Treasury awards financial system contract
- By Wilson P. Dizard III
- Nov 08, 2002
The Treasury Department's Financial Management Service has hired Savantage Solutions Inc. of Rockville, Md., to provide its Federal Financial Management System tool and consulting assistance to help consolidate financial information for the entire government, the company said. Savantage will receive a base fee of $1.2 million for the one-year contract, according to chief executive officer Lisa Kazor.
The Treasury will use FFMS in combination with its Oracle database management system to generate financial statements and footnotes for financial reports that comply with specialized accounting standards that apply to the government. Savantage built FFMS using Structured Query Language and Oracle development tools, Kazor said.
She added that the FFMS would replace a Treasury system that relies on Business Performance Management software from Hyperion Solutions Corp. of Sunnyvale, Calif.
Treasury expects to pilot a system in 2003 that will allow federal agencies to submit auditing changes to their Treasury reports online, Kazor said. The department expects to expand the financial system upgrade across the government in fiscal 2004, she said. Savantage received the contract following a competition with several other software vendors.