Redmond to buy software to automate annual comprehensive financial reporting for $91,000

Redmond’s finance staff asked the committee to place a software agreement with Gravity Software Solutions—about $91,000—on the May 20 consent agenda to automate the city’s annual comprehensive financial report (ACFR).

Deputy Director Chad Marsh (presenting the item) described the ACFR work as time intensive: staff estimate 520 staff hours (about $48,000 in staff time) are used annually to assemble the report and the 2025 audit prompted one‑time contractor support estimated at $45,000. Staff said the Gravity implementation would eliminate the need for that contractor work and free accounting resources for other activities during the year.

Costs and savings: staff described a one‑time setup cost of $28,000 and ongoing costs of $28,000 in year one, rising to about $30,800 in year three. The three‑year total cost of ownership was presented as $116,270; staff estimated city cost savings across those three years of roughly $279,873, producing a net estimated savings of about $163,603.

Operational benefits: staff told the committee the software would increase reporting efficiency, reduce audit risk by improving consistency with State Auditor’s Office (SAO) views, and allow finance staff to respond to other operational needs year‑round. The item is funded from BTIP business release 2 (D365 BR2) and is planned for the May 20 consent agenda; the committee raised no objections.

Next steps: staff will place the Gravity Software agreement on the May 20 consent agenda and, if approved, begin implementation to automate ACFR production and reduce contractor reliance.