Title
Treasurer-Tax Collector Department recommending the Board
1) Approve and authorize the Treasurer-Tax Collector or the Assistant Treasurer-Tax Collector to sign the new perpetual contract 8095 with MaxQ Analytics for Software-as-a-Service (SaaS), for an annual estimated amount of $ 30,180, with an effective date of October 1, 2023; and
2) Authorize the Treasurer-Tax Collector, or the Assistant Treasurer-Tax Collector, to execute any amendments to the contract that do not impact Net County Cost, contingent upon approval by County Counsel and Risk Management, and as long as funding is available within the requesting department's budget.
FUNDING: General Fund.
Body
DISCUSSION / BACKGROUND
The Treasurer-Tax Collector currently utilizes SymPro by Emphasis for recording and reporting of investments held by the County treasury pool. In order to meet the needs of the growing treasury portfolio, the Treasurer-Tax Collector recommends the migration to MaxQ Analytics. MaxQ Analytics is a Software-as-a-Service (SaaS) specifically designed for public institutions to manage their treasury portfolios with advanced analytics, evaluation metrics, accounting and reporting capabilities. A cloud-based platform managed through Microsoft Azure, MaxQ Analytics is efficient and scalable also offering secure alternate-site access during fire or other natural disasters at the main office location.
MaxQ Analytics pricing is subscription-based and can be canceled at any time with a 30-day notice. The Department proposes a perpetual contract with an approximate annual cost of $30,180 the first year. Purchasing Policy C-17, section 2.4 Perpetual Agreements, states that requesting departments must obtain authorization from the Board of Supervisors, initially, and on an annual basis, to utilize any contract that does not have a stated contract term and exceeds the Purchasing Agent's authority. The three-year cost of the contract, including annual increases as stated in the contract, is estimated at $97,600.
ALTERNATIVES
The Board could choose to not approve this subscription agreement and the Treasurer-Tax Collector's staff would continue to use software that is becoming obsolete and is limited in meeting the current evaluative and reporting needs of the County’s investment portfolio.
PRIOR BOARD ACTION
N/A
OTHER DEPARTMENT / AGENCY INVOLVEMENT
N/A
CAO RECOMMENDATION / COMMENTS
Approve as recommended.
FINANCIAL IMPACT
The cost of the contract is included in the Department's Fiscal Year 2022-23 adopted budget. One-half of the contract cost will be recovered via the Treasury cash management fee charges to the County investment pool, as allowed under California Government Code.
CLERK OF THE BOARD FOLLOW UP ACTIONS
N/A
STRATEGIC PLAN COMPONENT
Good Governance
CONTACT
K. E. Coleman, MBA, Treasurer-Tax Collector