CMFO - Finance Admin Exam Study Guide
The debt limit of a municipality may not exceed what percentage of the prior three years
equalized assessed real property valuations - ✔✔3.5%
The corrective action plan must descr
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CMFO - Finance Admin Exam Study Guide
The debt limit of a municipality may not exceed what percentage of the prior three years
equalized assessed real property valuations - ✔✔3.5%
The corrective action plan must describe how the local unit will correct the problems cited in the
audit and be filed with DLGS by the - ✔✔CFO
Prior to any purchase of goods certification of available funds must be made by the - ✔✔CFO
Authorities and utilities are funded by - ✔✔User Fees
The audit of the Fire District must be filed with the governing body which created the fire district
within - ✔✔5 days of filing with the district
Fire District Audits must be completed by an RMA, LPA or CPA within - ✔✔4 months of the
close of its fiscal year
Special Improvement District budgets must be approved by - ✔✔The governing body
Special Improvement Districts must make an annual report to the municipal governing body
within - ✔✔30 days of the end of their fiscal year
Special District Budgets are approved by - ✔✔The voters
Type I school district budgets are approved by - ✔✔The board of school estimate
Special meetings of a governing body must be noticed to - ✔✔2 newspapers, including the
official newspapers, which have the ability to publish the notice at least 48 hours in advance of
the meeting
In self balancing accounts - ✔✔Assets must equal liabilities plus fund balance
Municipal Authority finances must be - ✔✔Self-Liquidating and funded by user fees
NJSA 40A:2 - ✔✔Local Bond Law
NJSA 40A:4 - ✔✔Local Budget Law
NJSA 40A:5 - ✔✔Local Fiscal Affairs Law
NJSA 40A:11 - ✔✔Local Public Contracts Law
NJSA 40A:12 - ✔✔Local Public Lands & Building Laws
NJSA 52:27BB-1 is also known as - ✔✔The Local Government Supervision Act
Regulations concerning fiscal controls are established in - ✔✔NJAC 5:30 et seq
The technical accounting directives are now codified in - ✔✔NJAC 5:30 et seq
Pursuant to NJAC 5:30-5.2 a full encumbrance system and general ledger must be in place for -
✔✔All funds
New Jersey Budget Law limits the annual increase, subject to limited exceptions, in the amount
to be raised by taxation in a municipal budget to - ✔✔2%
A tax lien sale held before the close of the budget year is known as - ✔✔an Accelerated Lien
Sale
Local government unit employees appointed in a manner that is
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