Automated and streamlined CAFR compilation processes: this provides security, period-to-period information rollover, 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 workload for CAFR personnel through more efficient processes: Reduction in overtime hours and reduced CAFR preparation time. The project will focus on the following business processes: DESCRIPTION Annual CAFR Preparation The creation of the State’s CAFR through the consolidation of financial information from SHARE, BANNER, and Excel Spreadsheets. 1.2 ASSOCIATED FY 2014-16 L14 2S $500,000.00 None Ricky Bejarano – C63 S007 I005 - DFA Appropriation TBD $1,200,000 TBD 1.3 Constraints are factors that restrict the project by scope, resource, or schedule.
Automated and streamlined CAFR compilation processes: this provides security, period-to-period information rollover, 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 workload for CAFR personnel through more efficient processes: Reduction in overtime hours and reduced CAFR preparation time. The project will focus on the following business processes: DESCRIPTION Annual CAFR Preparation The creation of the State’s CAFR through the consolidation of financial information from SHARE, BANNER, and Excel Spreadsheets. 1.2 FY 2014-16 – L14 2S C63 S007 I005 - DFA Appropriation $500,000.00 None Ricky Bejarano TBD $1,200,000 TBD 1.3 Constraints are factors that restrict the project by scope, resource, or schedule. ASSOCIATED
DFA%20CAFR%20Reporting%20Project%20PCC%20Project%20Management%20Plan%20112514.docx