially insured by the FDIC up to $250,000 for each depository. Deposits in excess of FDIC limits, as noted below, are insured or collateralized by a collateral pool maintained by public depositories as required by GUDPA (see Note A - Cash and Investments) or are on deposit with the New Jersey Cash Management Fund or Municipal Investors Service Corporation. Custodial Credit Risk - Custodial credit risk is the risk that, in the event of a bank failure, the City will not be able to recover deposits or collateral securities that are in the possession of an outside party. The City does not have a deposit policy for custodial credit risk.

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NOTE B. CASH AND CASH EQUIVALENTS (continued) Deposits are exposed to custodial credit risk if they are not covered by depository insurance and the deposits are:

a. Uncollateralized. b. Collateralized with securities held by the pledging financial institution. c. Collateralized with securities held by the pledging financial institution’s trust

department or agent but not in the City’s name. The City’s cash and cash equivalents on deposit at December 31, 2017 and 2016 are summarized in the following table. As of December 31, 2017, 70% of the City’s deposits were with one financial institution and the remaining 30% of deposits were distributed among seven financial institutions. As of December 31, 2016, 53% of the City’s deposits were with one financial institution, 20% with another and 18% with a third. The remaining 9% of deposits were distributed among five financial institutions.

Foreign Currency Risk - Foreign currency risk is the risk that changes in exchange rates will adversely affect deposits. None of the City’s deposits as of December 31, 2017 and 2016 are known to be held in foreign currency. INVESTMENTS Custodial Credit Risk - In the case of investments, custodial credit risk is the risk that, in the event of failure of the counterparty, the City will not be able to recover the value of its investments or collateral securities in the possession of an outside party. Investments are exposed to custodial credit risk if they are uninsured, are not registered in the City’s name and are held by either the counterparty or its trust department or agent, but not in the City’s name.

2017 2016

FDIC Insured 1,541,460$ 1,893,799$ GUDPA Insured 238,554,562 241,326,094 New Jersey Cash Management Fund 114,697 113,730

240,210,719$ 243,333,623$

At December 31,

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NOTE B. CASH AND CASH EQUIVALENTS (continued) INVESTMENTS (continued) New Jersey statutes permit the City to purchase the following types of securities when authorized by the cash management plan (described in note A):

Bonds or other obligations of the United States of America or obligations guaranteed by the United States of America.

Government money market mutual funds.

Any obligation that a federal agency or a federal instrumentality has issued in accordance with an act of Congress, which security has a maturity date not greater than 397 days from the date of purchase, provided that such obligation bears a fixed rate of interest not dependent on any index or other external factor.

Bonds or other obligations of the local unit or bonds or other obligations of school districts of which the local unit is a part or within which the school district is located.

Bonds or other obligations having a maturity date not more than 397 days from the date of purchase, approved by the Division of Investment of the Department of the Treasury for investment by local units. - Local Finance Notice 2017-24 further authorizes local governments, such as the City, to

invest in notes issued by New Jersey municipalities, counties, fire districts and boards of education without prior Division approval, so long as such investments are incorporated into a cash management plan.

- Debt obligations from the following local government entities are statutorily authorized to be incorporated into a cash management plan without being subject to a 397-day maturity limit: Parking Authorities, Sewerage and Utilities Authorities, County Improvement Authorities, Pollution control Financing Authority, certain Water Commissions, Municipal Port Authorities, Municipal Shared Service Energy Authority as well as bonds issued pursuant to the Local Redevelopment and Housing Law by authorities, redevelopment agencies, municipalities and counties.

Local government investment pools.

Deposits with the State of New Jersey Cash Management Fund.

Agreements for the repurchase of fully collateralized securities if (a) the underlying securities are permitted investments pursuant to the first and third bullets of this section, (b) the custody of collateral is transferred to a third party, (c) the maturity of the agreement is not more than 30 days, (d) the underlying securities are purchased through a public depository and (e) a master repurchase agreement providing for the custody and security of collateral is executed.

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NOTE B. CASH AND CASH EQUIVALENTS (continued) Foreign Currency Risk - Investments are also exposed to the same foreign currency risk as deposits. It is the risk that changes in exchange rates will adversely affect investments. The City does not have any investments denominated in foreign currency as of December 31, 2017 and 2016. Interest Rate Risk – Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. The City does not have a formal investment policy that limits investment maturities as a means of managing its exposure to fair value losses arising from increasing interest rates. Credit Risk – Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. The City does not have an investment policy regarding the management of credit risk. Concentration of Credit Risk - The City places no formal limit on the amount it may invest in any one issuer. New Jersey Statutes limit municipal investments to those specified and summarily identified in the first paragraph of the “Investments” section of this Note. Currently, the City’s only investments consist of deposits in the New Jersey Cash Management Fund and MBIA Municipal Investors Service Corporation, which are both classified as Government Investment Pools. The City’s investments at December 31, 2017 and 2016 are presented as follows:

* Short-term investments are carried at cost, which approximates fair value. Government Investment Pools consists of investments in the New Jersey Cash Management Fund and MBIA Municipal Investors Service Corporation. Because of their liquidity, these investments are classified as cash and cash equivalents on the financial statements of the City. These investments are described in more detail as follows

Investment Type Fair Value* < 1 1 - 5 6 - 10 > 10

At December 31, 2017:Government Investment Pools 114,697$ 114,697$ -$ -$ -$

At December 31, 2016:Government Investment Pools 113,730$ 113,730$ -$ -$ -$

Investment Maturities (in Years)

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NOTE B. CASH AND CASH EQUIVALENTS (continued) New Jersey Cash Management Fund - All investments in the New Jersey Cash Management Fund are governed by the regulations of the State Investment Council, which prescribe specific standards designed to insure the quality of investments and to minimize the risks related to investments. In addition to the Investment Council regulations, the Division of Investment sets further standards for specific investments and monitors the credit of all eligible securities issues on a regular basis. In all the years of the Division of Investment’s existence, it has never suffered a default of principal or interest on any short-term security held by it due to the bankruptcy of a securities issuer; nevertheless, the possibility always exists, and for this reason a reserve is being accumulated in the New Jersey Cash Management Fund as additional protection for the other-than-State participants, which includes the City. The City does not own specific identifiable securities, but instead has a net realizable interest in the joint value of the fund. There is no available credit rating for the New Jersey Cash Management Fund. As of December 31, 2017 and 2016, the City had a balance of $114,697 and $113,730, respectively, in the New Jersey Cash Management Fund. NOTE C. PROPERTY TAXES PROPERTY TAX CALENDAR Property tax revenues are collected in quarterly installments due February 1, May 1, August 1 and November 1. The City annually holds an accelerated tax sale which includes unpaid taxes, as well as assessments and other municipal charges, as of November 11 of the current year. The amount of tax levied includes not only the amount required in support of the City’s annual budget, but also the amounts required in support of the budget of the following entities: County Taxes - The City is responsible for levying, collecting and remitting county taxes for the County of Hudson. Operations is charged for the amount due the County for the year, based upon the ratables required to be certified to the County Board of Taxation by January 10 of the current year. Monies are forwarded to the County quarterly. In addition, operations is charged for the County share of Added and Omitted Taxes certified to the County Board of Taxation by October 10 of the current year, and due to be paid to the County by February 15 of the following year. As of December 31, 2017 and 2016, the City had County taxes payable of $1,490,205 and $1,070,539, respectively.

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NOTE C. PROPERTY TAXES (continued) School Taxes - The City is responsible for levying, collecting and remitting school taxes for the local school district. Monies are forwarded to the school district monthly. Operations is charged for the full amount due to operate the local school district, and is based upon the annual County certification of apportionment of levies. As of December 31, 2017 and 2016, the City had no school taxes payable. Special Improvement District - The City is responsible for levying, collecting and remitting Special Improvement District (SID) taxes for the Central Ave SID, Journal Square Restoration Corp. SID, Historic Downtown / Newark Ave SID, McGinley Square Partnership SID and the Jackson Hill Main Street SID. The SID taxes are derived from assessments made upon the members within the SID. Monies are forwarded to the SIDs monthly. As of December 31, 2016 and 2015, the City had on reserve for SIDs $137,326 and $208,752, respectively. Municipal Open Space Taxes – In 2017, voters of the City approved a referendum for the collection of an additional $0.01 per 100 dollars of assessed valuation to be added to the tax levy and dedicated to provide funding for approved open space purposes. Operations is charged for the amount due to the Open Space Trust Fund, based upon the annual County certification of apportionment of levies. The municipal open space tax levied during the years ended December 31, 2017 and 2016 was $623,000 and $-0-, respectively. PROPERTY TAXES RECEIVABLE Reserve for Uncollected Taxes - Reserve for Uncollected Taxes is a non-spending item of appropriation required by statute to be included in the City’s annual budget. This appropriation protects the City from taxes not paid currently by providing assurance that cash collected in the current year will provide sufficient cash flow to meet obligations as they become due. The minimum amount required to be appropriated in the budget is determined on the percentage of collections experiences in the immediate preceding year, unless the three-year average option is chosen. For the years ended December 31, 2017 and 2016, the budgeted reserve for uncollected taxes was $4,880,770 and $3,847,492, respectively. Delinquent Taxes and Tax Title Liens - As described in Note A, taxes receivable and tax title liens are realized as revenue when collected. Uncollected receivables are fully reserved, so no provision is made for the uncollectible portions of these taxes. As of December 31, 2017 and 2016, property taxes receivable were $10,252,653 and $4,265,328, respectively, and tax title liens receivable were $37,154, each year.

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NOTE C. PROPERTY TAXES (continued) Prepaid Taxes - Taxes collected in advance are recorded as cash liabilities in the financial statements. Prepaid taxes as of December 31, 2017 and 2016 were $14,023,865 and $2,953,483, respectively. Tax Overpayments - Overpaid taxes collected during the year and due to taxpayers either as a refund or tax credit are recorded as cash liabilities in the financial statements. Tax overpayments as of December 31, 2017 and 2016 were $2,176,043 and $2,377,608, respectively. Property Acquired by Tax Title Lien Liquidation – The City held its annual accelerated tax sale on December 19, 2017. The value of properties acquired by tax title liens at December 31, 2017 and 2016 were $1,455,500, each year. When such property is sold in the manner provided by statute and sales contracts are entered into in lieu of cash sales, a separate account must be maintained for “Sales Contracts Receivable – Property Acquired for Taxes”. The value of such receivables at December 31, 2017 and 2016 were $285,550, each year. NOTE D. MUNICIPAL DEBT SUMMARY OF MUNICIPAL DEBT The Local Bond Law governs the issuance of bonds to finance general municipal and utility capital expenditures. Most bonds are retired in serial installments within the statutory period of usefulness. Other bonds may be term bonds with sinking fund requirements. Bonds issued by the City are general obligation bonds, backed by the full faith and credit of the City. Bond Anticipation Notes, which are issued to temporarily finance capital projects, must be paid off within ten years or retired by the issuance of bonds. Qualified Bonds - Certain bonds of the City are issued pursuant to the Municipal Qualified Bond Act. Under this act, portions of State Aid revenues are withheld by the State of New Jersey and forwarded directly to paying agents for principal and interest payments of such bonds. The City is responsible to certify maturity schedules of the qualified bonds to the State. Qualified bonds are identified within each of bond schedules that follow. During the years ended December 31, 2017 and 2016, the State of New Jersey paid $46,019,272 and $48,039,760, respectively, of qualified bond interest and principal maturities on behalf of the City in lieu of direct State Aid payments to the City.

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NOTE D. MUNICIPAL DEBT (continued) School Debt (Included as Obligations of the City) – In the general election of November 4, 2008, the Jersey City Board of Education was voted to become a Type II School District. As such, statutes require bonds and notes issued and authorized by the Board of Education to be included in the City’s statutory gross debt, but are not obligations of the City. Only the amount of school district debt exceeding the school district’s debt limit, if any, is included in the net debt of the City. However, prior to the general election of November 4, 2008, including its time as a State-Operated School District from October 4, 1989 through April 17, 2008, the Jersey City Board of Education operated as a Type I school district. Therefore any bonds and notes issued and authorized by the Board of Education prior to November 4, 2008, and still outstanding as of December 31, 2017 and 2016, remain general obligations of the City. Statutory Debt - At December 31, 2017 and 2016, the City’s statutory debt as defined by the Local Bond Law is summarized as follows:

Statutory Debt Pursuant to Local Bond Law

Issued and Authorized but Dec. 31, 2016

Issued: Outstanding Not Issued Total Total

General:General Improvement Bonds 352,980,000$ 27,749,629$ 380,729,629$ 416,676,629$ Green Trust Loans 950,779 - 950,779 1,056,405 Bond Anticipation Notes 24,901,000 - 24,901,000 26,898,194

Local Improvement Bonds 11,226,000 - 11,226,000 11,821,000 Water Improvement Bonds 21,150,000 - 21,150,000 27,051,658 School Improvement Bonds 20,830,000 1,587,258 22,417,258 28,742,258 Pension Refunding Bonds 36,710,000 - 36,710,000 38,365,000

Total Gross Statutory Debt Issued 468,747,779 29,336,887 498,084,666 550,611,144 Debt of JCMUA Guaranteed by City 150,221,941 - 150,221,941 199,455,227

618,969,720 29,336,887 648,306,607 750,066,371 Less Statutory Deductions to Debt Limit:

Debt of JCMUA Guaranteed by City 150,221,941 - 150,221,941 199,455,227 Due from JCMUA for Issued Water Debt 21,150,000 - 21,150,000 27,051,658 Bonds and Notes for School Purposes 20,830,000 1,587,258 22,417,258 28,742,258 NJSA40A:2-52 Refunding Bonds:

Pension Refunding 36,710,000 - 36,710,000 38,365,000

Net Statutory Bonds and Notes Issuedand Authorized but not Issued 390,057,779$ 27,749,629$ 417,807,408$ 456,452,228$

Dec. 31, 2017

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NOTE D. MUNICIPAL DEBT (continued) In addition to the general capital debt shown in the preceding schedule, the City had additional debt which, in accordance with statutes, is not included as part of the City’s statutory debt position. All such debt is recorded in the Current Fund and is as follows:

Summary of Long-Term Debt - The following is a summary of changes in long-term debt for the year ended December 31, 2017:

The following is a summary of changes in long-term debt for the year ended December 31, 2016:

(1) New issues and retirements are shown net of amounts refunded, which are described more fully as follows.

Current Fund DebtIssued: Dec. 31, 2017 Dec. 31, 2016

Emergency Notes (40A:4-55):Severance Liabilities 9,700,000$ 14,700,000$ Revaluation of Properties 4,000,000 5,000,000 Superstorm Sandy - 897,496

13,700,000$ 20,597,496$

Balance (1) (1) Balance Due byDec. 31, 2016 New Issues Retirements Dec. 31, 2017 Dec. 31, 2018

School Serial Bonds 27,155,000$ -$ 6,325,000$ 20,830,000$ 4,900,000$ General Serial and Term Bonds 390,017,000 - 37,037,000 352,980,000 35,842,000 Pension Refunding Bonds 38,365,000 - 1,655,000 36,710,000 5,275,000 Water Serial Bonds 25,590,000 - 4,440,000 21,150,000 4,600,000 Local Improvement Bond 11,821,000 - 595,000 11,226,000 595,000 Green Trust Loans 1,056,405 - 105,626 950,779 103,239

494,004,405$ -$ 50,157,626$ 443,846,779$ 51,315,239$

Balance (1) (1) Balance Due byDec. 31, 2015 New Issues Retirements Dec. 31, 2016 Dec. 31, 2017

School Serial Bonds 39,510,000$ -$ 12,355,000$ 27,155,000$ 6,325,000$ General Serial and Term Bonds 397,630,950 26,777,000 34,390,950 390,017,000 35,982,000 Pension Refunding Bonds 39,775,000 - 1,410,000 38,365,000 1,655,000 Water Serial Bonds 28,645,000 190,000 3,245,000 25,590,000 4,440,000 Local Improvement Bond - 11,821,000 - 11,821,000 595,000 Green Trust Loans 1,159,951 - 103,546 1,056,405 105,626

506,720,901$ 38,788,000$ 51,504,496$ 494,004,405$ 49,102,626$

Scheduled Amortization 49,705,546$ Additional Principal Paid on Refunding 1,798,950

51,504,496$

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NOTE D. MUNICIPAL DEBT (continued) Debt Refunding – On July 13, 2017, the City issued General Improvement Refunding Bonds, Taxable Series 2017A, in the amount of $70,915,000, the proceeds of which, together with premiums of $1,055,000 refunded $71,970,000 of the General Improvement ‘Build America’ Bonds, Taxable Series 2010B issued on November 3, 2010 in the original amount of $84,495,000. Proceeds were also used to pay certain costs associated with the issuance of the bonds. On May 13, 2016, the City issued General Obligation Refunding Bonds, Series 2016, in the amount of $32,335,000, consisting of:

$26,000,000 General Improvement Refunding Bonds, Series 2016A, the proceeds of which refunded $24,418,000 of the callable Qualified General Improvement Bonds, Series 2009 issued on February 10, 2009 in the original amount of $39,928,000, and $2,705,950 of the callable Qualified General Improvement Bonds, Series 2009A issued on December 30, 2009 in the original amount of $3,380,950.

$6,335,000 Water Improvement Refunding Bonds, Series 2016B, the proceeds of which refunded $6,580,000 of callable Qualified Water Refunding Bonds, Series 2006D issued on March 30, 2006 in the original amount of $6,660,000.

Proceeds were also used to pay certain costs associated with the issuance of the bonds. On November 2, 2016, the City issued Refunding Bonds consisting of:

$18,635,000 General Improvement Refunding Bonds, Taxable Series 2016A, the proceeds of which refunded $17,725,000 of the Qualified General Improvement Bonds, Series 2007A issued on April 25, 2007 in the original amount of $27,680,000.

$3,945,000 Water Refunding Bonds, Taxable Series 2016B, the proceeds of which refunded $3,755,000 of Qualified Water Refunding Bonds, Series 2007B issued on April 25, 2007 in the original amount of $10,930,000.

Proceeds were also used to pay certain costs associated with the issuance of the bonds. On November 17, 2016, the City issued $11,821,000 of Local Improvement Bonds, Series 2016A for the purposes of funding Ordinance No. 01-057 adopted on June 15, 2001 authorizing the Greene Street Local Improvement Project. The City also renewed or refunded Bond Anticipation Notes in the amount of $24,901,000. Proceeds of the renewed or refunded notes were used to pay the principal of the maturing notes less statutory minimum payments appropriated through the Current Fund budget. Bond Anticipation Notes are more fully discussed herein.

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NOTE D. MUNICIPAL DEBT (continued) BONDS PAYABLE General Serial and Term Bonds Payable - The City has outstanding at December 31, 2017 and 2016 various general serial and term bonds. The following table, which includes fiscal year adjustment bonds in addition to the general improvement bonds, is a summary of the activity for such debt during the year ended December 31, 2017 and the short term liability for each bond outstanding at year end:

Balance Balance Due by Description Dec. 31, 2016 Increase Decrease Dec. 31, 2017 Dec. 31, 2018

Qualified Fiscal Year Adjustment 1,775,000$ -$ 410,000$ 1,365,000$ 430,000$ Refunding Bonds, Taxable Series 2004DIssued 10/15/2004 for $5,515,000Maturing annually from 2004 to 2020Bearing interest rates of 4.306-5.246%

Qualified Fiscal Year Adjustment 1,710,000 - 395,000 1,315,000 415,000 Refunding Bonds, Taxable Series 2004DIssued 10/15/2004 for $5,330,000Maturing annually from 2004 to 2020Bearing interest rates of 4.306-5.246%


Qualified Public Improvement Refunding 72,595,000 - 10,425,000 62,170,000 10,280,000 Bonds, Taxable Series 2006BIssued 3/30/2006 for $72,595,000Maturing in one lump sum in 2021Bearing an interest rate of 5.49%

Qualified General Improvement Refunding 4,935,000 - 4,935,000 - - Bonds, Series 2007AIssued 4/25/2007 for $27,680,000Maturing annually from 2014 to 2023Bearing interest rates of 4-5.55%

Qualified General Improvement Refunding 1,585,000 - 1,585,000 - - Bonds, Series 2007AIssued 12/7/2007 for $26,242,000For funding of Ordinance No. 07-162Maturing annually on August 1 from 2010 to 2024Bearing interest rates of 4-4.25%

Qualified General Improvement Bonds 5,415,000 - 1,725,000 3,690,000 1,805,000 Series 2009Issued 12/29/2009 for $39,928,000

For funding of Ordinance No. 08-148Maturing annually on January 15 from 2011 to 2029Bearing an interest rate of 5%

2017 Summary of General Serial Bonds Activity

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NOTE D. MUNICIPAL DEBT (continued)


Qualified General Improvement HCIA Bonds 695,000$ -$ 222,000$ 473,000$ 232,000$ Series 2009Issued 12/17/2009 for $2,000,000Maturing annually on August 1 from 2010 to 2019Bearing an interest rate of 8%

Qualified General Improvement Bonds 295,000 - 90,000 205,000 100,000 JCPA Tax Exempt, Series 2009A

Issued 12/17/2009 for $3,380,950For funding of Ordinance No. 09-109Maturing annually on July 15 from 2010 to 2029Bearing interest rates of 4-5%

Qualified General Improvement Bonds 300,000 - 100,000 200,000 100,000 JCPA Taxable, Series 2009A

For funding of Ordinance No. 09-109Issued 12/17/2009 for $1,000,000Maturing annually on July 15 from 2010 to 2019Bearing interest rates of 4.75-6.00%

General Improvement Bonds 80,490,000 - 73,660,000 6,830,000 2,180,000 Taxable Series 2010B, Build America BondsFor funding of Ordinance No. 09-068 and 10-081Issued 11/3/2010 for $84,495,000Maturing annually on Nov. 1, 2011-2027 and 2031, 2036, 2040Bearing interest rates of 3.25-7.25%

General Improvement Bonds,Taxable Series 2010C 6,420,000 - - 6,420,000 - Recovery Zone Economic Development BondsFor funding of Ordinance No. 09-068 and 10-081Issued 11/3/2010 for $6,420,000Maturing annually on Nov. 1, 2021-2025 and 2030, 2035, 2040Bearing interest rates of 3.25-7.25%

Qualified General Improvement Refunding 6,775,000 - 50,000 6,725,000 50,000 Bonds, Series 2011AIssued 12/30/2011 for $11,253,000To refund Qualified General Improvement Bonds dated 9/1/2003Maturing annually on Sept. 1, 2012-2019 and 2022

semiannually 2014Bearing interest rates of 1.75-4.00%

Qualified General Improvement Bonds, Series 2012 19,555,000 - 1,440,000 18,115,000 1,490,000 Issued 8/21/2012 for $24,875,000For partial funding of Ordinance No. 12-042Maturing annually on March 1, 2013-2027Bearing interest rates of 3.00-5.00%

Qualified General Improvement Refunding 14,510,000 - 1,425,000 13,085,000 1,480,000 Bonds, Series 2012AIssued 9/6/2012 for $16,405,000To refund Qualified General Improvement Bonds dated 5/15/2005Maturing annually on Sept. 1, 2013-2025

Bearing interest rates of 2.75-4.00%

2017 Summary of General Serial Bonds Activity - continued

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Qualified General Improvement Refunding 4,025,000$ -$ 170,000$ 3,855,000$ 170,000$ Bonds, Taxable Series 2012CIssued 9/6/2012 for $4,690,000Maturing annually on Sept. 1, 2013-2022 and 2033

Qualified Public Improvement Refunding 10,580,000 - 4,185,000 6,395,000 3,110,000 Bonds, Taxable Series 2013AIssued 3/20/2013 for $24,670,000Maturing annually on Sept. 1, 2014-2020


General Improvement Bonds, Series 2014 27,715,000 - 2,085,000 25,630,000 2,145,000 Issued 12/11/2014 for $31,820,000

To Fund Ordinance No. 14.131

Maturing annually on Dec. 1, 2015-2027

Bearing interest rates of 3-5%

Qualified General Improvement Refunding Bonds 16,410,000 - 2,070,000 14,340,000 2,150,000 Tax-Exempt Series 2014A

Issued 11/20/2014 for $16,590,000

To refund Qualified General Improvement Bonds dated 11/2/2006

Maturing annually on August 1, 2015-2023


Qualified Public Improvement Refunding Bonds, 29,015,000 - 340,000 28,675,000 350,000 Taxable Series 2014

Issued 11/20/2014 for $29,945,000

To refund Qualified Public Improvement Refunding Bonds dated 3/30/2006

Maturing annually on Sept. 1, 2015-2022


General Improvement Refunding Bonds, 12,975,000 - - 12,975,000 1,630,000 Series 2015A

Issued 11/25/2015 for $13,060,000


Maturing on Feb. 15, 2016 and annually therafter from 2018-2024

Bearing interest rates of 2.0%-4.0%

General Improvement Refunding Bonds, 25,620,000 - - 25,620,000 - Series 2016AIssued 5/13/2016 for $26,000,000To refund Qualified General Improvement Bonds dated 2/10/2009And to refund Qualified General Improvement bonds dated 12/30/2009Maturing on July 15, 2016 and annually on Jan. 15 from 2020 through 2029Bearing interest rates of 3.25%-5%

General Improvement Bonds, Series 2016 25,867,000 - 1,750,000 24,117,000 1,800,000 Issued 6/29/2016 for $25,867,000To fund Ordinance No. 16.083 Providing for Various Capital ImprovementsMaturing annually on July 15 from 2017 through 2029Bearing interest rates of 2%-4%


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The following table is a summary of the activity for general serial and term bonds payable during the year ended December 31, 2016 and the short term liability for each bond outstanding at year end:


General Improvement Refunding Bonds, 18,635,000$ -$ 400,000$ 18,235,000$ 5,410,000$ Taxable Series 2016AIssued 11/2/2016 for $18,635,000To refund Qualified General Improvement Bonds dated 4/25/2007Maturing annually on Sept.1 from 2017 through 2021 and 2023.Bearing interest rates of 1.137%-2.573%

General Improvement Refunding Bonds, - 70,915,000 - 70,915,000 - Taxable Series 2017A

(Refunding $71,970,000 of

Build America Bonds, Series 2010B,

Issued 11/03/2010 for $84,495,000

Refunding Ordinance No. 16.133)

- - - - -

390,017,000$ 70,915,000$ 107,952,000$ 352,980,000$ 35,842,000$

Refunded (70,915,000) (70,915,000)

New Debt/ Retired on Refunding - (1,055,000)

Increase and Decrease Net of Refunding -$ 35,982,000$



General Qualified Refunding Bonds 2,865,000$ -$ 2,865,000$ -$ -$ Issued 12/01/2002 for $38,020,000Maturing annually from 2002 to 2016Bearing interest rates of 5-5.25%




2016 Summary of General Serial Bonds Activity

51





Qualified Public Improvement Refunding 72,595,000$ -$ -$ 72,595,000$ 10,425,000$ Bonds, Taxable Series 2006BIssued 3/30/2006 for $72,595,000Maturing in one lump sum in 2021Bearing an interest rate of 5.49%

Qualified Fiscal Year Adjustment 5,190,000 - 5,190,000 - - Refunding Bonds, Taxable Series 2006EIssued 3/30/2006 for $27,305,000Maturing in one lump sum in 2016Bearing an interest rate of 5.38%

Qualified General Improvement Bonds 2,050,000 - 2,050,000 - - Series 2006AIssued 11/2/2006 for $32,163,000Maturing annually from 2006 to 2023Bearing interest rates of 4.125-4.25%

Qualified General Improvement Refunding 27,410,000 - 22,475,000 4,935,000 4,935,000 Bonds, Series 2007AIssued 4/25/2007 for $27,680,000Maturing annually from 2014 to 2023Bearing interest rates of 4-5.55%

Qualified General Improvement Refunding 3,105,000 - 1,520,000 1,585,000 1,585,000 Bonds, Series 2007AIssued 12/7/2007 for $26,242,000For funding of Ordinance No. 07-162Maturing annually on August 1 from 2010 to 2024Bearing interest rates of 4-4.25%

Qualified General Improvement Bonds 31,478,000 - 26,063,000 5,415,000 1,725,000 Series 2009Issued 12/29/2009 for $39,928,000

For funding of Ordinance No. 08-148Maturing annually on January 15 from 2011 to 2029Bearing an interest rate of 5%

Qualified General Improvement HCIA Bonds 907,000 - 212,000 695,000 222,000 Series 2009Issued 12/17/2009 for $2,000,000Maturing annually on August 1 from 2010 to 2019Bearing an interest rate of 8%

Qualified General Improvement Bonds 3,080,950 - 2,785,950 295,000 90,000 JCPA Tax Exempt, Series 2009A

Issued 12/17/2009 for $3,380,950For funding of Ordinance No. 09-109Maturing annually on July 15 from 2010 to 2029Bearing interest rates of 4-5%


52





Qualified General Improvement Bonds 400,000$ -$ 100,000$ 300,000$ 100,000$ JCPA Taxable, Series 2009A

For funding of Ordinance No. 09-109Issued 12/17/2009 for $1,000,000Maturing annually on July 15 from 2010 to 2019Bearing interest rates of 4.75-6.00%

General Improvement Bonds 81,730,000 - 1,240,000 80,490,000 1,690,000 Taxable Series 2010B, Build America BondsFor funding of Ordinance No. 09-068 and 10-081Issued 11/3/2010 for $84,495,000Maturing annually on Nov. 1, 2011-2027 and 2031, 2036, 2040Bearing interest rates of 3.25-7.25%

General Improvement Bonds,Taxable Series 2010C 6,420,000 - - 6,420,000 - Recovery Zone Economic Development BondsFor funding of Ordinance No. 09-068 and 10-081Issued 11/3/2010 for $6,420,000Maturing annually on Nov. 1, 2021-2025 and 2030, 2035, 2040Bearing interest rates of 3.25-7.25%

Qualified General Improvement Refunding 6,820,000 - 45,000 6,775,000 50,000 Bonds, Series 2011AIssued 12/30/2011 for $11,253,000To refund Qualified General Improvement Bonds dated 9/1/2003Maturing annually on Sept. 1, 2012-2019 and 2022


Qualified General Improvement Bonds, Series 2012 20,945,000 - 1,390,000 19,555,000 1,440,000 Issued 8/21/2012 for $24,875,000For partial funding of Ordinance No. 12-042Maturing annually on March 1, 2013-2027Bearing interest rates of 3.00-5.00%

Qualified General Improvement Refunding 15,885,000 - 1,375,000 14,510,000 1,425,000 Bonds, Series 2012AIssued 9/6/2012 for $16,405,000To refund Qualified General Improvement Bonds dated 5/15/2005Maturing annually on Sept. 1, 2013-2025


Qualified General Improvement Refunding 4,190,000 - 165,000 4,025,000 170,000 Bonds, Taxable Series 2012CIssued 9/6/2012 for $4,690,000Maturing annually on Sept. 1, 2013-2022 and 2033

Qualified Public Improvement Refunding 17,145,000 - 6,565,000 10,580,000 4,185,000 Bonds, Taxable Series 2013AIssued 3/20/2013 for $24,670,000Maturing annually on Sept. 1, 2014-2020



53





General Improvement Bonds, Series 2014 29,755,000$ -$ 2,040,000$ 27,715,000$ 2,085,000$ Issued 12/11/2014 for $31,820,000

To Fund Ordinance No. 14.131

Maturing annually on Dec. 1, 2015-2027


Qualified General Improvement Refunding Bonds 16,410,000 - - 16,410,000 2,070,000 Tax-Exempt Series 2014A

Issued 11/20/2014 for $16,590,000

To refund Qualified General Improvement Bonds dated 11/2/2006

Maturing annually on August 1, 2015-2023


Qualified Public Improvement Refunding Bonds, 29,355,000 - 340,000 29,015,000 340,000 Taxable Series 2014

Issued 11/20/2014 for $29,945,000


Maturing annually on Sept. 1, 2015-2022


General Improvement Refunding Bonds, 13,060,000 - 85,000 12,975,000 - Series 2015A

Issued 11/25/2015 for $13,060,000


Maturing on Feb. 15, 2016 and annually therafter from 2018-2024

Bearing interest rates of 2.0%-4.0%

General Improvement Refunding Bonds, - 26,000,000 380,000 25,620,000 - Series 2016AIssued 5/13/2016 for $26,000,000To refund Qualified General Improvement Bonds dated 2/10/2009And to refund Qualified General Improvement bonds dated 12/30/2009Maturing on July 15, 2016 and annually on Jan. 15 from 2020 through 2029Bearing interest rates of 3.25%-5%

General Improvement Bonds, Series 2016 - 25,867,000 - 25,867,000 1,750,000 Issued 6/29/2016 for $25,867,000To fund Ordinance No. 16.083 Providing for Various Capital ImprovementsMaturing annually on July 15 from 2017 through 2029Bearing interest rates of 2%-4%

General Improvement Refunding Bonds, - 18,635,000 - 18,635,000 400,000 Taxable Series 2016AIssued 11/2/2016 for $18,635,000To refund Qualified General Improvement Bonds dated 4/25/2007Maturing annually on Sept.1 from 2017 through 2021 and 2023.Bearing interest rates of 1.137%-2.573% - - - - -

397,630,950$ 70,502,000$ 78,115,950$ 390,017,000$ 35,982,000$

Refunded (43,725,000) (43,725,000)

New Debt/ Retired on Refunding (910,000) (1,503,950)

Increase and Decrease Net of Refunding 25,867,000$ 32,887,000$


54



NOTE D. MUNICIPAL DEBT (continued) General Serial and Term Bonds – Sinking Fund Redemption The General Improvement Bonds dated November 3, 2010 (Series 2010B and 2010C), the Qualified General Improvement Refunding Bonds dated September 6, 2012 (Taxable Series 2012C) and the Taxable Refunding Bonds dated November 2, 2016 (Series 2016A and 2016B) consist partially of term bonds in addition to serial payments. These term bonds are subject to mandatory sinking fund redemption prior to maturity at a redemption price equal to 100% of the principal amount to be redeemed, plus accrued interest thereon to the date fixed for redemption. Following is the sinking fund schedule for each of the term bond payments required for these bonds:

Term Bond Maturities of Series 2010B 'Build America' Bonds were refunded by 2017A Bonds.

