CMFO Theory Questions Flashcards
(161 cards)
1
Q
Why are Sr & Vet Deductions Allowed added to CY Cash Collections and Deductions disallowed subtracted from CY Cash Collections?
A
Sr & Vet Deductions is money you (municipality) get back from the State of NJ
2
Q
What are the (3) main items taken away from Gross Pay to come to Wages Subject to Federal Taxation?
A
Pension
Healthcare
Deferred Comp
3
Q
What is the employer “match” for FICA ?
A
7.65%
4
Q
What is the employer contribution into DCRP?
A
3% of Gross Pay
5
Q
What agency are Federal Taxes due to?
A
IRS
6
Q
What agency is FICA due to?
A
IRS
7
Q
What agency is NJGIT due to?
A
State of New Jersey
Division of Revenue
8
Q
What agency is SUI/SDI/FLI due to?
A
State of New Jersey
9
Q
What agency are PERS & PFRS due to?
A
NJ Division of Pensions & Benefits
10
Q
What agency is DCRP due to?
A
Prudential Retirement
Empower
11
Q
What agency is EE Health due to?
A
Current Fund
12
Q
What are the (4) methods of down payment on a Capital Project?
A
Capital Improvement Fund
Capital Fund Balance (Surplus)
Grants
Developer’s Contribution
13
Q
If your budgeted Grants show a difference between Revenues and Appropriations, what is probably the main cause of this?
A
Local Match
14
Q
ADS, Sheet 11, if Cash Receipts are greater than Total Deductions, that means there is a resulting ….. and the Utility is …..
A
Excess
Self - Liquidating
15
Q
ADS, Sheet 11, if Cash Receipts are less than Total Deductions, that means there is a resulting ….. and the Utility is …..
A
Deficit
Not Self-Liquidating
16
Q
What is the denominator of the debt limit equation for 2025 for this municipality given these valuations?
2021 : $ 7,000,000,000.00
2022 : $ 8,000,000,000.00
2023 : $ 9,000,000,000.00
2024 : $ 10,000,000,000.00
2025 : $ 11,000,000,000.00
A
$ 10,000,000.00
17
Q
What are the (4) major sources of revenue for a municipal budget?
A
Surplus Anticipated
MRA
Receipts from Delinquent Taxes
Amt to be Raised By Taxation
18
Q
What promulgated by the DLGS requires that an encumbrance accounting system be set up for the Current Fund. Per this directive by the DLGS is the requirement that every municipality must develop and utilize a minimum purchasing system?
A
Technical Accounting Directive #1
NJAC 5:30-5.2
19
Q
What promulgated by the DLGS requires that each municipality must maintain a fixed assets accounting system. The threshold for fixed assets can be a maximum of $5,000 for each individual asset, but the threshold can be less if the municipality so desires
A
Technical Accounting Directive #2
NJAC N.J.A.C. 5:30-5.6
20
Q
What promulgated by the DLGS requires that a municipality maintain a general ledger for at least the general ledger for the current fund (updated LFN CFO 2003-13 to include all funds)?
A
Technical Accounting Directive #3
N.J.A.C. 5:30-5.7
21
Q
A supplemental debt statement must be prepared to include the new ordinance in the net debt figure and the new calculation of net debt percentage by
A
Every time a municipality introduces a new bond ordinance
22
Q
A municipality semi-annually should receive from each depository in their cash management plan, a ____________ certificate. This certificate denotes that the institution was certified for eligibility as a depositor of public funds by the State of New Jersey, Department of Banking.
A
GUDPA
23
Q
The Annual Financial Statement for a calendar year municipality is to be filed with the Director of the DLGS by _________________________ of the subsequent year.
A
February 10
24
Q
The Annual Debt Statement for a calendar year municipality is to be filed with the Director of the DLGS by ______________________of the subsequent year.
A
January 31
25
The annual audit for a municipality or county must be completed within _____ months following the close of the fiscal year.
