HomeMy WebLinkAboutResolution #5459 - engagement letter with Lauterbach and Amen to prepare GASB 74/75 actuarial valuations April 30, 2023 through April 30, 2026 RESOLUTION NO.5459
A RESOLUTION APPROVING AN ENGAGEMENT LETTER WITH LAUTERBACH
AND AMEN TO PREPARE GASB 74/75 ACTUARIAL VALUATIONS
FOR THE CITY OF CANTON FOR APRIL 30,2023 THROUGH APRIL 30,2026
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF CANTON,
ILLINOIS,AS FOLLOWS:
1. That the engagement letter attached hereto and incorporated herein as"Exhibit A" is
hereby approved.
2. That the Mayor, or his designee, and/or the Treasurer of the City of Canton are authorized
and directed to execute said engagement letter on behalf of the City of Canton.
3. That this Resolution shall be in full force and effect immediately upon its passage by the
City Council of the City of Canton,Illinois, and approval by the Mayor thereof.
PASSED by the City Council of the City of Canton,Illinois, at a regular meeting this 19th
day of December,2023,upon a roll call vote as follows:
AYES:Alderpersons Chamberlin, Grimm,Lovell,Hale, Gossett,Ketcham,Lingenfelter
NAYS:None
ABSENT:Alderperson Nelson
APPROVED:
4� �
Kent McDowell,Mayor
AT ST:
drea J. ith-Walters,City Clerk
M - 668 N.RIVER ROAD • NAPERVILLE,ILLINOIS 60563
Lauterbach & Amen, LLP 7/
j,1 PHONE 630.393.1483 FAX 630.393.2516
i www.lauterbachamen.com
I CERTIFIED PUBLIC ACCOUNTANTS
May 18,2023
Members of the Board of Trustees
City of Canton
2 N. Main Street
Canton, IL 61520
We are pleased to confirm our acceptance and understanding of the services we will provide for the
City of Canton for the fiscal years ending April 30, 2023 through April 30, 2026. It is our
understanding that Lauterbach & Amen, LLP will prepare the GASB 74/75 Actuarial Valuation for the
City.
You agree to assume all management responsibilities for the actuarial services we provide; you
will oversee the services by designating an individual,preferably from senior management,with suitable
skill, knowledge, or experience; you will evaluate the adequacy and results of the services and will
accept responsibility for them.
Lauterbach&Amen,LLP does not assume any management responsibilities for the City. These services
cannot be relied upon to detect errors, irregularities, or illegal acts that may exist. However, we will
inform you of any such matters that may come to our attention.
Costs for our services are as follows:
Fiscal Year Fiscal Year Fiscal Year Fiscal Year
Ended Ended Ended Ended
Annual Actuarial Reports 04/30/2023 04/30/2024 04/30/2025 04/30/2026
•Preparation of GASB 74/75 Actuarial Valuation* $4,300 $1,000 7 $4,560 $1,060
•Preparation of Audit Friendly Exhibits Included Included Included Included
Total Annual Actuarial Reports $4,300 $1,000 $4,560 $1,060
*All GASB 74/75 reporting will follow a biennial reporting cycle and for all fiscal year ends where a full-
valuation is not required, we will prepare financial statement entries based on a limited actuarial report.
The limited actuarial report will not require updating of participant or medical information but will be run
at the most recently available discount rate required by the GASB 74/75 standards. If, for any reason,the
City or auditors require a full-valuation vs. the limited actuarial report, updating of all participant and
medical information will be required and the fee for a full valuation will be charged.
Out of Scope Services:
Out of scope services will be billed on a time and charges basis. The hourly rate for out of scope services
is $275 per hour. We will provide an estimate of costs for any out of scope services when the service is
requested and the scope is defined. You will not be charged any additional costs under this section unless
written approval, including email confirmation, is provided ahead of time.
City of Canton
May 18,2023 Page I of 2
Either party may terminate all or a portion of the services contemplated by this engagement at any time
for any reason upon 30 days written notice to the other. Subcontracting is prohibited without the express
written approval of the City's Board of Trustees. This agreement shall be governed by and construed in
accordance with the laws of the State of Illinois.
We appreciate the opportunity to be of service to the City of Canton and believe this letter accurately
summarizes the significant terms of our engagement. If you have any questions, please let us know. If
you agree with the terms of our engagement as described in this letter,please indicate your acceptance by
signing below and returning it to us.
Cordially,
Lauterbach&Amen,LLP
RESPONSE:
This letter correctly sets forth the understan ing of the City of Canton:
rj
Accepted by:
Title:
City of Canton
May 18,2023 Page 2 of 2