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GFOA CPFO Capital And Operating Budgeting Exam Correct Answers Latest Version 2024
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GFOA CPFO Capital And Operating Budgeting Exam Correct Answers Latest Version 2024
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GFOA CPFO Capital And Operating BudgetingExam Correct Answers Latest Version 2024
Capital Project Service-Level Goals Answer: The means by which a local government can illustrate to
its citizens what level of service can be provided with available resources.
Needs Assessment Answer: This should address any gaps in service delivery and form the basis for a
capital projects request.
Public Participation Survey Answer: Should be conducted every few years with similar questions
each time to gauge changing opinions. Questions should therefore be developed with the anticipation
that they will be used for many years.
Public Participation Community Meetings Answer: Speaking with community groups will show the
public that the jurisdiction is transparent and responsive and will encourage citizens to become more
involved with government.
Public Information Officer (PIO) Answer: Often responsible for writing newsletters and press
releases, maintaining the jurisdictions website, and answering inquiries from citizens.
Bond Committees Answer: Formed for capital projects to provide feedback on bond referendums.
Bond Referendum Answer: May be required under state law, is used to help ensure the lowest cost
financing, and or confirm the public's commitment to proposed projects.
Bond Committee Members Answer: Typically include former elected officials, reps of other
governing bodies, business and environmental leaders, community activists, and clients of the service.
,Bond Committee Responsibilities Answer: Determining the size of the bond program, ID'ing
potential projects, holding public meetings, and producing a report to elected officials.
Establishing Guiding Principles Answer: Before prioritizing projects, the group as a whole needs to
define the broad guiding principles for the process. Examples could include: equity, diversity, input,
sustainability, quality of life, accountability, or affordability.
Establishing Project Scope Answer: Means defining the need or needs the project is meant to
address (temporarily or permanently), deciding how the needs are to be addressed, identifying any
other needs or goals that will be created by the project, defining what the project should be like, and
deciding what should and should not be included in the project.
Scope Creep Answer: Can increase the duration, complexity and cost of the project with little and/or
noticeable warning.
Project Scope Answer: Must be controlled by careful documentation and project management.
Before approval, scope should be defined by a detailed narrative explanation with supporting back-up.
Project Budget Answer: Will incorporate all of the costs associated with the project, such as design,
consultant fees, land acquisition, site preparation, and project management expenses.
Construction Budget Answer: Includes just the portion of the project costs that are paid to the
contractor(s).
Project Cost Estimates Answer: More expensive or complex the project, the more often a cost
estimate should be developed.
Value Engineering Answer: Systematic application of recognized techniques which identify the
function of a product or service, establish a value for that function, and provide the necessary function
at the least overall cost.
,Capital Financing Costs Answer: May be charged to the project and included in the debt financing or
may be separately funded through the operating budget.
Price Changes Over Time Answer: A multi-year project will need to include inflation factors during
the construction period.
Regional Inflation Indices Answer: Generally more accurate than national indices and will reflect
regional labor and material prices.
Cost Estimation Pitfalls Answer: Costs that are occasionally overlooked include moving costs and
inflation.
Marshall-Swift Index Answer: Uses certain project attributes to arrive at an estimated cost per
square foot. This measure can then be applied to the total area to calculate an estimated project cost.
Elements to Include in the Capital Budget Answer: Definition of capital expenditure, summary
information, schedule of completion, descriptions of the general scope of the project, impact on the
operating budget, estimated project cost, funding sources, funding authority, and any analytical
information like cost-benefit analysis.
Quality-based Process Answer: Focuses on the knowledge, skills and experience of the professional
consultants to meet the projects needs.
Request for Qualifications Answer: Similar to an RFP, except fee proposals are not involved in the
selection process.
Owner's Representative Answer: Outside consultant with construction expertise that will provide
oversight, manage the project and coordinate activities between all members of the project team,
including the design professionals and the contractors in the jurisdictions best interest.
, Methods for managing design of capital projects Answer: Lowest bid, construction manager/general
contractor, and design/build.
Lowest Bid Aware Answer: Most common, often called Design/bid/build (DBB). Selection is via a
qualifications process and construction services are selected through competitive bidding.
Construction Manager/General Contractor Answer: Also known as "construction manager at risk,"
allows the jurisdiction to select a construction manager, based on a qualifications process before the
design is complete. Once a manager is selected, all work organized under a single guaranteed maximum
price (GMP) contract. Manager coordinates all subcontract work.
Design/Build Answer: Similar to a CMGC process, but here all work is awarded to a firm or joint
venture that does the design and construction management. With this method, work is accomplished
concurrently, accelerating the completion of the project.
Project Schedule Answer: Land Acquisition, Design, Pre-Construction, Construction, Close-Out,
Commissioning, Warranty Period
Architectural Program Development Answer: Architectural program is a document that establishes
functions to be included in the facility, overall land needs, and current and future needs.
Schematic Design Answer: Diagrams take shape, progress into drawings that begin to resemble real
plans.
Design Development Answer: Provides plans, elevations, and other info that clearly defines the
nature of the project.
Base Bid Answer: Owner receives a single bid from each bidder
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