City of Richmond Partnering with OpenGov to Improve Budget Management Capabilities and Financial Reporting

Today, the City of Richmond announced it is partnering with OpenGov, a leading data management vendor specializing in government budgeting, reporting and operational performance technologies. The partnership was established to further increase budgetary effectiveness, transparency and accountability. 

OpenGov will be integrated with the city’s existing financial system and provide a cloud-based platform featuring uses for budgeting and both budget and Comprehensive Annual Financial Report (CAFR) reporting. 

“This partnership provides our city government with a means to improve services and build public trust,” said Jay Brown, the Director of Budget and Strategic Planning. “This improved technology will allow us to streamline our budget development process, make numerous enhancements in terms of innovation and improve collaboration across city departments.”

On average, the more than 1,600 city, county and state governments using OpenGov have cut the time spent building their budgets by half, and the time spent preparing subsequent budget and financial reports by 80 percent. 

Richmond will now be able to seamlessly compile and compare multiple years of data, for example, as opposed to manually assembling vast amounts of numbers and figures within cumbersome and outdated spreadsheets still in use by many governments. This in turn will free up more city resources to be invested in and reallocated to other public services.

“Bottom line,” added Lenora Reid, Richmond’s DCAO for Finance and Administration, “this will be utilized to ensure our CAFRs are submitted on time and to further increase both transparency and accountability.”