REPORT TO COUNCIL
SUBJECT
Title
Action on Amendment No. 1 to the Agreement with FIS AvantGard LLC ("FIS"), formerly known as SunGard AvantGard LLC, for an Investment Management and Portfolio Accounting Solution
Report
BACKGROUND
In September 2004, the City entered into an agreement with SunGard Treasury Systems Inc. to provide AvantGard/APS2 software for investment management and portfolio accounting purposes.
Staff is seeking approval to transition to FIS's web/cloud-based software and amend the current agreement by extending the term for two years ending on September 30, 2021, with an option to extend the agreement for an additional two-year term upon mutual agreement by both parties.
DISCUSSION
The Finance Department has the authority and responsibility to deposit and invest all City funds. In order to assist with carrying out its investment and accounting responsibilities, the City has purchased an investment management and portfolio accounting software from FIS. The current software resides on a City server and is maintained by the City's Information Technology (IT) Department. IT is in the process of transitioning server-based applications to web/cloud-based applications when available and reasonable to do so, as they are usually a more cost-effective solution.
FIS now offers a web-based version of their AvantGard APS2 software (SaaS/WEB), which the City desires to purchase. The SaaS/WEB solution offers the following advantages:
* No software or database to maintain
* Software upgrades are seamless with no City involvement required
* No City server required
* Increased reliability
ENVIRONMENTAL REVIEW
The action being considered does not constitute a "project" within the meaning of the California Environmental Quality Act ("CEQA") pursuant to CEQA Guidelines section 15378(a) as it has no potential for resulting in either a direct physical change in the environment, or a reasonably foreseeable indirect physical change in the environment. Furthermore, ...
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