Exam (elaborations)
CMFO EXAM QUESTIONS AND ANSWERS
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CMFO EXAM QUESTIONS AND ANSWERS
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CMFO EXAM QUESTIONS AND ANSWERSA governing body may increase its appropriations cap to? - Answers- 3.5% by passing
a cost of living adjustment ordinance
The Flexible Chart of Accounts is a coding system which cartegorizes - Answers-
Budgets appropriations and revenue
The Reserve for Uncollected Taxes is? - Answers- An appropriation required by statue
to cover the cash flow requirements of the school, county, and municipal appropriations
The minimum useful life of a capital item under the Local Bond Law is? - Answers- Five
years
Resolutions authorizing the transfer of appropriations require what vote of the full
membership of the governing body? - Answers- 2/3rds of the full membership
The four major categories of revenues anticipated in a municipal budget are? -
Answers- surplus, miscellaneous revenue, taxes, and delinquent taxes
The lower the estimated tax collection rate, the: - Answers- higher the reserve for
uncollected taxes
The certification of new construction or improvements by the local tax assessor, and the
amount of local taxes that would have been generated would increase: - Answers- The
CAP base
What revenue is determined by subtracting from the total general appropriations in the
budget? the surplus anticipated, miscellaneous revenues and receipts from delinquent
taxes? - Answers- Amount to be raised by taxes
Local Government unit employees appointed in a manner that is substantially similar to
gubernatorial "advise and consent" must become members of: - Answers- Defined
Contribution Retirement Program
Additions to the budget after adoption are generally referred to as: - Answers- Chapter
159 amendments
In which budget must a deficit in a municipal utility be raised? - Answers- Current Fund
Miscellaneous revenues may: - Answers- Be anticipated in the budget up too the
amount received in cash in the preceding year; Be anticipated in the budget in an
amount greater than was received in cash in the preceding year when supported by
documentation (i.e., ordinance or check)
, The debt limit of the municipality may not exceed what percentage of the prior three
years equalized assessed real property valuations: - Answers- 3.5%
The minimum useful life of a capital item under the Local Bond Law is: - Answers- Five
yearws
A municipality with a population of 7,350 must adopt a capital budget program for: -
Answers- 3 years (over 10k for 6 years)
Local Public Contracts Law - Answers- NJSA 40A:11
Local Budget Law - Answers- NJSA 40A:4
Local Fiscal Affairs Law - Answers- NJSA 40A:5
Local Bond Law - Answers- NJSA 40A:2
Local Public Land and Buildings - Answers- 40A:12
Cash received from property owners for local improvement assessments must first be
pledged to: - Answers- Assessment lien bonds and notes
Regulations concerning fiscal controls are established in: - Answers- NJSA 40A:530 et
seq
Current fund appropriations for accumulated absence liabilities must be: - Answers-
deposited in a dedicated trust fund; cannot be used for any other purpose unless
approved by LFB; must not exceed the value of the total accumulated absences; less
any amount from prior years appropriations (ALL)
Tax Maps, Master Plans, Codifications, and revaluations may be financed with: -
Answers- Special Emergency Notes
Cash received form property owners for local improvement assessments must first be
pledged to: - Answers- Assessment lien bonds and notes
One tax point equals? - Answers- 1/10,000 of the net valuation taxable.
Utility budgets are subject to the appropriations cap? - Answers- False
Budget transfers may be made between the library salary and wage account and the tax
collector's other expense account during the last 2 months of the budget year -
Answers- False
Municipal revenues may not normally be anticipated above the amount collected in the
previous year of each type of revenue? - Answers- True
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