TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: Javier Carcamo, Finance Director
PREPARED BY: Chauntal Anderson, Purchasing and Contracts Coordinator
SUBJECT:
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Agreement with GovInvest, Inc.
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RECOMMENDATION
recommendation
Authorize a three-year software licensing agreement with GovInvest, Inc.;
Authorize the City Manager to execute all necessary documents for a period of three years;
Authorize the City Council to waive the bidding requirements; and
Appropriate additional funding in the Fiscal Years 2023/24 and 2024/25 Operating Budget.
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PRIOR ACTION/VOTE
None.
CITY COUNCIL GOAL
Maintain a high performing organization that values fiscal sustainability, transparency, accountability and organizational efficiency.
BACKGROUND
GovInvest offers financial forecast solutions that are designed specifically for local governments to analyze and run real-time analyses. In April 2019, the City of Murrieta (City) entered into a three-year agreement with GovInvest, Inc. for the use of the standard pension module and the total liability calculator. Since 2019, the (City) has utilized GovInvest financial forecast solutions for pension, Other-Post Employment Benefits (OPEB), and labor costing. GovInvest services include the preparation of OPEB's actuarial valuation report as required by Government Accounting Standard Board Statement No. 75.
Over the years, GovInvest financial forecast solutions have paid for themselves by saving time and costs by alleviating the enormous tasks of assessing and forecasting pension costs and unfunded liability, preparing the OPEB actuarial valuation report, and automating the labor costing process.
In February 2022, the City entered into a new two-year agreement with GovInvest, Inc. for the use of the standard pension module, other post-employment benefits module, labor costing module for the total liability calculator, and the OPEB module that includes GASB 75 full valuation and roll forward func...
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