Lease and SBITA Management System (Multi-Step IFB)

The Washington Suburban Sanitary Commission (WSSC) is seeking a cloud-based software solution to manage Lease and Subscription-Based Information Technology Arrangement (SBITA) contracts. The solution must automate the generation of lessee payment schedules, amortization schedules, journal entries, and disclosure reports to comply with GASB 87 and GASB 96 accounting standards. WSSC currently manages approximately 105 contracts manually using Excel workbooks and seeks to improve efficiency through automation while ensuring accurate lease and SBITA-related information in financial statements.

The software platform must be capable of managing payment schedules, amortization schedules, required journal entries, and disclosure reporting once contract details such as lease terms, initial measurements, escalations, renewals, terminations, and modifications are entered. After initial contract input, all processes must run automatically without manual intervention. The solution should streamline the Accounting Division's current manual processes that have been in place since WSSC implemented GASB 87 in fiscal year 2022 and GASB 96 in fiscal year 2023.

WSCC serves approximately 1.9 million residents across Maryland's Montgomery and Prince George's Counties with water and sewer services. The agency, established in 1918, ranks among the largest water and sewer utilities in the country and encompasses a service area of nearly 1,000 square miles. This is a multi-step invitation for bid (IFB) process with sealed responses required.