Notes to SEFA
Accounting Policies: The financial statements of the Borough of Ramsey are prepared and presented by the Borough on the basis of the financial accounting and reporting principles and practices that demonstrate compliance with the regulatory basis of accounting and budget laws prescribed by the Division of Local Government Service, Department of Community Affairs, State of New Jersey, which is a basis of accounting other than accounting principles generally accepted in the United States of America (GAAP), to meet the requirements of the State of New Jersey for municipal government entities. The effect on financial statements of the variances between the regulatory accounting practices and GAAP, although not reasonably determinable, are presumed to be material. The basis of the financial reporting provisions of the Division are described in Note 1 of the financial statements.
De Minimis Rate Used: N
Rate Explanation: N/A