The First (6)
26
What is the minimum useful life for items authorized under the Local Bond Law?
5 Years
27
What is the maximum useful life for items authorized under the Local Bond Law
40 Years
28
In accordance with the Local Bond Law, a municipality must provide a down payment of not less than _____% of the amount of obligations authorized in the bond ordinance. It may come from the current year’s budget appropriations, an emergency appropriation, or the capital improvement fund. A waiver of the down payment is possible with the Local Finance Board approval.
5 %
29
The ordinance (from the date of publication after final adoption) is not in effect for _____ days (the estoppel period). During this time period, the legality of the ordinance can be challenged.
20 Days
30
_______________ - which are soft costs – Costs of Improvements, Architects and Accounting fees, Engineering & Inspection, Legal Expenses, Costs of authorizing, costs of selling and issuing obligations, Preliminary Planning Costs and Test & Survey Expense.
Section 20 Costs
31
What is the spread between interest earned and paid?
Arbitrage
32
In accordance with The Local Budget Law, the governing may amend the budget prior to the time of holding the public hearing. No amendment will become effective without a public hearing and a publication of the amendment if the amendment: Adds a new item of appropriation in an amount in excess of _____ of the total of appropriations as stated in the approved budget.
1 %
33
In accordance with The Local Budget Law, the governing may amend the budget prior to the time of holding the public hearing. No amendment will become effective without a public hearing and a publication of the amendment if the amendment: Increases the amount to be raised by taxation more than _______ unless the same is made to include an emergency appropriation.
5 %
34
In accordance with The Local Budget Law, the governing may amend the budget prior to the time of holding the public hearing. No amendment will become effective without a public hearing and a publication of the amendment if the amendment: Increases or decreases any item of appropriation by more than _____.
10 %
35
Per Local Bond Law, Bond Anticipation Notes are due in whole no later than the ____ day of the ____ month following the close of the _____fiscal year.
1st Day, 5th Month, 10th Year
36
_____________ in the Current section of accounts shall consist of the excess of quick assets such as cash, investments, State or other public aid receivable, and deferred charges over legal and demand liabilities
Surplus
37
A separate item of appropriation in the municipal budget is Contingent expenses. Which are to be budgeted in an amount not more than ____% of the total amount of the total operations.
3 %
38
In accordance with The Local Public Contracts Law, the bid threshold for a municipality, who does not have a QPA, may not exceed __________.
$ 17,500.00
39
In accordance with The Local Public Contracts Law, the bid threshold for a municipality, who has a QPA, may not exceed _________.
$ 44,000.00
40
_________________refers to the value of goods or services that exceeds the bid threshold within a 12-month period.
Aggregation
41
_____________refer to contracts with an anticipated value in excess of $17,500 and below the agency’s bid threshold.
Window Contract
42
Emergency contracts can be awarded without public advertising for bids when it affects __________________.
Public Health, Safety, or Welfare of Residents
43
True or False
Contracts can be divided
False
44
True or False
Bid specifications can require brand names
False
45
True or False
Bids can be held on Tuesday, July 5th
False
46
True or False
A contracting unit can reject a bid if it exceeds the contracting unit’s appropriation for the good or service
True
47
A contracting unit must award or reject a bid within _____days.
(60) days
48
Pay-To-Play Law refers to contracts that exceed _________________.
$ 17,500.00
49
In accordance with NJSA 40A:11-42, the governing body may, by ordinance or resolution, as appropriate, establish a set-aside program for …
Qualified Minority Business Enterprises
Qualified Women’s Business Enterprises
Qualified Veteran’s Business Enterprises
Qualified Small Business Enterprises
50
True or False
In accordance with NJSA 40A:2-15, a bond ordinance authorizing revenue bonds to finance expenses of a public utility may contain special covenants such as pledging revenues derived from its operation to the payment of principal and interest and fixing of its rates to those payments
True
51
A Capital budget is required where the cumulative cost of such items exceeds _______ and expected useful life of ______ or more
$25,000
5 years
52
When should bonds be sold?
