Okaloosa County BOCC — April 1, 2014 — Action Item Printout

BOARD OF COUNTY COMMISSIONERS AGENDA REQUEST DATE: April 1, 2014 TO: Honorable Chairman and Members of the Board FROM: Kay Godwin SUBJECT: Approval to Pay GASB 45 Actuarial Study DEPARTMENT: Human Resources BCC DISTRICT: ALL STATEMENT OF ISSUE: Request approval to pay the invoice for actuarial services from Milliman for the GASB 45 actuarial study. BACKGROUND: On April 9, 2008, the County entered into a contract with Milliman, an actuarial services company, to perform the GASB 45 actuarial study. The GASB 45 study estimates the county’s future liability for retiree health insurance. The contract calls for a fee of $16,000 for the initial study. No contract amount is specified for future years. The bill for the fiscal year ended September 30, 2013 is $3,500. This amount is less than the amount stated in the contract for the initial study; therefore, Finance will not pay for the services without formal BCC approval. OPTIONS: The commission may authorize payment of the Milliman invoice in the amount of $3500 or provide further direction. RECOMMENDATIONS: Risk Management recommends that the commission authorize payment of the invoice for services rendered. RECOMMENDED BY: APPROVED BY: Ernie Padgett, County Administrator