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
