CMFO Certified Municipal Finance Officer Study guides, Class notes & Summaries

Every Audit Required by the Local Fiscal Affairs Law is required to be completed by: - ️️An RMA (Registered Municipal Accountant) The statutory responsibility for filing the AFS is assigned to: - ️️CFO A local government officer that serves on the agency that approves development applications refers to a member of which board? - ️️Planning Board Cash management plan must be approved annual by the: - ️️Governing Body The local bond law stipulates that the maturities of...

Every audit required by the Local Fiscal Affairs NJSA 40A5-9 is required to completed by an accountant or auditor who holds and uncanceled license as? - ️️Registered Municipal Accountant The statutory responsibility for the filing of the "Unaudited Annual Financial Statements is assigned to which local government official by NJSA 40A:5-12? - ️️Chief Financial Officer As defined in the "Local Government Ethics Law" specially, NJSA 40A:9-22.3, a "Local Government Officer" that s...

True - ️️T/F: Due from State of New Jersey for Senior citizen Deductions can be anticipated as a revenue in the current fund budget as non-cash surplus retirement of serial bonds - ️️Trust Assessment Fund cash is first pledged to: quarterly basis - ️️Municipal Library Levy is paid on a True - ️️T/F: budget transfers from Capital Improvement Fund are not permitted Corrective Action Plan - ️️Finding/Condition; Recommendation; explanation & corrective action; impleme...

CMFO HOMMA THEORY True or False: Due from State of NJ for Sr. Citizen deduction can be anticipated as a revenue in the current fund budget as non-cash surplus. ANSWER-True—Need approval from DLGS for non-cash surplus. Trust Assessment fund cash is first pledged to: ANSWER-1. Retirement of serial bonds 2. General capital 3. General taxpayers Municipal Library is paid on a __________________ Basis ANSWER-Quarterly Basis True or False: Budget transfer from the Capital Improvement...

CMFO - Finance Admin (T/F) Local units may not utilize or similar sites for the purposes of selling surplus property online,except if an item’s value is below 15% of the local unit’s bid threshold ANSWER-True School debt is reported on the municipality’s annual debt statement ANSWER-True School districts are governed by NJSA 40A et seq ANSWER-False The governing body of a municipality may change the type of school district by ordinance ANSWER-False School debt limit i...

CMFO - Local Finance Notices Commodity Resale – What is it and what is required? ANSWER-Permits the municipality to anticipate the funds received in payment for the commodity sold to another local governmental unit into its current budget through a dedication by rider. Must be registered as a Commodity resale system with the Division (LFN CFO-96-4) Three conditions to be allowed to apply revenues as refunds ANSWER-Must meet ALL Three: 1. Revenues could not be reasonably anticipated ...

CMFO - Finance Admin The debt limit of a municipality may not exceed what percentage of the prior three years equalized assessed real property valuations ANSWER-3.5% The corrective action plan must describe how the local unit will correct the problems cited in the audit and be filed with DLGS by the ANSWER-CFO Prior to any purchase of goods certification of available funds must be made by the ANSWER-CFO Authorities and utilities are funded by ANSWER-User Fees The audit of th...

NJ CMFO Statutes Exam Review |Questions with 100% Correct Answers | Verified Every audit required by the Local Fiscal Affairs 40A:5-9 is required be completed by an accountant or auditor who holds an uncanceled license as: - answerRegistered Municipal Accountant Local Budget Law, N.J.S.A. 40A: 4-3.1 (b) requires any municipality deciding to convert to a State Fiscal Year from Calendar Fiscal Year must apply to - answerLocal Finance Board Local Budget Law 40A:4-3.2 Adoption of State fiscal...

CMFO - Local Budget Law | Questions with 100% Correct Answers | Verified A Governing Body may increase it's appropriations cap to ________ by passing a _______________________________ - answerc. 3.5% by passing a cost of living adjustment ordinance The flexible chart of accounts is a coding system which categorizes: a. Debt service payments b. Capital Projects c. Budget appropriations and revenues d. Utility Rates - answerc. Budget appropriations and revenues The reserve for uncollect...

CMFO - Finance Admin (T/F) |Questions with 100% Correct Answers Local units may not utilize or similar sites for the purposes of selling surplus property online,except if an item's value is below 15% of the local unit's bid threshold - answerTrue School debt is reported on the municipality's annual debt statement - answerTrue School districts are governed by NJSA 40A et seq - answerFalse The governing body of a municipality may change the type of school district by ordinance - answer...