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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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SHARE Deputy Director
Department of Information Technology
Deputy Secretary and Controller
Department of Finance and Administration
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
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:
DFA is adding a consulting resource to the DFA team to act in the role of DFA CAFR Functional Application Lead:
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.