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NJ CMFO STATUTES EXAM REVIEW QUESTIONS AND CORRECT ANSWERS

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NJ CMFO STATUTES EXAM REVIEW QUESTIONS AND CORRECT ANSWERS

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NJ CMFO STATUTES EXAM REVIEW
QUESTIONS AND CORRECT
ANSWERS
EveryA2auditA2requiredA2byA2theA2LocalA2FiscalA2AffairsA240A:5-
9A2isA2requiredA2beA2completedA2byA2anA2accountantA2orA2auditorA2whoA2holdsA2anA2unca
nceledA2licenseA2as:A2-A2Ans--RegisteredA2MunicipalA2Accountant

LocalA2BudgetA2Law,A2N.J.S.A.A240A:A24-
3.1A2(b)A2requiresA2anyA2municipalityA2decidingA2toA2convertA2toA2aA2StateA2FiscalA2YearA2f
romA2CalendarA2FiscalA2YearA2mustA2applyA2toA2-A2Ans--LocalA2FinanceA2Board

LocalA2BudgetA2LawA240A:4-
3.2A2AdoptionA2ofA2StateA2fiscalA2year;A2whenA2convertingA2toA2aA2stateA2fiscalA2yearA2cale
ndarA2fromA2aA2calendarA2yearA2aA2municipalityA2mayA2doA2soA2byA2theA2followingA2-
A2Ans--Ordinance


LocalA2BudgetA2LawA240A:4-
4A2ProceduresA2forA2budgetA2adoption;A2AllA2budgetsA2shallA2beA2introduced,A2approved,A
2amendedA2andA2adoptedA2byA2whatA2voteA2&A2byA2whichA2actionA2ofA2theA2governingA2bo
dy?A2-A2Ans--
ByA2resolutionA2passedA2byA2notA2lessA2thanA2aA2majorityA2ofA2theA2fullA2membershipA2ofA2
theA2governingA2body

LocalA2BudgetA2LawA240A:4-
5A2IntroductionA2andA2Approval;A2StatutoryA2introductionA2datesA2forA2fiscalA2andA2calend
arA2yearA2municipalitiesA2isA2asA2follows:A2-A2Ans--CalendarA2year-A2FebruaryA210
StateA2FiscalA2YearA2-A2AugustA210

LocalA2BudgetA2LawA240A:4-
6A2AdvertisementA2ofA2budget;A2EveryA2budgetA2shallA2beA2advertisedA2afterA2approvalA2a
ndA2atA2leastA2howA2manyA2daysA2beforeA2theA2publicA2hearing?A2-A2Ans--10

LocalA2BudgetA2LawA240A:4-
7A2TimeA2ofA2publicA2hearing;A2PublicA2hearingA2postA2budgetA2approvalA2shallA2beA2heldA
2noA2earlierA2thanA2howA2manyA2daysA2forA2aA2countyA2andA2municipality?A2-A2Ans--
18A2andA228

LocalA2BudgetA2LawA240A:4-
9A2AmmendmentA2toA2anA2introducedA2budget;A2anA2increaseA2orA2decreaseA2toA2anyA2ite
mA2ofA2appropriationA2byA2moreA2thanA2whatA2percentA2wouldA2requireA2aA2publicA2hearin
gA2onA2saidA2amendment?A2-A2Ans--TenA2Percent

, LocalA2BudgetA2LawA240A:4-
13A2InclusionA2ofA2amountA2requiredA2forA2schoolA2purposes;A2TheA2amountA2toA2beA2rais
edA2byA2taxesA2forA2schoolA2purposes,A2requiredA2toA2beA2certifiedA2toA2theA2governingA2b
odyA2ofA2aA2municipalityA2forA2inclusionA2inA2itsA2budget,A2shallA2setA2forthA2inA2aA2separat
eA2sectionA2ofA2theA2budgetA2uponA2adoptionA2andA2shallA2beA2addedA2toA2theA2amountA2t
oA2beA2raisedA2byA2taxesA2isA2calledA2whatA2rate?A2-A2Ans--SchoolA2TaxA2Rate

LocalA2BudgetA2LawA240A:4-
19A2temporaryA2budget;A2TheA2governingA2bodyA2mayA2byA2resolutionA2authorizeA2tempor
aryA2budgetA2AppropriationsA2toA2provideA2forA2theA2periodA2betweenA2theA2beginningA2ofA
2theA2fiscalA2yearA2andA2theA2adoptionA2ofA2theA2budget.A2TheA2resolutionA2shallA2beA2ado
ptedA2withinA2howA2manyA2daysA2ofA2theA2beginningA2ofA2theA2fiscalA2year?A2-A2Ans--
ThirtyA2Days

LocalA2BudgetA2LawA240A:4-
20A2emergencyA2temporaryA2appropriations;A2theA2governingA2bodyA2isA2preventedA2from
A2makingA2appropriationsA2duringA2theA2lastA210A2daysA2ofA2theA2yearA2precedingA2aA2new
A2fiscalA2yearA2forA2CIFA2purposes.A2WhatA2appropriationA2isA2allowed?A2-A2Ans--
DebtA2ServiceA2Only

OneA2taxA2pointA2isA2equalA2toA2-A2Ans--OneA2ten-thousandthA2ofA2theA2netA2valuation

RequestA2toA2reviewA2vouchersA2mustA2beA2releasedA2whenA2-A2Ans--Immediately

FinancialA2DisclosureA2FormsA2shouldA2listA2theA2followingA2-A2Ans--
IncomeA2greaterA2thanA2$2000,A2GiftsA2greaterA2thanA2$400,A2propertyA2inA2NJA2only

ThreeA2differentA2bondA2ordinancesA2areA2introducedA2atA2theA2sameA2meeting.A2HowA2m
anyA2SupplementalA2DebtA2StatementsA2doA2youA2need?A2-A2Ans--One

WhichA2debtA2statementA2isA2dueA2uponA2introductionA2ofA2aA2bondA2ordinanceA2-A2Ans--
SupplementalA2DebtA2Statement

FederalA2SingleA2AuditA2isA2requiredA2ifA2FederalA2GrantA2expendituresA2equalA2orA2excee
dA2whatA2amount?A2-A2Ans--$750,000

WhenA2canA2theA2cashA2managementA2planA2beA2amended?A2-A2Ans--AnyA2time

GrossA2DebtA2-A2DeductionsA2equalsA2-A2Ans--NetA2Debt

TheA2ChairpersonA2ofA2theA2LocalA2FinanceA2BoardA2holdsA2whatA2otherA2title?A2-A2Ans--
DirectorA2ofA2theA2DivisionA2LocalA2GovernmentA2Services

OldA2EscrowA2AccountsA2escheatA2asA2unclaimedA2propertyA2toA2whom?A2-A2Ans--
StateA2ofA2NJ

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