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CMFO Theory > CMFO THEORY > Flashcards

CMFO THEORY Flashcards

1
Q

True or False: Due from the state of NJ for senior citizen deductions can be anticipated as a revenue in the current fund budget as non cash surplus

A

True

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2
Q

Trust assessment fund cash is first pledged to what?

A

The retirement of bonds.

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3
Q

The municipal library is paid on what basis?

A

Quarterly basis

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4
Q

True or False: Budget transfer from Capital Improvement Fund are not permitted

A

True it is out of the cap

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5
Q

What consists of the Corrective Action Plan?

A

Find/Condition
Recommendation
Explanation and Corrective Action
Implementation Date

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6
Q

Who mails out the Local Assessment Bills?

A

Tax Collector

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7
Q

Who oversees PERS and PFRS?

A

NJ Department of Treasury

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8
Q

When must the corrective action plan be adopted?

A

60 days of receipt of the audit report

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9
Q

When a developer escrow is over 1,000 what is the CFO required to do?

A

Provide accounting statement to the developer on a monthly basis.

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10
Q

What does one tax point equal?

A

One ten-thousandth of the net value

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11
Q

When can the Local Finance Board intervene with a municipality?

A

Default on bonds
Tax collection rate is less than 70%
Cash deficit of the tax levy in excess of 4% for 2 consecutive years

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12
Q

True or False: resident request to inspect vouchers that were approved for payment at the most recent meeting.
Inspection of vouchers must be made available for inspection immediately.

A

True

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13
Q

Financial Disclosure Forms requirements

A

Income> 2,000
Gifts> 400
Property within the state of NJ

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14
Q

True or False: The Supplemental Debt Statement is field between the 1st and 2nd reading of a bond ordinance?

A

False: Prior to introduction

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15
Q

True or False: Three different bond ordinances are introduced at one public meeting only one supplemental debt statement is required

A

True

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16
Q

True or False: The anticipated revenue for Receipts from Delinquent Taxes is limited to the amount of revenue in the previous year.

A

False: Sheet 26

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17
Q

True or False: The Annual Debt Statement is due upon introduction of the a bond ordinance

A

False Supplemental Debt Statement

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18
Q

True of False: Federal Single Audit is required if federal grant expenditures equals or exceeds 750,000

A

True

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19
Q

Net Debt equals

A

Net= Gross Debt- Deductions

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20
Q

What is liquidity?

A

Security that can be converted into cash

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21
Q

What is the chairperson of the local finance board

A

Director of the Division of Local Government Services

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22
Q

What do old escrow accounts escheat to?

A

State of NJ as unclaimed property

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23
Q

True or False: Interest on utility assessment debt is appropriated in the current fund

A

False: Utility

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24
Q

What vote is required or budget transfer?

A

2/3 majority

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25
Q

True or false: use of p cards under no circumstances may a transaction exceed 15% of a municipal bid threshold

A

False

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26
Q

True or False: Local budget law municipalities are permitted to over spend a legal line item appropriation if the overall current fund budget remains in a surplus position

A

False

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27
Q

True or False: Cash Management plan can be amended at any time

A

True

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28
Q

True or False: mun. that carries a statutory excess for an animal control fund at year end, the excess is due to current and recorded as MRNA

A

True

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29
Q

What does not approve budget transfer

A

Director

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30
Q

True or False: the unexpended balance of debt service must be cancelled by resolution

A

False: lapse to operations

31
Q

True or False: an emergency note can be issued in anticipation of the collection of taxes in a fiscal year

A

False: tax anticipation notes

32
Q

What vote is required for a Capital Budget

A

2/3 of full membership

33
Q

True or false: muni. are permitted to negotiate with a vendor after 2 attempts, responses to bids were too high and no bids were submitted

A

True

34
Q

True or False: if the trust assessment fund cash is less than the required budgeted amount to retire debt service a required approp. in the current fund is necessary to cover the deficit

A

True

35
Q

The number of miles of roads paved in terms of expenditures would be an example of which type of budgeting?