Series 2012C Series 2016A-B Series 2016BTerm Bonds Term Bonds Term Bonds

Maturing Maturing MaturingNov. 1, 2030 Nov. 1, 2035 Nov. 1, 2040 Sept. 1, 2033 Sept. 1, 2023 Sept. 1, 2033 TOTAL

2022 -$ -$ -$ -$ 290,000$ -$ 290,000$ 2023 - - - 205,000 3,980,000 - 4,185,000 2024 - - - 215,000 - 15,000 230,000 2025 - - - 225,000 - 15,000 240,000 2026 255,000 - - 240,000 - 15,000 510,000 2027 265,000 - - 250,000 - 15,000 530,000 2028 275,000 - - 265,000 - 15,000 555,000 2029 295,000 - - 275,000 - 395,000 965,000 2030 305,000 - - 290,000 - 405,000 1,000,000 2031 - 315,000 - 310,000 - 425,000 1,050,000 2032 - 335,000 - 320,000 - 435,000 1,090,000 2033 - 345,000 - 335,000 - 455,000 1,135,000 2034 - 355,000 - - - - 355,000 2035 - 375,000 - - - - 375,000 2036 - - 395,000 - - - 395,000 2037 - - 405,000 - - - 405,000 2038 - - 435,000 - - - 435,000 2039 - - 450,000 - - - 450,000 2040 - - 465,000 - - - 465,000

Due atMaturity 1,395,000$ 1,725,000$ 2,150,000$ 2,930,000$ 4,270,000$ 2,190,000$ 14,660,000$

Series 2016A 3,685,000$ Series 2016B 585,000

4,270,000$

SCHEDULE OF MANDATORY SINKING FUND PAYMENTS

Series 2010C Term Bonds Maturing

55



NOTE D. MUNICIPAL DEBT (continued) Build America and Recovery Zone Bonds - The City has outstanding at December 31, 2017 and 2016 Build America Bonds and Recovery Zone Economic Development Bonds. As part of the American Recovery and Reinvestment Act (ARRA), the City is to receive Federal subsidy payments equal to 35% of the interest payments on Build America Bonds and 45% of the interest payments on Recovery Zone Bonds.

Original Serial Maturities Dated November 1 of 2021 through 2027 Refunded by 2017A Bonds. School Serial Bonds Payable - The City has outstanding at December 31, 2017 and 2016 various school serial bond debt issues. The following table is a summary of the activity for such debt during the year ended December 31, 2017 and the short term liability for each bond outstanding at year end:

2017 2016 2017 2016

Build America Bonds 6,830,000$ 80,490,000$ 1,768,300$ 1,785,824$ Recovery Zone Economic

Development Bonds 6,420,000 6,420,000 196,503 196,715

13,250,000$ 86,910,000$ 1,964,803$ 1,982,539$

Outstanding at December 31, Federal Government Subsidies


Qualified School Bonds, Series 2007A 815,000$ -$ 815,000$ -$ -$ Issued 2/23/2007 for $17,050,000Maturing annually on Feb. 15 from 2008 to 2027Bearing interest rates of 4-4.25%

Qualified School Refunding Bonds 16,590,000 - 5,510,000 11,080,000 4,080,000 Taxable Series, 2014BIssued 11/20/2014 for $22,610,000To Refund Qualified School Refunding Bonds dated 6/16/2005Maturing annually on Sept. 1 from 2015 to 2021Bearing interest rates of 0.659-3.139%

School Refunding Bonds, Series 2015B 9,750,000 - - 9,750,000 820,000 Issued 11/25/2015 for $9,830,000To Refund Qualified School Bonds dated 2/23/2007Maturing on Feb. 15, 2016 and annually therafter from 2018-2027Bearing interest rates of 2.0%-4.0% - - - - -

27,155,000$ -$ 6,325,000$ 20,830,000$ 4,900,000$

2017 Summary of School Serial Bonds Activity

56



NOTE D. MUNICIPAL DEBT (continued) The following table is a summary of the activity for such debt during the year ended December 31, 2016 and the short term liability for each bond outstanding at year end:

Water Serial Bonds Payable - The City has outstanding at December 31, 2017 and 2016 various water serial bond debt issues. The following table is a summary of the activity for such debt during the year ended December 31, 2017 and the short term liability for each bond outstanding at year end:


School Refunding Bonds 2,905,000$ -$ 2,905,000$ -$ -$ Issued 12/01/2002 for $38,505,000Maturing annually from 2003 to 2016Bearing interest rates of 5-5.25%

Qualified School Refunding Bonds, Series 2007C 3,130,000 - 3,130,000 - - Issued 4/25/2007 for $12,645,000Maturing annually from 2013 to 2016Bearing an interest rate of 5%

Qualified School Bonds, Series 2007A 1,600,000 - 785,000 815,000 815,000 Issued 2/23/2007 for $17,050,000Maturing annually on Feb. 15 from 2008 to 2027Bearing interest rates of 4-4.25%

Qualified School Refunding Bonds 22,045,000 - 5,455,000 16,590,000 5,510,000 Taxable Series, 2014BIssued 11/20/2014 for $22,610,000To Refund Qualified School Refunding Bonds dated 6/16/2005Maturing annually on Sept. 1 from 2015 to 2021Bearing interest rates of 0.659-3.139%

School Refunding Bonds 9,830,000 - 80,000 9,750,000 - Series 2015BIssued 11/25/2015 for $9,830,000To Refund Qualified School Bonds dated 2/23/2007Maturing on Feb. 15, 2016 and annually therafter from 2018-2027Bearing interest rates of 2.0%-4.0% - - - - -

39,510,000$ -$ 12,355,000$ 27,155,000$ 6,325,000$

2016 Summary of School Serial Bonds Activity

57





Qualified Water Refunding Bonds, Series 2007B 235,000$ -$ 235,000$ -$ -$ Issued 4/25/2007 for $10,930,000Maturing annually from 2010 to 2023 and 2033Bearing interest rates of 4-5%

Qualified Water Improvement Refunding 1,690,000 - 10,000 1,680,000 10,000 Bonds, Series 2011BIssued 12/30/2011 for $1,987,000Maturing annually: 2012-2019, 2022, 2024-2028;


Qualified Water Improvement Refunding 4,170,000 - 625,000 3,545,000 710,000 Bonds, Series 2012BIssued 9/6/12 for $4,265,000To refund Water Capital Improvement Bonds dated 3/1/2003

and Qualified Water Improvement Bonds dated 5/15/2005Maturing annually: 2013-2024Bearing interest rates of 2.75-4.00%

Qualified Water Improvement Refunding 7,300,000 - 2,180,000 5,120,000 2,225,000 Bonds, Series 2013BIssued 3/20/2013 for $12,050,000To refund Qualified Water

Refunding Bonds dated 10/15/2005Maturing annually: 2014-2021Bearing interest rates of 0.942-3.055%

Qualified Water Improvement Refunding Bonds, 1,965,000 - 365,000 1,600,000 380,000 Series 2014AIssued 11/20/14 for $1,990,000To Refund Qualified Water Improvement Bonds dated 11/2/2006Maturing annually on Aug. 1 from 2015 to 2021Bearing interests of 2-4%

Water Improvement Refunding Bonds, 6,285,000 - 965,000 5,320,000 1,000,000 Series 2016BIssued 5/13/16 for $6,335,000To Refund Qualified Water Refunding Bonds dated 3/30/2006Maturing annually on Jan. 15 from 2017 to 2022Bearing interests of 2-5%

Water Refunding Bonds, Taxable Series 2016B 3,945,000 - 60,000 3,885,000 275,000 Issued 11/2/16 for $3,945,000To Refund Qualified Water Refunding Bonds dated 4/25/2007Maturing annually on Sept. 1 from 2017 to 2021 and 2023.Bearing interests of 1.137-3.758% - - - - -

25,590,000$ -$ 4,440,000$ 21,150,000$ 4,600,000$

2017 Summary of Water Serial Bonds Activity

58



NOTE D. MUNICIPAL DEBT (continued) The following table is a summary of the activity for such debt during the year ended December 31, 2016 and the short term liability for each bond outstanding at year end:


Qualified Water Refunding Bonds, Series 2006D 6,660,000$ -$ 6,660,000$ -$ -$ Issued 9/1/2005 for $6,660,000Maturing annually from 2016 to 2022Bearing interest rates of 4.1-4.125%

Qualified Water Improvement Bonds, Series 2006B 355,000 - 355,000 - - Issued 11/2/2006 for $5,000,000Maturing annually from 2007 to 2021Bearing interest rates of 4.125-4.25%

Qualified Water Refunding Bonds, Series 2007B 4,010,000 - 3,775,000 235,000 235,000 Issued 4/25/2007 for $10,930,000Maturing annually from 2010 to 2023 and 2033Bearing interest rates of 4-5%

Qualified Water Improvement Refunding 1,910,000 - 220,000 1,690,000 10,000 Bonds, Series 2011BIssued 12/30/2011 for $1,987,000Maturing annually: 2012-2019, 2022, 2024-2028;


Qualified Water Improvement Refunding 4,195,000 - 25,000 4,170,000 625,000 Bonds, Series 2012BIssued 9/6/12 for $4,265,000To refund Water Capital Improvement Bonds dated 3/1/2003

and Qualified Water Improvement Bonds dated 5/15/2005Maturing annually: 2013-2024Bearing interest rates of 2.75-4.00%

Qualified Water Improvement Refunding 9,550,000 - 2,250,000 7,300,000 2,180,000 Bonds, Series 2013BIssued 3/20/2013 for $12,050,000To refund Qualified Water

Refunding Bonds dated 10/15/2005Maturing annually: 2014-2021Bearing interest rates of 0.942-3.055%

Qualified Water Improvement Refunding Bonds, 1,965,000 - - 1,965,000 365,000 Series 2014AIssued 11/20/14 for $1,990,000To Refund Qualified Water Improvement Bonds dated 11/2/2006Maturing annually on Aug. 1 from 2015 to 2021Bearing interests of 2-4%

2016 Summary of Water Serial Bonds Activity

59




Local Improvement Bonds Payable - The City has outstanding at December 31, 2017 and 2016 a bond issued for the Greene Street Local Improvement Project. The following table is a summary of the activity for such debt during the year ended December 31, 2017 and the short term liability outstanding at year end:

The following table is a summary of the activity for such debt during the year ended December 31, 2016 and the short term liability outstanding at year end:


Water Improvement Refunding Bonds, - 6,335,000 50,000 6,285,000 965,000 Series 2016BIssued 5/13/16 for $6,335,000To Refund Qualified Water Refunding Bonds dated 3/30/2006Maturing annually on Jan. 15 from 2017 to 2022Bearing interests of 2-5%

Water Refunding Bonds, Taxable Series 2016B - 3,945,000 - 3,945,000 60,000 Issued 11/2/16 for $3,945,000To Refund Qualified Water Refunding Bonds dated 4/25/2007Maturing annually on Sept. 1 from 2017 to 2021 and 2023.Bearing interests of 1.137-3.758% - - - - -

28,645,000$ 10,280,000$ 13,335,000$ 25,590,000$ 4,440,000$

Refunded (10,090,000) (10,090,000)

New Debt/ Retired on Refunding (190,000) (295,000)

Increase and Decrease Net of Refunding -$ 2,950,000$

2016 Summary of Water Serial Bonds Activity - continued


Local Improvement 11,821,000$ -$ 595,000$ 11,226,000$ 595,000$ Bonds, Taxable Series 2016A(Funding of Ordinance No. 01-057)Maturing annually from 2018 to 2036Bearing interests of 3.00-4.25% - - - - -

11,821,000$ -$ 595,000$ 11,226,000$ 595,000$

2017 Summary of Local Improvement Bonds Activity


Pension Obligation Refunding Bonds -$ 11,821,000$ -$ 11,821,000$ 595,000$ Series 2003A, TaxableIssued 1/15/2003 for $23,595,000Maturing annually from 2012 to 2024Bearing interest rates of 4.8-5.5% - - - - -

-$ 11,821,000$ -$ 11,821,000$ 595,000$

2016 Summary of Local Improvement Bonds Activity

60



NOTE D. MUNICIPAL DEBT (continued) Pension Refunding Bonds Payable - The City has outstanding at December 31, 2017 and 2016 various pension refunding bond debt issues. The following table summarizes the activity of such debt during the year ended December 31, 2017 and the short term liability for each bond outstanding at year end:

The following table is a summary of the activity for such debt during the year ended December 31, 2016 and the short term liability for each bond outstanding at year end:


Pension Obligation Refunding Bonds 18,100,000$ -$ 1,430,000$ 16,670,000$ 1,655,000$ Series 2003A, TaxableIssued 1/15/2003 for $23,595,000Maturing annually from 2012 to 2024Bearing interest rates of 4.8-5.5%

Pension Obligation Refunding Bonds 16,920,000 - 225,000 16,695,000 275,000 Series 2003A, TaxableIssued 3/15/2003 for $17,465,000Maturing annually from 2012 to 2033Bearing interest rates of 4.58-5.46%

Pension Obligation Refunding Bonds 3,345,000 - - 3,345,000 3,345,000 Series 2006, TaxableIssued 3/22/2006 for $3,345,000Maturing in one lump sum in 2018Bearing an interest rate of 5.51% - - - - -

38,365,000$ -$ 1,655,000$ 36,710,000$ 5,275,000$

2017 Summary of Pension Refunding Bonds Activity


Pension Obligation Refunding Bonds 19,325,000$ -$ 1,225,000$ 18,100,000$ 1,430,000$ Series 2003A, TaxableIssued 1/15/2003 for $23,595,000Maturing annually from 2012 to 2024Bearing interest rates of 4.8-5.5%

Pension Obligation Refunding Bonds 17,105,000 - 185,000 16,920,000 225,000 Series 2003A, TaxableIssued 3/15/2003 for $17,465,000Maturing annually from 2012 to 2033Bearing interest rates of 4.58-5.46%

Pension Obligation Refunding Bonds 3,345,000 - - 3,345,000 - Series 2006, TaxableIssued 3/22/2006 for $3,345,000Maturing in one lump sum in 2018Bearing an interest rate of 5.51% - - - - -

39,775,000$ -$ 1,410,000$ 38,365,000$ 1,655,000$

2016 Summary of Pension Refunding Bonds Activity

61



NOTE D. MUNICIPAL DEBT (continued) LOANS PAYABLE Green Trust Loans - The City has outstanding at December 31, 2017 and 2016 various Green Trust Loans. The following table summarizes such loan activity for the year ended December 31, 2017 and the short term liability for each loan outstanding at year end:


Wayne Street Park Loan 13,263$ -$ 8,798$ 4,465$ 4,465$ Received 7/29/1998 - $142,000Due semi-annually until 2018Bearing an interest rate of 2%

Apple Tree House Loan 101,691 - 12,698 88,993 12,953 Received 7/07/2004 - $235,894Due semi-annually until 2024Bearing an interest rate of 2%

Sgt. Anthony's Park Project Loan 70,158 - 7,652 62,506 7,805 Received 7/08/2005 - $145,000Due semi-annually until 2025Bearing an interest rate of 2%

Roberto Clemente Park Project Loan 137,414 - 14,986 122,428 15,288 Received 7/08/2005 - $284,000Due semi-annually until 2025Bearing an interest rate of 2%

Marion Pavonia Pool Project Loan 205,637 - 22,427 183,210 22,878 Received 7/08/2005 - $425,000Due semi-annually until 2025Bearing an interest rate of 2%

Multi-Park Loan 406,203 - 30,269 375,934 30,878 Received 6/30/2009 - $615,000Due semi-annually until 2028Bearing an interest rate of 2%

Montgomery Gateway Loan 33,025 - 2,461 30,564 2,510 Received 6/30/2009 - $50,000Due semi-annually until 2028Bearing an interest rate of 2%

Berry Lane Park Loan 89,014 - 6,335 82,679 6,462 Received 6/30/2010 - $130,000Due semi-annually until 2029Bearing an interest rate of 2% - - - - -

1,056,405$ -$ 105,626$ 950,779$ 103,239$

2017 Summary of Green Trust Loans Activity

62



NOTE D. MUNICIPAL DEBT (continued) The following table summarizes such loan activity for the year ended December 31, 2016 and the short term liability for each loan outstanding at year end:


Wayne Street Park Loan 21,888$ -$ 8,625$ 13,263$ 8,798$ Received 7/29/1998 - $142,000Due semi-annually until 2018Bearing an interest rate of 2%

Apple Tree House Loan 114,139 - 12,448 101,691 12,698 Received 7/07/2004 - $235,894Due semi-annually until 2024Bearing an interest rate of 2%

Sgt. Anthony's Park Project Loan 77,659 - 7,501 70,158 7,652 Received 7/08/2005 - $145,000Due semi-annually until 2025Bearing an interest rate of 2%

Roberto Clemente Park Project Loan 152,105 - 14,691 137,414 14,986 Received 7/08/2005 - $284,000Due semi-annually until 2025Bearing an interest rate of 2%

Marion Pavonia Pool Project Loan 227,622 - 21,985 205,637 22,427 Received 7/08/2005 - $425,000Due semi-annually until 2025Bearing an interest rate of 2%

Multi-Park Loan 435,876 - 29,673 406,203 30,269 Received 6/30/2009 - $615,000Due semi-annually until 2028Bearing an interest rate of 2%

Montgomery Gateway Loan 35,437 - 2,412 33,025 2,461 Received 6/30/2009 - $50,000Due semi-annually until 2028Bearing an interest rate of 2%

Berry Lane Park Loan 95,225 - 6,211 89,014 6,335 Received 6/30/2010 - $130,000Due semi-annually until 2029Bearing an interest rate of 2% - - - - -

1,159,951$ -$ 103,546$ 1,056,405$ 105,626$

2016 Summary of Green Trust Loans Activity

63



NOTE D. MUNICIPAL DEBT (continued) DEBT SERVICE REQUIREMENTS TO MATURITY The repayment schedule of annual debt service principal and interest for the next five years, and five-year increments there-after, for bonds and loans issued and outstanding is as follows:

NOTES PAYABLE Bond Anticipation Notes - The City issues bond anticipation notes to temporarily fund various capital projects prior to the issuance of serial bonds. The term of the notes cannot exceed one year, but the notes may be renewed from time to time for a period not exceeding one year. Generally, such notes may be paid no later than the close of the tenth fiscal year next following the date of the original notes. The Division also prescribes that notes cannot be renewed past the third anniversary date of the original note unless an amount equal to at least the first legally required installment is paid prior to each anniversary date.

LoansIssued and Total Local Imp. & Pension School Water

Year Outstanding Bonds General Bonds Refunding Serial Bonds Serial Bonds

2018 121,719$ 71,713,498$ 53,668,057$ 7,233,435$ 5,561,763$ 5,250,243$ 2019 117,209 71,563,063 58,544,985 3,880,375 5,256,763 3,880,940 2020 117,209 75,193,726 64,349,812 4,021,257 2,869,646 3,953,011 2021 117,209 71,347,663 60,964,114 4,166,738 2,788,848 3,427,963 2022 117,209 45,427,172 37,898,854 4,354,641 1,188,150 1,985,527

2023-2027 401,943 138,556,822 116,108,042 13,544,121 5,916,625 2,988,034 2028-2032 53,478 66,142,187 53,071,354 10,719,604 - 2,351,229 2033-2037 - 39,956,590 36,870,012 2,614,479 - 472,099 2038-2040 - 18,842,888 18,842,888 - - -

1,045,976$ 598,743,609$ 500,318,118$ 50,534,650$ 23,581,795$ 24,309,046$

Principal 950,779$ 442,896,000$ 364,206,000$ 36,710,000$ 20,830,000$ 21,150,000$ Interest 95,197 155,847,609 136,112,118 13,824,650 2,751,795 3,159,046

1,045,976$ 598,743,609$ 500,318,118$ 50,534,650$ 23,581,795$ 24,309,046$

Schedule of Debt Service Requirements to Maturity - Combined Principal and Interest as of December 31, 2017Bonds Issued and Outstanding

64



NOTE D. MUNICIPAL DEBT (continued) The following is a schedule of bond anticipation note activity for the year ended December 31, 2017.

The following is a schedule of bond anticipation note activity for the year ended December 31, 2016.

Ordinance Interest Date of Balance Notes Notes Budget BalanceNumber Date Amount Rate % Maturity Dec. 31, 2016 Issued Refunded Appropriation Dec. 31, 2017

PJP Landfill Acquisition09-097 01/20/10 8,700,000$ 2.250% 01/19/18 -$ -$ 8,142,948$ -$ 8,142,948$ 09-097 01/20/10 8,700,000 1.500% 01/20/17 8,253,948 - (8,142,948) 111,000 -

Newark Avenue Streetscape09-127 01/20/10 2,476,000 2.250% 01/19/18 - - 1,823,052 - 1,823,052 09-127 01/20/10 2,476,000 1.500% 01/20/17 1,954,052 - (1,823,052) 131,000 -

Sixth Street Embankment10-085 08/31/10 7,500,000 1.875% 06/22/18 - - 6,955,000 - 6,955,000 10-085 08/31/10 7,500,000 1.500% 06/23/17 7,085,000 - (6,955,000) 130,000 -

W. Campus Redevelopment16.106 12/08/16 4,135,000 2.500% 12/07/18 - - 4,135,000 - 4,135,000 16.106 12/08/16 4,135,000 1.150% 12/08/17 4,135,000 - (4,135,000) - -

Hurricane Sandy Recovery13.031 12/12/13 8,717,417 2.500% 12/07/18 - - 3,845,000 - 3,845,000 13.031 12/12/13 8,717,417 1.150% 12/08/17 5,470,194 - (3,845,000) 1,625,194 -

26,898,194$ -$ -$ 1,997,194$ 24,901,000$

Original Issue:

Ordinance Interest Date of Balance Notes Notes Budget Bonds BalanceNumber Date Amount Rate % Maturity Dec. 31, 2015 Issued Refunded Appropriation Issued Dec. 31, 2016

PJP Landfill Acquisition09-097 01/20/10 8,700,000$ 1.75% 12/11/16 8,364,948$ -$ (8,253,948)$ 111,000$ -$ -$ 09-097 01/20/10 8,700,000 1.50% 01/20/17 - - 8,253,948 - - 8,253,948

Newark Avenue Streetscape09-127 01/20/10 2,476,000 1.75% 12/11/16 2,085,052 - (1,954,052) 131,000 - - 09-127 01/20/10 2,476,000 1.50% 01/20/17 - - 1,954,052 - - 1,954,052

Sixth Street Embankment10-085 08/31/10 7,500,000 1.15% 07/06/16 7,215,000 - (7,085,000) 130,000 - - 10-085 08/31/10 7,500,000 1.50% 06/23/17 - - 7,085,000 - - 7,085,000

Greene Street 01-057A 12/11/15 11,821,160 1.50% 12/09/16 11,821,159 - - 159 11,821,000 -

W. Campus Redevelopment16.106 12/08/16 4,135,000 1.15% 12/08/17 - 4,135,000 - - - 4,135,000

Hurricane Sandy Recovery13.031 12/12/13 1,282,583 1.50% 12/09/16 1,282,583 - - 1,282,583 - - 13.031 12/12/13 8,717,417 1.00% 12/09/16 7,095,360 - (5,470,194) 1,625,166 - - 13.031 12/12/13 8,717,417 1.15% 12/08/17 - - 5,470,194 - 5,470,194

37,864,102$ 4,135,000$ -$ 3,279,908$ 11,821,000$ 26,898,194$

Original Issue:

65




Landfill and Streetscape – On January 20, 2010, the City issued Bond Anticipation Notes in the amount of $11,176,000 to fund two separate authorizations: the acquisition of the PJP Landfill for $8,700,000 and the Newark Ave Streetscape for $2,476,000, as authorized by Ordinance No. 09-127. Sixth Street Embankment – On August 31, 2010, the City issued Bond Anticipation Notes in the amount of $7,500,000 to fund costs to obtain the property known as the Sixth Street in accordance with a legal settlement of January, 2010, as authorized by Ordinance No. 10-085. Hurricane Sandy Recovery – On December 12, 2013, the City issued Bond Anticipation Notes in the amount of $10,000,000 to fund costs associated with efforts to recover, repair or replace streets, roads and other public property lost or damaged in Hurricane Sandy, as authorized by Ordinance No. 13.031. Greene Street Improvements – On December 11, 2015, the City issued Bond Anticipation Notes in the amount of $11,821,159 to fund costs associated with the undertaking of various public improvements to Greene Street as authorized by Ordinance No. 01-057. Tax Refunding Notes - The City issues tax refunding notes in order to finance tax refunds arising from successful appeals by property owners. Taxpayers are obligated to pay taxes owed to the City as they become due, or have their property subject to tax sale. However, taxpayers may appeal their property assessments and, if successful, be granted a refund, often in a year subsequent to when the taxes were paid. The Division has allowed the City to issue notes to finance such refunds. The tax refunding notes are one year notes, renewable annually for five to seven years. The City had no tax refunding notes outstanding as of December 31, 2017. The following is a schedule of tax refunding note activity for the year ended December 31, 2016.

Ordinance Interest Date of Balance Budget BalanceNumber Date Amount Rate % Maturity Dec. 31, 2015 Appropriation Dec. 31, 2016

Refunding Notes (Real Property Tax Appeal09-028 06/25/09 11,471,819$ 1.00% 04/14/16 1,638,740$ 1,638,740$ -$ 11-116 12/14/11 5,500,000 1.50% 12/09/16 1,100,000 1,100,000 -

2,738,740$ 2,738,740$ -$

Original Issue:

66



NOTE D. MUNICIPAL DEBT (continued) Special Emergency Notes - Statutes allow the City to adopt ordinances authorizing special emergency appropriations for the carrying out of certain specific purposes, including the revaluation of real property and contractually required severance liabilities resulting from the layoff or retirement of employees. Statutes further provide for the borrowing of money and the issuance of Special Emergency Notes to finance such special emergency appropriations, which may be renewed from time to time, but at least 1/5 of all such notes, and the renewals thereof, shall mature and be paid in each year, so that all notes and renewals shall have matured and have been paid not later than the last day of the fifth year following the date of the emergency resolution. The following is a schedule of special emergency note activity for the year ended December 31, 2017.

Ordinance Interest Date of Balance Notes Budget BalanceNumber Date Amount Rate % Maturity Dec. 31, 2016 Refunded Appropriation Dec. 31, 2017

Contractual Severance Payments13-118 12/12/13 9,500,000 2.35% 12/07/18 - 1,900,000 - 1,900,000 13-118 12/12/13 9,500,000 1.25% 12/08/17 3,800,000 (1,900,000) 1,900,000 - 14-132 12/12/14 7,500,000 2.35% 12/07/18 - 3,000,000 - 3,000,000 14-132 12/12/14 7,500,000 1.25% 12/08/17 4,500,000 (3,000,000) 1,500,000 - 15.149 12/11/15 8,000,000 2.35% 12/07/18 - 4,800,000 - 4,800,000 15.149 12/11/15 8,000,000 1.25% 12/08/17 6,400,000 (4,800,000) 1,600,000 -

Revaluation of Properties 16.031 12/08/16 5,000,000 2.50% 12/07/18 - 4,000,000 - 4,000,000 16.031 12/08/16 5,000,000 1.15% 12/08/17 5,000,000 (4,000,000) 1,000,000 -

Hurricane Sandy Recovery12-841 12/28/12 5,965,000 1.15% 12/08/17 897,496 - 897,496 -

20,597,496$ -$ 6,897,496$ 13,700,000$

Original Issue:

67



NOTE D. MUNICIPAL DEBT (continued) The following is a schedule of special emergency note activity for the year ended December 31, 2016.

Contractual Severance Liabilities – The City has passed various special emergency appropriations for the purposes of funding contractually required severance liabilities resulting from the retirement of City employees as allowed by N.J.S.A. 40A:4-53h. Revaluation of Properties – The City passed Ordinance No. 11-043 to provide for the preparation and execution of a complete program of revaluation of real property for the use of the local assessor. This special emergency appropriation is authorized by N.J.S.A. 40A:4-53b. Sandy (Natural Disaster) – The City passed Resolution No. 12-842 to provide for the funding of various costs associated with damages sustained from Superstorm Sandy. This special emergency appropriation is authorized as an extraordinary expense by N.J.S.A. 40A:4-54.

Ordinance Interest Date of Balance Notes Notes Budget BalanceNumber Date Amount Rate % Maturity Dec. 31, 2015 Issued Refunded Appropriation Dec. 31, 2016

Contractual Severance Payments11-124 12/14/11 9,500,000$ 1.50% 12/09/16 1,900,000$ -$ -$ 1,900,000$ -$ 13-118 12/12/13 9,500,000 1.50% 12/09/16 5,700,000 - (3,800,000) 1,900,000 - 13-118 12/12/13 9,500,000 1.25% 12/08/17 - - 3,800,000 - 3,800,000 14-132 12/12/14 7,500,000 1.50% 12/09/16 6,000,000 - (4,500,000) 1,500,000 - 14-132 12/12/14 7,500,000 1.25% 12/08/17 - - 4,500,000 - 4,500,000 15.149 12/11/15 8,000,000 1.50% 12/09/16 8,000,000 - (6,400,000) 1,600,000 - 15.149 12/11/15 8,000,000 1.25% 12/08/17 - - 6,400,000 - 6,400,000

Revaluation of Properties 11-043 06/23/11 3,150,000 1.00% 04/14/16 630,000 - - 630,000 - 16.031 12/08/16 5,000,000 1.15% 12/08/17 - 5,000,000 - - 5,000,000

Hurricane Sandy Recovery12-841 12/28/12 5,965,000 1.00% 12/09/16 1,794,992 - (897,496) 897,496 - 12-841 12/28/12 5,965,000 1.15% 12/08/17 - - 897,496 - 897,496

24,024,992$ 5,000,000$ -$ 8,427,496$ 20,597,496$

Original Issue:

68



NOTE D. MUNICIPAL DEBT (continued) BONDS AND NOTES AUTHORIZED BUT NOT ISSUED At December 31, 2017 and 2016, the City has authorized but not issued bonds and notes of $29,336,887 and $29,708,545, respectively, in the General Capital Fund. The following activity relates to bonds and notes authorized but not issued that occurred during the years ended December 31, 2017:

The following activity relates to bonds and notes authorized but not issued that occurred during the years ended December 31, 2016:

Total General / Local School Water

Balance: December 31, 2016 29,708,545$ 26,659,629$ 1,587,258$ 1,461,658$

Add:Authorizations 2,600,000 2,600,000 - - Notes Matured 26,898,194 26,898,194 - -

Subtotal 59,206,739 56,157,823 1,587,258 1,461,658 Less:

Notes Issued 24,901,000 24,901,000 - - Cash Receipts 1,461,658 - - 1,461,658 Cancelled 1,510,000 1,510,000 - - Fund Balance 28 28 - - Budget Appropriations 1,997,166 1,997,166 - -

Balance: December 31, 2017 29,336,887$ 27,749,629$ 1,587,258$ -$

Total General / Local School Water


Add:Authorizations 197,096,905 185,936,905 - 11,160,000 Receivables Cancelled - - - - Notes Matured 40,602,842 40,602,842 - -

Subtotal 266,102,436 240,586,189 4,265,245 21,251,002 Less:

Bonds Issued 38,788,000 38,598,000 - 190,000 Notes Issued 26,898,194 26,898,194 - - Cash Receipts 4,511,438 4,511,438 - - Authorized for Refunding 141,848,950 131,758,950 - 10,090,000 Cancelled 18,328,661 6,141,330 2,677,987 9,509,344 Budget Appropriations 6,018,648 6,018,648 - -


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NOTE D. MUNICIPAL DEBT (continued) SUMMARY OF STATUTORY DEBT CONDITION - ANNUAL DEBT STATEMENT The summarized statement of debt condition which follows is prepared in accordance with the required method of setting up the Annual Debt Statement. At December 31, 2017: Net Debt of $417,807,408 divided by Equalized Valuation Basis per N.J.S.A. 40A:2-2 as amended, $25,242,322,640 = 1.66%.

At December 31, 2016: Net Debt of $456,452,228 divided by Equalized Valuation Basis per N.J.S.A. 40A:2-2 as amended, $22,343,602,064 = 2.04%.

Equalized valuation basis is the average of the equalized valuations of real estate, including improvements, and the assessed valuation of class II Railroad Property of the County for the last 3 preceding years. BORROWING POWER UNDER N.J.S.A. 40A:2-6 AS AMENDED

Gross Debt Deductions Net Debt

Local School District Debt 22,417,258$ 22,417,258$ -$

General Debt 625,889,349 208,081,941 417,807,408

648,306,607$ 230,499,199$ 417,807,408$

Gross Debt Deductions Net DebtLocal School District Debt 28,742,258$ 28,742,258$ -$ General Debt 721,324,113 264,871,885 456,452,228

750,066,371$ 293,614,143$ 456,452,228$

2017 2016Three-Year Average Equalized Valuation 25,242,322,640$ 22,343,602,064$ 3 1/2 % of Equalized Valuation Basis 883,481,292 782,026,072 Net Debt 417,807,408 456,452,228

Excess Borrowing Power 465,673,884$ 325,573,844$

At December 31,

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NOTE D. MUNICIPAL DEBT (continued) CITY-GUARANTEE OF OTHER PUBLIC BODY DEBT The City has adopted various ordinances over the years guaranteeing the payment of principal and interest on debt issues of the Jersey City Municipal Utilities Authority (MUA), for the purpose of providing additional security therefor. The amount of debt guaranteed by the City on behalf of the MUA as of December 31, 2017 and 2016 was $150,221,941and $199,455,227, respectively. NOTE E. FUND BALANCES APPROPRIATED Fund balance of the City consists of cash surplus and non-cash surplus. The City can anticipate fund balance to support its budget of the succeeding year, however, the use of non-cash surplus is subject to the prior written consent of the Division. Fund balances at December 31, 2017 and 2016 which were appropriated and included as anticipated revenue in the current fund budget of the succeeding year were as follows:

NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION Substantially all City employees participate in the Consolidated Police and Fireman’s Pension Fund (CPFPF), Public Employees Retirement System (PERS), Police and Fireman’s Retirement System of New Jersey (PFRS) or the Defined Contribution Retirement Program (DCRP), all of which are multiple employer plans sponsored and administered by the State of New Jersey, with the exception of the CPFPF, which is a single employer plan. The CPFPF, PERS and PFRS are cost sharing contributory defined benefit public employee retirement systems. The DCRP is a defined contribution plan. In addition, certain employees participate in the Employees' Retirement System of the City of Jersey City (JCERS) and the City’s Deferred Compensation Plan.

