TO: Board of Supervisors
FROM: Jon Gjestvang - Chief Information Officer, Information Technology Services
REPORT BY: Shawn Smith - Supervising Services Analyst
SUBJECT: Agreement with GovInvest, Inc. for Pension and Labor Costing Software Modules
RECOMMENDATION
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Chief Information Officer and Director of Human Resources request approval of and authorization for the Chair to sign a three-year agreement with GovInvest, Inc. for $26,484 per year, plus an annual increase of the greater of 3% or consumer price index (CPI), for technical support on software to assist with Governmental Accounting Standards Board (GASB) pension liability requirements and labor cost forecasting.
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EXECUTIVE SUMMARY
GovInvest is an innovative software company that brought together leading actuaries, engineers, and designers to build technological solutions to empower government agencies to better control pension liability, other post-employment benefits (OPEB) liability, and debt management. The software will assist in the reporting requirements from the Government Accounting Standards Board (GASB) for the County's Comprehensive Annual Financial Report. The Labor Costing module will allow for forecasting and financial modeling to inform County decisions for labor negotiations and benefit costing.
Approval of today's requested action will allow Information Technology Services (ITS) to enter into a three-year agreement with GovInvest for the term of July 1, 2021, through June 30, 2024.
GovInvest, Inc. is not a local vendor.
FISCAL & STRATEGIC PLAN IMPACT
Is there a Fiscal Impact?
Yes
Is it currently budgeted?
Yes
Where is it budgeted?
Information Technology Services
Is it Mandatory or Discretionary?
Discretionary
Discretionary Justification:
The Auditor-Controller's office and Human Resources will utilize the Pension module to analyze and project unfunded pension liabilities, other post-employment benefits (OPEB) liabilities, and debt service projections. The labor c...
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