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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />MARCH 3, 2008 <br />TITLE: <br />AWARD CONTRACT WITH <br />ASSOCIATES, LLC, FOR <br />SERVICES <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />^ As Recommended <br />BARTEL ^ As Amended <br />ACTUARIAL ^ Ordinance on 151 Reading <br />^ Ordinance on 2"d Reading <br />^ Implementing Resolution <br />^ Set Public Hearing For_ <br />~1 <br />/~ `~~ <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CONTINUED TO <br />FILE NUMBER <br />Authorize the City Manager and Clerk of the Council to execute an <br />agreement with Bartel Associates, LLC, for a total agreement amount not <br />to exceed $32,000, subject to non-substantive changes approved by the <br />City Manager and City Attorney. <br />DISCUSSION <br />Governmental Standards Board pronouncement 45 (GASB 45) was issued to <br />provide more complete and reliable financial reporting regarding the <br />costs that governments incur for post retirement benefits such as health <br />insurance. The City is required to implement GASB 45 by the end of <br />fiscal year June 30, 2008. In order to understand the true liability as <br />defined under GASB 45 an actuarial study needs to be conducted. <br />Bartel Associates, LLC is recognized as one of the leading actuarial <br />firms in interpreting GASB 45. They have assisted many regional certified <br />accounting firms with training municipalities about GASB 45. As such, <br />staff recommends hiring Bartel Associates, LLC to conduct the actuarial <br />study. <br />FISCAL IMPACT <br />Funds for these services are available in the Finance & Management <br />Services (account no. 011-170-6291). <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />/~rancisco Gutierrez <br />~j Executive Director <br />Finance & Management Services Agency <br />25G-1 <br />