Financial Management

This series of courses is designed to train municipal and county finance personnel in the responsibility of everyday fiscal operations. All eight courses are required for the state designation of Certified Municipal Finance Officer. The Municipal Finance Administration course is required for the designation of Registered Public Purchasing Official/Specialist. For complete certification requirements for Certified Municipal Finance Officer, see N.J.S.A. 40A:9-140.1-3.

Municipal finance officers, treasurers, clerks, purchasing agents, collectors, commissioners of finance, council members, other municipal officials, and interested citizens are invited to enroll in the courses as long as the prerequisites are satisfied.

Certificates are awarded upon satisfactory completion of each course, which is defined as attendance at 80 percent of the class hours, a passing grade, and full payment of all fees.

Courses are usually scheduled in both the fall and spring semesters at convenient and varied locations throughout the state.

Program Courses

Municipal Finance Administration - 26 hours
Text: Municipal Finance Administration, Robert Benecke, 2001

This introductory course in the field of municipal finance is designed to provide a foundation for a better understanding of New Jersey local government fiscal affairs. Major areas of instruction cover the institutional framework of local government in New Jersey, the state role in supervision and assistance, property tax administration and assessment administration, municipal caps, municipal budgeting, budget execution, municipal purchasing, treasury management, and flexible chart of accounts. A final exam is given.

Municipal Budget Process - 30 hours
Prerequisite: None
Text: The Municipal Budget Process, Robert Benecke, 2002

This second course in the sequence acquaints the student with the full budget cycle, with special emphasis on the budget role as a tool for effective municipal management. Legal requirements concerning the adoption and execution of the official budget are examined, with particular attention to the roles of various municipal officials and the administrative techniques involved. Preparation of departmental budget requests, budget review and cuts, revenues and appropriations, and new budget techniques are covered. Attention is also given to the flexible chart of accounts. Accounting and auditing principles are briefly discussed. Students are encouraged to relate the course work to their current practical budget problems. A final exam is given.

Municipal Current Fund Accounting I - 24 hours
Prerequisite: Municipal Budget Process
Text: Municipal Current Fund Accounting in New Jersey

This course in fund accounting in New Jersey is designed to prepare the local government finance official for the more advanced accounting courses offered, and is required for the Municipal Finance Officer certification. The student is introduced to basic fund accounting terminology and work sheet preparation. The flexible chart of accounts is also covered. A final exam is given.

Municipal Current Fund Accounting II - 33 hours
Prerequisite: Municipal Current Fund Accounting I
Text: Municipal Current Fund Accounting in New Jersey

This is the fourth course in the municipal finance course sequence. It is designed for those who have responsibility for local government finance. The course covers the application of the principles and theories for the complete municipal accounting cycle. A final exam is given.

Municipal Capital and Trust Fund Accounting - 39 hours
Prerequisite: Municipal Current Fund Accounting I and II
Text: Municipal Capital and Trust Fund Accounting

This is the fifth course in the municipal finance course sequence. Students have an opportunity to work on accounting processes and problems during class under the instructor supervision. Principles of assessment, trust fund accounting, general capital fund accounting, and theory of capital budgeting are also covered. A final exam is given.

Municipal Utility Fund Accounting - 33 hours
Prerequisite: Municipal Capital and Trust Fund Accounting
Text: Municipal Utility Fund Accounting, William Homa, 1997

This is the sixth course in the municipal finance course sequence. Students have an opportunity in class to work on utility fund accounting processes and problems under the instructor supervision. Course topics include purpose and scope of utility funds, the utility operating fund, theory of capital budgeting, the utility capital fund, and the utility assessment fund. A final exam is given.

Principles of Financial Management - 28 hours
Text: Principles of Financial Management
Prerequisite: Municipal Utility Fund Accounting

This seventh course in the municipal finance sequence emphasizes sound financial management practices for finance directors, treasurers, and registered municipal accountants. Elements of financial organization, reporting, planning, debt, pension, investment, insurance administration, and collective bargaining are reviewed through case studies. This is the ONLY course in the sequence required for the issuance of the designation of Certified Municipal Finance Officer for registered municipal accountants licensed by the State of New Jersey. See N.J.S.A. 40A:9-140 for details. A final exam is given.

