G F O A | R e c o m m e n d e d P r a c t i c e sIn 1993, the Government Finance Officers Association (GFOA) Executive Board directed the association's staff to work with the GFOA standing committees to develop a body of recommended practices in the functional areas of public finance to give GFOA members and other state and local governments more guidance on sound financial management practices. This effort represented a fundamental new direction for GFOA and one that is still evolving.
This resulting collection of recommended practices have been approved by the GFOA Executive Board after careful development by the standing committees. Each practice was developed drawing on the collective wisdom of more than fifty persons with extensive and diverse experience in public finance. The recommended practices are intended to identify enhanced techniques and provide information about effective strategies for state and local government practitioners. Recommended Practices By Category
Accounting, Auditing, and Financial Reporting
Budgeting and Fiscal Policy
Cash Management
Debt Management
Economic Development and Capital Planning
Retirement and Benefits Administration GFOA Recommended Practices that were approved by the Committee on Canadian Issues as applicable to Canadians are also available in the Canadian section. Recent GFOA Recommended Practices (New Practices and Revisions) - approved in February 2008
- Ensuring Adequate Documentation of Costs to Support Claims for Disaster Recovery Assistance (2008) new
- Improving the Timeliness of Financial Reports (2008) new
- Acceptance of Credit and Debit Cards (1999, 2002 and 2008) revised
- Use of Cash Flow Forecasts in Operations (2005 and 2008) revised
- Electronic Commerce (1997, 2001, 2002, 2005, 2008) revised
- Mark-to-Market Reporting Practices for State and Local Government Investment Portfolios (1995, 2000, 2003, 2005, and 2008) revised
- Purchasing Card Programs (1998, 2003, and 2008) revised
- Selecting Bond Counsel (1998 and 2008) revised
- Public-Private Partnerships for Economic Development (2008) new
- The Role of Master Plans in Capital Improvement Planning (2008) new
- Essential Design Elements of Defined Benefit Retirement Plans (2008) new
- Essential Design Elements of Defined Contribution Plans as the Primary Retirement Plan (2008) new
- Essential Design Elements of Hybrid Retirement Plans (2008) new
- Monitoring and Disclosure of Fees for Defined Contribution (DC) Plans (2008) new
- Long-Term Financial Planning (2008) new
|
