BOARD AGENDA MEMORANDUM
SUBJECT:
Title
Consultant Services Agreement with Vena Solutions USA, Inc., for the Implementation of a New Budgeting, Financial Forecasting and Capital Planning Software Solution.
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RECOMMENDATION:
Recommendation
A. Approve the consulting services agreement to Vena Solutions USA, Inc. in the sum of $348,960 for consulting services, plus a contingency amount of $52,344 (approximately 15%) to implement a new Budgeting, Financial Forecasting and Capital Planning software solution; and
B. Receive Information on the Vena Software-as-a-Service (SaaS) Agreement, which is a two-year subscription service agreement in the amount of $199,500, to be executed by the Interim Chief Executive Officer, or her designee, in accordance with Executive Limitation EL-5.1.3.
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SUMMARY:
Currently, the District's Budgeting, Financial Forecasting, and Capital Planning processes use two applications that were developed back in 2006. These applications were both developed internally and are now obsolete and without technical support. First, they were designed and implemented with a certain process in mind and do not allow flexibility to change. This has become a major limitation for meeting the business needs of the District. Second, the applications are obsolete and have reached their end-of-life which requires many manual workarounds and forces the District to start the budget process much in advance. This results in time taken away from critical projects and from achieving the District's overall mission.
Information Technology Division (IT) recommends a new up-to-date cloud-based software solution for Budgeting, Financial Forecasting, and Capital Planning to accomplish the following objectives:
1. Design a new budget process that is streamlined and efficient, resulting in a reduced budget process cycle for planning and approval; and eliminating all possible manual processes.
2. Improve long term (15 year) planning and forecasting for models such...
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