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NYS Comptroller


The Academy for New York State's Local Officials

Multiyear Financial Planning: A Tutorial for Local Government Officials
Assess Your Knowledge of Multiyear Financial Planning

A. Only local governments under fiscal control boards
B. Only cities and villages required to complete plans by State law
C. Only cities and counties
D. All local governments

A. It authorizes expenditures for multiple years, allowing a municipality to save money on the budget process in off-years.
B. It allows decision-makers to set long term priorities and work toward goals.
C. It allows a municipality to determine how it can increase its Constitutional Tax and Debt Limits.
D. It allows a municipality more flexibility in using its reserved fund balance.

A. Health care costs and pensions
B. Post-retirement benefits
C. Number of departments
D. Number of staff and contracts with collective bargaining units

1. One-time needs --- 2. Build reserves ---- 3. Fixing a structural imbalance between revenues and expenditures

A. All of the above
B. 1 and 2, but not 3
C. 1 and 3, but not 2
D. 2 and 3, but not 1

A. By budget line item in all cases
B. Aggregated by object of expense in all cases
C. Aggregated by function of expense in all cases
D. Any of the above, depending on the needs of the local government

A. Only those major revenues and expenditures that can be predicted with accuracy
B. Major categories of revenues and expenditures along with totals of each
C. Major categories of revenues and expenditures along with totals of each, and total surplus or deficit
D. All revenues and expenditures in detail

A. Because it shows the local government's cash position
B. Because appropriating fund balance annually is a good long-term strategy to promote fiscal security
C. To show the effect of appropriating fund balance to cover deficits over multiple years
D. To demonstrate the use of reserve funds

A. All funds, including enterprise funds
B. Just the general fund
C. The general fund and major operating governmental funds supported by the general fund
D. The general fund, capital fund, and debt service fund

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