CMFO - Finance Admin (T/F)

CMFO - Finance Admin (T/F) Local units may not utilize craigslist.com or similar sites for the purposes of selling surplus property online,except if an item's value is below 15% of the local unit's bid threshold - ✔✔Tr ...

CMFO - Finance Admin (T/F) Local units may not utilize craigslist.com or similar sites for the purposes of selling surplus property online,except if an item's value is below 15% of the local unit's bid threshold - ✔✔True School debt is reported on the municipality's annual debt statement - ✔✔True School districts are governed by NJSA 40A et seq - ✔✔False The governing body of a municipality may change the type of school district by ordinance - ✔✔False School debt limit is based on the district's grade configuration - ✔✔True Municipal authorities may be created by resolution of the governing body - ✔✔False Any fee collected by a mayor or designee, as authorized by statute, for the performance of a marriage or civil union ceremony must be authorized by ordinance and deposited into the municipal current fund - ✔✔True Any appropriation of fund balance from an authority to the local governmental unit may not exceed 5% of the annual costs of operation of the authority - ✔✔True School Districts do not have to provide 5% down payment on the amount of bonds to be sold for capital projects - ✔✔True In Type II school districts the school debt is the obligation of the school district alone - ✔✔True Type I school district members are elected for three year terms in April of each year - ✔✔False All Type II school district budgets are subject to referendum in April of each year - ✔✔False Municipalities may establish a dedicated by rider trust account for the payment of off-duty police details - ✔✔True All Type II school district Board Members are elected for three year terms each April - ✔✔False The Fair Labor Standards Act requires employers to pay excess overtime as soon after the the regular pay period practicable, and in no event beyond the next subsequent pay period - ✔✔True In all regional school districts the school budget is submitted to the voters for approval - ✔✔False Developers Escrow balances need not be refunded unless requested if the interest total is less than $100 per year - ✔✔True All mayors may veto ordinances passed by the governing body - ✔✔False School district operations are governed by N.J.S.A. 40A - ✔✔False Newly appointed professionals that performs services under a professional service agreement, such as a consulting engineer on retainer, can be members of DCRP - ✔✔False The Local Finance Board may grant waivers to Tax Levy Cap - ✔✔False The Division of Local Government Services approves municipal contracts for professional property revaluations. - ✔✔False The County Board of Taxation orders municipalities to undergo revaluations - ✔✔True The Department of Community Affairs approves all local tax maps - ✔✔False Any appropriation of fund balance from an authority or utility to the local governmental unit may not exceed 5% of the annual costs of operation of the authority or utility - ✔✔True The municipal funding for a LOSAP annuity is automatically adjusted annually by the CPI - ✔✔False Municipalities must establish a dedicated by rider trust account for the payment of offduty police details - ✔✔True A municipality cannot adopt a COLA ordinance if its Budget cap referendum fails - ✔✔True Application fees collected by a municipality for the services of the public defender are deposited in the current fund. - ✔✔False Emergency temporary appropriations may be approved by a simple majority vote of the governing body - ✔✔False Any and all municipalities may participate in the Local Budget Self-Examination Process - ✔✔False Municipalities are required to collect solid waste from apartment complexes if the same service is provided to other residential units within the municipality - ✔✔True Dedication by Rider resolutions allow a local unit to anticipate revenues to be received during the budget year - ✔✔True The Recreation Director or the Township Administrator may set fees for the Summer Camp Program - ✔✔False No transfers may be made from contingent expenses, deferred charges, cash deficit, reserve for uncollected taxes, down payments, and the Capital Improvement Fund - ✔✔True A "cash deficit of the preceding year" is required to be appropriated inside of "CAP" unless Local Finance Board approval is granted to raise the deficit outside of "CAP" - ✔✔True An appropriation for Judgments is for payments required