Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

CPWM > Municipal Budget Process > Flashcards

Municipal Budget Process Flashcards

1
Q

Where should you advertise the resolution for introduction of the budget?

A

In your official newspaper

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

List three types of budgeting concepts

A

Line Based Budget
Planning Programming Budgeting Systems
Zero Based Budgeting

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Which concept are municipalities required to use by law?

A

Line Based Budget

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Which budget concept is based on what you plan to spend without regard to previous years Spending?

A

Zero Based Budget

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Name some of the duties of the Chief Financial Officer.

A 
Assist in Budget Preparation
Assemble Revenue Estimates
Prepare Expenditure Analysis
Preparation of Annual Financial Statement
Annual Debt Statement
Supplemental Debt Statement
Cash Flow Advice
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Is the CFO permitted to cut the Budget?

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What are some of the main purposes of the budget?

A

Financial Control - Primary purpose by Law
Policy Instrument - Focus Priorities, policy reform
Management Tool - Basis for management of operations
Economic tool - Spending money in areas needed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Name some types of funds

A

Current Fund - general revenues, tax revenue, appropriations for general government operations
Trust Funds - dedicated fund monies
General Capital - Issuance of debt - Bond Anticipation Notes
Utility - Specific service - water, sewer, electric, pool

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Which fund is for a dedicated purpose?

A

A Trust Fund

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are the two sides of the budget?

A

Revenues and Appropriations

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Are taxes considered revenue?

A

No

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What does Pilots stand for

A

Payment In Lieu of Taxes

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Name some examples of revenue

A 
Consolidated Municipal Property Tax Relief(CMPTRA)
ABC License Fees
Fees and Permits
Municipal Courts
Parking Meter Collections
PILOTS
Interest on Investments
Cell Tower Rental
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Does the budget require a majority of all sitting members to pass?

A

Yes, a super majority

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

The municipal budget runs on a______ year.

A

Calendar

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What must the governing body adopt in order to conduct business in the first quarter of the year?

A

A Temporary Budget

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

When does the budget year start?

A

January 1

18
Q

The budget has to be introduced by______

A

Feb. 10

19
Q

The public budget hearing has to be advertised 10 days prior to the hearing. True or False?

A

True

20
Q

You do not have to have the public hearing before adoption. True or False?

A

False

21
Q

When must you adopt the temporary budget?

A

Between Jan 1 and Jan 15

22
Q

What is 26.25%?

A

The temporary budget amount may not exceed 26.25% of the total budget of the preceding years appropriations

23
Q

What is the state fiscal year?

A

7/1 - 6/30

24
Q

What is NJSA?

A

New Jersey Statutes Annotated

25
Q

Are budget transfers permitted?

A

Yes, during the last two months and the first three months of the succeeding year

26
Q

Are there provisions for emergency appropriations?

A

Yes but the amount of the appropriation must be raised by taxation the following year. It is financed by surplus at the time and required to have 2/3 of the full membership agree

27
Q

Budgets cannot be amended before or after adoption. True or False?

A

False, budgets may be amended

28
Q

Who approves municipal financing?

A

The governing body

29
Q

How does financing get approved?

A

By Ordinance

30
Q

A municipality with under 10,000 population requires a___

year plan with the Capital Budget.

A

3 year plan

31
Q

Is a Capital Budget required to operate on a calendar year?

A

No.

32
Q

The useful life of equipment must be how many years?

A

Five

33
Q

What is the minimum down payment?

A

5%

34
Q

The Capital Plan for over 10,000 is 6 Years. True or False?

A

True

35
Q

What items are included in the Capital Budget?

A

Short Term Notes
Bond Anticipation Notes
Issued for 1yr or less but renewable up to 5 years
Interest on notes generally lower than bonds

Long Term Bonds
Minimum 5 yrs. but as long as 40 yrs.
minimum life of project must be at least 5 yrs.
every bond requires a 5% downpayment

36
Q

A Capital Bond is like your mortgage

A

5% down and is financed through traditional financing

37
Q

Where is the Capital Improvement Fund located?

A

Located in the current Fund

38
Q

Capital often implies debt but is not the case for the Capital Improvement Fund. True or False?

A

True

39
Q

What are some things you can charge to the Capital Improvement Fund?

A

Surveying, Architectural and Engineering Fees

40
Q

Can the Capital Improvement Fund be used to fund a project?

A

Yes

41
Q

Appropriations minus Revenues equals_____?

A

Amount to be collected by taxes

CPWM (13 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions