Questions and Answers
Which of the following are types of local government? (Select all that apply)
How many counties are there in New Jersey?
Twenty-one (21)
How are counties classified?
Classified on the basis of size, geographical area, and population density.
How many municipalities are there in New Jersey?
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Which of the following are forms of local government? (Select all that apply)
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What is a major source of revenue for local government?
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What does the Municipal Certified Finance Officer Certification Law refer to?
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What does PEERA stand for?
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What are the primary functions of the Tax Collector?
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What are the primary functions of the Tax Assessor?
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What does DLGS stand for?
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What are the five major components of the DLGS?
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What is the strongest power of the Local Finance Board?
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Define budget.
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What must be done to a budget for there to be authority to spend or tax?
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Who has the authority to approve the insertion of any special item of revenue in a budget?
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What is the statute for the insertion of any special item of revenue in the budget?
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What is the insertion of any special item of revenue in the budget referred to as?
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What are the essentials of budget preparations?
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What is the COLA rate ordinance requirement?
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What does a county need to pass for a COLA rate?
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What does a municipality need to pass for a COLA rate?
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What does the tax levy cap law establish?
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What is the local tax levy cap?
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What is the Fiscal Year Change Law?
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What does the Fiscal Year Change Law require?
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What is the budget abbreviation for Salary and Wages?
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What is the budget abbreviation for Other Expenses?
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What are the major items of revenue in the budget?
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A budget must be introduced no later than when?
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How many copies of the budget must be filed with the DLGS, and within how many days of introduction/approval?
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What are the publication dates for a budget?
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When must a municipality adopt temporary appropriations by?
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Why does a municipality need to adopt temporary appropriations by January 31?
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Temporary appropriations cannot exceed what percent?
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What are the votes needed to approve a budget transfer resolution?
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Budget transfers cannot be done:
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Emergency appropriations cannot exceed what percentage of the total of the current & utility operating appropriations?
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What are the program periods?
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Who makes up the Municipal Bond Team?
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A bond ordinance can only be adopted when?
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Does a capital budget amendment need to be advertised?
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What is the Debt Limit?
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What does the Bond Law require?
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What must municipalities provide on a bond?
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List the procedures for authorizing debt.
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Define Estoppel Period.
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Another name for 'Other Expenses'.
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Name the responsibilities of the Municipal Clerk with respect to the issuance of debt.
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Define idle funds.
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What is the formula for cash flow?
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Which of the following are types of securities and deposits municipalities can invest in? (Select all that apply)
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Where should idle funds be deposited?
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Who is responsible for making and being responsible for municipal deposits?
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Local contracting units are required by the DLGS to maintain:
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What does a purchase manual do?
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Define the two types of purchasing types.
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Define requisition.
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What is the bid threshold?
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What is the quote threshold?
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When is a BRC required?
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What is the purpose of formal bidding?
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What is the price in which single purchases should be included as part of a town's inventory of fixed assets?
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The Annual Audit is performed by?
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Define fund structure.
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Name the funds used by New Jersey municipalities.
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In double-entry bookkeeping, what must occur?
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What are the basic elements of internal controls?
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What is the purpose of a single audit?
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Who must respond to the audit? How?
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What are the limitations of the petty cash fund?
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Who performs school district audits?
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Who is responsible for the day-to-day administrative operations of the school district?
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Name the reasons school finance is relevant to municipalities.
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Who is appointed by the mayor in a Type I school district and elected by the voters in a Type II district?
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When must the adoption of the school district's budget be done? Who must it be submitted to?
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What is the publication requirement for the school district budget?
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When is the Public Hearing/Adoption of the school budget?
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When is the school board election?
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Name the sections of the school budget.
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What must Financial Disclosure Statements include? (Select all that apply)
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What does Pay-to-Play require?
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Local authorities are considered?
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How are self-liquidating municipalities created?
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How are special districts created?
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How are local authorities created?
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Study Notes
Types of Local Government
- Local governments include counties, municipalities, school districts, local authorities, and special districts.
Counties in New Jersey
- New Jersey has 21 counties.
- Counties are classified based on size, geographical area, and population density.
Municipalities in New Jersey
- There are 565 municipalities in New Jersey.
- Local government can take various forms including the Commission Act of 1911, Municipal Manager Act of 1923, and Optional Municipal Charter Law.
Revenue Sources and Budgeting
- Property taxes are a major revenue source for local government.
- The budget is a financial plan estimating expenditures and proposed financing methods.
- Adoption of the budget is required to authorize spending or taxation.
Tax Roles
- The Tax Collector is responsible for collecting taxes, maintaining records, and conducting tax sales.
- The Tax Assessor determines ownership and valuations of real property and compiles tax lists.
Local Government Services
- The Division of Local Government Services (DLGS) oversees local government finances, with five components including the Bureau of Financial Assistance and Local Management Services.
- The Local Finance Board has the authority to supervise financial affairs of municipalities.
Budgeting Procedures
- Budget must be introduced by February 10 unless extended by DLGS.
- Three certified copies of the budget must be filed with the DLGS within three days of introduction.
- Temporary appropriations must be adopted by January 31 to cover fiscal commitments.
Emergency and Regular Appropriations
- Emergency appropriations cannot exceed 3% of total operating appropriations.
- Budget transfers require a two-thirds vote of the governing body.
Capital and Debt Management
- Bond ordinances require the adoption of a capital budget.
- Municipalities must provide a 5% down payment for issued bonds.
Auditing and Internal Controls
- Annual audits are performed by a Registered Municipal Accountant or Certified Public Accountant.
- Internal controls include separation of duties, written procedures, and regular cash collections.
School Finance and Governance
- School finance impacts local municipalities due to property tax allocations and shared responsibilities.
- School budgets must be submitted to the County Superintendent by January 15.
Purchasing and Contracting
- Local contracting units must maintain an encumbrance account system.
- The bid threshold is set at $40,000 with a Qualified Purchasing Agent (QPA), and $17,500 without.
Financial Disclosure and Ethics
- Pay-to-Play policies require businesses to disclose contributions to elected officials following significant contracts.
- Financial Disclosure Statements must detail sources of income, fees, and gifts.
Special Districts and Authorities
- Self-liquidating municipalities, local authorities, and special districts are established through ordinances or petitions requiring Local Finance Board approval.
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Description
Explore the various types of local government in New Jersey, including counties and municipalities. This quiz also covers revenue sources, budgeting processes, and the roles of tax collectors and assessors. Test your knowledge on how local governance operates in this state.