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City plans OPEB actuarial to remove audit finding
Summary
Staff proposed engaging an actuary to produce an OPEB report to resolve an audit finding about missing other post-employment benefits (OPEB) disclosure; council was asked to authorize signing a letter of intent to begin the work.
Finance staff told council auditors have flagged the city for lacking an actuarial estimate for other post-employment benefits (OPEB), and recommended commissioning an actuary to produce the required report.
"We have been getting dinged on our audits for not having a OED, OPEB," staff said, and recommended a letter of intent so the city can obtain an actuarial report that will eliminate the audit finding and clarify projected liabilities. The council consented to move forward with the letter of intent; staff will return with specific contract terms and costs for council approval.