A

Performance Based Budgeting

36
Q

What does not have to be included in a bond ordinance

A

Maturity schedule of bonds

37
Q

Budget approp. transfers during the last two months of the calendar year requires which of the following votes?

A

2/3 full membership

38
Q

Which of the following would not be included in specifications for banking services

A

DLGS approval of specificiations

39
Q

Which does not create a deferred charge

A

prepaid taxes applied to taxes receivable

40
Q

What are the best practices on a muni. website

A

Past 3 years of adopted budget
Current year proposed budget
Most recent financial statements and audit

41
Q

What does equalized valuation represent

A

The true value of all taxable property in the muni.

42
Q

True or False: derivatives is not a permissible investment

A

True

43
Q

Budget transfer during the last two months may not be made to

A

Deferred Charges
RUT
Down Payment on Improvements
Capital Improvement Fund

44
Q

What is the period of usefulness that can never exceed

A

40 years

45
Q

The DLGS must approve

A

Petty Cash Fund
Change in Title and Text
Dedication by Rider
Emergency Approp. in excess of 3% of operating approp.

46
Q

Borrowing capacity is based on

A

Net Debt

47
Q

True or False: Patrol Cars are not bondable assets

A

True useful life is less than 5 years

48
Q

True or False: local government bonds may be sold privately except when the total of bonds is more than 1,000,000

A

True

49
Q

What are eligible shared services

A

Joint collection of taxes
Joint municipal court
Joint solid waste collection/disposal

50
Q

True or False: dedication by rider must be accounted for in the current fund

A

False Trust Fund

51
Q

True or False: Special improvement district budgets must be approved by the governing body

A

True

52
Q

True or False: the budget message should contain explanation of approp. and levy CAPS and a listing of approp. split by CAP

A

True

53
Q

What is the correct procedure to adopt a budget

A 
Introduction and Approval
Public Advertisement
Public Hearing
Amendments
Advertising and Public Hearing on Amendments if necessary
Adoption
54
Q

True or False: if a muni. does not have an ethics board the local finance board would act as the ethics board

A

True

55
Q

What is the official budget required to be adopted

A

Line Item Budget

56
Q

True or False: payment of utility assessment bond principal is recorded as an expenditure in the utility assessment trust fund

A

True

57
Q

What is a not a proper way to distribute a tax overpayment?

A

apply to the amount to be raised by taxation

58
Q

True or False: town administrator can be enrolled in DCRP as opposed to PERS

A

True

59
Q

True or False: 2010 CAP eliminated the add on increases for the RUT

A

True

60
Q

True or False: Transitional aid must be demonstrate that user fees have been est. for discretionary services, so that taxpayers are nor subsidizing nonessential programs

A

True

61
Q

True or False: Unexpended bond proceeds may not be appropriated to fund additional capital improvement projects with a shorter useful life.

A

True

62
Q

True or False: Storm recovery reserve can be used for salt, sand purchases, snow removal and salaries and wages

A

True

63
Q

The local assessment receivable for each parcel of property falls on who

A

Tax Collector

64
Q

What is the true assessment cash first pledged to?

A

Retirement of bonds

65
Q

In what fund is gross utility debt reflected in?

A

Water Capital Fund

66
Q

What is a dedication by rider?

A

Amount of dedicated revenue is not subject to a reasonably accurate estimate in advanced.

67
Q

What is the method of accounting transactions?

A

Modified Accrual Basis

68
Q

What is the minimum budget requirement?

A

Explanation of the tax rate not required to be explained.

69
Q

What must the annual financial statements be filed with?

A

EMMA

70
Q

True or false: Overtime is not part of the pensionable salary

A

True

71
Q

What accounts can payroll cost be apart of?

A 
Current Fund
Utility Operating
Trust 
Gen Capital
Grants
72
Q

True or False: Utility assessment bond principal is appropriated in the utility trust assessment fund

A

True

73
Q

True or False: Tax overpayments are not appropriated to the Amount to be raised by taxation

A

True

CMFO Theory (1 decks)

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