NJ CMFO Statutes Exam Review

NJ CMFO Statutes Exam Review 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: - 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 - 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 - 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? - 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: - 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? - 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? - 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? - 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? - School Tax Rate Local Budget Law 40A:4-19 temporary budget; The governing body may by resolution authorize temporary budget Appropriations to provide for the period between the beginning of the fiscal year and the adoption of the budget. The resolution shall be adopted within how many days of the beginning of the fiscal year? - Thirty Days Local Budget Law 40A:4-20 emergency temporary appropriations; the governing body is prevented from making appropriations during the last 10 days of the year preceding a new fiscal year for CIF purposes. What appropriation is allowed? - Debt Service Only One tax point is equal to - One ten-thousandth of the net valuation Request to review vouchers must be released when - Immediately Financial Disclosure Forms should list the following - Income greater than $2000, Gifts greater than $400, property in NJ only Three different bond ordinances are introduced at the same meeting. How many Supplemental Debt Statements do you need? - One Which debt statement is due upon introduction of a bond ordinance - Supplemental Debt Statement Federal Single Audit is required if Federal Grant expenditures equal or exceed what amount? - $750,000 When can the cash management plan be amended? - Any time Gross Debt - Deductions equals - Net Debt The Chairperson of the Local Finance Board holds what other title? - Director of the Division Local Government Services