RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COMMERCE, CALIFORNIA, AUTHORIZING THE CITY MANAGER TO EXECUTE THE PROFESSIONAL SERVICES AGREEMENT WITH FOSTER AND FOSTER ACTUARIES AND CONSULTANTS WHEREAS, the City of Commerce provides its employees Other PostEmployment Benefits (OPEB) through its retiree health program; and WHEREAS, the Government Accounting Standards Board (GASB) requires the City to report certain financial information about its retiree health program in its financial statements in accordance with GASB 74 and GASB 75; and WHEREAS, the City wishes to engage the services of Foster and Foster Actuaries and Consultants to provide the actuarial valuations needed to meet its financial reporting requirements.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF COMMERCE DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The City Council of the City of Commerce hereby finds and declares that the foregoing recitals are true and correct, and incorporates them herein as findings and as a substantive part of this Resolution.
Section 2. City Council hereby authorized the City Manager to execute a Professional Services Agreement with Foster and Foster Actuaries and Consultants for a two year term to provide actuarial valuation services for Fiscal Year 2022/23 and FY 2023/24 for an amount not to exceed $27,000 in a form approved by the City Attorney.
Section 3. Authorize the Mayor to execute the Resolution for and on behalf of the City of Commerce.
Section 4. This Resolution shall take full force and effect immediately upon adoption by the City Council.
PASSED, APPROVED AND ADOPTED this 24th day of October, 2023. __________________________
Hugo Argumedo
Mayor
ATTEST:
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Lena Shumway
City Clerk