2nd Half of the Year
53
What are (4) books of original entry?
Cash Receipts Journal
Cash Disbursements Journal
Payroll Journal
General Journal
54
LFN 2018-13, Procurement Cards, Clarifies that…
- P-Cards are not a credit card
- Certain controls need to be in place
- It must be identified in the cash management plan
- No one other than QPA can exceed 15% of bid threshold with single purchase
55
Which types of school districts do municipal budgets incur?
Type I School Districts
56
A municipal budget must be published _____ days prior to the public hearing which must be at least ______ days after introduction
10 days prior
28 days after
57
What is the statutory deadline to introduce the budget?
February 10
58
What is the statutory deadline to Adopt the budget?
March 20
59
Which document Is NOT prepared or supplied by the bond counsel?
A - Signature Certificate
B - No Litigation Certificate
C - Supplemental Debt Statement
D - Form 8038-G
C - Supplemental Debt Statement
60
A Governing body May increase its appropriations cap to what amount ?
2.5%
3.5% of COLA Adjustment is passed
61
At a Grant amount of ______, there must be a single audit performed that encompasses all transactions performed
$750,000
62
True or False
The DLGS approved Municipal Contracts for professional property revaluations
True
63
True or False
A vendor contracted for the repairing of the interior of the municipal building costing $15,000 need not a BRC
False
64
What is the amount of the Acquistion cost for an item to be included as a fixed asset?
$5,000
65
What does the Single Audit require?
A - A schedule of federal assistance
B - A report of internal control
C - A letter of compliance
D - All of the above
D - All of the above
66
At what % of municipalities bid threshold may a municipality accept informal quotation?
15%
67
Name the (4) primary pension systems in Local Government State of NJ
PERS
PFRS
TPAF
DCRP
68
If a tax collector typically does not hit a ______ collection rate, they will most likely perform an accredited tax sale
90%
69
On what basis is the municipal budget based on?
Cash Basis
70
When must a municipality pass a temporary budget ?
First (30) days of the year
71
What triggers the requirement for a municipality or county to adopt a Capital Budget under the Local Budget Law?
When the sum of a Capital project appropriations in the Current Budget exceeds $25,000 or a Capital ordinance is foreseen
72
How often must a Capital Improvement Program be reviewed and updated?
Annually
73
What is required of a municipality or county when the sun of Capital project appropriations exceeds $25,000?
Adopt a Capital budget and Capital plan
74
Why is planning for capital outlays considered prudent?
It enables capital expenditures to be kept to a more even level
75
What allows a municipality under 10,000 population to omit the capital plan?
If capital expenditures have been less than $25,000 in each of the (3) previous years and no Capital program is currently planned
76
What allows a municipality over 10,000 population to omit the capital plan?
If capital expenditures have been less than $25,000 in each of the (6) previous years and no Capital program is currently planned
77
Via FICA, what is the % of Medicare taxes taken out of Gross Wages?
1.45%
78
Via FICA, what is the % of Social Security taxes taken out of Gross Wages?
6.2%
79
What do SUI, SDI, and FLI stand for?
State Unemployment Insurance
State Disability Insurance
Family Leave Insurance
80
True or False
Every contract for goods and services that in the aggregate exceeds the bid threshold shall be awarded to the lowest responsible bidder. NJSA 40:11-4 permits the governing body to reject the lowest bidder if the governing body is made aware of “prior negative experience” with any local contracting unit in New Jersey
False
It must be **YOUR** municipal’s **RECORDED** negative history
81
True or False
NJSA 40A:11-4.1 authorizes the use of competitive contracting in lieu of public bidding. Competitive contracting may be used for all types of goods and services
False
82
True or False
When competitive contracting is authorized by a resolution of the governing body, it is necessary to pass a resolution each time specialized goods and services are desired
True
83
If a municipality wants to solicit proposals of operation of a public utility using competitive contracting, who would the municipality need to notify this to whom?
