Mid-Term Study Guide 2 Flashcards
The basis for municipal budget in NJ is found in the
Local Budget Law
The budget is coded by using the
Flexible Chart of Accounts (FCOA)
The official permanent financial record of the local unit
The General Ledger
Name of the parts of this statute: 40A:4-1
40A - Title
4 - Chapter
1 - Section
Give two examples of coding
xx-xxx-1 (Salary & Wages)
xx-xxx-2 (Other Expenses)
A request to the Director to approve in the budget of a local unit dedicated revenues anticipated to be received during the year
Dedication by Rider
A municipality who switches to SFY needs to adopt a ____ for expenditures from ____ to ____.
Transitional Year Budget
January 1 through June 30
Towns are allowed to issue _____ to finance the first 6 months of SFY
Fiscal Year Adjustment Bonds
In regards to examining the budget, the Director examines what portion of the municipalities?
The other percentage of municipalities, which is ____, are eligible for examining their own, known as what type of process?
1/3
2/3
Self Examination Process
A unit of information in a document, the official budget, shown on a separate line of its own. Its purpose is to provide a vehicle of controlling what is spent by a department or organization.
Line Item Budget
Permitted during the last 2 months of the fiscal year and during the first 3 months of the succeeding year
Budget Transfers
When are budget transfers permitted?
What percentage of the governing body must adopt a transfer resolution?
During the last 2 months of the fiscal year and during the first 3 months of the succeeding year
2/3 vote of the full membership
A method of amending the budget that allows the Director to approve the insertion of any special item of revenue, such as grant funds, in the budget when the item is made available by law
Chapter 159s
What must by adopted by municipality to cover the expenses in the beginning of the year?
Within how many days of the start of the year must this be adopted?
Temporary Budget
Within the first 30 days
The total appropriations from the temporary budget cannot exceed what percentage of the total of all budget appropriations of the preceding year?
Which three appropriations are exceptions to this rule?
26.25%
Debt Service, Capital Improvement Fund, Public Assistance
The budget must be introduced no later than what date?
How many copies must be filed with the Director of DLGS and within how many days?
February 10
3 copies within 3 days
How many days prior to the public hearing must the budget be published?
How many days after approval should the public hearing for the budget be?
At least 10 days
At least 28 days
What date can the budget be adopted by?
What percentage of the governing body must adopt the budget?
No later than March 20
A majority of the full membership
How many certified copies of the adopted budget must be filed with the division?
How many certified copies must be filed with the county board of taxation?
3
1
The governing body may amend the budget prior to, during, or after public hearing, but not in the following cases:
The amendment adds a new item of appropriation in an amount in excess of ___.
Increases or decreases an item by more than ___.
Increases amount to be raised by taxation more than ___.
1%
10%
5%
TAD 85-1
TAD 85-2
TAD 85-3
Encumbrance Accounting
Fixed Asset Accounting
General Ledger
