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FINANCIAL MANAGEMENT DEPARTMENT <br /> #2009- 68 <br /> DATE: November 23, 2009 <br /> TO: Honorable Mayor Michael T. McElroy d City Council <br /> FROM: Ryan P. McCrady, City Manager <br /> Ron Neufeld, Finance Director <br /> SUBJECT: Actuarial Valuation of Police and ire Pension Funds <br /> SUMMARY RECOMMENDATION: <br /> It is recommended by staff that the City Council approve the attached resolution, which <br /> authorizes Milliman Consultants and Actuaries to provide consulting services related to <br /> the actuarial valuation of Police and Fire Pension Funds. The fixed fee for their services <br /> is $16,800. <br /> BACKGROUND: <br /> Milliman Consultants and Actuaries have been providing Police and Fire Pension Fund <br /> actuarial services for many years. Much of the work for this year has already been <br /> completed, so it will not be possible to do an RFP for these services this year. This year <br /> they have agreed to provide these services for $16,800, which is a 2.4% increase over the �, <br /> amount they were paid last year. We would ask that the City Council approve the i <br /> attached resolution to authorize the payment for services provided. I <br /> POTENTIAL OBJECTION: There are no known objections to this <br /> resolution. <br /> INPUT FROM OTHER SOURCES: Therese Marske, Milliman Consultants and <br /> Actuaries <br /> STAFF REFERENCES: Ron Neufeld, Finance Director- 450-2226 <br /> BUDGET/TIME IMPLICATIONS: <br /> Money for these services is included in the Non-Departmental budget. <br />