Financial policies are the foundation for effective financial management, serving as the guide for financial decision making by local government.
Having formally adopted financial policies provides guidance to local officials and finance department staff for managing the resources of the local government. A comprehensive set of financial policies would typically address the budget, revenues, accounting, debt, capital planning, purchasing procedures, investing, and financial management. However, the depth and scope of a set of financial policies will differ across jurisdictions based upon their size and financial condition.
Our team at the UGA Carl Vinson Institute of Government can help your local government develop comprehensive financial policies.
The work plan might include the following:
a definition of financial policies
the purpose and benefits of financial policies
a review of the obstacles to developing financial policies
the types of financial policies to be considered, with samples for each topical area
the methods of developing financial policies
strategies for using financial policies