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CMFO Exam > Homma Questions > Flashcards

Homma Questions Flashcards

1
Q

True/False: Due from State of NJ for Senior Citizen Deductions can be anticipated as a revenue in C/F budget as non-cash surplus

A

True

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2
Q

True/False: Trust assessment cash is first pledged to retirement of serial bonds

A

True

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3
Q

True/False: Municipal Library Levy is paid quarterly

A

True

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4
Q

Budget Transfers from CIF are not permitted

A

True

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5
Q

Corrective Action Plan Format

A

Finding/Condition; Recommendation; Explanation & Corrective Action; Implementation Date

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6
Q

Who mails out local tax assessment bills?

A

Tax Collector

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7
Q

Oversight over PERS and PFRS

A

Department of Treasury

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8
Q

Adoption of Corrective Action Plan

A

60 Days of receipt of audit report

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9
Q

Developer Escrow - Greater that $1000

A

CFO required to provide a monthly statement to developer

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10
Q

One Tax Point is Equal to

A

One ten thousandth of net valuation

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11
Q

Duties of LFB

A

-Defaults on Bonds; Tax Collection Rate less than 70%; Cash Deficit of tax levy in excess of 4% for 2 consecutive years

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12
Q

Residents request to inspect vouchers

A

-must be made available immediately

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13
Q

Financial Disclosure Forms

A
  • Income>$2000
  • Gifts > $400
  • Property within NJ
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14
Q

True/False: SDS files between the 1st and 2nd reading of bond ordinance

A

-False

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15
Q

True/False: Three different bond ordinances are introduced at one public meeting only one SDS is required

A

-True

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16
Q

True/False: The anticipated revenue for Receipts from Delinquent Taxes is limited to the revenue realized in previous year.

A

False - Calculation on AFS Sheet 26

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17
Q

True/False: ADS is due upon introduction of bond ordinance

A

False

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18
Q

True/False: The cash management plan can be amended anytime

A

True

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19
Q

True/False: Federal single audit is required if Federal Grant expenditures equals or exceeds $750,000

A

True

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20
Q

Net Debt Equations

A

Net Debt = Gross Debt - Deductions

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21
Q

Securities that can be converted into cash

A

Liquidity

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22
Q

Chairperson of LFB

A

Director of DLGS

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23
Q

Unclaimed, old escrow accounts

A

Escheat to the state of NJ as unclaimed property

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24
Q

True/False: Interest on Utility Assessment Debt is appropriated in the C/F

A

False - (if just assessment debt then true)

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25
Q

Vote required for budget transfers

A

2/3 majority vote

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26
Q

True/False: In regard to use of P-Cards, under no circumstance may a transaction exceed 15% of bid threshold

A

-False - Can exceed if you have a QPA

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27
Q

True/False: Pursuant to Local Budget Law, municipalities permitted to overspend a legal line item appropriation if the overall C/f budget remains in a surplus position

A

False

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28
Q

Excess in Animal Control Fund at year end

A

Due to C/F and recorded to MRNA

29
Q

Does Director approve budget transfers?

A

No

30
Q

Public Sale of Bonds

A

-If over $1,000,000

31
Q

True/False: The unexpended balance of debt service must be cancelled by resolution

A

False

32
Q

True/False: An emergency note can be issued in anticipation of taxes in a fiscal year

A

False

33
Q

True/False: Capital Budget must be adopted by a majority of the governing body

A

False - 2/3 vote

34
Q

True/False: Municipalities are permitted to negotiate with a vendor after 2 attempts, responses to bids were too high, or no bids submitted

A

True

35
Q

True/False: Trust assessment fund cash is less than the required amount to retire debt service, a required appropriation in C/F budget is necessary to cover the deficit

A

True

36
Q

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

A

Performance Base Budgeting

37
Q

Which does not have to be included in a bond ordinance

A

Maturity schedule for bonds

38
Q

Budget transfers in the last two month of calendar year requires which vote?

A

2/3 of full

39
Q

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

A

DLGS approval of specs

40
Q

Which does not create a deferred charge?

A

Prepaid taxes applied to Taxes Receivable

41
Q

Best Practices on municipal website

A
  • Last 3 years of adopted budgets
  • Current year proposed municipal budget
  • most recent financial statements and audit
42
Q

Equalized valuation

A

Represents true value of all taxable property in municipality

43
Q

Derivatives

A

Not a permissable investment

44
Q

Budget Transfers during last two months may not be made to:

A
  • Deferred Charges
  • RUT
  • Down Payment on Improvements
  • CIF
45
Q

Period of Usefulness to exceed

A

40 years

46
Q

DLGS must approve

A
  • Petty Cash Fund
  • Change in Title or Text
  • Dedication by Rider
  • Emergency App in excess of 3% of operating appropriations
47
Q

Borrowing capacity is based on

A

Net Debt

48
Q

Patrol Cars

A

-Not Bondable - Recently Changed - now are bondable

49
Q

Can sell bonds privately

A

-Except if over $1,000,000

50
Q

Eligible Shared Services

A
  • Joint Collection of Taxes
  • Joint Municipal Court
  • Joint Solid Waste Collection/Disposal
51
Q

True/False: Dedication by rider must be accounted for in C/F

A

False

52
Q

True/False: Special Improvement Districts Budget must be approved by governing body

A

True

53
Q

Budget Message should contain:

A

-explanation of appropriation and levy CAPs and listing of appropriations split by CAP

54
Q

Correct procedure to adopt budget

A
  • Introduction & Approval
  • Advertisement
  • Public Hearing
  • Amendments
  • Advertising & Public Hearing on Amendments
  • Adoption
55
Q

If municipality does not have ethics board

A

LFB would act as Ethics Board

56
Q

What is the official budget to be adopted

A

Line Item Budget

57
Q

True/False: Payment of Utility Assessment Bond Principal recorded as an expenditure in the Utility Assessment Trust Fund

A

True

58
Q

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

A

Apply to Amount to be Raised by Taxation

59
Q

True/False: Town Administrator can be enrolled in DCRP as opposed to PERS

A

True

60
Q

True/False: 2010 CAP eliminated the add-on increases to the RUT

A

True

61
Q

True/False: Transitional Aid must demonstrate that user fees have been established for discretionary services, so that taxpayers are not subsidizing non-essential programs

A

True

62
Q

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

A

True

63
Q

Storm Recovery Trust/Reserve

A

-Used for salt and sand purchases, snow removal and salary and wages

64
Q

Local Assessment receivable for each parcel of property is whose responsibility

A

Tax Collector

65
Q

Trust Assessment Cash first pledged to

A

Retirement of Serial Bonds

66
Q

In what fund is gross utility debt reflected in?

A

Water Capital Fund

67
Q

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

A

Dedication by Rider

68
Q

Method of accounting transactions is

A

Modified Accrual Basis

CMFO Exam (12 decks)

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