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CMFO EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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CMFO EXAM 2024/2025 WITH 100% ACCURATE SOLUTIONS
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CMFO EXAM 2024/2025 WITH 100%ACCURATE SOLUTIONS
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? - Precise Answer ✔✔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? - Precise Answer ✔✔Chief Financial Officer
As defined in the "Local Government Ethics Law" specially, NJSA 40A:9-22.3, a "Local Government
Officer" that serves on a local government agency that approves development applications would refer
to a member of which of the following boards? - Precise Answer ✔✔Planning Board
The "Local Fiscal Affairs Law" mandates that the Cash Management Plan be approved annually by the? -
Precise Answer ✔✔Governing Body (majority vote)
The "Local Bond Law" specially NJSA 40A:2-26, stipulates that the maturities of all bonds shall be
determined by the bond ordinance or by the subsequent resolution and be within the following
limitations? - Precise Answer ✔✔1.All bonds shall mature within the period or average period of
usefulness; 2. All bonds shall mature in annual installments; 3. The governing body may provide for a
single and combined bond issue
The effective date of a bond ordinance as stipulated by NJSA 40A:2-18 is what length of time? - Precise
Answer ✔✔20 days after 1st publication "after" adoption
All matters not required to be contained in a bond ordinance may be acted on by subsequent
resolutions passed by the affirmative votes of a "majority of the full membership of the governing
body"? TRUE OR FALSE - Precise Answer ✔✔TRUE
An increase in anticipated revenue from a known and recurring source may have what effect on the
appropriation for the "Reserve for Uncollected Taxes"? - Precise Answer ✔✔would Decrease the
appropriation for the Reserve of Uncollected Taxes NOTE: Higher Revenue = Lower RUT & Lower
Revenue = High RUT
, The New Jersey Administrative Code 5:34-5.2 outlines the procedure for the certification for the
availability of funds. It is required that no resolution authorizing the entering into any contract shall be
enacted unless it shall recite that such a certificate showing the availability of funds has been provided.
In addition it requires? - Precise Answer ✔✔the resolution specify the exact line item appropriation or
Ordinance to be charged
The New Jersey Budget Law NJSA40A:4-22 requires that the budget shall consist of a tabulated
statement of? - Precise Answer ✔✔all Anticipated Revenues applicable to Expenditures for which
appropriations are made
The four classifications of revenue described by the "Local Budget Law" NJSA 40A:4-23? - Precise Answer
✔✔Surplus Anticipated, Miscellaneous Revenue, Receipts from Delinquent Taxes, Amount to be Raised
by Taxation
Implementation of a dedicated tax program for open space, recreation, farmland and historic
preservation trust fund taxing districts are authorized by which of the following? - Precise Answer
✔✔Referendum held at a General or Special Election
Local Budget Law NJSA 40A:4-41 (c)1 permits the tax collection rate used to compute the reserve for
uncollected taxes to be based on an average when the tax collection rate has been affected by tax
refunds or adjustments from successful property tax appeals. The number of years included in the
calculation of the average is? - Precise Answer ✔✔3 year average
The limitation of municipality's debt is regulated by the "Local Bond Law" NJSA 40A:2-6. It states that the
limit shall be a percentage of the average of the preceding 3 years equalized assessed valuation . That
percentage limit is which of the following? - Precise Answer ✔✔3.5 percent for municipal
What is the value threshold established by the "Pay to Play" law, NJSA 19:44A-20.4 at which the contract
cannot be awarded by a New Jersey Government entity? - Precise Answer ✔✔$ 17,500 is threshold
A bond ordinance adopted by the governing should include authorization to provide for short-term
borrowing? According to the Local Bond Law NJSA 40A:2-8 the short term borrowing instruments are
known as Bon Anticipation Notes and these notes may not be issued for a period of time exceeding: -
Precise Answer ✔✔One (1) year
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