Title
Resolution - A Resolution of the City Council of the City of Mansfield, Texas Approving a Contract with Fifth Asset, Inc., dba DebtBook for Three Years in an Amount Not to Exceed $69,750.00 to Provide Debt, Lease, Subscription Based Information Technology Arrangements, and Public Private Partnerships Management Software and Implementation Services; Finding that the Meeting at which this Resolution is Passed is Open to the Public as Required by Law; and Declaring an Effective Date
Requested Action
Approve a client services agreement with DebtBook for debt, lease, subscription based information technology arrangements, and public private partnerships management software and implementation services.
Recommendation
Staff recommends the approval of the Resolution.
Description/History
DebtBook has been providing management software and implementation services to the City since 2022. The software and services help the City document and account for Governmental Accounting Standards Board (GASB) Statements 87, 94, and 96.
Justification
GASB Statements 87, 94, and 96 resulted in significant changes in the accounting treatment of leases, SBITAs, and PPPs. These changes require significant efforts to gather and store documentation, journal entries, and considerable note disclosures in the City’s Annual Comprehensive Financial Report. The City believes a three-year contract will provide savings and cost certainty over a year-to-year approach.
Funding Source
General Fund
Prepared By
Bryan Rebel, Assistant Director of Finance; 817-276-4296