Preparation of Annual Financial Statement - 39 hours
Text: Preparation of Annual Financial Statement, Robert Benecke, 1992
Prerequisite: All accounting courses

This is the eighth and final course in the series designed to teach the student the skills necessary to complete an annual financial statement. The course is open only to those students who have completed Municipal Current Fund I and II, Municipal Capital and Trust Fund Accounting, and Municipal Utility Fund Accounting. The course is built around the actual preparation of an annual financial statement by the student. In addition, specific information such as filing deadlines, statutory requirements, the role of the finance officer, and other pertinent issues are reviewed. This course is approved for 5 contact hours credit in the Annual Financial Statement area toward the Certified Financial Officer CEU requirement. A final exam is given.

Certified County Finance Officer

Those wishing to become a Certified County Finance Officer must, in addition to meeting other requirements, successfully complete the following eight finance courses:

- Municipal Finance Administration
- Municipal Budget Process
- Municipal Current Fund Accounting I
- Municipal Current Fund Accounting II
- Municipal Capital and Trust Fund Accounting
- Principles of Financial Management
- Preparation of Annual Financial Statement
- County Fiscal Operations

Certified Municipal Finance Officers who obtained their CMFO license by passing the state examination will be issued a County Finance Officer certification upon completion of the County Fiscal Operations course and the Preparation of Annual Financial Statement course.

Continuing Education for Certified Municipal Finance Officers Courses

- Insurance Issues - 4 hours
- Preparing Testimony and Documents for Courts, Hearings, and Lawsuits - 4 hours
- Financing Redevelopment Projects - 4 hours
- Local Public Contracts Law Seminar - 12 hours
- Local Public Contracts Law Rules Seminar - 6 hours

Registration

Please use this form to register prior to the course scheduled starting date. FAX registrations (732/932-3586) are accepted but must include payment information. Telephone registrations (732/932-3640 ext. 644) are accepted only immediately prior to the start date of the class, and only if space is still available. The University reserves the right to cancel any course if there is insufficient enrollment. UPON RECEIPT OF YOUR COMPLETED APPLICATION FORM, AND CHECK, VOUCHER OR CREDIT CARD INFORMATION, A CLASS SPACE WILL BE RESERVED FOR YOU; THEREFORE, NO CONFIRMATIONS WILL BE SENT.

UPON RECEIPT OF YOUR COMPLETED APPLICATION FORM, AND CHECK,VOUCHER OR CREDIT CARD INFORMATION, A CLASS SPACE WILL BE RESERVED FOR YOU; THEREFORE, NO CONFIRMATIONS WILL BE SENT.

Withdrawal

CGS will refund the full course fee less a $25 processing charge to any student who notifies CGS in writing of his/her intent to withdraw. Notices of withdrawal must be submitted at least 48 hours before the course is scheduled to start. Withdrawal notices sent by fax (732/932-3586) will be accepted as well as notices sent by mail. Send withdrawal notice to: Financial Management, Center for Government Services, Rutgers, The State University of New Jersey, 303 George Street, Suite 604, New Brunswick, NJ 08901-2020.

CPE Continuing Education Credit

The eight financial management courses required for certification as a Municipal Finance Officer are also approved by the New Jersey State Board of Accountancy for CPE credit under New Jersey sponsor number 703.

Lifetime Learning Tax Reporting Requirements

Since you may be eligible for a tax deduction under the new Lifetime Learning Tax Act, Rutgers records the name, address, and social security number of all Continuing Education participants.

Information

Questions may be directed to:

Rutgers, The State University of New Jersey
The Center for Government Services
303 George Street, Suite 604
New Brunswick, New Jersey 08901

Telephone 732/932-3640, ext. 644

For information on becoming a certified municipal or county finance officer, call the Division of Local Government Services, New Jersey Department of Community Affairs at 609/633-6349.