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TO: Mayor John Laesch
FROM: Dan Ferguson, Accounting Manager
DATE: October 3, 2025
SUBJECT:
A resolution authorizing the purchase of a 5-year renewal subscription of Debtbook's Lease and Subscription management platform in the total amount of $118,125.00.
PURPOSE:
The Accounting Division requests to renew this subscription to maintain our ongoing compliance with Government Accounting Standards Board ("GASB") statement No.87 and No. 96 regarding the City's Leases and Subscription-Based Information Technology Arrangements ("SBITAs"), which is a required component of our financial reporting obligations reflected in the City's Annual Comprehensive Financial Report.
BACKGROUND:
GASB Statement No. 87 for leases was made effective for the City's fiscal year ended December 31, 2022. Due to the number and complexity of the City's leases, Finance and Accounting staff researched available subscription options that offered solutions specific to this new compliance requirement for governments. We reviewed marketing presentations and demos for a few solutions, but Debtbook offered a unique solution that was designed for government entities and therefore met our operational needs. GASB Statement No. 96 for SBITAs was made effective for the City's fiscal year ended December 31, 2023. Debtbook's platform incorporated solutions for both GASB statements.
The key benefits of Debtbook were as follows:
- A combined solution to ensure compliance with new GASB requirements for SBITAs and Leases, including footnote disclosures
- Intuitive and user-friendly platform
- Premium support to provide quarterly agreement review and analysis
- An incremental borrowing rate feature incorporated in their platform
- Regular training options for changes to SBITAs and Leases compliance
- Vast support resources for user assistance in the platform
- Comprehensive journal entry exports, eliminating the need for massive excel spreadsheets
- Ability to give external access to the cloud-based p...
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