Title
Recommendation to Authorize the City Manager to Execute an Agreement with Carahsoft Technology Corporation, for a Five-Year Term in an Amount Not-to-Exceed $313,714, for Workiva Software for In-House Annual Comprehensive Financial Report and Popular Annual Financial Report Creation. (Information Technology 60626070)
Body
To: Honorable Mayor and Members of the City Council
From: Jennifer Ott, City Manager
EXECUTIVE SUMMARY
Staff recommends City Council authorize the City Manager to enter into a five-year service agreement (Agreement) with Carahsoft Technology Corporation for the continuation of the City's Workiva software subscription. The agreement allows the Finance Department to continue to produce the Annual Comprehensive Financial Report (ACFR) in-house utilizing the software's capability to link financial data, have multiple users in the platform simultaneously, add comments, download unlimited versions for review and track changes.
BACKGROUND
A number of state and federal laws require the City of Alameda's (City) financial statements to be audited annually by external auditors who are Certified Public Accountants. The City's Finance Department prepares the detailed financial statements known as the Annual Comprehensive Financial Report (ACFR) each fiscal year. Eighteen months ago, while working with consultants F.H. Black, the Finance Department began using Workiva software to bring the ACFR in-house to streamline and expedite the ACFR process. The Finance Department would now like to renew the Workiva subscription when it ends in September 2024 for the continued creation of ACFRs and Popular Annual Financial Reports (PAFRs). Fiscal Year (FY) 2023-24 will be the City's first PAFR publication, made possible in large part due to the functionality of the Workiva software.
DISCUSSION
In 2022, the City began using Workiva cloud-based financial reporting software to automate the creation of the ACFR. The platform focuses on transforming the wa...
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