Chapter 3 - Budget Makeup

Question 1

List major budget revenues

Answer 1

Fund Balance
Amount to be raised by taxation
Receipts from delinquent taxes
Miscellaneous Revenues Anticipated

Question 2

Major Budget Appropriations:

Answer 2

Operations
Contingent
Capital Improvements
Debt Service
Statutory Expenditures
Reserve for Uncollected Taxes

Question 3

Breaking a budget down into greater detail for internal tracking purposes is seen in what type of Budget?

Answer 3

Line Item Budget

Question 4

The amount of the tax levy that we do not anticipate will be collected is ____.

Answer 4

Reserve for Uncollected Taxes

Question 5

Provides for the operations of the local unit in the new budget year until the budget has been adopted

Answer 5

Temporary Budget

Question 6

When must the temporary budget resolution be adopted?

Answer 6

Within the first 30 days

Question 7

Total appropriations in the temporary budget cannot exceed __% of the prior year’s appropriations

Answer 7

26.25%

Question 8

(Date) Budget Introduction -

Answer 8

Jan 1, no later than Feb 10

Question 9

(Date) File Introduced Budget with the DLGS -

Answer 9

3 Days after Approval

Question 10

(Date) Budget Publication -

Answer 10

Jan 1, no later than March 10

Question 11

(Date) Budget Hearing -

Answer 11

Jan 30, no later than March 20

Question 12

(Date) Budget Adoption -

Answer 12

Jan 30, March 20

Question 13

Corrections of Title. Text, or Amount

Insertion of Special Items of Revenues and Appropriations

These are examples of :

Answer 13

Budget Amendments

Question 14

_____ can be made after the adoption of the budget for a purpose which is not foreseen at the time of the adoption thereof, or for which adequate provision was not made therin

Answer 14

Emergency Appropriations

Question 15

A Budget is active for ___.

Answer 15

A two year period of time

Question 16

Current Year Appropriations are permitted during ____.

Answer 16

The last two months of the fiscal year

Question 17

Reserve Year Appropriations are permitted during _____.

Answer 17

The first three months of the fiscal year

Question 18

Budgets transfers must be approved by resolution of the governing body by ____ of the full membership

Answer 18

2/3 vote

Question 19

At the end of the succeeding fiscal year all remaining unexpended balances will ____ _____.

Answer 19

Automatically lapse

Question 20

CAP Law is limited to ___% before requiring a referendum

Answer 20

3.5%