FISCAL LAW Study guides, Class notes & Summaries

Every audit required by the Local Fiscal Affairs NJSA 40A5-9 is required to completed by an accountant or auditor who holds and uncanceled license as? - Answer Registered Municipal Accountant The statutory responsibility for the filing of the "Unaudited Annual Financial Statements is assigned to which local government official by NJSA 40A:5-12? - Answer Chief Financial Officer As defined in the "Local Government Ethics Law" specially, NJSA 40A:9-22.3, a "Local Government Officer" ...

A(n) Commitment is an administrative reservation of funds and a(n) obligation creates a legal liability on behalf of the government to pay for goods and services ordered or received - Answer Commitment/Obligation The antideficiency act (ADA) prohibits - Answer involving the government in a contract or obligation for payment of money before an appropriation is made, unless authorized by law Where is the authorized purpose of an appropriation found? - Answer The appropriation act itsel...

You work at the Orange Sands Missile Range (OSMR) Legal Office. The SJA wants your advice on two pieces of equipment that he personally would like to see purchased for use in the common break area of the legal office. He wants to use appropriated funds to buy a refrigerator and a microwave. His rationale is that employees (both military and civilian) need a place to store and prepare food they bring in from home. You respond by telling him: - Answer Absent any local or service-level policies t...

Federal appropriations law can be categorized into which three topical areas? - Answer Purpose, Time, and Amount (PTA) In the DoD, final decisions of fiscal law questions are "officially" rendered by whom? - Answer DoD General Counsel, Courts What are the basic types of budget authority used in the Federal Government? (6) - Answer 1. Appropriations 2. Contract Authority 3. Borrowing Authority 4. Monetary Credits 5. Offsetting Collections and Receipts 6. Loan and Loan Guarantee...

Federal appropriations law can be categorized into which three topical areas? - Answer Purpose, Time, and Amount In the Department of Defense, final decisions of Fiscal Law questions are "officially" rendered by whom? - Answer DoD General Counsel How many basic types of budget authority are used in the Federal Government? - Answer Appropriations Contract Authority Borrowing Authority Monetary Credits Offsetting Collections and Receipts Annual appropriations remain available ...

Fiscal Law - Answer Is the body of law which govern the availability and use of public funds. Same as appropriation law. The constitution Authorization acts Appropriation acts General Statutes Comptroller General decisions and Courts - Answer Sources of authority on the use of public funds Constitutional authority for the obligation and expending of funds esp the PTA of appropriation The ADA and its penalties Use of funds under continuing resolution Responsibilities of an accou...

(Select the best answer) You work at the Orange Sands Missile Range (OSMR) Legal Office. The SJA wants your advice on a piece of equipment that she personally would like to see purchased for use in the common break area of the legal office. She wants to use appropriated funds to buy a microwave. Her rationale is that employees (both military and civilian) need a place to prepare food they bring in from home. You respond by telling her: - Answer Answer Selected: Absent any local or service-lev...

What are the three main types of appropriation and their availability for obligation? - Answer 3400 - O&M (1-year appropriation) 3600 - RDT&E (2-year appropriation) 3080 - Procurement (3-year appropriation) Within procurement there are different types of appropriation for aircraft, naval ships, etc. What is 3400 money used for? - Answer Operations and Maintenance including Day to Day expenses such as training, exercises, deployments, civilian salaries, and operating and maintaini...

What is the "Bona Fide Needs" Rule? - Answer The Bona Fide Needs Rule basically means that a federal agency must have a legitimate or bona fide need for the requirement during the time period that the appropriation is available. Pursuant to 31 U.S.C. 1502(a), "The balance of an appropriation limited for obligation to a definite period is available only for payment of expenses incurred during the period of availability, or to complete contracts properly made during the period of availability...

Fiscal Law - Answer Body of law governing use of federal funds Fiscal Year - Answer 1 October ‐ 30 September Period of Availability - Answer Most appropriations available for obligation for limited time period Funds not obligated in timely manner generally expire Obligation - Answer Transaction legally binding the government to make payment E.g., place an order, award a contract, receive services Budget Authority - Answer Federal law provides to incur obligations up t...