Economic Feasibility Study (EFS) Presented by: Sandy McGough Office of Financial Management

Economic Feasibility Study (EFS) An EFS documents both the benefits and costs to: The agency Other state agencies The general public as a whole. An EFS helps determine if accepting or disbursing electronic funds is economically feasible: Electronic funds may include, but are not limited to: Automated clearing house (ACH) transfers Credit cards Debit cards Wire Transfers An EFS demonstrates the net benefit of a proposed project.

Why is an EFS required? No state agency may use electronic or other technological means, including credit cards, without specific continuing authorization from OFM. RCW states that: OFM is authorized to approve the use of electronic and other technological means to transfer both funds and information whenever economically feasible. State Administrative and Accounting Manual (SAAM) Chapter 40: Requires that agencies prepare an EFS. The EFS is the tool used to help the agency and OFM determine whether or not the project is economically feasible.

Forms required: These forms & other resources are available on OFM’s E-Commerce Resources webpage: Business Case Cost Benefit Analysis Supporting Documentation (as necessary) Required Components of an EFS