Notify affected employees
84
True or False
NJ municipality has a fleet of police cars exceeding (50) vehicles. One of the vehicles is damaged beyond repair in a motor vehicle accident. The Police Chief recommends authorizing the purchase of a replacement vehicle as an "emergency purchase", which purchases are authorized by N.J.S.A. 40A:11-6. Since the vehicle is used for public safety, it may be purchase without public bidding or prior governing body approval.
False
85
True or False
When in excess of the bid threshold, and after documented effort by the contracting agent to secure competitive quotations, a contracts for extraordinary unspecifiable services may be awarded upon a determination in writing by the contracting unit that the solicitation of competitive quotations are impracticable. Any such contract shall be awarded by resolution of the governing body
FALSE
(NJSA 40A:11-6.1)
86
When preparing specifications for the provision of goods or performance of services, no specifications under Local Public Contracts Law, NJSA 40A:11-13 may
A. Stipulate a residency requirement
B. Stipulate a standard not directly related to the purpose of the contract being bid
C. Stipulate the furnishing of any :"brand name"
D. All of the above
E. None of the above
D. All of the above
87
A contracting unit may reject all bids for which of the following reasons
A. The governing body of the contracting unit decides to abandon the project
B. The governing body of the contracting unit decides to use the State Authorized Contract
C. The lowest bid substantially exceeds the contracting units appropriations
D. All of the above
E. None of the Above
D. All of the above
88
The Township of Lawrence is having plans prepared for the construction of a new police facility. According to NJSA 40A:11-16, when the entire cost of this type of project will exceed the bid threshold, separate plans and specifications may be prepared may be prepared for which of the following:
A. Electrical Work
B. Structural Steel Work
C. Plumbing Work
D. All of the above
E. None of the above
D. All of the above
89
Local units entering into contracts in excess of $100,000.00 for the improvement of real property are permitted to withhold a percentage of partial payments if agreed to by the contractor. The maximum amount that may be withheld pursuant to NJSA 40A:11-16.3 is:
2%
90
When a local unit is publicly bidding construction of improvements to real property and the total price will exceed $100,000.00, the bidder shall furnish a bid guarantee. The amount of said guarantee shall be in the amount of.
40A:11-21
10%, but not in excess of $20,000.00
91
NJSA 40A:11-23 prescribes the general requirements for the advertisement for receipt of bids. Per this section, the minimum requirements that must be satisfied are:
The manner of submitting and receiving bids, including the time and place the bids will be received.
92
A local contract unit has accepted bids. The bids must be reviewed by the appropriate officials. The length of time to conclude this process is uncertain. The prospective contractors submitted bid guarantees. Which is the number of days that the local unit must return said bid guarantees to all but the (3) apparent lowest responsible bidders?
10 days, Sundays and Holidays Excepted
93
By Resolution of the governing body, a contracting unit may sell personal property note needed for public use and the sales is by sealed bid or public auction. The threshold for determining if the property, provided it is neither livestock nor perishable goods, is to be sold at public auction is what amount?
15% of the bid threshold
94
NJAC 5:34-2.2
True or False
The assertion that a service can only be provided by a single contractor shall be sufficient to justify avoidance of competitive bidding as an extraordinary, unspecifiable service.
False
95
The NJ Administrative Code (NJAC 5:34-3.2a) requires that all leases and service agreements authorized by the Local Public Contracts Law shall be subject to competitive bidding if the amount of the lease exceeds the bid threshold for what period of time?
During the duration of a multi-year lease
96
NJAC 5:30-7.3 or 3.3
True or False
A change order would not be permitted to change the # of units or items originally advertised and contracted for, even though unit prices were sought in the original specifications
False
97
2 or more contracting units may join together to form wat type of system for the provision and performance of goods and service?
Cooperative/Joint Purchasing Agreement
NJAC 5:43-2.4
98
An audit of the fiscal books of a local units is required to be completed within what period of time according to NJSA 40A:5-4?
