Chapter 1 Flashcards
(22 cards)
Duties of the municipal tax collector include receiving and collecting all funds raised by taxation
true
What are the five types of municipalities in New Jersey?
Borough, Village, City, Township, Town
What are the five types or levels of government
Special district, counties, municipalities, school districts, local authorities
How many municipalities are there?
564
What does the term re-evaluation mean?
This refers to the complete appraisal of all land buildings by a competent firm experienced in mass appraisal techniques for property tax purposes
What municipal officers are appointented
Chief Administrative Officer, municipal attorney, municipal engineer, municipal clerk and CFO
How many counties are in NJ
21
What is an RMA
Register Municipal Accountant
What is DLGS
Department of local government services
What does the local finance board require of the CFO & RMA?
That they use electronic systems to maintain financial records. They must use budget and appropriations systems compatible with flexible chart of accounts
DLGS and the local public contracts law are able to approve?
cooperative purchasing systems
What are the major functions of the department of treasury?
Division of pensions, division of purchase and property, division of taxation, tax assessment management and oversight and division of investment
What is the purpose of the DLGS and what is the DLGS?
Division of local government services. they excercise regulatory and service functions and provide financial aid to municipalities
What do local financing notices do?
They provide government units with requirement of law and regulations along with recommendations for improvements throughout the year by notification through an automated notification process administered by the DLGS
What are the functions of the DLGS
Advising and consulting with RMA and local officials
What does the DLFS supervise under the Fiscal Supervision Act
When a default exists in the payment of bonded obligations
Payments are due to the state, county, or school districts for more than two years
A cash deficit amounts to more than 4% of the total tax levy
What is the most significant source of revenue for a municipality?
Taxation
What size populations must maintain an encumbrance accounting system?
Every municipality and fund
What is the first step in bond ordinance?
A capital budget has to be approved first
Can you anticipate municipal revenues above the collected amount in the previous year?
no
If a municipality had an operating deficit in the prior year, can they consider a self examination of their budget?
no
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