Best Practices/Advisories

Best Practices/Advisories

GFOA Best Practices identify specific policies and procedures as contributing to improved government management. It aims to promote and facilitate positive change rather than merely to codify current accepted practice. Partial implementation is encouraged as progress toward a recognized goal.  

GFOA Advisories identify specific policies and procedures necessary to minimize a government’s exposure to potential loss in connection with its financial management activities. It is not to be interpreted as GFOA sanctioning the underlying activity that gives rise to the exposure.

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184 Documents

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Assessing Risk and Uncertainty in Economic Development Projects

Best Practice
October 2011

GFOA recommends that governments considering proposed economic development projects incorporate an analysis of risk and uncertainty as part of their overall feasibility analysis of such projects.  GFOA also recommends that governments identify the potential impact from identified risks and uncertainties on expected outcomes.   Examples of risks

Committee: 
Economic Development and Capital Planning

Capital Planning Policies

Best Practice
September 2013

GFOA recommends that governments develop and adopt capital planning policies that take into account their unique organizational characteristics including the services they provide, how they are structured, and their external environment. 

Committee: 
Economic Development and Capital Planning

Collateralizing Public Deposits

Best Practice
October 2007

GFOA recommends the use of a written agreement with pledging requirements as protection for state or local government's deposits. GFOA encourages governmental entities to establish adequate and efficient administrative systems to monitor such pledged collateral, including state or locally administered collateral pledging or collateral pools.

Committee: 
Treasury and Investment Management

Developing an Economic Development Incentive Policy

Best Practice
October 2008

GFOA recommends jurisdictions using or considering the use of economic development incentives create a policy on the appropriate parameters for use of such incentives and that the finance officer play an active role in the creation of the policy.

At a minimum, an economic development policy should contain the following elements:

Committee: 
Economic Development and Capital Planning

Disaster Preparedness

Best Practice
October 2008

GFOA recognizes the importance of disaster preparedness and management, and recommends that local jurisdictions incorporate resiliency into the capital planning process to produce a sustainable community and mitigate the effects of disasters.

Ways of incorporating resiliency in the capital planning process include:

Committee: 
Economic Development and Capital Planning

Diversifying the Investment Portfolio

Best Practice
March 2007

GFOA recommends that state and local governments properly manage the risk in their portfolios to achieve their investment objectives and comply with their investment constraints. GFOA further recommends the use of diversification in a portfolio as an important strategy for managing risk.

Committee: 
Treasury and Investment Management

Environmentally Responsible Practices in Capital Planning

Best Practice
March 2010

GFOA recommends that finance officers evaluate both the financial and non financial impacts of a project including environmentally-responsible measures that impact the jurisdiction in the long term as well as the local, regional, and global environment, changes to resource use and efficiency, and other areas that impact quality of life for the p

Committee: 
Economic Development and Capital Planning

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