Fund Balance Utilized in Fund Balance Utilized inDec. 31, 2016 2017 Budget Dec. 31, 2017 2018 Budget

Current Fund 78,920,179$ 39,960,250$ 56,339,410$ 26,423,048$

Capital Fund 1,306,241 - 1,428,110 -

71



NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued) STATE-MANAGED PENSION PLANS – CPFPF The Consolidated Police and Fireman's Pension Fund (CPFPF) is a single employer contributory defined benefit plan which was established on January 1, 1952, under the provisions of N.J.S.A. 43:16 to provide retirement, death and disability benefits to county and municipal police and firemen who were appointed prior to July 1, 1944. The fund is a closed system with no active member and therefore no base payroll. The City currently only makes contributions for its retirees who are enrolled in this pension fund. During the years ended December 31, 2017, 2016 and 2015, the City contributed $-0-, $-0- and $46,592, respectively. STATE-MANAGED PENSION PLANS – PERS Plan Description and Eligibility The PERS was established in January, 1955 under provisions of N.J.S.A. 43:15A and provides retirement, death, disability and post-retirement medical benefits to certain qualifying Plan members and beneficiaries. Membership is mandatory to substantially all full time employees and vesting occurs after 8 to 10 years of service for pension benefits. Significant modifications to enrollment, benefits and eligibility for benefits under the plan were made in 2007, 2008, 2010 and 2011. These changes resulted in various “tiers” which distinguish period of eligibility for enrollment. The delineation of these tiers is as follows:

Tier 1: Employees enrolled before July 1, 2007.

Tier 2: Employees eligible for enrollment after June 30, 2007 but before November 2, 2008.

Tier 3: Employees eligible for enrollment after November 1, 2008 but before May 22, 2010.

Tier 4: Employees eligible for enrollment after May 21, 2010 but before June 28, 2011.

Tier 5: Employees eligible for enrollment after June 27, 2011.

72



NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued) Tier 1 and 2 employees must earn a base salary of $1,500 or more to enroll in the plan. Pensionable salaries are limited to the IRS maximum salary compensation limits for Tier 1 employees and social security maximum wage for Tier 2 employees. Tier 2 employees earning over the social security maximum wage are eligible to participate in DCRP for the excess amount. Tier 3 employees must earn a base salary that is annually adjusted. For the fiscal year ended December 31, 2017 and 2016 this base salary amount was $8,300, each year. Employees earning between $5,000 and the Tier 3 minimum base salary are eligible for participation in DCRP. Pensionable salaries are limited to the social security maximum wage. Employees earning over the social security maximum wage are eligible to participate in DCRP for the excess amount. Tier 4 and 5 employees do not have a minimum salary requirement to enroll, but must work a minimum of 32 hours per week. Employees not meeting the minimum hour requirement but that make over $5,000 are eligible to enroll in DRCP. Pensionable salaries are limited to the social security maximum wage. Employees earning over the social security maximum wage are eligible to participate in DCRP for the excess amount. Plan Benefits Service retirement benefits of 1/55th of final average salary for each year of service credit is available to tiers 1 and 2 members upon reaching age 60 and to tier 3 members upon reaching age 62. Service retirement benefits of 1/60th of final average salary for each year of service credit is available to tier 4 members upon reaching age 62 and tier 5 members upon reaching age 64. Early retirement benefits are available to tiers 1 and 2 members before reaching age 60, tiers 3 and 4 before age 62 and tier 5 with 30 or more years of service credit before age 65. Benefits are reduced by a fraction of a percent for each month that a member retires prior to the retirement age of their respective tier. Deferred retirement is available to members who have at least 10 years of service credit and have not reached the service retirement age for the respective tier. Each of the 5 Tiers have eligibility requirements and benefit calculations which vary for deferred retirements, early retirements, veteran retirements, ordinary disability retirements and accidental disability retirements. There is no minimum service requirement to receive these pension benefits. State-paid insurance coverage may be obtained after 25 years of service for employees in Tiers 1 through 4 and 30 years of service for Tier 5 employees.

73



NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued) Contributions and Liability The contribution policy for PERS is set by N.J.S.A. 43:15A and requires contributions by active members and their employers. Such contributions may be amended by State legislation. Employers’ contribution amounts are based on an actuarially determined rate. The annual employer contributions include funding for basic retirement allowances and non-contributory death benefits. The employee contributions include funding for basic retirement allowances and contributory death benefits. Contributions made by the City and its employees for the previous three years are as follows:

(1) The rate noted took effect on July 1.

At June 30, 2017 and 2016, the City’s net pension liability for PERS, including the City’s proportionate share, was as follows:

Sensitivity of the City’s Proportionate Share of the Net Pension Liability to Changes in the Discount Rate The following presents the City’s proportionate share of the net pension liability of the as of June 30, 2017 and 2016, calculated using the discount rate as disclosed in the table and paragraphs that follow as well as what the collective net pension liability would be if it was calculated using a discount rate that is 1% lower or 1% higher than the current rate:

Amount As a Base WagesYear Ended Paid or Percentage of Subject to Amount

December 31, Charged Base Wages Contributions Contributed

2017 4,048,980$ 15.0% 26,957,096$ 7.34% (1) 1,959,697$ 2016 3,796,490 15.9% 23,906,845 7.20% (1) 1,705,719 2015 2,767,056 14.6% 19,018,935 7.06% (1) 1,330,083

City Contribution Employee ContributionsAs a

Percentage ofBase Wages

Year Ended Net Pension

June 30, Rate Change Liability

2017 0.38824% 0.00004% 90,376,243$

2016 0.38820% 0.14823% 114,973,627

Proportionate Share

At: Rate Amount Rate Amount

1% Decrease 4.00% 112,117,863$ 2.98% 140,886,760$

Current Discount Rate 5.00% 90,376,243 3.98% 114,973,627

1% Increase 6.00% 72,262,779 4.98% 93,580,089

2017 2016

74



NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued) Actuarial Assumptions The total pension liability for the June 30, 2017 and June 30, 2016 measurement dates were determined by actuarial valuations as of July 1, 2016 and 2015, respectively, which were rolled forward to June 30, 2017 and 2016, respectively. These actuarial valuations used the following actuarial assumptions, applied to all periods in the measurement:

Mortality – For both the June 30, 2017 and 2016 Measurement Dates, preretirement mortality rates were based on the RP-2000 Employee Preretirement Mortality Table for male and female active participants (set back two years for males and seven years for females). In addition, the tables provided for future improvements in mortality from the base year of 2013 using a generational approach based on the plan actuary’s modified MP-2014 projection scale. Post-retirement mortality rates were based on the RP-2000 Combined Healthy Male and Female Mortality Tables (set back one year for males and females) for service retirements and beneficiaries of former members and a one-year static projection based on mortality improvement Scale AA. In addition, the tables for service retirements and beneficiaries of former members provide for future improvements in mortality from the base year of 2013 using a generational approach based on the plan actuary’s modified MP-2014 projection scale. Disability retirement rates used to value disabled retirees were based on the RP-2000 Disabled Mortality Table (set back three years for males and set forward one year for females). The actuarial assumptions used in both the July 1, 2016 and 2015 valuations were based on the results of an actuarial experience study for the period July 1, 2011 to June 30, 2014. It is likely that future experience will not exactly conform to these assumptions. To the extent that actual experience deviates from these assumptions, the emerging liabilities may be higher or lower than anticipated. The more the experience deviates, the larger the impact on future financial statements will be.

InvestmentMeasurement Inflation Rate of

Date of Rate 2026 Thereafter Return

June 30, 2017 2.25% 1.65-4.15% 2.65-5.15% 7.00%

June 30, 2016 3.08% 1.65-4.15% 2.65-5.15% 7.65%

Age-Based Salary IncreasesThrough

75



NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued) Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of return on plan investments (7.00% at June 30, 2017 and 7.65% at June 30, 2016) is determined by the State Treasurer, after consultation with the Directors of the Division of Investments and Division of Pensions and Benefits, the board of trustees and the actuaries. The long-term expected rate of return was determined using a building block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic rates of return for each major asset class included in PERS target asset allocations as of June 30, 2017 and 2016 are summarized in the following table:

Long-Term Long-TermExpected Expected

Target Real Rate of Target Real Rate ofAsset Class Allocation Return Asset Class Allocation Return

Absolute Return / Risk Mitigation 5.00% 5.51% Cash & Equivalents 5.00% 0.87%Cash & Equivalents 5.50% 1.00% U.S. Treasuries 1.50% 1.74%U.S. Treasuries 3.00% 1.87% Investment Grade Credit 8.00% 1.79%Investment Grade Credit 10.00% 3.78% Mortgages 2.00% 1.67%Public High Yield 2.50% 6.82% High Yield Bonds 2.00% 4.56%Global Diversified Credit 5.00% 7.10% Inflation-Indexed Bonds 1.50% 3.44%Credit Oriented Hedge Funds 1.00% 6.60% Broad U.S. Equities 26.00% 8.53%Debt Related Private Equity 2.00% 10.63% Developed Foreign Equities 13.25% 6.83%Debt Related Real Estate 1.00% 6.61% Emerging Market Equities 6.50% 9.95%Private Real Asset 2.50% 11.83% Private Equity 9.00% 12.40%Equity Related Real Estate 6.25% 9.23% Hedge Funds / Absolute Return 12.50% 4.68%U.S. Equity 30.00% 8.19% Real Estate (Property) 2.00% 6.91%Non-U.S. Developed Markets Equity 11.50% 9.00% Commodities 0.50% 5.45%Emerging Market Equities 6.50% 11.64% Global Debt ex U.S. 5.00% -2.50%Buyouts / Venture Capital 8.25% 13.08% REIT 5.25% 5.63%

June 30, 2017 June 30, 2016

76



NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued) Discount Rate - The discount rate used to measure the total pension liability was 5.00% and 3.98% as of June 30, 2017 and 2016, respectively. This single blended discount rate was based on the long-term expected rate of return on pension plan investments of 7.00% and 7.65% as of June 30, 2017 and 2016, respectively, and a municipal bond rate of 3.58% and 2.85% as of June 30, 2017 and 2016, respectively, based on the Bond Buyer Go 20-Bond Municipal Bond Index which includes tax-exempt general obligation municipal bonds with an average rating of AA/Aa or higher. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made based on the contribution rate in the most recent fiscal year for each of the June 30, 2017 and June 30, 2016 measurement dates. Local employers contributed 100% of their actuarially determined contributions.

Based on those assumptions, the plan’s fiduciary net position was projected to be available to make projected future benefit payments of current plan members through 2040 and 2034 as of June 30, 2017 and 2016, respectively. Therefore, the long-term expected rate of return on plan investments was applied to projected benefit payments through 2040 and 2034 as of June 30, 2017 and 2016, respectively, and the municipal bond rate was applied to projected benefit payments after those dates in determining the total pension liability. Deferred Outflows and Inflows of Resources

The following presents a summary of changes in the collective deferred outflows of resources and deferred inflows of resources for the years ended June 30, 2017 and 2016:

Deferred Deferred Net Deferred Deferred Deferred Net DeferredOutflows Inflows Outflow / Outflows Inflows Outflow /

of Resources of Resources (Inflow) of Resources of Resources (Inflow)

Changes of Assumptions 18,207,698$ (18,140,945)$ 66,753$ 23,816,395$ -$ 23,816,395$ Difference Between Expected

and Actual Experience 2,128,049 - 2,128,049 2,138,161 - 2,138,161 Net Difference Between

Projected and Actual Earningson Pension Plan Investments 615,401 - 615,401 4,384,049 - 4,384,049

Changes in Proportion 24,435,346 (23,713,963) 721,383 10,684,502 (9,913,856) 770,646

45,386,494$ (41,854,908)$ 3,531,586$ 41,023,107$ (9,913,856)$ 31,109,251$

June 30, 2017 June 30, 2016

77



NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued) STATE-MANAGED PENSION PLANS – PERS (continued) Deferred Outflows and Inflows of Resources Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:

STATE-MANAGED PENSION PLANS – PFRS Plan Description and Eligibility The PFRS was established in July, 1944, under the provisions of N.J.S.A. 43:16A to provide coverage to substantially all full time county and municipal police or firefighters and state police appointed after June 30, 1944. Membership is mandatory for such employees with vesting occurring after 10 years of membership. Significant modifications to enrollment, benefits and eligibility for benefits under the plan were made in 2010 and 2011. These changes resulted in various “tiers” which distinguish period of eligibility for enrollment. The delineation of these tiers is noted as follows:

Tier 1: Employees enrolled before May 22, 2010.

Tier 2: Employees enrolled after May 21, 2010 but before June 29, 2011.

Tier 3: Employees enrolled after June 28, 2011. There is no minimum salary requirement to enroll, regardless of tier. Pensionable salaries are limited to the social security maximum wage for Tier 2 and 3 employees and federal pensionable maximum for Tier 1 employees. Employees earning over the social security maximum wage are eligible to participate in DCRP for the excess amount.

Year EndedJune 30,

2018 2,365,158$ 2019 3,030,476 2020 2,156,544 2021 (2,133,513) 2022 (1,887,080)

3,531,586$

78



NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued) Plan Benefits Service retirement benefits are available at age 55 and are generally determined to be 2% of final compensation for each year of creditable service, as defined, up to 30 years plus 1% for each year of service in excess of 30 years. Members may seek special retirement after achieving 25 years of creditable service, in which benefits would equal 65% (tiers 1 and 2 members) and 60% (tier 3 members) of final compensation plus 1% for each year of creditable service over 25 years but not to exceed 30 years. Members may elect deferred retirement benefits after achieving ten years of service, in which case benefits would begin at age 55 equal to 2% of final compensation for each year of service. Contributions and Liability The contribution policy for PFRS is set by N.J.S.A. 43:16A and requires contributions by active members and their employers. Such contributions may be amended by State legislation. Employers’ contribution amounts are based on an actuarially determined rate which includes the normal cost and unfunded accrued liability. The annual employer contributions include funding for basic retirement allowances and non-contributory death benefits. The employee contributions include funding for basic retirement allowances and contributory death benefits. Contributions made by the City and its employees for the previous three years are as follows:

Under N.J.S.A. 43:16A-15, local participating employers are responsible for their own contributions based on actuarially determined amounts, except where legislation was passed which legally obligated the State if certain circumstances occurred. The legislation which legally obligates the State is as follows: Chapter 8, P.L. 2000, Chapter 318, P.L. 2001, Chapter 86, P.L. 2001, Chapter 511, P.L. 1991, Chapter 109, P.L. 1979, Chapter 247, P.L. 1993 and Chapter 201, P.L. 2001.

Amount As a Base WagesYear Ended Paid or Percentage of Subject to Amount

December 31, Charged Base Wages Contributions Contributed

2017 38,869,751$ 0.0% 144,810,473$ 14,481,047$ 2016 38,097,772 26.1% 145,992,133 14,599,213 2015 34,790,479 24.4% 142,418,958 14,241,896

As aPercentage ofBase Wages

10.00%

10.00%

City Contribution Employee Contributions

10.00%

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NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued) STATE-MANAGED PENSION PLANS – PFRS (continued) The amounts contributed on behalf of the City under this legislation are considered to be a special funding situation. As such, the State is treated as a non-employer contributing entity. Since the City does not contribute under this legislation directly to the plan (except for employer specified financed amounts), there is no net pension liability to report in the financial statements of the City related to this legislation. However, the notes to the financial statements of the City must disclose the portion of the State’s total proportionate share of the collective net pension liability that is associated with the City. At June 30, 2017 and 2016, the City’s net pension liability for PFRS, including the special funding situation described above and changes in the City’s proportionate share, was as follows:

Sensitivity of the City’s Proportionate Share of the Net Pension Liability to Changes in the Discount Rate

The following presents the City’s proportionate share of the net pension liability of the as of June 30, 2017 and 2016, calculated using the discount rate as disclosed above as well as what the collective net pension liability would be if it was calculated using a discount rate that is 1% lower or 1% higher than the current rate:

State of N.J.

(nonemployer)

Year Ended Net Pension On-Behalf

June 30, Unit Rate Change Liability of City Total

2017 Police 2.62429% 0.05679% 405,139,869$ 45,379,078$ 450,518,947$

2017 Fire 1.90286% -0.02017% 293,764,059 32,904,049 326,668,108

2017 Total * * 698,903,928$ 78,283,127$ 777,187,055$

2016 Police 2.56750% 0.02666% 490,457,948$ 41,186,303$ 531,644,251$

2016 Fire 1.92303% 0.04428% 367,347,939 30,848,116 398,196,055

2016 Total * * 857,805,887$ 72,034,419$ 929,840,306$

City (employer)

Proportionate Share

At: Rate Amount Rate Amount

1% Decrease 5.14% 920,863,482$ 4.55% 1,106,077,793$

Current Discount Rate 6.14% 698,903,928 5.55% 857,805,887

1% Increase 7.14% 516,538,916 6.55% 381,323,823

2017 2016

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NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued) Actuarial Assumptions

The total pension liability for the June 30, 2017 and June 30, 2016 measurement dates were determined by actuarial valuations as of July 1, 2016 and 2015, respectively, which were rolled forward to June 30, 2017 and 2016, respectively. These actuarial valuations used the following actuarial assumptions:

Mortality – For the June 30, 2017 and 2016 Measurement Dates, preretirement mortality rates were based on the RP-2000 Preretirement Mortality Tables projected 13 years using Projection Scale BB and then projected on a generational basis using the plan actuary’s modified 2014 projection scales. Postretirement mortality rates for male service retirements and beneficiaries are based on the RP-2000 Combined Health Mortality Tables projected one year using Projection Scale AA and then three years for June 30, 2017 and two years for June 30, 2016 using the plan actuary’s modified 2014 projection scales and further projected on a generational basis using the plan actuary’s modified 2014 projection scales. Post-retirement mortality rates for female service retirements and beneficiaries were based on the RP-2000 Combined Healthy Mortality Tables projected 13 years using Projection Scale BB and then three years for June 30, 2017 and two years for June 30, 2016 using the plan actuary’s modified 2014 projection scales and further projected on a generational basis using the plan actuary’s modified 2014 projection scales. Disability mortality rates were based on special mortality tables used for the period after disability retirement. The actuarial assumptions used in the July 1, 2016 and 2015 valuations were based on the results of an actuarial experience study for the period July 1, 2010 to June 30, 2013.

InvestmentMeasurement Inflation Rate of

Date of Rate 2026 Thereafter Return

June 30, 2017 2.25% 2.10-8.98% 3.10-9.98% 7.00%

June 30, 2016 3.08% 2.10-8.98% 3.10-9.98% 7.65%

Age-Based Salary IncreasesThrough

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NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued) Long-Term Expected Rate of Return - In accordance with State statute, the long-term expected rate of return on plan investments (7.00% at June 30, 2017 and 7.65% at June 30, 2016) is determined by the State Treasurer, after consultation with the Directors of the Division of Investments and Division of Pensions and Benefits, the board of trustees and the actuaries. The long-term expected rate of return was determined using a building block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic rates of return for each major asset class included in PFRS target asset allocations as of June 30, 2017 and 2016 are summarized in the following table:

Long-Term Long-TermExpected Expected

Target Real Rate of Target Real Rate ofAsset Class Allocation Return Asset Class Allocation Return

Absolute Return / Risk Mitigation 5.00% 5.51% Cash & Equivalents 5.00% 0.87%Cash & Equivalents 5.50% 1.00% U.S. Treasuries 1.50% 1.74%U.S. Treasuries 3.00% 1.87% Investment Grade Credit 8.00% 1.79%Investment Grade Credit 10.00% 3.78% Mortgages 2.00% 1.67%Public High Yield 2.50% 6.82% High Yield Bonds 2.00% 4.56%Global Diversified Credit 5.00% 7.10% Inflation-Indexed Bonds 1.50% 3.44%Credit Oriented Hedge Funds 1.00% 6.60% Broad U.S. Equities 26.00% 8.53%Debt Related Private Equity 2.00% 10.63% Developed Foreign Equities 13.25% 6.83%Debt Related Real Estate 1.00% 6.61% Emerging Market Equities 6.50% 9.95%Private Real Asset 2.50% 11.83% Private Equity 9.00% 12.40%Equity Related Real Estate 6.25% 9.23% Hedge Funds / Absolute Return 12.50% 4.68%U.S. Equity 30.00% 8.19% Real Estate (Property) 2.00% 6.91%Non-U.S. Developed Markets Equity 11.50% 9.00% Commodities 0.50% 5.45%Emerging Market Equities 6.50% 11.64% Global Debt ex U.S. 5.00% -2.50%Buyouts / Venture Capital 8.25% 13.08% REIT 5.25% 5.63%

June 30, 2017 June 30, 2016

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NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued) STATE-MANAGED PENSION PLANS – PFRS (continued) Discount Rate - The discount rate used to measure the total pension liability was 6.14% and 5.55% as of June 30, 2017 and 2016, respectively. This single blend discount rate was based on the long-term expected rate of return on pension plan investments of 7.00% and 7.65% as of June 30, 2017 and 2016, respectively, and a municipal bond rate of 3.58% and 2.85% as of June 30, 2017 and 2016, respectively, based on the Bond Buyer Go 20-Bond Municipal Bond Index which includes tax-exempt general obligation municipal bonds with an average rating of AA/Aa or higher. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers and the nonemployer contributing entity will be made based on the contribution rate in most recent fiscal year. Based on those assumptions, the plan’s fiduciary net position was projected to be available to make projected future benefit payments of current plan members through 2057 and 2050 as of June 30, 2017 and 2016, respectively. Therefore, the long-term expected rate of return on plan investments was applied to projected benefit payments through 2057 and 2050 as of June 30, 2017 and 2016, respectively, and the municipal bond rate was applied to projected benefit payments after that date in determining the total pension liability. Deferred Outflows and Inflows of Resources

The following presents a summary of changes in the collective deferred outflows of resources and deferred inflows of resources (excluding employer specific amounts) for the years ended June 30, 2017 and 2016:

Deferred Deferred Net Deferred Deferred Deferred Net DeferredOutflows Inflows Outflow / Outflows Inflows Outflow /

of Resources of Resources (Inflow) of Resources of Resources (Inflow)

Changes of Assumptions 86,182,640$ (114,460,028)$ (28,277,388)$ 118,813,164$ -$ 118,813,164$ Difference Between Expected

and Actual Experience 4,534,077 (4,101,985) 432,092 - (5,623,044) (5,623,044) Net Difference Between

Projected and Actual Earningson Pension Plan Investments 13,336,725 - 13,336,725 60,104,732 - 60,104,732

Changes in Proportion 23,664,481 (7,045,944) 16,618,537 22,360,402 (6,604,048) 15,756,354

127,717,923$ (125,607,957)$ 2,109,966$ 201,278,298$ (12,227,092)$ 189,051,206$

June 30, 2017 June 30, 2016

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NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued)

STATE-MANAGED PENSION PLANS – PFRS (continued)

Amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:

STATE-MANAGED PENSION PLANS - GENERAL

The State established and administers a Supplemental Annuity Collective Trust Fund (SACT) which is available to active members of several State-administered retirement systems to purchase annuities to supplement the guaranteed benefits provided by their retirement system. The State or local government employers do not appropriate funds to SACT. The State also administers the Pension Adjustment Fund (PAF) which provides cost of living increases, equal to 60 percent of the change in the average consumer price index, to eligible retirees in all State-sponsored pension systems except SACT. The cost of living increases for PFRS and PERS are funded directly by each of the respective systems and are considered in the annual actuarial calculation of the required State contribution for that system. According to state statutes, all obligations of PERS and PFRS will be assumed by the State of New Jersey should the PERS and PFRS be terminated.

PERS and PFRS Fiduciary Net Position

The State of New Jersey issues publicly available financial reports that include the financial statements, required supplementary information and detailed information about the fiduciary net position of the PERS and PFRS. These financial statements were prepared in accordance with accounting principles generally accepted in the United States. This report may be obtained by writing to the State of New Jersey, Department of the Treasury, Division of Pensions and Benefits, P.O. Box 295, Trenton, New Jersey 08625-0295 or accessed at www.state.nj.us/treasury/pensions.

Year EndedJune 30,

2018 12,757,270$ 2019 26,407,182 2020 5,126,348 2021 (28,652,657) 2022 (13,528,178)

2,109,966$

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NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued) STATE-MANAGED PENSION PLANS – PENSION DEFERRAL Legislation, known as Chapter 19 of the Public Laws of 2009 (P.L. 2009, c. 19), was enacted and effective on March 17, 2009 allowing for an adjustment in the contributions that local employers, such as the City, must make to the PERS and PFRS during the year ended June 30, 2009. Under this legislation, local governments were given the option to defer exactly 50% of their required pension contribution as certified by the State of New Jersey, Department of the Treasury, Division of Pensions and Benefits or pay the full amount of the required contribution for the year ended June 30, 2009. The City elected the 50% deferral, totaling $14,826,590, consisting of $14,129,001 for PFRS and $697,589 for PERS. Under the terms of the pension deferral, the City is obligated to repay the entire deferral in 15 amortized annual installments starting April 1, 2012 and ending April 1, 2026. These payments will be added to the regular pension bills. In 2016, the City dissolved the Jersey City Incinerator Authority, and therefore assumed its share of pension deferral obligations. The amount of the deferral paid during the years ended December 31, 2017 and 2016, as well as the short term liability of the deferral, are as follows:

DEFINED CONTRIBUTION RETIREMENT PROGRAM The DCRP provides eligible members with a tax-sheltered, defined contribution retirement benefit, along with life insurance and disability coverage. Individuals eligible for membership in the DCRP include (a) state or local officials elected or appointed to new office on or after July 1, 2007, (b) employees enrolled in PERS on or after July 1, 2007 or PFRS after May 21, 2010 who earn salary in excess of established maximum compensation limit and (c) employees otherwise eligible for PERS on or after November 2, 2008 or PFRS after May 21, 2010 that earn below the minimum PERS or PFRS salary but more than $5,000 annually.

Due April 1,2016 2017 2018

PERS 107,071$ 148,612$ 150,500$ PFRS 2,127,246 2,147,947 2,169,712

Total 2,234,317$ 2,296,559$ 2,320,212$

Combined Interest and PrincipalPaid During Year Ended Dec. 31,

85



NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued)

Vesting occurs upon commencement of the third year of membership. Should the vesting period not be reached, contributions will be refunded to the appropriate contributing parties. Employer matching contributions and earnings are only available after the age of 55. Distributions render the member retired and ineligible for future participation in any State-administered plans. Otherwise, distributions are available at any time as lump sum, fixed term or life annuity. Members are covered by employer-paid life insurance in the amount of 1 ½ times the annual base salary on which DCRP contributions were based. Members are also eligible for employer-paid long-term disability coverage after one year of participation. Eligibility occurs after six consecutive months of total disability. Members would receive a regular monthly income benefit up to 60% of the base salary on which DCRP contributions were based during the 12 months preceding the onset of the disability, offset by any other periodic benefit the member may be receiving. Benefits will be paid until the age of 70 so long as the member remains disabled and has not begun receiving retirement annuity payments. The following table represents the City and employee contributions during the previous three years:

EMPLOYEES' RETIREMENT SYSTEM OF JERSEY CITY

The Employees' Retirement System of Jersey City (JCERS) became effective February 22, 1965, under N.J.S.A. 43:13-22.50, et seq. Legislation was approved amending the JCERS on May 9, 1990, effective June 1, 1990 and August 19, 1996 to revise the retirement and survivorship benefits payable to retirees and beneficiaries. Legislation in 2003 (Chapter 167, P.L. 2003) increased retirement allowances to 100% of CPI increases, replacing the previous 60%. Finally, Chapter 247, P.L. 2005 decreased the early retirement factor from 2/12 of 1% to 1/12 of 1% per month for retirees prior to the age of 60. The following plan description reflects these amendments. Under Chapter 282, P.L. 2013, legislation amends Section 43:13-22.73 to decrease retirants’ Cost of Living Adjustments from 100% to 50% of the percentum of change in the Department of Labor's Consumer Price Index, which is assumed to increase at 3% per year.

As a As aYear Ended Estimated Percentage of Percentage of

Dec. 31, Amount Base Payroll Amount Base Payroll

2017 77,840$ 5.50% 42,458$ 3.00%2016 71,977 5.50% 39,260 3.00%2015 72,582 5.50% 39,590 3.00%

Employee Contributions City Contributions

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NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued) Plan Members - The number of plan members at January 1, 2016 was as follows:

Plan Description - The Plan is a single employer defined benefit pension plan covering certain employees of the City. Employees who were members of the former pension system (other than police, fire and Board of Education employees) hired after February 22, 1965, and under age 40 at the date of employment must become members of the Plan. In addition, temporary employees hired after October 7, 1984, with one year's continuous service, and under age 40 at the date of employment, must also become members of the Plan. Employees of the City who are not eligible to become members of the Plan are covered under the Public Employees' Retirement System which is managed by the State of New Jersey. The activities of the JCERS are administered by a Pension Commission, which consists of the Mayor, Chief Financial Officer, two elected employee representatives, and one appointed citizen member. UBS and Trust Company of the West are designated custodians of the Plan’s investments. The JCERS has an actuarial valuation performed bi-annually as required by GASB. The most recent actuarial position of the JCERS was conducted as of December 31, 2017. Such valuations provide a basis for determining the contributions payable by the City. The JCERS issues publicly available financial reports that include the financial statements and required supplementary information of the system. The financial report may be obtained by writing to the City Clerk, City of Jersey City, 280 Grove Street, Jersey City, NJ 07302. Funding Policy - The JCERS is supported by joint contributions of its members and of the City. Each member, on the effective date of the system, is required to contribute 6% to 8.5% of gross payroll. The contribution percentage varies with the member's age at the time of appointment. Each active member, who became a member after the effective date of the Plan, is required to contribute from 6.2% to 10.15% of their salary. The contribution percentage varies with the member's age on the date of entry to the Plan.

Retired Members and Eligibles Survivors 349 Inactive Members Entitled to But Not Yet Receiving Benefits 19 Active Members 818

1,186

87



NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued) Although it has not expressed any intention to do so, the City has the right to discontinue its contributions to the JCERS at any time and to terminate the JCERS subject to legislation. The City's contribution to the JCERS for the years ended December 31, 2017 and 2016 was $9,054,000 and $8,841,332, respectively. Pension Benefits - For the purpose of this section "final salary" for benefit purposes is to be defined as the average annual salary during the member's final 3 years of service or for any 3 fiscal years of membership providing the largest possible benefit to the member or beneficiary. Final Salary for employees hired after January 17, 2014 is changed to be the average annual compensation for any five fiscal years of membership providing the largest benefit. Pension benefits partially vest after 10 years of credited service. If a member has completed 10 years of credited service, and is separated from service either voluntarily or involuntarily, prior to age 60 (65 for employees hired after January 17, 2014), the member may elect to receive a lump- sum distribution of their own contributions, or to receive a deferred pension commencing at age 60 (65 for employees hired after January 17, 2014). The deferred pension is equal to 50% of the member's final salary multiplied by the ratio of years of credited service to years of credited service which would have been attained had the member continued to age 60 (65 for employees hired after January 17, 2014). The minimum annual pension is $3,600. On August 19, 1996, the Plan was amended. Participants are eligible to receive normal retirement benefits upon completion of 20 years (25 years for employees hired after January 17, 2014) of service and attainment of age 60 (age 65 for employees hired after January 17, 2014). Benefits under the Plan are calculated on the basis of 55% of final salary, plus 1% of the final salary for each year in excess of 20 (25 years for employees hired after January 17, 2014) years. Participants are eligible for retirement benefits upon attaining age 60 (65 for employees hired after January 17, 2014) with less than 20 (25 years for employees hired after January 17, 2014) years of service. Benefits under the Plan are calculated on the basis of 2% of the retirant's final salary for each year of creditable service. For members electing early retirement, prior to age 60 (65 for employees hired after January 17, 2014), with 25 (30 years for employees hired after January 17, 2014) years of credited service, benefits under the Plan equal 55% of final salary reduced by 1/12 of 1% for each month that the member is less than age 60 (3/12 of 1% for each month that the member is less than age 65 for employees hired after January 17, 2014).

88



NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued) Disability and Death Benefits - Any member who has 5 or more years of creditable service and has become permanently disabled may retire on a disability pension computed on the basis of 50% of their final salary plus 1% for each year of creditable service in excess of 20 years. Any member who becomes permanently disabled as a result of the performance of their regular duties during employment may retire on a disability pension. The pension is equal to two-thirds of final salary. In the event of the member's death, there is a survivorship benefit to the member's surviving spouse of 50% of the member's final salary provided the member was employed by the City for a period of five years. In the case of no surviving spouse, other dependents receive a benefit to a lesser extent. Death of a retirant will result in the surviving spouse, minor children or dependent parents, receiving a survivorship benefit equal to 50% of the retirant's pension at retirement, not less than $3,600. Net Pension Liability - The components of the net pension liability as of December 31, 2017 and 2016 are as follows:

Covered employee payroll as of the January 1, 2016 actuarial valuation is $33,421,968. The net pension liability as a percentage of covered employee payroll is 303.17%.

Sensitivity of the Net Pension Liability to Changes in the Discount Rate - The following presents the net pension liability, calculated using the discount rate of 8.25%, as well as what the City’s net pension liability would be if it were calculated using a discount rate that is 1-percentage-point lower (7.25%) or 1- percentage-point higher (9.25%) than the current rate:

2017 2016

Total Pension Liability 220,191,604$ 212,425,996$ Plan Fiduciary Net Position 118,867,748 104,203,727 City's Net Pension Liability 101,323,856$ 108,222,269$

Plan's Fiduciary Net Positionas a Percentage of the TotalPension Liability 54.0% 49.1%

As of December 31,

Current1% Decrease Discount Rate 1% Increase

to 7.25% 8.25% to 9.25%

Net Pension Liability 127,620,597$ 101,323,856$ 86,853,297$

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NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued) Actuarial Assumptions - The total pension liability as of December 31, 2016 were determined by use of update procedures to roll forward the plan’s total pension liability as of December 31, 2015 to December 31, 2016 using the following actuarial assumptions, applied to all periods included in the measurement:

Actuarial cost method:

Entry Age Normal, Level Percentage of Pay

Inflation:

3.00% per annum

Salary increases:

Salaries are assumed to increase as follows:

Annual Rate of Annual Rate ofAge Salary Increase Age Salary Increase20 4.91% 50 3.57%25 5.00 55 3.0930 4.86 60 2.7435 4.50 62 2.5740 4.23 65 2.3045 3.85 69 1.86

Investment rate of return: 8.25%, net of pension plan investment expenses. This is based on an average inflation rate of 3.00% and a real rate of return of 5.25%.

