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REQUEST FOR <br />COUNCIL ACTION <br />Di III Cgeelll LIN 14Jd=[=III [lJ_%li=i <br />JUNE 20, 2017 <br />TITLE: <br />RENEWAL TO THE ACTUARIAL <br />VALUATION SERVICES FOR OTHER <br />POST -EMPLOYMENT BENEFITS <br />(OPEB) AGREEMENT WITH BICKMORE <br />(STRATEGIC PLAN N0.4, 1) <br />h <br />CITY 16AWAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1" Reading <br />❑ Ordinance on 2ntl Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Authorize the City Manager and Clerk of the Council to execute the renewal of the existing one- <br />year agreement, extending the period from June 20, 2017 through June 30, 2019, and increasing <br />the contract amount to $15,950 with Bickmore, , for a not to exceed agreement of $29,497, subject <br />to nonsubstantive changes approved by the City Manager and City Attorney. <br />DISCUSSION <br />The City issued a Request for Proposal (RFP) on April 15, 2016 seeking qualified firms to provide <br />actuarial valuation services for other post -employment benefits ("OPEB"). As a result of the RFP <br />the City received three (3) proposals reviewed and approved by the Finance and Management <br />Services Agency — Accounting Division. After completing its analysis of the submitted proposals, <br />Bickmore was selected as the most qualified entity to provide the City the above -referenced <br />services, specifically due to its overall ability in providing the services; technical qualifications and <br />experience of key members of the engagement team; along with costs in providing the service. <br />On June 21, 2016, the City entered into a one-year contract agreement with Bickmore to provide <br />actuarial valuation services for OPEB for a total not to exceed amount of $13,547, with the option <br />to renew annually for two additional one-year periods. The actuarial valuation is required to be <br />performed every two years to determine the City's total retirement health benefits liability as of <br />each fiscal year end. Approval of the recommended action allows for the City to consolidate its <br />two one-year renewal options into one contract amendment allowing for an extension of the said <br />two years. As a result the preparation of the report and subsequent financial reporting will be <br />performed by one actuarial and allow for uninterrupted service during the upcoming fiscal years. <br />Additionally, the liability and related information are presented in the City's Comprehensive Annual <br />Financial Report (CAFR) for FY 2015-16. <br />25C-1 <br />