TRANSMITTAL LETTER FOR BOARD MEETING OF FEBRUARY 15, 2018
COMMITTEE ON PROCUREMENT
Mr. David St. Pierre, 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 $12,960.00, Account 101-40000-612430, Requisition 1487343
Body
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, 2022.
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.
Foster & Foster is registered and in good standing with the State of Illinois.
The Multi-Project Labor Agreement is not applicable due to the specialized nature of the services required.
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 $12,960.00.
Funds for 2018 expenditure, in the amount of $2,500.00, are available in Account 101-40000-612430. The estimated expenditure for 2019 is $2,500.00; 2020 is $2575.00; 2021 is $2,653.00 and 2022 is $2,732.00. Funds for 2019, 2020, 2021 and 2022 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:mmv
Recommended, Darlene A. LoCascio, Director of Procurement and Materials Management
Respectfully Submitted, Barbara J. McGowan, 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 February 15, 2018