Mortality rates among healthy annuitants were based on the RP-2000 Combined Healthy Male and Female Mortality Tables (setback 1 year for males and females) with a one year static projection based on mortality improvement scale AA and further projected from the base year of 2013 using a generational approach based on the Conduent Modified 2015 projection scale. Mortality rates among disabled annuitants were based he RP- 2000 Disabled Mortality Tables (set back 3 years for males and set forward 1 year for females) and further projected from the base year of 2013 using a generational approach based on the Conduent Modified 2015projection scale. The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation.

90



NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued) Best estimates of arithmetic rates of return for each major asset class included in the pension plan’s target asset allocation are summarized in the following table (note that the rates shown below include the inflation component). The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic rates of return for each major asset class included in the pension plan’s target asset allocation are summarized in the following table (note that the rates shown below include the inflation component):

Discount Rate - The discount rate used to measure the total pension liability was 8.25%. The projection of cash flows used to determine the discount rate assumed that Jersey City contributions will continue to follow the current funding policy. Based on those assumptions, the pension plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. In the event for benefit payments that are not covered by the pension plan's fiduciary net position, a municipal bond rate of 3.71% and 3.20% as of December 31, 2016 and 2015, respectively, are to be used to discount the benefit payments not covered by the pension plan's fiduciary net position. The rates are based on the S&P Municipal Bond 20 Year High Grade Rate Index. However, since the pension plan's fiduciary net position was projected to be available to make all projected future benefit payments of current plan members, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. The long-term expected rate of return of 8.25% per annum was used to reflect the expected asset allocation.

Asset Class 2017 2016

Domestic Equity 8.30% 7.50%International Equity 8.45% 8.50%Fixed Income 3.05% 3.50%Real Estate 6.90% 8.50%Cash 2.25% 2.50%

Long-Term Expected Rate of Returnat December 31,

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NOTE F. RETIREMENT SYSTEMS AND DEFERRED COMPENSATION (continued) DEFERRED COMPENSATION PLAN (unaudited) The City has established a deferred compensation program for its employees under Section 457 of the Internal Revenue Code. The deferred compensation program is a Public Employees' Deferred Compensation Plan, covering employees and elected officials who perform services for the City. The plan is underwritten by Prudential Insurance Company. The Plan is a tax-deferred supplemental retirement program that allows City employees to contribute a portion of their salaries, before federal taxes, to a retirement account. Contributions, or deferrals, are made through payroll deductions. Individuals are 100% vested. Distributions are not available to employees until termination, retirement, death, or unforeseeable emergency. All amounts of compensation deferred under the plan, all property and rights purchased with those amounts, and all income attributable to those amounts, property or rights are solely the property and rights of the individual contributors and are not subject to the claims of the City's general creditors. Assets of the plans are invested in various mutual funds at the discretion of the participants. NOTE G. POST-EMPLOYMENT BENEFITS Plan Description The City provides eligible retirees with medical, prescription drug, and life insurance benefits. Retirees who do not meet eligibility requirements for 100% City paid coverage but meet the eligibility requirements for 100% employee paid coverage can continue coverage by paying premiums established by the City. Two medical plans are offered to eligible retirees and their dependents: a Traditional plan and a Direct Access plan. These plans are self- insured through Horizon Blue Cross. Future retirees are only eligible for the Direct Access plan. Medical benefits coordinate with Medicare and retirees and their dependents are required to participate in Medicare A and B upon eligibility for these programs. Retirees, dependents, and surviving spouses are reimbursed the Part B premium by the City. Prescription drug benefits are provided to eligible retirees and their dependents at varying co-pays.

92



NOTE G. POST-EMPLOYMENT BENEFITS (continued) Plan Description – continued Dental and Vision benefits are available to eligible retirees and their dependents, however, retirees are required to pay 100% of the cost of these plans. Retirees of the Jersey City Police Officers Benevolent Association, Jersey City Police Superior Officers Association, Uniformed Fire Fighters Association of Jersey City and Jersey City Uniformed Fire Officers Associations receive life insurance or death benefits ranging from $1,500 to $2,500 dependent on retirement date. Employees other than Police and Firemen have no postemployment death benefits paid by Jersey City. Eligible dependents of retirees are provided medical and prescription drug benefits for their lifetime. In March 2010, the Patient Protection and Affordable Care Act (PPACA) was signed into law. The high cost excise tax (“Cadillac tax”) provisions of the Act are applicable. Additionally, on June 28, 2011 P.L. 2011 c. 78 (Chapter 78) was enacted. Chapter 78 contained many changes to the retirement and healthcare plans offered to employees and retirees of New Jersey State and Local government.. The number of retirees receiving benefits as of December 31, 2016, the effective date of the, valuation is 2,397; 1,048 of whom receive single benefit coverage. Active employees number 2,514 as of the same valuation date. The average age of active employees is 46 with an average accrued years of service of 12 years. Eligibility The above benefits are available for employees who retire under the following conditions:

After twenty-five years of service in PFRS or PERS

Upon disability retirement from PFRS, service requirements of four years for ordinary disability and none for accidental disability

Upon disability retirement from PERS, service requirements of ten years for ordinary disability and none for accidental disability

Upon disability from JCERS, service requirements of five years for ordinary disability and none for accidental disability

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NOTE G. POST-EMPLOYMENT BENEFITS (continued) Funding Policy Current retirees, dependents and survivors are not required to contribute toward the cost of the postretirement medical and prescription drug coverage. All costs are paid 100% by the City. Any employee who retires after satisfying the eligibility requirements who had less than 20 years of PERS or PFRS as of June 28, 2011, shall be required to contribute toward the cost of postretirement healthcare benefits. The retiree contributions are based on a percentage of the postretirement healthcare cost. The contribution percentages, which are phased-in over a four-year period, vary based on healthcare coverage tier and amount of PERS or PFRS pension amounts. Retired Police and Firefighters are not required to contribute toward the cost of post retirement life insurance benefits. The City currently accounts for these post retirement benefits on a pay-as-you-go basis. During the years ended December 31, 2017 and 2016, the City paid $23,854,172 and $20,518,187, respectively, for post-employment benefits. The City receives additional funding from the Early Retirement Reinsurance Program (ERRP) which is budgeted as a reduction to retiree health insurance costs. Actuarial Valuation Results Under GASB criteria, the City would recognize the cost of other post-employment benefits in the year when the employee services are received, report the accumulated liability from prior years, and provide information useful in assessing potential demands on the City’s future cash flows. However, since the City is using the modified accrual basis of accounting as prescribed by the Division, the City is not required to show any accrued liability on the face of its financial statements, only to the notes to those financial statements. The actuary has assumed the Annual Required Contribution will be amortized over 30 years, the maximum funding period. The OPEB’s benefit obligations, currently, are in two parts: (1) the present value of the benefits yet to be paid for those who are currently covered as retirees and (2) the present value of the benefits to be paid for those active participants once they become eligible for retiree benefits. Included in each present value is a cost for administering the retiree claims. The determination of the benefit obligation for those who are retired and covered involves estimating the survival and future claims for them and then discounting those future claims for the present time. With regard to the active group, a further estimate must be made regarding who will actually survive, in active employment, to retire and be covered after employment.

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NOTE G. POST-EMPLOYMENT BENEFITS (continued) Actuarial Valuation Results – continued The Actuarial Accrued Liability is as follows:

Actuarial Assumptions and Methods Turnover – The actuary assumed that terminations of employment other than for death or retirement will occur in the future in accordance with twice the rate of the US Office of Personnel Management regarding the experience of the employee group covered by the Federal Employees Retirement System some excerpts from which are:

TerminationAge Percent20 35.2%40 8.0%50 0.0%

Furthermore, the actuary assumed no terminations of employment other than for death or retirement once an employee accrued ten years of service.

Actuarial Accrued LiabilityRetirees 561,855,273$ Active or Terminated Vested Participants Not Yet Retired 74,847,202 Other Active Participants 399,343,585

Unfunded Actuarial Accrued Liability 1,036,046,060$

Discount Rate 4.50%

Normal Cost 39,125,035$ Annual Amount Toward Unfunded

Actuarial Accrued Liability 60,865,518

Annual Required Contribution 99,990,553 Less: Actuarial Determined City Contribution (estimated) 28,476,360

Net Increase 71,514,193$

Summary of Valuation Results - December 31, 2016

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NOTE G. POST-EMPLOYMENT BENEFITS (continued) Actuarial Assumptions – continued The remaining actuarial assumptions used to value the City’s post-employment benefits are as follows: Mortality: The mortality table employed is the 1994 sex distinct Group Annuity

Mortality Table.

Disability: No terminations of employment due to disability. Retirees resulting from a disability were factored into the actuary’s determination of age at retirement.

Age at Retirement: Police and Fire active employees, on average, will receive their benefits when eligible but no earlier than age 45. For those eligible to retire at such age, a 10% load in the actuarial liabilities was included. Civilian active employees, on average, will receive their benefits when eligible but no earlier than age 55

Spousal Coverage: Married employees will remain married.

Prior Service: No prior service for active employees.

Health Care Cost of Inflation:

Health care gross costs will increase at an annual rate of 7.0% for both Pre-Medicare and Post-Medicare benefits.

Administration Expenses

The annual cost to administer the retiree claims, approximately 2%, is included in the annual health care costs.

Final Average Salary

The actuary assumed that the final average salary for retirees age 55 and over is $78,000.

Current Per Capita Claims Costs

An annual average gross claims costs of $11,880 per covered retiree was used based on review of claims data for the 24 month period July 1, 2015 through December 31, 2016.

Methods

Actuarial Cost Method - There are several acceptable actuarial methods listed in the GASB standard. The actuarial cost method used to determine the plan’s costs is the “unit credit” cost method in establishing the annual required contribution and actuarial accrued liability for the participants. Asset Valuation Method - The plan is currently unfunded. Amortization Method and Period - The unfunded actuarial accrued liability is amortized as a level dollar amount using an open period of 30 years.

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NOTE H. COMPENSATED ABSENCES Under the existing contracts and policies of the City, certain employees are allowed to accumulate certain levels of vacation and sick pay over the duration of their employment. As of December 31, 2017 and 2016, the total accumulated absence liability was $108,439,233 and $116,308,347, respectively. As of December 31, 2017 and 2016, the City had no reserves available to fund such obligations. During the year ended December 31, 2017, the City appropriated in its budget and expended $10,061,022 for compensated absences. During the year ended December 31, 2016, the City expended $8,373,405 for compensated absences, $1,634,427 from its accumulated absence reserve and the remaining $6,738,978 was expended without appropriation, and which was funded in the 2017 budget, as required by statute. As described more fully in Note D, total Special Emergency Notes issued for contractual severance payments and outstanding as of December 31, 2017 and 2016 were $9,700,000 and $14,700,000, respectively. No additional emergency appropriations were passed since 2015. NOTE I. RISK MANAGEMENT Disaster Recovery The City has entered into contracts with various vendors in an effort to protect its financial processes and data in the event unforeseen disaster should occur. Included in these contracts are offsite storage of financial data tapes and payroll data offsite backup. The latter also provides the City the ability to run such process offsite if needed. Insurance Coverage The City established a self-insurance program in 1982 in accordance with New Jersey Statute Chapter 40:10-6. The Chapter enables the governing body of any local unit to create a fund to provide insurance coverage for its exposure to a wide variety of property casualty risks, including property damage caused to any of the unit's property, motor vehicles, equipment or apparatus; liability resulting from the use or operation of such motor vehicles, equipment or apparatus; liability for the unit's negligence, including that of its officers, employees and servants and workers' compensation obligations.

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NOTE I. RISK MANAGEMENT (continued) Insurance Coverage - continued The City self insures against tort claims (including claims arising from the use of motor vehicles), claims arising from police activities, unemployment compensation and workers' compensation lawsuits. The City has also obtained the following coverage:

Public officials' liability insurance with limits of $1,000,000 for employee theft, $1,500,000 for premises theft, $500,000 for computer fraud and $500,000 for forgery.

Directors and Officers liability policy with limits of $2,000,000.

General liability excess coverage of $2,500,000 per occurrence, $10,000,000 aggregate, per occurrence limit of $2,000,000 for workers’ compensation claims.

Building coverage ranging from $33,600 to $25,154,150, depending on the location insured.

Business personal property coverage ranging from $20,808 to $25,154,150, depending on the location insured.

Total property coverage of $246,825,449.

Commercial watercraft insurance providing hull coverage for $1,671,422 and protection and indemnity coverage in the amount of $1,000,000 per incident.

Recreation Department liability policy with limits of $1,000,000.

Flood insurance for various buildings totaling $630,000.

Site pollution incident legal liability select (spills) coverage in the amount of $25,000,000. NOTE J. CLEARING ACCOUNT The City maintains a clearing account in the Current Fund General Ledger so that cash received for revenues may be deposited promptly and distributed to proper accounts at a later date. The City also maintains a claims account, or a cash clearing bank account, from which bills are paid for the Current, Trust and Capital Funds.

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NOTE K. PREPAID DEBT SERVICE – QUALIFIED BONDS The City reverted its fiscal year from one ending June 30, annually, to one ending December 31, annually. This resulted in a six month transition year as follows:

12 months ended June 30, 2010……………......

Final “June 30” Year End

July 1, 2010 through December 31, 2010…....... Six Month Transition Year

January 1, 2011 through December 31, 2011….. First “December 31” Year End

The Division requires municipalities reverting to a calendar year to anticipate a full year of State Aid during the six month Transition Year. Whereas the City receives State Aid in two forms; (1) direct cash receipts from the State, and (2) debt payments made by the State on behalf of the City (Qualified Bonds), the City realized State Aid during the Transition Year as follows:

As a result, the City recognized State Aid revenues in the amount of $17,005,234 for debt service payments of the succeeding year, resulting in prepaid debt service at year end. The following schedule summarizes the State Aid received, qualified bond payments applied and the prepaid amounts as of December 31, 2017 and 2016.

Six Month Transition Year Ended December 31, 2010

State Aid Anticipated 66,933,632$ Less:

State Aid Received in Cash 28,599,305$ Qualifed Bond Program Payments 21,329,093

Subtotal: Aid Received 49,928,398

Prepaid Debt Service (To Realize State Aid in Full) 17,005,234$

2017 2016

Balance, Beginning of Year 12,562,462$ 17,029,830$

Add: State Aid 67,050,310 69,465,660 79,612,772 86,495,490

Less: Received in Cash 21,867,610 25,893,268 Qualified Bond Payments 46,019,272 48,039,760

Balance, End of Year 11,725,890$ 12,562,462$

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NOTE L. FIXED ASSETS In accordance with accounting practices prescribed by the Division, and as further detailed in Note A, no depreciation has been provided for and fixed assets acquired through grants in aid or contributed capital have not been accounted for separately. The City had the following investment balance and activity in general fixed assets as of and for the year ended December 31, 2017:

The City had the following investment balance and activity in general fixed assets as of and for the year ended December 31, 2016:

NOTE M. PREPAYMENTS OF PILOT REVENUES

The City has entered into certain financial agreements under the Long Term Tax Exemption Law, which allows developers to pay Annual Service Charges in Lieu of Taxes (PILOTs) upon completion of such construction projects. The City further structured many PILOT agreements prior to 2009 whereas (a) entities would prepay to the City, upon execution of the agreement and well in advance of project completion, the first year’s estimated Annual Service Charge and (b) the City would be required to refund or credit this prepayment to the entity once the project is completed, typically over a period of four years. The City realized these prepayments as revenues in the period received. In each of the first four years after project completion, the City reduces the amount of revenues from the calculated Annual Service Charges by crediting 25% of the prepaid amount each year. As of December 31, 2017 and 2016, the balance of City revenues collected in prior years which will be applied as refunds and credits on Annual Services Charges was $10,725,000 (estimated) and $12,725,940, each year.

Balance, Balance,Dec. 31, 2016 Additions Dispositions Dec. 31, 2017

Land 138,916,522$ -$ 11,156,322$ 127,760,200$

Improvements 130,980,911 100,667,505 - 231,648,416

Machinery and Equipment 79,395,979 - 24,472,265 54,923,714

349,293,412$ 100,667,505$ 35,628,587$ 414,332,330$

Activity During Current Year

Balance, Balance,Dec. 31, 2015 Additions Dispositions Dec. 31, 2016

Land 135,599,800$ 3,316,722$ -$ 138,916,522$

Improvements 125,658,997 5,321,914 - 130,980,911

Machinery and Equipment 62,024,548 17,371,431 - 79,395,979

323,283,345$ 26,010,067$ -$ 349,293,412$

Activity During Current Year

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NOTE N. DEFERRED CHARGES TO BE RAISED IN SUCCEEDING BUDGETS Certain expenditures are required to be deferred to budgets of succeeding years. At December 31, 2017, the following deferred charges are shown on the balance sheets of the various funds. The appropriations in the 2018 budget are not less than that required by statute.

Further descriptions of the above deferred charges follow. Contractual Severance Liabilities - A significant number of employees either retired or otherwise had their employment with the City terminated. The City passed special emergency appropriations to provide for payment of the resulting severance liabilities in 2015, 2014, 2013 and for $8,000,000, $7,500,000, $9,5000,000, and $9,500,000, respectively. The current balance to be raised is noted in the preceding table. The special emergency appropriations were financed with special emergency notes, discussed further in Note D. Superstorm Sandy - During the year ended December 31, 2012, the City suffered extensive damages from the effects of Superstorm Sandy and subsequent flooding. The City passed Resolution No. 12-842 which consisted of two emergencies related to this storm. The first is a $580,000 emergency appropriation and the second is a $15,420,000 special emergency appropriation. On March 28, 2013, the City adopted Ordinance No. 13-031 which re-appropriated $10,000,000 of this emergency as a capital ordinance for items as allowable under State statutes. The current balance to be raised in future current fund budgets is noted in the preceding table.

Add: Less: Balance toBalance, Results of 2017 Budget Balance, 2018 Budget Succeeding

Dec. 31, 2016 Current Year Appropriation Dec. 31, 2017 Appropriation Budgets

Current Fund:Special Emergency Authorizations (40A:4-53.b)

Revaluation of Properties-2016 5,000,000$ -$ 1,000,000$ 4,000,000$ 1,000,000$ 3,000,000$

Special Emergency Authorizations (40A:4-53.h)Contractual Severance Payments-2013 3,800,000 - 1,900,000 1,900,000 1,900,000 - Contractual Severance Payments-2014 4,500,000 - 1,500,000 3,000,000 1,500,000 1,500,000 Contractual Severance Payments-2015 6,400,000 - 1,600,000 4,800,000 1,600,000 3,200,000 -

Special Emergency Authorizations (40A:4-54)Superstorm Sandy 932,496 - 932,496 - - -

Expenditure without an AppropriationContractual Severance Payments-2016 6,738,978 - 6,738,978 - - -

Trust Fund:Overexpenditure of Private Duty Reserve - 153,900 - 153,900 153,900 -

27,371,474$ 153,900$ 13,671,474$ 13,853,900$ 6,153,900$ 7,700,000$

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NOTE N. DEFERRED CHARGES TO BE RAISED IN SUCCEEDING BUDGETS (continued) Revaluation of Properties - During the year ended December 31, 2016, the City passed a Special Emergency Appropriation in the amount of $5,000,000 for the preparation and execution of a complete program of revaluation of real property for the use of the local assessor. The current balance to be raised is noted in the preceding table. Expenditure without Appropriation - During the year ended December 31, 2016, the City expended $6,738,978 for contractual severance liabilities for which there was no legal appropriation. In accordance with N.J.S.A. 40A:4-57, such expenditure without appropriation is required to be raised in full in the budget of the succeeding year. Overexpenditure of Trust Fund Reserve - During the year ended December 31, 2016, the City expended $153,900 in excess of funds collected for Private Duty fees. This deferred charge was established in 2017 and is raised in full in the budget of 2018. NOTE O. RELATED PARTY TRANSACTIONS JERSEY CITY MUNICIPAL UTILITIES AUTHORITY On February 1, 1998, the City transferred its water operating functions to the Jersey City Municipal Utilities Authority (JCMUA). Pursuant to the franchise and service agreement, the City and the JCMUA agreed that the JCMUA will, in addition to paying the City an up-front franchise fee and annual franchise concession fees, (a) assume the responsibility for and the payment of the principal and interest on the City's water bonds; (b) pay the City for the oversight of the operations of the water system and (c) provide water and sewer service to the City free of charge for all governmental public facilities as identified by the City. As noted above, the JCMUA is responsible to reimburse the City for payments of principal and interest on water bonds. The amount of Water Serial Bonds payable, and therefore the corresponding amount receivable from the JCMUA to the City’s Capital Fund, at December 31, 2017 and 2016 was $21,150,000 and $25,590,000, respectively. During the year ended June 30, 2003, the City and the JCMUA agreed to extend the franchise agreement through March 31, 2028 for the price of $42,000,000. The City received $28,000,000 for the franchise extension in 2003 and 2004 combined, while the final payment of $14,000,000 was deferred and collected in 2016, rendering the balance due collected in full.

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NOTE O. RELATED PARTY TRANSACTIONS (continued) During the year ended December 31, 2017, the City overpaid $1,604,940 to the JCMUA for sewer and water fees collected as a result of its annual accelerated tax sale. This amount appears as a receivable on the City’s Current Fund balance sheet as of December 31, 2017. A summary of the amounts due from the JCMUA at December 31, 2017 is as follows:

A summary of the amounts due from the JCMUA at December 31, 2016 is as follows:

During the year ended December 31, 2017 and 2016, the City also received the following payments from the JCMUA:

Franchise Concession Payments of $21,000,000 and $20,000,001, respectively.

Franchise Extension Fees of $-0- and $14,000,000, respectively (as described in the preceding paragraphs)

Water Debt Service Payments of $5,189,955 (for principal of $4,440,000 and interest of $749,955) and $$3,837,778 (for principal of $2,950,000 and interest of $887,778), respectively.

Deferred Charges to Future Water Rents of $1,461,658 and $-0-, respectively, for the purpose of funding fully expended improvement authorizations that were not funded by notes or bonds.

Balance Payments BalanceDec. 31, 2016 Increased Received Dec. 31, 2017

Current Fund:Overpayment of Tax Sale Fees -$ 1,604,940$ -$ 1,604,940$

Capital Fund:Water Bond Principal 25,590,000 - 2,535,000 23,055,000

25,590,000$ 1,604,940$ 2,535,000$ 24,659,940$

Balance Additional Payments BalanceDec. 31, 2015 Debt Issued Received Dec. 31, 2016

Current Fund:Franchise Extension Agreement 14,000,000$ -$ 14,000,000$ -$

Capital Fund:Water Bond Principal 28,645,000 190,000 3,245,000 25,590,000

42,645,000$ 190,000$ 17,245,000$ 25,590,000$

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NOTE O. RELATED PARTY TRANSACTIONS (continued) JERSEY CITY BOARD OF EDUCATION As described in Note D, although the Jersey City Board of Education (JCBOE) is a Type II School District effective November 4, 2008, prior to that date the Board of Education operated as a Type I School District, therefore, bonds and notes authorized by the Board of Education prior to November 4, 2008 are general obligations of the City, are reported on the balance sheet of the City’s General Capital Fund and are accordingly included in the summary of municipal debt. The City budgets the principal and interest payments of the Board of Education’s obligations as they become due. These obligations are funded by the City through an amount to be raised by taxation called “addition to local district school tax”, less any regular school debt service aid received from the State of New Jersey. For the years ended December 31, 2017 and 2016, the City’s budget included the following debt service requirements of the Board of Education and corresponding anticipated revenues:

NOTE P. INTERFUND BALANCES The City has various transactions by and between its individual funds. Certain accounts of the Trust and Capital Funds earn interest which is required to be recorded as revenue in the Current Fund budget. Other transactions include budget appropriations in the Current Fund which are required to be turned over to the Federal and State Grant, Trust and Capital Funds. All these transfers are routine and are consistent with the activities of the funds making the transfers.

Dec. 31, 2017 Dec. 31, 2016Debt Service Requirements of the Board of Education:

Maturing Serial Bonds - School Qualified 6,325,000$ 12,355,000$ Interst on Bonds - School Qualified 780,819 1,006,441

7,105,819 13,361,441 Less: Applicable Revenues Anticipated

Building Aid Allowance for School Aid* 3,189,788 5,658,968

Balance for Support of Board of Education:Addition to Local District School Tax 3,916,031$ 7,702,473$

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NOTE P. INTERFUND BALANCES (continued) Transfers by and between the City’s funds during the years ended December 31, 2017 and 2016 consisted of the following:

Current Fund interfunds receivable are fully reserved and recognized as credits to operations in the year the interfunds are received in cash. Interfunds receivable in the Trust Funds and General Capital Fund are not reserved. The City expects to fully repay all balances in the subsequent year.

As of December 31, 2017, the City had the following interfunds on its balance sheets:

As of December 31, 2016, the City had the following interfunds on its balance sheets:

Transfers In Transfers Out Transfers In Transfers Out

Current Fund 437,602,709$ 449,142,132$ 287,336,721$ 287,174,745$ Federal & State Grants Fund 28,787,813 28,489,066 24,784,423 23,667,351 General Capital Fund 65,749,520 65,611,465 1,398,353 2,517,139 Animal Control Fund 324 241 - 17 Trust Fund - Other Funds 27,996,403 27,765,614 11,043,625 11,170,841 Open Space Trust Fund 623,000 1,246,000 - - Payroll Clearing Fund 335,736,542 324,241,793 252,945,712 252,978,741

896,496,311$ 896,496,311$ 577,508,834$ 577,508,834$

December 31, 2017 December 31, 2016

Amount Due From Fund Due To Fund103,817$ Grants Trust - Other Off Duty Police from Prior Year500,009 General Capital Trust - Other Charged Incorrect Fund for Equip.85,328 Current Trust - Other Anticipated Revenues

236,814 Trust - Other Current Various Trust Sub-Accounts623,000 Trust - Other Open Space Levy Transferred to Incorrect Fund63,481 Trust - Other Payroll Clearing Federal Grant Payrolls

96 Animal Control Current Miscellaneous11,469,449 Payroll Clearing Current Erroneous Payroll Transfers

9,086 Grants Payroll Clearing Grant Share of Payroll Costs329,337 Current General Capital Budget Appropriation and Interest142,235 Grants Current Reserves Cancelled / Chargebacks

Purpose

Amount Due From Fund Due To Fund147,426$ Current Grants Grant Cancelled in Prior Year

2,587 Current Trust - Other Miscellaneous32,617 General Capital Current Interest Earned

13 Animal Control Current Miscellaneous71 Payroll Clearing Current Miscellaneous

11,818 Trust - Other Current Anticipated Revenues103,817 Trust - Other Grants Off Duty Police97,938 Payroll Clearing Trust - Other Federal Grant Charges

Purpose

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NOTE Q. REVENUE ACCOUNTS RECEIVABLE Revenue accounts receivable include various receivables due from entities for revenues anticipated in support of the City’s budget. These receivables are fully reserved. The following table illustrates the activity of the revenue accounts receivable balances for the year ended December, 2017:

The following table illustrates the activity of the revenue accounts receivable balances for the year ended December, 2016:

NOTE R. ECONOMIC DEPENDENCY State Aid

The City is a recipient of State Aid. During the years ended December 31, 2017 and 2016, State Aid accounted for 11% and 12%, respectively, of the City’s realized revenues. Significant changes in State Aid policy, if they were to occur, in conjunction with legislation capping increases to the tax levy, could have a material impact on the City’s operations, if any such policy modifications were to occur.

Balance Current Year BalanceDec. 31, 2016 Accruals Collections Dec. 31, 2017

Municipal Court Fines and Costs 1,115,339$ 16,459,799$ 16,329,597$ 1,245,541$ Parking Enforcement Fees - 1,763,676 1,648,882 114,794 Total of Revenue Accounts Not Accruing Receivables - 221,999,939 221,999,939 -

Total Revenue Accounts Receivable 1,115,339$ 240,223,414$ 239,978,418$ 1,360,335$

Balance Current Year BalanceDec. 31, 2015 Accruals Collections Dec. 31, 2016

Hackensack Meadowlands Adjustment 44,615$ 605,487$ 650,102$ -$ Municipal Court Fines and Costs 1,026,824 13,680,522 13,592,007 1,115,339 Due from FEMA (Hurricane Sandy) 846,146 773,724 1,619,870 - Total of Revenue Accounts Not Accruing Receivables - 224,771,063 224,771,063 -

Total Revenue Accounts Receivable 1,917,585$ 239,830,796$ 240,633,042$ 1,115,339$

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NOTE R. ECONOMIC DEPENDENCY (continued) Major Taxpayers

The City does not have significant economic dependence on any one taxpayer. However, the ten largest taxpayers of the City as listed in the table on the following page comprise 8.7% and 10.5%, respectively, of the City’s total tax levies for the years ended December 31, 2017 and 2016.

2017 Top 10 TaxpayersName Type Assessed Value

1. Mack Cali Plaza II & III………………………....….Office……… $ 102,942,500 2. 101 Hudson Realty, LLC ……………………....….Office……… 90,855,800

Mixed - Retail,3. Newport Centre (Rego Park) ……………………..Office, Hotel… 70,111,500 4. Newport Centre, LLC ……………………………..Shopping….. 58,088,000 5. MEPT Newport Tower …………………… ....….Office……… 45,000,000 6. John Hancock Life Insurance ………………....….Office……… 43,215,400 7. Wells REIT II - Int'l Financial Tower………....….Office……… 35,625,000 8. Grove Pointe Urban Renewal …………………..Development… 34,512,100 9. RREEF America REIT II …………………….…..Warehousing… 30,406,200

10. Tower East, U.R. …………………………………..Development… 30,194,000

$ 540,950,500

Net Valuation Taxable $ 6,229,997,658 Top 10 Taxpayers as a Percentage of Assessments 8.7%

2016 Top 10 Taxpayers

Name Type Assessed Value

1. NC Housing Associates……………………....….Office……… $ 132,666,800 2. Cali Harborside Associates…………… ....….Office……… 120,092,000 3. 101 Hudson St. Associates …………………....….Office……… 90,855,800 4. Newport Centre, LLC (Indianapolis) …………..Shopping….. 58,088,000 5. MEPT Newport Tower ………………………....….Office……… 45,000,000 6. John Hancock Life Insurance ………………....….Office……… 43,490,400 7. 70 Columbus Urban Renewal, LLC …………....….Office……… 42,775,100

Mixed - Retail,8. Newport Center (Rego Park)……………………..Office, Hotel… 39,253,400 9. Wells REIT ……………………………………....….Office……… 35,625,000

Mixed - Residential,10. Grove Pointe, Urban Renewal …………………..Office, Retail… 34,512,000

$ 642,358,500

Net Valuation Taxable $ 6,093,045,338 Top 10 Taxpayers as a Percentage of Assessments 10.5%

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NOTE R. ECONOMIC DEPENDENCY (continued) Major Payers in Lieu of Taxes

Below are listed the ten largest PILOT agreements in terms of realized revenues for the years ended December 31, 2017 and 2016. These PILOT agreements comprise 28% and 27.7%, respectively, of the PILOT revenues collected and 6.4% and 6.3%, respectively, of total Current Fund revenues.

NOTE S. LEASE COMMITMENTS

The City has various operating and capital lease commitments at December 31, 2017 and 2016 for office space, employee parking, police vehicles and fire apparatus. Descriptions of the capital leases follow: Fire Apparatus – In 2014 the City acquired two fire apparatus for a total original cost of $1,761,871. The terms of these leases are 7 and 8 years with total annual payments of $232,769 through 2021 and a payment of $132,488 in 2022.

Name Payment Name Payment

K. Hovnanian at 77 Hudson St., K. Hovnanian at 77 Hudson St.,

Urban Renewal Co., LLC …………… $ 5,127,959 Urban Renewal Co., LLC …………… $ 5,461,594

Vector UR Assoc. I (Harborspire I) …… 4,487,423 Cali Harbor Plaza V ……………………… 5,004,793

30 Hudson Street ……………………… 4,432,741 Vector UR Assoc. I (Harborspire I) …… 4,649,159

Port Liberte II …………………………… 4,029,645 GSJC 30 Hudson Street ………………… 4,420,115

Cali Harbor Plaza V ……………………… 3,731,479 James Monroe ………………………… 3,769,187

James Monroe ………………………… 3,642,976 Libert Towers Urban Renewal

Libert Towers Urban Renewal Essex Waterfront …………………… 3,711,896

Essex Waterfront …………………… 3,580,777 Liberty Harbor North, Urban Renewal

90 Hudson Urban Renewal …………… 3,140,919 (Metro Homes) - Gulls Cove ………… 3,227,499

EQR at 77 Hudson Street ……………… 3,016,749 90 Hudson Urban Renewal …………… 3,180,776

Newport Office Center VII …………… 2,920,031 Newport Office Center IV ……………… 3,168,588

Portofino Towers ………………… 3,162,570 $ 38,110,699 $ 39,756,177

Total PILOT Revenues $ 137,532,843 Total PILOT Revenues 141,808,933$ Top 10 PILOT Revenues as a Percentage of: Top 10 PILOT Revenues as a Percentage of:

PILOT Revenues 27.7% PILOT Revenues 28.0%Total Revenues 6.3% Total Revenues 6.4%

2016 Top 10 PILOTs 2017 Top 10 PILOTs

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NOTE S. LEASE COMMITMENTS (continued) Police Vehicles – In 2016, the City entered into two leases for the acquisition of a total of 29 police interceptor vehicles and 3 SUVs. The first lease is for 24 police interceptor with total annual payments of $241,920 from December 15, 2016 through December 15, 2020. The second lease is for five police interceptor vehicles and three SUVs with total annual payments of $83,700 from December 15, 2016 through December 15, 2020. Both leases contained a bargain purchase option of $1 for each vehicle. MLK HUB - A $1 bargain purchase option for the “MLK HUB” located at the intersection of Kearney Avenue and Martin Luther King Drive as authorized by Ordinance No. 15.020 adopted on March 11, 2015. The basic term of this lease agreement is 25 year bondable triple net lease with base rent payments commencing on the date of substantial completion of the building, but not later than February 1, 2017. Annual rent will range from a minimum of $963,000 in the first five years of the lease to a minimum payment of $1,944,708 in year 25. Total minimum payments under the lease would be $35,889,174. The minimum future operating and capital lease payments are as follows:

Year EndedDecember 31, Total Operating Capital

2018 2,618,379$ 1,004,739$ 1,613,640$

2019 1,874,968 261,328 1,613,640

2020 1,809,811 213,226 1,596,585

2021 1,504,444 216,424 1,288,020

2022 1,639,752 219,671 1,420,081

2023-2027 8,098,189 1,096,242 7,001,947

2028-2032 8,518,583 1,118,398 7,400,185

2033-2037 9,098,713 726,163 8,372,550

2038-2042 7,645,653 - 7,645,653

42,808,492$ 4,856,191$ 37,952,301$

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NOTE T. AGGREGATION OF ENCUMBRANCES Other significant commitments include encumbrances outstanding for the Current, Trust and General Capital Funds. Below are the aggregated outstanding encumbrances as of December 31, 2017.

