CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Approve the award of Cooperative Procurement 26-222, Debtbook Financial Software, to Fifth Asset Inc. for an amount not to exceed $137,326.03 and for a two-year term
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DEPARTMENT: Finance Department
SUBMITTED BY: Traci Marrocco, Interim Director of Finance
BOARD/COMMISSION REVIEW:
N/A
BACKGROUND:
The Finance Department has utilized Debtbook Financial Software since 2023 to assist with implementing Governmental Accounting Standards Board (GASB) requirements. The software has proven to be a valuable tool for organizing and tracking the City’s leases and software subscriptions and generating complex accounting entries necessary to comply with the new standards.
This award is requested to continue to use Debtbook software for an additional two years and to add two software components, Investment & Cash Management.
DISCUSSION:
The proposed purchase adds two more components, Investment and Cash Management. The addition of the Cash Management software will assist Finance by tracking upcoming cash flow and adjust as needed for accurate projections. The software will recognize debt payments alongside cash forecasts for full financial clarity. The Cash Management software will also monitor all connected bank accounts in real time for unusual activity, quickly flag unauthorized transactions, and reduce fraud risk. The Finance Department does not currently have a cash flow monitoring system.
Debtbook’s Investment software will consolidate investment holdings into one system, track maturities, yields, and compliance with policies, and assist with creating reports for the Financial Advisory Board and City Council. Following the conclusion of the City’s contract with Marquette Advisors, Finance developed an internal Cash and Investment Report based in Microsoft Excel. Debtbook’s software would provide a more robust reporting solution than the current Cash and Investment Report.
Without the software, staff would ...
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