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Financial Services 2014-2023 Capital Plan focuses on system and business process improvements, including implementation of the Cross Application Time Sheet (CATS) project replacing the existing outdated customized module.
Financial Services’ 10-Year Preliminary Capital Plan balances the need to maintain current technology for enterprise-wide financial processes in a state of good repair (SOGR) with enhancing the City’s capability to further provide real-time financial and management information for program and corporate decision-making through business intelligence, analytics and reporting.
The 10-Year Capital Plan totaling $51.020 million allocates funding for capital investments currently identified to maintain the existing technology infrastructure in a state of good repair and includes new funding of $8.851 million for new and enhancements to existing information systems to optimize the use of the City’s technology as an enabler for business transformation and associated benefits.
The 10-Year Preliminary Capital Plan will increase future year Operating Budgets by a total of $2.948 million net over the 2018 – 2027 period, primarily for sustainment, maintenance and support related to the Supply Chain Management Transformation (SCMT) and Payment Card Industry (PCI) Compliance projects.
Where does the money go?
The 2018 – 2027 Preliminary Capital Budget and Plan totalling $51.020 million provides funding of:
- $37.474 million for the state of good repair of Financial Service’s information technology systems, including upgrading and replacing outdated systems.
- $4.607 million for Legislated initiatives including $3.432 million for Payment Card Industry (PCI) Compliance.
- $8.851 million for Service Improvement initiatives to introduce data analytics, predictive modelling and reporting capabilities and supply chain management processes.
Where does the money come from?
The 10-Year Preliminary Capital Plan requires:
- Debt funding of $37.827 million (74.1%) for transformative City-wide capital projects such as Supply Chain Management (SCMT) and the Integrated Asset Planning and Management (IAPM) projects and to address aging data systems.
- Additional capital financing of $10.732 million (21.0%) to be provided from reserve/reserve funds, primarily the Capital Financing Reserve.
- Funding from Development Charges ($1.263 million or 2.5%) as well as Other Revenue ($1.198 million or 2.3%) are utilized to fund such projects as the Development Charges Background Study and the Utility Billing System.
State of Good Repair Backlog
Financial Services does not have a backlog of State of Good Repair for its inventory of system applications. Funding included in the 10-Year Capital Plan addresses all state of good repair projects based on planned lifecycle without backlogs and ensures continuity of the City’s technology.
Key Issues & Priority Actions
- Focus on business process transformation and system modernization to enhance program and corporate decision-making by providing real-time financial and management information, implementing best practices in key areas such as business analytics, predictive modelling, asset management, procurement, and providing self-service options for vendors, clients and employees.
- The 10-Year Preliminary Capital Plan includes funding of $8.211 million for state of good repair (SOGR) upgrades in 2018 to ensure sustainability of financial systems in the Payroll & Benefits ($0.909 million), Revenue Services ($5.238 million) and Financial Planning ($2.064 million) business areas.
- Funding of $8.851 million is provided in 2018 to leverage technology to transform and automate business processes and reduce manual effort allowing for greater efficiencies.
- High demand for both IT and other divisional internal staff resources – Competing demands for limited IT and other internal staff resources combined with efforts to consolidate initiatives across various Programs has impacted the ability to meet projected time lines.
- For 2017, Financial Services expects an increase in spending rates compared to the 5-year historical average despite the ongoing challenges.
- Financial Services will continue to actively monitor the resource demands for its projects and work closely with I&T to mitigate delays where possible.
2018 Capital Budget Highlights
The 2018 Preliminary Capital Budget for Financial Services of $20.582 million, excluding carry forward funding, will:
- Continue the Supply Chain Management Transformation ($5.641 million);
- Continue the Tax & Utility Modernization projects ($4.468 million);
- Continue the implementation of the PCI Compliance project ($3.432 million);
- Continue Enterprise Performance Management (EPM) Phase 2 of FPARS; and
- Continue the Finance Accounting Systems Information (FAST) project ($0.500 million) for scoping and identification of best practice opportunities for transforming the finance processes and reporting capabilities.