To: BOARD OF SUPERVISORS
From: Auditor-Controller Treasurer-Tax Collector
Meeting Date: June 24, 2025
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Department Contact: |
Chamise Cubbison |
Phone: |
707-234-6860 |
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Department Contact: |
Kikie DeLong |
Phone: |
707-234-6860 |
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Item Type: Consent Agenda |
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Time Allocated for Item: N/A |
Agenda Title:
title
Approval of Retroactive Agreement (Second Amendment to Agreement No. AC-A23-001) with Fifth Asset, Inc. d/b/a DebtBook for an increase in the Amount of $66,000 for a New Total of $107,000 for Specialized Software and Services for the Management and Required Reporting of Bonds, Leases and Subscription-Based Information Technology Arrangements, Effective May 22, 2023, through May 15, 2028
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Recommended Action/Motion:
recommendation
Approve retroactive Agreement (second amendment to Agreement No. AC-A23-001) with Fifth Asset, Inc. d/b/a DebtBook for an increase in the amount of $66,000 for a new total of $107,000 for Specialized Software and Services for the management and required reporting of bonds, leases and subscription-based Information Technology arrangements, effective May 22, 2023, through May 15, 2028; and authorize Chair to sign the same.
End
Previous Board/Board Committee Actions:
None.
Summary of Request:
The State has mandated County reporting of lease assets and liabilities, in compliance with Government Accounting Standards Board (GASB) Pronouncement 87; and for reporting Subscription-Based Information Technology Arrangements (SBITA) in compliance with GASB-96. The County currently manages debt service payments for thirty districts and has an estimated thirty-fifty GASB-87 qualifying leases. The County currently has many Subscription-Based Information Technology Arrangements that are subject to similar reporting requirements. The vendor's software product, DebtBook, is a consolidated Debt, Lease and SBITA management software product. There are achievable cost savings to be realized by utilizing one software solution for these separate, specialized reporting requirements coupled with a multi-year Agreement.
Fifth Asset, Inc. d/b/a DebtBook was initially selected after an evaluation was performed by National Cooperative Purchasing Alliance (NCPA), whereby they solicited a Request for Proposal for Debt and Lease Management Software and Consulting Services in June of 2021. After evaluating all responses, the NCPA contract was awarded to Fifth Asset, Inc. d/b/a DebtBook in August 2021.
Please approve the Amendment with Fifth Asset, Inc. increasing the funding from $41,000 by $66,000 for a new total not to exceed $107,000, extending the timeframe of services through May 16, 2028, and authorize the Board Char to sign same. This Agreement is being placed on calendar as retroactive because the unusual effective dates coupled with the complex internal review and procurement process for this type of agreement/amendment.
Alternative Action/Motion:
Return to staff for alternative action.
Strategic Plan Priority Designation: An Effective County Government
Supervisorial District: All
Vote Requirement: Majority
Supplemental Information Available Online At: N/A
Fiscal Details:
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source of funding: AC 86-2189 |
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current f/y cost: $21,000 |
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budget clarification: Multi-Year Amendment |
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annual recurring cost: $22,000 FY25/26, $23,000 FY26/27 |
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budgeted in current f/y (if no, please describe): Yes |
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revenue agreement: No |
AGREEMENT/RESOLUTION/ORDINANCE APPROVED BY COUNTY COUNSEL: N/A
CEO Liaison: Executive Office
CEO Review: Yes
CEO Comments:
FOR COB USE ONLY
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Executed By: Atlas Pearson, Senior Deputy Clerk |
Final Status: Approved |
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Date: June 24, 2025 |
Executed Item Type: Agreement |
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Number: 25-081 |
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