Municipal Finance Administration - Exam review || A+
Guaranteed.
N.J.S.A. 40A:2 correct answers Bond Law
N.J.S.A 40A:4 correct answers Budget Law
N.J.S.A. 40A:5 correct answers Fiscal Law
N.J.S.A. 40A:11 correct answers Local Public Contracts Law
N.J.S.A. 40A:12 correct answers Public Lands & Buildings Law
TAD 85-1 correct answers Encumbrance
TAD 85-2 correct answers Fixed Assets
TAD 85-3 correct answers General Ledger
The DLGS requires the adoption of a capital budget where the cumulative cost of such items will
exceed correct answers $25,000 with a useful life of at least 5 years
Equalized valuation represents correct answers The true value of all taxable property in the
municipality
Special improvement district budgets must be approved by correct answers The governing body
Additions to the budget after adoption are generally referred to as correct answers Chapter 159
amendments
Special items of revenue are correct answers Chapter 159 resolutions
Informal quotes must be received for like or similar goods in the excess of correct answers 15%
of the bid threshold
Municipal bonds must be correct answers in registered form
Auditors of financial statements are primarily retained to correct answers offer and opinion on
the reasonableness of an entity's financial reports
Prior to any purchase of goods certification of available funds must be made by correct answers
The CFO
NJSA 40A:5-14 requires that every local governing body pass a resolution, annually,
establishing correct answers A cash management plan
, If a capital budget affects the municipality's Master Plan, it must be referred to the Planning
Board correct answers 45 days prior to the adoption of the ordinance
The debt limit of a municipality may not exceed what percentage of the prior three years
equalized assessed real property valuations correct answers 3.5%
Bond Anticipation Notes may be issued for a period not exceeding correct answers One year
Special Assessment Notes may be issued to finance correct answers Sewer Lines
A municipality that experiences cash flow problems may issue correct answers Tax anticipation
notes (TANS)
Bonds may be sold at private sale except when the total amount of bonds is more than correct
answers $1,000,000
Bonds paid from a municipality's state aid are known as correct answers Qualified bonds
TANS must mature not later than correct answers 120 days of the succeeding of the fiscal year
Emergency appropriations must be adopted by correct answers No less than 2/3 of the full
governing body
The amount to be deposited as a bid guarantee as required by state law shall be correct answers
10% not exceeding $20,000
Change orders in construction contracts cannot exceed _________ without further action of the
governing body correct answers 20%
The Local Bond Law requires a down payment on ordinances for correct answers Town Hall
renovations
Retirement benefits can be granted to volunteer emergency service personnel upon correct
answers Successful approval of a referendum of the voters of the jurisdiction
Bond ordinances must be published how many days prior to the public hearing? correct answers
20 days
The General Ledger is the correct answers Permanent financial record of the local unit
The Local Bond Law requires a down payment on most capital ordinances of correct answers
Five Percent
The Reserve for Uncollected Taxes is correct answers An appropriation required by statute to
cover the cash flow requirements of the school, county and municipal obligations
Guaranteed.
N.J.S.A. 40A:2 correct answers Bond Law
N.J.S.A 40A:4 correct answers Budget Law
N.J.S.A. 40A:5 correct answers Fiscal Law
N.J.S.A. 40A:11 correct answers Local Public Contracts Law
N.J.S.A. 40A:12 correct answers Public Lands & Buildings Law
TAD 85-1 correct answers Encumbrance
TAD 85-2 correct answers Fixed Assets
TAD 85-3 correct answers General Ledger
The DLGS requires the adoption of a capital budget where the cumulative cost of such items will
exceed correct answers $25,000 with a useful life of at least 5 years
Equalized valuation represents correct answers The true value of all taxable property in the
municipality
Special improvement district budgets must be approved by correct answers The governing body
Additions to the budget after adoption are generally referred to as correct answers Chapter 159
amendments
Special items of revenue are correct answers Chapter 159 resolutions
Informal quotes must be received for like or similar goods in the excess of correct answers 15%
of the bid threshold
Municipal bonds must be correct answers in registered form
Auditors of financial statements are primarily retained to correct answers offer and opinion on
the reasonableness of an entity's financial reports
Prior to any purchase of goods certification of available funds must be made by correct answers
The CFO
NJSA 40A:5-14 requires that every local governing body pass a resolution, annually,
establishing correct answers A cash management plan
, If a capital budget affects the municipality's Master Plan, it must be referred to the Planning
Board correct answers 45 days prior to the adoption of the ordinance
The debt limit of a municipality may not exceed what percentage of the prior three years
equalized assessed real property valuations correct answers 3.5%
Bond Anticipation Notes may be issued for a period not exceeding correct answers One year
Special Assessment Notes may be issued to finance correct answers Sewer Lines
A municipality that experiences cash flow problems may issue correct answers Tax anticipation
notes (TANS)
Bonds may be sold at private sale except when the total amount of bonds is more than correct
answers $1,000,000
Bonds paid from a municipality's state aid are known as correct answers Qualified bonds
TANS must mature not later than correct answers 120 days of the succeeding of the fiscal year
Emergency appropriations must be adopted by correct answers No less than 2/3 of the full
governing body
The amount to be deposited as a bid guarantee as required by state law shall be correct answers
10% not exceeding $20,000
Change orders in construction contracts cannot exceed _________ without further action of the
governing body correct answers 20%
The Local Bond Law requires a down payment on ordinances for correct answers Town Hall
renovations
Retirement benefits can be granted to volunteer emergency service personnel upon correct
answers Successful approval of a referendum of the voters of the jurisdiction
Bond ordinances must be published how many days prior to the public hearing? correct answers
20 days
The General Ledger is the correct answers Permanent financial record of the local unit
The Local Bond Law requires a down payment on most capital ordinances of correct answers
Five Percent
The Reserve for Uncollected Taxes is correct answers An appropriation required by statute to
cover the cash flow requirements of the school, county and municipal obligations