Within (6) months of the end of the fiscal year
By June 30
99
NJSA 40:5-7 requires that a synopsis of audit along with recommendations shall be published by whom and within how many days of the receipt of the audit?
By the clerk within (30) days
100
True or False
NJSA 40A:5-11, has Audit Services as an exception to public bidding
True
101
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?
Monthly
102
NJSA 40A:5-17.1 permits a governing body to authorize an employee to issue tax refunds automatically if the amount is less than
$ 10.00
103
FDS's, as required by Local Government Ethics Law (NJSA 40A:9-22) are to be submitted no later than
April 30
104
The Local Government Ethics Law (NJSA 40A:9-22) provides that a municipality may have a Local Ethics Board or may have who rule on possible violations?
Local Finance Board
105
NJAC 5:30-5.3(a)
True or False
The Chief Financial Officer of a local unit may delegate their responsibility to determine the availability of sufficient funds for contracts and amendments
False
106
NJAC 5:30-5.4(a)
True or False
During the temporary budget period, a certification of funds is not required when authorizing a contract
False
107
NJAC 5:30-5.7
True or False
All local units shall have and maintain a fixed asset accounting and reporting system that establishes and maintains a physical inventory of fixed assets
True
** THIS IS LITERALLY TECHNICAL ACCOUNTING DIRECTIVE # 2 **
108
Outside or Off-Duty Employment of Police Officers is to be accounted for in which fund?
Trust Fund
109
In accordance with NJAC 5:30-6.6,, a Corrective Action Plan shall be adopted by the governing body and placed on file with the municipal clerk no later than:
No later than (60) days from the date the RMA filed the annual audit with the Local Unit
110
NJAC 5:30-15 and NJSA 40A:4-39
True or False
Once appropriated, funds reserved for compensated absence cannot be used for any other purpose unless first approved by the Local Finance Board
True
111
A LOSAP (Length of Service Award Program) may be created by a municipality by which action
Ordinance of the Governing Body
112
True or False
NJ Local Units follow GAAP accounting
False
OCBOA
113
True or False
Overtime Pay can be included in a Local Units Employee's Pensionable Salary if their Union files a grievance
False
114
True or False
In accordance with Local Budget Law (NJSA 40A:4), cash basis budget is one that provides sufficient cash collections from revenues, as based on the limitations, percentages and estimates allowed therein, to meet all debt service requirements, necessary operations of the local unit for the fiscal year and any mandatory payments.
True
115
When converting to a State Fiscal Year from a Calendar Year, a municipality may do so by which actions of the governing body?
Ordinance
116
All budgets shall be introduced, approved, amended, and adopted by what vote and by which action of the governing body?
By resolution passed by not less than a majority vote of the full membership of the governing body
117
True or False
Nothing in the Local Budget Law, specifically as stated in NJSA 40A:4-19, shall prevent or relieve the governing body from making appropriations during the last (10) days of the year preceding the beginning of the fiscal year for all Capital Improvement Fund purposes.
True
It doesn't exclude debt payment & interest cost appropriations within the last (10) days
Ex.
Bond Principal
Bond Interest
Note Principal
Note Interest
118
True or False
When emergency temporary appropriations are adopted after the introduction and approval of the budget are were not included in the budget as approved, the temporary emergency appropriation shall be included as an amendment
True
119
Which of the following is known as: revenue amounts that may be reasonably be expected to be realized in cash during the fiscal year from known and regular sources, or from sources reasonably capable of anticipation?
MRA
Miscellaneous Revenue Anticipated
120
Miscellaneous revenues when being anticipated in the municipal budget are regulated by NJSA 40A;4-26. This section of the statute limits anticipated revenues to the amount
Actually realized in cash from the same source in the next preceding fiscal year
121
A municipal governing body has determined that a parcel of land is no longer required for public use and so concluded that said parcel be sold at auction. The parcel of land will generate sale proceeds that would benefit town property owners if anticipated in the municipal budget as revenue in the budget. The obligation of make payment to the municipality must be entered into the budget...