Below are the aggregated outstanding encumbrances as of December 31, 2016.

All encumbrances noted above are included on the balance sheets of the City.

Federal and State General TotalCurrent Fund Grants Fund Trust Funds Capital Fund Encumbrances

Budget Year 2017 26,654,920$ -$ -$ -$ 26,654,920$ Other Reserves 1,412,144 - - 71,589 1,483,733 H. Sandy Expenditures 730 - - - 730 Animal Control Fund - - 3,344 - 3,344 Other Trust Fund - - 17,456,304 - 17,456,304 Grant Reserves - 7,041,726 - - 7,041,726 Improvement Authorizations - - - 14,394,670 14,394,670

28,067,794$ 7,041,726$ 17,459,648$ 14,466,259$ 67,035,427$

Federal and State General TotalCurrent Fund Grants Fund Trust Funds Capital Fund Encumbrances

Budget Year 2016 18,262,345$ -$ -$ -$ 18,262,345$ Other Reserves 16,035 - - 131,286 147,321 Revaluation 1,170,000 - - - 1,170,000 H. Sandy Expenditures 730 - - - 730 Animal Control Fund - - 8,131 - 8,131 Other Trust Fund - - 23,387,753 - 23,387,753 Grant Reserves - 12,426,499 - - 12,426,499 Improvement Authorizations - - - 15,892,531 15,892,531

19,449,110$ 12,426,499$ 23,395,884$ 16,023,817$ 71,295,310$

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NOTE U. TAX ABATEMENTS The City negotiates property tax abatement agreements on an individual basis. The City has tax abatement agreements with approximately 180 entities as of December 31, 2017:

The full amount to be raised by taxes for support of each Government’s budget is levied on properties not subject to such agreements, therefore there is no aggregate reduction of tax revenue to the Governments as a result of the abatement. These agreements were negotiated under the Long Term Tax Exemption Law, N.J.S.A. 40A:20-1 et seq. (the Law), which authorizes municipalities to enter into financial agreements with Urban Renewal Entities. An Urban Renewal Entity is a limited-dividend entity or a nonprofit entity which undertakes redevelopment projects (both commercial and residential), relocation projects for residents displaced by the redevelopment area, and low and moderate income housing projects in return for tax exemptions, or payments in lieu of taxes referred to as “annual service charges”. The Law allows annual service charges to be calculated as a percentage of either gross revenue from each unit of the project or from total project cost, if the project is not undertaken in units. In the case of low and moderate income housing projects, the annual service charge shall not exceed 15% of annual gross revenue or 2% of total project cost. For all other projects, the annual service charge shall not be less than 10% of annual gross revenue or 2% of total project cost. The City’s abatements are across in multiple categories. There are a total of five stages in the abatement period. The final four phases require the Urban Renewal Entity to remit the greater of the agreed upon annual service charge or 20%, 40%, 60% and 80%, respectively, of the amount of taxes otherwise due on the value of the land and improvements.

Received for AggregateTaxes if Billed Payments in Payments Reduction of

Taxing at Full 2017 Lieu of Taxes to Other GovernmentPurpose of Agreements Government Tax Rate & Land Tax Governments Amount (%) Revenue

Construction of Commercial and School 51,950,931$ -$ -$ 51,950,931$ 100% -$ Residential Redevelopment Projects, County 56,095,088 - 2,822,041 53,273,047 95% - Low and Moderate Income Housing City 103,224,713 144,360,683 (2,822,041) (38,313,929) -37% - Projects and Relocation Projects Total 211,270,732$ 144,360,683$ -$ 66,910,049$ 32% -$

Budget Revenues 141,808,933$ Non-Budget Revenues 2,551,750

144,360,683$

Taxes Abated

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NOTE U. TAX ABATEMENTS (continued) The Law only allows for taxes on improvements to be abated. Taxes on land are billed quarterly to the Urban Renewal Entity and are credited against the annual service charges due. To administer the billing, the land value and improvement value of the abated property are separate line items in the tax assessment and collection records. The land value is billed quarterly at the total property tax rate. The improvement value is classified as exempt property (Class 15F), generating no bill. Under the Law, abatements may provide for an exemption period of less than 30 years from the completion of the entire project or less than 35 years from the execution of the financial agreement. Further, Urban Renewal Entity profits are restricted and any excess profits are payable to the municipality as an additional annual service charge. The Law does not provide for the recapture of abated taxes in the event an abatement recipient does not fulfill the commitment it makes in return for the tax abatement. However, in the event of default, the City has the right to proceed against the property pursuant to the In Rem Tax Foreclosure Act, N.J.S.A. 54:5-1 and/or may terminate the agreement. The City has not made any commitments as part of the agreements other than to reduce taxes. The City is not subject to any tax abatement agreements entered into by other governmental entities. NOTE V. CONTINGENCIES Non-Recourse Debt On November 13, 2013, the City adopted Ordinances 13.122 through 13.124 approving the execution of financial agreements with Journal Square I Urban Renewal, LLC, Journal Square II Urban Renewal, LLC and Journal Square III Urban Renewal, LLC related to the authorization and issuance by the Jersey City Redevelopment Agency of not to exceed $10,000,000 for each agreement ($30,000,000 total) of Redevelopment Area Bonds. On February 8, 2017, Ordinance 16.194 was adopted approving the execution of a financial agreement with Paulus Hook Urban Renewal, LLC related to the authorization and issuance by the Jersey City Redevelopment Agency of not to exceed $1,000,000 of Redevelopment Area Bonds Under N.J.S.A. 40A:12A-67, these bonds are issued as non-recourse obligations to the full faith and credit of the City and are not considered to be direct and general obligations of the City. The City is not obligated to levy and collect tax sufficient in an amount to pay the principal and interest on the bonds when they become due and payable. Further, these bonds are not considered gross debt of the City on any debt statement filed in accordance with the Local Bond Law, N.J.S.A. 40A:2-1 et sq.

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NOTE V. CONTINGENCIES (continued) Arbitrage Rebate The City is subject Section 148 of Internal Revenue Code, which was enacted to minimize the arbitrage benefits from investing gross proceeds of tax-exempt bonds in higher yielding investments and to remove the arbitrage incentives to issue more bonds, to issue bonds earlier, or to leave bonds outstanding longer than is otherwise reasonably necessary to accomplish the governmental purposes for which the bonds were issued. During the year ended December 31, 2017 and 2016, the City was not obligated to remit any funds for arbitrage rebate, yield reduction and interest payments. Grant Programs The City participates in several federal and state financial assistance grant programs. Entitlement to the funds is generally conditional upon compliance with terms and conditions of the grant agreements and applicable regulations, including the expenditures of funds for eligible purposes. The state and federal grants received and expended in the years ended December 31, 2017 and 2016 were subject to the Uniform Guidance and NJ OMB Circular 15-08, which mandate that grant revenues and expenditures be audited in conjunction with the City’s annual audit. In addition, these programs are also subject to compliance and financial audits by the grantors or their representatives. In a report dated March 30, 2016, the City was notified by the Office of Inspector General (OIG) that, among other concerns, the City should reimburse $11,532,769 million in program income to the City’s CDBG bank account, for program income the OIG claims the City generated on the disposition of real property. The City continues to appeal these findings. It is the opinion of outside Counsel that the City should be able to defend its CDBG expenditures and develop the documentation needed to avoid repayment of funds.

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NOTE V. CONTINGENCIES (continued) Tax Appeals The City is a defendant in various tax appeals, the extent of which is not unusual for a municipality of its size. In the past, the City has utilized both the Reserve for Tax Appeals account, which is funded through budget appropriations, and has issued refunding notes to pay for the appeals. During the years ended December 31, 2017 and 2016 the City appropriated a total of $2,400,000, each year, respectively, to fund tax appeal interest and overpayments. During the years ended December 31, 2017 and 2016, the City further funded tax appeal payments through a charge to operations of $6,729,583 and $1,206,040, respectively. Litigation The City of Jersey City, its officers and employees are defendants in a number of lawsuits including, but not limited to, lawsuits arising out of alleged torts, alleged breaches of contract and alleged violations of civil rights, none of which is unusual for a municipality of its size. The City is also engaged in activities, such as police protection and public works construction, which could result in future litigation with a possible significant monetary exposure to the City. Based upon the information available to date, it does not appear that any individual lawsuit or the cumulative effect of these lawsuits will impair the City’s ability to pay any judgments or settlements in an orderly manner, since the likelihood is that the amount of any judgments and eventual settlements will be much less than the amount claimed, and payments can be spread over two or more fiscal years. Because many lawsuits are still in the discovery stage, the Corporation Counsel is unable to determine the probability of a successful defense to them at this time. The City self-insures against tort claims, which include general liability, automobile liability, employment practices, public officials and police professional and workers compensation lawsuits. The City also carries excess insurance for all lines of coverage which provides $2 million coverage with a self-insured retention in the amount of $1 million for each covered event. The cases listed below have a potential monetary exposure in excess of $500,000.

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NOTE V. CONTINGENCIES (continued) 212 Marin Blvd. et. al. v City of Jersey City (Sixth Street Embankment) – This case involves various complex lawsuits involving the original plaintiffs, counter suits and notices of intent to file by outside parties. It was originally brought by several commonly owned/controlled LLC (“the LLCs”) entities owning property know as the Sixth Street Embankment, alleging that the City has interfered with their development rights and violated constitutional rights. These matters have been pending in Superior Court for several years despite numerous attempts to achieve a settlement. The main case is now before the Surface Transportation Board (STB) in Washington DC, where the City has so far been successful. The state court cases have been “stayed” pending resolution of the matter in Washington. The LLCs have filed a State lawsuit contesting the City’s authority to invoke the OFA remedy. On January 13, 2016, the City was authorized to file an Offer of Financial Assistance (OFA) (a federal eminent domain remedy) to acquire this property. During 2016, a third party sought to file an OFA in competition with the City but on behalf of a developer. A series of motions, sanctions and appeals related to the involvement of this third party may continue to delay the issuance of any “OFA” schedule by the STB. Further, on July 14, 2017, the New Jersey State Historic Preservation Office found the entire branch eligible for listing on the State and National registers and entirely protected by Section 106. The STB, under Section 106, is required to assess whether the license required for the abandonment of the railroad branches within the Sixth Street Embankment will have an adverse impact on (potential) historic assets. The local historic landmarking of the Embankment has been upheld against the LLCs challenge. The LLCs are also appealing the denial of demolition permits by the Zoning Board of Adjustment. Such appeal has been stayed. The City’s claim to set aside Conrail deeds to the LLCs, as well as the LLCs related damage claims alleging deprivation of property rights and alleged tortious interference and similar tort claims, have been stayed pending the outcome of federal litigation. The property has an appraised value in excess of $6,000,000. The developer’s last demands may have been in the range of $30 million to $100 million. The City continues to vigorously pursue its efforts to keep a transportation corridor on the Harsimus Brank intact for both rail and trail purposes, and for compatible park and historic preservation purposes, both through STB litigation and now in settlement negotiations. Counsel has noted these matters have been pending for several years despite numerous attempts to achieve a settlement and that the City continues to defend against all claims. Bruno v City of Jersey City - Wrongful death and personal injury case. Third person invaded apartment of plaintiff, killed infant and injured occupant. Plaintiff alleges JCPD failed to enforce restraining order or act on outstanding warrant. The trial started on August 7, 2017. At the conclusion of the plaintiff’s case, the City was granted a directed verdict all claims. On October 17, 2017, plaintiffs filed a notice of appeal. If plaintiffs are successful on appeal and re-trial granted, exposure could surpass $1,000,000.

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NOTE V. CONTINGENCIES (continued) MEPT v City of Jersey City - In 2009, the City entered into financial agreements with plaintiffs concerning tax abatements for property in the city. Under the terms of the financial agreements, plaintiffs paid $710,769 to affordable housing trust fund contribution and also made a prepayment of $2 million to the city. Approximately 6 years after the financial agreements were signed, plaintiffs sold the property and commenced this declaratory judgment action seeking to recover the monies which they previously paid. On October 4, 2016, the court entered an order in favor of plaintiffs and awarded them the sum of $2,710,769. Shortly thereafter, the City moved for reconsideration of the court’s order and this motion was denied. The City filed a notice of appeal. The appellate division partially reversed the trial court, and lowered the amount owed to approximately $2,000,000. The City has filed a petition for certification to the Supreme Court. Montone v City of Jersey City – This federal lawsuit involves allegations by a retired police sergeant that the defendants did not promote her because of her political affiliation and gender. This matter has been litigated in state and federal court. After discovery, summary judgment was granted to the Jersey City defendants on both the state and federal causes of action; however, the plaintiff appealed the matter to the Third Circuit Court of Appeals. The Third Circuit reversed the district courts holding and remanded the matter to the lower court. On April 16, 2017, this matter was tried. The jury awarded plaintiff approximately $280,000 in lost wage damages. The City contends that the court made numerous evidentiary errors and intends on filing an appeal. Astriab v City of Jersey City – This lawsuit is the companion case to the V.M. matter noted in the previous paragraph. In this case, eight other sergeants allege that because V.M. was wrongfully not promoted to Lieutenant, they could not be promoted since they were behind her on the promotion list. With regard to damages, they claim they are entitled to the difference in pay and benefits between what they would have received if they had been promoted and what they actually have received, including pay, benefits and pension contributions/value. These claimed damages continue to accrue as the case proceeds. This matter has the same procedural history as V.M. case. After the trial in this matter, the jury awarded the plaintiff’s approximately $2,000,000 in damages. The City contends that the court made numerous evidentiary errors and intends on filing an appeal. Oliver/D’Onofrio v City of Jersey City – While crossing the street on October 23, 2015, decedent was hit by a vehicle driven by one of the co-defendants. The victim was transported to Jersey City Medical Center and died approximately 3 days later. Plaintiff alleges that the street lights were not working at the time of the accident and caused the driver to hit the decedent. The City intends on filing a motion for summary judgment at the conclusion of the discovery period. Because this is a wrongful death matter, the city’s exposure may exceed $700,000.

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NOTE V. CONTINGENCIES (continued) O’Donnell v City of Jersey City – On February 22, 2016, two decedents, while driving, were struck by another vehicle. A witness allegedly saw a police officer seen conferring with the driver of the vehicle which struck the defendants moments before the accident. Plaintiff alleges the police officer breached his duty by not stopping the driver from continuing on the road, and this resulted in the fatal accident. Counsel suggests exposure in the case could well exceed $700,000.

Mays v. City of Jersey City - Plaintiff, the City's Deputy Tax Assessor, has brought a claim in federal court for race discrimination and retaliation. She also alleges a whistleblower claim under CEPA. Discovery is ongoing. Written discovery is complete, plaintiff has been deposed, and plaintiff's counsel has deposed approximately ten defense witnesses. If plaintiff is able to prove her claims at trial, she could obtain an award between $200,000 and $300,000 for her severe emotional distress, as well as an attorneys' fees award between $250,000 and $300,000.

O’Neill v. City of Jersey City - This is claim, which is not currently in litigation, that involves three (3) Jersey City Police Officers that were acquitted of criminal charges that related to conduct that allegedly occurred while performing duties as a police officer. These officers were suspended without pay between being indicted and their acquittals, which was a period of approximately 2 ½ years. Pursuant to two (2) New Jersey statutes, these officers are seeking: (a) back pay and benefits as well as other emoluments of their employment during the time of the suspension without pay and (b) legal fees incurred as a result of hiring criminal defense attorneys to defend against the charges. The combined value of all claims of these 3 officers could exceed $700,000.

Chesler et al v. City of Jersey City - This case involves employment-related causes of action (discrimination, retaliation, violation of civil rights, etc.) brought by two (2) supervisory-level Jersey City police officers against the City and several individual defendants. The 2 Plaintiffs in this case are among the 3 officers in the above mentioned criminal case. During the period while the criminal charges were pending, the civil case was administratively terminated by the federal court. However, we expect that the Plaintiffs will soon reactivate the case in light the termination of the criminal case – and perhaps add additional defendants and causes of action. Although the City intends to vigorously defend the case, the value of these claims could exceed $700,000 due to the procedural history of this case, including the acquittals in the criminal case. Estate of Gonzalez v. City of Jersey City – On August 8, 2014, two City officers were dispatched to assist a driver whose vehicle was disabled. After the disabled vehicle was towed, the owner was later struck by a vehicle and killed. Plantiff alleges the owner of the disabled vehicle was intoxicated when City officers assisted him, and their failure to drive the decedent to a safe area resulted in his death. Counsel notes that because this is a wrongful death action, the City’s exposure could well exceed $700,000.

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NOTE V. CONTINGENCIES (continued) Estate of King v. City of Jersey City – In this matter, a Jersey City police officer fatally shot decedent after he tried to disarm the officer. Plaintiffs contend that the officer unnecessarily used excessive force in violation of the decedent’s constitutional rights. The City disputes the allegations and will continue to defend the matter. The City contends that the officer used reasonable force. If plaintiff succeeds, exposure could surpass $700,000.

Feliz-Rodriguez v. City of Jersey City - On June 4, 2017, members of the Jersey City Police Department (“JCPD”) were involved in a motor vehicle pursuit. During the pursuit, the vehicle being pursued crashed into plaintiff’s vehicle causing both vehicles to engulf in flames. Plaintiff sustained severe burns to his body. In addition, plaintiff claims that as he exited his vehicle, he was attacked by members of the JCPD. Plaintiff has brought suit against the City and numerous police officers for an assortment of negligence and civil rights claims. This matter is in the infancy stages of litigation. Four officers have been indicted by a grand jury. Counsel notes that because of the alleged injuries, the City’s exposure may exceed $700,000.

Rockaway Valley Regional Sewerage Authority. In compliance with a court decree, the City entered into an agreement, dated July 30, 1971, with the Rockaway Valley Regional Sewerage Authority (“RVRSA”), whereby the City agreed to share in the operating costs of the RVRSA which provides sewerage treatment services in the vicinity of the City's watershed properties. In 2013, 2014 and 2015, the JCMUA contributed $2,730,857. In 2016 and 2017, the JCMUA contributed $3,429,757 and $2,858,130, respectively. Under the same agreement, the City is also required to pay a share of the capital and operating cost of construction of an advanced treatment sewerage facility, which the RVRSA has designed. Under the current plans, the cost of construction is estimated to be $60,000,000, less any federal funds, the amount of which is presently uncertain. Based upon the design capacity, the City will be responsible for 37 1/2% of the excess cost of financing construction over available federal funds. The amount of the City's contribution for the new facility is a portion of the City's share of the operating costs outlined in the immediately preceding paragraph. The RVRSA has permanently financed substantially all of the non-grant share of project costs with the sale of long-term tax-exempt bonds.

500 Summit v. City of Jersey City – This federal court case arises out of a dispute concerning a real estate development project located at 500 Summit Avenue. The primary allegations asserted by the plaintiff is that their General Development Application be deemed complete and acceptable because they claim that the Planning Board failed to properly respond to this application within the 45 day period prescribed under state law. As such, plaintiff has asserted claims for wrongful withholding of a construction permit, tortious interference with business opportunity and civil rights violations. While plaintiffs included a demand for monetary and punitive relief as well as counsel fees, no specific amount has been identified.

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NOTE V. CONTINGENCIES (continued) NJDEP and the Administrator of the Spill Compensation Fund v. Honeywell International, Inc., and. PPG Industries, Inc. v. City of Jersey City. et al. - This matter arises out of legacy chromium site contamination in Jersey City, located near the intersection of the Hudson Bergen Light Rail tracks and Garfield Avenue. In 1990, PPG signed an administrative consent order with the New Jersey Department of Environmental Protection, which included accepting responsibility for the cleanup of the Garfield Avenue chromite ore processing residue site. PPG had agreed to cover all "site remediation" costs; it did not, however, agree to cover what it considers to be restoration or incremental costs to redevelop the contaminated properties. PPG and the City disagree what costs are remedial and what costs are incremental, and disagree as to the amounts of those costs. Further, the parties have disagreements over certain methods of remediation. This matter is currently pending before the Superior Court of New Jersey, Hudson County. The matter has progressed through some amount of dispositive motion practice, but dispositive motions have been held in abeyance or withdrawn pending ongoing, extensive settlement negotiations. No trial date has been scheduled. Counsel notes this case will be contested vigorously, however, at this time, the parties are engaged in extensive settlement negotiations involving complex environmental and redevelopment - land use issues. Cal Harbor S. Pier v. City of Jersey City - This New Jersey Superior Court matter arises out of a contract dispute concerning a loan from the City to the plaintiffs. In particular, in or about August 2000, the City entered into a loan agreement with HUD wherein HUD agreed to loan approximately $8 million plus interest to the City. Thereafter, the City entered into separate agreements with the plaintiffs wherein the City loaned the money it received from HUD to the plaintiffs with interest. In 2011, the City refinanced its loan with HUD thereby reducing the interest rate. The interest rate on the loan from the City to the plaintiffs remained the same as per their original agreement in 2000. In 2016, the plaintiffs fully paid the loan and thereafter learned that the City had refinanced its loan with HUD in 2011. Plaintiffs assert a breach of the 2000 loan agreement and allege they overpaid approximately $1.4 million in interest on the loan and seek reimbursement of same. Plaintiffs claim that the interest rate on the loan between the City and the plaintiffs should have been reduced in 2011 to the same interest rate the City received when it refinanced its loan with HUD. According to Counsel, while this matter was only recently filed, a review of the contracts and limited materials obtained from HEDC do not contain any express statements which demonstrate that the interest rate on plaintiff’s loan should have been reduced in 2011. Furthermore, City Counsel recently conferred with bond counsel who opined that they did not believe plaintiffs’ claims had merit. Prior to commencing this suit, plaintiffs filed demands for documents under OPRA and the complaint includes a claim under OPRA for counsel fees. The potential exposure of liability to the City is approximately $1.4 million in damages plus counsel fees.

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NOTE V. CONTINGENCIES (continued) One Journal Square v. City of Jersey City - This federal action arises over a dispute regarding the development of certain real property in the City of Jersey City. In 2014, MEPT transferred the subject property. Thereafter, plaintiffs’ contend, for the next three to four years, plaintiffs and the defendants worked together in furtherance of the redevelopment of the property as demonstrated by approvals from the Planning Board and JCRA along with the entry into a redevelopment agreement. Plaintiffs allege that they spent approximately $55 million in acquisition and development costs. Plaintiffs contend that the City breached the redevelopment agreement by, among other things, denying plaintiffs’ application for a tax abatement and declaring the plaintiffs to be in default of the redevelopment agreement. Plaintiffs contend that the actions of the City and the Mayor are politically motivated. In the complaint, plaintiffs allege numerous claims including breach of contract, breach of the covenant of good faith and fair dealing, promissory estoppel and civil rights violations. Plaintiffs claim that they have suffered damages in the amount of $300 million for a total of $355 million. Plaintiffs seek counsel fees and punitive damages. 328 Montgomery v. City of Jersey City - This federal court matter arises out of a dispute concerning the development of certain real property located at 328 Montgomery Street. The plaintiff contends that the City, the Planning Board and several individual defendants engaged in intentional, arbitrary and capricious conduct to prohibit the plaintiff from obtaining approval from the Planning Board and the Historical Preservation Commission in order to prevent plaintiff from developing and otherwise operating the property. As such, plaintiff has asserted various claims including violations of due process. The relief sought is approval from the Planning Board along with a temporary certificate of occupancy so that plaintiff and its tenant can utilize the property. Although they have made general demands for financial relief, they have not specified the amount and simply suggest that the defendants may be liable for financial damages incurred by their tenant who cannot operate their business. The City is currently preparing a motion to dismiss. NOTE W. SUBSEQUENT EVENTS Subsequent events have been evaluated through November 2, 2018, the date which the financial statements were available to be issued. The following material subsequent events have been noted: Special Emergency Appropriation: $940,500 – On April 25, 2018, the City adopted Ordinance No. 18-028 providing for a special emergency appropriation in the amount of $940,500 for the preparation of a Master Plan. Statutes require this emergency to be funded by budget appropriation in equal installments over a period of five years, beginning with the 2019 budget. Statutes further allow for notes to be authorized and issued to finance the emergency.

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NOTE W. SUBSEQUENT EVENTS (continued) Special Emergency Appropriation: $14,500,000 – On October 10, 2018, the City adopted Ordinance No. 18-114 providing for a special emergency appropriation in the amount of $14,500,000 for the payment of contractually required severance liabilities resulting from the retirement of City employees. Statutes require this emergency to be funded by budget appropriation in equal installments over a period of five years, beginning with the 2019 budget. Statutes further allow for notes to be authorized and issued to finance the emergency. Re-Appropriation Ordinance: $514,287 - On February 28, 2018, the City adopted Ordinance No. 18-008 re-appropriating $514,287 of proceeds of obligations not needed for their original purposes in order to provide for funding for the renovation of a Fire House in and by the City. Re-Appropriation Ordinance: $1,800,000 - On February 28, 2018, the City adopted Ordinance No. 18-013 re-appropriating $1,800,000 of proceeds of obligations not needed for their original purposes in order to provide for various capital improvements in and by the City. Capital Ordinance: $150,000 - On February 28, 2018, the City adopted Ordinance No. 18-009 appropriating $150,000 from General Capital Fund Balance for the acquisition of a Mask Service Unit Truck for the City Fire and Emergency Services. Capital Ordinance: $205,000 - On March 14, 2018, the City adopted Ordinance No. 18-017 appropriating $205,000 from General Capital Fund Balance for the acquisition of two passenger buses for the City Department of Recreation. Capital Ordinance: $47,282,671 – On May 9, 2018, the City adopted Ordinance No. 18-038 providing for various capital improvements for the City and appropriating $47,282,671 therefore. General Improvement bonds or notes are authorized in the amount of $45,031,115 to finance such costs. The remaining $2,251,556 will be funded by the Capital Improvement Fund Capital Ordinance: $170,000,000 – On October 10, 2018, the City adopted Ordinance No. 18-113 authorizing the City to enter into a real estate purchase and environmental agreement in order to purchase certain real property, demolish certain structures and construct infrastructure improvements within the Bayfront I Redevelopment Area and appropriating $170,000,000 therefore. In order to finance the cost of this project, the City has authorized the issuance of $170,000,000 of bonds and notes.

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NOTE W. SUBSEQUENT EVENTS (continued) Bond Anticipation Notes: $17,734,000 – On January 18, 2018, the City issued $17,734,000 of Bond Anticipation Notes, Series 2018A at an interest rate of 2.5% and due on January 18, 2019. The City will apply the proceeds from the sale of the Notes to pay a portion of the maturing principal of the City’s $9,966,000 Bond Anticipation Notes, Series 2017A which were issued on January 19, 2017 and mature on January 19, 2018, and used to refinance certain capital improvements, notably the PJP Landfill Acquisition authorized by Ordinance No. 09-097 and the Newark Ave Streetscape authorized by Ordinance No. 09-127, and pay a portion of the costs of issuing the Notes. These notes will also be used to aid in the West Campus Redevelopment Project authorized by Ordinance No. 16.106 on July 13, 2016. The remaining $242,000 of maturing principal of the Series 2017A Notes will be paid from budgeted appropriations. Bond Anticipation Notes: $52,796,615 – On June 20, 2018, the City issued $52,796,615, of Bond Anticipation Notes maturing June 20, 2019, consisting of:

$6,825,000 Series 2018B (Federally Taxable) Bond Anticipation Notes with an interest rate of 2.875%. The City will apply the proceeds from the sale of the Notes to pay a portion of the maturing principal of the City’s $6,955,000 Bond Anticipation Notes, Series 2017B which were issued on June 22, 2017 and mature on June 22, 2018, and used to refinance certain capital improvements, notably the Sixth Street Embankment authorized by Ordinance No. 10-085, and pay a portion of the costs of issuing the Notes. The remaining $130,000 of maturing principal of the Series 2017B Notes will be paid from budgeted appropriations.

$45,031,115 Series 20018C Bond Anticipation Notes with an interest rate of 3.0%. These notes were issued to finance capital improvements as authorized by Ordinance No. 18-038 adopted on May 9, 2018.

$940,500 Series 2018D Special Emergency Notes with an interest rate of 3.0%. The City will apply the proceeds of these notes to finance the costs of a Master Plan as authorized by Special Emergency Authorization adopted on April 25, 2018 by Ordinance No. 18-028.

General Improvement Bonds: Authorized Sale of $9,447,000 – The City is expected to authorize and sell $9,447,000 of Series 2018 General Improvement Bonds with maturity dates expected to range from December 1, 2019 through 2038. Interest rates shall be as specified by the successful bidder and will be due semiannually starting on June 1, 2019. The purpose of these bonds is to pay a portion of the maturing principal of Special Emergency Notes issued on December 7, 2017 and Bond Anticipation Notes issued on January 18, 2018 as well as to finance contractually required severance liabilities and costs relating to a redevelopment project of the Jersey City Redevelopment Agency known as the Bayfront Redevelopment Project.

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CITY OF JERSEY CITY

REPORT OF AUDIT

SUPPLEMENTARY DATA SECTION


CITY OF JERSEY CITY

REPORT OF AUDIT

SUPPLEMENTARY DATA SECTION: CURRENT FUND SCHEDULES

Exhibit A-4

Ref.Balance: December 31, 2016 A 114,656,230$ 10,000,324$

Increased by:Premium on Special Emergency Notes A-1 44,550 - Current Taxes Receivable A-2a 486,389,391 - Delinquent Taxes Receivable A-2a 1,828,745 - Miscellaneous Revenue Not Anticipated A-2b 5,882,618 - Petty Cash A-5 4,700 - Sr. Citizens and Veterans Deductions A-8 424,848 - Tax Title Liens Receivable A-9 258,837 - Miscellaneous Revenue Anticipated A-11 227,697,546 - Lot Cleaning Charges Receivable A-13 12,056 - State Aid Allocation Receceived in Cash A-15 18,677,822 - Interfunds A-17/37 90,775,633 2,611,075 LEA Receipts A-17 281,947 - Interfunds - State Aid A-37 3,189,788 Prepaid Taxes A-21 14,023,865 - PILOT Prepayments A-23 1,494,662 - PILOT Fees Due to County A-26 3,071,077 - Surcharges Due to State A-28 47,865 - Reserve for Property Sale Deposits A-29 10,102,826 - Other Reserves A-30 1,334,711 - Emergency Notes Payable A-31 13,700,000 - Undistributed Revenues A-35 568,709 State and Federal Grants Receivable A-36 - 13,505,127 Other State and Federal Reserves A-40 - 327,114 Unappropriated Grant Reserves A-41 - 3,944,314

876,622,408 23,577,418 991,278,638 33,577,742

Decreased by:Refund of Prior Year Revenues A-1 143,537 - Current Year Appropriations A-3 174,657,393 - Petty Cash A-5 4,900 - Payment to JCMUA in Error A-12 1,604,940 - Interfunds A-17/37 402,536,130 11,849,715 Appropriation Reserves A-18 17,638,249 - Contracts Payable A-20 306,140 - Tax Overpayments A-22 9,107,191 - PILOT Prepayments A-23 427,505 - Local School District Taxes A-24 115,548,404 - County Taxes A-25 130,025,336 - PILOT Fees Due to County A-26 2,822,041 - Special Improvement Districts A-27 4,377,814 - Surcharges Due to State A-28 64,300 - Other Reserves A-30 182,980 - Emergency Notes Payable A-31 13,700,000 - Revaluation Costs A-34 4,162,975 - Appropriated Grants A-39 - 10,880,203 Other State and Federal Reserves A-40 - 109,768

877,309,835 22,839,686

Balance: December 31, 2017 A 113,968,803$ 10,738,056$

Federal and State Grant Fund

CITY OF JERSEY CITYCURRENT FUND AND FEDERAL AND STATE GRANT FUND


SCHEDULE OF CASH - TREASURER

Current Fund

123

Exhibit A-5



SCHEDULE OF PETTY CASH

Ref.Balance: December 31, 2016 -$

Increased by Disbursements to Custodians:Recreation 200$ City Clerk 300 Accounts and Control 200 Business Administration 200 Law Department 1,000 Mayor's office 1,000 HEDC 200 City Planning 200 City Council 200 Public Works 200 Engineering 200 Municipal Court 200 Health and Human Services 200 Fire and Emergency Services 200 Tax Assessor 200 Parking Enforcement 200

A-4 4,900 4,900

Decreased by:Returns from Custodians A-4 4,700

Balance: December 31, 2017 A 200$

Exhibit A-6

SCHEDULE OF CHANGE FUND

Ref.Balance: December 31, 2017 and 2016 A 1,710$

Police - ABC 50$ Police - Record Room 50 Police - BCI 50 Municipal Court 1,039 Tax 521

1,710$

Analysis of Change Fund Balance

124

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Exhibit A-8



SCHEDULE OF DUE FROM STATE OF NEW JERSEYFOR SENIOR CITIZENS AND VETERANS DEDUCTIONS

Ref.State Share of Deductions:

Set Forth in Tax Duplicate:Senior Citizens 253,250$ Veterans 260,500

Allowed by Tax Collector:Current Year Senior Citizens 5,750 Prior Year Senior Citizens 250

519,750$ Disallowed by Tax Collector:

Senior Citizens 97,650

State Share of Deductions A-7 422,100

Less: Received in Cash from State of New Jersey A-4 424,848

Net Increase (2,748)

Balance: December 31, 2016 A 23,048$


Current Year Senior Citizens DeductionsPer Tax Billings 253,250$ Allowed by Tax Collector 5,750

Current Year Veterans DeductionsPer Tax Billings 260,500 Disallowed by Tax Collector (97,650)

State Share of 2017 Sr. Citizens and Veterans Deductions A-2a 421,850$

Prior Year Senior Citizens DeductionsAllowed by Tax Collector A-2a 250

A-7 422,100$

Analysis of State Share of Senior Citizens and Veterans Deductions

126

Exhibit A-9



SCHEDULE OF TAX TITLE LIENS RECEIVABLE

Ref.Balance: December 31, 2016 A 37,154$

Increased by:Interest and Costs on Tax Sale 258,837

295,991 Decreased by:

Cash Receipts A-2a, A-4 258,837


Exhibit A-10

Ref.

