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Redmond reports automation savings in ACFR and plans automated payables; council asks for ROI details
Summary
Finance and TIS staff told council that a new ACFR reporting tool avoided a $45,000 consultant cost and saved about 280 staff hours so far (projected to exceed 520 hours/year). The city is also piloting an automated payables partnership with KeyBank/FIS; council asked staff to quantify dollar savings and fraud‑reduction estimates after go‑live.
Finance Director Kelly Cochran updated the committee on long‑range financial strategy and attachments in the updated matrix; staff asked council to flag any items for study session discussion. The committee added one item (No. 17) to the study session and asked staff to confirm public posting of packet attachments.
TIS project manager Wanda Norman reported the ACFR automation project is complete and in use by finance. "The city avoided paying the previously budgeted consultant expense of $45,000 for the 2025 audit cycle," she said, and staff have logged more than 280 hours saved through automation with projected recurring savings of about 520 hours annually as adoption stabilizes.
Norman also described the KeyBank automated payables project, which will enable ACH payments for vendors and reduce paper check runs; the city will send vendor communications one month before go‑live and FIS will follow up two weeks later. Council members asked whether staff could convert hours saved into dollar amounts and whether the automated payables effort would change fraud risk; staff said they will track ROI and expect 6–12 months of live data to quantify savings and security benefits.
What happens next: Staff will monitor savings and return quantified ROI and fraud‑risk analysis to council after system go‑live.
