CITY OF HOBOKEN
SUMMARY OF SYNOPSIS OF AUDIT REPORT FOR PUBLICATION
Attention is directed to the fact that a summary of the audit report, together with the recommendations, is the minimum required to be published pursuant to N.J.S. 40A : 5 - 7.
Summary of Synopsis of 2025 Audit of the City of Hoboken County of Hudson, as required by N.J.S. 40A : 5 - 7.
December 31 December 31
ASSETS Year 2025 Year 2024
Cash, Investments and Prepaid Debt Service 108,537,473.00 119,054,079.86
Taxes, Assessments, Liens and Utility Charges
Receivable 3,765,050.00 1,926,906.69
Property Acquired for Taxes - Assessed Value 2,806,900.00 2,806,900.00
Accounts Receivable ( and Inventory ) 50,189,537.00 40,272,460.41
General Fixed Assets 275,628,120.00 213,232,657.00
Fixed Capital-Utility 146,345,322.00 141,345,321.62
Deferred Charges to Future Taxation -
General Capital 387,242,329.00 334,975,255.89
Deferred Charges to Revenue of Succeeding Years 210,689.00 420,191.75
TOTAL ASSETS 974,725,420.00 854,033,773.22
LIABILITIES, RESERVES AND FUND BALANCES
Bond and Notes Payable 380,650,064.00 317,453,968.91
Improvement Authorizations 112,324,275.00 100,008,501.50
Other Liabilities and Special Funds 178,131,745.00 193,362,526.95
Reserve for Certain Assets Receivable 7,111,706.00 6,056,283.43
Reserve for General Fixed Assets 275,628,120.00 213,232,657.00
Fund Balance 20,879,510.00 23,919,835.43
TOTAL LIABILITIES, RESERVES AND SURPLUS 974,725,420.00 854,033,773.22
CITY OF HOBOKEN , NJ
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGE IN SURPLUS - CURRENT FUND
2025 2024
Revenue and Other Income Realized
Fund Balance Utilized 12,000,000.00 12,000,000.00
Miscellaneous - From Other Than Local 65,954,455.00 71,089,570.00
Collection of Delinquent Taxes 1,309,805.00 1,049,869.00
Collection of Current Tax Levy 221,553,233.00 214,704,550.00
Other Credits to Income 3,307,473.00 3,245,597.00
Total Income 304,124,966.00 302,089,586.00
Expenditures
Budget Expenditures:
Municipal Purpose 149,670,251.00 149,594,919.00
County Taxes 72,341,091.00 71,140,780.00
Local and Regional School Taxes 67,955,933.00 65,864,473.00
Municipal Open Space Tax 3,673,850.00 3,636,110.00
Other Expenditures 2,840,481.00 2,709,436.00
Total Expenditures 296,481,606.00 292,945,718.00
Less: Expenditures to be Raised
by Future Taxes
Total Adjusted Expenditures 296,481,606.00 292,945,718.00
Excess in Revenue 7,643,360.00 9,143,868.00
Fund Balance January 1 14,743,601.00 17,599,733.00
22,386,961.00 26,743,601.00
Less:
Utilized as Anticipated Revenue 12,000,000.00 12,000,000.00
Fund Balance December 31 10,386,961.00 14,743,601.00
CITY OF HOBOKEN , NJ
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGE IN SURPLUS - PARKING UTILITY OPERATING FUND
2025 2024
Revenue and Other Income Realized
Fund Balance Utilized 3,000,000.00 2,500,000.00
Operating Revenues 22,819,787.00 21,663,103.00
Miscellaneous 228,720.00 828,297.00
Total Income 26,048,507.00 24,991,400.00
Expenditures
Budget Expenditures:
Operating 12,090,500.00 11,539,041.00
Debt Service 2,194,981.00 1,990,000.00
Deferred Charges and Statutory Expenditures 1,306,800.00 1,253,800.00
Refunds 1,818.00
Surplus (General Budget) 8,300,000.00 7,000,000.00
Total Expenditures 23,894,099.00 21,782,841.00
by Future Taxes
Total Adjusted Expenditures 23,894,099.00 21,782,841.00
Excess (Deficit) in Revenue 2,154,408.00 3,208,559.00
Fund Balance January 1 4,882,329.00 4,173,770.00
7,036,737.00 7,382,329.00
Less:
Utilized as Anticipated Revenue 3,000,000.00 2,500,000.00
Fund Balance December 31 4,036,737.00 4,882,329.00
CITY OF HOBOKEN , NJ
COMPARATIVE STATEMENT OF OPERATIONS AND
CHANGE IN SURPLUS - WATER UTILITY OPERATING FUND
2025 2024
Revenue and Other Income Realized
Fund Balance Utilized 2,200,000.00 700,000.00
Operating Revenues 15,243,548.00 13,082,504.00
Miscellaneous 1,124,375.00 728,492.00
Total Income 18,567,923.00 14,510,996.00
Expenditures
Budget Expenditures:
Operating 11,462,788.00 10,251,622.00
Capital Improvements
Debt Service 1,592,509.00 1,447,088.00
Deferred Charges and Statutory Expenditures 60,500.00 61,000.00
Refunds 30,804.00 47,300.00
Surplus (General Budget) 2,500,000.00 850,000.00
Total Expenditures 15,646,601.00 12,657,010.00
by Future Taxes
Total Adjusted Expenditures 15,646,601.00 12,657,010.00
Excess (Deficit) in Revenue 2,921,322.00 1,853,986.00
Fund Balance January 1 3,326,688.00 2,172,702.00
6,248,010.00 4,026,688.00
Less:
Utilized as Anticipated Revenue 2,200,000.00 700,000.00
Fund Balance December 31 4,048,010.00 3,326,688.00
CITY OF HOBOKEN
RECOMMENDATIONS
DECEMBER 31, 2025
Finance:
1. The City’s general ledger and subsidiary ledgers for the HUD Trust Funds should be
reconciled to the HUD IDIS system on a regular basis.
Building Department:
1. The City should pay DCA fees due to the State on a quarterly basis.
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The above summary or synopsis was prepared from the report of audit of the City of Hoboken, County of Hudson, for the calendar year 2025. This report of audit, submitted by Steven D. Wielkotz, Registered Municipal Accountant of the firm Wielkotz & Company, LLC, is on file at the City Clerk's office and may be inspected by any interested person.
A Corrective Action Plan, which outlines actions the City of Hoboken will take to correct the findings listed above, will be prepared in accordance with Federal and State requirements. A copy of it will be placed on file and made available for public inspection in the Office of the City Clerk in the City of Hoboken within 45 days of this notice.
Jerry Lore, RMC
Deputy Clerk
