REQUEST FOR CITY COUNCIL ACTION
SUBMITTED TO: Honorable Mayor and City Council Members
SUBMITTED BY: Lori Ann Farrell Harrison, Interim City Manager
PREPARED BY: Gilbert Garcia, Chief Financial Officer
Subject:
title
Approve and authorize execution of a Professional Services Contract with Bartel Associates, LLC in the Amount of $122,200 to perform Actuary Consulting Services
body
Statement of Issue:
City Council approval is requested to approve and authorize a professional services contract with Bartel Associates, LLC in the amount of $122,200 over a three-year period, to perform actuary services for the City's Supplemental Retirement and Retiree Medical Plans and to perform additional as needed actuarial services.
Financial Impact:
The total cost of the contract is $122,200. The first year cost of the contract is $5,000. Sufficient appropriation, $5,000 in account 10040101.69300, is available in FY 2018/19 for year one of the contract. The remaining term of the contract will be budgeted accordingly in the following business units: 70235202, 70335203, and 10040101.
The table below is a breakdown of the annual costs.
Account
FY18/19
FY19/20
FY20/21
FY21/22
Total
70235202.69365
$0
$24,700
$4,600
$26,000
$55,300
70335203.69365
$0
$15,700
$4,600
$16,600
$36,900
10040101.69300
$5,000
$10,000
$10,000
$5,000
$30,000
Total
$5,000
$50,400
$19,200
$47,600
$122,200
Recommended Action:
recommendation
Approve and authorize the Mayor and City Clerk to execute the "Professional Service Contract Between the City of Huntington Beach and Bartel Associates, LLC for Actuary Consulting Services."
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Alternative Action(s):
Do not approve the recommendation and direct staff accordingly.
Analysis:
The City of Huntington Beach has two plans which requires actuarial reporting, the City's Supplemental Retirement and Retiree Medical Plans. Under Governmental Accounting Standards Board (GASB) Statements 67 and 68 for the Supplemental Retirement plan and GASB Statement 75 f...
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