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Board renews three-year DebtBook subscription for $66,750 to support GASB compliance
Summary
The Sedgwick County Board of Bids and Contracts approved a $66,750, three-year subscription renewal with 5th Asset Inc. (doing business as DebtBook) to help manage lease and subscription accounting under GASB 87 and 96, the board was told.
The Sedgwick County Board of Bids and Contracts on July 3 approved a $66,750 quote from 5th Asset Incorporated, doing business as DebtBook, for a three-year renewal covering July 31, 2025, through July 30, 2028. The Division of Finance presented the quote as a subscription for lease and subscription management to comply with GASB 87 and 96.
Joe Thomas, speaking on behalf of the Division of Finance, said, "This represents the subscription charges for access to the debt book platform for lease and subscription management to adhere and stay compliant to the financial statement impacts of the GASB 87 and 96 standards imposed by the governmental accounting standards board." He confirmed the entry is a renewal of the product the county currently uses.
Board members asked whether the item was a renewal or a new product; Thomas confirmed it was a renewal for three years. The chair called for a motion; a member moved to accept the quote, another seconded, and the board approved the renewal by unanimous vote.
The contract period and amount were recorded in the purchasing recommendation; no additional implementation steps or contingencies were specified during discussion.
