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| Local Public Contracts Law |
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| N.J.S.A 40A 2-1 - What does N.J.S.A stand for |
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| New Jersey Statues Annotated |
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| N.J.S.A 40A: 2-1 - What does 40A stand for |
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| Title of the Statutory citation |
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| N.J.S.A 40A:2-1 - What does the 2 stand for? |
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| Chapter of the statutory citation |
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| N.J.S.A 40A:2-1 What does the 1 stand for |
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| Section of the statutory citation |
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| TAD 85-1 (N.J.A.C. 5:30-5.2) |
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| Encumbrance Accounting System |
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| TAD 85-2 (N.J.A.C. 5:30-5.6) |
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| Fixed Assests Accounting System |
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| TAD 85-3 (N.J.A.C. 5:30- 5.7) |
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| TAD 85-1 - What does TAD stand for |
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| Technical Accounting Directives |
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| TAD 85-1 What does 85 Stand for |
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| 1985 The year they were issued |
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| Set up an infrastructure of items to be inventoried |
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| Other Post-Employment Benefits |
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| OPEB includes ________ mostly |
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| retirement health insurace coverage |
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| The Debit limit for county in NJ is ___% and which means a county's net debt limit may not exceed ___% of the average of the prior ___years equalized assesed real property valuations. |
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| The Debit limit for municipality in NJ is ___% and which means a municipalities net debt limit may not exceed ___% of the average of the prior ___years equalized assesed real property valuations. |
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| The General Ledger is the __________record of the municipality |
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| Offical Financial Permanent record |
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| The general ledger contains a summary of ______as recorded on the ____ books of ___entry. |
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| all financial transactions, original, original |
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| The general ledger conatins the follwoin 3 things |
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| Funds, Accounts, and Transactions |
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| Subsidiary Ledgers have the detail for the general ledger and are made up of |
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| Cash Receipts, Cash Disbursments, Payroll |
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| Other Comprehensive Basis of Accounting - realize revenues when received in cash and expenditure when they aer committed. |
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| Grant fund accounting records revenues and the charge off in _____ fund and then transfer into ____ fund |
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| 3 items of Cash Management |
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| Reconcile Bank Accoutns, Investment of idle funds, Cash flow |
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| What does a Cash Management Plan do |
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| designate the municipality's depositories and your places to do investmetns. |
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| When should the Cash Management Plan be amended |
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Definition
| When a new bank is added midyear. |
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| Governmental Unit Depository Protection Act Certifies |
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| a municipality twice a year should receive from each depository in the Cash Management Plan a GUDPA Certificate |
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| Governmental Unit Depository Protection Act (should receive from bank 2 times a year) |
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| Budget Transfers can happen the last ___ months and first ___ months |
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| Annual Financial Statements are due __ Days after the close of the fiscal year for |
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Definition
40 days
CY Municipality 2/10
SFY Municipality 8/10
County 1/26 |
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| Annual Financial Statements provide the following 5 things |
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Definition
| closing amounts of FB, Tax Collection rate, results of operations, and outstanding debt and required maturites and municipal utilites. |
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| Annual Debt Statement is the... |
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| net debt/average of the equalized valuations of the taxable real estate, together iwth improvements for the last 3 years. |
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| Annual Debt Statement date for CY____ SFY____ |
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| Annual Debt Statement ____Debt - ____ = ___Debt |
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| Gross Debt - Deductions = Net Debt |
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| The Audit is due to be completed within ___ months of the end of the fiscal year. |
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| The Audit date is the date the ____ signed off on the opinion |
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| The governing body is required to review and sign Group Affidavit within ____ days of the ___ of Audit |
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| 45 days of the receipt of Audit |
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| Single Audit must be done when... |
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| the total of federal grants and/or state grants are $500,000. or more. It is due withing 9 months of the end of the fiscal year( like birth) |
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| Corrective Action Plan - to be placedon file with the clerk ____ days from teh date teh audit is received by the governing body. Plans need to be submitted to the Division no later than ___ days from the receipt of the audit by the local governemtn unit |
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| Corrective Action Plan covers... |
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| all findings and recommendations in the audit |
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| Suggested Synopsis Language for the Corrective Action Plan - credit 5points for exact |
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Definition
| A corrective action plan which outlines actions the local unit will take to correct the findings above will be prepared in accordance with FEderal and State guidelines. A copy of the Plan will be on file and available for public inspection with the municipal clerk in the local unit within 45 days of this notice. |
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| Format of Corrective Action plan (4 items) - essay for PFM class |
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1. Finding/Condions - rewrite what the auditor has commented. Description of the deficience 9fings, observation, questioned costs, etc.)
2. Recommended Actions - Analysis of why the deficiency occurred, which is done by the RMA
3. Corrective Action - Descriptions of procedures to be used to correct the deficiency or reason why the finding will not be corrected
4. Implementation Date - Expected date of implementation (which is required to be no later than 6 months after the date of the audit report) |
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| bid threshold with out qpa |
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| county, special district, municipality, school |
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| classifications of counties |
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| Annual financial disclosure statement is due on |
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| 15% of bid threshhold - it is the quote threshold with out a qpa |
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| 15% of bid threshold - it is the quote threshold with a qpa |
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1% total budget
10% line item
5% taxes |
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| Transitional Year budget is from |
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| what are self balancing accounts |
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| everytime a municipality isses a new bond ordinance a ____ must be prepared |
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| supplemental debt statement |
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| When is debt not added into the municipality's net debt |
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| when the utility is self-liquidating |
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| records rev and then charges it off and transfers it to grant fund |
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| The clerk must publish a synopsis of the ____ within 20 days of the receipt of it |
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| the governing body has to review and sign a ____ within 45 days of receipt of audit |
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| The audit must be filed with the clerk withing ___ days |
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| any property tax refund or delinquency of less than $10 |
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| A fair and open contract must be adertised for at leas __ days prior to opening and awarding like a public bid |
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| 10 days, 60 days for public waste |
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