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GFOA CPFO CAPITAL AND OPERATING BUDGETING EXAM QUESTIONS AND VERIFIED ANSWERS
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GFOA CPFO CAPITAL AND OPERATING BUDGETING EXAM QUESTIONS AND VERIFIED ANSWERS....
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GFOA CPFO CAPITAL AND OPERATINGBUDGETING EXAM QUESTIONS AND
VERIFIED ANSWERS
Capital Project Service-Level Goals - ANSWER How a local government can
illustrate to its citizens what level of service can be provided based on available
resources?
Needs Assessment - ANSWER This should include addressing any gaps in
service delivery and form the basis for a capital project request.
Public Participation Survey - ANSWER Should be conducted every few years
with similar questions each time to gauge changing opinions. Therefore,
questions should be developed considering that they might be used for many
years.
Public Participation Community Meetings - ANSWER Speaking to community
groups will show the public that the jurisdiction is transparent and responsive,
and it will facilitate the citizens involvement with government more.
Public Information Officer (PIO)- ANSWER Often responsible for a newsletter
and press release writing, maintaining the jurisdictions website, and responding
to citizen inquiries.
Bond Committees Formed for capital projects to provide feedback regarding
bond referendums.
Bond Referendum May be under state law required as a means of helping to
ensure the lowest cost financing and or confirm the public's commitment to the
proposed projects.
,Bond Committee Members - ANSWER Typically include former elected
officials, reps of other governing bodies, business and environmental leaders,
community activists, and clients of the service.
Bond Committee Responsibilities - ANSWER Determining the size of the
bond program, ID'ing potential projects, holding public meetings, and producing
a report to elected officials.
Determining Guiding Principles - ANSWER Before project prioritization can
occur the group as a whole must define the broad guiding principles for the
process. Examples could include: equity, diversity, input, sustainability, quality
of life, accountability, or affordability.
Defining Project Scope - ANSWER Means defining the need or needs the
project is meant to address or resolve, temporarily or permanently, deciding
how the needs are to be addressed, identifying other needs or goals which will
be created by the project, defines what the project should be like, and what
should and should not be included in the project.
Scope Creep - ANSWER Can increase the duration, complexity and cost of the
project with little and/or noticeable warning.
Project Scope - ANSWER Must be controlled by careful documentation and
project management. Before approval, scope should be defined by a detailed
narrative explanation with supporting back-up.
Project Budget - ANSWER Will reflect all of the estimated costs for the project
including but not limited to design, consultant fees, land acquisition, site
preparation, and project management costs.
,Construction Budget - ANSWER Includes only that portion of the project costs
that are paid out to the contractor(s).
Project Cost Estimates - ANSWER The larger or more complicated the project,
the more frequently a cost estimate should be prepared.
Value Engineering - ANSWER Systematic application of recognized
techniques which identify the function of a product or service, establish a value
for that function, and provide the necessary function at the least overall cost.
Capital Financing Costs - ANSWER May be charged to the project and
included in the debt financing or may be separately funded through the
operating budget.
Price Changes Over Time - ANSWER A multi-year project will have to
account for inflation factors over the course of construction.
Regional Inflation Indices - ANSWER Generally more accurate than national
indices and will reflect regional labor and material prices.
Common Cost Estimation Pitfalls - ANSWER Costs that are occasionally
overlooked include relocation costs and inflation.
The Marshall-Swift Index - ANSWER The index provides a squared-foot
estimate cost based on certain project attributes then the measure is applied to
the total area to obtain an estimated project cost.
, Things to Include in the Capital Budget - ANSWER Definition of capital
expenditure, summary information, schedule of completion, descriptions of the
general scope of the project, impact on the operating budget, estimated project
cost, funding sources, funding authority, and any analytical information like
cost-benefit analysis.
Quality-based Process - ANSWER Based on the knowledge, skills and
experience of the professional consultants and their ability to meet the needs of
the project.
Request for Qualifications - ANSWER Similar to an RFP, except fee proposals
are not involved in the selection process.
Owner's Representative - ANSWER Outside consultant with construction
expertise that will provide oversight, manage the project and coordinate
activities between all members of the project team, including the design
professionals and the contractors in the jurisdictions best interest.
Design management methods for capital projects- ANSWER Lowest bid,
construction manager/general contractor and design/build.
Lowest Bid Aware - ANSWER Most common, often called Design/bid/build
(DBB). Selection is via a qualifications process and construction services are
selected through competitive bidding.
Construction Manager/General Contractor - ANSWER Also known as
"construction manager at risk," allows the jurisdiction to select a construction
manager, based on a qualifications process before the design is complete. Once
a manager is selected, all work is organized under a single guaranteed
maximum price (GMP) contract. Manager coordinates all subcontract work.
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