23-OTHER POST-EMPLOYMENT BENEFITS (OPEB)

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RESOLUTION N0. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PARIS, TEXAS, AUTHORIZING THE CITY TO ENTER INTO AN INTERLOCAL COOPERATION AGREEMENT WITH NORTH CENTRAL TEXAS COUNCIL OF GOVERNMENTS (NCTCOG) TO HIRE GABRIEL ROEDER SMITH & COMPANY TO CONDUCT ACTUARIAL CONSULTING SERVICES OF THE CITY'S OTHER POST EMPLOYMEIVT BENEFITS AS REQUIRED BY GOVERNMENTAL ACCOUNTING STANDARDS BOARD STATEMEIVT NUMBERS 43 AND 45; MAKING OTHER FINDINGS AND PROVISIONS RELATED TO THE SUBJECT; AND DECLARING AN EFFECTIVE DATE. WHEREAS, the Governmental Accounting Standards Board Statement numbers 43 and 45 requires an actuarial evaluation of other post employment benefits (OPEB) program offered by cities; and, WHEREAS, the City of Paris currently provides OPEB for its qualified retirees and the evaluation will calculate the dollar amount of the City's liability for OPEB so that it may be properly reflected on the City balance sheet along with providing other useful financial information; and, WHEREAS, in order to minimize the cost of this study and future studies, the City is recommending that the Council approve using a shared actuarial services agreement available through the North Central Texas Council of Governments (NCTCOG); and, WHEREAS the NCTCOG has coordinated a request for proposals for actuarial services negotiating with several actuarial consultants to obtain the best price for these services and using the prospect of multiple city valuations as a negotiating point, NCTCOG was able to obtain favorable pricing for this service; and, WHEREAS, NCTCOG selected Gabriel Roeder Smith & Company located in Irving, Texas to conduct the actuarial study and the estimated cost of services for the City of Paris is $6,525.00 through this agreement for these actuarial services; and, WHEREAS, the City Council hereby finds that it is in the best interest of the Ciry of Paris and its citizens that the City enter into an Agreement with North Central Texas Council of Governments (NCTCOG) in order to provide these actuarial services to the City of Paris and that the City Manager should be authorized to execute any and all necessary documents related to conducting GASB 45 actuarial services. 154