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Contract Renewal - Debt and Lease Management Software
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INFORMATION CONTACT:
Beverly Liles, Finance, Director, 704-283-3675
ACTION REQUESTED:
Authorize the County Manager to 1) negotiate and execute an agreement substantially consistent with this agenda item, 2) exercise any renewal or extension term options set forth in the Agreement, and 3) terminate the Agreement if deemed in the best interest of the County, each in the County Manager's discretion.
PRIOR BOARD ACTIONS:
None.
BACKGROUND:
The Finance Department has utilized the contractual services of Fifth Asset, dba Debtbook for Debt and Lease Management Software Services since May, 2022. The company has been effective and efficient in meeting our service needs, and we are requesting to continue this service for an additional three years.
FINANCIAL IMPACT:
The anticipated annual cost for this service is $16,500. Since this contract contains a three-year term, a total of $49,500 is estimated to be spent. Funding is available in the adopted FY25 budget with future expenditures subject to annual BOCC budget appropriation.