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CMFO STATUTES Exam with Questions with Complete Solutions
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CMFO STATUTES Exam with Questionswith Complete Solutions
The minimum number of days for the advertisement for the receipt of bids is? - ✔✔10 days
The New Jersey Administrative Code, the Local Public Contract Law Rules NJAC 5:34-4.2 lists the general
requirements for all change orders one of those requirements is that? - ✔✔responsibility for Change
Orders lies with Governing Body
Section 36 of the Local Budget Law requires that any anticipated deficit in expenditures to which
dedicated revenues are applicable shall be provided for by an appropriation in the budget. The
appropriation of the anticipated deficit would be included in which budget? - ✔✔Current
Fund Budget
The statutory deadline date for the filing of the "Unaudited Annual Financial Statement for the
State Fiscal Year municipality is? - ✔✔August 10
What is the dollar amount threshold that must be exceeded in order for a property owner to file a
complaint directly with the New Jersey Tax Court in the appealing of property assessments? -
✔✔$ 1,000,000 (one million)
, Local Fiscal Affairs Law permits the establishment of petty cash funds. NJSA 40A:5-21 describes with
whom the authority rests for approval and/or disapproval of the petty cash fund. The person that has
said authority, which must be received prior to activation of the petty cash fund is? - ✔✔Director
of the Division of Local Government Services
Which public official is statutorily responsible for the billing of a special assessment Levy? -
✔✔Tax Collector
A New Jersey municipality is prohibited from increasing its' tax levy by what percentage rate before
permitted exclusions are added to the tax Levy? - ✔✔2 %
The Municipal Public Defenders Law NJSA 2B:24-1 et seq. contains a requirement for the accounting of
application fees that are collected. It is required that the fund collected shall be deposited where? -
✔✔Dedicated Trust Fund
Which of the following is an appropriation that would not be subject to limitation as provided by the
New Jersey "CAP" Law? - ✔✔
The Local Government CAP Law 40A:4-45.1 et seq. addresses the permitted transfer of current year
appropiations and reserve year appropiations. The statute prohibits the transfer of funds authorized
by NJSA 40A:4-58 and 40A:4-59 from an appropriation that is not subject to limitation to an
appropriation that is subject to limitation? TRUE or FALSE - ✔✔TRUE
The Local Government Ethics Law requires the filing of an annual financial disclosure statement. The
disclosure statement shall include the name, address and each source of income earned by the local
government employee or member of their immediate family in excess of what amount? - ✔✔$
2,000
Although there are exceptions for specific situations, the Local Bond Law NJSA 40A:2-27, requires that the
sale of bond shall be sold at which type of sale? - ✔✔Public (note: Shall Be is the clue to public)
NJSA 40A:2-11 requires that no bond ordinance shall be finally adopted unless it appropriates to
the purpose, or ratably to the respective purposes to be financed, in addition to the obligations
thereby authorized, a sum as a down payment which is no less than what percent of the amount of
the obligations? - ✔✔5%
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