Local Fiscal Affairs Law

Question 1

An audit of the fiscal books of a local unit is required to be completed within what period of time according to N.J.S.A. 40A:5-4, The Fiscal Affairs Law.

a. Prior to completion of the fiscal year
b. Prior to completion of subsequent fiscal year
c. Within six months of the end of the fiscal year
d. Within five months of the end of the fiscal year

Answer 1

c. Within six months of the end of the fiscal year

Question 2

The Local Fiscal Affairs Law N.J.S.A. 40A:5-7 requires that a synopsis of audit along with recommendations shall be published by whom and within how many days of the receipt of audit.

a. By the CFO within thirty days
b. By the Clerk within thirty days
c. By the CFO within forty-five days
d. By the Clerk within forty-five days

Answer 2

b. By the Clerk within thirty days

Question 3

The Local Fiscal Affairs Law, N.J.S.A. 40A:5-11, has Audit Services as an exception to public bidding.

a. True
b. False

Answer 3

a. True

Question 4

The Local Fiscal Affairs law, N.J.S.A. 40A:5-17.1, permits a governing body to authorize an employee to issue tax refunds automatically if the amount is less than:

a. $5.00
b. $10.00
c. $20.00
d. $25.00

Answer 4

b. $10.00

Question 5

Every municipal tax assessor, prior to what date, shall notify by mail each taxpayer of the current assessment and preceding year’s taxes.

a. January 1
b. February 1
c. March 1
d. April 1

Answer 5

b. February 1

Question 6

Tax Anticipation Notes shall mature in the case of County not later than:

a. June 1
b. February 10
c. June 30
d. March 20

Answer 6

c. June 30

Question 7

The Local Government Ethics Law provides that a municipality may have a Local Ethics Board or may have which of the following rule on possible violations.

a. Governing Body
b. Local Finance Board
c. Public Employees Relations Committee
d. Director of Division of Local Government Services

Answer 7

b. Local Finance Board

Question 8

The financial disclosure statements require by the Local Ethics Law are to be submitted no later than.

a. January 30
b. April 30
c. June 30
d. July 1

Answer 8

b. April 30

Question 9

The Local Fiscal Affairs law requires that a local unit adopt a Cash Management Plan and it further requires reporting by the CFO to the Governing Body of investment activities how often.

a. Quarterly
b. Annually
c. Monthly
d. Semi-annually

Answer 9

c. Monthly