Treasury and Investment Management Best Practices

Investing Policy and Governance Best Practices

Best Practices

Investment Policy

GFOA recommends that all governments establish a comprehensive written investment policy, which should be adopted by the governing body.

Best Practices

Investment Program for Public Funds

Best Practices

Diversifying the Investment Portfolio

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.

Best Practices

Collateralizing Public Deposits

GFOA recommends the use of a written agreement with pledging requirements as protection for state or local government's deposits.

Best Practices

Government Relationships with Securities Dealers

Best Practices

Investment and Management of Bond Proceeds

GFOA recommends that governments have an Investment Policy which takes into consideration all inherent risks and which also includes specific policies for the investment of bond proceeds to ensure that legal and regulatory requirements are met, fair market value bids are received, and issuer objectives for various uses of proceeds are attained.

Measuring Investment Performance Best Practices

Best Practices

Mark-to-Market Reporting for Public Investment Portfolios

GFOA recommends that state and local government officials responsible for investment portfolio reporting determine the market value of all securities in the portfolio on at least a quarterly basis. These values should be obtained from a reputable and independent source and disclosed to the governing body or other oversight body at least quarterly in a written report.

Best Practices

Monitoring the Value of Securities in Repurchase Agreements

Best Practices

Managing Market Risk in Investment Portfolios

Best Practices

Using Benchmarks to Assess Portfolio Risk and Return

Investment Services Best Practices

Best Practices

Selection and Review of Investment Advisors

Best Practices

Using Safekeeping and Third-Party Custodian Services

Types of Investments

Best Practices

Local Government Investment Pools

Best Practices

Establishing a Policy for Repurchase Agreements

Advisories

Advisories

Ensuring the Safety of Reverse Repurchase Agreements

Advisories

Using Commercial Paper in Investment Portfolios

Advisories

Use of Derivatives and Structured Investments by State and Local Governments for Non-Pension Fund Investment Portfolios

Advisories

Securities Lending Programs for Non-Pension Fund Portfolios