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Flashcards in Municipal Budget Process Deck (41)
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1

Where should you advertise the resolution for introduction of the budget?

In your official newspaper

2

List three types of budgeting concepts

Line Based Budget
Planning Programming Budgeting Systems
Zero Based Budgeting

3

Which concept are municipalities required to use by law?

Line Based Budget

4

Which budget concept is based on what you plan to spend without regard to previous years Spending?

Zero Based Budget

5

Name some of the duties of the Chief Financial Officer.

Assist in Budget Preparation
Assemble Revenue Estimates
Prepare Expenditure Analysis
Preparation of Annual Financial Statement
Annual Debt Statement
Supplemental Debt Statement
Cash Flow Advice

6

Is the CFO permitted to cut the Budget?

No

7

What are some of the main purposes of the budget?

Financial Control - Primary purpose by Law
Policy Instrument - Focus Priorities, policy reform
Management Tool - Basis for management of operations
Economic tool - Spending money in areas needed

8

Name some types of funds

Current Fund - general revenues, tax revenue, appropriations for general government operations
Trust Funds - dedicated fund monies
General Capital - Issuance of debt - Bond Anticipation Notes
Utility - Specific service - water, sewer, electric, pool

9

Which fund is for a dedicated purpose?

A Trust Fund

10

What are the two sides of the budget?

Revenues and Appropriations

11

Are taxes considered revenue?

No

12

What does Pilots stand for

Payment In Lieu of Taxes

13

Name some examples of revenue

Consolidated Municipal Property Tax Relief(CMPTRA)
ABC License Fees
Fees and Permits
Municipal Courts
Parking Meter Collections
PILOTS
Interest on Investments
Cell Tower Rental

14

Does the budget require a majority of all sitting members to pass?

Yes, a super majority

15

The municipal budget runs on a______ year.

Calendar

16

What must the governing body adopt in order to conduct business in the first quarter of the year?

A Temporary Budget

17

When does the budget year start?

January 1

18

The budget has to be introduced by______

Feb. 10

19

The public budget hearing has to be advertised 10 days prior to the hearing. True or False?

True

20

You do not have to have the public hearing before adoption. True or False?

False

21

When must you adopt the temporary budget?

Between Jan 1 and Jan 15

22

What is 26.25%?

The temporary budget amount may not exceed 26.25% of the total budget of the preceding years appropriations

23

What is the state fiscal year?

7/1 - 6/30

24

What is NJSA?

New Jersey Statutes Annotated

25

Are budget transfers permitted?

Yes, during the last two months and the first three months of the succeeding year

26

Are there provisions for emergency appropriations?

Yes but the amount of the appropriation must be raised by taxation the following year. It is financed by surplus at the time and required to have 2/3 of the full membership agree

27

Budgets cannot be amended before or after adoption. True or False?

False, budgets may be amended

28

Who approves municipal financing?

The governing body

29

How does financing get approved?

By Ordinance

30

A municipality with under 10,000 population requires a___
year plan with the Capital Budget.

3 year plan