Prior to the adoption of the budget
NJSA 40A:4-27
122
NJSA 40A:2-14
The maximum number of annual installments in which obligations for special assessments may be paid cannot exceed how many years?
(20) Years
123
In accordance with NJAC 5:30-3(c), certified approved budgets shall be sent to the Director of the DLGS within how many days and by what method?
(3) days, electronically through the FAST system
124
True or False
An approved budget of a NJ Local Unit shall constitute an appropriation for the purposes stated therein and an authorization of the amount to be raised by taxation for the purposes of the Local Unit
False
125
When selling bonds, all bidders shall be required to deposit an amount equal to not less than what percentage?
2%
126
True or False
NJAC 5:30-3.8
The annual budget for every municipality shall include a section called the "User-Friendly Budget". The municipality need only submit to the Director the UFB section of the adopted budget unless the Director requests the UFB section corresponding to the Introduced budget.
True
127
The Local Budget Law permits the transfer of CY appropriations during what time of the Fiscal Year?
Last (2) Months CY
First (3) Months FY
128
What vote of the governing body is required to authorize the transfer of funds as permitted by the Local Budget Law?
2/3 vote of the full membership of the governing body
129
Which Board is empowered to promulgate rules and regulations for the interpretation and administration of state laws within the jurisdiction of the DLGS?
Local Finance Board
130
As permitted by the Local Budget Law, NJSA 40A:4-50, emergency appropriations may be financed from which of the following?
A. BANS
B. Surplus
C. Emergency Notes
D. A + C Only
E. B + C Only
E: B + C Only
131
Maximum percentage of Temporary Appropriations?
26.25%
132
A payment process requires a purchase order system to have a particular document as part of the PO and this same document is the basis of payment. The document is:
A voucher
133
Which term describes a value calculated for each municipality by the NJ Division of Taxation that is intended to represent, as nearly as possible, the true value of all of the taxable property within a municipality. The process relies heavily on an analysis of sale of property in the municipality
Equalized Value
134
True or False
Insurance, including the purchase of insurance coverage and consultant services is an exception to bidding under the Local Public Contracts Law and shall be procured in accordance with the requirements for Extraordinary Unspecifiable Services (EUS)
True
135
Which of the following is true regarding the Receipts from Delinquent Taxes revenue item in the municipal budgets:
A. The amount which may be anticipated can equal the amount of delinquent taxes due as of the end of the immediately preceding fiscal year
B. The maximum amount which may be anticipated will always be lower than the amount of delinquent taxes due as of the end of the immediately preceding fiscal year
C. The PY tax collection % does not affect the amount which may be anticipated
D. None of the above
B. The maximum amount which may be anticipated will always be lower than the amount of delinquent taxes due as of the end of the immediately preceding fiscal year
136
True or False
The process for the requirements mandating a public hearing for the amending of an approved budget are provided by NJSA 40A:4-9. One of the criterion requiring public hearing would be if the budget amendment increases any item of appropriation more than 1%
False
10% Item of Appropriation
1% Total Appropriations
5% Amt to be Raised by Taxation
137
An appropriation transfer as permitted by Local Budget Law, NJSA 40A:4-58, would not permit a transfer from an appropriation for
A. Legal Expenses
B. DPW S/W
C. Deferred Charges
D. All of the above
E. None of the above
C. Deferred Charges
138
The issuance of TANs are permitted, but also limited as to amount and maturity, by the Local Budget Law. TANs may be renewed from time to time, but all such notes and any renewals thereof shall mature in the case of a municipality within how many days after the beginning of the succeeding fiscal year?
(180) days
139
True or False
Private entity officers and employees temporarily fulfilling the duties of CFO on behalf of a municipality are not subject to the Local Government Ethics Law
False
140
The Local Bond Law, NJSA 40A:2-40, mandates the CFO of each local unit, before the end of the first month of the each fiscal year, make and file this document to the officer of the clerk and the Director of the DLGS, under oath and as of the last days of the preceding year, which document?
