STREAMLINED BANKING

PROJECT

CLOSEOUT PHASEElena Tercero – DFA

Victor Vigil – STO

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STREAMLINED BANKING

• Evaluate and re-engineer cash management

–Reconciliation processes

–Functionality

–State of implementation

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STREAMLINED BANKING

• Project Goals– Increase the success of the automated reconciliation

function• Establish controls over data input• Increase the efficiency of automated process to reduce the

time needed to reconcile

– Fully implement a daily book to bank reconciliation process

• Establish business processes that prevent reconciling items other than timing differences related to the redemption of warrants

• Test and implement stale-dated warrant process• Test and implement a standard process to void warrants

3

STREAMLINED BANKING

• Outcomes and Deliverables– Implemented procedural and system changes

• Ability to automatically match the bank statement data to the financial registers on a daily basis

– Implemented a daily book to bank reconciliation process• Ability to reconcile the general ledger to the journals, the journals to

the financial registers, and the registers to the fiscal agent bank statements

• Ability to accurately report financial data• Audit trail from the bank statements, to the financial registers, to the

journals, to the general ledger, to the financial statements– Verified reconciliation data from June 30, 2006 through project

completion• Ability to provide accurate outstanding information to the stale-

dated-warrant process and the reconciliation process

4

STREAMLINED BANKING

• Streamlined Banking Project Timeline

5

STREAMLINED BANKING

• Project Progress:– Initiation Phase

• Defined business requirements

• Determined project goals and deliverables

• Developed Project Management Plan

• Performed software functionality assessment

• Developed list of procedural and configuration changes

• Constructed Proof of Concept

– Planning Phase• Developed Implementation Plan documents

• Developed preliminary Project Schedule

• Sent Requests for Quotes for IV&V Contractor

• Developed Scope of Work for development and data cleanup contractors

• Identified resource requirements

• Received waiver for a TARC review

• Initiated development of Project Request Forms

• Drafted MOU between DoIT, DFA, and STO

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• Project Progress:– Implementation Phase

• Implemented configuration design in Cash Management Module

• Conducted UAT and Integration Testing• Implemented business process changes• Implemented daily book-to-bank reconciliation

process• Implemented Stale Dated Warrant enhancements• Completed data cleanup

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STREAMLINED BANKING

• Lessons Learned:– Set a logical plan to accomplish goals, objectives, and deadlines.

– Co-located team in a dedicated, separate space for development and testing

• Elimination of distractions

– Project change to include Transition of Fiscal Agent had a beneficial effect

• Set a clear definition of goals

• Continuity of resources for project team

• Increased knowledge of Cash Management Module

– Commitment of resources for duration of project

– 3rd Party Agencies had difficulty complying with project timeline

• Should have included 3rd Party Agencies in project status reporting

• Need to clearly communicate mission statement to outside agencies8

STREAMLINED BANKING

• Results Achieved:– 30-40% reduction in time for reconciliation at STO– STO now able to focus on other issues and responsibilities– STO not “data clerks” anymore, they are now “data managers”– New business processes for stale dated warrants– Easier reconciliation for agencies– DFA improved book-to-bank reconciliation– New fiscal agent’s willingness to work with state– Stale Dated Warrant funds returned to agencies

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STREAMLINED BANKING

STREAMLINED BANKINGBudget By Project Phase

PHASES PLANNED CERTIFICATION DATE

AMOUNT

Initiating Completed $0.00

Planning and Fiscal Agent Change

October 28, 2009 $515,000.00

Implementing November 18, 2009 $920,000.00

Closing August 2010 $0.00

TOTAL $1,435,000.00

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