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FINANCE RES \flnance\treasurylsympro OCT 2 7 1998
October 27, 1998 Santa MOnica, California
TO Mayor and City Council
FROM City S taft
SUBJECT Recommendation to Authorize the City Manager to Negotiate and Execute
a Contract to Purchase a Cash Management Software System from
SymPro.
INTRODUCTION
This report recommends that the City Council authorize the City Manager to negotiate
and execute a contract with SymPro to purchase a cash management software system.
BACKGROUND
A fully automated and mtegrated cash management system Will assist the CIty
Treasurer In analyzing, tracking, reporting and allocating Interest of the CIty's $280
million Investment portfolio, thereby Improving productivity and efficiency The system
will Interface with and complement the Clty'S new financial management system,
currently being Installed
DISCUSSION
Staff has completed a review of available cash management software appropnate for a
City the size and complexity of Santa Monica Only two companies were Identified that
prOVide cash management software that interfaces wIth the City'S new financial
management system SymPro was Identified as the only company that meets all of the
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OCT 2 7 1998
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City's cash management software needs Including automated Interest allocation to City
funds, market pncing, and interfacing wIth the City's Investment secuntles custodian.
Sympro has also completed numerous installations for governmental agencies that fully
Interface with the new financial management software selected by the City.
BUDG,ET {FINANCIAL IMPACT
Fund,. are available at accounts # 01-710-222-20098-8900-99557 and 01-800-224-
0000C-5506-00000 for the purchase of SymPro software, set-up, Installation and first
year r,lamtenance. Total FY 1998199 cost is $49,887.50 Annual maintenance will be
Includ 3d as part of the Finance Department's operating budgets.
RECC MMF'NDATION
It IS recommended that the City Council authorize the City Manager to negotiate and
execute a contract with Sympro for the purchase of cash management software,
Includ ng Installalion, set-up, training and first year maintenance.
Prepared by Mike Dennis, Director of Finance
Ralph Bursey, City Treasurer
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