CMFO FINAL PAPER 2026 SOLVED
QUESTIONS VERIFIED ANSWERS
100 PERCENT CORRECT FULL
STUDY SHEET
◉ The statutory responsibility for filing the AFS is assigned to: Answer:
CFO
◉ A local government officer that serves on the agency that approves
development applications refers to a member of which board? Answer:
Planning Board
◉ Cash management plan must be approved annual by the: Answer:
Governing Body
◉ The local bond law stipulates that the maturities of all bonds shall be
as determined by the local bond ordinance or by subsequent resolution
and be within the following limitations:
a. All bonds shall mature within the period or average period of
usefulness
b. All bonds shall mature in annual installments
c. The governing body may provide for a single and combined bond
issue
d. All of the above
e. None of the above Answer: d. All of the above
,◉ The effective date of a bond ordinance Answer: 20 days after first
publication after adoption
◉ T/F - 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
Answer: True
◉ An increase in anticipated revenue from a known and recurring source
will have what effect on the appropriation for the RUT Answer: Would
decrease the appropriation for the RUT
◉ T/F - The exact line item appropriation or ordinance must be shown
on the resolution with the certification of funds in order to enter a
contract Answer: True
◉ The NJ Budget Law requires that the budget shall consist of a
tabulated statement of:
a. Both the CAP calculations on the tax levy and appropriations
b. All debt calculations, including total principal and interest due on
outstanding debt
c. All anticipated revenues applicable to expenditures for which
appropriations are made
d. All of the above
, e. None of the above Answer: c. All anticipated revenues applicable to
expenditures for which appropriations are made
◉ Four classifications of revenue Answer: Surplus Anticipated
Miscellaneous Revenues
Receipts from Delinquents
Amount to be Raised
◉ Implementation of a dedicatied tax program for open space is
authorized by: Answer: Referendum held at general or special election
◉ Alternate calculation for the RUT Answer: Average of the prior three
years collection rates - allowable with a resolution of the governing body
◉ Debt limit Answer: 3.5% prior three years average equalized assessed
valuation
◉ Pay to play threshold Answer: $17,500
◉ How long can a BAN be issued for Answer: 1 year
◉ When must BANs fully mature Answer: 1st day of the 5th month
following the close of the 10th fiscal year
QUESTIONS VERIFIED ANSWERS
100 PERCENT CORRECT FULL
STUDY SHEET
◉ The statutory responsibility for filing the AFS is assigned to: Answer:
CFO
◉ A local government officer that serves on the agency that approves
development applications refers to a member of which board? Answer:
Planning Board
◉ Cash management plan must be approved annual by the: Answer:
Governing Body
◉ The local bond law stipulates that the maturities of all bonds shall be
as determined by the local bond ordinance or by subsequent resolution
and be within the following limitations:
a. All bonds shall mature within the period or average period of
usefulness
b. All bonds shall mature in annual installments
c. The governing body may provide for a single and combined bond
issue
d. All of the above
e. None of the above Answer: d. All of the above
,◉ The effective date of a bond ordinance Answer: 20 days after first
publication after adoption
◉ T/F - 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
Answer: True
◉ An increase in anticipated revenue from a known and recurring source
will have what effect on the appropriation for the RUT Answer: Would
decrease the appropriation for the RUT
◉ T/F - The exact line item appropriation or ordinance must be shown
on the resolution with the certification of funds in order to enter a
contract Answer: True
◉ The NJ Budget Law requires that the budget shall consist of a
tabulated statement of:
a. Both the CAP calculations on the tax levy and appropriations
b. All debt calculations, including total principal and interest due on
outstanding debt
c. All anticipated revenues applicable to expenditures for which
appropriations are made
d. All of the above
, e. None of the above Answer: c. All anticipated revenues applicable to
expenditures for which appropriations are made
◉ Four classifications of revenue Answer: Surplus Anticipated
Miscellaneous Revenues
Receipts from Delinquents
Amount to be Raised
◉ Implementation of a dedicatied tax program for open space is
authorized by: Answer: Referendum held at general or special election
◉ Alternate calculation for the RUT Answer: Average of the prior three
years collection rates - allowable with a resolution of the governing body
◉ Debt limit Answer: 3.5% prior three years average equalized assessed
valuation
◉ Pay to play threshold Answer: $17,500
◉ How long can a BAN be issued for Answer: 1 year
◉ When must BANs fully mature Answer: 1st day of the 5th month
following the close of the 10th fiscal year
