NJ CMFO Statutes Exam Review
Questions and Answers Graded A+
Every audit required by the Local Fiscal Affairs 40A:5-9 is required be completed
by an accountant or auditor who holds an uncanceled license as: - Correct answer-
Registered Municipal Accountant
Local Budget Law, N.J.S.A. 40A: 4-3.1 (b) requires any municipality deciding to
convert to a State Fiscal Year from Calendar Fiscal Year must apply to - Correct
answer-Local Finance Board
Local Budget Law 40A:4-3.2 Adoption of State fiscal year; when converting to a
state fiscal year calendar from a calendar year a municipality may do so by the
following - Correct answer-Ordinance
Local Budget Law 40A:4-4 Procedures for budget adoption; All budgets shall be
introduced, approved, amended and adopted by what vote & by which action of the
governing body? - Correct answer-By resolution passed by not less than a majority
of the full membership of the governing body
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, Local Budget Law 40A:4-5 Introduction and Approval; Statutory introduction
dates for fiscal and calendar year municipalities is as follows: - Correct answer-
Calendar year- February 10
State Fiscal Year - August 10
Local Budget Law 40A:4-6 Advertisement of budget; Every budget shall be
advertised after approval and at least how many days before the public hearing? -
Correct answer-10
Local Budget Law 40A:4-7 Time of public hearing; Public hearing post budget
approval shall be held no earlier than how many days for a county and
municipality? - Correct answer-18 and 28
Local Budget Law 40A:4-9 Ammendment to an introduced budget; an increase or
decrease to any item of appropriation by more than what percent would require a
public hearing on said amendment? - Correct answer-Ten Percent
Local Budget Law 40A:4-13 Inclusion of amount required for school purposes;
The amount to be raised by taxes for school purposes, required to be certified to
the governing body of a municipality for inclusion in its budget, shall set forth in a
separate section of the budget upon adoption and shall be added to the amount to
be raised by taxes is called what rate? - Correct answer-School Tax Rate
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
Questions and Answers Graded A+
Every audit required by the Local Fiscal Affairs 40A:5-9 is required be completed
by an accountant or auditor who holds an uncanceled license as: - Correct answer-
Registered Municipal Accountant
Local Budget Law, N.J.S.A. 40A: 4-3.1 (b) requires any municipality deciding to
convert to a State Fiscal Year from Calendar Fiscal Year must apply to - Correct
answer-Local Finance Board
Local Budget Law 40A:4-3.2 Adoption of State fiscal year; when converting to a
state fiscal year calendar from a calendar year a municipality may do so by the
following - Correct answer-Ordinance
Local Budget Law 40A:4-4 Procedures for budget adoption; All budgets shall be
introduced, approved, amended and adopted by what vote & by which action of the
governing body? - Correct answer-By resolution passed by not less than a majority
of the full membership of the governing body
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
, Local Budget Law 40A:4-5 Introduction and Approval; Statutory introduction
dates for fiscal and calendar year municipalities is as follows: - Correct answer-
Calendar year- February 10
State Fiscal Year - August 10
Local Budget Law 40A:4-6 Advertisement of budget; Every budget shall be
advertised after approval and at least how many days before the public hearing? -
Correct answer-10
Local Budget Law 40A:4-7 Time of public hearing; Public hearing post budget
approval shall be held no earlier than how many days for a county and
municipality? - Correct answer-18 and 28
Local Budget Law 40A:4-9 Ammendment to an introduced budget; an increase or
decrease to any item of appropriation by more than what percent would require a
public hearing on said amendment? - Correct answer-Ten Percent
Local Budget Law 40A:4-13 Inclusion of amount required for school purposes;
The amount to be raised by taxes for school purposes, required to be certified to
the governing body of a municipality for inclusion in its budget, shall set forth in a
separate section of the budget upon adoption and shall be added to the amount to
be raised by taxes is called what rate? - Correct answer-School Tax Rate
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
