HomeMy WebLinkAbout23-126 Approval of Software Service Contract with DebtBook
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 23-126
RESOLUTION APPROVING FINANCE SOFTWARE SERVICE CONTRACT WITH FIFTH
ASSET, INC. D/B/A DEBTBOOK
Motion By: Lake Second By: Braid
WHEREAS, the city has a software service contract with Fifth Asset Inc. d/b/a DebtBook to
effectively manage debt in the cloud. It provides a debt module with the tools
and resources to organize, track, analyze, and fulfill required governmental
schedules and reporting; and
WHEREAS, the city plans to use added DebtBook modules to fulfill the new governmental
accounting standards for leases (GASB 87) and subscription-based services
(GASB 96). This includes review of contract terms, required reporting
schedules, journal entry creation, and ongoing compliance; and
WHEREAS, staff has received a three-year quote and recommends approval of the contract
to support the governmental accounting standards for debt, lease and software
subscription based contracts
NOW THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The City Council authorizes a three-year contract with Fifth Asset Inc. d/b/a DebtBook in the
amount of $33,000.
3. The Expenditure will be funded from the General Fund. (101-41520.00-54020.00).
Passed and adopted by the Prior Lake City Council this 2nd day of October 2023.
VOTE Briggs Braid Burkart Churchill Lake
Aye ☒ ☒ ☒ ☒ ☒
Nay ☐ ☐ ☐ ☐ ☐
Abstain ☐ ☐ ☐ ☐ ☐
Absent ☐ ☐ ☐ ☐ ☐
______________________________
Jason Wedel, City Manager