06-28-2021 BPU RPT 08 - Laserfiche WebLink

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RIVERSIDE PUBLIC UTILITIES Board Memorandum BOARD OF PUBLIC UTILITIES DATE: JUNE 28, 2021 SUBJECT: EXPENDITURE FOR $267,389 FOR PUBLIC UTITILIES PORTION OF THE CAFR SOFTWARE SOLUTION FROM LANCE, SOLL & LUNGHARD, LLP FOR SERVICES THROUGH DECEMBER 31, 2026 ISSUE: Consider approving an expenditure for an amount not to exceed $267,389 for software to support the preparation of the Public Utilities financial reports and allocation of the costs associated with for CAFR Software Solution with Lance, Soll & Lunghard, LLP, to implement CaseWare software, for services for a three and a half-year term with the option to extend for two additional one-year terms through December 31, 2026. RECOMMENDATION: That the Board of Public Utilities approve an expenditure in an amount not to exceed $267,389 for software to support the preparation of the Public Utilities financial reports and allocation for the as part of Professional Consultant Services Agreement for CAFR Software Solution with Lance, Soll & Lunghard, LLP, to implement CaseWare software, for services for a three and a half-year term with the option to extend for two additional one-year terms through December 31, 2026. BACKGROUND: Every year, the Finance Department is responsible for producing the Comprehensive Annual Financial Report (CAFR), Popular Annual Financial Report (PAFR), Successor Agency Financial Report, Public Financing Authority Financial Report, Special Transit Financial Report, Single Audit Report, various State Controller Reports, the Budget Book, and monthly and quarterly financial reports. These reports have resulted in the City being awarded the Government Finance tificate of Achievement for 31 16 years. In Riverside Public Utilities (RPU) is responsible for producing stand-alone annual reports for the Water and Electric Funds as well as monthly and quarterly financial reports.