GFOA Executive Board Approves 12 New and Revised Recommended PracticesOn October 17, the GFOA’s Executive Board approved five new and 10 revised recommended practices (RPs) that were developed by the GFOA’s standing committees. The GFOA’s RPs are intended to identify issues important to GFOA members and provide information about effective strategies for state and local governments to follow in the areas of accounting, auditing, and financial reporting; budgeting and fiscal policy; cash management; debt management; economic development and capital planning; and retirement and benefits administration. Currently, there are more than 120 RPs available to GFOA members and the public. Approved October 17, 2008 - Audit Committees (1997, 2002, 2006, 2008) revised
- Enhancing Management Involvement with Internal Control (2004, 2008) revised
- Business Preparedness and Continuity Guidelines (2005, 2008) revised
- Considerations for Prefunding OPEB Obligations (2008) new
- Presentation of the Capital Budget in Operating Budget Document (2008) new
- Tax Compliance (2008) new
- Repurchase Agreements and Reverse Repurchase Agreements (1986, 1995, and 1998, 2000, 2003, 2006, 2008) revised
- Security Lending Programs for Non-Pension Fund Portfolios (1995, 2002, 2008) revised
- Use of Local Government Investment Pools (2007, 2008) revised
- Selecting Financial Advisors (2008) revised
- Selecting Underwriters for Negotiated Bond Sales (2008) revised
- Developing an Economic Development Incentive Policy (2008) new
- Building Resiliency into Capital Planning (2008) new
- Funding of Public Employee Retirement Systems (1994, 2005, 2008) revised
- The Use of Alternative Investments for Public Employee Retirement Systems and OPEB Establsihed Trusts (2000, 2008) revised
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