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NJ MUNICIPAL CLERK > Finance > Flashcards

Finance Flashcards

1
Q

Bid Bonds

A

-payable to a local contracting unit for the faithful signing and execution of a contract
-10%of bid but not in excess of $20,000
-cert check, cashiers check or bid bond

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2
Q

Tax Collector

A

-Receives and collects money assessed or raised by taxation
-must prepare monthly reports on all receipts, deposits and cash on hand belonging to the municipality

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3
Q

Tax Assessor

A

-Ascertains the names of the owners of all real property in the tax district
- Determines full and fair market value of each parcel of real property at such a price it would see by October 1 of the preceeding year

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4
Q

CFO

A

-prepares the annual finicial statement
- prepares the annual debt statement
- prepares the balance sheet
- responsible for all general financial matters such as budget execution, bond issuance , investments and revenue analysis

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5
Q

Captial Budget

A

A plan for expenditures of public funds for capital purposes for a period not greater than 6 years. Municipalities under 10,000 only need a 3 year captain plan

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6
Q

Rejecting All Bids

A
  • lowest bid substantially exceeds the cost estimate for good or service
  • lowest bid substantially exceeds contracting units appropriations for goods or services
  • Governing Body abandons the project
  • contracting unit substantially revises the specs
  • publuc contracts law is being violated
  • Governing Body uses state contract
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7
Q

Annual Financial statement

A

A verified statement of the financial condition of the local unit at the close of the fiscal year
- file by : calendar year Feb 10 Fiscal Year Aug 10
- if not filed within 10 days of deadline a $5.00 a day penalty imposed

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8
Q

Competitive Contract (RFP)

A

Can be used for specialized goods and services
- professional services, computer software, home health, lab testing, food service
- length of contract 5 years

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9
Q

Return of bid bond

A
  • Not amount the lowest 3 bidders return with 10 days of bid opening
  • within 3 days after awarding and signing the contract to the remaining unsuccessful bidders
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10
Q

Vote on Bond Ordinance

A

2/3 vote of full membership for adoption

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11
Q

Non-Fair and Open (Alternate Process )

A

Contractor must certify that no reportable contributions exceeding 300.00 per election cycle were made 1 year preceeding the award of contract

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12
Q

Budget transfers

A

During the last two months of the current budget fiscal year and during the first 3 moths of the succeeding year.
- 2/3 vote of full membership

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13
Q

Special Emergency Appropriations

A

-2/3 vote of full membership for repair, reconstruction of streets , roads or bridges or other properties damage by flood or hurricane
- prep of approved tax map
- prep and execution of revaluation
- Revision of notification ordered
- prep of a master plan
- Prep of a drainage map for flood control purposes
- Engineering studies for a sanitary sewer
- Authorized expenses for a municipal consolidation act

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14
Q

Sale of bid bonds

A
  • Public sale by CFO through sealed bids or electronic proposal
  • Adopt a resolution for sale of bond majority vote a full membership
  • Published in 2 newspapers 1 week prior one designated newspaper of the municipality and the other in a New York or New Jersey based newspaper carrying bond notices
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15
Q

Advertising for bids

A
  • Not less than 10 days prior to receiving bids
  • Date time and place
  • Solid waste one municipal newspaper 1 state newspaper 60 days prior
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16
Q

What the clerk has to do with the audit

A
  • Within 30 days of receiving audit report must publish a synopsis of the report in one local newspaper
  • $10 fine for each day after 30 days that the publication fails to appear
  • Within 45 days of receipt of the office pass a resolution that the governing body has reviewed the schedule report of finding And have them sign a group affidavit
  • Must forward to the department of local government services copy of the resolution and the original signed group affidavit
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17
Q

After awarding the contract

A

The clerk shall publish a notice in the official newspaper summarizing the award of contract attract to include the nature duration and the amount of contract
The name of the vendor and statement at the resolution and the resolution and written contract are available for public inspection

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18
Q

Budget surplus AKA fund balance

A

Can be canceled prior to the end of the year by resolution

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19
Q

Down payment on bond ordinances

A
  • Not less than 5%
  • Comes from previously adopted budget or capital improvement purchases emergency appropriations or my or money’s actually held by the local unit for such purpose
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20
Q

Debt limit of municipality

A

3.5 %

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21
Q

Annual debt statement

A

Filed annually with the clerk and electronically with the department of local government services by the CFO by the end of the 1st month of each fiscal year

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22
Q

General ledger

A

Official financial permanent record of the municipality that contains a summary of all financial transactions.
- Contains the funds accounts and transactions in a double entry form debit and credit system accounting

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23
Q

Defeated school board budget

A

School board must deliver the proposed budget to the governing body within 2 days
- By may 19th the governing body in consultation with the school board determine the amount for each school board item and certify to the board of taxation
- Within 15 days the school board must notify the notify the they intend to appeal to the state commissioner of education

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24
Q

Disqualifying bidders

A

By resolution if they had prior negative experience with the bitter
- Shall be for a reasonable defined amount of time not to exceed 5 years

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25
Q

Define responsible

A

Able to complete the contract in accordance with its requirements. Experience experience moral integrity operating capacity financial capability credit workforce and equipment

26
Q

Define responsive

A

Conforming in all material respects to the terms and conditions specs legal requirements and other provisions that were requested

