Local Fiscal Affairs Law

Question 1

An audit of the fiscal books of a local unit is required to be completed within what period of time according to NJSA 40A:5-4, The Fiscal Affairs Law?

Answer 1

Within 6 months of the end of the fiscal year

Question 2

The Local Fiscal Affairs Law NJSA 40A:5-7 requires that a synopsis of audit along with recommendations shall be published by whom and within how many days of the receipt of audit?

Answer 2

By the Clerk within 30 days

Question 3

The following employees are prohibited from being covered by a “blanket bond”?

Answer 3

None are prohibited

Question 4

The Local Fiscal Affairs Law NJSA 40A:5-11 has audit services as an exception to public bidding.

Answer 4

True

Question 5

The Local Fiscal Affairs Law NJSA 40A:5-17.1 permits a governing body to authorize an employee to issue tax refunds automatically if the amount is less than:

Answer 5

$10

Question 6

Every municipal tax assessor, prior to what date, shall notify by mail each taxpayer of the current assessment and preceding year’s taxes.

Answer 6

February 1

Question 7

Tax Anticipation Notes shall mature in the case of County not later than:

Answer 7

June 30

Question 8

The Local Government Ethics Law provides that a municipality may have a Local Ethics Board or may have which of the following rule on possible violations.

Answer 8

Local Finance Board

Question 9

The financial disclosure statements required by the Local Ethics Law are to be submitted no later than

Answer 9

April 30

Question 10

The Local Fiscal Affairs Law requires that a local unit adopt a Cash Management Plan and it further requires reporting by the CFO to the governing body of investment activities how often.

Answer 10

Monthly