ADS
Annual Debt Statement
141
According to Section 45 of the Local Bond Law, any municipal public utility that has cash receipts in a fiscal year sufficient to meet operation and debt charges without recourse to general taxation is considered to be
Self-Liquidating
142
The Annual Audit is required to be completed within how many months of the end of the fiscal year according to the Local Fiscal Affairs Law, NJSA 40A:5-4?
First (6) Months
June 30 Deadline
143
True or False
The amount of revenue generated by an increase in a municipalities' valuations based solely on applying the preceding year's local purposes tax rate of the municipality to the assessed value of new construction or improvements, or on applying the preceding year's county tax rate to the appointment valuation of new construction or improvements has no effect on the CAP base of either
False
144
True or False
All debt service, including that of a Type I school district, is excluded from CAP limitations
True
145
The Local Public Contracts Law, NJSA 40A:11-23, prohibits a municipality from receiving bids on which days
Mondays & Any Day Directly Following A State & Federal Holiday
"Lazy Bidders Law"
146
True or False
Developer's Escrow deposits in excess of $5,000.00 must be placed in an interest bearing account by the local unit
True
$5,000.00 for Interest
$1,000.00 for Monthly Statements
Less than $1,000.00 get Quarterly Statements
147
LFN 2012-16 sets forth a standard questionnaire that must be submitted by Counties and Municipalities seeking LB approval for which of the following
A. Issuance of refunding bonds/notes relating to tax appeals or emergencies
B. Waiver of the 5% down payment for bonds as required by NJSA 40A:2-11
C. Issuance of debt with nonconforming maturity schedules
D. All of the above
D. All of the above
148
True or False
LFN 2013-07 notes that local units are required to maintain and internet website. In addition to the CY adopted budget, the local unit's adopted budgets of the immediately preceding (3) budget years also shall be provided for public inspection on the local unit's website
True
149
As a best practice, local governments that have outstanding debt should file their AFS through the Municipal Securities Rulemaking Board's Electronic Municipal Marketplace Access (EMMA)
True
*This one really isn't a suggestion*
150
151
True or False
Local Units have sole discretion as to whether or not to offer employees payments to waiver of health benefits
True
Capped @ 25%, $5,000, whichever is less
LFN 2016-10
152
True or False
Municipal governing bodies are permitted to keep licensed CFO's on indefinite holdover statues as opposed to making permanent appointment
FALSE
**WOOHOO**
153
In accordance with NJSA 52:15-15C-10 and LFN 2012-10, proposed contracts in excess of what amount require approval by the Office of the State Comptroller prior to awarding the contract?
$12,500,000.00
154
What type of assets must exceed liabilities to create "surplus" under N.J.S.A. 40A:4-24?
Quick assets
155
What type of revenues are expected from known or reasonably anticipated sources and are not taxes, surplus, or dedicated revenues under N.J.S.A. 40A:4-25?
MRA
Miscellaneous Revenues
156
Under N.J.S.A. 40A:4-25.1, library monies transferred to a municipality may be used solely for what purpose?
Property tax reduction
157
What is the maximum amount of miscellaneous revenue that can be anticipated in a budget without director approval?
Prior year cash realized
158
Order of Corrective Action Plan
Findings/Conditions
Recommendations
Explanation & CAP
Implementation Date
159
LFN CFO 98-3
After this LFN became effective, where do Municipal Public Defender Fees get recorded?
(Seperate) Trust Fund
160
LFN CFO 2000-11
What must local units report THROUGHOUT the fiscal year?
State & Federal Assistance
161
LFN CFO 98-7
What must professionals provide on their invoices to the CFO?
Name & Title of Professional Providing Service
Date in which service was provided
Time spent on providing the service
Cost of providing service (i.e. hourly rate x amount of hours)
