HomeMy Public PortalAbout2022.280 (10-18-22)RESOLUTION NO. 2022.280
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD
AUTHORING THE MAYOR TO ENTER INTO AN AGREEMENT WITH
FOSTER & FOSTER CONSULTING ACTUARIES, INC. TO PROVIDE
PROFESSIONAL ACTUARIAL CONSULTING SERVICES
WHEREAS, the City previously contracted with Bartel Associates, LLC to
professional actuarial consulting services; and
WHEREAS, staff was informed by the firm's staff that it was being acquired by
Foster & Foster Consulting Actuaries, Inc.; and
WHEREAS, Governmental Accounting Standards Board (GASB) Statement No.
75 — Accounting and Financial Reporting for Postemployment Benefits Other Than
Pensions requires the City of Lynwood to determine the City's obligations and costs for
its post employment benefits (retirees); and
WHEREAS, in addition, the City makes contributions to the CaIPERS Trust to help
the City fund its long-term liabilities for other post employment benefits (OPEB). The
CaIPERS Trust requires that the City submit an updated actuarial certification every two
years; and
WHEREAS, therefore, staff is recommending that the City Council authorize the
Mayor to enter into an agreement with Foster & Foster Consulting Actuaries, Inc. to
provide professional actuarial consulting services for three (3) valuation cycles/six (6)
years; and
WHEREAS, due to Foster & Foster's experience working with the City and its
experience advising the City on its OPEB plan, City staff requests the City Council to
make the necessary findings to exercise its authority to procure services for the City
pursuant to Section 6-3.13 (a)(3) of the Lynwood Municipal Code.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF LYNWOOD DOES
HEREBY RESOLVE AND DETERMINE AS FOLLOWS:
Section 1. The City Council of the City of Lynwood hereby finds and declares
that the foregoing recitals are true and correct, and incorporates them herein as findings
and as a substantive part of this Resolution.
Section 2. Per Section 6-3.13.3 of the Lynwood Municipal Code, the Lynwood
City Council finds, by this Resolution adopted by not less than four -fifths (4/5) of its
members, that the acquisition of Foster & Foster's services may be more economically
and efficiently effected through the use of an alternate procedure due to Foster & Foster's
experience working with the City and its experience advising the City on its OPEB plan.
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Section 3. The City Council authorizes the Mayor to enter execute an
agreement with Foster & Foster Consulting Actuaries, Inc. for professional actuarial
consulting services for three (3) valuation cycles/six (6) years for and on behalf of the
City of Lynwood, in a form approved by the City Attorney. The City Council also
authorizes the Mayor to execute this Resolution.
Section 4. This Resolution shall become effective immediately upon its
adoption.
Section 5.
Resolution.
The City Clerk shall certify as to the adoption of this City Council
PASSED, APPROVED AND ADOPTED this 18"' day of October, 2022.
ATTEST:
Maria Quinonez,
City Clerk
Noel Tapia,
City Attorney
APPROVED AS TO FORM:
Jorge Ca
Mayor
nie ernaidez,
City M
APPROVED AS TO CONTENT:
Harr Wong,
Director of Finance & Administration
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STATE OF CALIFORNIA )
)§
COUNTY OF LOS ANGELES )
I, Maria Quinonez, the undersigned, City Clerk of the City of Lynwood, do hereby certify
that the foregoing Resolution was passed and adopted by the City Council of the City of
Lynwood at a meeting held on the 18th day of October, 2022.
AYES: COUNCIL MEMBERS FLORES, SANTANA, SOTO, MAYOR PRO TEM
SOLACHE AND MAYOR CASANOVA
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
Maria Quinonez,
City Clerk
STATE OF CALIFORNIA
)§
COUNTY OF LOS ANGELES )
I, Maria Quinonez, the undersigned, City Clerk of the City of Lynwood, and the Clerk of
the City Council of said City, do hereby certify that the above foregoing is a full, true
and correct copy of Resolution No. 2022.280 on file in my office and that said
Resolution was adopted on the date and by the vote therein stated. Dated this 18th day
of October, 2022.
aria Quinonez,
City Clerk
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