Laserfiche WebLink
First Amendment to Actuarial Valuation Services for <br />Other Post -Employment Benefits (OPEB) Agreement <br />June 20, 2017 <br />Page 2 <br />In June 2015, the Governmental Accounting Standards Board (GASB) issued a Statement No. <br />75(GASB 75), Accounting and Financial Reporting for Postemployment Benefits Other Than <br />Pensions (OPER), which reflects an overhaul in the standards for accounting and financial <br />reporting for OPEB. The most significant impact of the new standard is the reporting of the OPEB <br />liability on the face of the financial statements rather than in the footnotes. The standard also <br />requires more extensive disclosure in the notes to the CAFR. <br />The City is required to implement GASB 75 for the fiscal year ending June 30, 2018. Bickmore's <br />knowledge and expertise related to the new OPEB reporting requirements will assist the City to <br />successfully implement the new standard and ensure true, current, and accurate reporting. <br />Therefore, staff recommends extending Bickmore's contract for two additional years to provide <br />actuarial valuation services required under the new guidance for fiscal years 2017-18 and 2018-19. <br />STRATEGIC PLAN ALIGNMENT <br />Approval of this item allows the City to meet Goal #4 City Financial Stability, Objective #1 (Maintain <br />a Stable, Efficient, and Transparent Financial Environment). <br />FISCAL IMPACT <br />Funds in the amount of $15,950 will be budgeted and available for FY 2017-18 and FY2018-19 as <br />follows: <br />Accounting Unit FY2017-18 FY2018-19 <br />01110110-62300 $12,980 $2,970 <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />%'N ` <br />Francisco Gutierrez <br />Executive Director <br />Finance and Management Services Agency <br />Exhibits: 1. First Amendment to Professional Services Agreement with Bickmore <br />25C-2 <br />