Fiscal Note
Funds are available for phase 1 replacement within the 2008 Capital Budget in the following account: CE34.58015.810561. Total actual costs are not to exceed $249,000 for consulting services related to selecting a new enterprise financial system.
Title
Authorizing the Mayor and the City Clerk to award and execute a contract with Virchow Krause & Company, LLP for consulting services for a Citywide enterprise financial system.
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Background:
Currently, the City’s financial system is approaching 13 years of age, and is in need of replacement due to increased financial reporting regulations requiring more timely information, and numerous governmental accounting pronouncements adopted during the past several years. Additionally, the City has stand-alone subsystems and shadow systems that are not presently integrated or interfaced with the current financial system. These separate systems result in duplication of business processes and labor-intensive data entry by City staff.
Furthermore, newer functionality and technology is also available to more effectively and efficiently manage the City’s financial data, to enhance productivity, to provide better resource management results and information sharing, to strengthen internal control procedures, to modernize business practices, and to improve customer responsiveness.
An inter-agency project management team of eight representing the Comptroller’s office, Information Technology, and Human Resources formed in January of this year to begin planning and preparing for the enterprise financial system replacement. The team agreed that the most important first step was to determine operational needs and wants from a new enterprise financial system rather than immediately focus on implementation or current industry software. Secondly, the project management team determined that, given the magnitude and scope of the implementation phases, consultant assistance would be critical to the success of the pro...
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