Balance: December 31, 2017 and 2016 A 1,455,500$

SCHEDULE OF PROPERTY ACQUIRED FOR TAXES AT ASSESSED VALUATION

127


Balance: Balance:Dec. 31, 2016 Accrued Collected Dec. 31, 2017

LOCAL REVENUESLicenses:

Alcoholic Beverages -$ 832,354$ 832,354$ -$ Other Licenses

Marriage Licenses - 6,755 6,755 - Cable TV Franchise Fees - 2,485,392 2,485,392 - Hackensack Meadowlands Adjustment - 1,072,851 1,072,851 - Local School Aid - 1,953,117 1,953,117 - Advertising Ordinance Fees - 334,618 334,618 - Search Fees - 174 174 - Lot Cleaning Charges - 12,056 12,056 - Tax Collector's Fees - 35,483 35,483 - Hotel Occupancy Tax - 8,375,237 8,375,237 - Landlord Registration - 317,183 317,183 -

Fees and Permits:Interest and Costs on Taxes - 767,013 767,013 - Interest on Investments and Deposits - 1,015,478 1,015,478 - Assessor's Application Fees - 3,537 3,537 - Sewer and Street Opening Permits - 232,258 232,258 - Swimming Pool Fees - 145,471 145,471 - Skating Rink Fees - 123,192 123,192 - Laundry Licenses - 91,100 91,100 - Vending Machine Licenses - 23,665 23,665 - Food Establishment Licenses - 794,175 794,175 - Hotel/Motel Licenses - 79,840 79,840 - Dine and Dance Permits - 28,000 28,000 - Police Reports ID Bureau Fees - 135,063 135,063 - Taxicab/Omnibus Licenses - 112,415 112,415 - Elevator Inspection Fees - 600,249 600,249 - Site Plan Review Fees - 1,010,013 1,010,013 - Bingo and Raffle Licenses - 11,500 11,500 - Mechanical Amusement Devices - 9,625 9,625 - Parking Lot Licenses - 579,227 579,227 - Used Motor Vehicle Dealer Licenses - 30,000 30,000 -

Parking Lot Tax - 8,092,843 8,092,843 - Parking Enforcement:

Lease Fees - 327,504 327,504 - Meter Fees - 1,454,765 1,454,765 - Miscellaneous Fees - 1,763,676 1,648,882 114,794

Municipal Court Fines and Costs 1,115,339 16,459,799 16,329,597 1,245,541 Passaic Valley Sewerage Comm. Incentive - 168,250 168,250 - Interstate Waste - 454,588 454,588 - Dumpster Fee - 91,187 91,187 - Certified Copies of Marriage Licenses - 41,285 41,285 -



SCHEDULE OF REVENUE ACCOUNTS RECEIVABLE

128


Balance: Balance:Dec. 31, 2016 Accrued Collected Dec. 31, 2017



SCHEDULE OF REVENUE ACCOUNTS RECEIVABLE

LOCAL REVENUES (continued)Fees and Permits: (continued)

Zoning Permits and Ordinance Copies -$ 264,858$ 264,858$ -$ Death Certificates - 66,745 66,745 - Vacant Property Registration - 138,605 138,605 -

DEDICATED UNIFORM CONSTRUCTION CODE FEESOFFSET WITH APPROPRIATIONS

Uniform Construction Code Fees - 6,543,764 6,543,764 -

OTHER SPECIAL ITEMSPayments in Lieu of Taxes - 141,808,933$ 141,808,933$ - Sale of Municipal Property - Land Sales - 10,102,827 10,102,827 - United Water Reimbursement - Operations 346,105 346,105

MUA Franchise Concession Payment - 21,000,000 21,000,000 - MUA Water Debt Service Payment - 5,189,955 5,189,955 - Uniform Fire Safety Act - 250,000 250,000 - Build America Bonds Federal Credit - 1,768,300 1,768,300 - Recovery Zone Bonds Federal Credit - 196,503 196,503 - Stop the Drop 140,000 140,000 Reserve Summer Youth Program - 1,000,000 1,000,000 - Reserve Youth Court Program - 125,000 125,000 - City Government Summer Seasonal Program - 75,000 75,000 - MLK Community Center - 206,405 206,405 - Reserve Parking Authority - 229,476 229,476 - MUA Stormwater Catch Basins - 700,000 700,000 -

Total Revenue and Other Credits to Income 1,115,339$ 240,223,414$ 239,978,418$ 1,360,335$ Ref. A; A-1 A-2a A; A-1

Ref.Cash Receipts A-4 227,697,546$ Non-Cash Revenues:

Lot Cleaning Charges and Liens A-13 12,056 Sales Contracts Realized from Reserves A-14, A-29 10,102,826 Realized from Other Reserves A-30 1,775,881 Uniform Fire Safety Act A-17 250,000 Non-Current Fund Interest A-17 140,109

239,978,418$

129

Exhibit A-12



SCHEDULE OF DUE FROM JCMUA


Increased by:Cash Disbursements - Duplicate Tax Sale Payment A-4 1,604,940

Balance: December 31, 2017 A 1,604,940$

Exhibit A-13

SCHEDULE OF LOT CLEANING CHARGES AND LIENS RECEIVABLE

Ref.Balance: December 31, 2016 A -$

Increased by:Billings 16,816


Cash Receipts A-11; A-4 12,056$ Cancellations 1,823

13,879


130

Exhibit A-14



SCHEDULE OF SALES CONTRACTS RECEIVABLE -


Increased by:New Contracts from Sale of City property 10,211,000

10,496,550 Decreased by:

Contracts Canceled 108,174$ Contracts Realized A-11; A-29 10,102,826

10,211,000


Exhibit A-15

SCHEDULE OF DUE FROM STATE OF NEW JERSEYPREPAID DEBT SERVICE - QUALIFIED BONDS

Ref.Balance: December 31, 2016 A 12,562,462$

Increased by:State Aid Anticipated A-2a 67,050,310


Cash Receipts A-4 18,677,822$ Cash Received in Trust Fund - School Building Aid A-17 3,189,788 Debt Service Paid In Lieu of Aid Receipts A-3 46,019,272

67,886,882


PROPERTY ACQUIRED FOR TAXES

131

Exhibit A-16



SCHEDULE OF DEFERRED CHARGES

Balance: Balance:Dec. 31, 2016 Notes Paid Non-Cash Dec. 31, 2017

Revaluation of Properties2016 5,000,000$ 1,000,000$ -$ 4,000,000$

Expenditure without AppropriationAccumulated Absences 6,738,978 - 6,738,978 -

Contractual Severance Liabilities2013 3,800,000 1,900,000 - 1,900,000 2014 4,500,000 1,500,000 - 3,000,000 2015 6,400,000 1,600,000 - 4,800,000

Emergency Authorizations - SandyNJSA 40A:4-54 932,496 897,496 35,000 -

27,371,474$ 6,897,496$ 6,773,978$ 13,700,000$ Ref. A A-31 A-3 A

Decreased by:Budget Appropriation

132

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Balance After Contracts Paid or BalanceReserved Encumbered Transfers Payable Charged Lapsed

(A) Operations - Within "CAPS"OFFICE OF THE MAYOR

Mayor's OfficeSalaries and Wages 27,761$ -$ 27,761$ -$ -$ 27,761$ Other Expenses 23,668 797 24,465 238 18,818 5,409

Resident Response CenterSalaries and Wages 13,513 - 13,513 - - 13,513 Other Expenses 36,046 29,767 65,813 - 34,149 31,664

Cultural AffairsSalaries and Wages 15,532 - 15,532 - - 15,532 Other Expenses 2,827 7,080 9,907 - 8,836 1,071

CITY CLERK AND MUNICIPAL COUNCILOffice of the City Clerk

Salaries and Wages 20,248 - 20,248 - - 20,248 Other Expenses 21,065 27,781 48,846 - 17,885 30,961 General and Primary Election 15,420 - 15,420 - - 15,420

Municipal Council - Salaries and Wages 11,644 11,644 - - 11,644 Other Expenses 6,543 3,976 10,519 470 4,482 5,567

Audit Services - 76,000 76,000 56,000 20,000 -

HUMAN RESOURCESDirector's Office

Salaries and Wages 37,040 - 24,040 - - 24,040 Other Expenses 2,813 23,057 38,870 - 38,475 395

Workforce ManagementSalaries and Wages 4,626 - 4,626 - - 4,626 Other Expenses 534 7,703 8,237 720 7,043 474

Health BenefitsSalaries and Wages 9,778 - 9,778 - - 9,778 Other Expenses 514 336 850 - 336 514

PensionSalaries and Wages 5,482 - 5,482 - - 5,482 Other Expenses 284 820 1,104 - 820 284

PayrollSalaries and Wages 16,207 - 16,207 - - 16,207 Other Expenses 9,131 - 9,131 - 46 9,085

DEPARTMENT OF ADMINISTRATIONAdministrator's Office

Salaries and Wages 13,641 - 13,641 - - 13,641 Other Expenses 36,670 5,017 41,687 - 8,951 32,736

Management and BudgetSalaries and Wages 4,307 - 4,307 - - 4,307 Other Expenses 57,074 56,486 113,560 - 55,764 57,796

Purchasing and Central ServicesSalaries and Wages 35,806 - 35,806 - - 35,806 Other Expenses 3,287 4,923 8,210 - 5,780 2,430

Real EstateSalaries and Wages 58,480 - 58,480 - - 58,480 Other Expenses 5,423 611 6,034 - 820 5,214

CommunicationsSalaries and Wages 11,145 - 11,145 - - 11,145 Other Expenses 1,527 8,512 10,039 - 8,512 1,527

Utility ManagementSalaries and Wages 18,724 - 18,724 - - 18,724

Balance: December 31, 2016



SCHEDULE OF 2016 APPROPRIATION RESERVES

134







DEPARTMENT OF ADMINISTRATION (continued)Risk Management

Salaries and Wages 2,364$ -$ 2,364$ -$ -$ 2,364$ Other Expenses 768 218 986 - 218 768

Information TechnologySalaries and Wages 76,816 - 76,816 - - 76,816 Other Expenses 35,995 16,587 52,582 - 23,675 28,907

Municipal CourtSalaries and Wages 143,601 - 143,601 - (13,893) 157,494 Other Expenses 190,172 70,618 260,790 - 55,790 205,000

Public DefenderSalaries and Wages 8,335 - 8,335 - - 8,335 Other Expenses 78,563 46,099 124,662 - 49,049 75,613

CollectionsSalaries and Wages 49,401 - 49,401 - - 49,401 Other Expenses 70,555 7,531 78,086 - 29,366 48,720

Architecture and EngineeringSalaries and Wages 1,276 - 1,276 - - 1,276 Other Expenses 1,131 - 1,131 - - 1,131

ArchitectureSalaries and Wages 60,466 60,466 - - 60,466 Other Expenses 17,133 5,698 22,831 - 6,418 16,413

EngineeringSalaries and Wages 67,326 - 67,326 - - 67,326 Other Expenses 452,568 331,592 784,160 - 91,946 692,214

Accounts and ControlSalaries and Wages 64,004 - 64,004 - - 64,004 Other Expenses 1,254 3,134 4,388 - 3,134 1,254

Treasury and Debt ManagementSalaries and Wages 4,826 - 4,826 - - 4,826 Other Expenses 724 - 724 - - 724

OFFICE OF THE TAX ASSESSORTax Assessor


DEPARTMENT OF LAWLaw Department

Salaries and Wages 95,857 - 95,857 - - 95,857 Other Expenses 154,173 185,189 339,362 40,726 241,135 57,501

DEPARTMENT OF PUBLIC WORKSDirector's Office

Salaries and Wages 8,565 - 8,565 - - 8,565 Other Expenses 41,837 2,135,431 2,177,268 4,484 1,866,056 306,728

Parks MaintenanceSalaries and Wages 33,765 - 33,765 - - 33,765 Other Expenses 95,248 76,940 172,188 1,540 72,232 98,416

Building and Street MaintenanceSalaries and Wages 11,754 - 11,754 - - 11,754 Other Expenses 74,950 209,632 384,582 - 353,204 31,378

Automotive ServicesSalaries and Wages 32,205 - 32,205 - - 32,205 Other Expenses 61,395 272,933 334,328 - 272,218 62,110

SanitationSalaries and Wages 31,310 - 31,310 - - 31,310 Other Expenses 57,894 57,466 115,360 - 66,477 48,883

135







DEPARTMENT OF PUBLIC WORKS (continued)Neighborhood Improvement

Salaries and Wages 15,795$ -$ 15,795$ -$ -$ 15,795$ Other Expenses 12,230 15,847 28,077 - 15,847 12,230

DEPARTMENT OF RECREATIONDirector's Office

Salaries and Wages 24,911 - 24,911 - - 24,911 Other Expenses 14,497 31,646 46,143 76 25,123 20,944

DEPARTMENT OF HEALTH AND HUMAN SERVICESDirector's Office


HealthSalaries and Wages 26,836 - 26,836 - (105,699) 132,535 Other Expenses 55,502 119,955 175,457 - 122,486 52,971

Clinical ServicesSalaries and Wages 5,029 - 5,029 - (59,731) 64,760 Other Expenses 8,766 4,572 13,338 - 5,676 7,662

AIDS Education ProgramOther Expenses 1,012 1,870 2,882 - 1,967 915

Senior Citizen AffairsSalaries and Wages 11,529 - 11,529 - - 11,529 Other Expenses 4,718 14,677 19,395 - 12,301 7,094

DEPARTMENT OF PUBLIC SAFETYO.S.H.A.

Fire - Other Expenses - 387 387 - 387 - Communications and Technology

Salaries and Wages 17 - 17 - - 17 Other Expenses 165,467 434,272 599,739 - 431,055 168,684

Parking EnforcementSalaries and Wages 114,702 - 114,702 - - 114,702 Other Expenses 128,080 73,214 201,294 2,840 76,373 122,081

Director's OfficeSalaries and Wages 75,133 - 75,133 - - 75,133 Other Expenses 9,044 321 9,365 - 805 8,560

FireSalaries and Wages 304,871 - 304,871 - - 304,871 Other Expenses 64,915 354,689 419,604 3,858 372,801 42,945

PoliceSalaries and Wages 1,309,931 1,309,931 - (10,341) 1,320,272 Other Expenses 297,478 578,156 875,634 251,659 522,351 101,624

HOUSING, ECONOMIC DEVELOPMENT AND COMMERCEDirector's Office

Salaries and Wages 52,564 - 52,564 - - 52,564 Other Expenses 652 40 1,422 - 1,420 2

Construction Code OfficialSalaries and Wages 71,427 - 71,427 - - 71,427 Other Expenses 12,422 9,893 22,315 16 21,741 558

Tenant/Landlord RelationsSalaries and Wages 970 - 970 - - 970 Other Expenses 38 264 302 - 264 38

Community DevelopmentOther Expenses 280 - 280 - 132 148

136







HOUSING, ECONOMIC DEVELOPMENT AND COMMERCE (continued)Commerce

Salaries and Wages 74,071$ -$ 74,071$ -$ -$ 74,071$ Other Expenses 5,444 1,391 6,835 - 2,500 4,335

Economic DevelopmentSalaries and Wages 3,204 - 3,204 - - 3,204 Other Expenses 14 16,186 16,200 15,695 466 39

City PlanningSalaries and Wages 28,274 - 28,274 - (48,769) 77,043 Other Expenses 3,585 1,495 5,080 - 2,161 2,919

Housing Code EnforcementSalaries and Wages 5,367 - 5,367 - - 5,367 Other Expenses 4,659 3,951 8,610 - 7,223 1,387

Planning BoardOther Expenses 13,050 10,386 23,436 - 10,386 13,050

Board of AdjustmentOther Expenses 573 586 5,907 - 5,334 573

Historic District CommissionOther Expenses 50 - 50 - - 50

Zoning OfficerSalaries and Wages 1,854 - 1,854 - - 1,854 Other Expenses 4,993 157 5,150 - 432 4,718

INSURANCEInsurance - All Departments 306,406 100,000 406,406 24,003 381,823 580

Employee Group Health Insurance 7,445,885 9,941,191 17,387,076 - 8,060,198 9,326,878 Health Benefit Waiver 23,009 - 23,009 - - 23,009

UNCLASSIFIEDMunicipal Publicity 14,069 2,250 16,319 - 2,250 14,069 Other Municipal Advertising 25,000 - 25,000 - - 25,000 Celebration of Public Events 984 17,354 18,338 - 17,172 1,166 Professional Affiliations 12,388 - 12,388 - - 12,388 Ethical Standards Board 20,000 - 20,000 - - 20,000 Electricity 55,994 1,503,715 1,344,556 - 1,167,236 177,320 Street Lighting 309 343,060 443,369 - 374,055 69,314 Municipal Rent 57,117 39,658 96,775 - 67,158 29,617 Gasoline 13,670 314,884 328,554 - 300,423 28,131 Communications 197,873 132,266 330,139 - 150,715 179,424 Office Services 293,798 379,446 673,244 33,000 492,736 147,508 Salary Adjustment 2,250,000 - 2,250,000 - 1,460,282 789,718

(B) Contingent 50,000 - 50,000 - - 50,000

137







(E) Deferred Charges and Statutory Expenditures within "CAPS" (2) STATUTORY EXPENDITURES

Contribution to:Social Security System (O.A.S.I.) 147,004$ -$ 147,004$ -$ (28,987)$ 175,991$ Consolidated Police and Fire

Pension Fund (CPFPF) 58,994 - 58,994 - - 58,994 Police/Fire Retirement System (PFRS - 45,882 45,882 - 45,881 1 Non-Contributory

Employees Pension 54,152 - 54,152 - - 54,152 Payments to Widows and

Dependents of DeceasedPublic Safety Members 60 - 60 - - 60

Public EmployeesRetirement System (PERS) 8,622 - 8,622 - 149 8,473

(DCRP) Defined BenefitContribution Plan 20,740 - 20,740 - 866 19,874

(A) Operations - Excluded From "CAPS"GENERAL GOVERNMENT

Maintenance of Free Public Library 34,621 - 357,588 - 357,587 1 Employee Group Health Insurance 1,414,417 - 1,414,417 - (77,900) 1,492,317 Reserve for Tax Appeals 372,547 - 59,255 - - 59,255 Tax Overpayments 243,271 - 243,271 - - 243,271

PUBLIC AND PRIVATE APPROPRIATIONSOFFSET BY REVENUES

Matching Funds for Grants 70,000 - 70,000 - - 70,000

TOTAL GENERAL APPROPRIATIONS 18,800,526$ 18,262,345$ 37,062,871$ 435,325$ 17,638,249$ 18,989,297$ Ref. A A-19 A-20 A-4 A-1

138

Exhibit A-19



Balance, Balance,December 31, December 31,

2016 Increased Decreased 2017

Current Year Budget Appropriations -$ 26,654,920$ 26,654,920$ Appropriation Reserves 18,262,345 - 18,262,345 - Reserve for:

Sandy Expenditures 730 730 730 730 Parking Authority Lease 16,035 9,761 16,035 9,761 Revaluation 1,170,000 1,402,383 1,170,000 1,402,383

19,449,110$ 28,067,794$ 19,449,110$ 28,067,794$

Ref. A A

A-3 26,654,920$ -$ A-18 - 18,262,345 A-30 9,761 16,035 A-32 730 730 A-34 1,402,383 1,170,000

28,067,794$ 19,449,110$

SCHEDULE OF RESERVE FOR ENCUMBRANCES

139

Exhibit A-20

Transfer fromBalance: Appropriation Contracts Paid or Balance:

Dec. 31, 2016 Reserves Cancelled Charged Dec. 31, 2017

Budget Year Ended December 31, 2016:

Office of the MayorMayor's Office

Other Expenses -$ 238$ -$ -$ 238$

City Clerk and Municipal CouncilMunicipal Council

Other Expenses - 470 - - 470 Audit Services - 56,000 - - 56,000

Human ResourcesWorkforce Management

Other Expenses - 720 - - 720

Department of LawLaw Department

Other Expenses - 40,726 - - 40,726

Department of Public WorksDirector's Office

Other Expenses - 4,484 - - 4,484 Parks Maintenance

Other Expenses - 1,540 - - 1,540

Department of RecreationDirector's Office

Other Expenses - 76 - - 76

Department of Public SafetyParking Enforcement

Other Expenses - 2,840 - - 2,840 Fire

Other Expenses - 3,858 - - 3,858 Police

Other Expenses - 251,659 - - 251,659

Housing, Economic Devleopment & CommerceConstruction Code Official

Other Expenses - 16 - - 16 Economic Development

Other Expenses - 15,695 - - 15,695

InsuranceAll Departments - 24,003 - 6,850 17,153

UnclassifiedElectricity - 33,000 - - 33,000



SCHEDULE OF CONTRACTS PAYABLE

140

Exhibit A-20

Transfer fromBalance: Appropriation Contracts Paid or Balance:

Dec. 31, 2016 Reserves Cancelled Charged Dec. 31, 2017



SCHEDULE OF CONTRACTS PAYABLE

Budget Year Ended December 31, 2015:

Department of LawLaw Department

Other Expenses 27,488$ -$ -$ 2,814$ 24,674$

Department of RecreationDirector's Office

Other Expenses 3,052 - - 3,052 -

Department of Public SafetyFire

Other Expenses 270 - - - 270 Police

Other Expenses 10,000 - - - 10,000

InsuranceEmployee Group Health 900,000 - 759,697 3,757 136,546

UnclassifiedElectricity 101,812 - - - 101,812 Salary Adjustment 761,000 - 471,333 289,667 -

1,803,622$ 435,325$ 1,231,030$ 306,140$ 701,777$ A A-18 A-1 A-4 A

141

Exhibit A-21



SCHEDULE OF PREPAID TAXES


Increased by:Cash Receipts A-4 14,023,865


Prior Year Collections Recognized as Revenue of:Current Year Taxes A-2a; A-7 2,953,483


Exhibit A-22

SCHEDULE OF TAX OVERPAYMENTS


Increased by:Current Tax Overpayments A-2a 2,176,043$ Funded by Operations A-1 6,729,583

8,905,626 11,283,234

Decreased by:Disbursed to Taxpayers A-4 9,107,191


142

Exhibit A-23



SCHEDULE OF PREPAID PILOT REVENUES




Cash Disbursements A-4 427,505


Exhibit A-24

SCHEDULE OF LOCAL DISTRICT SCHOOL TAXES PAYABLE


Increased by:Levy - 50% of:

School Year July 1, 2017 to June 30, 2018 58,346,224$ School Year July 1, 2016 to June 30, 2017 57,202,180

A-2a, A-7 115,548,404 115,548,404

Decreased by:Cash Disbursements A-4 115,548,404

Balance: December 31, 2017 -$

2017 Liability for Local District Tax:Tax Paid 115,548,404$ Tax Payable at December 31, 2017 -

115,548,404 Less: Tax Payable at December 31, 2016 -

Amount Charged to 2017 Operations A-1 115,548,404$

143

Exhibit A-25



SCHEDULE OF COUNTY TAXES PAYABLE


Increased by:County Tax Levy A-7 126,293,800$ County Open Space Levy A-7 2,660,997 Added and Omitted County Taxes A-7 1,490,205

Total Levy - County 130,445,002 131,515,541

Decreased by:Disbursements to County A-4 130,025,336


Exhibit A-26

SCHEDULE OF PILOT FEES DUE TO COUNTY




Cash Disbursed to County A-4 2,822,041


A-1, A-2a

144

Exhibit A-27

Balance: Assessments Net Cash Adjusted for Balance:Dec. 31, 2016 Levied Disbursed Stale Reserves Dec. 31, 2017

Special Improvement District:Central Avenue 19,023$ 101,667$ 95,860$ 13,732$ 11,098$ Journal Square Restoration Corp. 82,826 773,034 739,400 65,628 50,832 Historic Downtown 80,056 290,180 289,003 73,485 7,748 McGinley Square Partnership 14,073 72,336 73,910 4,798 7,701 Jackson Hill Main St. 12,774 244,104 222,020 17,300 17,558 Exchange Place Alliance - 3,000,010 2,957,621 - 42,389

208,752$ 4,481,331$ 4,377,814$ 174,943$ 137,326$

Ref. A A-1; A-2a A-4 A-2a A



SCHEDULE OF DUE TO SPECIAL IMPROVEMENT DISTRICTS

Decreased by:

145

Exhibit A-28



SCHEDULE OF SURCHARGES DUE TO STATE OF NEW JERSEY

Burial MarriageTotal Permits Licenses

Ref.Balance: December 31, 2016 A 25,900$ 570$ 25,330$

Increased by:Cash Receipts A-4 47,865 215 47,650

73,765 785 72,980 Decreased by:

Payments to State of New Jersey A-4 64,300 150 64,150

Balance: December 31, 2017 A 9,465$ 635$ 8,830$

Exhibit A-29

SCHEDULE OF RESERVE FOR DEPOSITS ON SALE OF




Contracts Realized A-14 10,102,826


PROPERTY ACQUIRED FOR TAXES

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Exhibit A-32



SCHEDULE OF RESERVE FOR SUPERSTORM SANDY EXPENDITURES


Increased by:Prior Year Encumbrances A-19 730


Relcass to Retirement of Sandy-Related Debt A-30 44,211$ Encumbered at Year End A-19 730

44,941

Balance: December 31, 2017 -$

Exhibit A-33

Ref.

Balance: December 31, 2017 and 2016 A 12,364$

Due to Jersey City Employment and Training 12,364$

12,364$

SCHEDULE OF OTHER PAYABLES

149

Exhibit A-34




Increased by:Prior Year Encumbrances, 2011 Appropriation A-19 1,170,000


Paid or Charged, 2011 Appropriation 1,170,000 Paid or Charged, 2016 Appropriation 2,992,975

A-4 4,162,975 Encumbrances at Year-End, 2016 Appropriation A-19 1,402,383

5,565,358


Exhibit A-35


Increased by:Cash Receipts not Distributed A-4 568,709


SCHEDULE OF RESERVE FOR REVALUATION

SCHEDULE OF UNDISTRIBUTED REVENUE

150


CITY OF JERSEY CITY

REPORT OF AUDIT

SUPPLEMENTARY DATA SECTION: STATE AND FEDERAL

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165

Exhibit A-41

Balance: Cash Balance:Dec. 31, 2016 Receipts Interfunds Dec. 31, 2017

SAFER Grant -$ 3,218,127$ -$ 3,218,127$ CDBG Disaster Recovery Grant - 402,747 1,961 404,708 The Hartford - Junior Fire

Marshal Program - 10,000 - 10,000 Recycling Tonnage - 306,936 - 306,936 NJ Health Care Quality Institute - 6,504 - 6,504

-$ 3,944,314$ 1,961$ 3,946,275$

Ref. A A-4 A-37 A

CITY OF JERSEY CITYFEDERAL AND STATE GRANT FUND


SCHEDULE OF RESERVE FOR STATE AND FEDERAL GRANTS - UNAPPROPRIATED

166


CITY OF JERSEY CITY

REPORT OF AUDIT

SUPPLEMENTARY DATA SECTION: TRUST FUND SCHEDULES

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Exhibit B-2

CITY OF JERSEY CITYTRUST FUND - ANIMAL CONTROL FUND


SCHEDULE OF DUE TO CURRENT FUND

Ref.Balance: December 31, 2016 B 13$

Decreased by;Cash Receipts B-1 324

337 Credits:

Cash Disbursements B-1 241

Balance: December 31, 2017 B 96$

Exhibit B-3

SCHEDULE OF DUE TO STATE OF NEW JERSEY

Ref.Balance: December 31, 2016 B 172$

Increased by:One-Year Licenses

State Registration Fees 854$ Pilot Clinic Fees 171 Population control 822

Three-Year LicensesState Registration Fees 1,866 Pilot Clinic Fees 373 Population control 945

B-1 5,031 5,203

Decreased by:Cash Disbursements B-1 5,006

Balance: December 31, 2017 B 197$

169

Exhibit B-4




Ref.Balance: December 31, 2016 B 8,131$

Increased by:Reserve for Expenditures B-5 14,697


Cash Disbursements B-1 19,484

Balance: December 31, 2017 B 3,344$

Exhibit B-5

SCHEDULE OF RESERVE FOR EXPENDITURES


Increased by:Municipal Registration Fees - One-Year Licenses B-1 16,064$ Prepaid Three-Year Licenses Realized B-6 15,064

31,128 56,196

Decreased by:Reserve for Encumbrances B-4 14,697


License Fees Collected

2015 29,965$ 2016 35,899

Maximum Allowable Reserve 65,864$

170

Exhibit B-6



SCHEDULE OF PREPAID THREE-YEAR LICENSES


Increased by:2017 Three-Year Licenses B-1 14,991


License Revenues Realized2015 6,124$ 2016 3,943 2017 4,997

B-5 15,064


171

Exhibit B-7

CITY OF JERSEY CITYTRUST FUND - OTHER FUNDS


SCHEDULE OF FEDERAL GRANTS RECEIVABLE

Balance Increased by: Decreased by: BalanceDec. 31, 2016 Grant Awards Cash Receipts Dec. 31, 2017

CDBG Funds 20,015,349$ 5,034,144$ 6,676,203$ 18,373,290$ Emergency Solutions (ESG) 1,267,294 457,848 274,706 1,450,436 Home Program 9,375,691 1,354,363 774,458 9,955,596 HOPWA 6,738,847 2,420,486 2,450,095 6,709,238

37,397,181$ 9,266,841$ 10,175,462$ 36,488,560$

Ref. B B-9; B-13 B-1 B

Exhibit B-8


Increased by:2016 Private Duty Reserve Overexpenditure B-12 153,900


SCHEDULE OF DEFERRED CHARGES

172

Exhibit B-9

TRUST FUND - OTHER FUNDSFOR THE YEAR ENDED DECEMBER 31, 2017

SCHEDULE OF INTERFUNDS RECEIVABLE / (PAYABLE)

Open SpaceCurrent Federal and General Recreation & Payroll

Total Fund State Grants Capital Fund Historic Trust AgencyRef.

Increased by:Off Duty Police B-12 14,469,594$ 14,469,594$ -$ -$ -$ -$ Federal Grant Appropriated B-13 9,266,841 9,266,841 - - - - Cash Disbursements B-1 2,397,052 810,182 54,256 500,009 - 1,032,605

26,133,487 24,546,617 54,256 500,009 - 1,032,605 Decreased by:

Anticipated as Revenue in Current FundUniform Fire Safety Act B-12 250,000 250,000 - - - - Federal Grant Awards B-7 9,266,841 9,266,841 - - - -

Cash Receipts B-1 16,847,435 15,172,031 54,256 - 623,000 998,148 26,364,276 24,688,872 54,256 - 623,000 998,148

Net Change in Interfunds (107,437) (141,894) - - - 34,457

Balance: December 31, 2016Interfunds Receivable B 106,404 2,587 103,817 - - - Interfunds Payable B (109,756) (11,818) - - - (97,938)


Interfunds Receivable B 689,154$ 85,328$ 103,817$ 500,009$ -$ -$

Interfunds Payable B (923,295)$ (236,814)$ -$ -$ (623,000)$ (63,481)$

Due to Sub-Account (from Above):Other Trust 103,817$ -$ 103,817$ -$ -$ -$ Law Enforcement 585,337 85,328 - 500,009 - -

689,154$ 85,328$ 103,817$ 500,009$ -$ -$

Due from Sub-Account (to Above):Other Trust (859,370)$ (236,370)$ -$ -$ (623,000)$ -$ CDBG (62,166) (83) - - - (62,083) HOPWA (1,038) - - - - (1,038) MLK (361) (361) - - - -

(922,935)$ (236,814)$ -$ -$ (623,000)$ (63,121)$

CITY OF JERSEY CITY

173

Exhibit B-10



SCHEDULE OF INTERGOVERNMENTAL PAYABLES

Total Training Fees UnemploymentRef.

