DEPARTMENT
Finance
REQUESTED ACTION (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
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Request approval to amend an existing contract - Finance Department, 20RFP110320C-CG, GASB 75 Actuarial Consulting Services to resolve conflicting language regarding renewal terms; and request to thereafter renew the amended contract in an amount not to exceed $27,000.00 with The Segal Company (Atlanta, GA) to provide GASB 75 actuarial services. This action corrects a scrivener's error and exercises the fourth of four renewal options. No renewal options remain. Effective dates: January 1, 2025 to December 31, 2025. (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: This request is to renew the contract for GASB 75 actuarial services. These services are only required every other year to meet GASB reporting standards.
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 ...
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