GFOA publishes new best practices.

• Author: Mucha, Michael J.
• Position: Perspectives - Government Finance Officers Association

GFOA best practices identify specific policies and procedures that contribute to improved government management. They aim to promote and facilitate positive change rather than merely to codify current accepted practice--GFOA has emphasized that these practices be proactive steps that a government should be taking. Best practices are applicable to all governments (both large and small) represent the official position of the organization.

Best practices are available on GFOA's website at www.gfoa.org/best-practices. GFOA is also developing resource centers (www.gfoa.org/resource) that combine best practices with guides, tools and templates, case studies, and additional resources to help governments implement the practices.

GFOA's Executive Board recently approved five best practices:

* Procurement of Financial Services recommends that governments review their financial services contracts every five years and use a competitive process for the procurement of financial services.

* Investment Program for Public Funds recommends that all governments establish a public funds investment program by completing several steps, including developing an investment leadership team and identifying the funds being invested and their cash flow characteristics.

* Defined Contribution Retirement Plan Design clarifies and updates the design elements governments...