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Financial <br />Software <br />Suite <br />2025 thru 2034 <br />Project Detail Report <br />Lake Elmo, MN <br />Project #AF - 001 <br />Project Name Financial Software Suite <br />Contact Finance Director Department Admin/Finance Department <br />Type Unassigned Category Unassigned <br />Priority 3 Important Status New Recommendation <br />Useful Life 10 years <br />Description <br />The current set-up utilizing different software for financial accounting and utility billing, as well as manual and spreadsheet processes for Special Assessments, Fixed Assets, Escrows and more, creates <br />significant inefficiencies in the Finance Department. New software can incorporate automated Accounts Payable processes, adding efficiencies across the entire organization. Significant savings in staff <br />time will make the department more resilient in the face of employee turnover and community growth. Very preliminary estimates of total costs are estimated at $200,000, which would include a <br />conversion to the new software, as well as new workflows to automate tasks. Costs will be spread across at least two calendar years. The time-value of the increased efficiencies are expected to <br />exceed the annualized costs of the software. In addition, these gained efficiencies will make the department more resilient to employee turnover. <br />Expenditures 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Total <br />Other 100,000 100,000 0 0 0 0 0 0 0 0 200,000 <br />Total 100,000 100,000 0 0 0 0 0 0 0 0 200,000 <br />Funding <br />Sources 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Total <br />General Fund 75,000 75,000 0 0 0 0 0 0 0 0 150,000 <br />Water Fund 25,000 25,000 0 0 0 0 0 0 0 0 50,000 <br />Total 100,000 100,000 0 0 0 0 0 0 0 0 200,000 <br />Produced Using Plan-It CIP Software