Municipal 1 Flashcards
T/F Duties of the CFO include all of the following: preparation of the annual budget, maintenance of books and records, custody of all public funds
TRUE
T/F Duties of the municipal tax collector include receiving and collecting all funds raise by taxation
TRUE
T/F The five basic types of municipalities in New Jersey are: Borough, Village, City, Township and Town
TRUE
T/F Every municipality, except those with a population under 2,500 must maintain an encumbrance accounting system
FALSE
T/F Municipal revenues may not normally be anticipated above the amount collected in the previous year for each type of revenue
TRUE
T/F N.J.S.A. 40A:4-87 provided that a Chapter 159 Resolution is a method of amending the budget.
TRUE
T/F a municipality must provide as a down payment 5% of the obligations authorized.
TRUE
T/F a bond ordinance takes effect immediately upon passage.
FALSE (20 days to take effect)
The major revenue items in the include:
- Tax
- Miscellaneous Revenues
- Delinquent taxes
- Surplus
A municipal budge must be published a least ___ days prior to the public hearing which must be at least ____ days after introduction.
published at least 10 days
public hearing 28 days after introduction
The Statutory deadline for adopting of the municipal budget is _____
March 20 (3/20)
Transfers between appropriations (salaries and wages and other expenses) are permitted during ______ of fiscal year and during the _____ of the succeeding year.
last 2 months of fiscal yr
first 3 months of succeeding year
Name the 5 types or levels of local Goverments
- Counties
- Municipalities
- School Districts
- Local Authorities
- Special districts
The term ________ refers to the complete appraisal of all land building by competent firm experienced in mass appraisal techniques for property tax purposes
Revaluation
T/F The DLGS reviews and approves cooperative purchasing systems together w/guidance on the local public contracts law.
TRUE
The __________ exercises regulatory and services functions and provides financial aid to municipalities.
DLGS - division of local government services
_______provide government units with requirements of law and regulations along with recommendations for improvements through out the year by notification through an automated notification process administered by the DLGS.
Local Finance Board
A municipality may authorize ____% of their debt
3.5%
