The vendor is required to provide financial management services, functioning as the authority contracted accounting department.
- Financial context
• Estimated monthly transactions:
o FY2024: 1,252 transactions with 3,496 lines.
o FY2025 (through February): 1,636 transactions with 4,145 lines.
o Projected fy2025 (full year): approximately 4,900 transactions.
• Fiscal year: October 1 – September 30.
• Budget cycle:
o MDOT annual budget application: December – February.
o Authority department budget development: march – June.
o Authority board presentation: July.
o Authority board public hearing: august.
o Authority board adoption: September.
• Financial and single audit cycle: conducted annually.
• Administration triennial review: conducted every three years; next review in 2029.
- Chief financial officer (CFO)-led accounting and financial reporting
• Leadership and oversight:
o Designate a qualified CFO to lead and manage the authority financial operations as an owner's rep, with an estimated commitment of 16 hours per week maximum.
o Provide strategic financial thought leadership and guidance, acting as an advisor to the authority board and executive leadership.
o Act as CFO at monthly board meetings and presentation of financial statements.
• Accounting operations:
o Perform monthly reconciliations of bank accounts, p-card accounts, and general ledger accounts.
o Post journal entries to the general ledger and maintain accurate financial records.
o Manage accounts payable and vendor payments, ensuring accuracy and resolving issues as needed.
o Maintain the fixed assets schedule and calculate depreciation.
o Oversee financial reporting and compliance related to the authority retirement program.
o Oversee payroll-related tasks, including 401(a) and 457 remittance payments.
o Provide support and responses related to union matters.
• Financial reporting
o Prepare financial statements, including budget vs. actual analysis, for public presentation to the authority board.
o Maintain restricted grant tracking to ensure accurate reporting of releases and expenditures.
o Support the implementation and adherence to financial policies while updating documentation to reflect best practices, compliance requirements, and system capabilities.
o Participate in the approval process as needed.
o Provide budget vs. actual analysis at both the budget and sub-budget levels as required.
o Deliver monthly cash flow reports.
- Compliance, risk management, and audit coordination
• Coordinate and oversee all financial audits, which are conducted by outside firms (including government organizations or contractors, depending on the audit type).
• These audits include:
o Annual financial statement audit.
o Single audit of federal grants.
o Financial compliance portion of the administration triennial review.
• Prepare all necessary supporting schedules and documentation for audits and reviews.
• Track and manage the financial impact of insurance claims and support insurance renewals.
- Grant administration and financial planning
• Grant management:
o Monitor compliance with federal, state, and local grant requirements, ensuring timely submission of reports and certifications.
o Oversee all aspects of grant administration, including tracking grant spending, preparing drawdown requests, and maintaining compliance with grantor requirements.
o Provide recommendations on optimizing grant usage and aligning expenditures with strategic priorities.
• Budget leadership:
o Lead the development, coordination, and presentation of the annual budget process.
o Provide forecasting, cash flow analysis, reserve analysis, and long-range financial planning support.
o Develop and maintain the capital improvement plan (CIP), including tracking project costs and identifying funding sources.
- ERP transition and integration support
• Assess the authority current financial systems (quick books online, bill.com, and the bill.com spend and expense p-card program) and recommend transitioning to a more robust enterprise resource solution (ERP) solution
• Assist in evaluating and selecting an ERP system, ensuring alignment with authority operational and financial needs.
• Support the procurement process by evaluating potential ERP vendors and solutions.
• Ensure a seamless transition to the new ERP while maintaining continuity with authority existing financial processes and improving internal workflows.
• The ERP provider will conduct primary system training; however, the financial management firm will be responsible for training staff on new internal financial processes and workflows and providing supporting documentation.
- Advisory services and process improvements
• Identify opportunities to streamline and enhance the authority financial operations.
• Develop a roadmap for evolving the authority financial systems and processes, including transitioning to an ERP solution.
• offer ongoing recommendations for improving internal controls, risk management, and financial governance.
- Contract Period/Term: 2 years
- Questions/Inquires Deadline: April 22, 2025