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Municipal Clerk > Municipal Finance > Flashcards

Municipal Finance Flashcards

1
Q

What is Aggregation and why is it important

A

It is the grouping of similar goods and services. Purchase in larger quantitities you get a better price

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2
Q

budget process. how far in advance must a public hearing be published, and how many days in between introduction and approval shall a public hearing be held?

A

10-28 day rule

10 days of publication before hearing, and 28 days between introduction/approval and public hearing held

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3
Q

When budget is introduced/adopted, where does it need to go and when?

A
  1. 3 copies to DLGS within 3 days of introduction/adoption
  2. within 15 days after final adoption, it must go to the county tax board because they set the rates for tax bills
  3. municipality can finally adopt without the State approval. The stat DLGS reviews the budget
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4
Q

What is the vote to adopt the budget?

A

the majority vote by FULL MEMBERSHIP (not who is present) of the governing body. ie: if there is a 7 member body 4 is the majority

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5
Q

True/false: the budget must have original signatures

A

true. manual signatures when submitted

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6
Q

how many votes needed when money is involved?

A

2/3 of full governing body

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7
Q

how many votes need when money not involved?

A

majority vote of full governing body

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8
Q

how many days to publicize before public hearing

A

7 days

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9
Q

how many days after introduction for hearing?

A

10 days

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10
Q

what is the number of votes required for passage of resolution and ordinances?

A

the majority of the full membership of the governing body

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11
Q

Notes: if a resolution or ordinance changes something financially for example an emergency appropriation-transers-bond ordinance, because teh bond changes the debt service then it must be a ___ vote

A

2/3 vote of the full memberhsip (not who is in attendance at the meeting) of the governing body

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12
Q

Bond Law

A

NJSA 40A:2

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13
Q

Budget

A

NJSA 40A:4

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14
Q

Fiscal Affairs Statute

A

NJSA 40A:5

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15
Q

Public Contracts Law Statute

A

NJSA 40A:11

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16
Q

what are the Statutory protected classes of positions?

A

Tax Assessor, Tax Collector, CFO, Municipal Clerk

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17
Q

What is the process for Statutory protected positions?

A

The positions can’t be abolished, but they can be reduced to part-time or consolidated through a shared-services agreement.

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18
Q

what is the local finance board?

A

the municipality goes to teh LFB to seek relief from statutory issues such as to exceed the cap limit

19
Q

True or false: does the DLGS give relief to Statutory issues

A

false

20
Q

When can you do appropriation transfers?

A

the last 2 months of the fiscal year or first three months of the new one

21
Q

Who is required to file a FDS -Financial Disclosure Form?

A

Agency, Employee, Officer

Agency- any agency, board, governing body within a county or municipality and any independent local authority (sewerage, utilities, housing, fire districts, transportation authority

Employee- any person, compensated or not full or part-time employed by or serving on a local government agency, who is not a local gov. officer but shall not mean any employee of a school district

Officer -compensated or not, par/full time who is- elected to any office of a local gov agency 2. serving on a local gov agency which has the authority to enact ordinance, approve development apps or grant zoning variances 3. member of an independent muniipal, county or regional authority. 4 mangerial executive or cinfidential employee of a local gov agency.

22
Q

who is not required to file a FDS?

A

municipal court judge or clerk, members of County oards of Taxation, registered Municipal Accounts engaged in annual audit

23
Q

What are the Municipal Finance Accounts?

A

Centralized and Decentralized
Centralized - when one dept is responsible for all major financial functions ie: tax asessment, collection, accounting, budgeting, purchasing and treasure management. In most cases CFO reports directly to the Mayor, Manger or Administrator. Generally agree tha a centralized Finance dept provides for better coordination of financial activities and simplified financial procedures proticularly necessary in larger municipalities

Decentralized - exists when the fiscal responsibilities are shared by a number of departments or officials. Example: Tax Collector may be fully responsbile for his/her office reporting directly to the Mayor, Manager or Administrator. Same would hold true for the Treasurer.

24
Q

What is Debt Service

A

Principal and interest paid on what the municpality borrowed or what is owed

25
Q 
What is the General Ledger
2. who does it?
3. why is a general ledger kept?
4where does it go?
5. what does it do?
6. what does the genreal ledger contain?
7. why is the general ledger so important?
A

the official financial permanent record of the municipality that contains a summary of all finanical transactions as recored on the original books of entry (budget, cash disbursements, registser, cash reeipts register, etc)

-CFO maintains the ledger
-to provide an audit trail for testing compliance with laws and regulations- used to make and prepare financial statements
–gives precise account of balances
6-the funds, accoutns and transactions in double-entry form; utilizing the debit and credit system of account
7. helps avoid over expenditures, CFO keeps it, it is the Official Permanent Record, Debits and Credits system, double entry

26
Q

taxpayers are given a __ grace period from the due date of taxes. what happens if it is missed?

