Exhibit 1 - Agenda Information SheetCity of Denton
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AGENDA INFORMATION SHEET
DEPARTMENT: Procurement & Compliance
ACM: David Gaines
DATE: March 22, 2022
SUBJECT
Consider adoption of an ordinance of the City of Denton, a Texas home-rule municipal corporation,
authorizing the City Manager to execute a contract with Fifth Asset, Inc., for debt management software
for the Finance Department; providing for the expenditure of funds therefor; and providing an effective date
(RFP 7840 – awarded to Fifth Asset, Inc., for one (1) year, with the option for four (4) additional one (1)
year extensions, in the total five (5) year not-to-exceed amount of $100,000.00).
INFORMATION/BACKGROUND
The City’s Finance Department is tasked with managing the City’s debt schedules totaling $1.6 billion. The
schedules are maintained in two Excel spreadsheets: 1) General Government 2012-2021 and 2) Utility
Revenue 2017 and 2021. These spreadsheets are manually maintained and updated with each bond sale. To
increase long-term accuracy and minimize potential data entry issues, Finance determined it was necessary
to transfer the schedules to a web-based software program.
In addition, Government Accounting Standards Board (GASB) created Statement 87 establishing a single
model for lease accounting requiring tracking and reporting of certain lease liabilities that are currently not
reported as a single item on the financial statements. The GASB 87 requirement must be implemented by
the end of this fiscal year. Most debt software companies have included the GASB 87 tracking in their
current platforms.
On October 12, 2021, staff initiated an RFP for debt management software and according to state law was
published in the Denton Record Chronicle. In addition, the RFP was labeled with NGIP codes 208, 209,
and 920 (Computer Software and Data Processing) in Denton’s procurement software, Ionwave. NIGP, the
National Institute of Government Purchasing code, is a universal classification for organizations to identify
commodities and services in a procurement system. The City answered questions by email from bidders
and hosted a pre-bid conference call/video. The City received five (5) debt management software bids to
evaluate by the November 12, 2021, deadline. Two of these (5) bids were determined non-responsive
leaving three to participate in the evaluation process.
To fully evaluate bid proposals within the context of the City’s required services, Finance staff members
from Treasury and Accounting were utilized to participate in the evaluation process. Below are the
evaluation criteria used for the debt management software RFP.
• 10% Project Schedule
• 30% Specifications
City Hall
215 E. McKinney Street
Denton, Texas
www.cityofdenton.com
• 40% Price
• 20% Probable Performance
Based on staff’s evaluations, both by bid review and bidder presentations, staff concluded that Fifth Asset,
Inc. offers the best combination of services and pricing. The evaluation team, led by Purchasing, found it
unnecessary to seek further actions with the other two bidders. Fifth Asset, Inc.’s Debt Book platform meets
our debt schedule management needs as well as our upcoming requirements for GASB 87.
Project Description Estimated 5-Year Expenditure
Year 1 with implementation $ 22,750
Year 2 $ 17,500
Year 3 $ 17,500
Year 4 $ 17,500
Year 5 $ 17,500
Contingency for additional issuances $ 7,250
Total $100,000
Request for Proposals was sent to 535 prospective suppliers of this item, including 13 Denton firms. In
addition, specifications were placed on the Procurement and Compliance website for prospective suppliers
to download and advertised in the local newspaper. Five (5) proposals were received, with three (3) meeting
specifications. References were checked, and proposals were evaluated based upon published criteria
including schedule, compliance with specifications, probable performance, and price. Based upon this
evaluation, Fifth Asset, Inc. was ranked the highest and determined to be the best value for the City.
NIGP Code Used for Solicitation: 208, 209, and 920
Notifications sent for Solicitation sent in IonWave: 535
Number of Suppliers that viewed Solicitation in IonWave: 19
HUB-Historically Underutilized Business Invitations sent out: 55
SBE-Small Business Enterprise Invitations sent out: 230
Responses from Solicitation: 5
Responses Meeting Specifications: 3
RECOMMENDATION
Award a contract with Fifth Asset, Inc., for debt management software for the Finance Department, in a
one (1) year, with the option for four (4) additional one (1) year extensions, in the total five (5) year not-to-
exceed amount of $100,000.
PRINCIPAL PLACE OF BUSINESS
Fifth Asset, Inc.
Charlotte, NC
ESTIMATED SCHEDULE OF PROJECT
This is an initial one (1) year contract with options to extend the contract for four (4) additional one (1) year
periods, with all terms and conditions remaining the same.
FISCAL INFORMATION
These services will be funded from Finance Department Operating Funds.
EXHIBITS
Exhibit 1: Agenda Information Sheet
Exhibit 2: Pricing Evaluation
Exhibit 3: Ordinance and Contract
Respectfully submitted:
Lori Hewell, 940-349-7100
Purchasing Manager
For information concerning this acquisition, contact: Randee Klingele, 940-349-8206.
Legal point of contact: Marcella Lunn at 940-349-8333.