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Best Practices/Advisories

GFOA Best Practices identify specific policies and procedures as contributing to improved government management. It aims to promote and facilitate positive change rather than merely to codify current accepted practice. Partial implementation is encouraged as progress toward a recognized goal.  

GFOA Advisories identify specific policies and procedures necessary to minimize a government’s exposure to potential loss in connection with its financial management activities. It is not to be interpreted as GFOA sanctioning the underlying activity that gives rise to the exposure.

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Refunding Municipal Bonds

Best Practice

The Government Finance Officers Association (GFOA) recommends that issuers include guidelines in their debt management policies that address preservation of future refunding flexibility when issuing any debt, formal refunding objectives, and monitoring of refunding opportunities on outstanding debt.

Committee: 
Governmental Debt Management

Hybrid Retirement Plan Design

Best Practice

GFOA recommends that governments that choose to provide a hybrid retirement benefit plan address key points related to plan design,funding policies, board governance, plan conversion, and participant education.

Key plan design considerations.

Committee: 
Retirement and Benefits Administration

Ensuring Other Postemployment Benefits (OPEB) Sustainability

Best Practice

GFOA recommends that governments ensure OPEB sustainability by evaluating key items specifically related to OPEB, including the structure of benefits offered, the associated benefit cost-drivers, and clear communication to stakeholders.2

Committee: 
Accounting, Auditing, and Financial Reporting
Governmental Budgeting and Fiscal Policy
Retirement and Benefits Administration

Appropriate Level of Unrestricted Fund Balance in the General Fund

Best Practice

GFOA recommends that governments establish a formal policy on the level of unrestricted fund balance that should be maintained in the general fund for GAAP and budgetary purposes.3 Such a guideline should be set by the appropriate policy body and articulate a framework and process for h

Committee: 
Accounting, Auditing, and Financial Reporting
Governmental Budgeting and Fiscal Policy

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