25C - RENEWAL TO ACTUALRIAL VALUATION SRVCS FOR OPEB AGMT WITH BICKMORE

Home Browse Search

Exhibit A: First Amendment to ffickmore Consultant Agreement with Bickmore May 16, 2017 Ms. Sarah Ro Supervising Accountant City of Santa Ana 20 Civic Center Plaza Santa Ana, CA 92701 Re: Engagement Letter for OPEB Actuarial Valuation Services for the City of Santa Ana Dear Sarah: We are sending this letter at your request proposing Bickmore's engagement to complete an updated actuarial valuation of other postemployment benefits (OPEB) liabilities under GASB 75 for the City of Santa Ana (the City). The valuation date will tentatively be July 1, 2017. We anticipate that this valuation will develop OPEB disclosure Information for financial reporting purposes under GASB 75 for the fiscal year ending June 30, 2016 and will be the basis for financial reporting under GASB 75 for the fiscal year ending June 30, 2019. if the City wishes to see illustrations of results for one or more "prefunding" scenarios, those calculations would be separate from those prepared for GASB 75 purposes. • The data request will be similar to what we have requested for prior valuations, with an employee data request, a questionnaire about benefits and copies of some documentation. • Much of the valuation process will be similar to that followed in prior years. However, the presentation of results will materially different than in prior valuations, reflecting the revised information needed for GASB 75 reporting. Please also note that additional calculations will be required one year after the valuation to provide the information for FYE 2019 reporting. • Timing: We are prepared to begin the valuation at your convenience. We anticipate completing the draft report within 50-60 days following receipt of complete data. • The last page summarizes include the fees we propose for this project. Our quote reflects the time required far the additional GASB 75 information for the interim year between valuations, Our quote is also based on the assumptions that retiree medical benefits remain largely the same as they were in the City's previous valuation. If you are comfortable with the project as outlined and the fees quoted, please return a signed dated copy back to us by email. If you have any questions, please contact me at (503) 419-0462 or at cmacleod@bickmore.net. We appreciate the opportunity to work with you and the City on this assignment and look forward to hearing back from you. Cordially, Catherine L. MacLeod. FSA, FCA, MAAA, EA Director, Post -Employment Benefit Actuarial Services Enclosure 5200 SW Macadam Ave, Suite 310,�Portland, OR 97239 • 860,541 4591 - f. 855.242.8919 wv .bckmore.net 25C-5