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AGENDA ITEM #11 .2 <br /> REPORT TO <br /> CITY COUNCIL <br /> Date: December 4, 2006 <br /> Subject: Financial Software <br /> Report: Over the past several months the Clerk's office has been in the process of <br /> researching financial software systems to upgrade the existing financial software. <br /> • Current Software <br /> Currently, the City of Pequot Lakes uses CTAS (Small City& Town Accounting System) <br /> as its financial software. The City purchased this financial software from the State <br /> Auditor's Office in 2000. We have found the software to be very limited in certain areas. <br /> Listed below are areas that the existing software does not cover: <br /> Finance <br /> 1. Receipting <br /> 2. Invoicing <br /> 3. Purchase Orders <br /> 4. Budgeting with Seasonal Allocations <br /> 5. Financial Reports—(CTAS offers limited reports) <br /> 6. Tracking of Donations and Grants <br /> 7. Bank Reconciliations <br /> 8. Use/Sales Tax <br /> 9. Investments <br /> 10. Long Term Debt <br /> 11. Capital Assets <br /> 12. 1099s <br /> Payroll <br /> 1. Direct Deposit <br /> 2. Accrual of Sick LeaveNacation/Comp Time <br /> 3. Cafeteria Plan Benefits <br /> `. 4. Annual Pay Option <br />