Jason
A baseline budget
A. Only affects the general fund
B. Provides a spending plan for wish list items only
C. Projects last year’s budget into the future with no changed budget assumptions
D. Is another name for a revised budget
C. Projects last year’s budget into the future with no changed budget assumptions
Pay as you go financing refers to
A. The view that a government should only pay its bills when tax payments are due
B. The view that the government should only develop capital projects from funds on hand
C. Issuing bonds for major capital projects
D. The need of a government to meet payroll every two weeks
B. The view that the government should only develop capital projects from funds on hand
An increase in assessed values while maintaining the same tax rate as last year would result in
A. higher water and sewer revenues.
B. an increase in tax revenues.
C. no change in tax revenues.
D. a loss in tax revenue.
B. an increase in tax revenues.
The cost of funding next year’s salaries for librarians hired to staff a newly constructed library would most likely be found in the
A. Capital budget.
B. Annual budget.
C. Long-range financial plan.
D. Capital improvement plan.
B. Annual budget.
Fiscal years and calendar years are
A. not used as the basis for the budgetary year.
B. different, as fiscal years for state governments run from April 1 to March 31, and is based on the calendar year for local governments.
C. always the same, January through December.
D. different for states and the federal government, depending on federal or state law.
D. different for states and the federal government, depending on federal or state law.
Pay as you go financing refers to
A. The view that a government should only pay its bills when tax payments are due
B. The view that the government should only develop capital projects from funds on hand
C. Issuing bonds for major capital projects
D. The need of a government to meet payroll every two weeks
B. The view that the government should only develop capital projects from funds on hand
An increase in assessed values while maintaining the same tax rate as last year would result in
A. higher water and sewer revenues.
B. A an increase in tax revenues.
C. no change in tax revenues.
D. a loss in tax revenue.
B. an increase in tax revenues.
Fiscal years and calendar years are
A. different, as fiscal years for state governments run from April 1 to March 31 and is based on the calendar year for local governments.
B. different for states and the federal government, depending on federal or state law.
C. always the same, January through December.
D. not used as the basis for the budgetary year.
B. different for states and the federal government, depending on federal or state law.
The cost of building a new fire house would not be found in which of the following documents?
A. Letter of transmittal
B. Revenue side of the annual budget
C. Capital improvement plan
D. City ordinance
B. Revenue side of the annual budget
Which of the following would normally not be found in a city's budget proposal?
A. Transmittal letter
B. Sources of funding
C. Certification of taxable value
D. Balance sheet
D. Balance sheet
A current services budget
A. Only funds those services that have a capital component
B. Is another name for zero based budgeting
C. Shows how future budgets would look if current trends in revenue and expenditures continue without adjustments
D. Includes brand new prograsm as well as old ones
C. Shows how future budgets would look if current trends in revenue and expenditures continue without adjustments
A mid-year revision to the operating budget would likely occur in all of the following situations except
A. revenues and expenditures were meeting expectations.
B. revenues were coming in above/below projections.
C. an emergency (i.e. hurricane, other natural disaster) occurred during the fiscal year.
D. the city council decided to fund a new project mid-year.
A. revenues and expenditures were meeting expectations.
A budget that lists individual positions of various personnel in a department is called a
A. efficiency budget.
B. zero based budget.
C. program budget.
D. line item budget.
D. line item budget.
Which of the following would not be found in a typical budget proposal?
A. Transmittal letter
B. Auditor's letter
C. Sources of funding
D. General fund and other funding schedules
B. Auditor's letter
When property tax revenues from a tax increment finance district are distributed,
A. taxes on the base are used to pay debt service.
B. taxes on growth above the base go to the city.
C. taxes on the base and the increment are both used for debt service.
D. taxes on the base go to the city and taxes on the increment are used for debt service.
D. taxes on the base go to the city and taxes on the increment are used for debt service.
Which of the following would normally not be found in a city’s budget proposal
A. Balance sheet
B. Certification of taxable value
C. Transmittal letter
D. Sources of funding
A. Balance sheet
A current services budget
A. only funds those services that have a capital component.
B. shows how future budgets would look if current trends in revenue and expenditures continue without adjustments.
C. is another name for zero based budgeting.
D. includes brand new programs as well as old ones.
B. shows how future budgets would look if current trends in revenue and expenditures continue without adjustments.
The concept of generational equity means that
A. all object codes should be the same, regardless of the city's population size.
B. future generations should pay for the part of a physical asset they use, even if built in the past.
C. only the generation that built a capital project should pay for it.
D. only property owners should pay for capital projects.
B. future generations should pay for the part of a physical asset they use, even if built in the past.
The capital improvement plan is
A. Used only to detail planned expenditures for the state capital
B. Used by the federal government but not local and state governments
C. Binding over the life of the document
D. Used to separate large projects and their funding sources into a separate document showing fewer expenditure items
D. Used to separate large projects and their funding sources into a separate document showing fewer expenditure items
An auditor's letter is important because
A. it details whether the auditor found any serious irregularities in the government's audited financial statements.
B. it guarantees an improvement in a government's bond rating.
C. it details how large the government's "rainy day fund" should be.
D. it tells whether the auditor believes the government pays its bills on time.
A. it details whether the auditor found any serious irregularities in the government's audited financial statements.
The long range financial plan differs from the capital improvement plan because
A. The capital plan does not include taxes
B. The long range plan includes all projected revenue sources and spending trends
C. The capital plan is limited to three years at most
D. The financial plan only includes soft expenditures
B. The long range plan includes all projected revenue sources and spending trends
The construction costs for a new library would most likely be found in the
A. statement of cash flows.
B. CAFR.
C. annual operating budget.
D. capital budget.
D. capital budget.
Typically, the main source(s) of revenue at the state level are
A. federal aid.
B. property taxes and fees.
C. sales taxes and income taxes.
D. property taxes.
C. sales taxes and income taxes.
The main purpose of the long-range financial plan is to
A. Provide a multi-year projection of trends in spending and revenues
B. Bind the legislation into future spending obligations
C. Require “pay as you go” financing
D. List line by line expenditures to be financed in the next two years
A. Provide a multi-year projection of trends in spending and revenues
Knowing the useful life of a capital item is important because
A. it helps determine the item's cost.
B. it helps in determining the type of financing that should be used to pay for it.
C. it may not be the same as time goes on.
D. it may not be resaleable.
B. it helps in determining the type of financing that should be used to pay for it.