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Capital Improvement Plan 2023 th,u 2027 <br />City of Elk River, Minnesota <br />Project # TFN-01 <br />Project name Financial Software <br />Department <br />Finance <br />Contact <br />Finance Director <br />Type <br />Technology <br />Useful Life <br />10 years <br />Category <br />Software <br />Description I <br />Jpdate financial software to improve technology efficiences, structured workflows, and integration flexibility with other applications. <br />Justification I <br />[be current financial software is approaching 15 years old and is in need of updating to take advantage of newer technology enhancements and <br />workflows to improve efficiencies in the financial management of the city. <br />Expenditures <br />2023 2024 2025 <br />2026 2027 Total <br />Software/Hardware <br />200,000 <br />200,000 <br />Funding Sources <br />Total 200,000 <br />2023 2024 2025 <br />200,000 <br />2026 2027 Total <br />Capital Reserve - <br />Undesignated <br />200,000 <br />200,000 <br />Total 200,000 <br />200,000 <br />2023-2027 CAPITAL IMPROVEMENT PLAN <br />