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DFA CAFR Reporting Project Initiation CHANGE Request Certification September 17 , 2014

DFA CAFR Reporting Project Initiation CHANGE Request Certification September 17 , 2014. DoIT: Cassandra Hayne SHARE Deputy Director Department of Information Technology. Requesting Agency: Ricky Bejarano Deputy Secretary and Controller Department of Finance and Administration.

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DFA CAFR Reporting Project Initiation CHANGE Request Certification September 17 , 2014

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  1. DFA CAFR Reporting ProjectInitiation CHANGE Request CertificationSeptember 17, 2014 DoIT: Cassandra Hayne SHARE Deputy Director Department of Information Technology Requesting Agency: Ricky Bejarano Deputy Secretary and Controller Department of Finance and Administration

  2. Background The current manual process used in compiling the CAFR is archaic, extraordinarily cumbersome and manual. The overall process increases the risk of uncontrolled, multiple versions of spreadsheets and unsecured text documents, which in turn lead to data integrity issues, audit concerns and inefficiency. Numerous individuals are involved in the compilation of the CAFR and the data is derived from numerous multiple sources; complex procedures are required to reconcile numbers with little or no controls in place and limited audit trails. The existing process makes it difficult for management to review the status of the CAFR. Furthermore, it is difficult or impossible for auditors to confirm that proper controls were in place, and that the appropriate levels of approvals were given during the CAFR compilation process. The process also relies on Agencies audit reports to prepare the CAFR. The State of New Mexico spends approximately $5 to $7 million dollars annually on individual agency audits. The use of financial reporting technology will aid in eliminating the need for individual agency audits and potentially save the state millions of dollars annually by automating the CAFR compilation process. DFA and DoIT are requesting PCC certification and Initiation Change Request

  3. Project Objectives & Justification Hyperion is a web-based financial consolidation and reporting application and is part of the Oracle product family. It has delivered integration with PeopleSoft FSCM (SHARE Financials). Hyperion provides finance organizations the ability to consolidate and report financial results in order to meet regulatory and management reporting requirements. The State of New Mexico purchased Hyperion as the selected application for CAFR preparation. DoIT will host and support the Hyperion application. CAFR Reporting: The requisite financial reporting information for the CAFR will be loaded into Hyperion and the CAFR preparation will be performed in Hyperion. Benefits of using Hyperion include: • Automated and streamlined CAFR compilation processes: this provides security, period-to-period information rollover, audit trails and workflows, which drive an efficient, effective and timely CAFR preparation process. • Direct integration of SHARE data sources: the financial data reported in the CAFR matches the source data. • Improved transparency and oversight: this provides a clear and comprehensive assessment of the State of New Mexico's financial condition in a timely manner. • Enhanced Internal controls and audit processes: this provides a comprehensive set of embedded internal controls to verify and validate that proper steps are being followed and that the financial data is credible and reliable. Specific disclosures can be linked directly to supporting documentation for easy reference. Edit checks, used-based security and continuous controls monitoring eliminate the risk of material weaknesses and help achieve a clean audit opinion. • Business rules and validation: this creates business rules and schedules tests against those rules to prevent errors during the aggregation of financial data In the CAFR. • Reduced work load for CAFR personnel through more efficient processes: Reduction in overtime hours and reduced CAFR preparation time.

  4. Revised Deliverable Schedule

  5. Change Request Justification DFA is adding a consulting resource to the DFA team to act in the role of DFA CAFR Functional Application Lead: • The consultant is being brought on to support planning and up-front data mapping in anticipation of the start of the implementation phase • The functional lead contract is from 9/2014 through 1/2015. The revised delivery 7/1/2015 deployment which aligns with the preparation of the Fiscal Year 2015 CAFR and planned technical infrastructure availability Systems integrator vendor selection is underway and contracting is anticipated to be completed by 12/2014. Additional funding will likely be required to complete the deployment of the Hyperion CAFR solution.

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