Parsippany Audit Complete: See How The Township Stands Fiscally

PARSIPPANY, NJ — A standard audit has been conducted regarding Parsippany’s finances, and officials are pleased with the results.

According to Mayor James Barberio, the audit was conducted by independent auditors. Barberio said the township’s finances are “in excellent shape.”

“The audit was described as ‘a great clean audit,’ especially for a municipality of our size,” the Mayor said. “Township audits in NJ serve as a crucial tool for financial oversight, promoting responsible use of public funds and fostering public trust in local government. This positive outcome reflects the Township’s commitment to responsible fiscal stewardship and transparency.”

A presentation of the audit was presented to township officials during the July 8 council meeting. Presenting the audit details was Valerie Dolan of Nisivoccia LLP, a New Jersey-based public accounting and wealth management firm.

Dolan spoke on several factors regarding the township’s fiscal success, including a $1.7 million increase in the township’s current fund balance compared to last year, totaling just under $12 million. She added that with this increase, the township is on “a complete rebound.”

Additionally, the township’s water utility fund balance saw an increase of about $900,000, and the sewer utility balance saw an increase of over $3 million.

“You have become a very strong, fiscal town once again, and that constant eye on your finances has really driven it home,” Dolan told the Council. “As a result of all these increases in your surplus, you were able to build the budget that you were able to adopt, and utilize some additional surpluses when you built that (2025) budget… Being in such a strong fiscal position.”

“Small Housekeeping Items”

Dolan added that there were some minor recommendations from Nisivoccia LLP, which she called “small housekeeping items.”

Dolan did state that the township should be prepared for additional audits if it had received any federal funding this year.

Additionally, Dolan mentioned that there are several grant balances and grant receivable balances owed to the town, and implored officials to “maintain them, review them, collect them.” She added that the township should “collect everything that you can get, and utilize those funds.”

Finally, Dolan suggested that the township review any projects that were approved in the last five years, and check the progress of them.

“Are those projects done? Are they not done? Or can they be, instead, maybe repurposed into something new,” she said. “Rather than incurring new debt, you might be able to utilize funds that you already have.”

Dolan added that there will be a standard “corrective action plan” on the township’s next meeting agenda, addressing minor items that are “nothing to be concerned about.”

“Like I said, it is a great clean audit, with a strong fiscal-sounding report,” Dolan concluded.