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)
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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 pa...
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