A

10 day grace period. The interest is calculated back to the 1st day due

27
Q

Explain an emergency appropriation and given specific reasons

A

It is authorized by the adoption of an ordinance (remember money is involved) by 2/3 vote of the full membership of the governing body. For the reparie, reconstruction of streets, roads, bridges or other property damaged by flood or hurricane.
other examples: preparation of an approved tax map, execution of a revaluation, revision & codification of ordinances, preparation of a master plan, drainage maps for flood control purposes, preliminary engineering studies/planning for installatin & construction of sanitary sewer, expenses Municipal Consolidation Act, contractually required severance liabilities from layoff or retirment when total liability is in excess of 10% of the amount to be raised by taxation in the fiscal year of such layoff or retirements, preparation of a sanitary or storm system map.

28
Q

what time frame can special emergency appropriation be paid back?

A

over the next 5 years

29
Q

Summary of Special emrgency appropriation

A

adopted by ordinance by 2/3 membership, pay back over 5 years, for storm damage infrastructure, prep of tax map, reval, cod of ord, master plan

30
Q

when must the tax appeal be filed

A

by April 1st, to the County Tax Board and copies to the municipal clerk and assessor

31
Q

what is the last date to settle a tax appeal and why?

A

the cut-off is October 1st so that the county can get the tax bills out

32
Q

change orders to contracts can not be more than the ____ total of ___ percentage?

A

Aggregate, 20%

33
Q

in the budget where do you find items listed for Capital Improvements? Capital impreovement plans legth of term?

A

they are in the Capital portion of the budget (bondable items also).
term for small municipalities is 3 years, large municipalities is 6

34
Q

true/false: every aspect of a bond ordinance must be done right

A

true

35
Q

what qualifies as a bondable item?

A

must have a value of at least 5 years

36
Q

what is a supplemental debt statement?

A

indicates the annual debt as of the end of the prior calendar or fiscal year, whicever is appropriate , plus cumulative interim debt. The municipality an’t exceed 3.5% of the average of three years of the equalized total value of real property

37
Q

what is surplus?

A

the fund balance

38
Q

what is Fund Balance?

A

surplus

39
Q

before the end of the year name three things the municipality must do?

A

cancel any unexpended balances,
complete all transfers and account are in good standing,
pay all bills. If you wait until the end of the year, the surplus won’t be available for 2 years

40
Q

name three things associated with the introduction of a temporary budget

A

adopted by resolution within the first 30 days of the budget year.

  1. requires affirmative vote of the majority o full membership of the gov. body
  2. shall not exceed 26.25 of the total appropriations made preceding fiscal year
41
Q

give at least 3 examples of a fixed asset and the amount of money associated with general fisced assets by statute?

A

1 Lands owned by the municipality

  1. buildings owned by the municipality
  2. vehicular equipment owned by the municipality- all vehicles must be in excess of $5k individually
42
Q

what is a flexible chart of accounts FCOA?

A

a 13 digit account code used to idenify all accounts included in the financial records of the municipality. each sequence identifies the level of fianancial account
1 first 2 the fund ( current, general capital)
NEXT 3- general ledger/trial balanace account (asset accounts, liability/fun balance (surplus)
NEXT 2 - appropriation/NJCAFR - general ledger & budget category such as anticipate revenue
NEXT THREE - subsidiary accounts for revenue and appropriations (debt/trust fund etc)
LAST 3 - detail line items (salaries and wages and O.E. expenses) these may be modified to meet own unique needs

43
Q

what is the procedure to enter into a shared service agreement?

A
  1. a resolution is required, doesn’t have to set forth terms but shall clearly identify it by reverece.
  2. an agreement must be filed and open to public inspection of the local unit immediately
  3. the aggrement shall take effect upon adoption of resolutions by all parties therto
44
Q

name at least 5 services eligible to participate under the Uniform Shared Services and Consolidation Act

A

gerneral government administration, health, police and fire, code enforcement, tax assessment and collection, financial administration, environmental services, joint municipal courts, youth, senior services. welfare and social services programs. NOTE, in the case of a contract for the joint provision of sercices, whereby state certification requirments are a condition of employment, the contract shall provide the payment of a salary to the employee and shall designate on the municipalities as the promary employers of the employee for the purpose of that person’s tenure rights.

Municipal Clerk (4 decks)

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