REQUESTED ACTION (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
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Request approval of a recommended proposal - Finance, #20RFP110320C-CG, GASB 75 Actuarial Consulting Services in the amount of $25,000.00 with Segal Consulting, LLC (Atlanta, GA) to provide GASB 75 actuarial consulting services. Effective dates: Upon Board approval through December 31, 2021, with four renewal options. These services are only required every other year to meet GASB reporting standards. (APPROVED)
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REQUIREMENT FOR BOARD ACTION (Cite specific Board policy, statute or code requirement)
In accordance with Purchasing Code Section 102-374 and 102-375, all competitive sealed proposals shall be forwarded to the Board of Commissioners for approval.
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 (First sentence includes Agency recommendation. Provide an executive summary of the action that gives an overview of the relevant details for the item.)
Scope of Work: This contract will provide actuarial services in order 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
Community Impact: None
Department Recommendation: Recommend approval
Project Implications: This service ensures compliance with Governmental Accounting Standards.
Community Issues/Concerns: None
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