Specifications include, but are not limited to: The City of Compton is requesting proposals for lease accounting and management software to successfully implement Governmental Accounting Standards Board (GASB) Statement No.87, Leases. The selected firm will work collaboratively with the City’s in-house team along with possible outside Subject Matter Experts. At this time, the City is seeking a cloud-based lease accounting system which will allow it to be fully compliant with Legacy GASB (including GASB 13 and GASB 62) and GASB 87. Current estimates indicate that approximately 30+ leases are maintained by the City, the management of which is decentralized. The software shall allow for export of data to other applications, for batch uploading of initial lease data, and for access controls set up by user profiles. The selected firm shall provide implementation support, post implementation support, and training for system use. The City will require a minimum of five (5) user licenses. In addition, the vendor must provide significant assistance with review of leases to determine applicability to GASB 87, compilation and upload of applicable data to the new Lease Accounting System, and any journal entry adjustments to implement GASB 87 through Fiscal Year 2021-2022.
