CMFO - Finance Admin Exam Study Guide

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 substantially similar to gubernatorial "advice and consent" must become members of - Defined Contribution Retirement Program Defined Contribution Retirement Program - DCRP The 5 types of municipalities in New Jersey - City, Town, Township, Borough, Village The 3 optional forms of municipal government - Council-Manager, Mayor-Council, Mayor- Council-Administrator What are the 2 types of special assessments overseen by the tax assessor - Farmland and Added & Omitted