HomeMy WebLinkAboutItem 05 - Actuarial Services MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: JUNE 6, 2023
SUBJECT: RENEWAL OF ACTUARIAL SERVICES AGREEMENT ASSOCIATED
WITH ANNUAL FINANCIAL REPORTING REQUIREMENTS
RECOMMENDATION: City Council to consider renewing the annual contract with GRS
Consulting for actuarial services required for completion of the City's
annual audit and report.
FUNDING SOURCE: Funding is available in the General Fund (Fiscal Services) for an
estimated amount of$24,330.
BACKGROUND: Each year the City is required to perform an actuarial analysis to be used
in the determination of OPEB liability information to be included in the
City's annual report. The City has used GRS consulting each year to
perform that analysis. The original agreement was signed in 2018 as part
of an interlocal agreement with North Central Texas Council of
Governments (NCTCOG). Recently an amendment was approved
between GRS Consulting and NCTCOG extending the agreement to June
2025.
GRS Consulting will provide a December 31, 2022 actuarial valuation to
be used for FY23 and FY24. Under GASB 75, the City will receive a
separate valuation report for each fiscal year. In the "off-year", when a full
valuation is not performed, the City will receive a "roll-forward" report
which provides an updated liability, a liability reconciliation from the prior
measurement date, new deferred outflows/inflows, new OPEB expense,
and new sensitivity disclosures for use in preparing the City's annual
reports.
Staff recommends approval.
GJ/JS