Microsoft, BNY Mellon to provide stimulus-fund tracking for state, local agencies

The companies will offer project fund administration and reporting in a single application

Microsoft and Bank of New York Mellon have teamed up to deliver project fund administration, tracking and reporting software to aid state and local governments with requirements related to economic stimulus funding.

The agreement brings together BNY Mellon Corporate Trust’s project fund administration capabilities and Microsoft’s Stimulus360 planning, tracking and reporting software to address the transparency and accountability requirements of the American Recovery and Reinvestment Act of 2009 (ARRA), according to officials from both companies.

Rapidly evolving stimulus fund tracking and reporting requirements are putting increasing pressure on state and local governments to find solutions that make the economic impact of ARRA visible to both the federal government and citizens alike, the officials said.

BNY Mellon Corporate Trust has a long history of providing public-sector clients with specialized project fund management and investment solutions critical to the development of state and local infrastructure, BNY Mellon officials said.

“By making it easier for state and local governments to actively engage in both the capital management and project administration tracking of this new source of funding, we will make the transparency requirements of ARRA more manageable for public entities.” said Troy Kilpatrick, managing director and head of the Corporate and Municipal Finance Group within BNY Mellon Corporate Trust.

BNY Mellon offers a variety of public finance solutions developed internally that will help treasury departments within state governments manage their assets, said Carolyn Brubaker, director of strategic policy and programs with Microsoft Federal. Stimulus360 provides the transparency and data-visualization capability, she said.

A seamless solution should be available shortly, Brubaker said. Nearly 20 state and local entities are currently using Stimulus360, including the states of Arizona, Iowa, North Carolina and large municipalities such as the City of San Francisco, she said.

Based on the company’s SharePoint collaboration software, Stimulus360 lets agencies track stimulus-funded projects through hosted or on-premises offerings. Agency project managers can track and manage projects through graphical dashboards, maps and analytics. In addition, all actions and events are automatically captured as workflow history to foster more informed responses by officials and establish greater accountability at every point in a stimulus program’s life cycle, Microsoft officials said.

About the Author

Rutrell Yasin is is a freelance technology writer for GCN.

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