The year end December 31, 2018 audit for the Bellmawr Redevelopment Agency has yielded no findings.
The Agency was created by an ordinance adopted by the Borough of Bellmawr on October 26, 2017, pursuant to the Local Redevelopment and Housing Law (N.J.S.A. 40A:12A-1, et seq.), and subsequently authorized by the Local Finance Board of the Department of Community Affairs, State of New Jersey on November 9, 2017.
The Agency ended its initial year of operations with unrestricted net position of $17,895.01. Net position represents the difference between the Agency’s assets and liabilities at December 31, 2018.
During 2018, the Agency’s operations were funded by redeveloper fees of $60,000.00. These fees were to provide funds to cover the Agency’s initial startup costs and provide management with some financial flexibility while getting the operations of the Agency established.
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