DATE: January 28, 2025
TO: Board of Supervisors
SUBMITTED BY: Oscar J. Garcia, CPA, Auditor-Controller/Treasurer-Tax Collector
SUBJECT: Agreement with Workiva to Provide Financial Trial Balance/Workpaper Management Cloud-Based Application
RECOMMENDED ACTION(S):
TITLE
Approve and authorize the Chairman to execute an Agreement with Workiva, including the Main Terms and Conditions, a Statement of Work, and an Order, for financial trial balance and workpaper management cloud-based application effective when signed for a subscription term of January 28, 2025, through January 27, 2028, with two optional one-year renewals of the subscription term through January 27, 2030, for an amount not to exceed $565,591.
REPORT
The proposed agreement with Workiva provides a cloud-based application, in the form of a Software as a Service (SaaS) platform, that offers tools and capabilities designed for the efficient management of adjusting entries and trial balances. This platform will support the Auditor-Controller/Treasurer-Tax Collector (ACTTC) in preparing the Annual Comprehensive Financial Reports and other essential financial statements. Additionally, it will serve as a critical tool for audit and risk management activities by facilitating audit processes with the help of artificial intelligence (AI).
A Request for Proposal (RFP) process was conducted by ACTTC, resulting in two proposals. An evaluation committee selected Workiva as the preferred vendor due to the platform's strong automation capabilities, which enhance financial reporting and audit workflows.
ALTERNATIVE ACTION(S):
Your Board may choose not to approve the recommended action. If the recommended action was not approved, ACTTC would need to revert to its previous system, which lacks cloud-based functionality and requires considerably more processing time.
FISCAL IMPACT:
There is no increase in Net County Cost (NCC) associated with the recommended action. The total compensation under the agreement is ca...
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