| | | | | | | | | City of Independence | | AGENDA ITEM COVER SHEET |
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| | | | | | | | Agenda Title:
Council action is requested to issue a contract with Fifth Asset, Inc for a three-year period for the DebtBook subscription-based software platform. |
| | | | | | | | Recommendations:
Council approval to issue a contract. |
| | | | | | | | Background:
The Finance Department uses the DebtBook software platform as a central repository for the City’s debt as well as assisting with new Governmental Accounting Standards Board (GASB) pronouncements. In fiscal year 2022, the City implemented the updated reporting requirements under the GASB Statement No. 87 for Leases. In Fiscal Year 2023-24, the City will implement GASB Statement No. 96 for Subscription Based Software Arrangements. The DebtBook software platform is integral in these additional reporting requirements as it tracks, performs calculations, and assists with note disclosures required in the City’s Comprehensive Annual Financial Report.
The City will receive a discount of $5,500 by accepting the three-year agreement. The funds for the DebtBook software platform will be funded from the Finance and Support Services Internal Service Fund.
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Fiscal Impact:
The fiscal impact to the City in the 2024 Fiscal Year is $19,500 and includes the GASB 96 implementation fee. Funding is included in the fiscal year 2023-24 adopted budget page 137, account number 0954212-5402, Computer Equipment & Software.
The fiscal impact to the City in the 2025 Fiscal Year is $18,000. Funding will be included in the proposed budget under account 0954212-5402.
The fiscal impact to the City in the 2026 Fiscal Year is $20,000. Funding will be included in the proposed budget under account 0954212-5402.
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| | | | | | | | | Department: Finance | Contact Person: Cindy Gray |
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| REVIEWERS: | | Department | Action | | Purchasing Division (Finance Department) | Approved | | Finance Department | Approved | | City Managers Office | Approved | | City Clerk Department | Approved |
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| Council Action: | Council Action: |
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