#02 - 2026-2035 Capital Improvement Program

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Financial Software Suite 2026 thru 2035 Admin/Finance - Detail Lake Elmo, MN Project #AF-003 Project Name Financial Software Suite Contact Finance Director Department Admin/Finance Department Category Unassigned Priority 3 Important Status Active - Approved for Purchase Useful Life 10 years Description 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 significant inefficiencies in the Finance Department. New software can incorporate automated Accounts Payable processes, adding efficiencies across the entire organization. Significant savings in staff 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 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 exceed the annualized costs of the software. In addition, these gained efficiencies will make the department more resilient to employee turnover. 2025 Update: This project was approved by Council in Spring of 2025. A portion of the expense has been moved from the General Fund to the Sewer Fund for 2026; make the split 50% GF, 25% Water, 25% Sewer. Expenditures 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Total Other 100,000 0 0 0 0 0 0 0 0 0 100,000 Total 100,000 0 0 0 0 0 0 0 0 0 100,000 Funding Sources 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Total General Fund 50,000 0 0 0 0 0 0 0 0 0 50,000 Sewer Fund 25,000 0 0 0 0 0 0 0 0 0 25,000 Water Fund 25,000 0 0 0 0 0 0 0 0 0 25,000 Total 100,000 0 0 0 0 0 0 0 0 0 100,000 Produced Using Plan-It CIP Software A3