Balance: December 31, 2016 B 265,929$ 253,019$ 12,910$

Increased by:Accrual for Fourth Quarter Bill B-14 383,446 - 383,446 Cash Receipts B-1 644,511 644,511 -

1,293,886 897,530 396,356

Decreased by:Cash Disbursements B-1 626,728 626,728 - Transfer to Vouchers Payable B-17 12,910 - 12,910


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Exhibit B-14



SCHEDULE OF RESERVE FOR UNEMPLOYMENT EXPENDITURES

Ref.Balance: December 31, 2016 B 1,476,191$

Increased by:Cash Receipts B-1 583,242


Transfer to Vouchers Payable B-17 476,053$ Payable for Final Quarter of Prior Year B-10 383,446

859,499

Balance: December 31, 2017 B 1,199,934$

Exhibit B-15

State FederalForfeitures Forfeitures

Ref.Balance: December 31, 2016 B 1,195,875$ 916,785$

Increased by:Cash Receipts B-1 395,587 384,269

1,591,462 1,301,054 Decreased by:

Cash Disbursements B-1 - 196,478 Encumbrances B-11 - 16,964

Balance: December 31, 2017 B 1,591,462$ 1,087,612$

SCHEDULE OF RESERVE FOR FORFEITURES

179

Exhibit B-16



Increased by:Balance: Cash Cash Vouchers Balance:

Dec. 31, 2016 Receipts Disbursed Payable Dec. 31, 2017

Judgments and Settlements -$ 11,232,965$ 10,417,324$ -$ 815,641$ Workers Compensation - 8,056,791 7,594,026 462,765 - Premiums - 1,774,302 - 1,774,302 - Widow Benefits 210,095 - 210,095 - -

210,095 21,064,058 18,221,445 2,237,067 815,641

Ref. B B-1 B-1 B-17 B

Exhibit B-17

SCHEDULE OF VOUCHERS PAYABLE

Decreased by:Balance Federal Grant Reserves for Cash Balance

Dec. 31, 2016 Encumbrances Expenditures Payable Disbursed Dec. 31, 2017

Insurance Trust -$ -$ 2,237,067$ -$ 2,237,067$ -$ Unemployment - - 476,053 12,910 488,963 - CDBG - 3,588,996 - - 3,588,996 - ESG - 274,705 - - 274,705 - Home Program - 809,963 - - 809,963 - HOPWA - 2,357,687 - - 2,357,687 -

-$ 7,031,351$ 2,713,120$ 12,910$ 9,757,381$ -$

B-11 B-10 B-1

B-16 2,237,067$ B-14 476,053

2,713,120$

IntergovernmentalIncreased by:

SCHEDULE OF RESERVE FOR INSURANCE EXPENDITURES

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181

Exhibit B-19

CITY OF JERSEY CITYTRUST FUND - PAYROLL CLEARING FUND


SCHEDULE OF DUE TO LIBRARY

Library LibraryTotal Pension Insurance

Ref.Balance: December 31, 2016 B 63,538$ 45,248$ 18,290$

Increased by:Cash Receipts B-1 140,416 130,229 10,187

203,954 175,477 28,477 Decreased by:

Cash Disbursements B-1 124,684 116,137 8,547


Exhibit B-20

Ref.Balance: December 31, 2016 B 2,205,713$

Increased by:Interfunds B-18 324,079,886


Cash Disbursements B-1 324,767,323

Balance: December 31, 2017 B 1,518,276$

Reserve for:PFRS - Police 647,746$ PFRS - Fire 233,911 PERS (Including Insurance) 153,622 Internal Revenue Service 19,458 Estate of Manning 124,128 Stale-Dated Checks 228,989 Payroll Adjustment 111,476 Flex Spending Account 4,537 Social Security and Medicare (5,591)

1,518,276$

SCHEDULE OF RESERVE FOR PAYROLL DEDUCTIONS

182

Exhibit B-21

CITY OF JERSEY CITYTRUST FUND - OPEN SPACE, RECREATION AND HISTORIC PRESERVATION TRUST FUND


SCHEDULE OF DUE FROM OTHER TRUST


Increased by:City Tax Levy Transferred to Other Trust B-22 623,000


Exhibit B-22


Increased by:City Tax Levy Transferred to Other Trust B-22 623,000


SCHEDULE OF RESERVE FOR EXPENDITURES

183


CITY OF JERSEY CITY

REPORT OF AUDIT

SUPPLEMENTARY DATA SECTION: GENERAL CAPITAL FUND SCHEDULES

Exhibit C-2



SCHEDULE OF CASH - TREASURER

Ref.Cash Receipts:

Proceeds on Sale of Bonds and NotesGeneral Bonds Payable C-13 70,915,000$ Bond Anticipation Notes Payable C-10 24,901,000 Funding of Deferred Charges from Bond Premium C-4 1,055,000

C-3 96,871,000$ Premiums

InterfundsInterest on Investments C-8 75,395 Received from Current Fund C-8 65,142,204

Other Reserves C-18 924,020 C-3 66,141,619

Total Cash Receipts 163,012,619

Cash Disbursements:Use of Bond and Note Sale Proceeds

To Escrow for General Bond Principal C-13 71,970,000 Bond Anticipation Notes Matured C-10 24,901,000

C-3 96,871,000 Payment of Balance on Notes, Series 2017E C-1; C-10 28 Current Fund Share of Note Premiums C-1 44,550 Encumbrances C-17 200,591 Interfunds C-8 63,252,110

C-3 63,497,279 Improvement Authorizations C-3; C-9 15,875,454

Total Cash Disbursements 176,243,733

Net Increase in Cash (13,231,114)

Balance: December 31, 2016 C; C-3 69,544,114

Balance: December 31, 2017 C; C-3 56,313,000$

184

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198

Exhibit C-4



SCHEDULE OF DEFERRED CHARGES TO FUTURE TAXATION - FUNDED

Ref.Balance: December 31, 2016 C 468,414,405$

Increased By:Refunding Bonds Issued C-13, contra 70,915,000

539,329,405 Decreased By:

School Bond Payments C-12 6,325,000$ General Serial Bonds Paid by Budget Appropriation C-13 35,982,000 General Bond Principal Refunded C-13, contra 70,915,000 Funded by Premium on Bond Sale C-2, C-13 1,055,000 Pension Refunding Bond Payments C-14 1,655,000 Local Improvement Bond Payments C-16 595,000 Green Trust Loan Payments C-11 105,626

116,632,626

Balance: December 31, 2017 C 422,696,779$

School Serial Bonds Payable 20,830,000$ General Bonds Payable 352,980,000 Pension Refunding Bonds 36,710,000 Local Improvement Bonds 11,226,000 Green Trust Loans Payable 950,779

422,696,779$

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202

Exhibit C-5a



DEFERRED CHARGES TO FUTURE TAXATION - UNFUNDED - ANALYSIS OF ENDING BALANCE

Analysis of Ending BalanceBond Bonds & Notes

Ordinance Balance, Anticipation AuthorizedNumber Improvement Description Dec. 31, 2017 Notes Payable But Not Issued Unexpended Expended

General Improvements:C-221-9 Improvement to Henry and Highway Sewers 311,500$ -$ 311,500$ -$ 311,500$

J-575 Caven Point Land Acquisition 13,100 - 13,100 - 13,100 C-211-14 Welfare Computer Equipment 106 - 106 - 106 McC-6 Improvement to Sanitary Sewer Systems 160,491 - 160,491 - 160,491

McC-127 Fiscal Year Adjustment Bonds 1,557 - 1,557 - 1,557 McC-129G Improvements to Storm Sewer JCSA 750,000 - 750,000 - 750,000 McC-129R New Firehouse and Police Precinct 34,606 - 34,606 - 34,606 McC-129W Public Resort Improvements 2,500 - 2,500 - 2,500 McC-181 Reconstruction of Henderson Street 354,322 - 354,322 - 354,322 McC-181 Additional Appropriation to Ord. McC-129 313,175 - 313,175 - 313,175

McC-398C Neighborhood Preservation Balanced Housing 529,179 - 529,179 - 529,179 McC-996 Improvements to Various Traffic Signals 92,745 - 92,745 - 92,745 92-029 Reconstruct Intersections / Traffic Signals 229,363 - 229,363 - 229,363 92-014 Reconstruction of Grand Street 141,000 - 141,000 - 141,000

94-018B Environmental and Site Cleanup 77,000 - 77,000 - 77,000 94-018F Improvements to 121 Newark Ave 3,103 - 3,103 - 3,103 96-098C Striping and Signage 5,500 - 5,500 - 5,500 96-098D Environmental Cleanup 1,828 - 1,828 - 1,828 97-028A Parking Facility - Cambridge Ave 40,000 - 40,000 - 40,000 97-039A Reappropriation from Ord. 917G: Public Parks 3,259 - 3,259 - 3,259 98-003B Various City Sidewalks and Landscaping 45,000 - 45,000 - 45,000 98-003C Installation of Traffic Signals, Striping and Signs 1,953 - 1,953 - 1,953 98-003D Building Improvements / Restoration 3,869 - 3,869 - 3,869 98-003G City Building Improvements 3,449 - 3,449 - 3,449 98-003J Improvements to Special Improvement Districts 110,000 - 110,000 - 110,000 98-006B Public Community Center Improvements 3,939,680 - 3,939,680 - 3,939,680 98-157A Public Parks Improvements 1,273,750 - 1,273,750 - 1,273,750 98-157D Improvements to City Owned Property 153,949 - 153,949 - 153,949 00-088A Construct/Install Equipment in Justice Complex 1,598,593 - 1,598,593 - 1,598,593

09-097/097A PJP Landfill Acquisition 8,142,948 8,142,948 - - - 09-127 Newark Avenue Streetscape 1,823,052 1,823,052 - - -

10-085/085A Property Acquisition: 6th Street Embankment 6,955,000 6,955,000 - - - 13.031/17.108 Hurricane Sandy Recovery 3,845,000 3,845,000 - - -

16.083.20 2016 Capital Improvements - Issuance Costs 417 - 417 417 - 16.106 West Campus Redevelopment Project 16,000,000 4,135,000 11,865,000 11,865,000 - 17.146 Acqusition of Street Sweepers (NJEIT) 2,600,000 2,600,000 2,600,000 -

Refunding Bond Ordinances, Net of Outstanding Bond Balances Authorized to be Refunded16.131 Refunding of Taxable Series 2010C General Improvement

Recovery Zone Econ. Develop. Bonds 1,580,000 - 1,580,000 1,580,000 -

Local Assessments:01-057A Greene Street Local Improvement Project 1,509,635 - 1,509,635 - 1,509,635

Subtotal General and Local Improvements 52,650,629 24,901,000 27,749,629 16,045,417 11,704,212

School Improvements:97-006B New Public School # 3 1,587,258 - 1,587,258 - 1,587,258

1,587,258 - 1,587,258 - 1,587,258

54,237,887$ 24,901,000$ 29,336,887$ 16,045,417$ 13,291,470$ Ref. C-5 C-10 C-21

Non-FinancedImprovement Authorizations

203

Exhibit C-6

PaymentsReceived from

MunicipalBalance, Utilities Balance,

Ord. No. Improvements Description Dec. 31, 2016 Authority Dec. 31, 2017

99-158B Improvements to Water Distribution System 110,224 110,224 - 99-158C Installation of Industrial Water Meters 1,000,000 1,000,000 - 99-158D Necessary and Essential Annual Capital Program 351,434 351,434 -

1,461,658$ 1,461,658$ -$ Ref. C C-8, C-21



SCHEDULE OF DEFERRED CHARGES TO FUTURE WATER RENTS - UNFUNDED

204

Exhibit C-7



SCHEDULE OF DUE FROM MUNICIPAL UTILITIES AUTHORITY

Ref.Balance: December 31, 2016 C 25,590,000$

Decreased By:Water Bonds Paid by Budget Appropriation C-15 4,440,000


205

Exhibit C-8



SCHEDULE OF INTERFUNDS RECEIVABLE / (PAYABLE)

Other Trust:Law Current

Total Enforcement FundRef.

Increased by:Boyd McGuiness Reclass C-18 431,250$ -$ 431,250$ Note Premiums C-1 166,444 - 166,444 Funding of Water Deferred Charges C-6 1,461,658 - 1,461,658 Cash Disbursements C-2 63,252,110 - 63,252,110 Current Fund Budget Appropriation

Capital Improvement Fund C-20 300,000 - 300,000 65,611,462 - 65,611,462

Decreased by:Cash Received

Interest on Investments C-2 75,395 - 75,395 Received from Current Fund C-2 65,142,204 - 65,142,204

Improvement Authorizations C-9 531,918 500,009 31,909 65,749,517 500,009 65,249,508

Net Change in Interfunds (138,055) (500,009) 361,954

Balance: December 31, 2016 C (32,617) - (32,617)

Balance: December 31, 2017Interfunds Receivable C 329,337$ -$ 329,337$

Interfunds Payable C (500,009)$ (500,009)$ -$

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Exhibit C-19




Increased by Reallocation from Other Reserves:General Capital Debt 3,517,074$ School Debt 11,228

C-18 3,528,302


General Capital Debt 3,517,074$ School Debt 11,228

3,528,302$

Exhibit C-20

SCHEDULE OF CAPITAL IMPROVEMENT FUND

Ref.Balance: December 31, 2016 C 77,066$

Increased by:Current Fund Budget Appropriation C-3, C-8 300,000

Balance: December 31, 2017 C 377,066$

SCHEDULE OF RESERVE FOR RETIREMENT OF DEBT

233

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235


CITY OF JERSEY CITY

REPORT OF AUDIT

SUPPLEMENTARY DATA SECTION: GENERAL FIXED ASSET SCHEDULES

Exhibit D-1

Balance, Balance,Dec. 31, 2016 Additions Disposals Dec. 31, 2017

Land 138,916,522$ -$ 11,156,322$ 127,760,200$

Improvements 130,980,911 100,667,505 - 231,648,416

Machinery and Equipment 79,395,979 - 24,472,265 54,923,714

349,293,412$ 100,667,505$ 35,628,587$ 414,332,330$

Ref. D D-2 D-2 D

Exhibit D-2

Ref.Balance: December 31, 2016 D 349,293,412$

Increased by:Additions D-1 100,667,505


Disposals D-1 35,628,587

Balance: December 31, 2017 D 414,332,330$

SCHEDULE OF RESERVE FOR FIXED ASSETS

CITY OF JERSEY CITYGENERAL FIXED ASSETS


SCHEDULE OF CHANGES IN FIXED ASSETS BY CLASS

236


CITY OF JERSEY CITY

REPORT OF AUDIT

STATISTICAL SECTION (unaudited)

Tab

le 1

Dep

artm

ent N

ame

Dec

. 31,

201

7D

ec. 3

1, 2

016

Dec

. 31,

201

5D

ec. 3

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Dec

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3

Gen

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ent (

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29

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lic

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474

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168,

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494

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237

Tab

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Dec

. 31,

201

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621,

765,

538

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3,36

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568,

397,

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0$

545,

329,

160

$

CIT

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)

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E-Y

EA

R H

IST

OR

Y O

F G

OV

ER

NM

EN

TA

L R

EA

LIZ

ED

RE

VE

NU

ES

238

Table 3

CITY OF JERSEY CITY

FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015

COMPARATIVE SCHEDULES OF OPERATIONS AND CHANGES IN FUND BALANCE-CURRENT FUND

Amount Percent Amount PercentRevenue and Other Income Realized:

Miscellaneous Revenue Anticipated 332,288,181$ 38.83% 338,805,935$ 40.01%Receipts from Delinquent Taxes 2,262,775 0.26% 559,368 0.07%Receipts from Current Taxes 492,469,451 57.55% 472,570,361 55.81%Non-Budget Revenues 5,882,618 0.69% 2,760,372 0.33%Other Credits to Income 22,858,294 2.67% 32,098,007 3.79%

855,761,319 100.00% 846,794,043 100.00%

Expenditures:

Budget Appropriations 607,162,302 69.13% 589,109,523 71.53%School, County, Open Space and SID Taxes 251,097,737 28.59% 232,077,953 28.18%Other Charges 20,082,049 2.29% 2,391,998 0.29%

878,342,088 100.00% 823,579,474 100.00%

Change in Operations, net of Surplus Utilized (22,580,769) 23,214,569 Adjustments to Income: Deferred Charges

of Budget of Succeeding Year - 5,000,000 Fund Balance, January 1 78,920,179 50,705,610

Fund Balance, December 31 56,339,410$ 78,920,179$

STATISTICAL SECTION (UNAUDITED)

December 31, 2016December 31, 2017

239

Table 4

CITY OF JERSEY CITY

FIVE-YEAR HISTORY OF TAX RATE AND APPORTIONMENT OF TAX RATE

Total LocalYear Ended Tax Rate Municipal County School

Dec. 31, 2017* 7.800 3.811 2.071 1.918

Dec. 31, 2016 7.701 3.783 1.932 1.986

Dec. 31, 2015 7.481 3.774 1.765 1.942

Dec. 31, 2014 7.434 3.769 1.728 1.937

Dec. 31, 2013 7.466 3.846 1.658 1.962

Rates are per $100 of assessed valuation.* Municipal Rate includes open space tax of $0.01 beginnng in 2017.

Table 5

Delinquent Percent ofYear Ended Liens Taxes Total Tax Levy

Dec. 31, 2017 37,154$ 10,252,653$ 10,289,807$ 2.07%

Dec. 31, 2016 37,154 4,265,328 4,302,482 0.91%

Dec. 31, 2015 659,482 3,125,278 3,784,760 0.84%

Dec. 31, 2014 422,969 3,660,742 4,083,711 0.91%

Dec. 31, 2013 326,028 2,768,273 3,094,301 0.70%

FIVE-YEAR HISTORY OF DELINQUENT TAXES AND TAX TITLE LIENS


240

Table 6

CITY OF JERSEY CITY

CollectionYear Ended Tax Levy Collections Percentage

Dec. 31, 2017 496,056,079$ 487,588,681$ 98.29%

Dec. 31, 2016 473,748,228 468,722,869 98.94%

Dec. 31, 2015 452,331,998 448,547,896 99.16%

Dec. 31, 2014 450,446,805 444,300,251 98.64%

Dec. 31, 2013 442,802,069 439,100,320 99.16%

Table 7

Year Ended Amount

Dec. 31, 2017 1,455,500$

Dec. 31, 2016 1,455,500

Dec. 31, 2015 1,680,900

Dec. 31, 2014 1,455,500

Dec. 31, 2013 1,591,500

Table 8

Percentage of NetAssessed Value

Net Assessed Estimated Full To Estimated FullYear Valuation Taxable Cash Valuation Cash Valuation

2017 6,229,997,658$ 28,403,595,009$ 21.9%

2016 6,093,045,338 25,679,882,705 23.7%

2015 5,997,768,597 21,643,490,206 27.7%

2014 5,932,776,544 19,707,433,281 30.1%

2013 5,814,571,278 18,551,487,135 31.3%

FIVE-YEAR HISTORY OF TAX LEVIES AND COLLECTIONS


NET ASSESSED VALUE TO ESTIMATED FULL CASH VALUATIONFIVE-YEAR HISTORY OF PERCENTAGE OF

FIVE-YEAR HISTORY OF PROPERTY ACQUIRED BY TAX TITLE LIEN LIQUIDATION

241

Tab

le 9

Rat

io o

fR

atio

of

Ann

ual D

ebt

Ann

ual D

ebt

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alS

ervi

ce to

Tot

al R

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. 31,

201

757

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$

81

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538

$

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%

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. 31,

201

655

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24

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,563

80

,024

,598

58

9,10

9,52

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.6%

600,

603,

362

13.3

%

Dec

. 31,

201

541

,337

,618

30

,227

,372

71

,564

,990

56

1,66

2,61

5

12

.7%

567,

212,

714

12.6

%

Dec

. 31,

201

437

,929

,616

32

,280

,380

70

,209

,996

53

4,45

6,17

2

13

.1%

543,

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363

12.9

%

Dec

. 31,

201

338

,649

,655

32

,245

,034

70

,894

,689

53

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7

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UN

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)

242

Table 10

CITY OF JERSEY CITY

AS OF DECEMBER 31, 2017

COMPUTATION OF LEGAL DEBT MARGIN AND OVERLAPPING DEBT

(Three Year) Average Equalized Valuation 25,242,322,640$

Debt Limit - 3.5% of Average Equalized Valuation 883,481,292$

Net Debt 417,807,408

Remaining Borrowing Power 465,673,884$

Gross Debt Deductions Net Debt

Local School Debt 22,417,258$ 22,417,258$ -$

Municipal General Debt 625,889,349 208,081,941 417,807,408

Total 648,306,607$ 230,499,199$ 417,807,408$

Overlapping Debt:County of Hudson (December 31, 2017) 199,108,952$ Hudson County Improvement Authority (December 31, 2017) 228,615,971

427,724,923$

Note: Debt of the Jersey City Board of Education and Jersey City Municipal Utilities Authorityare included in the Gross Debt of the City, but are statutory deductions when arriving at net debt.


243

Tab

le 1

1

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io o

f G

ross

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. 31,

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201

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,777

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846,

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3,42

0

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3,84

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60%

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. 31,

201

324

7,59

7

18

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,773

852,

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3,44

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.S.A

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ITY

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244

Council President ………………………...…… Rolando R. Lavarro, JrAt-Large ………………………….………………. Joyce WattermanAt-Large ………………………….………….……….. Daniel RiveraWard A - Greenville (2018) ………………….…...…… Denise RidleyWard A - Greenville (2017) ……….………………… Frank GajewskiWard B - West Side (2018)……………………..……… Mira Prinz-AreyWard B - West Side (2017)…………….……………. Chris L. GadsdenWard C - Journal Square …………….…………… Richard Boggiano Ward D - The Heights ……………..………….………. Michael Yun Ward E - Downtown (2018) ……………..…………….. James SolomonWard E - Downtown (2017) ………..………………. Candice OsborneWard F - Bergen / Lafayette ……………………. Jermaine D. Robinson

Chief of Staff …………………………………………………………… Mark Albiez (through 8/24/2018)

Deputy Mayor …………………………………………………. Vivian Brady-Phillips (through 5/23/2018)

Deputy Mayor …………………………………………………………… Marcos Vigil (through 8/13/2018)

Chief Financial Officer ………………………………………………………….. Donna Mauer, CMFO (1)

Tax Collector (Interim Periods)* …………………………………………………… Anthony Esposito (2)

Tax Collector (Non-Interim)* ………………………………………………….. C. Anne Doyle, CTC (2)*Interim periods are 10/2/2016-3/18/2017 and again from 9/24/2018 through report date.

The City's self-insurance fund carries the following coverage for City officials in office:

Public officials' liability insurance with limits of $1,000,000 for employee theft and $1,500,000 for premises theft.

Directors and Officers liability policy with limits of $2,000,000.

Officials so noted have additional surety bond coverage of (1) $1,000,000 and (2) $1,500,000.

Peter J. Baker (commencing 4/1/2018)Robert Byrne, RMC

CITY OF JERSEY CITY

OFFICIALS IN OFFICE(January 1, 2017 through November 2, 2018)

MAYOR STEVEN M. FULOP

CITY COUNCIL

Department Directors:

Business AdministratorBrian Platt (commencing 4/1/2018)

Robert J. Kakoleski (through 4/1/2018)

Corporation CounselCity Clerk

Human ResourcesJeremy Farrell (through 4/15/2018)

Public Safety

Housing, Economic Dev. & Commerce

James Shea

Arthur Williams (commencing 1/25/2018)

Mark A. Bunbury (2018)

Kevin Williamson (through 1/24/18)

Nancy A. Ramos (2017)

Other Municipal Officials and Statutory Titles:

Tax Assessor

Health and Human Services

Eduardo C. Toloza, CTA

Stacey Flanagan

Recreation

Annisia Cialone (commencing 8/13/18)

Public Works Marcos Vigil (1/1/2018-8/13/018)

Patrick G. StamatoAnthony Cruz (2017)

245


CITY OF JERSEY CITY

REPORT OF AUDIT

ADDITIONAL INFORMATION RELATING TO INTERNAL CONTROL AND COMPLIANCE



(201) 437-9000 Fax: (201) 437-1432



INDEPENDENT AUDITOR’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE

AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

To the Honorable Mayor and Members of the City Council City of Jersey City, New Jersey We have audited, in accordance with the auditing standards generally accepted in the United States of America, the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and audit requirements prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey (the “Division”), the accompanying financial statements – regulatory basis of the City of Jersey City, New Jersey (the “City”), which comprise the comparative balance sheets – regulatory basis, of each fund and General Fixed Assets as of December 31, 2017 and 2016, and the related comparative statement of operations and changes in fund balance – regulatory basis, statement of revenues – regulatory basis – and statement of appropriations – regulatory basis, of the Current Fund, and the statement of changes in fund balance – regulatory basis, of the General Capital Fund, for the years then ended, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements and have issued our report thereon dated November 2, 2018. As described in Note A, the City prepares its financial statements on a basis of accounting prescribed by the Division that demonstrates compliance with a modified accrual basis and the budget laws of the State of New Jersey, which is a special purpose framework of accounting other than accounting principles generally accepted in the United States of America. Internal Control over Financial Reporting

In planning and performing our audit of the financial statements, we considered the City’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion of the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control.

246

Our consideration of internal control was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified. However, as described in the accompanying schedule of findings and questioned costs, we identified certain deficiencies in internal control that we consider to be material weaknesses and significant deficiencies. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the City’s financial statements will not be prevented, or detected and corrected on a timely basis. We consider the deficiencies described in the accompanying schedule of findings and questioned costs as Findings 2017-002 and 2017-003 to be material weaknesses. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. We consider the deficiency described in the accompanying schedule of findings and questioned costs as Finding 2017-001 to be a significant deficiency. Compliance and Other Matters

As part of obtaining reasonable assurance about whether the City’s financial statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that is required to be reported under Government Auditing Standards. We noted additional instances of noncompliance which are required to be reported under audit requirements prescribed by the Division, and which are described in the accompanying comments and recommendations section of this report. The City’s Response to Findings

The City’s responses to the findings identified in our audit are described in the accompanying schedule of findings and questioned costs. The City’s responses were not subjected to the auditing procedures applied in the audit of the financial statements and, accordingly, we express no opinion on them.

247

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

DONOHUE, GIRONDA, DORIA & TOMKINS, LLCCertified Public Accountants



248



(201) 437-9000 Fax: (201) 437-1432



INDEPENDENT AUDITOR’S REPORT ON COMPLIANCE

FOR EACH MAJOR FEDERAL AND STATE PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE REQUIRED BY

THE UNIFORM GUIDANCE AND NEW JERSEY OMB CIRCULAR 15-08

To the Honorable Mayor and Members of the City Council City of Jersey City, New Jersey Report on Compliance for Each Major Federal and State Program

We have audited the City of Jersey City, New Jersey’s (the City’s) compliance with the types of compliance requirements described in the OMB Compliance Supplement and the N.J. OMB State Grant Compliance Supplement that could have a direct and material effect on each of the City’s major federal and state programs for the year ended December 31, 2017. The City’s major federal and state programs are identified in the summary of auditor’s results section of the accompanying schedule of findings and questioned costs. Management’s Responsibility

Management is responsible for compliance with the requirements of laws, regulations, contracts and grants applicable to its federal and state programs. Auditor’s Responsibility

Our responsibility is to express an opinion on compliance for each of the City’s major federal and state programs based on our audit of the types of compliance requirements referred to above. We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and N.J. OMB Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. Those standards, the Uniform Guidance and N.J. OMB Circular 15-08 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with the types of compliance requirements referred to above that could have a direct and material effect on a major federal or state program occurred. An audit includes examining, on a test basis, evidence about the City’s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances.

249

We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal and state program. However, our audit does not provide a legal determination of the City’s compliance. Basis for Qualified Opinion on the Federal Community Development Block Grant (CFDA 14.218), Emergency Solutions Grant (CFDA 14.231), Home Investment Partnership Grant (CFDA 14.239) and Housing Opportunities for Persons with AIDS Grant (CFDA 14.241) As described in Finding 2017-003 in the accompanying schedule of findings and questioned costs, the City did not comply with requirements regarding the following:

Finding No.

CFDA No.

Program (or Cluster) Name

Compliance Requirement

2017-003 14.218 14.231 14.239 14.241

Community Development Block Grant Emergency Solutions Grant

Home Investment Partnership Grant HOPWA Grant

Reporting

Qualified Opinion on the Federal Community Development Block Grant (CDBG), Emergency Solutions Grant (CFDA 14.231), Home Investment Partnership Grant (CFDA 14.239) and Housing Opportunities for Persons with AIDS Grant (CFDA 14.241) In our opinion, except for the noncompliance described in the Basis for Qualified Opinion paragraph, the City complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on the Federal Community Development Block Grant, Emergency Solutions Grant, Home Investment Partnership Grant and Housing Opportunities for Persons with AIDS Grant for the year ended December 31, 2017. Unmodified Opinion on Each of the Other Major Federal and State Programs

In our opinion, the City complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its other major federal and state programs identified in the summary of auditor’s results sections of the accompanying schedule of findings and questioned costs for the year ended December 31, 2017. Other Matters The City’s responses to the noncompliance findings identified in our audit are described in the accompanying schedule of findings and questioned costs. The City’s responses were not subjected to the auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the responses.

250

Report on Internal Control over Compliance

Management of the City is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the City’s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal and state program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing our opinion on compliance for each major federal and state program and to test and report on internal control over compliance in accordance with the Uniform Guidance and N.J. OMB Circular 15-08, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control over compliance. A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal or state program on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal or state program will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal or state program that is less severe than a material weakens in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that were not identified. We identified certain deficiencies in internal control over compliance, as described in the accompanying schedule of findings and questions costs as Finding 2017-003, which we consider to be a material weakness. The City’s responses to the internal control over compliance finding identified in our audit are described in the accompanying schedule of findings and questioned costs. The City’s response was not subjected to the auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the response.

251

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance and N.J. OMB Circular 15-08. Accordingly, this report is not suitable for any other purpose.




252

Sche

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2010

93.5

58--

1054

301,

327,

276

-

-

-

80,9

85

-

-

-

(8

0,98

5)

-

-

1,

246,

291

07

/01/

2010

-06

/30/

2011

93.5

58--

1054

301,

414,

091

-

-

27

3,38

4

-

-

-

-

-

-

273,

384

1,14

0,70

7

07/0

1/20

08-

06/3

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0993

.558

--10

5430

1,85

9,90

2

-

-

-

44

0,27

7

-

-

-

(440

,277

)

-

-

1,

419,

625

07

/01/

2015

-06

/30/

2016

93.5

58--

1054

3083

4,62

5

-

-

-

-

-

-

-

-

-

-

83

4,62

5

07

/01/

2012

-06

/30/

2013

93.5

58--

1054

301,

620,

840

-

-

-

204,

319

-

-

-

(2

04,3

19)

-

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1,41

6,52

1

07/0

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1393

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23

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AN

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27

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749,

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-

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17)

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ing

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Acc

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endi

ture

s of

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eral

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and

Sta

te F

inan

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ista

nce.

260

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dule

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ral

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gram

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Uni

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959,

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350)

940,

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274

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1793

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(052

350)

933,

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644,

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-

87

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60

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691,

253

-

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933,

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16-

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1893

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2-80

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84

(052

350)

925,

281

-

-

-

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925,

281

567,

543

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7,

752

36

5,49

0

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567,

543

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al C

FDA

No.

93.

569

644,

056

-

94

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92

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1

1,

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96

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mun

ity

Serv

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ck G

rant

(C

SBG

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A.R

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.10

/01/

2009

-09

/30/

2010

93.7

10--

8050

-100

-184

1,59

6,74

0

-

-

891

-

-

-

-

(8

91)

-

-

1,59

5,84

9

Tot

al C

SBG

Clu

ster

644,

056

-

95

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6

92

5,28

1

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258,

800

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(795

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36

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e of

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93.9

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7

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119,

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32

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3,91

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Pop

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93.9

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EP

ID16

ST

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32

5

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xual

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rans

mitt

ed D

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ontr

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vent

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for

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CH

e)01

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93.9

94--

4220

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97,5

00

-

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(1

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2997

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93.9

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145,

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FDA

No.

93.

994

234,

452

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23

5,66

3

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272

CITY OF JERSEY CITY NOTES TO SCHEDULES OF EXPENDITURES OF

FEDERAL AWARDS AND STATE FINANCIAL ASSISTANCE


NOTE A. REPORTING ENTITY

The City of Jersey City (the “City”), received and continues to participate in numerous federal award and state financial assistance programs, in the form of grant cost reimbursements and revenue sharing entitlements. The City is the reporting entity for the grant programs received. Administration of the grant programs is performed by the various departments of the City.

The City, for purposes of the schedules of expenditures of federal awards and state financial assistance, includes all of the primary government as defined criteria established by the Governmental Accounting Standards Board. The City administers certain federal and state award programs through subrecipients. Those subrecipients are not considered part of the City’s reporting entity. NOTE B. BASIS OF PRESENTATION

The accompanying schedules of expenditures of federal awards and state financial assistance (the “Schedules”) present the activity of all federal and state programs of the City. All federal awards received directly from federal agencies or passed through other government agencies are included on the schedule of expenditures of federal awards. All state awards received directly from state agencies or passed through other government agencies are included in the schedule of expenditures of state financial assistance. The information in these Schedules are presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and audit Requirements for Federal Awards (Uniform Guidance) and New Jersey OMB Circular Letter 15-08 Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid. NOTE C. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting policies of the City conform to the accounting principles and practices prescribed by the Division of Local Government Services, Department of Community Affairs, State of New Jersey (the “Division”). 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 City accounts for federal awards and state financial assistance through the following accounting practices which differ from those required by accounting principles generally accepted in the United States of America. Accounting functions for the grants are performed by the City’s Accounts and Control. Grant and program cash funds may be commingled with the City’s other funds provided each grant is accounted for separately within the City’s financial records.

273




NOTE C. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) In accordance with the Division’s directives, the City (a) fully realizes grant revenues anticipated in the Current Fund operating budget and establishes a corresponding receivable for each grant in the State and Federal Grants Fund, and (b) fully charges grants appropriated in the Current Fund operating budget and establishes a corresponding spending reserve, referred to as an ‘Appropriated Reserve’ in the State and Federal Grants Fund. In some instances, grants anticipated and appropriated in the Current Fund operating budget may be established as receivables and reserves in a Trust Fund instead of the State and Federal Grants Fund.

Local Contributions – Local matching contributions are required by certain federal and state grants. The amount or percentage of matching contributions varies with each program. Local matching contributions are raised in the Current Fund budget.

Indirect Costs - The City is not utilizing the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. NOTE D. CONTINGENCIES Entitlement to grant funds is generally conditional upon compliance with terms and conditions of the grant agreements and applicable laws and regulations. Federal and state grants, entitlements and cost reimbursements are subject to financial and compliance audits by grantors. Such contingencies are fully disclosed in the Notes to the Financial Statements. NOTE E. MONITORING OF SUB-RECIPIENTS

Under the requirements of the Single Audit Act and State regulations, if the City, as a primary recipient, receives federal and state financial assistance and provides $750,000 or more of such assistance to a sub-recipient in a fiscal year, the City is responsible for determining that the expenditures of federal and state monies passed through to sub-recipients are utilized in accordance with applicable laws and regulations. NOTE F. RELATIONSHIP TO FEDERAL FINANCIAL REPORTS

The regulations and guidelines governing the preparation of federal and state financial reports vary by federal and state agency and among programs administered by the same agency. Accordingly, the amounts reported in the federal and state financial reports do not necessarily agree with the amounts reported in the accompanying schedules of expenditures of federal awards and state financial assistance, which are prepared on the basis of accounting explained in Note B.

