Budget

Question 1

AFS due date

Answer 1

2/10

Question 2

Introduce and Approve Budget

Answer 2

Earliest 1/1

Latest 2/10 (always extended)

Question 3

Publication date

Answer 3

At least 10 days before hearing

3 days before 2nd hearing (if amended in 1st hearing)

Question 4

Budget Hearing

Answer 4

28 days after approval

Question 5

Adopt Budget Date

Answer 5

Earliest: 1/29
Latest: 3/20 *

Question 6

Trouble Municipality Criteria

Answer 6

Default bond oblig.; state, county or school district unpaid for 2 years, cash deficit of preceding yr > 4% of total tax levy, bonds approp 25% of appropriations,
70% of tax collection

Question 7

Local Budget Law

Answer 7

NJSA 40A:4-1

Question 8

What must budget message contain at minimum (page 3c)

Answer 8

Explanation of the cap and a summary of appropriations appearing in both the inside and outside the cap sections for both appropriation CAP & Tax Levy CAP

Question 9

Municipal Excess Liability System (MEL)

Answer 9

Gov entity that provides excess insurance and services

Question 10

Contingent Expense appropriation can’t be more than __% of total appropriation’s for operating purposes

Answer 10

3%

Question 11

Appropriation CAP

pg. 6-20

Answer 11

2.5% of previous yr final approp. or the municipal price deflator index, which ever is less. Can have 3.5% if pass ordinance. Can bank for up to 2 yrs diff b/w final appropr. subject to cap and 3.5%

Question 12

Exceptions to CAP

Answer 12

Capital Expenditures, Debt Services, RUT, Deferred Charges, Grants, emergency temp appropriations

Question 13

Public Hearing on Ammendment if:

Answer 13

1. Increase or decrease any item of appropriation > 10%
2. Increase amount to be raised by 5%
3. Add new appropriation > 1% of total Approp

Question 14

Adoption of Budget Vote

Answer 14

Majority of the full membership.
Not officially adopted w/out cert of approval by director
Filed w/ county bd of taxation

Question 15

Items on Budget Standardized Worksheet

SOBB

Answer 15

1. S and W
2. OE
3. Budget Info Sheet
4. Budget Recapitulation Sheet

Question 16

Temporary Budget

Answer 16

Adopted by resolution w/in 1st 30 days of CY

Total approp. must not exceed 26.25% of PY total budget approp (-) debt service, CIF, & public assistance

Question 17

Emergency CY temporary Appropriation Vote

Answer 17

2/3 full memebership

Question 18

NJSA 40A:4-1

NJAC 5:30

Answer 18

Budget Law

Regulation of the Division and Local Finance Board

Question 19

Budget Message Minimum

Answer 19

Explanation of CAP

Summary of Appropriations both I/S and O/S of CAP

Question 20

PERC

Answer 20

Public Employee Relations Commission

– Deals with labor relations for unions (public employee)

Question 21

40A:4-87

Answer 21

Chapter 159

Resolution needed

Question 22

Change of title or text

Answer 22

Up to DLGS

Question 23

Official Budget Transfers

Answer 23

Last two months of year

Resolution: 2/3 FULL majority

Question 24

No transfer may be made from:

Answer 24

Contingent, Def. Charges, RUT, DP, CIF, interest and redemption charges

Question 25

Appropriation Reserve Transfers

Answer 25

First 3 months of year
2/3 vote
No transfers from Contingent, CIF, DP

Question 26

Emergency Appropriation

Answer 26

2/3 vote; 1 year (raised full next year by tax)
Public Health, safety, welfare or temp housing/pub. assist
Financed through surplus or notes
If

Question 27

Special Emergency (5 Year)

Answer 27

2/3 vote; Finances through surplus or special emergency notes
–Tax Map –Revaluations –Revision and Codification of Ordinance–Master Plans

Question 28

Special Emergency (3 Year)

Answer 28

Damages to Roads or bridges by snow, ice or frost

Public exigencies caused by civil disturbance

Question 29

Official Capital budget requirements

Answer 29

Capital Budget represents the CY of either a 3 or 6 year Cap. Improvement Program:
3 year: Population 10K

Question 30

AFS

Answer 30

Due 2/10

Certified and Filed by CFO to DLGS

Question 31

Modified Accural system is aka ______
Recognize revenue when _____
Recognize Exoenses when ______

Answer 31

OCBOA
realized in cash
obligation occured

Question 32

Delinquent Tax Max anticipated amount

Answer 32

Delinquent on 1/1 * % of collection of Delinquent tax

Question 33

TR =

Answer 33

TL/AV*100

Question 34

TR means

Answer 34

# of dollars and cents per $100 of AV
TL/AV = cents or points
26,000,000/400,000,000=.065 6.5 cents or 6.5 points
.065 per $1.00 or 6.5 per $100

Question 35

Procedures for adopting Budget

Answer 35

Introduce, Advertise, hearing, amendments, adopt

Question 36

Rules for amendments to budget

Answer 36

No new advertise if change made by director

Can amend before or after hearing and submit to director

Question 37

New budget hearing if budget amendment:

Answer 37

New item of approp > 1% of total approp
+/- any approp. > 10%
+ amnt to be raised >5%
Must adv and amend 3 days prior to hearing

Question 38

Emergency Temp Appropriation vote

Answer 38

2/3 full majority ; 26.25% of py approp not including CIF, Public Service, Debt

Question 39

4 Sections to budget

Answer 39

Operation of local unit (CF)
Operation of Utility
Dedicated Assessment Budget
Dedicated by rider

Question 40

RUT should at least equal the sum of:

Answer 40

1. Current budget approp (except RUT)
2. Due to school, county, sate, sp. district
3. Any other anticipated expenditure

Question 41

Capital Budget

Answer 41

Needed if plan to go out for bond
6 yr plan if > 10,000 residents
3 years if

Question 42

Appropriation limits for donations:
Bd of Fire Commissioners
Fire Co
First Aid

Answer 42

1. Bd of Fire - 90 and 30k for each additional
2. Fire Co - 25k
   3, First Aide - 70K