11854
. The Legislature intends that the FISCal system meet all of
the following objectives:
(a) Replace the state's aging legacy financial management systems
and eliminate fragmented and diverse reporting by implementing
standardized financial management processes and systems across all
departments and control agencies. For purposes of this subdivision,
"financial management" means accounting, budgeting, cash management,
asset accounting, vendor management, and procurement.
(b) Increase competition by promoting business opportunities
through the use of electronic bidding, online vendor interaction, and
automated vendor functions.
(c) Maintain a central source for financial management data to
reduce the time and expense of vendors, departments, and agencies
collecting, maintaining, and reconciling redundant data.
(d) Increase investment returns through timely and accurate
monitoring of cash balances, cashflow forecasting, and timing of
receipts and disbursements.
(e) Improve fiscal controls and support better decisionmaking by
state managers and the Legislature by enhancing the quality,
timeliness, consistency, and accessibility of financial management
information through the use of powerful data access tools,
standardized data, and financial management reports.
(f) Improve access and transparency of California's financial
management information allowing the implementation of increased
auditing, compliance reporting, and fiscal accountability while
sharing information between the public, the Legislature, external
stakeholders, state, federal, and local agencies.
(g) Automate manual processes by providing the ability to
electronically receive and submit financial management documents and
data between agencies, departments, banks, vendors, and other
government entities.
(h) Provide online access to financial management information
resulting in a reduction of payment or approval inquiries, or both.
(i) Improve the state's ability to preserve, access, and analyze
historical financial management information to reduce the workload
required to research and prepare this information.
(j) Enable the state to more quickly implement, track, and report
on changes to financial management processes and systems to
accommodate new information such as statutory changes and performance
information.
(k) Reduce the time, workload, and costs associated with capturing
and projecting revenues, expenditures, and program needs for
multiple years and scenarios, and for tracking, reporting, and
responding to legislative actions.
(l) Track purchase volumes and costs by vendor and commodity code
or service code to increase strategic sourcing opportunities, reduce
purchase prices, and capture total state spending data.
(m) Reduce procurement cycle time by automating purchasing
authority limits and approval dependencies, and easing access to
goods and services available from existing sources, including, but
not limited to, using leveraged procurement agreements.
(n) Streamline the accounts receivable collections process and
allow for offset capability which will provide the ability for
increased cash collection.
(o) Streamline the payment process and allow for faster vendor
payments that will reduce late payment penalty fees paid by the
state.
(p) Improve role-based security and workflow authorization by
capturing near real-time data from the state's human resources system
of record.
(q) Implement a stable and secure information technology
infrastructure.