File #: 23-0740    Version: 1 Name:
Type: Consent - Open & Responsible Government Status: Agenda Ready
File created: 9/18/2023 In control: Board of Commissioners
On agenda: 11/1/2023 Final action:
Title: Request approval to renew existing contracts - Finance Department, 20RFP110320C-CG, GASB 75 Actuarial Consulting Services in the amount of $0.00 with The Segal Company (Atlanta, GA) to provide GASB 75 actuarial services. This action exercises the third of four renewal options. One renewal option remains. Effective dates: January 1, 2024, to December 31, 2024. (APPROVED UPON ADOPTION OF THE CONSENT AGENDA)
Attachments: 1. Exhibit 1: CONTRACT RENEWAL AGREEMENT FORM for GASB 75 for 2024, 2. Exhibit 2:CONTRACT RENEWAL EVALUATION FORM GASB 75 for 2024, 3. Exhibit 3: Vendor Performance report, 4. 2023-0740
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
No records to display.

 

Department

Finance

 

Requested Action (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)

title

 

Request approval to renew existing contracts - Finance Department, 20RFP110320C-CG, GASB 75 Actuarial Consulting Services in the amount of $0.00 with The Segal Company (Atlanta, GA) to provide GASB 75 actuarial services. This action exercises the third of four renewal options. One renewal option remains.  Effective dates: January 1, 2024, to December 31, 2024.  (APPROVED UPON ADOPTION OF THE CONSENT AGENDA)     

body


Requirement for Board Action
(Cite specific Board policy, statute or code requirement)

In accordance with Purchasing Code Section 102-394(6), the Purchasing Department shall present all renewal requests to the Board of Commissioners at least 90 days prior to the contract renewal date, 60 days if the contract term is six (6) months or less.

 

Strategic Priority Area related to this item (If yes, note strategic priority area below)

Open and Responsible Government

 

Commission Districts Affected

All Districts                     

District 1                     

District 2                     

District 3                     

District 4                     

District 5                     

District 6                     


Is this a purchasing item?

Yes

 

Summary & Background

 

Scope of Work: Finance recommends approval of this contract, which provides actuarial services to comply with the Governmental Accounting Standards Board which oversees accounting principles applicable to all state and local governments in the United States. Standard No.  75 requires a biennial actuarial analysis of Fulton County’s offer of health care and life insurance to eligible retired employees. In order to ensure the County continues to receive unmodified audit opinions, the County would disclose this updated actuarially determined information in the annual audited financial statements.   Fiscal 2024 is the “off” year, which does not require analysis of the other post-employment benefits as of 12/31/23, but utilizes the FY 2022 analysis, and therefore does not require additional funding or payment, but requires renewal to maintain active status for the contract.   

 

Community Impact: None

 

Department Recommendation: Recommend approval

 

Project Implications: Ensures the County maintains a active contract for compliance with GASB actuarial standards reporting.

 

Community Issues/Concerns: None noted

 

Department Issues/Concerns: None noted

 

Contract Modification

 

Current Contract History

BOC Item

Date

Dollar Amount

Original Award Amount

21-0164

3/3/2021

$25,000.00

1st Renewal

21-0991

12/15/2021

$0.00

2nd Renewal

22-0842

11/16/2022

$26,000.00

3rd Renewal

 

 

$0.00

Total Revised Amount

 

 

$51,000.00

Contract & Compliance Information (Provide Contractor and Subcontractor details.)

Contract Value:                                           $0.00

 

Prime Vendor:                      The Segal Company, Inc.

Prime Status:                      Non-Minority

Location:                                                                Atlanta, GA

County:                                                                Fulton County

Prime Value:                                           $0.00 or 0.00%

 

Total Contract Value:                      $0.00 or 0.00%

Total Certified Value:                      $0.00 or 0.00%

 

Exhibits Attached (Provide copies of originals, number exhibits consecutively, and label all exhibits in the upper right corner.)

Exhibit 1: Contract Renewal Agreement

Exhibit 2: Contract Renewal Evaluation Form

Exhibit 3: Vendor Performance Report

 

Contact Information (Type Name, Title, Agency and Phone)
title

Hakeem Oshikoya, Finance Director     404-612-7641

 

Contract Attached
title

No


Previous Contracts

title

Yes

 

Total Contract Value

Original Approved Amount:

$25,000.00

Previous Adjustments:

$26,000.00

This Request:

$0.00

TOTAL:

$51,000.00


Grant Information Summary

Amount Requested:

 

Cash

Match Required:

 

In-Kind

Start Date:

 

Approval to Award

End Date:

 

Apply & Accept

Match Account $:

 

 

 


Fiscal Impact / Funding Source

Funding Line 1:

100-999-S200-1226:  General fund, Non-agency, Audit-Financial special

Key Contract Terms

Start Date: 1/1/2024

End Date: 12/31/2024

Cost Adjustment

Renewal/Extension Terms: 3rd of 4


Overall Contractor Performance Rating: 76

Would you select/recommend this vendor again?

Yes

 

Report Period Start:

Report Period End:

1/1/2023

6/30/2023