Standing Committees Meet in Washington and Approve 12 Recommended Practices
At the 2009 Winter Meeting, six of the GFOA's standing committees met and approved 12 recommended practices (RPs) that will go before the GFOA's Executive Board this spring. The RPs are: - Public Participation in Planning, Budgeting, and Performance Management (new) (Budget)
- Risk Management (new) (Budget)
- Selection of a Payment Card Service Provider (new) (Cash)
- Bank Account Fraud Prevention (revised) (Cash)
- Use of Lockbox Services (revised) (Cash)
- Monitoring Economic Development Performance (new) (Economic Development and Capital Planning)
- Analyzing the Cost of Economic Development Projects (new) (Economic Development and Capital Planning)
- Role of the Finance Officer in Privatization (new) (Economic Development and Capital Planning and Debt)
- Strategic Health-Care Plan Design (new) (CORBA)
- Communicating Health-Care Benefits To Employees and Retirees (new) (CORBA)
- Pricing Bonds in a Negotiated Sale (revised) (Debt)
- Web Site Presentation of Official Financial Documents (new) (All)
The GFOA's debt committee also approved one public policy statement, Federal Assistance to the Municipal Bond Market, which if approved by the Executive Board will be voted on by the membership at the annual meeting in June in Seattle.
Documents that are approved by the Executive Board will be available on the GFOA's Web site.
At the general session of the meeting, freshman Congressman Gerry Connolly (D-VA), the former chairman of the Fairfax County, Virginia, Board of Supervisors, addressed the committee members. Connolly commented on his goal to be a champion for local governments in Congress, especially as local governments are on the front lines of the economic crisis. Connolly specifically mentioned the need for the federal government to provide some type of insurance program for municipal securities, as the market continues to struggle, which in turn is dampening the ability of local governments to access the capital markets.
The congressman advised GFOA members to stay informed about legislative efforts, including the considerable direct aid that will be provided to state and local governments in the stimulus bill, and possible actions that Congress and the Treasury may make to assist the municipal bond market. Finally, Connolly reiterated his strong support for local governments and his desire to serve as the voice for local government in Congress.
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