274




NOTE G. PASS-THROUGH AWARDS AND COMMINGLED ASSISTANCE

The City receives federal and state awards passed-through different levels of government. As a result, the individual sources of federal and state awards may be commingled and not always separately identifiable. In instances in which the federal amounts received are commingled by the state or other levels of government with other funds and cannot be separately identified, they are reported as federal expenditures. In instances in which the state amounts received are commingled by other levels of government, other than federal, and cannot be separately identified, they are reported as state expenditures. The following awards include both state and federal funding which are not separately identifiable, and which are reported on the schedule of expenditures of federal awards Aging Cluster - The City annually receives a “Senior Nutrition” Grant from the County of Hudson, Area Agency on Aging. This Senior Nutrition award includes funds for CFDA No. 93.045, 93.053 and 93.667, but the City’s accounting system does not separate the expenditures for the Senior Nutrition Grant by the individual CFDA Numbers. The Schedule of Expenditures of Federal Awards presents the total expenditures under the “Aging Cluster”. A breakdown of the grant award into the individual CFDA Numbers is noted below:

Aging Cluster 2016 2017Home Delivered Nutrition (COLA) 93.045 350,601$ 349,436$

Weekend Home Delivered Nutrition (COLA) 93.045 - 22,930

Nutrition Education Counseling (Title IIIC-1) 93.045 23,415 23,288

Congregate Nutrition- Federal (Title IIIC-1) 93.045 134,375 133,616

Home Delivered Nutrition- Federal (Title IIIC-2) 93.045 181,033 167,020

State Weekend Home Delivered Meals 93.045 44,474 44,474

Nutrition Services Incentive Program (NSIP)

Congregate Nutrition 93.053 131,326 120,686

Home Delivered Nutrition 93.053 120,331 118,520

985,555 979,970

Weekend Home Delivered Meals - (SSBG) 93.667 89,106 -

Socialization Recreation - (SSBG) 93.667 - 66,100

Home Delivered Nutrition - (SSBG) 93.667 159,368 179,368

1,234,029$ 1,225,438$

275

Financial Statements

Type of report the auditor issued on whether the financial statemenaudited were prepared in accordance with GAAP:

Internal Control over Financial Reporting:

1) Material weakness(es) identified? Yes Finding 2017-002 NoFinding 2017-003

2) Significant deficiency(ies) identified? Yes Finding 2017-001 No

Noncompliance material to basic financial statements noted? Yes No

Federal Awards

Internal Control over Major Federal Programs:

1) Material weakness(es) identified? Yes Finding 2017-003 No

2) Significant deficiency(ies) identified? Yes No

Type of auditor's report issued on compliance for major federal programs:

Unmodified for all major federal programs, except for the following which are all Qualified:CFDA 14.218 - Community Development Block GrantCFDA 14.231 - Emergency Solutions GrantCFDA 14.239 - Home Investment Partnership GrantCFDA 14.241 - Housing Opportunities for Persons with AIDS

Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? Yes Finding 2017-003 No

Identification of major Federal Programs:

10.557 - Women, Infants and Children (WIC)14.218/14.253 - CDBG Entitlement Grants Cluster

14.231 - Emergency Solutions Grant14.239 - Home Investment Partnership Grant14.241 - Housing Opportunities for Persons with AIDS93.045 - Aging Cluster (Senior Nutrition)93.569 - CSBG Cluster97.044 - Assistance to Firefighters Grant Program97.067 - Urban Area Security Initiative

Dollar threshold used to distinguish between Type A and Type B Programs:

Auditee qualified as low-risk auditee? Yes No

CITY OF JERSEY CITYSCHEDULE OF FINDINGS AND QUESTIONED COSTS


Section I - Summary of Auditor's Results

Adverse-according to GAAPUnmodified-as prescribed by NJ DLGS

CFDA Number(s)

750,000$

Name of Federal Program or Cluster

276

CITY OF JERSEY CITYSCHEDULE OF FINDINGS AND QUESTIONED COSTS


Section I - Summary of Auditor's Results

State Financial Assistance

Internal control over state programs:

1) Material weakness(es) identified? Yes No

2) Significant deficiency(ies) identified? Yes No

Type of auditor's report issued on compliance for major State programs: Unmodified for all major State programs

Any audit findings disclosed that are required to be reported in accordance with NJ OMB 15-08, as amended? Yes No

Identification of major State programs

533-042-4800-003 (852000) - Green Acres Program

Dollar threshold used to distinguish between Type A and Type B Programs: 750,000$

Name of State Program Program Code

(continued)

277

CITY OF JERSEY CITY

SCHEDULE OF FINDINGS AND QUESTIONED COSTS (Continued) FOR THE YEAR ENDED DECEMBER 31, 2017

Section II - Schedule of Financial Statement Findings

(This section identifies the significant deficiencies, material weaknesses, fraud, noncompliance with provisions of laws, regulations, contracts and grant agreements, and abuse related to the financial statements for which Government Auditing Standards requires reporting.) Finding 2017-001 Significant Deficiency in Internal Control Criteria: The City is required by N.J.A.C. 5:30-5.6 to establish and maintain a physical

inventory of fixed assets of nonexpendable, tangible property. The reporting system must have a subsidiary ledger, consisting of detailed property records for controlling additions, retirements and transfers of fixed assets. Further, the subsidiary ledger is required to ensure that property records are maintained accurately, to reflect a description and source of the property, its ownership, the acquisition cost and date, the percentage of Federal participation in the acquisition, and the location, use, and condition of the property.

Condition: Assets transferred to the City pursuant to its dissolution of the Jersey City Parking

and Incinerator Authorities were not included on City’s fixed asset inventory. In addition, several items selected for physical inspection required several trips because locations were not updated to reflect changes in location since the time of purchase.

Context: Audit procedures include sampling of the fixed asset inventory listing and

verifying the existence of these assets. Generally, vehicles were difficulty to identify as Vehicle Identification Numbers (VIN) are often not inputted into the inventory.

In addition, it appears the following concern noted in the prior audit was not

addressed: Inventory listings obtained from the former Parking Authority (JCPA) and Incinerator Authority (JCIA) indicate 131 and 159 items, respectively, of machinery and equipment were not added to the City inventory listing upon dissolution of these entities.

278

CITY OF JERSEY CITY



Finding 2017-001 (Continued) Effect: The City’s fixed asset inventory system is not in compliance with N.J.A.C. 5:30-

5.6. Specifically, there are instances in which (a) assets known to have been acquired through the dissolution of City agencies are not included in the inventory, and (b) asset locations noted on the listing may be inaccurate due to department transfers.

Cause: The City’s asset tagging, disposal and transfer policies are not being followed by

department personnel. No asset disposals are being recorded on the City’s fixed asset listing.

This finding is repeated from the prior year, with modifications. Recommendation: The City should reinforce existing fixed asset disposal and transfer policies with

appropriate department personnel and make certain such procedures are followed. The City should include all assets acquired from the dissolution of the Parking

and Incinerator Authorities on its fixed assets inventory. Views of Responsible Officials of the City (unaudited): The assigned Fixed Asset Manager will continue to work to enforce the fixed asset policy. The City will also be working with a fixed asset appraisal company to update the current inventory listing to include all vehicles and equipment that meet the fixed asset threshold.

279

CITY OF JERSEY CITY



Finding 2017-002 Material Weakness in Internal Control over Financial Reporting Criteria: Sound internal control policies include the timely reconciliation of all bank

accounts as a means to detect, and timely correct, misstatements. Condition: Bank reconciliations for the year ended December 31, 2017 were not completed

until October 2, 2018. Context: Audit procedures include obtaining City-prepared bank reconciliations as part of

the process to gather evidence regarding whether cash and cash equivalents are fairly stated in the City’s financial records. Though bank reconciliations will not prevent misstatements from occurring, they provide a means to detect and correct misstatements that were not prevented by other controls. Timely bank reconciliations allow the City to correct misstatements in a timely manner, provide a means of identifying and resolving bank errors, transfer or payment errors and potential misappropriation.

Effect: The lack of a timely reconciliation process resulted in delays in the detection of

payment, transfer and deposit errors, as well as delays in financial reporting. Further, the lack of a timely reconciliation process would prevent the City from addressing potential matters of defalcation, if any were to occur, in a timely manner.

Further, in order to complete its reconciliations, the City require a lump sum

journal entry be made to account for cumulative unidentified differences in the reconciliation of its general account in the amount of $92,764. This amount is posted as a non-budget revenue. Though this amount is not individually material, it reflects the net effect of debits and credits to cash which could not be identified. It is presumed that had these adjustments been made as gross debits and credits, and not netted together, the entries may approach materiality.

280

CITY OF JERSEY CITY



Finding 2017-002 (Continued) Cause: The cause for the delays in the reconciliation process could not be readily

determined, though it appears personal turnover and the consolidation of several accounts with significant transaction volume may have contributed.

This finding is repeated from the prior year, though this year it is reported as a

material weakness in internal controls over financial reporting. Recommendation: The City should reconcile all bank accounts within a reasonable period of time

after its fiscal year end. Views of Responsible Officials of the City (unaudited): This was due to several personnel changes. The CFO has recently assigned staff to oversee the reconciliation process and the City is currently making staffing changes to ensure the timely reconciliation of bank accounts.

281

CITY OF JERSEY CITY



Finding 2017-003 Material Weakness in Internal Control over Financial Reporting Criteria: Sound accounting policies suggest that the City is required to reconcile and

compare information reported in its financial records to the underlying accounting records and reports provided to and from grantor and oversight agencies.

Condition: Community Development Block Grant (CDBG), Home Investment Partnership

Grant (HOME), Housing Opportunities for Persons with AIDS (HOPWA) and Emergency Shelter Grant (ESG) funds receivable and on reserve, or available for expenditure, in the City’s general ledger were not reconciled with the IDIS system used for reporting such activity to the Department of Housing and Urban Development.

Context: Such reconciliations provide greater assurance that amounts reported by the City

are not misrepresented and coincide with amounts reported to or maintained by grantor and oversight agencies.

Effect: Amounts receivable and on reserve in the City’s CDBG, HOME and HOPWA

general ledgers and disbursements could not be properly validated or were not traceable to or from IDIS and other related reports. HOME receipts could also not be reconciled.

Cause: The City is not closing temporary accounts in the CDBG, HOME and HOPWA

general ledgers. Further, the general ledger reserve and receivable balances are not reconciled to subsidiary budget report ledgers and the IDIS system.

This finding has been repeated annually since 2011.

282

CITY OF JERSEY CITY



Finding 2017-003 (continued) Recommendation: The City should adopt financial reporting, reconciliation and closing procedures

which require appropriate personnel to reconcile reported balances and activity of CDBG, HOME, HOPWA and Emergency Shelter Grants to the underlying accounting records, subsidiary ledgers and reports provided to and from grantor and oversight agencies, where applicable. The reconciliations should be performed monthly.

Views of Responsible Officials of the City (unaudited): The CFO’s Office will take over this project to close out the old accounts and make sure all systems are reconciled.

283

CITY OF JERSEY CITY


Section III - Schedule of Federal Awards and State Financial Assistance

Findings and Questioned Costs

(This section identifies audit findings required to be reported by the 2 CFR 200.516(a) and New Jersey OMB Circular 15-08.)

Finding 2017-003 (Repeated from Section II as required, Modified as Related to Federal Funds) Material Weakness in Internal Control over Major Federal Programs Noncompliance (L) – Reporting (Direct Federal Funding)

United States Department of Housing and Urban Development CFDA No. 14.218 – Community Development Block Grant (CDBG) CFDA No. 14.231 – Emergency Solutions Grant (ESG) CFDA No. 14.239 – Home Investment Partnership Grant (HOME) CFDA No. 14.241 – Housing Opportunities for Persons with AIDS (HOPWA)

Condition: Community Development Block Grant (CDBG), Home Investment Partnership

Grant (HOME), Housing Opportunities for Persons with AIDS (HOPWA) and Emergency Shelter Grant (ESG) funds receivable and on reserve, or available for expenditure, in the City’s general ledger were not reconciled with the IDIS system used for reporting such activity to the Department of Housing and Urban Development.

Context: Such reconciliations provide greater assurance that amounts reported by the City

are not misrepresented and coincide with amounts reported to or maintained by grantor and oversight agencies.

Questioned Costs: None noted. Refer to Section II for Criteria, Effect, Cause and Recommendation and Views of Responsible Officials.

284

CITY OF JERSEY CITY

SUMMARY SCHEDULE OF PRIOR YEAR AUDIT FINDINGS AND QUESTIONED COSTS AS PREPARED BY MANAGEMENT


Status of Prior Year Findings

(This section identifies the status of prior-year audit findings related to the basic financial statements and federal and state awards that are required to be reported in accordance with Chapter 4 of Government Auditing Standards, 2 CFR 200.516(a) and New Jersey OMB Circular 15-08.) Finding 2016-001 Finding 2015-001 Finding 2014-001 Noncompliance Material to Basic Financial Statements Condition: Unfinanced costs for capital projects over five years old remain on the City’s

books. Current Year Status: This City has continued to reduce the noncompliant funding status of capital

projects over five years old, however, $13,291,470 of ‘Deferred Charges to Future Taxation – Unfunded’ over five years remain, consisting of $11,704,212 for General Improvements and $1,587,258 for School Projects. All Water Projects have been funded. The current figure noncompliant amount represents a 65% reduction since 2014.

This finding has been removed as noncompliance material to the basic financial

statements, but is repeated in the “comments and recommendations” section of this report as Finding 2017-004.

Finding 2016-002 Finding 2015-002 Finding 2014-003 Significant Deficiency in Internal Control Condition: Some assets on the fixed assets inventory listing could not be verified by physical

inspection. The City’s asset tagging, disposal and transfer policies are not being followed by department personnel. In addition, assets transferred to the City pursuant to its dissolution of the Jersey City Parking and Incinerator Authorities were not included on City’s fixed asset inventory.

Current Year Status: This finding is repeated in the current year as Finding 2017-001.

285

CITY OF JERSEY CITY




Finding 2016-003 Finding 2015-003 Material Weakness in Internal Control Condition: Community Development Block Grant (CDBG), Home Investment Partnership

Grant (HOME), Housing Opportunities for Persons with AIDS (HOPWA) and Emergency Shelter Grant (ESG) funds receivable and on reserve, or available for expenditure, in the City’s general ledger were not reconciled with the IDIS system used for reporting such activity to the Department of Housing and Urban Development. This finding, as it relates to CDBG, HOME and ESG, has been repeated annually since 2011.

Current Year Status: This finding is repeated as Finding 2017-003. Finding 2016-004 Noncompliance (H) – Period of Performance (Direct Federal Funding)

United States Department of Housing and Urban Development CFDA No. 14.218 – Community Development Block Grant (CDBG)

Condition: The City is noncompliant with 24 CFR 570.902 with an unexpected grant balance

remaining of 1.6 times the annual grant for Program Year 2015. Current Year Status: This finding was corrected in the current year.

286

CITY OF JERSEY CITY




Finding 2015-004 Noncompliance (B) – Allowable Costs / Cost Principles Noncompliance (J) – Program Income Significant Deficiency in Internal Control Over Major Programs (Direct Federal Funding)

United States Department of Housing and Urban Development CDBG Entitlement Grants Cluster - CFDA No. 14.218 / 14.253

Condition: The City received a letter dated March 30, 2016 from the Office of Inspector

General, US Department of Housing and Urban Development (OIG), in which OIG presents two findings and 30 recommendations. In summary, the OIG found (1) program income was not always collected, recorded or supported, (2) funds were used for unsupported costs, (3) CDBG activities and the City’s home-ownership program were not administered in compliance with program requirements, (4) unnecessary drawdowns were made and (5) the City’s Integrated Disbursement and Information System (IDIS) information was not accurate or traceable to that in its accounting records [see also Finding 2015-003].

The OIG identified a total of $1,941,618 in questioned costs and $16,206,508 of

funds to be put to better use. Current Year Status: The City has hired legal counsel to advise and respond to the allegations and

review its community development programs. Said legal counsel believes, after initial research of the OIG allegations, that adequate support exists for the CDBG expenditures questioned, and that the City should be able to defend its CDBG expenditures and develop the documentation needed to avoid the City having to repay the funds.

As of the date of this report, no final determinations have been made and it is

possible the City may still be required to repay the entire amount of $18,148,126, or an undetermined portion thereof.

287

CITY OF JERSEY CITY GENERAL COMMENTS

DECEMBER 31, 2017

CONTRACTS AND AGREEMENTS REQUIRED TO BE ADVERTISED PER N.J.S.A. 40A:11-3 AND 40A:11-4, et seq. N.J.S.A. 40A:11-3 states “When the cost or price of any contract awarded by the contracting agent in the aggregate does not exceed in a contract year the total sum of $17,500, the contract may be awarded by a purchasing agent or other employee so designated by the governing body when so authorized by ordinance or resolution, as appropriate to the contracting unit, without public advertising for bids, except that the governing body of any contracting unit may adopt an ordinance or resolution to set a lower threshold for the receipt of public bids or the solicitation of competitive quotations. If a purchasing agent has been appointed, the governing body of the contracting unit may establish that the bid threshold may be up to $25,000 or the threshold amount adjusted by the Governor pursuant to subsection c. of this section. Such authorization may be granted for each contract or by a general delegation of the power to negotiate and award such contracts pursuant to this section.” The current threshold amount as adjusted by the Governor is $40,000. The City has appointed a Qualified Purchasing Agent and has passed a resolution raising its bid threshold to the maximum allowable amount of $40,000. N.J.S.A. 40A:11-4 states “Every contract awarded by the contracting agent for the provision or performance of any goods or services, the cost of which in the aggregate exceeds the bid threshold, shall be awarded only by resolution of the governing body of the contracting unit to the lowest responsible bidder after public advertising for bids and bidding therefor, except as is provided otherwise in this act or specifically by any other law. The governing body of a contracting unit may, by resolution approved by a majority of the governing body and subject to subsections b. and c. of this section, disqualify a bidder who would otherwise be determined to be the lowest responsible bidder, if the governing body finds that it has had prior negative experience with the bidder.” The governing body of the City has the responsibility of determining whether the expenditures in any category will exceed $40,000 within the fiscal year. Where questions arise as to whether any contract or agreement might result in a violation of the Statute, the opinion of City Counsel should be sought before a commitment is made. Inasmuch as the system of records did not provide for an accumulation by categories of payments for the performance of any work or the furnishing or hiring of any materials or supplies, the results of such an accumulation could not be reasonably ascertained. Disbursements were reviewed, however, to determine whether any clear-cut violations existed.

288


DECEMBER 31, 2017

CONTRACTS AND AGREEMENTS REQUIRED TO BE ADVERTISED PER N.J.S.A. 40A:11-3 AND 40A:11-4, et seq. (continued) The minutes indicate that bids were requested by public advertisement and contracts awarded for the following items:

Our examination of expenditures did not reveal individual payments, contracts or agreements in excess of $40,000, "for the performance of any work, or the furnishing of any materials, supplies or labor, or the hiring of teams or vehicles," other than those for which bids had been previously sought by public advertisements or for which a resolution had been previously adopted under the provision of N.J.S.A. 40A:11-6. CONTRACTS AND AGREEMENTS EXCEPTED FROM PUBLIC ADVERTISEMENT FOR BIDS PER N.J.S.A. 40A:11-5, et seq., 40A:11-6.1(b) AND 40A:11-12 N.J.S.A. 40A:11-12 states: “Any contracting unit under this act [the City] may without advertising for bids, or having rejected all bids obtained pursuant to advertising therefore, purchase any goods or services under any contract or contracts for such goods or services entered into on behalf of the State by the Division of Purchase and Property in the Department of the Treasury.” When utilizing state contracts, as the contracts are commonly referred to, the City is required to place its order with the vendor offering the lowest price, including delivery charges, that best meets the City’s requirements, and is also required to document such with specificity prior to placing the order. The minutes indicate resolutions were adopted authorizing the awarding of contracts or agreements for “state contracts” per N.J.S.A. 40A:11-12 for the following items:

- Small Tools and Hardware Suppplies - Asphalt Materials

- Maintenance of City Irrigation Systems - Moving Company Services

- Tree Planting Citywide - Deliver of Various Trees

- Collision Repair Services - Lumber and Assorted Materials

- Disposal of Various Waste Types - Security Maintenance

- Supply and Delivery of Custodial Supplies - Plumbing Supplies

- Automotive Tires

- Heavy Duty Vehicle Truck Parts and Repairs - Wireless Devices and Services

- Light and Medium Vehicle Repair Services - Energy Tracking and Bill Management System

- Office Furniture - Analog Recording System Maintenance

- Zetron Alerting System - Protective Fire Gear and Equipment

289


DECEMBER 31, 2017

CONTRACTS AND AGREEMENTS EXCEPTED FROM PUBLIC ADVERTISEMENT FOR BIDS PER N.J.S.A. 40A:11-5, et seq., 40A:11-6.1(b) AND 40A:11-12 (continued)

Contracts or agreements awarded for “state contracts” per N.J.S.A. 40A:11-12 (continued):

N.J.S.A. 40A:11-5.1(a)(i) states: “Any contract the amount of which exceeds the bid threshold, may be negotiated and awarded by the governing body without public advertising for bids and bidding therefor and shall be awarded by resolution of the governing body if the subject matter thereof consists of professional services. The governing body shall in each instance state supporting reasons for its action in the resolution awarding each contract and shall forthwith cause to be printed once, in the official newspaper, a brief notice stating the nature, duration, service and amount of the contract, and that the resolution and contract are on file and available for public inspection in the office of the clerk.” The minutes indicate resolutions were adopted and advertised authorizing the awarding of contracts or agreements for “professional services” per N.J.S.A. 40A:11-5 for the following items:

- Maintenance of Wireless Network Systems - SCBA Parts and Supplies

- Street Sweeper Parts and Repairs - Light Duty Non-OEM Automotive Parts

- Road Maintenance Equipment and Sweeper Brushes - Voice Communication Network Services

- Support of Spatial Data Logic Software - Cisco Smartnet Service Maintenance

- Interview Recording System - Communications Wiring Services

- Second Chance Ballistic Vests - GPS Access Subscriptions

- Electrical Equipment and Supplies - Data Communications Network Services

- Telephone / Voice Line Services - Telecommunications Data Lines

- Unitrends 926S Backup Unit - Vending Machines

- Servers - Diesel Fuel

- Gasoline - Annual Maintenance of Radio System

- Labor Negotiation Attorney - Engineering, Design and Construction Administration

- Special Counsel - Commercial Litigation - Various Litigation Representation

- Special Counsel - Tax Appeals - Workers Compensation Defense Matters

- Public Defender Attorney Services - Veterinarian Services

- Firework Display - Architectural / Structural Engineering Services

- Annual Financial Statement Audit - On-Call Traffic Volume Data Collection Project

290


DECEMBER 31, 2017

CONTRACTS AND AGREEMENTS EXCEPTED FROM PUBLIC ADVERTISEMENT FOR BIDS PER N.J.S.A. 40A:11-5, et seq., 40A:11-6.1(b) AND 40A:11-12 (continued) There are additional exceptions noted in N.J.S.A. 40A:11-5, et seq., for contracts which may be negotiated and awarded by resolution of the governing body without public advertising for bids. The City has also awarded contracts under other exceptions noted in N.J.S.A. 40A:11-5 including:

N.J.S.A. 40A:11-5.1(dd), the provision or performance of goods or services for the support or maintenance of proprietary computer hardware and software, except that this provision shall not be utilized to acquire or upgrade non-proprietary hardware or to acquire or update non-proprietary software;

N.J.S.A. 40A:11-5.1(d), the furnishing of a tax map or maps;

N.J.S.A. 40A:11-5.1(l), those goods and services necessary or required to prepare and conduct an election;

N.J.S.A. 40A:11-5.3, a negotiated contract following the advertisement of bids, and for which no bid contract could be awarded due to specific circumstances as noted in the statute.

N.J.S.A. 40A:11-6.1(b) states: “When in excess of the bid threshold, and after documented effort by the contracting agent [the City] to secure competitive quotations, a contract for extraordinary unspecifiable services may be awarded upon a determination in writing by the contracting agent that the solicitation of competitive quotations is impracticable. Any such contract shall be awarded by resolution of the governing body.” N.J.S.A. 40A:11-5.1(a)(ii) further states: “The governing body shall in each instance state supporting reasons for its action in the resolution awarding each [extraordinary unspecifiable service] contract and reasons for its action in the resolution awarding each contract and shall forthwith cause to be printed…a brief notice of the award of such contract.” The notice shall be printed once, in the official newspaper, a brief notice stating the nature, duration, service and amount of the contract, and that the resolution and contract are on file and available for public inspection in the office of the clerk. The minutes indicate resolutions were adopted and advertised authorizing the awarding of contracts or agreements for “extraordinary unspecifiable services” per N.J.S.A. 40A:11-6.1(b) for Insurance Consulting Services and Life Insurance for Management Employees.

291


DECEMBER 31, 2017

EXPENDITURE LESS THAN BID THRESHOLD, BUT 15% OR MORE OF THAT AMOUNT PER N.J.S.A. 40A:11-6.1 N.J.S.A. 40A:11-6.1 states: “For all contracts that in the aggregate are less than the bid threshold but 15 percent or more of that amount, except for paragraph (a) of subsection (1) of section 5 of P.L. 1971, c.198 (C.40A:11-5) concerning professional services and paragraph (b) of that subsection concerning work by employees of the contracting unit, the contracting unit shall award the contract after soliciting at least two competitive quotations, if practicable.” The City advised us that quotations were, for the most part, solicited for items, the cost of which was $6,000 or more, within the terms of N.J.S.A. 40A:11-6.1. COLLECTION OF INTEREST ON DELINQUENT TAXES AND ASSESSMENTS Statutes provide the method for authorizing interest and the maximum rate to be charged for the nonpayment of taxes, or assessments on or before the date when they would become delinquent. The governing body adopted the following resolution authorizing interest to be charged on delinquent taxes:

“In all cases, interest shall be calculated and charged at the rates of 8% per annum on the first $1,500 of the delinquency, and 18% per annum on any delinquent amounts in excess of $1,500, to be calculated from the date upon which the taxes first became due and payable to the date that the payment is actually received.”

In all instances tested, the collector’s records indicate that interest was collected in accordance with the foregoing resolution. CHANGE ORDERS EXCEEDING 20 PERCENT OF ORIGINALLY AWARDED CONTRACT PRICE Change orders exceeding the originally awarded contract price by more than 20% are allowed only in limited instances. The authorization process requires a resolution of the governing body and an affidavit of publication for notice in an officially designated newspaper of the entity. The minutes indicate the following change orders which exceeded 20% of the originally awarded contract during 2016:

- Special Counsel - Commercial Litigation - Engineer Services - Roadway Lighting

- Various Litigation Representation - Engineering Services - Remediation

- Environmental Services - Workers Compensation Defense Matters

- Road Maintenance Equipment Parts and Repairs - Heavy Duty Vehicle Parts

292

CITY OF JERSEY CITY COMMENTS AND RECOMMENDATIONS

DECEMBER 31, 2017

(Finding References continued from Sections II and III of the Schedule of Federal Awards and State Financial Assistance Findings and Questioned Costs, which can found on pages 278 through 284 of this report.) FINDING 2017-004: The City is not in compliance with State regulations concerning the funding of capital projects. Unfinanced costs totaling $13,291,470 for capital projects over five years old remain on the City’s books, consisting of $11,704,212 for general projects and $1,587,258 for school projects. The City has annually reduced its unfunded costs for projects over five years old since 2014. Recommendation: The City should continue to fund its remaining Unfunded Deferred Charges to

Future Taxation in excess of five years old. FINDING 2017-005: Voters of the City approved, through referendum, the establishment of a tax levy to fund a Municipal Open Space, Recreation and Historic Preservation Trust Fund. As of 2017, the City maintained these funds in a separate reserve within its Trust Fund – Other Trust. However, statutes require the dedicated tax to be deposited into a dedicated depository and separate Municipal Open Space Trust Fund. Recommendation: The City should establish a separate, dedicated Trust Fund and bank account for

the sole purpose of accounting for the proceeds of its Municipal Open Space Tax Levy, as required by various State statutes and regulations.

FINDING 2017-006: The City does not maintain an automated grants receivable subsidiary ledger integrated into its accounting system. Currently, the grants receivable subsidiary ledger is maintained off-line. As grant monies are received, the grant receivable general ledger account is credited. These receipts are then identified and posted to the manual subsidiary ledger. This process enables posting delays and is prone to posting error, as evidenced by the number of receipt re-allocations posted annually. Further, whereas grant receipts often originate from filings of various Departments, the responsibility to identify the source of funds and allocation to the proper grant is placed on Treasury and Accounts and Control. This lack of a cohesive City-wide process to identify grant receipts contributes to posting errors. Recommendation: City Departments which administer grants and file for reimbursement should

coordinate with Treasury and Accounts and Control when grant funds are expected in order to reduce delays and posting errors in regards to grant receipts. Further, the City should integrate a grants receivable subsidiary ledger into its accounting system.

293


DECEMBER 31, 2017

FINDING 2017-007: Various interfund balances remain on the City’s balance sheets at year end, including an interfund in the amount of $11,469,449 due from the Payroll Agency Trust Fund to the Current Fund. Across funds, interfund balances exceed $13 million. Amounts due to the Current Fund total $11,848,594 and result in a corresponding reduction in fund balance, as accounting rules do not allow these receivables to be realized until collected in cash. Recommendation: The City should make certain interfunds balances are transferred prior to year-

end, to the extent possible. In addition, transfers between funds, particularly between the Payroll Agency and Current Funds should be conducted with more care so as to not create significant interfunds unnecessarily.

FINDING 2017-008: During 2017, internal controls over wire transfers and manual checks were not sufficient to prevent the duplicate payments of $486,425 of employee pension obligations to the State of New Jersey and $1,604,940 of tax sale payments to the Jersey City Municipal Utilities Authority. The cause of the duplicate pension wire was not evident, but the payment was returned to the City from the State. The duplicate tax sale payment occurred when Treasury was given wiring instructions to make the payment on the same date a manual check was issued by the Tax Collector’s office. The City has recovered these funds as well, however the issue was not discovered until bank reconciliation procedures were completed approximately nine months after year end. Recommendation: The City should institute additional preventive internal controls over wire

transfers and manual checks to further prevent the likelihood of duplicate payments, and conduct detective internal controls such as bank reconciliations in a timelier manner to improve the possibility of recovery if the issue were to re-occur.

FINDING 2017-009: In order to continue receipt of real property Senior Citizen tax deductions, those receiving the tax credits must file annual post-tax year income statements with the municipal tax collector. In order to test compliance with this requirement, audit procedures selected ten Senior Citizen deductions and requested the corresponding annual post-tax year income statement. The Tax Collector’s Office could not provide seven of the ten statements.

Recommendation: The Tax Collector’s office should disallow all deductions for which no annual post-tax year income statement is filed.

294


DECEMBER 31, 2017

FINDING 2017-010: A sample of 25 vendors paid in excess of $600 was selected for the purpose of determining whether the City is in compliance with Internal Revenue Code (IRC) requirements regarding the filing of Form 1099. Of these 25 items, four instances were noted in which a Form 1099 should have been filed, but no evidence of filing could be provided by the City.

Recommendation: In order to comply with requirements of the Internal Revenue Code (IRC), the City should institute controls to make certain Form 1099s are filed with all vendors that do not qualify as exceptions under the IRC. Such controls should include requiring vendors to provide information such as Form W-9, or similar.

FINDING 2017-011: Eight instances were noted in which overtime authorizations were not available for auditor review, comprised of six police and two fire. Recommendation: All overtime authorizations must be fully executed and retained in accordance

with applicable records retention schedules. Such authorizations should be made available for audit.

FINDING 2017-012: Parking Enforcement receipts were often deposited in violation of N.J.S.A. 40A:5-15, which requires all monies to be deposited in a legal depository within 48 hours after the receipt thereof. Audit procedures noted 55 instances totaling $114,794 in which receipts were deposited between 10 and 162 days from the noted date of receipt. Each of these receipts were collected in the months of October through November, 2017, but were not deposited until January through April, 2018. The report of audit includes an adjustment of $114,794 as revenue accounts receivable. Recommendation: In order to comply with N.J.S.A. 40A:5-15, Parking Enforcement should

forward monies to Treasury within 48 hours after receipt, who in turn should deposit the funds into a designated legal depository within 48 hours.

295


DECEMBER 31, 2017

FINDING 2017-013: Our review of the Municipal Court Monthly Management Report for December 2017 indicated that there was a backlog of tickets Eligible for Dismissal, Eligible for Order of Driver License Suspension, Held over 120 Days, Other Case Statuses, Assigned Not Issued Over 180 Days, Held Over 180 Days and Eligible for Warrant. This indicates substantial backlog of tickets. In addition our review of Tickets Assigned and Not Issued has tickets outstanding for more than six months and Tickets Assigned Not Issued had numerous tickets listed. This finding is repeated from the prior year. Recommendation: The Municipal Court should review these tickets and determine their disposition

and remove them from the Automated Traffic System.

********************** Status of Prior Years’ Audit Recommendations A review was performed on all prior year’s recommendations. With the exception of those findings noted as being repeated from the prior year, corrective action was taken on all prior year recommendations. Corrective Action In accordance with regulations promulgated by the Single Audit Act and the Division of Local Government Services, all municipalities are required to prepare and submit to the Division of Local Government Services, a Corrective Action Plan with regard to audit deficiencies. This plan must be approved by formal resolution of the governing body and submitted within 60 days from the date the audit is received. Schedule of Findings and Questioned Costs We noted certain other matters that we reported in the accompanying schedule of findings and questioned costs section of this report. Such matters are required to be reported under Government Auditing Standards, Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and N.J. OMB Circular 15-08, Single Audit Policy for Recipients of Federal Grants, State Grants and State Aid.

**********************

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