DATE: August 20, 2015
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
SUBJECT:
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Contract 2015-0294, an Actuarial Services and Consulting Agreement with Acuff & Associates LLC
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning the agreement with Acuff & Associates to provide actuarial services.
Background
The City of Franklin is required to produce a Comprehensive Annual Financial Report that includes an actuarial estimate of OPEB (Other Post-employment Benefits) liabilities for City employees that have retired. The Government Accounting Standards Board requires that a full actuarial analysis be conducted in alternating years, with a limited survey in the intervening years. The 2015 fiscal year happens to be the year for a full analysis and an agreement with a certified actuarial firm is required.
Financial Impact
The fees associated with the study are $7,000 in 2015 and $2,000 in 2016.
Recommendation
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Staff recommends approval by the City Administrator under his authority from the Board.