CFO Exam Flashcards
What may a governing body increase its appropriations cap to if they pass a COLA ordinance?
3.5%
The Flexible Chart of Accounts (FCOA) is a coding system which categorizes:
Budget appropriations and revenues
What is an appropriation required by statute to cover the cash flow requirements of the school, county, and municipal obligations?
The Reserve for Uncollected Taxes
At the end of the second budget year, what happens to any remaining uncommitted appropriation reserves?
They are lapsed and returned to fund balance through journal entries
What is the difference between the amount of appropriations for the budget year and the anticipated revenues?
Amount to be raised by taxation
N.J.S.A. 40A:4-1, et. seq. references what law?
Local Budget Law
N.J.S.A. 40A:2-1, et. seq. references what law?
Local Bond Law
N.J.S.A. 40A:11-1, et. seq. references what law?
Local Public Contracts Law
N.J.S.A. 40A:5-1, et. seq. references what law?
Local Fiscal Affairs Law
*For a given budget year, when are budget transfers permitted between appropriation reserves?
During the first three months of the succeeding year
What are two functions that constitute a municipal budget?
Establish appropriations necessary to meet expenditures and the authority to tax to provide revenue
The certification of new construction or improvements by the local tax assessor, and the amount of local taxes what would have been generated, would increase:
The “CAP” base
What revenue is determined by subtracting from the total general appropriations in the budget the surplus anticipated, miscellaneous revenues, and receipts from delinquent taxes?
Amount to be raised by taxation
What are additions made to the budget after adoption?
Chapter 159 amendments
By statute, what is the deadline to adopt a temporary budget in a calendar year town?
January 31st
Miscellaneous revenues may:
Be anticipated in the budget up to the amount received in cash in the preceding year or be anticipated in the budget in an amount greater than was received in cash in the preceding year when supported by documentation
What type of budget is required to be adopted in New Jersey?
Line-item budget
The lower the estimated tax collection, the higher:
The reserve for uncollected taxes
A municipality with a population below 10,000 must adopt a capital budget program for how many years?
3 years
A municipality with a population above 10,000 must adopt a capital budget program for how many years?
6 years
N.J.S.A. 40A:12-1, et. seq. references what law?
Local Public Land and Buildings Law
Regulations concerning fiscal controls are established in which NJAC?
NJAC 5:30 et. seq.
Current Fund appropriations for accumulated absence liabilities must be:
Deposited in a dedicated trust fund, cannot be used for any other purpose unless first approved by the LFB, and must not exceed the value of the total accumulated absences, less any amount reserved from prior years appropriations, and held in the trust fund
How may tax maps, master plans, codifications, and revaluations be financed?
Special emergency notes