Report Prepared by: Kuljit Singh, Deputy Finance Officer
Title
SUBJECT: Approval of an Order Form for Lease and Subscription Based Technology Arrangement (SBITA) Management Software with Fifth Asset, Inc. DBA DebtBook in the Amount of $49,500 Over Three Years with an Option to Extend for Two Additional One-Year Terms
REPORT IN BRIEF
Considers approving an Order Form for lease and SBITA management software with Fifth Asset, Inc. DBA DebtBook, in the amount of $16,500 annually for an additional three years totaling $49,500 with an option to extend for two additional one-year terms through waiving a competitive bidding requirement pursuant to the City's Municipal Code.
RECOMMENDATION
City Council - Adopt a motion:
A. Waiving a competitive bidding requirement as stated in Section 3.04.210 of the Merced Municipal Code due to established use and operation efficiency; and,
B. Approving an Order Form for lease and SBITA management software with Fifth Asset, Inc. DBA DebtBook, in the amount of $16,500 annually for three years totaling $49,500; and,
C. Authorizing the City Manager to execute the necessary documents.
Body
ALTERNATIVES
1. Approve as recommended; or,
2. Refer back to staff for further study; or,
3. Deny.
AUTHORITY
Charter of the City of Merced, Section 200 et seq.
Professional Contractual services with an estimated value greater than $38,000, are made by written contract in accordance with Merced Municipal Code, Title 3 - Revenue and Finance, Chapter 3.04.
CITY COUNCIL PRIORITIES
As provided for in the Fiscal Year 2025/2026 Adopted Budget.
DISCUSSION
To improve transparency and provide a more accurate picture of long-term financial obligations and resource usage related to leases, the Governmental Accounting Standards Board (GASB) issued Statement No. 87, which standardizes lease accounting for governmental entities. Effective for reporting periods beginning after June 15, 2021, this standard requires all leases to be reported as a rig...
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