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Department/Division: Finance & Accounting Division <br />Project/Initiative Title: Financial Software Version Upgrade <br />Total Estimated Cost: $80,000 <br />Funding Source: Finance Equipment Fund (property tax) <br />Annual Operating Budget Impact: N/A <br /> <br /> <br /> <br />Project/Initiative Description: <br />The Finance Department utilizes the Springbrook/Accela financial application suite to perform various <br />accounting and financial reporting functions. The current version (purchased in 2010) will no longer be <br />supported and the City will need to upgrade to the most current version. <br /> <br />Upgrading to the newest version represents the most cost-effective means to continue providing the same <br />level of accounting & financial reporting capabilities. Purchasing a new, yet comparable software system <br />is estimated to cost at least $150,000. <br /> <br />Location: <br />Not applicable. <br /> <br />Item 7: Attachment A <br />3