Title
Adopt a Resolution to Approve and Authorize the City Manager to approve a contract with GovInvest for labor costing software and services for a three-year term and a not to exceed amount of $165,000.
Staffreport
COUNCIL PRIORITY
? Fiscal Sustainability and Transparency
SUMMARY AND RECOMMENDATIONS
Staff recommends City Council approve a contract with GovInvest for labor costing software and services for a three-year term.
BACKGROUND
GovInvest has previously provided labor costing and pension modeling software that allows the City to automate costing using real-time data to assist with labor negotiations, budget development, and long-term pension forecasting. GovInvest also prepares the City's required pension and Other Post Employment Benefit (OPEB) reporting pursuant to Governmental Accounting Standards Board (GASB) Pronouncements 68 and 75, respectively.
Analysis
Staff recommends entering into an agreement with GovInvest to leverage the use of GovInvest's sophisticated software for labor costing and pension modeling and the City's prior data model as well as GovInvest's extensive experience with public agencies. In addition to providing labor costing software, GovInvest also provides required GASB valuation reporting, pension and OPEB policy development support, and educational insights all of which are critical to effective management of long-term labor costs.
Further, by agreeing to longer contract terms, the City can lock in lower pricing and streamline administration of the contract.
Legal Analysis
GovInvest has agreed to the terms of the contract.
Financial Impacts
The annual cost for GovInvest base software and GASB valuation reporting is $50,000 annually for the three-year term. The proposed do-not-exceed contract amount of $165,000 also includes $5,000 in annual optional consulting and advisory services as needed to review and refine labor strategies to ensure alignment with the City's finan...
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