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City hears update on actuarial valuation for Whisper Water plan ahead of June 30 audit deadline
Summary
City staff told the mayor and council an actuarial valuation needed for the June 30, 2025 annual audit is in progress but may be delayed a week due to the actuary firm's point of contact being out on a family emergency.
City finance staff updated the Lewisburg mayor and council on the status of an actuarial valuation required for the June 30, 2025 annual audit and said the work remains in progress but may be marginally delayed.
Jake (last name not provided), appearing for the city, said the city engaged an actuary firm, referred to as 1America, and provided requested documents in mid-May. He told the council the actuary’s assigned contact sent an out‑of‑office autoreply on May 29 for a family emergency and the firm is working to reassign or pick up the account. “We were initially told on the May 1 that it would be 6 to 8 weeks before they completed their study,” Jake said. He estimated the current interruption may cause about a one‑week delay but that staff still expect the 6-to-8-week timeline overall.
Why it matters: The actuarial valuation is listed in the city audit report and provides figures the city’s accountant needs to prepare fiscal-year-end numbers for the June 30 audit. Staff said the valuation and any clarifying responses must be complete so auditors have required inputs for the annual financial statements.
What staff said: Jake said city accountant Lisa uploaded requested documents on May 15 and followed up after the May 29 inquiry; the actuarial firm has sent a few clarification questions that the city has answered. Jake said staff will continue to press the firm for assignment of another contact if the original actuary remains unavailable, and he expected either completion or a clearer update by the next month’s work session. No formal council action was taken.
Limitations: The city did not specify which line items or liabilities the actuarial valuation covers in the work session update, and Jake said he had not received detailed status beyond the autoreply and firm‑level follow up. Jake identified Lisa as the city accountant and said she is tracking the submission requirements for the auditor.
Next steps: Staff will continue to follow up with the actuarial firm and report back to the council; the city intends to meet audit deadlines pending receipt of the actuarial report or assigned staff at the firm.
