Title
Approving a resolution with the caption reading: RESOLUTION OF THE CITY OF PFLUGERVILLE, TEXAS, AUTHORIZING THE CITY MANAGER TO EXECUTE AN INTERLOCAL COOPERATION AGREEMENT WITH THE NORTH CENTRAL TEXAS COUNCIL OF GOVERNMENTS (NCTCOG).
Summary
Governmental Accounting Standards Board Statement 45 requires the City to present its liability for Other Post Employment Benefits (OPEB) in the City's Comprehensive Annual Financial Report (CAFR). This information is obtained bi-annually through a study performed by an actuarial firm. The North Central Texas Council of Governments (NCTCOG) conducted a procurement process and selected Gabriel, Roeder, Smith & Co. (GRS) to provide actuarial services on a shared services basis. Approval of this resolution allows the City to enter into an Interlocal Cooperation Agreement with NCTCOG for shared services (attached). This interlocal agreement would be used to subsequently contract with Gabriel, Roeder Smith & Co. to obtain the needed actuarial services (agreement attached). All agreements have been reviewed by the City Attorney.
The City of Pflugerville has used GRS to perform this study for the last three cycles and their work has been satisfactory.
Deadline for City Council Action
Approval of this action will allow the study to be completed in time for audit fieldwork in early November.
Fiscal Impact
The cost of the actuarial study is estimated at $5,145 and is included in the FY15 budget.
Staff Recommendation
Approve the resolution.
Drafter
Lauri Gillam
Assistant City Manager