TRANSMITTAL LETTER FOR BOARD MEETING OF OCTOBER 5, 2023
COMMITTEE ON PROCUREMENT
Mr. Brian A. Perkovich, Executive Director
Title
Issue purchase order and enter into an agreement with Foster & Foster Consulting Actuaries, Inc., for Actuarial Service for preparation of Governmental Accounting Standards Board Statement No. 68, Financial Statement Disclosure Information, in an amount not to exceed $15,140.00, Account 101-40000-612430, Requisition 1606430.
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Dear Sir:
Authorization is requested to issue a purchase order and enter into an agreement with Foster & Foster Consulting Actuaries, Inc.,(Foster & Foster) for actuarial service for preparation of Governmental Accounting Standards Board Statement No. 68, (GASB 68) Financial Statement Disclosure Information. This purchase order will expire on December 31, 2027.
Foster & Foster, the sole service provider of actuarial service for preparation of GASB 68 has submitted prices for the services required. Inasmuch as Foster & Foster, is the only source of supply for the services required, nothing would be gained by advertising for bids (Section 11.4 of the Purchasing Act).
GASB 68 financial reporting became effective for the District during fiscal year 2015. Additional actuarial calculations are required to be performed on the Retirement Fund for the District to satisfy these reporting requirements. It will be most efficient for the District to engage Foster & Foster, Inc., to perform these services. The District will only pay for the calculations specific to GASB 68. All of the foundation work will be paid by the Retirement Fund under the terms of its current contract which also expires December 31, 2027.
Foster & Foster is registered and in good standing with the State of Illinois.
In view of the foregoing it is recommended that the Director of Procurement and Materials Management be authorized to issue a purchase order and enter into an agreement with Foster & Foster Consulting Actuaries, Inc., in an amount not to exceed $15,140.00.
Funds for 2023 expenditure, in the amount of $2,850.00, are available in Account 101-40000-612430. The estimated expenditure for 2024 is $2,940.00; 2025 is $3,020.00; 2026 is $3,120.00 and 2027 is $3,210.00. Funds for 2024, 2025, 2026 and 2027 expenditures are contingent on the Board of Commissioners’ approval of the District’s budget for those years.
Requested, Jacqueline Torres, Clerk/Director of Finance, JT:kj
Recommended, Darlene A. LoCascio, Director of Procurement and Materials Management
Respectfully Submitted, Marcelino Garcia, Chairman Committee on Procurement
Disposition of this agenda item will be documented in the official Regular Board Meeting Minutes of the Board of Commissioners for October 5, 2023