Flashcards in Municipal Budget Process Deck (41)
Where should you advertise the resolution for introduction of the budget?
In your official newspaper
List three types of budgeting concepts
Line Based Budget
Planning Programming Budgeting Systems
Zero Based Budgeting
Which concept are municipalities required to use by law?
Line Based Budget
Which budget concept is based on what you plan to spend without regard to previous years Spending?
Zero Based Budget
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
Is the CFO permitted to cut the Budget?
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
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
Which fund is for a dedicated purpose?
A Trust Fund
What are the two sides of the budget?
Revenues and Appropriations
Are taxes considered revenue?
What does Pilots stand for
Payment In Lieu of Taxes
Name some examples of revenue
Consolidated Municipal Property Tax Relief(CMPTRA)
ABC License Fees
Fees and Permits
Parking Meter Collections
Interest on Investments
Cell Tower Rental
Does the budget require a majority of all sitting members to pass?
Yes, a super majority
The municipal budget runs on a______ year.
What must the governing body adopt in order to conduct business in the first quarter of the year?
A Temporary Budget
When does the budget year start?
The budget has to be introduced by______
The public budget hearing has to be advertised 10 days prior to the hearing. True or False?
You do not have to have the public hearing before adoption. True or False?
When must you adopt the temporary budget?
Between Jan 1 and Jan 15
What is 26.25%?
The temporary budget amount may not exceed 26.25% of the total budget of the preceding years appropriations
What is the state fiscal year?
7/1 - 6/30
What is NJSA?
New Jersey Statutes Annotated
Are budget transfers permitted?
Yes, during the last two months and the first three months of the succeeding year
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
Budgets cannot be amended before or after adoption. True or False?
False, budgets may be amended
Who approves municipal financing?
The governing body
How does financing get approved?