Municipal Finance Administrative for Municipal Clerk
Questions With Complete Solutions
(Within how many days from adoption of the Municipal Budget
is the document sent to the County Board of Taxation?
How many copies?
What is done to the copies? Correct Answers Within 3 days of
adoption
3 certified copies
3 Submitted to the DIrector
All signatures on the Municipal Budget must be manual and all
votes are recorded Correct Answers True
At introduction of a bond ordinance, what does the CFO submit
to the Municipal Clerk? Correct Answers Supplemental debt
statement
At the public hearing of a bond ordinance, how is the vote on the
ordinance taken? Correct Answers Affirmative vote of a 2/3rd
of the full membership of the governing body.
Define the Cost of Living Adjustment (COLA)? Correct
Answers The annual percentage increase in the implicit price
deflator for state and local government purchases of goods and
services for the year preceding the current year.
Does receipt of the supplemental debt statement from the
Division of Local Government Services need to be
acknowledged prior to the public hearing of the bond ordinance?
Correct Answers Yes
,During what period can Emergency Temporary Appropriations
be made? Correct Answers The period between the beginning
of the budget year and the date of the adoption of the budget
(which may extend beyond the first quarter of the fiscal year)
Each municipality is required to have a CFO and that individual
may not be a member of the Governing Body Correct Answers
True
Explain Municipal Obligation Correct Answers
How are all Budgets approved, amended or adopted? Correct
Answers By resolution and passed by not less than a majority of
the full membership of the governing body.
How is a bond ordinance legally advertised? How far in advance
of the public hearing date? What does the notice contain?
Correct Answers In full or summary in the official newspaper
of the municipality with one week prior to scheduled public
hearing date and shall include the date, time and place.is th
How is a local assessment improvement ordinance legally
advertised? Where? With what? How far in advance of the
public hearing? Correct Answers Published in full or by
summary in official newspaper of municipal with special notice
at lease 10 days prior to the scheduled public hearing date.
How is a local assessment improvement ordinance read at
introduction? Correct Answers In writing read by title
introduced by motion
, How is a Special Emergency Appropriation authorized? Correct
Answers Authorized by the adoption of an ordinance by a 2/3
vote of the full membership.
How is Bond ordinance read at introduction? Correct Answers
Read by title onl
How is the Amending Resolution to the Budget read? Correct
Answers Must be read in full at the hearing and before adoption
How is the amount to be raised by taxation reached by
municipalities? Correct Answers The amount of anticipated
revenue is subtracted from the amount of appropriations for the
budget year with the difference being the amount to be raised by
taxation.
How is the Bond Ordinance published at final adoption? Correct
Answers Published in full or by summary with estoppel
statement within 20 days of publication of adoption of the
ordinance.
How is the Introduction of the Budget advertised in the
newspaper? Correct Answers Must be published in the official
newspaper of the municipality at least 10 days before the date of
public hearing.
How is the local assessment improvement ordinance read at the
public hearing? Correct Answers Read by title only
Questions With Complete Solutions
(Within how many days from adoption of the Municipal Budget
is the document sent to the County Board of Taxation?
How many copies?
What is done to the copies? Correct Answers Within 3 days of
adoption
3 certified copies
3 Submitted to the DIrector
All signatures on the Municipal Budget must be manual and all
votes are recorded Correct Answers True
At introduction of a bond ordinance, what does the CFO submit
to the Municipal Clerk? Correct Answers Supplemental debt
statement
At the public hearing of a bond ordinance, how is the vote on the
ordinance taken? Correct Answers Affirmative vote of a 2/3rd
of the full membership of the governing body.
Define the Cost of Living Adjustment (COLA)? Correct
Answers The annual percentage increase in the implicit price
deflator for state and local government purchases of goods and
services for the year preceding the current year.
Does receipt of the supplemental debt statement from the
Division of Local Government Services need to be
acknowledged prior to the public hearing of the bond ordinance?
Correct Answers Yes
,During what period can Emergency Temporary Appropriations
be made? Correct Answers The period between the beginning
of the budget year and the date of the adoption of the budget
(which may extend beyond the first quarter of the fiscal year)
Each municipality is required to have a CFO and that individual
may not be a member of the Governing Body Correct Answers
True
Explain Municipal Obligation Correct Answers
How are all Budgets approved, amended or adopted? Correct
Answers By resolution and passed by not less than a majority of
the full membership of the governing body.
How is a bond ordinance legally advertised? How far in advance
of the public hearing date? What does the notice contain?
Correct Answers In full or summary in the official newspaper
of the municipality with one week prior to scheduled public
hearing date and shall include the date, time and place.is th
How is a local assessment improvement ordinance legally
advertised? Where? With what? How far in advance of the
public hearing? Correct Answers Published in full or by
summary in official newspaper of municipal with special notice
at lease 10 days prior to the scheduled public hearing date.
How is a local assessment improvement ordinance read at
introduction? Correct Answers In writing read by title
introduced by motion
, How is a Special Emergency Appropriation authorized? Correct
Answers Authorized by the adoption of an ordinance by a 2/3
vote of the full membership.
How is Bond ordinance read at introduction? Correct Answers
Read by title onl
How is the Amending Resolution to the Budget read? Correct
Answers Must be read in full at the hearing and before adoption
How is the amount to be raised by taxation reached by
municipalities? Correct Answers The amount of anticipated
revenue is subtracted from the amount of appropriations for the
budget year with the difference being the amount to be raised by
taxation.
How is the Bond Ordinance published at final adoption? Correct
Answers Published in full or by summary with estoppel
statement within 20 days of publication of adoption of the
ordinance.
How is the Introduction of the Budget advertised in the
newspaper? Correct Answers Must be published in the official
newspaper of the municipality at least 10 days before the date of
public hearing.
How is the local assessment improvement ordinance read at the
public hearing? Correct Answers Read by title only
