FROM: Don Pierce, Chief Investment Officer
SUBJECT: Canoe Intelligence Services Expenses
RECOMMENDATION:
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Approve contractual expenses to Canoe Intelligence Services beyond the Chief Executive Officer’s authority; ratify the payment of $45,825 to Canoe Intelligence Services, and approve a Non-Administrative Budget addition of $11,000.
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BACKGROUND:
One of the Investment Department’s strategic priorities involves automating the transfer and storage of key documents. Canoe Intelligence Services was selected to implement this document retrieval automation and was initially scoped out with 250 line items. This annual expense was within the Chief Executive Officer’s contracting authority delegated by the Board, and was included in the FY 2024-25 Budget at a cost of $35,000.
However, due to the structure of SBCERA’s separate accounts, which provide additional transparency regarding manager documents, the number of line items increased meaningfully beyond the initial budget estimates by an additional 195 line items. This resulted in an additional cost of $10,825 above the CEO’s contracting authority. Staff requests that the Board approve the additional $10,825 to Canoe Intelligence Services to fully implement the document retrieval automation, and approve a Non-Administrative Budget addition of $11,000.
Future expenses associated with this contract will be incorporated in the annual operating budget.
BUDGET IMPACT:
Costs for this item were partially included in the Non-Administrative Budget; a Non-Administrative budget addition of $11,000 is needed for FY 2024-25.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Prudent Fiscal Management
STAFF CONTACT:
Don Pierce
ATTACHMENTS:
Exhibit A: Canoe Intelligence Services Invoice