Best Practices/Advisories

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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Developing a Process for Complying with the Patient Protection and Affordable Care Act

Best Practice

The Government Finance Officers Association (GFOA) recommends that state and local government employers that sponsor group health plans implement a process for reviewing federal health-care benefit requirements at least quarterly to ensure that they are aware of any newly issued or soon-to-be issued regulations.

Committee: 
Retirement and Benefits Administration

Encouraging and Facilitating the Reporting of Fraud and Questionable Accounting and Auditing Practices

Best Practice

GFOA recommends that every government establish policies and procedures to encourage and facilitate the reporting of fraud or abuse and questionable accounting or auditing practices. At a minimum, a government should do all of the following:

Committee: 
Accounting, Auditing, and Financial Reporting

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

Planning for Recovery from a Technology Disaster

Best Practice

GFOA recommends that every government formally establish written policies and procedures for minimizing disruptions resulting from failures in computers or other advanced technologies following a disaster. These written policies and procedures should be evaluated annually and updated periodically, no less than once every three years.

Committee: 
Accounting, Auditing, and Financial Reporting

Selecting and Managing Underwriters for Negotiated Bond Sales

Best Practice

The Government Finance Officers Association (GFOA) recommends that, unless the issuer has sufficient in-house expertise and access to market information, it should hire an outside municipal advisor prior to undertaking a negotiated debt financing in order to assist the government with evaluating proposals from underwriters, selecting the underwr

Committee: 
Governmental Debt Management

Using Technology for Disclosure

Best Practice

GFOA recommends that bond issuers use technology – including both their own websites and additional features of the EMMA platform – to disseminate information to the municipal securities market regarding their debt, financial condition and other related information.

Committee: 
Governmental Debt Management