CMFO Municipal Finance Administration
Verified Multiple Choice and Conceptual Actual
Emended Exam Questions With Reviewed 100%
Correct Detailed Answers
Guaranteed Pass!!Current Update
1. COLA adjustment - ANSWER Annual percentage increase in the Implicit
Price Deflator for State and local government purchases for the year
preceding the current year. The Director determines COLA
2. Explain Muni Cap Law - ANSWER Muni. prohibited from increasing their
final appropriation by more than 2%
3. What happens if emergency temporary appropriations are adopted after
the introduction of the budget. - ANSWER Shall be included by
amendment in the budget
4. What period does the temporary budget provide - ANSWER Between
the beginning of the fiscal year and the adoption of the budget
5. What vote is required for the adoption of an amending resolution to the
budget - ANSWER Majority vote of FM of GB
6. How is the amount to be raised by taxation reached - ANSWER
,7. What must happen for a budget to not be read in full - ANSWER At
least 1 week prior to date of hearing, and at hearing, a complete copy of
the approved budget shall be made available for public inspection
Shall be made available to each person by request
Resolution passed by majority of FM
8. When can GB make amendments to the budget? - ANSWER Only during
or after PH of the approved budget.
9. When is COLA Ordinance introduced in the council meeting - ANSWER
before the introduction and approval of annual budget
10.What vote is required for the adoption of the appropriation transfer
resolution - ANSWER 2.3 vote of the FM of GB
11.What happens to the total amount of all emergency appropriations? -
ANSWER Shall be included in the budget of the next fiscal year.
12.How is L.A.I.O. read at the PH - ANSWER By title
13.What sources can the money for a down payment of a bond ordinance be
from? - ANSWER Provision in adopted budget, monies held by LU and
contributed for such purposes, emergency appropriation.
,14.How are bids received in a municipality - ANSWER In writing in
accordance with date, time, place set by notice.
15.How many days must lapse between introduction and PH of a LAIO? -
ANSWER At least 10 days
16.What must the CFO submit to the Clerk for the introduction of a Bond
Ordinance - ANSWER Supplemental Debt Statement
17.What information must the resolution of a bond sale contain? - ANSWER
Form of notice of sale
Form of bonds
Person who will sell same
18.How many days must lapse between introduction and PH of a Bond
Ordinance? - ANSWER At least 10 days
19.After adoption of the Bond Ordinance, what does the Clerk submit to the
Bond Counsil - ANSWER Affadavit of publication, certified copies of
minutes, affadavit that no protests have been filed.
20.What are municipal obligations - ANSWER Issues bonds or notes in
order to borrow
, 21.Final passage of a bond ordinance must be at least ___ days from the first
reading - ANSWER 10
22.What roll call vote is required at the LAIO - ANSWER Affirmative vote of
the majority of members present
23.What does capital budget project - ANSWER Anticipated expenditures
for property, improvements or equipment over a 6 year period, 3 for muni
less than 10,000
24.How many days prior to the PH is the notice of a LAIO published in the
newspaper - ANSWER At least 10 days
25.Can the PH of a bond ordinance be adjourned to another date and time
without publishing the ordinance or notificaiton - ANSWER Yes
26.Does a bond ordinance, prior to adoption, required a down payment? How
much? - ANSWER Yes, 5%
27.What vote is required to adopt a bond ordinance at PH - ANSWER
Affirmative vote of 2/3 of FM of GB
28.What is the effective date of a Bond Ordinance - ANSWER 20 days after
1st publication of final adoption provided no suit or action again ordinance
is filed during the 20 days (estoppel)
Verified Multiple Choice and Conceptual Actual
Emended Exam Questions With Reviewed 100%
Correct Detailed Answers
Guaranteed Pass!!Current Update
1. COLA adjustment - ANSWER Annual percentage increase in the Implicit
Price Deflator for State and local government purchases for the year
preceding the current year. The Director determines COLA
2. Explain Muni Cap Law - ANSWER Muni. prohibited from increasing their
final appropriation by more than 2%
3. What happens if emergency temporary appropriations are adopted after
the introduction of the budget. - ANSWER Shall be included by
amendment in the budget
4. What period does the temporary budget provide - ANSWER Between
the beginning of the fiscal year and the adoption of the budget
5. What vote is required for the adoption of an amending resolution to the
budget - ANSWER Majority vote of FM of GB
6. How is the amount to be raised by taxation reached - ANSWER
,7. What must happen for a budget to not be read in full - ANSWER At
least 1 week prior to date of hearing, and at hearing, a complete copy of
the approved budget shall be made available for public inspection
Shall be made available to each person by request
Resolution passed by majority of FM
8. When can GB make amendments to the budget? - ANSWER Only during
or after PH of the approved budget.
9. When is COLA Ordinance introduced in the council meeting - ANSWER
before the introduction and approval of annual budget
10.What vote is required for the adoption of the appropriation transfer
resolution - ANSWER 2.3 vote of the FM of GB
11.What happens to the total amount of all emergency appropriations? -
ANSWER Shall be included in the budget of the next fiscal year.
12.How is L.A.I.O. read at the PH - ANSWER By title
13.What sources can the money for a down payment of a bond ordinance be
from? - ANSWER Provision in adopted budget, monies held by LU and
contributed for such purposes, emergency appropriation.
,14.How are bids received in a municipality - ANSWER In writing in
accordance with date, time, place set by notice.
15.How many days must lapse between introduction and PH of a LAIO? -
ANSWER At least 10 days
16.What must the CFO submit to the Clerk for the introduction of a Bond
Ordinance - ANSWER Supplemental Debt Statement
17.What information must the resolution of a bond sale contain? - ANSWER
Form of notice of sale
Form of bonds
Person who will sell same
18.How many days must lapse between introduction and PH of a Bond
Ordinance? - ANSWER At least 10 days
19.After adoption of the Bond Ordinance, what does the Clerk submit to the
Bond Counsil - ANSWER Affadavit of publication, certified copies of
minutes, affadavit that no protests have been filed.
20.What are municipal obligations - ANSWER Issues bonds or notes in
order to borrow
, 21.Final passage of a bond ordinance must be at least ___ days from the first
reading - ANSWER 10
22.What roll call vote is required at the LAIO - ANSWER Affirmative vote of
the majority of members present
23.What does capital budget project - ANSWER Anticipated expenditures
for property, improvements or equipment over a 6 year period, 3 for muni
less than 10,000
24.How many days prior to the PH is the notice of a LAIO published in the
newspaper - ANSWER At least 10 days
25.Can the PH of a bond ordinance be adjourned to another date and time
without publishing the ordinance or notificaiton - ANSWER Yes
26.Does a bond ordinance, prior to adoption, required a down payment? How
much? - ANSWER Yes, 5%
27.What vote is required to adopt a bond ordinance at PH - ANSWER
Affirmative vote of 2/3 of FM of GB
28.What is the effective date of a Bond Ordinance - ANSWER 20 days after
1st publication of final adoption provided no suit or action again ordinance
is filed during the 20 days (estoppel)
