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Council OKs Foster & Foster actuary contract to meet GASB 75 requirements
Summary
Council approved Resolution 26‑07 to retain Foster & Foster (merged with Total Compensation Systems Inc.) for GASB 75 actuarial reviews of post-retirement benefit liability, with a bid "just under $5,400," and a review schedule explained by staff.
The council approved Resolution 26‑07 to contract with Foster & Foster Consulting Actuaries (noted as merged with Total Compensation Systems Inc.) to perform the city’s GASB 75 actuarial review of post-retirement benefit liabilities. Peter told the council the review is required by the Governmental Accounting Standards Board and that it provides an independent evaluation used in the city’s annual financials. "Their total bid is just under $5,400," he said.
Peter described the chosen cadence: a comprehensive review every other year with truing-up in intervening years unless the city sees material changes that would require a full review sooner. Council moved and approved the resolution by roll call.
