NJ CMFO Statutes Exam Review 2023 questions and complete correct answers

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 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