Financial Foundations Framework

10 Steps to Developing a Financial Policy

10 Steps to Developing a Financial Policy

The process for developing policies must be collaborative, considering the interests and concerns of elected officials and public management. The objective of a collaborative process is to develop a policy that not only generates enough support for its adoption but is also strong enough to overcome inevitable challenges to its implementation.

Financial policies should be developed collaboratively between the finance officer, the rest of the executive management team, and the board. The objective is to produce a policy that has a deep level of commitment from these participants, so it will have a real impact on decision-making after it is formally adopted.

Follow these ten steps to develop a financial policy.

  • Publication date: October 2020