27
Q

Temporary budget

A

Adapted by resolution in the 1st 30 days of the budget year
- Is requires a majority vote a full membership
- Not to exceed 26.25% of the prior year’s budget

28
Q

Change orders

A
  • 20% change order limitation
  • Is only change the number of units or items
29
Q

Bond anticipation notes AKA BANS

A
  • Is short term borrows
  • Issued for one year and can be renewed for 9 more years for 10 years in total
30
Q

Length of contracts

A
  • Professional services 12 months
  • Other contracts not to exceed 24 months
31
Q

Award of contract

A

Must a ward or reject all bids within 60 days

32
Q

Quotes

A

Must be solicited when the amount exceeds 15% of the bid threshold

33
Q

Negotiated contracts

A
  • 2/3 vote of the full membership
  • Twice no bids received or rejected twice or a combination of both Twice no bids received or rejected twice or a combination of both
34
Q

Petty cash fund

A

Must be approved by the department of local government services and requests for increases made through resolution

35
Q

Public hearing on bond ordinances

A

In full or summary an official newspaper one week prior to hearing
- Local improvement assessment requires 10 days
- Final adoption must be at least 10 days after the 1st reading by roll is Earth reading by roll call vote
- 2/3 vote of the full membership

36
Q

Receiving bits

A

Not allowed to receive bids after the time in the advertisement
- Hand delivered bids should not be the same person who will officially receive an open bids
- Submitted and properly labeled and sealed envelopes

37
Q

2% cap

A

Is municipal levy cap law

38
Q

Chapter 20 expenses

A

Soft costs architect fees accounting engineering and inspections legal expenses and publication

39
Q

Cash bases budget

A

Current fund revenues that is in the year the cash is received

40
Q

Items clerk sends to the director for the audit

A

Proof of publication, certified copy of the resolution as a governing body, signed group affidavit

41
Q

Estoppel

A

Within 20 days of the passage of a final adoption anyone aggrieved can file a petition to stop it

42
Q

Consent of surety

A

Given at the time bonds are received that the performance bond will be given upon contract signing if required

43
Q

Bid bond

A

Payable to a local contracting unit for the faithful signing an execution of a contract

44
Q

Trust fund

A

Record specific receipts that may be used solely for the purpose for which we they were intended example dog licenses

45
Q

Performance bond

A

A bond provided by a surety company for the contractor’s faithful performance of all provisions of the contract specification

46
Q

Amending the budget

A
  • Can be made prior to public hearing without advertisement
  • Amendment resolution must be read in full at the meeting an average heigat the meeting an advertised 3 days prior to the hearing
  • A public hearing is required when you add new items in excess of 1% of the total appropriation increase increase the amount raised by taxation by 5% or increase or decrease Any item of appropriation by more than 10%
47
Q

Solid waste contract

A

Published in one official newspaper of the immune’s palate and 1 newspaper in general circulation of the state 60 days prior receiving bid

48
Q

Utility fund

A

Fund accounts for the operation and acquisition of municipal owned facilities receive income from user fees collected example water and sewer utility swimming pool utility

49
Q

Withdraw of bids

A

Can request a withdrawal of bid within 5 days after opening the bid for a mistake for public works it means an unintentional clerical error

50
Q

Estoppel

A

Within 20 days after adoption someone can stop it petition must be signed by 15% of the number of votes cast in the last general election ordnance remains inapparable inapproprible until ratified by a referendum of voters

51
Q

Disposal of personal property

A

By resolution
- Tangible movable property
- Can sell to other government agencies for $1
- Cannot be held less than 7 days or more than 14 days after the last publication

52
Q

Parts of a budget document

A

BAACCE
Budget Notice
Anticipated Revenue
Appropriations
Certification Page
Captial Budgey
Explanatory Statemeny

53
Q

Roll clerk has in the budget process

A

Municipal clerk is responsible for the advertisement execution and execution and filing of the budget resolution as well as any other resolutions and ordinances amending the budget. Most of the documents Submitted to the division by the municipality are required by statute to have a proper certification of the municipal clerk in order to be considered legal

54
Q

Is 2 types of bond ordinances

A

Regular general bond ordinance and local assessment or assessment or assessment or assessment or assessment or assessment or assessment or assessment or assessment or assessment ordinance

55
Q

What is a general bond ordinance

A

All property owners benefit from the capital improvement

56
Q

⁰What is a local assessment/assessment or

A

Certain people/property stand to gain special benefit from the improvement

57
Q

What is in a Bond Ordinance

A

PPSPEC
Purpose
Period of Usefulness
Supplement Debt Statement
Provision that the captial budget is amended if project was not included
Estoppel
Chapter 20 expenses

58
Q

Major revenue items in the budget are?

A

Anticipated revenue
Misc revenue
Surplus
Delinquent tax
State aid
Grants
Current taxes

59
Q

1/5/10 Rule

A

Requires public hearing
1% - New item of appropriation in excess
5%- raises taxes
10% - increase or decrease any item of appropriations

60
Q

Chapter 159

A

Funds may become available which were not anticipated at the time of the adoption of the budget.
- Approved by resolution and is filed electronically by the CFO with the division of local government services

61
Q

Annual audit requirements

A

Must be completed within 6 months after the close of the fiscal year
- Must be prepared by the Registered municipal accountant
- Must cover complete fiscal year

NJ MUNICIPAL CLERK (11 decks)

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