06/06/2026
📊 WALDWICK 2025 AUDIT REVIEW: WHAT RESIDENTS SHOULD KNOW
The Borough’s 2025 Audit Report has now been released, and after reviewing the document, there is both good news and important discussion points for residents.
First, the headline:
✅ The Borough received a clean audit opinion.
✅ No audit findings were reported.
✅ No repeat findings from previous years.
✅ No federal or state grant compliance issues were identified.
✅ No corrective action plan was required.
In plain English, the auditors did not identify any significant financial management problems or compliance concerns.
So what did the audit reveal?
💰 FUND BALANCE (SURPLUS)
The Borough’s Current Fund surplus decreased from approximately $6.58 million in 2024 to $5.46 million in 2025, a reduction of about $1.12 million.
A surplus acts much like a municipal savings account. Boroughs often use surplus funds to offset budget pressures and help reduce the amount that must be raised through taxation.
In 2025, Waldwick utilized approximately $2.53 million of surplus to support the municipal budget.
This raises an important policy question:
❓ Is the current level of surplus spending sustainable long-term?
❓ What is the Borough’s strategy for rebuilding reserves while maintaining services and managing taxes?
📈 REVENUES EXCEEDED EXPECTATIONS
The Borough generated approximately $767,000 more revenue than anticipated in the 2025 budget.
Some notable areas included:
• Interest earnings significantly exceeded projections.
• Sewer rent revenues exceeded projections.
• Tax appeal settlement revenues exceeded projections.
Strong revenue performance helped offset increasing costs throughout the year.
🏫 SCHOOL TAXES CONTINUE TO GROW
One of the most significant financial pressures facing property taxpayers remains school taxes.
According to the audit:
• Local School Taxes increased from approximately $34.17 million in 2024 to $35.17 million in 2025.
That is nearly a $1 million increase year-over-year.
🏛 COUNTY TAXES ALSO INCREASED
County taxes increased from approximately $4.81 million in 2024 to $5.24 million in 2025.
That’s an increase of roughly $433,000.
🚓 DEBT SERVICE INCREASED
Municipal debt service increased from approximately $1.47 million to $1.69 million.
Residents may wish to ask:
❓ What projects are contributing to the increase in debt service?
❓ What major capital projects are anticipated in the coming years?
⚠️ ONE ITEM THAT MAY WARRANT CLARIFICATION
The audit reflects a $25,000 Emergency Authorization.
Residents may want to ask:
❓ What was the emergency authorization used for?
❓ Was it related to a specific event or project?
❓ Has it been fully funded and resolved?
🚰 WATER UTILITY
The audit includes separate operating and capital accounts for the Water Utility, including infrastructure investments and ongoing debt associated with water system improvements.
Given recent PFAS treatment investments and infrastructure work, the Water Utility remains an important area for continued public discussion and oversight.
📋 WALDWICK PATRIOTS CLUB TAKEAWAY
After reviewing the audit, the biggest story may actually be what wasn’t found.
There were:
✔ No audit findings
✔ No repeat findings
✔ No compliance issues
✔ No grant issues
✔ No material weaknesses reported by the auditors
The more meaningful discussion is not whether the Borough’s books were properly managed. The auditors indicate they were.
The discussion moving forward is how Waldwick plans to manage rising school taxes, rising county taxes, increasing debt service, and the use of surplus funds while continuing to provide services and protect taxpayers.
As always, we encourage residents to read the audit, attend council meetings, ask questions, and stay engaged in the decisions that affect our community.
🇺🇸 Waldwick Patriots Club
Community Awareness • Transparency • Civic Engagement
