Cost planning is a core function of project management, providing the financial roadmap that determines whether a project will ultimately succeed or stall. This problem becomes especially relevant in the conditions of the contemporary economic crisis and constant changes in the environment. Another factor that underscores the relevance of this research is its focus on cost planning for implementing an IT solution within a government agency. The creation and implementation of information systems make it possible to minimize time costs and significantly increase the accuracy of calculations, which, in turn, positively affects the management of the project budget. To substantiate these claims, the research employs the following three methods: comparative analysis of scholarly perspectives on innovative projects, statistical analysis of empirical cost indicators for implementing innovative IT projects, and tabular presentation of the results. This multi-method research design allowed the authors to calculate value and time costs required to implement an innovative IT project.