Cmfo Study guides, Class notes & Summaries

CMFO - Finance Admin (T/F) Local units may not utilize or similar sites for the purposes of selling surplus property online,except if an item's value is below 15% of the local unit's bid threshold - True School debt is reported on the municipality's annual debt statement - True School districts are governed by NJSA 40A et seq - False The governing body of a municipality may change the type of school district by ordinance - False School debt limit is based on the district's ...

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 ...

CMFO - Local Budget Law A Governing Body may increase it's appropriations cap to ________ by passing a _______________________________ - c. 3.5% by passing a cost of living adjustment ordinance The flexible chart of accounts is a coding system which categorizes: a. Debt service payments b. Capital Projects c. Budget appropriations and revenues d. Utility Rates - c. Budget appropriations and revenues The reserve for uncollected taxes is: a. a line item for tax credits for senio...

CMFO - Finance Admin Final Exam Study Guide with 100% Correct Answers | Verified | Latest Update 2024|Rated A+ 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 Authoritie...

CMFO Exam Question Bank With Verified Answers 100% Correct 2023 True T/F: Due from State of New Jersey for Senior citizen Deductions can be anticipated as a revenue in the current fund budget as non-cash surplus Retirement of serial bonds Trust Assessment Fund cash is first pledged to: Quarterly basis Municipal Library Levy is paid on a True T/F: budget transfers from Capital Improvement Fund are not permitted Corrective Action Plan Finding/Condition; Recommendation; explanation & c...

CMFO Statutes Exam Prep Complete Questions And Answers 2023 The Local Budget Law, N.J.S.A. 4OA:4—31(b) requires any municipality dec±ding to convert to a State Fiscal Year from a Calendar Fiscal Year perform the following: A. Apply to the Division of Local Government Services B. Apply to the Local Finance Board C. Apply to the Commissioner of the Department of Community Affairs D. All the above E. None of the above B. Apply to the Local Finance Board When converting to a State Fisc...

CMFO Exam Questions And Complete Solutions (100% Correct)

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 wh...

CMFO HOMMA THEORY EXAM COMPLETE QUESTIONS AND ANSWERS

Local units may not utilize or similar sites for the purposes of selling surplus property online,except if an item's value is below 15% of the local unit's bid threshold - True School debt is reported on the municipality's annual debt statement - True School districts are governed by NJSA 40A et seq - False The governing body of a municipality may change the type of school district by ordinance - False School debt limit is based on the district's grade configuration - True Municipal ...