Reso 2023-3580 - Laserfiche WebLink

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P • FLS7 .. TO: VIA: FROM: DATE: RE: RECOMMENDATION: City of Sunny Isles Beach 18070 Collins Avenue Sunny Isles Beach, Florida 33160 (305) 947-0606 City Hall (305) 949-3113 Fax MEMORANDUM Honorable Mayor and City Commissioners Stan Morris, City Manager Tiffany D. Neely, Finance Director November 16, 2023 Purchase Budget Software Staff recommends approval of the resolution. REASONS: The current budget development and monitoring process is not efficient. It relies heavily on Excel, but also includes Word, and PDF documents, which has proven to be time consuming due to the volume of information to manage and numerous formulas to maintain. There is also double entry required in some instances. The personnel budget is developed manually in Excel utilizing formulas to calculate the wage -based compensation costs which are entered individually into the financial system software and increases the chance of errors. Date -based calculations such as merit increases according to anniversary dates and being able to present different scenario -based projections is lacking. Capital planning is also done manually in Excel, which makes it difficult to track capital project costs across years as well as across categories or subcategories. Reporting is limited and can be time consuming because it requires a great amount of data manipulation to create budget to actual comparisons in an easy -to -understand format. There are also no performance dashboards for management and no easy way to tie strategic plan initiatives to budgeted revenues and expenditures. As a result, the process is lacking in many ways. Due to these reasons, Finance started the evaluation process to purchase budgeting software that can integrate with our financial system software (MCSJ) and help standardize, automate, and brin€ Item Number: 10.0