In 2003, NSMFC and the Association of Municipal Administrators of Nova Scotia (AMA) formed a joint committee to develop financial management best practices for municipalities in Nova Scotia. The Committee used practices developed by the Government Finance Officers Association (GFOA) and adapted them to fit Nova Scotia's legislation and practices. Overall, 32 best practices were created to help support the financial health of municipalities in Nova Scotia.
The committee was re-established again in the summer of 2013 to revisit the best practices to determine which could be considered "core" or high priority. All of the best practices are listed in the categories below.
Best practices are proven and reliable techniques or methodologies. They can be simple or complex, but overall they are meant to be effective and efficient strategies for accomplishing a task.
NSMFC’s best practices are designed to support good governance by promoting accountability, transparency, value for money, and risk management.