Description
Title: Authorize a contract for Synario financial forecast software for Austin Water and Austin Financial Services with PFM Solutions LLC, for an initial term of two years with up to three one-year extension options in an amount not to exceed $1,224,000. Funding: $162,800 is available in the Operating Budget of Austin Water. $41,200 is available in the Operating Budget of Austin Financial Services. Funding for the remaining contract term is contingent upon available funding in future budgets.
Summary
The City of Austin is considering a contract to authorize the use of Synario financial forecast software for Austin Water and Austin Financial Services. The proposed contract with PFM Solutions LLC spans an initial two years with options for three additional one-year extensions, totaling a maximum of $1,224,000. Funding of $162,800 is allocated from the Austin Water budget and $41,200 from the Financial Services budget, with future funding subject to budget availability. The Synario software facilitates long-term financial forecasting and scenario modeling essential for the city’s budget development and capital planning. This proprietary tool has been customized for Austin's needs and replacing it would disrupt financial operations. The legislation is significant as it ensures continuity in financial forecasting, supporting effective decision-making for the